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Second quarter 2003

Volvo Group - Report on first six months 2003 was published on July 23, 2003.
Second quarter 2003

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 of the USD.   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.

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