VW Group. Q4 Analysis

Volkswagen Group Key Figures
4th Quarter 2012
Volkswagen Group Key Volume Figures

Q4
'000 vehicles
Change y-o-y
2011
2012
absolute
in %
Production
2,193
2,281
88
4.0
- excl. China
1,666
1,591
(75)
(4.5)
Vehicle Sales
2,161
2,367
206
9.5
- excl. China
1,662
1,681
19
1.1
Deliveries to Customers
2,095
2,421
326
15.6
- excl. China
1,527
1,613
86
5.6
Employees 1)
502.0
549.8
47.8
9.5
- excl. China1)
455.6
494.8
39.2
8.6
1)
Status December 31; in 000.

2

2012
'000 vehicles
Change Q4 vs. Q3
Q3
Q4
absolute
in %
Production
2,293
2,281
(12)
(0.5)
- excl. China
1,592
1,591
(1)
(0.1)
Vehicle Sales
2,333
2,367
34
1.4
- excl. China
1,665
1,681
16
0.9
2,303
2,421
119
5.1
- excl. China
1,597
1,613
16
1.0
Employees 1)
549.3
549.8
0.5
0.1
- excl. China1)
494.4
494.8
0.4
0.1
1)
Status December 31, 2012 vs. Status September 30, 2012; in '000.
3

Q4
'000 vehicles
Production
- of which China
Vehicle Sales
- of which China
- of which China
Employees 1)
- of which China1)
1)
Change y-o-y
2011
2012
absolute
in %
2,193
2,281
88
4.0
611
690
79
13.0
2,161
2,367
206
9.5
582
686
104
17.8
2,095
2,421
326
15.6
568
808
240
42.3
502.0
549.8
47.8
9.5
46.4
55.0
8.6
18.6
Status December 31, in '000.

4

2012
'000 vehicles
Production
- of which China
Vehicle Sales
- of which China
- of which China
Employees 1)
- of which China1)
1)
Change Q4 vs. Q3
Q3
Q4
absolute
in %
2,293
2,281
(12)
(0.5)
701
690
(11)
(1.5)
2,333
2,367
34
1.4
668
686
18
2.7
2,303
2,421
119
5.1
706
808
103
14.5
549.3
549.8
0.5
0.1
54.9
55.0
0.0
0.1
Status December 31, 2012 vs. Status September 30, 2012; in '000.
5
Volkswagen Group Key Financial Figures

Q4
million
Change y-o-y
2011
2012
absolute
in %
Sales revenue
43,058
48,450
5,393
12.5
Operating profit
2,294
2,674
380
16.6
5.3
5.5
Financial result
-5
-138
(133)
Profit before tax
2,289
2,536
247
10.8
% of sales revenue
5.3
5.2
Income tax expense
-132
-807
5.8
31.8
2,157
1,729
% of sales revenue
Tax rate in %
Profit after tax
1)
0.2
(0.1)
(675)
1)
x
(26.1)
(428)
1)
1)
(19.8)
Percentage points.
6
Volkswagen Group Key Financial Figures

2012
million
Change Q4 vs. Q3
Q3
Q4
absolute
in %
Sales revenue
48,848
48,450
(398)
(0.8)
Operating profit
2,343
2,674
331
14.1
4.8
5.5
Financial result
10,556
-138
(10,694)
Profit before tax
12,900
2,536
(10,363)
(80.3)
% of sales revenue
26.4
5.2
Income tax expense
-1,571
-807
12.2
31.8
11,328
1,729
% of sales revenue
Tax rate in %
Profit after tax
1)
0.7
(21.2)
764
1)
48.6
(19.6)
(9,599)
1)
1)
(84.7)
Percentage points.
7
Volkswagen Group Income Statement

Change
y-o-y
Q4
million
2011
2012
43,058
100.0
48,450
100.0
12.5
Cost of sales
-36,524
-84.8
-40,475
-83.5
(10.8)
Gross profit
6,534
15.2
7,975
16.5
22.1
Distribution expenses
-4,148
-9.6
-5,258
-10.9
(26.8)
Administrative expenses
-1,529
-3.6
-1,870
-3.9
(22.3)
Other operating income/expenses
1,437
3.3
1,827
3.8
27.2
Operating profit
2,294
5.3
2,674
5.5
16.6
-5
0.0
-138
-0.3
2,289
5.3
2,536
5.2
10.8
-132
-0.3
-807
-1.7
2,157
5.0
1,729
3.6
(19.8)
Sales revenue
Financial result
Profit before tax
Income tax expense
Profit after tax

