Είναι η ημέρα όπου οι δύο Γερμανικοί όμιλοι ανακοίνωσαν τα οικονομικά στοιχεία τους για το πως κινήθηκαν μέσα στο τρίτο τρίμηνο του 2011. Το VW Group ανακοίνωσε ότι μέσα στου 9 μήνες του 2011, ξεπέρασε τα κέρδη ολόκληρου του 2010. Συγκεκριμένα τα λειτουργικά κέρδη ανήλθαν σε 9 δις ευρώ, 7.1 δις το 2010, με την ρευστότητα να ανέρχεται στα 21.2 δις ευρώ. Σημαντικό ρόλο σε αυτό έπαιξε η αύξηση των πωλήσεων κατά 14.1% (6.2 εκατ. αυτοκινήτων έναντι 5.4 την ίδια περίοδο του 2010). Το ποσοστό μεριδίου της αγοράς σε παγκόσμιο επίπεδο, ανήλθε σε 12.4% (11.6% το 2010), με τις πωλήσεις να αυξάνονται κατά 25.6% (116.3 δις ευρώ – 92.5 δις το 2010). Στα κέρδη δεν προσμετρώνται τα 1.9 δις ευρώ από τις Κινέζικες κοινοπραξίες, αλλά ούτε και η Porsche, η οποία είχε κέρδη μετά την φορολόγηση της να ανέρχονται σε 13.6 δις ευρώ. Το αναλυτικό .pdf με τα πλήρη οικονομικά στοιχεία της VW μπορείς να το βρεις εδώ.
H Daimler από την μεριά της ανακοίνωσε ότι το 3ο τρίμηνο είχε κέρδη 2.11 δις ευρώ (2.022 δις ευρώ το 2010) με τα καθαρά κέρδη να ανέρχονται σε 1.36 δις (1.61 δις το 2010). Τα έσοδα ανήλθαν σε 26.4 δις (25.1 δις το 2010). Οι πωλήσεις το τρίτο τρίμηνο αυξήθηκαν κατά 11%. Περισσότερες λεπτομέρειες μπορείς να βρεις στο δελτίο τύπου που ακολουθεί.
[Πηγή: VW, Mercedes-Benz]
Volkswagen Group exceeds full-year 2010 profit after nine months
- Sales revenue up around 26 percent to €116.3 billion (€92.5 billion)
- Operating profit increases to €9.0 billion (€4.8 billion)
- Operating margin improves to 7.7 percent (5.2 percent)
- Automotive Division net liquidity remains high at €21.2 billion
Wolfsburg, 27 October 2011 – The Volkswagen Group has earned more in the first nine months of 2011 than in the whole of 2010. Operating profit rose to €9.0 billion, up from €7.1 billion in fiscal 2010. “Our strong business performance shows the strength and stability of our strategy”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, on Thursday at the presentation of the quarterly figures. “We shall continue to launch fascinating new models onto the market in the coming months and hence expand the Volkswagen Group’s strong position in the global markets”, he added.
The Volkswagen Group strengthened its position in the automotive markets, recording a 14.1 percent increase in vehicle deliveries to 6.2 million (January – September 2010: 5.4 million). Global market share climbed to 12.4 percent (11.6 percent). Sales revenue increased by 25.6 percent in the first nine months to €116.3 billion (€92.5 billion). Operating profit jumped 86.0 percent to €9.0 billion (€4.8 billion) and the operating return on sales improved to 7.7 percent (5.2 percent). The consolidated operating profit does not include the Group’s €1.9 billion share of the operating profit from the Chinese joint ventures (€1.4 billion). These companies are included using the equity method and are therefore reflected in the financial result. In particular, the updated measurement as of the reporting date of the put/call options on Porsche Zwischenholding GmbH had a positive effect on the financial result. Profit before tax tripled to €16.6 billion (€5.4 billion). The profit after tax improved by €9.6 billion to €13.6 billion.
CFO Hans Dieter Pötsch also took a positive view of the Group’s performance in the year to date. “We have further increased our profitability and impressively demonstrated the robustness of our Group. We are on the right track with our strict cost and investment discipline and will systematically continue along this path”, said Pötsch.
