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Volvo recovers SEK 120 M following tax ruling

AB Volvo has won a tax case in the administrative court of appeal, which means that the company will recover SEK 120 M. The ruling will have a positive effect on earnings for the first quarter of 2004.

AB Volvo has won a tax case in the administrative court of appeal, which means that the company will recover SEK 120 M. The ruling will have a positive effect on earnings for the first quarter of 2004.

The case involved Group-wide costs for the 1990 fiscal year. The Tax Authority was of the opinion that AB Volvo should have invoiced subsidiaries for some of its costs and consequently denied the company the right to deduct these. For its part, AB Volvo claimed that these were the Parent Company’s own costs and consequently could not be invoiced to the subsidiaries. Initially, Volvo lost the case in the county administrative court, but appealed to the administrative court of appeal, which has now ruled in Volvo’s favor. As a result of the ruling, Volvo will recover SEK 120 M.

April 7, 2004

For further information, please contact:

Media Relations: Mårten Wikforss, +46 31-66 11 27
Investor Relations: Fredrik Brunell, +46 31-66 11 91



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