Volskwagen posts 41 percent increase in net profit for 2012

Volkswagen AG posted a net profit of 21.7 billion euros ($28.7 billion) for 2012, up 41 percent on revenues that were 21 percent bigger.

Volkswagen said in a press release Friday ahead of its full-earnings next month that revenues were up to 192.7 billion euros. Europe’s largest carmaker delivered more than 9 million vehicles worldwide last year for the first time, rising 12.2 percent to nearly 9.3 million.

The German carmaker expects revenue to exceed last year’s level in 2013 but operating profit is expected to match the 2012 level because of uncertainty in the economic environment. Last year’s operating profit was 11.5 billion euros, a 2.1 percent increase over 2011.
“The economic environment for our business became noticeably more difficult as the year progressed. Nevertheless, we succeeded in meeting the targets we set ourselves for 2012”, Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, said in Wolfsburg on Friday.

The Group’s profit before tax in 2012 amounted to 25.5 billion euros, including the positive effects from the final measurement of the put/call rights relating to Porsche as of July 31, 2012 and from remeasurement at the contribution date of the shares already held (total: 12.3 billion euros).