The crisis caused by the pandemic COVID-19 was also struck by Volkswgen: the group has ended the first half of 2020 at a loss. A result that has prompted the German manufacturer to offer its shareholders a major cut of the dividends. In the months from January to June, the group of Wolfsburg has in fact recorded a decline in deliveries of 27.4% to 3.9 million units. A direct consequence of this decline is the contraction in revenues of 23.2% to 96.1 billion euros. The operating result, net of extraordinary items, has risen from a profit of 10 billion to a loss of 800 million.
The operating loss, considering the non-recurring items such as the 700 million related to the Dieselgate, is 1.49 billion. And to weigh very much has been the second quarter, with a net loss of 1,61 billion, against the uitle to 3,96 billion last year. The operating loss of Q2 is 1.71 billion, against 5.13 billion profit in the same period of 2019. Because of the pandemic, Volkswagen has had to draw on its resources: the car business and have made record cash outflows for 4.8 billion. But the net financial position, thanks to the issuance of bonds for 3 billion euro, shows a liquidity of 18.7 billion, an increase compared to the 17.8 billion from the end of Q1.
In view of the current economic situation, the vertices of Volkswagen have decided to cut the dividend to distribute the budget of 2019. At the annual general meeting of shareholders, scheduled for next September 30, will be asked for permission to remove a coupon from 4.8 euros for each ordinary share and not 6.5 euro as planned originally. From Wolfsburg not to get out of balance on the forecast for the rest of 2020: we will just confirm the estimates on annual sales and revenues significantly lower than in 2019. Also the operating result should be a lot of the data is from last year, but still with a positive sign.