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VOLKSWAGEN AG Annual Report 2000

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VOLKSWAGEN AG Annual Report 2000 VOLKSWAGEN AG Annual Report 2000 Key Figures Volkswagen Group Volume Data 2000 1999 % Vehicle Sales Units 5,161,188 4,922,996 +4.8 Production Units 5,156,455 4,853,192 +6.2 Workforce as per Dec. 31 324,402 306,275 +5.9 Financial Data 2000 1999 2000 1999 million DM million DM % million € million € Sales Proceeds 167,331 147,013 + 13.8 85,555 75,167 Pre-tax Profit 6,784 4,933 +37.5 3,469 2,522 Net Earnings 4,032 1,651 +144.2 2,062 844 Research & Development Expenditure 8,089 7,409 +9.2 4,136 3,788 Capital Investments 39,820 28,316 + 40.6 20,360 14,478 Depreciation and Write-Down 17,385 14,480 + 20.1 8,889 7,403 Cash Flow 23,180 16,771 + 38.2 11,852 8,575 Automotive Division: Investments in Tangible Fixed Assets 1) 12,052 10,695 + 12.7 6,162 5,468 Depreciation and Write-Down 8,992 7,926 + 13.4 4,597 4,052 Cash Flow 14,724 11,008 + 33.8 7,528 5,628 Earnings according to IAS 2000 2000 Net Earnings million DM 5,902 Mio. € 3,018 Earnings per Share DM 14.42 € 7.37 Key Figures per Share 2000 1999 2000 1999 DM DM % € € Earnings according to HGB 9.67 3.96 +144.2 4.94 2.02 Cash Flow 55.56 40.20 + 38.2 28.41 20.55 Dividend per Ordinary Share 2.352) 1.512) + 55.8 1.20 0.77 per Preferred Share 2.462) 1.622) + 51.8 1.26 0.83 Price of Ordinary Share at Dec. 31 110.60 109.53 +1.0 56.55 56.00 Returns 2000 1999 Return on Sales before Tax % 4.1 3.4 Return on Investment after Tax3) % 7.0 6.9 Dividend Return % 3.0 2.0 VOLKSWAGEN AG Financial Data 2000 1999 2000 1999 million DM million DM % million € million € Sales Proceeds 84,975 78,417 +8.4 43,447 40,094 Net Earnings 1,612 1,276 + 26.4 824 652 Dividend of VOLKSWAGEN AG 9922)641 2) + 54.8 507 327 of which Ordinary Shares 7322)470 2) + 55.9 374 240 Preferred Shares 2602)171 2) + 51.8 133 87 1) Excluding amounts carried forward in respect of companies consolidated for the first time. 2) For information only; the distribution is made in Euro. 3) In the Automotive Division. This version of the Annual Report is a translation from the German original. The German text is authoritative. VOLKSWAGEN AG Annual Report 2000 Commercial Vehicles Table of Contents 4 Report of 16 Management Report of the the Supervisory Board Volkswagen Group and of VOLKSWAGEN AG 8 Financial Communications 18 Economic Climate 8 Letter to Stockholders 20 Business Development 10 Investor Relations 25 Procurement 13 Key Figures of the Volkswagen Share 26 Research and Development, Quality 14 Earnings and Stockholders’ 28 Workforce Equity according to IAS 31 Miscellaneous Items 32 Overview of Assets 34 Financial Overview 36 Overview of Earnings 38 Balance Sheet and Statement of Earnings of VOLKSWAGEN AG 40 Risk Report The Annual Report contains the consolidated financial statements of the Volkswagen Group, the summary management report of the Group and of VOLKSWAGEN AG, as well as additional 43 Forecast information. 48 Segmental Reporting 78 Financial Statements of the Volkswagen Group as per Dec. 31, 2000 50 Major Group Companies 80 Balance Sheet 52 Automotive Division 81 Statement of Earnings 54 Volkswagen Passenger Cars Brand 82 Development of Short-Term Liquidity 56 Volkswagen Commercial Vehicles Brand 58 Audi Brand 83 Notes on the Financial Statements 60 Seat Brand 62 Škoda Brand 64 Rolls-Royce/Bentley Brand 66 North America Region 102 Organs of the Company 68 South America/Africa Region 102 Supervisory Board 70 Asia-Pacific Region 104 Board of Management of VOLKSWAGEN AG 72 Financial Services Division 105 Brands, Regions, Divisions 74 Financing Division 108 Ten-year Charts 76 Autostadt 112 Scheduled Dates, Contacts Report of the Supervisory Board 6 Report of the Supervisory Board Financial Communications 8 Letter to Stockholders 10 Investor Relations 13 Key Figures of the Volkswagen Share 14 Earnings and Stockholders’ Equity according to IAS Report of the Supervisory Board Board were the Company’s current business position and the future market positioning of the Volkswagen Group. The medium-term corporate planning for the years 2001 to 2005 was routinely presented, discussed in detail and approved at the autumn meeting. The Supervisory Board also approved the Dr. Klaus Liesen investment programme of VOLKSWAGEN AG for the year 2001. The Supervisory Board convened at four scheduled Further topics of importance dealt meetings in the course of the year 2000, at which with at Supervisory Board meetings in verbal and written reports from the Board of the past year were: Management were received and reviewed and the – The commercial vehicle strategy in the position and development of the Volkswagen Group Volkswagen Group. was discussed in detail. An additional extraordinary – The authorization of a share buyback meeting of the Supervisory