VOLKSWAGEN AG / Half Year Results
30.07.2009
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 2009:
- Volkswagen Group's business significantly affected by the global
financial and economic crisis
- Operating profit amounts to EUR 1.2 billion (EUR 3.4 billion) in the
first six months of 2009; EUR 0.9 billion attributable to the
seasonally strong Q2
- Profit before tax decreases to EUR 0.8 billion (EUR 3.8 billion)
- Group sales revenue 9.4 percent lower than in the prior-year period at
EUR 51.2 billion
- Automotive Division's ratio of investments in property, plant and
equipment (capex) to sales revenue at 5.6 percent (4.3 percent)
- Net cash flow in the Automotive Division at EUR 4.3 billion
(EUR 2.3 billion)
- At EUR 12.3 billion, Automotive Division net liquidity up
EUR 4.3 billion on year-end 2008
- Group products successful despite the crisis:
- In a declining global passenger car market (-17.7 percent), Group
deliveries to customers fell by 4.4 percent year-on-year to
3.1 million vehicles
- Volkswagen Group increases market share in world's key markets
- Group deliveries in the core German, Chinese and Brazilian markets
exceed prior-year figures
- New Polo gets off to successful start in the German market; strong
demand for Golf GTI and Golf GTD
- New Passat Lingyu and new Golf introduced in China
- Audi presents the Audi A4 - the most efficient premium B-class
vehicle, at 119 g/km CO2
- SEAT Exeo successfully launched in the B segment
- Skoda Superb launched in China
- Volkswagen Group's environmentally friendly product portfolio further
expanded
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January-June 2009 2008 +/- (%)
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Volkswagen Group:
Deliveries to customers '000 units 3,121 3,265 - 4.4
Vehicle sales '000 units 3,008 3,310 - 9.1
Production '000 units 2,823 3,393 - 16.8
Employees June 30/Dec. 31 363,307 369,928 - 1.8
Sales revenue EUR million 51,202 56,500 - 9.4
Operating profit EUR million 1,240 3,434 - 63.9
Profit before tax EUR million 803 3,783 - 78.8
Profit after tax EUR million 494 2,572 - 80.8
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 6,500 5,112 + 27.2
Cash flows from investing
activities*) EUR million 2,187 2,822 - 22.5
Net liquidity at June 30 EUR million 12,308 15,103 - 18.5
Net liquidity at June 30/Dec. 31 EUR million 12,308 8,039 + 53.1
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*) Excluding acquisition and disposal of equity investments:
EUR 3,469 million (previous year: EUR 2,780 million).
With its nine brands and young model range, the Volkswagen Group is well
positioned. In the second half of 2009, the individual brands will again
introduce numerous new and low-consumption models that will further
extend the Group's product portfolio and cover new market segments. For
this reason, although we assume that the Volkswagen Group will be unable
to escape the downward trend, we believe that it will perform better than
the market as a whole and will be able to gain additional market share
during the crisis.
The Group's sales revenue in 2009 will be lower than in the previous year
because of the decline in volume sales. Rising refinancing costs and mix
deteriorations will serve as an additional drag on earnings. Volkswagen
will counter this trend in particular through disciplined cost and
investment management and the continuous optimization of its processes.
Ecological relevance and the return on our vehicle projects are the core
elements of the '18 plus' strategy.
The high volatility of market developments does not permit any reliable
forecasts to be made for the rest of fiscal year 2009. Based on the
extremely weak business in the first six months of 2009, we continue to
expect that our earnings will not reach the level of previous years.
Wolfsburg, July 30, 2009
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, Mexican peso, 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 2008
Annual Report develop in a way other than we are currently
expecting.
DGAP 30.07.2009
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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),
Düsseldorf, München, Hannover, Stuttgart, Hamburg;
Terminbörse EUREX; Foreign Exchange(s) London, Luxembourg,
SWX
End of News DGAP News-Service
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DGAP-Adhoc: VOLKSWAGEN AG: Half-Yearly Financial Report 2009
| Source: EQS Group AG