Summary of business development

The Board of Management of Volkswagen AG considers fiscal year 2011 to have been a positive year. In a volatile market environment, the Volkswagen Group used the recovery of the global economy and the automotive industry to further strengthen its market position and significantly exceeded its forecast delivery volumes, sales revenue and operating profit for 2011. The ratio of capital expenditure to sales in the Automotive Division was slightly lower than forecasted because of the significant increase in sales revenue, despite the higher investments in property, plant and equipment. Deliveries were at a new all-time high of 8.3 million vehicles. China, Germany, Russia and the USA recorded the highest absolute increase in sales. Growth in sales to customers outperformed that of the market as a whole, allowing us to further strengthen our global market share.

This positive performance is due above all to our attractive and environmentally friendly model portfolio, which excites customers around the globe. In addition, our high quality and efficiency standards helped us meet and even exceed our financial targets.

The following table shows an overview of the targets set for the reporting period and the figures actually achieved.

Detailed information on the key financial figures can be found in the chapter entitled “Results of Operations, Financial Position and Net Assets”.