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Financial Sustainability on Core Strengths

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Volkswagen Group: Financial sustainability on core strengths Christine Ritz & Andreas Buchta Group Investor Relations, Volkswagen Aktiengesellschaft German Investment Seminar, New York, 13-14 January 2014 Disclaimer This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 2 Development World Car Market1) vs. Volkswagen Group Passenger Car Deliveries2) (Growth y-o-y in deliveries to customers, January to December 2013 vs. 2012) bf World: Car Market: 5.0% Volkswagen Group Passenger Cars: 5.1% Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 7.3% 5.4% -1.9% -0.2% -3.9% -0.6% North America Western Europe Central & Eastern Europe Car Market VW Group Car Market VW Group Car Market VW Group 13.6% 14.8% 7.5% 8.6% -0.7% -13.3% South America Rest of World Asia Pacific 1) Preliminary figures 2) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN; incl. Porsche since 08/2012 3 Volkswagen Group – Deliveries to Customers by Brands (January to December 2013 vs. 2012) ´000 units January – December 2012 12,000 1) ~ +5% January – December 2013 >9,700 10,000 9,300 8,000 +3.4% 5,738 5,932 6,000 4,000 +8.3% -2.0% +10.6% 2,000 1,455 1,575 +18.9% 939 921 321 355 60 162 9 10 0 Volkswagen Group (since 08/12) 1) Figures incl. Scania and MAN (estimated figures) and Volkswagen Commercial Vehicles. Porsche AG fully consolidated as from 1 August 2012 4 Financial Highlights – Volkswagen Group (January to September 2013 vs. 2012)1) Sales revenue Operating profit Profit before tax Profit after tax € million € million € million € million + 1.0% -3.4% - 59.1% - 66.7% 22,957 144,226 145,673 20,152 8,857 8,557 9,399 6,702 2012 2013 2012 2013 2012 2013 2012 2013 1) The prior-year figures were adjusted to reflect application of IAS 19. 5 Volkswagen Group – Analysis of Operating Profit € billion 10.0 1.1 -0.8 8.9 -0.4 9.0 -0.3 -0.1 0.2 8.6 8.0 7.0 6.0 5.0 4.0 Jan – Sept Volume/ Mix/ Exchange Product Fixed costs/ Commercial Financial Jan – Sept Prices1) rates costs start-up costs 2012 Vehicles, Services 2013 Power Division Passenger Cars Engineering 1) Incl. Porsche AG. 6 Volkswagen Group – Analysis by Business Line1) (January – September 2013) Vehicle sales Sales revenue Operating profit 2) thousand vehicles/ € million 2013 2012 2013 2012 2013 2012 Volkswagen Passenger Cars 3,499 3,638 74,233 78,972 2,117 2,886 Audi 1,004 1,002 36,965 37,667 3,743 4,197 ŠKODA 524 551 7,365 7,868 371 567 SEAT 335 315 5,017 4,798 -93 -95 Bentley 7 7 1,069 1,051 98 73 Porsche3) 115 22 10,419 2,167 1,893 387 Volkswagen Commercial Vehicles 325 330 7,011 7,079 342 300 Scania3) 56 47 7,365 6,724 691 688 MAN3) 98 101 11,342 11,754 47 518 VW China4) 2,294 1,923 - - - - Other -1,017 -959 -29,370 -27,176 -1,7775) -1,6515) Volkswagen Financial Services - - 14,258 13,322 1,126 987 Volkswagen Group 7,241 6,978 145,673 144,226 8,557 8,857 Automotive Division 7,241 6,978 129,171 129,573 7,225 7,751 of which: Passenger Cars6) 6,761 6,499 103,849 104,400 6,835 7,242 of which: Commercial Vehicles, Power Engineering6) 480 479 25,321 25,172 390 509 Financial Services Division - - 16,502 14,653 1,333 1,106 1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Prior-year figure adjusted due to the revised IAS 19. 3) Incl. financial services; Porsche since August 1, 2012. 4) Sales revenue and operating profit of the JV’s in China are not included in the Group figures. The Chinese companies are accounted for using the equity method and recorded an operating profit (proportionate) of €3,530 million (€2,806 million). 5) Mainly intragroup items, in particular from elimination of intercompany profits; incl. depreciation and amortization of identifiable assets as part of the PPA for Scania, Porsche Holding Salzburg, MAN and Porsche. 6) Volkswagen Commercial Vehicles has been reported within the Automotive Division under commercial vehicles since January 1, 2013; the prior-year figures have been adjusted. 