Volkswagen’s Supervisory Board reaches agreement with Prof. Martin Winterkorn on EUR 11.2 million in compensation
The Supervisory Board of Volkswagen AG has reached an agreement with the former Chairman of the Board of Management, Prof. Martin Winterkorn, on compensation in excess of ten million euros in connection with the diesel issue. The agreement between the company and Prof. Winterkorn which was approved by the Supervisory Board last Saturday provides for an amount of EUR 11.2 million. The Supervisory Board also approved an agreement on an amount of EUR 4.1 million from the former member of the Group Board of Management and Chairman of the Board of Management of AUDI AG, Rupert Stadler.
Speeches Annual Media Conference 2021
Annual Media Conference March 16, 2021 | Wolfsburg
Speeches Check against delivery
1. Dr. Herbert Diess
CEO Volkswagen AG
2. Frank Witter
CFO Volkswagen AG
3. Dr. Arno Antlitz
Designated CFO Volkswagen AG
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Dr. Herbert Diess Speech at the
Annual Media Conference on March 16, 2021 - Part I -
__________________________________________________________
Ladies and Gentlemen,
2020 was an unprecedented year.
A year, in which Volkswagen mastered one of the biggest challenges in our history.
In the pandemic, we managed supply chains and production worldwide. Made sure our
employees are safe. And secured liquidity.
At the same time, Volkswagen accelerated its transformation into a climate-neutral,
software-driven mobility group.
I would like to thank our 670.000 employees. They have taken us through this crisis.
Today I will be sharing the stage with both our current and our new CFO.
Frank Witter has been CFO since 2015. He will pass on the baton to Arno Antlitz, who
joins us from Audi in April.
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Ladies and Gentlemen,
Volkswagen has proven to be robust and powerful in 2020.
Global passenger car sales fell to 68 million units last year.
In total, the Volkswagen Group delivered around 15 percent fewer cars than in 2019.
At the same time, we could increase our global market share slightly to 13 percent.
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In China, we have strengthened our partnerships with a focus on electrification.
For the first time, we acquired majority shareholdings in two joint ventures, both
dedicated to e-mobility.
Audi and FAW plan the production of premium e-cars in Changchun.
In our Anhui electric joint venture, Volkswagen increased its share to 75 percent.
Audi reached a sales record with a plus of 5.4 percent. Porsche’s deliveries grew by 3
percent.
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An important model to strengthen Volkswagen’s premium appeal in China is the new
Volkswagen AG announces preliminary figures for the business year 2020
Despite the ongoing unprecedented Covid 19 situation, the Volkswagen AG has proved to be quite robust in the second half of 2020. The deliveries to customers of the Volkswagen Group continued to recover strongly in the fourth quarter and even exceeded the deliveries of the third quarter 2020, leading to strong Group turnover. Also the reported Automotive net cash position showed a very positive development.
Interim Report January - September 2020
2020
Interim Report JANUARY – SEPTEMBER 2020
1 UPDATED INFORMATION 6 INTERIM MANAGEMENT
REPORT
26 BRANDS AND
BUSINESS FIELDS
29 INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONDENSED)
1 Key Facts
2 Key Events
6 Volkswagen Shares
7 Business Development 16 Results of Operations, Finan- cial Position and Net Assets 24 Outlook
29 Income Statement
30 Statement of Comprehensive Income 33 Balance Sheet 34 Statement of Changes in Equity 36 Cash Flow Statement 37 Notes to the Interim Consolidated Financial Statements 60 Review Report
This version of the Interim 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.
VOLKSWAGEN GROUP
Q3 Q1 –3
2020 2019 % 2020 2019 %
Volume Data 1 in thousands
Deliveries to customers (units) 2,612 2,640 –1.1 6,505 8,005 –18.7
Vehicle sales (units) 2,575 2,645 –2.6 6,311 7,983 –21.0
Production (units) 2,445 2,553 –4.2 6,107 7,975 –23.4
Employees (on Sept. 30, 2020/Dec. 31, 2019) 664.2 671.2 –1.0
Financial Data (IFRSs), € million
Sales revenue 59,355 61,420 –3.4 155,486 186,617 –16.7
Operating result before special items 3,183 4,816 –33.9 2,380 14,795 –83.9
Operating return on sales before special items (%) 5.4 7.8 1.5 7.9
Special items – –275 x –687 –1,257 –45.4
Operating result 3,183 4,541 –29.9 1,693 13,539
Half-Yearly Financial Report 2020
2020
Half-Yearly Financial Report JANUARY – JUNE 2020
1 UPDATED INFORMATION 7 INTERIM MANAGEMENT
REPORT
26 BRANDS AND
BUSINESS FIELDS
29 INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONDENSED)
1 Key Facts
2 Key Events
7 Volkswagen Shares
8 Business Development 17 Results of Operations, Finan- cial Position and Net Assets 24 Outlook
29 Income Statement
30 Statement of Comprehensive Income 33 Balance Sheet 34 Statement of Changes in Equity 36 Cash Flow Statement 37 Notes to the Interim Consolidated Financial Statements 57 Responsibility Statement 58 Review Report
This version of the Interim 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.
