– The emissions issue significantly impacted the Volkswagen Group’s
business in the 2015 reporting period
– Deliveries to customers of 9.9 (10.1) million vehicles; declines in
Brazil, China and Russia – increased demand mainly in Western Europe
– Sales revenue up 5.4 percent year-on-year at EUR 213.3 billion; mix
improvements and exchange rate effects as well as the positive
performance by the Financial Services Division have a positive impact
– Operating result of EUR –4.1 (EUR 12.7) billion; special items mainly
relating to the diesel issue (EUR 16.2 billion) as well as the
restructuring measures in the area of commercial vehicles and passenger
cars (EUR 0.2 billion each)
– At EUR 12.8 (EUR 12.7) billion, operating result before special items
was at the prior-year level
– Earnings before tax at EUR –1.3 (EUR 14.8) billion; share of profits of
the equity-accounted Chinese joint ventures up year-on-year due to
exchange rate effects; positive impact on the financial result from
sale of Suzuki shares
– Net cash flow in the Automotive Division up in comparison to 2014, at
EUR 8.9 (EUR 6.1) billion; increase in net liquidity to EUR 24.5
(EUR 17.6) billion
– Board of Management and Supervisory Board are proposing a dividend
of EUR 0.11 per ordinary share and of EUR 0.17 per preferred share
Prospects for 2016:
The Volkswagen Group’s brands will press ahead with their product
initiative in 2016, modernizing and expanding their offering by
introducing new models. Our goal is to offer all customers the mobility
and innovations they need, sustainably strengthening our competitive
position in the process.
We expect that, on the whole, deliveries to customers of the Volkswagen
Group in 2016 will be on a level with the previous year amid persistently
challenging market conditions, with a growing volume in China.
In addition to the emissions issue, the highly competitive environment as
well as interest rate and exchange rate volatility and fluctuations in
raw materials prices all pose challenges. We anticipate positive effects
from the efficiency programs implemented by all brands and from the
modular toolkits.
Depending on the economic conditions – particularly in South America and
Russia – and the exchange rate developments and in light of the emissions
issue, we expect 2016 sales revenue for the Volkswagen Group to be down
by as much as 5 percent on the prior-year figure. In terms of the Group’s
operating result, we anticipate that the operating return on sales will
be between 5.0 percent and 6.0 percent in 2016.
In the Passenger Cars Business Area we expect a sharp decrease in sales
revenue, with an operating return on sales in the anticipated range of
5.5 – 6.5 percent. With sales revenue in the Commercial Vehicles Business
Area remaining essentially unchanged, we assume operating return on sales
will be between 2.0 percent and 4.0 percent. We expect sales revenue in
the Power Engineering Business Area to be perceptibly lower than the
prior-year figure, with a significantly reduced operating result. For the
Financial Services Division, we are forecasting sales revenue and the
operating result at the prior-year level. Disciplined cost and investment
management and the continuous optimization of our processes are integral
elements of the Volkswagen Group’s strategy.
The Annual Media Conference and Investor Conference will take place on
April 28, 2016 in Wolfsburg.
Wolfsburg, April 22, 2016
VOLKSWAGEN AKTIENGESELLSCHAFT – The Board of Management
This report contains forward-looking statements on the business
development of the Volkswagen Group. These statements are based on
assumptions relating to the development of the economic and legal
environment in individual countries and economic regions, and in
particular for the automotive industry, which we have made on the basis
of the information available to us and which we consider to be realistic
at the time of going to press. The estimates given entail a degree of
risk, and actual developments may differ from those forecast. Any changes
in significant parameters relating to our key sales markets, or any
significant shifts in exchange rates relevant to the Volkswagen Group,
will have a corresponding effect on the development of our business. In
addition, there may be departures from our expected business development
if the assessments of the factors presented in this report develop in a
way other than we are currently expecting, or if additional risks and
opportunities or other factors emerge that affect the development of our
business.