7 Automotive Division – Strong Cash Generation1) (January – September 2013) in € billion 18.0 15.0 12.0 -6.4 (5.0%2)) 9.0 14.7 -2.6 6.0 0.4 -1.6 3.0 6.1 4.4 0.0 2012 11.9 -6.0(4.6%2)) -1.7 0.2 4.5 -3.9 0.6 Cash flow Capex Capitalized Other Net cash flow Acquisition Net cash flow from operating R&D costs before equity and disposal activities investments of equity investments 1) Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 2) Capital expenditure for property, plant and equipment in % of Automotive sales revenue. 8 Volkswagen Group – Outlook 2013 + 4.8% 9,276 Deliveries to 6,855 7,185 We expect … customers (million vehicles) ■ deliveries to customers to increase y-o-y. ■ sales revenue to exceed the prior-year figure. + 1.0% ■ positive effects from our attractive model 192.7 144.2 145.7 range and strong market position. Sales revenue (€ billion) We have the goal… -3.4% ■ to match the prior-year’s level of operating 11.5 profit in 2013, even with an ongoing uncertainty 8.9 8.6 Operating profit in the economic environment. (€ billion) ■ This applies equally for the Passenger Cars Business Area, the Commercial Vehicles / Power Engineering Business Area and the Financial Services Division. 2012 2013 2012 2013 Jan - Sept Full Year 9 Volkswagen Group – A global economic and environmental leader by 2018 Growth market focus Potential upside Increased market penetration Modular toolkit strategy Product portfolio extension 1 Emerging markets expansion Reduction in investment, North American expansion Balanced global footprint development and unit costs and market recovery Scale and efficiency effects Commercial vehicle strategy 6 Leading in 2 Increased production flexibility and market recovery customer satisfaction Reduced time to market and quality Financial Services: strengthen the automotive value chain Volkswagen Group Top profit before tax employer margin > 8% Volumes Capital discipline > 10 million units p.a.2) > 16% RoI target in Synergy potential automotive business Leveraging best practices 20% RoE1) goal in across the Group 5 3 Operating profit measures Financial Services Purchasing, production, and Strong cost control distribution benefits 4 Process/product optimization Regional scale effects 1) Normalized RoE based on 8% equity ratio 2) Including China Note: All stated Volkswagen Group figures represent financial targets for 2018 10 Volkswagen Group – Leveraging the power of three strong pillars Automotive Division Financial Services Division Commercial Vehicles / Passenger Cars Volkswagen Financial Services Power Engineering Europe / Asia-Pacific / North and South America Financial Services USA / Canada / Spain / Argentina Scania Financial Services MAN Financial Services Porsche Holding Financial Services Porsche Financial Services Remaining companies 11 Passenger Cars – Nine independent brands addressing all customer needs Automotive Division Passenger Cars Remaining companies 12 Passenger Cars – Strong market penetration through well positioned and differentiated brands Sporty Value for Money Positioning focus Volume brands: . Volkswagen Mainstream mobility for the upmarket driver . ŠKODA Economical Functional and roomy cars for the product-value focussed audience . SEAT Sporty and stylish for the young and young-in-mind Premium driver Premium brands: . Audi Progressive prestige for innovation seekers . Porsche Family Sporty prestige for the elite high end client Source: Volkswagen Group, EU 5 markets 13 Key sales markets offer substantial growth opportunities bf Market growth 2012 – 2018 (million units) 5.4 4.2 4.4 19.3 19.5 15.0 +29% 17.2 13.7 28.8 13.2 24.6 2012 2015 2018 +14% +14% 18.6 Central & Eastern 2012 2015 2018 2012 2015 2018 Europe +55% (incl. Russia) Western Europe1) North America 2012 2015 2018 5.1 China (incl. HK) 100 3.3 3.7 90 7.4 79 +55% 5.9 6.5 2012 2015 2018 +26% +26% India 2012 2015 2018 2012 2015 2018 1) South America2) Includes Cyprus and Malta 2) Includes Central America and Caribbean World Source: IHS Automotive (data status: October 2013), rounded Note: Market = Cars and LCVs 14 Above-average growth rates in premium and SUV segments bf Compound annual growth rates 2012 – 2018 6.3% 5.1% 4.3% 4.3% 14.1% 3.7% 3.5% SUV 11.8% 2.2% Hatch 2.2% 2.1% SUV 4.2 0.3 1.1 SUV Central & Eastern 7.5% 17.2 1.6 1.4 13.2 2.6 1.9 Europe (incl.
