Volvo - Six months ended June 30 2003 - short version
VOLVO - SIX MONTHS ENDED JUNE 30 2003 - SHORT VERSION "The Volvo Group continued to improve its profitability for the fourth consecutive quarter compared with the corresponding periods in the preceding year. Earnings improved despite a drop in sales of ten percent related to the weakening US dollar. It is also encouraging to note that the Group generated a positive operating cash flow in the first half of the year. Synergies from the Truck operations contributed a great deal to the improvement, as did the new and highly successful product program of Volvo Trucks and the clearly improved profitability of Renault Trucks," says Leif Johansson, CEO. Second quarter First six months 2003 2002 2003 2002 Net sales, SEK M 44 593 49 294 85 524 89 679 Operating income, SEK M 2 242 1 559 3 151 1 197 Income after financial 2 043 1 310 2 800 692 items, SEK M Net income, SEK M 1 722 1 080 2 228 334 Sales growth, % (9.5) 4.7 (4.6) (1.3) Income per share, SEK 4.10 2.60 5.30 0.80 Return on shareholders' equity during most recent 12 months period, % 4.2 (2.0) Operating income Second quarter First six months SEK M 2003 2002 2003 2002 Trucks 1 023 483 1 550 9 Buses (89) 51 (172) (43) Construction Equipment 425 464 565 333 Volvo Penta 212 225 371 371 Volvo Aero 11 40 5 118 Financial Services 221 120 433 235 Other 439 176 399 174 Operating income 2 242 1 559 3 151 1 197 Q2 R&D Capitalization: Total 189, Trucks 115, Buses 5, Construction Equipment -7, Volvo Penta 69, Volvo Aero 5, FinancialServices 2 12 months moving order intake for Trucks through June: total -11%, Europe -13%, North America -19% For more information, please see the full report, which is available on www.volvo.com. AB Volvo, July 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/2003/07/23/20030723BIT00050/wkr0001.doc http://www.waymaker.net/bitonline/2003/07/23/20030723BIT00050/wkr0002.pdf