Summary of economic position

In the reporting period, the Volkswagen Group’s business was severely impacted by the global financial and economic crisis. Nevertheless, the Board of Management of Volkswagen AG believes that the Group’s economic position is positive. As expected, sales revenue and profit failed to reach the prior-year level. However, our disciplined cost and investment management and our continuous efforts to optimize our processes enabled us to limit the impacts. This demonstrates the Group’s ability to generate strong earnings, even in a difficult operating environment.

The indirect investment in Dr. Ing. h.c. F. Porsche AG via Porsche Zwischenholding GmbH impacted the Automotive Division’s net cash flow in fiscal 2009. The liquidity position nevertheless recorded an improvement on the impressive prior-year figure. During turbulent times, the Volkswagen Group’s financial position was strengthened above all by optimized inventories, which were reflected in the significant improvement in working capital.

An overview of the development of the Volkswagen Group over the past five years can be found in the tables in chapters Business Development and Financial Position. More information on the economic position of the Volkswagen Group by brand and business field can be found in the Divisions chapter.

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