DGAP-UK-Regulatory: VOLKSWAGEN AG: Interim Report January-March 2013

 
VOLKSWAGEN AG  / Quarter Results 
 
24.04.2013 11:35 
 
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Interim Report January-March 2013: 
 
- Volkswagen Group increases deliveries to customers by 4.8 percent year- 
  on-year to 2.3 million vehicles; strong growth in China 
 
- Demand for Group vehicles outperforms the market as a whole worldwide; 
  share of the passenger car market rises to 12.6 percent (12.2 percent) 
 
- Group sales revenue on a level with the previous year at 
  EUR 46.6 billion (EUR 47.3 billion); negative effects from declining 
  European markets 
 
- Operating profit of EUR 2.3 billion (EUR 3.2 billion) in a difficult 
  market environment; impacted by contingency reserves affecting the 
  areas of Passenger Cars and Power Engineering 
 
- Earnings before tax of EUR 2.7 billion (EUR 4.2 billion); prior-year 
  figure lifted by remeasurement of Porsche options 
 
- At EUR 3.5 billion (EUR 2.9 billion), cash flows from operating 
  activities in the Automotive Division higher than in the previous year; 
  ratio of investments in property, plant and equipment (capex) to sales 
  revenue is 4.1 percent (4.0 percent) 
 
- Net liquidity of EUR 10.6 billion in the Automotive Division safeguards 
  financial stability and flexibility; liquidity in the Automotive 
  Division reduced by measures to strengthen the Financial Services 
  Division's equity 
 
 
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January-March                                      2013   2012*)  +/- (%) 
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Volkswagen Group: 
 
Deliveries to customers            '000 units     2,314    2,209   +  4.8 
Vehicle sales                      '000 units     2,375    2,260   +  5.1 
Production                         '000 units     2,388    2,317   +  3.0 
Employees                    March 31/Dec. 31   552,425  549,763   +  0.5 
 
 
Sales revenue                     EUR million    46,565   47,326   -  1.6 
 
Operating profit                  EUR million     2,344    3,165   - 26.0 
Profit before tax                 EUR million     2,688    4,248   - 36.7 
Profit after tax                  EUR million     1,946    3,148   - 38.2 
 
 
Automotive Division (including allocation of consolidation adjustments 
between the Automotive and Financial Services divisions): 
 
Cash flows from operating 
  activities                       EUR million    3,528    2,941   + 19.9 
Cash flows from investing 
  activities attributable to 
  operating activities**)          EUR million    3,942    2,523   + 56.2 
Net liquidity at March 31          EUR million   10,649   15,762   - 32.4 
Net liquidity at March 31/Dec. 31  EUR million   10,649   10,573   +  0.7 
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*)  Prior-year figures adjusted to reflect application of IAS 19R. 
**) Excluding acquisition and disposal of equity investments: 
    Q1 EUR 2,208 million (previous year: EUR 2,112 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 
integral parts of our Strategy 2018. 
 
 
Wolfsburg, April 24, 2013 
 
VOLKSWAGEN AKTIENGESELLSCHAFT - The Board of Management 
 
 
(The full interim report is available at 'www.volkswagenag.com/ir' from 
 April 29, 2013 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, mostly against the euro and 
primarily in US dollars, sterling, Chinese renminbi, Russian rubles, 
Swedish kronor, Mexican pesos, Australian dollars and Korean won. In 
addition, expected business development may vary if the assessments of 
value-enhancing factors and risks presented in the 2012 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. 
 
 
 
 
24.04.2013 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 
                    Germany 
Phone:              [phone] - 49840 
Fax:                [phone] - 30411 
E-mail:             [e-mail] 
Internet:           www.volkswagenag.com/ir 
ISIN:               DE0007664039, DE0007664005 
Indices:            DAX, Euro Stoxx 50 
Listed:             Regulierter Markt in Berlin, Düsseldorf, Frankfurt 
                    (Prime Standard), Hamburg, Hannover, München, 
                    Stuttgart; Terminbörse EUREX; London, Luxembourg, SIX 
Category Code:      QRF 
LSE Ticker:         VKW 
Sequence Number:    1424 
Time of Receipt:    Apr 24, 2013 11:02:12 
 
End of Announcement                             DGAP News-Service 
 
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