Cuenta de Resultados VW
Cuenta de Resultados VW
Cuenta de Resultados VW
Financial Report
January - June
2015
1 U PDATED I N F OR M ATI ON
1 Key Facts
2 Key Events
6 I NTER IM M A N AG EM ENT
R EPORT
2 0 B R A N D S AN D
BUSI N ESS F I ELD S
6 Volkswagen Shares
7 Business Development
15 Results of Operations, Financial Position and Net Assets
19 Outlook
25
26
29
30
32
33
Income Statement
Statement of Comprehensive Income
Balance Sheet
Statement of Changes in Equity
Cash Flow Statement
Notes to the Interim Consolidated
Financial Statements
50 Responsibility Statement
51 Review Report
Key Figures
V O L K S WA G E N G R O U P
Q2
1
Volume Data
H1
2015
2014
2015
2014
2,552
353
2,623
2.7
5,039
5,066
0.5
337
+ 4.7
668
626
+ 6.7
1.5
2,198
2,286
3.8
4,371
4,440
2,483
2,645
6.1
5,090
5,207
2.2
of which: in Germany
343
339
+ 1.3
668
644
+ 3.8
2,140
2,306
7.2
4,422
4,563
3.1
2,593
2,669
2.8
5,314
5,234
+ 1.5
693
653
+ 6.1
1,395
1,314
+ 6.2
1,900
2,016
5.8
3,919
3,920
0.0
597.8
592.6
+ 0.9
273.9
271.0
+ 1.0
324.0
321.5
+ 0.8
abroad
Production ('000 units)
of which: in Germany
abroad
Employees ('000 on June 30, 2015/Dec. 31, 2014)
of which: in Germany
abroad
Q2
Sales revenue
H1
2015
2014
2015
2014
56,041
50,977
+ 9.9
108,776
98,808
+ 10.1
3,662
3,330
+ 10.0
6,990
6,186
+ 13.0
Special items
170
170
Operating profit
3,492
3,330
+ 4.9
6,820
6,186
+ 10.3
6.3
6.3
16.4
7,664
7,777
7.0
7.9
6.2
6.5
3,696
4,420
6.6
8.7
2,731
3,249
15.9
5,663
5,716
0.9
2,671
3,186
16.2
5,558
5,581
0.4
4,147
1,848
7,766
3,347
3,668
3,312
+ 10.8
6,993
6,236
+ 12.1
EBITDA3
6,019
5,710
+ 5.4
11,859
10,953
+ 8.3
6,861
6,137
+ 11.8
11,553
8,388
+ 37.7
3,572
3,167
+ 12.8
6,761
5,469
+ 23.6
2,581
1,953
+ 32.1
4,652
3,578
+ 30.0
5.3
4.3
4.9
4.1
1,033
1,205
2,170
2,396
2.1
2.7
2.3
2.8
3,288
2,970
1.5
Automotive Division2
of which: capex
as a percentage of sales revenue
capitalized development costs5
as a percentage of sales revenue
Net cash flow
Net liquidity at June 30
14.3
+ 10.7
9.4
4,791
2,919
+ 64.2
21,489
13,979
+ 53.7
1 Volume data including the unconsolidated Chinese joint ventures. These companies are accounted for using the equity method. All figures shown are rounded, so minor discrepancies
may arise from addition of these amounts. 2014 deliveries updated to reflect subsequent statistical trends.
2 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
3 Operating profit plus net depreciation/amortization and impairment losses/reversals of impairment losses on property, plant and equipment, capitalized development costs, lease assets,
goodwill and financial assets as reported in the cash flow statement.
4 Excluding acquisition and disposal of equity investments: Q2 3,518 million (3,147 million), H1 6,672 million (5,849 million).
5 See table on page 35.
U P D AT E D I N F O R M AT I O N
Key Facts
Key Facts
> Volkswagen Group deliveries to customers on a level with the previous year at 5.0 million
(5.1 million) vehicles; declines in Eastern Europe, South America and Asia Pacific higher
demand especially in Western Europe
> Group sales revenue up 10.1% on the prior-year figure at 108.8 billion; positive exchange
rate effects
> Operating profit up 0.6 billion to 6.8 billion in a regionally very mixed market
environment
> Special items relating to restructuring measures in the trucks business; operating profit
before special items at 7.0 billion (6.2 billion)
> Earnings before tax at 7.7 billion (7.8 billion); share of profits of the equity-accounted
Chinese joint ventures on a level with the previous year; fair value measurement effects
reduce financial result
> Cash flows from operating activities in the Automotive Division up 3.2 billion
year-on-year at 11.6 billion; ratio of capex to sales revenue is 4.9% (4.1%)
> Net liquidity in the Automotive Division at 21.5 billion; capital increase at Financial
Services Division reduces liquidity, successful placement of hybrid notes strengthens
Automotive Divisions capital base
> Enthusiastic reception by customers for Group models:
- Volkswagen Passenger Cars presents the new edition of the legendary Scirocco GTS and
the progressive C Coup GTE concept for the first time
- World premiere of the Audi Q7 e-tron the first plug-in hybrid featuring a petrol engine
and the quattro drive system
- KODA celebrates Chinese debut of its new Superb and Fabia models
- Debut appearance for Porsches new Boxster Spyder in New York
- Lamborghini celebrates its tenth anniversary in the Chinese market with the Aventador
LP 750-4 Superveloce and the Aventador LP 700-4 Pirelli Edition
- Volkswagen Commercial Vehicles unveils the sixth generation of the popular T model
series
- MANs powerful special-edition TGX D38 100 Years meets an enthusiastic reception
U P D AT E D I N F O R M AT I O N
Key Events
Key Events
2.2 l/100 km. The A6 L e-tron will be manufactured at the FAWVolkswagen joint ventures plant in Changchun. In addition to the
production models, Audi turned heads with the debut of the
prologue allroad concept. This five-door model recasts the standard
offroad elements in a new, sporty light and hints at the brands
design future. Its quattro plug-in hybrid drive develops an impressive 540 kW (734 PS) of system power output.
The KODA brand celebrated the Chinese debut of its Superb
and Fabia models at Auto Shanghai. The Superb is the Czech
brands flagship model and has been at the forefront of its model
range since 2001. For the Chinese market, this popular mid-range
saloon will be available in three engine variants ranging from
110 kW (150 PS) to 162 kW (220 PS). All models come with direct
shift gearboxes (DSG) as standard. The new Fabia marks the first
time that KODA has applied the brands new, modern design
language in a production model. Chinese customers have two
engine variants to choose from 66 kW (90 PS) and 81 kW (110 PS).
The SEAT brands 20V20 concept was aimed primarily at
younger show visitors. In particular, this powerful and dynamic SUV
combines sportiness with versatility, and illustrates the systematic
development of the Spanish brands widely acclaimed design
language. SEAT Connect Technology ensures that the vehicle is at
home in an interconnected world, with a specific focus on voice
command.
The Bentley brands EXP 10 Speed 6 concept marked its Asian
premiere in Shanghai following the models successful debut in
Geneva. The two-seat luxury sports car combines British design and
detailed handcrafting with advanced technology and superlative
performance. The show car shared the stage with the revamped
Continental GT and Flying Spur models, as well as the Continental GT3 motorsport version.
The highlight of the Porsche stand was the global debut of the
911 Carrera and Boxster Style Edition variants, which impressed
visitors with an attractive specification package and a wide range of
optical extras. The brands appearance was rounded off by the Asian
premiere of the Porsche 911 GT3 RS and the Porsche Targa 4 GTS.
Italian sports car manufacturer Lamborghini is celebrating its
tenth anniversary in the Chinese market in 2015. It marked the
occasion in Shanghai by unveiling the Aventador LP 750-4 Superveloce the brands fastest and most emotional model and the
Aventador LP 700-4 Pirelli Edition, which is fitted with exclusive
equipment and reflects the long-standing collaboration between
the automaker and the Italian tire producer.
Commercial vehicle brands Scania and MAN were also represented at Auto Shanghai; they presented powerful tractor units for
the particularly high mileages covered in the vast expanses of China.
Scanias 353 kW (480 PS) G 480 6x2 was on show, while MAN
displayed the TGX 28.480, also rated at 353 kW (480 PS).
M OTO R S H O W S A N D E V E N T S
Volkswagen Passenger Cars unveiled the new version of the legendary Scirocco GTS at Auto Shanghai 2015, marking its world premiere. The model was first launched in 1982 and was based on the
Golf GTI. The new model is powered by a 162 kW (220 PS) TSI engine
and, like its predecessor in 1982, is available with optional red
stripes extending from the bonnet, over the roof to the tailgate.
Another highlight of the stand was the C Coup GTE concept, which
was on show for the first time. Measuring in at over five meters long,
this saloon is designed for the Chinese market and combines
exclusivity with perfection and emotion, giving an insight into the
future design of sporty saloons. The C Coup GTE features an
innovative plug-in hybrid drive that generates system power output
of 180 kW (245 PS) and offers an impressive 500 Nm of torque. The
Volkswagen Passenger Cars brands appearance at the show was
rounded off by the world debut of the Gran Santana, a model
specially developed for the Chinese market, and a presentation of
the Golf GTI manufactured in Foshan, southern China.
