Brands and Business Fields

GROUP STRUCTURE

On November 9, 2011, after receiving all the necessary regulatory approvals and completing the mandatory public offer, Volkswagen increased its equity interest in MAN SE to 55.90% of the voting rights and 53.71% of the share capital. We have therefore consolidated another successful brand in the Group and switched our accounting for MAN from the equity method to consolidation.

The Volkswagen Group consists of two divisions: the Automotive Division and the Financial Services Division. The Automotive Division, in turn, comprises two business areas: “Passenger Cars and Light Commercial Vehicles” and “Trucks and Buses, Power Engineering”. We combine with this structure the Passenger Cars and Light Commercial Vehicles segment and the reconciliation to the Passenger Cars and Light Commercial Vehicles Business Area. We report the Trucks and Buses and Power Engineering segments in the Trucks and Buses, Power Engineering Business Area. The activities of the Automotive Division are centered on the development of vehicles and engines, the production and sale of passenger cars, commercial vehicles, trucks and buses, and business comprising genuine parts, large-bore diesel engines, turbomachinery, special gear units, propulsion components and testing systems. The Financial Services Division, which corresponds to the Financial Services segment, combines dealer and customer financing, leasing, banking and insurance activities, and fleet management.

In this chapter, we present the key volume and financial data relating to the Group brands and to Volkswagen Financial Services. Owing to the continued positive development of business in China and the growing importance of the Chinese market, we also describe the business development and performance of our involvement in China in this chapter.

The production figures and deliveries to customers are presented by product line. Unit sales figures refer to models sold by each brand company, including vehicles of other Group brands. Given the positive growth of our business in China, there are sometimes marked differences between delivery figures and unit sales.

In addition, we explain the unit sales and sales revenue in our markets: Europe/Remaining markets, North America, South America and Asia-Pacific.

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VOLKSWAGEN GROUP
Division		Automotive																		Financial Services
Brand/ Business Field		Volkswagen Passenger Cars		Audi		ŠKODA		SEAT		Bentley		Volkswagen Commercial Vehicles		Scania		MAN		Other		Dealer and customer financing Leasing Direct bank Insurance Fleet business

KEY FIGURES BY MARKET

Despite difficult conditions in volatile markets, the Volkswagen Group continued to perform well in 2011, increasing unit sales by 14.9% year-on-year to 8.4 million vehicles. Sales revenue was 25.6% higher than in 2010 at €159.3 billion.

In the Europe/Remaining markets region, Group unit sales increased by 12.4% to 4.1 million vehicles in the reporting period. Sales revenue was up by 24.0% year-on-year to €103.9 billion, due in part to mix-related factors.

In the North American passenger car market, we sold 0.7 million Group vehicles (+22.2%), once again outperforming the market as a whole. Sales revenue in this region rose by 15.5% to €17.6 billion. The increase in volumes was offset in part by negative exchange rate effects.

Unit sales in South America were 2.3% higher than in the previous year at 0.9 million units. The higher volume and exchange rate effects lifted sales revenue by 10.7% to €14.9 billion.

In the Asia-Pacific region, demand for Group models remained strong. Including the Chinese joint ventures, we sold a total of 2.7 million vehicles in this region in the period from January to December 2011, 22.4% more than in fiscal year 2010. Sales revenue rose by 59.5% to €23.0 billion. This figure does not include the sales revenue of our joint ventures in China, as these are accounted for using the equity method.

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KEY FIGURES BY BRAND AND BUSINESS FIELD1
		Vehicle sales				Sales revenue				Sales to third parties				Operating profit
thousand vehicles/ € million		2011		2010		2011		2010		2011		2010		2011		2010
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2 Including financial services; MAN as from November 9, 2011. 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 €2,616 million (€1,907 million). 4 Including Porsche Holding Salzburg as from March 1, 2011. 5 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 the purchase price allocation for Scania, Porsche Holding Salzburg and MAN.
Volkswagen Passenger Cars		4,450		3,863		94,690		80,251		71,504		62,648		3,796		2,173
Audi		1,543		1,321		44,096		35,441		30,496		24,638		5,348		3,340
ŠKODA		690		585		10,266		8,692		6,212		5,892		743		447
SEAT		362		349		5,393		5,038		3,284		3,635		–225		–311
Bentley		7		5		1,119		721		1,060		691		8		–245
Commercial Vehicles		441		349		8,985		7,392		5,199		4,809		449		232
Scania2		80		64		10,064		8,462		10,064		8,462		1,372		1,342
MAN2		25		–		2,652		–		2,652		–		193		–
VW China3		2,201		1,871		–		–		–		–		–		–
Other4		–1,438		–1,128		–33,768		–32,709		14,474		3,553		–1,6175		–7695
Volkswagen Financial Services		–		–		15,840		13,587		14,392		12,546		1,203		932
Volkswagen Group		8,361		7,278		159,337		126,875		159,337		126,875		11,271		7,141
Automotive Division		8,361		7,278		142,092		112,806		143,620		113,792		9,973		6,189
of which: Passanger Cars and Light Commercial Vehicles Business Area		8,256		7,215		129,706		104,627		131,428		105,857		9,042		5,139
Trucks and Busses, Power Engineering Business Area		105		64		12,386		8,179		12,192		7,990		931		1,050
Financial Services Division		–		–		17,244		14,069		15,717		13,083		1,298		952

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KEY FIGURES BY MARKET
		Vehicle sales1				Sales revenue
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts. 2 The sales revenue of the joint venture companies in China is not included in the figures for the Group and the Asia-Pacific market.
thousand vehicles/€ million		2011		2010		2011		2010
Europe/Remaining markets		4,066		3,617		103,890		83,804
North America		678		554		17,553		15,193
South America		943		922		14,910		13,468
Asia-Pacific2		2,674		2,185		22,983		14,409
Volkswagen Group2		8,361		7,278		159,337		126,875