Brands And Business Fields - Volkswagen Group Annual Report 2021

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  • To our Shareholders
    • To our Shareholders
    • Letter to our Shareholders
    • The Board of Management
    • Report of the Supervisory Board
      • Report of the Supervisory Board
      • Committee activities
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      • Conflicts of interest
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      • Members of the Supervisory Board and Board of Management
      • Audit
  • Divisions
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    • Volkswagen Passenger Cars
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  • Corporate Governance
    • Corporate Governance
    • Corporate Governance declaration
      • Corporate Governance declaration
      • Declarations of conformity
      • Board of Management
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      • Führungspositionen-Gesetz
      • Remuneration Report
      • Corporate practices
    • Members of the Board of Management
    • Members of the Supervisory Board and Committees
    • Remuneration Report
      • Remuneration Report
      • Board of Management Remuneration
      • Supervisory Board Remuneration
  • Group Management Report
    • Group Management Report
    • Goals and Strategies
      • Goals and Strategies
      • The 12 Group Initiatives of the NEW AUTO Strategy
      • Goals and Key Performance Indicators
    • Internal Management System and KPIs
    • Structure and Business Activities
    • Disclosures Required Under Takeover Law
    • Business Development
      • Business Development
      • Trends in the markets
      • New models
      • Deliveries
      • Orders received
      • Financial Services
      • Sales to the dealer organization
      • Production
      • Inventories
      • Employees
    • Shares and Bonds
      • Shares and Bonds
      • Dividend
      • Shareholder structure
      • Share key figures
      • Refinancing
      • Ratings
      • ESG ratings
    • Results of Operations, Financial Position and Net Assets
      • Results of Operations, Financial Position and Net Assets
      • Results of Operations
      • Financial Position
      • Net Assets
    • Return on investment (ROI) and value contribution
      • Return on investment (ROI) and value contribution
      • ROI and value contribution
      • ROI and value contribution in the reporting period
    • Summary
    • Volkswagen AG
      • Volkswagen AG
      • Annual Result
      • Net Assets and Financial Position
      • Dividend
      • Business Development
    • Sustainable Value Enhancement
      • Sustainable Value Enhancement
      • Sustainability
      • Integrity and compliance
      • Research and Development
        • Research and Development
        • Sustainable mobility
        • Synergies and Alliances
        • Key R&D figures
      • Purchasing
      • Technology
      • Production
      • Sales and Marketing
      • Quality
      • Employees
        • Employees
        • Training and professional development
        • Increasing attractiveness as an employer
        • Preventive healthcare
        • Employee participation
      • Information Technology
      • Environmental strategy
      • Separate nonfinancial Group report
      • Post-balance sheet date events
    • EU Taxonomy
      • EU Taxonomy
      • Economic activities of the Volkswagen Group
      • Do no significant harm (DNSH)
      • Minimum safeguards
      • Key performance indicators
    • Report on Expected Developments
      • Report on Expected Developments
      • General environment
        • General environment
        • Development of the global economy
        • Passenger cars and light commercial vehicles
        • Commercial vehicles
        • Power Engineering
        • Financial services
        • Exchange rate, interest rate and commodity price trends
      • Strategy
        • Strategy
        • New models
        • Investment and financial planning
        • Targets
      • Summary
    • Report on Risks and Opportunities
      • Report on Risks and Opportunities
      • Risk management and control system
      • Risks and opportunities
        • Risks and opportunities
        • Risks and opportunities from the macroeconomy, the sector, markets and sales
        • Research and development risks
        • Operational risks and opportunities
        • Environmental and social risks
        • Legal risks
        • Financial risks
        • Opportunities and risks from mergers and acquisitions and/or other strategic partnerships/investments
      • Overall assessment
    • Prospects
  • Consolidated Financial Statements
    • Consolidated Financial Statements
    • Income Statement
    • Statement of Comprehensive Income
    • Balance Sheet
    • Statement of Changes in Equity
    • Cash Flow Statement
  • Notes
    • Notes
    • Basis of presentation
      • Basis of presentation
      • Accounting standards
      • Key events
      • Effects of climate change
      • Basis of consolidation
        • Basis of consolidation
        • Consolidated subsidiaries
        • Investments
      • Consolidation methods
      • Currency translation
    • Accounting policies
    • Segment reporting
    • Income Statement Disclosures
      • Income Statement Disclosures
      • Sales revenue
      • Cost of sales
      • Distribution expenses
      • Administrative expenses
      • Other operating income
      • Other operating expenses
      • Share of result of equity-accounted investments
      • Interest result
      • Other financial result
      • Income tax income/expense
      • Earnings per share
    • Balance Sheet Disclosures
      • Balance Sheet Disclosures
      • Assets
        • Assets
        • Intangible assets
        • Property, plant and equipment
        • Investment property
        • Investments
        • Financial services receivables
        • Other receivables and financial assets
        • Noncurrent and current other receivables
        • Tax assets
        • Inventories
        • Trade receivables
        • Marketable securities
        • Cash and cash equivalents
      • Liabilities
        • Liabilities
        • Equity
        • Financial liabilities
        • Other financial liabilities
        • Other liabilities
        • Tax liabilities
        • Provisions for pensions
        • Other provisions
        • Trade payables
    • Other Disclosures
      • Other Disclosures
      • Borrowing Costs
      • Leases
      • Financial Instruments
      • Cash flow statement
      • Financial risk management
        • Financial risk management
        • Hedging guidelines and principles
        • Credit and default risk
        • Liquidity risk
        • Market risk
        • Monitoring hedge effectiveness
      • Capital management
