Volkswagen Group - Annual Report 2009

Given the difficult economic and industry-specific environment, the assessment of the Company’s business development during 2009 by the Board of Management of Volkswagen AG is positive. The expectations communicated for 2009 have been confirmed. Contrary to the forecasts in our last Annual Report, we were even able to exceed the deliveries recorded in 2008. This is mainly due to our attractive model range, but also to incentive programs and support measures resolved by many countries to mitigate the effects of the financial and economic crisis on the automotive industry in particular. As announced, we gained additional market share worldwide during the crisis as a result of the good delivery situation.

The following table compares the targets for reporting period with the indicators actually achieved.

Detailed information on the key financial figures can be found in the chapter entitled
“Net Assets, Financial Position and Results of Operations”.

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Measure	Forecast for 2009	Actual 2009
Deliveries	< 6.26 million	6.34 million
Global market share	> 10.3%	11.3%
Sales revenue	< €113.8 billion	€105.2 billion
Operating profit	< €6.3 billion	€1.9 billion
Capex/sales revenue	approx. 6%	6.2%

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FIVE-YEAR REVIEW

2009

2008

2007

2006

2005

*	2008 and 2007 adjusted.

Volume Data (thousands)

Vehicle sales (units)

6,310

6,272

6,192

5,720

5,193

Germany

1,288

1,013

1,030

1,093

1,019

Abroad

5,022

5,259

5,162

4,627

4,174

Production (units)

6,055

6,347

6,213

5,660

5,219

Germany

1,938

2,146

2,086

1,935

1,913

Abroad

4,117

4,201

4,127

3,725

3,306

Employees
(yearly average)

367

357

329

345

Germany

173

178

175

174

179

Abroad

194

179

154

155

166

Financial Data in € million

Income Statement

Sales revenue

105,187

113,808

108,897

104,875

93,996

Cost of sales

91,608

96,612

92,603

91,020

81,733

Gross profit

13,579

17,196

16,294

13,855

12,263

Distribution expenses

10,537

10,552

9,274

9,180

8,628

Administrative expenses

2,739

2,742

2,453

2,312

2,225

Net other operating expense/income

1,553

2,431

1,584

–354

1,128

Operating profit

1,855

6,333

6,151

2,009

2,538

Financial result

–595

275

392

–216

–917

Profit before tax

1,261

6,608

6,543

1,793

1,621

Income tax expense

349

1,920

2,421

–162

571

Profit after tax

911

4,688

4,122

1,955

1,050

Cost of materials

67,925

75,954

72,340

66,935

62,620

Personnel expenses

16,027

15,784

14,549

17,400

14,796

Balance Sheet
at December 31

Noncurrent assets

99,402

91,756

76,841

75,374

75,235

Current assets

77,776

76,163

68,516

61,229

57,846

Total assets

177,178

167,919

145,357

136,603

133,081

Equity

37,430

37,388

31,938

26,959

23,647

of which: minority interests

2,149

2,377

Noncurrent liabilities

70,215

65,729

57,351

56,159

56,125

Current liabilities

69,534

64,802

56,068

53,485

53,309

Total equity and liabilities

177,178

167,919

145,357

136,603

133,081

Cash flows
from operating activities*

12,741

2,702

9,308

14,470

10,709

Cash flows
from investing activities*

10,428

11,613

7,120

11,911

10,365

Cash flows
from financing activities

5,536

8,123

787

–114

–1,794

Summary of business development