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Management Report

The Volkswagen Group achieved its target of further increasing its market share in fiscal 2011. We captivated customers worldwide with our unique brand diversity, attractive models and innovative automotive financial services.

Passenger car deliveries in key markets compared with 2010 (graphics)

What you'll find in this chapter:

Business Development

Number of vehicles delivered to customers passes eight million mark for the first time.

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Shares and Bonds

Volkswagen AG shares outperformed the overall market.

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Results of Operations, Financial Position and Net Assets

Volkswagen Group again generates record results in 2011.

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Summary

Summary of economic position of the Volkswagen Group.

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Value added statement

The value added statement indicates the added value generated by a company in the past fiscal year as its contribution to the gross domestic product of its home country, and how it is appropriated.

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Volkswagen AG

Vehicle sales rise again, driving sales and earnings gains.

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Value-Enhancing Factors

Innovative, fascinating vehicles – developed and manufactured by an outstanding team.

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Risk Report

Successful risk management thanks to effective systems.

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Report on Expected Developments

Recovery in the automotive markets continues.

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