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Annual Report 1997
Volvo Annual Report 1997

Table of contents

  • Page 1
    Annual Report 1997

  • Page 2

  • Page 3
    ... transportation-related products and services with superior quality, safety and environmental care to demanding customers in selected segments 4 7 21 38 39 40 41 59 67 68 69 72 74 76 88 Volvo 1997 Com m ents by the Chief Executive Officer Board of Directors' Report Financial review by business...

  • Page 4
    ... use. Approximately 80% of the sales take place in Europe and North America. Volvo Penta's industrial engines are marketed globally for both stationary and mobile applications. M arine and industrial engines A ero Volvo Aero develops, manufactures and maintains military and commercial aircraft...

  • Page 5
    ... craft in Europe. • Strong focus on development of complete, custom-tailored drive systems. • Second-largest company in the important Aquamatic segment in the U.S. • Successively higher operating income during the year. • The Volvo 770 is introduced in North America. • Assembly plants are...

  • Page 6
    ... growth markets as East Asia and South America are continuing. M arine and industrial engines returned to an acceptable level of profitability in 1997 as a result in part of a 15% increase in sales and the introduction of a new, customer-oriented marketing organization. Volvo Penta's global growth...

  • Page 7
    ...and customer structure in the region justifies a continuing strong presence in this region. Acquisitions will also be a part of Volvo's growth. This applies, in particular, to the commercial-vehicle field, mainly trucks, buses and construction equipment. 95 96 97 98 99 00 Net financial assets...

  • Page 8
    ... establish production in growth regions. There are a number of projects in Asia and we are planning for new factories in Eastern Europe. There will also be changes in Volvo's present industrial structure. O ur manufacturing units must be at least as efficient as the best in the world. Non-strategic...

  • Page 9
    ... global organization. The enlargement of the European Union (EU) and its efforts to create increasingly open trade relations with other countries and regions are also important for the development of more Trucks Mercedes Paccar Volvo Renault Scania favorable operating conditions. Evo Bus Volvo...

  • Page 10
    ... of financing, service, maintenance or total transport solutions. The truck market in North America - where more than 35% of new-vehicle sales today are being made through various types of leasing companies - is one example. The use of the Internet to establish qualified contacts with customers is...

  • Page 11
    9

  • Page 12
    ... to increase its industrial and commercial presence in Russia . In January 1998, Volvo decided to start production of buses in O msk. The plant is initially being dimensioned to produce 250 buses a year. Ex pansion of sales financing At year-end 1997 total assets in the sales financing operations...

  • Page 13
    11

  • Page 14
    ... were signed during 1997. Volvo invests in sales financing as a m eans of supporting its dealers and m ark eting com panies. The sector of the Group based on heavy diesel engines is offering new custom er solutions in the form of financing, insurance and spare parts and service contracts. Volvo Cars...

  • Page 15
    ... of AB Volvo Penta and as a member of the G roup Executive Committee. Dividend proposal The Board of D irectors and the President propose that shareholders at the Annual G eneral Meeting approve payment of a dividend of SEK 5.00 per share, or a total of SEK 2,208 M, for the financial year 1997. The...

  • Page 16
    ... in the North American market increased from 26% to 35%. As an effect of the expansion and globalization efforts, the percentage of Volvo Construction Equipment's total sales in markets outside Western Europe, notably in South America, also increased. + 18 + 14 +5 +8 + 18 Cars Trucks Buses 374...

  • Page 17
    ... SEK billion 1997 Income after financial items Taxes Minority interests Operating income from automotive operations 1996 Increased volume and profit margins Change in product mix, Volvo 400 to S40 and V40 Higher research and development expenses Higher selling expenses Acquired companies Effect of...

  • Page 18
    ... and acquisitions of companies, inventories rose SEK 2.6 billion. Sales Financing Total assets in Volvo's sales finance operations more than doubled during the year, to SEK 46.9 billion (22.7). The increase was due largely to the fact that sales-financing companies in North America and G reat...

  • Page 19
    ... of a new cab factory in Curitiba, Brazil. Investments in leasing assets amounted to SEK 9.8 billion (3.9), of which SEK 9.3 billion pertained to sales-financing operations. The investments were related to cars, trucks and construction equipment and were attributable primarily to the North American...

  • Page 20
    ..., Volvo effected a special issue of new shares that increased liquid funds by SEK 0.1 billion. 10 8 6 4 2 Change in liquid funds 95 96 97 The Group's liquid funds decreased by SEK 6.0 billion during 1997 and amounted at year-end to SEK 20.6 billion (26.7) equal to 11% (17) of net sales...

