VOLKSWAGEN AG / Key word(s): Quarter Results
24.10.2012 10:10
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.
---------------------------------------------------------------------------
Interim Report January-September 2012:
- Volkswagen Group's positive development continues in a challenging
environment
- Group sales revenue EUR 27.9 billion higher than the previous year,
at EUR 144.2 billion
- Operating profit at EUR 8.8 billion (EUR 9.0 billion)
- Profit before tax increases by EUR 6.3 billion to EUR 23.0 billion;
clearly positive effects from measurement of the put/call rights
relating to Porsche at the reporting date and from the remeasurement at
the contribution date of the shares already held
(total: EUR 12.3 billion; previous year: EUR 6.8 billion)
- Cash flows from operating activities in the Automotive Division amount
to EUR 11.9 billion (EUR 12.4 billion); ratio of investments in
property, plant and equipment (capex) to sales revenue is 4.6 percent
(4.1 percent)
- Net liquidity in the Automotive Division following the full integration
of Porsche and the acquisition of Ducati amounts to EUR 9.2 billion
(June 30, 2012: EUR 14.9 billion)
- Strong demand for Group models worldwide:
- At 6.9 million vehicles, Group deliveries to customers were up
11.1 percent year-on-year
- Continued high level of demand for Group vehicles in all key markets;
global share of passenger car market (including Porsche) increases to
12.6 percent (12.3 percent)
- Volkswagen Passenger Cars celebrates world premiere of the new Golf
in Berlin; studies of the new Golf BlueMotion and the new Golf GTI
debut at the Paris International Motor Show
- Audi A3 Sportback and crosslane coupe concept car are the highlights
of the brand's lineup in Paris
- SKODA Rapid is launched in Europe
- SEAT debuts the new versions of the Leon and the Toledo
- Porsche Panamera Sport Turismo concept car thrills motor show
visitors
- Bentley attracts attention with the GT3 motorsport model; compelling
redesign for Lamborghini Gallardo
- Volkswagen Commercial Vehicles showcases large range of variants at
the IAA Commercial Vehicles in Hanover
- Scania presents its innovative Euro 6 engine range in Hanover
- MAN celebrates the launch of the new member of its TG family of
trucks with efficient Euro 6 engines
-------------------------------------------------------------------------
January-September 2012 2011 +/- (%)
-------------------------------------------------------------------------
Volkswagen Group:
Deliveries to customers '000 units 6,855 6,170 + 11.1
Vehicle sales '000 units 6,978 6,200 + 12.5
Production '000 units 6,974 6,301 + 10.7
Employees Sept. 30/Dec. 31 549,294 501,956 + 9.4
Sales revenue EUR million 144,226 116,279 + 24.0
Operating profit EUR million 8,835 8,977 - 1.6
Profit before tax EUR million 22,956 16,637 + 38.0
Profit after tax EUR million 20,155 13,642 + 47.7
Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):
Cash flows from operating
activities EUR million 11,935 12,418 - 3.9
Cash flows from investing
activities attributable to
operating activities*) EUR million 11,331 8,605 + 31.7
Net liquidity at Sept. 30 EUR million 9,215 21,161 - 56.5
Net liquidity at Sept. 30/Dec. 31 EUR million 9,215 16,951 - 45.6
-------------------------------------------------------------------------
*) Excluding acquisition and disposal of equity investments:
EUR 7,408 million (previous year: EUR 5,265 million).
The Volkswagen Group's main competitive advantages are its multibrand
strategy, a range of vehicles that covers almost all segments from
subcompact cars to heavy trucks and its growing presence in all major
regions of the world, together with its wide range of financial services.
Thanks to our expertise in technology and design, we have a diverse,
attractive and environmentally friendly portfolio of products that meets
all customer desires and needs. This has become even more attractive
thanks to the integration of Porsche, with its offering of exclusive
sports cars. In the remaining months of 2012, the Volkswagen Group's
brands will again launch fascinating new models and so help further
expand our strong position in the global markets. As a result, we expect
to increase deliveries to customers year-on-year. 2012 will be dominated
by the start of production for new, high-volume models as part of the
renewal of our product range and the need to convert our plant and
equipment for use with the Modular Transverse Toolkit. The modular
toolkit system, which is being continuously updated, will have an
increasingly positive effect on the Group's cost structure in the future.
The Volkswagen Group's 2012 sales revenue will exceed the prior-year
figure. This will also be a result of the consolidation of MAN SE as of
November 9, 2011; the write-downs that will be required for purchase
price allocation mean that no positive earnings contribution is expected.
The increase in sales revenue attributable to the consolidation of
Porsche effective August 1, 2012 is expected to be low due to
consolidation effects. The high initial depreciation and amortization
expense from purchase price allocation is expected to largely offset
Porsche's contribution to earnings in operating profit for the fiscal
year.
Our goal for operating profit is to match the 2011 level. Positive
effects from our attractive model range and strong market position will
be offset in part by increasingly stiff competition in a challenging
market environment, especially in certain European countries. Disciplined
cost and investment management and the continuous optimization of our
processes remain core components of our Strategy 2018.
Wolfsburg, October 24, 2012
VOLKSWAGEN AKTIENGESELLSCHAFT - 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 in particular to
sterling, the US dollar, Chinese renminbi, the Swiss franc, Japanese yen,
Swedish krona, Russian ruble and Australian dollar. In addition, expected
business development may vary if the assessments of value-enhancing
factors and risks presented in the 2011 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.
24.10.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
Media archive at www.dgap-medientreff.de and www.dgap.de
---------------------------------------------------------------------------
Language: English
Company: VOLKSWAGEN AG
Brieffach 1849
38436 Wolfsburg
Germany
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; London, Luxembourg, SIX
End of Announcement DGAP News-Service
---------------------------------------------------------------------------
DGAP-Adhoc: VOLKSWAGEN AG: Interim Report January-September 2012
| Source: EQS Group AG