Financial Express (Holdings) Limited (“we”, “our”, “us” and derivatives) are committed to protecting and respecting your privacy. This Privacy Policy, together with our Terms of Use, sets out the basis on which any personal data that we collect from you, or that you provide to us, will be processed by us relating to your use of any of the below websites (“sites”).


For the purposes of the Data Protection Act 1998, the data controller is Trustnet Limited of 2nd Floor, Golden House, 30 Great Pulteney Street, London, W1F 9NN. Our nominated representative for the purpose of this Act is Kirsty Witter.


We collect information about you when you register with us or use any of our websites / services. Part of the registration process may include entering personal details & details of your investments.

We may collect information about your computer, including where available your operating system, browser version, domain name and IP address and details of the website that you came from, in order to improve this site.

You confirm that all information you supply is accurate.


In order to provide personalised services to and analyse site traffic, we may use a cookie file which is stored on your browser or the hard drive of your computer. Some of the cookies we use are essential for the sites to operate and may be used to deliver you different content, depending on the type of investor you are.

You can block cookies by activating the setting on your browser which allows you to refuse the setting of all or some cookies. However, if you use your browser settings to block all cookies (including essential cookies) you may not be able to access all or part of our sites. Unless you have adjusted your browser setting so that it will refuse cookies, our system will issue cookies as soon as you visit our sites.


We store and use information you provide as follows:

  • to present content effectively;
  • to provide you with information, products or services that you request from us or which may interest you, tailored to your specific interests, where you have consented to be contacted for such purposes;
  • to carry out our obligations arising from any contracts between you and us;
  • to enable you to participate in interactive features of our service, when you choose to do so;
  • to notify you about changes to our service;
  • to improve our content by tracking group information that describes the habits, usage, patterns and demographics of our customers.

We may also send you emails to provide information and keep you up to date with developments on our sites. It is our policy to have instructions on how to unsubscribe so that you will not receive any future e-mails. You can change your e-mail address at any time.

In order to provide support on the usage of our tools, our support team need access to all information provided in relation to the tool.

We will not disclose your name, email address or postal address or any data that could identify you to any third party without first receiving your permission.

However, you agree that we may disclose to any regulatory authority to which we are subject and to any investment exchange on which we may deal or to its related clearing house (or to investigators, inspectors or agents appointed by them), or to any person empowered to require such information by or under any legal enactment, any information they may request or require relating to you, or if relevant, any of your clients.

You agree that we may pass on information obtained under Money Laundering legislation as we consider necessary to comply with reporting requirements under such legislation.


We want to ensure that the personal information we hold about you is accurate and up to date. You may ask us to correct or remove information that is inaccurate.

You have the right under data protection legislation to access information held about you. If you wish to receive a copy of any personal information we hold, please write to us at 3rd Floor, Hollywood House, Church Street East, Woking, GU21 6HJ. Any access request may be subject to a fee of £10 to meet our costs in providing you with details of the information we hold about you.


The data that we collect from you may be transferred to, and stored at, a destination outside the European Economic Area (“EEA”). It may be processed by staff operating outside the EEA who work for us or for one of our suppliers. Such staff may be engaged in, amongst other things, the provision of support services. By submitting your personal data, you agree to this transfer, storing and processing. We will take all steps reasonably necessary, including the use of encryption, to ensure that your data is treated securely and in accordance with this privacy policy.

Unfortunately, the transmission of information via the internet is not completely secure. Although we will do our best to protect your personal data, we cannot guarantee the security of your data transmitted to our sites; any transmission is at your own risk. You will not hold us responsible for any breach of security unless we have been negligent or in wilful default.


Any changes we make to our privacy policy in the future will be posted on this page and, where appropriate, notified to you by e-mail.


Our sites contain links to other websites. If you follow a link to any of these websites, please note that these websites have their own privacy policies and that we do not accept any responsibility or liability for these policies. Please check these policies before you submit any personal data to these websites.


If you want more information or have any questions or comments relating to our privacy policy please email in the first instance.

 Information  X 
Enter a valid email address

Volkswagen AG (VKW)

  Print      Mail a friend       Annual reports

Friday 27 July, 2007

Volkswagen AG

Interim Results

Volkswagen AG
27 July 2007

Interim Report January-June 2007:

- Volkswagen Group operating profit again significantly up year-on-year
  at EUR 2.8 billion in the first six months of 2007

- At EUR 3.0 billion, consolidated pre-tax profit from continuing
  operations rises by EUR 2.3 billion over previous year's figure, which
  was reduced by special items

- Group sales revenue of EUR 54.9 billion exceeds prior-year figure by
  5.7 percent, primarily due to higher volume

- Ratio of investments in property, plant and equipment (capex) to sales
  revenue in the Automotive Division at 3.3 percent in first six months
  of 2007 (previous year: 2.9 percent); cash flows from operating
  activities improve to EUR 8.0 billion (previous year: EUR 6.3 billion)

