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Volkswagen Group reports profit in Q3
The Volkswagen Group's business was severely affected by the pandemic in the first nine months, but recovered noticeably in the third quarter.
Volkswagen Group reports profit in Q3
The Volkswagen Group reports a return to profitability in the third quarter. The most important numbers in the summary:
• Measures introduced worldwide against the Covid-19 pandemic are having an effect
•Deliveriesafter nine months there were 6.5 (8.0) million vehicles18.7 percent below the previous year, deliveries increased again in September for the first time this year
•Sales revenueof the groupdecrease by 16.7 percentto 155.5 (186.6) billion euros, the decline compared to the previous year is gradually decreasing
•Operating resultfrom special influencespositive again at 2.4 billion euros, but down by 12.4 billion euros compared to the previous year; The main reason is the lower sales due to demand
•Earnings before taxes amount to 2.3 (14.6) billion euros
• Automotive sector: Positive net cash flow of 1.4 (8.6) billion euros also reflects a normalization in working capital in the third quarter; Net liquidity increases to 24.8 billion euros, successful placement of a hybrid bond strengthens capital resources;Dividend payment of 2.4 billion euros in October
Outlook for 2020
The Volkswagen Group assumes that theDeliveries to customers in 2020as a result of the effects of the Covid-19 pandemicsignificantly below the previous year's valuebecome. Challenges also arise in particular from the increasing intensity of competition, volatile raw material and foreign exchange markets as well as stricter emissions-related requirements. As a result of the Covid-19 pandemicThe Volkswagen Group's sales revenue is expected to be significantly below the previous year's level.In totalthe Volkswagen Group expectsfor the year 2020with a year-on-year comparisona seriously declining but overall positive operating result(before and including special items).