You are on page 1of 80

Factbook

2013

12
fascinating brands

9.3 million
Vehicles sold in 2012

550,000
Employees worldwide

153
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

Content
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 3 8 24 34 45 51 59 68 71 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

Volkswagen at a Glance
The Volkswagen Group with its headquarters in Wolfsburg is one of the worlds 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.
Focus on R&D Forming an Integrated Group Shareholder Information

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


Note: 2012 figures.
1 Including

280 models

9.3 m deliveries to customers

Active in 153 countries

Profit after tax: 22 billion

Silao plant (Mexico) which started production in January 2013. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production

Volkswagen at a Glance

Volkswagen Group Built on Three Strong Pillars


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 Divisions portfolio of services combines dealer and customer financing, leasing, banking and insurance activities and fleet management.
Focus on R&D Forming an Integrated Group Shareholder Information

Automotive Division Passenger Cars Commercial Vehicles, Power Engineering

Financial Services Division Volkswagen Financial Services

Europe / Asia-Pacific / North- and South America

Financial Services
USA / Canada / Spain / Argentina
1 2

Scania Financial Services 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. Our Brands & Products Our Markets Financials & Outlook Strategy 2018

Volkswagen at a Glance

Excellence in Production

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 stling


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 Ptsch


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

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

Content
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 3 8 24 34 45 51 59 68 71 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

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, KODA, 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

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

Our Huge Product Range Satisfies all Major Customer Groups


World 2013
Bodystyle Segment

Hatchback

Saloon

Estate

MPV

SUV

Coup

Convertible

Roadster

City Van Transporter

PickUp

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 lowconsumption small cars to luxury class vehicles. In the commercial vehicle sector, the product offering spans pickups, busses and heavy trucks. This huge portfolio enables us to reach all major target customer groups.
Shareholder Information Team

A0

A00
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 Segments > 1m cars Product to be launched in 2013

Strategy 2018

Excellence in Production

Focus on R&D

Forming an Integrated Group

10

Volkswagen Passenger Cars


KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Passat/Santana Jetta/Bora Golf

Prof. Dr. Martin Winterkorn CEO

2011 5,091 4,450 5,272 94,690 3,796 4.0

% +12.7 +9.0 +9.5 +9.8 -4.1

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.

5,738 4,850 5,772 103,942 3,640 3.5

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
KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
A4 A6 Q5

Rupert Stadler CEO

2011 1,304 1,543 1,345 44,096 5,348 12.1

% +11.7 - 15.9 +9.2 +10.6 +0.6

10.6 %
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. 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.

1,457 1,299 1,468 48,771 5,380 11.0

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

KODA
KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Octavia Fabia Superb

Prof. Dr. Winfried Vahland CEO

2011 879 690 902 10,266 743 7.2

% +6.8 +5.2 +4.6 +1.7 -4.1

727 thousand
VEHICLES SOLD IN 2012 With its Simply clever slogan, KODA 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 KODA 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.

939 727 943 10,438 712 6.8

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

13

SEAT
KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Ibiza Leon Altea/Toledo

James Muir CEO

2011 350 362 353 5,393 -225 -4.2

% -8.3 +18.8 -9.0 +20.2 +30.7

6.5 billion
SALES REVENUE IN 2012 Models that regularly win awards for their outstanding design are representative of Spanish SEAT brands 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 brands 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

321 429 321 6,485 -156 -2.4

Volkswagen at a Glance

Our Brands & Products

Our Markets

Financials & Outlook

Strategy 2018

14

Bentley
KEY FIGURES 2012 Deliveries (units) Vehicle sales (units) Production (units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Continental GT Coup Continental GT Cabriolet

Dr. Wolfgang Schreiber CEO

2011 7,003 7,402 7,593 1,119 8 0.7

% +21.5 +24.1 +19.9 +29.9 x

100 million
OPERATING PROFIT IN 2012 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 worlds 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.
Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

8,510 9,186 9,107 1,453 100 6.9

Volkswagen at a Glance

Our Brands & Products

Our Markets

Financials & Outlook

Strategy 2018

15

Porsche
KEY FIGURES 20121 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue
1

Matthias Mller CEO

16.1%
OPERATING RETURN ON SALES IN 2012 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.
Panamera

60 62 64 5,879 946 16.1

fully consolidated as from August 1.