The Audi brand celebrated the global debut of three new
models powered by innovative plug-in hybrid drives in Shanghai.
The Audi Q7 e-tron 2.0 TFSI quattro is the first plug-in hybrid
featuring a petrol engine and the quattro all-wheel drive system,
and was specially developed for the markets in China, Singapore
and Japan. The SUVs 270 kW (367 PS) output averages fuel consumption of just 2.5 l/100 km, with an overall range of 1,020 km.
The Q7 e-tron can cover up to 53 km in all-electric driving. Audi
also unveiled the A6 L e-tron, a spacious, environmentally friendly
and at the same time sporty model developed exclusively for the
Chinese market. Based on the long-wheelbase version of the A6,
this saloon features a plug-in hybrid drive generating system power
output of 180 kW (245 PS), with average fuel consumption of just
U P D AT E D I N F O R M AT I O N
Key Events
One of the main attractions for visitors to the annual meeting of GTI
enthusiasts at Lake Wrthersee in Austria was the productionbound Golf GTI Clubsport concept. The model was created especially to celebrate the GTIs 40th anniversary next year, and it
marked its world premiere in Austria. Packing 195 kW (265 PS) and
with a boost function that can temporarily push its output by a
further 10%, the GTI Clubsport 2016 is planned as the most powerful GTI ever to go into series production. The models customized
interior and specific bodywork features such as completely new
bumpers and an innovative roof spoiler round off its exclusive
appearance. A second world premiere was the unveiling of the Golf
GTE Sport, a concept car that brings Volkswagens GT tradition into
the world of tomorrow. The innovative concept has a carbon fiber
body and is fitted with a plug-in hybrid drive that generates 295 kW
(400 PS) and propels the car to a top speed of 280 km/h. Apprentices from Volkswagen and Wolfsburg-based Sitech Sitztechnik
collaborated to produce the Golf GTI Dark Shine, an impressive
demonstration of the high-quality and practical education within
the Group. The hand-painted car features a striking two-tone
exterior. The color scheme continues inside the cabin, including
the two bucket sports seats. The 2.0 TSI engine was custom
modified for this model and generates 290 kW (395 PS). The Golf
Estate Biturbo Edition and the KODA FUNstar show cars, which
were developed and presented by apprentices from Zwickau and
Mlad Boleslav respectively, were also presented at the GTI festival.
Other Group brands were also represented at Lake Wrthersee:
Audi presented its TT clubsport turbo concept which, with its pronounced wheel wells and powerful rear wing, offers a foretaste of
the new Audi TT RS. An electric turbocharger and 441 kW (600 PS)
of power catapult the muscular concept car from 0 to 100 km/h in
just 3.6 seconds.
The KODA brand presented the sporty KODA Octavia Combi
RD 230 and the KODA Fabia R5 rally car, among others. The SEAT
brand caused a sensation with the Leon ST CUPRA, the fastest
estate to complete the Nrnburgrings north loop.
The MAN brand catered for a specific kind of premiere. The
commercial vehicles manufacturer from Munich was represented
at the event for the first time and presented the special-edition
TGX D38 100 Years, a 412 kW (560 PS) tractor unit with a characteristic flaming lion painted on the cabin. MAN celebrated 100
years of commercial vehicle production this year.
U P D AT E D I N F O R M AT I O N
Key Events
The Audi brands 2.5 liter TFSI engine was named International
Engine of the Year in the 2.0 to 2.5 liter category. This is the sixth
consecutive year that an Audi engine has won the award. The
international jury of 65 automotive journalists based their decision
on the engines reliability and excellent tuning.
The Volkswagen Commercial Vehicles brands Amarok was
named best pickup of the year for the fifth consecutive time in a
reader poll conducted by OFF ROAD magazine. Over 38,000
readers took part in the survey.
The KODA Superb received the top five-star rating in the Euro
NCAP crash test. This result underscores the KODA model ranges
high safety standards: all series currently in production were given
a five-star rating as part of their market launch. The Euro NCAP
assessment covers the categories adult and child occupant protection as well as pedestrian and safety assist technologies.
The Volkswagen Passenger Cars brands Das Auto.Magazin
won numerous prizes as part of the Best of Corporate Publishing
awards. The expert jury awarded a gold medal for the powerful
short documentary Wege zur Freiheit (Roads to Freedom)
about automotive designer Giorgetto Guigiaro, as well as for the
magazines mobile app, which in particular impressed the judges
with its cross-media content. The print version of the magazine and
the iPad app each received a silver medal in the Automobile and
Digital Media Mobile categories.
AN NIVERSARI ES
C H A R T E R O N V O C AT I O N A L E D U C AT I O N A N D T R A I N I N G A D O P T E D
C A PA C I T I E S A N D C A PA B I L I T I E S
V O L K S WA G E N C R E AT E S A N I N T E G R AT E D
COMM E RC IA L V E H IC LE S G ROU P
U P D AT E D I N F O R M AT I O N
Key Events
commercial vehicles businesses MAN Truck & Bus AG, MAN Latin
America Ltda. And Scania AB. The companys management will be
headed by Mr. Andreas Renschler, the member of the Group Board
of Management responsible for Commercial Vehicles. The CEOs of
the three commercial vehicles businesses, among others, will be
represented in the companys management. The objective is for
strategy, development, HR and purchasing to be agreed jointly
across the brands, allowing the full potential for synergies between
the brands to be leveraged. As a producer of light commercial
vehicles, Volkswagen Commercial Vehicles will also form part of the
integrated commercial vehicles group and will retain a close link
with the Volkswagen Passenger Cars brand.
S U P E R V I S O RY B O A R D M AT T E R S
On April 30, 2015 Dr. Louise Kiesling and Ms. Julia Kuhn-Pich
were appointed to the Supervisory Board of Volkswagen AG as
replacement shareholder representatives, effective the same day,
by the court on the application of the Board of Management of
Volkswagen AG in accordance with section 104 of the Aktiengesetz
(AktG German Stock Corporation Act). This was due to the
resignations of Prof. Dr. Ferdinand K. Pich and Ms. Ursula Pich
from the Supervisory Board on April 25, 2015.
The court appointed Mr. Uwe Hck, Chairman of the General
and Group Works Councils of Dr. Ing. h.c. F. Porsche AG, to the
Supervisory Board of Volkswagen AG as an employee representative,
effective July 1, 2015. He replaces Mr. Jrgen Dorn, who stepped
down as of June 30, 2015.
V I C TO RY AT L E M A N S F O R P O R S C H E A N D A U D I
VfL Wolfsburg won the DFB Cup for the first time in the clubs
history on May 30, 2015 in front of a crowd of roughly 75,000 at
Berlins Olympic Stadium. The match was broadcast live in 149
countries around the world, with almost 12 million viewers in
Germany tuning in. The VfL Wolfsburg womens team had already
won the DFB Cup on May 1, 2015 for the second time following
their victory in 2013. This marked the first time in the competitions
history that the mens and womens teams from the same club won
the cup in the same season. Volkswagen congratulates the cup
winners and appreciates the intense national and international
media interest. VfL Wolfsburg-Fuball GmbH is a wholly owned
Volkswagen Group company. Volkswagens decades-long and
ongoing commitment is a hallmark of the partnership. For the
Group, VfL Wolfsburg is a global communications platform with
high strategic value. It also plays a key role in raising the profile of
Volkswagen AGs locations and the Wolfsburg region.
Volkswagen Shares
Volkswagen Shares
In the second quarter of 2015, prices in the international equity
markets were unable to match the increase seen in the first three
months of the year. The DAX also suffered from uncertainty, in
particular as a result of the escalating debt situation in Greece.
After a slight increase at the beginning of the second quarter,
the deteriorating situation in Greece and concerns about its effect
on the European economy were the main triggers for falling prices.
Healthy corporate results and expectations that the European
Central Bank would continue its bond-buying program and the US
Federal Reserve its loose monetary policy brought about a temporary recovery before the downward trend resumed in April. The DAX
moved sideways amid significant price swings in May. Investors
hopes of a more expansionary monetary policy by the Chinese
central bank and healthy labor market data from the USA supported
prices in an environment that continued to be dominated by
concerns over the situation in Greece. Prices declined in June amid
volatility brought about by increasing fears of bankruptcy in Greece
and growing uncertainty about whether it would remain in the
eurozone.
The DAX reached a new all-time high of 12,375 points on April
10, 2015 and closed the first half of 2015 at 10,945 points, up 11.6%
on the 2014 year-end level. The EURO STOXX Automobiles & Parts
stood at 585 points on June 30, 2015, up 22.2% compared with the
2014 closing price.
Volkswagen AGs preferred and ordinary share prices were
unable to escape the declining trend in the equity markets in the
second quarter of 2015. In addition, discussions about the composition of the Board of Management and the Supervisory Board, as
well as increasing concerns about slower growth in demand for
passenger cars due to the economic downturn in China influenced
market participants. As a result, both classes of shares were more
volatile than the market as a whole, trailing market growth.
Compared with the preferred shares, the price of ordinary shares
grew at a slightly faster pace in the second quarter.
