Volvo Group: Provision Related To EU Investigation To Impact Q2 Operating Income

(RTTNews) - The Volvo Group (VOLVY.PK) announced its decision to make an additional provision of 250 million euros in connection with the ongoing EU Competition Investigation. The Group said the provision will have an impact on operating income in the second quarter of 2016.

The EU Commission's preliminary standpoint is that Volvo and other companies in the truck industry may have violated EU antitrust laws in the period prior to January 18, 2011. In the fourth quarter of 2014, the Volvo Group made an initial provision of 400 million euros with respect to the Commission's investigation. The provision made by the Group now totals 650 million euros.