VOLKSWAGEN GROUP
Q2 H1
2020 2019 % 2020 2019 %
Volume Data 1 in thousands
Deliveries to customers (units) 1,887 2,760 –31.6 3,893 5,365 –27.4
Vehicle sales (units) 1,799 2,756 –34.7 3,736 5,339 –30.0
Production (units) 1,665 2,767 –39.8 3,662 5,422 –32.5
Employees (on June 30, 2020/Dec. 31, 2019) 664.7 671.2 –1.0
Financial Data (IFRSs), € million
Sales revenue 41,076 65,185 –37.0 96,131 125,197 –23.2
Operating result before special items –1,707 5,130 x –803 9,979 x
Operating return on sales before special items (%) –4.2 7.9 –0.8 8.0
Special
Volkswagen Group measures reduce the effects of Covid-19 in the first half of the year
Business at the Volkswagen Group and its brands was strongly affected by the Covid-19 pan-demic in the first half of 2020. Countermeasures initiated at an early stage to reduce costs and safeguard liquidity were successful and therefore reduced the effects of the crisis. Due to production consistently oriented toward customer demand, the Group achieved a strin-gent inventory management and thus a significant decrease in funds tied up in working capital. Overall, net liquidity in the Automotive Division could be risen by EUR 0.9 billion compared with the first quarter of 2020 to EUR 18.7 billion, also due to the issuance of hy-brid notes amounting to EUR 3.0 billion. Deliveries to customers fell year-on-year by 27.4 percent to 3.9 (5.4) million vehicles. As a result, sales revenue decreased by 23.2 percent to EUR 96.1 (125.2) billion. Operating result before special items amounted to EUR –0.8 (10.0) billion. The main reason for this development was lower unit sales caused by the sharp fall in customer demand. The fair value measurement of derivatives to which hedge accounting is not applied (in particular commodity hedges) and exchange rate effects of EUR –0.9 billion are virtually offset by a non-cash gain of EUR 0.8 billion on the contribu-tion of Autonomous Intelligent Driving (AID) into the autonomous driving joint venture with Ford. Special items relating to the diesel issue weighed on the operating profit with EUR –0.7 (–1.0) billion. Earnings before tax decreased to EUR – 1.4 (9.6) billion.
Interim Report January - March 2020
2020
JANUARY – MARCH 2020 Interim Report
1 UPDATED INFORMATION 6 INTERIM MANAGEMENT
REPORT
23 BRANDS AND
BUSINESS FIELDS
27 INTERIM CONSOLIDATED FINANCIAL STATEMENTS (CONDENSED)
1 Key Facts
2 Key Events
6 Volkswagen Shares
7 Business Development 16 Results of Operations, Finan- cial Position and Net Assets 22 Outlook
27 Income Statement
28 Statement of Comprehensive Income 29 Balance Sheet 30 Statement of Changes in Equity 32 Cash Flow Statement 33 Notes to the Interim Consolidated Financial Statements 52 Review Report
This version of the Interim 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.
VOLKSWAGEN GROUP
Q1
2020 2019 %
Volume Data 1 in thousands
Deliveries to customers (units) 2,006 2,606 –23.0
Vehicle sales (units) 1,937 2,583 –25.0
Production (units) 1,997 2,655 –24.8
Employees (on March 31, 2020/Dec. 31, 2019) 670.0 671.2 –0.2
Financial Data (IFRSs), € million
Sales revenue 55,054 60,012 –8.3
Operating result before special items 904 4,849 –81.4
Operating return on sales before special items (%) 1.6 8.1
Special items – –981 x
Operating result 904 3,868 –76.6
Operating return on sales (%) 1.6 6.4
Earnings before tax 682 4,071 –83.3
Return on sales before tax (%) 1.2 6.8
Earnings after tax 517 3,053 –83.1
Automotive Division 2
Annual Report 2019
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