Factbook
2013
12
9.3 million
550,000
153
fascinating brands
Vehicles sold in 2012
Employees worldwide
countries
1
“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
2
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
3
Volkswagen at a Glance
Headquarters
Wolfsburg
Dec. 1945: start of
series production
12 brands from 7
European countries
550,000
employees
100 production
plants worldwide1
37,700 vehicles a
day
280 models
9.3 m deliveries to
customers
Active in
153 countries
Profit after tax:
€22 billion
Note: 2012 figures.
1 Including
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 vehiclerelated 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.
Silao plant (Mexico) which started production in January 2013.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
4
Volkswagen Group – Built on Three Strong Pillars
Financial Services
Division
Automotive Division
Commercial Vehicles,
Power Engineering
Passenger Cars
Volkswagen
Financial Services
Europe / Asia-Pacific / North- and
South America
Financial Services
USA / Canada / Spain /
Argentina
1
Scania Financial Services
2
MAN Financial Services
Porsche Holding Financial
Services
Porsche Financial Services
Remaining companies
1
2
Fully consolidated as from August 1, 2012.
Consolidated as from July 19, 2012.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
5
The Board of Management of Volkswagen Aktiengesellschaft
(from left to right)
Prof. Dr. rer. pol. Dr.-Ing.
E. h. Jochem Heizmann
China
Prof. Dr. rer. pol.
Horst Neumann
Human Resources and
Organization
Christian Klingler
Sales and Marketing
Dr. h. c. Leif Östling
Commercial Vehicles
Dr. rer. pol. h. c. Francisco
Javier Garcia Sanz
Procurement
Prof. Dr. Dr. h.c. mult.
Martin Winterkorn
Chairman of the Board of
Management of Volkswagen
Aktiengesellschaft
Research and Development
Hans Dieter Pötsch
Finance and Controlling
Prof. Rupert Stadler
Chairman of the Board of
Management of AUDI AG
Dr.-Ing. E. h. Michael Macht
Production
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
6
Volkswagen Polo BlueGT
Volkswagen XL1
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
7
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
8
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
9
Our Huge Product Range Satisfies all Major Customer Groups
World 2013
Bodystyle
Segment
Hatchback
Saloon
Estate
MPV
SUV
Convertible
Coupé
E
City Van
Transporter
Roadster
PickUp
1
D
1
1
C
1
The product range
extends from lowconsumption small
cars to luxury class
vehicles. In the
commercial vehicle
sector, the product
offering spans pickups, busses and
heavy trucks.
1
B
1
1
A
A0
A00
Segments > 1m cars
Note: Without Scania and MAN.
1 Porsche AG fully consolidated from August 1, 2012.
2 Original Equipment Manufacturer.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Product to be launched in 2013
Focus on R&D
With one of the
broadest product
and segment
coverage of any
OEM2, Volkswagen
is well positioned to
capture profitable
growth.
Forming an
Integrated Group
This huge portfolio
enables us to reach
all major target
customer groups.
Shareholder
Information
Team
10
Volkswagen Passenger Cars
Prof. Dr.
Martin
Winterkorn
CEO
KEY FIGURES
2012
2011
%
Deliveries (´000 units)
5,738
5,091
+12.7
Vehicle sales (´000 units)
4,850
4,450
+9.0
Production (´000 units)
5,772
5,272
+9.5
103,942
94,690
+9.8
3,640
3,796
-4.1
3.5
4.0
Sales revenue (€ million)
Operating profit (€ million)
as % of sales revenue
MOST PRODUCED IN 2012
Jetta/Bora
Passat/Santana
Golf
VII generation
OF THE GOLF LAUNCHED IN 2012
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 gasfueled eco up!. In addition, the third generation of
the Beetle Convertible celebrated its world
premiere at the end of the year.
Note: Pictures are only examples; regional variations exist.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
11
Audi
Rupert
Stadler
CEO
KEY FIGURES
2012
2011
%
Deliveries (´000 units)
1,457
1,304
+11.7
Vehicle sales (´000 units)
1,299
1,543
- 15.9
Production (´000 units)
1,468
1,345
+9.2
Sales revenue (€ million)
48,771
44,096
+10.6
Operating profit (€ million)
5,380
5,348
+0.6
11.0
12.1
as % of sales revenue
A6
INCREASE IN SALES REVENUE IN 2012
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, highquality and progressive image.
The Audi brand put its technical and sporting
expertise to the test in 2012 and again met its
own high standards.
MOST PRODUCED IN 2012
A4
10.6 %
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.
Q5
Audi began producing the Q7 in India in the
reporting period. This is the fourth model to be
manufactured locally.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
12
ŠKODA
Prof. Dr.
