DGAP-Adhoc: VOLKSWAGEN AG: Interim Report January-March 2013

VOLKSWAGEN AG / Key word(s): Quarter Results

24.04.2013 11:32

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Interim Report January-March 2013:

- Volkswagen Group increases deliveries to customers by 4.8 percent year-
on-year to 2.3 million vehicles; strong growth in China

- Demand for Group vehicles outperforms the market as a whole worldwide;
share of the passenger car market rises to 12.6 percent (12.2 percent)

- Group sales revenue on a level with the previous year at
EUR 46.6 billion (EUR 47.3 billion); negative effects from declining
European markets

- Operating profit of EUR 2.3 billion (EUR 3.2 billion) in a difficult
market environment; impacted by contingency reserves affecting the
areas of Passenger Cars and Power Engineering

- Earnings before tax of EUR 2.7 billion (EUR 4.2 billion); prior-year
figure lifted by remeasurement of Porsche options

- At EUR 3.5 billion (EUR 2.9 billion), cash flows from operating
activities in the Automotive Division higher than in the previous year;
ratio of investments in property, plant and equipment (capex) to sales
revenue is 4.1 percent (4.0 percent)

- Net liquidity of EUR 10.6 billion in the Automotive Division safeguards
financial stability and flexibility; liquidity in the Automotive
Division reduced by measures to strengthen the Financial Services
Division's equity

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January-March 2013 2012*) +/- (%)
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Volkswagen Group:

Deliveries to customers '000 units 2,314 2,209 + 4.8
Vehicle sales '000 units 2,375 2,260 + 5.1
Production '000 units 2,388 2,317 + 3.0
Employees March 31/Dec. 31 552,425 549,763 + 0.5

Sales revenue EUR million 46,565 47,326 - 1.6

Operating profit EUR million 2,344 3,165 - 26.0
Profit before tax EUR million 2,688 4,248 - 36.7
Profit after tax EUR million 1,946 3,148 - 38.2

Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):

Cash flows from operating
activities EUR million 3,528 2,941 + 19.9
Cash flows from investing
activities attributable to
operating activities**) EUR million 3,942 2,523 + 56.2
Net liquidity at March 31 EUR million 10,649 15,762 - 32.4
Net liquidity at March 31/Dec. 31 EUR million 10,649 10,573 + 0.7
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*) Prior-year figures adjusted to reflect application of IAS 19R.
**) Excluding acquisition and disposal of equity investments:
Q1 EUR 2,208 million (previous year: EUR 2,112 million).

Prospects for 2013:

In 2013, the Volkswagen Group's brands will launch a large number of
fascinating new models and so help further expand our strong position in
the global markets.

We expect that the Volkswagen Group will outperform the market as a
whole in a challenging environment and that deliveries to customers will
increase year-on-year. However, we are not completely immune to the
intense competition and the impact this has on business. The modular
toolkit system, which is being continuously expanded, will have an
increasingly positive effect on the Group's cost structure.

We expect the Volkswagen Group's 2013 sales revenue to exceed the prior-
year figure. Given the ongoing uncertainty in the economic environment,
the Group's goal for operating profit is to match the prior-year level
in 2013. This applies equally to the Passenger Cars Business Area, the
Commercial Vehicles, Power Engineering Business Area - which remains
affected by high write-downs relating to purchase price allocation,
among other things - and the Financial Services Division. While we shall
see positive effects from our attractive model range and strong market
position, there will also be increasingly stiff competition in a
challenging market environment. Disciplined cost and investment
management and the continuous optimization of our processes remain
integral parts of our Strategy 2018.

Wolfsburg, April 24, 2013

VOLKSWAGEN AKTIENGESELLSCHAFT - The Board of Management

(The full interim report is available at 'www.volkswagenag.com/ir' from
April 29, 2013 on)

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 the actual developments may differ from those forecast.

Consequently, any unexpected fall in demand or economic stagnation in our
key sales markets, such as Western Europe (and especially Germany) or in
the USA, Brazil, China, or Russia will have a corresponding impact on the
development of our business. The same applies in the event of a
significant shift in current exchange rates, mostly against the euro and
primarily in US dollars, sterling, Chinese renminbi, Russian rubles,
Swedish kronor, Mexican pesos, Australian dollars and Korean won. In
addition, expected business development may vary if the assessments of
value-enhancing factors and risks presented in the 2012 Annual Report
develop in a way other than we are currently expecting, or additional
risks or other factors emerge that adversely affect the development of
our business.

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Language: English
Company: VOLKSWAGEN AG
Brieffach 1849
38436 Wolfsburg
Germany
Phone: +49 (0)5361 9 - 49840
Fax: +49 (0)5361 9 - 30411
E-mail: christine.ritz@volkswagen.de
Internet: www.volkswagenag.com/ir
ISIN: DE0007664039, DE0007664005
WKN: 766403, 766400
Indices: DAX, Euro Stoxx 50
Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime
Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse
EUREX; London, Luxembourg, SIX

End of Announcement DGAP News-Service

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