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EQS-Ad-hoc: VOLKSWAGEN AKTIENGESELLSCHAFT / Key word(s): Strategic Company Decision/Change in Forecast
VOLKSWAGEN AKTIENGESELLSCHAFT: Support for information and consultation process at Brussels site resolved, adjustment
of annual forecast as a result and other unplanned expenses in the Group
09-Jul-2024 / 19:15 CET/CEST
Disclosure of an inside information acc. to Article 17 MAR of the Regulation (EU) No 596/2014, transmitted by EQS News
- a service of EQS Group AG.
The issuer is solely responsible for the content of this announcement.
The Supervisory Board of AUDI AG resolves to support an information and consultation process at the Brussels site. In
this process, the Board of Management of Audi Brussels S.A./N.V. will work together with the responsible social
partners to develop solutions for restructuring the site. At the end of this process, the plant may among other things
be closed down. Expected expenses from these matters and other unplanned expenses in the Volkswagen Group have resulted
in an adjustment to the 2024 forecast.
The Board of Management of Volkswagen AG has been informed today that the Supervisory Board of AUDI AG, against the
background of the development of demand for the Audi Q8 e-tron model family in certain markets, has decided at its
meeting today to support an information and consultation process at the Brussels site as required by Belgian law. In
this process, the Board of Management of Audi Brussels S.A./N.V. is working together with the responsible social
partners to develop solutions for the site. At the end of this process, the site may among other things be closed down.
The expenses expected as a result of alternative uses or a plant closure, which are expected to be accrued in the third
quarter, in conjunction with the other unplanned expenses in the Volkswagen Group, will have a significant impact on
the operating result of the Volkswagen Group in the 2024 financial year.
The other unplanned expenses comprise various items that had a negative impact on the Volkswagen Group's operating
result in the second quarter. These resulted, among other things, from exchange rate losses in connection with the
deconsolidation of Volkswagen Bank Rus in the Financial Services Division and from expenses in connection with the
planned closure of the gas turbine business of MAN Energy Solutions. In addition, as announced in April, Volkswagen
recognized provisions of EUR0.9 billion for termination agreements as part of the sustainable reduction in administrative
personnel costs at Volkswagen AG.
In total, all of the aforementioned matters will lead to a total burden on the operating result of up to EUR2.6 billion
in the 2024 financial year, with the matters mentioned in the last paragraph already being recognized as expenses in
the second quarter.
The effects mainly relate to the Volkswagen Group, the Brand Group Core, the Brand Group Progressive and the Financial
Services Division. The Brand Group Sport Luxury (Porsche AG) and the Brand Group Trucks (TRATON SE) are not affected by
the aforementioned expenses.
In view of the additional earnings effects of up to EUR1.7 billion above and beyond the termination agreements at
Volkswagen AG, Volkswagen Group does not expect to be able to compensate for these in the current financial year and is
therefore adjusting the annual forecast for 2024 for the Volkswagen Group and the Passenger Cars Business Area and now
expects an operating return on sales in the range of 6.5% and 7.0% (previously: 7.0% to 7.5%). The forecast for the
other key figures remains unchanged.
Volkswagen will publish its half-year financial report on August 1. Definitions of operating profit, net cash flow and
net liquidity can be found in the 2023 Annual Report on pages 100ff.
End of Inside Information
09-Jul-2024 CET/CEST The EQS Distribution Services include Regulatory Announcements, Financial/Corporate News and Press
Releases.

Archive at www.eqs-news.com  
Language:     English 
Company:      VOLKSWAGEN AKTIENGESELLSCHAFT 

Berliner Ring 2
38440 Wolfsburg
Germany

Phone:        +49 (0)5361 9 - 49015 
Fax:          +49 (0)5361 9 - 30411 
E-mail:       lars.korinth@volkswagen.de 
Internet:     www.volkswagenag.com/ir 
ISIN:         DE0007664039, DE0007664005 
WKN:          766403, 766400 
Indices:      DAX, Euro Stoxx 50 
Listed:       Regulated Market in Berlin, Dusseldorf, Frankfurt (Prime Standard), Hamburg, Hanover, Munich, Stuttgart; 

Regulated Unofficial Market in Tradegate Exchange
EQS News ID: 1942111

End of Announcement EQS News Service
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1942111 09-Jul-2024 CET/CEST

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July 09, 2024 13:18 ET (17:18 GMT)