GOTEBORG, Sweden, July 23, 2003 (PRIMEZONE) -- Volvo (Nasdaq:VOLVY) (Other OTC:VOLVF) (Other OTC:VOLAFK):
Volvo - Six Months Ended June 30, 2003
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 items, SEK M 2 043 1 310 2 800 692
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 4.2 (2.0)
during most recent 12 months period, %
-- During the second quarter the new Volvo FH16 was introduced,
equipped with an all-new 16-liter engine of up to 610 horsepower.
-- Net sales for the second quarter 2003 amounted to SEK 44,593 M (49,294).
-- Strong improvement in truck earnings, a favorable earnings trend in
North America and improved results within Renault Trucks in Europe.
-- Net income increased to SEK 1,722 M (1,080).
-- Income per share for the second quarter amounted to SEK 4.10 (2.60).
-- Cash flow after net investments excluding Financial Services
amounted to SEK 2.7 billion in the second quarter (3.2).
Goteborg, July 23, 2003.
AB Volvo (publ)
Leif Johansson President and CEO
This report has not been reviewed by AB Volvo's auditors.
Volvo's report on the first nine months 2003 is to be published on October 23, 2003 and will be available at www.volvo.com. The report can also be ordered from Celero Support AB, DDC, Dep 64620 ARUN, SE-405 08 Goteborg, Sweden. Telephone: +46 31-66 10 47. Fax: +46 31-66 20 20. E- mail: cs1.volvoinf@memo.volvo.se.
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