Leading the Transformation.
Frank Witter, Chief Financial Officer
Volkswagen AG
Investor Conference Call with Société Générale, 23 March 2020
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 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.
The recent outbreak of COVID-19 (commonly referred to as coronavirus) has negatively impacted and may continue to impact economic and social conditions in some of Volkswagen's primary markets, including China and Europe, as public, private, and government entities implement containment and quarantine measures. The continued spread of COVID-19 may cause shortages of necessary materials and parts from suppliers directly or indirectly affected by the outbreak and may cause operational disruptions and interruptions at Volkswagen's production facilities, leading to significant production downtimes
A negative development relating to ongoing claims or investigations, the continuation of COVID-19, an 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, and trade disputes among major trading partners 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 Customers1)
(Growth y-o-y in deliveries to customers, January to December 2019 vs. 2018)
Car Market | VW Group |
-0.5% | |
-2.3% | |
North America (incl. LCV) |
Car Market | VW Group |
1.8% | |
-5.0% | |
South America (incl. LCV) |
Car Market | VW Group |
4.8% | |
0.6% | |
Western Europe | |
Car Market | VW Group |
1.3% | |
-4.0% | |
World 2) |
Car Market | VW Group |
2.7% | |
1.2% |
Central & Eastern Europe | |
Car Market | VW Group |
-0.2% | |
-6.0% | |
Asia Pacific |
- Volkswagen Group Passenger Cars excl. Volkswagen Commercial Vehicles 2) incl. LCV in North America & South America
3
Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1)
(Growth y-o-y in deliveries to customers, January to February 2020 vs. 2019)
Car Market | VW Group |
6.6% | |
4.2% | |
North America (incl. LCV) |
Car Market | VW Group |
6.2% | |
-5.5% | |
South America (incl. LCV) |
Car Market | VW Group |
-0.1% | |
-7.4% | |
Western Europe | |
Car Market | VW Group |
-12.5% | -13.9% |
World 2) |
Car Market VW Group
-2.4% | -2.7% |
Central & Eastern Europe | |
Car Market | VW Group |
-27.4% | -33.2% |
Asia Pacific |
- Volkswagen Group Passenger Cars excl. Volkswagen Commercial Vehicles 2) incl. LCV in North America & South America
4
Volkswagen Group - Deliveries to Customers by Brands1)
(January to December 2019 vs. 2018)
+1.3%
[thsd. units]
January - December 2018
11,000 | 10,834 10,975 | January - December 2019 | ||||||||||||
10,000 | Volume | Premium | Sport & Luxury | Truck & Bus | ||||||||||
9,000 | +0.8 % | +2.0 % | +9.4 % | +4.0 % | ||||||||||
8,000 | +0.5% | |||||||||||||
7,000 | 6,245 6,278 | |||||||||||||
6,000 | ||||||||||||||
5,000 | ||||||||||||||
4,000 | +1.8% | |||||||||||||
3,000 | -0.9% | |||||||||||||
2,000 | +10.9% | -1.6% | 1,812 1,846 | +9.6% | +4.9% | +4.6% | +3.1% | |||||||
1,254 1,243 | +42.7% | |||||||||||||
1,000 | 518 | 574 | 500 | 492 | 6 | 8 | 256 | 281 | 11 | 11 | 137 | 143 | 96 | 99 |
0 | ||||||||||||||
1) Volkswagen Group excl. Ducati | 5 |
Volkswagen Group - Deliveries to Customers by Brands1)
(January to February 2020 vs. 2019)
[thsd. units]
January - February 2019 January - February 2020
2,000 | ||||||||||||||||||
-13.9% | Volume | Premium | Sport & Luxury | Truck & Bus | ||||||||||||||
1,607 | ||||||||||||||||||
-15.4% | -9.0% | +0.4 % | -11.9% | |||||||||||||||
1,383 | ||||||||||||||||||
-17.3% | ||||||||||||||||||
1,000 | 914 | |||||||||||||||||
756 | ||||||||||||||||||
-16.9% | -9.2% | |||||||||||||||||
+6.1% | -13.7% | |||||||||||||||||
264 | +21.8% | -0.8% | +32.3% | -8.9% | -16.2% | |||||||||||||
240 | ||||||||||||||||||
193 | 161 | |||||||||||||||||
89 | 94 | 75 | 65 | |||||||||||||||
1 | 1 | 35 | 35 | 1 | 2 | 20 | 18 | 14 | 12 | |||||||||
0 | ||||||||||||||||||
1) Volkswagen Group excl. Ducati | 6 |
Financial Highlights - Volkswagen Group
(January to December 2019 vs. 2018)
Sales revenue | Operating profit1) | Profit before tax |
€ million | € million | € million | ||||
+ 7.1% | + 12.8% | + 17.3% | ||||
252,632 | Op. | |||||
235,849 | 7.3% | 7.6% | ||||
margin | ||||||
19,296 | ||||||
17,104 | 18,356 | |||||
15,643 | ||||||
2018 | 2019 | 2018 | 2019 | 2018 | 2019 |
Profit after tax | Dividend proposal2) | ||
€ million | €/share | ||
+ 15.4% | + 35.0% | ||
Payout | 20.5% | 24.5% | |
ratio | |||
6.56 | |||
14,029 | 4.86 | ||
12,153 | |||
2018 | 2019 | 2018 | 2019 |
7
1) Before special items. 2) Per preference share. Per ordinary share 6.50 (2018: 4.80 ) €.