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    Audi MediaInfo Audi’s Le Mans return is shaping up • Concept stage for new Audi sports prototype largely completed • Close cooperation with fellow group brand Porsche • First race planned for January 2023 at the Daytona 24 Hours Neuburg a. d. Donau, April 29, 2021 – Audi will return to Le Mans and to sports prototype racing with an electrified sports car in the 2023 season. The successor to the successful Audi R18 is already taking shape. “The new LMDh category fits perfectly with our new set-up in motorsport,” says Julius Seebach, Managing Director Audi Sport GmbH and responsible for Motorsport at Audi. “The regulations allow us to field fascinating race cars in prestigious races worldwide. In addition, we are making use of synergies inside the Volkswagen Group with our partner strategy.” The successor to the Audi R18 is being built in close cooperation with the brands’s sister company Porsche. “A great strengh of the Volkswagen Group is the collaboration of the brands in the development of road cars,” says Seebach. “We are now transferring this proven model to motorsport. Nevertheless, the new sports prototype will be just as much a genuine Audi as the Audi RS e-tron GT that was launched recently and has also been developed on a platform shared with Porsche.” The sports prototype for the new LMDh category is currently being created at Audi Sport in parallel with the innovative SUV for the Dakar Rally. “Of course, the Dakar team is under greater time pressure, because there are only just under eight months left until our first participation in the Dakar Rally in January 2022,” says Andreas Roos, who is responsible for all factory motorsport commitments at Audi Sport.
  • World's Car Makers Race to Keep up As China Zooms

    World's Car Makers Race to Keep up As China Zooms

    December 13, 2002 12:03 a.m. EST PAGE ONE World's Car Makers Race ROARING DRAGON • China Industrial Output Rises As To Keep Up as China Zooms Export Production Booms3 12/10/02 • Big Western Stores in China Lure By KARBY LEGGETT and TODD ZAUN Price-Conscious Buyers4 Staff Reporters of THE WALL STREET JOURNAL 11/26/02 • China's Retail Store Sector Is SHANGHAI -- Foreign auto companies are scrambling to get into the Changing at Rapid Pace5 11/07/02 world's fastest-growing major market: China. • China's Hot Property Sector Shows Signs of Overheating6 After several years of strong growth, China is now the world's fourth- 11/05/02 largest auto market, behind the U.S., Japan and Germany. It could leap into second place in three years, even if growth continues at just half its current pace. Private citizens have overtaken the government as China's COMPANIES biggest buyers of automobiles this year. Banks have helped pave the way Dow Jones, Reuters by offering car loans for the first time, and thousands of miles of new Toyota Motor Corp. ADS (TM) roads have given drivers more places to go. PRICE 51.14 CHANGE -0.70 U.S. dollars 1:07 p.m. Auto executives, facing flat or falling sales in their home markets, Nissan Motor Co. Ltd. ADS predict China will be their biggest source of growth over the next (NSANY) decade. Newcomers Toyota Motor Corp., Nissan Motor Co. and PRICE 15.82 Hyundai Motor Co. plan to spend a combined $3 billion in China over CHANGE 0.05 U.S.