UK Regulatory | 22 April 2009 10:54
VOLKSWAGEN AG / Interim Report
Release of a UK Regulatory Announcement, transmitted by DGAP - a company of
EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Interim Report January-March 2009:
- Global financial and economic crisis also significantly impacts
Volkswagen's business
- Volkswagen Group generates operating profit of EUR 312 million (EUR
1,311 million) in the period from January to March 2009
- Sale of Brazilian commercial vehicles business contributes around
EUR 600 million to operating profit
- Profit before tax considerably lower at EUR 52 million
(EUR 1,366 million)
- Group sales revenue 11.2 percent below the prior-year figure at
EUR 24.0 billion (excluding Scania: 17.1 percent below previous year)
- Automotive Division's ratio of investments in property, plant and
equipment (capex) to sales revenue at 5.5 percent (3.9 percent)
- Positive net cash flow in the Automotive Division of EUR 2,553 million
(EUR 867 million)
- At EUR 10.7 billion, Automotive Division net liquidity up on
year-end 2008 (EUR 8.0 billion)
- New model initiative successfully driven forward under difficult
conditions:
- Deliveries to customers worldwide down 10.7 percent year-on-year to
1.4 million vehicles
- Global passenger car market 20.7 percent below the previous year
- Volkswagen Group increases its market share in key regions of the
world
- Deliveries in Germany, China, Brazil, Russia and Poland higher than
in prior-year quarter
- New Polo impresses both the trade press and customers at its world
premiere
- Debut of the Audi A4 allroad quattro, the Audi A5 Cabriolet and the
Audi TT RS. SEAT enters B segment with the new Exeo
- Škoda presents the Yeti - its first SUV
- Volkswagen Group's product range now comprises more than 130 vehicles
that emit less than 140g/km CO2
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January-March 2009 2008 +/- (%)
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Volkswagen Group:
Deliveries to customers '000 units 1,404 1,572 - 10.7
Vehicle sales '000 units 1,352 1,604 - 15.7
Production '000 units 1,253 1,649 - 24.1
Employees March 31/Dec. 31 364,095 369,928 - 1.6
Sales revenue EUR million 23,999 27,013 - 11.2
Operating profit EUR million 312 1,311 - 76.2
Profit before tax EUR million 52 1,366 - 96.2
Profit after tax EUR million 243 929 - 73.8
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating activities EUR million 2,978 2,195 + 35.6
Cash flows from investing
activities*) EUR million 425 1,328 - 68.0
Net liquidity at March 31 EUR million 10,737 14,218 - 24.5
Net liquidity at March 31/Dec. 31 EUR million 10,737 8,039 + 33.6
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*) Excluding acquisition and disposal of equity investments:
EUR 1,732 million (EUR 1,269 million).
With its nine brands and young model range, the Volkswagen Group is well
positioned. In 2009, the individual brands will again introduce numerous
new and low-consumption models that will further extend the Group's
product portfolio and cover new market segments. For this reason,
although we assume that the Volkswagen Group will be unable to escape the
downward trend, we believe that it will perform better than the market as
a whole and will be able to gain additional market share during the
crisis.
The Group's sales revenue in 2009 will be lower than in the previous year
because of the decline in volume sales. Rising refinancing costs and a
worsening of the country mix will serve as an additional drag on
earnings. Volkswagen will counter this trend in particular through
disciplined cost and investment management and the continuous
optimization of its processes. Ecological relevance and the return on our
vehicle projects are the core elements of the '18 plus' strategy.
The high volatility of market developments does not permit any reliable
forecasts to be made for the rest of fiscal year 2009. Based on the
extremely weak business in the first three months of 2009, we continue to
expect that our earnings will not reach the level of previous years.
Wolfsburg, April 22, 2009
Volkswagen AG - The Board of Management
(The full interim report is available at 'www.volkswagenag.com/ir' from
April 29, 2009 on)
This report contains forward-looking statements on the business
development of the Volkswagen Group. These statements are based on
assumptions relating to the development of the economic and legal
environment in individual countries and economic regions, and in
particular for the automotive industry, which we have made on the basis
of the information available to us and which we consider to be realistic
at the time of going to press. The estimates given entail a degree of
risk, and the actual developments may differ from those forecast.
Consequently, any unexpected fall in demand or economic stagnation in our
key sales markets, such as Western Europe (and especially Germany) or in
the USA, Brazil, China, or Russia will have a corresponding impact on the
development of our business. The same applies in the event of a
significant shift in current exchange rates relative to the US dollar,
sterling, Mexican peso, yen, Brazilian real, Chinese renminbi and Czech
koruna. In addition, expected business development may vary if the
assessments of value-enhancing factors and risks presented in the 2008
Annual Report develop in a way other than we are currently
expecting.
22.04.2009 Financial News transmitted by DGAP
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Language: English
Issuer: VOLKSWAGEN AG
Brieffach 1849
38436 Wolfsburg
Deutschland
Phone: +49 (0)5361 9 - 49840
Fax: +49 (0)5361 9 - 30411
E-mail: christine.ritz@volkswagen.de
Internet: www.volkswagenag.com/ir
ISIN: DE0007664005, DE0007664039
Indices: DAX, Euro Stoxx 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime
Standard), Hannover, Düsseldorf, Stuttgart, München,
Hamburg; Terminbörse EUREX; Foreign Exchange(s) London,
Luxembourg, SWX
Category Code: QRF
LSE Ticker: VKW
Sequence Number: 164
Time of Receipt: Apr 22, 2009 10:21:24
End of News DGAP News-Service
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