Post on 19-Jun-2020
transcript
1
Factbook2013
12fascinating brands
9.3 millionVehicles sold in 2012
550,000Employees worldwide
153countries
2
“2012 was a challenging year in the automotive
world. Nevertheless, we can say that 2012 was
a good – in fact a very good – year for the
Volkswagen Group. Regardless of whether
there is an upturn or a downturn going on, our
goal is to ensure the Volkswagen Group
reaches the top of the automotive industry by
2018.”Prof. Dr. Martin Winterkorn
Chairman of the Board of Management
3
Content
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
Team 77
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
4
Volkswagen at a Glance
Profit after tax:€22 billion
9.3 m deliveries to customers
Active in 153 countries
280 models37,700 vehicles a day
Dec. 1945: start of series production
550,000 employees
100 production plants worldwide1
12 brands from 7 European countries
Headquarters Wolfsburg
The Volkswagen Group with its headquarters in Wolfsburg is one of the world‘s leading automobile manufacturers and the largest carmaker in Europe.The Group operates 100 production plants. Every weekday, 550,000 employees worldwide produce some 37,700 vehicles, and work in vehicle-related services or other fields of business. The Volkswagen Group sells its vehicles in 153 countries. In 2012, the Group increased the number of vehicles delivered to customers to 9.3 million (2011: 8.3 million), corresponding to a share of 12.8 percent of the world passenger car market.Note: 2012 figures.
1 Including Silao plant (Mexico) which started production in January 2013.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
5
1
The Volkswagen Group consists of three divisions: Passenger Cars, Commercial Vehicles and Power Engineering and Financial Services.The Passenger Cars Division is centered on the development of vehicles and engines as well as the production and sale of passenger cars.The Commercial Vehicles and Power Engineering Division deals with the production and sale of trucks and busses, and business comprising genuine parts, large-bore diesel engines, turbomachinery, special gear units, propulsion components and testing systems.The Financial Services Division’s portfolio of services combines dealer and customer financing, leasing, banking and insurance activities and fleet management.
Volkswagen Group – Built on Three Strong Pillars
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Passenger Cars Commercial Vehicles, Power Engineering
Financial Services Division
Porsche Holding Financial Services
MAN Financial Services
Scania Financial Services
Porsche Financial Services
Volkswagen Financial Services
Financial ServicesUSA / Canada / Spain /
Argentina
Automotive Division
Remaining companies
Europe / Asia-Pacific / North- and South America
2
1 Fully consolidated as from August 1, 2012.2 Consolidated as from July 19, 2012.
6
The Board of Management of Volkswagen Aktiengesellschaft (from left to right)
Prof. Dr. rer. pol. Dr.-Ing. E. h. Jochem HeizmannChina
Prof. Dr. rer. pol. Horst NeumannHuman Resources and Organization
Christian KlinglerSales and Marketing
Dr. h. c. Leif ÖstlingCommercial Vehicles
Dr. rer. pol. h. c. Francisco Javier Garcia SanzProcurement
Prof. Dr. Dr. h.c. mult. Martin WinterkornChairman of the Board of Management of Volkswagen AktiengesellschaftResearch and Development
Hans Dieter Pötsch Finance and Controlling
Prof. Rupert StadlerChairman of the Board of Management of AUDI AG
Dr.-Ing. E. h. Michael MachtProduction
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
7
Volkswagen Polo BlueGT
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Volkswagen XL1
8
Content
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group _______________ 68
Shareholder Information 71
Team 77
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
9
Our Brands and Products – A Success Story
Volkswagen is the most successful multibrand group in the automotive industry. The Group consists of twelve brands from seven European countries: Volkswagen Passenger Cars, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Ducati, Volkswagen Commercial Vehicles, Scania and MAN. Each brand has its own character and operates as an independent entity in the market to better satisfy the specific needs of the different segments and countries. On August 1, 2012, the integration of Porsche into Volkswagen AG was completed. The brand is now fully consolidated into the Volkswagen Group.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
10
Note: Without Scania and MAN.1 Porsche AG fully consolidated from August 1, 2012.2 Original Equipment Manufacturer.
Product to be launched in 2013
Body-
Segment
E
D
C
B
A
A0
Hatch-back Saloon Estate MPV Coupé Road-
sterCity VanTrans-porter
Con-vertibleSUV Pick-
Up
A00
1 1
1
1 1
1
style With one of the broadest product and segment coverage of any OEM2, Volkswagen is well positioned to capture profitable growth. The product range extends from low-consumption small cars to luxury class vehicles. In the commercial vehicle sector, the product offering spans pick-ups, busses and heavy trucks.This huge portfolio enables us to reach all major target customer groups.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
World 2013
Our Huge Product Range Satisfies all Major Customer Groups
1
Segments > 1m cars
11
103,942
Passat/Santana
Volkswagen Passenger Cars
The “Volkswagen – Das Auto” slogan unites the three core messages that distinguish the Volkswagen Passenger Cars brand: innovative, offering enduring value and responsible. The Volkswagen Passenger Cars brand premiered a large number of new vehicles in 2012. As the highest-volume Group model and one of the biggest-selling cars worldwide, the focal point was the new, seventh generation Golf, which is still setting new standards in the compact segment. The brand also started selling the natural gas-fueled eco up!. In addition, the third generation of the Beetle Convertible celebrated its world premiere at the end of the year.
Prof. Dr. Martin Winterkorn
CEO
VII generationOF THE GOLF LAUNCHED IN 2012
GolfJetta/Bora
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
5,738
4,850
5,772
3,640
2012
5,091
4,450
5,272
94,690
4.0
2011 %
+12.7
+9.0
+9.5
+9.8
3.5
3,796 -4.1
KEY FIGURES
MOST PRODUCED IN 2012
Note: Pictures are only examples; regional variations exist.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
12
48,771
In the premium segment, Audi has become one of the strongest car brands worldwide under the slogan of “Vorsprung durch Technik”. Its objective is to become the market leader in this segment. To do this, Audi relies heavily on its sporty, high-quality and progressive image.The Audi brand put its technical and sporting expertise to the test in 2012 and again met its own high standards. In the premium compact segment a highlight was the market launch of the third generation of the successful Audi A3, the first Group model to be based on the Modular Transverse Toolkit. Audi began producing the Q7 in India in the reporting period. This is the fourth model to be manufactured locally.
Audi Rupert Stadler
CEO
KEY FIGURES
10.6 %INCREASE IN SALES REVENUE IN 2012Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
1,457
1,299
1,468
5,380
2012
1,304
1,543
1,345
44,096
12.1
2011 %
+11.7
- 15.9
+9.2
+10.6
11.0
5,348 +0.6
A6A4
MOST PRODUCED IN 2012
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Q5
13
10,438
With its “Simply clever” slogan, ŠKODA has become one of the fastest emerging brands, particularly in Europe and China. The brand image is dominated by a compelling value proposition and an attractive design, coupled with intelligent ideas for the use of space that are technically simple but offer refined and practical details. The numerous awards for its ambitious, innovative and sophisticated vehicle design are proof of the high recognition for this brand concept.With the new Rapid – which has been available on the Indian market since 2011 - the ŠKODA brand presented a compact notchback saloon, specifically designed for global growth markets like China and Russia, as well as price-sensitive customer segments in Europe.
