Presentation - Volkswagen AG

January – June 2016
Conference Call and Webcast
28 July 2016
Disclaimer
The following presentations contain forward-looking statements and information on the business development of the Volkswagen Group. These
statements may be spoken or written and can be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”, “seeks”,
“estimates”, “will” or words with similar meaning. These statements are based on assumptions relating to the development of the economies of individual
countries, and in particular of the automotive industry, which we have made on the basis of the information available to us and which we consider to be
realistic at the time of going to press. The estimates given involve a degree of risk, and the actual developments may differ from those forecast.
Consequently, any unexpected fall in demand or economic stagnation in our key sales markets, such as in Western Europe (and especially Germany) or in
the USA, Brazil or China, will have a corresponding impact on the development of our business. The same applies in the event of a significant shift in
current exchange rates relative to the US dollar, sterling, yen, Brazilian real, Chinese renminbi and Czech koruna.
If any of these or other risks occur, or if the assumptions underlying any of these statements prove incorrect, the actual results may significantly differ
from those expressed or implied by such statements.
We do not update forward-looking statements retrospectively. Such statements are valid on the date of publication and can be superceded.
This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.
2
Conference Call: January – June 2016
Frank Witter
Fred Kappler
Member of the Board of
Management, Volkswagen AG
Finance and Controlling
Head of Group Sales
Volkswagen AG
3
Financial Highlights January – June 2016
Solid development for the Volkswagen Group in H1
Sales Revenue slightly below prior year, negatively effected by exchange rates
Operating Profit before special items improved
Operating Profit after special items, related in particular to legal risks, below prior year
Profit before tax lower due to special items, reduced earnings from China and increased negative
other financial result
Automotive net liquidity further increased
4
Development Volkswagen Group Car Deliveries to Customers1)
(in comparison to previous year)
World Car Market:
+2.6%
+2.1%
+3.8%
+3.1%
12,000
-1.8%
10,000
9,491
9,321
8,000
+1.2%
6,000
4,729
+1.9%
4,788
+0.6%
4,000
2,340
2,353
Q1 2015
Q1 2016
2,390
2,435
Q2 2015
Q2 2016
2,000
Full Year
2014
1)
Full Year
2015
Figures excl. Volkswagen Commercial Vehicles, Scania and MAN.
H1 2015
H1 2016
5
Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1)
(Growth y-o-y in deliveries to customers, January to June 2016 vs. 2015)
bf
Car Market
VW Group
Car Market
VW Group
Car Market
VW Group
Cars + LCV
6.0%
8.6%
2.9%
2.5%
-3.7%
-1.7%
North America
Car Market
VW Group
Western Europe
Car Market
VW Group
Cars + LCV
3.1%
-16.4%
Car Market
VW Group
5.9%
5.1%
-26.8%
South America
1)
1.2%
Central & Eastern Europe
Figures excl. Volkswagen Commercial Vehicles, Scania and MAN.
World
Asia Pacific
6
Volkswagen Group – Deliveries to Customers by Brands
(January to June 2016 vs. 2015)
´000 units
6,000
+1.5%
January – June 2015
January – June 2016
1)
5,039 5,117
5,000
Passenger Cars
4,000
Commercial Vehicles
-0.7%
2,946 2,925
3,000
2,000
+5.6%
+4.6%
+0.2%
902 953
1,000
+3.5%
114 118
Volkswagen
Group
2)
-1.1%
544 569
216 217
1)
+7.0%
Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +1.2% excl. Volkswagen Commercial Vehicles, Scania and MAN.
MAN incl. MAN Latin America Trucks and Busses GVW > 5t
223 239
50
+9.0%
49
37
40
2)
7
Volkswagen Ameo
Audi Q7 e-tron quattro
SEAT Ateca
Porsche Boxster and Cayman
8
Volkswagen Group – Key Financial Figures1)
(January to June 2016 vs. 2015)
thousand vehicles / € million
2016
2015
+/- (%)
Vehicle Sales 2)
5,199
5,090
+2.1
107,935
108,776
-0.8
7,517
6,990
+7.5
7.0
6.4
5,339
6,820
4.9
6.3
-528
843
x
1,715
2,241
-23.5
-2,243
-1,397
60.6
4,810
7,664
-37.2
4.5
7.0
3,579
5,663
Sales revenue
Operating profit before special items
% of sales revenue
Operating profit
% of sales revenue
Financial result
of which: At-equity result2)
of which: Other financial result
Profit before tax
% Return on sales before tax
Profit after tax
1)
2)
-21.7
-36.8
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
Volume data including the unconsolidated Chinese joint ventures. The joint venture companies in China are accounted for using the equity method and recorded an operating profit (proportionate) of € 2,366 million (€2.744 million).
