Volkswagen Group boosted by significant improvement on last year's operative figures
The Volkswagen Group strengthened its position in the automotive markets, recording a 14.1% increase in vehicle deliveries to 6.2m (January – September 2010: 5.4m). Global market share climbed to 12.4% (11.6%). Sales revenue increased by 25.6% in the first nine months to €116.3bn (€92.5bn). Operating profit jumped 86.0% to €9.0bn (€4.8bn) and the operating return on sales improved to 7.7% (5.2%). The consolidated operating profit does not include the Group’s €1.9bn share of the operating profit from the Chinese joint ventures (€1.4bn).
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 €16.6bn (€5.4bn). The profit after tax improved by €9.6bn to €13.6bn.
Prof. Dr. Martin Winterkorn (Inset, Above), chairman of the Board of Management of Volkswagen Aktiengesellschaft, commented: ‘Our strong business performance shows the strength and stability of our strategy. 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.’
CFO Hans Dieter Pötsch also took a positive view of the Group’s performance in the year to date. He said: ‘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.’
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% compared with the prior-year period, to 6.2m (million) vehicles (5.3m).
The Volkswagen Passenger Cars brand sold 3.3m vehicles (2.8m) worldwide in the first nine months of the year. This corresponds to an increase of 16.7% compared with the prior-year period. Operating profit improved by €1.7bn to €3.3bn. 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% to 1.1m vehicles (1.0m). Operating profit climbed by 74.4% to €4.0bn (€2.3bn). 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.
SKODA recorded a 19.9% increase in unit sales to 511,000 vehicles (426,000). All the brand’s model ranges contributed to this growth. Operating profit improved by €261m to €575m.
Unit sales by the Spanish SEAT brand edged up 2.7% in the reporting period to 267,000 vehicles (260,000). The brand’s operating loss narrowed to €101m compared with the prior-year figure of €218m.
Luxury carmaker Bentley sold 5,000 vehicles in the first three quarters (3,000), an increase of 51.2%. At €6m, the brand’s operating loss was substantially smaller than in the first nine months of the previous year (€145m).
Volkswagen Commercial Vehicles benefited from sustained high demand in the year to date, increasing its sales by 32.4% to 328,000 units (248,000) and more than doubling its operating profit to €328m (€142m).
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. He said: ‘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.
‘We are on the right path to becoming the world’s leading automaker by 2018 – in both economic and ecological terms.’For more of the latest industry news, click here.