Volkswagen Group Meets Its Targets for Fiscal Year 2012

Volkswagen Group Meets Its Targets for Fiscal Year 2012 
WOLFSBURG, GERMANY -- (Marketwire) -- 02/22/13 -- 


 
--  Increase in operating profit to EUR 11.5 billion (EUR 11.3 billion)
    
    
--  Board of Management and Supervisory Board propose higher dividend
    
    
--  Prospects for 2013: Given the ongoing crisis in key European markets,
    the goal for operating profit is to match the prior-year level, sales
    revenue and vehicle deliveries are to increase year-on-year

  
Volkswagen Aktiengesellschaft announced its key financial data for
fiscal year 2012 in an ad hoc release published today. With sales
revenue of EUR 192.7 billion (prior year: EUR 159.3 billion), the
Group's operating profit of EUR 11.5 billion (EUR 11.3 billion)
exceeded the prior-year record level.  
"The economic environment for our business became noticeably more
difficult as the year progressed. Nevertheless, we succeeded in
meeting the targets we set ourselves for 2012," Prof. Dr. Martin
Winterkorn, Chairman of the Board of Management of Volkswagen
Aktiengesellschaft, said in Wolfsburg on Friday.  
The Group's profit before tax in 2012 amounted to EUR 25.5 billion
(EUR 18.9 billion). This includes the clearly positive effects from
the final measurement of the put/call rights relating to Porsche as
of July 31, 2012 and from remeasurement at the contribution date of
the shares already held (total: EUR 12.3 billion). Profit after tax
came in at EUR 21.9 billion (EUR 15.8 billion). The Board of
Management and the Supervisory Board will be proposing to the Annual
General Meeting to increase the dividend to EUR 3.50 (EUR 3.00) per
ordinary share and EUR 3.56 (EUR 3.06) per preferred share. The
adjusted distribution ratio rises to 17.8 percent (15.7 percent),
thus making further progress towards the medium-term target of 30
percent.  
Winterkorn was guardedly confident about 2013: "We, too, are not
completely immune to the intense competition and the far-reaching
crisis in key European markets. Furthermore, uncertainty in the
economic environment continues. Nevertheless, we see good
opportunities for the Volkswagen Group to once again outperform
competitors this year thanks to our sound financial strength and
earning power, a broad-based and attractive model range, an expanding
presence on all major global markets and our comprehensive financial
services." Given the pressures resulting from the difficult
environment the Volkswagen Group's goal for operating profit is to
match the prior-year level in 2013. Deliveries to customers and sales
revenue are to increase year-on-year. "If we can meet these targets,
then 2013 will be another good year for the Volkswagen Group,"
Winterkorn commented.  
Ad hoc release  
Volkswagen presents 2012 consolidated financial statements: 


 
--  Volkswagen Group reports successful fiscal year 2012 in a challenging
    environment
    
    
--  Operating profit exceeds record prior-year level at EUR 11.5 billion
    (EUR 11.3 billion)
    
    
--  Profit before tax increases to EUR 25.5 billion; clearly positive
    effects from the final measurement of the put/call rights relating to
    Porsche as of July 31, 2012 and from remeasurement at the contribution
    date of the shares already held (total: EUR 12.3 billion; previous
    year: EUR 6.6 billion)
    
    
--  Board of Management and Supervisory Board propose an increase in the
    dividend for Volkswagen shareholders to EUR 3.50 per ordinary share
    and EUR 3.56 per preferred share
    
    
--  Deliveries top the 9 million mark for the first time at 9.3 million
    vehicles (+ 12.2 percent); further increase in market share
    
    
--  Strategic growth trajectory continues with contribution in full of Dr.
    Ing. h.c. F. Porsche AG to the Volkswagen Group, increased stake in
    MAN SE and acquisition of Ducati
    
    
--  Net liquidity of EUR 10.6 billion (EUR 17.0 billion) in the Automotive
    Division provides financial stability and flexibility
    
    

