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Το VW Group ανακοίνωσε τα οικονομικά του στοιχεία για το δεύτερο τρίμηνο του 2014, όπου είδε τα κέρδη του να μειώνονται. Τα λειτουργικά κέρδη μειώθηκαν κατά 3,1% σε 3,33 δισ. ευρώ, ενώ πτώση παρουσίασαν και οι συνολικές πωλήσεις του Group, της τάξεως του 2,2%. Η Volkswagen εξηγεί πως οι “σημαντικές αρνητικές επιπτώσεις των συναλλαγματικών ισοτιμιών και τα αδύναμα νομίσματα των βασικών αναδυόμενων οικονομιών” ήταν οι κυριότερες αιτίες για την μείωση στα κέρδη της σε σχέση με το αντίστοιχο τρίμηνο του 2014.

Το πρόσημο είναι θετικό όμως για το πρώτο εξάμηνο του 2014, μιας και το VW Group είχε δει σημαντική αύξηση στο πρώτο τρίμηνο. Τα έσοδα άγγιξαν τα 98,8 δισ. ευρώ (+0,1%), με τα λειτουργικά κέρδη να παρουσιάζουν αύξηση 7% σε 6,2 δισ. ευρώ. Τα κέρδη προ φόρων ανήλθαν σε 7,8 δισ. ευρώ (+17,5%), έχοντας περιθώριο κέρδους 7,9%. Μετά φόρων τα κέρδη φτάνουν τα 5,7 δισ. ευρώ με τον οικονομικό διευθυντή του VW Group να δηλώνει πως τώρα, είναι πιο σημαντικό από ποτέ να κρατήσουν χαμηλά το κόστος, να διαχειριστούν σωστά τα χρήματα σε νέες επενδύσεις για να διατηρήσει το VW Group σταθερή οικονομική θέση, έτσι ώστε να μπορέσει να πετύχει τους στόχους κερδοφορίας και τους στρατηγικούς στόχους που έχει θέσει για το 2018.

Αναρωτιέσαι πόσα χρήματα έβαλε το κάθε brand του VW Group στα ταμεία του κατά το πρώτο εξάμηνο του 2014; Η Volkswagen είχε λειτουργικά κέρδη 1 δισ. ευρώ, η Audi 2,7 δισ. ευρώ, η Skoda 425 εκατ. ευρώ, η Seat 37 εκατ. ευρώ, η Bentley 95 εκατ. ευρώ, η Porsche 1,4 δισ. ευρώ (+18,4%), τα επαγγελματικά της Volkswagen 280 εκατ. ευρώ, η Scania 476 εκατ. ευρώ, η MAN 222 εκατ. ευρώ, ενώ οι οικονομικές υπηρεσίες της Volkswagen Financial Services πρόσθεσαν 776 εκατ. ευρώ στα ταμεία. Όπως συνέβη και στο πρώτο τρίμηνο, έτσι και στο εξάμηνο, η Porsche είναι η εταιρία του VW Group που βγάζει τα περισσότερα χρήματα ανά αυτοκίνητο, μιας και από κάθε αυτοκίνητο που πούλησε το πρώτο εξάμηνο του 2014, έβγαλε κατά μέσο όρο 15.945 ευρώ, έχοντας περιθώριο κέρδους 17%.

Δελτίο Τύπου

Volkswagen Group reports solid H1 2014 business growth despite difficult market environment

  • First-half sales revenue only slightly up on the prior-year period at EUR 98.8 billion due to currency-related factors
  • Operating profit rises by 0.4 billion to EUR 6.2 billion
  • Profit before tax grows by 17.5 percent to EUR 7.8 billion
  • Net liquidity in Automotive Division remains high at EUR 14.0 billion

The Volkswagen Group reported solid business growth in the first six months of 2014 despite the ongoing difficult market environment. At EUR 98.8 billion (EUR 98.7 billion), sales revenue in the first six months was only slightly up on the prior-year period due to significant negative exchange rate effects. Operating profit grew by 7.0 percent to EUR 6.2 billion (EUR 5.8 billion) and the operating return on sales rose to 6.3 percent (5.9 percent). The Group’s operating profit and sales revenue exclude the activities of the Chinese joint ventures, which are accounted for in the financial result using the equity method and are therefore not included in consolidated operating profit. The share of operating profit attributable to the Chinese joint ventures in the first half of 2014 was EUR 2.6 billion (EUR 2.4 billion).