Winfried
Vahland
CEO
KEY FIGURES
2012
2011
%
Deliveries (´000 units)
939
879
+6.8
Vehicle sales (´000 units)
727
690
+5.2
Production (´000 units)
943
902
+4.6
10,438
10,266
+1.7
Operating profit (€ million)
712
743
-4.1
as % of sales revenue
6.8
7.2
Sales revenue (€ million)
MOST PRODUCED IN 2012
Octavia
Volkswagen at a
Glance
Fabia
Our Brands &
Products
Our Markets
Superb
Financials &
Outlook
727 thousand
VEHICLES SOLD IN 2012
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.
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
13
SEAT
James
Muir
CEO
KEY FIGURES
2012
2011
%
Deliveries (´000 units)
321
350
-8.3
Vehicle sales (´000 units)
429
362
+18.8
Production (´000 units)
321
353
-9.0
Sales revenue (€ million)
6,485
5,393
+20.2
Operating profit (€ million)
-156
-225
+30.7
as % of sales revenue
-2.4
-4.2
MOST PRODUCED IN 2012
Ibiza
Volkswagen at a
Glance
Leon
Our Brands &
Products
Our Markets
Altea/Toledo
Financials &
Outlook
Strategy 2018
€6.5 billion
SALES REVENUE IN 2012
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
14
Bentley
Dr.
Wolfgang
Schreiber
CEO
KEY FIGURES
€100 million
2012
2011
%
Deliveries (units)
8,510
7,003
+21.5
OPERATING PROFIT IN 2012
Vehicle sales (units)
9,186
7,402
+24.1
Production (units)
9,107
7,593
+19.9
Sales revenue (€ million)
1,453
1,119
+29.9
Operating profit (€ million)
100
8
x
as % of sales revenue
6.9
0.7
„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.
MOST PRODUCED IN 2012
Continental GT Cabriolet
Continental GT Coupé
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
15
Porsche
Matthias
Müller
CEO
KEY FIGURES
16.1%
20121
Deliveries (´000 units)
60
OPERATING RETURN ON SALES IN 2012
Vehicle sales (´000 units)
62
Production (´000 units)
64
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.
Sales revenue (€ million)
1
5,879
Operating profit (€ million)
946
as % of sales revenue
16.1
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.
fully consolidated as from August 1.
MOST PRODUCED IN 2012
Cayenne
Volkswagen at a
Glance
911
Our Brands &
Products
Our Markets
Panamera
Financials &
Outlook
Strategy 2018
On August 1, 2012, the integration of Porsche AG
into Volkswagen AG was completed. The brand is
now fully consolidated into the Volkswagen Group.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
16
Volkswagen Commercial Vehicles
Dr.
Eckhard
Scholz
CEO
KEY FIGURES
550 thousand
2012
2011
%
Deliveries (´000 units)
550
529
+4.1
VEHICLES DELIVERED IN 2012
Vehicle sales (´000 units)
437
441
-0.8
Production (´000 units)
487
508
-4.1
9,450
8,985
+5.2
Operating profit (€ million)
421
449
-6.1
as % of sales revenue
4.5
5.0
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 leisureoriented motor homes.
Sales revenue (€ million)
MOST PRODUCED IN 2012
Caravelle/Multivan
Saveiro
Amarok
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 at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
17
Scania
Martin
Lundstedt
CEO
KEY FIGURES
2012
2011
%
Deliveries (´000 units)
67
80
-15.9
Vehicle sales (´000 units)
67
80
-15.9
Production (´000 units)
67
84
-20.4
9,314
10,064
-7.4
Operating profit (€ million)
930
1,372
-32.2
as % of sales revenue
10.0
13.6
Sales revenue (€ million)
MOST PRODUCED IN 2012
Trucks
Buses & Coaches
10 %
OPERATING RETURN ON SALES IN 2012
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
18
MAN
Dr. Georg
PachtaReyhofen
CEO
135 thousand
KEY FIGURES
2012
2011 1
Deliveries (´000 units)
134
25
Vehicle sales (´000 units)
134
25
Production (´000 units)
124
24
15,999
2,652
Operating profit (€ million)
808
193
as % of sales revenue
5.0
7.3
Sales revenue (€ million)
1
ORDERS RECEIVED FOR COMMERCIAL
VEHICLES IN 2012
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.
November 9 to December 31, 2011.
MOST PRODUCED IN 2012
Trucks
Buses & Coaches
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
19
Lamborghini & Bugatti
Stephan
Winkelmann
CEO
LAMBORGHINI
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.
AVENTADOR
Volkswagen at a
Glance
Dr.
Wolfgang
Schreiber
CEO
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 highprecision 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 Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
20
Financial Services Division
FINANCIAL
SERVICES DIVISION
AUTOMOTIVE DIVISION
Volkswagen Financial Services
Scania Financial Services
MAN Financial Services
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%).
Porsche Holding Salzburg –
Financial Services
Porsche Financial Services1
1
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.
