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VO L K S WAG E N G R O U P D E L I V E R I E S I N T H O U S A N D U N I T S

NORTH A MERIC A

+ 4.4%
2013 891
2014 893
2015 932

EUROPE/OTHER M ARKET S

+ 2.6%
2013 4,201
2014 4,392
2015 4,505

SOUTH A MERIC A A SIA- PACIFIC

29.7% 3.0%
2013 992 2013 3,647
2014 795 2014 4,058
2015 559 2015 3,935
Key Figures Moving
Globally

Key Figures
VO L K S WAG E N G R O U P

Volume data1 2015 2014 %

Vehicle sales (units) 10,009,605 10,217,003 2.0


Production (units) 10,017,191 10,212,562 1.9
Employees at Dec. 31 610,076 592,586 +3.0

Financial data (IFRSs), million 2015 2014 %

Sales revenue 213,292 202,458 +5.4


Operating result before special items 12,824 12,697 +1.0
as a percentage of sales revenue 6.0 6.3
Special items 16,893 x
Operating result 4,069 12,697 x
as a percentage of sales revenue 1.9 6.3
Earnings before tax 1,301 14,794 x
Earnings after tax 1,361 11,068 x
Earnings attributable to Volkswagen AG shareholders 1,582 10,847 x
Cash flows from operating activities 13,679 10,784 +26.8
Cash flows from investing activities attributable to operating activities 15,523 16,452 5.6
xxx
Automotive Division2
EBITDA3 7,212 23,100 68.8
Cash flows from operating activities 23,796 21,593 +10.2
Cash flows from investing activities attributable to operating activities4 14,909 15,476 3.7
of which: capex 12,738 11,495 +10.8
as a percentage of sales revenue 6.9 6.5
capitalized development costs 5,021 4,601 +9.1
as a percentage of sales revenue 2.7 2.6
Net cash flow 8,887 6,117 +45.3
Net liquidity at Dec. 31 24,522 17,639 +39.0

Return ratios in % 2015 2014

Return on sales before tax 0.6 7.3


Return on investment (ROl) in the Automotive Division 0.2 14.9
Return on equity before tax (Financial Services Division)5 12.2 12.5

1 Volume data including the unconsolidated Chinese joint ventures. capitalized development costs, lease assets, goodwill and financial assets as
2 Including allocation of consolidation adjustments between the Automotive and reported in the cash flow statement.
Financial Services divisions. 4 Excluding acquisition and disposal of equity investments:
3 Operating result plus net depreciation/amortization and impairment 17,270 (15,719) million.
losses/reversals of impairment losses on property, plant and equipment, 5 Earnings before tax as a percentage of average equity.

VO L K S WAG E N AG

Volume data 2015 2014 %

Vehicle sales (units) 2,676,629 2,615,686 +2.3


Production (units) 1,255,771 1,230,891 +2.0
Employees at Dec. 31 114,066 112,561 +1.3

Financial data (HGB), million 2015 2014 %

Sales 73,510 68,971 +6.6


Net loss/net income for the year 5,515 2,476 x
Dividends ()
per ordinary share 0.11 4.80
per preferred share 0.17 4.86

This version of the annual report is a translation of the German original. The German takes precedence. All figures shown in the report are rounded, so minor
discrepancies may arise from addition of these amounts. The figures from the previous fiscal year are shown in parentheses directly after the figures for the
current reporting period.
Moving
Globally

Key Figures
12 brands
on the move
13.04.16 08:41
Twelve brands with an individual
identity and a common goal: mobility.
For everyone, all over the world.
Volkswagen Tiguan fuel consumption in l/100 km combined from 7.4 to 4.7; CO2 emissions in g/km combined from 170 to 123; CO 2 efficiency classes A to D.
For millions of people, Volkswagen epitomizes mobility.
The brand wants to make peoples lives better
with its vehicles, technologies and mobility concepts.
Audi is Vorsprung durch Technik. Lightweight construction,
efficient drivetrains, connectivity and innovative
assistance systems Audi clothes its progressive technologies
in clear lines and sporty design.
Audi A4 Avant 3.0 TDI quattro fuel consumption in l/100 km combined from 5.4 to 4.7; CO 2 emissions in g/km combined from 142 to 123; CO 2 efficiency class A.
SEAT Ibiza Cupra 1.8 TSI fuel consumption in l/100 km combined 6.2; CO 2 emissions in g/km combined 139; CO 2 efficiency class D.
SEAT combines temperament and precision.
The Spanish brands vehicles radiate sheer enjoyment
and impress with technological perfection.
Clever solutions for everyday car journeys that is
KODAs aspiration. The traditional Czech
brand combines functionality and everyday practicality
with high quality and timeless design.
KODA Superb Combi fuel consumption in l/100 km combined from 7.2 to 4.0; CO 2 emissions in g/km combined from 163 to 103; CO 2 efficiency classes A+ to C.
Bentley Bentayga fuel consumption in l/100 km combined 13.1; CO 2 emissions in g/km combined 296; CO 2 efficiency class G.
Individual luxury, handcrafted perfection and
powerful performance the Bentley experience, every time.
Built in Crewe and driven all over the world.
Bugatti is more than just a brand Bugatti is
a legend. Its super sports cars epitomize its quest for
a perfect synthesis of art and technology.
Bugatti Chiron. Near-production vehicle without type approval Directive 1999/94/EEC does not apply.
Lamborghini Aventador LP 750-4 Superveloce fuel consumption in l/100 km combined 16.0; CO 2 emissions in g/km combined 370; CO 2 efficiency class G.
Uncompromising sportiness, extreme design,
ultimate performance Lamborghini remains true to
its DNA with the Aventador Superveloce.
Porsches mission is to build sports cars that
go full throttle on the circuit but also hold their own
on everyday journeys. The most efficient sports car
in the world thanks to outstanding German engineering.
Porsche 911 Carrera S fuel consumption in l/100 km combined from 8.7 to 7.7; CO 2 emissions in g/km combined from 199 to 174; CO 2 efficiency class F.
Ducati Monster 1200 R
A brand with a reputation built on legendary racing triumphs.
The Ducati name stands for motorcycles that are in a class
of their own, with outstanding performance, state-of-the-art
technology and an exciting design.
Whether Multivan, Caddy, Amarok or Crafter:
Volkswagen Commercial Vehicles offer highly flexible and
cost-effective performance for everyday driving.
Volkswagen Multivan fuel consumption in l/100 km combined from 9.4 to 5.7; CO 2 emissions in g/km combined from 216 to 149; CO 2 efficiency classes A to D.
Scania R 450 4 x 2 Highline
Scania trucks, buses and engines promise maximum efficiency
and absolute reliability. This premium brand in the
commercial vehicle segment stands for high cost effectiveness
and comprehensive service.
Technological expertise in transportation and energy
is a feature of all MAN products, from trucks
to buses, from large-bore engines to turbomachinery.
MAN Lions Intercity
Volkswagen Financial Services offers tailor-made
products and services spanning all vehicle
segments that are the key to mobility for many
of the Groups customers worldwide.
CO N T E N T S

Contents

1 2 3
TO OUR SHAREHOLDERS
07
10
Letter to our Shareholders
The Board of Management of
DIVISIONS
21
24
Brands and Business Fields
Volkswagen Passenger Cars
G R O U P M A N AG E M E N T R E P O R T
49
55
The Emissions Issue
Goals and Strategies
Volkswagen Aktiengesellschaft 26 Audi 56 Internal Management System and Key
12 Report of the Supervisory Board 28 KODA Performance Indicators
30 SEAT 58 Structure and Business Activities
32 Bentley 60 Corporate Governance Report
34 Porsche 67 Remuneration Report
36 Volkswagen Commercial Vehicles 81 Executive Bodies
38 Scania 85 Disclosures Required Under
40 MAN Takeover Law
42 Volkswagen Group China 88 Business Development
44 Volkswagen Financial Services 101 Shares and Bonds
109 Results of Operations,
Financial Position and Net Assets
126 Volkswagen AG (condensed, in accordance
with the German Commercial Code)
130 Sustainable Value Enhancement
163 Report on Expected Developments
170 Report on Risks and Opportunities
188 Prospects for 2016

2
CO N T E N T S

4 5
CO N S O L I DAT E D F I N A N C I A L S TAT E M E N T S
193 Income Statement
194 Statement of Comprehensive Income
A D D I T I O N A L I N F O R M AT I O N
304 Glossary
305 Index
This annual report was published on the occasion
of the Annual Media Conference on April 28, 2016.

196 Balance Sheet 307 Contact Information


198 Statement of Changes in Equity 308 Scheduled Dates
200 Cash Flow Statement
201 Notes
301 Responsibility Statement
302 Auditors Report

3
Our Group has qualities that did not
vanish overnight, qualities on which we
can also build for the future.
M AT T H I A S M L L E R , C H A I R M A N O F T H E B OA R D O F M A N AG E M E N T O F VO L K SWAG E N A K T I E N G E S E L L S C H A F T
1
To our Shareholders
07 Letter to our Shareholders

TO O U R S H A R E H O L D E R S 10 The Board of Management of


Volkswagen Aktiengesellschaft
12 Report of the Supervisory Board
TO OUR SHAREHOLDERS
Letter to our Shareholders

Letter to our
Shareholders

This is the first annual report of the Volkswagen Group where I have the privilege of writing to you as Chairman of the
Board of Management. I welcome this opportunity, although I would have preferred to be addressing you in more
auspicious circumstances: as a result of the irregularities relating to diesel engines which contradict the very essence of
what Volkswagen stands for, we find ourselves in the midst of what is probably the greatest challenge in the history of our
Company. On behalf of the Volkswagen Group I would like to apologize to you, our shareholders, that the trust you placed
inVolkswagenhasbeenbroken.

We are doing everything we can to overcome this crisis: with effective technical solutions for our customers and trustful
cooperation with all the responsible authorities in order to completely and transparently clarify what happened. We are
gradually making progress. Looking to the future, we must above all learn from past mistakes and draw the right conse-
quences so that something like this can never happen at Volkswagen again. That is what is needed to rebuild trust and
get our Group back on the right track. I realize that this course sometimes puts a great strain on patience both yours
and ours. But everyone at Volkswagen is working most diligently and with great commitment to rebuild the high
esteemthisGrouprightlyenjoyedforsolong.

The present crisis has a very significant impact on the Company. This is reflected among other things by the financial
key performance indicators for the last fiscal year. But these figures also contain another important message: our
operating business continues to be in excellent shape, our portfolio of twelve strong brands, unique in our industry, is
carrying us even through this difficult phase. We delivered almost 10 million vehicles to customers in 2015 and grew
sales revenue by over five percent to 213.3 billion. The operating result, which ran at 12.7 billion in the previous year,
was 4.1 billion. That is attributable to negative special items totaling 16.9 billion; without these special items, the
operating result would have slightly exceeded the prior-year level. At 16.2 billion, the lions share of special items is
accounted for by contingency reserves for the diesel issue, including ongoing technical and customer-related measures,
repurchases and legal risks. The Volkswagen Groups earnings before and after tax amounted to 1.3, respectively
1.4billionasaresultofthehighexceptionalcharges.

Without the special items we would once again have been able to talk about a successful year overall. In light of this
and given the Groups unchanged robust financial strength, the Board of Management and the Supervisory Board
will propose a dividend of 0.11 per ordinary share and 0.17 per preferred share to the Annual General Meeting of
VolkswagenAktiengesellschaftdespitethenegativeconsolidatedresultoftheVolkswagenGroup.

7
TO OUR SHAREHOLDERS
Letter to our Shareholders

Everyone at Volkswagen is working


most diligently and with great
commitment to rebuild the high esteem this
Group rightly enjoyed for so long.

M AT T H I A S M L L E R

8
TO OUR SHAREHOLDERS
Letter to our Shareholders

The diesel issue has clearly overshadowed much in recent weeks. For me it is important that you know there is much
more to Volkswagen than this crisis. Our Group has qualities that did not vanish overnight, qualities on which we can
also build for the future: strong brands and great vehicles, outstanding technological expertise and innovative
strength, our global presence, millions of loyal customers all over the world, and a skilled team that is totally committed
to these customers. I have great respect for the achievements and dedication of our employees. We are I am very
grateful for that.

The Volkswagen Group has the firm resolve and the strength to master the difficult situation we find ourselves in with its
own resources. From the outset, I have believed it is important we use this crisis as an opportunity: an opportunity to
realign the Group in an automotive world that is facing epoch-making change. Our mission is to come up with the right
answers to the big issues of the future, namely e-mobility, urbanization and digitalization. To do that, the Volkswagen
Group must become faster and more efficient, more flexible and courageous, more technically progressive and sustain-
able in all relevant aspects. That is why we are realigning our structures, our mindset and the way we approach things.
More than that we are also renewing our targets, or to put it another way: we are evolving the strategy which has served
us so well over the past years in light of the challenges to be faced over the next ten years. The presentation of our Strategy
2025mid-yearwillbeanimportantmilestone.

As far as Volkswagen is concerned, 2016 will clearly be a year of transition, a year when we lay the foundations for the
future. I am firmly convinced that, with time, we will be able to say: no matter how grave the crisis was, it also opened
doors for us. Because it encouraged us to set the right priorities and speed up overdue change. And because we will
succeed in making Volkswagen a better company with the measures we are now putting in place. A Group that boldly
seizes the future, attains sustainable growth and opens up long-term perspectives: for its customers, employees and
partners,forsocietyand,notleast,foryou,ourshareholders.

A letter of this kind usually ends by asking shareholders for their trust. Now more than ever, that trust must be earned.
And we are working on that. Which is why, this year, I am asking above all for your continued loyalty to Volkswagen in
spiteofthepresentpressures,andhopeyouremainatoursideaswemakethejourneyintothefuture.

