The company noted the strongest increase in net sales in its construction equipment sector, and Eastern Europe accounted for the biggest growth in net sales by market area.

Volvo Penta, the company's marine business unit with 4% of the group's net sales, noted sales of SEK 10.5bn and an operating income of SEK 1bn - the highest ever in Volvo Penta's history.

Volvo Penta continued to capture market shares in most areas of its operations, particularly the inboard market, in which the volumes for Volvo Penta IPS increased steadily. At year-end, there were slightly more than 100 boat models from the world's largest boatbuilders with the new drive system, said the report.