DGAP-Adhoc: Volkswagen AG: Interim Report January-March 2008


VOLKSWAGEN AG / Quarter Results

23.04.2008 

Release of a Adhoc News, 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 2008:
- Volkswagen Group operating profit in the first quarter of 2008 up
  significantly year-on-year at EUR 1.3 billion
- At EUR 1.4 billion, profit before tax exceeds previous year's figure by 
  EUR 0.3 billion
- Group sales revenue increases by 1.4 percent year-on-year to 
  EUR 27.0 billion
- At 3.9 percent (3.2 percent), ratio of investments in property, 
  plant and equipment (capex) to sales revenue below the long-term
  average
- At EUR 14.2 billion, net liquidity in the Automotive Division recorded 
  a further improvement compared with the end of 2007
- Share of voting rights in Scania AB increased to 68.60 percent, subject 
  to antitrust approvals
- Group models successful:
  - Deliveries to customers worldwide up 7.0 percent year-on-year to 
    1.6 million vehicles; Group market share at record level in Germany
  - All-time record sales in the first quarter for the majority of brands
  - Growth remains strong in China, South America and Central and Eastern 
    Europe; strong growth rates for sales in Russia and India
  - Market debut for Passat CC and Routan
  - World premiere of the new Volkswagen Scirocco and the new 
    Audi A4 Avant at the Geneva International Motor Show; SEAT unveils 
    impressive Bocanegra design study
  - Sharan BlueMotion expands BlueMotion model range; new Skoda Superb 
    also launched as GreenLine version

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January-March                                      2008     2007  +/- (%)
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Volkswagen Group:
Deliveries to customers            ‘000 units     1,572    1,470   +  7.0
Vehicle sales                      ‘000 units     1,604    1,501   +  6.9
Production                         ‘000 units     1,649    1,558   +  5.9
Employees                    March 31/Dec. 31   332,063  329,305   +  0.8
Sales revenue                     EUR million    27,013   26,640   +  1.4
Operating profit                  EUR million     1,311    1,085   + 20.9
Profit before tax                 EUR million     1,366    1,069   + 27.8
Profit after tax                  EUR million       929      740   + 25.6
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating activities EUR million    2,195   3,553  - 38.2
Cash flows from investing
  activities*)                       EUR million    1,328   1,669  - 20.5
Net liquidity at March 31            EUR million   14,218   9,418  + 51.0
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*) Excluding acquisition and disposal of equity investments:
   EUR 1,269 million (EUR 913 million)
The brand diversity of the Volkswagen Group is a critical competitive 
advantage. Almost all Group brands will launch attractive new models in 
2008. We are thus selectively expanding our product portfolio and moving 
into additional market segments. For this reason, we are assuming that 
deliveries to Volkswagen Group customers in 2008 will exceed the record 
levels achieved in the previous year. We expect demand for Group vehicles 
to increase substantially, especially in the Asia-Pacific, Central and 
Eastern Europe, and South America regions.
We are constantly improving our processes and systematically implementing 
our disciplined approach to cost management. Together with the higher 
sales revenue resulting from the expected increase in unit sales, this 
will help lift our operating profit for 2008 above the previous year’s 
figure.
Wolfsburg, April 23, 2008
Volkswagen AG – The Board of Management
(The full interim report is available at 'www.volkswagenag.com/ir' from
 April 30, 2008 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, 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 2007 Annual Report 
develop in a way other than we are currently expecting.
DGAP 23.04.2008 
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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
WKN:          766400, 766403
Indices:      DAX, Euro Stoxx 50
Listed:       Regulierter Markt in Berlin, Frankfurt (Prime Standard),
              Hannover, Düsseldorf, Stuttgart, München, Hamburg,
              Luxembourg; Terminbörse EUREX; Foreign Exchange(s) London,
              SWX
End of News                                     DGAP News-Service
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