9
Volkswagen Group – Analysis of Operating Profit1)
(January to June 2016 vs. 2015)
€ billion
8.0
1.1
0.2
-1.0
1.0
-0.8
0.2
-0.0
0.1
-2.2
6.0
4.0
6.8
7.5
7.0
5.3
2.0
0.0
Jan – June Special Jan – June Volume/ Exchange
Product
Items
2015
2015
Mix/ Prices
rates
costs
after
before
special Items
special Items
Passenger Cars
1) All
Fixed
costs
Commercial Power
Financial Jan – June Special Jan – June
Vehicles Engineering Services
2016
Items
2016
Division
before
after
special Items
special Items
figures shown are rounded, minor discrepancies may arise from addition of these amounts.
10
Volkswagen Group – Analysis by Business Line1)
(January to June 2016 vs. 2015)
Vehicle sales
Operating profit
2016
2015
2016
2015
2016
2015
Volkswagen Passenger Cars
2,232
2,251
53,006
53,578
881
1,428
Audi
799
784
30,134
29,784
2,666
2,914
ŠKODA
431
421
7,114
6,421
685
522
SEAT
276
286
4,485
4,469
93
52
5
5
883
939
-22
54
117
109
10,929
10,850
1,830
1,698
231
231
5,406
5,223
299
268
41
38
5,575
5,182
550
503
49
50
4,798
4,919
186
54
-
-
1,673
1,813
103
135
1,867
1,743
-
-
-
Bentley
Porsche
2)
Volkswagen Commercial Vehicles
Scania
2)
MAN Commercial Vehicles
MAN Power Engineering
3)
VW China
Other
4)
-849
-827
-29,679
-27,420
-749
Volkswagen Financial Services
-
-
13,611
13,018
995
970
Volkswagen Group before special items
-
-
-
-
7,517
6,990
Special items
-
-
-
-
-2,178
-170
5,199
5,090
107,935
108,776
5,339
6,820
5,199
5,090
92,547
94,093
4,162
5,700
4,879
4,772
75,285
77,129
3,895
5,346
320
318
15,589
15,151
285
349
-
-
1,673
1,813
-18
5
-
-
15,388
14,683
1,177
1,120
Volkswagen Group
5)
Automotive Division
of which: Passenger Cars
of which: Commercial Vehicles
of which: Power Engineering
Financial Services Division
1)
Sales revenue
thousand vehicles/ € million
2)
3)
All figures shown are rounded, minor discrepancies may arise from addition of these amounts. Incl. financial services. Sales revenue and operating profit of the JV’s in China are not included in the Group figures. The Chinese companies
are accounted for using the equity method and recorded an operating profit (proportionate) of € 2,366 million (€2,744 million). 4) Mainly intragroup items, in particular from elimination of intercompany profits; incl. depreciation and amortization
of identifiable assets as part of the PPA for Scania, Porsche Holding Salzburg, MAN and Porsche. 5) Including allocation of consolidation adjustments between Automotive and Financial Services divisions.
-1,608
4)
11
Automotive Division – Strong Cash Generation1) 2)
(January to June 2016)
€ billion
11.0
9.5
8.0
-4.5
(4.9%)
6.5
5.0
9.7
- 2.6
3.5
2.3
0.2
5.1
2.0
2.8
0.5
-1.0
20153)
1) All
4)
11.2
-4.7 (4.9%4))
-2.2
0.3
4.6
-0.1
4.5
Cash flow
from operating
activities
Capex
Capitalized
development costs
Other
Net cash flow
before equity
investments
Acquisition
and disposal
of equity
investments
Net cash flow
figures shown are rounded, minor discrepancies may arise from addition of these amounts.
Capital expenditure for property, plant and equipment in% of Automotive sales revenue.
2)
Including allocation of consolidation adjustments between Automotive and Financial Services divisions.
3)
prior- year figures adjusted
12
Automotive Division – Analysis of Net Liquidity1)
€ billion
0.9
28.0
2.0
26.0
0.5
24.0
0.1
0.2
2.2
22.0
20.0
18.0
28.8
24.5
31 December
2015
16.0
14.0
31.12.2015
1) All
Equity capital
increase
Volkswagen FS
Dividend
pay-out to
Volkswagen AG
shareholders
figures shown are rounded, minor discrepancies may arise from addition of these amounts.
