At a glance, Volvo’s H1 numbers are excellent and clearly better than we had expected. Revenue increased by 15% to SEK160bn and EBIT after restructuring charges was up by 143% to SEK14.2bn. These numbers allowed the group to increase net earnings after minorities from SEK3.7bn in H1 14 to SEK9.4bn. However, stated operating earnings include a disposal gain of SEK4.6bn from the sale of Eicher Motors and the currency impact amounted to almost SEK3.1bn. Excluding both, EBIT was up by 11% t
