vw group. q4 analysis

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Volkswagen Group Key Figures

4th Quarter 2012


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Volkswagen Group Key Volume Figures

1) Status December 31; in 000.

'000 vehicles 2011 2012 absolutein %

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

Employees1) 502.0 549.8 47.8 9.5

- excl. China1) 455.6 494.8 39.2 8.6

Q4 Change y-o-y


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1) Status December 31, 2012 vs. Status September 30, 2012; in '000.

'000 vehicles Q3 Q4 absolutein %

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


- excl. China 1,597 1,613 16 1.0

Employees1) 549.3 549.8 0.5 0.1

- excl. China1) 494.4 494.8 0.4 0.1

2012 Change Q4 vs. Q3


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1) Status December 31, in '000.

'000 vehicles 2011 2012 absolutein %

Production 2,193 2,281 88 4.0

- of which China 611 690 79 13.0

Vehicle Sales 2,161 2,367 206 9.5

- of which China 582 686 104 17.8


- of which China 568 808 240 42.3

Employees1) 502.0 549.8 47.8 9.5

- of which China1) 46.4 55.0 8.6 18.6

Q4 Change y-o-y


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1) Status December 31, 2012 vs. Status September 30, 2012; in '000.

'000 vehicles Q3 Q4 absolutein %

Production 2,293 2,281 (12) (0.5)

- of which China 701 690 (11) (1.5)

Vehicle Sales 2,333 2,367 34 1.4

- of which China 668 686 18 2.7


- of which China 706 808 103 14.5

Employees1) 549.3 549.8 0.5 0.1

- of which China1) 54.9 55.0 0.0 0.1



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Volkswagen Group Key Financial Figures

1) Percentage points.

million 2011 2012 absolute in %

Sales revenue 43,058 48,450 5,393 12.5

Operating profit 2,294 2,674 380 16.6

% of sales revenue 5.3 5.5 0.2 1)

Financial result -5 -138 (133) xProfit before tax 2,289 2,536 247 10.8

% of sales revenue 5.3 5.2 (0.1) 1)

Income tax expense -132 -807 (675) x

Tax rate in % 5.8 31.8 (26.1) 1)

Profit after tax 2,157 1,729 (428) (19.8)

Q4 Change y-o-y


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Volkswagen Group Key Financial Figures

1) Percentage points.

million Q3 Q4 absolute in %

Sales revenue 48,848 48,450 (398) (0.8)

Operating profit 2,343 2,674 331 14.1

% of sales revenue 4.8 5.5 0.7 1)

Financial result 10,556 -138 (10,694) xProfit before tax 12,900 2,536 (10,363) (80.3)

% of sales revenue 26.4 5.2 (21.2) 1)

Income tax expense -1,571 -807 764 48.6

Tax rate in % 12.2 31.8 (19.6) 1)

Profit after tax 11,328 1,729 (9,599) (84.7)



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Volkswagen Group Income Statement

Change

y-o-y

million 2011 % 2012 % %

Sales revenue 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

Financial result -5 0.0 -138 -0.3 x

Profit before tax 2,289 5.3 2,536 5.2 10.8

Income tax expense -132 -0.3 -807 -1.7 x

Profit after tax 2,157 5.0 1,729 3.6 (19.8)

Q4


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Change

Q4 vs. Q3

million Q3 % Q4 % %

Sales revenue 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)

Distribution expenses -4,665 -9.5 -5,258 -10.9 (12.7)Administrative expenses -1,484 -3.0 -1,870 -3.9 (26.1)

Other operating income/expenses -561 -1.1 1,827 3.8 x

Operating profit 2,343 4.8 2,674 5.5 14.1

Financial result 10,556 21.6 -138 -0.3 x

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)

2012


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million abs. % abs. % abs. % abs. % abs. % abs. %

Sales revenue 47,326 100.0 48,052 100.0 48,848 100.0 48,450 100.0 192,676 100.0 33,339 20.9

Cost of sales -38,389 -81.1 -38,858 -80.9 -39,796 -81.5 -40,475 -83.5 -157,518 -81.8 (26,147) (19.9)

