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VW balance sheet 2009 - profit drops dramatically: profit slump at Volkswagen

dpa
VW balance sheet 2009 - profit drops dramatically
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That shared VW on Friday (26.2.) in Wolfsburg. In contrast to other car manufacturers, VW was not in the red. Sales fell by 7.6 percent to around 105.2 billion euros.

VW boss Winterkorn is confident

CEO Martin Winterkorn said that VW was financially 'very solid' and wanted his To further expand its position on the world markets. 'We have good reasons to approach the new year with confidence. However, the framework conditions remain very difficult.' Volkswagen expects higher sales and operating profit in 2010 than in the previous year.

Last year, operating profit fell by almost 71 percent compared to the previous year to 1.85 billion euros. In spite of the slump in profits, the shareholders are to receive an only slightly reduced dividend of 1.60 euros per share for the year. For 2008 VW had paid a dividend of 1.93 euros. Major shareholders at VW are the families Porsche and Piƫch, the state of Lower Saxony and the Gulf emirate of Qatar.

Although VW had increased its sales last year against the industry trend, by 0.6 percent to 6.3 billion cars. One reason for the slump in profits was fluctuating interest and exchange rate developments.

Targets for 2009 were achieved

In addition, VW had benefited from the scrappage bonus - but this mainly boosted sales of smaller, cheaper cars that have lower profit margins. In contrast, there was a decline in sales for the premium brand Audi . VW also did good business, particularly in markets such as China and Brazil, where margins are also comparatively low.

In addition, write-downs on the investment in the Swedish truck manufacturer Scania may have had a negative impact. However, there was no information on this when the key points for the past financial year were presented. Detailed figures -about the development of the individual brands - VW intends to present on March 11th. The group has gained market share in important markets around the world. Sales should be increased in 2010. Winterkorn said the group had successfully mastered the difficult situation in the automotive industry last year. 'This is lasting proof of the strength of our multi-brand group.'

D he group currently has nine brands. The Stuttgart sports car manufacturer Porsche is to be integrated into the group as the tenth brand in the course of 2011. VW had won a bitter takeover battle. Volkswagen wants to become the world's largest car manufacturer by 2018 and replace Toyota. VW is currently number three behind the Japanese and US automaker General Motors.

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