Volkswagen Group: Q1 2024 Muted as Expected – Outlook Confirmed
Volkswagen Group: Q1 2024 Muted as Expected – Outlook Confirmed
"As expected, our first quarter results show a slow start to the year. We remain confident of achieving our financial targets for 2024. A strong March, the solid order bank and the improving order intake in the past months are encouraging and should already have a positive impact in the second quarter. We expect additional momentum over the course of the year from the launch of more than 30 new models across all brands. At the same time the effects our efficiency programs will gradually unfold as the year progresses. In this context, it will be particularly important to vigorously counteract the increase in fixed costs and exercise investment discipline."
“正如预期的那样,我们的第一季度业绩显示今年开局缓慢。我们仍然有信心实现2024年的财务目标。强劲的三月,稳健的订单库以及过去几个月订单量的改善令人鼓舞,应该已经对第二季度产生积极影响。我们预计,在这一年中,所有品牌推出的30多款新车型将带来更多动力。同时,随着时间的推移,我们的效率计划的影响将逐渐显现。在这种情况下,大力抵消固定成本的增长并行使投资纪律尤为重要。”
Arno AntlitzCFO & COO Volkswagen Group
Arno Antlitz首席财务官兼首席运营官大众汽车集团首席运营官
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Key Figures
关键人物
EUR
欧元
75.5
75.5
billion sales revenue in Q1 2024
2024 年第一季度销售收入达十亿美元
slightly below Q1 2023 (EUR 76.2 billion)
略低于 2023 年第一季度(762 亿欧元)
The significantly increased sales revenue in the Financial Service business largely compensate for the decline in the Automotive division (-4%).
金融服务业务销售收入的大幅增长在很大程度上弥补了汽车部门的下滑(-4%)。
EUR
欧元
4.6
4.6
billion Operating Result in Q1 2024
2024 年第一季度运营业绩达到 10 亿美元
20% below Q1 2023 (EUR 5.7 billion) / Operating Margin of 6.1%
比 2023 年第一季度(57 亿欧元)低 20% /营业利润率为 6.1%
Lower sales volumes, an unfavourable country, brand and model mix as well as an increase in fixed costs compared to the same period last year had the expected negative impact on the Operating Result in Q1.
与去年同期相比,销量下降,国家、品牌和车型组合不利,以及固定成本的增加,预计将对第一季度的经营业绩产生负面影响。
EUR
欧元
-3.0
-3.0
billion net cash flow in the Automotive Division in Q1 2024
2024 年第一季度汽车部门净现金流达到 10 亿美元
(EUR 2.2 billion)
(22 亿欧元)
Reversal of the exceptionally strong reduction in working capital at year-end 2023 and the expected build-up of inventories in preparation for the product offensive weigh on net cash flow with EUR 5.9 billion in Q1 2024.
2023年年底营运资金异常强劲的减少出现逆转,以及为产品攻势做准备的预期库存积累,打压了2024年第一季度净现金流59亿欧元。
2.1
2.1
million vehicle sales in Q1 2024
2024 年第一季度汽车销量达百万辆
down by 2% compared to Q1 2023; revenue relevant vehicle sales down by 5% to 1.4 million vehicles
与2023年第一季度相比下降了2%;与收入相关的汽车销量下降了5%,至140万辆
Asia-Pacific (+2%) and South America (+19%) recorded growth. In Europe/ Rest of World and North America, sales fell by 5% and 10%, respectively.
亚太地区(+2%)和南美(+19%)录得增长。在欧洲/世界其他地区和北美,销售额分别下降了5%和10%。
Order bank of 1.1 million vehicles remains stable at a high level compared to the end of 2023 of which 160,000 vehicles are BEVs. Encouraging order intake for important volume models such as the new VW Tiguan and the new VW Passat; order intake for BEVs almost doubled compared to Q1 2023.
与2023年底相比,110万辆汽车的订单库保持稳定在较高水平,其中16万辆是电动汽车。鼓励新款大众途观和新款大众帕萨特等重要批量车型的订单;与2023年第一季度相比,电动汽车的订单量几乎翻了一番。
Outlook 2024 confirmed
2024年展望已确认
The Volkswagen Group expects the sales revenue to exceed the previous year's figure by up to 5 percent. The operating return on sales is expected to range between 7.0 percent and 7.5 percent.
大众汽车集团预计,销售收入将比去年高出多达5%。营业销售回报率预计在7.0%至7.5%之间。
In the Automotive Division, the Group assumes an investment ratio of between 13.5 percent and 14.5 percent in 2024. The automotive net cash flow for 2024 is expected to be between EUR 4.5 and EUR 6.5 billion. This will include in particular investments for the future and cash outflows from mergers and acquisitions for the battery business, which are a vital pillar of the Volkswagen Group's transformation. Net liquidity in the Automotive Division is expected to be between EUR 39 billion and EUR 41 billion in 2024. It remains the Group's goal to continue its solid financing and liquidity policy.
