January – September 2015 Conference Call and Webcast 28 October 2015
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 relating to the development of the economies of individual countries, and in particular of the automotive industry, 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. The estimates given involve a degree of risk, and the actual developments may differ from those forecast. Consequently, 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 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 Such statements are valid on the date of publication and can be superceded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities. 2
Conference Call: January – September 2015 Matthias Müller Frank Witter Axel Kalthoff Chairman of the Board of Member of the Board of Director Group Sales Management, Management, Volkswagen AG Management, Volkswagen AG Volkswagen AG Finance and Controlling 3
What happened? Key statements • The software in our EA 189 engines was designed to optimize NOx emissions during dynamometer runs. • This was ABSOLUTELY unacceptable and abhorrent to our corporate values. • We have acted swiftly and decisively – expect us to continue in this manner. 4
How many vehicles are affected? ca. 5.6 2.4 1.2 0.8 0.7 Vehicles by brand [in million units] 5
Affected Diesel vehicles by region Units (in 1,000) 0-50 50-100 100-250 250-500 500-1,000 >1,000 6
Our five top priorities Helping our customers Communicating & providing effective technical solutions Uncovering what happened Finding out the truth and learning from it New structure Launching a more entrepreneurial & decentralized Group structure New mindset Profoundly changing the way we do things New destination Re-evaluating what we do & re-defining our targets 7
Our five top priorities – 1 1 Helping our customers 1 Communicating & providing effective technical solutions as fast as possible • Free-of-charge, high-quality “fix” in the fastest possible timeframe • Provide transparent and accurate information • Cooperate closely with relevant authorities 8
Our five top priorities – 2 Uncovering what happened Finding out the truth and learning from it 2 • Thorough investigation • Analysis of how it happened • Ensure that it never can happen again 9
Our five top priorities – 3 New structure 1 Launching a more entrepreneurial and more decentralized Group structure 2 3 • Decentralize and strengthen the business responsibility • Reduce complexity • Cost efficiency opportunities and synergies 4 • Align top talents with entrepreneurial opportunities 5 10
Our five top priorities – 4 New mindset 1 Profoundly changing the way we do things 2 • Faster and more pragmatic 4 3 • Foster teamwork • Down to earth 4 • More diverse 11
Our five top priorities – 5 New destination Re-evaluating what we do & re-defining our targets • Evolving our Strategy 2018 • Realigning our strategic orientation for the next decade 5 12
In closing • Determined to learn. • Focus and commitment. • Creating a more efficient and effective operating model. • Driving a thorough analysis. • Looking to the future. • Re-define what we strive for. 13
January – September 2015 Conference Call and Webcast 28 October 2015
Financial Highlights January – September 2015 Sales revenue increased partly due to positive influences from exchange rates and mix effects Operating profit before special items up 8 percent Operating profit significantly reduced due to special items attributable to diesel-related issues in the area of passenger cars and restructuring measures in the area of commercial vehicles Profit before tax impacted by gain from sale of Suzuki shares and negative fair value measurement of derivatives; at-equity earnings from Chinese joint ventures level year-on-year Strong net cash flow generation, including the sale of Suzuki shares, plus the placement of hybrid notes further strengthened automotive net liquidity 15
Development Volkswagen Group Car Deliveries to Customers 1) (in comparison to previous year) World Car Market:+4.7% +4.2% +4.5% +2.6% +2.4% 12,000 +4.9% 9,491 10,000 9,047 +5.7% -1.3% 8,000 7,075 7,075 6,980 6,690 +6.4% -0.5% 6,000 4,752 4,752 4,729 4,468 4,000 2,000 H1 H1 Jan-Sep Jan-Sep Full Year Full Year H1 H1 Jan-Sep Jan-Sep 2013 2014 2013 2014 2013 2014 2014 2015 2014 2015 1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN. 16
Development World Car Market vs. Volkswagen Group Car Deliveries to Customers 1) (Growth y-o-y in deliveries to customers, January to September 2015 vs. 2014) World: Car Market: 2.4% Volkswagen Group: -1.3% bf Car Market VW Group Car Market VW Group Car Market VW Group Cars + LCV 8.7% 6.3% 5.6% 5.8% -9.0% -21.4% Western Europe Central & Eastern Europe North America Car Market VW Group Car Market VW Group VW Group Car Market 5.6% 5.2% 2.6% -18.0% -23.8% -4.2% South America Rest of World Asia Pacific 1) Figures excl. Volkswagen Commercial Vehicles, Scania and MAN 17
Volkswagen Group – Deliveries to Customers by Brands (January to September 2015 vs. 2014) ‘000 units January – September 2014 1) 9,000 -1.5% January – September 2015 7,542 7,431 Passenger Cars Commercial Vehicles 7,500 -4.7% 6,000 4,563 4,350 4,500 3,000 +3.8% +2.2% +4.9% -1.1% 1,348 1,299 +27.6% 1,500 -13.1% -2.2% 774 791 325 321 294 308 173 136 86 74 56 55 Volkswagen 2) Group 1) Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); -1.3% excl. Volkswagen Commercial Vehicles, Scania and MAN. 18 2) MAN incl. MAN Latin America Trucks and Busses GVW > 5t
Volkswagen Touran Audi A4 Sedan and A4 Avant Volkswagen Caddy series ŠKODA Superb Combi 19
Volkswagen Group – Key Financial Figures 1) (January to September 2015 vs. 2014) 2015 2014 +/- (%) thousand vehicles / € million Vehicle sales 2) 7,440 7,646 -2.7 Sales revenue 160,263 147,718 +8.5 Operating profit before special items 10,197 9,416 +8.3 6.4 6.4 % of sales revenue Operating profit 3,342 9,416 -64.5 % of sales revenue 2.1 6.4 Financial result 1,800 2,075 -13.3 of which: At-equity result 2) 3,128 3,057 +2.3 of which: Other financial result -1,327 -982 -35.1 Profit before tax 5,142 11,490 -55.2 % Return on sales before tax 3.2 7.8 Profit after tax 3,990 8,687 -54.1 1) All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 2) Volume data including the unconsolidated Chinese joint ventures. The joint venture companies in China are accounted for using the equity method and recorded an operating profit (proportionate) of €3,777 million (€3,920 million). 20
Volkswagen Group – Analysis of Operating Profit 1) (January to September 2015 vs. 2014) € billion 14.0 12.0 0.6 0.0 1.5 -1.6 0.1 10.0 8.0 -6.9 6.0 9.4 0.2 4.0 2.0 3.3 0.0 Jan – Sept Volume/ Mix/ Exchange Product Fixed costs/ Commercial Special Financial Jan – Sept Prices rates costs start-up costs Vehicles / items Services 2014 2015 Power Division Engineering Passenger Cars 1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 21
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