Fourth quarter and full year 2003

Volvo Group - Report on 2003 operations was published on February 3, 2004.
Fourth quarter and full year 2003

Our positive development continued during the fourth quarter, with sharply improved profitability and very strong cash flow. Operating income and operating margin doubled compared with the fourth quarter of 2002.

Income per share tripled - despite the volume of sales not having increased to any significant extent. This major improvement is attributable mainly to new products, synergies and cost savings.