Financials Volkswagen AG

Equities

VOW3

DE0007664039

Auto & Truck Manufacturers

Real-time Estimate Tradegate Other stock markets 03:38:37 2024-09-06 am EDT			5-day change	1st Jan Change
93.56 ^EUR	-1.33%		-2.64%	-16.24%

09:23am	Israel's Tower Semiconductor ties up with Adani group for $10 billion chip project in India	RE
06:13am	VW savings plans could also affect suppliers	DP

Projected Income Statement: Volkswagen AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	252,632	222,884	250,200	279,232	322,284	325,954	337,104	347,045
Change	-	-11.78%	12.26%	11.6%	15.42%	1.14%	3.42%	2.95%
EBITDA ¹	43,735	25,392	32,359	37,721	36,513	37,360	39,734	43,664
Change	-	-41.94%	27.44%	16.57%	-3.2%	2.32%	6.35%	9.89%
EBIT ¹	19,296	10,606	19,275	22,124	22,576	21,250	23,840	26,113
Change	-	-45.04%	81.74%	14.78%	2.04%	-5.87%	12.19%	9.54%
Interest Paid ¹	-1,953	-765	-1,471	-2,476	-1,673	-1,781	-1,817	-1,727
Earnings before Tax (EBT) ¹	18,356	11,667	20,126	22,044	23,194	20,964	24,148	27,997
Change	-	-36.44%	72.5%	9.53%	5.22%	-9.61%	15.19%	15.94%
Net income ¹	13,346	8,824	14,843	14,867	16,013	13,930	16,200	18,227
Change	-	-33.88%	68.21%	0.16%	7.71%	-13.01%	16.29%	12.51%
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	61,420	66,015	55,054	41,076	59,355	67,398	62,376	67,293	56,931	63,601	62,742	69,543	70,712	76,235	76,198	80,059	78,845	87,182	75,461	83,339	79,517	87,178
Change	-	7.48%	-16.6%	-25.39%	44.5%	13.55%	-7.45%	7.88%	-15.4%	11.72%	-1.35%	10.84%	1.68%	7.81%	-0.05%	5.07%	-1.52%	10.57%	-13.44%	10.44%	-4.59%	9.63%
EBITDA ¹	7,840	10,958	4,385	1,981	7,004	12,021	8,110	9,542	5,600	8,904	11,530	7,784	10,034	-	9,934	11,717	9,270	10,180	8,601	9,732	8,577	9,698
Change	-	39.77%	-59.98%	-54.82%	253.56%	71.63%	-32.53%	17.66%	-41.31%	59%	29.49%	-32.49%	28.91%	-100%	-	17.95%	-20.88%	9.82%	-15.51%	13.15%	-11.87%	13.08%
EBIT ¹	4,816	4,501	904	-1,707	3,183	8,226	4,812	6,546	2,595	5,322	8,453	4,735	4,269	5,027	5,747	5,600	4,894	6,335	4,588	5,464	4,383	6,525
Change	-	-6.54%	-79.92%	-	-	158.44%	-41.5%	36.03%	-60.36%	105.09%	58.83%	-43.98%	-9.84%	17.76%	14.32%	-2.56%	-12.61%	29.44%	-27.58%	19.09%	-19.79%	48.86%
Charge d'intérêts ¹	-458	-456	-351	-675	-432	693	-868	-236	-415	48	-55	-	-2,052	-555	-706	-502	-24	-1,318	-593	-478	-425	-425
Earnings before Tax (EBT) ¹	5,080	3,719	682	-2,034	3,606	9,413	4,463	6,690	3,079	5,894	8,895	5,140	2,936	-	6,453	5,446	5,801	5,494	5,181	4,986	4,890	5,406
Change	-	-26.79%	-81.66%	-	-	161.04%	-52.59%	49.9%	-53.98%	91.43%	50.92%	-42.21%	-42.88%	-100%	-	-15.61%	6.52%	-5.29%	-5.7%	-3.76%	-1.93%	10.55%
Net income ¹	3,789	2,682	405	-1,607	2,583	7,443	3,244	4,860	2,761	3,978	6,555	3,741	1,957	-	4,209	3,791	4,347	4,665	3,266	3,112	3,259	3,713
Change	-	-29.22%	-84.9%	-	-	188.15%	-56.42%	49.82%	-43.19%	44.08%	64.78%	-42.93%	-47.69%	-100%	-	-9.93%	14.67%	7.32%	-29.99%	-4.72%	4.72%	13.93%
Announcement Date	10/30/19	2/28/20	4/29/20	7/30/20	10/29/20	2/26/21	5/6/21	7/29/21	10/28/21	3/15/22	5/4/22	7/28/22	10/28/22	3/14/23	5/4/23	7/27/23	10/26/23	3/13/24	4/30/24	8/1/24	-	-

