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Volkswagen AG Annual Report 2009

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"*'%/ ;`m`[\e[jÑ g\ifi[`eXipj_Xi\ (%-' (%0* g\igi\]\ii\[j_Xi\ (%-- (%00 K_`jm\ij`fef]k_\8eelXcI\gfik`jXkiXejcXk`fef]k_\>\idXefi`^`eXc%K_\>\idXekXb\jgi\Z\[\eZ\% What moves us worldwide K_\MfcbjnX^\e>iflg\dgcfpjaljk le[\i*.'#'''g\fgc\Xccfm\ik_\nfic[% 370,000 <DGCFP<<J *,0>iflgZfdgXe`\jk_Xkgif[lZ\ m\_`Zc\jfif]]\ii\cXk\[j\im`Z\jXi\ `eZcl[\[`eMfcbjnX^\eËjZfejfc`[Xk\[ K_\MfcbjnX^\e>iflg_Xj ]`eXeZ`XcjkXk\d\ekj% -'gif[lZk`fe]XZ`c`k`\j`e )(Zfleki`\jnfic[n`[\% 359 >IFLG:FDG8E@<J 60 GIF;L:K@FE=8:@C@K@<J @e)''0#k_\>iflg[\c`m\i\[jfd\-%*d`cc`fe m\_`Zc\jkfZljkfd\ijnfic[n`[\#\oZ\\[`e^ k_\gi`fi$p\Xi]`^li\Yp(%*g\iZ\ek% K_\>iflgËjm\_`Zc\jXi\jfc[ m`X`dgfik\ijXe[[\Xc\ij`e 6.3 D@CC@FEM<?@:C<JJFC; (,*Zfleki`\j% 153 :FLEKI@<J 0YiXe[j]ifd.<lifg\Xe Zfleki`\jY\cfe^kfk_\>iflg% 9 9I8E;J 198 successful models Driving iDeas. The nine brands in the Volkswagen Group develop and implement pioneering ideas for tomorrow’s mobility under this slogan. Find out more on page 14. ) :FEK<EKJ | A Renaissance of Purity | Luxury and Responsibility Go Hand in Hand | Building across Cultures | Every Gram Counts | The Cream of the Crop | From the Racetrack to the Production Line :FEK<EKJ * Contents Facts and Figures 2009 JKI8K<>P ;@M@J@FEJ Report of the Supervisory Board Brands and Business Fields Letter to our Shareholders Volkswagen Passenger Cars The Board of Management Audi Škoda SEAT Driving ideas. Bentley A Renaissance of Purity Volkswagen Commercial Vehicles 7HATROLEDOESDESIGNPLAYINAUTOMOTIVEMANUFACTURING7ALTER Scania DE3ILVAAND0ROFESSOR$R-ARTIN7INTERKORNGIVETHEIRVIEWS Volkswagen Financial Services G<FGC< :FIGFI8K<>FM<IE8E:< Building across Cultures Corporate Governance Report 4HE6OLKSWAGEN'ROUPISOPENINGASTATE OF THE ART PRODUCTIONFACILITYINBOOMING)NDIA (Part of the Management Report) Remuneration Report The Next Generation (Part of the Management Report) 3ÞKODA!UTO5NIVERSITYSHAPESNEWTALENTSFORTHEFUTURE OFTHEAUTOMOTIVESECTOR Structure and Business Activities (Part of the Management Report) A World of Emotion Executive Bodies (Part of the Notes to #LUB3%!4OFFERSENTHUSIASTSAUNIQUEBRANDEXPERIENCE the Consolidated Financial Statements) The Cream of the Crop "ENTLEY-OTORSISCOMMITTEDTODEVELOPINGITSYOUNGTALENTS D8E8><D<EKI<GFIK WHOAREAMONGTHEBESTINTHEWORLD Business Development <EM@IFED<EK Shares and Bonds Net Assets, Financial Position and Ignition Key to the Future 4HE6OLKSWAGEN'ROUPCONDUCTSAWIDERANGEOFRESEARCHFOR Results of Operations THECLIMATE FRIENDLYCAROFTOMORROW Volkswagen AG (condensed, according to German Commercial Code) Luxury and Responsibility Go Hand in Hand ,AMBORGHINIALWAYSLEADSTHEPACK¯EVENWHENITCOMESTO Value-Enhancing Factors PROTECTINGTHEENVIRONMENT Risk Report Report on Expected Developments Every Gram Counts 7ITHAWHOLEHOSTOFINNOVATIONS !UDIREMAINSAPIONEERIN LIGHTWEIGHTCONSTRUCTION :FEJFC@;8K<;=@E8E:@8CJK8K<D<EKJ Leasing Goes Green Income Statement 6OLKSWAGENEXTENDSITSENVIRONMENTALLYFRIENDLYFLEETCONCEPT Statement of Comprehensive Income Balance Sheet K<:?EFCF>P Statement of Changes in Equity From the Racetrack to the Production Line Cash Flow Statement (OWTHE6OLKSWAGEN'ROUPANDITSCUSTOMERSBENEFITFROMITS Notes INVOLVEMENTINMOTORSPORT Responsibility Statement Always in Control Auditors’ Report 4HE6OLKSWAGEN$RIVING%XPERIENCESHOWSDRIVERSHOWTOMAKE THEMOSTOFSTATE OF THE ARTSAFETYFEATURES 8;;@K@FE8C@E=FID8K@FE A Car to Suit Every Lifestyle Consumption and Emission Data 6OLKSWAGEN!MAROK0RACTICAL0ICKUPFORTHEGLOBALMARKET Glossary The Ideal Passenger Index 3CANIATRUCKSAREEQUIPPEDWITHA$RIVER3UPPORTSYSTEM Contact Information THATOFFERSBOTHECONOMICANDECOLOGICALBENEFITS G\ijg\Zk`m\j K_`j8eelXcI\gfiknXjglYc`j_\[fek_\fZZXj`fe Moving Forward