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MarketScreener Homepage  >  Equities  >  Xetra  >  Volkswagen AG    VOW3   DE0007664039

VOLKSWAGEN AG

(VOW3)
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Volkswagen : Presentation - Leading the Transformation

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12/04/2019 | 10:44am EST

Leading the Transformation.

Andreas Buchta, Senior IR Manager

Monika Kowalski, IR Officer

Volkswagen AG Group Investor Relations

Goldman Sachs Conference, London, 5 December 2019

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, 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. These assumptions relate in particular to the development of the economies of individual countries and markets, the regulatory framework and the development of the automotive industry. Therefore the estimates given involve a degree of risk, and the actual developments may differ from those forecast. The Volkswagen Group currently faces additional risks and uncertainty related to pending claims and investigations of Volkswagen Group members in a number of jurisdictions in connection with findings of irregularities relating to exhaust emissions from diesel engines in certain Volkswagen Group vehicles. The degree to which the Volkswagen Group may be negatively affected by these ongoing claims and investigations remains uncertain.

Consequently, a negative impact relating to ongoing claims or investigations, 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, and trade disputes among major trading partners 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 in particular 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 superseded. This information does not constitute an offer to exchange or sell or an offer to exchange or buy any securities.

Development World Car Market vs. Volkswagen Group Car Deliveries to Customers1)

(Growth y-o-y in deliveries to customers, January to October 2019 vs. 2018)

Car Market

VW Group

-1.2%

-1.8%

North America (incl. LCV)

Car Market

VW Group

0.1%

-5.6%

South America (incl. LCV)

Car Market

VW Group

3.2%

-1.2%

Western Europe

Car Market

VW Group

-0.5%

-4.8%

World 2)

Car Market

VW Group

1.5%

0.0%

Central & Eastern Europe

Car Market

VW Group

-2.8%

-6.5%

Asia Pacific

  1. Volkswagen Group Passenger Cars excl. Volkswagen Commercial Vehicles 2) incl. LCV in North America & South America

3

Volkswagen Group - Deliveries to Customers by Brands1)

(January to October 2019 vs. 2018)

-0.2%

[thsd. units]

January - October 2018

9,000

8,977

8,955

January - October 2019

8,000

Volume

Premium

Sport & Luxury

Truck & Bus

7,000

-0.5 %

-1.1%

+6.1 %

+7.2 %

-1.2%

6,000

5,000

5,140 5,077

4,000

3,000

-1.2%

2,000

-1.9%

+11.1%

0.0%

1,525 1,506

+6.3%

+1.1%

+6.1%

+8.8%

1,038 1,019

+69.4%

1,000

449

499

410

410

4

7

214

228

8

8

111

117

77

84

0

1) Volkswagen Group excl. Ducati

4

Volkswagen Group - Analysis by Business Line 1)

(January to September 2019 vs. 2018)

Vehicle sales

Sales revenue

Operating profit

Operating margin

thousand vehicles / € million

2019

2018

2019

2018

2019

2018

2019

2018

Volkswagen Passenger Cars

2,754

2,753

65,447

62,508

3,152

2,330

4,8%

3,7%

Audi

900

1,107

41,332

44,257

3,239

3,671

7,8%

8,3%

ŠKODA

805

698

14,811

12,598

1,175

1,083

7,9%

8,6%

SEAT

517

462

8,828

7,744

248

237

2,8%

3,1%

Bentley

7

7

1,306

1,092

65

-137

5,0%

-12,5%

Porsche Automotive 2)

205

190

18,666

17,507

3,200

3,197

17,1%

18,3%

Volkswagen Commercial Vehicles

344

337

8,756

8,572

497

628

5,7%

7,3%

Scania 3)

76

69

10,427

9,337

1,209

888

11,6%

9,5%

MAN Commercial Vehicles

104

98

9,175

8,599

297

222

3,2%

2,6%

Power Engineering

-

-

2,873

2,489

91

142

3,2%

5,7%

VW China 4)

