Volvo - nine months ended September 30, 2003 - short version

Volvo - nine months ended September 30, 2003 - short version "Despite low demand in key markets, the Volvo Group doubled operating income in the third quarter, compared with the corresponding period in 2002. Our strong product programs, increased efficiency and positive synergy effects are the main reasons for the improved profitability. The new product lines from Volvo Trucks, Volvo CE and Volvo Penta continued to strengthen our positions and contributed to maintaining sales in several important markets", says Leif Johansson, CEO. Third quarter First nine months 2003 2002 2003 2002 Net sales, SEK M 40 511 41 524 126 035 131 203 Operating income, SEK M 1 617 817 4 768 2 014 Income after financial 1 298 584 4 098 1 276 items, SEK M Net income, SEK M 956 421 3 184 755 Sales growth, % (2.4) 0.9 (3.9) (0.6) Income per share, SEK 2.30 1.00 7.60 1.80 Return on shareholders' equity during most recent 12 months period, % 5.0 0.3 Operating income Third quarter First nine months SEK M 2003 2002 2003 2002 Trucks 944 673 2 494 682 Buses (93) (84) (265) (127) Construction Equipment 210 120 775 453 Volvo Penta 153 117 524 488 Volvo Aero (2) (72) 3 46 Financial Services 242 126 675 361 Other 163 (63) 562 111 Operating income 1 617 817 4 768 2 014 Q3 R&D Capitalization (SEK M): Total 17, Trucks 12, Buses 5, Construction Equipment -10, Volvo Penta 6, Volvo Aero 4 Profit elimination in conjunction with consolidation of Bilia´s commercial operations (SEK M): Total 100, Trucks 85 and Volvo CE 15. Capital gain from divestment of the holding in Bilia of SEK 188 M, recorded in "other". 12 months moving order intake for Trucks through September: total -5%, Europe -11%, North America -5%. For more information, please see the full report, which is available on www.volvo.com. AB Volvo, October 23, 2003 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2003/10/23/20031023BIT00010/wkr0001.doc http://www.waymaker.net/bitonline/2003/10/23/20031023BIT00010/wkr0002.pdf

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The Volvo Group is one of the world’s leading manufacturers of trucks, buses, construction equipment and marine and industrial engines. The Group also provides complete solutions for financing and service. The headquarter is located in Gothenburg, Sweden.

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