Spreadsheet: 006a3b9b-433b-42e8-a8aa-474ede708aba
Sheet: Restate - Segments ENG

Attachment 2
Segment reporting
Net sales |  | 1/2011 |  |  |  | 2/2011 |  |  |  | 3/2011 |  |  |  | 4/2011 |  |  |  | Year 2011
SEK M | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement
Trucks | 45620 | -492 | 45128 |  | 50062 | -421 | 49641 |  | 47730 | -318 | 47412 |  | 57291 | -552 | 56739 |  | 200703 | -1783 | 198920
Construction Equipment | 15759 | -337 | 15422 |  | 17520 | -367 | 17153 |  | 14958 | -387 | 14571 |  | 16750 | -396 | 16354 |  | 64987 | -1487 | 63500
Buses | 4859 | -117 | 4742 |  | 5593 | -126 | 5467 |  | 5157 | -114 | 5043 |  | 6680 | -109 | 6571 |  | 22289 | -466 | 21823
Volvo Penta | 2147 | -81 | 2066 |  | 2565 | -96 | 2469 |  | 2199 | -115 | 2084 |  | 1948 | -109 | 1839 |  | 8859 | -401 | 8458
Volvo Aero | 1640 | -42 | 1598 |  | 1588 | -41 | 1547 |  | 1410 | -33 | 1377 |  | 1871 | -37 | 1834 |  | 6509 | -153 | 6356
Other and eliminations | -68 | 1069 | 1001 |  | -43 | 1051 | 1008 |  | 105 | 967 | 1072 |  | 248 | 1203 | 1451 |  | 242 | 4290 | 4532
Industrial operations | 69956 | 0 | 69956 |  | 77286 | 0 | 77286 |  | 71559 | 0 | 71559 |  | 84788 | 0 | 84788 |  | 303589 | 0 | 303589
Customer Finance | 2099 | 0 | 2099 |  | 2225 | 0 | 2225 |  | 2237 | 0 | 2237 |  | 2321 | 0 | 2321 |  | 8882 | 0 | 8882
Reclassifications and eliminations | -478 | 0 | -478 |  | -548 | 0 | -548 |  | -476 | 0 | -476 |  | -602 | 0 | -602 |  | -2104 | 0 | -2104
Volvo Group | 71577 | 0 | 71577 |  | 78962 | 0 | 78962 |  | 73321 | 0 | 73321 |  | 86507 | 0 | 86507 |  | 310367 | 0 | 310367
Operating income |  | 1/2011 |  |  |  | 2/2011 |  |  |  | 3/2011 |  |  |  | 4/2011 |  |  |  | Year 2011
SEK M | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement |  | Previously reported | Restatement | After restatement
Trucks | 4286 | -13 | 4273 |  | 5106 | -1 | 5105 |  | 3962 | 21 | 3983 |  | 4906 | -40 | 4866 |  | 18260 | -33 | 18227
Construction Equipment | 1708 | 47 | 1755 |  | 1893 | 52 | 1945 |  | 1403 | 35 | 1438 |  | 1649 | 25 | 1674 |  | 6653 | 159 | 6812
Buses | 281 | 22 | 303 |  | 275 | 23 | 298 |  | 185 | 20 | 205 |  | 295 | 13 | 308 |  | 1036 | 78 | 1114
Volvo Penta | 164 | 13 | 177 |  | 314 | 13 | 327 |  | 209 | 10 | 219 |  | 94 | 8 | 102 |  | 781 | 44 | 825
Volvo Aero | 28 | 7 | 35 |  | 55 | 7 | 62 |  | 102 | 6 | 108 |  | 151 | 4 | 155 |  | 336 | 24 | 360
Other and eliminations | -123 | -84 | -207 |  | -246 | -101 | -347 |  | -338 | -99 | -437 |  | -402 | -15 | -417 |  | -1109 | -299 | -1408
Industrial operations | 6343 | -8 | 6335 |  | 7398 | -7 | 7391 |  | 5523 | -7 | 5516 |  | 6693 | -5 | 6688 |  | 25957 | -27 | 25930
Customer Finance | 179 | 8 | 187 |  | 250 | 7 | 257 |  | 251 | 7 | 258 |  | 262 | 5 | 267 |  | 942 | 27 | 969
Volvo Group | 6522 | 0 | 6522 |  | 7648 | 0 | 7648 |  | 5774 | 0 | 5774 |  | 6955 | 0 | 6955 |  | 26899 | 0 | 26899
Operating margin |  | 1/2011 |  |  |  | 2/2011 |  |  |  | 3/2011 |  |  |  | 4/2011 |  |  |  | Year 2011
% | Previously reported |  | After restatement |  | Previously reported |  | After restatement |  | Previously reported |  | After restatement |  | Previously reported |  | After restatement |  | Previously reported |  | After restatement
Trucks | 9.395002192021042 |  | 9.468622584648113 |  | 10.19935280252487 |  | 10.28383795652787 |  | 8.300858998533418 |  | 8.400826794904244 |  | 8.563299645668604 |  | 8.576111669222227 |  | 9.098020458089815 |  | 9.162980092499497
Construction Equipment | 10.83825115806841 |  | 11.37984697185838 |  | 10.80479452054794 |  | 11.33912435142541 |  | 9.379596202700895 |  | 9.868917713266075 |  | 9.844776119402985 |  | 10.23602788308671 |  | 10.23743210180498 |  | 10.72755905511811
Buses | 5.783082938876312 |  | 6.389708983551244 |  | 4.916860361165743 |  | 5.450887141027986 |  | 3.587356990498352 |  | 4.065040650406504 |  | 4.416167664670659 |  | 4.687262212753006 |  | 4.648032661851138 |  | 5.104706044081932
Volvo Penta | 7.638565440149045 |  | 8.567279767666989 |  | 12.24171539961014 |  | 13.24422843256379 |  | 9.50432014552069 |  | 10.50863723608445 |  | 4.825462012320329 |  | 5.546492659053833 |  | 8.815893441697709 |  | 9.75407897848191
Volvo Aero | 1.707317073170732 |  | 2.190237797246558 |  | 3.463476070528968 |  | 4.007756948933419 |  | 7.234042553191489 |  | 7.84313725490196 |  | 8.070550507749866 |  | 8.451472191930206 |  | 5.162083269319404 |  | 5.663939584644431
Industrial operations | 9.067127908971354 |  | 9.055692149351021 |  | 9.572238180265508 |  | 9.563180912455037 |  | 7.718106737098059 |  | 7.708324599281712 |  | 7.89380572722555 |  | 7.887908666320706 |  | 8.550046279674165 |  | 8.541152676809766
Volvo Group | 9.1 |  | 9.1 |  | 9.7 |  | 9.7 |  | 7.9 |  | 7.9 |  | 8 |  | 8 |  | 8.7 |  | 8.7