Volvo - six months ended june 30, 2002 - short version

Volvo - six months ended june 30, 2002 - short version "The first quarter was characterized by model changes within Volvo Trucks. This was completed during the second quarter and the new models are now in full production. Volvo CE also went through an extensive changeover although on a smaller scale, and production is now running at a high level to respond to the strong customer demand. Business conditions continue to develop in different directions for the Group's business areas, with the exception of the markets in Asia and Eastern Europe where the entire Group has a very strong development. Cash flow improved mainly due to favorable development of working capital and lower investments in fixed assets. Turn-around efforts in Buses resulted in positive operating income, and two large and profitable orders were secured for the Mexico plant", says Leif Johansson, CEO. First six months 2002 2001 Net sales, SEK M 89 679 90 848 Operating income excluding restructuring costs, SEK M 1 197 2 625 Operating income, SEK M 1 197 1 306 Income after financial items, SEK M 692 561 Net income, SEK M 334 555 Sales growth % (1) 53 Income per share during most recent 12 months period, SEK (4.00) 7.60 Return on shareholders' equity during most recent 12 (2.0) 3.4 months period, % Operating income by business area Second quarter First six months SEK M 2002 2001 2002 2001 Trucks 483 639 9 789 Buses 51 (25) (43) (108) Construction Equipment 464 408 333 489 Volvo Penta 225 222 371 389 Volvo Aero 40 286 118 446 Financial Services 120 63 235 176 Other 176 530 174 444 Operating income* 1 559 2 123 1 197 2 625 Restructuring costs - - - (1 319) Operating income 1 559 2 123 1 197 1 306 * Excluding restructuring costs Q2 R&D Capitalization: Total 398, Trucks 251, Buses 30, Construction Equipment 92, Volvo Penta 20, Volvo Aero 5. Q2 Pension foundation deficit: Total 338, Trucks 114, Buses 14, Construction Equipment 52, Volvo Penta 21, Volvo Aero 42, Financial Services 2, Other 93. For more information please see the full report, which is available on www.volvo.com. AB Volvo July 23, 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/2002/07/23/20020723BIT00030/wkr0001.doc http://www.waymaker.net/bitonline/2002/07/23/20020723BIT00030/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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