Volkswagen Group strengthens its earnings power in Q1
Wolfsburg, April 29, 2010 - The Volkswagen Group significantly expanded its position on the international automotive markets in the first three months of fiscal year 2010. Operating profit rose to €848 million (Q1 2009: €312 million) on the back of a 19.4 percent increase in sales revenue to €28.6 billion (€24.0 billion).
The Group generated profit before tax of €703 million (€52 million). This figure includes the profit of €286 million (€101 million) attributable to Volkswagen recorded by the joint ventures in China, the Group's largest sales market. Profit after tax rose to €473 million (€243 million). The Group's share of the global passenger car market increased to 11.6 percent (11.0 percent). "This successful first quarter confirms our strong competitive position, which we will build on going forward: we intend to continue providing key momentum to ensure the future success of our Group by strategically expanding our model portfolio, technological expertise and global presence", said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, on Thursday at the presentation of the Company's interim report.
"We have profited from the clear growth in the global automotive markets compared with the first quarter of 2009. Our cost and investment discipline also made a significant contribution toour results", added CFO Hans Dieter Pötsch. "We are confident about future businessdevelopment. Safeguarding and expanding our financial strength remains our top priority."
Liquidity in the Automotive Division at high level of €14.2 billion In the first quarter of 2010, net liquidity in the Automotive Division increased by €3.6 billion as against year-end 2009 to €14.2 billion. This includes the cash outflow of €1.7 billion from the investment in the Suzuki Motor Corporation. The successfully completed capital increase generated a total cash inflow of approximately €4.1 billion for the Group, including around €3.0 billion in the reporting period.
Brands and business fields
The Volkswagen Group's business development in the first quarter was driven by the recoveryof the international automotive markets. In the reporting period, all the Group's volume brandsrecorded double-digit growth in unit sales and in some cases significantly improved theirearnings. At 945,000 vehicles, the Volkswagen Passenger Cars brand sold 23.5 percent more units in the first three months. As a result, its operating profit improved to €416 million (operating loss of €-279 million). The New Beetle, Tiguan and Touran models, the Golf derivatives and the Jetta and Passat versions available in China experienced particularly
Unit sales at the Audi premium brand rose by 21.8 percent in the first quarter of 2010 to 316,000 passenger cars, lifting operating profit by 31.7 percent to €478 million (€363 million).
The Audi Q5, Audi A4 and Audi A6 models recorded substantial growth rates, while the new Audi A5 Sportback and the new Audi A5 Cabriolet were also extremely popular. The figures forthe Lamborghini brand are already included in the key figures for the Audi brand.
The Škoda brand increased its sales by 31.7 percent in the period from January to March to
142,000 units. Sales growth and lower costs, coupled with a more favorable exchange rate
situation, led to an operating profit of €100 million (€28 million).
The SEAT brand profited from the recovery of the Spanish passenger car market and
increased its unit sales by 54.9 percent to 91,000 passenger cars. The brand's operating loss
narrowed by €35 million to €-110 million.
Although difficult conditions continued to affect the luxury segment, the Bentley brand also
profited from the growth in the automotive markets and reduced its operating loss to €-36
million (€-52 million).
Volkswagen Commercial Vehicles sold 73,000 units, up 9.2 percent. Its operating loss of €-16
million was well below the prior-year figure (operating profit of €528 million) that included the
proceeds of €600 million from the sale of the Brazilian commercial vehicles business.
Scania sold 5.7 percent more units and significantly increased its operating profit year-on-year
to €214 million (€46 million), due in particular to strong demand in Brazil.
Volkswagen Financial Services were again an important pillar of the Volkswagen Group,
generating an operating profit of €167 million (€156 million) in the first three months of 2010.
Continuing on course to top of the automotive industry
The Board of Management of the Volkswagen Group is confident about future developments
in fiscal year 2010. The total volume of the global automotive markets in 2010 is expected to
be slightly above the prior-year level. Volkswagen will benefit from this growth and systematically expand its position in the global markets. "As a multibrand Group with a unique, environmentally friendly product portfolio and a presence in all key markets, we are already well positioned to sustainably profit from the recovery of the automotive market", said
Against this background, the Board of Management anticipates that deliveries to customerswill be higher than in 2009. The Group's sales revenue and operating profit for 2010 areexpected to exceed the prior-year figures despite a shift in volumes between the markets.Interest and exchange rate volatility will remain a drag on profit. Volkswagen will continue to
focus on disciplined cost and investment management and the continuous optimization of its
Volkswagen Group Communications
Head of Group Investor Relations/Spokesperson for Finance
Phone: +49 (0) 53 61 / 9-4 98 40
Fax: +49 (0) 53 61 / 9-3 04 11
Spokesperson for Finance
Phone: +49 (0) 53 61 / 9-3 93 56
Fax: +49 (0) 53 61 / 9- 5 73 93 56
Přiložený dokument ke stažení
Interim Report January-March 2010
RM-SYSTÉM, česká burza cenných papírů a.s.
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