Gross profit 8,936 18.9 9,194 19.1 9,052 18.5 7,975 16.5 35,158 18.2 7,192 25.7

Distribution expenses -4,098 -8.7 -4,830 -10.1 -4,665 -9.5 -5,258 -10.9 -18,850 -9.8 (4,269) (29.3)

Administrative expenses -1,379 -2.9 -1,491 -3.1 -1,484 -3.0 -1,870 -3.9 -6,223 -3.2 (1,840) (42.0)

Other operating inc./exp. -251 -0.5 410 0.9 -561 -1.1 1,827 3.8 1,426 0.7 (845) (37.2)

Operating profit 3,209 6.8 3,283 6.8 2,343 4.8 2,674 5.5 11,510 6.0 239 2.1

Financial result 1,090 2.3 2,474 5.1 10,556 21.6 -138 -0.3 13,982 7.3 6,328 82.7

Profit before tax 4,300 9.1 5,757 12.0 12,900 26.4 2,536 5.2 25,492 13.2 6,566 34.7

Income tax expense -1,114 -2.4 -116 -0.2 -1,571 -3.2 -807 -1.7 -3,608 -1.9 (481) (15.4)

Profit after tax 3,186 6.7 5,641 11.7 11,328 23.2 1,729 3.6 21,884 11.4 6,085 38.5

Tax rate in % 25.9 2.0 12.2 31.8 14.2 x

2012 2012 Change y-o-y

Q1 Q2 Q3 Q4 Total 2012/2011


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1) All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.

2) 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.

Key Figures by Brand and Business Field1)Q4

2011 2012 2011 2012 2011 2012

Volkswagen Passenger Cars 1,133 1,212 24,039 24,970 540 782

Audi 403 297 11,701 11,104 1,388 1,177KODA 179 175 2,637 2,571 168 146

SEAT 95 114 1,435 1,687 -124 -62

Bentley 2 2 343 402 14 27

Porsche2) 40 3,711 557

Volkswagen Commercial Vehicles 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

Other4) -392 -320 -8,835 -9,753 -634 -1,030

Volkswagen Financial Services 4,110 4,551 328 421

Volkswagen Group 2,161 2,367 43,058 48,450 2,294 2,674Automotive 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

of which: Trucks and Buses, Power Engineering Business Area 45 53 5,186 6,707 103 313

Financial Services Division 4,515 5,201 353 479

Operating result

( mi ll ion)

Vehicle Sales

('000 vehicles)

Sales revenue

( mi ll ion)

5) 5)


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1) All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.2)The sales revenue of the joint venture companies in China are not included in the figures for the Group and the Asia-Pacific market.

Key Figures by Market

Q4

2011 2012 2011 2012

Europe/ Remaining Markets 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-Pacific2) 715 809 6,740 8,212

Volkswagen Group2) 2,161 2,367 43,058 48,450

Vehicle Sales1)

('000 vehicles)

Sales revenue

( mill ion)


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Automotive Division Key Financial Figures1)

1) Calculated as difference between Volkswagen Group and Financial Services Division.2) Percentage points.

million 2011 2012 absolute in %

Additions to capitalized development costs -512 -932 (420) (82.1)

Investments in property, plant and equipment -3,702 -4,315 (613) (16.6)

% of sales revenue 9.6 10.0 (0.4) 2)

Acquisition and disposal of equity investments -3,286 -4 3,282 xCash 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)

Net cash flow -2,700 -826 1,874 69.4

Net liquidity [Dec. 31, 2011 / Dec. 31, 2012] 16,951 10,573 (6,377) (37.6)

Q4 Change y-o-y


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Automotive Division Key Financial Figures1)

1) Calculated as difference between Volkswagen Group and Financial Services Division.2) Percentage points.

million Q3 Q4 absolute in %

Additions to capitalized development costs -627 -932 (305) (48.7)

Investments in property, plant and equipment -2,556 -4,315 (1,760) (68.8)

% of sales revenue 5.8 10.0 (4.2) 2)

Acquisition and disposal of equity investments -3,524 -4 3,521 xCash 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)

Net cash flow -1,395 -826 569 40.8

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)



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Volkswagen Group Key Figures

4th Quarter 2012

vw group. q4 analysis

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