ŠKODA
Fabia Superb
Prof. Dr. Winfried VahlandCEO
727 thousandVEHICLES SOLD IN 2012Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
939
727
943
712
2012
879
690
902
10,266
7.2
2011 %
+6.8
+5.2
+4.6
+1.7
6.8
743 -4.1
KEY FIGURES
MOST PRODUCED IN 2012
Octavia
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
14
6,485
Models that regularly win awards for their outstanding design are representative of Spanish SEAT brand’s image. SEAT is aiming for stronger growth, particularly in Europe, by sharpening its brand profile and focusing on its distinctive brand values of being dynamic, young and design-oriented. The new brand claim “Enjoyneering” suitably expresses the character of the brand as a passionate perfectionist and emotional technology leader. SEAT updated the Leon – the brand’s first vehicle to be based on the Modular Transverse Toolkit and introduces equipment features from the premium class into the compact segment for the first time. The launch of the four-door version of the Mii small car was also significant.
SEAT
€6.5 billionSALES REVENUE IN 2012
Leon Altea/ToledoIbiza
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
321
429
321
-156
2012
350
362
353
5,393
-4.2
2011 %
-8.3
+18.8
-9.0
+20.2
-2.4
-225 +30.7
KEY FIGURES
MOST PRODUCED IN 2012
James MuirCEO
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
15
1,453
„To build a good car, a fast car, the best in class“ – this was the mission of W.O. Bentley when he founded Bentley Motors in 1919. Still today, the definitive British luxury car company dedicates itself to developing and crafting the world’s most desirable high performance cars with the stamina to cross continents at pace, and drive in refined comfort and style. Bentley is located in Crewe, England and belongs to the Volkswagen Group since 1998.In 2012, Bentley launched an energy-efficient alternative to the twelve-cylinder version: the V8 engine. This was used in the new version of the Continental GT launched in 2010 and the Continental GTC that made its debut in 2011.
Bentley
€100 millionOPERATING PROFIT IN 2012
Continental GT Coupé Continental GT Cabriolet
Dr. Wolfgang SchreiberCEO
Deliveries (units)
Vehicle sales (units)
Production (units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
8,510
9,186
9,107
100
2012
7,003
7,402
7,593
1,119
0.7
2011 %
+21.5
+24.1
+19.9
+29.9
6.9
8 x
KEY FIGURES
MOST PRODUCED IN 2012
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
16
5,879
911
16.1%OPERATING RETURN ON SALES IN 2012
Porsche Matthias MüllerCEO
Porsche is an iconic sports and luxury car brand with leading profitability. High performance meets outstanding everyday practicality, breathtaking dynamics, exceptional occupant comfort and safety. Porsche is investing in rejuvenating and expanding its entire model range. In 2012, the new edition of the Porsche Boxster got the process underway. This will be followed in 2013 with the all-new Cayman.On August 1, 2012, the integration of Porsche AG into Volkswagen AG was completed. The brand is now fully consolidated into the Volkswagen Group.
MOST PRODUCED IN 2012
1 fully consolidated as from August 1.
Cayenne Panamera
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
60
62
64
946
20121
16.1
KEY FIGURES
17
9,450
Volkswagen Commercial Vehicles stands for superior mobility with its three core values of reliability, economy and partnership. The brand offers a range of different transport solutions at the highest levels of engineering for different customer groups. The light commercial vehicles are tailored to meet the individual transportation needs of customers in retail and craft businesses, as well as civil authorities and service providers. Private customers value family-friendly MPVs and leisure-oriented motor homes. Volkswagen Commercial Vehicles introduced two new special models – the Caddy Edition 30 and the Multivan Edition 25 – and thus confirmed its decades-long dominance of the light commercial vehicles market.
Volkswagen Commercial Vehicles
550 thousandVEHICLES DELIVERED IN 2012
AmarokSaveiroCaravelle/Multivan
KEY FIGURES
MOST PRODUCED IN 2012
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Dr.EckhardScholzCEO
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
550
437
487
421
2012
529
441
508
8,985
5.0
2011 %
+4.1
-0.8
-4.1
+5.2
4.5
449 -6.1
18
9,314
The Swedish Scania brand follows the core values of “customer first”, “respect for the individual” and “quality”. For over 100 years, this successful company has been manufacturing high-performance trucks and buses featuring extremely innovative technology. The brand offers its customers efficient transport solutions backed by service offerings and financial services.Scania started to build a new CKD plant in Narasapura in India, which is scheduled to start assembling trucks and buses for the Indian market in 2013.In 2012, the first Scania trucks whose engines meet the new Euro 6 emissions standard were registered.
Scania
10 %OPERATING RETURN ON SALES IN 2012
Buses & CoachesTrucks
KEY FIGURES
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
67
67
67
930
2012
80
80
84
10,064
13.6
2011 %
-15.9
-15.9
-20.4
-7.4
10.0
1,372 -32.2
MOST PRODUCED IN 2012
Martin LundstedtCEO
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
19
15,999
MAN’s roots can be traced back to 1758. The core values of the MAN brand are reliability, innovation, dynamic strength and openness. These values are key success factors for MAN, one of Europe’s leading manufacturers of commercial vehicles, engines and mechanical engineering equipment. The company manufactures diesel engines, turbomachinery and special gear units, alongside trucks and buses. MAN launched the new premium NEOPLAN Jetliner, which can be used as both a public service bus and coach.The new MAN TG family of trucks celebrated their world premiere in 2012. They already meet the requirements of the future Euro 6 emission standard.
MAN
135 thousandORDERS RECEIVED FOR COMMERCIAL VEHICLES IN 2012
Buses & CoachesTrucks
KEY FIGURES
Deliveries (´000 units)
Vehicle sales (´000 units)
Production (´000 units)
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
134
134
124
808
2012
5.0
MOST PRODUCED IN 2012
Dr. Georg Pachta-ReyhofenCEO
1 November 9 to December 31, 2011.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
25
25
24
2,652
7.3
2011 1
193
20
Lamborghini & BugattiStephan WinkelmannCEO
AVENTADOR
Lamborghini stands for extreme and uncompromising super sports cars of the best Italian tradition. Lamborghini redefined the future of its super sports cars and decided to focus more on weight reduction than on top-speed. Extensive use of carbon fibre, even at a structural level, allows Lamborghini to be at the forefront of development techniques. Lamborghini presented a new, even more striking design of its most successful super sports car ever, the Gallardo LP 560-4 as a Coupé and Spyder.
LAMBORGHINI BUGATTI
Bugatti has always been the epitome of exclusivity, luxury, elegance, style and extraordinary design, driven by a great passion for automobiles. Unique visions, the strong legacy of legendary sports cars that date back to the year 1901, and high-precision engineering in development, construction, and manufacture distinguish this outstanding automotive brand. Bugatti confirmed its unique position by launching the Veyron Grand Sport Vitesse, the fastest roadster of all time with a top speed of 431 km/h. VEYRON
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Dr. Wolfgang SchreiberCEO
21
Financial Services Division
The Financial Services Division, which corresponds to the Financial Services segment, combines dealer and costumer financing, leasing, banking and insurance activities, fleet management and mobility offerings. Management focuses on increasing the return on equity in the Financial Services Division. Additional goals are to meet the banking authorities’ regulatory capital requirements, to support its external rating by ensuring capital adequacy and to procure equity for the growth planned in the next fiscal years. In the process, it aims overall to achieve the highest possible growth in the value of the Group and its divisions for the benefit of all the Company’s stakeholder groups.The Financial Services Division once again made a significant contribution to the Group’s earnings with an operating profit of €1.6 billion (€1.3 billion). Return on equity before tax was lower than in the previous year at 13.1% (14.0%).