MOST PRODUCED IN 2012


Cayenne 911

On August 1, 2012, the integration of Porsche AG 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

16

Volkswagen Commercial Vehicles


KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Caravelle/Multivan Saveiro Amarok

Dr. Eckhard Scholz CEO

2011 529 441 508 8,985 449 5.0

% +4.1 -0.8 -4.1 +5.2 -6.1

550 thousand
VEHICLES DELIVERED IN 2012 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. 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.

550 437 487 9,450 421 4.5

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

17

Scania
KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue MOST PRODUCED IN 2012
Trucks Buses & Coaches

Martin Lundstedt CEO

2011 80 80 84 10,064 1,372 13.6

% -15.9 -15.9 -20.4 -7.4 -32.2

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.

67 67 67 9,314 930 10.0

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
KEY FIGURES 2012 Deliveries (000 units) Vehicle sales (000 units) Production (000 units) Sales revenue ( million) Operating profit ( million) as % of sales revenue
1

Dr. Georg PachtaReyhofen CEO

2011 1 25 25 24 2,652 193 7.3

135 thousand
ORDERS RECEIVED FOR COMMERCIAL VEHICLES IN 2012 MANs 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 Europes 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.

134 134 124 15,999 808 5.0

November 9 to December 31, 2011.

MOST PRODUCED IN 2012


Trucks Buses & Coaches

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 Dr. Wolfgang Schreiber CEO

LAMBORGHINI

BUGATTI

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 Coup and Spyder.
AVENTADOR

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

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

20

Financial Services Division


The Financial Services Division, which corresponds to the Financial Services segment, combines dealer and costumer financing, leasing, banking and insurance activities, fleet management and mobility offerings. Management focuses on increasing the return on equity in the Financial Services Division. Additional goals are to meet the banking authorities regulatory capital requirements, to support its external rating by ensuring capital adequacy and to procure equity for the growth planned in the next fiscal years. In the process, it aims overall to achieve the highest possible growth in the value of the Group and its divisions for the benefit of all the Companys stakeholder groups. The Financial Services Division once again made a significant contribution to the Groups 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%).

FINANCIAL SERVICES DIVISION

AUTOMOTIVE DIVISION

Volkswagen Financial Services Scania Financial Services MAN Financial Services Porsche Holding Salzburg Financial Services Porsche Financial Services1

Fully consolidated as from August 1, 2012. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Volkswagen at a Glance

21

Volkswagen Financial Services


KEY FIGURES 2012 Total Assets ( million) Receivables ( million) Direct Banking Deposits ( m) Equity ( million) Operating profit ( million) 111,053 77,197 22,004 11,312 1,410 2011 97,455 69,328 21,373 9,785 1,203 % +14.0 +11.4 +3.0 +15.6 +17.1

Frank Witter CEO Volkswagen Financial Services AG

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.

CONTINUOUS PORTFOLIO GROWTH (CONTRACTS `000)


3,281 2,452 1,506 3,162 2008
Volkswagen at a Glance

2,148 1,508 3,567 2009


Finance

2,246 1,524 3,712 2010


Leasing
Our Markets

2,691 1,623 3,930 2011


Financials & Outlook

1,808

Total Portfolio 9,640

4,551

2012
Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Service / Insurance

Our Brands & Products

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 Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team 3 8 24 34 45 51 59 68 71 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 GROUPS 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 %) 2012 Deliveries market thereof: Germany Deliveries Group thereof: Germany Market share WE Market share GER 13,153 3,309 3,023 1,176 24.4 37.7 2011 14,433 3,414 3,130 1,153 23.0 35.9 % -8.9 -3.1 -3.4 +1.9

37.7%
MARKET SHARE IN GERMANY IN 2012 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, KODA Roomster, KODA Yeti, SEAT Alhambra, Amarok and Crafter models all registered positive growth rates. The new up!, Beetle, Golf Cabriolet, Audi Q3, KODA 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

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

26

Central and Eastern Europe (CEE)


DELIVERIES (`000 units) AND MARKET SHARE (in %) 2012 Deliveries market thereof: Russia Deliveries Group thereof: Russia Market share CEE Market share Russia 4,295 2,953 644 318 15.4 11.1 2011 4,027 2,690 548 229 13.9 8.9 % +6.7 +9.8 +17.6 +38.8

38.8%
INCREASE IN DELIVERIES IN RUSSIA IN 2012 The Volkswagen Groups 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 KODA 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 KODA Citigo models were also very popular. Volkswagen maintains 17 plants in CEE, one of which is located in Russia.

Deliveries of passenger cars and light commercial vehicles.

