Volvo 2004 Annual Report Download - page 2

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2CEOcomment
4The Volvo share
6Board of Directors’ report
6The year 2004
10 Financial performance
12 Financial position
14 Cash-flow statement
16 Financial targets
17 Risk management
20 Trucks
24 Buses
26 Construction Equipment
28 Volvo Penta
30 Volvo Aero
32 Financial Services
34 Sustainable development
35 Corporate Governance
38 Corporate values
38 Quality
40 Safety
42 Environmental care
45 Employees
47 Volvo in society
48 Group Management
50 Board of Directors and Auditors
Financial information
52 Consolidated income
statements
53 Consolidated balance sheets
54 Changes in consolidated
Shareholders’ equity
55 Consolidated cash-flow
statements
56 Notes to consolidated
financial statements
93 Parent Company AB Volvo
106 Proposed disposition of
unappropriated earnings
107 Audit report for AB Volvo
108 IFRS
116 Eleven-year summary
124 Definitions
125 Annual General Meeting
Volvo’s Nomination Committee
Publication dates
This report contains “forward-looking statements”. Such statements reflect
management’s current expectations with respect to certain future events
and potential financial performance. Although the Company believes that
the expectations reflected in such forward looking statements are reason-
able, no assurance can be given that such expectations will prove to have
been correct. Such statements are subject to risk and uncertainties and
such future events and financial performance could differ materially from
those set out in the forward looking statements as a result of, among other
factors, (i) changes in economic, market and competitive conditions, (ii)
success of business and operating initiatives, (iii) changes in the regulatory
environment and other government actions, (iv) fluctuations in exchange
rates and (v) business risk management.
This report does not imply that the company has undertaken to revise
these forward-looking statements, beyond what is required under the com-
pany's registration contract with the Stockholm Stock Exchange if and
when circumstances arise that will lead to changes compared to the date
when these statements were provided.
Cover: Emina Bajiˇc, Volvo Powertrain, Skövde, Sweden.