Volvo – Report on 2004 operations

Fourth quarter Year 2004 2003 2004 2003 Net sales, SEK M 57,113 48,733 201,496 174,768 Operating income, SEK M* 4,644 1,766 13,380 6,033 Revaluation of shares - (4,030) 820 (4,030) Dividend received from Scania - - - 501 Operating income, SEK M 4,644 (2,264) 14,200 2,504 Income after financial items, SEK M 4,559 (2,441) 12,579 1,657 Net income, SEK M 3,494 (2,886) 9,355 298 Income per share, SEK* 8.40 2.73 20.39 9.12 Income per share, SEK 8.40 (6.88) 22.35 0.71 Return on shareholders' equity during most recent 12 months period, % 13.2 0.4 * Excluding revaluation of shares in Scania AB and Henlys Group Plc and dividend received from Scania AB in 2003. • Net sales for the fourth quarter 2004 increased by 19%, adjusted for currency effects and acquired operations and amounted to SEK 57,113 M (48,733), reflecting strong organic growth • Net income increased to SEK 3,494 M (loss: 2,886) in the quarter • Income per share for the fourth quarter was SEK 8.40 (loss: 6.88) • Cash flow after net investments excluding Financial Services was SEK 9.2 bn (7.8) • Improved earnings in all business areas • The Board of Directors proposes the AGM - Ordinary dividend of SEK 12.50 per share - Cancellation of treasury stocks above 5 % of company shares - Renewed mandate for a buy-back program up to 10% of the company shares Contacts  Investor Relations: Fredrik Brunell +46 31 66 11 91 Christer Johansson +46 31 66 13 34 John Hartwell +1 212 418 7432 Aktiebolaget Volvo (publ) 556012-5790     Investor Relations, VHQ                                                                                                     SE-405 08 Göteborg    Sweden  Tel +46 31 66 00 00 Fax +46 31 53 72 96 www.volvo.com

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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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