The Volkswagen Group, parent company of commercial vehicle manufacturers Scania and MAN, has weathered the storm of the first nine months of 2012 despite difficult conditions.
“Although the times aren’t easy, it’s up to us to systematically continue along our chosen path – the right path. We therefore remain committed to our ambitious goals for 2012, despite growing headwinds,” said Prof. Dr Martin Winterkorn, chairman of the board of management of Volkswagen Aktiengesellschaft. The Volkswagen Group increased its sales revenue to €144.2 billion in the first nine months, up 24 per cent on the prior period from January to September 2011 (€116.3 billion). This was due mainly to higher volumes and in particular the consolidation of MAN and Porsche. Unit sales by Swedish commercial vehicles manufacturer Scania declined by 20.5 per cent to 47,000 vehicles (compared to 59,000 last year). The brand’s operating profit amounted to €688 million. Commercial vehicles, engines and power engineering equipment manufacturer MAN sold 101,000 vehicles. Its operating profit was €515 million.
Volkswagen Financial Services generated an operating profit of €988 million (€876 million last year) in the first three quarters of 2012, exceeding the prior-year figure by 12.9 percent on the back of volume and currency-related factors. Despite the more difficult environment, operating profit was on a level with the previous year at €8.8 billion (compared to €9.0 billion in 2011). At 6.1 per cent (against 7.7 per cent last year), the operating return on sales after nine months was negatively impacted by write-downs relating to purchase price allocation for MAN and Porsche.
CFO Hans Dieter Pötsch said he was satisfied with business developments in light of the uncertain economic environment. “We have always said the second half of the year would be more difficult, so our performance is in line with expectations. We have achieved a robust result. ”We have a broad global positioning and our strong financial basis is practically unrivalled. Our relative strength compared with the competition shows we are on the right path.”
In the period from January to September, Volkswagen Commercial Vehicles sold 330,000 vehicles (328,000 in 2011) and generated an operating profit of €300 million.
The Volkswagen Group reiterated its goal to beat the prior-year sales revenue. This will be helped in part by the consolidation of MAN SE as of November 9, 2011, which is not expected to make a positive contribution to earnings because of the write-downs required for purchase price allocation.