Volkswagen AGs preferred shares recorded their highest daily
closing price in the period from January to June 2015 (255.20) on
March 16, 2015, and with it an all-time high. They reached their
lowest closing price of 176.30 on January 5, 2015. The preferred
shares ended the reporting period at 208.00; this was an increase
of 12.6% compared with the last closing price in 2014. Volkswagens ordinary shares also recorded their highest daily closing
price in the first six months of the year (247.55) on March 16,
2015. They hit their lowest closing price on January 5, 2015
(172.55). The ordinary shares recorded a daily closing price of
207.55 on June 30, 2015, up 15.2% on the closing price at the end
of 2014.
Information and explanations on earnings per share can
be found in the notes to the interim consolidated financial statements. Additional Volkswagen share data, plus corporate news,
reports and presentations can be downloaded from our website at
www.volkswagenag.com/ir.
125
100
75
75
D
Business Development
Business Development
Structural deficits and social conflict dominated the situation in
South Africa in the first half of 2015; nevertheless, economic
growth was slightly stronger than in previous quarters.
The US economy recorded solid growth on average in the
period from January to June 2015. The further decline in unemployment, positive consumer sentiment and the continuing very
loose monetary policy supported the economy. Mexico saw positive
economic growth at an almost constant growth rate.
The situation in Brazil remained tense in the first half of 2015.
The negative trend continued, in particular as a result of the countrys weak domestic demand and the low global commodity prices.
Economic output in Argentina also retreated in the reporting period
as the very high rate of inflation persisted.
The high growth rate recorded in the Chinese economy
weakened slightly in the first six months of 2015 due to economic
uncertainties. In Japan, economic output remained almost
unchanged compared with the prior-year quarter. The economies
in India and the ASEAN region registered stable growth.
EUR to USD
EUR to JPY
EUR to GBP
110
100
90
90
80
80
70
70
D
Business Development
T R E N D S I N T H E PA S S E N G E R C A R M A R K E T S
In the period from January to June 2015, global new passenger car
registrations were up 2.6% year-on-year, although demand varied
from region to region. The growth drivers were the Asia-Pacific
region, North America and Western Europe. In contrast, new passenger car registrations in Eastern Europe and South America
declined drastically in some areas compared with the prior-year
period.
The passenger car market in Western Europe benefited from
the improved macroeconomic environment, positive consumer
sentiment and lower fuel prices, and continued to recover in the
first half of 2015. In June, the number of new registrations
increased year-on-year for the 22nd time in a row. Demand for
passenger cars in Italy and Spain saw double-digit percentage
growth; however, market volumes were still down substantially on
pre-crisis levels in both countries. The Spanish market continued to
benefit from government stimulus measures. In the United
Kingdom and France, growth rates were more moderate in the year
to date.
In Germany, the number of new passenger car registrations in
the first six months of 2015 was higher than in the prior-year period.
Whereas private demand continued to decline, new business
vehicle registrations saw a significant increase.
The passenger car market as a whole in Central and Eastern
Europe declined sharply overall in the reporting period. Trends in
the individual markets were very mixed: while the EU markets in
Central Europe mainly recorded positive rates of change, there was
a slump in passenger car sales in the Eastern European markets.
This was primarily due to the drastic deterioration in market
conditions in Russia and Ukraine resulting from the difficult
economic and political situation in both countries.
The slight downward trend in the South African passenger car
market continued in the first half of 2015. This was largely attributable to the unfavorable economic conditions and weak consumer
confidence.
In North America, market growth in the period from January to
June 2015 continued with slightly declining momentum. Sales
figures for passenger cars and light commercial vehicles (up to 6.35
tonnes) in the USA reached their highest level for a first half-year
period in the past ten years. Growth was driven in particular by
models in the SUV and pickup segments. The increase was mainly
due to high consumer confidence, in addition to favorable credit
conditions and fuel prices and the low unemployment rate. Both the
Canadian and the Mexican automotive markets recorded new highs
in the reporting period.
In South America, the number of new passenger car registrations in the first half of 2015 was significantly below the prioryear period. Brazil recorded the lowest passenger car demand
volumes seen since 2007. In addition to the tax increase on industrial products at the beginning of 2015, this was mainly due to
overall economic decline and higher interest rates. The downward
trend in the Argentinian passenger car market which began in the
Global demand for light commercial vehicles was slightly below the
prior-year level in the first half of 2015.
The economic stabilization in Western Europe made itself
felt: new vehicle registrations significantly exceeded the prior-year
figure.
In the Central and Eastern European markets, registrations
were down considerably year-on-year in the first six months of 2015.
Russia saw a significant drop in demand due to the political
tensions and their impact.
In North America, light commercial vehicles up to 6.35 tonnes
and passenger cars are reported as the light vehicle market.
In the period from January to June 2015, vehicle sales in South
America were down on the previous year due to the continuing
difficult economic conditions. In Brazil and Argentina, the regions
largest markets, sales of light commercial vehicles fell short of the
prior-year figure.
Vehicle sales in the Asia-Pacific region were down slightly yearon-year. In China, the dominant market for light commercial vehicles in the region, new registrations did not reach the prior-year
level. In the Indian market, demand grew moderately compared
with the previous year. Sales volumes in Japan were down significantly year-on-year in the period from January to June 2015 due to
the pull-forward effects of the consumption tax increase on April 1,
2014 in the first quarter of the previous year. In the first half of 2015,
sales in the ASEAN region were on a level with the previous year.
Business Development
In the period from January to June 2015, global demand for midsized and heavy trucks with a gross weight of more than six tonnes
was significantly down on the previous year.
In Western Europe, higher demand in the United Kingdom, the
Netherlands, Spain and Italy due for the most part to the low prioryear level resulted in an increase in registrations. Demand in
Germany, the largest market in Western Europe, was down slightly
on the prior-year period in the first six months of the year.
In the Central and Eastern European markets, registrations
were down sharply year-on-year. This was primarily due to the tense
and uncertain political situation, as well as currency weaknesses
and the difficult financing conditions in Russia.
Momentum in the construction and energy sector and favorable financing conditions led to higher registration volumes in
North America compared with the previous year.
In South America, the number of new vehicle registrations in
the first half of 2015 was significantly below the prior-year figure.
Vehicle sales in Brazil were down substantially on the previous year
as a result of declining economic output and the restrictive financing conditions. The ongoing high inflation and recession in Argentina also contributed to the decline in demand.
The number of trucks sold in the Asia-Pacific region (excluding
the Chinese market) increased significantly year-on-year. Demand
in the Indian market recorded a clear increase due to replacement
vehicles in the heavy truck segment, increased spending on infrastructure and a more favorable investment climate following the
change of government in May 2014. Registration volumes in the
worlds largest truck market, China, were significantly lower than
in the previous year. This was due to the pull-forward effects in 2014
from the introduction of the C4 emission standard and declining
investment growth in China.
Demand for buses, both globally and in the markets that are
relevant for the Volkswagen Group, was lower than in the previous
year in the period from January to June 2015.
Business Development
Touran, Tiguan, Passat, Audi TT and Audi A6. The Golf was again the
most popular passenger car in Germany in terms of registrations in
the first half of 2015.
In the overall sharply declining passenger car markets in
Central and Eastern Europe, we sold 11.2% fewer vehicles between
January and June of this year than in the prior-year period. While
we recorded strong increases in demand in the Czech Republic,
Hungary and Romania, our sales figures in Russia and Ukraine
declined significantly as a result of the difficult economic and
political situation in the two countries. There was a positive trend in
demand for the Golf Sportsvan, KODA Rapid, KODA Octavia
Combi and SEAT Leon ST models. The Volkswagen Groups share of
the market in this region rose to 20.2% (17.3%).
In an overall declining market in South Africa, we handed over
fewer passenger cars to customers in the first six months of 2015
than in the previous year (12.3%).
V O L K SWA G E N G R O U P D E L I V E R I E S
V O L K SWA G E N G R O U P D E L I V E R I E S F R O M J A N U A RY 1 TO J U N E 3 0 *
Passenger cars
Commercial vehicles
Total
2015
2014
4,729,383
4,751,927
0.5
309,827
313,758
1.3
5,039,210
5,065,685
0.5
* Deliveries for 2014 have been updated to reflect subsequent statistical trends. Includes
the Chinese joint ventures.