Sincerely,

Matthias Mller

9
TO OUR SHAREHOLDERS
The Board of Management

The Board of
Management
O F VO L K SWAG E N A K TI E N G ESE L L S CH A F T

(from left to right)

Andreas Renschler
Commercial Vehicles

Dr. rer. soc. Karlheinz Blessing


Human Resources and Organization

Prof. Dr. rer. pol. Dr.-Ing. E.h. Jochem Heizmann


China

Matthias Mller
Chairman of the Board of Management
of Volkswagen Aktiengesellschaft

Dr.-Ing. Herbert Diess


Chairman of the Brand Board of
Management of Volkswagen Passenger Cars

Frank Witter
Finance and Controlling

Dr. jur. Christine Hohmann-Dennhardt


Integrity and Legal Affairs

Prof. Rupert Stadler


Chairman of the Board of Management of AUDI AG

Dr. rer. pol. h.c. Francisco Javier Garcia Sanz


Procurement

Curricula Vitae
www.volkswagenag.com > The Group > Executive Bodies

10
TO OUR SHAREHOLDERS
The Board of Management

11
TO OUR SHAREHOLDERS
Report of the Supervisory Board

Report of the
Supervisory Board
( I N A C C O R D A N C E W I T H S E C T I O N 17 1 ( 2 ) O F T H E A K T G )

Ladies and Gentlemen,

2015 was a very eventful year for the Volkswagen Group. The events surrounding the emissions issue and changes in the
composition of the Supervisory Board and the Board of Management meant that 2015 was also an unprecedented year
in terms of the work of the Supervisory Board. The Supervisory Board of Volkswagen AG therefore addressed the Com-
panys position and development regularly and in greater breadth and depth than ever before. We supported and super-
vised the Board of Management in its running of the business and advised it on issues relating to the management of the
Company in accordance with our duties under the law, the Articles of Association and the rules of procedure. We also
observed the relevant recommendations and suggestions of the German Corporate Governance Code at all times. The
Supervisory Board was directly involved in all decisions of fundamental importance to the Group. We also discussed
strategicconsiderationswiththeBoardofManagementatregularintervals.

The Board of Management regularly, promptly and comprehensively informed the Supervisory Board in writing or
orally on the development of the business and the Companys planning and position, including the risk situation and
risk management. In addition, the Board of Management reported to the Supervisory Board on an ongoing basis on
compliance-related topics and other topical issues. In all cases we received the documents relevant to our decisions in
good time for our meetings. We also received a detailed monthly report from the Board of Management on the current
business position and the forecast for the current year. Any variances in performance that occurred as against the plans
and targets previously drawn up were explained by the Board of Management in detail, either orally or in writing. We
analyzed the reasons for the variances together with the Board of Management so as to enable countermeasures to be
derived. In addition, the Board of Management presented regular reports on current developments in connection with
theemissionsissueatthemeetingsoftheSpecialCommitteeonDieselEngines.

The Chairman and the Deputy Chairman of the Supervisory Board consulted with the Chairman of the Board of Man-
agement at regular intervals between meetings to discuss important current issues such as the Volkswagen Groups
strategy and planning, the development of the business, the Groups risk situation and risk management including com-
plianceissues,aswellasdevelopmentsinthedieselandCO2issuesfromSeptember2015onwards.

The Supervisory Board held a total of eight meetings in fiscal year 2015. The average attendance ratio was 95.0%; with
the exception of Mr. Akbar Al Baker, all of the members of the Supervisory Board attended over half of the meetings of
the Supervisory Board and the committees of which they are members. In addition, resolutions on urgent matters were
adoptedinwritingorusingelectroniccommunicationsmedia.

CO M M I T T E E AC T I V I T I E S
The Supervisory Board has established five committees in order to perform the duties entrusted to it: the Executive
Committee, the Nomination Committee, the Mediation Committee in accordance with section 27(3) of the Mitbestim-
mungsgesetz (MitbestG German Codetermination Act), the Audit Committee and, since October 2015, the Special
Committee on Diesel Engines. The Executive Committee and the Special Committee on Diesel Engines each consist of
three shareholder representatives and three employee representatives. The members of the Nomination Committee
are the shareholder representatives on the Executive Committee. The remaining two committees are each composed of

12
TO OUR SHAREHOLDERS
Report of the Supervisory Board

two shareholder representatives and two employee representatives. The members of these committees as of December
31,2015aregivenonpage84ofthisannualreport.

The Executive Committee met twelve times during the past fiscal year. As well as discussing the composition of the
Board of Management, these meetings primarily served to prepare in detail the resolutions by the Supervisory Board
and to deal with contractual issues concerning the Board of Management other than remuneration. In addition, the
ExecutiveCommitteeaddressedtheeventsrelatingtotheemissionsissueindetailasfromSeptember2015.

The Nomination Committee is responsible for proposing suitable candidates for the Supervisory Board to recommend
forelectiontotheAnnualGeneralMeeting.TheCommitteemetthreetimesinthereportingperiod.

TheMediationCommitteedidnothavetobeconvenedin2015.

The Audit Committee held six meetings in fiscal year 2015. It focused primarily on the consolidated financial state-
ments, risk management (including the internal control system), and the work performed by the Companys compliance
organization. In addition, the Audit Committee addressed the Groups quarterly reports and the half-yearly financial
reportaswellascurrentfinancialreportingissuesandtheirexaminationbytheauditors.

The Special Committee on Diesel Engines is responsible for coordinating all activities relating to the emissions issue. In
particular, the Special Committee is tasked with reviewing the progress being made with the internal investigations. It
also receives regular reports from the Board of Management about the latest developments. Finally, it is entrusted with
examining any consequences of the findings. The Special Committee on Diesel Engines met on six occasions in fiscal
year2015followingitsestablishmentOctober7,2015.

Furthermore, as a rule the shareholder and employee representatives met for separate preliminary discussions before
eachoftheSupervisoryBoardmeetings.

T O P I C S D I S C U S S E D BY T H E S U P E R V I S O RY B OA R D
At the Supervisory Board meeting on February 27, 2015 following a detailed examination we approved the consolidated
financial statements and the annual financial statements of Volkswagen AG for 2014 prepared by the Board of Man-
agement, as well as the combined management report. We also examined the dependent company report submitted by
the Board of Management and came to the conclusion that there were no objections to be raised to the concluding decla-
ration by the Board of Management in the report. Another agenda item was the remuneration system for the Board of
Management. We also addressed the future structure and direction of the commercial vehicles business. In addition,
we appointed Mr. Matthias Mller and Dr. Herbert Diess to the Groups Board of Management effective March 1, 2015
andJuly1,2015,respectively.

Two Supervisory Board meetings were held on May 4 and 5, 2015 in the context of Volkswagen AGs 2015 Annual Gener-
al Meeting. These meetings focused on preparations for and the post-completion analysis of the 55th Annual General
Meeting of Volkswagen AG on May 5, 2015. We also approved the creation of the integrated commercial vehicles group
and the establishment of Truck & Bus GmbH as a new holding company for the MA N and Scania commercial vehicles
brands.

At the Supervisory Board meeting on September 25, 2015, we addressed in detail the information available at the time
on the irregularities discovered in relation to the nitrogen oxide emissions of certain diesel engines and discussed the
establishment of the Special Committee on Diesel Engines. We also adopted resolutions to restructure the Company,
including a new management structure in the Volkswagen Group and its brands, as well as in the North American re-
gion, which started being implemented in early 2016. We accepted Prof. Dr. Martin Winterkorns offer to step down as
Chairman of the Board of Management of Volkswagen AG. We appointed Mr. Matthias Mller as Chairman of the Board
of Management of Volkswagen AG and resolved on other issues relating to the composition of the Board of Management.
The Supervisory Board also defined a target quota for the Board of Management in accordance with the Gesetz fr die
gleichberechtigte Teilhabe von Frauen und Mnnern an Fhrungspositionen in der Privatwirtschaft und im ffent-
lichen Dienst (Act on the Equal Participation of Women and Men in Leadership Positions in the Private and Public

13
TO OUR SHAREHOLDERS
Report of the Supervisory Board

HANS DIETER PTSCH

Sectors): the Supervisory Board of Volkswagen AG set itself the long-term goal of increasing the proportion of female
members on the Board of Management to 30%. Further information on this topic is contained in the Corporate Govern-
anceReportonpage63.

The Supervisory Board meeting on October 7, 2015 focused on the current state of affairs with respect to the diesel
issue. We also resolved on the establishment of the Special Committee on Diesel Engines in this connection. In addition,
we appointed Mr. Frank Witter to the Group Board of Management with responsibility for Finance and Controlling and
elected Mr. Hans Dieter Ptsch as Chairman of the Supervisory Board. Mr. Ptsch was previously appointed by the court
asareplacementmemberoftheSupervisoryBoard,succeedingMs.JuliaKuhn-Pich.

AnotherSupervisoryBoardmeetingontheemissionsissuewasheldonNovember9,2015.

At the Supervisory Board meeting on November 20, 2015, we discussed in detail the Volkswagen Groups investment
and financial planning for the period from 2016 to 2018. We also elected Mr. Jrg Hofmann as Deputy Chairman of the
Supervisory Board. Mr. Hofmann was previously appointed by the court as a replacement member of the Supervisory
Board, succeeding Mr. Berthold Huber. The meeting also focused on current information about the emissions issue and
onissuingtheannualdeclarationofconformitywiththeGermanCorporateGovernanceCode.

The Supervisory Boards last meeting in the reporting period was held on December 9, 2015. We addressed in detail
the latest findings on the emissions issue. We also appointed Dr. Karlheinz Blessing as the member of the Board of
Management with responsibility for Human Resources and Organization, effective January 1, 2016, as the successor to
Dr.HorstNeumann.

14
TO OUR SHAREHOLDERS
Report of the Supervisory Board

Among other things, we decided to approve the sale of LeasePlan Corporation N.V. and to appoint Dr. Christine
Hohmann-Dennhardt to the newly created Group Board of Management position for Integrity and Legal Affairs, effec-
tiveJanuary1,2016,inresolutionsthatwereadoptedbycirculatingwrittendocuments.

CO N F L I C T S O F I N T E R E S T
At its meeting on November 19, 2015, the Executive Committee of the Supervisory Board addressed major shareholder
business relationships. In this context, the Executive Committee granted approvals to transactions with the State of
Lower Saxony. Executive Committee member Mr. Stephan Weil is Minister-President of the State of Lower Saxony and
took part in the votes. The Executive Committee members were guided exclusively by the interests of the Company when
voting.Nomaterialconflictsofinterestwerediscernibleinthisrespect.Allapprovalsweregrantedunanimously.

Nootherdiscernibleconflictsofinterestwerereportedoraroseinthereportingperiod.

CO R P O R AT E G OV E R N A N C E A N D D E C L A R AT I O N O F CO N F O R M I T Y
The Supervisory Board meeting on November 20, 2015 focused on the implementation of the recommendations and
suggestions of the German Corporate Governance Code at the Volkswagen Group. We discussed in detail the version of
the German Corporate Governance Code dated May 5, 2015, as published by the relevant government commission on
June 12, 2015, and issued the annual declaration of conformity with the recommendations of the German Corporate
Governance Code in accordance with section 161 of the Aktiengesetz (AktG German Stock Corporation Act) together
with the Board of Management. On March 14, 2016, and April 22, 2016, the Board of Management and the Supervisory
BoardofVolkswagenAGeachissuedasupplementtothedeclarationofconformity.

The joint declarations of conformity by the Board of Management and the Supervisory Board are permanently available
at www.volkswagenag.com/ir. Additional information on the implementation of the recommendations and suggestions
of the German Corporate Governance Code can be found in the corporate governance report starting on page 60 and in
thenotestotheconsolidatedfinancialstatementsonpage299ofthisannualreport.

M E M B E R S O F T H E S U P E R V I S O RY B OA R D A N D B OA R D O F M A N AG E M E N T
Prof. Dr. Ferdinand K. Pich stepped down as Chairman and as a member of the Supervisory Board of Volkswagen AG
and from all of his offices on the supervisory boards of Volkswagen Group companies on April 25, 2015. Ms. Ursula
Pich also stepped down from all of her supervisory board offices in the Volkswagen Group on the same day. Mr. Berthold
Huber, the Deputy Chairman of the Supervisory Board, assumed the chairmanship of the Supervisory Board temporar-
ilyuntiltheelectionofanewchairman.

On April 30, 2015, Dr. Louise Kiesling and Ms. Julia Kuhn-Pich were appointed to the Supervisory Board of
Volkswagen AG as shareholder representatives, effective the same day, by the court on the application of the Board of
ManagementofVolkswagenAGinaccordancewithsection104oftheAktG.

Dr. Hussain Ali Al-Abdullas scheduled term of office on the Supervisory Board of Volkswagen AG expired at the end
of the 55th Annual General Meeting on May 5, 2015. The Annual General Meeting elected Dr. Al-Abdulla to the Super-
visory Board for a further full term of office as a shareholder representative. Mr. Ahmad Al-Sayed stepped down as a
shareholder representative on the Supervisory Board of Volkswagen AG as of the end of the Annual General Meeting.
TheAnnualGeneralMeetingelectedMr.AkbarAlBakertoreplacehimfortheremainderofhistermofoffice.

In accordance with section 104 of the AktG, the court appointed Mr. Uwe Hck, Chairman of the General and Group
Works Councils of Dr. Ing. h.c. F. Porsche AG, to the Supervisory Board of Volkswagen AG as an employee representative
effectiveJuly1,2015.HereplacesMr.JrgenDorn,whosteppeddownasofJune30,2015.

On October 7, 2015, Mr. Hans Dieter Ptsch, who had previously resigned from his office as the member of the Board of
Management with responsibility for Finance and Controlling, was appointed to the Supervisory Board of Volkswagen
AG by the court as a replacement shareholder representative in accordance with section 104 of the AktG. Mr. Ptsch
replaced Ms. Julia Kuhn-Pich, who stepped down from the Supervisory Board with effect from October 1, 2015. At its
meetingonOctober7,2015,theSupervisoryBoardelectedMr.PtschasitsChairmanwithimmediateeffect.

15
TO OUR SHAREHOLDERS
Report of the Supervisory Board

Mr. Berthold Huber and Mr. Hartmut Meine stepped down as employee representatives on the Supervisory Board
of Volkswagen AG effective November 19, 2015 and November 21, 2015, respectively. The court appointed Mr. Jrg
Hofmann, first chairman of IG Metall, and Mr. Johan Jrvklo, chairman of IF Metall at Scania AB, as their replacements
effectiveNovember20,2015andNovember22,2015,respectively,inaccordancewithsection104oftheAktG.

Mr. Andreas Renschler has been the member of the Group Board of Management responsible for Commercial Vehicles
since February 1, 2015 as the successor to Dr. Leif stling. Dr. stling stepped down from the Group Board of Manage-
mentonFebruary28,2015.

