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Scania Interim Report January–June 2012

Summary of the first six months of 2012 :

- Operating income fell to SEK 4,257 m. (6 652), and earnings per share fell to SEK 4.06 (6.18)

- Net sales decreased by 10 percent to SEK 39,338 m. (43,665)

- Cash flow amounted to SEK 1,769 m (3,218) in Vehicles and Services

Comments by Leif Östling, President and CEO :

“Scania’s earnings for the first half of 2012 amounted to SEK 4,257 m. Lower vehicle volume and lower capacity utilisation pulled down earnings. Scania has continued to expand its sales and service organisation, enlarge its technical production capacity and invest in development projects, which means a higher level of costs. Order bookings for trucks during the second quarter of 2012 increased compared to the preceding quarter.

Order bookings in Europe improved somewhat compared to the first quarter of 2012 but remains at a low level. In Brazil, deliveries decreased during the second quarter compared to the first quarter of the year. Due to the transition to Euro 5 and a weaker economy, demand is at a lower level than during the strong years 2010 and 2011.

In Russia, order bookings improved sharply during the second quarter. Order bookings in the Middle East rose somewhat from a very low level in the previous quarters. Demand in China was favourable due to increased interest in Scania’s products and services. Order bookings for buses remained at the low level from the first quarter and weakened further in Europe while increasing in Latin America.

Engines noted lower order bookings in all regions during the second quarter, mainly from original equipment manufacturers (OEMs). Demand for services is generally at a high level. However, in Europe, lower economic activity is having a negative impact on demand for services, which is partly offset by the ageing vehicle population.

Scania believes that there is a growing replacement need, given the high truck deliveries in Europe during 2005-2008 followed by low truck deliveries in recent years. Despite improved order bookings for trucks compared to the previous quarters, the market outlook is difficult to judge. This imposes strict demands for flexibility in Scania’s production and sales and service organisation.”

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