Automotive Division net liquidity remains high
Net liquidity in the Automotive Division was up €2.5 billion in the first nine months of 2011 as against year-end 2010, to €21.2 billion. The Volkswagen Group invested a total of €8.6 billion (€6.3 billion) in the Automotive Division in the period from January to September. This figure already includes the cash outflows in the first nine months of the year for the acquisition of the trading business of Porsche Holding Salzburg, the increase in the investment in MAN SE, the Munich-based commercial vehicles and diesel engine manufacturer, to 30.47 percent of the voting rights, and the investment in SGL Carbon SE. “We have established a strong position and our sound finances mean we are well prepared for the future, even if this entails economic uncertainties”, said Pötsch. “At the same time, this continues to give us the necessary financial flexibility for our investments and to implement our Strategy 2018.”
The Volkswagen Group maintained its strict investment discipline in the year to date with a ratio of investment in property, plant and equipment to sales revenue of 4.1 percent (4.0 percent) in the Automotive Division. This figure is expected to remain below the target corridor of around 6 percent of sales revenue for the full year. The significant growth in sales revenue meant that the ratio was only slightly higher than in the previous year, despite increased capital expenditure.
Brands and business fields
The sales situation at all of the Group’s volume brands and business fields improved in the first nine months of the year. Volkswagen benefited from continuing growth in almost all regions of the world, clearly outperforming the global market trend. Total Group unit sales rose by 16.0 percent compared with the prior-year period, to 6.2 million vehicles (5.3 million).
The Volkswagen Passenger Cars brand sold 3.3 million vehicles (2.8 million) worldwide in the first nine months of the year. This corresponds to an increase of 16.7 percent compared with the prior-year period. Operating profit improved by €1.7 billion to €3.3 billion. Demand for the Polo, Golf, Tiguan, Touareg, Jetta, Passat Variant, Touran and Sharan models was particularly strong.
Audi’s unit sales rose by 17.8 percent to 1.1 million vehicles (1.0 million). Operating profit climbed by 74.4 percent to €4.0 billion (€2.3 billion). The Audi Q5 and Audi Q7 models recorded the highest growth rates. The new Audi A1, Audi A7 Sportback and Audi A8 models also met with a positive response from customers.
ŠKODA recorded a 19.9 percent increase in unit sales to 511,000 vehicles (426,000). All the brand’s model ranges contributed to this growth. Operating profit improved by €261 million to €575 million.
Unit sales by the Spanish SEAT brand edged up 2.7 percent in the reporting period to 267,000 vehicles (260,000). The brand’s operating loss narrowed to €101 million compared with the prior-year figure of €218 million.
Luxury carmaker Bentley sold 5,000 vehicles in the first three quarters (3,000), an increase of 51.2 percent. At €6 million, the brand’s operating loss was substantially smaller than in the first nine months of the previous year (€145 million).
Volkswagen Commercial Vehicles benefited from sustained high demand in the year to date, increasing its sales by 32.4 percent to 328,000 units (248,000) and more than doubling its operating profit to €328 million (€142 million).
Swedish truck manufacturer Scania increased sales by 35.4 percent to 59,000 vehicles (44,000). Operating profit climbed to €1.1 billion (€0.9 billion).
Volkswagen Financial Services generated an operating profit of €876 million (€684 million) in the reporting period, an increase of 27.9 percent.
Winterkorn: “We are on the right path to becoming the world’s leading automaker by 2018 – in both economic and ecological terms.”
The Volkswagen Group is forecasting an improvement on its prior-year figures for full-year 2011. “We expect Group sales revenue and operating profit in 2011 to be significantly higher than in the previous year”, said Winterkorn. The Group is also expecting deliveries to be up year-on-year. However, the continuing volatility in interest and exchange rate trends and commodities prices will weaken the positive volume effect. “In light of the current economic uncertainties, we are continuing to monitor developments in the global automotive markets extremely closely”, said the CEO. The strained debt situation in certain eurozone countries and the end of subsidy programs will have a negative impact on demand for new vehicles in many Western European markets in the fourth quarter. By contrast, the Group expects new vehicle registrations to rise in Central and Eastern Europe, as well as in the markets of North and South America. The positive trends in the key markets of China and India will also continue. Overall, global demand for passenger cars in 2011 is expected to exceed the level for 2010.