Distributions
to hybrid
investors
Proceeds from sale
of interest in
LeasePlan
Dividend
FAW / SVW
Other cash flow
30 June
2015
Net cash flow: €5.1
13
Volkswagen Group – Outlook for 2016
- 2.0%
Deliveries to
customers
10,137
9,931
Deliveries to customers
slightly above prior year
(‘000 vehicles)
+ 5.4%
213.3
202.5
Sales revenue
(€ billion)
Sales revenue
up to 5% below prior year
- 4.8%
Operating return
on sales
(before special items)
6.3
6.0
Operating return on sales
(before special items) between 5.0% and 6.0%
(%)
2014
2015
Full Year
14
Appendix
15
Volkswagen Group – Deliveries to Customers by Markets1)
(January to June 2016 vs. 2015)
´000 units
6,000
January – June 2015
January – June 2016
+1.5%
5,039 5,117
5,000
4,000
3,000
+3.3%
+5.1%
2,000
1,811 1,871
1,943 2,042
+6.7%
1,000
304
Volkswagen
Group
1)
Western
Europe
324
Central &
Eastern Europe
-1.6%
451
444
North America
-24.7%
297
232
224
South America
Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles); +1.2% excl. Volkswagen Commercial Vehicles, Scania and MAN.
-9.0%
Asia Pacific
212
Rest of World
16
Volkswagen Group – Deliveries to Customers BRIC-Markets1)
(January to June 2016 vs. 2015)
´000 units
2,500
January – June 2015
January – June 2016
+1.8%
2,077
+6.8%
2,114
2,000
1,743
1,862
1,500
1,000
-33.1%
-6.8%
500
-16.1%
212
BRIC
142
Brazil
84
79
Russia
37
31
India
China
(incl. Hong Kong)
1)
Incl. all brands of Volkswagen Group (Passenger Cars and Commercial Vehicles).
17
Volkswagen Group – Headline Figures
(January to June 2016 vs. 2015)
Deliveries to customers1)
Vehicle sales
Production
1)
1)
2016
2015
+/- (%)
'000 units
5,117
5,039
+1.5
'000 units
5,199
5,090
+2.1
'000 units
5,268
5,314
-0.9
Sales revenue
€ million
107,935
108,776
-0.8
Operating profit before special items
€ million
7,517
6,990
+7.5
Special items
€ million
-2,178
-170
x
Operating profit
€ million
5,339
6,820
-21.7
Profit before tax
€ million
4,810
7,664
-37.2
Profit after tax
€ million
3,579
5,663
-36.8
€ million
9,736
11,234
-13.3
€ million
4,601
6,761
-31.9
€ million
4,515
4,652
-2.9
Net cash flow
€ million
5,135
4,473
+14.8
Net liquidity at June 31
€ million
28,778
21,489
+33.9
Automotive Division2)
Cash flows from operating activities3)
Cash flows from investing activities attributable to operating activities
of which investments in property, plant & equipment
1)
4)
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.
2015 deliveries updated reflect subsequent statistical trends. 2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
3) prior- year figures adjusted 4) Excluding acquisition and disposal of equity investments: January – June €6,939 million (€6,672 million).
18
Volkswagen Group – Analysis by Market1)
(January to June 2016 vs. 2015)
bf
Vehicle sales
1)
2)
vehicles / € million
2016
2015
Europe / Remaining markets
2,392
2,321
North America
469
South America
Sales revenue
+/- (%)
2016
2015
+/- (%)
3.1
69,861
67,568
3.4
457
2.6
17,044
17,414
-2.1
219
283
-22.6
3,777
5,365
-29.6
Asia-Pacific2)
2,119
2,030
4.4
17,254
18,429
-6.4
Volkswagen Group2)
5,199
5,090
2.1
107,935
108,776
-0.8
All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
The sales revenue of the joint venture companies in China is not included in the figures for the Group and the Asia-Pacific market.
19
Automotive Division – Research and Development Costs
(January to June 2016 vs. 2015)
€ million
2015
8,000
6,000
2016
2,170
32.6%
2,582
1,521
39.0%
1,803
4,000
6,648
5,999
6,619
5,840
2,000
0
Total
R&D costs
of which
capitalized
amortization
Recognized
in the income
statement
Total
R&D costs
of which
capitalized
amortization
Recognized
in the income
statement
20
Volkswagen Beetle Dune
21
Audi A5 Coupé
22
Porsche 718 Cayman S
23
ŠKODA OCTAVIA RS
24
SEAT Ateca
25
Bentley Bentayga
26
Lamborghini Aventador Miura Homage
27
Volkswagen Amarok
28
MAN TGX
29
Scania R440 4x2 Topline
30
January – June 2016
Conference Call and Webcast
28 July 2016