VOLKSWAGEN AG / Interim Report
29.07.2010 10:32
Dissemination of an Ad hoc announcement according to § 15 WpHG, 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 2010:
- Volkswagen Group performs significantly better than expected in the
first half of 2010
- At EUR 2.8 billion, operating profit up EUR 1.6 billion on the weak
prior-year figure
- Significant increase in profit before tax to EUR 2.6 billion
(EUR 0.8 billion)
- Group sales revenue up 20.7 percent year-on-year at EUR 61.8 billion
- Cash flows from operating activities in the Automotive Division
increased by EUR 0.9 billion year-on-year to EUR 7.3 billion; ratio of
investments in property, plant and equipment (capex) to sales revenue
amounts to 3.5 percent (5.6 percent)
- Cash inflow of EUR 1.1 billion in the second quarter of 2010 from the
capital increase (total volume EUR 4.1 billion)
- Automotive Division net liquidity remains at a high level of
EUR 17.5 billion
- Compelling Volkswagen Group models:
- At 3.6 million vehicles, Group deliveries to customers 15.8 percent
higher than in the previous year; global market share improves to
11.7 percent (11.6 percent)
- Demand for Group models in China, Western Europe, North and South
America remains high
- The electrically powered Golf blue-e-motion and 'Milano Taxi' concept
cars demonstrate emission-free mobility
- Volkswagen Passenger Cars brand celebrates world premieres of the new
Touran and the new Jetta; updated Phaeton offers compelling technical
innovations
- Audi celebrates the launch of the new Audi A8 and unveils the
Audi A8 L with long wheelbase and twelve-cylinder engine
- Volkswagen Tiguan with extended wheelbase makes debut on the Chinese
market; Polo saloon premieres in Russia
- Successful launch of SEAT Ibiza ST
- Amarok pick-up from Volkswagen Commercial Vehicles celebrates
premiere in Germany
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January-June 2010 2009 +/- (%)
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Volkswagen Group:
Deliveries to customers '000 units 3,613 3,119 + 15.8
Vehicle sales '000 units 3,566 3,008 + 18.6
Production '000 units 3,586 2,823 + 27.0
Employees June 30/Dec. 31 377,074 368,500 + 2.3
Sales revenue EUR million 61,809 51,202 + 20.7
Operating profit EUR million 2,841 1,240 x
Profit before tax EUR million 2,624 803 x
Profit after tax EUR million 1,824 494 x
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 7,264 6,413 + 13.3
Cash flows from investing
activities*) EUR million 4,518 2,100 x
Net liquidity at June 30 EUR million 17,501 12,308 + 42.2
Net liquidity at June 30/Dec. 31 EUR million 17,501 10,636 + 64.5
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*) Excluding acquisition and disposal of equity investments:
EUR 2,608 million (previous year: EUR 3,381 million).
Our presence in all the key regions around the world, the multi-brand
strategy, our technological expertise and the most up-to-date, most
environmentally friendly and broadest vehicle range that has resulted
from that expertise are key advantages for our Company. The Volkswagen
Group's nine brands will again unveil a large number of new models in the
second half of 2010, thus systematically extending our position in the
global markets. We therefore anticipate that our deliveries to customers
will be significantly higher than in 2009, due among other factors to the
positive business growth in China.
The dynamic growth in the Volkswagen Group's sales revenue and earnings
in the first half of 2010 will not continue undiminished in the second
half of the year. Nevertheless, we believe that our sales revenue and the
Group's operating profit in 2010 will be significantly higher than last
year's figures, despite shifts in volumes between the markets. In
addition, exchange rate effects will have a positive effect on earnings.
We will also continue to focus on disciplined cost and investment
management and the continuous optimization of our processes. In doing so,
we will systematically pursue the core elements of the '18 plus' strategy
- ecological relevance and the return on our vehicle projects.
Wolfsburg, July 29, 2010
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, Russian ruble, Mexican peso, Swedish krona, Australian dollar,
Swiss franc, Japanese yen, Brazilian real, Polish zloty, Chinese renminbi
and Czech koruna. In addition, expected business development may vary if
the assessments of value-enhancing factors and risks presented in the
2009 Annual Report develop in a way other than we are currently
expecting, or additional risks or other factors emerge that adversely
affect the development of our business.
29.07.2010 10:32 Ad hoc announcement, Financial News and Press Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: 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: DE0007664039, DE0007664005
WKN: 766403, 766400
Indices: DAX, Euro Stoxx 50
Listed: Regulierter Markt in Berlin, Frankfurt (Prime Standard),
München, Hannover, Hamburg, Düsseldorf, Stuttgart;
Terminbörse EUREX; Foreign Exchange(s) London, Luxembourg,
SIX
End of News DGAP News-Service
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DGAP-Adhoc: VOLKSWAGEN AG: Half-Yearly Financial Report 2010
| Source: EQS Group AG