  • Page 21
    ... type, was introduced during 1997. Programs under way within the Aero business area involve the use of information technology to control manufacturing and maintenance processes, to regulate jet engines by means of directional nozzles in order to increase turning performance, and to develop small gas...

  • Page 22
    ... a number of parts in the product with fewer new ones, which is expected to yield financial benefits. 8 8 6 6 4 4 Safety 2 2 Safety is one of Volvo's core values and research and development programs are under way continuously in this field. D uring 1997 Volvo Cars introduced two new safety...

  • Page 23
    Financial review by business area

  • Page 24
    ... year. The Volvo S70 and V70, which replace the Volvo 850, helped to strengthen Cars´ sales in the North American market. Volvo's sales and market shares both increased in many countries in Europe. Sales of new cars in Sweden rose following the end of the uncertainty about the taxation of company...

  • Page 25
    ... and Canada. Volvo will begin selling the Volvo S40 and V40 on the North American market during 1999. In Japan, where the consumption tax was increased on April 1, 1997, the number of Volvo cars registered declined by 17%, to 19,900 (24,000). Some recovery in sales was noted at the end of the year...

  • Page 26
    ... trucks. This helped to keep global demand for heavy trucks at the same high level as a year earlier. The truck industry continued to be marked by structural changes in which mergers and partnerships of various types were formed. In addition, new players in the form of finance and leasing companies...

  • Page 27
    ...the preceeding year, Volvo was the third-largest manufacturer of heavy trucks in the world. long-term custom er relations, sales financing is becom ing increasingly m ore im portant. One third of w orldw ide truck sales are financed in this m anner. During 1997 Volvo Truck s Finance North A m erica...

  • Page 28
    ... a change in management structure and the concentration of all production in the assembly plant in New River Valley. O ther programs were focused on the dealer network and on strengthening sales-financing companies and customer relations. 95 96 97 The total m ark et for Class 8 truck s in North...

  • Page 29
    ... company with Volvo Trucks. The joint-venture company will develop, produce and distribute heavy trucks. The industrial structure will be adapted for a capacity of 20,000 units. Buses The bus industry was characterized by continuing strong competition in 1997. The total Western European market...

  • Page 30
    ... Canada, Morocco, Spain, Tunisia and the Nordic Region. The important Brazilian market was weak in 1997. Some loss of volume in Brazil was fully offset by sales in such other South American countries as Chile and Venezuela. Volvo's share of the global market for heavy buses increased and the company...

  • Page 31
    ...in Europe and higher expansion outside Europe. The percentage of sales to customers in the priority growth markets in East Asia and South America increased, but from a very low level. As part of the program in new markets, a local representative office was established in Russia and a sales office in...

  • Page 32
    ... with customers' purchases and use of construction equipment are also being developed. Examples of such "software" products include various forms of financing and new service-support programs. Continuing developm ent of a global industrial structure Investments in property, plant and equipment...

  • Page 33
    ... Volvo Penta's net sales increased from SEK 3,885 M in 1996 to SEK 4,466 M in 1997. Sales of marine engines for both recreational craft and commercial vessels were especially strong in Europe. Sales of industrial engines rose as a result of continuing strong demand for engines used in generator sets...

  • Page 34
    ... Eastern Europe North America South America Asia Other 1995 2,590 27 1,100 4 66 3 3,790 1997 7,476 472 6.3 A ero Air traffic worldwide increased in 1997 and the upturn had a positive impact on the aircraft engine industry and its after-sale market. Meanwhile, the sector that provides maintenance...

  • Page 35
    ... of AG ES, a new business area was formed within Aero; it comprises the maintenance and leasing of aircraft engines and aircraft, as well as the sale of spare parts related to these operations. The acquisition of AG ES is strategically important for Volvo Aero's commercial Engine Services business...

  • Page 36
    ...leasing, 27% financial leasing and 39% other customers credits. See under headline "D ifferent types of finance contracts." Other North America Australia Brazil Peru Funding of the sales-financing operations is coordinated by Volvo's internal bank, Volvo G roup Finance. Different types of finance...

  • Page 37
    ... as reinsurance agreements with companies in Norway and G reat Britain. Volvia's share of the market for insurance on Volvo and Renault cars in Sweden increased to 35% (33) in 1997. Volvo Group Insurance Försäkrings AB and its subsidiaries in Luxembourg and Ireland constitute an important part of...

