The Volkswagen Group increased its sales revenue to €144.2 billion in the first nine months, up 24.0 per cent on the prior period from January to September 2011 (€116.3 billion). This was due mainly to higher volumes and in particular the consolidation of MAN and Porsche. Despite the more difficult environment, operating profit was on a level with the previous year at €8.8 billion (€9.0 billion). At 6.1 per cent (7.7 per cent), the operating return on sales after nine months was negatively impacted by write-downs relating to purchase price allocation for MAN and Porsche in particular. The consolidated operating profit for the first three quarters does not include the €2.8 billion (€1.9 billion) share of the operating profit of the Chinese joint ventures. These companies are included using the equity method and are therefore reflected in the financial result. The updated measurement of the put/call rights relating to Porsche, as well as the remeasurement of the existing stake held at the contribution date also had a clearly positive effect on the financial result. As a result, profit before tax after nine months amounted to €23.0 billion (€16.6 billion) – an increase of 38.0 per cent as against the prior year period. The figure after tax improved by 47.7 per cent to €20.2 billion (€13.6 billion).