Professional Documents
Culture Documents
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
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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
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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.
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Headquarters Wolfsburg
550,000 employees
280 models
Silao plant (Mexico) which started production in January 2013. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production
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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
Christian Klingler
Sales and Marketing
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
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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
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Hatchback
Saloon
Estate
MPV
SUV
Coup
Convertible
Roadster
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.
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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
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10
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
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
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.
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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
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.
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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
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.
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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
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.
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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
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
On August 1, 2012, the integration of Porsche AG into Volkswagen AG was completed. The brand is now fully consolidated into the Volkswagen Group.
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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.
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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
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.
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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
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.
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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
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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
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21
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.
1,808
4,551
2012
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Service / Insurance
22
Audi SQ 5
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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.
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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.
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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
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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.
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
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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.
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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
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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.
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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
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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.
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
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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
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88.4
Audi
FAW-VW
995.9
322.7
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
A4 L
A6 L
New Lavida
Santana
Octavia
1 Including Hongkong. Porsche imports only from August-December, FY import units totaled to 31,200.
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KODA Octavia
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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
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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
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+21.5% 7 9
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
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-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
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37
Operating Profit
million
Net Profit
million
25,492
21,884 15,799
2011 2010
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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
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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
9.4
12.5
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
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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
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
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2009
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2012
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2008
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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
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A2 A positive
A2 A positive
A2 A positive
P2 A3 positive
P2 A3 positive
P2 A3 positive
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6.3
192.7
11.3
11.5
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
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SEAT Leon SC
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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
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
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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
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2011
2012
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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
+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
Japan
29.1
18.8
+55%
2012 2015 2018
2015
2018
World
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OPERATING PROFIT AFTER TAX AND RoI DEVELOPMENT OF THE AUTOMOTIVE DIVISION ( million)
Operating profit after tax RoI 17.7%
16.6%
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.
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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.
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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
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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
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54
Distribution of savings
Additional serial and optional content, previously reserved to premium class
Margin improvement
Savings to be partly absorbed to fulfill regulatory and legal requirements: EURO 6 Pedestrian protection
Potential savings
Lower cost per unit Less EHpV1 Less one-off expenditures
Savings
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Conventional drive TSI Gasoline EA211 Electric drive TDI Diesel EA288 Plugin EDrive
Alternative/Regenerative
EcoFuel CNG
FlexFuel Ethanol
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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
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Bentley Mulsanne
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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
60
2007
2008
2009
2010
2011
2012
( billion)
8.9
5.1 2011
Shanghai VW 2007
2010
VW de Mexico
( billion)
2.6
Volkswagen Argentina
1.9 34 2009
1.7 27 2010
1.7 23 2011 28
2012 Team
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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.
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The Lane Assist helps to prevent accidents caused by unintentionally wandering out of lane, and represents a major safety gain on motorways and major trunk roads. If there is an indication that the vehicle is about to leave the lane unintentionally, Lane Assist alerts the driver visually and by means of a signal on the steering wheel.
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324
207
33
100g CO2/km
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120g CO2/km
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130g CO2/km
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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
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
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
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Panamera Hybrid
Touareg Hybrid
e-Golf
E-Scooter
Cayenne Hybrid
XL1
Kickstep
Golf twinDRIVE
Nils
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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
Audi A8
Audi Q7
2010
2011
2012
2013
VW e-up!
E-vehicles
VW e-Golf
VW Caddy blue-e-motion
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Porsche Cayman S
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Automotive Division
Business Area
Passenger Cars and Light Commercial Vehicles
Business Area
Trucks and Buses, Power Engineering
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
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Ducati Hypermotard SP
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Fiscal Year 2012 Encouraging Share Price Performance for Volkswagen AG Shareholders
SHARE PRICE DEVELOPMENT 2012
200
175
150
125
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.
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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
2012
2011
2010
2009
Proposed. Our Brands & Products Our Markets Financials & Outlook Strategy 2018 Excellence in Production
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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.
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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. 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
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
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Preference Share
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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
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MAN TGX
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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
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Factbook
2013
80