  • Page 38
    ... they retire. A full share in the 60-year fund is the equivalent of SEK 185 per month deposited in an account in their name. The profit-related bonus system and the 60Year Fund cover employees of AB Volvo and its wholly owned subsidiaries in Sweden. Detailed inform ation on Volvo's em ployees and...

  • Page 39
    ... to now the Operational developm ent program has involved operations in Sw eden. In 1998 program s w ill be started in both the rest of Europe and the U.S. Of Volvo's 72,900 em ployees, 29,250 are w ork ing outside Sw eden. Wheel-loaders and articulated haulers for the North A m erican m ark et are...

  • Page 40
    ...8 Operating income Income from investments in associated companies Income from other investments Interest income and similar credits Interest expenses and similar charges Other financial income and expenses Note 9 (337) 13,048 Income after financial items Taxes Minority interests Note 10 Note 11...

  • Page 41
    Consolidated balance sheets SEK M December 31, 1995 December 31, 1996 December 31, 1997 Assets Non-current assets Intangible assets Tangible assets Property, plant and equipment Assets under operating leases Financial assets Shares and participations Long-term sales-financing receivables Other ...

  • Page 42
    ...-term bank loans and other loans Increase (decrease) in long-term loans and provisions for pensions Increase (decrease) in minority interests Dividends paid to AB Volvo shareholders Dividends paid to minority shareholders Redemption of shares New issue of shares Settlement of loan to Renault Other...

  • Page 43
    ... manufacturers of trucks, buses, construction equipment and drive systems for marine and industrial applications. In the aircraft engine field Volvo has substantial resources for the maintenance of engines and the development of engine components. The consolidated accounts for AB Volvo and its...

  • Page 44
    ... leases is normally 3 to 5 years. Machinery is generally depreciated over 5 to 10 years, and buildings over 25 to 50 years, while the greater part of land improvements are depreciated over 20 years. In connection with its participation in aircraft engine projects with other companies, Volvo Aero...

  • Page 45
    .... Volvo Truck s North A m erica, Inc (form erly Volvo GM Heavy Truck Corporation) In July 1997, Volvo Trucks took over the remaining 13% of the common shares in its North American truck company from General Motors Corporation and changed the name of the company to Volvo Trucks North America, Inc...

  • Page 46
    ... reported in accordance with the equity method. 3 â- 4 â- Net sales Net sales per business and market area are shown in tables on page 14. Ot h er o perat in g in co m e an d ex pen se Groupe Pel-Job Volvo Construction Equipment acquired all of the shares of Groupe Pel-Job, a French company...

  • Page 47
    ... de Investimento SA and the company's balance sheet was consolidated in the Volvo Group as of December 31, 1997. 717 2,119 24 314 3,045 2,929 2 In April 1995 AB Volvo acquired the outstanding shares of Volvo Construction Equipment Corporation. The company is reported as a subsidiary as of June...

  • Page 48
    ...in Prévost Car Inc. (49%), Hitachi Construction Machinery Company's participation in Euclid-Hitachi Heavy Equipment Inc. (40%), GPA Group's minority interests in The AGES Group, ALP (40%) and up to and including June 1997, General Motors' holding in Volvo Trucks North America Corporation (13%). 12...

  • Page 49
    ... Equipment Sales, an American company, from 5% to 25%. In 1997 the holding was further increased to 60% and AGES thereby became a subsidiary of Volvo. Fabege A B In November 1996 Volvo concluded an agreement covering the sale of buildings to Fabege AB. Fabege paid two thirds of the purchase price...

  • Page 50
    ...6,175 9,721 18,337 The increase in 1997 is due to that the sales-financing companies in North America and Great Britain, in which Volvo was previously a part-owner, are now under own management as wholly owned subsidiaries. Changes in the Volvo Group's holdings of shares and participations: 1996...

  • Page 51
    ...net assets in foreign subsidiaries and associated companies. 3 Difference pertains to Renault shares sold and, in connection with the sale, has affected consolidated capital gains. Change in shareholders' equity Balance, December 31 1994 Cash dividend Net income Conversion of debenture loans Effect...

  • Page 52
    ... liabilities in which the largest loans are distributed by currency. Most are issued by Volvo Group Finance Sweden AB and Volvo Group Finance Europe BV. Information on loan terms is as of December 31, 1997. Volvo hedges foreign-exchange and interest-rate risks using derivative instruments. See Note...