Fully consolidated as from August 1, 2012.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
21
Volkswagen Financial Services
Frank Witter
CEO
Volkswagen
Financial
Services AG
KEY FIGURES
2012
2011
%
Total Assets (€ million)
111,053
97,455
+14.0
Receivables (€ million)
77,197
69,328
+11.4
Direct Banking Deposits (€ m)
22,004
21,373
+3.0
Equity (€ million)
11,312
9,785
+15.6
1,410
1,203
+17.1
Operating profit (€ million)
CONTINUOUS PORTFOLIO GROWTH (CONTRACTS `000)
3,281
2,452
2,246
2,148
2,691
1,808
1,506
1,508
1,524
1,623
3,162
3,567
3,712
3,930
4,551
2010
2011
2012
2008
2009
Finance
Volkswagen at a
Glance
Leasing
Our Brands &
Products
Total
Portfolio
9,640
17.1 %
INCREASE IN OPERATING PROFIT
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.
Service / Insurance
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
22
Audi SQ 5
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
23
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
24
Overview – World Car Markets and Volkswagen Group
Deliveries to Customers
With 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.
KEY MARKETS
WORLDWIDE DELIVERIES OF THE GROUP‘S MOST SUCCESSFUL MODELS
Currently, the key markets include
IN 2012 (´000 units)
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
25
Western Europe (WE)
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: Germany
Deliveries Group
thereof: Germany
Market share WE
Market share GER
2012
2011
%
13,153
14,433
-8.9
37.7%
3,309
3,414
-3.1
MARKET SHARE IN GERMANY IN 2012
3,023
3,130
-3.4
1,176
1,153
+1.9
24.4
23.0
37.7
35.9
Deliveries of passenger cars and light commercial vehicles.
OUR TOP SELLER IN THE MARKET
Golf
Source: IHS Automotive (data status: 15/02/13), rounded.
Note: Market = Cars and LCVs.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
26
Central and Eastern Europe (CEE)
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: Russia
Deliveries Group
thereof: Russia
Market share CEE
Market share Russia
2012
2011
%
4,295
4,027
+6.7
38.8%
2,953
2,690
+9.8
INCREASE IN DELIVERIES IN RUSSIA IN 2012
644
548
+17.6
318
229
+38.8
15.4
13.9
11.1
8.9
Deliveries of passenger cars and light commercial vehicles.
OUR TOP SELLER IN THE MARKET
ŠKODA Octavia
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.
Source: IHS Automotive (data status: 15/02/13), rounded.
Note: Market = Cars and LCVs.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
27
North America (NAR)
DELIVERIES (`000 units) AND MARKET SHARE (in %)
2012
2011
%
17,170
15,266
+12.5
34.2%
14,497
12,779
+13.4
INCREASE IN DELIVERIES IN THE US IN 2012
842
667
+26.2
thereof: US
596
444
+34.2
Market share NAR
4.9
4.3
4.1
3.5
Deliveries market
thereof: US
Deliveries Group
Market share US
Deliveries of passenger cars and light commercial vehicles.
OUR TOP SELLER IN THE MARKET
Volkswagen Jetta
Source: IHS Automotive (data status: 15/02/13), rounded.
Note: Market = Cars and LCVs.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Demand 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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
28
South America (SAR)
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: Brazil
Deliveries Group
thereof: Brazil
Market share SAR
Market share Brazil
2012
2011
%
5,843
5,581
+4.7
23.0%
3,634
3,417
+6.3
MARKET SHARE IN BRAZIL IN 2012
1,010
933
+8.2
780
705
+10.7
19.6
18.9
23.0
22.3
Deliveries of passenger cars and light commercial vehicles.
OUR TOP SELLER IN THE MARKET
Volkswagen Gol
Source: IHS Automotive (data status: 15/02/13), rounded.
Note: Market = Cars and LCVs.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
The 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 Amarok
almost 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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
29
Asia-Pacific
DELIVERIES (`000 units) AND MARKET SHARE (in %)
Deliveries market
thereof: China
Deliveries Group
thereof: China
Market share Asia-Pacific
Market share China
2012
2011
%
33,669
30,370
+10.9
18,834
17,629
+6.8
3,170
2,570
+23.3
2,812
2,259
+24.5
12.2
11.3
20.8
18.2
OUR TOP SELLER IN THE MARKET
The Group increased sales in the Asia-Pacific
region by 23.3% compared with the 2011 figure,
outperforming the market as a whole (+13.3%).
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 Lavida
Volkswagen maintains 17 plants in Asia Pacific:
12 in China, four in India and one in Thailand.
Source: IHS Automotive (data status: 15/02/13), rounded.
Note: Market = Cars and LCVs.
Our Brands &
Products
INCREASE IN DELIVERIES IN CHINA IN 2012
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 of passenger cars and light commercial vehicles.
