30.10.2013
VOLKSWAGEN AG DE0007664039
DGAP-News: VOLKSWAGEN AG: Volkswagen Group: Solid performance in the first nine months; outlook for fiscal year 2013 confirmed
DGAP-News: VOLKSWAGEN AG / Key word(s): Quarter Results
VOLKSWAGEN AG: Volkswagen Group: Solid performance in the first nine
months; outlook for fiscal year 2013 confirmed
30.10.2013 / 08:33
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Volkswagen Group: Solid performance in the first nine months; outlook for
fiscal year 2013 confirmed
- Sales revenue rises to EUR145.7 billion (EUR144.2 billion) for the
period January to September
- Q3: EUR47.0 billion (EUR48.8 billion)
- Operating profit of EUR8.6 billion (EUR8.9 billion) after nine months
- Q3: EUR2.8 billion (EUR2.3 billion)
- Net liquidity in the Automotive Division climbs to EUR16.6 billion
Wolfsburg, October 30, 2013 - The Volkswagen Group reported a solid
performance in the first nine months of fiscal year 2013, despite the
ongoing difficult market environment. Including China, Group deliveries
increased by 4.8 percent to 7.2 million vehicles worldwide. The Group's
share of the passenger car market rose year-on-year to 12.7 percent (12.6
percent). Sales revenue grew to EUR145.7 billion (EUR144.2 billion) in the
first nine months despite negative effects due to the market situation in
Europe and exchange rates. Operating profit amounted to EUR8.6 billion
(EUR8.9 billion). Earnings were impacted by contingency reserves in the
Passenger Cars and Power Engineering business areas. Consolidated operating
profit does not include the EUR3.5 billion (EUR2.8 billion) share of the
operating profit of the Chinese joint ventures. These companies are
included using the equity method and are therefore reflected in the
financial result. Profit before tax in the first nine months was EUR9.4
billion (EUR23.0 billion), whereby measurement effects in connection with
the integration of Porsche (EUR12.3 billion) had significantly lifted the
prior-year figure. Profit after tax was EUR6.7 billion (EUR20.2 billion).
The Board of Management reiterated its forecast for fiscal year 2013. 'It
remains unchanged: The goals we have set ourselves for the current fiscal
year are very ambitious given the extremely difficult economic environment.
But, as before, we are standing by these goals. I am convinced that 2013
will be a solid year for the Volkswagen Group thanks to our outstanding
model range and broad global presence', said Prof. Dr. Martin Winterkorn,
Chairman of the Board of Management of Volkswagen Aktiengesellschaft, in
Wolfsburg on Wednesday.
CFO Hans Dieter Pötsch is confident about the Volkswagen Group's chosen
strategy in light of the developments expected in the automotive markets:
'We are focusing on disciplined cost and investment management, as well as
on further improving all of our processes. Together with our outstanding
products, we believe that this is the right path towards becoming even more
competitive. This is particularly important given the fact that the
economic environment is not expected to improve in the short term.'
High net liquidity in the Automotive Division
At EUR16.6 billion, net liquidity in the Automotive Division at the end of
September was EUR6.1 billion higher than at year-end 2012. This was due in
part to the robust business model, which is capable of generating solid
cash flow even in a challenging environment. In addition, the capital base
was strengthened by the successful placement of a mandatory convertible
note and hybrid note. Investments in property, plant and equipment in the
Automotive Division rose to EUR6.4 billion (EUR6.0 billion). The Volkswagen
Group again maintained its investment discipline with a ratio of
investments in property, plant and equipment (capex) to sales revenue in
the Automotive Division of 5.0 percent (4.6 percent). Investments related
primarily to production facilities and the models to be launched in 2013
and 2014, as well as the ecological focus of the model range.
Brands and Business Fields
Worldwide unit sales by the Volkswagen Group rose by 3.8 percent
year-on-year in the first nine months to 7.2 million vehicles (7.0
million).
