DGAP-Adhoc: VOLKSWAGEN AG: Volkswagen presents 2013 consolidated financial statements and to submit a voluntary tender offer to Scania shareholders

| Source: EQS Group AG
VOLKSWAGEN AG  / Key word(s): Final Results/Offer

21.02.2014 18:46

Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted
by DGAP - a company of EQS Group AG.
The issuer is solely responsible for the content of this announcement.


Volkswagen presents 2013 consolidated financial statements and to submit
a voluntary tender offer to Scania shareholders
Volkswagen presents 2013 consolidated financial statements:
- Volkswagen Group reports successful fiscal year 2013 in a challenging 
- Deliveries to customers up 4.9 percent on the record 2012 figure to 
  9.73 million vehicles; strong growth in China
- Sales revenue rises by 2.2 percent to EUR 197.0 billion; negative 
  exchange rate effects
- Operating profit exceeds record prior-year level at EUR 11.7 billion 
  (EUR 11.5 billion)
- Profit before tax of EUR 12.4 billion (EUR 25.5 billion); equity-
  accounted profit of the Chinese joint ventures exceeds the high 2012 
  level; prior-year figure significantly influenced by measurement 
  effects from the integration of Porsche (EUR 12.3 billion)
- Net cash flow in the Automotive Division clearly positive at 
  EUR 4.4 billion (EUR -0.2 billion) thanks to the robust business model;
  net liquidity increases to EUR 16.9 billion (EUR 10.6 billion)
- Board of Management and Supervisory Board are proposing to increase the
  dividend for Volkswagen shareholders to EUR 4.00 per ordinary share and
  EUR 4.06 per preferred share
January-December                                  2013    2012*)  +/- (%)
Volkswagen Group (IFRSs):
Deliveries to customers           '000 units     9,731     9,276   +  4.9
Vehicle sales                     '000 units     9,728     9,345   +  4.1
Production                        '000 units     9,728     9,255   +  5.1
Employees                            Dec. 31   572,800   549,763   +  4.2
Sales revenue                    EUR million   197,007   192,676   +  2.2
Operating profit                 EUR million    11,671    11,498   +  1.5
Profit before tax                EUR million    12,428    25,487   - 51.2
Profit after tax                 EUR million     9,145    21,881   - 58.2
Noncontrolling interests         EUR million        52       169   - 69.3
Profit attributable to
  shareholders of Volkswagen AG  EUR million     9,066    21,712   - 58.2
Earnings per share (basic)
- Ordinary shares                        EUR     18.63     46.41   - 59.9
- Preferred shares                       EUR     18.69     46.47   - 59.8
Automotive Division (including allocation of consolidation adjustments 
between the Automotive and Financial Services divisions):
Cash flows from operating
  activities                       EUR million  20,612    16,232   + 27.0
Cash flows from investing 
  activities attributable to
  operating activities**)          EUR million  16,199    16,455   -  1.6
- of which investments in property,
  plant and equipment              EUR million  11,040    10,271   +  7.5
Net liquidity at December 31       EUR million  16,869    10,573   + 59.5
Volkswagen AG (German Commercial Code):
Net income                        EUR million    3,078     6,380   - 51.8
Dividend proposal:
Dividend - per ordinary share           EUR       4.00      3.50
         - per preferred share          EUR       4.06      3.56
*)  Prior-year figures adjusted to reflect application of IAS 19R.
**) Excluding acquisition and disposal of equity investments: 
    EUR 14,497 million (previous year: EUR 12,528 million).
Prospects for 2014:
The Volkswagen Group will press ahead with its product initiative across 
all brands in 2014, and we will modernize and expand our offering by 
introducing attractive new vehicles. We are pursuing the goal of offering
all customers the mobility and innovation they need, sustainably 
strengthening our competitive position in the process.
We expect that the Volkswagen Group will moderately increase deliveries 
to customers year-on-year in 2014 in a still challenging market 
Challenges for the Volkswagen Group will come from the difficult market 
environment and fierce competition, as well as interest rate and exchange
rate volatility and fluctuations in raw materials prices. The modular 
toolkit system, which we are continuously expanding, will have an 
increasingly positive effect on the Group's cost structure.
Depending on the economic conditions, we expect 2014 sales revenue for 
the Volkswagen Group and its business areas to move within a range of 
3 percent around the prior-year figure. 
In terms of the Group's operating profit, we are expecting an operating 
return on sales of between 5.5 percent and 6.5 percent in 2014 in light 
of the challenging economic environment, and the same range for the 
Passenger Cars Business Area. The Commercial Vehicles/Power Engineering 
Business Area is likely to moderately exceed the 2013 figure. The 
operating return on sales in the Financial Services Division is expected 
to be between 8.0 percent and 9.0 percent. Disciplined cost and 
investment management and the continuous optimization of our processes 
remain integral elements of the Volkswagen Group's Strategy 2018.
The Annual Media Conference and Investor Conference will take place on 
March 13, 2014 in Berlin.
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), 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, mostly against the euro and 
primarily in US dollars, sterling, Chinese renminbi, Swiss francs, 
Mexican pesos, Swedish kronor, Polish zloty and Australian dollars. In 
addition, expected business developments may vary if this report's 
assessments develop in a way other than we are currently expecting.
Volkswagen to submit a voluntary tender offer to Scania shareholders:
Today, Volkswagen Aktiengesellschaft ("Volkswagen") has resolved to 
submit a voluntary tender offer to the shareholders of Scania Aktiebolag 
("Scania") for all A and B shares in Scania. Volkswagen offers for each 
Scania share SEK 200 (corresponding to approximately EUR 22.26). Based on
this offer price, the 298,910,903 shares not directly or indirectly 
controlled by Volkswagen correspond to a total value of approximately 
EUR 6.7 billion.

