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Half-Yearly Financial Report Half-Yearly Financial Report januarY – junE 2010 1 UPDATED INFORMATION 5 VOLKSWAGEN SHARES 6 MANAGEMENT REPORT 16 BRANDS AND 20 INTERIM FINANCIAL BUSINESS FIELDS STATEMENTS (CONDENSED) 1 Key Facts 6 Business Development 20 Income Statement 2 Key Events 12 Net Assets, Financial Position 21 Statement of Comprehensive and Results of Operations Income 15 Outlook 24 Balance Sheet 25 Statement of Changes in Equity 26 Cash Flow Statement 27 Notes to the Financial Statements 38 Responsibility Statement Key Figures 39 Review Report VOLKSWAGEN GROUP Q2 Q1-2 Volume Data1 2010 2009 % 2010 2009 % Deliveries to customers ('000 units) 1,869 1,717 + 8.8 3,613 3,119 + 15.8 of which: in Germany 278 381 – 27.1 533 633 – 15.8 abroad 1,591 1,336 + 19.1 3,080 2,486 + 23.9 Vehicle sales ('000 units) 1,864 1,656 + 12.6 3,566 3,008 + 18.6 of which: in Germany 278 386 – 28.0 533 661 – 19.4 abroad 1,586 1,270 + 24.9 3,033 2,346 + 29.3 Production ('000 units) 1,852 1,570 + 18.0 3,586 2,823 + 27.0 of which: in Germany 550 510 + 7.8 1,115 922 + 21.0 abroad 1,302 1,060 + 22.9 2,471 1,901 + 30.0 Employees ('000 on June 30, 2010/Dec. 31, 2009) 377.1 368.5 + 2.3 of which: in Germany 174.4 172.6 + 1.0 abroad 202.6 195.9 + 3.5 Q2 Q1-2 Financial Data (IFRSs), € million 2010 2009 % 2010 2009 % Sales revenue 33,162 27,203 + 21.9 61,809 51,202 + 20.7 Operating profit 1,993 928 x 2,841 1,240 x as a percentage of sales revenue 6.0 3.4 4.6 2.4 Profit before tax 1,922 751 x 2,624 803 x as a percentage of sales revenue 5.8 2.8 4.2 1.6 Profit after tax 1,351 251 x 1,824 494 x Profit attributable to shareholders of Volkswagen AG 1,251 283 x 1,674 547 x 2 Cash flows from operating activities 3,515 3,654 – 3.8 6,663 6,925 – 3.8 2 Cash flows from investing activities 1,554 1,816 – 14.4 4,576 2,135 x 3 Automotive Division 4 EBITDA 4,084 2,451 + 66.6 6,481 4,140 + 56.5 2 Cash flows from operating activities 4,220 3,556 + 18.7 7,264 6,413 + 13.3 2, 5 Cash flows from investing activities 1,505 1,795 – 16.2 4,518 2,100 x of which: investments in property, plant and 2 equipment 1,016 1,370 – 25.8 1,919 2,524 – 24.0 as a percentage of sales revenue 3.4 5.7 3.5 5.6 6 capitalized development costs 425 475 – 10.6 846 934 – 9.4 as a percentage of sales revenue 1.4 2.0 1.5 2.1 Net cash flow 2,715 1,760 + 54.2 2,746 4,313 – 36.3 Net liquidity at June 30 17,501 12,308 + 42.2 1 Volume data including the vehicle production investments Shanghai-Volkswagen Automotive Company Ltd. and FAW-Volkswagen Automotive Company Ltd. These companies are accounted for using the equity method. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2009 deliveries updated on the basis of statistical extrapolations. 2 2009 adjusted. 3 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 4 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; Q3 2009: €1,818 million, Q4 2009: €2,047 million, Q1 2010: €2,396 million. 5 Excluding acquisition and disposal of equity investments: Q2 €1,358 million (€1,769 million), Q1–2 €2,608 million (€3,381 million). 6 See table on page 30. 1 Key Facts > Volkswagen Group performs significantly better than expected in the first half of 2010 > At €2.8 billion, operating profit up €1.6 billion on the weak prior-year figure > Significant increase in profit before tax to €2.6 billion (€0.8 billion) > Group sales revenue up 20.7% year-on-year at €61.8 billion > Cash flows from operating activities in the Automotive Division increased by €0.9 billion year-on-year to €7.3 billion; ratio of investments in property, plant and equipment (capex) to sales revenue amounts to 3.5% (5.6%) > Cash inflow of €1.1 billion in the second quarter of 2010 from the capital increase (total volume €4.1 billion) > Automotive Division net liquidity remains at a high level of €17.5 billion > Compelling Volkswagen Group models: - At 3.6 million vehicles, Group deliveries to customers 15.8% higher than in the previous year; global market share improves to 11.7% (11.6%) - Demand for Group models in China, Western Europe, North and South America remains high - The electrically powered Golf blue-e-motion and “Milano Taxi” concept cars demonstrate emission-free mobility - Volkswagen Passenger Cars brand celebrates world premieres of the new Touran and the new Jetta; updated Phaeton offers compelling technical innovations - Audi celebrates the launch of the new Audi A8 and unveils the Audi A8 L with long wheelbase and twelve-cylinder engine - Volkswagen Tiguan with extended wheelbase makes debut on the Chinese market; Polo saloon premieres in Russia - Successful launch of SEAT Ibiza ST - Amarok pick-up from Volkswagen Commercial Vehicles celebrates premiere in Germany 2 Key Events NEW GROUP MODELS UNVEILED further. Its completely revamped front section and many In the second quarter of 2010, the Volkswagen Group brands technical innovations in particular make the Phaeton a again presented many fascinating new models and model compelling vehicle. These innovations include a new variants that thrilled customers and the trade press alike. brake system, Dynamic Light Assist and a navigation system that, if desired, integrates online data into the Auto Mobil International (AMI) Leipzig maps displayed. In addition, an optional front camera The world premiere of the new Touran was the highlight allows the new Phaeton to “see” traffic signs and display unveiled by the Volkswagen Passenger Cars brand at the them in the multifunction instrument panel and on the motor show in Leipzig. The next generation of the most touch screen in the center console. The Chinese premiere successful German van, which has been redesigned in of the Tiguan, which is available with an extended wheelbase many areas, systematically reflects Volkswagen’s current especially for the Chinese market, also attracted a great design language in terms of its look. New technical features deal of attention. such as Dynamic Light Assist – which is available for the The new Audi A8 L was another new model unveiled to first time in a vehicle of this class – and the new Park Assist the global public at Auto China. An extended wheelbase 2.0 as well as low emission and consumption figures give and a twelve-cylinder engine* enable this top-of-the-range the Touran even more of an edge over its competitors. Audi model to set new standards in luxury, dynamics and With average consumption of 4.6 l per 100 km (121 g/km efficiency. The Audi A8 L’s aluminum body is produced CO2, combined), the new Touran 1.6 TDI BlueMotion using the award-winning Audi Space Frame (ASF) design Technology* sets a new record for a seven-seater van. In and weighs around 40% less than a comparable steel struc- addition, the new generations of the Sharan, Touareg, ture. Its technical highlights include full-LED headlights. Polo GTI*, CrossPolo and CrossGolf made their debut in Germany at the AMI Leipzig. World premieres in Moscow and New York The highlights of the Audi brand’s appearance in The Volkswagen Passenger Cars brand also celebrated two Leipzig were the world premiere of the refreshed Audi TT other world premieres at exclusive events in the second Roadster and Audi TT Coupé models, as well as the German quarter of 2010: the Polo saloon, which was developed premiere of the new Audi A1, the Audi A8 and the Audi RS especially for the Russian market and is produced at the 5 Coupé*. The design of the lightweight, mainly aluminum Kaluga plant, was presented in Moscow at the beginning of bodies and the interior of the two TT models have been June, and the new Jetta made its debut in Times Square, further optimized, and new technologies are reducing New York, on June 15. their consumption and emissions. Visitors to the motor The Polo saloon extends Volkswagen’s product range in show were also particularly interested in the new Audi A1 Russia. It meets all the Company’s global quality standards which, as the first premium automobile in the small com- and has a very attractive price. Meticulous development of pact car segment, is appealing to entirely new customer the new model took into account both the special require- groups for the brand. ments of Russian drivers and the climate and road conditions The new Amarok from Volkswagen Commercial in Russia. Vehicles celebrated its debut in Germany at the Leipzig The Jetta was completely redesigned for customers in motor show. This Volkswagen pick-up sets new standards North America and Europe. The model, which is particu- in its segment by combining the robustness typical for this larly popular in the USA, is now more dynamic and sportier class with innovative technology, high safety standards than ever before.
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