Summary of business development

The assessment of the Company’s business development during the reporting period by the Board of Management of Volkswagen AG is positive. Despite the dramatic deterioration in the business environment during the year, the Volkswagen Group reached its main targets. Thanks to our attractive model range, the global orientation of the Group, continuous process improvement and systematically applied cost management, we were able to reach new financial highs and capture market share worldwide. More detailed information on our achievement of financial targets can be found in the chapter entitled “Net Assets, Financial Position and Results of Operations.

The following table gives an overview of the targets for key figures in the reporting period and the extent to which they were achieved.

The effects of the acquisition of additional shares of Scania and the inclusion of Scania in the consolidated financial statements were not reflected in the targets set at the beginning of the fiscal year.

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Measure

 

Forecast for 2008

 

Actual 2008
excl. Scania

 

Actual 2008
incl. Scania

Deliveries

 

> 6.19 million

 

6.23 million

 

6.26 million

Sales revenue

 

> €108.9 billion

 

€109.9 billion

 

€113.8 billion

Operating profit

 

> €6.2  billion

 

€6.5 billion

 

€6.3 billion

Capex/sales revenue

 

approx. 6 %

 

6.6 %

 

6.6 %

Net cash flow
in the Automotive Division

 

positive

 

€141 million

 

–€2.7 billion

Net liquidity
in the Automotive Division

 

> €13.5 billion

 

€11.6 billion

 

€8.0 billion

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FIVE-YEAR REVIEW

 

 

 

 

 

 

 

 

 

 

 

 

2008

 

2007

 

2006

 

2005

 

2004

Volume Data (thousands)

 

 

 

 

 

 

 

 

 

 

Vehicle sales (units)

 

6,272

 

6,192

 

5,720

 

5,193

 

5,143

Germany

 

1,013

 

1,030

 

1,093

 

1,019

 

940

Abroad

 

5,259

 

5,162

 

4,627

 

4,174

 

4,203

Production (units)

 

6,347

 

6,213

 

5,660

 

5,219

 

5,093

Germany

 

2,146

 

2,086

 

1,935

 

1,913

 

1,832

Abroad

 

4,201

 

4,127

 

3,725

 

3,306

 

3,261

Employees (yearly average)

 

357

 

329

 

329

 

345

 

343

Germany

 

178

 

175

 

174

 

179

 

179

Abroad

 

179

 

154

 

155

 

166

 

164

 

 

 

 

 

 

 

 

 

 

 

Financial Data in € million

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

113,808

 

108,897

 

104,875

 

93,996

 

88,963

Cost of sales

 

96,612

 

92,603

 

91,020

 

81,733

 

78,430

Gross profit

 

17,196

 

16,294

 

13,855

 

12,263

 

10,533

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

10,552

 

9,274

 

9,180

 

8,628

 

8,167

Administrative expenses

 

2,742

 

2,453

 

2,312

 

2,225

 

2,309

Net other operating expense/income

 

2,431

 

1,584

 

–354

 

1,128

 

1,585

Operating profit

 

6,333

 

6,151

 

2,009

 

2,538

 

1,642

Financial result

 

275

 

392

 

–216

 

–917

 

–554

Profit before tax

 

6,608

 

6,543

 

1,793

 

1,621

 

1,088

Income tax expense

 

1,920

 

2,421

 

–162

 

571

 

391

Profit after tax

 

4,688

 

4,122

 

1,955

 

1,050

 

697

 

 

 

 

 

 

 

 

 

 

 

Cost of materials

 

75,954

 

72,340

 

66,935

 

62,620

 

58,239

Personnel expenses

 

15,784

 

14,549

 

17,400

 

14,796

 

14,038

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet at December 31

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

91,756

 

76,841

 

75,374

 

75,235

 

72,212

Current assets

 

76,163

 

68,516

 

61,229

 

57,846

 

55,391

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

167,919

 

145,357

 

136,603

 

133,081

 

127,603

 

 

 

 

 

 

 

 

 

 

 

Equity

 

37,388

 

31,938

 

26,959

 

23,647

 

22,681

of which: minority interests

 

2,377

 

63

 

55

 

47

 

47

Noncurrent liabilities

 

65,729

 

57,351

 

56,159

 

56,125

 

56,230

Current liabilities

 

64,802

 

56,068

 

53,485

 

53,309

 

48,692

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

167,919

 

145,357

 

136,603

 

133,081

 

127,603

 

 

 

 

 

 

 

 

 

 

 

Cash flows from
operating activities

 

10,799

 

15,662

 

14,470

 

10,709

 

11,457

Cash flows from
investing activities

 

19,710

 

13,474

 

11,911

 

10,365

 

15,078

Cash flows from
financing activities

 

8,123

 

787

 

–114

 

–1,794

 

6,004

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