UK Regulatory | 27 April 2011 10:47
VOLKSWAGEN AG / Quarter Results
27.04.2011 10:47
Dissemination 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 2011:
- Volkswagen Group makes successful start to fiscal year 2011
- At EUR 2.9 billion, operating profit up EUR 2.1 billion on the prior-
year figure
- Profit before tax improves significantly to EUR 2.2 billion
(EUR 0.7 billion)
- Group sales revenue up 30.8 percent to EUR 37.5 billion
- Cash flows from operating activities in the Automotive Division
increased by EUR 2.1 billion year-on-year to EUR 5.1 billion; ratio of
investments in property, plant and equipment (capex) to sales revenue
amounts to 2.8 percent (3.5 percent)
- Acquisition of Porsche Holding Salzburg leads to cash outflow of
EUR 3.3 billion
- Automotive Division net liquidity remains at a high level of
EUR 19.6 billion
- Group models win over customers worldwide:
- At 2.0 million vehicles, Group deliveries to customers 14.0 percent
higher than in the prior-year period; global market share improves to
12.0 percent (11.5 percent)
- Group records double-digit growth in Central and Eastern Europe,
North America and Asia-Pacific
- Volkswagen Passenger Cars celebrates world premieres of the new
Golf Cabriolet and the new Tiguan; Passat debuts on the North
American market
- Audi unveils the Q5 hybrid; A3 concept raises prospect of expanding
the A3 family
- Skoda and SEAT concept cars provide a foretaste of the future design
of their models
- Bentley presents the limited edition Continental Supersports
'Ice Speed Record'
- Lamborghini again proves its expertise in carbon fiber bodies with
the Aventador LP 700-4
- Volkswagen Commercial Vehicles presents the Multivan BlueMotion - a
giant in fuel economy for the van segment
- Scania premieres its latest generation of engines that already meets
the Euro 6 emissions standard thanks to innovative technologies
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January-March 2011 2010 +/- (%)
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Volkswagen Group:
Deliveries to customers '000 units 1,988 1,744 + 14.0
Vehicle sales '000 units 2,031 1,703 + 19.3
Production '000 units 2,065 1,734 + 19.1
Employees March 31/Dec. 31 427,184 399,381 + 7.0
Sales revenue EUR million 37,470 28,647 + 30.8
Operating profit EUR million 2,912 848 x
Profit before tax EUR million 2,223 703 x
Profit after tax EUR million 1,712 473 x
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 5,120 3,043 + 68.3
Cash flows from investing
activities*) EUR million 4,465 3,013 + 48.2
Net liquidity at March 31 EUR million 19,648 14,235 + 38.0
Net liquidity at March 31/Dec. 31 EUR million 19,648 18,639 + 5.4
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*) Excluding acquisition and disposal of equity investments:
EUR 1,251 million (previous year: EUR 1,250 million).
The Volkswagen Group's key competitive advantages are its unique brand
portfolio and its continually growing presence in all key regions of the
world. Thanks to our expertise in technology and design, we have a
diverse, attractive and environmentally friendly range of products that
meets all customer desires and needs. In addition, the modular toolkit
system, which we are continually optimizing, will have an increasingly
positive effect on the Group's cost structure. In 2011, the Volkswagen
Group's nine brands will once again introduce a large number of
fascinating new models to the market, thus further expanding our strong
position in the global markets. We therefore expect our deliveries to
customers to increase as against the previous year.
We expect the Group's sales revenue and operating profit in 2011 to be
higher than the previous year. However, the continuing volatility in
interest and exchange rate trends and commodities prices will weaken the
positive volume effect. Disciplined cost and investment management and
the continuous optimization of our processes remain core components of
our 'Strategy 2018'.
Wolfsburg, April 27, 2011
Volkswagen AG - The Board of Management
(The full interim report is available at 'www.volkswagenag.com/ir')
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 in particular to the
US dollar, sterling, Czech koruna, Swedish krona, Russian ruble,
Australian dollar, Polish zloty, Swiss franc, Mexican peso and Japanese
yen. In addition, expected business development may vary if the
assessments of value-enhancing factors and risks presented in the 2010
Annual Report develop in a way other than we are currently expecting, or
additional risks or other factors emerge that adversely affect the
development of our business.
27.04.2011 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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Language: English
Company: 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: DE0007664039, DE0007664005
Indices: DAX, Euro Stoxx 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt
(Prime Standard), Hamburg, Hannover, München,
Stuttgart; Terminbörse EUREX; London, Luxembourg, SIX
Category Code: QRF
LSE Ticker: VKW
Sequence Number: 782
Time of Receipt: Apr 27, 2011 10:13:03
End of Announcement DGAP News-Service
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