Volvo - report on three first months 2002-short version

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 ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2002/04/22/20020422BIT00010/wkr0001.doc http://www.waymaker.net/bitonline/2002/04/22/20020422BIT00010/wkr0002.pdf