The Board of Management of Volkswagen AG believes that the Group’s economic position is positive. The integrated automotive group with Porsche was created as of August 1, 2012 with the contribution in full of Dr. Ing. h.c. F. Porsche AG to the Volkswagen Group. Alongside the consolidation of MAN as of November 9, 2011 and organic growth, this helped us to exceed the previous year’s record sales revenue and earnings and thus maintain our profitable growth trajectory. We continued to pursue disciplined cost and investment management and the continuous optimization of our processes.
The integration of Porsche, the acquisition of Ducati Motor Holding S.p.A. and the increased stake in MAN SE had a significant influence on the Volkswagen Group’s financial position in the reporting period. We strengthened our capital base with the successful placement of a mandatory convertible note. The Automotive Division’s strong liquidity position at the end of fiscal year 2012 gives us financial stability and flexibility.
An overview of the development of the Volkswagen Group over the past five years can be found in the tables of the and in the . More information on the economic position of the Volkswagen Group by brand and business field can be found in the chapter.