OUR TOP SELLER IN THE MARKET


KODA Octavia

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 Deliveries market thereof: US Deliveries Group thereof: US Market share NAR Market share US 17,170 14,497 842 596 4.9 4.1 2011 15,266 12,779 667 444 4.3 3.5 % +12.5 +13.4 +26.2 +34.2

34.2%
INCREASE IN DELIVERIES IN THE US IN 2012 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 Groups 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

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

28

South America (SAR)


DELIVERIES (`000 units) AND MARKET SHARE (in %) 2012 Deliveries market thereof: Brazil Deliveries Group thereof: Brazil Market share SAR Market share Brazil 5,843 3,634 1,010 780 19.6 23.0 2011 5,581 3,417 933 705 18.9 22.3 % +4.7 +6.3 +8.2 +10.7

23.0%
MARKET SHARE IN BRAZIL IN 2012 The Volkswagen Groups 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

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

29

Asia-Pacific
DELIVERIES (`000 units) AND MARKET SHARE (in %) 2012 Deliveries market thereof: China Deliveries Group thereof: China Market share Asia-Pacific Market share China 33,669 18,834 3,170 2,812 12.2 20.8 2011 30,370 17,629 2,570 2,259 11.3 18.2 % +10.9 +6.8 +23.3 +24.5

24.5%
INCREASE IN DELIVERIES IN CHINA IN 2012 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%). 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 KODA Rapid models recorded the highest growth rates. Volkswagen maintains 17 plants in Asia Pacific: 12 in China, four in India and one in Thailand.

Deliveries of passenger cars and light commercial vehicles.

OUR TOP SELLER IN THE MARKET


Volkswagen Lavida

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

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

Changchun Urumqi Beijing Dalian Volkswagen China Investment Company

FAW-Volkswagen (Volkswagen, Audi) Volkswagen FAW Platform

Chengdu FAW-Volkswagen

Volkswagen FAW Engine Volkswagen Automatic Tianjin Yizheng Transmission Changzhou (MAN) Nanjing Shanghai Volkswagen Shanghai Shanghai Volkswagen Ningbo (Volkswagen, KODA) Volkswagen Transmission Foshan Shanghai Volkswagen Powertrain

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 Groups 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%) Operating profit (proportionate) INVESTMENTS ( billion) Total investments 1985-2012 Total investments 2013-2015 planned
Volkswagen at a Glance Our Brands & Products Our Markets

8,424 3,678 15.7 9.8


Financials & Outlook 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)
VW, VWN

Locally Produced (000 units)

88.4
Audi

FAW-VW

995.9

322.7

83.1 13.0 5.2


Porsche2)

Since it first embarked on economic reform more than 30 years ago, China has become one of the worlds most important automotive markets and is now the Volkswagen Groups 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 Groups passenger car brands by 2012.

Other Brands

SVW

1,068.5

235.7

189.7

2,622.8 Total Deliveries Region China 2,813

A4 L

A6 L

New Lavida

Santana

Octavia

1 Including Hongkong. 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

KODA 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 Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team 3 8 24 34 45 51 59 68 71 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 Ptsch 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 9.000 8.160 8.000 7.000 6.000 5.091 5.000 4.000 3.000 2.000 1.000 0 Volkswagen Group
1

January to December 2011 January to December 2012


+12.7% 5.738

+11.7% 1.303 1.455

+6.8% 879 939

-8.3% 350 321 60 Porsche (since 08/12)

+21.5% 7 9

+4.1% 529 550

Volkswagen Passenger Cars

Audi

KODA

SEAT

Bentley

Commercial Vehicles

Figures including Porsche as from August 1, 2012; excluding Scania and MAN. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Volkswagen at a Glance

36

Volkswagen Group Truck and Bus Deliveries1


January to December 2012 vs. 2011 (Gvw. > 6t)
Deliveries in 000 units

-15.9%

-13.7%

156 80 67 134

2011
1 2

2012

2011

2012

MAN is consolidated in the Volkswagen Group since 9 November 2011. Delivery figures for the period January December 2011 are shown for information only. MAN Latin America Trucks and Buses gvw. > 5t. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Volkswagen at a Glance

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 Groups 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 Groups net profit exceeded the prior year figures by around 6.1 billion. Sales Revenue
million

