Volkswagen Group post positive growth

The Volkswagen Group maintained its positive trajectory in the first half of 2012 despite growing challenges in a large number of automotive markets. “We can be satisfied with our performance in the first six months”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, at the presentation of the financial report for the first half of the year on Thursday. “Our strong position in the international markets will enable us to outperform the market as a whole – despite the challenging environment.” 

The Volkswagen Group increased its sales revenue to €95.4 billion in the first six months, up 22.6 percent on the prior-year period (H1 2011: €77.8 billion). Operating profit rose by 6.7 percent to €6.5 billion (€6.1 billion). At 6.8 percent, the operating return on sales after six months was on a level with the first quarter of 2012 (previous year: 7.8 percent). The consolidated operating profit for H1 does not include the €1.8 billion (€1.2 billion) 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. This was lifted by the strong business performance of the Chinese joint ventures and the improvement in profit recorded by Porsche Zwischenholding GmbH.

The updated measurement of the put/call rights relating to Porsche Zwischenholding GmbH at the reporting date also had a positive effect on the financial result. Profit before tax for the first half of the year amounted to €10.1 billion (€8.2 billion) – an increase of 22.1 percent as against the prior-year period. The figure after tax improved by 35.9 percent to €8.8 billion (€6.5 billion).

CFO Hans Dieter Pötsch was also satisfied with developments in the first half of the year. “Against a background of economic uncertainty, our performance so far, our improving cost structures, our flexible production and our technology leadership in many areas mean that we are well equipped to meet the challenges facing us”, said Pötsch. “More than ever before, our sound financial position is paying off.”