Volvo - report on three first months 2003 - short version
April 28 2003 - 3:02AM
UK Regulatory
VOLVO - REPORT ON THREE FIRST MONTHS 2003 - SHORT VERSION
"The truck operations improved considerably. Volvo Trucks' sales and
earnings in Europe were strong and Renault Trucks continued to increase
profitability. In North America Trucks reduced losses and Financial
Services returned to profitability in the first quarter. Volvo CE
increased sales and earnings despite continued weak market for
construction equipment in Europe and North America. The travel and
tourist industry remained under severe pressure, which was further
intensified by preparations for war in Iraq during the first quarter.
The weak demand for travels continued to hold back sales for both Volvo
Buses and Volvo Aero," says Leif Johansson, CEO.
First three months
2003 2002
Net sales, SEK M 40 931 40 385
Operating income, SEK M 909 (362)
Income after financial 757 (618)
items, SEK M
Net income, SEK M 506 (746)
Sales growth, % 1.4 (7.7)
Income per share during the 1.20 (1.80)
first quarter, SEK
Return on shareholders' equity during 3.3 (1.6)
most recent 12 months period, %
Operating First three months
income
SEK M 2003 2002
Trucks 527 (474)
Buses (83) (94)
Construction 140 (131)
Equipment
Volvo Penta 159 146
Volvo Aero (6) 78
Financial 212 115
Services
Other (40) (2)
Operating 909 (362)
income
Q1 R&D Capitalization: Total 80, Trucks 41, Buses 3, Construction
Equipment 5, Volvo Penta 32, Volvo Aero -1, Financial Services 0
12 months moving order intake for Trucks through March: total -4%,
Europe -9%, North America +1%
For more information, please see the full report, which is available on
www.volvo.com.
AB Volvo, April 28, 2003