The Volvo Group Annual Report 2002

Annual Report was published March 13 2003.

The recession in North America is the single factor that has had greatest influence on our business the past years. In addition, we had to face a decline in Western Europe during 2002 which could not be offset by our strong development in Eastern Europe and Asia.

Under such severe business conditions, the Group has focused on adapting production capacity to lower demand, generating positive cash flow and developing the new business areas in order to secure synergies and exploit expanded technological resources.

We are looking forward to capitalizing on our gradually increasing strength and are convinced that this will provide profitable growth for the entire Group when the global economy improves.

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