Investor Meeting with Bankhaus Metzler. Hans Dieter Pötsch, Member of the Board of Management Volkswagen Aktiengesellschaft

Transcription

1 Investor Meeting with Bankhaus Metzler Hans Dieter Pötsch, Member of the Board of Management Volkswagen Aktiengesellschaft 8 June 2009

2 Volkswagen: Managing the Downturn / Investing in the Future Q to

3 Highlights January March 2009 Group sales and earnings impacted by global financial and economic crises Increased market share in key regions of the world Positive operating result achieved Significant improvement in Automotive net cash flow Automotive net liquidity up on year-end 2008 Sale of Brazilian heavy truck business 3

4 World car market vs. VW Group deliveries to customers 1) Q1 to Q vs and January to April 2009 vs % 0% Q1 Q2 Q3 Q Jan Feb Mar Apr cumulative 6.9% 4.8% 2.6% -0.1% 0.1% 1.1% -10% -6.9% -7.2% -5.8% -8.5% -5.9% -4.7% -20% -19.2% -25.0% -21.3% -22.4% -17.6% -20.0% -30% World car market VW Group* - deliveries to customers 1) incl. Scania (July 22 December 31, 2008); incl. Trucks and Busses (until Feb 2009) 4

5 World car markets and VW Group deliveries to customers 1) January to April 2009 vs Car Market Car+ LCV World: Car Market: -21% VW Group: -9.1% North America Western Europe Eastern Europe VW Group Car Market VW Group Car Market VW Group -35.3% -13.4% -15.1% -13.1% -42.5% -26.2% Car Market South America VW Group Car Market South Africa VW Group Asia Pacific Car Market VW Group 7.2% -11.6% -2.6% -5.8% -32.7% -30.4% 1) incl. Scania (Q1 2009); incl. Trucks and Busses (until Feb 2009) 5

6 Volkswagen Group deliveries to customers by market 1) January April units January April 2008 January April , , % 1,945 1, , , % % % % -13.4% % Volkswagen Western Europe Eastern Europe North America South America Asia Pacific South Africa Group 1) incl. Scania (Q1 2009); incl. Trucks and Busses (until Feb 2009) 6

7 Volkswagen Group deliveries to customers by brands January April units January April 2008 January April , , % 1,945 1, , % 1,255 1, Volkswagen Group 1) Volkswagen Passenger Cars % 292 1) incl. Scania (Q1 2009); incl. Trucks and Busses (until Feb 2009) 2) Q % % % % Audi Škoda Seat Bentley Commercial Vehicles 11 Scania 2) 7

8 Volkswagen Group Analysis of Q1 Sales Revenues billion Jan-Mar 2008 Volume Price Mix Currency Scania Volkswagen Financial Services Jan-Mar

9 Volkswagen Group Analysis of Q1 Operating Profit billion Jan-Mar 2008 Volume/ Price/ Mix Currency Product cost Fixed cost/ Depreciation Sale of Resende Scania Volkswagen Financial Services Jan-Mar

10 Cash Flows from Operating Activities and Cash Flows from Investing Activities January March 2008 January March 2009 million, Automotive Division 1) 3,500 3,000 2,978 2,500 2,195 2,000 1,500 1, ,328 2) 1, ) 1,732 Cash flows from operating activities Cash flows from investing activities 1) Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 2) Excluding acquisition and disposal of equity investments: Q1 1,732 million ( 1,269 million). Cash flows from operating activities Cash flows from investing activities 10

11 Automotive Division 1) Net Liquidity million 12,000 9,000 6,000 10,737 3,000 8,039 0 as of January 1, 2009 as of March 31, ) Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 11