Volkswagen at a
Glance
24.5%
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
30
Volkswagen Group China –
Automotive Pioneer Since 1984
17 COMPANIES ASSURE OPERATIONS OF THE VW GROUP
car production plants
component plants
planned plants
Headquarter Volkswagen Group China
FAW-Volkswagen
(Volkswagen, Audi)
Volkswagen FAW Platform
Changchun
Urumqi
Beijing Dalian
Volkswagen China
Investment Company
Chengdu
Volkswagen FAW Engine
Volkswagen Automatic
Tianjin
Yizheng Transmission
Changzhou (MAN)
Nanjing
Shanghai Volkswagen
Shanghai
Shanghai Volkswagen
Ningbo
(Volkswagen, ŠKODA)
FAW-Volkswagen
Volkswagen Transmission
Foshan
Shanghai Volkswagen
Powertrain
8,424
Operating profit (proportionate)
3,678
INVESTMENTS (€ billion)
Total investments 1985-2012
15.7
Total investments 2013-2015 planned
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
9.8
Financials &
Outlook
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.
EARNINGS 2012 (€ million)
Operating profit (100%)
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.).
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
31
Deliveries of Volkswagen in China January to December 2012
Import FBU1
(‘000 units)
Since 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.
Locally Produced
(‘000 units)
VW, VWN
88.4
FAW-VW
Audi
995.9
322.7
83.1
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.
Porsche2)
13.0
SVW
Other Brands
1,068.5
235.7
5.2
Ʃ 189.7
Ʃ 2,622.8
Total Deliveries Region China 2,813
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
32
ŠKODA Octavia
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
33
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
34
Key Financial Figures 2012 –
Highest Deliveries Ever and Record Profits
Volkswagen can look back on another extremely successful fiscal year. The Volkswagen Group
Facts & Figures
continued its successful course and further strengthened its market position thanks to its high
profitability.
Hans Dieter Pötsch
Finance and Controlling
■ 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 at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
35
Our Brands Once Again Proved Their Attraction to
Customers1
Deliveries in ´000 units
+11.2%
10.000
9.074
January to December 2011
9.000
January to December 2012
8.160
8.000
+12.7%
7.000
5.738
6.000
5.091
5.000
4.000
3.000
+11.7%
2.000
1.303 1.455
1.000
+6.8%
879
-8.3%
+21.5%
939
350
321
60
0
Volkswagen
Group
1
Volkswagen
Passenger Cars
Audi
ŠKODA
SEAT
Porsche
(since 08/12)
+4.1%
529
7
550
9
Bentley
Commercial
Vehicles
Figures including Porsche as from August 1, 2012; excluding Scania and MAN.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
36
Volkswagen Group – Truck and Bus Deliveries1
January to December 2012 vs. 2011 (Gvw. > 6t)
Deliveries in ´000 units
2
-13.7%
-15.9%
156
134
80
67
2011
2011
2012
2012
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
37
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.
Sales Revenue
Operating Profit
Profit Before Tax
Net Profit
€ million
€ million
€ million
€ million
25,492
192,676
18,926
15,799
159,337
2011
2010
Volkswagen at a
Glance
2012
2011
Our Brands &
Products
Our Markets
11,271
11,510
2011
2011
2012
2012
Financials &
Outlook
Strategy 2018
2012
2012
2011
2011
Excellence in
Production
21,884
Focus on R&D
Forming an
Integrated Group
2011
2011
Shareholder
Information
2012
2012
Team
38
Strong Performance Across our Business Lines1
Vehicle Sales
('000 units)/ € million
Volkswagen Passenger Cars
Audi
ŠKODA
SEAT
Bentley
Porsche2
Volkswagen Commercial Vehicles
Scania2
MAN2
VW China3
Other4
Financial Services Division
Volkswagen Group
Automotive Division
of which: Passenger Cars and LCV Business Area
of which: Commercial Vehicles, Power Engineering Business Area
Financial Services Division
2012
4.850
1.299
727
429
9
62
437
67
134
2.609
-1.279
9.345
9.345
9.143
202
-
Sales revenue
2011
4.450
1.543
690
362
7
441
80
25
2.201
-1.438
8.361
8.361
8.256
105
-
2012
103.942
48.771
10.438
6.485
1.453
5.879
9.450
9.314
15.999
-36.929
17.872
192.676
172.822
148.021
24.801
19.854
2011
94.690
44.096
10.266
5.393
1.119
8.985
10.064
2.652
-33.768
15.840
159.337
142.092
129.706
12.386
17.244
Operating result
2012
3.640
5.380
712
-156
100
946
421
930
808
5
-2.682
1.410
11.510
9.923
9.405
519
1.586
2011
3.796
5.348
743
-225
8
449
1.372
193
5
-1.617
1.203
11.271
9.973
9.042
931
1.298
1
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
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.
2
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Shareholder
Information
Team
39
Cash Flows from Operating Activities and Cash Flows from
Investing Activities
€ billion, Automotive Division1
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.
