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Volkswagen AG Annual Report 2008

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Volkswagen AG Annual Report 2008 zero emissions innovative strength quality technology people design lightweight construction environment energy effi ciency downsizing electric drive Driving ideas. ANNUAL REPORT 2008 driving pleasure new drivetrain concepts fl exibility brand diversity classlessness performance 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. Key Figures VOLKSWAGEN GROUP 2008 2007 % Volume Data 1 Vehicle sales (units) 6,271,724 6,191,618 + 1.3 Production (units) 6,346,515 6,213,332 + 2.1 Employees at Dec. 31 369,928 329,305 + 12.3 2008 2007 % Financial Data (IFRSs), € million Sales revenue 113,808 108,897 + 4.5 Operating profit 6,333 6,151 + 3.0 Profit before tax 6,608 6,543 + 1.0 Profit after tax 4,688 4,122 + 13.7 Profit attributable to shareholders of Volkswagen AG 4,753 4,120 + 15.4 Cash flows from operating activities 10,799 15,662 – 31.0 Cash flows from investing activities 19,710 13,474 + 46.3 Automotive Division 2 Cash flows from operating activities 8,771 13,675 – 35.9 Cash flows from investing activities 3 11,450 6,550 + 74.8 of which: investments in property, plant and equipment 6,762 4,555 +48.5 as a percentage of sales revenue 6.6 4.6 capitalized development costs 2,216 1,446 + 53.3 as a percentage of sales revenue 2.2 1.5 Net cash flow – 2,679 7,125 x Net liquidity at Dec. 31 8,039 13,478 – 40.4 2008 2007 Return ratios in % Return on sales before tax 5.8 6.0 Return on investment after tax (Automotive Division) 10.9 9.5 Return on equity before tax (Financial Services Division) 4 12.1 16.1 1 Including volume data for the vehicle-production investments Shanghai-Volkswagen Automotive Company Ltd. and FAW-Volkswagen Automotive Company Ltd., which are accounted for using the equity method. 2 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 3 Excluding acquisition and disposal of equity investments: € 8,879 million (€ 5,681 million). 4 Profit before tax as a percentage of average equity. VOLKSWAGEN AG 2008 2007 % Volume Data Vehicle sales (units) 2,388,014 2,365,617 + 0.9 Production (units) 1,137,145 1,075,997 + 5.7 Employees at Dec. 31 90,363 90,468 – 0.1 2008 2007 % Financial Data (HGB), € million Sales 56,710 55,218 + 2.7 Net income 827 1,455 – 43.2 Dividends (€) per ordinary share 1.93 1.80 per preferred share 1.99 1.86 This version of the Annual Report is a translation of the German original. The German takes precedence. What moves us worldwide The Volkswagen Group employs just under 370,000 people all over the world. 370,000 EMPLOYEES 342 Group companies that produce vehicles or offer related services are included in Volkswagen’s consolidated The Volkswagen Group has financial statements. 61 production facilities in 21 countries worldwide. 342 GROUP COMPANIES 61 PRODUCTION FACILITIES In 2008, the Group delivered some 6.3 million vehicles to customers worldwide, exceeding the prior-year figure by 1.1 percent. The Group’s vehicles are sold via importers and dealers in 6.3 MILLION VEHICLES SOLD 151 countries. 151 COUNTRIES 9 brands from 7 European countries belong to the Group. 9 BRANDS 2 CONTENT 26 A Class of its Own 58 Charged with Excitement 16 “Good Ideas are what 32 Life in the 46 Taking Fuel our Success” Fast Lane the Ecology Line Contents STRATEGY PEOPLE 4 Report of the Supervisory Board 22 At Home Abroad 10 Letter to our Shareholders Why the Volkswagen Group sends young employees on foreign placements. 12 The Board of Management 26 A Class of its Own COVER STORY The Golf has taken the Beetle’s place as the classless car. Driving ideas. 32 Life in the Fast Lane 16 “Good Ideas are what Valentino Balboni, probably the best-known Fuel our Success” test driver in the world, talks about his dream job How Prof. Dr. Martin Winterkorn and the fascination of Lamborghini. spends his days. 36 In Touch with Customers Hans Dieter Pötsch, CFO of the Volkswagen Group, on the role of financial services in the auto- 9 motive business. fascinating automobile brands BRAND DIVERSITY The enclosed brochure provides an overview of all Volkswagen Group models. CONTENT 3 40 A Question of Balance Facts and Figures 2008 DIVISIONS 78 Brands and Business Fields 80 Volkswagen Passenger Cars 82 Audi 84 Škoda 86 SEAT 88 Bentley 90 Volkswagen Commercial Vehicles 92 Scania 94 Volkswagen Financial Services CORPORATE GOVERNANCE 98 Corporate Governance Report (Part of the Management Report) 102 Remuneration Report (Part of the Management Report) 106 Structure and Business Activities (Part of the Management Report) 110 Executive Bodies (Part of the