The Volkswagen Passenger Cars brand sold 3.5 million cars in the first
three quarters, down 3.8 percent on the prior-year period (3.6 million).
The brand's operating profit of EUR2.1 billion (EUR2.9 billion) was weighed
down by lower sales volumes and upfront expenditures for new technologies.
Audi brand unit sales were on a level with the previous year at 1.0 million
vehicles (1.0 million); the Chinese joint venture FAW-Volkswagen sold a
further 309,000 Audi vehicles (247,000). Audi reported an operating profit
of EUR3.7 billion (EUR4.2 billion) on the back of negative mix effects,
higher upfront investments in new products and technologies, as well as the
expansion of its global production facilities.
SKODA's sales declined by 4.9 percent to 524,000 vehicles (551,000). Its
operating profit amounted to EUR371 million (EUR567 million), dampened by
lower sales volumes, deteriorations in the mix, currency effects and the
launch of new products.
Despite the continued weakness in the overall Spanish market, SEAT sold
335,000 vehicles (315,000) worldwide, 6.4 percent more than in the previous
year. The operating loss was on a level with the previous year at EUR93
million (EUR95 million).
Bentley delivered 6,600 vehicles (6,700). At EUR98 million, its operating
profit was up on the prior-year figure of EUR73 million.
Sports car manufacturer Porsche sold 115,000 vehicles and generated an
operating profit of EUR1.9 billion in the first nine months of 2013.
Volkswagen Commercial Vehicles delivered 325,000 vehicles (330,000). Its
operating profit rose to EUR342 million (EUR300 million).
Scania lifted its sales to 56,000 trucks and buses (47,000). Operating
profit remained on a level with the previous year at EUR691 million (EUR688
million) as a result of increased pressure on margins.
MAN sold 98,000 trucks and buses (101,000) and reported an operating profit
of EUR47 million (EUR518 million). Lower volumes, declining revenue from
the license business and in particular the recognition of project-specific
contingency reserves in the Power Engineering business area were negative
factors.
Volkswagen Financial Services generated an operating profit of EUR1.1
billion (EUR1.0 billion).
Outlook for 2013
'No other company has such a wide range of mobility offerings - and this in
all major regions of the world. We are also extending our innovation and
technology leadership like never before. These strengths are what drives us
forward', said Chairman of the Board of Management Martin Winterkorn. 'We
will not be making any compromises in the future either in terms of key
vehicle projects, core technologies and the further internationalization of
the Group. Nevertheless, cost and investment discipline is and will remain
the cornerstone of our planning.' He is therefore confident that the
Volkswagen Group will outperform the market as a whole in a challenging
environment. Deliveries to customers are expected to increase year-on-year.
However, the Volkswagen Group is not completely immune to the intense
competition and the impact this is having on its business. The modular
toolkit system, which is being continuously expanded, will have an
increasingly positive effect on the Group's cost structure. The Volkswagen
Group expects its 2013 sales revenue to exceed the prior-year figure. Given
the ongoing uncertainty in the economic environment, the Group's operating
profit goal is to match the prior-year level in 2013.
The complete interim report is published on our website at:
http://www.volkswagenag.com/ir/Q3_2013_e.pdf
Volkswagen Group Communications
Christine Ritz
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
E-mail: [email protected]
Marco Dalan
Spokesperson for Finance
Phone: +49 (0) 53 61 / 9 - 7 11 21
Fax: +49 (0) 53 61 / 9 - 7 94 44
E-mail: [email protected]
www.volkswagen-media-services.com
www.volkswagenag.com
End of Corporate News
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Language: English
Company: VOLKSWAGEN AG
Brieffach 1849
38436 Wolfsburg
Germany
Phone: +49 (0)5361 9 - 49840
Fax: +49 (0)5361 9 - 30411
E-mail: [email protected]
Internet: www.volkswagenag.com/ir
ISIN: DE0007664039, DE0007664005
WKN: 766403, 766400
Indices: DAX, Euro Stoxx 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart;
Terminbörse EUREX; Luxemburg, SIX
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