  • Page 53
    ... at year-end to 9,924 (4,527; 4,881). Pledged assets in subsidiaries are included in Other in the amount of -(1,750; 1,519). 29 â- â- Perso n n el 27 â- â- Guarantees: Co n t in gen t liabilit ies 1995 1996 1997 Discounted bills Bank loans and trade bills - associated companies Bank loans...

  • Page 54
    ... Europe North America South America Asia Other countries Automotive operations Operations being divested 65,949 14,420 21 40 70,176 1,729 19 50 71,832 6 18 33 Group total 80,369 1995 Board and President of which, bonuses Other employees 21 71,905 1996 18 71,838 1997 18 Wages, salaries...

  • Page 55
    ...on the Group's income and financial position. Commercial exposure Volvo uses forward exchange contracts and currency options to hedge the value of future payment flows. Contracts related to hedging of anticipated sales and purchases of foreign currency normally do not exceed 36 months. In accordance...

  • Page 56
    ...Group Finance. This concentrates the credit risk to the Group's in-house bank. Volvo Group Finance invests the liquid funds in the money and capital markets. All investments must meet criteria for low credit risk and high liquidity. Calculation of fair value of financial instrum ents Volvo has used...

  • Page 57
    ...1997 Book value Fair value Estim ated fair value of Volvo's financial instrum ents Balance sheet items Investments in shares and participations: fair value calculable 1 fair value not calculable 2 Long-term receivables and loans Accrued interest, receivables, etc Marketable securities Cash and bank...

  • Page 58
    ... Shareholders' equity 1997 1995 1996 1997 Goodw ill Goodwill in accordance with Swedish GAAP, December 31 Items affecting reporting of goodwill Acquisition of shares in BCP Volvo Truck with regard to exchange of shares with Renault Acquisition of Volvo Construction Equipment corporation Other...

  • Page 59
    ... with Volvo's principles - and U.S. GAAP. The differences relate mainly to accounting for and amortization of excess values, accounting for utilized tax-loss carryforwards and, prior to 1993, accounting for tooling costs. Income from investments in associated companies is reported before tax in...

  • Page 60
    ... and 20, respectively. Calculations made as of December 31, 1997 show an annual increase of 10.5% in the weighted average per capita costs of covered healt-care benefits; it is assumed that the percentage will decline gradually to 6.0% in 2007 and then remain at that level. The discount rate used in...

  • Page 61
    ...). AB Volvo's risk capital (shareholders' equity plus untaxed reserves) amounted to 38,531, equal to 74% of total assets. The comparable figure at year-end 1996 was 51%. Balance sheets Assets Non-current assets Property, plant and equipment Total tangible assets Shares and participations in Group...

  • Page 62
    ... shares in Volvo Construction Equipment Corporation. Increase (decrease) in liquid funds Liquid funds, January 1 Liquid funds, December 31 4 in Gro u p co m pan ies â- In co m e fro m in vest m en t s Liquid funds include Cash and bank accounts and Short-term investments in Group companies...

  • Page 63
    ... Aero Corporation for 316 and Volvo Group Treasury North America Inc. was acquired from Volvo Group Finance Sweden AB for 148. The acquired companies were then conveyed, together with Volvo Group North America Inc., 34, to VNA Holding Inc. as a shareholder contribution and increased the book value...

  • Page 64
    ... with payment of the remaining portion of the purchase price. Volvo Bus Corporation was purchased from Volvo Truck Corporation for 154. The holding was written down by 35 at year-end. Shareholder contributions that increased book values were made to Volvo Aero Corporation, 295; Volvo Bus Corporation...

  • Page 65
    ... of the purchase price for Volvo Truck Corporation shares. This debt was paid in 1996. Current liabilities amounting to 0 (1; 1,603) are secured. 20 â- â- Investments A sset s pledged 1995 1996 1997 Mortgages on fixed assets in Volvo Truck Corporation in companies outside the Volvo Group Total...

  • Page 66
    ... Renault SA, Paris, France Other investments - - 4 - - 2,082 - 368 2,450 4,583 Dec. 31 1997 Total shares and participations in other companies Book value as per consolidated balance sheet A B Volvo's holding of shares and participations in non-Group com panies Bilia AB, Göteborg, Sweden4 AB...

  • Page 67
    ... North America Inc., Rockleigh, USA Volvo Canada Ltd., Willowdale, Canada Volvo Thailand Ltd., Bangkok, Thailand Volvo Cars Japan Corporation, Tokyo, Japan Swedish Motor Assembly Sdn Bhd, Shah Alam, Malaysia Thai Swedish Assembly Co Ltd., Bangkok, Thailand Volvo Truck Corporation, Göteborg, Sweden...

