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84
Proposed disposition of unappropriated earnings
Auditors’ report
Proposed disposition of
unappropriated earnings
Group
As shown in the consolidated balance sheet at December 31, 2003, unrestricted equity
amounted to SEK 57,002 M (61,536). Of this amount, SEK 0 M is estimated to be appropri-
ated to restricted equity.
AB Volvo SEK M
Retained earnings 53,067
Net income 2003 (2,189)
To t al 50.878
The Board of Directors and the President propose that the above sum be disposed of as
follows:
SEK M
To the shareholders, a dividend of SEK 8.00 per share 3,356
To the shareholders, a dividend of 27,060,958 shares
in the wholly owned subsidiary Ainax AB 15,403
To be carried forward 42,119
To t al 50,878
1 Each 31 shares in AB Volvo entitle to receive 2 shares in Ainax AB. The proposed dividend comprises
27,060,958 shares of totally 27,320,838 shares in Ainax AB. At the time of the dividend, the assets in
Ainax AB will consist of 27,320,838 A shares in Scania AB and working capital amounting to SEK
100,000,000. In this proposed disposition of unappropriated earnings, the value of A shares in Scania
AB have been determined to SEK 196 per share, corresponding to the market value at December 31,
2003, SEK 202 per share, reduced by SEK 6 per share, for expected dividend which will not be paid to
Ainax AB. The final value of shares in Ainax AB which are proposed to be distributed will be determined
when the Annual General Meeting decide on the dividend, based upon the market value of A shares in
Scania AB at that time.
Göteborg, March 14, 2004
Finn Johnsson
Per-Olof Eriksson Patrick Faure Haruko Fukuda
Tom Hedelius Leif Johansson
Neelie Kroes Louis Schweitzer Ken Whipple
Lars-Göran Larsson Olle Ludvigsson Johnny Rönnkvist
Our audit report was issued on March 14, 2004
PricewaterhouseCoopers AB
Olof Herolf Olov Karlsson
Authorized Public Accountant Authorized Public Accountant
Lead Partner Partner