      • Contingent liabilities
      • Litigation
      • Other financial obligations
      • Auditors’ fees
      • Personnel expenses
      • Employees
      • Events after the balance sheet date
      • Remuneration based on performance shares
      • Related party disclosures
      • Corporate Governance Code
      • Remuneration
    • Responsibility Statement
    • Auditors’ Report
    • Auditor’s report on the remuneration report
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  • Brands and Business Fields
  • To our Shareholders
    • Letter to our Shareholders
    • The Board of Management
    • Report of the Supervisory Board
      • Committee activities
      • Topics
      • Conflicts of interest
      • CG and Declaration of conformity
      • Members of the Supervisory Board and Board of Management
      • Audit
  • Divisions
    • Brands and Business Fields
    • Volkswagen Passenger Cars
    • ŠKODA
    • SEAT
    • Volkswagen Commercial Vehicles
    • Audi
    • Bentley
    • Porsche
    • TRATON GROUP
    • Volkswagen Group China
    • Volkswagen Financial Services
  • Corporate Governance
    • Corporate Governance declaration
      • Declarations of conformity
      • Board of Management
      • Supervisory Board
      • Führungspositionen-Gesetz
      • Remuneration Report
      • Corporate practices
    • Members of the Board of Management
    • Members of the Supervisory Board and Committees
    • Remuneration Report
      • Board of Management Remuneration
      • Supervisory Board Remuneration
  • Group Management Report
    • Goals and Strategies
      • The 12 Group Initiatives of the NEW AUTO Strategy
      • Goals and Key Performance Indicators
    • Internal Management System and KPIs
    • Structure and Business Activities
    • Disclosures Required Under Takeover Law
    • Business Development
      • Trends in the markets
      • New models
      • Deliveries
      • Orders received
      • Financial Services
      • Sales to the dealer organization
      • Production
      • Inventories
      • Employees
    • Shares and Bonds
      • Dividend
      • Shareholder structure
      • Share key figures
      • Refinancing
      • Ratings
      • ESG ratings
    • Results of Operations, Financial Position and Net Assets
      • Results of Operations
      • Financial Position
      • Net Assets
    • Return on investment (ROI) and value contribution
      • ROI and value contribution
      • ROI and value contribution in the reporting period
    • Summary
    • Volkswagen AG
      • Annual Result
      • Net Assets and Financial Position
      • Dividend
      • Business Development
    • Sustainable Value Enhancement
      • Sustainability
      • Integrity and compliance
      • Research and Development
        • Sustainable mobility
        • Synergies and Alliances
        • Key R&D figures
      • Purchasing
      • Technology
      • Production
      • Sales and Marketing
      • Quality
      • Employees
        • Training and professional development
        • Increasing attractiveness as an employer
        • Preventive healthcare
        • Employee participation
      • Information Technology
      • Environmental strategy
      • Separate nonfinancial Group report
      • Post-balance sheet date events
    • EU Taxonomy
      • Economic activities of the Volkswagen Group
      • Do no significant harm (DNSH)
      • Minimum safeguards
      • Key performance indicators
    • Report on Expected Developments
      • General environment
        • Development of the global economy
        • Passenger cars and light commercial vehicles
        • Commercial vehicles
        • Power Engineering
        • Financial services
        • Exchange rate, interest rate and commodity price trends
      • Strategy
        • New models
        • Investment and financial planning
        • Targets
      • Summary
    • Report on Risks and Opportunities
      • Risk management and control system
      • Risks and opportunities
        • Risks and opportunities from the macroeconomy, the sector, markets and sales
        • Research and development risks
        • Operational risks and opportunities
        • Environmental and social risks
        • Legal risks
        • Financial risks
        • Opportunities and risks from mergers and acquisitions and/or other strategic partnerships/investments
      • Overall assessment
    • Prospects
  • Consolidated Financial Statements
    • Income Statement
    • Statement of Comprehensive Income
    • Balance Sheet
    • Statement of Changes in Equity
    • Cash Flow Statement
  • Notes
    • Basis of presentation
      • Accounting standards
      • Key events
      • Effects of climate change
      • Basis of consolidation
        • Consolidated subsidiaries
        • Investments
      • Consolidation methods
      • Currency translation
    • Accounting policies
    • Segment reporting
    • Income Statement Disclosures
      • Sales revenue
      • Cost of sales
      • Distribution expenses
      • Administrative expenses
      • Other operating income
      • Other operating expenses
      • Share of result of equity-accounted investments
      • Interest result
      • Other financial result
      • Income tax income/expense
      • Earnings per share
    • Balance Sheet Disclosures
      • Assets
        • Intangible assets
        • Property, plant and equipment
        • Investment property
        • Investments
        • Financial services receivables
        • Other receivables and financial assets
        • Noncurrent and current other receivables
        • Tax assets
        • Inventories
        • Trade receivables
        • Marketable securities
        • Cash and cash equivalents
      • Liabilities
        • Equity
        • Financial liabilities
        • Other financial liabilities
        • Other liabilities
        • Tax liabilities
        • Provisions for pensions
        • Other provisions
        • Trade payables
    • Other Disclosures
      • Borrowing Costs
      • Leases
      • Financial Instruments
      • Cash flow statement
      • Financial risk management
        • Hedging guidelines and principles
        • Credit and default risk
        • Liquidity risk
        • Market risk
        • Monitoring hedge effectiveness
      • Capital management
      • Contingent liabilities
      • Litigation
      • Other financial obligations
      • Auditors’ fees
      • Personnel expenses
      • Employees
      • Events after the balance sheet date
      • Remuneration based on performance shares
      • Related party disclosures
      • Corporate Governance Code
      • Remuneration
    • Responsibility Statement
    • Auditors’ Report
    • Auditor’s report on the remuneration report
Brands and Business Fields Audit of the annual and consolidated financial statements Volkswagen Passenger Cars