The Volkswagen Group’s profit before tax amounted to EUR 7.8 billion (EUR 6.6 billion). The return on sales before tax rose to 7.9 percent (6.7 percent) in the first six months, due among other factors to measurement effects in the financial result. Profit after tax was EUR 5.7 billion (EUR 4.8 billion). “Despite headwinds, our financial performance in the first six months was good. In light of the continued strong competitive pressures, the tense situation in some emerging economies and the fundamental technical and economic changes happening in our industry, we are working hard to create all the conditions we need today to ensure success tomorrow. I am confident that we will not flinch from the path we have chosen”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, in Wolfsburg on Thursday.

Global demand for passenger cars continued to rise in the first six months of 2014. However, the pace of growth eased off and trends were mixed at a regional level. The number of new registrations in the Asia-Pacific region, Western Europe, North America and Central Europe increased year-on-year, while the markets in South America and Eastern Europe recorded market volumes that were significantly lower year-on-year in some cases. “The macroeconomic situation has rarely been so volatile and fragmented – from exchange rates down to the declines in the emerging economies. That’s why it’s more important than ever before for us to stick to our disciplined cost and investment management and to maintain our solid financial position so that we can achieve our profitability targets and strategic goals for 2018”, said Chief Financial Officer Hans Dieter Pötsch.

Net liquidity in the Automotive Division remains high

Net liquidity in the Automotive Division amounted to EUR 14.0 billion at the end of June (December 31, 2013: EUR 16.9 billion). The acquisition of the Scania shares and the capital increase at the Financial Services Division reduced liquidity, while the capital increase from issuing new preferred shares and the successful placement of hybrid notes strengthened the Automotive Division’s capital base. Investments in property, plant and equipment (capex) in the Automotive Division declined slightly to EUR 3.6 billion (EUR 3.9 billion). The Volkswagen Group maintained its disciplined approach to investment with a ratio of capex to sales revenue in the Automotive Division of 4.1 percent (4.5 percent). Investments were made primarily in production facilities and in the models to be launched in 2014 and 2015, as well as in the ecological focus of the model range.

Brands and business fields

The Volkswagen Passenger Cars brand recorded an operating profit of EUR 1.0 billion (EUR 1.5 billion) in the first six months of 2014. Operating profit was negatively impacted by lower volumes, negative exchange rate trends and higher upfront investments in new technologies. It should be noted that this figure does not include the Chinese joint ventures. The operating margin reached 2.1 percent (3.0 percent) in the first six months. The Volkswagen brand has launched an efficiency program in order to reach its target operating return on sales of at least six percent by no later than 2018.

Audi’s operating profit was roughly on a level with the previous year, at EUR 2.7 billion (EUR 2.6 billion). Earnings growth was impacted by negative exchange rate effects, high upfront investments in new products and technologies, as well as in the expansion of the international production network. The operating margin was 10.0 percent (10.5 percent).

ŠKODA generated an operating profit of EUR 425 million (EUR 243 million) in the first half of 2014, a considerable increase compared with the previous year on the back of volume and mix-related factors. The operating margin in the first six months was 7.1 percent (4.9 percent).

Positive volume, mix and product cost effects helped SEAT improve its operating result to EUR – 37 million (EUR – 40 million).

Bentley’s operating profit climbed year-on-year to EUR 95 million (EUR 58 million), and its operating margin was 10.7 percent (8.3 percent).

Porsche recorded an operating profit of EUR 1.4 billion (EUR 1.3 billion) and an operating margin of 17.1 percent (18.4 percent) in the first six months.

Operating profit at Volkswagen Commercial Vehicles rose by 13.5 percent year-on-year to EUR 280 million (EUR 246 million). The operating margin was 5.9 percent (5.2 percent).

Scania posted an operating profit of EUR 476 million (EUR 464 million) and an operating margin of 9.4 percent (9.1 percent). MAN generated an operating profit of EUR 222 million (previous year: operating loss of EUR 124 million) and an operating return on sales of 3.3 percent.