PA S S E N G E R C A R D E L I V E R I E S W O R L D W I D E
10
Business Development
PA S S E N G E R C A R D E L I V E R I E S TO C U ST O M E R S B Y M A R K E T F R O M J A N U A RY 1 TO J U N E 3 0 *
DELIVERIES (UNITS)
CHANGE
2015
2014
(%)
2,092,239
2,012,001
+ 4.0
1,619,156
1,519,781
+ 6.5
594,274
557,218
+ 6.7
United Kingdom
278,735
266,068
+ 4.8
France
136,114
132,292
+ 2.9
Spain
135,966
115,414
+ 17.8
Europe/Other markets
Western Europe
of which: Germany
Italy
Central and Eastern Europe
of which: Russia
Czech Republic
Poland
114,558
104,002
+ 10.1
277,418
312,508
11.2
79,534
130,633
39.1
63,595
50,253
+ 26.5
54,196
52,853
+ 2.5
195,665
179,712
+ 8.9
80,231
52,757
+ 52.1
43,507
49,603
12.3
447,255
421,982
+ 6.0
294,992
287,953
+ 2.4
Mexico
98,609
89,726
+ 9.9
Canada
53,654
44,303
+ 21.1
263,467
330,701
20.3
193,934
262,286
26.1
51,861
49,451
+ 4.9
1,926,422
1,987,243
3.1
of which: China
1,739,904
1,811,195
3.9
Japan
48,740
53,981
9.7
India
36,585
32,651
+ 12.0
4,729,383
4,751,927
0.5
2,945,709
3,065,899
3.9
Audi
902,389
869,357
+ 3.8
KODA
544,300
522,499
+ 4.2
SEAT
216,463
200,140
+ 8.2
4,639
5,254
11.7
Other markets
of which: Turkey
South Africa
North America
of which: USA
South America
of which: Brazil
Argentina
Asia-Pacific
Worldwide
Volkswagen Passenger Cars
Bentley
Lamborghini
1,882
956
+ 96.9
Porsche
113,984
87,803
+ 29.8
Bugatti
17
19
10.5
* Deliveries for 2014 have been updated to reflect subsequent statistical trends. Includes the Chinese joint ventures.
11
Business Development
Vehicles in thousands
2015
2014
1,000
900
900
800
800
700
700
600
600
500
500
J
the persistently weak ruble due to the tense political situation linked
to the Ukraine crisis and the low oil price.
In the Other markets, the Group sold a total of 36,677 commercial vehicles in the period from January to June 2015: 24,153
light commercial vehicles, 11,134 trucks and 1,390 buses.
At 3,986, the Volkswagen Group delivered 2.7% more units to
customers in North America than in the prior-year period. 2,891
light commercial vehicles, 165 trucks and 930 buses were sold.
Deliveries in the South American markets fell by 36.1% to
33,862 commercial vehicles. Of the units sold, 17,876 were light
commercial vehicles, 13,829 were trucks and 2,157 were buses.
The Amarok was the most sought-after Group model. Demand for
commercial vehicles in Brazil suffered due to further deterioration
in the macroeconomic environment and the more difficult financing conditions. Sales figures were down 53.9% in the first half of
2015, to 17,855 vehicles.
In the Asia-Pacific region, demand for Volkswagen Group
commercial vehicles was on a level with the previous year, at 17,066
units. 11,735 light commercial vehicles, 4,395 trucks and 936 buses
were delivered. The Amarok and the Transporter were in particularly high demand there.
COMM E RC IA L V E H IC LE DE LIV ER I E S
12
Business Development
C O M M E R C I A L V E H I C L E D E L I V E R I E S TO C U STO M E R S B Y M A R K E T F R O M J A N U A RY 1 TO J U N E 3 0 *
DELIVERIES (UNITS)
CHANGE
2015
2014
(%)
254,913
239,882
+ 6.3
191,696
175,202
+ 9.4
26,540
31,374
15.4
Other markets
+ 10.1
Europe/Other markets
Western Europe
36,677
33,306
North America
3,986
3,881
+ 2.7
South America
33,862
52,985
36.1
of which: Brazil
17,855
38,761
53.9
17,066
17,010
+ 0.3
3,088
2,871
+ 7.6
309,827
313,758
1.3
222,962
217,732
+ 2.4
Scania
36,989
38,391
3.7
MAN
49,876
57,635
13.5
Asia-Pacific
of which: China
Worldwide
Volkswagen Commercial Vehicles
* Deliveries for 2014 have been updated to reflect subsequent statistical trends.
13
Business Development
S A L E S TO T H E D E A L E R O R G A N I Z AT I O N
I N V E N TO R I E S
Global inventories at Group companies and in the dealer organization were higher at the end of the reporting period than at yearend 2014 and at June 30, 2014.
E M P L OY E E S
PRODUCTION
14
R E S U LT S O F O P E R AT I O N S O F T H E G R O U P
R E S U LT S O F O P E R AT I O N S I N T H E PA S S E N G E R C A R S B U S I N E S S A R E A
A N D COMM E RC IA L VE H I C L ES/POW ER EN GI N EER I NG B U SI N E S S
A R E A F R O M J A N U A RY 1 TO J U N E 3 0
million
2015
2014
Passenger Cars
Sales revenue
77,129
70,711
Gross profit
15,834
13,466
5,346
4,748
6.9
6.7
16,964
16,333
2,832
2,561
354
514
2.1
3.1
Operating profit
Operating return on sales (%)
Commercial Vehicles/Power Engineering
Sales revenue
Gross profit
Operating profit
Operating return on sales (%)
15
2015
2014
3,500
3,000
2,500
2,000
1,500
1,000
500
500
0 0
Q1
Q2
Q3
Q4
F I N A N C I A L P O S I T I O N I N T H E PA S S E N G E R C A R S B U S I N E S S A R E A
A N D TH E COM ME RC IA L V EH IC L E S/ POW E R E NG I N E E R I NG B U S I N E S S
A R E A F R O M J A N U A RY 1 TO J U N E 3 0
million
2015
2014
12,506
9,507
2,495
807
10,011
8,699
5,757
5,326
4,254
3,374
Passenger Cars
1,499
1,150
43
1,462
1,542
312
1,005
143
537
455
16
17
B A L A N C E S H E E T ST R U C T U R E I N T H E PA S S E N G E R C A R S B U S I N E S S
AREA AN D TH E COMMERCIAL VEH ICLES/POWER ENGI N EER I NG
BUSI NESS AREA
million
104,102
101,459
Passenger Cars
Noncurrent assets
Current assets
61,060
52,869
165,162
154,328
Equity
61,954
58,708
Noncurrent liabilities
57,717
54,366
Current liabilities
45,490
41,254
Noncurrent assets
27,327
26,772
Current assets
17,748
16,311
Total assets
45,075
43,083
Equity
14,707
14,107
Noncurrent liabilities
11,922
12,072
Current liabilities
18,447
16,904
Total assets
The Automotive Divisions equity was 76.7 billion at the end of the
first half of 2015, 5.3% higher than at December 31, 2014. It was
positively impacted by healthy earnings growth, the hybrid notes
issued in March, currency translation and lower actuarial losses
from the measurement of pension provisions. The amounts
recognized in other comprehensive income from measurement of
derivatives and the dividend payment to Volkswagen AG
shareholders reduced the Automotive Divisions equity. The
noncontrolling interests are mainly attributable to RENK AG and
AUDI AG. These were lower overall than the noncontrolling
interests attributable to the Financial Services Division, so the
figure for the Automotive Division, where the deduction was
recognized, was negative.
Noncurrent liabilities increased by 4.8% compared with
December 31, 2014; the other financial liabilities contained within
this item rose due to exchange rate factors and negative effects from
the measurement of derivatives. Pension provisions decreased due
to the change in the discount rate. Current liabilities rose by 9.9%.
Other liabilities were higher than at year-end 2014 as a result of
exchange rates, the measurement of derivatives and growth in
business. The figures for the Automotive Division also contain the
18
Outlook
Outlook
The robust growth in the global economy lost momentum slightly in
the first half of 2015. While the economic upturn held steady in
many industrialized nations, some emerging economies continued
to record below-average growth. The Volkswagen Groups Board of
Management expects the global economy to record the same level of
growth in 2015 as in the previous year, despite some uncertainties.
The financial markets still entail risks resulting above all from the
strained debt situation of many countries. In addition, growth prospects are being hurt by geopolitical tensions and conflicts. The
emerging economies in Asia will probably record the highest
growth rates. While we expect to see an economic upturn in the
major industrialized nations, the rates of expansion will remain
moderate.
In the period from January to June 2015, global new passenger
car registrations were up year-on-year, although demand varied
from region to region. We also expect trends in the passenger car
markets in the individual regions to be mixed for the full year.
Overall, growth in global demand for new vehicles will probably be
slower than in the previous year. We anticipate a slight increase in
demand for automobiles in Western Europe and expect to see slight
growth in the German market as well. The Central and Eastern
European markets are likely to be down sharply year-on-year due
primarily to the substantial fall in demand in Russia. In North
America, we expect last years positive trend to continue at a noticeably weaker pace. We assume that the South American passenger
car markets will fall appreciably short of the prior-year level. The
markets in the Asia-Pacific region that are strategically important
for the Volkswagen Group will probably continue to grow at a slower
pace.
Global demand for light commercial vehicles will probably see a
moderate increase in 2015. We expect trends to vary from region to
region.
In the markets for trucks and buses that are relevant for the
Volkswagen Group, new registrations in 2015 will probably be
noticeably lower than in the previous year.
We expect automotive financial services to continue to grow in
importance worldwide in 2015.
markets, or any significant shifts in exchange rates relevant to the Volkswagen Group, will
have a corresponding effect on the development of our business. In addition, expected
business development may vary if the assessments of the factors influencing sustainable
value enhancement, as well as risks and opportunities presented in the 2014 Annual
Report develop in a way other than we are currently expecting, or additional risks and
opportunities or other factors emerge that affect the development of our business.