At its meeting on February 27, 2015, the Supervisory Board of Volkswagen AG appointed Mr. Matthias Mller as
member of the Board of Management of Volkswagen AG with responsibility as Chairman of the Board of Management
ofDr.Ing.h.c.F.PorscheAG,effectiveMarch1,2015.

At the same meeting, the Supervisory Board resolved to appoint Dr. Herbert Diess as a member of the Board of Man-
agement of Volkswagen AG in his role as chairman of the brand board of management of Volkswagen Passenger Cars,
effectiveJuly1,2015.

The Chairman of the Board of Management of Volkswagen AG, Prof. Dr. Martin Winterkorn, stepped down on Septem-
ber 25, 2015. The Supervisory Board of Volkswagen AG appointed Mr. Matthias Mller as the new Chairman of the
BoardofManagementofVolkswagenAGwitheffectfromSeptember26,2015.

Mr. Christian Klingler, member of the Board of Management of Volkswagen AG with responsibility for Sales and
Marketing,steppeddownwitheffectfromSeptember25,2015.

On October 7, 2015, the Supervisory Board appointed Mr. Frank Witter, previously Chairman of the Board of Manage-
ment of Volkswagen Financial Services AG, as member of the Board of Management of Volkswagen AG with responsi-
bilityforFinanceandControlling,asthesuccessortoMr.Ptsch.

Dr. Horst Neumann, member of the Board of Management of Volkswagen AG with responsibility for Human Resources
and Organization, retired on November 30, 2015. The Supervisory Board appointed Dr. Karlheinz Blessing as his suc-
cessor,effectiveJanuary1,2016.

With effect from January 1, 2016, Dr. Christine Hohmann-Dennhardt took up the newly created Integrity and Legal
AffairspositionontheBoardofManagementofVolkswagenAG.

Our sincere thanks go to all of the departing members of the Supervisory Board and the Board of Management for their
work.

Former Supervisory Board member Mr. Heinrich Sfjer died on June 30, 2015 aged 64. Mr. Sfjers tremendous initia-
tive and outstanding dedication enabled him to play an active role in shaping the work of the Supervisory Board during
histermofofficefrom2007to2010.Wewillhonorhismemory.

AU D I T O F T H E A N N UA L A N D CO N S O L I DAT E D F I N A N C I A L S TAT E M E N T S
The Annual General Meeting of Volkswagen AG on May 5, 2015 elected PricewaterhouseCoopers Aktiengesellschaft
Wirtschaftsprfungsgesellschaft as auditors for fiscal year 2015, in line with our proposal. The auditors audited the
annual financial statements of Volkswagen AG, the consolidated financial statements of the Volkswagen Group and the
combinedmanagementreport,andissuedunqualifiedauditreportsineachcase.

In addition, they analyzed the risk management and internal control systems, concluding that the Board of Manage-
ment had taken the measures required by section 91(2) of the AktG to ensure early detection of any risks endangering
the continued existence of the Company. The Report by Volkswagen AG on Relationships with Affiliated Companies in
Accordance with Section 312 of the AktG for the period from January 1 to December 31, 2015 (dependent company

16
TO OUR SHAREHOLDERS
Report of the Supervisory Board

report) submitted by the Board of Management was also audited by the auditors, who issued the following opinion: In
our opinion and in accordance with our statutory audit, we certify that the factual disclosures provided in the report are
correct and that the Companys consideration concerning legal transactions referred to in the report was not unduly
high.

The members of the Audit Committee and the members of the Supervisory Board were provided in each case with the
documentation relating to the annual financial statements, including the dependent company report, and the audit
reports prepared by the auditors in good time for their meetings on April 21, 2016 and April 22, 2016 respectively. The
auditors reported extensively at both meetings on the material findings of their audit and were available to provide addi-
tionalinformation.

Taking into consideration the audit reports and the discussion with the auditors and based on its own conclusions, the
Audit Committee prepared the documents for the Supervisory Boards examination of the consolidated financial state-
ments, the annual financial statements of Volkswagen AG, the combined management report and the dependent com-
pany report and reported on these at the Supervisory Board meeting on April 22, 2016. Following this, the Audit Com-
mittee recommended that the Supervisory Board approve the annual financial statements. We examined the documents
in depth in the knowledge and on the basis of the report by the Audit Committee and the audit report as well as in talks
and discussions with the auditors. We came to the conclusion that they are due and proper and that the assessment of the
position of the Company and the Group presented by the Board of Management in the management report corresponds
to the assessment by the Supervisory Board. We therefore concurred with the auditors findings and approved the annu-
al financial statements prepared by the Board of Management and the consolidated financial statements at our meeting
on April 22, 2016, at which the auditors also took part in discussions on the agenda items relating to the financial state-
ments. The annual financial statements are thus adopted. Our examination of the dependent company report did not
result in any objections to the concluding declaration by the Board of Management in the dependent company report.
We reviewed the proposal on the appropriation of net profit submitted by the Board of Management, taking into account
inparticulartheinterestsoftheCompanyanditsshareholders,andendorsedtheproposal.

The events surrounding the emissions issue have affected us all very deeply. Volkswagen does not tolerate any breaches
of the law or other irregularities. The misconduct uncovered in fiscal year 2015 runs contrary to all of the values that
Volkswagen stands for. The trust of our customers and the public is and will remain our most important asset. We are
sincerely sorry for betraying this trust. We will spare no effort in restoring full confidence. The Supervisory Board has
already initiated extensive measures in order to comprehensivelyaddresstheissue.

We would like to thank the members of the Board of Management, the Works Council, the management and all the
employees of Volkswagen AG and its affiliated companies, and express our particular appreciation for their work in
2015.TheirgreatfortitudeandloyaltyhavebeenasourceofstrengthforVolkswageninthisdifficulttime.

Wolfsburg,April22,2016

HansDieterPtsch
ChairmanoftheSupervisoryBoard

17
2

DIVISIONS
Divisions

U N I T S A L E S BY M A R K E T, 2 0 1 5 V S . 2 0 1 4 (in percent)

+2.1
+7.0 EUROPE /OTHER M ARKETS
NORTH A MERIC A

2.7
A SIA- PACIFIC

32.0
SOUTH A MERIC A
21 Brands and Business Fields
24 Volkswagen Passenger Cars
26 Audi
28 KODA
30 SEAT

DIVISIONS 32 Bentley
34 Porsche
36 Volkswagen Commercial Vehicles
38 Scania
40 MAN
42 Volkswagen Group China
44 Volkswagen Financial Services
DIVISIONS
D I V IBusiness
Brands and S I O N S Fields
D
D II V
V II SS II O
ONN SS
Brands
Brands and
and Business
Business Fields
Fields
Brands and Business Fields

Brands and
Brands and
Business Fields
Business Fields
The Group brands operated in a continuously challenging market environment in 2015,
The
The Group
Group brands
brands operated
operated in aa continuously
inSpecial
continuously challenging
challenging market
market environment in 2015,
The Group
facing brands
fierce operated
competition. in challengingfrom
items particularly theenvironment
market environment in
in2015,
emissions issue 2015,

facing fierce
facingfierce
facing competition.
fiercecompetition.
competition. Special items
Special items
particularly
particularly from
particularly from the
from theemissions
the emissionsissue
emissions issue
issue
significantly affected the operating result.
significantly affected the operating
significantly affected the operating
significantly result.
operating result.
result.

G R O U P ST R U C T U R E
GGRROOUUPPST
STRRUUCCTTUURREE
The
G R O UVolkswagen
P ST R U C T U RGroup
E consists of two divisions: the Automotive Division and the Financial Services Division. The
The
TheVolkswagen
Volkswagen Group
Group consists
consists ofof two
two divisions:
divisions: the
the Automotive Division
Division and the Financial Services Division. The
The Volkswagen
Automotive Group
Division consists
comprises of
both two
the divisions:
Passenger Cars Automotive
Business Area and theand
Division and the
the Financial
Commercial Financial Services
Services Division.
Vehicles/Power Division. The
The
Engineering
Automotive
AutomotiveDivision
Automotive
Divisioncomprises
Division
comprises both
comprises
both thethe Passenger
Passenger Cars Business Area and
both the Passenger CarsandBusiness and the
the
Area and thein Commercial
Commercial
Commercial Vehicles/Power
Vehicles/Power
Vehicles/Power Engineering
Engineering
Engineering
Business Area. We report the Passenger Cars segment the reconciliation the Passenger Cars Business Area. The
Business Area.We
Business We report thethe Passenger
Passenger Cars segment and the reconciliation in the Passenger Cars
CarsBusiness
BusinessArea. The
Business Area.
Commercial Area. We report
Vehicles/Power Passenger Cars
report theEngineering Cars segment
Business Areaand the reconciliation
consistsreconciliation in
in the
of the Commercial
Passenger
theVehicles
Passenger andCars
the Business
Area.
Area. The
Power EngineeringThe
CommercialVehicles/Power
Commercial
Commercial Vehicles/PowerEngineering
Vehicles/Power Engineering Business
Engineering Business Area
Business consists of
Area consists of the
the Commercial
Commercial Vehicles
Commercial Vehiclesand
Vehicles andthe
and thePower
the PowerEngineering
Power Engineering
Engineering
segments. Accordingly, the activities of the Automotive Division comprise the development of vehicles and engines, the
segments.Accordingly,
segments.
segments. Accordingly,thethe activities
the activities of
activities of the
of the Automotive
the Automotive Division
Automotive Division comprise
comprise the
the development
development of ofvehicles
vehiclesandandengines,
engines,the
the
productionAccordingly,
and sale of passenger cars, light commercial vehicles, comprise the
trucks, buses development of
and motorcycles, vehicles and
as well as engines, the
the genuine
production
production and
production and sale
and sale of
sale of passenger
of passenger
passenger cars, cars, light
cars, light commercial
light commercial vehicles, trucks,
commercial vehicles, trucks, buses
trucks, buses
buses andand motorcycles,
and motorcycles,
motorcycles, asas well
as wellas
well asthe
thegenuine
as the genuine
genuine
parts, large-bore diesel engines, turbomachinery, special gear units, propulsion components and testing systems
parts, large-bore
parts, large-bore diesel
diesel engines,
engines, turbomachinery,
turbomachinery, special gear units, units, propulsion
propulsion components
components and
and testing
testing systems
systems
parts, large-bore
businesses. diesel
The Ducati engines,
brand turbomachinery,
is allocated special
to the Audi brand andgear units,
is thus propulsion
presented components
in the Passenger Carsand testingsegment.
reporting systems
businesses.The
businesses. TheDucati
Ducatibrand
brandisisallocated
allocated to to the
the Audi brand and is thus presented
presented in
in the
thePassenger
Passenger Cars
Cars reporting
reportingsegment.
segment.
businesses. The Ducati brand is allocated to the Audi brand and is thus presented in the Passenger
The Financial Services Division, which corresponds to the Financial Services segment, combines dealer and customer Cars reporting segment.
The FinancialServices
The Services Division,
Division, which
which corresponds to the Financial Services segment, combines dealer and customer
The Financial
Financial
financing, Services
leasing, Division,
banking which corresponds
and insurance corresponds to the
activities, fleet Financial Services
Financial
management Services segment,
segment,
and the mobility
combines
combines dealer
offerings. dealer and
and customer
customer
financing,leasing,
financing, leasing,banking
bankingand andinsurance
insurance activities,
activities, fleet
fleet management
management and and the
the mobility
mobility offerings.
offerings.
financing, leasing, banking and insurance activities, fleet management and the mobility offerings.

V O L K S WA G E N G R O U P
VVOOL LKKSSWA
WAGGEENN GGRROOUUPP
V O L K S WA G E N G R O U P

Division Automotive Financial Services


Division
Division Automotive
Automotive
Financial Services
Financial Services
Division Automotive Financial Services
Brand/ Volkswagen Audi KODA SEAT Bentley Porsche Volkswagen Scania MAN Other Dealer and customer
Brand/ Volkswagen Audi KODA SEAT Bentley Porsche Volkswagen Scania MAN Other Dealer and customer
Brand/ Field
Business Volkswagen
Passenger
Volkswagen Audi KODA SEAT Bentley Porsche Volkswagen
Commercial Scania MAN Other Dealer and customer
financing
Brand/
Business Field Passenger Audi KODA SEAT Bentley Porsche Volkswagen
Commercial Scania MAN Other Dealer and customer
financing
Business Field Passenger
Cars
Passenger Commercial
Vehicles financing
Leasing
Business Field Cars Commercial
Vehicles financing
Leasing
Cars
Cars Vehicles
Vehicles Leasing
Direct bank
Leasing
Direct bank
Direct bank
Insurance
Direct bank
Insurance
Insurance
Fleet management
Insurance
Fleet management
Fleet management
Mobility offerings
Fleet management
Mobility offerings
Mobility
Mobility offerings
offerings

21
21
21
D II V
D V II SS II O
ONN SS
Brands and
Brands and Business
Business Fields
Fields

In
In this
this chapter,
chapter, we
we present the key
present the key volume
volume and
and financial
financial data
data relating
relating to
to the
the Group
Group brands
brands and
and toto Volkswagen
Volkswagen Financial
Financial
Services.
Services. InIn light
light of
of the considerable importance
the considerable importance ofof the
the development
development of of business
business inin China
China forfor the
the Volkswagen
Volkswagen Group
Group and
and
the
the continuing
continuing growth
growth in the worlds
in the worlds largest
largest single
single market,
market, we
we also
also report
report on
on business
business developments
developments and and the
the results
results of
of our
our
activities
activities in
in China
China inin this chapter.
this chapter.
The
The production
production figures and deliveries
figures and deliveries to
to customers
customers are
are presented
presented separately
separately by
by brand
brand and
and their
their models,
models, i.e.
i.e. by
by product
product
line.
line. Unit
Unit sales
sales figures
figures refer to models
refer to models sold
sold by
by the
the various
various brand
brand companies,
companies, including
including vehicles
vehicles of
of other
other Group
Group brands.
brands. In
In
some
some cases,
cases, there
there are
are marked differences between
marked differences between delivery
delivery figures
figures and
and unit
unit sales
sales as
as aa result
result of
of our
our business
business development
development
in China.
In addition, we explain unit sales and sales revenue in the Europe/Other markets, North America, South America America andand
Asia-Pacific markets.

