Volvo - Six months ended June 30 2003 - short version
July 23 2003 - 3:01AM
UK Regulatory
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