Volvo Group financial position

Net financial debt in the Industrial Operations amounted to SEK 27.3 billion at March 31, 2011, an increase of SEK 2.6 billion compared to the last quarter of 2010, and equal to 40.3% of shareholders’ equity. Excluding provision for post-employment benefits, the Industrial Operations net debt amounted to SEK 21.8 billion, which is equal to 32.2% of shareholders’ equity.

The Volvo Group’s liquid funds, i.e. cash and cash equivalents and marketable securities combined, amounted to SEK 29.3 billion at March 31, 2011. In addition to this, granted but unutilized credit facilities amounted to SEK 33.8 billion.

During the first quarter, currency movements decreased the Volvo Group’s total assets by SEK 11.6 billion due to revaluation of assets in foreign subsidiaries.

The equity ratio in the Volvo Group amounted to 24.0% on March 31, 2011 compared to 23.3% at year-end 2010. At March 31, 2011 shareholder’s equity in the Volvo Group amounted to SEK 75.6 billion.