19
S A L E S R E V E N U E A N D O P E R AT I N G P R O F I T B Y B R A N D A N D
BUSINESS FIELD
V O L K S WA G E N G R O U P
Division
Automotive
Brand/
Business Field
Volkswagen
Passenger
Cars
Financial Services
Audi
KODA
SEAT
Bentley
Porsche
20
Volkswagen
Commercial
Vehicles
Scania
MAN
Other
K E Y F I G U R E S B Y B R A N D A N D B U S I N E S S F I E L D F R O M J A N U A RY 1 TO J U N E 3 0
SALES TO THIRD
VEHICLE SALES
SALES REVENUE
OPERATING RESULT
PARTIES
2015
2014
2015
2014
2015
2014
2015
2014
2,251
2,302
53,578
49,259
36,426
34,263
1,428
1,012
Audi
784
750
29,784
26,690
19,775
17,668
2,914
2,671
KODA
421
426
6,421
5,974
3,227
2,950
522
425
SEAT
286
258
4,469
3,948
1,873
1,700
52
37
Bentley
939
887
621
561
54
95
Porsche2
109
89
10,850
8,162
9,912
7,541
1,698
1,398
231
221
5,223
4,724
2,487
2,340
268
280
Scania2
38
38
5,182
5,067
5,182
5,067
503
476
MAN
50
58
6,719
6,699
6,593
6,626
185
222
VW China3
1,743
1,847
Other
827
788
27,407
23,026
10,816
10,585
1,6054
1,1324
13,018
10,423
11,862
9,508
970
776
6,990
6,186
Special items
170
Volkswagen Group
5,090
5,207
108,776
98,808
108,776
98,808
6,820
6,186
Automotive Division5
5,090
5,207
94,093
87,044
95,412
88,086
5,700
5,262
4,772
4,890
77,129
70,711
81,449
74,333
5,346
4,748
318
317
16,964
16,333
13,963
13,754
354
514
14,683
11,764
13,364
10,722
1,120
924
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
2 Including financial services.
3 The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity
method and recorded a proportionate operating profit of 2,744 million (2,622 million).
4 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.
5 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
21
K E Y F I G U R E S B Y M A R K E T F R O M J A N U A RY 1 T O J U N E 3 0
VEHICLE SALES
Europe/Other markets
SALES REVENUE
2015
2014
2015
2014
2,321
2,279
67,568
61,868
North America
457
422
17,414
12,905
South America
283
368
5,365
6,510
Asia-Pacific2
2,030
2,138
18,429
17,525
Volkswagen Group2
5,090
5,207
108,776
98,808
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
2 The sales revenue of the joint venture companies in China is not included in the figures for the Group and the Asia-Pacific market.
22
V O L K SWA G E N F I N A N C I A L S E R V I C E S
23
24
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Income Statement
Interim Consolidated
Financial Statements
(Condensed)
I NCOME STATEMENT FOR TH E PERIOD JAN UARY 1 TO J U N E 30
VOLKSWAGEN GROUP
DIVISIONS
AUTOMOTIVE
million
2015
2014
FINANCIAL SERVICES
2015
2014
2015
2014
Sales revenue
108,776
98,808
94,093
87,044
14,683
11,764
Cost of sales
87,078
80,075
75,427
71,018
11,651
9,058
Gross profit
21,698
18,733
18,666
16,027
3,032
2,706
10, 431
10,138
9,819
9,563
613
575
3,626
3,427
2,818
2,723
808
705
821
1,019
330
1,521
491
502
Operating profit
6,820
6,186
5,700
5,262
1,120
924
Distribution expenses
Administrative expenses
2,241
2,143
2,222
2,127
19
16
1,397
552
1,437
608
39
56
843
1,591
785
1,520
58
71
7,664
7,777
6,485
6,782
1,179
995
2,000
2,061
1,603
1,808
397
253
5,663
5,716
4,882
4,974
781
742
24
of which attributable to
Noncontrolling interests
75
51
12
99
60
99
60
5,558
5,581
4,789
4,863
770
718
11.06
11.32
11.06
11.32
11.12
11.38
11.12
11.38
1 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
2 Explanatory information on earnings per share is presented in note 4. Prior-year figures adjusted to reflect application of IAS 33.26.
25
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
million
2015
2014
5,663
5,716
1,773
2,657
Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
523
779
1,250
1,878
1,248
1,881
1,829
150
1,829
150
1,829
150
7,589
1,218
2,243
133
5,346
1,351
1,576
403
3,770
947
588
431
182
22
406
453
50
29
456
424
473
103
1,011
476
867
3,511
1,104
1,154
237
2,357
5,900
3,359
13
26
99
60
5,794
3,286
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Income Statement
VOLKSWAGEN GROUP
DIVISIONS
AUTOMOTIVE
million
Sales revenue
Cost of sales
2015
2014
FINANCIAL SERVICES
2015
2014
2015
2014
56,041
50,977
48,287
44,990
7,754
5,987
44,652
41,207
38,454
36,586
6,198
4,621
Gross profit
11,389
9,771
9,832
8,405
1,557
1,366
Distribution expenses
5,455
5,374
5,144
5,078
311
296
Administrative expenses
1,811
1,774
1,399
1,429
412
346
631
708
446
939
186
231
Operating profit
3,492
3,330
2,844
2,837
648
493
1,095
1,150
1,086
1,143
891
60
917
89
26
29
Financial result
204
1,089
170
1,055
34
35
3,696
4,420
3,014
3,892
682
528
965
1,171
687
1,043
278
128
2,731
3,249
2,328
2,849
404
400
9
of which attributable to
Noncontrolling interests
24
15
56
38
56
38
2,671
3,186
2,273
2,796
398
391
5.33
6.46
5.33
6.46
5.33
6.46
5.33
6.46
1 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
2 Explanatory information on earnings per share is presented in note 4. Prior-year figures adjusted to reflect application of IAS 33.26.
27
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
million
2015
2014
2,731
3,249
7,281
1,322
2,159
384
5,123
938
5,123
938
697
276
697
276
697
276
1,854
1,108
1,100
53
2,955
1,161
845
348
2,110
814
168
521
142
36
26
484
61
87
475
158
12
1,342
50
9,406
1,711
2,942
723
6,464
988
9,196
2,261
of which attributable to
Noncontrolling interests
Volkswagen AG hybrid capital investors
Volkswagen AG shareholders
28
56
38
9,134
2,228
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Balance Sheet
VOLKSWAGEN GROUP
DIVISIONS
AUTOMOTIVE*
million
FINANCIAL SERVICES
2015
2014
2015
2014
2015
2014
Noncurrent assets
230,444
220,106
131,429
128,231
99,015
91,875
Intangible assets
60,363
59,935
60,126
59,697
236
237
47,462
46,169
45,239
44,080
2,223
2,089
Lease assets
30,743
27,585
2,958
2,815
27,785
24,770
61,822
57,877
61,822
57,877
Assets
Investments, equity-accounted
investments and other equity investments, other
receivables and financial assets
30,054
28,541
23,106
21,639
6,948
6,902
143,575
131,102
78,808
69,180
64,767
61,923
Inventories
35,262
31,466
32,210
28,269
3,052
3,197
46,861
44,398
538
464
47,399
44,862
28,760
25,254
19,466
15,677
9,294
9,577
Marketable securities
15,095
10,861
12,191
9,197
2,904
1,664
17,598
19,123
15,479
16,499
2,119
2,624
374,019
351,209
210,237
197,411
163,782
153,798
96,162
90,189
76,661
72,815
19,501
17,374
88,442
84,950
69,192
67,828
19,250
17,122
7,513
5,041
7,513
5,041
95,955
89,991
76,705
72,870
19,250
17,122
207
198
44
55
251
253
137,833
130,314
69,639
66,438
68,195
63,876
Financial liabilities
71,889
68,416
10,343
10,643
61,546
57,773
28,221
29,806
27,798
29,361
423
445
Other liabilities
37,723
32,092
31,497
26,434
6,226
5,658
140,024
130,706
63,937
58,158
76,086
72,547
Current assets
Total assets
Equity and Liabilities
Equity
Equity attributable to Volkswagen AG
shareholders
Equity attributable to Volkswagen AG hybrid
capital investors
Equity attributable to Volkswagen AG
shareholders and hybrid capital investors
Noncontrolling interests
Noncurrent liabilities
Current liabilities
Put options and compensation rights
granted to noncontrolling interest shareholders
3,632
3,703
3,632
3,703
Financial liabilities
67,489
65,564
2,269
847
69,758
66,411
Trade payables
20,511
19,530
18,338
17,838
2,173
1,692
Other liabilities
48,392
41,909
44,237
37,465
4,155
4,444
374,019
351,209
210,237
197,411
163,782
153,798
* Including allocation of consolidation adjustments between the Automotive and Financial Services divisions, primarily intragroup loans.