Volkswagen Financial Services generated an operating profit of EUR 776 million (EUR 696 million) in the first six months of 2014, a year-on-year increase of 11.5 percent. Worldwide 2.3 million new financing, leasing and service/insurance contracts were signed (+ 16.1 percent).

Winterkorn: “We want to be a leader in shaping the future of the automobile.”

The Volkswagen Group will press ahead with its product initiative across all brands in 2014, modernizing and expanding its offering by introducing attractive new vehicles. Volkswagen is expecting a moderate increase in deliveries to customers in fiscal year 2014. Challenges for the Group will come from the difficult market environment and fierce competition, as well as interest rate and exchange rate volatility and fluctuations in raw materials prices. Volkswagen believes that the modular toolkit system, which is being continuously expanded, will have an increasingly positive effect on the Group’s cost structure.

The outlook for the current year was reiterated. Depending on economic conditions, Volkswagen is expecting 2014 sales revenue for the Group and its business areas to move within a range of 3 percent around the prior-year figure. In terms of the Group’s operating profit, Volkswagen is forecasting an operating return on sales of between 5.5 percent and 6.5 percent in 2014 in light of the challenging economic environment, and the same range for the Passenger Cars Business Area.

The Group expects the Commercial Vehicles/Power Engineering Business Area to moderately exceed the 2013 figure. Volkswagen anticipates an operating return on sales of between 8.0 percent and 9.0 percent in the Financial Services Division.

“Our Group has recorded strong growth in recent years. This offers us many opportunities across all of our brands to become more efficient and to leverage synergies – our urgent priority is now to exploit this potential”, said Winterkorn, adding: “Our ambition is to be a leader in shaping the future of the automobile. We are now creating the conditions for doing that with our ‘Future Tracks’, our Group wide future and efficiency orientated program.”

The complete interim report is published on our website at: http://www.volkswagenag.com/ir/HY_2014_e.pdf

2014

2013

%

2014

2013

%

Q2

Q2

H1

H1

Volume Data
Deliveries to customers
(‘000 units)

2,623

2,484

+ 5.6

5,066

4,797

+ 5.6

Vehicle sales (‘000 units)

2,645

2,498

+ 5.9

5,207

4,873

+ 6.8

Production (‘000 units)

2,669

2,498

+ 6.8

5,234

4,886

+ 7.1

Employees
(‘000 at June 30/Dec. 31)

575.8

572.8

+ 0.5

Financial Data
(IFRSs), EUR million
Sales revenue

50,977

52,122

– 2.2

98,808

98,687

+ 0.1

Operating profit

3,330

3,437

– 3.1

6,186

5,780

+ 7.0

as a percentage of sales revenue

6.5

6.6

6.3

5.9

Profit before tax

4,420

3,932

+ 12.4

7,777

6,620

+ 17.5

as a percentage of sales revenue

8.7

7.5

7.9

6.7

Profit after tax

3,249

2,847

+ 14.1

5,716

4,793

+ 19.3

Automotive Division
Cash flows
from operating activities

6,137

4,904

+ 25.2

8,388

8,431

– 0.5

Cash flows from investing activities
attributable to operating activities*)

3,167

3,259

– 2.8

5,469

7,201

– 24.0

of which: investments in property, plant and equipment

1,953

2,252

– 13.3

3,578

3,924

– 8.8

 as a percentage of sales revenue

4.3

4.9

4.1

4.5

Net cash flow

2,970

1,645

+ 80.6

2,919

1,231

x

Net liquidity
at June 30

13,979

11,313

+ 23.6

Net liquidity
at June 30/Dec. 31

13,979

16,869

– 17.1

*) Excluding acquisition and disposal of equity investments: Q2 EUR 3,147 million (EUR 3,157 million), H1: EUR 5,849 million (EUR 5,365 million).

