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Volkswagen Group Volkswagen Group: Excellence has many names Hans Dieter Pötsch Member of the Board of Management, Volkswagen Aktiengesellschaft Roadshow with Barclays, New York and Boston, 03 – 04 April 2012 Disclaimer This presentation contains forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese rinminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 2 Highlights of Fiscal Year 2011 Volkswagen again generates record results in fiscal year 2011: Sales revenue up 25.6% to €159.3 billion Record operating profit at €11.3 billion 17.7% return on investment in the Automotive Division, above minimum required rate of return of 9% Financial strength remains high: €17 billion net liquidity in the Automotive Division – despite investments Continued disciplined cost and investment management Dividend proposal for fiscal year 2011: €3.00 per ordinary share and €3.06 per preferred share Strategic growth trajectory maintained: Strategy 2018 systematically driven forward Expanded production capacity in growth markets Acquisition of Porsche Holding Salzburg and increased stake in MAN SE 3 Financial Highlights – Volkswagen Group January to December 2011 vs. 2010 Sales Revenues Operating Profit Profit before tax Profit after tax Automotive Net Liquidity € million € million € million € million € million 159,337 18,926 15,799 18,639 16,951 126,875 11,271 7,141 8,994 7,226 2010 2011 2010 2011 2010 2011 2010 2011 2010 2011 4 Volkswagen Group – deliveries to customers by market1 January to December 2011 vs. 2010 ´000 units January to December 2010 +14.7% January to December 2011 9,000 8,265 8,000 7,203 7,000 6,000 5,000 +9.1% +20.1% 4,000 3,168 2,903 3,000 2,577 +6.1% 2,146 +21.5% 2,000 +31.0% +22.3% 908 963 1,000 563 550 668 430 268 327 0 Volkswagen Western Central & North South Asia Pacific Rest of World Group Europe Eastern Europe America America 1 Incl. Scania and MAN (since 9 November 2011) 5 Volkswagen Group – deliveries to customers by brand1 January to December 2011 vs. 2010 ´000 units January to December 2010 +14.7% January to December 2011 9,000 8,265 8,000 7,203 7,000 +13.1% 6,000 5,091 5,000 4,503 4,000 3,000 +19.2% +15.3% 2,000 +3.1% +21.4% 1,303 +25.7% 1,092 +36.9% 763 879 1,000 529 340 350 436 5 7 64 80 25 0 Volkswagen Volkswagen Audi ŠKODA SEAT Bentley Commercial Scania MAN Group Passenger Vehicles Cars 1 Incl. Scania and MAN (since 9 November 2011) 6 World car markets and Volkswagen Group deliveries to customers1 January to December 2011 vs. 2010 World: Car market: 4.8% Volkswagen Group: 14.7% North America Western Europe Central & Eastern Europe Car market VW Group Car market VW Group Car market VW Group Cars + LCV 31.0% 26.0% 21.5% 9.3% 9.1% -1.5% South America Rest of World Asia Pacific Car market VW Group Car market VW Group Car market VW Group 22.3% 20.1% 6.7% 6.1% 5.4% 2.5% 1 Incl. Scania and MAN (since 9 November 2011) 7 Volkswagen Group Analysis of Operating Profit € billion 1616 + 1.1 - 2.6 + 5.9 - 0.4 1414 - 0.1 + 0.3 1212 1010 11.3 88 66 7.1 44 22 00 2010 Volume/ Exchange Product Fixed costs/ Scania/ Financial 2011 Mix/ rates costs Start-up MAN1) Services Prices costs incl. PPA 1) From November 9 to December 31, 2011 8 Volkswagen Group – Analysis by Business Line1 January – December 2011 Vehicle Sales Sales revenue Operating result thousand vehicles/ € million 2011 2010 2011 2010 2011 2010 Volkswagen Passenger Cars 4,450 3,863 94,690 80,251 3,796 2,173 Audi 1,543 1,321 44,096 35,441 5,348 3,340 ŠKODA 690 585 10,266 8,692 743 447 SEAT 362 349 5,393 5,038 -225 -311 Bentley 7 5 1,119 721 8 -245 Volkswagen Commercial Vehicles 441 349 8,985 7,392 449 232 Scania2 80 64 10,064 8,462 1,372 1,342 MAN2 25 2,652 193 VW China3 2,201 1,871 Other4 -1,438 -1,128 -33,768 -32,709 -1,61755 -769 Financial Services Division 15,840 13,587 1,203 932 Volkswagen Group 8,361 7,278 159,337 126,875 11,271 7,141 Automotive Division 8,361 7,278 142,092 112,806 9,973 6,189 of which: Passenger Cars and LCV Business Area 8,256 7,215 129,706 104,627 9,042 5,139 of which: Trucks and Busses, Power Engineering Business Area 105 64 12,386 8,179 931 1,050 Financial Services Division 17,244 14,069 1,298 952 1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2 Including financial services; MAN as from November 9, 2011. 