K
K EE Y
Y FF II G
GUUR
R EE SS B
BYY M
MAAR
RKK EE T
T
The irregularities that emerged in relation to the software used in certain diesel engines of the Volkswagen GroupGroup andand the
the
irregularities in relation to CO22 emissions that could not be ruled out initially impacted the Volkswagen Group
Group starting
starting in
in
September of last year. In particular, expenses for technical modifications, repurchases and legal risks arising
arising inin connec-
connec-
tion with the diesel issue led to the recognition of special items of 16.9 billion in total. Operating result before
before special
special
items matched the prior-year level at 12.8 billion.
The Volkswagen Group operated in a continuously challenging market environment in fiscal year 2015, 2015, facing
facing fierce
fierce
competition. Unit sales passed the ten million mark again, at 10.0 (10.2) million vehicles, while sales revenue roserose by
by 5.4%
5.4%
to 213.3 billion.
In the Europe/Other markets region, unit sales of Group models increased 2.1% to 4.5 million vehicles vehicles in in the
the
reporting period. Sales revenue was up 7.9% year-on-year to 132.5 billion on the back of volume, mix and exchange exchange raterate
effects.
The Group sold 0.9 million units in North America; 7.0% more than in the year before. Sales revenue increased
increased 28.1%
28.1%
to 35.4 billion, primarily due to the increase in volumes, the stronger US dollar and positive mix effects.
With the economic environment in the South American region continuing to deteriorate, demand for for vehicles
vehicles fell
fell
again in the reporting period. The Volkswagen Group sold 0.5 million vehicles there (32.0%). Sales revenue decreased
decreased by by
26.8% to 10.1 billion as a consequence of lower sales figures and negative exchange rate effects.
Demand for Group models in the Asia-Pacific markets in fiscal year 2015 was slightly lower than in the previousprevious year.
year.
Including the Chinese joint ventures, 4.0 (4.1) million vehicles were sold there. Sales revenue fell by 7.6% to 35.2
35.2 billion
billion
due to volume-related factors. These figures do not include the sales revenue generated by our Chinese joint joint ventures,
ventures,
since these are accounted for using the equity method.

22
DIVISIONS
Brands and
D I V IBusiness
S I O N S Fields
Brands and Business Fields

KEY FIGU RES BY BRAND AND BUSIN ESS FI ELD1


KEY FIGU RES BY BRAND AND BUSIN ESS FI ELD1

SALES TO THIRD
VEHICLE SALES SALES REVENUE S A L EPSA TR O
T I ET SH I R D OPERATING RESULT

Thousand vehicles/ million V E2015


H I C L E S A L E S 2014 S A L2015
E S R E V E N U E 2014 PARTIES
2015 2014 O P E R2015
A T I N G R E S U L2014
T

Thousand vehicles/ million 2015 2014 2015 2014 2015 2014 2015 2014
Volkswagen Passenger Cars 4,424 4,583 106,240 99,764 70,939 68,396 2,102 2,476
Volkswagen Passenger Cars
Audi 4,424
1,529 4,583
1,444 106,240
58,420 99,764
53,787 70,939
37,605 68,396
36,105 2,102
5,134 2,476
5,150
Audi
KODA 1,529
800 1,444
796 58,420
12,486 53,787
11,758 37,605
6,128 36,105
6,144 5,134
915 5,150
817
KODA
SEAT 800
544 796
501 12,486
8,572 11,758
7,699 6,128
3,570 6,144
3,412 915
10 817
127
SEAT
Bentley 544
11 501
11 8,572
1,936 7,699
1,746 3,570
1,379 3,412
1,175 110
10 127
170
Bentley
Porsche2 11
219 11
187 1,936
21,533 1,746
17,205 1,379
19,663 1,175
15,727 110
3,404 170
2,718
Porsche2
Volkswagen Commercial 219 187 21,533 17,205 19,663 15,727 3,404 2,718
Vehicles
Volkswagen Commercial 456 442 10,341 9,577 4,813 4,826 382 504
Vehicles
Scania 2 456
78 442
80 10,341
10,479 9,577
10,381 4,813
10,479 4,826
10,381 382
1,027 504
955
Scania2
MAN 78
102 80
120 10,479
13,702 10,381
14,286 10,479
13,468 10,381
14,092 1,027
277 955
384
MAN
VW China3 102
3,456 120
3,506 13,702
14,286
13,468
14,092
277
384

VW China3
Other 3,456
1,608 3,506
1,454
56,318
45,885
21,922
22,127 2,4374 2,0524
4 4
Other
Volkswagen Financial Services 1,608
1,454
56,318
25,901 45,885
22,139 21,922
23,326 22,127
20,072 2,437
1,921 2,052
1,702
Volkswagen
Volkswagen Financial Services
Group before 25,901 22,139 23,326 20,072 1,921 1,702
special itemsGroup before
Volkswagen 12,824 12,697
special items
Special items





12,824
16,893 12,697

Special itemsGroup
Volkswagen
10,010
10,217
213,292
202,458
213,292
202,458 16,893
4,069
12,697
Volkswagen Group 5
Automotive Division 10,010
10,010 10,217
10,217 213,292
183,936 202,458
177,538 213,292
186,869 202,458
179,864
4,069
6,305 12,697
10,780
5
Automotive Division
of which: Passenger Cars 10,010 10,217 183,936 177,538 186,869 179,864 6,305 10,780
Business Area
of which: Passenger Cars 9,374 9,575 149,716 143,601 158,716 151,138 7,013 9,835
Business Area
Commercial Vehicles/ 9,374 9,575 149,716 143,601 158,716 151,138 7,013 9,835
Power Engineering
Commercial Vehicles/
Business
Power Area
Engineering 636 642 34,220 33,937 28,152 28,726 709 945
BusinessDivision
Financial Services Area 636
642
34,220
29,357 33,937
24,920 28,152
26,424 28,726
22,594 709
2,236 945
1,917
Financial Services Division 29,357 24,920 26,424 22,594 2,236 1,917
1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
2
1 Including
All figuresfinancial
shown are services.
rounded, so minor discrepancies may arise from addition of these amounts.
3
2 The sales revenue
Including financialand the operating result of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are
services.
3 accounted for using
The sales revenue andthethe
equity method
operating andof
result recorded
the jointa venture
proportionate operating
companies result
in China areof 5,214
not (5,182)
included million.
in the figures for the Group. The Chinese companies are
4 Mainly intragroup
accounted for usingitems recognized
the equity methodin profit or loss, ina particular
and recorded fromoperating
proportionate the elimination of 5,214
result of intercompany
(5,182) profits;
million. the figure includes depreciation and amortization
4 of identifiable
Mainly assets
intragroup as part
items of purchase
recognized price
in profit orallocation for Scania,
loss, in particular Porsche
from Holding Salzburg,
the elimination MAN andprofits;
of intercompany Porsche.the figure includes depreciation and amortization
5 Including
of allocation
identifiable assetsofasconsolidation adjustments
part of purchase between
price allocation forthe Automotive
Scania, Porsche and Financial
Holding Services
Salzburg, MAN divisions.
and Porsche.
5 Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.

KEY FIGU RES BY MARKET1


KEY FIGU RES BY MARKET1

VEHICLE SALES SALES REVENUE

Thousand vehicles/ million V E2015


HICLE SALES 2014 S A L2015
ES REVENUE 2014
Thousand vehicles/ million 2015 2014 2015 2014
Europe/Other markets 4,524 4,430 132,535 122,858
Europe/Other
North Americamarkets 4,524
941 4,430
879 132,535
35,384 122,858
27,619
North America
South America 941
540 879
794 35,384
10,148 27,619
13,868
South America
Asia-Pacific2 540
4,005 794
4,114 10,148
35,225 13,868
38,113
2
Asia-Pacific
Volkswagen Group2 4,005
10,010 4,114
10,217 35,225
213,292 38,113
202,458
Volkswagen Group2 10,010 10,217 213,292 202,458

1 All figures shown are rounded, so minor discrepancies may arise from addition of these amounts.
2 All
1 Thefigures
sales revenue of the
shown are joint venture
rounded, companies
so minor in China
discrepancies mayisarise
not included in theoffigures
from addition these for the Group and the Asia-Pacific market.
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.

23
23
D
DIIV
V II SS IIO
ONNSS
Volkswagen
Volkswagen Passenger Cars
DIIVVIIPassenger
D SSIIO
ONNSS Cars
Volkswagen
Volkswagen Passenger
Passenger Cars
Cars

In
In fiscal
fiscal year
year 2015,
2015, the
the Volkswagen
Volkswagen Passenger
Passenger Cars
Cars brand
brand launched
launched the
the new
new generation
generation of
of
In
In
thefiscal
fiscal year
year 2015,
2015,
Touran the
the Volkswagen
andVolkswagen
presented Passenger
Passenger
the Cars
Cars
Tiguans brand
brand
successor.launched
launched
The the
the
emissionsnew
new generation
generation
the versatile Touran and presented the Tiguans successor. The emissions issue resulted in
versatile issue resulted of
of
in
the versatile Touran
the versatile Touran andand presented
presented
special
special items the
the Tiguans successor.
Tiguansthe
items influencing
influencing successor.
the The emissions
Theresult.
operating
operating issue resulted in
emissions issue resulted in
result.
special
special items
items influencing
influencing the
the operating
operating result.
result.

BB U
U SSII N
N EESS SS D
D EEV
V EE LLO
OPPM
M EE N
NTT
The
The
B
BU
Volkswagen
USSIIVolkswagen
NNEESSSS D
DEEVVEELLO
Passenger
Passenger
OPPM
MEEN
Cars brand launched the third generation of the Touran in 2015. The family-friendly compact
NTT Cars brand launched the third generation of the Touran in 2015. The family-friendly compact
van
The
van scores
The Volkswagen points
scores points
Volkswagen with
Passenger a highly
Cars
with a highly
Passenger variable
Cars brand
variable
brand interior,
launched
interior,
launched thean
the an economical
third generation
economical
third generation range
of
range theof
of the engines
ofTouran
engines
Touran in and
in 2015.
and
2015. an
anTheextensive lineup
lineup of
family-friendly
extensive
The family-friendly driver
compact
of driver
compact
assistance
van
van scores
assistance
scoresandand infotainment
points with
infotainment
points systems.
with aa highly
systems.
highly The
variable Passat
interior,
The Passat
variable interior, GTE
GTEan expanded
economical
expanded
an economical the range
range
the range of
rangeofof plug-in
engines
plug-in
of engineshybrid
hybridand vehicles.
an
an extensive
andvehicles. At the IAA
At thelineup
extensive in Frankfurt
of
of driver
IAA in Frankfurt
lineup driver
am
am Main,
assistance
Main, and
assistance the
and new
new Tiguan
Tiguan attracted
the infotainment
infotainment systems.
systems. The
attracted interest
Passat
interest
The Passat fromGTEvisitors;
GTE
from expanded
visitors;
expanded the
thethe
thelaunch
rangetakes
range
launch of
takes place
of plug-in
place
plug-in in
in the
hybrid
hybrid second
thevehicles.
second At
vehicles. quarter
the IAAof
the IAA
quarter
At in2016.
ofin The
Frankfurt
2016. The
Frankfurt
successful
am
am Main,
successful
Main, PoloPolo
the
the newcelebrated
Tiguan
celebrated
new its 40th
Tiguanitsattracted birthday
interest
40th birthday
attracted interestin the
from
in the
from reporting
visitors;
reporting period;
the
the launch
visitors;period; the first
the first
launch one
takes rolled
oneplace
takes rolledin
place off the
the
inoff production
thesecond
the production
second quarterline
lineof
quarter in Wolfsburg
in2016.
of Wolfsburg
2016. The
The
in
in spring
spring 1975.
successful
successful Polo
1975. The
The emissions
Polo celebrated its
emissions
celebrated issue
its 40th
issue
40th has
has negatively
birthday
birthday in
in the
negatively impacted
the reporting
reporting the
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SSA
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figure
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America and and the
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replacement of of supplied
supplied airbags.
airbags.

40
40 years
years

The
The Polo
Polo success
success story
story
The
The Polo
Polo success
success story
story 24
24
24
24
DIVISION
DSI V I S I O N S
Volkswagen
Volkswagen Passenger
DD
DIIIVV SS Cars
VIIIPassenger
SIIIO
ONN
O NSS
S Cars
Volkswagen
Volkswagen Passenger
Volkswagen Passenger Cars
Passenger Cars
Cars

P R O D U CPT RI OOND U C T I O N V O L K SWA


VOG LEKNSWA
PA SGS E N GPA
E RS SCEANRGS EBRRCAANRDS B R A N D
PP
PRR
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DUU
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TIIIOO
ONN
N VV
VOO
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KSWA
SWAGG
SWA GEEENN
N PA
PASS
PA SSS
SEEENN
NGG
GEEERR
R CC
CAA
ARR
RSS
S BB
BRR
RAA
ANN
NDD
D

Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Units
Units
Units 2015
2015
2015 2014
2014
2014 2015
2015
2015 2014
2014
2014 %
%
%
Golf Golf 1,095,5531,095,5531,011,1241,011,124
DeliveriesDeliveries
(thousand(thousand
units) units) 5,823 5,823 6,119 6,119 4.8 4.8
Golf
Golf
Jetta/Sagitar
Jetta/Sagitar
Golf 844,9071,095,553
844,907 926,2771,011,124
1,095,553
1,095,553 1,011,124
926,277
1,011,124 Deliveries
Deliveries (thousand
(thousandunits)
Vehicle sales
Vehicle sales
Deliveries (thousand units)
units) 4,424 5,823
5,823
4,424 4,583
5,823 6,119
6,119
4,583
6,119 3.5
4.8
4.8
3.5
4.8
Polo Jetta/Sagitar
Jetta/Sagitar
Polo
Jetta/Sagitar 754,546 844,907
754,546 753,754 926,277
844,907
844,907 926,277
753,754 Vehicle
Production
926,277 Vehiclesales
sales
Production
Vehicle sales 5,898 4,424
4,424 6,156 4,583
4,424
5,898 4,583 4.2
6,156
4,583
3.5
3.5
4.2
3.5
Polo
Polo
Passat/Magotan
Passat/Magotan
Polo 724,018 754,546
754,546 747,583 753,754
724,018
754,546 753,754
747,583
753,754 Production
Production
Sales
Sales revenue (revenue
Productionmillion)( million) 5,898
106,240 106,240
5,898 6,156
5,898 99,764 99,764
6,156 + 6.5
6,156 +
4.2
4.2
6.5
4.2
Tiguan Passat/Magotan
Passat/Magotan
Tiguan
Passat/Magotan 501,712 724,018
501,712 515,349 747,583
724,018
724,018 OperatingSales
747,583
515,349
747,583 Sales revenue
revenue
Operating
result
Sales (
(million)
result
before
revenue ( million)
before
million) 106,240
106,240
106,240 99,764
99,764
99,764 +6.5
++ 6.5
6.5
Lavida Tiguan
Tiguan
Lavida 462,748 501,712
501,712 515,349
481,740 special
special items
462,748 481,740 515,349 Operating
Operating items
result
result before
before 2,102 2,102 2,476 2,476 15.1 15.1
Tiguan 501,712 515,349 Operating result before
Santana Lavida
Lavida
Santana 279,583 462,748 as % ofspecial
279,583 295,485 481,740
462,748 481,740
295,485 special
sales
special items
items
as %revenue
of sales revenue
items 2.0 2,102
2,102
2.0
2,102 2.5 2,476
2,476
2.5
2,476 15.1
15.1
15.1
Lavida 462,748 481,740
Bora Santana
Santana
Bora 202,964 279,583
202,964 226,006 295,485
279,583 295,485
226,006 as
as%
as %of
% ofsales
of salesrevenue
sales revenue
revenue 2.0
2.0
2.0 2.5
2.5
2.5
Santana 279,583 295,485
Gol Bora
Bora
Gol
Bora 192,841 202,964
202,964
192,841
202,964 300,629 226,006
226,006
300,629
226,006
up! Gol
Gol
up!
Gol 172,345 192,841
192,841 217,278 300,629
192,841
172,345 300,629
217,278
300,629
Touran up!
up!
Touran
up! 120,507 172,345
172,345
120,507
172,345 126,567 217,278
217,278
126,567
217,278
LamandoTouran
Touran
Lamando
Touran 103,573 120,507
120,507
103,573
120,507 3,080 126,567
126,567
3,080
126,567
Fox Lamando
Lamando
Fox
Lamando 85,161 103,573
103,573 3,080
3,080
85,161 106,991 106,991
103,573 3,080
Saveiro Fox
Fox
Saveiro
Fox 75,397 85,161
85,161
75,397
85,161 96,420 106,991
106,991
96,420
106,991
Beetle Saveiro
Saveiro
Beetle
Saveiro 64,035 75,397
75,397 91,464 96,420
64,035
75,397 96,420
91,464
96,420
Touareg Beetle
Beetle
Touareg
Beetle 59,190 64,035
64,035 63,741 91,464
64,035
59,190 91,464
63,741
91,464
CC Touareg
Touareg
CC
Touareg 56,796 59,190
59,190 85,591 63,741
56,796
59,190 63,741
85,591
63,741
Sharan CC
CC
Sharan
CC 53,423 56,796
56,796 49,498 85,591
56,796
53,423 85,591
49,498
85,591
Suran Sharan
Sharan
Suran
Sharan 24,691 53,423
53,423 23,332 49,498
24,691
53,423 49,498
23,332
49,498
Scirocco Suran
Suran
Scirocco
Suran 16,251 24,691
24,691 23,573 23,332
24,691
16,251 23,332
23,573
23,332
Eos Scirocco
Scirocco
Eos
Scirocco 4,559 16,251
4,559 6,567 23,573
16,251
16,251 23,573
6,567
23,573
Phaeton Eos
Eos
Phaeton
Eos 2,924 4,559
4,559
2,924
4,559 4,061 6,567
6,567
4,061
6,567
XL1 Phaeton
Phaeton
XL1
Phaeton 59 2,924
2,924
59
2,924 106 4,061
4,061
106
4,061
XL1
XL1
XL1 59
59
5,897,783
5,897,783 106
106
6,156,216
596,156,216 106
5,897,783
5,897,783
5,897,783 6,156,216
6,156,216
6,156,216

Touran
Touran
Touran
D E L I V E RD
in percentDin
I EESL IBVYE M
DEEpercent
R IAE SR KBEYT M A R K E T
LLIIVVEERRIIEESS BBYY M
DELIVERIES BY MARKET
in
inpercent
in percent
percent
MAARRKKEETT

Europe/Other markets markets


Europe/Other 33.2 % 33.2 %
North America
Europe/Other
Europe/Other 10.2 %
Northmarkets
America
markets 10.2
33.2
33.2%%
%
Europe/Other markets 33.2 %
South America
South
North 7.9 %
America
NorthAmerica
America 7.9%
10.2
10.2 %
%
North America 10.2 %
Asia-Pacific
South
South 48.7 %
Asia-Pacific
America
America 48.7
7.9
7.9%%
%
South America 7.9 %
Asia-Pacific
Asia-Pacific
Asia-Pacific 48.7
48.7%
48.7 %
%

i F U R Ti H E RFIUNRFTOHREM
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www.volkswagen.com

25 25
25
25
25
DDIIVVIISSIIOONNSS
D I VAudi
Audi
ISIONS
DIVISIONS
Audi
Audi

The
The Audi
Audi brand
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continued its
its global
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at
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BBUUSSIINNEESSSS DDEEVVEELLOOPPM
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In
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Audi A4,A4, which
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BUSI N ESS DEVELOPMENT
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In 2015, and
and
the underscores
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which brand
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raised
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The
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inSpain
Spain 1.5 million
(+16.5%),
(+16.5%), vehicles
millionItaly
vehicles
Italy last
last year,
(+10.3%)
(+10.3%) year,
and up
and theup 5.9%
the 5.9%
USA
USA year-on-year.
year-on-year. In
(+11.1%).
(+11.1%). In addition,
addition, aa further
further 510 510 thousand
thousand Audi Audi
vehicles
vehiclesThewere
The Audisold
were
Audi sold
brand
brand by the
bysold
sold 1.5 -Volkswagen
the FAW
FAW
1.5 -Volkswagen
million
million vehiclesChinese
Chinese
vehicles last joint
jointup
last year,
year, venture.
up 5.9% There
venture.
5.9% There waswas particularly
year-on-year.
year-on-year. particularly
In addition,
In addition,strong
strong demand
demand
aa further
further 510
510for
for the
the A3
thousand
thousand A3 series
series
Audi
Audi
and
and the
vehiclesthe
vehicles wererevamped
revamped
were sold Audi
sold byAudi
by the A6,
A6, as
as well
well as
as
FAW-Volkswagen
the FAW the
the Q3,
Q3,
-Volkswagen Chinese Q5
Q5 and
and
Chinese joint Q7
Q7 SUV
SUV
joint venture. s.
s. Automobili
Automobili
venture. ThereThere was Lamborghini
Lamborghini S.p.A.
particularly strong
was particularly S.p.A. increased
increased
strong demand
demand for its
its unit
unit
for the
the A3 sales
A3sales to
series
seriesto
3,433
3,433
and vehicles,
thevehicles,
revamped compared
compared
Audi A6,with
with
as 2,521
2,521
well as vehicles
vehicles
the Q3, in
in
Q5 the
the
and previous
previous
Q7 SUV year.
year.
s. The
The
Automobili models
models from
from
Lamborghini
and the revamped Audi A6, as well as the Q3, Q5 and Q7 SUVs. Automobili Lamborghini S.p.A. increased its unit sales to the
the Huracn
Huracn
S.p.A. series
series
increased were
were
its especially
unitespecially
sales to
well
well
3,433 received
received
vehicles, byby customers.
customers.
compared with 2,521 vehicles in the previous year. The models
3,433 vehicles, compared with 2,521 vehicles in the previous year. The models from the Huracn series were especially from the Huracn series were especially
wellAAreceived
well total
total of
received ofby1.8
1.8
by million
million Audi
customers.
customers. Audi models
models werewere produced
produced worldwide
worldwide in in fiscal
fiscal year
year 2015,
2015, 1.5% 1.5% moremore vehicles
vehicles thanthan inin the
the
previous
previous
AA totalyear.
year.
of The
The
1.8 new
new
million plant
plant in
in
Audi San
San Jos
Jos
models Chiapa,
Chiapa,
were Mexico,
Mexico,
produced will
will start
worldwidestart series
series
in production
production
fiscal year
total of 1.8 million Audi models were produced worldwide in fiscal year 2015, 1.5% more vehicles than in the in
2015,in mid-2016
mid-2016
1.5% morewith
with planned
planned
vehicles capacity
capacity
than in of
of
the
150,000
150,000
previous vehicles
vehicles
year. The per
per
newyear.
year. Lamborghini
Lamborghini
plant in San Jos produced
produced
Chiapa, 3,707
3,707
Mexico, (2,650)
(2,650)
will vehicles.
startvehicles.
series production
previous year. The new plant in San Jos Chiapa, Mexico, will start series production in mid-2016 with planned capacity of in mid-2016 with planned capacity of
150,000 vehicles per year. Lamborghini produced
150,000 vehicles per year. Lamborghini produced 3,707 (2,650) vehicles. 3,707 (2,650) vehicles.
SSAALLEESS RREEVVEENNUUEE AANNDD EEAARRNNIINNGGSS
The
SAALLEAudi
The
S SS RREEbrand
EAudi EENNUUEErecorded
brand
VV AANNDD EEAARRsales
recorded sales
N
NIINNGGrevenue
SSrevenueof of58.4
58.4billion
billioninin2015,
2015,an anincrease
increaseof of4.6
4.6billion
billionyear-on-year.
year-on-year.Operating
Operatingresult result
before
before
The Audispecial
special
brand items
items
recorded was
was on
on
salesa
a par
par with
with
revenue the
the
of prior-year
prior-year
58.4 billion level,
level,
in at
2015,at 5.1
5.1
an (5.2)
(5.2)
increase billion.
billion.
of 4.6In
In addition
addition
billion
The Audi brand recorded sales revenue of 58.4 billion in 2015, an increase of 4.6 billion year-on-year. Operating result to
to growth
growth
year-on-year. in
in unit
unit
Operating sales,
sales, aa
result
favorable
favorable
before
before special mix
mixand
special and
itemsexchange
exchange
items was onrate
was on rate trends
aa par
par withhad
trends
with theaaprior-year
had positive
positiveeffect.
effect. High
level,High upfront
upfront
at 5.1 expenditures
expenditures
(5.2) billion. In
billion. for
fornew
newproducts
In addition
addition products
to growth
to growth and
andintechnologies
in technologies
unit sales,
unit sales, aa
and
and the
the expansion
favorable
favorable expansion
mix
mixand of
of the
andexchange the international
exchange international
rate
rate trends production
production
trends had a positivenetwork
network had
effect. High aa negative
had upfront
negative impact
impact on
expenditures
expenditures earnings.
onfor
earnings.
for The
The brands
new products
new products brands operating
operating
and technologies
and technologies
return
return
and
and the theon
on sales
sales before
expansion
expansion before
of special
of thespecial
the items
items amounted
international
international amounted
productionto
to 8.8
8.8 (9.6)%.
network hadThe
(9.6)%. The diesel
diesel issue,
a negative impactin
issue,
impact particular,
inon
on earnings.led
particular,
earnings. Theto
led
The to special items
items of
specialoperating
brands
brands operating of
0.3
0.3
return
return billion.
billion.
on
on sales The
The
sales financial
financial
before
before key
special
special performance
keyitems
performance
items amounted
amounted indicators
indicators for
for the
to 8.8 (9.6)%. Lamborghini
theThe
Lamborghini and
issue,
diesel issue, inDucati
andin Ducati brands
brands
particular,
particular, ledare
ledare
to included
included
to special
special in
in the
items
items the
of
of
financial
financial
0.3
0.3billion. figures
figures
billion. The
Thefor the
theAudi
Audibrand.
forfinancial
financial brand.
key
key performance
performance indicators for the Lamborghini and and Ducati
Ducati brands
brands are
are included
included in in the
the
financial
financialfiguresfiguresfor forthetheAudi
Audi brand.
brand.

1.8 million
million
Vehicles
Vehiclesdelivered
deliveredin
in2015
2015
Vehicles
Vehicles delivered
delivered in
in 2015 26
26
26
DIVISION
DSI V I S I O N S
Audi D
D II V
Audi
V II S
S II O
ONNS
S
Audi
Audi

P R O D U CPT RI OOND U C T I O N A U D I B RAAU


NDDI B R A N D
P
PRRO
ODDU
UCCT
T II O
ONN A
AUUD
D II B
BRRA
ANND
D

Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Units
Units 2015
2015 2014
2014 2015
2015 2014
2014 %
%
Audi Audi DeliveriesDeliveries
(thousand(thousand
units) units) 1,806 1,806 1,744 1,744 + 3.6 + 3.6
A3 Audi
A3
Audi 370,144 370,144 351,526 351,526
Audi Deliveries
Audi (thousand
Deliveries (thousand units)
units) 1,803 1,806 1,741
1,803
1,806 1,744 + 3.6
1,741
1,744 +
+ 3.6
3.6
A4 A3
A4
A3 370,144
318,788 318,788
370,144 328,465 351,526
328,465
Lamborghini
351,526 Audi
Lamborghini 3 1,803
3 3 1,741
3 + 28.3 +28.3
++ 3.6
Audi 1,803 1,741 3.6
A6 A4
A6 318,788
293,960 293,960
318,788 307,693 328,465
307,693
Vehicle salesLamborghini 1,529 3 3 ++28.3
28.3
A4 328,465 Vehicle sales
Lamborghini 3 1,444
1,529 3 + 5.9
1,444 + 5.9
Q5 A6
Q5
A6 293,960
267,861 267,861
293,960 260,853 307,693
260,853
Production
307,693 Vehicle sales
Production sales 1,832 1,529 1,803
1,832 1,444 + 1.6
1,803 + 5.9
Vehicle 1,529 1,444 + 1.6
5.9
Q3 Q5
Q3
Q5 267,861
205,445 205,445
267,861 200,097 260,853
200,097
260,853 Production
Sales revenue (revenue
million)( million) 58,420 1,832 1,803 1.6
Sales
Production 1,832 53,787
58,420 1,803 + 8.6
53,787 + 1.6
+ 8.6
A1 Q3
A1
Q3 205,445 115,377
116,250 205,445
116,250 200,097
115,377
200,097
OperatingSales revenue (
result
Operating
Sales before ( million)
result
revenue before
million) 58,420
58,420 53,787
53,787 +
+ 8.6
8.6
Q7 A1
Q7
A1 116,250
82,340 116,250
82,340 61,012 115,377
61,012
special items
115,377 special items
Operating 5,134 5,134 5,150 5,150 0.3 0.3
Operating result before
result before
A5 Q7
A5 79,133 82,340
79,133 88,545 61,012
88,545
as % ofspecial items 5,134 5,150
Q7 82,340 61,012 sales
as %revenue
special of sales revenue
items 8.8 8.8
5,134 9.6 9.6
5,150 0.3
0.3
TT A5
TT 35,510 79,133
35,510 17,621 88,545
17,621 as
A5 79,133 88,545 as %
% of
of sales
sales revenue
revenue 8.8
8.8 9.6
9.6
A7 TT
A7
TT 29,158 35,510
29,158 27,709
35,510 17,621
27,709
17,621
A8 A7
A8
A7 27,065 29,158
27,065 39,557
29,158 27,709
39,557
27,709
R8 A8
R8
A8 2,074 27,065
2,074 2,169
27,065 39,557
2,169
39,557
Q2 R8
Q2
R8 67 2,074
67
2,074 2,169

