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Cars: Volkswagen with result jump - Sales Sacks from

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The Automotive Group Volkswagen can continue to retract high profits despite Chip plaque and uncertainties around the war in Ukraine.

VW hat im ersten Quartal ein deutlich höheres Betriebsergebnis eingefahren als ein Jahr zuvor. © Sebastian Kahnert / DPA Central Image / DPA VW has recovered a significantly higher operating result in the first quarter than a year earlier.

in the first quarter helped the accounting of raw materials insurance transactions, with which Wolfsburgs arms against high price fluctuations, the results clearly on the jumps. The problem remains problematic as before the sale of vehicles that fails because of missing semiconductors - even if the group continues to grow strongly in the fully electric cars.

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At the same time, uncertainty is increasingly worried about the supply chains, even because of Russian war in Ukraine, the Wolfsburgers. The ongoing war has a significant impact on exchange rates and price development on the commodity markets, it was cautiously called VW. In addition, the first effects on the supply chains can be seen.

This resulted in special items from the diesel-enabled earnings before interest and taxes grew in the first three months according to preliminary figures to 8.5 billion euros. 3.5 billion euros alone came from the accountant value added to guarantee contracts. In addition to suppliers, the Group secures prices and quantities of raw materials - and the balance sheet value of the contracts increases if prices vary more strongly, as last.

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To make money, VW can not do this value of the contracts usually in the financial market, because the Wolfsburgs are instructed on the agreed delivery of raw materials to the relevant terms.

But even without the effects from the hedging contracts, an operating result of around 5 billion euros would have confessed to beech - a little more than a year ago with 4.8 billion euros, as well as certain securing arrangements had surprised the numbers.

Poor Results in China

In the absence of the lack of semiconductor components, the production further significantly burdens production. In the first quarter, VW delivered only 1.9 million vehicles worldwide - good one-fifth less than in the same period of the previous year.

In the home market Western Europe, deliveries decreased by almost 15 percent. In China, a minus of 23.9 percent was available. In the world's largest car market, VW is the market leader, about 40 percent of the total consolidated deliveries makes the group there.

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As one of the reasons for the bad results in China, Volkswagen named pandemic restrictions by China's zero-Covid strategy. The Corona wave is just in regions such as the Northeast Jilin, Jangtse Delta or Provinces such as Shandong and Hebei, where Volkswagen usually sell a lot, it was in the message. The Group had to suspend operation in works in Shanghai and Changchun in Northeast China because of Lockdowns.

«Since mid-March, we have been heavily hit by Covid-19 outbreaks, which means that we can not temporarily comply with the high customer demand," said VW-China boss Stephan Wöllenstein. But he confidently showed himself to deal with these challenges. There is a clear plan to come back on course. "We hope that the situation is soon relaxed and we are able to balance the delays in production in the coming months."

The prices rise

Worldwide the short supply of new cars as a result of the chip crisis with strong demand for quite some time for long delivery times on the market for private and commercial customers. This leaves prices, both in new cars and used cars. VW benefits not only with the sale of new cars, but also in the re-marketing of leasing reversals.

In addition, VW is trying to equip the lucrative cars from Porsche and Audi with the available chips to support the profits. In the case of Porsche, the decline in deliveries in the first quarter was therefore only almost 5 percent, at Audi it was just under 17 percent less sales. The deliveries of the core brand VW cars, on the other hand, dropped more than one quarter.

also the electric cars, to which Group chef Herbert this VW is aligned for the future, are preferably equipped with the scarce semiconductors. Their sales climbed 65 percent to 99,100 fully electric cars in the months of January to March. In China, where the startup of the battery cars went long bumpy, VW supplied four times as much as a year ago with 28,800 electric cars.

The detailed interim report for the first quarter wants to publish VW on May 4.

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