GOTHENBURG, Sweden, April 8,
2022 /PRNewswire/ -- Since the war in Ukraine started and sanctions were imposed,
all sales, service and production in Russia have been suspended. The Volvo Group
has total assets of approximately SEK 9
billion related to Russia,
of which approximately SEK 6 billion
is cash items that could be materialized over the coming years. In
the first quarter 2022, assets amounting to approximately
SEK 4 billion will be provided for
and have a negative impact on operating income, primarily in the
Financial Services segment.
In 2021, approximately 3% of the Group's net sales were
attributable to Russia.
The Volvo Group expresses its deepest sympathy with all the
people suffering due to the devastating war in Ukraine and is committed to supporting
affected employees, families and communities.
April 8, 2022
Journalists wanting further information, please
contact:
Claes Eliasson, Volvo Group
Media Relations, +46 76 553 72 29
This information is information that AB Volvo (publ) is obliged
to make public pursuant to the EU Market Abuse Regulation and the
Securities Markets Act. The information was submitted for
publication, through the agency of the contact person set out
above, at 7.30 a.m. CEST on
April 8, 2022.
For more information, please visit volvogroup.com
For frequent updates, follow us on Twitter: @volvogroup
The Volvo Group drives prosperity through transport and
infrastructure solutions, offering trucks, buses, construction
equipment, power solutions for marine and industrial applications,
financing and services that increase our customers' uptime and
productivity. Founded in 1927, the Volvo Group is committed to
shaping the future landscape of sustainable transport and
infrastructure solutions. The Volvo Group is headquartered in
Gothenburg, Sweden, employs almost
95.000 people and serves customers in more than 190 markets. In
2021, net sales amounted to about SEK 372
billion (EUR 37 billion).
Volvo shares are listed on Nasdaq Stockholm.
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SOURCE AB Volvo