  • Page 68
    ..., Japan Volvo Aero Corporation, Trollhättan, Göteborg, Sweden Volvo Aero Engine Services AB, Stockholm, Sweden Volvo Aero Turbines (UK) Ltd, Coventry, Great Britain VNA Holding Inc, Greensboro, USA Volvo Trucks North America, Inc., Greensboro, USA Volvo Construction Equipment North America Inc...

  • Page 69
    ... to restricted equity. AB Volvo Retained earnings brought forward Net income for 1997 Total SEK M 10,111 18,049 28,160 The Board of D irectors and the President propose that the above sum be disposed of as follows: To the shareholders, a dividend of SEK 5.00 per share Retained earnings to be...

  • Page 70
    ... of AB Volvo for 1997. These accounts and the administration of the Company are the responsibility of the Board of D irectors and the President. O ur responsibility is to express an opinion on the Annual Report, the consolidated financial statements and the administration based on our audit. We...

  • Page 71
    ... payment of a dividend of SEK 5.00 per share corresponding to a total of SEK 2,208 M, for the 1997 fiscal year. The dividend paid on 1996 operations amounted to SEK 4.30 per share, or a total of SEK 1,993 M. With a view of reducing shareholders' equity in the Volvo Group and the number of AB Volvo...

  • Page 72
    ... Volvo share, price of 21.74 (weighted average first 10 trading days following listing). 9 Proposed by Board of Directors. The largest shareholders in A B Volvo, Decem ber 31, 1997 Number of shares % of total votes Share of capital, % Exchange listings of Volvo shares, location and year Stockholm...

  • Page 73
    Share capital and dividend, 1926-1997 SEK Year Share capital Number of Dividend shares per share Dividend total 1 Event Terms 2 3 The original par value of SEK 100 was changed to SEK 50. Rights issue shares, ex-dividend. New Volvo shares issued as payment for acquisition of the following companies. ...

  • Page 74
    ... Academy of Engineering Sciences. President, AB Volvo, 1983-1987. President, Volvo Car Corporation, 1978-1983. Member of Volvo Board since 1994. Also deputy member, 1981-1984; regular member, 1984-1987. Holdings: 1,000 Volvo Series A shares. Per-Olof Erik sson Born 1938. Master of Technology, Hon...

  • Page 75
    ...Bohlins AB. Authorized Public Accountant, Lars-Erik Berg Born 1950. Master of Engineering. Representative for organization of salaried employees (PTK). With Volvo since 1975. Deputy member of Volvo Board since 1995. Holdings: 800 Volvo Series B shares. Olle Gunnarsson Authorized Public Accountant...

  • Page 76
    ... Research and Development Advisory Committee of the European Commission (IRDAC). Holdings: 1,714 Volvo shares, including 1,670 Series B shares; 6,000 options. Per Lindquist Born 1950. Master of Engineering. Acting President, AB Volvo Penta and member of Group Executive Committee since 1997...

  • Page 77
    ..., brand management and public affair since 1994. With Volvo since 1994. Holdings: 200 Volvo Series B shares; 10,000 options. Per Löjdquist Born 1949. Senior Vice President of AB Volvo. Member of Group Executive Committee, responsible for Corporate communication and investor relations since 1997...

  • Page 78
    ...656 138,582 6,527 7,581 138,699 141,159 163,295 5,434 7,450 6,503 6,188 6,743 5,406 76 1. Effective January 1, 1997, the new Annual Accounts Act is being applied by Swedish corporations and certain trading companies. Figures for the years 1992 through 1996 have been adjusted to conform with the...

  • Page 79
    ...long-term loans and provisions for pensions (Increase) decrease in restricted deposits in Bank of Sweden Increase (decrease) in minority interests Dividends paid to AB Volvo shareholders Dividends paid to minority shareholders Redemption of shares New issue Settlement of loan to Renault Other 7,851...

  • Page 80
    ... Group, total 29,319 30,151 32,181 32,182 31,881 30,344 36,130 43,330 56,059 54,589 51,872 Business area statistics Num ber of em ployees at year-end Number 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Cars Trucks Buses Construction Equipment Marine and industrial engines Aero...

  • Page 81
    ...been adjusted to conform with the new principle. 1. Subsidiary in the Volvo Group as from July 1995. Net sales for the Construction Equipment business area in the years 1991 through 1995, calculated using the average exchange rate for the U.S. dollar in each year, amounted to SEK 8,273 M, SEK 7,890...

