The volume increase drove sales revenue up 25.6% with operating profit up just over €4 billion to €9 million and beating the full year figure for 2010. Profit before tax more than tripled to €16.6 billion benefiting as well from strong earnings from our equity investments and also from our revised valuation of the put call rights we hold on the balance of Porsche Zwischenholding.As you are aware, this was necessary and the Board of Management had concluded in September that the planned merger cannot be implemented within the timeframe provided for into comprehensive agreement. Automotive net liquidity ended the quarter at over €21 billion. We had a busy quarter with regards to the regulatory reviews on our offer with respected to MAN SE. This process has moved forward as scheduled as soon as we get the last required regulatory approval we will then move to settle the offer to the shareholders that tended their share. Full consolidation of MAN results within the Volkswagen Group will begin from closing of the transaction. We will come back to the operational points concerning our results in more detail a little bit later. For now, I would like to hand you over to Mr. Klingler, who will take you through our excellent sales performance. Mr. Klingler, over to you. Christian Klingler – M ember, Board of Management, Group Sales and Marketing Ladies and gentlemen, a warm welcome to the conference call from me also. This first chart shows the development of the world car market by quarter in comparison to the same quarter of the previous year. The growth recorded last year was mainly due to recovery of economic environment on the one hand and government support measures in many markets on the other. In some markets, the support measures expired last year, which explains declining growth rates. Therefore on a quarter-by-quarter comparison, we see that the global market lost some of its growth momentum in the second half of 2010.
Despite a high comparison base from a year ago and a more challenging economic environment in many countries, the global market recorded further positive growth rates in the first three quarter of 2011. However in order to evaluate the relative development of the global markets, comparison to the last so called normal year of 2007 is appropriate what you see at the next chart.The positive influence of the support measures by the government in many markets led to significant market rebound in the second half of 2009. As incentives in many markets essentially in Europe were phased out, the rebound continued on a slower pace through 2010. Improving economic conditions in the major markets as well as the strong increase of demand in China and India lifted the market above the normal year 2007 during 2010. Continuously improving conditions in major European markets and expiring incentives in China brought us strong fourth quarter in 2010. In early 2011 the market lost some of the positive momentum as some of the emerging economies increased interest rates in order to prevent the economies from overheating. Some support programs like for example France were phased out. Conflicts in the Middle-East and North Africa as well as the situation in Japan resulted in some negative impacts for the market. In addition the industry struggled with supply shortages due to the disruptions in Japan. As a result the market for us also slowed in the second quarter. In the third quarter of the year despite the gradual relief in the supply chain the market for us remained muted. With the s sovereign debt crisis dominating the news, especially in Western Europe consumers are more and more unsettled putting the markets under increasing pressure. However the effects differ by region while the German market remains strong markets in Southern Europe are weaker. In addition, in some emerging markets has cooled. So we continue to closely monitor this elevated level of market risks. For 2011, out latest forecast suggest the global market will remain above the pre-crisis level of 2007 around about 5% higher than 2010.
In the last quarter of this year the projected improvements in the major growth markets are likely to remain muted. However, we are confident that the year 2011 will have an all time record level in market conditions.We’ll now go to the next chart and turn to our own performance. In the first three quarters of 2011 our deliveries to customers have shown a double-digit growth. The Volkswagen Group continued to out perform the overall car market in the third quarter of 2011. We gained global market share in the first three quarters of 2011 supported mainly by the Group performance in China, Russia, India as well as in Germany and the U.S. Read the rest of this transcript for free on seekingalpha.com