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Volkswagen Profit Beats Estimates on Brazil, China (Update2)
By Andreas Cremer
uly 30 (Bloomberg) -- Volkswagen AG, Europe’s largest carmaker, reported a smaller-than-anticipated decline in profit and said growth in emerging markets will help the Audi manufacturer outperform the industry in the second half.
Second-quarter net income fell 83 percent to 283 million euros ($398 million) from a year earlier, Wolfsburg, Germany- based Volkswagen said today in a statement. Profit beat the 238.6 million-euro median estimate of five analysts surveyed by Bloomberg. Sales slid 7.7 percent to 27.2 billion euros.
Volkswagen rose as much as 4.9 percent in Frankfurt trading. VW’s first-half worldwide car and sport-utility vehicle deliveries dropped 5 percent, less than the 18 percent industrywide contraction, as gains in China and Brazil buffered declines in European countries such as Spain and the U.K. The maker of Skoda and Seat cars last week won a battle to combine with Porsche SE after staving off a takeover attempt by the 911 sports-car manufacturer.
“Volkswagen is feeling the impact of the crisis, no doubt, but they’re still performing comparatively well,” said Aleksej Wunrau, an analyst at BHF Bank in Frankfurt. “Volkswagen’s liquidity is high and inventory cuts were lower than at competitors.”
Volkswagen has a broader international presence than its closest European competitor, Paris-based PSA Peugeot Citroen, which reported a first-half vehicle-sales drop of 14 percent. The German carmaker said its worldwide market share in the six- month period rose to 12 percent from 9.9 percent a year earlier.
Golf, Polo
In China, its biggest foreign market, Volkswagen’s sales jumped 23 percent, and the increase was 7.3 percent in Brazil. Latin America and Asia were the only two regions where the carmaker reported higher deliveries.
The Volkswagen model range includes the Golf and Polo compacts, which attract consumers seeking fuel efficiency at the expense of German competitors Bayerische Motoren Werke AG and Daimler AG, the world’s two largest luxury-car manufacturers.
Volkswagen will perform “better” than the overall market in the second half, even though it will fail to resist the “downtrend” in global markets, the company said. Revenue will fall short of 2008’s level, it said.
The carmaker reiterated that full-year earnings will stay “below” levels achieved in previous years. “High volatility” in markets precludes a “reliable” forecast for the remainder of 2009, Volkswagen said.
Shares Gain
Volkswagen’s global sales in June rose 6.5 percent to 609,800 vehicles, the carmaker said on July 24. That contrasts with declines of 5 percent at Daimler’s Mercedes-Benz Cars unit, which includes the Smart two-door brand, and 13 percent at BMW, which also makes the Mini car.
The shares added as much as 11.82 euros to 253.50 euros and traded at 252.51 euros as of 12:07 p.m. in Frankfurt.
Sales by Volkswagen in Germany, where the government is offering buyers 2,500 euros when they trade in a model that’s at least nine years old for scrapping, climbed 18 percent to 534,000 vehicles in the first half. The country’s market expanded 26 percent in the period, according to the Federal Motor Vehicle Office.
European car-industry sales rose 2.4 percent in June, the first increase in 14 months, as customers took advantage of incentives across the region.
Volkswagen forecast in March that its full-year sales will drop 10 percent from a record 6.23 million vehicles in 2008. The carmaker said on July 3 that the global auto market may shrink by 20 percent this year, a week after predicting industry sales won’t achieve 2008 levels until 2011.
Four-Year Tussle
German carmakers probably won’t sustain sales growth into 2010 as trade-in subsidies expire this year, the VDA industry association said July 2. Registrations in Germany may plunge to 2.6 million vehicles from as many as 3.7 million in 2009, according to Rolf Dielenschneider, head of VW’s Seat division.
Volkswagen’s agreement on June 23 to combine with Stuttgart, Germany-based Porsche ended a four-year feud for control between the two manufacturers.
VW may pay 4 billion euros for a 49 percent stake in Porsche’s automotive unit and acquire the rest by 2011 in a transaction that would value the entire sports-car maker at about 8 billion euros, people familiar with the transaction have said. Porsche has a market value of 7.9 billion euros.
Porsche, which accumulated almost 51 percent of Volkswagen shares since 2005, owns options for another 20 percent of VW stock obtained in an acquisition attempt that failed as debt grew. Porsche said yesterday that it’s in talks on selling the options to the Persian Gulf emirate of Qatar.
Volkswagen said a week ago that Qatar would acquire a 17 percent stake under the merger agreement, becoming the No. 3 shareholder after Porsche and the German state of Lower Saxony.
Volkswagen Profit Beats Estimates on Brazil, China (Update2)
By Andreas Cremer
uly 30 (Bloomberg) -- Volkswagen AG, Europe’s largest carmaker, reported a smaller-than-anticipated decline in profit and said growth in emerging markets will help the Audi manufacturer outperform the industry in the second half.