2,815

3,021

-

-

-

-

Other 5)

-543

-619

-22,949

-24,762

-411

-872

Volkswagen Financial Services

-

-

27,946

24,635

2,035

1,915

7,3%

7,8%

Volkswagen Group before Special Items

-

-

-

-

14,795

13,306

Special Items

-

-

-

-

-1,257

-2,435

Volkswagen Group

7,983

8,123

186,617

174,577

13,539

10,871

7,3%

6,2%

Automotive Division 6)

7,983

8,123

157,031

148,424

11,313

8,832

of which: Passenger Cars 7)

7,803

7,956

134,666

128,218

10,103

8,021

of which: Commercial Vehicles 7)

180

167

19,491

17,717

1,307

857

of which: Power Engineering

-

-

2,873

2,489

-98

-46

Financial Services Division

-

-

29,587

26,153

2,226

2,039

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Porsche (Automotive and Financial Services): sales revenue € 20,490 (19,117) million, operating profit € 3,346 (3,329) million. 3) Scania (Automotive and Financial Services): sales revenue € 10,762 (9,634) million, operating profit € 1,314 (991) million. 4) The sales

revenue and operating profits of the joint venture companies in China are not included in the figures for the Group. These Chinese companies are accounted for using the equity method and recorded a proportionate operating profit of € 3,187 (3,330) million. 5) In operating profit mainly intragroup items recognized in profit or loss, in particular from the elimination of

5

intercompany profits; the figure includes depreciation and amortization of identifiable assets as part of purchase price allocation for Scania, Porsche Holding Salzburg, MAN and Porsche. 6) Including allocation of consolidation adjustments between the Automotive and Financial Services divisions. 7) Since 1st January 2019 Volkswagen Commercial Vehicles is reported in

the Automotive division, prior year figures have been adjusted.

Volkswagen Group - Analysis of Operating Profit 1)

(January to September 2019 vs. 2018)

[€ billion]

18

16

2.7

0.0

0.5

-2.3

-0.1

0.2

14

0.4

-1.3

12

2.4

10

8

14.8

13.5

6

13.3

10.9

4

2

0

Jan - Sept

Special Items

Jan - Sept

Volume/

Exchange

Product Costs

Fixed Costs

Commercial

Power

Financial

Jan - Sept

Special Items

Jan - Sept

2018

2018

Mix/ Prices

Rates /

Vehicles**

Engineering**

Services

2019 excl.

2019 incl.

incl. Special

excl. Special

Derivatives

Division

Spec. Items

Spec. Items

Items

Items

Passenger Cars*/**

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. *) without FS ** ) including PPA

6

Automotive Division - Net Cash Flow Development 1) 2)

(January to September 2019)

[€ billion]

22

20

18

-8.2

16

14

12

20.9

-3.7

10

0.2

-0.6

8

6

9.2

8.6

4

2

0

2018

14.9

-7.9

-3.5

0.1

3.7

-0.2

3.5

Cash flow from

Capex

Capitalized

Other

Net cash flow before

Acquisition

Net Cash flow 4)

operating activities

development

equity

and disposal

costs

investments

of equity

investments

1) All figures shown are rounded, minor discrepancies may arise from addition of these amounts. 2) Including allocation of consolidation adjustments between Automotive and Financial Services divisions.

7

Automotive Division - Net Cash Flow 1)

(January to September 2019)

[€ billion]

12

10

1.2

0.6

8

6

8.6

10.4

4

2

0

2018

3.5

3.3

0.2

7.0

Net Cash flow

Diesel outflow

Aquisition and

Net Cash flow

including Diesel

disposal of equity

underlying business

payments and M&A

investments

  1. Including allocation of consolidation adjustments between Automotive and Financial Services divisions.

8

Automotive Division - Analysis of Net Liquidity 1)

(January to September 2019)

[€ billion]

30

-5.3

25

9.0

-1.1

20

-2.4

-0.7

1.4

15

-1.2

-0.6

1.4

Net Cash flow (€ 8.6 bn)

