Summary of business development


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

 

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

 

63

 

55

 

47

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

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