Volkswagen Ag · XETR:VOW
Volkswagen — Q1 2024 Earnings Presentation
32 slides from Volkswagen's earnings presentation, Apr 30, 2024
Slide 1: Volkswagen AG Investor, Analyst and Media Call Q1/2024
Volkswagen AG Investor, Analyst and Media Call Q1/2024 April 30, 2024
Slide 2: Disclaimer
Disclaimer The following presentations as well as remarks/comments and explanations in this context contain forward-looking statements on the business development of the Volkswagen Group. These statements are based on assumptions relating to the development of the economic, political and legal envir
Slide 3: Highlights / Financials
VOLKSWAGEN GROUP 7 | Highlights 2+ Financials
Slide 4: Volkswagen Group Highlights Q1 2024
Volkswagen Group Highlights Q1 2024 Start of production of new Golf – New era 9th Generation of the Passat - PHEV option 3rd Generation Tiguan - Best-selling compact of infotainment with integration of ChatGPT increases appeal for large fleet customers SUV now in roll-out Škoda Epiq announced with m
Slide 5: Impressions from China Capital Markets Day
Impressions from China Capital Markets Day on 24 April 2024 ~170 guests joined CMD Volkswagen Group Night at Phoenix Center in Beijing at evening of CMD & before Beijing Auto Show 5
Slide 6: Recap China Capital Markets Day on April 2024
Recap China Capital Markets Day on 24 April 2024 Continuing our ~40 years success story Increase speed, reduce complexity & leverage local partnerships with ‘in China, for China’ approach Cost competitiveness with local BEV market leaders in A-Main segment by 2026 utilizing China Main Platform Local
Slide 7: Volkswagen Group Deliveries
Volkswagen Group Deliveries Deliveries above last year defending worldwide market share Deliveries [‘000 units / per month] 900 2023 2024 800 700 600 500 400 01 02 03 04 05 06 07 08 09 10 11 12 Global deliveries in Q1 BEV deliveries in Q1 Worldwide increased by 3% YoY decreased by 3% YoY market shar
Slide 8: Volkswagen Group Deliveries by Region
Volkswagen Group Deliveries by Region Growth in Q1 deliveries driven by North America, South America and China Europe North America Flat 5% 2023 2024 China 2023 2024 8% South America 14% 2023 2024 2023 2024 8
Slide 9: BEV Deliveries Year-to-date
BEV Deliveries Year-to-date Weaker market demand in Europe compensated by strong growth in China Top 6 BEV Models Quarterly Development BEV Deliveries [‘000 units] BEV share [%] 2024 BEV share [%] 2023 ID.4/5 Enyaq 35k 14k 9-11% 7% 9% 10% 7% 8% ID.3 Q8 e-tron 26k 10k 136 122 60 Q4 e-tron ID.Buzz 23k
Slide 10: Highlights Financials Volkswagen Group
1 Highlights 2 Financials Volkswagen Group
Slide 11: Financial Overview
Financial Overview As expected, muted start to year mainly due to lower car sales, supply constraints and product ramp-up Vehicle Sales Sales Revenue Operating Result and Margin1 [m vehicles] [€ bn] [€ bn] Margin [%] Fair value of derivatives outside hedge accounting2 -1% 76.2 75.5 7.5% 6.1% -20% 5
Slide 12: Automotive Net Cash Flow and Net Liquidity
Automotive Net Cash Flow and Net Liquidity Cash flow held back by swing in inventories related to model ramp-up & Audi supply constraint Rep. Net Cash Flow [CCR]1, 2 'Clean' Net Cash Flow1, 3 Net Liquidity1 [€ bn] [€ bn] [€ bn] -8% 40.3 37.2 >-100% >-100% 2.7 2.2 49% -3.0 -2.7 Jan-Mar Jan-Mar Jan-Ma
Slide 13: Automotive Net Liquidity
Automotive Net Liquidity Financial position continues on very solid level Reported Net Cash Flow (€ -3.0bn)1 Clean NCF (€ -2.7bn) 40.3 -2.7 -0.1 -0.2 -0.1 37.2 thereof ~€ 6bn outflows from inventory build-up 31 Dec Operating Diesel M&A Other 31 Mar 2023 Business Outflow 2024 13
Slide 14: Operating Result by Division
Operating Result by Division Passenger Cars affected by lower sales volume - strong performance of Commercial Vehicles Automotive Division Financial Services Division Passenger Cars1, 2 Commercial Vehicles3 Financial Services Operating Result [€ bn] Operating Result [€ bn] Operating Result [€ bn] Ma
Slide 15: Operating Result Passenger Cars
Operating Result Passenger Cars Results affected by lower sales volumes related to Audi supply constraint & upcoming launches Operating Result before special items Operating Result [€ bn] Margin [%] -29% 3.6 3.6 -0.2 1.9 -1.2 2.6 -1.5 2.6 Thereof: Volume & other: -1.2 Mix: -0.4 7.0% 5.3% Price: +0.
