Volkswagen sales revenue up 2.7 percent
Operating profit grew by 21.8 percent to EUR 2.9 billion (EUR 2.3 billion). The Group's operating profit and sales revenue exclude the activities of the Chinese joint ventures, which are accounted for in the financial result using the equity method and is therefore not included in consolidated operating profit. The share of operating profit attributable to the Chinese joint ventures in the first quarter of 2014 was EUR 1.24 billion (EUR 1.16 billion).
The Volkswagen Group's profit before tax amounted to EUR 3.4 billion (EUR 2.7 billion). The return on sales before tax rose from 5.8 percent to 7.0 percent. Profit after tax was EUR 2.5 billion (EUR 1.9 billion).
The Volkswagen Passenger Cars brand recorded an operating profit of EUR 440 million (EUR 590 million) in the first quarter of 2014. It should be noted that this figure does not include the Chinese joint ventures.
Operating profit was negatively impacted by lower sales volumes, negative exchange rate trends especially in South America and Russia and higher upfront investments in new technologies, while lower material costs and improvements in the mix had a positive effect.
Audi's operating profit was on a level with the prior-year period, at EUR 1.3 billion (EUR 1.3 billion). Operating profit was impacted by high upfront investments in new products and technologies, as well as in the expansion of the international production network.
Škoda generated an operating profit of EUR 185 million (EUR 112 million) in the first quarter of 2014, up 65.2 percent on the previous year on the back of volume and mix-related factors.
Seat's operating loss improved by EUR 10 million to EUR 36 million (EUR 46 million).
Bentley's operating profit climbed by 65.7 percent year-on-year to EUR 45 million in the first quarter (EUR 27 million).
Porsche recorded an operating profit of EUR 698 million (EUR 573 million) in the first three months.
At EUR 136 million, Volkswagen Commercial Vehicles more than doubled its operating profit compared with the first quarter of 2013 (EUR 60 million).
Scania posted an operating profit of EUR 254 million (EUR 227 million).
MAN generated an operating profit of EUR 68 million (previous year: operating loss of EUR 102 million). ■