VOLVO - REPORT ON THREE FIRST MONTHS 2002 - SHORT VERSION
"The first three months were also characterized by intensive efforts to
phase in the new products that were launched in the second half of 2001.
This particularly applied to Volvo Trucks, which is currently
implementing the most extensive model replacement program ever. As
previously announced, this replacement resulted in extensive ramp up
activities in both production and for our suppliers. The most intensive
part of the replacement process is over and production will start to
catch up with orders in the second quarter. The strong demand for the
trucks is of course a very positive sign, even if it has not improved
earnings yet. Volvo CE is also going through an important product
replacement phase, as the new generation of wheel loaders and excavators
are set in production. The extended range of compact equipment has been
very well received. Volvo CE's order intake increased significantly
during the first quarter. Volvo Aero's sales and operating income
dropped, mainly depending on the effects from September 11, which
started to affect aerospace services during the first quarter. September
11, has also affected Volvo Buses with lower demand for coaches", says
Leif Johansson, CEO.
2002 2001
Net sales, SEK M 40 385 43 750
Operating income (loss) excluding (362) 502
restructuring costs, SEK M
Operating income (loss), SEK M (362) (817)
Income (loss) after financial (618) (1 251)
items, SEK M
Net income (loss), SEK M (746) (801)
Sales growth, % (8) 55
Income (loss) per share during most (3.40) 6.40
recent 12 months period, SEK
Return on shareholders' (1.6) 2.9
equity, %
Operating income First three 12- Jan
months month Dec
SEK M 2002 2001 rolling 2001
values
Trucks (474) 150 416 1 040
Buses (94) (83) (535) (524)
Construction (131) 81 679 891
Equipment
Volvo Penta 146 167 637 658
Volvo Aero 78 160 571 653
Financial 115 113 327 325
Services
Other (2) (86) 227 143
Operating income (loss) (362) 502 2 322 3 186
(1 (2
Restructuring 0 (1 319) (2 543) (3 862)
costs
Operating income (loss) (362) (817) (221) (676)
1 excluding restructuring costs
2 including SEK 181 M negative effect from Volvo Pension
foundation
For more information, please see the full report, which is available on
www.volvo.com.
AB Volvo
April 22, 2002
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