2,169
Q2
Q2 67
1,827,7951,827,795
671,800,6241,800,624

1,827,795
1,827,795 1,800,624
1,800,624
Lamborghini
Lamborghini
Lamborghini
Huracn Coup
Huracn Coup
Lamborghini 2,559 2,559 1,540 1,540
AventadorHuracn
Coup Coup
Aventador
Huracn Coup
Coup 666 2,559
666
2,559 456 1,540
456
1,540
AventadorAventador
Aventador Coup
Roadster Roadster
Coup 413 666
413
666 654 456
654
456
Aventador
Huracn Roadster Roadster
Huracn Roadster
Aventador Roadster 69 413
69
413 654

654
Huracn
Huracn Roadster
Roadster 3,707 69
3,707
69 2,650
2,650

3,707
3,707 2,650
2,650
Audi brand
Audi brand 1,831,5021,831,5021,803,2741,803,274
Audi
Audi brand
brand 1,831,502
1,831,502 1,803,274
1,803,274
Ducati, motorcycles
Ducati, motorcycles 55,551 55,551 45,339 45,339
Ducati,
Ducati, motorcycles
motorcycles 55,551
55,551 45,339
45,339

A4A4
Saloon
A4 Saloon
Saloon
D E L I V E RD
in percent D
in
I EESL IBVYE M
in percent
D EE LL II V
in percent
percent
R IAE SR KBEYT M A R K E T

V EE R
R II EE S
S B
BYY M
MAAR
RKK EE T
T

Europe/Other markets markets


Europe/Other 47.5 % 47.5 %
North America
Europe/Other 13.5 %
North markets
America 13.5
47.5 %
%
Europe/Other
South America markets
1.5 % 47.5 %
South
North America
America 1.5 %
13.5 %
North
Asia-Pacific America
37.5 % 13.5 %
Asia-Pacific
South America 37.5
1.5 %
%
South America 1.5 %
Asia-Pacific
Asia-Pacific 37.5
37.5 %
%

i F U R Ti H E RFFIU
UNRRFTTOH
HREEM
RRAII N
TNIFFOO
ONRRM
M ATTII O
ONN www.audi.com
www.audi.com
A
ii FF U
URRT
THH EE R
R II N
N FF O
ORRM
MAAT
T II O
ONN www.audi.com
www.audi.com

27 27
27
27
DDIIVVIISSIIOONNSS
DKODA
IKODA
VISIONS
KODA

KODA
KODA celebrated
celebrated the
the companys
companys 120th
120th anniversary
anniversary in
in 2015.
2015. At
At the
the same
same time,
time, the
the Czech
Czech
KODA
brand celebrated
brand launched
launched itsthe companys
its redesigned 120th
redesigned flagship anniversary
flagship model,
model, the in
the new 2015. At
new Superb. the
Superb. Thesame time,
The locations the
locations in Czech
in Mlad
Mlad
brand launched itsBoleslav,
redesigned
Boleslav, flagship
Vrchlab
Vrchlab andmodel,
and Kvasinythe
Kvasiny arenew
are beingSuperb.
being The locations in Mlad
expanded.
expanded.
Boleslav, Vrchlab and Kvasiny are being expanded.

BBUUSSIINNEESSSS DDEEVVEELLOOPPM
MEENNTT
In
In
B U2015,
S2015,
I N E S SKODA
KODA
DEVELO entered
entered
P M E N T its
its 120th
120th year
year of of business.
business. The The company
company isis one one ofof the
the oldest
oldest automotive
automotive manufacturers
manufacturers in in the
the
In
world.2015,
world. Last
Last year, entered
year,
KODA the
the Czech
Czech its brand
120th year
brand remained
remained of business.
on
on its The company
its successful
successful course
courseis one andofcontinued
and the oldestits
continued automotive
its model manufacturers
model rollout.
rollout. ItIt presented
presentedin the
its
its
world. Lastflagship
redesigned
redesigned year, themodel,
flagship Czechthe
model, brand
the newremained
new Superb.
Superb. The on its
The successful
vehicle
vehicle features
featurescourse
modern,
modern,and continued
expressive its
expressive and
andmodel rollout.
emotional
emotional It presented
styling,
styling, as
as well
well asits
as
redesigned
being
being the flagship
the most
most model,
spacious
spacious model
modelthe in
new itsSuperb.
in its segment.
segment. TheKODAvehicle
KODA features to
continues
continues modern,
to focus
focus on expressive
on growth:
growth: the and emotionaltransmission
the automatic
automatic styling, as well
transmission pro-as
pro-
being
ductionthe
duction most in
capacity
capacity spacious
inthe modelplant
theVrchlab
Vrchlab in itsisissegment.
plant being
beingincreased
increased
KODAfrom continues
from 1,500to
1,500 focus
2,000on
to2,000 unitsgrowth:
units per
perday. the
day. Theautomatic
The engine transmission
enginecenter
center that
thatopenedpro-
opened
duction
at
atthe
thecompanyscapacity base
companys in thein
base inVrchlab
Mlad plant is in
MladBoleslav
Boleslav being
in2014
2014increased
isisbeing from
beingexpanded
expanded 1,500 to 2,000
through
through theunits
the per day.
addition
addition ofaaThe
of newengine
new center
emissions
emissions thatthat
center
center opened
that will
will
at theto
help
help tocompanys
further
furtherreduce base the
reduce in
theMlad
emissionsBoleslav
emissions of in 2014
offuture
future is being
models;
models; theexpanded
the opening
openingisis through
planned
planned the
foraddition
formid-2016.
mid-2016. of aKODA
new
KODA emissions
also center that
alsoannounced
announced thatwill
that itit
help tocomplete
would
would further reduce
complete the the emissions
theexpansion
expansion and of future models;
andmodernization
modernization of itsthe
ofits opening
vehicle
vehicle is planned
production
production for mid-2016.
facility
facilityin
inKvasiny
Kvasinyby 2018.also announced that it
by2018.
KODA
would The
The complete
KODAthe
KODA expansion
brands
brands and modernization
deliveries
deliveries to customers of
to customers its vehiclein
worldwide
worldwide production
in 2015
2015 totaled facility
totaled 1.1inmillion
1.1 Kvasinyvehicles
million by 2018.(+1.8%),
vehicles (+1.8%), which which was
was
another
anotherThe record
record
KODAfigure.brands
figure. deliveries
China
China remained
remained to customers
the
the brands
brands worldwide
largest
largest singlein 2015
single market.
market.totaled
KODA
KODA1.1 exhibited
million vehicles
exhibited clear (+1.8%),
clear growth
growth in which and
in Central
Central was
and
another Europe,
Western
Western record
Europe,figure. China in
particularly
particularly remained
in Spain the brands
Spain (+23.5%),
(+23.5%), thelargest
the Czechsingle
Czech Republic
Republic market.
(+21.1%)
(+21.1%)
KODA and
and exhibited
Italy clear growth
Italy (+16.8%),
(+16.8%), as
as well
well inasCentral
as in and
in Turkey
Turkey
Western Europe, particularly in Spain (+23.5%), the Czech Republic (+21.1%) and Italy (+16.8%), as well as in Turkey
(+58.4%).
(+58.4%).
(+58.4%).
KODAs
KODA sunit
unitsales
salesininthe
thereporting
reportingperiod periodslightly
slightlyexceeded
exceededthe theprevious
previousyears
yearslevel
levelat at800
800(796)
(796)thousand
thousandvehicles.
vehicles.In In
particular,
particular,
KODAthere s unitwas
there salesstrong
was in thedemand
strong reporting
demand for period
for the slightly
the new
new Fabiaexceeded
Fabia and
and the the
the previous
models
models inyears
in the level atfamily.
the Octavia
Octavia 800 (796)
family. Thethousand
The difference
difference vehicles.
between
between In
particular,
figures
figures for there wasand
for deliveries
deliveries strong
and unitdemand
unit sales isis for
sales mainlythe due
mainly new
due to Fabia
to the and
the fact the models
fact that
that the in the Octavia joint
the vehicle-producing
vehicle-producing family. The difference
joint ventures
ventures in Chinabetween
in China are
are not
not
figures for
counted
counted as deliveries
asKODA
KODA andcompanies.
brand
brand unit sales is mainly due to the fact that the vehicle-producing joint ventures in China are not
companies.
counted
In
In 2015,as KODA
2015, the brandbrand
the KODA
KODA companies.
brand produced
produced 1,037 1,037 (1,050)
(1,050) thousand
thousand units units worldwide
worldwide across
across seven
seven series.
series. The
The 17 17 millionth
millionth
vehicle
vehicleIn 2015, the KODA
manufactured
manufactured by brand
KODAproduced
by KODA rolled
rolled off off1,037
the (1,050) thousand
the production
production line
line at
at theunits
the worldwide
companys
companys baseacross
base in sevenBoleslav
in Mlad
Mlad series. The
Boleslav in
in the17reporting
the millionth
reporting
vehicle
period. manufactured by KODA rolled off the production line at the companys base in Mlad Boleslav in the reporting
period.
period.
SSAALLEESS RREEVVEENNUUEE AANNDD EEAARRNNIINNGGSS
The
The
S A L EKODA
KODA
S REVENbrands
brands
U E A N Dsales
sales
EARNrevenue
revenue
I N G S increased
increasedby by6.2%
6.2%toto12.5
12.5billion
billionlast
lastyear.
year.The
The11.9%
11.9%increase
increaseininoperating
operatingresult
resultto
to
915
915
The KODAmillionbrands
million salesattributable
isisprimarily
primarily revenue increased
attributable to by 6.2%
topositive
positive volume
volumetoand
12.5
and mix
mixbillion last
effects,
effects, year. Thematerial
optimized
optimized 11.9% increase
material costs andinmore
costsand operating
more result to
advantageous
advantageous
915 million
exchange
exchange is The
rates.
rates. primarily attributable
Theoperating
operating return
returnonto sales
on positive
salesrosevolume
rose from and mix
from7.0%
7.0% in effects,
inthe
the optimized
previous
previous year tomaterial
yearto 7.3%. costs and more advantageous
7.3%.
exchange rates. The operating return on sales rose from 7.0% in the previous year to 7.3%.

120 years
years
Of
Ofcompany
companyhistory
history
Of company history 28
28
28
DIVISIONS
DSIKODA
DIVISION VISIONS
KODAD
DIIIKODA
D V
VVIIISSSIIIO
ON
O NSSS
N
KODA
KODA

PRODUCTION KO D A B R A N D
P R O D U C PT RI OOND U C T I O N KO D A BRKO
A NDDA B R A N D

PPR
P RRO
OD
O DU
D UC
U CCTTTIIIO
ON
O N
N KO
KOD
KO DA
D AB
A BB R
RRA
AN
A ND
N D
D
Units 2015 2014 2015 2014 %
Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Octavia
Units
Units 425,629
2015
2015 397,433
2014
2014 Deliveries (thousand units) 1,056
2015
2015 1,037
2014
2014 + 1.8
%%
Units 2015 2014 2015 2014 %
Fabia
Octavia Octavia 195,349 397,433 162,954
425,629 425,629 Vehicle sales
DeliveriesDeliveries
397,433 (thousand units)
(thousand units) 1,056 800 1,037
1,056 796 + 1.8
1,037 + 1.8
0.5
Fabia Octavia
Octavia
Rapid
Fabia
Octavia 425,629 162,954 397,433
195,349 425,629
189,187
195,349
425,629 397,433
228,175 Deliveries
Deliveries
Production
Vehicle sales
162,954
397,433 Vehicle (thousand units)
(thousand
sales
Deliveries (thousand units)
units) 800 1,056
1,056
1,037
800 796
1,056 1,037
1,037
1,050
796 + 0.5
1,037 +
1.8
++1.8
1.2
0.5
1.8
Rapid Fabia
Fabia
Yeti
Rapid
Fabia 195,349
189,187 195,349
189,187
195,349 162,954
89,890 228,175 162,954
107,084
Production
228,175
162,954 Vehicle
Vehicle
Sales
Vehicle sales
sales
revenue
sales ( million)
Production 1,037 800 1,050
800
12,486
1,037
800 796 1.2
796
11,758
1,050
796 +0.5
+
+ 0.5
6.2
1.2
0.5
Yeti Rapid
Rapid
Superb
Yeti
Rapid 189,187
89,890 189,187
84,550
89,890 107,084
189,187 228,175
228,175
82,079 Production
Production
Operating
Sales revenue
107,084
228,175 Sales result
(revenue
million)
Production ( million) 12,486 1,037
1,037
915 11,758
12,486
1,037 1,050
1,050
817 + 6.2
11,758
1,050 +
+
1.2
1.2
11.9
6.2
1.2
Yeti
Superb Yeti
Citigo
Superb
Yeti 89,890 82,079
84,550 89,890
41,280
84,550
89,890 107,084
107,084
41,974
82,079
107,084 Sales
Sales
as %
OperatingSales
resultrevenue
revenue
Operatingof sales(revenue
(
result
revenue ( million)
million)
million) 915 12,486
12,486
7.3 817
915
12,486 11,758
11,758
7.0 + 11.9
817
11,758 ++ 6.2
6.2
++11.9
6.2
Citigo Superb
Superb
Roomster
Citigo
Superb 84,550 41,974
84,550
41,280 11,166
41,280
84,550 82,079
82,079
41,974
82,079 Operating
as % ofOperating
29,983 sales result
result
as %revenue
of sales
Operating revenue
result 7.3 915
915
7.3
915 7.0 817
817
7.0
817 + 11.9
++11.9
11.9
Citigo
Citigo
RoomsterCitigo
Roomster 41,280
41,280
11,1661,037,051 41,974
41,974
11,166 29,9831,049,682
41,280 29,983
41,974 as
as %
% of
of sales
sales revenue
as % of sales revenue
revenue 7.3
7.3
7.3 7.0
7.0
7.0
Roomster
Roomster
Roomster 11,166
11,166
1,037,0511,037,051
1,049,682
11,166 29,983
29,983
1,049,682
29,983
1,037,051
1,037,051
1,037,051 1,049,682
1,049,682
1,049,682