Slide 16: Overhead Cost Development
Overhead Cost Development Group overhead cost1 Group overhead cost 1 [as % of Automotive revenue] TRATON [in €bn] Power Engineering1 [in €bn] Passenger Cars [in €bn] 19.5% 17.2% 17.5% 15.9% 15.7% 41.4 42.6 1.2 40.0 1.0 1.2 5.2 6.1 6.6 35.0 32.8 34.8 10.6 10.0 0.3 0.3 1.6 1.9 8.1 8.5 2019 2022 2022 2
Slide 17: Automotive Investment Ratio
Automotive Investment Ratio Spend levels peaking given product launches, battery / software and final phase of ICE invest R&D / Capex – Absolute and Ratio (Automotive Division) [in % of automotive sales, € bn] CAPEX R&D ∑ 14.4% ∑ 13.5% ∑ 13.5% - 14.5% € 8.7bn € 36.1bn ∑ 11.9% € 7.5bn 4.5% 5.5% ∑ <11
Slide 18: Highlights Financials Brand Groups
1 Highlights 2 Financials Brand Groups
Slide 19: Overview Q1 2024 Brand Groups
Overview Q1 2024 Brand Groups Expected operating headwinds at Audi & Porsche not fully compensated by Brand Group Core Core Progressive Sport Luxury Sales Revenue [€ bn] 32.8 (-1%) 13.7 (-19%) 8.1 (-13%) Operating Result1 [€ bn] 2.1 (+21%) 0.5 (-74%) 1.2 (-30%) 0.9 underlying (-62%) Operating Margin
Slide 20: Overview Q1 2024 Technology Platforms
Overview Q1 2024 Technology Platforms Continued investments in software and battery Software Battery Sales Revenue [€ bn] 0.2 (+6%) - (-) Operating Result1 [€ bn] -0.6 (-0.1) -0.1 (-0.0) Operating Margin [%] - (-) - (-) Net Cash Flow [€ bn] 0.5 (+0.2) -0.1 (+0.2) -0.6 underlying Delta to previous ye
Slide 21: Brand Group Trucks – TRATON
Brand Group Trucks – TRATON 1 Commercial Vehicles with continued strong earnings momentum in Q1 Key Takeaways Vehicle sales decreased by 4% to normalized levels Revenue growth driven by favorable Sales Revenue [€ bn] 11.5 (+5%) product mix, better unit price realization, and continued high Operating
Slide 22: Volkswagen Group Mobility
Volkswagen Group Mobility Key Takeaways Contract volume on previous year level Stable credit loss ratio Contracts [‘000 units] 25,295 (+1%) Continued normalization of Operating Result1 [€ bn] 0.9 (-24%) used car prices and operating result Credit Loss Ratio [%] 0.35 (+0.02ppts) Return on Equity² [%]
Slide 23: China Joint Ventures: Proportionate Operating Result
China Joint Ventures: Proportionate Operating Result First quarter results below previous year, in line with full year expectations ∑ 3,280 Key Takeaways ∑ 3,026 722 ICE leadership strengthened ∑ 2,621 Q4 1,064 Operating results lower YoY due to 741 VCTC ramp-up, NEV Co. 1,156 consolidation and fier
Slide 24: Volkswagen Group Outlook for 2024 confirmed
Volkswagen Group Outlook for 2024 confirmed Actual YTD Outlook FY/2023 Q1/2024 FY/2024 Sales Revenue € 322.3bn € 75.5bn (-1%) up to 5% growth YoY Operating Margin 7.0% 6.1% 7.0% to 7.5% Automotive Investment Ratio1 13.5% 14.4% 13.5% to 14.5% Automotive Reported Net Cash Flow € 10.7bn € -3.0bn € 4.5b
Slide 25: Overall Ambition
Overall Ambition Leading the Transformation with Integrity and based on our Values Strong brands BEV Financial strength Software ESG / Integrity AI / mobility services 25
Slide 26: Backup
VOLKSWAGEN GROUP Backup
Slide 27: Underlying Operating Result
Underlying Operating Result Underlying Operating Result1 [€ bn] Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 1.3 7.1 1.2 6.8 0.7 7.1 5.6 6.3 5.7 4.9 0.0 4.9 Reported operating profit 1 4.6 0.4 5.0 Fair value of derivatives outside hedge accounting Underlying operating profit 1 Deliveries [‘000] 2,041 2,3
Slide 28: Volkswagen Group Q1 – Analysis by Brand and Business Field
Volkswagen Group Q1 – Analysis by Brand and Business Field VEHICLE SALES (`000) SALES REVENUE (€ m) OPERATING RESULT (€ m) OPERATING MARGIN (%) Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Q1 2024 Q1 2023 Brand Group Core 1,192 1,193 32,773 33,163 2,110 1,742 6.4 5.3 Volkswagen Passenger Cars 695
Slide 29: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) VW Golf GTE The vehicle is not yet offered for sale and is therefore not subject to Directive 1999/94/EC. Consumption and emissi
Slide 30: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Porsche Macan S n/a 21,1 - 17,9 kWh/100 km n/a 516 - 613 km Taycan Turbo S n/a 18.8-16.6 kWh/100 km n/a 558 - 630 km Porsche Tay
Slide 31: Range / consumptions / emissions
Range / consumptions / emissions Fuel consumption Electrical consumption CO2 emissions Electric range Model combined (WLTP) combined (WLTP) combined (WLTP) combined (WLTP) Audi Q4 e-tron 55 n/a 16.8 – 19.5kWh/100 km n/a 449 - 523 km Q6L e-tron n/a 17.5 – 18.4 kWh/100km n/a 566 – 598 km Q8 55 e-tron
Slide 32: Volkswagen Group
VOLKSWAGEN GROUP