Scania sales ‘all time high’

Scania’s sales ‘reached an all time high’ at SEK50.1bn/£4.42bn, according to an interim report covering the period between January 2016 to June 2016. Operating profit amounted to SEK1,348m/£118.99m, which has been negatively impacted by a provision of SEK3.8bn/£0.34m related to the European Commission’s competition investigation. Operating profit excluding items affecting comparability rose by 9% to SEK5,148m/£454.42m, which resulted in an operating margin of 10.3% (2015: 10.1%). Net sales rose by 7% to SEK50,110m/£4,423.30m (2015: SEK46,798m/

President and CEO, Henrik Henriksson, said, ‘Scania’s sales reached an all time high at SEK50.1bn/£4.42bn and the company showed a strong operational performance in the first half of 2016. Higher vehicle volume in Europe and increased service revenue had a positive impact on earnings while currency rate effects and lower deliveries in Latin America impacted negatively. In buses and coaches, the demand trend is positive, mainly due to strong order bookings in Mexico and Iran. In light of the European Commission’s Statement of Objections and recent developments in the competition investigation, Scania is now, in accordance with relevant accounting principles and a prudent approach, making a provision of SEK3.8bn/£0.34bn. Scania has fully cooperated with the European Commission during the investigation but contests the Commission’s view. The company will fully exercise its rights of defence in the ongoing investigation.’

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