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    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Real-time Estimate Tradegate  -  01:43 2022-12-09 am EST
137.12 EUR   +0.38%
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Volkswagen AG : Thriving markets drive Bentley's Q1 sales up 25%

04/10/2013 | 08:20am EST

• US remains Bentley's largest market
• Significant growth in key emerging market Russia
• Eight new dealerships opened in Q1
• Imminent arrival of the new Flying Spur

Bentley Motors' growth continues as the company today announces that global deliveries to customers in the first quarter of 2013 have increased by 25.75% to 2,212 cars compared to the first three months of 2012 (1,759). Growth was led by a strong US market and outstanding sales in the Middle East, Asia Pacific and Europe, as the company opened a further eight new dealerships in the first three months of the year.

Commenting on the results, Kevin Rose, Bentley's board member for sales, marketing and aftersales said: "Bentley continues to sustain significant global sales growth. We are simultaneously rolling out our dealer expansion plan with eight new outlets opening their doors to customers so far this year and over thirty more to come.

"Although conditions in some markets are becoming more challenging, we are continuing to increase our market share thanks to our growing global presence and growth in key new markets such as Russia. I am confident that with the imminent arrival of the new Flying Spur we will maintain substantial growth for the rest of 2013."

The Americas forged ahead with 632 cars delivered to customers in the region, a 35.04% increase on Q1 2012. This performance can be attributed to the increased strength of the Bentley dealer network in the United States and the arrival of key new models in the market including the Continental GT V8 and GTC V8 and the next generation Continental GT Speed.

The Middle East region performed extremely well with deliveries up 41.07% to 237 cars. Asia Pacific also had an outstanding quarter, increasing its deliveries by 68.12% to 116 cars. Japan saw growth of 30.56% with 47 deliveries. In China 474 cars were delivered to customers, representing a 17.99% decrease. Sales in China reflect the anticipation of the new Flying Spur, the top selling Bentley in China, which becomes available from mid-2013 onwards.

In Europe deliveries grew by 61.84% with 335 cars delivered to customers. With an increase of 34.38% to 43 cars, growth in Russia remains strong, as Bentley shortly celebrates the first year of Bentley Russia by opening two new dealerships in Krasnodar and Yekaterinburg, doubling its presence in this key growth market. In the UK, 371 cars were delivered to customers, representing a 59.23% increase on the first quarter of 2012.

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© Publicnow 2013
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Financials
Sales 2022 279 B 294 B 294 B
Net income 2022 16 856 M 17 777 M 17 777 M
Net cash 2022 39 710 M 41 879 M 41 879 M
P/E ratio 2022 4,10x
Yield 2022 7,58%
Capitalization 80 590 M 84 993 M 84 993 M
EV / Sales 2022 0,15x
EV / Sales 2023 0,13x
Nbr of Employees 645 868
Free-Float 56,8%
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Number of Analysts 21
Last Close Price 136,60 €
Average target price 188,37 €
Spread / Average Target 37,9%
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Managers and Directors
Oliver Ingo Blume Chairman-Management Board
Arno Antlitz Director-Controlling & Accounting
Hans Dieter Pötsch Member-Management Board
Thomas Schmall-von Westerholt Head-Technology
Kurt Michels Chief Compliance Officer
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