Frank Witter , CFO Volkswagen Group Bloomberg Webinar, London, 5 th September 2018
Disclaimer The following presentations contain forward-looking statements and information on the business development of the Volkswagen Group. These statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”, “estimates”, “will” or words with similar meaning. These statements are based on assumptions, which we have made on the basis of the information available to us and which we consider to be realistic at the time of going to press. These assumptions relate in particular to the development of the economies of individual countries and markets, the regulatory framework and the development of the automotive industry. Therefore the estimates given involve a degree of risk, and the actual developments may differ from those forecast. The Volkswagen Group currently faces additional risks and uncertainty related to pending claims and investigations of Volkswagen Group members in a number of jurisdictions in connection with findings of irregularities relating to exhaust emissions from diesel engines in certain Volkswagen Group vehicles. The degree to which the Volkswagen Group may be negatively affected by these ongoing claims and investigations remains uncertain. Consequently, a negative impact relating to ongoing claims or investigations, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in current exchange rates in particular relative to the US dollar, sterling, yen, Brazilian real, Chinese renminbi and Czech koruna. If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ from those expressed or implied by such statements. We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
Development World Car Market vs. Volkswagen Group Car Deliveries to Customers 1) (Growth y-o-y in deliveries to customers, January to July 2018 vs. 2017) bf Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 15.0% 11.2% 8.4% 2.9% 0.8% 0.3% North America Western Europe Central & Eastern Europe Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 11.4% 11.4% 7.8% 7.5% 3.6% 3.0% South America World Asia Pacific 1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 3
Volkswagen Group – Deliveries to Customers by Brands (January to July 2018 vs. 2017) January – July 2017 ‘000 units +7.5% January – July 2018 7,000 6,427 5,976 6,000 Passenger Cars Commercial Vehicles 5,000 +6.5% 4,000 3,625 3,402 3,000 +4.8% 2,000 +12.0% 1,115 1,063 +20.1% +4.8% +4.7% 752 672 +23.5% +8.4% 1,000 343 301 285 287 153 146 77 62 50 55 0 2) Volkswagen Group 1) 1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +7.5% excl. Volkswagen Commercial Vehicles, Scania and MAN. 2) MAN incl. MAN Latin America Trucks and Busses GVW > 5t. 4
Volkswagen Group – Key Figures (January to June 2018) Net Liquidity – Operating profit (in € billion) Operating profit (in % of sales) Automotive Division (in € billion) 9.8 8.2 26.3 7.7 7.7 8.9 8.9 22.4 8.2 6.8 H1 17 H1 18 H1 17 H1 18 H1 17 H1 18 H1 17 H1 18 31.12.17 30.06.18 Before After Before After Special Items Special Items Special Items Special Items 5
Volkswagen Group – Operating Profit by Brand and Business Field 1) (January to June 2018 vs. 2017) € million 2018 2017 % Volkswagen Passenger Cars 2,130 1,776 19.9 Audi 2,761 2,680 3.0 ŠKODA 821 860 -4.5 SEAT 212 130 63.1 Bentley -80 13 x Porsche Automotive 2) 2,064 2,056 0.4 Volkswagen Commercial Vehicles 567 448 26.6 Scania 3) 684 673 1.6 MAN Commercial Vehicles 258 193 33.7 MAN Power Engineering 68 73 -6.8 VW China 4) - - Other 5) -921 -1,152 20.1 Volkswagen Financial Services 1,231 1,165 5.7 9,794 8,916 Volkswagen Group before Special Items 9.8 Special Items -1,635 - 8,160 8,916 Volkswagen Group after Special Items -8.5 1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Porsche (Automotive and Financial Services): sales revenue €12,287 (11,778) million, operating profit €2,154 (2,131 million). 3) Including financial services. 4) The sales revenue and operating profits of the joint venture companies in China are not included in the figures for the Group. These Chinese companies are accounted for using the equity method and recorded a proportionate operating profit of € 2,318 (2,135) million. 5) In operating profit mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation for Scania, Porsche Holding Salzburg, MAN and Porsche. 6
Volkswagen Group – Automotive Division Net Cash Flow 1) (January to June 2018) € billion 6 2.6 4 5.9 2 3.3 0 Net Cash flow incl Diesel payments Diesel outflow Net Cash flow underlying business 1) Ex diesel payments; including allocation of consolidation adjustments between Automotive and Financial Services divisions. 7
Volkswagen Group – Outlook for 2018 + 4.3% Deliveries to Deliveries to customers 10,741 customers 10,297 (‘000 vehicles) moderately above prior year + 6.2% Sales revenue Sales revenue 230.7 (€ billion) 217.3 by as much as 5% year-on-year Operating 1) 7.4 Operating return on sales return on sales 1) 6.7 (%) between 6.5% to 7.5% before Special Items 2) 2016 2017 Full Year 1) before Special Items. 2) Operating return on sales after Special Items is expected to be moderately below that range. 8
Volkswagen Group – Focus Areas and Crucial Phase Focus Areas Crucial Phase Continue to resolve the diesel crisis WLTP Conclude worldwide recall campaigns and Sales risk and higher incentives Volatility in production and stock service actions Effects on sales revenue, operating profit and Manage legal proceedings worldwide cash flow Improving the Core Business MEB Profitability in NAR / SAM / Russia Drive Future Pact Brand VW further Timely start of production and product launch Cash Generation and Capex/R&D Key to making volume e-vehicles a reality Ultimate target -> CO 2 compliance discipline Transformation towards more E- Mobility CO 2 Compliance / WLTP implementation Profitability of Electric Vehicles Governance / Compliance / Culture Strengthen Innovation Power Digitalization & Connectivity Profitable Mobility Services 9
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