Volkswagen Group - Analysis by Business Line1)
(January to December 2019 vs. 2018)
thousand vehicles / € million
Vehicle sales | Sales revenue | Operating profit | Operating margin | ||||
2019 | 2018 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 |
Volkswagen Passenger Cars | 3,677 | 3,715 | 88,407 | 84,585 | 3,785 | 3,239 | 4.3 | 3.8 | ||||
Audi | 1,200 | 1,467 | 55,680 | 59,248 | 4,509 | ´4,705 | 8.1 | 7.9 | ||||
ŠKODA | 1,062 | 957 | 19,806 | 17,293 | 1,660 | 1,377 | 8.4 | 8.0 | ||||
SEAT | 667 | 608 | 11,496 | 10,202 | 445 | 254 | 3.9 | 2.5 | ||||
Bentley | 12 | 10 | 2,092 | 1,548 | 65 | -288 | 3.1 | -18.6 | ||||
Porsche Automotive 2) | 277 | 253 | 26,060 | 23,668 | 4,210 | 4,110 | 16.2 | 17.4 | ||||
Volkswagen Commercial Vehicles | 456 | 469 | 11,473 | 11,875 | 510 | 780 | 4.4 | 6.6 | ||||
Scania 3) | 101 | 97 | 13,934 | 12,981 | 1,506 | 1,207 | 10.8 | 9.3 | ||||
MAN Commercial Vehicles | 143 | 137 | 12,663 | 12,104 | 402 | 332 | 3.2 | 2.7 | ||||
Power Engineering | - | - | 3,997 | 3,608 | 159 | 193 | 4.0 | 5.3 | ||||
VW China 4) | 4,048 | 4,101 | - | - | - | - | - | - | ||||
Other 5) | -685 | -912 | -30,931 | -34,029 | -917 | -1,418 | - | - | ||||
Volkswagen Financial Services | - | - | 37,957 | 32,764 | 2,960 | 2,612 | - | - | ||||
Volkswagen Group before Special Items | - | - | - | - | 19,296 | 17,104 | 7.6 | 7.3 | ||||
Special Items | - | - | - | - | -2,336 | -3,184 | - | - | ||||
Volkswagen Group | 10,956 | 10,900 | 252,632 | 235,849 | 16,960 | 13,920 | 6.7 | 5.9 | ||||
Automotive Division 6) | 10,956 | 10,900 | 212,473 | 201,067 | 13,748 | 11,127 | - | - | ||||
of which: Passenger Cars 7) | 10,713 | 10,666 | 182,031 | 172,678 | 12,188 | 10,000 | - | - | ||||
of which: Commercial Vehicles 7) | 243 | 234 | 26,444 | 24,781 | 1,653 | 1,191 | - | - | ||||
of which: Power Engineering | - | - | 3,997 | 3,608 | -93 | -64 | - | - | ||||
Financial Services Division | - | - | 40,160 | 34,782 | 3,212 | 2,793 | - | - | ||||
1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Porsche (Automotive and Financial Services): sales revenue € 28,518 (25,784) million, operating profit € 4,396 (4,291) million. 3) Scania (Automotive and Financial Services): sales revenue € 14,391 (13,360) million, operating profit € 1,648 (1,346) million. 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 € 4,425 (4,627) million. 5) In operating profit mainly intragroup items recognized in profit or loss, in particular from the elimination of | 8 | |||||||||||
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) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 7) Since 1st January 2019 Volkswagen Commercial Vehicles is reported in | ||||||||||||
the Automotive division, prior year figures have been adjusted. |
Volkswagen Group - Analysis of Operating Profit1)
(January to December 2019 vs. 2018)
[€ billion] | |||||||||||||
22 | -0.2 | 0.6 | |||||||||||
20 | -2.8 | 0.4 | |||||||||||