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
FINANCIAL SERVICES DIVISION
Volkswagen Financial Services
AUTOMOTIVE DIVISION
Scania Financial Services
MAN Financial Services
Porsche Holding Salzburg –Financial Services
Porsche Financial Services1
1 Fully consolidated as from August 1, 2012.
22
3,162 3,567 3,712 3,930 4,551
1,506 1,508 1,524 1,6231,8082,452 2,148 2,246 2,6913,281
2008 2009 2010 2011 2012Finance Leasing Service / Insurance
Total Portfolio
9,640
Volkswagen Financial Services is the largest automotive financial services provider in Europe presently employing more than 10,133 employees worldwide, of which 4,971 work in Germany. Volkswagen Financial Services offers financial services for more than 60 years in close cooperation with the Volkswagen Group brands in 42 countries worldwide. Volkswagen Financial Services’ portfolio includes dealer and customer financing, leasing, banking and insurance activities, as well as fleet management.
Volkswagen Financial Services
17.1 %INCREASE IN OPERATING PROFIT
KEY FIGURES
Total Assets (€ million)
Receivables (€ million)
Direct Banking Deposits (€ m)
Equity (€ million)
Operating profit (€ million)
111,053
77,197
22,004
1,410
2012 2011 %
+14.0
+11.4
+3.0
+15.6
+17.1
11,312
Frank WitterCEO Volkswagen Financial Services AG
97,455
69,328
21,373
1,203
9,785
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
CONTINUOUS PORTFOLIO GROWTH (CONTRACTS `000)
23
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Audi SQ 5
24
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
Team 77
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Content
25
Overview – World Car Markets and Volkswagen Group Deliveries to CustomersWith its twelve brands, the Volkswagen Group has a presence in all important automotive markets around the world. It is the goal of the Group to offer attractive, safe and environmentally sound vehicles which are competitive and which set world standards in their respective classes.Currently, the key markets include Western Europe, China, Brazil, the US, Russia, Argentina and Mexico. The Group continued to extend its strong competitive position in 2012 thanks to its wide range of attractive and environmentally friendly models. We have increased our market share in key markets and again recorded an encouraging global increase in demand.
WORLDWIDE DELIVERIES OF THE GROUP‘S MOST SUCCESSFUL MODELS IN 2012 (´000 units)
KEY MARKETS
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
26
1,176
The overall market slowdown in Western Europe in 2012 resulted in our deliveries to customers in the region declining year-on-year. Our sales figures were down on the previous year in all major markets in this region, apart from Germany and the United Kingdom. Except for SEAT, all volume brands sold more vehicles in the reporting period than in the previous year.The Tiguan, Audi A6, ŠKODA Roomster, ŠKODA Yeti, SEAT Alhambra, Amarok and Crafter models all registered positive growth rates. The new up!, Beetle, Golf Cabriolet, Audi Q3, ŠKODA Citigo and SEAT Mii models were also very popular.Volkswagen maintains 50 plants in Western Europe, 28 of which are situated in Germany.
37.7%MARKET SHARE IN GERMANY IN 2012
Western Europe (WE)
Golf
DELIVERIES (`000 units) AND MARKET SHARE (in %)
OUR TOP SELLER IN THE MARKET
Deliveries market
thereof: Germany
Deliveries Group
thereof: Germany
Market share WE
Market share GER
13,153
3,309
3,023
24.4
2012
14,433
3,414
3,130
1,153
35.9
2011 %
-8.9
-3.1
-3.4
+1.9
37.7
23.0
Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
Deliveries of passenger cars and light commercial vehicles.
27
318
The Volkswagen Group’s sales figures in Central and Eastern Europe surpassed the prior-year level by 17.6%. We recorded the highest growth rates in Russia (+38.8%) and the Ukraine (+29.6%). The Polo Sedan, Tiguan, Passat, CC, Touareg, the Audi A3, A6 and Q7, the ŠKODA Octavia and all Volkswagen Commercial Vehicles models experienced higher demand in Central and Eastern Europe than in the previous year. The new Jetta, Audi Q3 and ŠKODA Citigo models were also very popular.Volkswagen maintains 17 plants in CEE, one of which is located in Russia.
Central and Eastern Europe (CEE)
ŠKODA Octavia
OUR TOP SELLER IN THE MARKET
38.8%INCREASE IN DELIVERIES IN RUSSIA IN 2012
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: Russia
Deliveries Group
thereof: Russia
Market share CEE
Market share Russia
4,295
2,953
644
15.4
2012
4,027
2,690
548
229
8.9
2011 %
+6.7
+9.8
+17.6
+38.8
11.1
13.9
Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.
Deliveries of passenger cars and light commercial vehicles.
28
596
North America (NAR)
Volkswagen Jetta
OUR TOP SELLER IN THE MARKET
34.2%INCREASE IN DELIVERIES IN THE US IN 2012Demand for Group vehicles in the US market grew by 34.2% year-on-year, outperforming the positive trend in the overall market (+13.4%). The Golf, Tiguan, Passat, Audi Q5, Audi A6 and Audi Q7 models recorded the highest growth rates. In Canada the Group recorded year-on-year growth of 15.7%. Demand for the Passat, Touareg, Audi A4, Audi Q5 and Audi A7 models was encouraging there. The Group’s sales figures in Mexico surpassed the prior-year level by 7.8%. Demand increased for the Voyage, Beetle, Passat, Audi A1 and SEAT Ibiza models.Besides one plant in the US the group maintains three plants in Mexico.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: US
Deliveries Group
thereof: US
Market share NAR
Market share US
17,170
14,497
842
4.9
2012
15,266
12,779
667
444
3.5
2011 %
+12.5
+13.4
+26.2
+34.2
4.1
4.3
Deliveries of passenger cars and light commercial vehicles.
Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.
29
780
South America (SAR)
Volkswagen Gol
OUR TOP SELLER IN THE MARKET
23.0%MARKET SHARE IN BRAZIL IN 2012The Volkswagen Group’s deliveries in the South America region rose 8.2% in 2012.After declining slightly in 2011, our sales figures in Brazil were again positive in 2012 (+ 10.7%). This was attributable to a temporary tax cut for new vehicles as well as the market launch of the new generations of the Gol and the Voyage. The Fox was also highly popular and sales of the Amarokalmost doubled.Demand for Volkswagen Group vehicles declined by 5.1% in Argentina. The Fox, Audi A3 and Saveiro models recorded stronger demand. With a market share of 25.0%, the Volkswagen Group maintained its market leadership.Volkswagen maintains nine plants in South America: six in Brazil and three in Argentina.
Our Markets Excellence in Production
Focus on R&DFinancials & Outlook
Shareholder Information
Strategy 2018 Forming an Integrated Group
Volkswagen at a Glance
Our Brands & Products
Team
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: Brazil
Deliveries Group
thereof: Brazil
Market share SAR
Market share Brazil
5,843
3,634
1,010
19.6
2012
5,581
3,417
933
705
22.3
2011 %
+4.7
+6.3
+8.2
+10.7
23.0
18.9
Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.
Deliveries of passenger cars and light commercial vehicles.
30
2,812
Asia-Pacific
Volkswagen Lavida
OUR TOP SELLER IN THE MARKET
24.5%INCREASE IN DELIVERIES IN CHINA IN 2012The Group increased sales in the Asia-Pacific region by 23.3% compared with the 2011 figure, outperforming the market as a whole (+13.3%).
Growth in the region was again driven by the Chinese market, which saw demand for Group vehicles rise by 24.5%. Virtually all models contributed to this positive result. We extended our leadership of the Chinese market with a market share of 20.8% (2011: 18.2%).
Deliveries to customers in the Indian market increased by 2.1%. The Passat, Audi A4, Audi A6 and ŠKODA Rapid models recorded the highest growth rates.
