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Press release

Volvo - Six months ended June 30, 2005

2005-07-25 
Volvo - Six months ended June 30, 2005 
 
* Net sales in the second quarter 2005 increased by 15% to
  SEK 61,119 M (53,321)
 
* Income for the period increased by 40% to SEK 3 930 M
  (2,809) in the second quarter
 
* Income per share for the second quarter increased by 45%
  to SEK 9.67 (6.65)
 
* The Group's operating margin rose to 8.8% (7.6)
 
* The operating cash flow amounted to SEK 3.0 bn (5.3),
  after a transfer to pension plans of SEK 1.9 bn 
 
* Strongest quarter ever for the Volvo Group 
 
  
 
                          Second quarter            First six months
                       2005         2004         2005           2004
                                                                    
Net sales, 
SEK M                61,119       53,321      113,372         99,170
Operating 
income, SEK M 
1)                    5,350        3,906        9,886          6,262
Revaluation                 
of shares                 -          123            -            820
Operating 
income, SEK M         5,350        4,029        9,886          7,082
Income after 
financial 
items, SEK M          5,253        3,909        9,856          6,916
Income for 
the period, 
SEK M                 3,930        2,809        7,178          5,236
Income per 
share, SEK 1)          9.67         6.36        17.60          10.44
Income per 
share, SEK             9.67         6.65        17.60          12.40
Return on shareholders' equity during most 
recent 12 month period, %                        16.8            4.5
1) Excluding revaluation of shares in Scania AB and Henlys Group.

For further information  please contact

Investor Relations: 
Fredrik Brunell      +46 31 66 11 91
Christer Johansson   +46 31 66 13 34
John Hartwell        +1 212 418 7432

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