3.7 | 0.5 | 0.0 | -2.3 | ||||||||||
18 | |||||||||||||
16 | 3.2 | ||||||||||||
14 | |||||||||||||
12 | |||||||||||||
10 | 17.1 | 19.3 | 17.0 | ||||||||||
8 | |||||||||||||
13.9 | |||||||||||||
6 | |||||||||||||
4 | |||||||||||||
2 | |||||||||||||
0 | 2018 | Special Items | 2018 | Volume/ | Exchange | Product Costs | Fixed Costs | Commercial | Power | Financial | 2019 excl. | Special Items | 2019 incl. |
incl. Special | excl. Special | Mix/ Prices | Rates / | Vehicles** | Engineering** | Services | Spec. Items | Spec. Items | |||||
Items | Items | Derivatives | Division |
Passenger Cars*/**
1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. *) without FS ** ) including PPA
9
Automotive Division - Net Cash Flow Development 1) 2)
(January to December 2019)
[€ billion] | |||||||
35 | |||||||
30 | |||||||
25 | -14.0 | ||||||
20 | |||||||
15 | 30.7 | -5.2 | |||||
0.1 | -0.7 | ||||||
10 | |||||||
5 | 11.6 | 10.8 | |||||
0 | |||||||
2018 | 18.5 | -13.2 | -5.2 | 0.2 | 0.3 | -0.6 | -0.3 |
Cash flow from | Capex | Capitalized | Other | Net cash flow before | Acquisition | Net Cash flow | |
operating activities | development | equity | and disposal | ||||
costs | investments | of equity | |||||
investments |
1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Including allocation of consolidation adjustments between Automotive and Financial Services divisions.
10
Automotive Division - Net Cash Flow1)
(January to December 2019)
[€ billion] | |||||||||||||||
14 | |||||||||||||||
0.7 | |||||||||||||||
12 | 1.9 | ||||||||||||||
10 | |||||||||||||||
8 | 13.5 | ||||||||||||||
6 | 10.8 | ||||||||||||||
4 | |||||||||||||||
2 | |||||||||||||||
0 | |||||||||||||||
2018 | -0.3 | 5.3 | 0.6 | 5.6 | |||||||||||
Net Cash flow | Diesel outflow | Aquisition and | Net Cash flow | ||||||||||||
including Diesel | disposal of equity | underlying business | |||||||||||||
payments and M&A | investments |
- Including allocation of consolidation adjustments between Automotive and Financial Services divisions.
11
Automotive Division - Analysis of Net Liquidity1)
(January to December 2019)
[€ billion]
35
30
25
20
15
-5.4
9.9-1.1
-1.9-0.7 3.6
-2.4 1.4 -1.4
10
5
0
19.4 | Net Cash flow (€ 10.8 bn) | 21.3 |
31.12.2018 Diesel Outflow | M&A | China Dividend Operating | IFRS 16 | MAN | Dividend to TRATON IPO | Other | 31.12.2019 |
Business | minorities | VW AG | |||||
Shareholder |
- All figures shown are rounded, minor discrepancies may arise from addition of these amounts.
12
Volkswagen Group - Outlook for 20201)
Deliveries to
customers
('000 vehicles)
Sales revenue
(€ billion)
Operating
return on sales
(%)
1.3%
10.8 11.0
On the level of prior year | |||
2018 | 2019 | 2020 | |
+7.1% | |||
235.8 | 252.6 | grow by as much as 4% | |
2018 | 2019 | 2020 | |
7.32) | 7.6 2) | Range of 6.5 - 7.5% (before Special Items) | |
2018 | 2019 | 2020 |
1) ) In light of Corona, under constant review. 2) before Special Items.