Superb
Superb Combi
Combi
Superb Combi
DELIVERIES BY MARKET

Superb Combi
in
I EEpercent
D E L I V E RD SL IBVYE M
R IAE SR KBEYT M A R K E T
in percent D
in
DEEEpercent
LLLIIIV
VEEER
D V RRIIIEEESSS B
BBY
YY M
MA
M AR
A RRK
KEEETTT
K
in percent
in
in percent
percent

Europe/Other markets 70.9 %


North America 0.0 %
Europe/Other markets markets
Europe/Other 70.9 % 70.9 %
South America 0.1 %
North America
Europe/Other
Europe/Other 0.0 %
North markets
America
markets 0.0 %
70.9
70.9 %
Europe/Other markets
Asia-Pacfic 29.0 %
70.9 %
South America
South 0.1 %
America
North America
North America 0.1
0.0%
0.0 %
%
North America 0.0 %
Asia-Pacfic
South
South 29.0 %
Asia-Pacfic
America
America 29.0
0.1%
0.1 %
%
South America 0.1 %
Asia-Pacfic
Asia-Pacfic
Asia-Pacfic 29.0%
29.0
29.0 %
%

i F U R T H E R I N F O R M A T I O N www.skoda-auto.com
i F U R Ti H E RF IUNRFTOHREM
R AI N
T IFOONR Mwww.skoda-auto.com
A T I O N www.skoda-auto.com
iii FFFU
UR
U RRTTT H
HEEER
H RR III N
NFFFO
N OR
O RRM
MA
M ATTTIII O
A ON
O N www.skoda-auto.com
N www.skoda-auto.com
www.skoda-auto.com

29
29 29
29
29
29
DIVISIONS
D I VSEAT
ISIONS
SEAT
DIVISIONS
SEAT

SEATs positive business development continued in 2015. Demand for the Spanish brands
SEATs positive
vehicles grew business
in almostdevelopment continued
all markets. The CONNECTin 2015. Demand
special forwhich
editions, the Spanish brands
are available
vehicles grew
SEATs positivein almost
acrossbusiness all markets.
all series,development The CONNECT
provide extracontinued special
in 2015.
comfort and editions,
the Demand
latest in for which are available
the Spanish brands
infotainment.
across all series, provide extra comfort and the latest in infotainment.
vehicles grew in almost all markets. The CONNECT special editions, which are available
across all series, provide extra comfort and the latest in infotainment.

BUSI N ESS DEVELOPMENT


The
B N E S S brand
U S ISEAT D E V E Lhad
O P MaE successful
NT year in 2015, unveiling new models that were enthusiastically received by customers. The
The S I N E Sbrand
CONNECT
B USEAT D E V Ehad
Sspecial a successful
editions
LO PM year in in
E N T are available 2015, unveiling
all series new models
and offer that were
connectivity at theenthusiastically received
highest level. With by customers.
the latest The
generation of
the
CONNECT
The SEATspecial
infotainment editions
systems,
brand had are
theavailable
a successfulSEAT inin
yearFull all
Link
2015, series and offer
connection
unveiling newandconnectivity
the that
models at the
exclusive
were highest
SEAT level. With
ConnectApp,
enthusiastically the latest
which
received by isgeneration
alreadyThe
customers. of
pre-
the infotainment
installed
CONNECT on the
on special systems,
editions the
the smartphone
smartphone are SEAT Full
delivered
delivered
available inLink
with
with the
all theconnection
vehicle,
car,
series the
the
and and theconnect
vehicles
vehicles
offer exclusive
connect
connectivity totothe
at the SEAT
highestConnectApp,
thelatest
latest media
media
level. which
latest is
technology
Withtechnology
the already
with pre-
intuitive
generation of
operation
installed onand thea high
the infotainment smartphone
systems, delivered
level of safety.
the SEAT withLink
Emotional
Full the vehicle,
design, the vehicles
superior
connection and the connect
performance
exclusive toSEAT
and the
thelatest
latest media technology
technology
ConnectApp, with intuitive
are combined
which is already in the
pre-
operation
new
installed and
Ibiza Cupra
on thea high level
smartphone
that is howof safety.
one ofEmotional
deliveredthe most design,
dynamic
with the superior
vehicles
vehicle, performance
in connectand
the compact
the vehicles class
to thewas
the latest
latest technology
created.
media The are combined
SEAT
technology 20V20 in the
show
with intuitivecar
new Ibiza Cupra
presented
operation inandtheareporting
thatlevel
high is how of one ofsystematically
period
safety. the most dynamic
Emotional vehicles
enhances
design, thein
superior the compact
Spanish
performancebrands
andclass was
recognized
the created.
latest Thelanguage;
design
technology SEAT 20V20
are combined show car
it combines
in the
presented
the
new IbizainCupra
dynamic the reporting
lines ofthat
a sport period
is how coup
one of systematically
with
the most enhances
the imposing
dynamic thein
presence
vehicles Spanish
of an
the brands
compact
SUV and
classrecognized
the
was design
flexibility
created. of
The language;
a SEAT 20V20itestate.
mid-range combines
show The
car
the dynamic
presented
successful inlines
concept of
cara issport
the reporting coup
period
rounded with the
systematically
off by an imposing presence
enhances
intelligent of an SUV
the Spanish
lightweight design, andrecognized
brands
a diverse therange
flexibility of technologies,
of design
drive alanguage;
mid-range estate.
it combinesThe
numerous
the dynamic
successful conceptlines of
car a
is sport
roundedcoup off
driver assistance systems and an innovative cockpit. with
by anthe imposing
intelligent presence
lightweight of an
design,
SUVa and
diverse the flexibility
range of of
drive a mid-range
technologies, estate. The
numerous
successful
driver
The concept
assistance
SEAT car deliveries
systems
brands isand
rounded tooffcustomers
an innovative by an cockpit.
intelligent lightweight
increased by 2.4% design,
to 400a diverse
thousand range of drivein
vehicles technologies, numerous
fiscal year 2015. Sales
driver
The assistance
increased in almost
SEAT systems
brands and anin
deliveries
all markets, innovative
toWestern
customers cockpit.
increased
Europe by 2.4%
particularly to 400
in Italy thousand
(+22.1%) vehicles
and Spain in fiscalinyear
(+14.3%), 2015.
Central Sales
Europe
The SEAT
increased
particularlyin in brands
almost
the Czech deliveries
all markets, in to
Republic customers
Western
(+16.6%) Europeincreased
and Polandby(+16.2%).
2.4%
particularly to 400
in Italy thousand
(+22.1%)
The Ibiza,and Leonvehicles
Spain in Alhambra
fiscal year
(+14.3%),
ST and 2015.
in Central
models Sales
Europe
were
increased
particularly
especially in
inalmost
popular thewith allcustomers.
Czech markets,
Republic in Western
(+16.6%) Europe particularly
and Poland in Italy The
(+16.2%). (+22.1%)
Ibiza,and LeonSpain
ST (+14.3%),
and Alhambra in Central
models Europe
were
particularly
especially popular
The SEAT in the
brand with Czech
sold 544Republic
customers.
thousand (+16.6%)
vehicles and
in thePoland (+16.2%).
reporting period,The Ibiza,
which wasLeon
8.4%ST andthan
more Alhambra models The
a year earlier. wereQ3
especially
The SEAT
produced forpopular
brand
Audi iswith
soldcustomers.
included544 thousand
in this figure. vehicles in the reporting period, which was 8.4% more than a year earlier. The Q3
InThe
produced SEAT
forSEAT
2015, brand
Audi is sold 544
included
produced thousand
in
415 this vehicles
figure.
thousand in the
vehicles, reporting
exceeding period,
the which
previous wasfigure
years 8.4%by more than a year earlier. The Q3
5.1%.
produced for Audi is included in this figure.
In 2015, SEAT produced 415 thousand vehicles, exceeding the previous years figure by 5.1%.
In 2015, SEAT produced 415 thousand vehicles, exceeding the previous years figure by 5.1%.
SALES REVENUE AND EARNINGS
The
S S R E V brand
A L ESEAT E N U E Agenerated
ND EARNIN sales
G S revenue of 8.6 billion in fiscal year 2015, an increase of 11.3% year-on-year. At 10
SALES REVENUE AND EARNINGS
The
( 127) brand
million
SEAT in generated sales
the reporting revenue
period, of 8.6result
operating billion in fiscal
showed year 2015,
a marked an increase
improvement. ofwas
This 11.3% year-on-year.
primarily At 10
due to increased
The SEAT brand generated sales revenue of 8.6 billion in fiscal year 2015, an increase of 11.3% year-on-year. At 10
( 127) million
volumes, positivein the reporting
exchange rateperiod,
effectsoperating result showedThe
and cost optimization. a marked improvement.
operating This improved
return on sales was primarily due(to1.6)%.
to 0.1 increased
( 127) million in the reporting period, operating result showed a marked improvement. This was primarily due to increased
volumes, positive exchange rate effects and cost optimization. The operating return on sales improved to 0.1 ( 1.6)%.
volumes, positive exchange rate effects and cost optimization. The operating return on sales improved to 0.1 ( 1.6)%.

400
400 thousand
thousand
Vehicles delivered in 2015
Vehicles
Vehiclesdelivered
deliveredinin2015
2015 30
30
DIVISIONS
DSI VSEAT
DIVISION ISIONS
SEAT D VSEAT
D II V II S
S II O
ONNS
S
SEAT
SEAT

PRODUCTION S E AT B R A N D
P R O D U C PT R
I OOND U C T I O N S E AT B R A
S ENAT
D BRAND
P
PRRO
ODDU
UCCT
T II O
ONN S
S EE AT BR
AT B RA
ANND
D
Units 2015 2014 2015 2014 %
Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Leon
Units 169,455
2015 157,087
2014 Deliveries (thousand units) 400
2015 391
2014 + 2.4
%
Units 2015 2014 2015 2014 %
Leon Ibiza
Leon 160,451 157,087 153,633
169,455 169,455 Vehicle sales
DeliveriesDeliveries
157,087 (thousand units)
(thousand units) 400 544
400 391 501
391 + 2.4 + 2.4
8.4
Ibiza Leon
Altea/Toledo
Ibiza
Leon 32,729 153,633 157,087
169,455
160,451 169,455
160,451 35,683 Deliveries
Production
Vehicle sales
153,633
157,087 (thousand
Vehicle sales
Deliveries units)
(thousand units) 544 400
415
544
400 501 391
395
501 + 8.4
391 + 2.4
5.1
8.4
+ 2.4
Ibiza
Alhambra
Altea/Toledo
Altea/Toledo
Ibiza 32,729 160,451
32,729 35,683 153,633
27,925
160,451 22,612
Production
35,683
153,633 Vehicle sales
Production
Sales
Vehiclerevenue
sales ( million) 415 544
8,572
415 395
544 501
7,699
395 + 5.1
501 ++ 8.4
+11.3
5.1
8.4
AlhambraAltea/Toledo
Mii
Alhambra
Altea/Toledo 32,729
27,925 24,516
32,729 35,683
27,925 22,612 25,845
22,612 Production
Operating
Sales revenue
35,683 result
Sales(revenue
million)
Production ( million) 8,572 415
10 7,699
8,572
415 395
127
395 + 11.3
7,699 + 5.1
++11.3
92.0
5.1
Mii Alhambra
Mii
Alhambra 27,925
24,516 415,076
27,925 22,612
OperatingSales
24,516 25,845 394,860
25,845
22,612 as %revenue
result
Operating
Sales (
of sales
result
revenue million)
(revenue
million) 10 8,572
0.1
10 127
8,572 7,699
127
1.6 + 92.0
7,699 +
+ 11.3
92.0
11.3
Mii
Mii 24,516
415,076 415,076 25,845
as % of Operating
24,516 394,860 394,860
25,845 Operating
sales result
as %revenue
of sales
resultrevenue 0.1 10
10 1.6
0.1
127
1.6
127 + 92.0
+ 92.0
415,076
415,076 394,860
394,860 as
as %
% of
of sales
sales revenue
revenue
0.1
0.1
1.6
1.6

Leon
Leon ST
Leon ST Cupra
Cupra
Leon ST Cupra
ST
DELIVERIES BY MARKET

Cupra
in
I EEpercent
D E L I V E RD SL IBVYE M
R IAE SR KBEYT M A R K E T
in percent in
D percent
D EE LL II V
V EE R
R II EE S BY
S B MA
Y M AR
RKK EE T
T
in
in percent
percent

Europe/Other markets 93.8 %


North America 6.0 %
Europe/Other markets markets
Europe/Other 93.8 % 93.8 %
South America 0.2 %
North America
Europe/Other 6.0 %
North markets
America 6.0 %
93.8 %
Europe/Other markets
Asia-Pacific 93.8
0.0 %
South America
South 0.2 %
North America
America 0.2
6.0 %
%
North America 6.0 %
Asia-Pacific
South 0.0 %
Asia-Pacific
America 0.0
0.2 %
%
South America 0.2 %
Asia-Pacific
Asia-Pacific 0.0 %
0.0 %

i F U R T H E R I N F O R M A T I O N www.seat.com
i F U R Ti H E RFIUNRFTOHREM
R AI N
T IFOONR M
www.seat.com
A T I O N www.seat.com
ii FF U
URRT
THH EE R
R II N
N FF O
ORRM
MAAT
T II O
ONN www.seat.com
www.seat.com

31
31 31
31
31
DDI IVVI ISSI IOONNSS
DIVISIONS
DBentley
IBentley
VISIONS
Bentley
Bentley

The
The Bentley
Bentley brand
brand introduced
introduced the
the latest
latest generation
generation of
of the
the successful
successful Continental
Continental GT
GT in
in
The Bentley brand introduced the latest generation of the successful Continental GT in
The Bentley
2015. The brand
British introduced
traditional the
brand latest
unveiled generation
the of the
Bentayga, asuccessful
new seriesContinental
and the
2015. The British traditional brand unveiled the Bentayga, a new series and the Groups GT
Groupsin
2015.
2015. The
The British
British traditional
traditional brand
brand unveiled
unveiled the Bentayga,
the Bentayga, aa new
new series
series and
and the
the Groups
Groups
first
first luxury
luxury SUV.
SUV.
first luxury SUV.
first luxury SUV.

