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Volkswagen AG Annual Report 2007

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Volkswagen AG Annual Report 2007 ANNUAL REPORT 2007 Driving ideas. Key Figures VOLKSWAGEN GROUP Volume Data 1 2007 2006 % Vehicle sales (units) 6,191,618 5,720,096 + 8.2 Production (units) 6,213,332 5,659,578 + 9.8 Employees at Dec. 31 329,305 324,875 + 1.4 Financial Data (IFRSs), € million 2007 2006 % Sales revenue 108,897 104,875 + 3.8 Operating profit before special items 6,151 4,383 + 40.3 Special items – – 2,374 x Operating profit 6,151 2,009 x Profit before tax from continuing operations 6,543 1,793 x Profit from continuing operations 4,122 1,955 x Profit from discontinued operations – 795 x Profit after tax 4,122 2,750 + 49.9 Cash flows from operating activities 15,662 14,470 + 8.2 Cash flows from investing activities 13,497 11,911 + 13.3 Automotive Division 2 Cash flows from operating activities 13,675 11,745 + 16.4 Cash flows from investing activities 3 6,566 6,114 + 7.4 of which: investments in property, plant and equipment 4,555 3,644 + 25.0 as a percentage of sales revenue 4.6 3.8 capitalized development costs 1,446 1,478 – 2.2 as a percentage of sales revenue 1.5 1.5 Net cash flow 7,109 5,631 + 26.2 Net liquidity at Dec. 31 13,478 7,133 + 89.0 Return ratios in % 2007 2006 Return on sales before tax (continuing operations) 6.0 1.7 Return on investment after tax (Automotive Division) 9.5 2.1 Return on equity before tax (Financial Services Division) 4 16.1 16.9 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: € 5,660 million (€ 5,074 million). 4 Profit before tax as a percentage of average equity (continuing operations). VOLKSWAGEN AG Volume Data 2007 2006 % Vehicle sales (units) 2,365,617 2,268,830 + 4.3 Production (units) 1,075,997 953,131 + 12.9 Employees at Dec. 31 90,468 94,000 – 3.8 Financial Data (HGB), € million 2007 2006 % Sales 55,218 53,036 + 4.1 Net income 1,455 945 + 54.0 Dividends (€) per ordinary share 1.80 1.25 per preferred share 1.86 1.31 This version of the Annual Report is a translation of the German original. The German text is authoritative. What moves us worldwide The Volkswagen Group employs over 329,000 people all over the world. 329,000 EMPLOYEES 175 Group companies that produce vehicles or offer related services are included in Volkswagen’s consolidated The Volkswagen Group has financial statements. 48 production facilities in 19 countries worldwide. 175 GROUP COMPANIES 48 PRODUCTION FACILITIES In 2007, the Group delivered some 6.2 million vehicles to customers worldwide, exceeding the prior-year figure by 7.9 percent. 6.2 MILLION VEHICLES SOLD The Group’s vehicles are sold via importers and dealers in 154 countries. 154 COUNTRIES 8 brands from 6 European countries belong to the Group. 8 BRANDS “We offer mobility across all vehicle size classes. Our brand diversity and constant drive for outstanding performance, innovation leadership and responsible conduct give us a unique position in the global market. We want to deploy all our power and passion to leverage this potential, reflecting what we stand for: ‘Driving Ideas.’” PROF. DR. MARTIN WINTERKORN, CHAIRMAN OF THE BOARD OF MANAGEMENT OF VOLKSWAGEN AKTIENGESELLSCHAFT prof. dr. martin winterkorn is interviewed by dirk maxeiner 14 Please see page 14. 4 CONTENT 26 Diesel – pole position every day What will move people tomorrow 18 “Driving ideas.” 54 A gem of a brand 14 Talking to 68 Pride in high-quality Prof. Dr. Martin Winterkorn craftmanship Contents STRATEGY FOCUS 6 Report of the Supervisory Board 10 Letter to our Shareholders “Driving ideas.” 12 Board of Management of 18 What will move people tomorrow Volkswagen Aktiengesellschaft INNOVATION 14 Talking to 26 Diesel – pole position every day Prof. Dr. Martin Winterkorn Audi demonstrates how motor racing is interviewed by Dirk Maxeiner and everyday technology can be a source of inspiration for each other 30 Like pearls on a string The Volkswagen Group is developing intelli- gent solutions for avoiding traffic congestion 34 Keeping Gaudí’s creative spirit alive BRAND DIVERSITY SEAT takes a new approach to the interplay of In the enclosed brochure, design and development you will find an overview of all Volkswagen Group models. CONTENT 5 58 Poised to become a world power Facts and Figures 2007 DIVISIONS 78 Brands and Business Fields 80 Volkswagen Passenger Cars 82 Audi 84 Škoda 86 SEAT 88 Bentley 90 Volkswagen Commercial Vehicles 92 Financial Services CORPORATE GOVERNANCE 96 Corporate Governance Report 100 Remuneration Report (Part of the Management