13
The transformation of our portfolio has started
Broad product portfolio | Transformation | CO2 neutral cars |
ICE
BEV
2020 | 2050 |
14
Our worldwide SUV mix is expected to increase strongly
Volkswagen Group - SUV share
(in % of regional Group Deliveries to Customers)
Europe China NAR
> 50%
49%
56%
Worldwide
≈ 13%
12% | 69% | ||||||||||
14% | |||||||||||
17% | |||||||||||
2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020* | 2021* | 2022* | 2023* | 2024* | 2025* |
* Target
15
BEVs are the first choice as the most cost-efficient solution for CO2 reduction
Measures for CO2 reduction in €/g CO2 | |||||
95 €/g CO2 | #1 | ||||
Diesel ICE EU7 | Gasoline ICE Hybrid | Gasoline ICE Mild | Gasoline ICE Plug- | BEV MEB 1st | BEV MEB 2nd |
Hybrid | In Hybrid | Generation | Generation |
Example Volkswagen Brand: Ranking CO2 efficiency indicators (average) for selected CO2 measures | 16 | |
Customers already experience comparable TCOs in 2020 - 2nd wave BEV will provide even more attractive TCOs
TCO comparison1)
€ | |||
Government | |||
subsidies | |||
Cost of Ownership | |||
Cost / Leasing | |||
Golf 7 TDI | e-Golf | ID.3 | 2nd wave MEB |
(dedicated | (dedicated | (dedicated | |
ICE platform) | BEV platform) | BEV platform) |
Including government subsidies for many customers BEV TCO are comparable to ICE TCO already today
2nd wave MEB cars will offer better TCOs than ICEs (even without government subsidies)
1) Schematic overview | TCO = Total Cost of Ownership | 17 |
The significant increase in BEV deliveries will support CO2 compliance
Volkswagen Group - BEV volume by regions
(BEV share of total Group Deliveries in %)
e-tron | e-Bora | ID.3 | e-Mii |
Taycan | e-Lavida | el-Born | e-Citigo |
Q2L e-tron | Moia Shuttle | e-tron SB | Taycan Cross Turismo |
eTGE | e-Tharu | Vision iV | |
ID.Crozz |
- 4%
≈ 1%
Europe China NAR RoW
> 20%
≈ 3 mn units
2019 | 2020* | 2021* | 2022* | 2023* | 2024* | 2025* |
* Target
18
Development Global passenger car markets
Markets by regions (2020-2025)
>20% | ||||||
> 30% | ||||||
~ 4% | ~ 0% | ~ 20% | ||||
2020 | Europe | North America | South America | China incl. HK | RoW | 2025 |
North America and South America incl. Light Commercial Vehicle; Source: IHS Markit I March 2020 | 19 |
Strategic Group KPI's
Key financial targets | 2016 | 2017 | 2018 | 2019 | 2020 | 2025 | |||
Actual | Actual | Actual | Actual | Outlook1) | Strategic | ||||
Targets | |||||||||
Operating return on sales | 6.7% | 7.4% | 7.3% | 7.6% | 6.5 - 7.5% | 7 - 8% | |||
beforeSpecial Items | |||||||||
Return on investment | 8.2% | 12.1% | 11.0% | 11.2% | 11 - 13%3) | >14%3) | |||
Automotive Division afterSpecial Items | |||||||||
Capex ratio | 6.9% | 6.4% | 6.6% | 6.6% | 6 - 6.5%4) | 6% | |||
Automotive Division | |||||||||
R&D cost ratio | 7.3% | 6.7% | 6.8% | 6.7% | 6 - 6.5%4) | 6% | |||
Automotive Divison | |||||||||
Cash | a) Net Cashflow2) | € 4.9 bn | € 10.3 bn | €5.6 bn | € 13.5 bn | ≥ € 10 bn | > € 10 bn | ||
Automotive Division | ~10% of | ||||||||
b) Net Liquidity | € 27.2bn | € 22.4 bn | € 19.4 bn | € 21.3 bn2) | > € 20 bn3) | ||||
Group turnover | |||||||||
1) In light of Corona, under constant review 2) Ex Diesel payments and M&A 3) Including the negative IFRS 16 impact, effective from 1st January 2019. 4) Ambition of reaching 6% remains. | 20 |
Scalable Technology: The dedicated platforms (MEB/PPE) guarantee superior customer experience, scale and versatility
21
The ID. DNA | What makes our ID. Family special
Visionary | New sense of | Smart | Intuitive | Sustainable |
design | space | connected | usability | platform |
Affordable | High Ranges | Fast Charging Technology | Good residual values
22
To maximize the climate impact of MEB we are open to share it to other car manufactures as well
1 Large range | 8 | designed for |
fast charging |
2 | attractive costs | 7 | performancehigh |
3 maximum security | 6 lifespanlong |
4 availabilityrobustness and | 5 useworldwide |
