Volkswagen sales revenue EUR 202.5 billion
The operating margin improved to 6.3 percent (5.9 percent), reaching the upper end of the forecast range of 5.5 percent to 6.5 percent. The group’s profit before tax increased to EUR 14.8 billion (EUR 12.4 billion), while the return on sales before tax rose from 6.3 percent to 7.3 percent.
The equity-accounted profit of the Chinese joint ventures exceeded the high prior-year figure. The activities of the Chinese joint ventures have always been accounted for in the financial result using the equity method and are therefore not included in the group’s sales revenue and operating profit.
Profit after tax came in at EUR 11.1 billion (EUR 9.1 billion). Net cash flow in the Automotive Division increased by EUR 1.7 billion to EUR 6.1 billion thanks to the robust business model. Net liquidity in the Automotive Division rose to EUR 17.6 billion (EUR 16.9 billion) as of year-end 2014.
In light of the successful fiscal year, the board of management and the supervisory board will be proposing to the annual general meeting to increase the dividend by 20 percent to EUR 4.80 (EUR 4.00) per ordinary share and EUR 4.86 (EUR 4.06) per preferred share. This would result in a distribution ratio of 21.2 percent (20.6 percent). The medium-term distribution target is 30 percent.
The Board of Management expects group deliveries to increase moderately in full-year 2015 and, depending on economic conditions, group sales revenue to increase by up to 4 percent year-on-year.
In terms of the group's Operating profit, Volkswagen is forecasting an operating return on sales of between 5.5 percent and 6.5 percent in light of the challenging economic environment. ■