3 The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity method and recorded an operating profit (proportionate) of €2,616 million (€1,907 million). 4 Including Porsche Holding Salzburg as from March 1, 2011. 5 Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of the purchase price allocation for Scania, Porsche Holding Salzburg and MAN. 9 Dividend development 2007 – 2011 Preferred shares in € 3.061 2.26 1.86 1.99 1.66 2007 2008 2009 2010 2011 Ordinary shares in € 3.001 2.20 1.80 1.93 1.60 2007 2008 2009 2010 2011 1 Dividend proposal to Annual General Meeting on 19 April 2012 10 Volkswagen Group – deliveries to customers by brand1 January - February 2012 vs. 2011 ´000 units January - February 2011 +7.7% January - February 2012 1,400 1,295 1,202 1,200 +8.0% 1,000 819 800 758 600 +8.5% 400 +11.6% -12.2% +8.9% 187 203 +46.6% 200 132 148 80 51 45 73 0.6 0.9 0 Volkswagen Volkswagen Audi ŠKODA SEAT Bentley Commercial Group Passenger Cars Vehicles 1 Source: Volkswagen Group; preliminary figures; w/o Scania & MAN 11 Outlook 2012 – Volkswagen Group1 ■ Deliveries to customers are expected to 8.3 increase year-on-year Deliveries to 7.2 ■ Volkswagen Group’s competitive advantages customers 6.2 6.3 are its multibrand strategy, a range of million vehicles vehicles that covers almost all segments and its growing presence in all major regions of the world 159.3 ■ Sales revenue will exceed the prior-year 126.9 113.8 figure Sales revenue 105.2 € billion ■ 2012 will be dominated by the start of production for new, high-volume models and the need to convert our plant and equipment for use with the Modular Transverse Toolkit 11.3 ■ Positive effects from our attractive model range and strong market position will be Operating profit 6.3 7.1 offset in part by increasingly stiff competition € billion in a challenging market environment 1.9 ■ Our goal for Operating Profit in 2012 is to match the 2011 level 2008 2009 2010 2011 2012 1 Source: Volkswagen Group; incl. Trucks & Busses (until February 2009); incl. MAN from 9 November 2011 12 Volkswagen Group Strategy 2018 Sustainable growth combined with sustainable profitability 1 Growth market focus • Increased market penetration • Emerging markets expansion • Balanced global footprint 6 Potential upside 2 Modular toolkit strategy • Product portfolio extension • Reduction in investment, Leading • North American expansion and development and unit costs in customer market recovery satisfaction • Scale and efficiency effects • Commercial vehicle strategy and quality • Increased production flexibility and market recovery Volkswagen • Reduced time to market Group profit • Financial Services: strengthen Top employer the automotive value chain before tax margin > 8% 3 Capital discipline Volumes 5 Synergy potential > 10 million • > 16% RoI target in units p.a.2 automotive business • Leveraging best practices • 20% RoE1 goal in across the Group Financial Services • Purchasing, production, and • Around 6% automotive capex distribution benefits 4 Operating profit measures in PPE/sales • Strong cost control • Process/product optimization • Regional scale effects Source: Volkswagen Group 1 Normalized RoE based on 8% equity ratio Note: All stated Volkswagen Group figures represent financial targets for 2018, excluding Porsche and MAN 2 Including China 13 Strategy 2018 – Our achievements so far Volkswagen Group customer satisfaction (on a scale of 1 to 101) 8.55 8.41 8.22 8.32 8.34 2007 2008 2009 2010 2011 „I am happy to work at the Volkswagen Group“ Leading Group profit before tax margin (Employee opinion survey) in customer 11.9 91% (in percent) satisfaction 89% 89% and quality 7.83 Volkswagen 7.1 Group profit 6.0 5.8 Top employer 85% before tax margin > 8% Volumes 1.2 > 10 million 2 2007/2008 2009 2010 2011 units p.a.
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