29
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
OTHER RESERVES
million
Subscribed capital
Capital reserves
Retained earnings
Currency
translation reserve
2,799
1,191
12,658
72,341
5,581
1,870
204
3,711
204
27
1,959
Dividend payment
1,871
4,484
45
Capital increase
Other changes
109
1,218
14,616
69,587
2,641
1,777
1,218
14,616
71,197
5,558
1,250
1,828
6,809
1,828
Capital increase
Dividend payment
2,294
Other changes
1,218
14,616
75,704
51
1 Volkswagen AG recorded an inflow of cash funds amounting to 3,000 million, less a discount of 29 million and transaction costs of 19 million, from the hybrid capital issued in
March 2014. Additionally, there were noncash effects from the deferral of taxes amounting to 13 million. The hybrid capital is required to be classified as equity instruments
granted. Volkswagen AG recorded an inflow of cash funds amounting to 2,000 million, less transaction costs (20 million), from the capital increase implemented in June 2014
by issuing new preferred shares. Additionally, there are noncash effects from the deferral of taxes amounting to 6 million. Volkswagen AG recorded an inflow of cash funds
amounting to 2,500 million, less a discount of 29 million and transaction costs of 14 million, from the hybrid capital issued in March 2015. Additionally, there were noncash
effects from the deferral of taxes amounting to 11 million. The hybrid capital is required to be classified as equity instruments granted.
2 The capital transactions involving a change in ownership interest in 2014 are attributable to the derecognition of the noncontrolling interests in the equity of Scania AB.
30
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Equity attributable to
Volkswagen AG
shareholders and hybrid
capital investors
Noncontrolling
interests
Total equity
90,037
Available-for-sale
financial assets
Equity-accounted
investments
Equity attributable to
Volkswagen AG hybrid
capital investors
1,845
724
229
2,004
87,733
2,304
60
5,641
75
5,716
947
424
106
2,295
62
2,357
947
424
106
60
3,346
13
3,359
2,965
4,951
4,951
1,871
1,875
4,527
2,123
6,650
109
109
900
1,147
334
5,028
89,524
190
89,714
1,715
1,263
148
5,041
89,991
198
90,189
99
5,657
5,663
3,769
456
470
235
237
3,769
456
470
99
5,892
5,900
2,469
2,469
2,469
128
2,422
2,429
32
25
32
5,485
1,719
618
7,513
95,955
207
96,162
31
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
VOLKSWAGEN GROUP
DIVISIONS
AUTOMOTIVE
million
FINANCIAL SERVICES
2015
2014
2015
2014
2015
2014
18,634
22,009
16,010
19,285
2,624
2,724
7,664
7,777
6,485
6,782
1,179
995
1,924
2,531
1,841
2,227
83
304
8,947
7,822
6,159
5,690
2,788
2,132
209
116
200
110
3,334
309
3,002
301
332
18,230
13,493
14,005
10,657
4,225
2,837
10,464
10,147
2,452
2,269
8,012
7,878
Change in inventories
2,797
2,689
2,967
2,706
170
17
Change in receivables
3,505
3,829
3,545
3,181
40
648
Change in liabilities
3,376
4,275
2,964
3,568
412
707
1,425
677
1,412
591
12
86
(excluding depreciation)
4,845
4,143
391
467
4,454
3,676
4,118
4,439
74
74
4,192
4,365
7,766
3,347
11,553
8,388
3,787
5,041
to operating activities
6,993
6,236
6,761
5,469
231
767
4,823
3,779
4,652
3,578
171
201
2,170
2,396
2,170
2,396
166
195
89
380
77
576
773
2,889
4,791
2,919
4,018
5,808
3,944
1,235
3,121
815
823
420
10,937
7,471
9,882
6,284
1,055
1,187
999
306
3,283
5,567
4,282
5,873
444
21
401
30
43
51
1,728
3,797
1,212
3,493
516
304
16,906
18,213
14,798
15,792
2,108
2,421
23,166
18,105
14,765
10,187
8,401
7,918
Gross liquidity
40,072
36,318
29,563
25,980
10,509
10,338
139,378
126,332
8,074
12,001
131,304
114,331
99,306
90,014
21,489
13,979
120,796
103,993
96,453
82,318
17,639
16,869
114,092
99,186
1 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
2 Net of impairment reversals.
3 These relate mainly to the fair value measurement of financial instruments, application of the equity method and reclassification of gains/losses on disposal of noncurrent
assets to investing activities.
4 Net cash flow: cash flows from operating activities, net of cash flows from investing activities attributable to operating activities.
Explanatory notes on the cash flow statement are presented in note 12.
32
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Accounting policies
Volkswagen AG has applied all accounting pronouncements adopted by the EU and effective for periods beginning on or
after January 1, 2015.
A number of amendments to International Financial Reporting Standards resulting from the Annual Improvements
Project 2013 became effective on January 1, 2015. These relate to changes to IFRS 1, IFRS 3, IFRS 13 and IAS 40, and do
not materially affect the Volkswagen Groups net assets, financial position and results of operations.
IFRIC 21 has also been required to be applied since January 1, 2015. IFRIC 21 governs the accounting for levies that do
not fall within the scope of IAS 12 Income Taxes. In particular, it provides guidance on when a liability has to be
recognized for payment of a levy. This Interpretation also does not materially affect the Volkswagen Groups net assets,
financial position and results of operations.
A discount rate of 2.6% (December 31, 2014: 2.3%) was applied to German pension provisions in the accompanying
interim consolidated financial statements. The increase in the discount rate decreased pension provisions and deferred
taxes attributable to pension provisions and also decreased the actuarial losses for pension provisions that are recognized
in retained earnings.
The income tax expense for the interim reporting period was calculated on the basis of the average annual tax rate that
is expected for the entire fiscal year, in accordance with IAS 34, Interim Financial Reporting.
In other respects, the same accounting policies and consolidation methods that were used for the 2014 consolidated
financial statements are generally applied to the preparation of the interim consolidated financial statements and the
measurement of the prior-year comparatives. A detailed description of the policies and methods applied is published in the
notes to the consolidated financial statements in the 2014 Annual Report. This can also be accessed on the Internet at
www.volkswagenag.com/ir.
33
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Basis of consolidation
In addition to Volkswagen AG, which is domiciled in Wolfsburg and entered in the commercial register at the
Braunschweig Local Court under No. HRB 100484, the consolidated financial statements comprise all significant German
and non-German subsidiaries, including structured entities, that are controlled directly or indirectly by Volkswagen AG.
This is the case if Volkswagen AG obtains power over the potential subsidiaries directly or indirectly from voting rights or
similar rights, is exposed, or has rights to, positive or negative variable returns from its involvement with the subsidiaries,
and is able to influence those returns.
I N T E R E ST S I N J O I N T V E N T U R E S
Through its 50% interest in the joint venture Global Mobility Holding B.V., Amsterdam, the Netherlands, the Volkswagen
Group holds a 50% indirect stake in the joint ventures subsidiary, LeasePlan Corporation N.V., Amsterdam, the
Netherlands. Volkswagen agreed with Fleet Investments B.V., Amsterdam, the Netherlands, an investment company
belonging to the von Metzler family, that Fleet Investments would become the new co-investor in Global Mobility Holding
in 2010. The previous co-investors were instructed by Volkswagen AG to transfer their shares to Fleet Investments B.V. on
February 1, 2010 for the purchase price of 1.4 billion. Volkswagen AG has granted the new co-investor a put option on its
shares. If this option is exercised, Volkswagen must pay the original purchase price, less purchase price reductions, plus
accumulated pro rata preferred dividends. Additionally, Volkswagen AG has a preemptive right of purchase at any
applicable higher fair value. The put option is accounted for at fair value.
In addition, Volkswagen has pledged claims under certificates of deposit with Bankhaus Metzler in the amount of
1.3 billion to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler. This pledge does not increase the
Volkswagen Groups risk arising from the above-mentioned short position.
In fiscal year 2013, the put option and the certificates of deposit were prolonged by two years until January 2016.
34
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
1. Sales revenue
ST R U C T U R E O F G R O U P S A L E S R E V E N U E
H1
million
2015
2014
Vehicles
71,823
66,543
Genuine parts
7,237
6,650
5,509
4,963
4,672
4,697
Power Engineering
1,812
1,633
Motorcycles
361
308
10,170
7,575
3,409
3,097
3,783
3,343
108,776
98,808
Leasing business
2. Cost of sales
Cost of sales includes interest expenses of 972 million (previous year: 936 million) attributable to the financial services
business.
In addition to depreciation and amortization expenses, cost of sales also includes impairment losses on intangible
assets, items of property, plant and equipment, and lease assets. The impairment losses identified on the basis of updated
impairment tests amount to a total of 260 million (previous year: 101 million).
