Large structural changes, business cycle management and extensive product renewal dominated the Volvo Group's activities during 2001.

It has been a challenging year during which we have taken difficult decisions that affected many employees. Despite this, we have implemented a strong renewal of the product portfolio and extensive restructuring measures that together strengthen Volvo's competitiveness. The Group has a sound structure with well-positioned business areas, which increases our ability to devote even greater energy to our brands, retailers and customers. We will capitalize on these strengths during 2002.