19.8

10

19.4

5

0

31.12.2018 Diesel Outflow

M&A

China Dividend Operating

IFRS 16

MAN

Dividend to

TRATON IPO

Other

30.09.2019

Business

minorities

VW AG

Shareholder

  1. All figures shown are rounded, minor discrepancies may arise from addition of these amounts.

9

Volkswagen Group - Outlook for 2019

Deliveries to

customers

('000 vehicles)

Sales revenue

(€ billion)

Operating

return on sales

(%)

+0.9%

10.7

10.8

on the level of prior-year

2017

2018

2019

+2.7%

229.6

235.8

grow by as much as 5%

2017

2018

2019

7.41)

7.3 1)

Range of 6.5 - 7.5% (before Special Items)

2017

2018

2019

  1. before Special Items.

10

The transformation of our portfolio has started

Broad product portfolio

Transformation

CO2 neutral cars

ICE

BEV

2020

2050

11

Our worldwide SUV mix is expected to increase strongly

Volkswagen Group - SUV share

(in % of regional Group Deliveries to Customers)

Europe China NAR

> 50%

49%

56%

Worldwide

≈ 13%

12%

69%

14%

17%

2014

2015

2016

2017

2018

2019

2020*

2021*

2022*

2023*

2024*

2025*

* Target

12

The significant increase in BEV deliveries will support CO2 compliance

Volkswagen Group - BEV volume by regions

(BEV share of total Group Deliveries in %)

e-tron

e-Bora

ID.3

e-Mii

Taycan

e-Lavida

el-Born

e-Citigo

Q2L e-tron

Moia Shuttle

e-tron SB

Taycan Sport Turismo

eTGE

e-Tharu

Vision iV

ID.Crozz

  • 4%

≈ 1%

Europe China NAR RoW

> 20%

≈ 3 mn units

2019

2020*

2021*

2022*

2023*

2024*

2025*

* Target

13

Development Global passenger car markets

Markets by regions (2020-2025)

>20%

> 20%

~ 5%

~ 2%

> 20%

2020

Europe

North America

South America

China incl. HK

RoW

2025

North America and South America incl. Light Commercial Vehicle; Source: IHS Markit I November 2019

14

Group KPI's confirmed

Key financial targets

2016

2017

2018

2019

2020

2025

Actual

Actual

Actual

Outlook

Strategic

Strategic

Targets

Targets

Operating return on sales

6.7%

7.4%

7.3%

6.5-7.5%

6.5-7.5%

7-8%

BeforeSpecial Items

Return on investment

13.9%

14.4%

13.1%

12-14%

12-14%2)

>14%2)

Automotive Division beforeSpecial

Items

Capex ratio

6.9%

6.4%

6.6%

6.5-7%

6%

6%

Automotive Division

R&D cost ratio

7.3%

6.7%

6.8%

6.5-7%

6%

6%

Automotive Divison

Cash

a) Net Cashflow1)

€ 4.9 bn

€ 10.3 bn

€5.6 bn

≥ €9 bn

≥ € 10 bn

> € 10 bn

Automotive Division

> € 15 bn2)

> € 20 bn2)

b) Net Liquidity

€ 27.2bn

€ 22.4 bn

€ 19.4 bn

~10% of Group

turnover

1) Ex Diesel payments and M&A 2) Including the negative IFRS 16 impact, effective from 1st January 2019.

