VOLVO - REPORT ON 2002 OPERATIONS - SHORT VERSION
"The Volvo Group's positive trend continued in the fourth quarter
despite weakening demand on the world market. A solid performance from
the truck operations in Europe, positive contributions from synergies
and another very strong result from Volvo Penta are the main reasons for
the improved operating income. It is satisfying to see that our focus on
the Group's cash flow has resulted in a strong positive cash flow in the
fourth quarter and for the full year. Income per share increased to SEK
3.30, a significant improvement compared with the preceding year," says
Leif Johansson, CEO.
2002 Operations 2002 2001
Net sales, SEK M 177,080 180,615
Operating income excluding
restructuring costs, SEK M 2,837 3,186
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 by business area Fourth quarter Year
SEK M 2002 2001 2002 2001
Trucks 507 591 1,189 1,040
Buses 33 (231) (94) (524)
Construction Equipment (47) 136 406 891
Volvo Penta 159 128 647 658
Volvo Aero (41) 89 5 653
Financial Services 129 80 490 325
Other 83 (20) 194 143
Operating income* 823 773 2,837 3,186
Restructuring costs - (1,137) - (3,862)
Operating income (loss) 823 (364) 2,837 (676)
*excl restructuring costs
Q4 Net of R&D capitalization/amortization: Total 336, Trucks 239, Buses
12, Construction Equipment 49, Volvo Penta 34, Volvo Aero 2
Q4 Pension Foundation surplus: Total 13, Trucks 12, Construction
Equipment 9,Buses 0, Volvo Penta 2, Volvo Aero 2, Financial Services -
1, Other -11
Volvo has decided to change its accounting for post employment benefits
to conform with the new RR29 as of 2003. For more information see page
23 in the Report on 2002 operations.
For more information, please see the full report, which is available on
www.volvo.com.
AB Volvo, Februari 7, 2003
The Volvo Group is one of the world's leading manufacturers of trucks,
buses and construction equipment, drive systems for marine and
industrial applications, aerospace components and services. The Group
also provides complete solutions for financing and service. The Volvo
Group, which employs about 71,000 people, has production facilities in
25 countries and sells their products in more than 185 markets. Annual
sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a
publicly-held company headquartered in Göteborg, Sweden. Volvo shares
are listed on the stock exchanges in Stockholm, London, Brussels and
Frankfurt and on NASDAQ in the US.