Volkswagen maintains 17 plants in Asia Pacific: 12 in China, four in India and one in Thailand.
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DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: China
Deliveries Group
thereof: China
Market share Asia-Pacific
Market share China
33,669
18,834
3,170
12.2
2012
30,370
17,629
2,570
2,259
18.2
2011 %
+10.9
+6.8
+23.3
+24.5
20.8
11.3
Source: IHS Automotive (data status: 15/02/13), rounded.Note: Market = Cars and LCVs.
Deliveries of passenger cars and light commercial vehicles.
31
Total investments 2013-2015 planned 9.8
Operating profit (100%) 8,424Operating profit (proportionate) 3,678
EARNINGS 2012 (€ million)
INVESTMENTS (€ billion)Total investments 1985-2012 15.7
The importance of the Chinese market has significantly increased in the past years. As the automotive pioneer, Volkswagen entered the modern Chinese market in 1984 founding a joint venture with the Shanghai Automotive Industrial Corporation (Shanghai Volkswagen Automotive Company Ltd.). A second joint venture, FAW-Volkswagen Automotive Company Ltd. was set up in 1991 to expand the Group’s activities. Today Volkswagen is represented by 17 companies producing at eleven facilities –including component, finance and sales companies. A “China” Board of Management function was created in 2012 to underpin the growing significance of the Chinese market.Our Chinese product portfolio now covers all segments from small cars to luxury sports cars. We took account of up-and-coming vehicle classes, such as the SUV segment, in our local production at an early stage. The commercial vehicle segment is also gaining in importance for us.
Volkswagen Group China –Automotive Pioneer Since 198417 COMPANIES ASSURE OPERATIONS OF THE VW GROUP
Volkswagen China Investment Company
Beijing
Volkswagen Transmission
Shanghai VolkswagenPowertrain
Shanghai
FAW-Volkswagen(Volkswagen, Audi)
DalianVolkswagen FAW Engine
ChangchunVolkswagen FAW Platform
Chengdu
Nanjing Shanghai Volkswagen
Shanghai Volkswagen(Volkswagen, ŠKODA)
Foshan
Yizheng
car production plantscomponent plantsplanned plantsHeadquarter Volkswagen Group China
FAW-Volkswagen
Ningbo
Urumqi
Tianjin
Changzhou (MAN)
Volkswagen AutomaticTransmission
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32
Deliveries of Volkswagen in China January to December 2012Since it first embarked on economic reform more than 30 years ago, China has become one of the world’s most important automotive markets and is now the Volkswagen Group’s largest sales market.
At the end of the 1990s, the focus began to turn to diversifying the product range. A crucial factor here was the establishment of the import business in 2007, which we had extended to include all of the Group’s passenger car brands by 2012.
A4 L A6 L New Lavida Santana Octavia
1 Including Hongkong. ² Porsche imports only from August-December, FY import units totaled to 31,200.
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VW, VWN
Porsche2)
Audi
Locally Produced(‘000 units)
Import FBU1
(‘000 units)
FAW-VW
SVW
Ʃ 189.7 Ʃ 2,622.8
88.4
83.1
13.0
Total Deliveries Region China 2,813
995.9 322.7
235.71,068.5Other Brands5.2
33
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ŠKODA Octavia
34
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
Team 77
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Content
35
Facts & Figures
Key Financial Figures 2012 –Highest Deliveries Ever and Record Profits
■ Deliveries topped the 9 million mark for the first time at 9.3 million vehicles (+ 12.2 percent); market share in key markets increased further
■ Operating profit exceeds record prior-year level at €11.5 billion (+ 2.1%)
■ Volkswagen Group generated a record profit in fiscal year 2012 (net profit €21.9 billion)
■ The Board of Management and Supervisory Board proposed to pay a dividend of €3.50 per ordinary share and €3.56 per preferred share
■ Strategic growth trajectory continues with contribution in full of Dr. Ing. h.c. F. Porsche AG to the Volkswagen Group, increased stake in MAN SE and acquisition of Ducati
■ Net liquidity of €10.6 billion (€17.0 billion) in the Automotive Division provides financial stability and flexibility
Volkswagen can look back on another extremely successful fiscal year. The Volkswagen Group continued its successful course and further strengthened its market position thanks to its high profitability.
Hans Dieter PötschFinance and Controlling
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36
Our Brands Once Again Proved Their Attraction to Customers1
8.160
5.091
1.303879
3507
529
9.074
5.738
1.455939
3219
550
0
1.000
2.000
3.000
4.000
5.000
6.000
7.000
8.000
9.000
10.000
VolkswagenGroup
VolkswagenPassenger Cars
Audi ŠKODA SEAT Porsche(since 08/12)
Bentley CommercialVehicles
January to December 2011January to December 2012
60
1 Figures including Porsche as from August 1, 2012; excluding Scania and MAN.
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Deliveries in ´000 units
+12.7%
+11.7%
-8.3% +21.5% +4.1%
+11.2%
+6.8%
37
Volkswagen Group – Truck and Bus Deliveries1
January to December 2012 vs. 2011 (Gvw. > 6t)
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1 MAN is consolidated in the Volkswagen Group since 9 November 2011. Delivery figures for the period January – December 2011 are shown for information only.2 MAN Latin America Trucks and Buses gvw. > 5t.
2
-15.9%
2011 2012
80
67
-13.7%
2011 2012
156
134
Deliveries in ´000 units
38
2011 20122011 20122011 20122010 2011
Operating Profit
11,271 11,510
21,884
15,799
Profit Before Tax
18,926
25,492
Net Profit
Sustained Commitment to Profitable Growth
The Volkswagen Group significantly increased its sales revenue and net profit in 2012.
In 2012, the Volkswagen Group generated sales revenue of €192.7 billion (+20.9%) and a record operating profit of €11.5 billion. At €25.5 billion, the Volkswagen Group’s profit before tax was significantly higher than in 2011 (+34.7%) due to positive measurement effects in the financial result.
At €21.9 billion, the Volkswagen Group‘s net profit exceeded the prior year figures by around €6.1 billion.
€ million € million € million
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Sales Revenue
159,337
192,676
€ million
2011 2012 2011 2012 2011 2012 2011 2012
39
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.2 Including financial services; Porsche since August 1, 2012, MAN as from November 9, 2011.3 The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity method and
recorded an operating profit (proportionate) of €3,678 million (€2,616 million).4 Including Porsche Holding Salzburg as from March 1, 2011.5 Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of the
purchase price allocation for Scania, Porsche Holding Salzburg, MAN und Porsche.
('000 units)/ € million 2012 2011 2012 2011 2012 2011Volkswagen Passenger Cars 4.850 4.450 103.942 94.690 3.640 3.796Audi 1.299 1.543 48.771 44.096 5.380 5.348ŠKODA 727 690 10.438 10.266 712 743SEAT 429 362 6.485 5.393 -156 -225Bentley 9 7 1.453 1.119 100 8Porsche2 62 - 5.879 - 946 -Volkswagen Commercial Vehicles 437 441 9.450 8.985 421 449Scania2 67 80 9.314 10.064 930 1.372MAN2 134 25 15.999 2.652 808 193VW China3 2.609 2.201 - - - -Other4 -1.279 -1.438 -36.929 -33.768 -2.682 -1.617Financial Services Division - - 17.872 15.840 1.410 1.203Volkswagen Group 9.345 8.361 192.676 159.337 11.510 11.271
Automotive Division 9.345 8.361 172.822 142.092 9.923 9.973 of which: Passenger Cars and LCV Business Area 9.143 8.256 148.021 129.706 9.405 9.042 of which: Commercial Vehicles, Power Engineering Business Area 202 105 24.801 12.386 519 931Financial Services Division - - 19.854 17.244 1.586 1.298
Operating resultVehicle Sales Sales revenue
5 5
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Strong Performance Across our Business Lines1
40
16.516.0
Gross cash flow in the Automotive Division increased slightly year-on-year to €15.8 billion (€15.4 billion) in fiscal year 2012 whereat higher tax payments had a negative impact. Despite the increased business volumes, strict working capital management led to the release of €0.5 billion (€1.7 billion). The overall cash flow from operating activities decreased to €16.2billion (€17.1 billion). A cash outflow arose from the contribution in full of Porsche’s automotive business to the Volkswagen Group and from the acquisition of Ducati. The net cash flow of the Automotive Division decreased by €1.3 billion to €-0.2 billion.
