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Volvo AB (VOL)

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Friday 07 February, 2003

Volvo AB

Volvo - Report on 2002 operations

Volvo - Report on 2002 operations                     
                                                        
                                                        
                                                  2002       2001
                                                                 
Net sales, SEK M                               177,080    180,615
Operating income excluding                      2,837      3,186
restructuring costs, SEK M
Operating income, SEK M                          2,837      (676)
Income after financial items, SEK M              2,013    (1,866)
Net income, SEK M                                1,393    (1,467)
Sales growth, %                                    (2)         50
Income per share, SEK                             3.30     (3.50)
Return on shareholders' equity, %                  1.7      (1.7)


·     Operating  income in the fourth quarter of 2002  was  SEK  823  M,
compared with an operating loss of SEK 364 M in the year-earlier period.

·     Lower  operating income in Volvo CE due to provisions  related  to
dealer  restructuring  in North America and to  rationalization  of  the
production of wheeled excavators.

·     The  North  American  truck business was strengthened  during  the
fourth quarter through expansion of the dealer and service network,  the
closure  of  the Winnsboro plant and production changeover  to  the  new
Volvo VN truck at the assembly plant in New River Valley.

·    Strong cash flow for the full year. Cash flow after net investments
amounted to SEK 4.9 billion in the fourth quarter.

·     The  Board of Directors proposes that a dividend of SEK  8.00  per
share be paid for 2002.

                                    

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