Volkswagen AG publishes preliminary key figures for the first quarter 2022

The ongoing war in Ukraine is having a significant impact on exchange rates and price developments on the commodity markets. In addition, the first effects on supply chains can be seen. Volkswagen AG is also affected by these impacts.

Based on preliminary figures, the Volkswagen Group expects 1Q2022:

• An operating profit before special items of around 8.5 billion Euros and an operating return on sales of around 13.5%. In addition to a robust operating performance, positive fair value measurements on hedging instruments outside hedge accounting have a significant impact on earnings totaling 3.5 billion Euro. A large part of these valuation effects is attributable to commodity hedges and is not cash-effective.
• The net cash flow of the Automotive Division is around 1.5 billion Euros. Burdens on working capital from seasonally increased inventories are offset by only a small increase in liabilities which is production related.
• Net liquidity in the Automotive Division amounts to around 31 billion Euros and includes the repayment of a hybrid bond for 1.1 billion Euros in March 2022 and the new hybrid bonds issued in the same month for 2.25 billion Euros.

Full press release