Volvo Cars has released its first financial statements since the IPO last autumn.
For the full year, sales and profitability were the highest ever.
-I am very proud for the whole year, we have a record market share, says Björn Annwall to TT.
But the last quarter got really worse.
Production disruptions haunt when components are missing for the entire automotive industry.
-We get individual stop days and we sometimes have to reduce capacity, says Annwall.
And it's not over yet.
-It's definitely still going on, but we expect it to get better gradually.
increased price
At the same time, inflation leads to price increases, but Volvo Cars charges everything to car buyers.
-Yes, we do, says Annwall.
Demand is so strong, and Volvo Car's customers may not be the most price sensitive.
Operating profit for the quarter came in at SEK 3.7 billion, significantly lower than in the same period last year and also lower than analysts had predicted, which Björn Annwall believes is related to a change in the reporting of the subsidiary Polestar, which reduces earnings.
- Underlying it is stable, he says.
And the full year became so strong that the bonus criteria take full effect, which means that the staff receive an extra monthly salary in bonuses, according to Björn Annwall.
Small saver favorite
During the quarter, car sales fell by 20 percent.
The company was listed on the stock exchange in October last year and quickly became a small saver favorite.
Among other things, the share has more than 100,000 owners at Avanza and the share rose sharply initially to now trade around SEK 70 compared with the subscription price of SEK 53.
As expected, there will be no dividend to shareholders.
The money is needed to convert Volvo Cars to only produce clean electric cars by 2030.