VOLKSWAGEN BRAND BOOSTS SALES REVENUE AND PROFIT

Sales revenue rises by 3.4 percent to €44.1 billion in first half of 2019

Operating profit before special items up by 7.4 percent to €2.3 billion
<br< Operating return on sales after first six months at 5.2 percent

Operating return on sales for full year still expected to be within target corridor of four to five percent

The Volkswagen Passenger Cars brand was able to increase its sales revenue and operating profit in the first six months of the year despite a slight fall in deliveries. Driven by the improved product mix, the sales revenue of the Volkswagen brand grew by 3.4 percent to €44.1 billion. Operating profit before special items after six months was 7.4 percent higher than in the first half of 2018, at €2.3 billion. The operating return on sales increased to 5.2 percent. In the second quarter, there were no further special items resulting from litigation risks, after about €400 million had been booked in the first quarter. "In a difficult market environment, the Volkswagen brand developed very satisfactorily in the first half of the year. We were able to record improvements in operating profit and return on sales compared with the very good figures for the first half of 2018. The operating profit was supported by factors including the continuing product offensive, the optimization of fixed costs and progress with the turnaround in the regions. We intend to use this positive momentum to secure our return on sales targets. We will further strengthen our competitive position through targeted investments in e-mobility and digitalization," says Board Member for Finance Dr. Arno Antlitz.