The Board of Management of Volkswagen AG believes that the Group’s economic position is positive. The Volkswagen Group successfully maintained its profitable growth trajectory in fiscal year 2011, setting new sales revenue and profit records. Alongside an increase in volumes, this success is attributable to our disciplined cost and investment management and the continuous optimization of our processes.
The acquisition of Porsche Holding Salzburg and the increased stake in MAN SE had a significant influence on the Volkswagen Group’s financial position in the reporting period. Even after the associated cash outflow, the Automotive Division remains in a strong liquidity position, which gives us financial stability and flexibility against the background of the planned creation of an integrated automotive group with Porsche.
An overview of the development of the Volkswagen Group over the past five years can be found in the tables on and the . More information on the economic position of the Volkswagen Group by brand and business field can be found in the .