Mobility for generations to come.
ANNUAL REPORT 2019
This version of the annual report is a translation of the German original. The German takes precedence. All figures shown in the report are rounded, so minor discrepancies may arise from addition of these amounts. The figures from the previous fiscal year are shown in parentheses directly after the figures for the current reporting period. Specified vehicle ranges correspond to results obtained through the Worldwide Harmonized Light vehicles Test Procedure (WLTP) on the chassis dynamometer. WLTP value ranges for series-produced vehicles may vary depending on the equipment. The actual range will deviate in practice depending on various other factors.
Key Figures
VOLKSWAGEN GROUP
2019 2018 %
Volume Data 1 in thousands
Deliveries to customers (units) 10,975 10,834 + 1.3
Vehicle sales (units) 10,956 10,900 + 0.5
Production (units) 10,823 11,018 – 1.8
Employees at Dec. 31 671.2 664.5 + 1.0
Financial Data (IFRSs), € million
Sales revenue 252,632 235,849 + 7.1
Operating result before special items 19,296 17,104 + 12.8
Operating return on sales before special items (%) 7.6 7.3
Special items – 2,336 – 3,184 – 26.6
Operating result 16,960 13,920 + 21.8
Operating return on sales (%) 6.7 5.9
Earnings before tax 18,356 15,643 + 17.3
Return on sales before tax (%) 7.3 6.6
Earnings after tax 14,029 12,153 + 15.4
Automotive Division 2
Total research and development costs 14,306 13,640 + 4.9
R&D ratio (%) 6.7 6.8
Cash flows from operating activities 30,733 18,531 + 65.8
Cash flows from investing activities attributable to operating activities 3 19,898 18,837 + 5.6
of which: capex 14,007 13,218 + 6.0
capex/sales revenue (%) 6.6 6.6
Net cash flow 10,835 – 306 x
Net liquidity at Dec. 31 21,276 19,368 + 9.9
Return on investment (ROI) in % 11.2 11.0
Financial Services Division
Return on equity before tax 4 (%) 10.8 9.9
VOLKSWAGEN AG
2019 2018 %
Volume Data in thousands
Employees at Dec. 31 119.2 119.4 – 0.2