- Net liquidity in the Automotive Division further increased to
  EUR 11.8 billion

- Group models successful:
  - Deliveries to customers worldwide up by 7.8 percent year-on-year to
    3.1 million vehicles; market share in Germany and Western Europe
    further increased

  - Sales of Volkswagen Passenger Cars, Audi, Skoda and Volkswagen
    Commercial Vehicles significantly up over the previous year, SEAT
    stable at prior-year level

  - Continued high demand in China, South America, Central and Eastern

  - Upgraded Phaeton and new Skoda Praktik unveiled; new Magotan to be
    launched in China in the second half

  - Golf Variant gets off to successful start with a large number of
    advance orders

  - Demand for Polo BlueMotion and Passat BlueMotion considerably higher
    than expected

  - Audi A5 and Audi S5 meet very positive reception in the European

- Acceptance period for the takeover bid by Dr. Ing. h.c. F. Porsche AG
  to Volkswagen AG shareholders closed on May 29, 2007

January-June                                         2007  2006*) +/- (%)
Volkswagen Group:

Deliveries to customers               '000 units    3,086   2,864  +  7.8
Vehicle sales                         '000 units    3,089   2,866  +  7.8
Production                            '000 units    3,134   2,890  +  8.4
Employees                        June 30/Dec. 31  322,576 324,875  -  0.7

Continuing operations:
  Sales revenue                      EUR million   54,852  51,892  +  5.7

  Operating profit
    before special items             EUR million    2,820   1,952  + 44.5
  Special items                      EUR million        -    -995       x
  Operating profit
    after special items              EUR million    2,820     957       x

  Profit before tax from
    continuing operations            EUR million    3,013     751       x
  Profit from continuing operations  EUR million    1,959     390       x

Profit from discontinued
  operations**)                      EUR million        -     796       x
Profit after tax                     EUR million    1,959   1,186  + 65.2

Automotive Division (including allocation of consolidation adjustments
between the Automotive and Financial Services divisions):

Cash flows from operating activities EUR million    8,033   6,291  + 27.7
Cash flows from investing
  activities***)                     EUR million    2,615     598       x
Net liquidity at June 30             EUR million   11,787   6,365  + 85.2

*)   Restated
**)  Net gain on disposal of the Europcar group and the Europcar's
     current profit after tax for January to May 2006.
***) Excluding acquisition and disposal of equity investments:
     EUR 2,127 million (EUR 2,113 million).

The key automotive markets continued to record a mixed performance in the
first half of 2007. Growth rates for global automotive demand remained on
a level with the previous year. As the year progresses, we are
forecasting continued high energy and commodity prices that will have a
dampening effect on market growth.

Nevertheless, we expect that global new registrations for full-year 2007
will slightly exceed the previous year. Overall, we expect demand growth
in Europe to slow somewhat, while in Western Europe a decline in the
number of new registrations still cannot be ruled out in Germany and
Spain. The North American markets are also likely to record lower new
registration figures year-on-year. We believe that the markets in China
and South America will be the key drivers of global automotive demand,
posting high growth rates.

We will continue to expand our product portfolio this year by launching a
large number of attractive new models, thus extending our good
competitive position. We are forecasting increased sales figures in
nearly all key automotive markets, especially in the Asia-Pacific, South
America, Central and Eastern Europe regions. We therefore expect to sell
more than six million vehicles for the first time in 2007, and to
significantly exceed the previous year's deliveries.

We expect the Volkswagen Group's 2007 sales revenue to exceed the
previous year's figure. The increase in unit sales and the continuous
optimization of cost structures will lead to a sustainable improvement in
competitiveness and our earnings power.

We are therefore forecasting that the Volkswagen Group's 2007 operating
profit will significantly exceed the previous year's operating profit
before special items, and that we will generate a profit before tax of at
least EUR 5.1 billion. This will enable us to achieve one year earlier
the goal we originally set for 2008.

Wolfsburg, July 27, 2007

Volkswagen AG - The Board of Management

(The full interim report is available at

This report contains forward-looking statements on the business
development of the Volkswagen Group. These statements are based on
assumptions relating to the development of the economies of individual
countries, and in particular of the automotive industry, which we have
made on the basis of the information available to us and which we
consider to be realistic at the time of going to press. The estimates
given entail a degree of risk, and the actual developments may differ
from those forecast.

Consequently, any unexpected fall in demand or economic stagnation in our
key sales markets, such as Western Europe (and especially Germany) or in
the USA, Brazil, or China, will have a corresponding impact on the
development of our business. The same applies in the event of a
significant shift in current exchange rates relative to the US dollar,
sterling, yen, Brazilian real, Chinese renminbi and Czech koruna.

                      This information is provided by RNS
            The company news service from the London Stock Exchange                                                              

a d v e r t i s e m e n t