VOLVO - REPORT ON NINE FIRST MONTHS 2002 - SHORT VERSION
"Despite the difficult business climate, the Group's third - and usually
weakest quarter - contained a number of positive trends. Most important
is the increased contribution from the truck operations, where we now
see clear effects of synergies. In Western Europe, the demand for the
new Volvo and Renault models continued to be strong. Both brands gained
market shares and showed improved profitability. We have also noted
underlying improvements in North America, even though the sales increase
primarily was a result of the peak linked to the implementation of the
new emission standard. On the negative side, the deep downturn in the
aviation industry seriously affected our aerospace operations in the
third quarter, which is reflected in the on-going adjustments of
capacity," says Leif Johansson, CEO.
First nine months 2002 2001
Net sales, SEK M 131 203 131 982
Operating income excluding restructuring 2 014 2 413
costs, SEK M
Operating income, SEK M 2 014 (312)
Income after financial items, SEK M 1 276 (1 319)
Net income, SEK M 755 (980)
Sales growth, % (1) 51
Income per share during most recent 12 0.60 0.70
months period, SEK
Return on shareholders' equity, % 0.3 2.4
Operating income Third quarter First nine months
SEK M 2002 2001 2002 2001
Trucks 673 (340) 682 449
Buses (84) (185) (127) (293)
Construction Equipment 120 266 453 755
Volvo Penta 117 141 488 530
Volvo Aero (72) 118 46 564
Financial Services 126 69 361 245
Other (63) (281) 111 163
Operating income* 817 (212) 2 014 2 413
Restructuring costs - (1 406) - (2 725)
Operating income 817 (1 618) 2 014 (312)
*excl restructuring costs
Q3 R&D Capitalization: Total 289, Trucks 184, Buses 20,
Construction Equipment 36, Volvo Penta 16, Volvo Aero 33
Q3 Pension Foundation deficit: Total 302, Trucks 99, Buses 14,
Construction Equipment 45, Volvo Penta 18, Volvo Aero 41,
Financial Services 1, Other 84
For more information, please see the full report, which is available on
www.volvo.com.
AB Volvo, October 24, 2002