 
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January - December                                    2012     2011  +/- (%)
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Volkswagen Group (IFRSs):                                                   
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Deliveries to customers                '000 units    9,276    8,265   + 12.2
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Vehicle sales                          '000 units    9,345    8,361   + 11.8
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Production                             '000 units    9,255    8,494    + 9.0
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Employees                                 Dec. 31  549,763  501,956    + 9.5
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Sales revenue                         EUR million  192,676  159,337   + 20.9
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Operating profit                      EUR million   11,510   11,271    + 2.1
----------------------------------------------------------------------------
Profit before tax                     EUR million   25,492   18,926   + 34.7
----------------------------------------------------------------------------
Profit after tax                      EUR million   21,884   15,799   + 38.5
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Noncontrolling interests              EUR million      168      391   - 57.0
----------------------------------------------------------------------------
Profit attributable to shareholders                                         
 of Volkswagen AG                     EUR million   21,717   15,409   + 40.9
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Earnings per share (basic)                                                  
----------------------------------------------------------------------------
-- Ordinary shares                            EUR    46.42    33.10   + 40.2
----------------------------------------------------------------------------
-- Preferred shares                           EUR    46.48    33.16   + 40.2
----------------------------------------------------------------------------
                                                                            
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Automotive Division (including allocation of consolidation adjustments      
 between the Automotive and Financial Services divisions):                  
----------------------------------------------------------------------------
                                                                            
----------------------------------------------------------------------------
Cash flows from operating activities  EUR million   16,232   17,109    - 5.1
----------------------------------------------------------------------------
Cash flows from investing activities                                        
 attributable to operating                                                  
 activities*)                         EUR million   16,455   15,998    + 2.9
----------------------------------------------------------------------------
- of which investments in property,                                         
 plant and equipment                  EUR million   10,271    7,929   + 29.5
----------------------------------------------------------------------------
Net liquidity at December 31          EUR million   10,573   16,951   - 37.6
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Volkswagen AG (German Commercial                                            
 Code):                                                                     
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Net income                            EUR million    6,380    3,418   + 86.7
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Dividend proposal:                                                          
----------------------------------------------------------------------------
Dividend - per ordinary share                 EUR     3.50     3.00         
----------------------------------------------------------------------------
- per preferred share                         EUR     3.56     3.06         
----------------------------------------------------------------------------

 
*) Excluding acquisition and disposal of equity investments: EUR
12,528 million (previous year: EUR 9,371 million). 
Prospects for 2013: 
In 2013, the Volkswagen Group's brands will launch a large number of
fascinating new models and so help further expand our strong position
in the global markets.  
We expect that the Volkswagen Group will outperform the market as a
whole in a challenging environment and that deliveries to customers
will increase year-on-year. However, we are not completely immune to
the intense competition and the impact this has on business. The
modular toolkit system, which is being continuously expanded, will
have an increasingly positive effect on the Group's cost structure.  
We expect the Volkswagen Group's 2013 sales revenue to exceed the
prior-year figure. Given the ongoing uncertainty in the economic
environment, the Group's goal for operating profit is to match the
prior-year level in 2013. This applies equally to the Passenger Cars
Business Area, the Commercial Vehicles, Power Engineering Business
Area -- which remains affected by high write-downs relating to
purchase price allocation, among other things -- and the Financial
Services Division. While we shall see positive effects from our
attractive model range and strong market position, there will also be
increasingly stiff competition in a challenging market environment.
Disciplined cost and investment management and the continuous
optimization of our processes remain an integral part of our Strategy
2018. 
The Annual Media Conference and Investor Conference will take place
on March 14, 2013 in Wolfsburg. 
Contact
Volkswagen AG
Group Communications
Group Investor Relations
Christine Ritz 
Phone no.: +49 (0) 5361 / 9-49840
Fax: +49 (0) 5361 / 9-30411
E-mail-address: christine.ritz@volkswagen.de  
Volkswagen AG
Group Communications
Spokesperson for Finance
Marco Dalan 
Phone no.: +49 (0) 5361 / 9-71121
Fax: +49 (0) 5361 / 9-74629
E-mail-address: marco.dalan@volkswagen.de 
 
 
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