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