VOLKSWAGEN AG / Quarter Results
23.07.2008
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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Half-Yearly Financial Report 2008:
- Volkswagen Group operating profit up 21.8 percent year-on-year to
EUR 3.4 billion in the first six months of 2008
- At EUR 3.8 billion, profit before tax exceeds previous years figure by
EUR 0.8 billion
- Group sales revenue up 3.0 percent year-on-year to EUR 56.5 billion
- At 4.3 percent (3.3 percent), ratio of investments in property, plant
and equipment (capex) to sales revenue in the Automotive Division
remains below the long-term average
- Net liquidity in the Automotive Division again increased to
EUR 15.1 billion
- Successful model rollout:
- Deliveries to customers worldwide up 5.8 percent year-on-year in the
first six months; Group market share improved in Western Europe
- Sales of Volkswagen Passenger Cars, Audi, Skoda, Lamborghini and
Volkswagen Commercial Vehicles brands continue to set records
- Asia-Pacific, South America, Central and Eastern Europe remain growth
drivers; strong sales growth in China, India, Brazil, Russia and the
Ukraine in particular
- Auto China in Beijing: premiere of the New Bora and the Lavida;
Audi unveils the Audi Q5
- AMI in Leipzig: Scirocco and Passat CC celebrate German debut;
Audi presents Audi A4 Avant and Audi A3 Cabriolet
- SEAT presents the new Ibiza
- Touran BlueMotion and Sharan BlueMotion well received by the market
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January-June 2008 2007 +/- (%)
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Volkswagen Group:
Deliveries to customers 000 units 3,266 3,086 + 5.8
Vehicle sales 000 units 3,310 3,089 + 7.2
Production 000 units 3,393 3,134 + 8.3
Employees June 30/Dec. 31 336,415 329,305 + 2.2
Sales revenue EUR million 56,500 54,852 + 3.0
Operating profit EUR million 3,434 2,820 + 21.8
Profit before tax EUR million 3,783 3,013 + 25.5
Profit after tax EUR million 2,572 1,959 + 31.3
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 5,112 8,033 - 36.4
Cash flows from investing
activities*) EUR million 2,822 2,615 + 7.9
Net liquidity at June 30 EUR million 15,103 11,787 + 28.1
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*) Excluding acquisition and disposal of equity investments:
EUR 2,780 million (previous year: EUR 2,127 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 the Group's product portfolio and
moving into additional market segments. We therefore expect the
Volkswagen Group's deliveries to customers in 2008 to break the previous
year's record. The Asia-Pacific, Central and Eastern Europe and South
America regions will record the highest growth in demand for Group
vehicles.
We are constantly improving our processes and systematically pursuing 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.
The above forecasts do not take into account the effects of the
acquisition of further shares of Scania on volume, earnings and financing
data.
Volkswagen increased its share of the voting rights in Scania to
68.6 percent on July 22, 2008 when the key antitrust approvals were
granted. This enables us to consolidate Scania as our ninth successful
brand. After consideration of the effects of purchase price allocation,
we expect Scania to make a slightly positive earnings contribution to the
Volkswagen Group in the second half of the year.
Wolfsburg, July 23, 2008
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 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 23.07.2008
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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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DGAP-Adhoc: Volkswagen AG: Half-Yearly Financial Report 2008
| Source: EQS Group AG