Cash Flows from Operating Activities and Cash Flows from Investing Activities
1 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.2 Before consolidation of intragroup transactions: €17,029 million (€17,868million).³ Excluding acquisition and disposal of equity investments: €12,528 million (€9,371 million).
January – December 2011 January – December 2012
Cash flows from operating activities2
Cash flows from operating activities2
Cash flows from investing activities³
Net cash flow1.1
Cash flows from investing activities
17.1Net cash flow
-0.2
16.2
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9.4³ 12.5³
€ billion, Automotive Division1
41
2008 2009 2010 2011 2012
AUTOMOTIVE NET LIQUIDITYINVESTMENTS IN PROPERTY, PLANT AND EQUIPMENT, AUTOMOTIVE DIVISION
€ billion / in % of sales revenue
6.8
5.8 5.7
6.6%6.2%
5.0%
7.9
5.6%
10.3
2008 2009 2010 2011 2012
18.6
10.6
8.0
17.0
€ billion
10.6
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5.9%
Volkswagen is Financially Stable – Supported by Strong Capital Discipline and Significant Liquidity
42
Robust Financial Structure
It is part of Volkswagen’s strategy to ensure a solid, stable financial position at all times. We aim to safeguard an adequate liquidity, a healthy financing structure and our rating, which compares extremely well with the rest of the sector.The Automotive Division recorded a cash inflow of €2.6 billion (€ -4.3 billion) from financing activities. Due to new equity investments, net liquidity in the Automotive Division decreased at the end of fiscal year 2012 to €10.6 billion (€17.0 billion).In light of the Volkswagen Group’s sustained growth, we further diversified our refinancing activities in 2012. Last year, Volkswagen refinanced the equivalent of €25 billion through the issue of bonds, tapping into additional financial markets in the process.In 2012, rating agencies Standard & Poor’s and Moody’s Investors Service performed their regular update of their credit ratings, they confirmed Volkswagen’s very good rating by sector standards and raised the outlook.
CAPITAL MARKET PROGRAMS
RATING OVERVIEW
Authorized volume
Amount utilized on Dec. 31, 2012
Programs € billion € billion
Commercial paper 25.7 5.3Medium-term notes 68.1 36.9Other capital market programs 21.3 10.1Asset-backed securities 43.9 18.4
As of Dec. 31, 2012
Standard & Poor’s
short-term A–2 A–2 A–2long-term A– A– A–Outlook positive positive positiveMoody’s Investors Serviceshort-term P–2 P–2 P–2long-term A3 A3 A3Outlook positive positive positive
Volkswagen AG
Volkswagen Financial
Services AG
Volkswagen Bank GmbH
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43
Outlook 2013 – Volkswagen Group1
Sales revenue€ billion
Deliveries tocustomers
million vehicles
Operating profit
€ billion
■ Deliveries to customers are expected to increase year-on-year
■ Sales revenue is expected to exceed the prior-year figure
■ While we shall see positive effects from our attractive model range and strong market position, there will also be increasingly stiff competition in a challenging market environment
■ Given the ongoing uncertainty in the economic environment, the Group’s goal for operating profit is to match the prior-year level in 2013
■ This applies equally to the Passenger Cars Business Area, the Commercial Vehicles, Power Engineering Business Area – which remains affected by high write-downs relating to purchase price allocation, among other things and the Financial Services Division
9.38.3
7.26.3
126.9
192.7159.3
105.2
11.3
7.1
1.9
11.5
201320122011201020091 Including Trucks & Busses (until February 2009); MAN is fully consolidated in the Volkswagen Group since November 9, 2011; Ducati is consolidated as from July 19, 2012;
Porsche AG is fully consolidated as from August 1, 2012.
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Our Markets Excellence in Production
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SEAT Leon SC
45
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
Team 77
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46
Top employer
VolkswagenGroup profitbefore tax
margin > 8%Volumes
> 10 million units p.a.2
Leadingin customersatisfactionand quality
1 Growth market focus• Increased market penetration• Emerging markets expansion• Balanced global footprint 2 Modular toolkit strategy
• Reduction in investment, development and unit costs
• Scale and efficiency effects• Increased production
flexibility• Reduced time to market
3 Capital discipline• > 16% RoI target in
automotive business• 20% RoE1 goal in Financial
Services • Around 6% automotive capex
in PPE/sales
4 Operating profit measures• Strong cost control• Process/product optimization• Regional scale effects
5 Synergy potential• Leveraging best practices
across the Group• Purchasing, production, and
distribution benefits
6 Potential upside• Product portfolio extension• North American expansion
and market recovery• Commercial vehicle strategy
and market recovery• Financial Services:
strengthen the automotive value chain
Strategy 2018: Sustainable Profitable Growth
We have defined four goals that are designed to support Volkswagen becoming the most successful and fascinating automaker by 2018. To achieve these targets we have identified six areas to focus on:
1 Normalized RoE based on 8% equity ratio.2 Including China.Source: Volkswagen Group. Note: All stated Volkswagen Group figures represent financial targets for 2018, excluding Porsche, MAN and Ducati.
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2007 2008 2009 2010 2011 2012
Strategy 2018: Our Achievements so far
2007 2008 2009 2010 2011 2012
6.2 6.3 6.3
Group deliveries (in million units)
7.28.3
6.0 5.8
1.2
Group profit before tax margin(in percent)
7.1
11.9
2007 2008 2009 2010 2011 2012
„I am happy to work at the Volkswagen Group“(Employee opinion survey)
Own calculation based on key industry studies on customer satisfaction with dealers, after sales and new vehicles.
Including China.
Group profit before tax margin excluding the nonrecurring effect from the remeasurementof the Porsche put/call options and from remeasurement at the contribution dateof the shares already held.
Volkswagen Group customer satisfaction (on a scale of 1 to 101)
7.83
8.22 8.32 8.34 8.41 8.55
VolkswagenGroup profitbefore tax
margin > 8%Volumes
> 10 million units p.a.2
Leadingin customersatisfactionand quality
Top employer
9.3
13.2
6.93
1
2
3
8.67
2007/08 2009 2010 2011 2012
84%
88% 87%88%
90%
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48
NorthAmerica Western
Europe2
Eastern Europe (incl. Russia)
China(incl. HK)
SouthAmerica1
Japan
India
In 2012, we delivered 9.3 million vehicles to our customers, substantially up from previous years’ 8.3 million. The BRIC markets (Brazil, Russia, India and China) as well as the US offer significant further growth potential. To meet regional customer demand and purchasing power and to minimize currency risk a clear focus on local production is necessary. That‘s why we are investing in our existing capacity and the continued expansion of our production network, such as in China, Russia and Mexico.
