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Segment reporting

Segments are identified on the basis of the Volkswagen Group’s internal management and reporting. In line with its multibrand strategy, each of the Group’s brands is managed by its own board of management. The Group targets and requirements laid down by the Board of Management of Volkswagen AG or the Group Board of Management must be complied with to the extent permitted by law. The segment reporting comprises the four reportable segments of Passenger Cars and Light Commercial Vehicles, Trucks and Buses, Power Engineering and Financial Services.

The activities of the Passenger Cars and Light Commercial Vehicles segment cover the development of vehicles and engines, the production and sale of passenger cars and light commercial vehicles, and the corresponding genuine parts business. As a rule, the individual passenger car brands and light commercial vehicles of the Volkswagen Group are combined on a consolidated basis into a single reportable segment.

The Trucks and Buses segment primarily comprises the development, production and sale of trucks and buses, the corresponding genuine parts business and related services.

The activities of the Power Engineering segment consist of the development and production of large-bore diesel engines, turbo compressors, industrial turbines and chemical reactor systems, as well as the production of gear units, propulsion components and testing systems.

The activities of the Financial Services segment comprise dealer and customer financing, leasing, banking and insurance activities, as well as fleet management.

In the expanded segment structure, purchase price allocation for companies acquired is allocated directly to the corresponding segments.

The business of Porsche AG acquired in fiscal year 2012 is allocated to the Passenger Cars and Light Commercial Vehicles segment, with the exception of Porsche’s financial services activities, which are presented in the Financial Services segment.

The Ducati Group is allocated to the Audi operating segment and is thus presented in the Passenger Cars and Light Commercial Vehicles reporting segment.

At Volkswagen, segment profit or loss is measured on the basis of operating profit or loss.

In the segment reporting, the share of the profits or losses of joint ventures is contained in the share of profits and losses of equity-accounted investments in the corresponding segments.

The reconciliation contains activities and other operations that do not by definition constitute segments. It also includes the unallocated Group financing activities. Consolidation adjustments between the segments are also contained in the reconciliation.

Investments in intangible assets, property, plant and equipment, and investment property are reported net of investments under finance leases.

As a matter of principle, business relationships between the companies within the segments of the Volkswagen Group are transacted at arm’s length prices.

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REPORTING SEGMENTS 2011

 

 

 

 

 

 

€ million

 

Passenger Cars and Light Commercial Vehicles

 

Trucks and Buses

 

Power Engi-
neering

 

Financial Services

 

Total segments

 

Recon-
ciliation

 

Volkswagen Group

Sales revenue from external customers

 

130,061

 

11,529

 

662

 

15,784

 

158,037

 

1,300

 

159,337

Intersegment sales revenue

 

8,630

 

194

 

 

1,461

 

10,285

 

–10,285

 

Total sales revenue

 

138,692

 

11,723

 

662

 

17,244

 

168,322

 

–8,985

 

159,337

Depreciation and amortization

 

6,302

 

844

 

65

 

2,412

 

9,623

 

52

 

9,675

Impairment losses

 

640

 

1

 

 

96

 

737

 

6

 

744

Reversal of impairment losses

 

81

 

 

 

5

 

85

 

 

85

Segment profit or loss
(operating profit or loss)

 

9,886

 

937

 

–6

 

1,298

 

12,115

 

–844

 

11,271

Share of profits and losses of equity-accounted investments

 

2,458

 

–22

 

0

 

133

 

2,570

 

–396

 

2,174

Net interest income and other financial result

 

–438

 

222

 

10

 

–30

 

–235

 

5,716

 

5,481

Equity-accounted investments

 

7,824

 

610

 

22

 

1,793

 

10,249

 

 

10,249

Investments in intangible assets, property, plant and equipment, and investment property

 

9,011

 

475

 

33

 

158

 

9,676

 

77

 

9,753

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REPORTING SEGMENTS 2012

 

 

 

 

 

 

€ million

 

Passenger Cars and Light Commercial Vehicles

 

Trucks and Buses

 

Power Engi-
neering

 

Financial Services

 

Total segments

 

Recon-
ciliation

 

Volkswagen Group

Sales revenue from external customers

 

148,157

 

20,261

 

4,222

 

18,151

 

190,790

 

1,886

 

192,676

Intersegment sales revenue

 

9,917

 

306

 

12

 

1,703

 

11,938

 

–11,938

 

Total sales revenue

 

158,074

 

20,567

 

4,234

 

19,854

 

202,728

 

–10,052

 

192,676

Depreciation and amortization

 

7,554

 

1,932

 

508

 

3,053

 

13,047

 

–50

 

12,997

Impairment losses

 

72

 

12

 

0

 

102

 

186

 

11

 

197

Reversal of impairment losses

 

65

 

 

 

3

 

68

 

–8

 

60

Segment profit or loss
(operating profit or loss)

 

10,778

 

358

 

161

 

1,586

 

12,883

 

–1,373

 

11,510

Share of profits and losses of equity-accounted investments

 

13,512

 

–93

 

4

 

145

 

13,568

 

 

13,568

Net interest income and other financial result

 

–689

 

–35

 

–4

 

–140

 

–868

 

1,283

 

414

Equity-accounted investments

 

4,906

 

446

 

22

 

1,935

 

7,309

 

 

7,309

Investments in intangible assets, property, plant and equipment, and investment property

 

11,576

 

1,028

 

181

 

222

 

13,007

 

101

 

13,108

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RECONCILIATION

 

 

 

 

€ million

 

2012

 

2011

Segment sales revenue

 

202,728

 

168,322

Unallocated activities

 

3,086

 

2,303

Group financing

 

37

 

34

Consolidation adjustments

 

–13,176

 

–11,322

Group sales revenue

 

192,676

 

159,337

 

 

 

 

 

Segment profit or loss (operating profit or loss)

 

12,883

 

12,115

Unallocated activities

 

105

 

70

Group financing

 

–25

 

–3

Consolidation adjustments

 

–1,453

 

–912

Operating profit

 

11,510

 

11,271

Financial result

 

13,982

 

7,655

Consolidated profit before tax

 

25,492

 

18,926

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BY REGION 2011

 

 

€ million

 

Germany

 

Europe and Other Regions1

 

North America

 

South America

 

Asia/ Oceania

 

Total

1

Excluding Germany.

2

The reporting for companies that were initially consolidated in fiscal year 2011 is now more detailed. This improves the allocation of noncurrent assets to the regions. The figures for fiscal year 2011 were adjusted.

Sales revenue from external customers

 

34,600

 

69,291

 

17,553

 

14,910

 

22,983

 

159,337

Intangible assets, property, plant and equipment, leasing and rental assets, and investment property2

 

30,705

 

26,144

 

9,651

 

3,556

 

962

 

71,017

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BY REGION 2012

 

 

€ million

 

Germany

 

Europe and Other Regions*

 

North America

 

South America

 

Asia/ Oceania

 

Total

*

Excluding Germany.

Sales revenue from external customers

 

37,734

 

77,650

 

25,046

 

18,311

 

33,936

 

192,676

Intangible assets, property, plant and equipment, leasing and rental assets, and investment property

 

73,075

 

30,084

 

10,930

 

3,640

 

1,321

 

119,049

Allocation of sales revenue to the regions follows the destination principle.

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