Change
Q4 vs. Q3
2012
million
Q3
Q4
48,848
100.0
48,450
100.0
(0.8)
Cost of sales
-39,796
-81.5
-40,475
-83.5
(1.7)
Gross profit
9,052
18.5
7,975
16.5
(11.9)
-4,665
-9.5
-5,258
-10.9
(12.7)
-1,484
-3.0
-1,870
-3.9
(26.1)
-561
-1.1
1,827
3.8
2,343
4.8
2,674
5.5
14.1
Financial result
10,556
21.6
-138
-0.3
Profit before tax
12,900
26.4
2,536
5.2
(80.3)
Income tax expense
-1,571
-3.2
-807
-1.7
48.6
Profit after tax
11,328
23.2
1,729
3.6
(84.7)
Sales revenue
Other operating income/expenses

Operating profit

2012
Q1
Q2
Q3
Q4
2012
Change y-o-y
Total
2012/2011
million
abs.
Sales revenue
47,326 100.0 48,052 100.0 48,848 100.0 48,450 100.0 192,676 100.0
Cost of sales
abs.
abs.
18.9
19.1
9,052
18.5
-4,098
-8.7
-4,830 -10.1
-4,665
-1,379
-2.9
-1,491
-3.1
Other operating inc./exp.
-251
-0.5
410
Operating profit
3,209
6.8
Financial result
1,090
Profit before tax

Income tax expense
Profit after tax
Tax rate in %
abs.
abs.
33,339
20.9
-38,389 -81.1 -38,858 -80.9 -39,796 -81.5 -40,475 -83.5 -157,518 -81.8 (26,147) (19.9)
8,936
Gross profit
abs.
16.5
35,158
18.2
-9.5
-5,258 -10.9
-18,850
-9.8
(4,269) (29.3)
-1,484
-3.0
-1,870
-3.9
-6,223
-3.2
(1,840) (42.0)
0.9
-561
-1.1
1,827
3.8
1,426
0.7
(845) (37.2)
3,283
6.8
2,343
4.8
2,674
5.5
11,510
6.0
239
2.1
2.3
2,474
5.1 10,556
21.6
-138
-0.3
13,982
7.3
6,328
82.7
4,300
9.1
5,757
12.0 12,900
26.4
2,536
5.2
25,492
13.2
6,566
34.7
-1,114
-2.4
-116
-0.2
-1,571
-3.2
-807
-1.7
-3,608
-1.9
(481) (15.4)
3,186
6.7
5,641
11.7 11,328
23.2
1,729
3.6
21,884
11.4
6,085
2.0
12.2
25.9
9,194
7,975
31.8
14.2
7,192
25.7
38.5
x
10
Key Figures by Brand and Business Field1)

Operating result
( million)
Vehicle Sales
('000 vehicles)
Sales revenue
( million)
2011
2012
2011
2012
2011
2012
1,133
1,212
24,039
24,970
540
782
Audi
403
297
11,701
11,104
1,388
1,177
KODA
179
175
2,637
2,571
168
146
95
114
1,435
1,687
-124
-62
343
402
14
27
Q4
Volkswagen Passenger Cars
SEAT
Bentley
2)
Porsche
Volkswagen Commercial Vehicles
40
3,711
557
113
107
2,332
2,372
120
121
Scania2)
21
20
2,643
2,590
302
242
MAN2)
25
33
2,652
4,245
193
293
VW China3)
582
686
4)
-392
-320
-8,835
-9,753
-6345)
-1,030 5)
4,110
4,551
328
421
Other
Volkswagen Financial Services
Volkswagen Group
2,161
2,367
43,058
48,450
2,294
2,674
Automotive Division
2,161
2,367
38,542
43,249
1,941
2,196
of which: Passenger Cars and LCV Business Area
2,116
2,314
33,357
36,542
1,837
1,883
45
53
5,186
6,707
103
313
4,515
5,201
353
479
of which: Trucks and Buses, Power Engineering Business Area