January – December 2011
January – December 2012
17.1
Net cash flow
1.1
16.2
16.5
16.0
12.5³
9.4³
Cash flows from
operating activities2
Net cash flow
-0.2
Cash flows from
investing activities
Cash flows from
operating activities2
Cash flows from
investing activities³
1
Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
consolidation of intragroup transactions: €17,029 million (€17,868million).
³ Excluding acquisition and disposal of equity investments: €12,528 million (€9,371 million).
2 Before
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Information
Team
40
Volkswagen is Financially Stable – Supported by Strong
Capital Discipline and Significant Liquidity
INVESTMENTS IN PROPERTY, PLANT AND
EQUIPMENT, AUTOMOTIVE DIVISION
AUTOMOTIVE NET LIQUIDITY
€ billion / in % of sales revenue
€ billion
18.6
10.3
17.0
7.9
6.8
5.8
10.6
10.6
5.7
8.0
6.6%
6.2%
5.6%
5.9%
5.0%
2008
Volkswagen at a
Glance
2009
Our Brands &
Products
2010
Our Markets
2011
Financials &
Outlook
2012
Strategy 2018
2008
Excellence in
Production
2009
Focus on R&D
2010
Forming an
Integrated Group
2011
Shareholder
Information
2012
Team
41
Robust Financial Structure
CAPITAL MARKET PROGRAMS
Authorized
volume
€ billion
Amount utilized
on Dec. 31, 2012
€ billion
Commercial paper
Medium-term notes
25.7
68.1
5.3
36.9
Other capital market programs
Asset-backed securities
21.3
43.9
10.1
18.4
Programs
RATING OVERVIEW
Volkswagen
AG
Volkswagen
Financial
Services AG
Volkswagen
Bank GmbH
short-term
long-term
Outlook
Moody’s Investors
Service
A–2
A–
positive
A–2
A–
positive
A–2
A–
positive
short-term
long-term
Outlook
P–2
A3
positive
P–2
A3
positive
P–2
A3
positive
As of
Dec. 31, 2012
Standard & Poor’s
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
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.
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
42
Outlook 2013 – Volkswagen Group1
Deliveries to
customers
million vehicles
6.3
9.3
8.3
7.2
192.7
159.3
Sales
revenue
€ billion
105.2
Operating
profit
€ billion
11.3
11.5
2011
2012
7.1
1.9
2009
1
126.9
2010
■ 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
2013
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
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43
SEAT Leon SC
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
44
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
45
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 Growth market focus
• Increased market penetration
• Emerging markets expansion
6 Potential upside
• Balanced global footprint
• Product portfolio extension
• North American expansion
and market recovery
• Commercial vehicle strategy
and market recovery
• Financial Services:
strengthen the automotive
value chain
5 Synergy potential
• Leveraging best practices
across the Group
• Purchasing, production, and
distribution benefits
Leading
in customer
satisfaction
and quality
Volkswagen
Top
Group profit
employer
before tax
margin > 8%
Volumes
> 10 million
units p.a.2
4 Operating profit measures
• Strong cost control
• Process/product optimization
1
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
Normalized RoE based on 8% equity ratio.
China.
• Regional scale effects
Source: Volkswagen Group.
Note: All stated Volkswagen Group figures represent financial targets for 2018, excluding Porsche, MAN and Ducati.
2 Including
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Team
46
Strategy 2018: Our Achievements so far
Volkswagen Group customer satisfaction
(on a scale of 1 to 101)
8.22
8.32
8.34
8.41
2007
2008
2009
2010
„I am happy to work at the Volkswagen Group“
(Employee opinion survey)
88%
88%
2009
90%
87%
2010
2011
2011
8.67
2012
Group profit before tax margin
(in percent)
Leading
in customer
satisfaction
and quality
Volkswagen
Group profit
Top
before tax
employer
margin > 8%
Volumes
> 10 million
units p.a.2
84%
2007/08
8.55
11.9
6.0
2007
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
6.3
6.3
2007
2008
2009
Financials &
Outlook
Strategy 2018
2011
Excellence in
Production
2010
2011
6.93
2012
Focus on R&D
2008
2009
2012
Own calculation based on key industry
studies on customer satisfaction with
dealers, after sales and new vehicles.
2
Including China.
3
Group profit before tax margin excluding the
nonrecurring effect from the remeasurement
of the Porsche put/call options and from
remeasurement at the contribution date
of the shares already held.
7.2
2010
7.83
1
9.3
8.3
6.2
7.1
1.2
2012
Group deliveries
(in million units)
5.8
13.2
Forming an
Integrated Group
Shareholder
Information
Team
47
Substantial Growth Opportunities Stemming from BRIC
Countries Together with a Continued Rebound in the US
FORECAST – MARKET GROWTH 2012 – 2018 (million units)
In 2012, we delivered 9.3 million
vehicles to our customers,
substantially up from previous years’
8.3 million.
17.2
The BRIC markets (Brazil, Russia,
India and China) as well as the US
offer significant further growth
potential.
