Volkswagen AG: 3rd Quarter Results
WOLFSBURG, Germany--
Interim Report January-September 2003
January-September 2003 2002 +/- (%)
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Volkswagen Group
Deliveries to customers '000 units 3,710 3,756 - 1.2
Unit sales '000 units 3,705 3,731 - 0.7
Production '000 units 3,742 3,778 - 1.0
Sales revenue million EUR 64,112 65,269 - 1.8
Operating profit million EUR 1,730 3,714 - 53.4
Profit before tax million EUR 1,378 2,974 - 53.7
Profit after tax million EUR 813 1,842 - 55.9
Earnings per ordinary share - undiluted EUR 2.08 4.78 - 56.5
Automotive Division
Cash flows from operating activities million EUR 5,243 6,748 - 22.3
Cash flows from investing activities million EUR 6,315 6,130 + 3.0
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The negative impact of the strong Euro, declining sales figures in
important markets and upfront expenditures for new models, as well as
the restructuring charge in Brazil, depressed the operating profit of
the Volkswagen Group in the first nine months of the year. With the
launch of the Golf V as well as improving sales volumes from the new
Touareg, Touran, Audi A3 and Audi A8 models and the new Transporter
generation, we are expecting a stabilization in the remaining months
of the year in operating business. Our steps to optimize the product
costs and to limit investment expenditures contribute to this.
A cautious assessment of the changed economic framework - in
particular developments in automotive and currency markets - will lead
to a revaluation of capitalized upfront expenditures in the context of
the full year accounts. Taking these measures into account, the
operating profit for 2003 will probably be just under half the level
of the previous year.
Wolfsburg, October 29, 2003 - Volkswagen AG - The Board of Management
(The full interim report is available at " http://www.volkswagen-ir.de
".)
