VBG´s Annual General Meeting April 24, 2003

Dividend
The Annual General Meeting (AGM) decided to confirm the Board´s proposal of a dividend for 2002 of SEK 3,-- per share. Record day is April 29 2003 and payments are estimated to start from May 5 2003.                                                                                  

Board
The Annual General Meeting decided to re-elect Mr Anders Birgersson, Mr Peter Hansson, Mr Richard Persson, Mr Torbjörn Wistrand and Mr Reidar Öster as board members and Mr Staffan Ekelund as deputy board member. As a new board member, Mr Håkan Halén was elected. At the following statutory board meeting, Mr Richard Persson was re-elected Chairman of the Board.
The AGM also appointed a Nomination Committee with Mr Richard Persson, Mr Ola Rollén and Mr Åke Persson as members.

Speech of the Managing Director Anders Birgersson (in brief)
Anders Birgersson presented the VBG business and the financial trend. The Group´s turnover amounted in 2002 to MSEK 533. Income after financial items amounted to MSEK 31,6 and net margin to 5,9%.

The business area Truck Equipment covering approx 78% of the Group´s turnover, increased the operating income by 18,1% to MSEK 40,1. The position the Group enjoys as world leader is unchanged and the Group is taking market shares in a declining european market for heavy trucks,.

The business area Machine Elements shows a positive operating income despite a market recession and lower sales. The process to divest the business area has been interrupted due to the prevailing weak business cycle in the complete machine element trade. A continued active cost adaptation is valid while awaiting a favourable market situation.

A buy-back programme for VBG shares was implemented and resulted in 297,994 Series B shares being bought back at a fixed price of SEK 125 per share. Including costs for the buy-back a total sum of MSEK 37,9 was paid.

In conclusion, Anders Birgersson gave a forecast for 2003 saying that the Group´s turnover is expected to be on level with last year with a slightly improved income.

Acquisition and transfer of own shares
The AGM decided to authorize the Board until next ordinary AGM in 2004, at one or several occasions decide   upon   transfer of acquired own shares, with divergence from the shareholders´ preferential right, and that payment for transferred shares can be made with other means than money (in kind). The authorization will give the Board the possibility to use own shares as payment for acquisitions.

Vänersborg   April 24, 2003

VBG AB (publ)

The Board

For further information, please concact:
Anders Birgersson, Managing director & CEO
Tel +46 521-277767, 0702 277778, E-Post abi@vbgab.com

Next report :
Interim report 6 months        
August 7, 2003