VOLKSWAGEN AG / Key word(s): Quarter Results/Interim Report
22.10.2010 15:21
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
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The issuer is solely responsible for the content of this announcement.
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Interim Report January-September 2010:
- Volkswagen Group continues successful business growth in the reporting
period
- Operating profit up EUR 3.3 billion on weak prior-year period at
EUR 4.8 billion
- Profit before tax increases by EUR 4.4 billion to EUR 5.4 billion;
positive effects from equity-accounted investments and from measurement
of put/call rights relating to Porsche Zwischenholding GmbH at the
reporting date (EUR 863 million)
- Group sales revenue up 19.9 percent year-on-year at EUR 92.5 billion
- Cash flows from operating activities in the Automotive Division
increased by EUR 2.3 billion to EUR 11.5 billion; ratio of investments
in property, plant and equipment (capex) to sales revenue amounts to
4.0 percent (5.7 percent)
- Automotive Division net liquidity increased further to EUR 19.6 billion
- Strong demand for Group models:
- Group deliveries to customers up 12.9 percent year-on-year to
5.4 million vehicles; global market share amounts to 11.6 percent
(11.5 percent)
- China, Western Europe, North and South America continue driving
demand
- Volkswagen Passenger Cars brand unveils the new Passat and the new
Passat Variant
- Audi celebrates the world premiere of the Audi A7 Sportback;
Audi quattro Concept and Audi e-tron Spyder studies cause a stir
- Skoda and SEAT present the purely electric-powered Octavia
Green E Line and IBE concept cars
- Bentley unveils the new Continental GT; advanced carbon fiber body
makes the Lamborghini Sesto Elemento a compelling vehicle
- The new Caddy and the Amarok SingleCab are just two of the vehicles
making their debut at the IAA Commercial Vehicles; Scania showcases
the V8 - the world's most powerful truck
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January-September 2010 2009 +/- (%)
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Volkswagen Group:
Deliveries to customers '000 units 5,409 4,790 + 12.9
Vehicle sales '000 units 5,345 4,616 + 15.8
Production '000 units 5,348 4,361 + 22.6
Employees Sept. 30/Dec. 31 389,714 368,500 + 5.8
Sales revenue EUR million 92,547 77,158 + 19.9
Operating profit EUR million 4,826 1,518 x
Profit before tax EUR million 5,444 1,065 x
Profit after tax EUR million 4,029 655 x
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 11,506 9,157 + 25.7
Cash flows from investing
activities*) EUR million 6,327 4,052 + 56.1
Net liquidity at Sept. 30 EUR million 19,644 13,391 + 46.7
Net liquidity at Sept. 30/Dec. 31 EUR million 19,644 10,636 + 84.7
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*) Excluding acquisition and disposal of equity investments:
EUR 4,332 million (previous year: EUR 5,278 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. In the fourth
quarter of 2010, the Volkswagen Group's nine brands will again unveil key
new models, thus systematically extending our position in the global
markets. We therefore continue to 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 successful business growth of the Volkswagen Group in the first nine
months of 2010 will not continue as strongly in the fourth quarter.
Nevertheless, we believe that the Group's sales revenue and operating
profit in 2010 will continue to perform positively, 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, October 22, 2010
Volkswagen AG - The Board of Management
(The full interim report is available at 'www.volkswagenag.com/ir' from
October 27, 2010 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, 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.
22.10.2010 15:21 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
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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 Frankfurt (Prime Standard), Berlin,
Stuttgart, Hannover, Hamburg, München, Düsseldorf;
Terminbörse EUREX; Foreign Exchange(s) London, SIX,
Luxembourg
End of Announcement DGAP News-Service
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DGAP-Adhoc: VOLKSWAGEN AG: Interim Report January-September 2010
| Source: EQS Group AG