Q1 revenue 75.5 bln eur vs 76.2 bln (Il Sole 24 Ore Radiocor) - Berlin, 30 Apr - The German car maker Volkswagen (VW) said that in the first quarter the operating profit fell 20% year on year to 4.6 billion euros, as revenue fell to 75.5 billion euros from 76.2 billion.

The group added that the net cash burn for the automotive division was 2.2 billion euros compared with a positive cash flow of 2.2 billion a year earlier.

It explained that the "reversal of the exceptionally strong reduction in working capital at year-end 2023 and the expected build-up of inventories in preparation for the product offensive weigh on net cash flow" by 5.9 billion euros in the quarter.

In the first quarter vehicle sales fell 2% to 2.1 million vehicle.

VW confirmed its full-year outlook.

The group expects the sales revenue to exceed the previous year's figure by up to 5%. The operating return on sales is expected to be 7.0-7.5% compared with 6.1% in the first quarter.

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(RADIOCOR) 30-04-24 08:40:15 (0202) 5 NNNN