15

CY 2020 - Updated

Basis: Result 2016

2020 Updated

CMD March 2017

PR 66

PR 67

PR 68

Sales revenue (€ bn)

217.3

+ > 20 %

+ > 25 %

+ > 25 %

+ ≥ 20 %

Operating profit (€ bn)

14.6

+ 25 %

+ ≥ 25 %

+ > 30 %

+ ≥ 25 %

before special items

Profit before tax (€ bn)

14.8

+ ≥ 25 %

+ ≥ 30 %

+ ≥ 40 %

+ ≥ 30 %

Earnings per Pref. Share

10.3 €

≥ 25 €

> 25 €

≥ 30 €

27-28 €

16

Scalable Technology: The dedicated platforms (MEB/PPE) guarantee superior customer experience, scale and versatility

17

The ID. DNA | What makes our ID. Family special

Visionary

New sense of

Smart

Intuitive

Sustainable

design

space

connected

usability

platform

Affordable | High Ranges | Fast Charging Technology | Good residual values

18

To maximize the climate impact of MEB we are open to share it to other car manufactures as well

1 Large range

8

designed for

fast charging

2

attractive costs

7

performancehigh

3 maximum security

6 lifespanlong

4 availabilityrobustness and

5 useworldwide

19

The car becomes the most complex internet device

20

Expanding production of electric vehicles worldwide on a massive scale by the end of 2022

21

BEV challenges addressed by three key elements

22

Driving forward Strategy: New collaborative approach

23

Ford and Volkswagen extend global alliance, Volkswagen simultaneously invests in Argo AI

EQUAL SHAREHOLDER WITH FORD;

ANNOUNCED 2019

VOLKSWAGEN TO SUPPLY

TRANSACTION REPRESENTS

MEB PLATFORM TO FORD

$7.25B VALUATION*

NEW COLLABORATION

VOLKSWAGEN

COMMERCIAL VAN

FULLY ELECTRIC

MAKES

AUTONOMOUS

AND PICKUP

VEHICLES

DRIVING

INVESTMENT

*Estimated

24

Key Messages

1.

2.

3.

4.

Leading the

Cost effective

First in

Increased focus

transformation to

transformation

transforming into

on

e-mobility

path

software OEM

value creation

25

TRATON Group- New Era for TRATON with IPO

  • TRATON shares begantradingon the regulated market of the Frankfurt Stock Exchange (Prime Standard) and the regulated market ofNasdaqStockholm (Large Cap Segment) in June 2019.
  • Significant step to create additionalvalue for allstakeholders and drive the Global Champion strategy.

Global Champion

  • Scale and global reach through leading brands and strategic alliance partners
  • Strong platform enabling growth and positioning for best-in-class profitability

Growth

  • Customer value focused product and service offering
  • New product generations
  • Further expansion in key geographies through

smart partnerships

Profitability

  • Focuson earnings growth and cash generation
  • Stand alone brand

performance and synergies

  • Concrete path to profitability improvement

Execution

  • Strong team with industry-leading track record

26

Volkswagen Financial Services 1): global, well diversified and successful

Strong global presence

Continuous portfolio expansion

Rising penetration rates (without China)

in '000 contracts

7,717

10,102

6,322

7,218

7,641

Total

portfolio

2,760

3,921

4,149

4,564

2,518

21,223

5,833

6,155

5,672

5,935

6,557

2015

2016

2017 *

2018

Q3 2019 **

Financing

Leasing

Insurance / Services

*) Reclassification Finance / Lease contracts **) contracts from international JVs included

Diversified funding structure

Equity, liabilities to

Asset backed securitization

48.7%

49.4% 49.3%

affiliated companies,

31%

18%

other

47.8%

46.9%

16%

35%

Bonds,

Customer deposits

Commercial Paper,

liabilities to financial

institutions

30.09.2019: € 219.3 bn

  1. Excl. activities of Scania and Porsche Holding Salzburg; incl. Financial Services of Porsche AG and MAN Financial Services.