Substantial Growth Opportunities Stemming from BRIC Countries Together with a Continued Rebound in the US
FORECAST – MARKET GROWTH 2012 – 2018 (million units)
1 Includes Central America and Caribbean.2 Includes Cyprus and Malta. Source: IHS Global Insight (data status: February 2013), rounded.Note: Market = Cars and LCVs.
World
2012 2015 2018
+14%
17.2
19.5
2012 2015 2018
+17%
13.2
15.3
2012 2015 2018
+36%
4.35.9
2012 2015 2018
-14%
5.2 4.5
2012 2015 2018
+55%
18.8
29.1
2012 2015 2018
+77%
3.3
5.9
2012 2015 2018
+33%
5.8
7.8
2012 2015 2018
+29%
79.7
102.6
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49
3,5674,469
1.673
5,859
9,37510,911
2007 2008 2009 2010 2011 2012
The operating profit after tax of the Automotive Division, including the share of the Chinese joint ventures, was €10.9 billion in 2012 (€9.4 billion). The significant year-on-year increase was due in particular to higher volumes, optimized product costs and positive exchange rate effects, as well as the inclusion of MAN and Porsche.Invested capital rose to €65.7 billion (€52.9 billion), mainly as a result of the inclusion of the new companies and higher investments in property, plant, and equipment. Multiplied by the cost of capital, which also increased as against 2011, the cost of invested capital was up to €5.1 billion (€3.7 billion).The increase in operating profit after tax resulted in a clearly positive value contribution of €5.8 billion (€5.7 billion).The return on investment is the return on invested capital for a particular period based on the operating profit after tax. At 16.6%, this was down on the prior-year figure (17.7%) due the increase in invested capital.
Positive Long-Term Trend of Return on Investment Shows Improving Efficiency
9.5%10.9%
3.8%
13.5%
Operating profit after tax RoI
OPERATING PROFIT AFTER TAX AND RoI DEVELOPMENT OF THE AUTOMOTIVE DIVISION (€ million)
Note: Including proportionate inclusion of the Chinese joint ventures (including the respective sales and component companies) and allocation of consolidation adjustments between the Automotive and Financial Services divisions.1 Adjusted. The return on investment after tax (RoI) is unchanged as against the previous year.
16.6%
1
17.7%
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Our Markets Excellence in Production
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Bentley Flying Spur
51
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
Team 77
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52
100 Locations Worldwide Support Growing Demand
Volkswagen is represented in each important region with at least one plant.Local production allows us to offer model variations that answer the different needs of our regional customers from China to North America, India and Europe. Our flexible engineering architecture allows this to be achieved in a cost effective and timely manner.The transfer of the toolkit principle to production is the next step. Our factory of the future is highly flexible, and it can produce a wide range of models and brands on the same production line.
4India
6Brazil
3 Argentina
3South Africa
3Mexico
12China
1USA
67Europe
Production locationsProduction locations under construction
As of January 16, 2013.
1Thailand
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Modular Toolkit – Efficiency Gains Through Synergies
TECHNICAL CONCEPT Significantly reducing the fuel consumption of our vehicles, producing them at globally competitive costs and simultaneously increasing profitability and productivity – these are the Volkswagen Group’s goals for its modular toolkits. They represent the further development of our platform and modular strategy, which has its origins in the mid-1990s. Independent from size and segment, several parts, such as engines, gearboxes or air conditioning, can be used for different vehicles. This ensures that the synergy effects that exist, both between models in one series and across all series and brands, can be optimized and increased. Modularisation enables standardization with visible customization
whilst maintaining the individual brand identity.
1 Porsche AG fully consolidated since August 1, 2012.
1
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54
Modular Toolkit – Introduction of the Modular Transverse Matrix MODULAR LONGITUDINAL MATRIX (MLB)
The Modular Longitudinal Matrix is the use of a modular strategy in vehicle platforms in which the drive train is mounted longitudinally to the direction of travel. This modular arrangement of all components enables maximum synergies to be achieved between the vehicle families. This concept is already used at Audi since 2007 to develop vehicles. With the evolutionary step MLB evo, the toolkit will be expanded in the future.
MODULAR TRANSVERSE MATRIX (MQB)
The latest member of our toolkit family is the Modular Transverse Toolkit (MQB). It is the basis for vehicles whose engine is mounted in a transverse arrangement. We introduced the first models based on this toolkit in the shape of the new Audi A3, the new Golf and the new SEAT Leon in 2012. With the MQB, the Volkswagen Group’s modular toolkit strategy now extends from the A0 segment to the C segment. The vehicles in the New Small Family are also covered in the A00 segment. We intend to produce over 40 models based on the MQB in the long term and across brands – to the highest quality standards, customized to each brand and tailored to the different market requirements.
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MQBplatform ca. 60%
MQB Helping to Improve Product and Margins
Material costs 100 %
Hat ca. 40%
Potential savingsLower cost per unit
Less EHpV1
Less one-off expenditures
Additional serial and optional content, previously reserved to premium class
Margin improvement
Savings Profit Expenditures Invest
Distribution of savings
Savings to be partly absorbed to fulfill regulatory and legal requirements:
EURO 6Pedestrian protection
1 Engineered Hours per Vehicle.
The MQB architecture standardizes a number of key components across a number of vehicles classes. Each model retains it‘s own unique look and feel through the development of the so-called Hat. The MQB platform itself counts for 60 percent of the vehicle costs and bears the possibility first to significantly cut the necessary one-time expenses, such as development costs and to reduce manufacturing times, and, second, to enable use over several vehicle generations.
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The MQB‘s Flexible Design is Able to Accommodate Alternative Drives
FlexFuelEthanol
Conventional drive
TSI GasolineEA211
TDI DieselEA288
Plug-in
E-Drive
Electric drive
Alternative/Regenerative
EcoFuelCNG
In addition to conventional petrol and diesel engines, the MQB also permits alternative drivetrains to be integrated, for example gas, hybrid, or electric drives. Previously, vehicle-specific adaptions were necessary in each case. Now, the MQB basic architecture is pre-configured to accommodate the changes required, be it for battery packs or high pressure gas tanks within the existing structure. Therefore, a quick reaction to changing needs is possible avoiding major product investment and minimizing complexity.
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MQB MLB MSB
Modular Toolkit – Responsibility
The responsibilities for the different modular toolkits and for the New Small Family are with Volkswagen, Audi and Porsche.
Audi started with the launch of the Modular longitudinal toolkit and keeps the responsibility. The know-how which they have gained over the years, helped and helps to develop the following toolkits.
The Volkswagen brand is responsible for the Modular transverse toolkit which will be used for the Volkswagen, Audi, SEAT and ŠKODA brands. The first vehicles to be produced based on the MQB will be the successor to the Audi A3 and the next generation Golf.
Development of the Modular standard drive train toolkit is being handled by Porsche, which was made responsible for development of sports car and luxury sedan platforms. The MSB is for a conventional front-engine, rear-wheel drive layout, hence the word “standard” in its title, and it will be used for a range of models including the next-generation Porsche Panamera and Bentley Continental lineup.
In addition, the New Small Family complements the toolkit strategy. The up! and its derivatives are not produced based on the MQB. However, individual components such as engine, gearbox and steering components can be used for vehicles based on MQB.
