GOTEBORG, Sweden, Feb. 7, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY):
"The Volvo Group's positive trend continued in the fourth-quarter despite weakening demand on the world market. A solid performance from the truck operations in Europe, positive contributions from synergies and another very strong result from Volvo Penta are the main reasons for the improved operating income. It is satisfying to see that our focus on the Group's cash flow has resulted in a strong positive cash flow in the fourth quarter and for the full-year. Income per share increased to SEK 3.30, a significant improvement compared with the preceding year," said Leif Johansson, CEO.
2002 Operations 2002 2001 Net sales, SEK M 177,080 180,615 Operating income excluding restructuring costs, SEK M 2,837 3,186 Operating income, SEK M 2,837 (676) Income after financial items, SEK M 2,013 (1,866) Net income, SEK M 1,393 (1,467) Sales growth, % (2) 50 Income per share, SEK 3.30 (3.50) Return on shareholders' equity, % 1.7 (1.7) Operating income by business area Fourth quarter Year SEK M 2002 2001 2002 2001 Trucks 507 591 1,189 1,040 Buses 33 (231) (94) (524) Construction Equipment (47) 136 406 891 Volvo Penta 159 128 647 658 Volvo Aero (41) 89 5 653 Financial Services 129 80 490 325 Other 83 (20) 194 143 Operating income(a) 823 773 2,837 3,186 Restructuring costs -- (1,137) -- (3,862) Operating income (loss) 823 (364) 2,837 (676) (a) excl. restructuring costs
Q4 Net of R&D capitalization/amortization: Total 336, Trucks 239, Buses 12, Construction Equipment 49, Volvo Penta 34, Volvo Aero 2 Q4 Pension Foundation surplus: Total 13, Trucks 12, Construction Equipment 9, Buses 0, Volvo Penta 2, Volvo Aero 2, Financial Services -1, Other -11
Volvo has decided to change its accounting for post employment benefits to conform with the new RR29 as of 2003. For more information see page 23 in the Report on 2002 operations.
For more information, please see the full-report, which is available on www.volvo.com.
The Volvo Group is one of the world's leading manufacturers of trucks, buses and construction equipment, drive systems for marine and industrial applications, aerospace components and services. The Group also provides complete solutions for financing and service. The Volvo Group, which employs about 71,000 people, has production facilities in 25 countries and sells their products in more than 185 markets. Annual sales of the Volvo Group amount to 18 billion euro. The Volvo Group is a publicly-held company headquartered in Goteborg, Sweden. Volvo shares are listed on the stock exchanges in Stockholm, London, Brussels and Frankfurt and on NASDAQ in the U.S.
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