Management Reportheadline

Business Development

Deliveries top 6 million vehicles for the first time Global economic growth eased slightly in 2007. The Volkswagen Group benefited from the increased global demand for passenger cars, setting a new sales record by systematically continuing its model initiative.

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Shares and Bonds

Volkswagen AG shares outperform the DAX again in 2007 Volkswagen AG shares more than doubled for a time in 2007. The prolonged favorable sales situation and the systematic continuation of measures to improve our earnings performance gave this positive development even more momentum.

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Net Assets, Financial Position
and Results of Operation

Optimized cost structures deliver a sustainable increase in the Group's earnings power In fiscal 2007, we not only achieved our 2008 earnings target, we even significantly exceeded it. We covered our cost of capital again for the first time since 2001 and generated a positive value contribution.

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Volkswagen AG (condensed,
according to German Commercial Code)

Stronger vehicle sales worldwide boost sales

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Value-Enhancing Factors

Innovative products and efficient processes drive continued success The Volkswagen Group’s skilled and motivated employees develop and manufacture innovative products that offer exactly the sort of mobility our customers desire. The focus is on both the efficiency of the working processes and the responsible use of environmental resources.

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Risk Report

A responsible approach to risk Business success is based not least of all on a forward-looking approach to identifying and controlling risk. Our comprehensive risk management system guarantees the security we require in managing our activities.

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Report on Expected Developments

Additional models and new markets offer opportunities The global economy and global automotive demand will both continue to grow in 2008. Thanks to its expanded model range and the new markets it has entered, the Volkswagen Group will exceed the previous year’s delivery figures.

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