2012
19.5
13.2
2015
Financials &
Outlook
2012
2015
2015
2012
2015
7.8
29.1
3.3
79.7
+77%
+33%
2012
+29%
2018
Japan
5.9
5.8
2015
18.8
+55%
2018
India
2012
2015
4.5
-14%
2018
Eastern Europe
(incl. Russia)
2018
Western
Europe2
102.6
2012
Includes Central America and Caribbean.
2 Includes Cyprus and Malta.
Source: IHS Global Insight (data status: February 2013), rounded.
Note: Market = Cars and LCVs.
2012
2018
North
America
1
Our Markets
5.2
+36%
+17%
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.
Our Brands &
Products
4.3
+14%
To meet regional customer demand
and purchasing power and to minimize
currency risk a clear focus on local
production is necessary.
Volkswagen at a
Glance
5.9
15.3
2018
2015
2018
2012
South
America1
2015
2018
China
(incl. HK)
World
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
48
Positive Long-Term Trend of Return on Investment
Shows Improving Efficiency
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 prioryear figure (17.7%) due the increase in invested
capital.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
OPERATING PROFIT AFTER TAX AND RoI DEVELOPMENT
OF THE AUTOMOTIVE DIVISION (€ million)
Operating profit after tax
RoI
17.7%
16.6%
13.5%
10.9%
9.5%
10,911
9,375
3.8%
3,567
5,859
4,469
1.673
2007
2008
2009
2010
1
2011
2012
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
49
Bentley Flying Spur
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
50
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
51
100 Locations Worldwide Support Growing Demand
Production locations
Production locations under construction
Volkswagen is represented in
each important region with at
least one plant.
67
Europe
1
12
USA
3
4
Mexico
India Thailand
6
Brazil
3
Argentina
1
China
Our Brands &
Products
Our Markets
3
South Africa
Financials &
Outlook
Strategy 2018
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.
As of January 16, 2013.
Volkswagen at a
Glance
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.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
52
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.
1
Modularisation enables standardization with visible customization
whilst maintaining the individual brand identity.
1
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.
Porsche AG fully consolidated since August 1, 2012.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
53
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.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
54
MQB Helping to Improve Product and Margins
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.
Material costs 100 %
Hat
ca.
40%
Distribution of savings
Additional serial and
optional content,
previously reserved to
premium class
Potential savings
MQB
platform
ca. 60%
Lower cost per unit
Less EHpV1
Less one-off expenditures
Savings
Volkswagen at a
Glance
Our Brands &
Products
Profit
Our Markets
Expenditures
Financials &
Outlook
Invest
Strategy 2018
1
Margin
improvement
Savings to be partly
absorbed to fulfill
regulatory and legal
requirements:
EURO 6
Pedestrian protection
Engineered Hours per Vehicle.
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
55
The MQB‘s Flexible Design is Able to Accommodate
Alternative Drives
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.
Conventional drive
Alternative/Regenerative
TSI Gasoline
EA211
EcoFuel
CNG
Electric drive
TDI Diesel
EA288
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
FlexFuel
Ethanol
EDrive
Plugin
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
56
Modular Toolkit – Responsibility
MLB
MQB
NSF
MSB
1
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.
1
Porsche AG fully consolidated as from August 1, 2012.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
57
Bentley Mulsanne
Lamborghini Aventador Roadster
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
58
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
59
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.
Example: From Beetle to XL1 - R&D achieved significant reduction in fuel consumption
1972 BEETLE 1303
Consumed 13l/100km
2012XL1
Consumes just 0.9l/100km
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
60
Volkswagen Continues to Invest in its Global R&D Activities
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.
VOLKSWAGEN GROUP R&D FOOTPRINT
SCANIA
Škoda
Volkswagen
VWGoA
Chattanooga
operations
ERL
Bentley
21.7
22.8
2007
2008
VTB
5.3
5.1
2010
2011
2012
(€ billion)
5.4
5.0
2007
2008
Shanghai VW
7.2
5.4
VTT
5.8
2009
6.1
2010
5.1
5.1
2011
2012
(€ billion)
of which capatilized development cost
Capitalization ratio in %
VW of
South Africa
2.2
1.4
Our Markets
2009
6.9
FAW-VW
2007
Our Brands &
Products
27.4
8.9
29
Volkswagen at a
Glance
25.6
VW Group RUS
Bugatti
Audi
Porsche
SEAT
MAN
Italdesign
Lamborghini
SCANIA LAM
42.1
34.7
% of automotive sales
VW do Brasil
Volkswagen
Argentina
(‘000 employees)
R&D EXPENSES VOLKSWAGEN GROUP
Volkswagen
Nutzfahrzeuge
VW India
VW de
Mexico
R&D EMPLOYEES VOLKSWAGEN GROUP
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
2.6
1.9
37
34
2008
2009
Forming an
Integrated Group
1.7
1.7
27
23
2010
2011
Shareholder
Information
28
2012
Team
61
Proven Innovation Track Record
Volkswagen at a
Glance
Our Brands &
Products
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 cruise control system with
automatic distance control ACC uses
a distance sensor to measure the
distance and speed relative to vehicles
driving ahead.
