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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


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.







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







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







7

Volkswagen Polo BlueGT







Volkswagen XL1

8

Content



Our Markets 24


Strategy 2018 45


Focus on R&D 59

Forming an Integrated Group _______________ 68


Team 77







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.







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.







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.







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)






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








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)






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


Octavia







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







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


James MuirCEO







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)




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








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.


1 fully consolidated as from August 1.

Cayenne Panamera







Team







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








Team

Dr.EckhardScholzCEO







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







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


Martin LundstedtCEO







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







134

134

124

808

2012

5.0


Dr. Georg Pachta-ReyhofenCEO

1 November 9 to December 31, 2011.







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







Team

Dr. Wolfgang SchreiberCEO

21


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%).







Team

FINANCIAL SERVICES DIVISION


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.


17.1 %INCREASE IN OPERATING PROFIT

KEY FIGURES

Total Assets (€ million)

Receivables (€ million)

Direct Banking Deposits (€ m)

Equity (€ 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







Team

CONTINUOUS PORTFOLIO GROWTH (CONTRACTS `000)

23







Team

Audi SQ 5

24



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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







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.







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


38.8%INCREASE IN DELIVERIES IN RUSSIA IN 2012







Team


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



28

596

North America (NAR)

Volkswagen Jetta


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.







Team


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



29

780

South America (SAR)

Volkswagen Gol


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.







Team


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



30

2,812

Asia-Pacific

Volkswagen Lavida


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.







Team


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



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







Team

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.







Team

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







Team

ŠKODA Octavia

34



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







Team

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







Team

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.







Team

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)







Team

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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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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SEAT Leon SC

45



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

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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Bentley Flying Spur

51



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

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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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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Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

60

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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Team

Porsche Cayman S

68



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

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Forming an Integrated Commercial Vehicles Group







Team

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


Business AreaPassenger Cars and Light

Commercial Vehicles

70







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Ducati Hypermotard SP

71



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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72

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

73

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







Team

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







Team

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MAN TGX

77



Our Markets 24


Strategy 2018 45


Focus on R&D 59



Team 77







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Content

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Key Investor Relations Contacts

Christine RitzGroup Head of Investor RelationsE-Mail: [email protected] Telephone: +49 5361 9 49840

Oliver Larkin (London office)Senior Investor Relations ManagerE-Mail: [email protected]: +44 20 7290 7821

Alexander Hunger (Wolfsburg office) Senior Investor Relations OfficerE-Mail: [email protected] 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: [email protected] Telephone: +1 703 364 7000111

Andreas Buchta (Wolfsburg office) Investor Relations ManagerE-Mail: [email protected] Telephone: +49 5361 9 47419

Thomas Küter (Beijing office) Investor Relations ManagerE-Mail: [email protected]: + 86 10 6531 4715

Lennart Schmidt (Wolfsburg office) Investor Relations OfficerE-Mail: [email protected]: +49 5361 9 49015

Lars Korinth (Wolfsburg office) Investor Relations ManagerE-Mail: [email protected]: +49 5361 9 42224







Team

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Team

Scania G420 Highline Ecolution

80

Factbook2013

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