Financial Services Division
1)
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
Including financial services; Porsche as from August 1, 2012; MAN as from November 9, 2011.
3) The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using
the equity method and recorded an operating profit (proportionate) of 872 million (708 million).
4) Including Porsche Holding Salzburg as from March 1, 2011.
5) Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure incudes depreciation and amortization of identifiable
assets as part of the purchase price allocation for Scania, Porsche Holding Salzburg, MAN and Porsche.
2)
11
Key Figures by Market
Q4
Vehicle Sales1)
('000 vehicles)
Sales revenue
( million)
2011
2012
2011
2012
1,014
1,028
27,320
28,604
North America
196
233
4,948
6,813
South America
237
297
4,050
4,822
Asia-Pacific 2)
715
809
6,740
8,212
2,161
2,367
43,058
48,450
Europe/ Remaining Markets
Volkswagen Group2)
1)
2)
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
The sales revenue of the joint venture companies in China are not included in the figures for the Group and the Asia-Pacific market.
12
Automotive Division Key Financial Figures1)

Q4
Change y-o-y
million
2011
2012
absolute
in %
Additions to capitalized development costs
-512
-932
(420)
(82.1)
-3,702
-4,315
(613)
(16.6)
9.6
10.0
Acquisition and disposal of equity investments
-3,286
-4
3,282
Cash flows from investing activities
-7,392
-5,124
2,268
30.7
Gross cash flow
3,209
3,625
416
13.0
+ Change in Working Capital
1,483
672
(810)
(54.7)
= Cash flows from operating activities
4,691
4,297
(394)
(8.4)
-2,700
-826
1,874
69.4
16,951
10,573
(6,377)
(37.6)
Investments in property, plant and equipment

% of sales revenue
Net cash flow

Net liquidity
1)
2)
[Dec. 31, 2011 / Dec. 31, 2012]
(0.4) 2)
Calculated as difference between Volkswagen Group and Financial Services Division.

Percentage points.
13
Automotive Division Key Financial Figures1)

2012
million
Change Q4 vs. Q3
Q3
Q4
absolute
in %
-627
-932
(305)
(48.7)
-2,556
-4,315
(1,760)
(68.8)
5.8
10.0
Acquisition and disposal of equity investments
-3,524
-4
3,521
Cash flows from investing activities
-6,578
-5,124
1,455
22.1
Gross cash flow
2,386
3,625
1,238
51.9
+ Change in Working Capital
2,797
672
(2,124)
(76.0)
= Cash flows from operating activities
5,183
4,297
(886)
(17.1)
-1,395
-826
569
40.8
Additions to capitalized development costs

Investments in property, plant and equipment
% of sales revenue
Net cash flow
(4.2) 2)
Net liquidity
[Sept. 31, 2012 / Dec. 31, 2012]
9,215
10,573
1,359
14.7
Net liquidity
[Dec. 31, 2011 / Dec. 31, 2012]
16,951
10,573
(6,377)
(37.6)
1)
2)
Calculated as difference between Volkswagen Group and Financial Services Division.

Percentage points.
14
Volkswagen Group Key Figures

4th Quarter 2012
15

VW Group. Q4 Analysis

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Volkswagen Group Key Figures

4th Quarter 2012

Volkswagen Group Key Volume Figures

Status December 31; in 000.

Volkswagen Group Key Volume Figures

Volkswagen Group Key Volume Figures

Status December 31, in '000.

Volkswagen Group Key Volume Figures

Volkswagen Group Key Financial Figures

Profit before tax

Income tax expense

Volkswagen Group Key Financial Figures

Profit before tax

Income tax expense

Volkswagen Group Income Statement

Other operating income/expenses

Volkswagen Group Income Statement

Profit before tax

Income tax expense

Profit after tax

Other operating income/expenses

Volkswagen Group Income Statement

Other operating inc./exp.

Profit before tax

Key Figures by Brand and Business Field1)

Volkswagen Passenger Cars

of which: Passenger Cars and LCV Business Area

of which: Trucks and Buses, Power Engineering Business Area

Key Figures by Market

Europe/ Remaining Markets

Automotive Division Key Financial Figures1)

Additions to capitalized development costs

Acquisition and disposal of equity investments

Cash flows from investing activities

Gross cash flow

+ Change in Working Capital

= Cash flows from operating activities

Investments in property, plant and equipment

Net cash flow

[Dec. 31, 2011 / Dec. 31, 2012]

Calculated as difference between Volkswagen Group and Financial Services Division.

Automotive Division Key Financial Figures1)

Acquisition and disposal of equity investments

Cash flows from investing activities

Gross cash flow

+ Change in Working Capital

= Cash flows from operating activities

Additions to capitalized development costs

Net cash flow

[Sept. 31, 2012 / Dec. 31, 2012]

[Dec. 31, 2011 / Dec. 31, 2012]

Calculated as difference between Volkswagen Group and Financial Services Division.

Volkswagen Group Key Figures

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