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Summary of business development

The Board of Management of Volkswagen AG considers business development in the reporting period to have been positive. In an increasingly challenging market environment, the Volkswagen Group exceeded its forecast delivery volumes, sales revenue and operating profit for 2012 – in certain areas significantly – and hence further strengthened its market position. Due to the marked increase in sales revenue, the ratio of capital expenditure to sales in the Automotive Division was in line with the forecast, despite the higher investments in property, plant and equipment. Deliveries were at a new all-time high of 9.3 million vehicles, beating last year’s record by 12.2%. We recorded our strongest absolute growth in China, the USA, Brazil, Russia and Germany. Since growth in sales to customers outperformed that of the markets as a whole, we were able to further increase our share of the global passenger car market.

This positive performance is due above all to our attractive and environmentally friendly model portfolio, which impresses customers around the globe. In addition, our high quality and efficiency standards helped us meet and even exceed our financial targets.

The following table shows an overview of the targets set for the reporting period and the figures actually achieved. Detailed information on the financial key performance indicators can be found in the “Results of Operations, Financial Position and Net Assets chapter.

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FORECAST VERSUS ACTUAL FIGURES

 

 

 

 

Measure

 

Forecast for 2012

 

Actual 2012

Deliveries

 

> 8.3 million

 

9.3 million

Global market share

 

> 12.3%

 

12.8%

Sales revenue

 

> €159.3 billion

 

€192.7 billion

Operating profit

 

~ €11.3 billion

 

€11.5 billion

Capex/sales revenue in the Automotive Division

 

approx. 6%

 

5.9%

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FIVE-YEAR REVIEW

 

 

 

 

 

 

 

 

 

 

 

 

2012

 

2011*

 

2010

 

2009

 

2008*

*

Adjusted

Volume Data (thousands)

 

 

 

 

 

 

 

 

 

 

Vehicle sales (units)

 

9,345

 

8,361

 

7,278

 

6,310

 

6,272

Germany

 

1,207

 

1,211

 

1,059

 

1,288

 

1,013

Abroad

 

8,137

 

7,150

 

6,219

 

5,022

 

5,259

Production (units)

 

9,255

 

8,494

 

7,358

 

6,055

 

6,347

Germany

 

2,321

 

2,640

 

2,115

 

1,938

 

2,146

Abroad

 

6,934

 

5,854

 

5,243

 

4,117

 

4,201

Employees (yearly average)

 

533

 

454

 

389

 

367

 

357

Germany

 

237

 

196

 

178

 

173

 

178

Abroad

 

296

 

258

 

210

 

194

 

179

 

 

 

 

 

 

 

 

 

 

 

Financial Data in € million

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

192,676

 

159,337

 

126,875

 

105,187

 

113,808

Cost of sales

 

157,518

 

131,371

 

105,431

 

91,608

 

96,612

Gross profit

 

35,158

 

27,965

 

21,444

 

13,579

 

17,196

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

18,850

 

14,582

 

12,213

 

10,537

 

10,552

Administrative expenses

 

6,223

 

4,384

 

3,287

 

2,739

 

2,742

Net other operating expense/income

 

1,426

 

2,271

 

1,197

 

1,553

 

2,431

Operating profit

 

11,510

 

11,271

 

7,141

 

1,855

 

6,333

Financial result

 

13,982

 

7,655

 

1,852

 

–595

 

275

Profit before tax

 

25,492

 

18,926

 

8,994

 

1,261

 

6,608

Income tax expense

 

3,608

 

3,126

 

1,767

 

349

 

1,920

Profit after tax

 

21,884

 

15,799

 

7,226

 

911

 

4,688

 

 

 

 

 

 

 

 

 

 

 

Cost of materials

 

122,450

 

104,648

 

79,394

 

67,925

 

75,954

Personnel expenses

 

29,503

 

23,854

 

19,027

 

16,027

 

15,784

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet at December 31

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

196,582

 

148,129

 

113,457

 

99,402

 

91,756

Current assets

 

113,061

 

105,640

 

85,936

 

77,776

 

76,163

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

309,644

 

253,769

 

199,393

 

177,178

 

167,919

 

 

 

 

 

 

 

 

 

 

 

Equity

 

81,825

 

63,354

 

48,712

 

37,430

 

37,388

of which: noncontrolling interests

 

4,310

 

5,815

 

2,734

 

2,149

 

2,377

Noncurrent liabilities

 

122,306

 

89,179

 

73,781

 

70,215

 

65,729

Current liabilities

 

105,513

 

101,237

 

76,900

 

69,534

 

64,802

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

309,644

 

253,769

 

199,393

 

177,178

 

167,919

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities

 

7,209

 

8,500

 

11,455

 

12,741

 

2,702

Cash flows from investing activities attributable to operating activities

 

16,840

 

16,002

 

9,278

 

10,428

 

11,613

Cash flows from financing activities

 

13,712

 

8,316

 

–852

 

5,536

 

8,123

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