UPDATE: Volkswagen 2010 Net Profit Surges On China Demand
25 Février 2011 - 3:40PM
Dow Jones News
Volkswagen AG's (VOW.XE) net profit surged to EUR6.84 billion
last year from EUR960 million in 2009 as booming demand in China
fueled a powerful rebound after a steep market downturn, and the
German auto maker expects earnings to grow further this year
despite a hit from rising commodity prices and exchange rate
fluctuations.
"We expect ... sales revenue and operating profit in 2011 to be
higher than the previous year," Europe's largest auto maker by
sales said in a statement, noting that "volatility in interest and
exchange rate trends and commodities prices will weaken the
positive volume effect".
Volkswagen's closely-watched operating profit jumped to EUR7.14
billion from EUR1.86 billion, while revenue increased 21% on the
year to EUR126.9 billion from EUR105.2 billion in 2009.
The Wolfsburg-based firm is scheduled to release detailed
earnings, including the results for its individual brands, on March
10.
Volkswagen sold 7.28 million cars and trucks last year, up 15%
from 6.31 million in 2009.
According to previous statements, Volkswagen expects the global
auto market to increase by 5% in 2011 and wants to grow faster than
the overall market this year.
The firm plans to pay a dividend of EUR2.20 per ordinary share
and EUR2.26 per preferred share for last year, compared with
EUR1.60 and EUR1.66, respectively for the prior year.
Volkswagen's net liquidity stood at EUR18.6 billion on Dec. 31
compared with EUR10.6 billion a year earlier, giving the company
significant financial muscle to pursue its ambitious global
expansion plan, which includes outpacing Toyota Motor Corp. (TM,
7203.TO) as the world's largest auto maker by 2018.
Volkswagen narrowed the gap last year thanks mainly to its large
footprint in dynamic markets such as China and Brazil.
Additionally, Toyota was hit by a massive global recall due to
safety concerns, which hurt sales.
Volkswagen aims to almost triple its U.S. sales volume by 2018,
ramp up its presence in Southeast Asia and is investing heavily in
additional production capacity in China, Russia and India.
Volkswagen teamed up with Japanese peer Suzuki Motor Corp.
(7269.TO) to reap cost synergies in the fiercely competitive
small-car segment and plans to integrate Porsche Automobil Holding
SE's (PAH3.XE) sportscar unit as its 10th brand.
Additionally, Volkswagen aims to forge a European truck alliance
between its Scania unit and Germany's MAN SE (MAN.XE), where VW is
the largest shareholder with a 29.9% stake.
-By Christoph Rauwald, Dow Jones Newswires; +49 69 29 725 512;
christoph.rauwald@dowjones.com
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