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Profitable Investments Automotive Llc – The Volkswagen Group continued to grow during the first nine months of the fiscal year and is well on track to meet its sales revenue and profit targets. Despite the switch to the new WLTP test procedure, which led to an expected temporary third-quarter drop in unit sales, particularly in Europe, the group’s headline figures for the first nine months are above last year’s figures. Group sales revenue rose to 174.6 billion euros from 170.1 billion euros in the year-ago period. At EUR 13.3 billion (previous year: 13.2 billion), operating profit before special items was the same as last year, so operating return on sales was 7.6 percent. In the first nine months, the diesel issue gave rise to special items of EUR 2.4 billion (previous year: EUR 2.6 billion). Profit before tax rose by 2.2 billion euros to 12.5 billion euros. Net liquidity in the automotive division amounted to 24.8 billion euros.
Dr. Herbert Diess, Chairman of the Board of Management of Volkswagen AG, said: “Development in the first nine months of the current financial year is encouraging. We still face major challenges that we and the entire automotive sector must overcome. As we are currently in the midst of a significant transition, we must keep up the momentum. “
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The positive performance in the first three quarters has been driven by overall sustained improvement in vehicle sales. In the first nine months, the Volkswagen Group delivered 8.1 million vehicles to customers worldwide, thus enabling the company to increase worldwide deliveries by 4.2 percent compared to the previous year’s period. Strong growth in the first half of the year and in the summer months may compensate for the decrease in September deliveries, which was mainly due to the WLTP transition.
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This was not least due to the continued solid growth of trade in China. Sales revenue and operating profit of joint venture companies in China are not included in the group figures. These companies are accounted for using the equity method and recorded a proportionate operating profit of EUR 3.3 billion (previous year: 3.3 billion). The trade dispute between China and the United States dampened business and consumer confidence, among other things, and led to a significant market decline in the third quarter.
At the end of September 2018, net liquidity in the automotive division was EUR 24.8 billion. This equates to a modest decline of 2.6 percent year-on-year. Research and development costs were EUR 9.9 billion in the first nine months and were therefore at the level of the previous year; The R&D ratio was 6.6 percent (previous year: 6.8 percent). The ratio of capital investment to sales revenue in the automotive division was EUR 7.9 billion, after EUR 7.1 billion in the prior-year period. Therefore, the ratio of capital investment to sales revenue in the automotive division rose to 5.3 percent. “The Volkswagen Group has sufficient financial strength to finance significant future investments, which we plan to carry out in the coming years with our own resources. We still need to combine financial discipline on key cutting-edge areas. Focus is important,” reaffirms Frank Witter, member of group management responsible for finance and IT.
The Volkswagen Group has confirmed its targets for the current fiscal year despite continued challenging market conditions. The group expects full-year deliveries in 2018 to still average above last year’s figure. The sales revenue of the Volkswagen Group and its business areas is intended to increase by 5 percent year-on-year. In terms of operating profit before special items for the Group and Passenger Cars business area, we forecast an operating return on sales in the range of 6.5 – 7.5 percent in 2018. Operating return on sales, including specialty items, is expected to decrease. Average below expected range for both group and passenger cars business area.
Sales revenue for the Volkswagen passenger cars brand rose 7.3 percent to 62.5 billion euros in the first three quarters. Operating profit before special items amounted to EUR 2.3 (2.5) billion. In addition to the switch to WLTP, higher distribution costs due to factors such as scrapping premiums, exchange rate effects and upfront costs for new products, especially in connection with the implementation of the electric mobility campaign, weighed on operating profit. However, higher vehicle sales and improved product prices have had a positive impact. The diesel issue resulted in special items of EUR 1.6 billion.
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Sales revenue at the Audi brand rose to EUR 44.3 (44.0) billion from January to the end of September. Operating profit before special items is EUR 3.7 (3.9) billion. The improvement in mix and positive exchange rate effects did not compensate for lower vehicle sales and higher selling costs, both of which also reflect the impact of the WLTP. The diesel issue gave rise to special items of EUR 0.8 billion. Financial key performance indicators for the Audi brand include the Lamborghini and Ducati brands.