¹EUR in Million

Estimates

Fiscal Period: December	2021 S1	2022 S1	2023 S1	2024 S1
Net sales ¹	129,669	132,285	156,257	158,800
Change	-	2.02%	18.12%	1.63%
EBITDA	-	-	-	-
Change	-	-	-	-
EBIT ¹	-	13,188	11,347	10,052
Change	-	-	-13.96%	-11.41%
Charge d'intérêts	-	-	-	-
Earnings before Tax (EBT) ¹	-	-	11,898	10,167
Change	-	-	-	-14.55%
Net income ¹	-	-	8,521	6,378
Change	-	-	-	-25.15%
Announcement Date	7/29/21	7/28/22	7/27/23	8/1/24

¹EUR in Million

Estimates

Forecast Balance Sheet: Volkswagen AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	-21,276	-26,796	-26,685	-43,015	-40,289	-38,837	-41,364	-48,239
Change	-	-225.94%	-199.59%	-261.2%	-193.66%	-196.4%	-206.51%	-216.62%
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

¹EUR in Million

Estimates

Cash Flow Forecast: Volkswagen AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	14,007	11,065	10,496	22,454	25,513	27,566	27,023	26,723
Change	-	-21%	-5.14%	113.93%	13.62%	8.05%	-1.97%	-1.11%
Free Cash Flow (FCF) ¹	11,555	13,656	21,906	7,411	10,698	3,340	9,412	11,765
Change	-	18.18%	60.41%	-66.17%	44.35%	-68.78%	181.82%	25.01%
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-

¹EUR in Million

Estimates

Forecast Financial Ratios: Volkswagen AG

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	17.31%	11.39%	12.93%	13.51%	11.33%	11.46%	11.79%	12.58%
EBIT Margin (%)	7.64%	4.76%	7.7%	7.92%	7.01%	6.52%	7.07%	7.52%
EBT Margin (%)	7.27%	5.23%	8.04%	7.89%	7.2%	6.43%	7.16%	8.07%
Net margin (%)	5.28%	3.96%	5.93%	5.32%	4.97%	4.27%	4.81%	5.25%
FCF margin (%)	4.57%	6.13%	8.76%	2.65%	3.32%	1.02%	2.79%	3.39%
FCF / Net Income (%)	86.58%	154.76%	147.58%	49.85%	66.81%	23.97%	58.1%	64.55%
Profitability
ROA	4.94%	1.79%	2.89%	2.72%	2.75%	2.96%	3.44%	3.83%
ROE	11.17%	7.09%	10.93%	9.6%	9.39%	7.88%	8.51%	8.76%
Financial Health
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-	-
Debt / Free cash flow	-	-	-	-	-	-	-	-
Capital Intensity
CAPEX / Current Assets (%)	5.54%	4.96%	4.2%	8.04%	7.92%	8.46%	8.02%	7.7%
CAPEX / EBITDA (%)	32.03%	43.58%	32.44%	59.53%	69.87%	73.78%	68.01%	61.2%
CAPEX / FCF (%)	121.22%	81.03%	47.91%	302.98%	238.48%	825.4%	287.12%	227.14%
Items per share
Cash flow per share ¹	61.39	49.31	77.07	56.84	75.51	53.29	64.14	69.19
Change	-	-19.67%	56.28%	-26.24%	32.83%	-29.42%	20.35%	7.88%
Dividend per Share ¹	6.56	4.86	7.56	7.5	9	8.602	9.925	10.74
Change	-	-25.91%	55.56%	-0.79%	20%	-4.42%	15.37%	8.23%
Book Value Per Share ¹	242.9	253.4	288.2	329.9	350.5	375.8	398.8	430.8
Change	-	4.33%	13.69%	14.49%	6.24%	7.24%	6.1%	8.04%
EPS ¹	26.66	16.66	29.65	29.69	31.98	28.12	32.92	36.8
Change	-	-37.51%	77.97%	0.13%	7.71%	-12.07%	17.06%	11.8%
Nbr of stocks (in thousands)	501,295	501,295	501,295	501,295	501,295	501,295	501,295	501,295
Announcement Date	2/28/20	2/26/21	3/15/22	3/14/23	3/13/24	-	-	-