NSF
1 Porsche AG fully consolidated as from August 1, 2012.
1
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Bentley Mulsanne
Lamborghini Aventador Roadster
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Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
Excellence in Production 51
Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
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R&D Mission
Shaping the future is a fascinating challenge for industry and society. Volkswagen’s automotive future is formed by social conditions and trends. It is the Group’s task to anticipate the future needs of our customers and to convert these needs into innovative technologies. The technological challenges of the future can only be mastered by intensive research and networked co-operation both inside and outside the company. Our mission is to continue meeting our customers’ wishes for individual and affordable mobility through sustainable technologies. We work together with our partners to achieve this goal. Research and development activities in the Group again concentrated on two areas in 2012: expanding the product portfolio and improving the functionality, quality, safety and environmental compatibility of Group products.
1972 BEETLE 1303Consumed 13l/100km
2012XL1Consumes just 0.9l/100km
Example: From Beetle to XL1 - R&D achieved significant reduction in fuel consumption
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2007 2008 2009 2010 2011 2012
8.9
2007 2008 2009 2010 2011 2012
(€ billion)
Volkswagen Continues to Invest in its Global R&D ActivitiesR&D EMPLOYEES VOLKSWAGEN GROUP
(‘000 employees)
(€ billion)% of automotive sales
VOLKSWAGEN GROUP R&D FOOTPRINTR&D EXPENSES VOLKSWAGEN GROUP
The large number and technical quality of the ideas submitted in 2012 demonstrate once again that our employees are an enormous source of innovation. In the reporting period, they applied for 4,313 patents – 2,128 in Germany and 2,185 abroad. The main focus of these innovations was on the areas of infotainment, driver assistance systems, electric drive technology and lightweight steel design.
7.26.95.45.15.3
VWGoA Chattanooga operations
VW deMexico
VolkswagenArgentina
VW do Brasil
SCANIA LAMVW of
South Africa
VW India
Shanghai VW
VTT
FAW-VW
VTB
VW Group RUS
ŠkodaVolkswagen
NutzfahrzeugeVolkswagen
SCANIA
Bentley
Bugatti Porsche
SEAT
Lamborghini
Audi
ERLItaldesign
MAN5.4 5.0
5.8 6.1 5.1
of which capatilized development cost
1.42.2 1.9 1.7 1.7
2.6Capitalization ratio in %
2937 34
27 23 28
5.1
2007 2008 2009 2010 2011 2012
34.727.425.622.821.7
42.1
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The Lane Assist helps to prevent accidents caused by unintentionally wandering out of lane, and represents a major safety gain on motorways and major trunk roads. If there is an indication that the vehicle is about to leave the lane unintentionally, Lane Assist alerts the driver visually and by means of a signal on the steering wheel.
The Proactive Occupant Protection System detects critical situations with elevated accident potential. The vehicle occupants and the vehicle are prepared for a possible accident: The front seat belts in use are tensioned to securely hold both the driver and the passenger. Open windows and the sunroof are closed to just a crack.
Proven Innovation Track Record
The multi-collision brake automatically brakes after the first impact in order to mitigate and avoid further collisions. It reduces the remaining kinetic energy by reducing the speed of the car to 10 kilometers per hour and thereby increases safety significantly.
Parking in tight spaces is made considerably easier with the Park Assist. The latest generation detects parallel and perpendicular parking spaces and automatically steers in several moves into small parallel parking spaces – and out again.
The Fatigue Detection system detects waning driver concentration and warns the driver with an acoustic signal lasting five seconds; a visual message also appears in the instrument cluster recommending that the driver takes a break from driving.
The cruise control system with automatic distance control ACC uses a distance sensor to measure the distance and speed relative to vehicles driving ahead.
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A Technology Portfolio for Eco-friendly Mobility
EFFICIENT TECHNOLOGIES FOR SUSTAINABLE MOBILITY
Integrating a wide range of innovations into fuel-efficient, low emission mobility solutions, Volkswagen’s “green labels” offer technologies and products that are geared to significantly reduced fuel consumption and CO2 emissions. Volkswagen is committing to reducing the CO2 output of the European new car fleet to 95 grams per kilometer by 2020. We again recorded impressive results in reducing emission levels last year: we reduced the average CO2 emissions over the past five years by 25 grams of CO2 per kilometer to 134 grams of CO2 per kilometer.
NUMBER OF MODEL DERIVATIVES FULFILLING LOW CO2 EMISSIONS
33
207
324
≤ 100g CO2/km ≤ 120g CO2/km ≤ 130g CO2/km
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Small internal combustion engine which recharges the vehicle’s battery and thereby increases its range.
Full Hybrids, in contrast to mild hybrids, can drive short distances in full electric mode.
Steps in Electrification
Volkswagen is electrifying drivetrains step by step and is on the way to launch the first series e-vehicle for everyone, the e-up!. Volkswagen‘s aim is not to be the fastest, but the best and safest for our customers.
Mild Hybrid
Start-Stop system Recuperation
Combination of ICE and electric motor. The electric motor serves to boost power during acceleration. Pure electric driving is not possible.
Internal combustion engine (ICE)
1.2 l 77 kW TSI
Gasoline or Diesel Engine
Full Hybrid
Touareg Hybrid
Plug-InHybrid
Golf twinDRIVE
Electricvehicle
Fuel Cell
e-up! Tiguan Hymotion
Range Extender
Range ExtenderElectrical Vehicle
Internal Combustion Engine + Electric GeneratorBoth
Electric Motor2 km 20-80 km 50-120 km 80-200 km 400-600 km
In the next decades, today’s technologies will continue to be dominant. Combustion engines – some of them supported by E-motors, pure E-drives and fuel cells – will co-exist side-by-side. On its path towards the future, Volkswagen will continue to research and further develop all potential engine types and introduce them as soon as it makes sense and is technically feasible.
The Batteries of Plug-In Hybrids can be charged by plugging into an electric socket. Due to the greater battery capacity, longer electric driving ranges are possible.
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Urban Mobility and Long Distance Mobility
Bik.e
E-Scooter
Kickstep
Urban ConceptQ5 Hybrid
Panamera Hybrid
Nils
Caddy blue-e-motion
e-up!
e-Golf
Golf twinDRIVE
XL1
Passat BlueMotion
Touareg Hybrid
Cayenne Hybrid
The use of efficient, sustainable drivetrains is a highly important strategic issue for Volkswagen. The Group is not only working to continuously optimize its existing drivetrains but is also – as in the past – pursuing a variety of alternative drive concepts, and especially electric traction.
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VW Passat
Audi A4
Audi Q7
Audi A6
Audi A8
VW XL1
Porsche1 918 Spyder
VW e-up!
VW e-Golf
VW Caddy blue-e-motion
VW Jetta
Porsche1 Panamera S
Audi Q5
Porsche1 Cayenne S
VW Touareg
Driving the Future – On the Way to E-Mobility
With these models –offered worldwide –Volkswagen will build a solid bridge to the era of electric mobility.
In parallel with the introduction of new hybrid models, Volkswagen is working on its electric vehicle offensive.
2010 2011 2012 2013
Hyb
ridE-
vehi
cles
1 Porsche AG fully consolidated as from August 1, 2012.
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Porsche Cayman S
68
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
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Forming an Integrated Commercial Vehicles Group
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MAN, Scania und Volkswagen Commercial Vehicles will leverage synergies and jointly harness the substantial worldwide growth potential in this segment.To strengthen and simplify cooperation in the Commercial Vehicles business Volkswagen seeks to conclude a domination and profit and loss transfer agreement with MAN SE.The target is to achieve €200 million per annum in synergies between MAN, Scania and Volkswagen. We anticipate higher synergy potential in the medium to long term.Initially, these will relate to procurement activities, followed in the medium and long term by a closer cooperation in research and development as well as production.Leif Östling in charge of Group Board of Management “Commercial Vehicles” function since 1 September, 2012.
