Volkswagen Group H1 operating result €7.5bn
In addition, special items, totaling a negative €2.2bn, mainly related to further legal risks predominately arising in North America, have been included in the first half year results. The operating result after special items amounted to €5.3bn.
The key difference in the group operating result before special items to market expectations relates among others in particular to improvements in the result of the Volkswagen brand in the second quarter, especially in comparison to the weak first three months.
Causal factors include demand seasonality, the improved car market in Europe, as well as the return of orders from large corporate fleets that we had forecasted. Positive impacts from the efficiency programme also contributed.
The Volkswagen Group continues to anticipate that, depending on the economic conditions – particularly in South America and Russia – and the exchange rate development and in light of the diesel issue, we expect 2016 sales revenue for the Volkswagen Group to be down by as much as 5% on the prior‐year figure.
In addition to the emissions issues, the highly competitive environment as well as interest and exchange rate volatility and fluctuations in raw materials prices all pose challenges. The company anticipates positive effects from the efficiency programs implemented by all brands and from the modular toolkits.
In terms of the group’s operating profit before special items, we anticipate that the operating return on sales will be between 5.0% and 6.0% in 2016. ■