At EUR 12.6 billion, SKODA’s sales revenue increased by 2.1 percent year-on-year in the reporting period. Operating profit fell 10.2 percent to EUR 1.1 billion, mainly due to negative exchange rate and mix effects, in addition to higher upfront costs for new products. However, cost optimization and improved price positioning had a positive impact.
Sales revenue at the SEAT brand was EUR 7.7 billion in the first nine months, representing an increase of 6.7 percent compared to the previous year. Operating profit rose 54.4 percent to EUR 237 million, with the impact of upfront costs for new products more than offset by positive volume and mix effects.
Bentley brand sales revenue fell to 1.1 (1.3) billion euros. The operating result amounted to EUR -137 (31) million, mainly affected by exchange rate effects and the delay in the launch of the new Continental GT.
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Porsche Automotive’s sales revenue rose to EUR 17.5 (15.7) billion in the first nine months. Operating profit improved by 10.6 percent to EUR 3.2 billion, mainly due to positive mix effects and higher volumes.
Sales revenue for Volkswagen commercial vehicles was 8.6 billion euros, representing a decrease of 3.9 percent compared to the previous year’s figure. Despite positive mix effects and material cost optimization, an unfavorable exchange rate trend and challenges presented by WLTP played a key role in a 10 percent decline in operating profit to EUR 628 million.
Sales revenue at the Scania brand from January to the end of September stood at EUR 9.6 (9.3) billion. Scania made an operating profit of EUR 991 (947) million, mainly due to higher volumes, a favorable exchange rate trend and an improved financial services business. Cost escalation has had an adverse effect.
MAN commercial vehicle sales revenue improved to EUR 8.6 (8.0) billion in the first three quarters. The operating result fell to EUR 222 (269) million, as higher volumes were unable to offset costs incurred in connection with the restructuring of activities in India.
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MAN Power Engineering recorded sales revenue of EUR 2.5 (2.4) billion in the reporting period. The operating result amounted to EUR 142 (107) million.
In the first nine months of 2018, Volkswagen Financial Services’ operating profit rose 8.6 percent to 1.9 billion euros. Especially had a positive impact on business growth. Bringing together Lamborghini, Ducati and Bentley in the premium brand group will strengthen these companies. the reason
The Passenger Cars business segment within the Volkswagen Group comprises the three brand groups Premium, Sport and Volume. The new Volkswagen Group management model strengthens these existing brand groups and emphasizes their role as independent operating units. , who leads the premium brand group within the Volkswagen Group, assumed management responsibility for Bentley on March 1, 2021. As a result, the brand group now includes the Lamborghini, Ducati and Bentley brands.
The Bentley brand was implemented from January 1, 2022. In the future, there will be an even stronger focus on coordination-based brand group management with clear and consistent reporting. By proactively communicating the selected key performance indicators and strategic objectives for each brand, it will be possible to provide greater transparency and make clear commitments, thus helping to meet the needs of the capital markets more effectively.
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As for the management model itself, it relies on the principle of variable intensity in all its components. The aim is to maximize synergy between brands without limiting their independence or diluting their individual brand DNA.
Centralized management and collaboration on cross-business topics such as purchasing, development, governance and establishing new business models will create consistent, coordinated process steps. At the same time, it gives brands the opportunity to reinvest freed capabilities in brand-specific activities.
The group of brands offers great potential for technological collaboration, especially against the background of the future platform strategy. Additional success factors for the premium brand group lie in a coordinated corporate, brand and product strategy and the integration of the brands into the existing committee and decision-making structure.
Full financial figures for Bentley at the level of other brands will be published for the first time in the Q1/2022 quarterly update.
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In the 2021 fiscal year, Lamborghini continued the impressive successes of recent years, as evidenced by its key performance indicators.
Lamborghini closed the year 2021 with an impressive record: 8,405 vehicles delivered worldwide, a
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