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Wolfsburg, 2013-02-22

Volkswagen Group meets its targets for fiscal year 2012

• Increase in operating profit to EUR 11.5 billion (EUR 11.3 billion)
• Board of Management and Supervisory Board propose higher dividend
• Prospects for 2013: Given the ongoing crisis in key European markets,
  the goal for operating profit is to match the prior-year level, sales revenue
  and vehicle deliveries are to increase year-on-year

Volkswagen Aktiengesellschaft announced its key financial data for fiscal year 2012 in an ad hoc release published today. With sales revenue of EUR 192.7 billion (prior year: EUR 159.3 billion), the Group’s operating profit of EUR 11.5 billion (EUR 11.3 billion) exceeded the prior-year record level. “The economic environment for our business became noticeably more difficult as the year progressed. Nevertheless, we succeeded in meeting the targets we set ourselves for 2012”, Prof. Dr. Martin Winterkorn, Chairman of the Board of Management of Volkswagen Aktiengesellschaft, said in Wolfsburg on Friday.

The Group’s profit before tax in 2012 amounted to EUR 25.5 billion (EUR 18.9 billion). This includes the clearly positive effects from the final measurement of the put/call rights relating to Porsche as of July 31, 2012 and from remeasurement at the contribution date of the shares already held (total: EUR 12.3 billion). Profit after tax came in at EUR 21.9 billion (EUR 15.8 billion). The Board of Management and the Supervisory Board will be proposing to the Annual General Meeting to increase the dividend to EUR 3.50 (EUR 3.00) per ordinary share and EUR 3.56 (EUR 3.06) per preferred share. The adjusted distribution ratio rises to 17.8 percent (15.7 percent), thus making further progress towards the medium-term target of 30 percent.

Winterkorn was guardedly confident about 2013: “We, too, are not completely immune to the intense competition and the far-reaching crisis in key European markets. Furthermore, uncertainty in the economic environment continues. Nevertheless, we see good opportunities for the Volkswagen Group to once again outperform competitors this year thanks to our sound financial strength and earning power, a broad-based and attractive model range, an expanding presence on all major global markets and our comprehensive financial services.” Given the pressures resulting from the difficult environment the Volkswagen Group’s goal for operating profit is to match the prior-year level in 2013. Deliveries to customers and sales revenue are to increase year-on-year. “If we can meet these targets, then 2013 will be another good year for the Volkswagen Group”, Winterkorn commented.

Ad hoc release

Volkswagen presents 2012 consolidated financial statements:

– Volkswagen Group reports successful fiscal year 2012 in a challenging environment

– Operating profit exceeds record prior-year level at EUR 11.5 billion
   (EUR 11.3 billion)

– Profit before tax increases to EUR 25.5 billion; clearly positive effects from the final
   measurement of the put/call rights relating to Porsche as of July 31, 2012 and from
   remeasurement at the contribution date of the shares already held (total: EUR 12.3
   billion; previous year: EUR 6.6 billion)

– Board of Management and Supervisory Board propose an increase in the dividend
   for Volkswagen shareholders to EUR 3.50 per ordinary share and EUR 3.56 per
   preferred share 

– Deliveries top the 9 million mark for the first time at 9.3 million vehicles
   (+ 12.2 percent); further increase in market share

– Strategic growth trajectory continues with contribution in full of Dr. Ing. h.c.
   F. Porsche AG to the Volkswagen Group, increased stake in MAN SE and acquisition
   of Ducati

– Net liquidity of EUR 10.6 billion (EUR 17.0 billion) in the Automotive Division provides
   financial stability and flexibility




Prospects for 2013:

In 2013, the Volkswagen Group’s brands will launch a large number of fascinating new models and so help further expand our strong position in the global markets.

We expect that the Volkswagen Group will outperform the market as a whole in a challenging environment and that deliveries to customers will increase year-on-year. However, we are not completely immune to the intense competition and the impact this has on business. The modular toolkit system, which is being continuously expanded, will have an increasingly positive effect on the Group’s cost structure.

We expect the Volkswagen Group’s 2013 sales revenue to exceed the prior-year figure. Given the ongoing uncertainty in the economic environment, the Group’s goal for operating profit is to match the prior-year level in 2013. This applies equally to the Passenger Cars Business Area, the Commercial Vehicles, Power Engineering Business Area – which remains affected by high write-downs relating to purchase price allocation, among other things – and the Financial Services Division. While we shall see positive effects from our attractive model range and strong market position, there will also be increasingly stiff competition in a challenging market environment. Disciplined cost and investment management and the continuous optimization of our processes remain an integral part of our Strategy 2018.

The Annual Media Conference and Investor Conference will take place on March 14, 2013 in Wolfsburg.


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