Operating Profit
million

Profit Before Tax


million

Net Profit
million

192,676 18,926 159,337 11,271 11,510

25,492

21,884 15,799

2011 2010
Volkswagen at a Glance

2012 2011
Our Brands & Products Our Markets

2011 2011
Financials & Outlook

2012 2012
Strategy 2018

2011 2011
Excellence in Production Focus on R&D

2012 2012
Forming an Integrated Group

2011 2011
Shareholder Information

2012 2012
Team

38

Strong Performance Across our Business Lines1


Vehicle Sales
('000 units)/ million

Sales revenue
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

Volkswagen Passenger Cars Audi KODA 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
1 2

2012 4.850 1.299 727 429 9 62 437 67 134 2.609 -1.279 9.345 9.345 9.143 202 -

2011 4.450 1.543 690 362 7 441 80 25 2.201 -1.438 8.361 8.361 8.256 105 -

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. 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

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 Porsches 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
17.1 Net cash flow 1.1 16.0

January December 2012


16.2 16.5 Net cash flow -0.2

9.4

12.5

Cash flows from operating activities2


1 2 Before

Cash flows from investing activities

Cash flows from operating activities2

Cash flows from investing activities

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. consolidation of intragroup transactions: 17,029 million (17,868million). Excluding acquisition and disposal of equity investments: 12,528 million (9,371 million). 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

40

Volkswagen is Financially Stable Supported by Strong Capital Discipline and Significant Liquidity
INVESTMENTS IN PROPERTY, PLANT AND EQUIPMENT, AUTOMOTIVE DIVISION
billion / in % of sales revenue

AUTOMOTIVE NET LIQUIDITY

billion

10.3

18.6 17.0

7.9 6.8 5.8 6.6% 6.2% 5.6% 5.0% 5.9% 5.7 8.0 10.6 10.6

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 25.7 68.1 21.3 43.9 Amount utilized on Dec. 31, 2012 billion 5.3 36.9 10.1 18.4

Programs Commercial paper Medium-term notes Other capital market programs Asset-backed securities

It is part of Volkswagens 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 Groups 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 & Poors and Moodys Investors Service performed their regular update of their credit ratings, they confirmed Volkswagens very good rating by sector standards and raised the outlook.

RATING OVERVIEW
As of Dec. 31, 2012 Standard & Poors short-term long-term Outlook Moodys Investors Service short-term long-term Outlook
Volkswagen at a Glance Our Brands & Products

Volkswagen AG

Volkswagen Financial Services AG

Volkswagen Bank GmbH

A2 A positive

A2 A positive

A2 A positive

P2 A3 positive

P2 A3 positive

P2 A3 positive

Our Markets

Financials & 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
7.2 8.3 9.3

6.3

192.7

Sales revenue billion

159.3 105.2 126.9

11.3

11.5

Operating profit billion

7.1 1.9 2009 2010 2011 2012

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 Groups 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 Shareholder Information Team

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 Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team 3 8 24 34 45 51 59 68 71 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 Balanced global footprint

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 5 Synergy potential Leveraging best practices across the Group Purchasing, production, and distribution benefits

2 Modular toolkit strategy Reduction in investment, development and unit costs Scale and efficiency effects Increased production flexibility Reduced time to market

Leading in customer satisfaction and quality Volkswagen Top Group profit employer before tax margin > 8% Volumes > 10 million units p.a.2

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

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 Integrated Group

Shareholder Information

Team

46

Strategy 2018: Our Achievements so far


Volkswagen Group customer satisfaction (on a scale of 1 to 101)

8.22 2007 I am happy to work at the Volkswagen Group (Employee opinion survey) 88% 88% 84% 87% 90%

8.32

8.34

8.41

8.55

8.67

2008

2009

2010

2011

2012 Group profit before tax margin (in percent) 11.9 7.1 7.83 13.2

Leading in customer satisfaction and quality Volkswagen Group profit Top before tax employer margin > 8% Volumes > 10 million units p.a.2

6.0

5.8 1.2

6.93

2007/08

2009

2010

2011

2012 Group deliveries (in million units) 8.3 6.2 2007 6.3 2008 6.3 2009 7.2

2007
1

2008

2009

2010

2011

2012

9.3
2

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 remeasurement of the Porsche put/call options and from remeasurement at the contribution date of the shares already held. Forming an Integrated Group Shareholder Information Team

2010

2011

2012
Focus on R&D

Volkswagen at a Glance

Our Brands & Products

Our Markets

Financials & Outlook

Strategy 2018

Excellence in Production

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. 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. Thats why we are investing in our existing capacity and the continued expansion of our production network, such as in China, Russia and Mexico.
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. Volkswagen at a Glance Our Brands & Products Our Markets Financials & Outlook
1