在汽车部门,该集团假设2024年的投资比率在13.5%至14.5%之间。预计2024年的汽车净现金流将在45亿欧元至65亿欧元之间。这将特别包括对未来的投资以及电池业务的合并和收购产生的现金流出,这是大众汽车集团转型的重要支柱。2024年,汽车部门的净流动性预计将在390亿欧元至410亿欧元之间。集团的目标仍然是继续其稳健的融资和流动性政策。
Challenges will arise in particular from the economic situation, the increasing intensity of competition, volatile commodity, energy and foreign exchange markets, and more stringent emissions-related requirements.
挑战将特别来自经济形势、日益激烈的竞争、动荡的商品、能源和外汇市场以及更严格的排放相关要求。
Further information on the brand groups
有关品牌群体的更多信息
Core
核心
Slight decline in sales revenue of 1%; Operating Margin increases to 6.4%, supported by all brands, mainly due to positive price/mix effects; increased fixed costs have a negative impact. Q1 Results Core on May 2, 2024
销售收入略有下降1%;在所有品牌的支持下,营业利润率增长至6.4%,这主要是由于积极的价格/组合效应;固定成本的增加产生了负面影响。 2024 年 5 月 2 日的第一季度业绩核心
Progressive
渐进式
Significant decline in sales revenue primarily due to temporary supply constraints for V6 and V8 engines; Operating Margin declines to 3.4% due to volume and mix.
销售收入大幅下降主要是由于V6和V8发动机的临时供应限制;由于销量和组合,营业利润率下降至3.4%。
Sport Luxury
运动奢华
Operating Margin declines to 14.8% due to lower volume resulting from the launches of two model lines and investments in digitalization and the product portfolio.
由于两条车型的推出以及对数字化和产品组合的投资导致销量减少,营业利润率下降至14.8%。
TRATON Trucks
TRATON 卡车
TRATON continued its strong topline and earnings trajectory; Operating Margin came in at 9.0%. Q1 Results TRATON on April 26, 2024
TRATON延续了强劲的收入和盈利轨迹;营业利润率为9.0%。 2024 年 4 月 26 日的 TRATON 第一季度业绩
CARIAD
CARIAD
CARIAD continues to roll out software for a growing vehicle park, resulting in a significant increase in licenses. The Operating Loss is slightly higher than in the previous year.
CARIAD 继续为不断扩大的停车场推出软件,从而显著增加许可证。营业亏损略高于上一年。
VW Group Mobility
大众集团出行
Financial Services recorded an Operating Result of € 0.9 billion, a decline of 24% year-over-year, in line with expectations, due to the normalization of the used car business.
由于二手车业务的正常化,金融服务业的经营业绩为9亿欧元,同比下降24%,符合预期。
Key Figures Volkswagen Group
关键数据:大众汽车集团
First quarter |
|||
2024 |
2023 |
% |
|
Volume Data1 in thousands |
|||
Deliveries to customers (units) |
2,104 |
2,041 |
+ 3.1 |
Vehicle sales (units) |
2,081 |
2,124 |
– 2.0 |
Production (units) |
2,266 |
2,273 |
– 0.3 |
Employees (on March 31, 2024/Dec. 31, 2023) |
684.2 |
684.0 |
+ 0.0 |
Financial Data (IFRS), € million |
|||
Sales revenue |
75,461 |
76,198 |
– 1.0 |
Operating result |
4,588 |
5,747 |
– 20.2 |
Operating return on sales (%) |
6.1 |
7.5 |
|
Earnings before tax |
5,181 |
6,453 |
– 19.7 |
Return on sales before tax (%) |
6.9 |
8.5 |
|
Earnings after tax |
3,710 |
4,730 |
– 21.6 |
Automotive Division2 |
|||
Cash flows from operating activities |
2,528 |
7,576 |
– 66.6 |
Cash flows from investing activities attributable to operating activities3 |
5,555 |
5,332 |
+ 4.2 |
Net cash flow |
-3,027 |
2,244 |
- |
Net liquidity at March 31/Dec. 31 |
37,157 |
40,289 |
– 3.3 |
Investment ratio |
14.4 |
11.9 |
第一季度 |
|||
2024 |
2023 |
% |
|
体积数据1(以千计) |
|||
向买家配送(单位) |
2,104 |
2,041 |
+ 3.1 |
车辆销量(单位) |
2,081 |
2,124 |
— 2.0 |
产量(单位) |
2,266 |
2,273 |
— 0.3 |
员工(2024 年 3 月 31 日/2023 年 12 月 31 日) |
684.2 |
684.0 |
+ 0.0 |
财务数据(IFRS),百万欧元 |
|||
销售收入 |
75,461 |
76,198 |
— 1.0 |
运营结果 |
4,588 |
5,747 |
— 20.2 |
营业销售回报率 (%) |
6.1 |
7.5 |
|
税前收益 |
5,181 |
6,453 |
— 19.7 |
税前销售回报率 (%) |
6.9 |
8.5 |
|
税后收益 |
3,710 |
4,730 |
— 21.6 |
汽车事业部2 |
|||
来自经营活动的现金流 |
2,528 |
7,576 |
— 66.6 |
归因于经营活动的投资活动产生的现金流3 |
5,555 |
5,332 |
+ 4.2 |
净现金流 |
-3,027 |
2,244 |
- |
3月31日/12月31日的净流动性 |
37,157 |
40,289 |
— 3.3 |
投资比率 |
14.4 |
11.9 |
1 The figures also include the equity-accounted Chinese joint ventures. Prior-year deliveries have been updated to reflect subsequent statistical trends.