23
The car becomes the most complex internet device
24
In the future, software will be a main differentiator in the automotive industry…
Today
- 100 million lines of code per vehicle
- Approximately $ 10 per line of code
- Example: Navi system 20 million lines of code
120 | Lines of Code | ||||||
[Million] | |||||||
100 | |||||||
80 | |||||||
60 | |||||||
40 | |||||||
20 | |||||||
0 | Vehicle Debian | Face- | MS | F-35 | LinuX | Android | |
5.0 | book | Office | Fighter | Kernel | Chrome | ||
2013 | Jet | 3.1 |
Tomorrow
- > 200 - 300 million lines of code are expected
- Level 5 autonomous driving will take up to 1 billion lines of code
1200 | Lines of Code per Model | ||||
[Million] | |||||
1000 | |||||
800 | |||||
600 | |||||
400 | |||||
200 | |||||
0 | 2005 | 2010 | 2015 | 2020 | 2025 |
Sources: https://spectrum.ieee.org/transportation/systems/this-car-runs-on-code | http://frost.com/prod/servlet//press-release.pag?docid=284456381 | | 25 |
https://www.visualcapitalist.com/millions-lines-of-code/ |
…therefore, we invest 7 billion Euro in a dedicated software organisation and will start operation in January 2020
A strong team…
Software experts | >10.000 | Connected Car | |||||
7.000 | +46% | Intelligent Cockpit | |||||
Driver Assistance Systems & | |||||||
Automated Driving | |||||||
Vehicle Motion/ Energy | |||||||
Service Platform | |||||||
Cross-functional | |||||||
2020 | 2025 | ||||||
More customer value…
- Always up-to-date functions in all vehicles
- Higher residual values
- Lower maintenance downtimes
…develops software in-house
- Increase in-house share software development from 10% to 60%
- All news cars on VW.OS from 2025 on
- Migrate parallel solutions to gain scale, e.g. One Infotainment & One cloud
…less complexity for us | ~ 0.5 bn | |
synergies by 2025 from | ||
standardisation of | ||
• Cost reduction due to | ||
infotainments | Example |
- significantly lower direct material cost
- reduced development cost
- smoother new vehicle launches
- reduced warranty cost
26
Expanding production of electric vehicles worldwide on a massive scale by the end of 2022
27
BEV challenges addressed by three key elements
28
Driving forward Strategy: New collaborative approach
29
Ford and Volkswagen extend global alliance, Volkswagen simultaneously invests in Argo AI
EQUAL SHAREHOLDER WITH FORD; | ||
ANNOUNCED 2019 | VOLKSWAGEN TO SUPPLY | TRANSACTION REPRESENTS |
MEB PLATFORM TO FORD | $7.25B VALUATION* | |
NEW COLLABORATION |
VOLKSWAGEN | ||
COMMERCIAL VAN | FULLY ELECTRIC | MAKES |
AUTONOMOUS | ||
AND PICKUP | VEHICLES | |
DRIVING | ||
INVESTMENT |
*Estimated | 30 |
Key Messages
1. | 2. | 3. | 4. | |||
Leading the | Cost effective | First in | Increased focus | |||
transformation to | transformation | transforming into | on | |||
e-mobility | path | software OEM | value creation | |||
31
Volkswagen Financial Services 1): global, well diversified and successful
Strong global presence | Continuous portfolio expansion |
Rising penetration rates (without China)
48.7% | 49.4% | 49.1% |
47.8% | ||
46.9%
in '000 contracts
10,297 | |||||||||||
6,322 | 7,218 | 7,641 | 7,717 | Total | |||||||
portfolio | |||||||||||
2,760 | 3,921 | 4,149 | 4,616 | ||||||||
2,518 | 21,223 | ||||||||||
5,833 | 6,155 | 5,672 | 5,935 | 6,585 | |||||||
2015 | 2016 | 2017 * | 2018 | 2019 ** |
Financing | Leasing | Insurance / Services | ||||||
*) Reclassification Finance / Lease contracts **) contracts from international JVs included | ||||||||
Diversified funding structure | ||||||||
Equity, liabilities to | 18% | Asset backed securitization | ||||||
affiliated companies, | 30% | |||||||
other | ||||||||
14% | 38% | Bonds, | ||||||
Customer deposits | Commercial Paper, | |||||||
liabilities to financial |
institutions
31.12.2019: € 223.5 bn
- Excl. activities of Scania and Porsche Holding Salzburg; incl. Financial Services of Porsche AG and MAN Financial Services.