The Volkswagen Group regards itself as well positioned despite the mixed development in the automotive markets that is to be expected. According to Winterkorn, the Group’s key competitive advantages are its unique brand portfolio and its continually growing presence in all key regions of the world. “Our expertise in technology and design allows us to provide a diverse, attractive and environmentally friendly range of products to meet our costumers’ desires across the globe,” he added. Winterkorn believes that the modular toolkit system, which is continually being optimized, will also have an increasingly positive effect on the Group’s cost structure. “We are on the right path to becoming the world’s leading automaker by 2018 – in both economic and ecological terms.”
At the same time, Winterkorn emphasized that success and size are not ends in themselves for the Volkswagen Group. The decisive factors are customer satisfaction around the world, employee motivation and qualifications, and the process of driving forward with all relevant technologies. He also highlighted the importance of conserving resources, using renewable energy in plants and assuming wide-ranging responsibility for the Group’s locations and in society.
The complete interim report is published on our website at: http://www.volkswagenag.com/ir/Q3_2011_e.pdf
Daimler remains on course: very successful third quarter, Group EBIT from ongoing business of €2,110 million (Q3 2010: €2,022 million)
Group EBIT including special items of the quarter of €1,968 million (Q3 2010: €2,418 million) Net profit of €1,360 million (Q3 2010: €1,610 million) Revenue significantly higher than last year at €26.4 billion (Q3 2010: €25.1 billion) Mercedes-Benz Cars posts EBIT of €1,108 million (Q3 2010: €1,299 million) despite startup costs for new models Daimler Trucks increases EBIT to €555 million (Q3 2010: €496 million) Forecast affirmed for 2011: Group EBIT from ongoing business expected to very significantly exceed the level of 2010
Stuttgart – Daimler AG (stock-exchange symbol DAI) continued its successful course in the third quarter of 2011. Group EBIT amounted to €1,968 million (Q3 2010: €2,418 million). Adjusted for special factors, however, EBIT from the ongoing business of €2,110 million was higher than in the prior-year period (Q3 2010: €2,022 million). Net profit for the period was €1,360 million (Q3 2010: €1,610 million) and earnings per share amounted to €1.21 (Q3 2010: €1.44). The development of earnings in the third quarter of 2011 primarily reflects the higher vehicle shipments by all divisions. As already announced in the second quarter, EBIT at Mercedes-Benz Cars was impacted by changes in the product mix and by charges due to the upcoming model changes. All other divisions posted higher earnings than in the prior-year period. “Daimler operated very successfully also in the third quarter. All divisions developed as we expected,” commented Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler AG and Head of Mercedes-Benz Cars. “Our company is extremely well positioned in this jubilee year and has a very sound balance sheet. All the divisions are pursuing their goals very consistently and are right on track. At the same time, we are more flexible than ever before, so that we can react quickly to future developments,” Zetsche pointed out. He affirmed the forecast for full-year 2011: “We continue to expect Group EBIT from the ongoing business to very significantly exceed the level of 2010.” Net profit for the third quarter of 2011 includes charges from the impairment of Daimler’s investments in Renault and Kamaz of €110 million and €23 million respectively. The investments had to be impaired to their fair values due to the sharp fall in both companies’ share prices. The special factors that affected EBIT in the third quarter are shown in the table on page 9. Total unit sales up by 11% in third quarter In the third quarter of 2011, Daimler sold 525,500 cars and commercial vehicles worldwide, surpassing the figure for the prior-year period by 11%. Group revenue increased significantly by 5% to €26.4 billion (Q3 2010: €25.1 billion). Adjusted for exchange-rate effects, the increase was 8%. The net liquidity of the industrial business amounted to €10.4 billion at September 30, 2011 (December 31, 2010: €11.9 billion). Excluding the increase in our investment in Tognum and the contributions to our pension funds, the free cash flow of the industrial business was also significantly positive at €1.5 billion. At the end of the third quarter, Daimler employed 269,887 people worldwide (September 30, 2010: 259,943). Of that total, 167,948 were employed in Germany (September 30, 2010: 164,589). Details of the divisions Mercedes-Benz Carscontinued its positive business development