2 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
1 这些数字还包括股票入账的中国合资企业。对上一年度的交付量进行了更新,以反映随后的统计趋势。
2 包括汽车和金融服务部门之间的合并调整分配。
3 Excluding acquisition and disposal of equity investments: Q1 €5,350 (4,954) million.
3 不包括股权投资的收购和处置:第一季度53.5亿欧元(合49.54)亿欧元。
Key Figures by brand groups from January 1 to March 31
1 月 1 日至 3 月 31 日各品牌集团的关键数据
Vehicle sales |
Sales revenue |
Operating result |
Operating margin |
|||||
Thousand vehicles/€ million |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
Core brand group |
1.192 |
1.193 |
32.773 |
33.163 |
2.110 |
1.742 |
6.4 |
5.3 |
Progressive brand group |
243 |
323 |
13.725 |
16.883 |
466 |
1.816 |
3.4 |
10.8 |
Sport Luxury brand group1 |
71 |
85 |
8.144 |
9.333 |
1.207 |
1.727 |
14.8 |
18.5 |
CARIAD |
– |
– |
179 |
168 |
– 552 |
– 429 |
||
Battery |
– |
– |
2 |
0 |
– 79 |
– 72 |
||
TRATON Commercial Vehicles |
81 |
85 |
11.477 |
10.938 |
1.037 |
875 |
9.0 |
8.0 |
MAN Energy Solutions |
– |
– |
971 |
901 |
96 |
101 |
9.9 |
11.2 |
Equity-accounted companies in China2 |
649 |
609 |
– |
– |
– |
– |
||
Volkswagen Group Mobility |
– |
– |
13.780 |
11.980 |
786 |
985 |
5.7 |
8.2 |
Other3 |
– 155 |
– 171 |
– 5.591 |
– 7.168 |
– 483 |
– 997 |
8.6 |
13.9 |
Volkswagen Group |
2.081 |
2.124 |
75.461 |
76.198 |
4.588 |
5.747 |
6.1 |
7.5 |
1 Including Porsche Financial Services: sales revenue €9,011 (10,097) million, operating result €1,282 (1,840) million. |
车辆销售 |
销售收入 |
运营结果 |
营业利润率 |
|||||
千辆汽车/百万欧元 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
2024 |
2023 |
核心品牌集团 |
1.192 |
1.193 |
32.773 |
33.163 |
2.110 |
1.742 |
6.4 |
5.3 |
进步品牌集团 |
243 |
323 |
13.725 |
16.883 |
466 |
1.816 |
3.4 |
10.8 |
运动奢侈品牌群1 |
71 |
85 |
8.144 |
9.333 |
1.207 |
1.727 |
14.8 |
18.5 |
CARIAD |
— |
— |
179 |
168 |
— 552 |
— 429 |
||
电池 |
— |
— |
2 |
0 |
— 79 |
— 72 |
||
TRATON 商用车 |
81 |
85 |
11.477 |
10.938 |
1.037 |
875 |
9.0 |
8.0 |
MAN 能源解决方案 |
— |
— |
971 |
901 |
96 |
101 |
9.9 |
11.2 |
中国股票入账公司2 |
649 |
609 |
— |
— |
— |
— |
||
大众汽车集团出行 |
— |
— |
13.780 |
11.980 |
786 |
985 |
5.7 |
8.2 |
其他3 |
— 155 |
— 171 |
— 5.591 |
— 7.168 |
— 483 |
— 997 |
8.6 |
13.9 |
大众汽车集团 |
2.081 |
2.124 |
75.461 |
76.198 |
4.588 |
5.747 |
6.1 |
7.5 |
1 包括保时捷金融服务:销售收入90.11亿欧元(合10.97亿欧元),经营业绩12.82亿欧元(18.4亿欧元)。 |
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联系人
Christoph Oemisch
克里斯托夫·奥米什
Corporate CommunicationsSpokesperson Finance and Sales
企业传播/发言人财务和销售
Christopher Hauss
克里斯托弗·豪斯
Corporate CommunicationsHead of Strategy & Finance Communications
企业传播战略与财务传播主管