The Volkswagen Group faced challenges in fiscal year 2021 due to the Covid-19 pandemic and the limited vehicle availability as a result of the semiconductor shortage.

GROUP STRUCTURE

The Volkswagen Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division comprises the Passenger Cars, Commercial Vehicles and Power Engineering business areas. Activities of the Automotive Division comprise in particular the development of vehicles, engines and vehicle software, and the production and sale of passenger cars, light commercial vehicles, trucks, buses and motorcycles, as well as businesses for genuine parts, large-bore diesel engines, turbomachinery and propulsion components. Mobility solutions are gradually being added to the range. The Ducati brand is allocated to the Audi brand and thus to the Passenger Cars Business Area. Navistar has supplemented the brands in the Commercial Vehicles Business Area since July 1, 2021. The Financial Services Division’s activities comprise dealer and customer financing, vehicle leasing, direct banking and insurance activities, fleet management and mobility services.

In this chapter, we present the key volume and financial data relating to the Group brands and to Volkswagen Financial Services. In light of the considerable importance of the development of business in the world’s largest single market for the Volkswagen Group, we also report on business developments and the results of our activities in China in this chapter.

VOLKSWAGEN GROUP REPORTING STRUCTURE

AUTOMOTIVEDIVISION

FINANCIAL SERVICESDIVISION

Passenger Cars Business AreaVolkswagen Passenger CarsŠKODASEATVolkswagen Commercial VehiclesAudiBentleyPorsche AutomotiveOthers

Commercial Vehicles Business AreaScania Vehicles and ServicesMAN Commercial VehiclesNavistar

Power Engineering Business AreaPower Engineering

Dealer and customer financingLeasingDirect bankInsuranceFleet managementMobility services

The production figures and deliveries to customers are differentiated by vehicle brands and their models that carry the corresponding brand logo. Unit sales figures contain vehicles sold by respective brand companies, including models of other Group brands. In some cases, there are marked differences between delivery figures and unit sales as a result of our business development in China.

KEY FIGURES BY MARKET

The Covid-19 pandemic and the limited vehicle availability due to the semiconductor shortage had a negative impact on business at the Volkswagen Group and its brands in 2021. In the reporting year, the Volkswagen Group generated an operating result before special items of €20.0 (10.6) billion. Special items resulting from the diesel issue weighed on operating result in the amount of €−0.8 (−0.9) billion.

