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Volkswagen AG Annual Report 2010

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Volkswagen AG Annual Report 2010 Experience D[r]iversity. annual report 2010 Key Figures VOLKSWAGEN GROUP Volume Data 1 2010 2009 % Vehicle sales (units) 7,278,440 6,309,743 + 15.4 Production (units) 7,357,505 6,054,829 + 21.5 Employees at Dec. 31 399,381 368,500 + 8.4 2010 2009 % Financial Data (IFRSs), € million Sales revenue 126,875 105,187 + 20.6 Operating profit 7,141 1,855 x Profit before tax 8,994 1,261 x Profit after tax 7,226 911 x Profit attributable to shareholders of Volkswagen AG 6,835 960 x Cash flows from operating activities 11,455 12,741 – 10.1 Cash flows from investing activities 9,278 10,428 – 11.0 Automotive Division 2 EBITDA 3 13,940 8,005 + 74.1 Cash flows from operating activities 13,930 12,815 + 8.7 Cash flows from investing activities 4 9,095 10,252 – 11.3 of which: investments in property, plant and equipment 5,656 5,783 – 2.2 as a percentage of sales revenue 5.0 6.2 capitalized development costs 1,667 1,948 – 14.4 as a percentage of sales revenue 1.5 2.1 Net cash flow 4,835 2,563 + 88.6 Net liquidity at Dec. 31 18,639 10,636 + 75.2 2010 2009 Return ratios in % Return on sales before tax 7.1 1.2 Return on investment after tax (Automotive Division) 13.5 3.8 Return on equity before tax (Financial Services Division) 5 12.9 7.9 1 Volume data including the unconsolidated Chinese joint ventures. Employees in 2009 not including Chinese component plants. 2 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 3 Operating profit plus net depreciation/amortization and impairment losses/reversals of impairment losses on property, plant and equipment, capitalized development costs, leasing and rental assets, goodwill and financial assets as reported in the cash flow statement. 4 Excluding acquisition and disposal of equity investments: € 7,034 million (€ 7,585 million). 5 Profit before tax as a percentage of average equity. VOLKSWAGEN AG Volume Data 2010 2009 % Vehicle sales (units) 2,309,648 2,053,427 + 12.5 Production (units) 1,100,186 1,038,344 + 6.0 Employees at Dec. 31 94,787 95,164 – 0.4 2010 2009 % Financial Data (HGB), € million Sales 57,243 47,864 + 19.6 Net income for the year 1,550 1,082 + 43.3 Dividends (€) per ordinary share 2.20 1.60 per preferred share 2.26 1.66 This version of the Annual Report is a translation of the German original. The German takes precedence. VOLGB10_Umschlag_E_110223.indd 2 26.02.11 16:13 Markets in motion DELIVERIES IN KEY MARKETS – THOUSAND UNITS NORTH AMERICA 1 2008 503 2009 468 +9.2 % 2010 550 CENTRAL AND EASTERN EUROPE 2008 560 2009 385 -23.4 % 2010 429 WESTERN EUROPE 2008 2,989 2009 2,918 -2.9 % 2010 2,903 > KEY FIGURES | MARKETS IN MOTION INDIA 2008 19 2009 19 +185.5 % 2010 54 SOUTH AMERICA 2008 803 2009 826 +13.0 % 2010 908 CHINA 2008 1,024 2009 1,401 +87.9 % 2010 1,925 1 Overall market includes passenger cars and light trucks. VOLGB10_Umschlag_E_110223.indd 2 26.02.11 16:13 Experience D[r]iversity. STRATEGY 64 True luxury. 16 Report of the Supervisory Board Taking to the road in a Bentley in search of true luxury. 22 Letter to our Shareholders 70 Master of all terrain. 24 Board of Management of Volkswagen Aktiengesellschaft 20,000 kilometers through South and Central America with Volkswagen’s new Amarok pickup. 74 Precision and perfection. EXPERIENCE D[R] IVERSITY. MOVEMENT. Škoda design and tool-making: Guardians of precision. 28 Our mission – the future. 80 ESSAY. Space is movement. How can visions be made reality ? A conversation between Architect Susanne Schmidhuber on the importance of astronaut Hans Wilhelm Schlegel and Prof. Dr. Martin Winterkorn. balance in urban spaces. 36 Catapult into the 21st century. 82 Lightweight bull-busters. At Volkswagen in Kaluga, Russia, Lightweight design is a topic that Lamborghini, golf clubs the focus is on uncompromising quality. and aircraft manufacturer Boeing have in common. 42 Hands-free driving. 88 Bell’arte. Volkswagen Group Research is working on cars A conversation with Giorgetto Giugiaro, founder of Italdesign. that no longer need a driver. 90 Laughter is the best medicine. 46 Music of the metropolis. At Volkswagen Financial Services in Brazil, responsibility is A drive through the Chinese city of Guangzhou in an R8 courtesy not confined to office hours. of star pianist and Audi ambassador Lang Lang. 92 Momentum for the future. 52 Tack! Porsche redefines the future of the sports car. Scania and Stockholm develop the city traffic of the future. 96 124 dreams. 56 ESSAY. Musica mobile. The Bugatti Veyron at the Cité de l’Automobile in Mulhouse. International star Shakira on music and mobility. 100 ESSAY. Movement is life. 58 Forever young. Brain researcher Prof. Dr. Ernst Pöppel on top-gear thinking. 