VW’s Q1 16 revenue number of close to €51bn (-3.4%) is slightly higher than what we had expected (€50.4bn). While EBIT of €3.13bn (-6%), which excludes one-off gains of €309m, is ahead of our projected €2.8bn, net earnings of €2.3bn (-20%) fell considerably short (€3.3bn). The latter is explained by the €0.4bn fall in Chinese at-equity profits to €1.2bn and the €850m fall in other net financial expenses to €1.35bn.
31 May 2016
Chinese business is clearly getting tougher
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Chinese business is clearly getting tougher
VW’s Q1 16 revenue number of close to €51bn (-3.4%) is slightly higher than what we had expected (€50.4bn). While EBIT of €3.13bn (-6%), which excludes one-off gains of €309m, is ahead of our projected €2.8bn, net earnings of €2.3bn (-20%) fell considerably short (€3.3bn). The latter is explained by the €0.4bn fall in Chinese at-equity profits to €1.2bn and the €850m fall in other net financial expenses to €1.35bn.