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 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.
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.
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.
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
62
A Technology Portfolio for Eco-friendly 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.
EFFICIENT TECHNOLOGIES FOR SUSTAINABLE
MOBILITY
NUMBER OF MODEL DERIVATIVES FULFILLING LOW CO2
EMISSIONS
324
207
33
≤ 100g CO2/km
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
≤ 120g CO2/km
Forming an
Integrated Group
≤ 130g CO2/km
Shareholder
Information
Team
63
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.
Internal
combustion
engine (ICE)
Mild Hybrid
Full Hybrid
1.2 l 77 kW TSI
Start-Stop system
Recuperation
Touareg Hybrid
Golf twinDRIVE
Range Extender
Electrical Vehicle
Gasoline or
Diesel Engine
Combination of
ICE and electric
motor. The
electric motor
serves to boost
power during
acceleration.
Pure electric
driving is not
possible.
Full Hybrids, in
contrast to mild
hybrids, can
drive short
distances in full
electric mode.
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.
20-80 km
Small internal
combustion
engine which
recharges the
vehicle’s battery
and thereby
increases its
range.
2 km
Electric Motor
Both
Internal Combustion Engine
Volkswagen at a
Glance
Our Brands &
Products
Range
Extender
Plug-In
Hybrid
Electric
vehicle
Fuel Cell
e-up!
Tiguan
Hymotion
In the next decades, today’s technologies
will continue to be dominant. Combustion
engines – some of them supported by Emotors, 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.
80-200 km
400-600 km
50-120 km
+ Electric Generator
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Shareholder
Information
Team
64
Urban Mobility and Long Distance Mobility
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.
e-up!
Caddy blue-emotion
Panamera Hybrid
Touareg Hybrid
e-Golf
Bik.e
Passat BlueMotion
Cayenne Hybrid
E-Scooter
Kickstep
XL1
Q5 Hybrid
Urban Concept
Golf twinDRIVE
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Nils
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
65
Driving the Future – On the Way to E-Mobility
VW Jetta
In parallel with the
introduction of new
hybrid models,
Volkswagen is
working on its
electric vehicle
offensive.
Audi Q5
VW XL1
Audi A6
Porsche1 Cayenne S
Audi A4
Porsche1 Panamera S
Porsche1 918 Spyder
Audi A8
2010
2011
Audi Q7
2012
2013
VW e-up!
E-vehicles
With these models –
offered worldwide –
Volkswagen will
build a solid bridge
to the era of electric
mobility.
Hybrid
VW Touareg
VW Passat
VW e-Golf
VW Caddy blue-e-motion
1 Porsche AG fully consolidated as from
August 1, 2012.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
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Focus on R&D
Forming an
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Team
66
Porsche Cayman S
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
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Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Team
67
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Shareholder
Information
Team
68
Forming an Integrated Commercial Vehicles Group
Financial Services
Division
Automotive Division
Business Area
Business Area
Passenger Cars and Light
Commercial Vehicles
Trucks and Buses,
Power Engineering
Business unit of
Volkswagen AG
Voting rights: 75.03%1
Capital: 73.72%1
1 As
2 As
Voting rights: 89.2%2
Capital: 62.6%2
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.
per 31 December 2012.
per 31 December 2012; The stake in Scania held by MAN is attributable to Volkswagen.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Information
Team
69
Ducati Hypermotard SP
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Shareholder
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Team
70
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
Integrated Group
Shareholder
Information
Team
71
Fiscal Year 2012 – Encouraging Share Price Performance for
Volkswagen AG Shareholders
SHARE PRICE DEVELOPMENT 2012
200
175
150
125
Volkswagen
VolkswagenOrdinary
St ammaktShares
ie
VolkswagenPreferred
VorzugsaktShares
ie
Volkswagen
100
DAX
DAX
DJDJ
Euro
Automobile
Euro STOXX
STOXX Automobile
75
D
J
F
M
A
M
J
J
A
S
O
N
D
DIVIDEND DEVELOPMENT
Dividend development
Number of no-par value
shares at Dec. 31
Ordinary shares
Preferred shares
Dividend
per ordinary share
per preferred share
Total dividend paid
Ordinary share
Preferred share
1
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.
2012
´000
´000
295,090
170,143
2011
2010
2009
295,090
170,143
295,046
170,143
295,005
105,238
€
€
3.501
3.561
3.00
3.06
2.20
2.26
1.60
1.66
€ million
€ million
1,0331
6061
885
521
649
385
472
282
Proposed.
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
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.
Focus on R&D
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72
Volkswagen Share – Key Facts & Figures
KEY FACTS & FIGURES (as of December 31, 2012)
In 1961, Volkswagen first issued ordinary shares
on the Frankfurt stock exchange with a nominal
Securities
Ordinary Share:
Preferred share:
Identification
ISIN:
DE0007664005
ISIN: DE0007664039
value of DM100 issued at a price of 350 percent.