Report) 104 Structure and Business Activities (Part of the Management Report) 108 Executive Bodies (Part of the Notes to 40 Volkswagen – Das Auto the Consolidated Financial Statements and the Annual Financial Statements of Volkswagen AG) MANAGEMENT REPORT 114 Business Development 30 Like pearls 122 Shares and Bonds on a string 130 Net Assets, Financial Position and Results of Operations 142 Volkswagen AG (condensed, according to German Commercial Code) 146 Value-Enhancing Factors 162 Risk Report 170 Report on Expected Developments FINANCIAL STATEMENTS 2007 180 PERFORMANCE RESPONSIBILITY Consolidated Financial Statements of the Volkswagen Group 40 Volkswagen – Das Auto 64 The best of both worlds 184 A brand that has gone down in history The Volkswagen Notes to the Consolidated Financial and that will help to shape the future Group’s fuel strategy Statements of the Volkswagen Group 261 Responsibility Statement 46 Volkswagen Commercial Vehicles 68 Pride in high-quality 262 Auditors’ Report speaks Turkish craftsmanship 264 Annual Financial Statements Ethnic marketing – the innovative way At Bentley, exclusivity and of Volkswagen AG to address different customer mentalities responsibility are not mutually 266 Notes to the Annual Financial 50 exclusive Safeguarding mobility Statements of Volkswagen AG Volkswagen Financial Services AG ensures 72 “Simply clever” 293 Responsibility Statement affordable mobility solutions that meet all in the Czech Republic 294 Auditors’ Report needs and expectations The secret behind the international renown of 54 A gem of a brand ADDITIONAL INFORMATION the ãkoda brand Extreme, hot-blooded, seductive: 296 Consumption and Emission Data simply Lamborghini 297 Glossary 58 Poised to become a world power 298 Index The Volkswagen Group in the 299 Contact Information subcontinent of contradictions 6STRATEGY Report of the Supervisory Board (in accordance with section 171(2) of the AktG) Ladies and Gentlemen, During the last fiscal year, 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. Current strategic considerations were discussed with the Board of Management at regular intervals. The Board of Management provided the Supervisory Board with regular, complete and prompt verbal and written reports on all key issues for the Volkswagen Group relating to planning, the development of business, the position of the Group including the risk situation and risk management, and current matters. Documents relevant to our decisions were always made available to us in good time prior to each Supervisory Board meeting. Furthermore, the Board of Management provided us 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. Reasons for these variations were discussed in detail together with the Board of Management so that suitable countermeasures could be taken if required. In 2007, the Supervisory Board held four ordinary meetings and three extra- ordinary meetings. In addition, the constituent meeting of the Supervisory Board took place on April 19, 2007. Average attendance was 95%. All members were present at more than half of the meetings. 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 four committees: the Presidium and the Mediation Committee in accordance with section 27(3) of the Mitbestimmungsgesetz (MitBG – German Codetermination Act) as well as the Audit Committee and the Shareholder Business Relationships Committee (AfGA). The Presidium is composed of three shareholder representatives and three employee representatives. The remaining committees are each composed of two shareholder representatives and two employee representatives. Membership of the committees at the end of 2007 is indicated in the list on page 111. REPORT OF THE SUPERVISORY BOARD 7 In 2007, the Presidium of the Supervisory Board met eight times; in particular, it prepared the resolutions by the Supervisory Board and decided on issues relating to contracts with the Board of Management. The Mediation Committee was not required to convene during the year. Among other things, the Shareholder Business Relationships Committee supervises Volkswagen AG’s and its Group companies’ business relationships with Volkswagen AG shareholders who hold at least 5% of voting rights. Another of its key tasks is to monitor compliance with the business processes established by the Board of Management which were put in place to structure legal relationships with shareholders in accor- dance with agreements. The Committee met four times in the reporting period. The Audit Committee met four times in 2007.
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