Wolfsburg, February 21, 2014 – Volkswagen Group announced its key financial data for fiscal year 2013 in an ad hoc release published today. With sales revenue of EUR 197.0 billion (previous year: EUR 192.7 billion), the Group’s operating profit of EUR 11.7 billion (EUR 11.5 billion) exceeded the record prior-year figure. “Despite the difficult competitive environment, we once again won over customers around the world with our products. We met and even exceeded our goals for 2013. This year, the Volkswagen Group will press ahead with its product initiative across all brands. We will systematically expand our offering by introducing attractive, environmentally friendly new vehicles. Our goal is and will remain to offer all customers the mobility and innovation they need, sustainably strengthening our competitive position in the process”, said Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Group, in Wolfsburg on Friday.

The Group’s profit before tax amounted to EUR 12.4 billion (EUR 25.5 billion). The profit recorded by the Chinese joint ventures, which are accounted for using the equity method, exceeded the high 2012 level. By contrast, the prior-year figure was significantly influenced by measurement effects totaling EUR 12.3 billion from the integration of Porsche. Profit after tax came in at EUR 9.1 billion (EUR 21.9 billion). Net liquidity in the Automotive Division rose to EUR 16.9 billion (EUR 10.6 billion) as of year-end 2013 thanks to the robust business model. In light of the successful fiscal year, the Board of Management and the Supervisory Board will be proposing to the Annual General Meeting to increase the dividend to EUR 4.00 (EUR 3.50) per ordinary share and EUR 4.06 (EUR 3.56) per preferred share. After adjustment for the measurement effect from 2012, this represents an increase in the distribution ratio from 17.8 percent to 20.6 percent – one step closer to Volkswagen’s medium-term goal of 30 percent.

Volkswagen presents 2013 consolidated financial statements:
– Volkswagen Group reports successful fiscal year 2013 in a challenging environment

– Deliveries to customers up 4.9 percent on the record 2012 figure to 9.73 million vehicles; strong growth in China

– Sales revenue rises by 2.2 percent to EUR 197.0 billion; negative exchange rate effects

– Operating profit exceeds record prior-year level at EUR 11.7 billion (EUR 11.5 billion)

– Profit before tax of EUR 12.4 billion (EUR 25.5 billion); equity-accounted profit of the Chinese joint ventures exceeds the high 2012 level; prior-year figure significantly influenced by measurement effects from the integration of Porsche (EUR 12.3 billion)

– Net cash flow in the Automotive Division clearly positive at EUR 4.4 billion (EUR – 0.2 billion) thanks to the robust business model; net liquidity increases to EUR 16.9 billion (EUR 10.6 billion)

– Board of Management and Supervisory Board are proposing to increase the dividend for Volkswagen shareholders to EUR 4.00 per ordinary share and EUR 4.06 per preferred share

 

January–December		2013	2012	+/– (%)
Volkswagen Group (IFRSs):
Deliveries to customers	ʻ000 units	9,731	9,276	+ 4.9
Vehicle sales	ʻ000 units	9,728	9,345	+ 4.1
Production	ʻ000 units	9,728	9,255	+ 5.1
Employees	Dec. 31	572,800	549,763	+ 4.2
Sales revenue	EUR million	197,007	192,676	+ 2.2
Operating profit	EUR million	11,671	11,498	+ 1.5
Profit before tax	EUR million	12,428	25,487	– 51.2
Profit after tax	EUR million	9,145	21,881	– 58.2
Noncontrolling interests	EUR million	52	169	– 69.3
Profit attributable to shareholders of Volkswagen AG	EUR million	9,066	21,712	– 58.2
Earnings per share (basic)
Ordinary shares	EUR	18.63	46.41	– 59.9
Preferred shares	EUR	18.69	46.47	– 59.8
Automotive Division (including allocation of consolidation adjustments between the Automotive and Financial Services divisions):
Cash flows from operating activities	EUR million	20,612	16,232	+ 27.0
Cash flows from investing activities
attributable to operating activities**)	EUR million	16,199	16,455	– 1.6
of which investments in property, plant and equipment	EUR million	11,040	10,271	+ 7.5
Net liquidity at December 31	EUR million	16,869	10,573	+ 59.5
Volkswagen AG (German Commercial Code)
Net income	EUR million	3,078	6,380	– 51.8
Dividend proposal
Dividend – per ordinary share	EUR	4.00	3.50
– per preferred share	EUR	4.06	3.56

 

*) Prior-year figures adjusted to reflect application of IAS 19R.

**) Excluding acquisition and disposal of equity investments: EUR 14,497 million (previous year:
EUR 12,528 million).

 

Prospects for 2014:

The Volkswagen Group will press ahead with its product initiative across all brands in 2014, and we will modernize and expand our offering by introducing attractive new vehicles. We are pursuing the goal of offering all customers the mobility and innovation they need, sustainably strengthening our competitive position in the process.

We expect that the Volkswagen Group will moderately increase deliveries to customers year-on-year in 2014 in a still challenging market environment.

Challenges for the Volkswagen 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. The modular toolkit system, which we are continuously expanding, will have an increasingly positive effect on the Group’s cost structure. Depending on the economic conditions, we expect 2014 sales revenue for the Volkswagen 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, we are expecting 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 Commercial Vehicles/Power Engineering Business Area is likely to moderately exceed the 2013 figure. The operating return on sales in the Financial Services Division is expected to be between 8.0 percent and 9.0 percent. Disciplined cost and investment management and the continuous optimization of our processes remain integral elements of the Volkswagen Group’s Strategy 2018.

The Annual Media Conference and Investor Conference will take place on March 13, 2014 in Berlin.