Fleet News

Volkswagen Group exceeds full-year 2010 profit after nine months

The Volkswagen Group has earned more in the first nine months of 2011 than in the whole of 2010. Operating profit rose to €9.0 billion, up from €7.1 billion in fiscal 2010.

The Volkswagen Group strengthened its position in the automotive markets, recording a 14.1% increase in vehicle deliveries to 6.2 million (January - September 2010: 5.4 million).

Global market share climbed to 12.4% (11.6%). Sales revenue increased by 25.6% in the first nine months to €116.3 billion (€92.5 billion). Operating profit jumped 86% to €9.0 billion (€4.8 billion) and the operating return on sales improved to 7.7% (5.2%).

"Our strong business performance shows the strength and stability of our strategy," said Prof Dr Martin Winterkorn, chairman of the board of management of Volkswagen Aktiengesellschaft, on Thursday at the presentation of the quarterly figures.

"We shall continue to launch fascinating new models onto the market in the coming months and hence expand the Volkswagen Group's strong position in the global market.”

The consolidated operating profit does not include the Group's €1.9 billion share of the operating profit from the Chinese joint ventures (€1.4 billion). These companies are included using the equity method and are therefore reflected in the financial result.

In particular, the updated measurement as of the reporting date of the put/call options on Porsche Zwischenholding GmbH had a positive effect on the financial result. Profit before tax tripled to €16.6 billion (€5.4 billion). The profit after tax improved by €9.6 billion to €13.6 billion.

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