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SKODA show signs of strength over Q1
SKODA’s revenue rose 8.4% to EUR 2.9bn in the first three months of the year (Q1 2011: EUR 2.7bn). At the same time, the operating profit grew 11.8% to EUR 209m (Q1 2011: EUR 187m). The increase in the revenue as well as the enhanced cost optimisation contributed significantly to the improved operating profit of the car manufacturer. The operating margin of the company rose 7.2% (Q1 2011: 6.9%). With 242,700 vehicles delivered to customers, the brand also achieved a new delivery record for a first quarter.
'SKODA’s growth course is profitable,' emphasised SKODA’s chairman of the Board, Prof. Dr. h.c. Winfried Vahland (Inset). 'In the first quarter, we have sold more cars than ever in any previous quarter and were once again able to clearly improve our financial results. That demonstrates the financial solidity of the company,' continued the SKODA boss. However, the SKODA team would not rest on the positive figures, but would have to prepare the future path for continued profitable growth through a strict cost discipline in 2012. 'In times of economic uncertainty, profitability is a necessary prerequisite for the success of our growth strategy,' added Vahland.
In the first quarter of the year, SKODA increased the company investments in fixed assets to current EUR 101m. SKODA’s Board Member for Finances, Winfried Krause, said: 'We continue to invest in new products and capacities. Our expenditures clearly show that we are consistently pursuing our goals and implement them with concrete measures. We have set the right course and will continue to do that. That is how we will be able to realise our goal of selling at least 1.5m cars per year by 2018.'
In this context, Mr Krause stated that the increase of net liquidity had developed positively as well, and said: 'Despite increased investments, we were able to increase our net liquidity to almost EUR 2.1bn. This would create the necessary flexibility in times, which are becoming increasingly difficult with regard to the business cycle.'
The basis for the commercial success in the first quarter of 2012 lies in the automaker's model range, with the brand targeting an average of one new vehicles launched every six months during the coming years.