19.5 17.2 13.2 15.3 5.9 4.3 5.2

+14% +17%
2012 2015 2018 2012 2015 2018 2012

+36%
2015 2018 2012

4.5

-14%
2015 2018

North America
102.6 5.8 79.7

Western Europe2
7.8 3.3

Eastern Europe (incl. Russia)


5.9

Japan
29.1

+77% +33% +29%


2012 2015 2018 2012 2015 2018

18.8

+55%
2012 2015 2018

India South America1 China (incl. HK)

2015

2018

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

3.8%
4,469 1.673 5,859

9,375

3,567

2007

2008

2009

2010

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 Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team 3 8 24 34 45 51 59 68 71 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

67
Europe

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.
Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

1
USA

12 3
Mexico

4 6
Brazil

India Thailand

China

3
Argentina
As of January 16, 2013. Volkswagen at a Glance Our Brands & Products Our Markets

3
South Africa

Financials & Outlook

Strategy 2018

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 Groups 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. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Volkswagen at a Glance

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 Groups 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 its 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 %

Distribution of savings
Additional serial and optional content, previously reserved to premium class

Hat ca. 40%

Margin improvement
Savings to be partly absorbed to fulfill regulatory and legal requirements: EURO 6 Pedestrian protection

MQB platform ca. 60%

Potential savings
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

Engineered Hours per Vehicle. Focus on R&D Forming an Integrated Group Shareholder Information Team

Excellence in Production

55

The MQBs 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 TSI Gasoline EA211 Electric drive TDI Diesel EA288 Plugin EDrive

Alternative/Regenerative

EcoFuel CNG

FlexFuel Ethanol

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

56

Modular Toolkit Responsibility


NSF MQB MLB 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 KODA 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 Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team 3 8 24 34 45 51 59 68 71 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. Volkswagens automotive future is formed by social conditions and trends. It is the Groups 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 Volkswagen VWGoA Chattanooga operations ERL Bentley koda Volkswagen Nutzfahrzeuge

R&D EMPLOYEES VOLKSWAGEN GROUP


(000 employees)
42.1 34.7 21.7 22.8 25.6 27.4

2007

2008

2009

2010

2011

2012

R&D EXPENSES VOLKSWAGEN GROUP


% of automotive sales
6.9 5.3 VTT 5.4 5.0 2008 5.8 2009 5.1 5.4 6.1 5.1 2012 7.2

( billion)
8.9

VW Group RUS FAW-VW VTB

Bugatti Audi Porsche SEAT MAN Italdesign Lamborghini VW India

5.1 2011

Shanghai VW 2007

2010

VW de Mexico

VW do Brasil SCANIA LAM VW of South Africa

of which capatilized development cost Capitalization ratio in %


2.2 1.4 29 2007 37 2008

( billion)
2.6

Volkswagen Argentina

1.9 34 2009

1.7 27 2010

1.7 23 2011 28

2012 Team

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

61

Proven Innovation Track Record


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.
Volkswagen at a Glance Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D

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.
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, Volkswagens 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!. Volkswagens aim is not to be the fastest, but the best and safest for our customers.
Internal combustion engine (ICE) Mild Hybrid Full Hybrid Plug-In Hybrid Range Extender Electric vehicle Fuel Cell

1.2 l 77 kW TSI Gasoline or Diesel Engine

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.

Touareg Hybrid Full Hybrids, in contrast to mild hybrids, can drive short distances in full electric mode.

Golf twinDRIVE 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

Range Extender Electrical Vehicle Small internal combustion engine which recharges the vehicles battery and thereby increases its range.

e-up!

Tiguan Hymotion

2 km Electric Motor Both Internal Combustion Engine


Volkswagen at a Glance Our Brands & Products Our Markets Financials & Outlook

50-120 km

In the next decades, todays 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

+ Electric Generator
Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group 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

Bik.e Passat BlueMotion

e-Golf

E-Scooter

Cayenne Hybrid

XL1

Kickstep

Q5 Hybrid Urban Concept

Golf twinDRIVE

Nils

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

65

Driving the Future On the Way to E-Mobility


VW Jetta VW Passat

VW Touareg

Audi Q5

VW XL1

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.

