AB Volvo on Monday said its final fourth quarter net loss was SEK2.886 billion, adjusted for write-downs of the truck maker's holdings in Scania AB and Henlys Group PLC.

Write-down of shares in Scania amounted to SEK3.601 billion in the fourth quarter and write-downs in Henlys Group were SEK429 million, Volvo said.

Volvo said that its definitive report on 2003 operations has been updated to reflect changes in Volvo's holding in Scania and the effects from a revaluation of the holding in Henlys Group Plc.

In the fourth quarter, cash flow after net investments, excluding financial services, rose to SEK7.8 billion in the fourth quarter from SEK4.9 billion a year earlier, it said.

Volvo said its board proposes that a cash dividend of SEK8.00 per share be paid for 2003. In addition it proposes that 99% of the shares in the wholly owned company, Ainax, be distributed to the shareholders of AB Volvo.

The value of the Ainax shares corresponds to a value of SEK14:40 per Volvo share based on the Scania A closing price of SEK223.50 on March 12, Volvo said.