12 Volkswagen Group Analysis by Business Line Sales Sales revenues Operating profit thousand vehicles/ million Volkswagen Passenger Cars ,336 18, Audi ,700 8, Škoda ,438 2, SEAT , Bentley Commercial Vehicles ,388 2, ) 103 Scania 2) 11-1, VW China 3) Other ,478-8, ) 4) -276 Volkswagen Financial Services 2,949 2, Volkswagen Group 1,352 1,604 23,999 27, ,311 thereof Automotive Division 1,352 1,604 20,923 24, ,035 Financial Services Division 3,076 2, ) Including the proceeds from the sale of Volkswagen Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda., Resende. 2) Vehicles & Services and Financial Services (not consolidated in 2008). 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 an operating profit (proportionate) of 101 million ( 73 million). 4) Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits; 2009 figure includes depreciation and amortization of identifiable assets as part of the purchase price allocation for Scania. 12

13 Outlook 2009 Volkswagen Group in 000 units / million ) Deliveries to customers 5,079 5,243 5,733 6,189 6,257 Sales revenue 88,963 93, , , ,808 Operating profit 2,037 2) 2,889 2) 4,383 6,151 6,333 1) Restated; 2) before special items. In 2009 we assume that the Volkswagen Group will be unable to escape the downward trend but will perform better than the market as a whole and will be able to gain additional market share during the crisis. The Group s sales revenue in 2009 will be lower than in the previous year because of the decline in volume sales. Rising refinancing costs and a worsening of the country mix will serve as an additional drag on earnings. Volkswagen will counter this trend in particular through disciplined cost and investment management and the continuous optimization of its processes. Ecological relevance and the return on our vehicle projects are the core elements of the 18 plus strategy. The high volatility of market developments does not permit any reliable forecasts to be made for the rest of fiscal year Based on the extremely weak business in the first three months of 2009, we continue to expect that our earnings will not reach the level of previous years. 13

14 Volkswagen: Managing the Downturn / Investing in the Future Q to

15 Heading Towards a Fully-Fledged Product Portfolio Product portfolio Western Europe 2009 Estate MPV Van SUV Coupé Cabrio Hatchback Notchback Roadster E D C B New segments 2009 A A0 A00 15

16 Volkswagen s Fuel and Powertrain Strategy Renewable Hydrogen (regenerative) Electricity Fuel Cell Electrotraction From Natural Gas From Oil SunFuel Cellulose-Ethanol SynFuel Diesel Fuel Gasoline CNG Hybrid CCS DSG TSI TDI 16

17 Volkswagen Group: Models with Low Fuel Consumption 4 models 100 g CO 2 /km 33 models 120 g CO2/km 132 models 140 g CO 2 /km 132 models 140 g CO 2 /km Status: 21/04/09 17

18 BlueMotionTechnologies environmentally friendly products and technologies under one umbrella brand Umbrella brand encompassing all productionready and near-production technologies that contribute toward saving fuel and reducing CO 2 and other emissions Excellent products with regard to their fuel efficiency and emissions Additional technologies that are exceptionally environmentally friendly Energy efficient basic technologies already available on all models today 18

19 DSG Double Clutch Transmission CO 2 - emissions in comparison 6 / 7 gear, wet / dry clutch fuel consumption lower than with manual gearbox shorter switching without interruption of traction gearshift with highest comfort relation [%] % - 14 % 100 automatic (4-gear) (6-gear) DSG (6-gear) manual DSG (7-gear) 19

20 BlueMotion Vehicles of the Second Generation Package 1 Start/Stop Tires with optimized rolling resistance PQ24 generators with optimized efficiency Flow forming steel wheel Low-friction drive shafts Golf VI: 3.8 l/100 km, 99 g CO 2 /km Package 2 Recuperation with battery sensor Generators with optimized efficiency Electric fuel pump Introduction of 2.0 l TDI Common Rail+ EA888 CO 2 package VR6 CO 2 package EA111 CO 2 package Grille covering fins Radiator surround sealing New: BlueMotion in combination with DSG (direct shift gearbox) TSI engines 20

21 Volkswagen Way: Value-driven, Synchronized Group Production System Continuous Improvement Process Process Optimization Product Optimization Wave 1: Wave 2: Wave 3: Wave 4: Step 1 Direct area / production Step 2 Step 3 Indirect area / administration Product process prior to SOP Supplier management / logistic chain 21

