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The Germany headquartered automotive Group sold 2.7 million vehicles to customers worldwide in the first quarter of 2018, representing a +7.4% increase year-on-year.
Volkswagen Group sales revenue rose from €56.2 billion in the previous corresponding quarter to €58.2 billion in Q1 2018, while operating profit decreased from €4.4 billion to €4.2 billion; the decline has been attributed to “the negative effect resulting from a change in the reporting of the valuation of derivatives of derivatives (IFRS 9)”, however, the adjusted earnings were up slightly year-on-year, according to the Group. Operating return on sales amounted to 7.2% in the period from January to March 2018. “Additional significant provisions in connection with the diesel issue were not incurred in the first quarter of 2018”, says the manufacturer, adding that there were “significantly lower cash outflows in respect of this matter.” Profit before tax stood at €4.5 billion in the quarter (Q1 2017: €4.6 billion).
Sales revenue for the Volkswagen Passenger Cars brand rose +5.6% to €20.1 billion. In the premium segments, sales revenue for the Audi brand increased during the first quarter of 2018 to €15.3 billion (Q1 2017: €14.4 billion), while that of Porsche Automobile totalled €5.4 billion (Q1 2017: €5 billion), and that of the Bentley brand amounted to €351 million, which was slightly below that of the previous year at €361 million.
As reported by ILM, in April, members of the Board of Management and Supervisory Board of the Volkswagen Group resolved to introduce three brand groups and a new management structure as part of the Group’s intention to advance the collaboration as well as decision-making processes in the individual operating units.
In 2018, sales revenue for the Volkswagen Group is expected to increase up to +5% on the prior-year figure, and an operating return on sales of between 6.5 and 7.5% is anticipated for the operating profit.