Together f]k_\8eelXcD\[`X:fe]\i\eZ\feDXiZ_((#)'('% 6OLKSWAGENAND0ORSCHEASANINTEGRATEDCOMPANY + JKI8K<>P Report of the Supervisory Board (in accordance with section 171(2) of the AktG) CX[`\jXe[>\ekc\d\e# During the past fiscal year, the Supervisory Board addressed the situation and the development of the Volkswagen Group regularly and in detail. In compliance with the legal requirements and the German Corporate Governance Code, we provide advice and support to the Board of Management in issues relating to the management of the Company. The Supervisory Board was consulted directly with regard to all decisions of fundamental importance to the Group. In addition, current strategic considerations were discussed with the Board of Management at regular intervals. The Board of Management provided the Supervisory Board with regular, prompt and comprehensive verbal and written reports on the development of business, the planning and the position of the Company, including the risk situation and risk management. These included all key aspects relating to the creation of an integrated automotive group with Porsche. The Board of Management also informed us contin- uously about other current issues and the topic of compliance. We always received documents relevant to our decisions in good time prior to the Supervisory Board meetings. Furthermore, the Board of Management provided the Supervisory Board with detailed monthly reports on the current business position and the forecast for the year as a whole. The Board of Management explained any variations from the defined plans and targets in a comprehensive verbal or written report. The Board of Management and the Supervisory Board discussed and analyzed the reasons for the variations in detail to allow appropriate measures to be initiated. I held regular discussions with the Chairman of the Board of Management outside the meetings of the Supervisory Board to address matters of strategic business devel- opment and risk management, among other things. The Supervisory Board held nine meetings in fiscal year 2009. All members attended more than half the meetings: average attendance was 96%. We adopted resolutions on urgent matters in writing by means of a circulated document. :FDD@KK<<8:K@M@K@<J In order to perform its duties, the Supervisory Board has established six commit- tees: the Presidium and the Mediation Committee in accordance with section 27(3) of the Mitbestimmungsgesetz (MitbestG – German Codetermination Act) as well as the Audit Committee and the Shareholder Business Relationships Committee (AfGA), the Committee for Special Business Relationships (AfbG) and a Nomination Com- mittee. According to their rules of procedure, the Presidium and the Committee for I<GFIKF=K?<JLG<IM@JFIP9F8I; , Special Business Relationships should each be composed of three shareholder representatives and three employee representatives; the members of the Nomination Committee are the shareholder representatives in the Presidium; the remaining committees are each composed of two shareholder and two employee representatives. Membership of the committees at the end of 2009 is indicated in the list on page 123. The Presidium of the Supervisory Board met ten times in 2009. Among other things, it prepared the resolutions by the Supervisory Board in detail and decided on issues relating to contracts with the Board of Management. The Mediation Committee was not required to convene in fiscal year 2009. The Audit Committee met four times in 2009 and was primarily concerned with the consolidated financial statements, risk management – including the internal control system – and progress in the implementation of a compliance organization. In addition, the Audit Committee
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