Volvo Group financial position

Net financial debt in the Industrial Operations amounted to SEK 21.8 billion at March 31, 2012, an increase of SEK 2.5 billion compared to the fourth quarter of 2011, and equal to 27.2% of shareholders’ equity. Excluding provision for post-employment benefits, the Industrial Operations net debt amounted to SEK 17.4 billion, which is equal to 21.7% of shareholders’ equity.

The Volvo Group’s liquid funds, i.e. cash and cash equivalents and marketable securities combined, amounted to SEK 37.1 billion at March 31, 2012. In addition to this, granted but unutilized credit facilities amounted to SEK 31.2 billion.

During the first quarter, currency movements decreased the Volvo Group’s total assets by SEK 8.5 billion due to revaluation of assets in foreign subsidiaries.

The equity ratio in the Volvo Group amounted to 24.6% on March 31, 2012 compared to 24.3% at year-end 2011.

At March 31, shareholder’s equity in the Volvo Group amounted to SEK 88.4 billion.