Second-quarter net income fell 83 percent to 283 million euros ($398 million) from a year earlier, Wolfsburg, Germany- based Volkswagen said today in a statement. Profit beat the 238.6 million-euro median estimate of five analysts surveyed by Bloomberg. Sales slid 7.7 percent to 27.2 billion euros.
Volkswagen rose as much as 4.9 percent in Frankfurt trading. VW’s first-half worldwide car and sport-utility vehicle deliveries dropped 5 percent, less than the 18 percent industrywide contraction, as gains in China and Brazil buffered declines in European countries such as Spain and the U.K. The maker of Skoda and Seat cars last week won a battle to combine with Porsche SE after staving off a takeover attempt by the 911 sports-car manufacturer.
“Volkswagen is feeling the impact of the crisis, no doubt, but they’re still performing comparatively well,” said Aleksej Wunrau, an analyst at BHF Bank in Frankfurt. “Volkswagen’s liquidity is high and inventory cuts were lower than at competitors.”
Volkswagen has a broader international presence than its closest European competitor, Paris-based PSA Peugeot Citroen, which reported a first-half vehicle-sales drop of 14 percent. The German carmaker said its worldwide market share in the six- month period rose to 12 percent from 9.9 percent a year earlier.
Golf, Polo
In China, its biggest foreign market, Volkswagen’s sales jumped 23 percent, and the increase was 7.3 percent in Brazil. Latin America and Asia were the only two regions where the carmaker reported higher deliveries.
The Volkswagen model range includes the Golf and Polo compacts, which attract consumers seeking fuel efficiency at the expense of German competitors Bayerische Motoren Werke AG and Daimler AG, the world’s two largest luxury-car manufacturers.
Volkswagen will perform “better” than the overall market in the second half, even though it will fail to resist the “downtrend” in global markets, the company said. Revenue will fall short of 2008’s level, it said.
The carmaker reiterated that full-year earnings will stay “below” levels achieved in previous years. “High volatility” in markets precludes a “reliable” forecast for the remainder of 2009, Volkswagen said.
Shares Gain
Volkswagen’s global sales in June rose 6.5 percent to 609,800 vehicles, the carmaker said on July 24. That contrasts with declines of 5 percent at Daimler’s Mercedes-Benz Cars unit, which includes the Smart two-door brand, and 13 percent at BMW, which also makes the Mini car.
The shares added as much as 11.82 euros to 253.50 euros and traded at 252.51 euros as of 12:07 p.m. in Frankfurt.
Sales by Volkswagen in Germany, where the government is offering buyers 2,500 euros when they trade in a model that’s at least nine years old for scrapping, climbed 18 percent to 534,000 vehicles in the first half. The country’s market expanded 26 percent in the period, according to the Federal Motor Vehicle Office.
European car-industry sales rose 2.4 percent in June, the first increase in 14 months, as customers took advantage of incentives across the region.
Volkswagen forecast in March that its full-year sales will drop 10 percent from a record 6.23 million vehicles in 2008. The carmaker said on July 3 that the global auto market may shrink by 20 percent this year, a week after predicting industry sales won’t achieve 2008 levels until 2011.
Four-Year Tussle
German carmakers probably won’t sustain sales growth into 2010 as trade-in subsidies expire this year, the VDA industry association said July 2. Registrations in Germany may plunge to 2.6 million vehicles from as many as 3.7 million in 2009, according to Rolf Dielenschneider, head of VW’s Seat division.
Volkswagen’s agreement on June 23 to combine with Stuttgart, Germany-based Porsche ended a four-year feud for control between the two manufacturers.
VW may pay 4 billion euros for a 49 percent stake in Porsche’s automotive unit and acquire the rest by 2011 in a transaction that would value the entire sports-car maker at about 8 billion euros, people familiar with the transaction have said. Porsche has a market value of 7.9 billion euros.
Porsche, which accumulated almost 51 percent of Volkswagen shares since 2005, owns options for another 20 percent of VW stock obtained in an acquisition attempt that failed as debt grew. Porsche said yesterday that it’s in talks on selling the options to the Persian Gulf emirate of Qatar.
Volkswagen said a week ago that Qatar would acquire a 17 percent stake under the merger agreement, becoming the No. 3 shareholder after Porsche and the German state of Lower Saxony.
gli americani non vogliono che Sberbank abbia un ruolo in Opel...
( non so se ne avete già parlato).... è Valeo 2013 3,75 FR0010206334... in acq 92,30/92,90 venerdì... ho letto che è uno dei più grandi produttori di componentistica e di ricambi al mondo ed è in atto un ristrutturazione aziendale...entrati nel suo capitale fondi e stato francese...sotto i 93 renderebbe il 5% annuo con minus ( ed io ne ho ancora
!)....grazie per eventuali risposte.
