27.02.2015
VOLKSWAGEN AG DE0007664039
DGAP-News: VOLKSWAGEN AG: Volkswagen Reports New Records in Unit Sales, Sales Revenue and Earnings in Fiscal Year 2014
DGAP-News: VOLKSWAGEN AG / Key word(s): Final Results
VOLKSWAGEN AG: Volkswagen Reports New Records in Unit Sales, Sales
Revenue and Earnings in Fiscal Year 2014
27.02.2015 / 14:47
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Volkswagen Reports New Records in Unit Sales, Sales Revenue and Earnings in
Fiscal Year 2014
- Sales revenue up 2.8 percent year-on-year to EUR 202.5 billion;
negative exchange rate effects, particularly in the first half of 2014
- Operating profit rises by EUR 1 billion to EUR 12.7 billion; positive
impact from volume and mix effects as well as optimized product costs
- Earnings before tax amount to EUR 14.8 billion (EUR 12.4 billion);
equity-accounted profit of the Chinese joint ventures exceeds the high
prior-year figure
- Net liquidity in Automotive Division increases to EUR 17.6 billion
(EUR 16.9 billion)
- Dividend proposed to increase to EUR 4.80 per ordinary share (EUR 4.00)
and EUR 4.86 per preferred share (EUR 4.06)
Wolfsburg, February 27, 2015 - The Volkswagen Group improved its earnings
strength again in 2014 and continued along its qualitative growth path
despite major economic challenges. With sales revenue of EUR 202.5 billion
(previous year: EUR 197.0 billion) and an Operating profit of EUR 12.7
billion (EUR 11.7 billion), the Group generated new record highs. This was
announced by Volkswagen Aktiengesellschaft this Friday on conclusion of the
Supervisory Board meeting.
The operating margin improved to 6.3 percent (5.9 percent), reaching the
upper end of the forecast range of 5.5 percent to 6.5 percent. The Group's
profit before tax increased to EUR 14.8 billion (EUR 12.4 billion), while
the return on sales before tax rose from 6.3 percent to 7.3 percent. The
equity-accounted profit of the Chinese joint ventures exceeded the high
prior-year figure. The activities of the Chinese joint ventures have always
been accounted for in the financial result using the equity method and are
therefore not included in the Group's sales revenue and operating profit.
"We can look back on the past fiscal year with satisfaction: despite the
difficult economic environment, we achieved our goals for 2014. At the same
time, our forward-looking efficiency program "Future Tracks" has laid the
groundwork that will enable us to continue our successful trajectory with
all our strength", said Prof. Dr. Martin Winterkorn, Chairman of the Board
of Management of Volkswagen Aktiengesellschaft, in Wolfsburg on Friday.
Profit after tax came in at EUR 11.1 billion (EUR 9.1 billion). Net cash
flow in the Automotive Division increased by EUR 1.7 billion to EUR 6.1
billion thanks to the robust business model. Net liquidity in the
Automotive Division rose to EUR 17.6 billion (EUR 16.9 billion) as of
year-end 2014.
In light of the successful fiscal year, the Board of Management and the
Supervisory Board will be proposing to the Annual General Meeting to
increase the dividend by 20 percent to EUR 4.80 (EUR 4.00) per ordinary
share and EUR 4.86 (EUR 4.06) per preferred share. This would result in a
distribution ratio of 21.2 percent (20.6 percent). The medium-term
distribution target is 30 percent.
The Board of Management expects Group deliveries to increase moderately in
full-year 2015 and, depending on economic conditions, Group sales revenue
to increase by up to 4 percent year-on-year. In terms of the Group's
Operating profit, Volkswagen is forecasting an operating return on sales of
between 5.5 percent and 6.5 percent in light of the challenging economic
environment.
