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Volvo AB (VOL)

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Friday 07 February, 2003

Volvo AB

Volvo - Report on 2002 operations - short version

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.
                                                                                                                                                                                                  

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