Volkswagen 2017 profit more than doubles
The group also improved nearly all of its financial key performance indicators amid challenging conditions. Particularly the delivery record of 10.7 million vehicles lifted group sales revenue by 6.2 percent year-on-year to EUR 230.7 billion.
Special items attributable to the diesel issue once again reduced operating profit, which nevertheless rose by EUR 6.7 billion to EUR 13.8 billion. The Volkswagen group expects to moderately exceed its latest record delivery figures in the current fiscal year.
The increase in the sales revenue of the Volkswagen group was mainly due to strong unit sales as well as the healthy performance of the Financial Services Division; exchange rates had a nega-tive effect.
In fiscal year 2017, the Volkswagen group recorded operating profit before special items of EUR 17.0 (14.6) billion, and the operating return on sales before special items increased to 7.4 (6.7) percent.
The share of operating profit attributable to the Chinese joint ventures (EUR 4.7 billion) was down slightly in the reporting period.
As expected, there were high cash outflows in the reporting period due to the diesel issue, primar-ily for vehicle recalls and legal risks. Net cash flow in the Automotive Division decreased by EUR 10.3 billion year-on-year to EUR –6.0 billion. Nevertheless, net liquidity in the Automotive Division continued at a robust level, amounting to EUR 22.4 billion at the end of 2017.
The Board of Management and Supervisory Board will propose to pay a dividend of EUR 3.90 (previous year: EUR 2.00) per ordinary share and EUR 3.96 (previous year: EUR 2.06) per preferred share at the Annual General Meeting on May 3, 2018. ■