The Volkswagen Group’s unit sales in the reporting year stood at 8.6 (9.2) million vehicles. Sales revenue increased by 12.3% to €250.2 billion due to mix-related factors.

In the Europe/Other markets region, unit sales decreased by 5.2% year-on-year to 3.7 million vehicles. However, positive mix effects helped to lift sales revenue to €145.6 (133.5) billion. Exchange rate movements had a negative effect.

In the North American markets, unit sales in the reporting period were 8.2% up on the prior-year figure at 805 thousand vehicles. Due in particular to higher volumes and mix effects, as well as the consolidation of Navistar as from July 1, 2021, sales revenue rose to €45.3 (36.8) billion, more than compensating for the unfavorable exchange rate trends.

We lifted our unit sales on markets in the South America region to 503 thousand vehicles in 2021, an increase of 6.8% compared with 2020. As a result, sales revenue climbed by 27.9% to €11.0 billion. Exchange rate movements had a negative effect.

In the Asia-Pacific region, the Volkswagen Group’s unit sales – including the Chinese joint ventures – fell to 3.5 (4.0) million vehicles in the reporting year. Driven by mix and exchange rate effects, sales revenue rose to €48.7 (44.3) billion. This figure does not include the sales revenue of our equity-accounted Chinese joint ventures.

Hedging transactions relating to sales revenue in foreign currency had a negative impact of €386 (345) million on the sales revenue of the Volkswagen Group in the reporting year.

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KEY FIGURES BY BRAND AND BUSINESS FIELD

VEHICLE SALES

SALES REVENUE

OPERATING RESULT

Thousand vehicles/€ million

2021

2020

2021

2020

2021

2020

Volkswagen Passenger Cars

2,719

2,835

76,127

71,076

2,503

454

ŠKODA

784

849

17,743

17,081

1,083

756

SEAT

494

484

9,614

9,198

–233

–339

Volkswagen Commercial Vehicles

326

345

9,909

9,358

73

–454

Audi

1,009

1,017

53,068

49,973

5,546

2,739

Bentley

15

11

2,845

2,049

389

20

Porsche Automotive1

297

265

30,289

26,086

5,006

4,021

Scania Vehicles and Services2

91

73

13,927

11,521

903

748

MAN Commercial Vehicles

151

118

13,000

10,838

–276

–631

At equity accounted companies in China3

3,042

3,577

–

–

–

–

Power Engineering4

–

–

3,278

3,640

179

–268

Volkswagen Financial Services

–

–

41,662

38,637

5,672

2,803

Other5

–353

–418

–21,263

–26,573

–818

759

Volkswagen Group before special items

–

–

–

–

20,026

10,607

Special items

–

–

–

–

–751

–931

Volkswagen Group

8,576

9,157

250,200

222,884

19,275

9,675

Automotive Division6

8,576

9,157

206,237

182,106

13,230

6,664

of which: Passenger Cars Business Area

8,303

8,965

172,868

156,311

13,051

7,224

Commercial Vehicles Business Area

273

191

30,092

22,156

134

–79

Power Engineering Business Area

–

–

3,278

3,640

45

–482

Financial Services Division

–

–

43,963

40,778

6,045

3,012

1

Porsche (including Financial Services): sales revenue €33,138 (28,695) million, operating result before special items €5,286 (4,176) million.

2

Scania (including Financial Services): sales revenue €14,400 (11,950) million, operating result €1,119 (855) million.

3

The sales revenues and operating results of the joint venture companies in China are not included in the figures for the Group. These Chinese companies recorded a proportionate operating result of €3,026 (3,602) million.

4

Prior-year figure includes the business of Renk.

5

In operating result, 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, as well as companies not allocated to the brands. Includes Navistar from July 1, 2021.

6

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.
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KEY FIGURES BY MARKET

VEHICLE SALES

SALES REVENUE

Thousand vehicles/€ million

2021

2020

2021

2020

Europe/Other Markets

3,727

3,929

145,570

133,499

North America

805

744

45,305

36,810

South America

503

471

11,039

8,632

Asia-Pacific1

3,540

4,012

48,672

44,288

Hedges on sales revenue

–

–

–386

–345

Volkswagen Group1

8,576

9,157

250,200

222,884

1

The sales revenue of the joint venture companies in China is not included in the figures for the Group and the Asia-Pacific market.
Audit of the annual and consolidated financial statements Volkswagen Passenger Cars
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