27

Volkswagen Brand - Pushing the Turnaround in the US with new products

SUV offensive #1SedansSUV offensive #2

Deliveries to US customers, '000' units

2017

2018-19

2019-21

500

306

Atlas

Jetta

Atlas Cross Sport

250

Tiguan

Passat

Compact SUV

0

2012

2013

2014 2015

2016

2017

2018 1-10/2019

Refreshed Golf

Arteon

ID Crozz

Market

3.0

2.6

2.2

2.0

1.8

2.0

-

Share %

28

Volkswagen Group China performance

(January to October 2019 vs. 2018)

January - October 2018

[thsd. units]

Proportionate operating profit, January to September

January - October 2019

[units]

4,000

-1.8%

3,500

3,405

3,344

3,000

2,500

2,000

1,500

1,000

500

0

1)

-0.1%

2,515 2,492

-4.3%

€ 3.3 bn

€ 3.2 bn

Q1-Q3 2018

Q1-Q3 2019

+2.1%

540

551

-20.0%

276

221

+13.7%

63

72

-30.1%

1,703

>400%1,191

703

123

-32.6%

4,603

3,101

5,000

4,500

4,000

3,500

3,000

2,500

2,000

1,500

1,000

500

0

  1. Incl. Hong Kong, excl. Ducati. Group numbers incl. Volkswagen Commercial Vehicles, Scania and MAN.

29

Together4Integrity: Group-wide integrity and compliance program in full

swing

STRATEGY

Ethics and compliance is

central to business strategy

3~

50%1)

RISK MANAGEMENT

1

CULTURE OF INTEGRITY

Ethics and compliance risks

2

Leaders at all levels across the

are identified, owned,

organization build and sustain

managed and mitigated

4

5

a culture of integrity

SPEAK-UP ENVIRONMENT

RESOLUTE ACCOUNTABILITY

The organization encourages,

The organization takes action

protects and values the

and holds itself accountable

reporting of concerns and

when wrongdoing occurs

suspected wrongdoing

  1. Group entities covered; as of 12th March, 2019.

30

Group Compliance action plan for 2019

Standards, Organization

Processes

& Tools

Business

partner

Certification

  1. Whistleblower Group Guideline
  2. Staffing of Group Compliance
  3. Strengthening the group-wide Compliance Organization
  4. Consistent Compliance Risk Assessment
  5. Worldwide Anti-Money Laundering System
  6. Risk-basedrevision of group guidelines
  7. New Business partner approval process for suppliers and sales organization
  8. Compliance in M&A transactions and post merger integration for non-controlled shareholdings
  9. Support Monitorship + implementation of Monitor Recommendations

31

Investor Relations Team

We are pleased to answer your inquiries regarding Volkswagen shares and other capital market related questions.

Helen Beckermann (Wolfsburg office)

Interim Head of Group Investor Relations

E-Mail: Helen.Beckermann@volkswagen.de

Telephone: +49 5361 9 49015

Alexander Hunger (Wolfsburg office)

Andreas Buchta (Wolfsburg office)

Ulrich Hauswaldt (Wolfsburg office)

Senior Investor Relations Officer

Senior Investor Relations Manager

Senior Investor Relations Officer

E-Mail: Alexander.Hunger@volkswagen.de

E-Mail: Andreas.Buchta@volkswagen.de

E-Mail: Ulrich.Hauswaldt@volkswagen.de

Telephone: + 49 5361 9 40765

Telephone: +49 5361 9 42224

Telephone: +49 5361 9 47420

Andreas Kowalczyk (Wolfsburg office)

Monika Kowalski (Wolfsburg office)

Senior Investor Relations Officer

Investor Relations

E-Mail: Andreas.Kowalczyk@volkswagen.de

E-Mail: Monika.Kowalski@volkswagen.de

Telephone: +49 5361 9 23183

Telephone: +49 5361 9 31106

The official website of Volkswagen Group Investor Relations. Company topics, brandchannels, innovation and informations.