"Given the subdued growth prospects in regions outside China, there is no
guarantee that 2015 will be a successful year - either for the industry or
for the Volkswagen Group. Continuing political uncertainty, strong currency
fluctuations and tough environments in markets such as Russia and Brazil
present major challenges for the Volkswagen Group this year as well. In
light of this, the scenarios underlying our forecast are based on
conservative assumptions. Nevertheless, our goal is not only to increase
our volumes, but also to lift sales revenue and earnings again", said Chief
Financial Officer Hans Dieter Pötsch, adding that "The continuing high
liquidity and our robust financial position give us the necessary
flexibility to successfully implement our Strategy 2018".
Volkswagen presents 2014 consolidated financial statements:
January - December 2014 2013 +/- (%) Volkswagen Group (IFRSs): Deliveries to customers ʻ000 10,137 9,731 + 4.2 units Vehicle sales ʻ000 10,217 9,728 + 5.0 units Production ʻ000 10,213 9,728 + 5.0 units Employees Dec. 31 592,586 572,800 + 3.5 Sales revenue EUR 202,458 197,007 + 2.8 million Operating profit EUR 12,697 11,671 + 8.8 million Profit before tax EUR 14,794 12,428 + 19.0 million Profit after tax EUR 11,068 9,145 + 21.0 million Profit attributable to EUR shareholders of Volkswagen AG million 10,847 9,066 + 19.6 Earnings per share (basic)*) Ordinary shares EUR 21.84 18.61 + 17.4 Preferred shares EUR 21.90 18.67 + 17.3 Automotive Division (including allocation of consolidation adjustments between the Automotive and Financial Services divisions): Cash flows from operating activities EUR 21,593 20,612 + 4.8 million Cash flows from investing activities attributable to operating EUR 15,476 16,199 - 4.5 activities**) million of which investments in property, EUR 11,495 11,040 + 4.1 plant and equipment million Net liquidity at December 31 EUR 17,639 16,869 + 4.6 million 2014 2013 +/- (%) Volkswagen AG (German Commercial Code) Net income EUR million 2,476 3,078 - 19.6 Dividend proposal Dividend - per ordinary share EUR 4.80 4.00 - per preferred share EUR 4.86 4.06*) Prior-year figures adjusted to reflect application of IAS 33.26. **) Excluding acquisition and disposal of equity investments: EUR 15,719 million (previous year: EUR 14,497 million). Prospects for 2015: The Volkswagen Group's brands will press ahead with their product initiative in 2015, modernizing and expanding their offering by introducing new models. Our goal is to offer all customers the products and innovations they need, sustainably strengthening our competitive position in the process. We expect that the Volkswagen Group will moderately increase its deliveries to customers year-on-year in 2015 in a persistently challenging market environment. The difficult market environment, fierce competition, interest rate and exchange rate volatility, and fluctuations in raw materials prices all pose challenges. We anticipate a positive effect from the efficiency programs implemented by all brands and, increasingly, from the modular toolkits. Depending on economic conditions, we expect 2015 sales revenue for the Volkswagen Group and its business areas to increase by up to 4 percent above the prior-year figure. However, economic trends in Latin America and Eastern Europe will need to be continuously monitored in the Commercial Vehicles/Power Engineering Business Area. In terms of the Group's Operating profit, we anticipate an operating return on sales of between 5.5 percent and 6.5 percent in 2015 in light of the challenging economic environment. The operating return on sales is expected to be in the 6.0 percent and 7.0 percent range in the Passenger Cars Business Area and between 2.0 percent and 4.0 percent in the Commercial Vehicles/Power Engineering Business Area. For the Financial Services Division, we are forecasting an Operating profit at the prior-year level. Disciplined cost and investment management and the continuous optimization of our processes remain integral elements of the Volkswagen Group's Strategy 2018. The Annual Media Conference and Investor Conference will be held in Berlin on March 12, 2015. 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 --------------------------------------------------------------------- 27.02.2015 Dissemination of a Corporate News, transmitted by DGAP - a service of EQS Group AG. The issuer is solely responsible for the content of this announcement. The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases. Media archive at www.dgap-medientreff.de and www.dgap.de --------------------------------------------------------------------- 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: Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; Terminbörse EUREX; Luxemburg, SIX End of News DGAP News-Service --------------------------------------------------------------------- 328041 27.02.2015
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