The offer represents a premium of 57.0% and 53.3% for A and B shares in 
Scania, respectively, based on the ninety days volume weighted average 
prices to and including February 21, 2014. 
The offer will be subject to, among others, the condition that 
Volkswagen through the offer becomes the owner of more than 90% of the 
total number of shares in Scania. After exceeding the threshold of 90% 
Volkswagen will perform a squeeze-out and promote delisting of the 
Scania shares from the stock exchange. 
The full takeover of Scania is an essential step for the Volkswagen 
Group on its way to the completion of the integrated commercial vehicles 
group. It shall remove the existing legal restrictions and will thereby 
allow the faster and more comprehensive implementation of the common 
strategy for the commercial vehicles business, to realise important 
common projects easier and by this means to achieve additional growth 
opportunities and synergies from the cooperation of Volkswagen, Scania 
and MAN. On average Volkswagen expects additional long-term synergy 
potential of at least EUR 650 million operating profit per year. In 
light of the long product lifecycles in the commercial vehicles industry,
it will be 10 to 15 years before this potential can be fully leveraged. 
The offer is financed from the net liquidity of the Volkswagen Group. 
Volkswagen will achieve partial refinancing through the issuance of new 
preference shares in the amount of up to EUR 2 billion using the 
existing authorised capital as well as issue hybrid capital. 
Scania's shares are listed on the Stockholm Stock Exchange (NASDAQ OMX 
Stockholm). Each Scania A share represents one vote and each Scania B 
share represents one tenth of a vote at a general meeting of 
shareholders. Apart from that there are no legal differences between 
Scania A and B shares.
Today, Volkswagen announces the offer in a separate press release, 
constituting the offer, in accordance with Swedish laws and regulations. 
For the full offer press release, see www.volkswagenag.com/ir.
Wolfsburg, February 21, 2014

21.02.2014 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:     English
Company:      VOLKSWAGEN AG
              Brieffach 1849
              38436 Wolfsburg
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, Düsseldorf, Frankfurt (Prime
              Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
              EUREX; Luxemburg, SIX
End of Announcement                             DGAP News-Service