Voting rights: 75.03%1
Capital: 73.72%1
Voting rights: 89.2%2
Capital: 62.6%2
1 As per 31 December 2012. 2 As per 31 December 2012; The stake in Scania held by MAN is attributable to Volkswagen.
Business unit of Volkswagen AG
Automotive Division
Business AreaTrucks and Buses, Power Engineering
Financial Services Division
Business AreaPassenger Cars and Light
Commercial Vehicles
70
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Ducati Hypermotard SP
71
Volkswagen at a Glance 3
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Financials & Outlook 34
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D J F M A M J J A S O N D
125
100
150
175
75
Volkswagen Stammakt ie
Volkswagen Vorzugsakt ie
DAX
DJ Euro STOXX Automobile
200
The performance of ordinary and preferred shares was unequivocally positive in fiscal 2012. However, for Volkswagen AG shareholders the year was also marked by pronounced volatility on the stock markets precipitated by the European debt crisis.
On the whole, Volkswagen AG’s ordinary and preferred shares performed very positively during the year in spite of volatile market trends. The securities not only increased in value year-on-year, but also outperformed the overall market and the sector.
In the interests of all stakeholders, we are pursuing continuous dividend growth so that our shareholders can participate appropriately in our business success. The Group is aiming to achieve a distribution ratio of 30% in the medium term.
SHARE PRICE DEVELOPMENT 2012
Fiscal Year 2012 – Encouraging Share Price Performance for Volkswagen AG Shareholders
DIVIDEND DEVELOPMENT
Dividend development 2012 2011 2010 2009Number of no-par value shares at Dec. 31
Ordinary shares ´000 295,090 295,090 295,046 295,005Preferred shares ´000 170,143 170,143 170,143 105,238
Dividendper ordinary share € 3.501 3.00 2.20 1.60per preferred share € 3.561 3.06 2.26 1.66
Total dividend paidOrdinary share € million 1,0331 885 649 472Preferred share € million 6061 521 385 282
1 Proposed.
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Volkswagen Ordinary Shares
Volkswagen Preferred Shares
DAX
DJ Euro STOXX Automobile
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Volkswagen Share – Key Facts & Figures
In 1961, Volkswagen first issued ordinary shares on the Frankfurt stock exchange with a nominal value of DM100 issued at a price of 350 percent. Two stock splits were performed in the course of time. Presently, the majority of the ordinary shares are held by the Group’s three biggest shareholders guaranteeing a stabile shareholder structure. In 1986, Volkswagen introduced its preferred shares as an alternative investment vehicle. In December 2009 the ordinary shares were replaced through the preferred shares in the German DAX stock index. Volkswagen is globally represented with a market capitalization of around €77.3 billion as of December 31, 2012. The shares are listed on different exchanges worldwide, among others in Frankfurt, London and Zurich. In the U.S., Volkswagen has 2 sponsored ADR programs, representing the preference and ordinary shares. Both are sponsored by J.P. Morgan and trade in the US on the over-the-counter (OTC) market.
Securities Identification Codes
Ordinary Share:ISIN: DE0007664005WKN: 766400Bloomberg: VOW GYReuters: VOWG.DE
Preferred share:ISIN: DE0007664039WKN: 766403Bloomberg: VOW3 GYReuters: VOWG_p.DE
Exchanges Berlin, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart, Xetra, London, Luxembourg, New York, SIX Swiss Exchange
Major market indices
DAX, CDAX, Prime All Share, Prime Automobile, Dow Jones Euro STOXX, Dow Jones Euro STOXX Automobile & Parts, FTSE Eurotop 100 Index, S&P Global 100 Index, Dow Jones Sustainability Index World, FTSE4Good, Advanced Sustainability Performance Index, Dow Jones Euro STOXX 50, MSCI Euro, Classic All Share,
Preferred shares1
Unlike ordinary shares, preferred shares do not carry voting rights. Dividends are paid to stockholders in proportion to their share of the capital stock eligible for dividend in such a manner that the preferred shares shall be eligible for a dividend which is higher than that for the ordinary shares by 6 Cents per preferred share.
American Depositary Receipt (ADR)
An ADR is a U.S. dollar denominated form of equity ownership in a non-U.S. company. It represents the foreign shares of the company held on deposit by a custodian bank in the company's home country and carries the corporate and economic rights of the foreign shares, subject to the terms specified on the ADR certificate.
KEY FACTS & FIGURES (as of December 31, 2012)
1 Definition excludes specific exemptions. For more details see Articles of Association of Volkswagen AG.
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50.73% Porsche Automobil Holding SE, Stuttgart
20% State of Lower Saxony, Hanover
17% Qatar Holding
9.9%Others
2.37% Porsche GmbH, Salzburg
0
30
60
90
120
150
180
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
Volkswagen Share – Historical Share Price Development and Shareholder StructureHISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (€, monthly closing prices)
SHAREHOLDER STRUCTURE AND VOTING RIGHTS
Preference Share
In Percent of Subscribed Capital (as of Dec. 31, 2012)
Ordinary Share
1969 Stocksplit 1:2
Voting Rights (as of Dec. 31, 2012)
16.4
12.7
3.0
1.5
0 10 20 30 40 50 60 70 80 90 100
32.2
24.9
German institutional investors
Porsche Holding GmbH, Salzburg
Private shareholders/Others
State of Lower Saxony
Porsche Automobil Holding SE
Foreign institutional investors
Qatar Holding LLC
9.3
1998 Stocksplit 1:10
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0
100
200
300
400
500
600
1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012
75
April 25, 2013 Volkswagen AG Annual General Meeting 2013 Hanover
April 29, 2013 Volkswagen AG Interim Report January – March 2013Wolfsburg
July 31, 2013 Volkswagen AG Half-Year Financial Report January – June 2013Wolfsburg
October 31, 2013 Volkswagen AG Interim Report January – September 2013Wolfsburg
Upcoming Events 2013
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MAN TGX
77
Volkswagen at a Glance 3
Our Brands & Products 8
Our Markets 24
Financials & Outlook 34
Strategy 2018 45
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Focus on R&D 59
Forming an Integrated Group 68
Shareholder Information 71
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Key Investor Relations Contacts
Christine RitzGroup Head of Investor RelationsE-Mail: Christine.Ritz@volkswagen.de Telephone: +49 5361 9 49840
Oliver Larkin (London office)Senior Investor Relations ManagerE-Mail: Oliver.Larkin@volkswagen.deTelephone: +44 20 7290 7821
Alexander Hunger (Wolfsburg office) Senior Investor Relations OfficerE-Mail: Alexander.Hunger@volkswagen.de Telephone: +49 5361 9 47420
Clemens Denks (Volkswagen Group of America, Inc.) Investor Relations Liaison ManagerInvestor Relations Liaison Office(Questions relating to American Depositary Receipts)E-Mail: Clemens.Denks@vw.com Telephone: +1 703 364 7000111
Andreas Buchta (Wolfsburg office) Investor Relations ManagerE-Mail: Andreas.Buchta@volkswagen.de Telephone: +49 5361 9 47419
Thomas Küter (Beijing office) Investor Relations ManagerE-Mail: Thomas.Kueter@volkswagen.com.cnTelephone: + 86 10 6531 4715
Lennart Schmidt (Wolfsburg office) Investor Relations OfficerE-Mail: Lennart.Schmidt@volkswagen.deTelephone: +49 5361 9 49015
Lars Korinth (Wolfsburg office) Investor Relations ManagerE-Mail: Lars.Korinth@volkswagen.deTelephone: +49 5361 9 42224
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Scania G420 Highline Ecolution
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Factbook2013