Volvo 2008 Annual Report Download - page 2

• by telephone, [phone] beginning February 27, 2009
• by mail addressed to AB Volvo (publ), Legal Department, SE-405 08 Göteborg, Sweden
• at Volvo’s website www.volvogroup.com
• name
• personal number (registration number)
• address and telephone number
• name and personal number (registration number) of the proxy, if any
• name(s) of any accompaning assistant(s)
should request the shares to be temporarily registered in the shareholder’s name several banking
April 6, 2009 has been proposed as the record date for dividends, which are expected to be
The following persons are members of Volvo’s Election Committee:
Finn Johnsson Chairman of the Board
Carl-Olof By AB Industrivärden
Anders Oscarsson SEB funds / Trygg Insurance
Lars Förberg Violet Partners LP
Håkan Sandberg SHB Pension Fund, SHB Pensionskassa,
SHB Employee Fund och Oktogonen
of candidates to serve as members of the Board of Directors, as Chariman of the Board and as
April 24, 2009
Six months ended June 30, 2009 July 21, 2009
October 23, 2009
February, 2010
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Historical and current time series reecting the Volvo Group’s market information and share
Investor Relations:
Christer Johansson [phone]
Patrik Stenberg [phone]
Anders Christensson [phone]
John Hartwell [phone]
Aktiebolaget Volvo (publ) 556012-5790
Investor Relations, VHK
SE-405 08 Göteborg
Tel [phone]
Fax [phone]
E-post [e-mail]
A global group
2 Vision, mission and values
3 CEO comment
6 Organized to drive synergies
8 Market overview
10 Strategy focusing on creating value
12 Leading products. . .
14 . . .and world-class services
16 Hybrids on broad front
20 VPS – our way of working
Board of Directors’ Report
24 The Volvo Group 2008
26 Significant events
29 Business cycle management
30 Financial strategy
32 The share
34 Sustainable development
38 Financial performance
41 Financial position
43 Cash-ow statement
45 Risk management
49 Business Areas
50 Business area overview
52 Trucks
53 Volvo Trucks
54 Renault Trucks
55 Nissan Diesel
56 Mack Trucks
57 Buses
59 Construction Equipment
60 Volvo Penta
61 Volvo Aero
63 Financial Services
Corporate Governance Report
64 Report
70 Group Management
72 Board of Directors and auditors
Financial information
75 Consolidated income statements
76 Balance sheets
77 Changes in shareholders’ equity
78 Cash-ow statements
79 Notes to the consolidated nancial statements
126 Parent Company AB Volvo
140 Proposed remuneration policy
141 Proposed disposition of unappropriated earnings
142 Audit Report for AB Volvo
143 Eleven-year summary
152 Customer offering
Flap Denitions
Annual General Meeting
6
In every respect, 2008 was a year of extremes.
From record sales and earnings during the rst
half of the year to a weak close, with losses in
the fourth quarter.
16
49
After strong growth during the first half of the
year, demand weakened sharply for most of the
Group’s business areas during the second half.
This report contains ’forward-looking statements’. Such statements reect management’s current
expectations with respect to certain future events and potential nancial performance. Although
the Company believes that the expectations reected in such forward looking statements are
reasonable, no assurance can be given that such expectations will prove 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) uctu-
ations 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 company’s registration contract with OMX Nordic
Echange Stockholm if and when circumstances arise that will lead to changes compared to the
date when these statements were provided.
The Volvo Group’s formal nancial reports are presented on pages 24–63 and 74–141 in the
printed version and has been audited by the company’s auditors.
During the year, the Volvo Group showed a
number of products with the fourth generation
of hybrid drivelines.