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%

 

2011

 

2010

 

2009

 

2008

 

2007

1

Ratio of cash flows from operating activities to current and noncurrent financial liabilities.

2

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

3

Including the Shanghai-Volkswagen Automotive Company Ltd. and FAW-Volkswagen Automotive Company Ltd. vehicle-production investments. These companies are accounted for using the equity method.

4

Operating profit plus net depreciation/amortization and impairment losses/reversals of impairment losses on property, plant and equipment, capitalized development costs, leasing and rental assets, goodwill and financial assets as reported in the cash flow statement.

5

For details, see chapter Value contribution.

6

2008 and 2007 adjusted.

7

Ratio of property, plant and equipment to total assets.

8

Ratio of inventories to total assets.

9

Profit before tax as a percentage of average equity.

Volkswagen Group

 

 

 

 

 

 

 

 

 

 

Gross margin

 

17.6

 

16.9

 

12.9

 

15.1

 

15.0

Personnel expense ratio

 

15.0

 

15.0

 

15.2

 

13.9

 

13.4

Return on sales before tax

 

11.9

 

7.1

 

1.2

 

5.8

 

6.0

Return on sales after tax

 

9.9

 

5.7

 

0.9

 

4.1

 

3.8

Equity ratio

 

25.0

 

24.4

 

21.1

 

22.3

 

22.0

Dynamic gearing1 (in years)

 

0.1

 

0.1

 

0.2

 

0.2

 

0.3

Automotive Division2

 

 

 

 

 

 

 

 

 

 

Change in unit sales3

 

+14.9

 

+15.4

 

+0.6

 

+1.3

 

+8.2

Change in sales revenue

 

+26.0

 

+21.2

 

–9.3

 

+3.9

 

+2.9

Operating profit as a percentage of sales revenue

 

7.0

 

5.5

 

1.4

 

5.3

 

5.3

EBITDA (€ million)4

 

17,815

 

13,940

 

8,005

 

12,108

 

12,623

Return on investment after tax5

 

17.7

 

13.5

 

3.8

 

10.9

 

9.5

Cash flows from operating activities as a percentage of sales revenue6

 

12.0

 

12.3

 

13.8

 

8.6

 

13.8

Cash flows from investing activities attributable to operating activities as a percentage of sales revenue6

 

11.3

 

8.1

 

11.0

 

11.2

 

6.6

Investments in property, plant and equipment as a percentage of sales revenue

 

5.6

 

5.0

 

6.2

 

6.6

 

4.6

Ratio of noncurrent assets to total assets7

 

21.5

 

22.8

 

24.9

 

26.2

 

25.0

Ratio of current assets to total assets8

 

17.4

 

14.7

 

13.8

 

19.2

 

17.4

Inventory turnover

 

6.9

 

7.4

 

6.0

 

6.3

 

7.4

Equity ratio

 

35.9

 

35.5

 

30.2

 

32.6

 

32.3

Financial Services Division

 

 

 

 

 

 

 

 

 

 

Increase in total assets

 

22.5

 

9.2

 

1.6

 

15.4

 

6.3

Return on equity before tax9

 

14.0

 

12.9

 

7.9

 

12.1

 

16.1

Equity ratio

 

10.1

 

10.4

 

10.2

 

10.6

 

10.4

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