Codes
WKN: 766400
WKN: 766403
Two stock splits were performed in the course of
Bloomberg: VOW GY
Bloomberg: VOW3 GY
time. Presently, the majority of the ordinary shares
Reuters: VOWG.DE
Reuters: VOWG_p.DE
are held by the Group’s three biggest
Exchanges
Berlin, Düsseldorf, Frankfurt, Hamburg, Hanover, Munich, Stuttgart,
Xetra, London, Luxembourg, New York, SIX Swiss Exchange
shareholders guaranteeing a stabile shareholder
structure. In 1986, Volkswagen introduced its
Major market
DAX, CDAX, Prime All Share, Prime Automobile, Dow Jones Euro
indices
STOXX, Dow Jones Euro STOXX Automobile & Parts, FTSE Eurotop
preferred shares as an alternative investment
100 Index, S&P Global 100 Index, Dow Jones Sustainability Index
vehicle. In December 2009 the ordinary shares
World, FTSE4Good, Advanced Sustainability Performance Index,
were replaced through the preferred shares in the
Dow Jones Euro STOXX 50, MSCI Euro, Classic All Share,
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.
Volkswagen at a
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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.
1 Definition
Strategy 2018
excludes specific exemptions. For more details see Articles of Association of Volkswagen AG.
Excellence in
Production
Focus on R&D
Forming an
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73
Volkswagen Share – Historical Share Price Development and
Shareholder Structure
HISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (€, monthly closing prices)
Ordinary Share
Preference Share
600
180
500
150
400
1969
Stocksplit 1:2
1998
Stocksplit 1:10
120
300
90
200
60
100
30
0
1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012
0
1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012
SHAREHOLDER STRUCTURE AND VOTING RIGHTS
Voting Rights (as of Dec. 31, 2012)
In Percent of Subscribed Capital (as of Dec. 31, 2012)
Porsche Automobil Holding SE
32.2
Foreign institutional investors
24.9
Qatar Holding LLC
16.4
17%
Qatar
Holding
50.73%
Porsche Automobil
Holding SE, Stuttgart
12.7
State of Lower Saxony
Private shareholders/Others
9.3
German institutional investors
3.0
Porsche Holding GmbH, Salzburg
1.5
0
Volkswagen at a
Glance
9.9%
Others
Our Brands &
Products
10
20
Our Markets
30
40
50
Financials &
Outlook
60
70
80
Strategy 2018
90
20%
State of Lower
Saxony, Hanover
2.37%
Porsche GmbH,
Salzburg
100
Excellence in
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Focus on R&D
Forming an
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74
Upcoming Events 2013
April 25, 2013
Volkswagen AG
Annual General Meeting 2013
Hanover
April 29, 2013
Volkswagen AG
Interim Report January – March 2013
Wolfsburg
July 31, 2013
Volkswagen AG
Half-Year Financial Report January – June 2013
Wolfsburg
October 31, 2013
Volkswagen AG
Interim Report January – September 2013
Wolfsburg
Volkswagen at a
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Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
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75
MAN TGX
Volkswagen at a
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Strategy 2018
Excellence in
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76
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
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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Team
77
Key Investor Relations Contacts
Volkswagen at a
Glance
Christine Ritz
Group Head of Investor Relations
E-Mail: Christine.Ritz@volkswagen.de
Telephone: +49 5361 9 49840
Lars Korinth (Wolfsburg office)
Investor Relations Manager
E-Mail: Lars.Korinth@volkswagen.de
Telephone: +49 5361 9 42224
Oliver Larkin (London office)
Senior Investor Relations Manager
E-Mail: Oliver.Larkin@volkswagen.de
Telephone: +44 20 7290 7821
Lennart Schmidt (Wolfsburg office)
Investor Relations Officer
E-Mail: Lennart.Schmidt@volkswagen.de
Telephone: +49 5361 9 49015
Alexander Hunger (Wolfsburg office)
Senior Investor Relations Officer
E-Mail: Alexander.Hunger@volkswagen.de
Telephone: +49 5361 9 47420
Clemens Denks (Volkswagen Group of America, Inc.)
Investor Relations Liaison Manager
Investor 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 Manager
E-Mail: Andreas.Buchta@volkswagen.de
Telephone: +49 5361 9 47419
Thomas Küter (Beijing office)
Investor Relations Manager
E-Mail: Thomas.Kueter@volkswagen.com.cn
Telephone: + 86 10 6531 4715
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
Production
Focus on R&D
Forming an
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78
Scania G420 Highline Ecolution
Volkswagen at a
Glance
Our Brands &
Products
Our Markets
Financials &
Outlook
Strategy 2018
Excellence in
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Focus on R&D
Forming an
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79
Factbook
2013
80