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Annual Report

Summary of business development

The assessment of the Company’s business development in 2010 by the Board of Management of Volkswagen AG is positive. In a volatile environment, the global passenger car markets on the whole recovered from the consequences of the financial and economic crisis faster than forecast. The Volkswagen Group significantly exceeded the volume of deliveries, sales revenue and operating profit expected for the reporting period. For the first time in the Company’s history, we delivered more than 7 million vehicles to customers. Our sales figures outperformed the market as a whole, and this allowed us to further strengthen our global market position. The emerging economies, in particular the passenger car market in China, were once again among the main growth drivers.

The reason for this excellent overall performance is above all our broad, attractive range of models. Our customers around the world were once again won over by the many new and established models in 2010. Our high standards in terms of quality and efficiency contributed to the Company’s success in 2010.

The following table shows the targets set for the reporting period and the figures actually achieved.

Detailed information on the key financial figures can be found in the chapter entitled Results of Operations, Financial Position and Net Assets”.

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TARGET-PERFORMANCE COMPARISON

 

 

 

 

Measure

 

Forecast for 2010

 

Actual 2010

Deliveries

 

> 6.3 million

 

7.2 million

Global market share

 

> 11.3%

 

11.4%

Sales revenue

 

> €105.2 billion

 

€126.9 billion

Operating profit

 

> €1.9 billion

 

€7.2 billion

Capex/sales revenue

 

approx. 6%

 

5.0%

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FIVE-YEAR REVIEW

 

 

 

 

 

 

 

 

 

 

 

 

2010

 

2009

 

2008

 

2007

 

2006

*

 2008 and 2007 adjusted.

Volume Data (thousands)

 

 

 

 

 

 

 

 

 

 

Vehicle sales (units)

 

7,278

 

6,310

 

6,272

 

6,192

 

5,720

Germany

 

1,059

 

1,288

 

1,013

 

1,030

 

1,093

Abroad

 

6,219

 

5,022

 

5,259

 

5,162

 

4,627

Production (units)

 

7,358

 

6,055

 

6,347

 

6,213

 

5,660

Germany

 

2,115

 

1,938

 

2,146

 

2,086

 

1,935

Abroad

 

5,243

 

4,117

 

4,201

 

4,127

 

3,725

Employees (yearly average)

 

389

 

367

 

357

 

329

 

329

Germany

 

178

 

173

 

178

 

175

 

174

Abroad

 

210

 

194

 

179

 

154

 

155

 

 

 

 

 

 

 

 

 

 

 

Financial Data in € million

 

 

 

 

 

 

 

 

 

 

Income Statement

 

 

 

 

 

 

 

 

 

 

Sales revenue

 

126,875

 

105,187

 

113,808

 

108,897

 

104,875

Cost of sales

 

105,431

 

91,608

 

96,612

 

92,603

 

91,020

Gross profit

 

21,444

 

13,579

 

17,196

 

16,294

 

13,855

 

 

 

 

 

 

 

 

 

 

 

Distribution expenses

 

12,213

 

10,537

 

10,552

 

9,274

 

9,180

Administrative expenses

 

3,287

 

2,739

 

2,742

 

2,453

 

2,312

Net other operating expense/income

 

1,197

 

1,553

 

2,431

 

1,584

 

–354

Operating profit

 

7,141

 

1,855

 

6,333

 

6,151

 

2,009

Financial result

 

1,852

 

–595

 

275

 

392

 

–216

Profit before tax

 

8,994

 

1,261

 

6,608

 

6,543

 

1,793

Income tax expense

 

1,767

 

349

 

1,920

 

2,421

 

–162

Profit after tax

 

7,226

 

911

 

4,688

 

4,122

 

1,955

 

 

 

 

 

 

 

 

 

 

 

Cost of materials

 

79,394

 

67,925

 

75,954

 

72,340

 

66,935

Personnel expenses

 

19,027

 

16,027

 

15,784

 

14,549

 

17,400

 

 

 

 

 

 

 

 

 

 

 

Balance Sheet at December 31

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

113,457

 

99,402

 

91,756

 

76,841

 

75,374

Current assets

 

85,936

 

77,776

 

76,163

 

68,516

 

61,229

 

 

 

 

 

 

 

 

 

 

 

Total assets

 

199,393

 

177,178

 

167,919

 

145,357

 

136,603

 

 

 

 

 

 

 

 

 

 

 

Equity

 

48,712

 

37,430

 

37,388

 

31,938

 

26,959

of which: noncontrolling interests

 

2,734

 

2,149

 

2,377

 

63

 

55

Noncurrent liabilities

 

73,781

 

70,215

 

65,729

 

57,351

 

56,159

Current liabilities

 

76,900

 

69,534

 

64,802

 

56,068

 

53,485

 

 

 

 

 

 

 

 

 

 

 

Total equity and liabilities

 

199,393

 

177,178

 

167,919

 

145,357

 

136,603

 

 

 

 

 

 

 

 

 

 

 

Cash flows from operating activities*

 

11,455

 

12,741

 

2,702

 

9,308

 

14,470

Cash flows from investing activities*

 

9,278

 

10,428

 

11,613

 

7,120

 

11,911

Cash flows from financing activities

 

–852

 

5,536

 

8,123

 

787

 

–114

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