The sports car manufacturer is keeping solidly to its course of value-creating growth

Porsche boosts revenue and profit in the first half of 2014

Stuttgart. Dr. Ing. h.c. F. Porsche AG can look back on a very successful first half of 2014. Deliveries covering the period from the beginning of January to the end of June rose by eight percent compared to the same period last year to 87,803 vehicles. Revenue went up in the first six months by 16 percent to 8.2 billion euros. Operating profit grew by eight percent to 1.4 billion euros, which is equivalent to a return on sales of 17 percent. Jobs as at June 30, 2014 reached the record number of 21,326 employees. This is 18 percent or 3,178 persons more than a year ago.

Lutz Meschke, Member of the Executive Board Finance and IT at Porsche AG, emphasized the efficient organization and the high cost awareness within the company. This is the only way to sustainably achieve a return on sales of at least 15 percent. In his outlook, Meschke pointed out the rising burden caused by the ambitious investment program which Porsche is implementing in its Strategy 2018. “The resulting depreciation and rising labor costs pose an ever increasing burden on our results. Add to this the very high expenditure for research and development, in particular in connection with reducing fleet carbon emissions.” Despite all this, Meschke confirms that Porsche intends to achieve at least the same level of results in fiscal year 2014 as in the previous year.

The extensive investment program was visible at all locations in the first half of 2014. In February, the sports car manufacturer opened a comprehensive factory in Leipzig with its own paint shop and body assembly line for production of the Macan. Porsche invested over 500 million euros here. Two weeks ago, the opening ceremony of a new design studio and high-tech wind tunnel took place at the Weissach development center. Together with the new electronics integration center, investment at the Weissach location totals about 150 million euros. Early this year, work started in Zuffenhausen on the first construction phase of a new training center, an engine factory and office and service buildings. Total investments at Porsche’s main plant, which includes a new body assembly line, will amount to over 700 million euros in the coming years.

Chairman of the Executive Board of Porsche AG, Matthias Müller, emphasized that the sports car manufacturer is keeping solidly to its course of value-creating growth. “We are investing in ground-breaking future technologies such as the plug-in hybrid drive and in promising market segments.” For example the sporty off-road car, the Macan, has been launched in the high-growth SUV segment. Müller is convinced that Porsche is “absolutely on the right path with its enormous efforts”. As proof, the Chairman of the Executive Board adduced the top quality of the sports cars. In the quality study presented by US market research institute J.D. Power in June 2014, Porsche rates number one in the overall assessment, as in the previous year. The Panamera is also the best rated car in the entire study. The 911 leads the “Midsize Premium Sporty Car” segment. The Boxster reached first place in the “Compact Premium Sporty Car” segment. “These ratings are our affirmation but also our incentive,” said Müller

One result of this quality strategy also becomes obvious in the continuing spate of successes on international sales markets, added CFO Meschke. In financial year 2014, Porsche will increase its sales in its key single markets of the USA, China and Germany and raise its overall sales figures world-wide.

Porsche model range 911: combined fuel consumption 12,4–8,2 l/100 km; CO2 emissions 289–191 g/km; efficiency class: G–F Porsche model range Boxster/Cayman: combined fuel consumption 9,0–7,9 l/100 km; CO2 emissions 211–183 g/km; efficiency class: G–F Porsche model range Cayenne (2015): combined fuel consumption 11,5–6,6 l/100 km; CO2 emissions 267–173 g/km; efficiency class: F–B Porsche Cayenne S E-Hybrid: combined fuel consumption 3,4 l/100 km, combined energy consumption 20,8 kWh/100 km; combined CO2 emissions 79 g/km; efficiency class: A+ Porsche model range Cayenne (2014): combined fuel consumption 11,5–7,2 l/100 km; CO2 emissions 270–189 g/km; efficiency class: G–B Porsche model range Panamera: combined fuel consumption 10,7–6,4 l/100 km; CO2 emissions 249–169 g/km; efficiency class: F–B Porsche Panamera S E-Hybrid: combined fuel consumption 3,1 l/100 km, combined energy consumption 16,2 kWh/100 km; combined CO2 emissions 71 g/km; efficiency class: A+ Porsche model range Macan: combined fuel consumption 9,2–6,1 l/100 km; CO2 emissions 216–159 g/km; efficiency class: E–B Porsche 918 Spyder: combined fuel consumption 3,1–3,0 l/100 km; combined energy consumption 12,7 kWh/100 km; CO2 emissions 72–70 g/km; efficiency class: A+