#Finance

The Volkswagen Group remains in robust shape: The first six months of the current fiscal year have delivered a solid set of results, accompanied by further progress in implementing the future program "TOGETHER – Strategy 2025". Between the beginning of January and the end of June, Group sales revenue rose by 7.3 percent to EUR 115.9 billion. During that period, operating profit increased to EUR 8.9 billion (from 7.5 in the previous year) and operating return on sales grew to 7.7 percent (from the prior-year 7.0 percent). All prior-year figures exclude the special items at that time. For Frank Witter, Member of the Board of Management, responsible for Finance and Controlling, the result of the first six months was a "good team performance" in the face of persistently difficult conditions. "The results were boosted by growth in unit sales. Increases in the first half-year were seen primarily in Europe, but also in North and South America, which is particularly encouraging. The successful placement of a hybrid bond also had a positive effect on net liquidity in the Automotive Division and underlined the confidence investors place in our strategy. I am firmly convinced that our financial footing is adequate to cope with the transformation in the automotive industry and topics of the future."

In the first three months of the current fiscal year, the Volkswagen Group started on a strong footing in a challenging market and competitive environment. Group sales revenue rose by 10.3 percent year-on-year to EUR 56.2 billion. At EUR 4.4 billion, operating profit in the first quarter also significantly exceeded expectations. This corresponds to an operating return on sales of 7.8 percent following 6.1 percent in the prior-year quarter (all comparative prior-year figures are before special items). The robust results were due to volume- and mix-related factors, positive exchange rate effects and product cost optimization, as well as particularly the improvement in the Volkswagen brand's earnings, which rose to around EUR 0.9 billion. Other Group brands also contributed to the very good quarterly results.

In the first quarter of the current fiscal year, the Volkswagen Group delivered a solid performance in a challenging market and competitive environment. Despite positive mix effects and an increased contribution by the Financial Services Division, Group sales revenue was down 3.4 percent on the strong prior-year figure, at EUR 51.0 billion. This slight decline is primarily attributable to the fall in vehicle unit sales and negative exchange rate effects. Operating profit climbed to EUR 3.4 (3.3) billion, with the reported figure equating to an operating return on sales of 6.8 percent. First quarter operating profit contained overall positive special items of EUR 0.3 billion, due among other things to currency-related adjustments to the provisions recognized in connection with the diesel issue. Excluding these positive special items, operating profit would have decreased slightly to EUR 3.1 billion. The operating return on sales before special items thus declined to 6.1 (6.3) percent.