DGAP-Adhoc: VOLKSWAGEN AG: Volkswagen AG publishes preliminary key figures for the first quarter 2022

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 at 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.

The effects of the further course of the Ukraine war still cannot be predicted with sufficient certainty. There is therefore still a risk that further developments in the Ukraine war will have a negative impact on the Volkswagen Group's business activities. This may also result from bottlenecks in the supply chain. The further development of the commodity markets also remains unpredictable, which in turn may have significant effects on the measurement of hedging instruments. In addition, negative effects may continue to result from a worsening Covid-19 pandemic and from the supply situation - especially for semiconductors.

The full report on the interim financial statements as of March 31, 2022 is expected to be published on May 04, 2022.

Definitions of operating profit before special items, net cash flow and net liquidity can be found in the 2021 AR on pages 90ff.

Rolf Woller

Head of Group Treasury and Investor Relations