and achieved a new record for unit sales in a third quarter of 337,200 vehicles (Q3 2010: 317,500). The Mercedes-Benz brand also set a new third-quarter record with sales of 315,400 units (Q3 2010: 294,400). The division’s revenue increased to €13.8 billion (Q3 2010: €13.7 billion). The division achieved EBIT of €1,108 million, despite a large number of factors with a negative impact on earnings (Q3 2010: €1,299 million). The division’s return on sales was 8% (Q3 2010: 9.5%). Record unit sales in the third quarter were offset in particular by changes in the product mix, as well as by the impact of higher material costs, exchange-rate movements, upcoming model changes and increased research and development expenses. The high quality of the products led to lower warranty expenses. Daimler Trucks also continued its successful business development and increased its unit sales by 22% compared with the third quarter of last year to sell 115,600 vehicles. The division’s revenue grew to €7.6 billion (Q3 2010: €6.4 billion). Daimler Trucks’ EBIT amounted to €555 million and its return on sales was 7.3% (Q3 2010: €496 million and 7.7%). The positive development of earnings is primarily due to substantial growth in unit sales compared with the prior-year period. Sales growth was particularly strong in the NAFTA region, Europe and Latin America. There were opposing, negative effects on third-quarter earnings from increased material costs, high advance expenditure for the current product offensive and the impairment of the equity interest in Kamaz. Mercedes-Benz Vansincreased its unit sales by 18% to 63,500 vehicles (Q3 2010: 53.700). Revenue of €2.2 billion was also significantly higher than in the third quarter of last year (€1.9 billion). The division achieved third-quarter EBIT of €200 million (Q3 2010: €122 million). Its return on sales improved to 9%, compared with 6.4% in the prior-year period. The main drivers of the positive earnings trend were the ongoing market recovery and significantly higher unit sales, especially in Germany and the United States. The excellent market reaction to the new generations of the Vito and Viano also made a significant contribution. Earnings were additionally boosted by better pricing. On the other hand, the division’s EBIT was negatively affected by higher material costs. Daimler Buses increased its unit sales to 9,200 complete buses and chassis (Q3 2010: 9,100), mainly because of the positive development of chassis sales. Revenue of €1,041 million was also higher than in the prior-year period (Q3 2010: €1,007 million). The division achieved EBIT of €25 million (Q3 2010: €11 million). Its return on sales therefore increased from 1.1% to 2.4%. As well as the overall increase in unit sales, this positive earnings development was caused by positive exchange-rate effects. Daimler Financial Services’ contract volume in the sales-financing and leasing business amounted to €65.8 billion at the end of the third quarter, which is 3% higher than at the end of 2010. Adjusted for exchange-rate effects, contract volume increased by 6%. New business of €8.6 billion was 18% higher than in the third quarter of last year. With EBIT of €337 million in the third quarter of 2011, the division surpassed its earnings of €317 million in the prior-year period. The improvement in earnings was mainly caused by lower provisions for risks and an increased contract volume. There were opposing, negative effects on earnings from higher expenses in connection with the repositioning of business activities in Germany. The divisions’ EBIT is reconciled to Group EBIT. This reconciliation primarily reflects the proportionate share of the results of the equity-method investment in EADS as well as other gains and losses at the corporate level. Items accounted for at the corporate level resulted in a total expense of €250 million (Q3 2010: income of €191 million), mainly reflecting the impairment of the investment in Renault by an amount of €110 million. In the third quarter Daimler and Rolls-Royce Holdings plc have received all the relevant regulatory approvals for the takeover of Tognum AG. The public tender offer made by Engine Holding GmbH, in which Daimler and Rolls-Royce each hold 50%, was closed in September 2011. At the end of the third quarter, Engine Holding held approximately 98% of the shares in Tognum AG. This business is allocated to the Daimler Trucks division. Outlook On the basis of current estimates, the Daimler Group continues to assume that it will post EBIT from the ongoing business in 2011 that will be very significantly higher than the level of 2010. The course of business so far this year shows that the Group continues to make good progress towards achieving its targeted rates of return on a sustained