H1
million
2015
2014
6,648
6,478
2.6
2,170
2,396
9.4
32.6
37.0
1,521
1,391
9.3
5,999
5,474
9.6
35
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Q2
H1
2015
2014*
2015
2014*
million
295.1
295.1
295.1
295.1
million
295.1
295.1
295.1
295.1
million
206.2
198.0
206.2
196.8
million
206.2
198.0
206.2
196.8
million
2,731
3,249
5,663
5,716
Noncontrolling interests
million
24
75
million
56
38
99
60
million
2,671
3,186
5,558
5,581
5.33
6.46
11.06
11.32
5.33
6.46
11.06
11.32
5.33
6.46
11.12
11.38
5.33
6.46
11.12
11.38
36
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
5. Noncurrent assets
C H A N G E S I N S E L E C T E D N O N C U R R E N T A S S E T S B E T W E E N J A N U A RY 1 A N D J U N E 3 0 , 2 0 1 5
Carrying amount
at Jan. 1, 2015
Additions/
Changes in
consolidated
Group
Disposals/ Other
changes
Depreciation and
amortization
Carrying amount
at June 30, 2015
Intangible assets
59,935
2,324
137
2,032
60,363
46,169
4,677
522
3,906
47,462
Lease assets
27,585
8,389
2,221
3,009
30,743
4,209
3,941
Work in progress
3,686
3,552
22,991
20,156
4,233
3,679
million
6. Inventories
million
143
139
35,262
31,466
There was no requirement to recognize or reverse significant impairment losses on inventories in the reporting period.
million
Trade receivables
12,628
11,472
16,132
13,782
28,760
25,254
In the period January 1 to June 30, 2015, impairment losses and reversals of impairment losses on noncurrent and
current financial assets reduced operating profit by 386 million (previous year: 250 million).
37
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
8. Equity
Following the approval by the Annual General Meeting of MAN SE of the conclusion of the control and profit and loss
transfer agreement between MAN SE and Truck & Bus GmbH on June 6, 2013, Volkswagen is obliged to pay a cash
settlement to the remaining noncontrolling interest shareholders of MAN SE. For this reason, the noncontrolling interests
in the equity of MAN SE and the interest in Scania AB attributable to those noncontrolling interest shareholders were
derecognized from Group equity as of this date. At the same time, a liability was recognized in accordance with the cash
settlement offer for the obligation to acquire the shares. MAN SEs profit or loss is attributed in full to the shareholders of
Volkswagen AG. As of June 30, 2015, a total of 360,020 ordinary shares and 117,656 preferred shares had been tendered.
On March 14, 2014, Volkswagen AG published an offer to the shareholders of Scania Aktiebolag, Sdertlje, (Scania)
to acquire all Scania shares. The offer was completed on May 13, 2014 and Volkswagen initiated a squeeze-out for the
Scania shares that were not tendered in the course of the offer. Scania shares were delisted from the NASDAQ OMX
Stockholm at the end of June 5, 2014. The Groups retained earnings were reduced by the total value of the offer
amounting to 6,650 million as a capital transaction with noncontrolling interest shareholders recognized directly in
equity. At the same time, the equity interest in Scania previously attributable to the noncontrolling interest shareholders in
Scania amounting to 2,123 million was reclassified from noncontrolling interests to the reserves attributable to the
shareholders of Volkswagen AG. The remaining noncontrolling interests are largely attributable to shareholders of RENK AG
and AUDI AG.
In March 2015, Volkswagen AG placed unsecured subordinated hybrid notes with an aggregate principal amount of
2.5 billion via a subsidiary, Volkswagen International Finance N.V. Amsterdam (issuer). The perpetual hybrid notes were
issued in two tranches and can be called by the issuer. The first call date for the first tranche (1.1 billion and a coupon of
2.50%) is after seven years, and the first call date for the second tranche (1.4 billion and a coupon of 3.50%) is after
15 years. Under IAS 32, the hybrid notes must be classified in their entirety as equity. The capital raised was recognized in
equity, less a discount and transaction costs and net of deferred taxes. The interest payments payable to the noteholders
will be recognized directly in equity, net of income taxes.
In the first six months of the fiscal year, Volkswagen AG issued 564 newly created preferred shares (notional value:
1,443.84) resulting from the exercise of mandatory convertible notes. The subscribed capital is composed of
295,089,818 nopar value ordinary shares and 180,642,042 preferred shares, and amounts to 1,218 million (December
31, 2014: 1,218 million).
Volkswagen AG paid a dividend of 2,294 million in the reporting period (previous year: 1,871 million). 1,416 million of this amount (previous year: 1,180 million) was attributable to ordinary shares and 878 million (previous year:
691 million) to preferred shares.
million
58,662
56,639
Liabilities to banks
10,923
9,692
Deposit business
Other financial liabilities
38
892
980
1,412
1,105
71,889
68,416
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
million
32,935
29,639
Liabilities to banks
10,242
11,109
Deposit business
23,861
24,353
451
463
67,489
65,564
39
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
The following table contains an overview of the financial assets and liabilities measured at fair value:
F I N A N C I A L A S S E T S A N D L I A B I L I T I E S M E A S U R E D AT FA I R VA L U E B Y L E V E L
million
Level 1
Level 2
Level 3
2,922
2,922
2,047
2,023
24
Noncurrent assets
Current assets
Other financial assets
1,551
1,543
Marketable securities
10,861
10,861
2,390
2,216
174
2,991
2,916
75
Level 1
Level 2
Level 3
3,500
3,500
2,240
2,217
23
Noncurrent liabilities
Other noncurrent financial liabilities
Current liabilities
Other current financial liabilities
million
Noncurrent assets
Current assets
Other financial assets
1,758
1,752
Marketable securities
15,095
15,095
5,822
5,643
179
5,656
5,576
80
Noncurrent liabilities
Other noncurrent financial liabilities
Current liabilities
Other current financial liabilities
The allocation of fair values to the three levels in the fair value hierarchy is based on the availability of observable market
prices. Level 1 is used to report the fair value of financial instruments for which a price is directly available in an active
market. Examples include marketable securities and other equity investments measured at fair value. Fair values in Level 2,
for example of derivatives, are measured on the basis of market inputs using market-based valuation techniques. In
particular, the inputs used include exchange rates, yield curves and commodity prices that are observable in the relevant
markets and obtained through pricing services. Level 3 fair values are calculated using valuation techniques that
incorporate inputs that are not directly observable in active markets. In the Volkswagen Group, long-term commodity
futures are allocated to Level 3 because the prices available on the market must be extrapolated for measurement purposes.
This is done on the basis of observable inputs obtained for the different commodities through pricing services. Options on
equity instruments and residual value protection models are also reported in Level 3. Equity instruments are measured
primarily using the relevant business plans and entity-specific discount rates. The significant inputs used to measure fair
value for the residual value protection models include forecasts and estimates of used vehicle residual values for the
appropriate models.
40
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
C H A N G E S I N B A L A N C E S H E E T I T E M S M E A S U R E D AT FA I R VA L U E B A S E D O N L E V E L 3
million
Financial assets
Financial liabilities
32
218
30
14
25
14
19
51
205
25
14
million
25
14
21
Financial assets
Financial liabilities
32
249
66
62
Additions (purchases)
36
20
30
259
62
41
62
47
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
The transfers between the levels of the fair value hierarchy are reported at the respective reporting dates. The transfers out
of Level 3 into Level 2 comprise commodity futures for which observable quoted prices are now available for measurement
purposes due to the decline in their remaining maturities; consequently, no further extrapolation is required. There were
no transfers between other levels of the fair value hierarchy.
Commodity prices are the key risk variable for the fair value of commodity futures. Sensitivity analyses are used to
present the effect of changes in commodity prices on profit after tax and equity.
If commodity prices for commodity futures classified as Level 3 had been 10% higher (lower) as of June 30, 2015,
profit after tax would have been 13 million higher (lower) and equity would have been 2 million higher (lower).
The key risk variable for measuring options on equity instruments held by the Company is the relevant enterprise value.
Sensitivity analyses are used to present the effect of changes in risk variables on profit after tax.
If the assumed enterprise values had been 10% higher, profit after tax would have been 1 million higher. If the
assumed enterprise values had been 10% lower, profit after tax would have been 1 million lower.
Residual value risks result from hedging agreements with dealers under which earnings effects caused by marketrelated fluctuations in residual values that arise from buy-back obligations under leases are borne in part by the Volkswagen Group.
The key risk variable influencing the fair value of the options relating to residual value risks is used car prices.
Sensitivity analyses are used to quantify the effects of changes in used car prices on profit after tax.
If the prices for the used cars covered by the residual value protection model had been 10% higher as of June 30, 2015,
profit after tax would have been 208 million higher. If the prices for the used cars covered by the residual value protection
model had been 10% lower as of June 30, 2015, profit after tax would have been 208 million lower.
Reconciliation of balance sheet items to classes of financial instruments
The following table shows the reconciliation of the balance sheet items to the relevant classes of financial instruments,
broken down by the carrying amount and fair value of the financial instruments.
The fair value of financial instruments measured at amortized cost, such as receivables and liabilities, is calculated by
discounting using a market rate of interest for a similar risk and matching maturity. For reasons of materiality, the fair
value of current balance sheet items is generally deemed to be their carrying amount. In the reconciliation presented in the
following tables, equity instruments recognized at their carrying amount are allocated to Level 3 of the fair value hierarchy.
