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 |
Actual 2008 | |||
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Deliveries |
> 6.19 million |
6.23 million |
6.26 million | |||
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Sales revenue |
> €108.9 billion |
€109.9 billion |
€113.8 billion | |||
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Operating profit |
> €6.2 billion |
€6.5 billion |
€6.3 billion | |||
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Capex/sales revenue |
approx. 6 % |
6.6 % |
6.6 % | |||
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Net cash flow |
positive |
€141 million |
–€2.7 billion | |||
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Net liquidity |
> €13.5 billion |
€11.6 billion |
€8.0 billion |
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FIVE-YEAR REVIEW |
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2008 |
2007 |
2006 |
2005 |
2004 | |||||
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Volume Data (thousands) |
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Vehicle sales (units) |
6,272 |
6,192 |
5,720 |
5,193 |
5,143 | |||||
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Germany |
1,013 |
1,030 |
1,093 |
1,019 |
940 | |||||
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Abroad |
5,259 |
5,162 |
4,627 |
4,174 |
4,203 | |||||
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Production (units) |
6,347 |
6,213 |
5,660 |
5,219 |
5,093 | |||||
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Germany |
2,146 |
2,086 |
1,935 |
1,913 |
1,832 | |||||
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Abroad |
4,201 |
4,127 |
3,725 |
3,306 |
3,261 | |||||
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Employees (yearly average) |
357 |
329 |
329 |
345 |
343 | |||||
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Germany |
178 |
175 |
174 |
179 |
179 | |||||
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Abroad |
179 |
154 |
155 |
166 |
164 | |||||
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Financial Data in € million |
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Income Statement |
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Sales revenue |
113,808 |
108,897 |
104,875 |
93,996 |
88,963 | |||||
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Cost of sales |
96,612 |
92,603 |
91,020 |
81,733 |
78,430 | |||||
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Gross profit |
17,196 |
16,294 |
13,855 |
12,263 |
10,533 | |||||
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Distribution expenses |
10,552 |
9,274 |
9,180 |
8,628 |
8,167 | |||||
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Administrative expenses |
2,742 |
2,453 |
2,312 |
2,225 |
2,309 | |||||
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Net other operating expense/income |
2,431 |
1,584 |
–354 |
1,128 |
1,585 | |||||
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Operating profit |
6,333 |
6,151 |
2,009 |
2,538 |
1,642 | |||||
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Financial result |
275 |
392 |
–216 |
–917 |
–554 | |||||
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Profit before tax |
6,608 |
6,543 |
1,793 |
1,621 |
1,088 | |||||
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Income tax expense |
1,920 |
2,421 |
–162 |
571 |
391 | |||||
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Profit after tax |
4,688 |
4,122 |
1,955 |
1,050 |
697 | |||||
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Cost of materials |
75,954 |
72,340 |
66,935 |
62,620 |
58,239 | |||||
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Personnel expenses |
15,784 |
14,549 |
17,400 |
14,796 |
14,038 | |||||
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Balance Sheet at December 31 |
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Noncurrent assets |
91,756 |
76,841 |
75,374 |
75,235 |
72,212 | |||||
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Current assets |
76,163 |
68,516 |
61,229 |
57,846 |
55,391 | |||||
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Total assets |
167,919 |
145,357 |
136,603 |
133,081 |
127,603 | |||||
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Equity |
37,388 |
31,938 |
26,959 |
23,647 |
22,681 | |||||
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of which: minority interests |
2,377 |
63 |
55 |
47 |
47 | |||||
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Noncurrent liabilities |
65,729 |
57,351 |
56,159 |
56,125 |
56,230 | |||||
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Current liabilities |
64,802 |
56,068 |
53,485 |
53,309 |
48,692 | |||||
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Total equity and liabilities |
167,919 |
145,357 |
136,603 |
133,081 |
127,603 | |||||
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Cash flows from |
10,799 |
15,662 |
14,470 |
10,709 |
11,457 | |||||
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Cash flows from |
19,710 |
13,474 |
11,911 |
10,365 |
15,078 | |||||
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Cash flows from |
8,123 |
787 |
–114 |
–1,794 |
6,004 |