32

Appendix

The Shareholder Structure, Supervisory and Management Board

Shareholder Structure of Volkswagen AG

Number of Outstanding Shares

Preferred shares

206,205,445

41,1%

58,9%

Ordinary shares 295,089,818

Current Voting Rights Distribution

Others

10,8%

Qatar Holding

17,0%

Porsche SE,

52,2%

20,0%

Stuttgart2)

State of Lower

Saxony, Hanover

(as at December 31, 2018)

Supervisory Board of Volkswagen AG

Chairman Hans Dieter Pötsch

Members Dr. Hussain Ali Al Abdulla Dr. Hessa Sultan Al Jaber Dr. Bernd Althusmann Dr. Hans-Peter Fischer Marianne Heiß

Jörg Hofmann

Johan Järvklo

Ulrike Jakob

Dr. Louise Kiesling Peter Mosch

Bertina Murkovic

Bernd Osterloh

Dr. jur. Hans Michel Piëch

Dr. jur. Ferdinand Oliver Porsche Dr. rer. comm. Wolfgang Porsche Conny Schönhardt Athanasios Stimoniaris Stephan Weil

Werner Weresch

Board of Management of Volkswagen AG1)

Chairman of VW AG

Dr. Herbert Diess

and VW Passenger

Cars brand

Porsche AG

Dr. Oliver Blume

Human Resources

Gunnar Kilian

TRATON Group

Andreas Renschler

Audi AG

Abraham Schot

Integrity and Legal

Hiltrud Dorothea Werner

Affairs

Finance and IT

Frank Witter

Components and

Dr. Stefan Sommer

Procurement

1) Each Board Member is responsible for one or more functions within the Volkswagen Group. The work of the Board of Management of Volkswagen AG is supported by the boards

34

of the brands and regions as well as by the other group business units and holdings. 2) On March 13 2019, Porsche SE announced increase in voting rights to 53.1%.

Automotive Division - Research and Development Costs

(January to September 2019 vs. 2018)

[€ million]

12,000

2019

12,000

33.2%

8,000

3,667

2,807

8,000

34.3%

10,697

9,837

4,000

4,000

0

of which

amortization

Recognized in

Total

R&D costs

capitalized

the income

statement

2018

36.9%

3,505

2,812

35.6%

9,850

9,157

Total

of which

amortization

Recognized in

R&D costs

capitalized

the income

statement

35

Diesel issue: Special Items & payments

€ (bn)

2015

2016

2017

2018

2019

Total

Diesel special items

Payments

Legal

7.0

Other items

9.2

16.2

Mainly legal risks

6.4

Buyback/retrofit program

2.2

Legal

1.0

3.2

Mainly legal risks

3.2

Mainly legal risks

1.3

Expected

30.0

Payments made until 2018

-

~3.0

~16.1

~5.3

~2.0

~24.6

36

We are speeding up the transformation and becoming the leading

provider of sustainable mobility.

Disclaimer

Volkswagen AG published this content on 05 December 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 04 December 2019 15:43:09 UTC

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Financials (EUR)
Sales 2019 250 B
EBIT 2019 17 917 M
Net income 2019 13 808 M
Finance 2019 21 854 M
Yield 2019 3,54%
P/E ratio 2019 6,38x
P/E ratio 2020 6,12x
EV / Sales2019 0,27x
EV / Sales2020 0,23x
Capitalization 88 379 M
Chart VOLKSWAGEN AG
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Volkswagen AG Technical Analysis Chart | MarketScreener
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Technical analysis trends VOLKSWAGEN AG
Short TermMid-TermLong Term
TrendsNeutralBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 30
Average target price 202,85  €
Last Close Price 177,52  €
Spread / Highest target 36,3%
Spread / Average Target 14,3%
Spread / Lowest Target -24,0%
EPS Revisions
Managers
NameTitle
Herbert Diess Chairman-Management Board
Hans Dieter Pötsch Chairman-Supervisory Board
Frank Witter Head-Finance & Information Technology
Peter Mosch Deputy Chairman
Bernd Osterloh Member-Supervisory Board
Sector and Competitors
1st jan.Capitalization (M$)
VOLKSWAGEN AG0.73%97 452
TOYOTA MOTOR CORPORATION3.59%200 049
DAIMLER AG-11.00%51 834
BMW AG-5.10%49 379
GENERAL MOTORS COMPANY-6.26%49 022
HONDA MOTOR CO., LTD.-3.47%47 275