  • Page 82
    ... on operating capital for Aero is excluding AGES. Capital ex penditures for property, plant and equipm ent SEK M 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Cars Trucks Buses Construction Equipment Marine and industrial engines Aero Other and corporate capital expenditures 2,455 628...

  • Page 83
    ... 1991 1992 1993 1994 1995 1996 1997 Cars Trucks Buses Construction Equipment Marine- and industrial engines Aero Other 2,925 1,088 159 - ...plant and equipm ent SEK M 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Sweden Europe, excluding Sweden North America South America Asia Other markets...

  • Page 84
    Eleven-year sum m ary Em ployees Number 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Sweden Europe, excluding Sweden North America South America Asia Other markets 55,440 11,870 4,880 1,350 640 1,170 54,970 14,530 5,680 1,890 850 690 54,740 14,180 6,040 2,010 1,030 690 47,...

  • Page 85
    ...1992 1993 1994 1995 1996 1997 Volvo Bus Corporation, Borås Plant, Sweden Volvo Truck & Bus Assembly, Great Britain Volvo do Brasil, Brazil Volvo del Peru SA, Peru Prévost Car Inc., Canada Xian Silver Bus, China1 Volvo Australia Pty Ltd, Australia Assembled in other markets 2,490 - 690 80 - - 140...

  • Page 86
    Eleven-year sum m ary Volvo cars registered Number 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Total Western Europe United States Sweden Great Britain Germany Italy Japan the Netherlands Spain Canada Belgium France Switzerland Finland Norway Australia Taiwan Denmark Austria Thailand ...

  • Page 87
    Volvo buses registered Number 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Total Western Europe Great Britain1 Brazil 9 United States 9 Sweden 1 Hong Kong 9 Spain 7 China 9 South Africa 9 Canada France 1 Finland 3 Norway 6 Chile 9 Singapore 9 Denmark 2 Germany 4 Austria1 Tunisia 9 Italy 5...

  • Page 88
    Eleven-year sum m ary Heavy Volvo truck s (>16 t) registered Number 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 Total Western Europe1, 3 United States 5 Brazil 4 Great Britain 4 France 4 Germany 1, 3 Canada 5 the Netherlands 3 Spain 3 Italy 3 Sweden 3 Belgium 3 Norway 3 Poland 7 Turkey ...

  • Page 89
    ...former East Germany from 1991 2 Trucks 10.0 - 15.9 tons GVW 3 Trucks 10.0 - 14.9 tons GVW 4 Trucks 9.0 - 14.9 tons GVW 1993-1997, trucks 6-16 tons 5 Trucks 9.0 - 15.9 tons GVW 6 Trucks 9.0 - 12.0 tons GVW Environm ental perform ance of Volvo production plants relative to net sales Absolute values...

  • Page 90
    ... Road Wanchai, Hongkong Tel: + 852 2827 688 Volvo Bus Asia Pacific (Pte) Ltd address, see Volvo Car Asia (Pte) Ltd AB Volvo SE-405 08 Göteborg, Sweden Tel: + 46 31 59 00 00 Cars Volvo Car Corporation SE-405 08 Göteborg, Sweden Tel: + 46 31 59 00 00 Volvo Car Components Corporation, Engine...

  • Page 91
    ...212 418 7400 Volvo East Asia (Pte) Ltd address, see Volvo Car Asia (Pte) Ltd A ero Volvo Aero Corporation SE-461 81 Trollhättan, Sweden Tel: + 46 520 940 00 Volvo Aero Corporation Division Volvo Aero Support SE-732 82 Arboga, Sweden Tel: + 46 589 810 00 Volvo Aero Engine Services AB Box 218 SE-161...

  • Page 92
    ...arvode till dessa. Publiceringstillfällen Volvos Ã...rsredovisning 1997 Volvos Miljöredovisning 1997 17 mars 1998 17 mars 1998 22 april 1998 april 1998 30 april 1998 16 juli 1998 21 oktober 1998 februari 1999 mars 1999 All information kan beställas frÃ¥n Volvo PublikationsförrÃ¥det Avd 7940 ARUN...

  • Page 93
    ... financial information. Volvo's Nom inating Com m ittee The following persons were named members of Volvo's Nominating Committee at the 1997 Annual General Meeting: Thomas Halvorsen Bo Eklöf Lars-Erik Pettersson Håkan Frisinger Bengt Hane The National Pension Insurance Fund, Fourth Fund managing...