60 years of SEAT: Two generations meet in Barcelona. VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 2 27.02.11 11:16 Facts and Figures 2010. DIVISIONS MANAGEMENT REPORT 105 Brands and Business Fields 147 Business Development 108 Volkswagen Passenger Cars 158 Shares and Bonds 110 Audi 166 Results of Operations, Financial Position and Net Assets 112 Škoda 178 Volkswagen AG 114 SEAT (condensed, according to German Commercial Code) 116 Bentley 182 Value-Enhancing Factors 118 Volkswagen Commercial Vehicles 205 Risk Report 120 Scania 213 Report on Expected Developments 122 Volkswagen Group in China 124 Volkswagen Financial Services CONSOLIDATED FINANCIAL STATEMENTS 225 Income Statement CORPORATE GOVERNANCE 226 Statement of Comprehensive Income 129 Corporate Governance Report 227 Balance Sheet (Part of the Management Report) 228 Statement of Changes in Equity Remuneration Report 133 230 Cash Flow Statement (Part of the Management Report) 231 Notes Structure and Business Activities 137 325 Responsibility Statement (Part of the Management Report) 326 Auditors’ Report 141 Executive Bodies (Part of the Notes to the Consolidated Financial Statements) ADDITIONAL INFORMATION 328 Consumption and Emission Data 329 Glossary 330 Index 331 Contact Information This Annual Report was published on the occasion of the Annual Media Conference on March 10, 2011. VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 3 26.02.11 13:23 Customer Diversity. The automotive world is in constant motion. Automobile emerging markets and wish to win over new customers PAGE 36 CATAPULT INTO THE 21ST CENTURY. > Volkswagen quality assurance in Russia – PAGE 152 et seq. BUSINESS DEVELOPMENT VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 4 26.02.11 13:31 manufacturers who have their sights set on new, all over the world must offer a wide variety of solutions. > Volkswagen Group deliveries – PAGE 217 et seq. REPORT ON EXPECTED DEVELOPMENTS > Market opportunities VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 5 26.02.11 13:31 Diversity of Responsibility. Automakers who want to help shape the future must today for the environment, society, employees and PAGE 90 LAUGHTER IS THE BEST MEDICINE. > People at Volkswagen Financial Services – PAGE 194 et seq. VALUE-ENHANCING VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 6 26.02.11 13:31 think a long way ahead. And assume responsibility customers. FACTORS > Employees, environment, Corporate Social Responsibility VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 7 26.02.11 13:31 Diversity of Ideas. In our research laboratories around the globe, the and it is more intelligent, more diverse and more PAGE 42 HANDS-FREE DRIVING. > Research in autonomous driving – PAGE 182 et seq. VALUE-ENHANCING FACTORS > Research & VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 8 26.02.11 13:31 mobility of tomorrow has already begun – networked than ever before. Development – PAGE 216 REPORT ON EXPECTED DEVELOPMENTS > Mobility research VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 9 26.02.11 13:31 Diversity of Drivetypes. There is no one single solution for environmentally the ability to master the entire range of drives from PAGE 52 TACK! > Scania ethanol buses in Stockholm – PAGE 200 et seq. VALUE-ENHANCING FACTORS > Fuel and powertrain strategy VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 10 26.02.11 13:31 friendly mobility. The prime success factor will be both a technological and a business perspective. – PAGE 217 REPORT ON EXPECTED DEVELOPMENTS > Planned product measures VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 11 26.02.11 13:32 Diversity of Structures. The automotive industry is in the midst of a rapid structures and strategic partnerships combine to PAGE 28 OUR MISSION – THE FUTURE. > Prof. Dr. Martin Winterkorn on Strategy 2018 – PAGE 220 REPORT ON EXPECTED VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 12 26.02.11 13:32 structural upheaval. A clear strategy, efficient provide direction. DEVELOPMENTS > ‘Strategy 2018’ VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 13 26.02.11 13:32 “Our pursuit of innovation and perfection and our responsible approach are designed to make us the world’s leading automaker by 2018 – both economically and ecologically.” PROF. DR. MARTIN WINTERKORN, CHAIRMAN OF THE BOARD OF MANAGEMENT OF VOLKSWAGEN AKTIENGESELLSCHAFT VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 14 24.02.11 19:27 Strategy 2018 VOLGB10_MAG_Satz_E_BildstreckeStrategie_110223.indd 15 24.02.11 19:27 16 Report of the Supervisory Board (in accordance with section 171(2) of the AktG) Ladies and Gentlemen, In fiscal year 2010, the Supervisory Board addressed the position and development of the Volkswagen Group regularly and in detail. We supported the Board of Management in its running of the business and provided advice on issues relating to the management of the Company, in compliance with the legal requirements and the German Corporate Governance Code. The Supervisory Board was directly consulted on all decisions of fundamental importance for the Group, as well as discussing current strategic issues with the Board of Management at regular intervals. The Board of Management provided us with regular, prompt and comprehensive verbal and written information on the development of the business and the Company’s planning and position, including the risk situation and risk management.
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