Volkswagen Strengthens Position in Global Markets in First Quarter
WOLFSBURG, GERMANY -- (Marketwired) -- 04/29/13 --
-- 12.6 percent share of the passenger car market (January to March 2012:
-- Net liquidity in Automotive Division remains high at EUR 10.6 billion
-- Winterkorn: "The Group's strong, broad positioning is our greatest
The Volkswagen Group further strengthened its position in the global
markets in the first three months of fiscal year 2013, despite the
challenging conditions and intense competition. Including China,
deliveries increased by 4.8 percent to 2.3 million vehicles
worldwide. The Group's share of the global passenger car market rose
year-on-year to 12.6 percent (12.2 percent). "We made a healthy start
to the year, but the coming months will be anything but easy. The
current environment is definitely a tough challenge for the entire
industry," said Prof. Dr. Martin Winterkorn, Chairman of the Board of
Management of Volkswagen Aktiengesellschaft, in Wolfsburg on Monday.
"The Volkswagen Group's strong, broad positioning is our greatest
strength. And this is paying off, particularly when times are
difficult," stressed Winterkorn.
Sales revenue in the first three months amounted to EUR 46.6 billion
(EUR 47.3 billion). Operating profit was down on the high prior-year
level at EUR 2.3 billion (EUR 3.2 billion). The consolidated
operating profit does not include the EUR 1.2 billion (EUR 848
million) share of the operating profit of the Chinese joint ventures.
These companies are included using the equity method and are
therefore reflected in the financial result. Profit before tax
amounted to EUR 2.7 billion (EUR 4.2 billion). The prior-year figure
had been positively influenced by the remeasurement of the Porsche
options. Profit after tax was EUR 1.9 billion (EUR 3.1 billion).
CFO Hans Dieter Poetsch was guardedly confident. "The Volkswagen
Group has an attractive product range. It is present in all major
regions of the world, it is extremely innovative and it has the
necessary financial solidity and strength. Nevertheless, given the
uncertainty of the current economic environment, we will continue to
strive for a high degree of flexibility and stick to our disciplined
cost and investment mana
gement in order to reach our goals."
Net liquidity in the Automotive Division remains high
At EUR 10.6 billion, net liquidity in the Automotive Division at the
end of March was virtually unchanged as against December 2012.
Investments in property, plant and equipment in the Automotive
Division remained stable at EUR 1.7 billion (EUR 1.7 billion). The
Volkswagen Group maintained its investment discipline with a ratio of
investments in property, plant and equipment (capex) to sales revenue
in the Automotive Division of 4.1 percent (4.0 percent).
Investments related primarily to production facilities, new products
and the ecological alignment of the model range.
Brands and business fields
Worldwide unit sales by the Volkswagen Group rose by 5.1 percent
year-on-year in the first quarter to 2.4 million vehicles.
The Volkswagen Passenger Cars brand sold 1.1 million cars, down 2.4
percent on the prior- year figure. The brand's operating profit was
EUR 590 million (EUR 1,100 million), and was weighed down by the
lower volumes and negative mix effects.
The Audi brand recorded unit sales of 330,000 vehicles (340,000), 2.9
percent fewer than in the prior-year quarter; the Chinese joint
venture FAW-Volkswagen sold a further 88,000 Audi vehicles. The
premium manufacturer generated an operating profit of EUR 1.3 billion
(EUR 1.4 billion).
SKODA's sales declined by 13.3 percent to 179,000 vehicles (206,000).
Its operating profit amounted to EUR 112 million (EUR 209 million) on
the back of lower volumes, negative mix effects and higher launch
costs for new models.
SEAT sold 111,000 vehicles (99,000) worldwide, 11.4 percent more than
in the previous year. The operating loss widened from EUR 29 million
in the previous year to EUR 46 million.
Bentley delivered 2,000 vehicles (2,400) and its operating profit
rose to EUR 27 million (EUR 15 million).
Sports car manufacturer Porsche sold 36,000 vehicles and generated an
operating profit of EUR 573 million in the first quarter of 2013.
Volkswagen Commercial Vehicles delivered 102,000 vehicles (119,000).
Its operating profit amounted to EUR 60 million (EUR 124 million).
Scania lifted its sales to 17,000 trucks and buses (16,000) and
recorded an operating profit of EUR 227 million (EUR 262 million).
MAN sold 30,000 trucks and buses (35,000) and reported an operating
loss of EUR 102 million (previous year: operating profit of EUR 222
million). This was negatively impacted by the recognition of
project-specific contingency reserves in the area of power
Volkswagen Financial Services generated an operating profit of EUR
353 million (EUR 311 million).
Winterkorn: "We are approaching the rest of the year with realism and
"We are approaching the rest of the year with our usual realism and
great vigilance," said Winterkorn. He is confident that, despite all
the economic uncertainties, the Volkswagen Group can pick up speed as
the year progresses and outperform the market as a whole. This is why
the Group is also standing by its goals for 2013. Deliveries to
customers are expected to increase year-on-year. However, the Group
is not completely immune to the intense competition and the impact
this is having on its business. The modular toolkit system, which is
being continuously expanded, will have an increasingly positive
effect on the Group's cost structure. The Volkswagen Group's 2013
sales revenue is expected to exceed the prior-year figure. Given the
ongoing uncertainty in the economic environment, the Group's
operating profit goal is set to match the prior-year level in 2013.
The complete interim report is published on our website at:
Volkswagen Group Communications
Head of Group Investor Relations/Spokesperson for Finance
Phone: +49 (0) 53 61 / 9 - 4 98 40
Fax: +49 (0) 53 61 / 9 - 3 04 11
Marco Dalan Spokesperson for Finance
Phone: +49 (0) 53 61 / 9 - 7 11 21
Fax: +49 (0) 53 61 / 9 - 7 94 44
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