22 Polo: Production Time Reduction Production time 20% Polo IV Polo V 22

23 Volkswagen: Managing the Downturn / Investing in the Future Q to

24 BRIC Markets: Foundations for Future Growth VW Group China Brazil Russia India Deliveries 2007 ( 000) Deliveries , Deliveries Jan - April % +2.9% +3.9% -23.3% Plants Top 3 sellers Jetta Santana Passat Gol Fox Saveiro Octavia Passat Touareg Fabia Octavia (new) Octavia Localisation rate: 60-90% 80-90% reduce imported components by 30% 80% until

25 USA A Growth Market for the Volkswagen Group Volkswagen Brand USA 2018: 800,000 units Local production in the US 300,000 units Import from Europe 125,000 units Import from Mexico 375,000 units Chattanooga Chattanooga, Tennessee Plant, May 2009 Puebla Export 125,000 units 25

26 The New Volkswagen Group Plants: Kaluga and Pune Kaluga, Russia Kaluga Plant, Russia, February 2009 Pune, India Pune Plant, India, March

27 Modular Matrix - MQB and MLB MQB MLB 27

28 MQB as Basis for Profitable Growth Development from multi-platform strategy to one modular matrix Today Future B A AO MQB benefits: Significant reduction in capex and R&D Double-digit percentage cost reduction Higher product flexibility Body 40% 30% Body Platform 60% 70% MQB Modules 28

29 Volkswagen: Facing the Challenges External challenges Sharp fall in global demand Credit crunch Changing consumer priorities Diverse emission regulations Unfavorable exchange rates Higher refinancing costs Our opportunities Unique brand and product portfolio High quality standards Technological leadership Strong global footprint/good exposure to emerging markets FS extends automotive value chain Increased local production/natural hedge Product cost savings through toolkit systems, scale economies in purchasing, and productivity gains Strong cost control and capital discipline 29

30 APPENDIX 30

31 Volkswagen Golf GTI 31

32 Audi S4 Avant 32

33 Audi A4 Avant Audi A5 Cabriolet 33

34 Škoda Yeti 34

35 Škoda Octavia Scout 35

36 SEAT Ibiza Cupra 36

37 SEAT Exeo ST 37

38 Bentley Supersports 38

39 Lamborghini Murciélago LP SuperVeloce 39

40 Volkswagen Caddy Life 4Motion 40

41 Scania R

42 Volkswagen Group Headline Figures January March 2009 thousand vehicles/ million /- (%) Deliveries to customers 1) 000 units 3,266 1,404 1,572 3,086 Production 1) 000 units 3,393 1,253 1,649 3, Sales revenues million 56,500 23,999 27,013 54, Operating profit million 3, ,311 2, Automotive division 2) Cash flows from operating activities million 5,112 2,978 2,195 8, Cash flows from investing activities 3) million 2, ,328 2, Net cash flow million 2,290 2,553 5, x Net liquidity at March 31 million 15,103 10,737 14,218 11, ) Volume data including the vehicle production investments Shanghai-Volkswagen Automotive Company Ltd. and FAW-Volkswagen Automotive Company Ltd. These companies are accounted for using the equity method. All figures shown are rounded, so minor discrepancies may arise from addition of these amounts deliveries updated on the basis of statistical extrapolations. 2) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 3) Excluding acquisition and disposal of equity investments: Q1 1,732 million ( 1,269 million). 42

43 Volkswagen Automotive Division Research and Development Costs January March 2008 January March 2009 million 1,400 1, % 33.8% ,276 1,145 1,372 1, 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 43

44 Disclaimer This presentation contains 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 rinminbi 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. 44

45 Investor Meeting with Bankhaus Metzler Hans Dieter Pötsch, Member of the Board of Management Volkswagen Aktiengesellschaft 8 June