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Annual Report

Segment reporting

Segments are identified by looking to the Volkswagen Group’s internal management and reporting. In line with its multibrand strategy, each of the Group’s brands is managed by its own board of management. The Group targets and requirements laid down by the Board of Management of Volkswagen AG or the Group Board of Management must be complied with to the extent permitted by law. The segment reporting therefore comprises the three reportable segments Passenger Cars and Light Commercial Vehicles, Scania Vehicles and Services, and Financial Services.

The activities of the Passenger Cars and Light Commercial Vehicles segment cover the development of vehicles and engines, the production and sale of passenger cars and light commercial vehicles, and the genuine parts business. The individual passenger car brands and light commercial vehicles of the Volkswagen Group are combined on a consolidated basis in this segment.

The Scania Vehicles and Services segment comprises in particular the development, production and sale of heavy commercial vehicles, the corresponding genuine parts business and related services.

The activities of the Financial Services segment comprise dealer and customer financing, leasing, banking and insurance activities, as well as fleet management.

Starting in fiscal year 2010, the financial services offered by the Scania brand are allocated to the Financial Services segment rather than the Scania segment. The previous Scania segment was therefore renamed Scania Vehicles and Services and the Volkswagen Financial Services segment was renamed Financial Services. In addition, the Chinese companies, including the joint ventures Shanghai-Volkswagen Automotive Company and FAW-Volkswagen Automotive Company, as well as the joint venture Porsche Zwischenholding GmbH that were previously reported under unallocated activities have been allocated to the Passenger Cars and Light Commercial Vehicles reporting segment to reflect their growing importance and the associated change in the internal reporting. As allowed by the revised IFRS 8, segment assets are no longer reported starting in fiscal year 2010. The prior-year figure was adjusted accordingly.

At Volkswagen, segment profit or loss is measured on the basis of operating profit or loss.

The reconciliation contains activities and other operations that do not by definition constitute segments. It also contains all of the unallocated Group financing activities. Consolidation adjustments between the segments (including the purchase price allocation for Scania and the holding company functions) are also contained in the reconciliation.

As a matter of principle, business relationships between the companies within the segments of the Volkswagen Group are transacted at arm’s length prices.

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OPERATING SEGMENTS 2009*

 

 

 

 

€ million

 

Passenger Cars and Light Commercial Vehicles

 

Scania Vehicles and Services

 

Financial Services

 

Total segments

 

Reconciliation

 

Volkswagen Group

*

The prior-year figures were adjusted.

Sales revenue from external customers

 

87,213

 

5,915

 

11,581

 

104,709

 

477

 

105,187

Intersegment sales revenue

 

4,355

 

174

 

565

 

5,094

 

–5,094

 

Total sales revenue

 

91,568

 

6,090

 

12,146

 

109,803

 

–4,617

 

105,187

Depreciation and amortization

 

5,789

 

313

 

1,903

 

8,005

 

325

 

8,331

Impairment losses

 

313

 

0

 

264

 

576

 

18

 

595

Reversal of impairment losses

 

18

 

 

30

 

49

 

 

49

Segment profit or loss (operating profit or loss)

 

2,037

 

253

 

591

 

2,881

 

–1,025

 

1,855

Share of profits and losses of equity-accounted investments

 

717

 

1

 

91

 

809

 

–108

 

701

Net interest income and other financial result

 

–586

 

–82

 

–25

 

–693

 

–603

 

–1,296

Equity-accounted investments

 

5,781

 

46

 

1,562

 

7,389

 

2,995

 

10,385

Investments in intangible assets, property, plant and equipment, and investment property

 

7,339

 

318

 

180

 

7,837

 

74

 

7,911

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OPERATING SEGMENTS 2010

 

 

 

 

€ million

 

Passenger Cars and Light Commercial Vehicles

 

Scania Vehicles and Services

 

Financial Services

 

Total segments

 

Reconciliation

 

Volkswagen Group

Sales revenue from external customers

 

104,523

 

7,990

 

13,083

 

125,595

 

1,280

 

126,875

Intersegment sales revenue

 

6,695

 

189

 

986

 

7,871

 

–7,871

 

Total sales revenue

 

111,218

 

8,179

 

14,069

 

133,466

 

–6,591

 

126,875

Depreciation and amortization

 

6,063

 

333

 

2,218

 

8,614

 

287

 

8,900

Impairment losses

 

1,146

 

 

134

 

1,280

 

13

 

1,293

Reversal of impairment losses

 

91

 

 

6

 

96

 

 

96

Segment profit or loss (operating profit or loss)

 

5,337

 

1,323

 

952

 

7,612

 

–471

 

7,141

Share of profits and losses of equity-accounted investments

 

1,718

 

2

 

125

 

1,844

 

100

 

1,944

Net interest income and other financial result

 

–794

 

–22

 

39

 

–777

 

685

 

–91

Equity-accounted investments

 

6,569

 

52

 

1,724

 

8,345

 

5,182

 

13,528

Investments in intangible assets, property, plant and equipment, and investment property

 

7,039

 

223

 

102

 

7,364

 

61

 

7,425

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RECONCILIATION

 

 

 

 

€ million

 

2010

 

2009*

*

The prior-year figures were adjusted.

Segment sales revenue

 

133,466

 

109,803

Unallocated activities

 

2,094

 

1,162

Group financing

 

30

 

21

Consolidation adjustments

 

–8,715

 

–5,800

Group sales revenue

 

126,875

 

105,187

 

 

 

 

 

Segment profit or loss (operating profit or loss)

 

7,612

 

2,881

Unallocated activities

 

7

 

62

Group financing

 

–1

 

15

Consolidation adjustments

 

–477

 

–1,103

Operating profit

 

7,141

 

1,855

Financial result

 

1,852

 

–595

Consolidated profit before tax

 

8,994

 

1,261

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BY REGION 2009

 

 

€ million

 

Germany

 

Europe and Other Regions*

 

North America

 

South America

 

Asia/Oceania

 

Total

*

Excluding Germany.

Sales revenue from external customers

 

29,836

 

45,367

 

11,396

 

9,606

 

8,982

 

105,187

Intangible assets, property, plant and equipment, leasing and rental assets, and investment property

 

18,696

 

19,451

 

7,592

 

1,525

 

591

 

47,855

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BY REGION 2010

 

 

€ million

 

Germany

 

Europe and Other Regions*

 

North America

 

South America

 

Asia/Oceania

 

Total

*

Excluding Germany.

Sales revenue from external customers

 

28,702

 

55,102

 

15,193

 

13,468

 

14,409

 

126,875

Intangible assets, property, plant and equipment, leasing and rental assets, and investment property

 

18,890

 

20,773

 

8,610

 

1,769

 

973

 

51,015

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