32
Volkswagen Brand - Pushing the Turnaround in the US, break even by 2020
• | Product portfolio renewal with focus on profitable products | • Focus on efficient local production and logistics | ||||||||
Significant reduction in incentive spend | > 90% of US sales produced in North America | |||||||||
Improved model mix, mainly SUVs | Lower material costs and one-offs due to less | |||||||||
• | Fix costs improvements | complexity | ||||||||
MQB share up from 20% in 2015 to 80% in 2020 | ||||||||||
Deliveries to US customers, '000' units | SUV offensive #1 | New Sedans | SUV offensive #2 | Electric transition | ||||||
2017 | 2018-19 | 2020-21 | 2020 + |
500 | All-new Atlas | Jetta | Atlas Cross Sport | Compact SUV e | |||
250 | All -new Tiguan | Passat | Compact SUV | ID Buzz | |||
53 | |||||||
0 | Arteon | ||||||
2012 2013 | 2014 2015 2016 2017 2018 2019 2020 | New Model | |||||
33
Volkswagen Group China performance
(January to December 2019 vs. 2018)
[thsd. units]
4,500
4,000
Proportionate operating profit, January to December | |
+0.6% | -4.4% |
4,207 | |
4,234 | € 4.4 bn |
€ 4.6 bn |
January - December 2018
January - December 2019
[units]
-28.8%
5,695 6,000
3,500
3,000
2,500
2,000
1,500
1,000
500
0
+1.7% | ||||||
3,110 | 3,163 | |||||
2018 | 2019 |
+4.1%
663 | 690 | -17.3% | |||
341 | +8.3% | ||||
282 | |||||
87 | |||||
80 |
1)
-12.6%
2,219 1,940
+125.1%
770
342
4,057
5,000
4,000
3,000
2,000
1,000
0
1) Incl. Hong Kong, excl. Ducati. Group numbers incl. Volkswagen Commercial Vehicles, Scania and MAN. | 34 |
Volkswagen Group China performance
(January to February 2020 vs. 2019)
[thsd. units]
Proportionate operating profit, January to December | [units] |
January - February 2019 January - February 2020
700 -35.0%
622
-4.4% | |||
€ 4.6 bn | € 4.4 bn |
-92.4%
462
500
600
500
400
404
-34.2% | |
460 | |
2018 | 2019 |
-3.6%
400
300
300
200
100
303
-30.1% | |||||||
-72.7% | |||||||
-57.1% | |||||||
104 | 66 | ||||||
73 | 44 | -23.9% | |||||
19 | 12 | 7 | 18 | ||||
248 239
200
100
35
0
1)
0
1) Incl. Hong Kong, excl. Ducati. Group numbers incl. Volkswagen Commercial Vehicles, Scania and MAN. | 35 |
Together4Integrity: Group-wide integrity and compliance program in full swing
RISK MANAGEMENT
Ethics and compliance risks are identified, owned, managed and mitigated
SPEAK-UP ENVIRONMENT
The organization encourages, protects and values the reporting of concerns and suspected wrongdoing
- Group entities covered; as of 12th March, 2019.
STRATEGY | |||
Ethics and | compliance is | ||
central to business | strategy | ||
1 | ~50%1) |
2 3
45
CULTURE OF INTEGRITY
Leaders at all levels across the organization build and sustain a culture of integrity
RESOLUTE ACCOUNTABILITY
The organization takes action and holds itself accountable when wrongdoing occurs
36
We are convinced that we have a strong Investment Proposition
Shaping
mobility -
for generations
to come.
- Strong brands with clear positioning and great products that inspire customers
- A leading position in China with global footprint and value creating growth
- Fully committed to "Go to Zero" and shaping e-mobility
- Transforming to one of the leading automotive software players
- Business portfolio optimisation and rigorous allocation of capital
- Taking complexity out and pushing for industry-leading economies of scale
- Delivering on demanding financial targets and committed to dividend pay out ratio
Unleash value
Integrity as the foundation of a successful business
37
Investor Relations Team
We are pleased to answer your inquiries regarding Volkswagen shares and other capital market related questions.