42
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
R E C O N C I L I AT I O N O F B A L A N C E S H E E T I T E M S T O C L A S S E S O F F I N A N C I A L I N ST R U M E N T S A S O F D E C E M B E R 3 1 , 2 0 1 4
BALANCE SHEET
MEASURED
MEASURED AT AMORTIZED COST
AT FAIR VALUE
million
Carrying amount
Carrying amount
NOT WITHIN
ITEM AT
SCOPE OF IFRS 7
Fair value
Carrying amount
Noncurrent assets
Equity-accounted investments
9,874
2,922
761
761
3,683
57,877
60,052
57,877
2,047
4,451
4,496
6,498
Trade receivables
11,472
11,472
11,472
44,398
44,398
44,398
1,551
6,141
6,141
7,693
Marketable securities
10,861
10,861
19,123
19,123
19,123
68,416
70,238
68,416
2,390
1,564
1,568
3,954
9,874
Current assets
3,703
3,822
3,703
65,564
65,564
65,564
19,530
19,530
19,530
2,991
4,652
4,652
7,643
Trade payables
Other current financial liabilities
43
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
R E C O N C I L I AT I O N O F B A L A N C E S H E E T I T E M S T O C L A S S E S O F F I N A N C I A L I N ST R U M E N T S A S O F J U N E 3 0 , 2 0 1 5
BALANCE SHEET
MEASURED
MEASURED AT AMORTIZED COST
AT FAIR VALUE
million
Carrying amount
Carrying amount
NOT WITHIN
ITEM AT
SCOPE OF IFRS 7
Fair value
Carrying amount
Noncurrent assets
Equity-accounted investments
8,288
3,500
865
865
4,365
61,822
64,267
61,822
2,240
4,595
4,636
6,835
Trade receivables
12,628
12,628
12,628
46,861
46,861
46,861
1,758
7,384
7,384
9,142
Marketable securities
15,095
15,095
17,598
17,598
17,598
71,889
73,223
71,889
5,822
1,760
1,766
7,582
8,288
Current assets
3,632
3,533
3,632
67,489
67,489
67,489
20,511
20,511
20,511
5,656
5,609
5,609
11,264
Trade payables
Other current financial liabilities
44
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
million
Cash, cash equivalents and time deposits as reported in the balance sheet
Time deposits
Cash and cash equivalents as reported in the cash flow statement
17,598
20,002
691
1,789
16,906
18,213
Cash inflows and outflows from financing activities are presented in the following table:
H1
million
2015
Capital contributions
Dividends paid
Capital transactions with noncontrolling interest shareholders
Other changes
Proceeds from issuance of bonds
Repayment of bonds
Change in other financial liabilities
Lease payments
2014
2,457
4,932
2,429
1,875
6,535
45
12,963
14,874
10,204
11,961
1,771
917
16
999
306
45
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
At Volkswagen, segment profit or loss is measured on the basis of operating profit or loss.
The reconciliation contains activities and other operations that by definition do not constitute segments. It also
includes the unallocated Group financing activities. Consolidation adjustments between the segments are also contained
in the reconciliation.
As a matter of principle, business relationships between the companies within the segments of the Volkswagen Group
are transacted at arms length prices.
R E P O RT I N G S E G M E N T S : H 1 2 0 1 4
million
Passenger Cars
Commercial
Vehicles
Power
Engineering
Financial
Services
Total segments
74,112
12,121
1,632
10,722
6,324
2,578
1,042
80,437
14,699
1,634
5,528
509
Passenger Cars
Reconciliation
Volkswagen
Group
98,587
221
98,808
9,947
9,947
11,764
108,533
9,725
98,808
924
6,965
780
6,186
Commercial
Vehicles
Power
Engineering
Financial
Services
Total segments
Reconciliation
Volkswagen
Group
81,358
12,150
1,812
13,364
108,684
92
108,776
7,760
3,001
1,319
12,081
12,081
89,118
15,151
1,813
14,683
120,765
11,989
108,776
6,215
349
1,120
7,689
868
6,820
R E P O RT I N G S E G M E N T S : H 1 2 0 1 5
million
R E C O N C I L I AT I O N
H1
million
2015
2014
7,689
6,965
113
74
10
15
Consolidation
991
869
Operating profit
6,820
6,186
843
1,591
7,664
7,777
Financial result
Consolidated profit before tax
46
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
RENDERED
RECEIVED
H1
million
H1
2015
2014
2015
2014
Porsche SE
10
Unconsolidated subsidiaries
571
425
353
295
6,367
7,174
566
577
59
73
311
145
RECEIVABLES
LIABILITIES
(INCLUDING OBLIGATIONS) TO
million
Porsche SE
Supervisory Board members
Unconsolidated subsidiaries
Joint ventures and their majority interests
Associates and their majority interests
State of Lower Saxony, its majority interests and joint ventures
47
348
356
12
14
154
218
837
673
874
815
7,808
6,295
2,178
2,127
64
69
291
168
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
The supplies and services received from joint ventures and associates in the first six months do not include resolved
dividend distributions amounting to 4,589 million (previous year: 2,925 million).
The receivables from Porsche SE comprise a receivable under a loan agreement and receivables from land transfer
taxes. The obligations to Porsche SE consist mainly of liability compensation for guarantees.
Obligations to members of the Supervisory Board amounting to 154 million relate primarily to interest-bearing bank
balances of Supervisory Board members that were invested at standard market terms and conditions at Volkswagen Group
companies.
Obligations to joint ventures and their majority interests contain miscellaneous financial obligations under an
irrevocable credit commitment in the amount of 1.3 billion to LeasePlan Corporation N.V., Amsterdam, the Netherlands,
with a term until December 2018.
15. Litigation
Volkswagen AGs Annual Report for fiscal year 2014 contains detailed information on litigation and other legal
proceedings.
There were no significant changes compared with the situation described there.
48
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
49
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Responsibility Statement
Responsibility Statement
To the best of our knowledge, and in accordance with the applicable reporting principles for interim financial reporting,
the condensed interim consolidated financial statements give a true and fair view of the assets, liabilities, financial
position and profit or loss of the Group in accordance with German accepted accounting principles, and the interim
management report of the Group includes a fair review of the development and performance of the business and the
position of the Group, together with a description of the material opportunities and risks associated with the expected
development of the Group for the remaining months of the fiscal year.
Volkswagen Aktiengesellschaft
The Board of Management
Martin Winterkorn
Herbert Diess
Jochem Heizmann
Christian Klingler
Matthias Mller
Horst Neumann
Andreas Renschler
Rupert Stadler
50
I N T E R I M C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S ( C O N D E N S E D )
Review Report
Review Report
This report was originally prepared in German. In case of ambiguities the German version shall prevail:
Review Report
To VOLKSWAGEN AKTIENGESELLSCHAFT, Wolfsburg
We have reviewed the condensed consolidated interim financial statements - comprising the condensed income statement
and condensed statement of comprehensive income, condensed balance sheet, condensed statement of changes in equity,
condensed statement of cash flows and selected explanatory notes - and the interim group management report of
VOLKSWAGEN AKTIENGESELLSCHAFT, Wolfsburg, for the period from January 1 to June 30, 2015, which are part of the
half-yearly financial report pursuant to (Article) 37w WpHG ("Wertpapierhandelsgesetz": German Securities Trading Act).
The preparation of the condensed consolidated interim financial statements in accordance with the IFRSs applicable to
interim financial reporting, as adopted by the EU, and of the interim group management report in accordance with the
provisions of the German Securities Trading Act applicable to interim group management reports is the responsibility of
the parent Company's Board of Management. Our responsibility is to issue a review report on the condensed consolidated
interim financial statements and on the interim group management report based on our review.
We conducted our review of the condensed consolidated interim financial statements and the interim group management report in accordance with German generally accepted standards for the review of financial statements promulgated
by the Institut der Wirtschaftsprfer (Institute of Public Auditors in Germany) (IDW). Those standards require that we plan
and perform the review so that we can preclude through critical evaluation, with moderate assurance, that the condensed
consolidated interim financial statements have not been prepared, in all material respects, in accordance with the IFRSs
applicable to interim financial reporting, as adopted by the EU, and that the interim group management report has not
been prepared, in all material respects, in accordance with the provisions of the German Securities Trading Act applicable
to interim group management reports. A review is limited primarily to inquiries of company personnel and analytical
procedures and therefore does not provide the assurance attainable in a financial statement audit. Since, in accordance
with our engagement, we have not performed a financial statement audit, we cannot express an audit opinion.
Based on our review, no matters have come to our attention that cause us to presume that the condensed consolidated
interim financial statements have not been prepared, in all material respects, in accordance with the IFRSs applicable to
interim financial reporting, as adopted by the EU, nor that the interim group management report has not been prepared,
in all material respects, in accordance with the provisions of the German Securities Trading Act applicable to interim
group management reports.
Norbert Winkeljohann
Wirtschaftsprfer
(German Public Auditor)
Frank Hbner
Wirtschaftsprfer
(German Public Auditor)
51
Contact Information
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FI NA NC IA L CA L E N DA R
Volkswagen AG
Financial Publications
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38436 Wolfsburg
Germany
Phone
Fax
I N V E STO R R E L AT I O N S
Volkswagen AG
Investor Relations
Letterbox 1849
38436 Wolfsburg
Germany
Phone
Fax
investor.relations@volkswagen.de
Internet
www.volkswagenag.com/ir
Printed in Germany
558.809.560.20