Pressmeddelande

Volvo – Three months ended March 31, 2004

2004-04-23


	First three months
	2004	2003

Net sales, SEK M	45,489	40,931
Operating income, SEK M*	2,219	909
Revaluation of shares in Scania AB	697	-
Operating income, SEK M	2,916	909
Income after financial items, SEK M	2,876	757
Net income, SEK M	2,248	506
Income per share, SEK*	3.70	1.20
Income per share, SEK	5.40	1.20
Return on shareholders' equity during most recent 12 months period, %	2.7	3.3
* Excluding revaluation of shares in Scania AB.

Net sales for the first quarter 2004 increased to SEK 45,489 M (40,931), reflecting strong organic growth
Net income increased to SEK 2,248 M (506) in the quarter
Income per share for the first three months was SEK 5.40 (1.20). Income per share for the most recent 12 -month period amounted to SEK 4.90
The Scania B shares sold to Deutsche Bank. The Annual General Meeting resolved to distribute the Scania A shares in the form of Ainax shares to the shareholders’ of AB Volvo. In total SEK 14.0 billion to be transferred to the shareholders
The Volvo Group expands in China. Agreement on engine manufacturing in place and truck plant opened
Cash flow after net investments excluding Financial Services improved to SEK 14.7 billion (negative: 2.2). The divestment of shares in Scania contributed SEK 14.9 billion.

For further information contact:

Investor Relations: Fredrik Brunell +46 31 66 11 91
Christer Johansson +46 31 66 13 34
Patrik Stenberg +46 31 66 13 36
John Hartwell +1 212 418 7432


	First three months
	2004	2003

Net sales, SEK M	45,489	40,931
Operating income, SEK M*	2,219	909
Revaluation of shares in Scania AB	697	-
Operating income, SEK M	2,916	909
Income after financial items, SEK M	2,876	757
Net income, SEK M	2,248	506
Income per share, SEK*	3.70	1.20
Income per share, SEK	5.40	1.20
Return on shareholders' equity during most recent 12 months period, %	2.7	3.3
* Excluding revaluation of shares in Scania AB.

Net sales for the first quarter 2004 increased to SEK 45,489 M (40,931), reflecting strong organic growth
Net income increased to SEK 2,248 M (506) in the quarter
Income per share for the first three months was SEK 5.40 (1.20). Income per share for the most recent 12 -month period amounted to SEK 4.90
The Scania B shares sold to Deutsche Bank. The Annual General Meeting resolved to distribute the Scania A shares in the form of Ainax shares to the shareholders’ of AB Volvo. In total SEK 14.0 billion to be transferred to the shareholders
The Volvo Group expands in China. Agreement on engine manufacturing in place and truck plant opened
Cash flow after net investments excluding Financial Services improved to SEK 14.7 billion (negative: 2.2). The divestment of shares in Scania contributed SEK 14.9 billion.

For further information contact:

Investor Relations: Fredrik Brunell +46 31 66 11 91
Christer Johansson +46 31 66 13 34
Patrik Stenberg +46 31 66 13 36
John Hartwell +1 212 418 7432