basis as of the year 2013. Those targets for return on sales are 10% for Mercedes-Benz Cars, 8% for Daimler Trucks, 9% for Mercedes-Benz Vans and 6% for Daimler Buses; the target for return on equity for Daimler Financial Services is 17%. The targets are based on the assumption of a stable global economic and political environment and intact automotive markets. Based on the divisions’ planning, further growth in total revenue to significantly more than €100 billion is expected for full-year 2011. That growth will probably be driven by all of the automotive divisions. Total unit sales will also increase significantly (2010: 1.9 million vehicles). Unit sales in 2011 are expected to be higher than in the prior year for all divisions. In view of the continuation of generally good market prospects combined with numerous model changes and new products, Mercedes-Benz Cars assumes that the Mercedes-Benz brand will further increase its unit sales to a new record in 2011. Thanks to an up-to-date and competitive model range, the division will profit also in the year 2011 from strong demand for its numerous new models in the C-Class segment and from the continuing market success of its SUVs. In September, shipments of the new M-Class started in the United States. The roadster version of the Mercedes-Benz SLS AMG will follow in the fourth quarter. And in November, the new B-Class will be launched – the first of five new models in the compact-car segment. On the engines side, Mercedes-Benz Cars is introducing its particularly fuel-efficient four, six and eight-cylinder engines and the eco-start-stop technology in additional models. With the new generation of the C-Class, for example, the C 220 CDI is available with fuel consumption of just 4.4 liters per 100 kilometers and CO 2 emissions of 117 grams per kilometer. For the smart brand, unit sales are anticipated at roughly the same level as in 2010 due to the full availability of the new generation of the smart fortwo. Daimler Trucks expects to post significant growth in unit sales in full-year 2011. The need to catch up in both the European market and the NAFTA region is the main reason for the strong revival of demand compared with last year. Reconstruction activities in Japan following the natural disaster this March are boosting the demand for transport in that country. This is supporting the trend of sales returning to their levels of before the disaster. The so-called RIC markets (Russia, India and China) are growing dynamically and Daimler Trucks is expanding its production capacities accordingly: In India, BharatBenz will open its truck plant in April 2012; in Russia, Daimler Trucks is broadening its cooperation with Kamaz; and in China, Beijing Foton Daimler Automotive Co., Ltd. (BFDA) has obtained final approval from the authorities for the joint venture between Daimler and Foton. The order situation confirms the expectations for this year: Orders received for 107,200 units in the third quarter remained at a high level, and the order backlog is significantly larger than a year ago. The division anticipates unit sales in the fourth quarter at a higher level than in the prior-year period. Due to the ongoing market recovery, Mercedes-Benz Vans also expects to achieve growth in unit sales in its key markets in full-year 2011. In Western Europe, the division will defend its leading market position for medium-sized and large vans and will participate in the market’s growth. It expects to see significant increases in unit sales particularly in the United States and Eastern Europe. Furthermore, increased production capacities in Argentina will additionally boost the growth in Latin America. Daimler Buses assumes it will sell more than 40,000 complete buses and bus chassis in the year 2011. There will be a structural shift from complete buses towards bus chassis. Daimler Financial Services anticipates growth in its worldwide new business in full-year 2011. After adjusting for exchange-rate effects, contract volume should increase again in the fourth quarter. The division expects a decrease in worldwide credit-risk costs in the full year. Due to the strong demand for its products, Daimler assumes that its worldwide workforce will expand this year compared with the end of 2010. The special factors listed in the following table affected EBIT in the third quarters of 2011 and 2010:
|Special factors affecting EBIT|
|In millions of euros||Q3 2011||Q3 2010|
|Daimler Trucks Impairment of investment in KamazNatural disaster in JapanAdjustment of health-care and pension benefitsRepositioning of Daimler Trucks North AmericaRepositioning of Mitsubishi Fuso Truck and Bus Corporation||-23-9—||–183-138|
|Reconciliation Impairment of investment in RenaultGain relating to a legal dispute||-110-||-218|