Helen Beckermann (Wolfsburg office)
Head of Group Investor Relations
E-Mail: Helen.Beckermann@volkswagen.de
Telephone: +49 5361 9 49015
Alexander Hunger (Wolfsburg office) | Andreas Buchta (Wolfsburg office) | Ulrich Hauswaldt (Wolfsburg office) |
Investor Relations Manager | Investor Relations Manager | Investor Relations Manager |
Equity & ESG | Equity & Key Contact North America | Equity & Debt |
E-Mail: Alexander.Hunger@volkswagen.de | E-Mail: Andreas.Buchta@volkswagen.de | E-Mail: Ulrich.Hauswaldt@volkswagen.de |
Telephone: +49 5361 9 47420 | Telephone: + 49 5361 9 40765 | Telephone: +49 5361 9 42224 |
Andreas Kowalczyk (Wolfsburg office) | Monika Kowalski (Wolfsburg office) | |
Investor Relations Manager | Investor Relations Manager | |
Equity | Equity | |
E-Mail: Andreas.Kowalczyk@volkswagen.de | E-Mail: Monika.Kowalski@volkswagen.de | |
Telephone: +49 5361 9 23183 | Telephone: +49 5361 9 31106 | |
The official website of Volkswagen Group Investor Relations. Company topics, brandchannels, innovation and informations. | 38 |
Appendix
The Shareholder Structure, Supervisory and Management Board
Shareholder Structure of Volkswagen AG
Number of Outstanding Shares | Preferred shares |
206,205,445 |
41.1%
58.9%
Ordinary shares | |||||||
295,089,818 | |||||||
Current Voting Rights Distribution | |||||||
Others | |||||||
9.9% | |||||||
Qatar Holding | |||||||
17.0% | |||||||
Porsche SE, | |||||||
53.1% | |||||||
Stuttgart | |||||||
20.0% | |||||||
State of Lower | |||||||
Saxony, Hanover | (as at December 31, 2019) |
Supervisory Board of Volkswagen AG
Chairman Hans Dieter Pötsch
Members Dr. Hussain Ali Al Abdulla Dr. Hessa Sultan Al Jaber Dr. Bernd Althusmann Dr. Hans-Peter Fischer Marianne Heiß
Jörg Hofmann
Johan Järvklo
Ulrike Jakob
Dr. Louise Kiesling Peter Mosch
Bertina Murkovic
Bernd Osterloh
Dr. jur. Hans Michel Piëch
Dr. jur. Ferdinand Oliver Porsche Dr. rer. comm. Wolfgang Porsche Conny Schönhardt Athanasios Stimoniaris Stephan Weil
Werner Weresch
Board of Management of Volkswagen AG1)
Chairman of VW AG | Dr. Herbert Diess |
and VW Passenger | |
Cars brand | |
Porsche AG | Dr. Oliver Blume |
Human Resources | Gunnar Kilian |
TRATON Group | Andreas Renschler |
Audi AG | Abraham Schot |
Integrity and Legal | Hiltrud Dorothea Werner |
Affairs | |
Finance and IT | Frank Witter |
Components and | Dr. Stefan Sommer |
Procurement | |
1) Each Board Member is responsible for one or more functions within the Volkswagen Group. The work of the Board of Management of Volkswagen AG is supported by the boards | 40 |
of the brands and regions as well as by the other group business units and holdings. | |
Diesel issue: Special Items & payments
€ (bn)
2015
2016
2017
2018
2019
2020
Total
Diesel special items | Payments | |
Legal | 7.0 | |
Other items | 9.2 | |
16.2 | ||
Mainly legal risks | 6.4 | |
Buyback/retrofit program | 2.2 | |
Legal | 1.0 | |
3.2 | ||
Mainly legal risks | 3.2 | |
Mainly legal risks | 2.3 | |
- | Expected | |
31.3 | Payments made until end of 2019 |
-
~3.0
~16.1
~5.3
~1.9
~3.0
~26.2
41
We are speeding up the transformation and becoming the leading
provider of sustainable mobility.
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Volkswagen AG published this content on 23 March 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 March 2020 09:42:01 UTC