Notes to 54 No Compromises 68 From Vision the Consolidated Financial Statements) to Reality MANAGEMENT REPORT 116 Business Development 124 Shares and Bonds 132 Net Assets, Financial Position and Results of Operations 144 Volkswagen AG (condensed, according to German Commercial Code) 148 Value-Enhancing Factors ENVIRONMENT TECHNOLOGY 170 Risk Report 40 A Question of Balance 58 Charged with Excitement 178 Report on Expected Developments The Volkswagen Group is the largest automaker How the Volkswagen Group is driving in China. And it knows that climate protection forward the development of electric cars. and economic success aren’t mutually exclusive. CONSOLIDATED FINANCIAL STATEMENTS 64 The Very Best in High-tech Luxury 188 Income Statement 46 Taking the Ecology Line There’s no such word as can’t: based in 189 Balance Sheet SEAT is moving over to transporting new cars Crewe in England, Bentley’s custom coach- by rail, cutting emissions and reducing the risk builder Mulliner can satisfy almost all 190 Statement of Recognized of traffic congestion. customer wishes. Income and Expense 191 Cash Flow Statement 50 The Efficiency Principle 68 From Vision to Reality Lower fuel consumption but better performance – A look at the virtual worlds of automobile 192 Notes that’s what is known as “downsizing”. Audi is design takes the latest ãkoda Superb as an 279 Responsibility Statement relying on lower-capacity petrol engines to reconcile example. 280 Auditors’ Report driving pleasure and environmental protection. 72 The VW Bus Principle: 54 No Compromises From Myth to Multitalent ADDITIONAL INFORMATION Since 2008, Scania has been the Volkswagen Whether destined for use as a commercial 282 Consumption and Emission Data Group’s ninth brand. Environmentally friendly vehicle or a mobile office – versatility 283 Glossary drivetrain concepts underscore the Swedish is standard with the Volkswagen 284 I n d e x truck maker’s leading position. Transporter. 285 Contact Information This Annual Report was published on the occasion of the Annual Press Conference on March 12, 2009. 4 STRATEGY Report of the Supervisory Board (in accordance with section 171(2) of the AktG) Ladies and Gentlemen, During fiscal year 2008, the Supervisory Board dealt regularly and in detail with the situation and the development of the Volkswagen Group. In compliance with legal requirements and the German Corporate Governance Code, we provided advice and support to the Board of Management in questions relating to the running of the Company. The Supervisory Board was consulted directly with regard to all decisions of fundamental significance to Volkswagen. In addition, current strategic consider- ations were discussed with the Board of Management at regular intervals. The Board of Management provided us with regular, complete and prompt verbal and written reports on all key issues for the Company relating to planning, the develop- ment of business, the position of the Group including the risk situation and risk management, current matters and compliance. Documents relevant to our decisions were always made available to us in good time prior to each Supervisory Board meet- ing. Furthermore, the Board of Management provided the Supervisory Board with detailed monthly reports on the current business position and a 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 account. We held detailed discussions with the Board of Management about the reasons for these variations to allow appropriate measures to be initiated. The Supervisory Board held five ordinary meetings in 2008. There were no extraordinary meetings. Average attendance by Supervisory Board members was 99%. All members attended more than half of the meetings. In addition, resolutions regarding urgent business transactions were also adopted in writing by means of a circulated document. COMMITTEE ACTIVITIES In order to perform its duties, the Supervisory Board has established six committees: 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 Special Business Relationships should each be composed of three shareholder repre- sentatives and three employee representatives; the members of the Nomination Committee are the same persons as 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 2008 is indicated in the list on page 113. REPORT OF THE SUPERVISORY BOARD 5 In 2008, the Presidium of the Supervisory Board met five times. In particular, it prepared the resolutions by the Supervisory Board and also decided on issues relating to contracts with the Board of Management. The Mediation Committee was not required to convene during the year.
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