Hybrid

Audi A6

Audi A4

Porsche1 Cayenne S

Porsche1 Panamera S

Porsche1 918 Spyder

Audi A8

Audi Q7

2010

2011

2012

2013
VW e-up!

E-vehicles

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 Production

Focus on R&D

Forming an Integrated Group

Shareholder Information

Team

66

Porsche Cayman S
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

67

Content
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 3 8 24 34 45 51 59 68 71 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

68

Forming an Integrated Commercial Vehicles Group


Financial Services Division

Automotive Division

Business Area
Passenger Cars and Light Commercial Vehicles

Business Area
Trucks and Buses, Power Engineering

Business unit of Volkswagen AG

Voting rights: 75.03%1 Capital: 73.72%1

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 stling in charge of Group Board of Management Commercial Vehicles function since 1 September, 2012.

1 As 2 As

per 31 December 2012. per 31 December 2012; The stake in Scania held by MAN is attributable to Volkswagen. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Volkswagen at a Glance

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 Integrated Group

Shareholder Information

Team

70

Content
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 3 8 24 34 45 51 59 68 71 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 Shares VolkswagenOrdinary St ammakt ie


VolkswagenPreferred VorzugsaktShares ie Volkswagen DAX DAX

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 AGs 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 Forming an Integrated Group Shareholder Information Team

100

75 D J F M A M J J A S O N D

DJ Euro Automobile DJ Euro STOXX STOXX Automobile

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

2012

2011

2010

2009

000 000 million million

295,090 170,143 3.501 3.561 1,0331 6061

295,090 170,143 3.00 3.06 885 521

295,046 170,143 2.20 2.26 649 385

295,005 105,238 1.60 1.66 472 282

Proposed. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production

Volkswagen at a Glance

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 Groups three biggest Exchanges Berlin, Dsseldorf, 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 Glance Our Brands & Products Our Markets Financials & Outlook

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. 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.

American Depositary Receipt (ADR)

1 Definition

excludes specific exemptions. For more details see Articles of Association of Volkswagen AG. Excellence in Production Focus on R&D Forming an Integrated Group Shareholder Information Team

Strategy 2018

73

Volkswagen Share Historical Share Price Development and Shareholder Structure


HISTORICAL DEVELOPMENT ORDINARY AND PREFERRED SHARE (, monthly closing prices)
Ordinary Share
600 500 400 300 200 100 0 1960 1964 1968 1972 1976 1980 1984 1988 1992 1996 2000 2004 2008 2012 1969 Stocksplit 1:2 1998 Stocksplit 1:10 180 150 120 90 60 30 0 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012

Preference Share

SHAREHOLDER STRUCTURE AND VOTING RIGHTS


In Percent of Subscribed Capital (as of Dec. 31, 2012)
Porsche Automobil Holding SE Foreign institutional investors Qatar Holding LLC State of Lower Saxony Private shareholders/Others German institutional investors Porsche Holding GmbH, Salzburg 0 Volkswagen at a Glance Our Brands & Products 10 20 Our Markets 30 40 50 60 70 80 90 100 Focus on R&D Forming an Integrated Group Shareholder Information Team 32.2 24.9 16.4 12.7 9.3 3.0 1.5 20% State of Lower Saxony, Hanover 2.37% Porsche GmbH, Salzburg 17% Qatar Holding

Voting Rights (as of Dec. 31, 2012)


9.9% Others 50.73% Porsche Automobil Holding SE, Stuttgart

Financials & Outlook

Strategy 2018

Excellence in Production

74

Upcoming Events 2013

April 25, 2013

Volkswagen AG Annual General Meeting 2013 Hanover Volkswagen AG Interim Report January March 2013 Wolfsburg Volkswagen AG Half-Year Financial Report January June 2013 Wolfsburg Volkswagen AG Interim Report January September 2013 Wolfsburg

April 29, 2013

July 31, 2013

October 31, 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

Team

75

MAN TGX
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

76

Content
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 3 8 24 34 45 51 59 68 71 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

77

Key Investor Relations Contacts


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 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 Thomas Kter (Beijing office) Investor Relations Manager E-Mail: Thomas.Kueter@volkswagen.com.cn Telephone: + 86 10 6531 4715

Alexander Hunger (Wolfsburg office) Senior Investor Relations Officer E-Mail: Alexander.Hunger@volkswagen.de Telephone: +49 5361 9 47420

Andreas Buchta (Wolfsburg office) Investor Relations Manager E-Mail: Andreas.Buchta@volkswagen.de Telephone: +49 5361 9 47419

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

78

Scania G420 Highline Ecolution

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

79

Factbook
2013

80

You might also like