Board was convened on scheme. April 2, 2000, at which consultations were undertaken – Further capital measures as set out in concerning an intended capital investment in the the agenda to the 2000 Annual Meeting Scania AB corporation. The Board of Management of Stockholders. also provided the Supervisory Board with monthly – The latest state of affairs relating to the detailed reports on significant developments EU End of Life Vehicle Directive. throughout the Group. These reports included the – The full acquisition of ŠKODA latest key volume and financial data of the AUTO a.s. Volkswagen Group as a whole, the brands, regions and – The development of business at divisions, set against budget and against the previous Europcar. year, as well as updated forecasts through to the year- – Reporting on the South America Region. end. Written and verbal questions from the – The VOLKSWAGEN AG humanitarian Supervisory Board were answered directly by the aid fund for former forced labourers. Board of Management. – The expansion of Investor Relations The Presidium of the Supervisory Board, activities. comprising four of its members, was convened prior – The implementation of the second to each scheduled meeting. The Balance Sheet and tranche of the stock option plan. Personnel Committee and the Finance and The main items on the agenda of the Investment Committee each met once in the year Spring 2001 meeting of the Supervisory 2000. They each comprise five representatives of the Board were the consolidated financial stockholders and five employee representatives. The statements of the Group and of Mediation Committee did not need to convene. VOLKSWAGEN AG for 2000, as well as the Memberships of the respective committees are accompanying management reports of indicated in the “Organs of the Company” section. the Group and of VOLKSWAGEN AG, In addition to the planned investment in Scania which, together with the accounts, had AB, major topics at the meetings of the Supervisory previously been examined by the 6 Report of the Supervisory Board auditors and approved without qualification. PwC On March 22, 2000, the former Deutsche Revision Aktiengesellschaft member of our Supervisory Board Wirtschaftsprüfungsgesellschaft, Hanover, had been Mr. Hans-Günter Hoppe, Senator (ret.), appointed auditors for the fiscal year 2000 at the passed away at the age of 77. Mr. Hoppe Annual Meeting of Stockholders held on May 23, 2000. was a member of the Supervisory Board The audit also covered the measures to be undertaken of VOLKSWAGEN AG between 1974 and by the Board of Management to ensure early detection 1992. His 18 years of membership on the of any risk endangering the continued existence of the Board were marked by a commitment of Company. The Supervisory Board accepted the results expertise and dynamism which was of of the audit. The Supervisory Board’s examination of lasting benefit to the wellbeing of the the Group consolidated financial statements, the Company. financial statements of VOLKSWAGEN AG, the On September 22, 2000, the former associated management reports and the proposal member of our Supervisory Board regarding appropriation of net earnings available for Professor Hans L. Merkle ( Dr. h. c.) distribution gave rise to no objections. The auditors passed away at the age of 87. Professor were present at the relevant meeting of the Merkle was a member of the Supervisory Supervisory Board at which this item was reviewed, as Board of VOLKSWAGEN AG for 13 years well as at the preceding meeting of the Balance Sheet up to 1987. In that position he exhibited and Personnel Committee, and reported on the great initiative and outstanding commit- principal results of their audit. The Supervisory Board ment, and had a decisive influence on approved and thereby adopted the financial the successful development of the statements, and approved the proposal put forward by Company. the Board of Management regarding appropriation of We shall treasure the memory of the net earnings available for distribution. deceased, to whose efforts and commit- At this meeting, the Supervisory Board also ment VOLKSWAGEN AG owes so much. consented to the implementation of the third tranche The Supervisory Board would like to of the stock option plan. thank the members of the Board of At its meeting on November 24, 2000 the Management, the Works Councils and all Supervisory Board voted to appoint Dr. Folker the employees of VOLKSWAGEN AG and Weißgerber as a member of the Board of Management its affiliated companies for their efforts of VOLKSWAGEN AG. With effect from March 1, 2001, and achievements. Dr. Weißgerber took on responsibility for “Production” in addition to his role as member of the Volkswagen Wolfsburg, March 16, 2001 Brand Management Board with responsibility for “Production, Logistics”.
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