BBUUSSI INNEESSSS DDEEVVEELLOOPPMMEENNTT


BUSI N ESS DEVELOPMENT
In
B U2015,
In S I N E S Bentley
2015, D E V E Llaunched
SBentley P M E N T the
launched
O therevamped
revampedContinental
ContinentalGT
GTwith
withenhanced
enhanceddesign
designand
andtechnology.
technology.Redesigned
Redesignedbumpers
bumpersand
and
In 2015,
more Bentley
clearly launched
outlined fendersthe revamped
lend
lend the Continental
the Grand
Grand Tourer GTanwith enhanced
even more design andappearance;
more confident technology. Redesigned bumpers and
more
In 2015, clearly
Bentley outlined
launched fenders
the revamped ContinentalTourer GT an
witheven
enhanced design andappearance;
confident technology. in in addition, its
its dynamic
addition,bumpers
Redesigned dynamicand
more
W12 clearly outlined fenders lend the Grand Tourer an even more confident appearance; in addition, its dynamic
W12twin
more twin turbo
turbo
clearly engine
enginehas
outlined hasbeen
fenders re-engineered.
beenlend the GrandIn
re-engineered. In the
theluxurious
Tourer an eveninterior,
luxurious interior, the
theoccupants
more confident occupants can
cannow
appearance; nowin use
use their
theirmobile
addition,mobile devices
devices
its dynamic
W12
to twinthe turbo enginevia has been re-engineered. In the luxurious interior, the occupants can now use their mobile devices
toaccess
W12access
twinthe Internet
turboInternet
enginevia the
hasthe vehicles
vehicles
been own
ownWI-FI
re-engineered. WI-FIIn hotspot.
hotspot. Furthermore,
interior,production
Furthermore,
the luxurious production
the occupants of
ofthe
the
cannew
new
now Bentayga
use theirmodel
Bentayga model
mobile began
began
devicesin
in
to
theaccess
reportingthe Internet
period. via the vehicles own WI-FI hotspot. Furthermore, production of the new Bentayga model began in
the reporting
to access period. The
the Internet The
via theBentayga
Bentayga
vehicles isis the
ownGroups
the Groups first
first luxury
WI-FI hotspot. luxury SUV and
SUV
Furthermore, and propels
propels
productionthe
theSUVof the
SUV segment
segment
new Bentayga into
into new
new territory.
territory.
model began The
Thein
the reporting
Bentayga
Bentayga
the reportinghas period.
hasaaperiod.
powerful
powerful The
The
Bentayga
12-cylinder
Bentayga TSI
12-cylinder is
TSI
is
the Groups
engine
engine
the Groups with first
447
withfirst luxury
kW
kW(608
447luxury SUV
(608
SUV PS)
PS)and
and
propels
under
under the
propels
the
thebonnet, SUV
the SUVgiving
bonnet, segment
giving
segment ititaatop into new
intospeed
top new of
speed territory.
of301
301km/h.
territory.km/h.The
The
Bentayga
Drivers
Driverscan
Bentayga has
canhas aapowerful
choose
choose
powerful from12-cylinder
from four
fouron-road
on-road
12-cylinder TSI
TSIandengine
and four
engine with
fouroff-road
off-road
with 447 kW (608
447modes
modes
kW (608 PS) under
depending
depending
PS) under on
onthe
the
the bonnet,
the surface.
surface.
bonnet, giving
Making
Making
giving ititaatoptop
its speed
itsworld
worldof
speed of 301in
debut
debut
301 km/h.
in the
km/h.the
Drivers
Bentayga
Bentayga can
Drivers can is choose
an
is choose
an electronicfrom
electronic four
from four activeon-road
active roll and four
stabilization
roll stabilization
on-road off-road
and four off-road system modes
that
systemmodes depending
gives
that gives the SUV
the SUV
depending on the
optimum
on optimum surface.
the surface. Making
comfort
comfort
Making with
with its world
maximum
maximum
its world debut in
driving
debutdriving the
in the
Bentayga
stability. is an electronic active roll stabilization system that gives the SUV
stability. is an electronic active roll stabilization system that gives the SUV optimum comfort with maximum driving
Bentayga optimum comfort with maximum driving
stability.
The
TheBentley
stability. Bentleybrands brandsdeliveries
deliveriesto tocustomers
customersin in2015
2015totaled
totaled10,100
10,100(11,020)
(11,020)vehicles
vehiclesand andthus thusexceeded
exceededthe the10,000
10,000
mark
markThe
TheforBentley
for the
thethird
Bentley third brands
year
yearin
brands indeliveries
adeliveries
arow. Theto
row.The USA
toUSAcustomers
remainsin
remains
customers the2015
the
in largest
2015 totaled
single
totaled
largest single 10,100
market
10,100
market (11,020)
for
forBentley
(11,020) vehicles
Bentley more
vehiclesmore and
andthan
than thus
thus exceededof
one-quarter
exceeded
one-quarter the
the
of 10,000
vehicles
10,000
vehicles
mark
were
were for
forthe
markdeliveredthethird
delivered there.
third year
there.yearThein
The aabrand
row.
row. The
in brand saw USA
sawgrowth
The growth
USA remains
ininWestern
remains the
the largest
Western Europe
largest
Europe single
(+8.6%)
single market
market
(+8.6%) and for
andfor Bentley
Japan more
(+15.4%).
Bentley
Japan morethan
(+15.4%). thanone-quarter
one-quarterof ofvehicles
vehicles
were
were delivered
Bentley
Bentley
delivered sold
soldthere.
10,616
10,616
there. The brand
brand saw
Thevehicles
vehicles growth
growth in
worldwide
worldwide
saw ininWestern
in the
Western Europeperiod;
the reporting
reporting
Europe (+8.6%)
period;
(+8.6%) and
that
that
and Japan
was
was 2.9%
Japan2.9%(+15.4%).
fewer
fewer than
(+15.4%). than in in thethe year
year before.
before. The The
Bentley
Continental
Bentley GT
Continental sold
GTand
sold 10,616
and Mulsannevehicles
Mulsanne
10,616 models
vehicles worldwide
models were
worldwidewerein inin the
the reporting
greater
greater
in demand
demandthan
reporting period;
thanin
period; that was
in2014.
2014.
that was 2.9%
2.9% fewerfewer than
than in in the
the year
year before.
before.The The
Continental
Production
Production
Continental GT
GTand at
at the
and Mulsanne
the Bentleymodels
Bentley
Mulsanne brand
brand fell
models were
fell
were byin
by in greater
1.3%
1.3%
greater demand
year-on-year
year-on-year
demand than than
in in 2014.
in 2015
2015
in 2014.
to
to 10,888
10,888 vehicles.
vehicles. Production
Production of of the
the Bentayga
Bentayga
Production
commenced
commenced
Production at
attheat the Bentley
at companys
the Bentleybase
companys
the brand
base
brandin fell
fell by
inCrewe.
Crewe. by 1.3%
1.3% year-on-year
year-on-year in in 2015
2015 to to 10,888
10,888 vehicles.
vehicles. Production
Production of of the
the Bentayga
Bentayga
commenced
commencedat atthe
thecompanys
companys base base in in Crewe.
Crewe.
SSAALLEESS RREEVVEENNUUEE AANNDD EEAARRNNI INNGGSS
SAt
SAA1.9
At LEESS RRbillion,
L1.9 EVVEENNUUEEBentleys
Ebillion, AANNDD EEAARRsales
Bentleys sales
NNIINNGGrevenue
revenue
SS in
inthe
thereporting
reportingperiod
periodwas
wasup
up10.9%
10.9%on
onthe
theprior-year
prior-yearfigure.
figure.Operating
Operatingresult,
result,by
by
At
At1.9
1.9billion,
contrast,
contrast, Bentleys
decreased
decreased
billion, 34.9%sales
34.9%
Bentleys to
sales revenue
to110
110 in
in the
million.
million.
revenue the reporting
Positive
Positive periodrate
exchange
exchange
reporting period waseffects
rate
was up 10.9%
effects
up and on
andon
10.9% the
cost
cost
the prior-yearwere
reductions
reductions
prior-year figure.
were Operating
unable
unable
figure. to result,by
tocompensate
Operating compensate
result, by
contrast,
for
forthe
contrast, decreased
theimpact
impact of
decreased 34.9%
oflower
lower to
volumes
volumes
34.9% 110
andmillion.
increased
andmillion.
to 110 Positive
increased upfrontexchange
upfront
Positive rate
expenditures
expenditures
exchange effects
for
fornew
rate effects and
new cost reductions
andproducts.
products. The were
Theoperating
operating
cost reductions unable
return
return
were unable to
tooncompensate
on sales
saleswas
compensatewas
for
5.7the
5.7
for impact
impact of
(9.7)%.
(9.7)%.
the of lower
lower volumes
volumes and
and increased
increased upfront expenditures for
upfront expenditures for new
new products.
products. The
The operating
operatingreturn
returnon onsales
saleswas
was
5.7 (9.7)%.
5.7 (9.7)%.

5th series
series
Expands
Expandsthe
theproduct
productportfolio
portfolio
Expands the product
Expands the product portfolio 32
32
32
DIVISIONS
DSIBentley
DIVISION VISIONS
BentleyD Bentley
D II V
V II S
S II O
ONNS
S
Bentley
Bentley

PRODUCTION BENTLEY B RAND


P R O D U C PT R
I OOND U C T I O N B E N T L E YBBE R
NAT N
L EDY B R A N D
P
PRRO
ODDU
UCCT
T II O
ONN B
B EE N
NTT LL EE Y BR
Y B RA
ANND
D
Units 2015 2014 2015 2014 %
Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Continental
Units GT Coup 3,997
2015 3,442
2014 Deliveries (units) 10,100
2015 11,020
2014 8.3
%
Units 2015 2014 2015 2014 %
Flying
Continental Spur GT Coup
GT Coup
Continental 3,997 3,660
3,997 3,442 4,556
Deliveries
3,442 Vehicle
(units) sales
Deliveries (units) 10,100 10,616 11,020
10,100 10,930
11,020 8.3 8.3
2.9
Continental
Flying Spur GT Cabriolet
Flying Spur GT
Continental Coup
Coup 3,660 3,997
2,216
3,660
3,997 4,556 3,442
2,151
Vehicle Deliveries
Production
4,556 sales
3,442 (units)
Vehicle sales
Deliveries (units) 10,616 10,100
10,888
10,616 10,930
10,100 11,020
11,033
10,930
11,020 2.9 8.3
1.3
2.9
8.3
Flying
Continental Spur GT Cabriolet
Mulsanne
GT Cabriolet
Continental
Flying Spur 2,216 3,660
919
2,216
3,660 2,151 4,556
884 Vehicle
Sales
Production
2,151
4,556 sales ( million)
revenue
Production
Vehicle sales 10,888 10,616
1,936 11,033
10,888
10,616 10,930
1,746 1.3
11,033
10,930 + 2.9
10.9
1.3
2.9
Continental
MulsanneBentayga
Mulsanne GT
Continental GT Cabriolet
Cabriolet 919 2,216
96
919
2,216 884 2,151
Sales
884
2,151 Production
revenue
Operating
Sales result
(revenue
million)
Production ( million) 1,936 10,888
110 1,746
1,936
10,888 11,033
170 + 10.9
1,746
11,033 34.9
+ 1.3
10.9
1.3
BentaygaMulsanne
Bentayga
Mulsanne 96 919
10,888
96
919 884
11,033
Operating

884 Sales
as %revenue
result
Operating
Sales (
of sales
result
revenue million)
(revenue
million) 110 1,936
5.7 170
110
1,936 1,746
9.7 34.9
170
1,746 +
10.9
+ 34.9
10.9
Bentayga
Bentayga 10,888 96
96 11,033
10,888
11,033 Operating
as% of Operating
sales result
as %revenue
of sales
resultrevenue 5.7 110
5.7
110 9.7 170
9.7
170 34.9
34.9
10,888
10,888 11,033
11,033 as
as %
% of
of sales
sales revenue
revenue 5.7
5.7 9.7
9.7

Continental
Continental
Continental GT
GT
Continental GT
DELIVERIES BY MARKET

GT
D E L I V E R in
I EEpercent
D SL IBVYE M
R IAE R
S KBEYT M A R K E T
in percent in
D percent
D EE LL II V
V EE R
R II EE S BY
S B MA
Y M AR
RKK EE T
T
in
in percent
percent

Europe/Other markets 43.4 %


North America 28.3 %
Europe/Other markets markets
Europe/Other 43.4 % 43.4 %
South America 0.1 %
North America
Europe/Other 28.3 %
North markets
America 28.3
43.4 %
Europe/OtherAsia-Pacific
markets 28.2 %
43.4 %
South America
South 0.1 %
North America
America 0.1 %
28.3 %
North
Asia-Pacific America
28.2 % 28.3 %
Asia-Pacific
South America 28.2
0.1 %
%
South America 0.1 %
Asia-Pacific
Asia-Pacific 28.2 %
28.2 %

i F U R T H E R I N F O R M A T I O N www.bentleymotors.com
i F U R Ti H E RFIUNRFTOHREM
R AI TNIFOONR Mwww.bentleymotors.com
A T I O N www.bentleymotors.com

ii FF U
URRT
THH EE R
R II N
N FF O
ORRM
MAAT
T II O
ONN www.bentleymotors.com
www.bentleymotors.com

33
33 33
33
33
DIVISIONS
D Porsche
IVISIONS
DIVISIONS
Porsche
Porsche

2015 was another year of record figures for the Porsche brands unit sales and earnings.
2015
Thewas
2015 was another
another
Macan, year
year of
of record
the Cayenne record figures
figures
and the for
for the
911 made the Porsche
Porsche brands
significantbrands unit sales
unit sales
contributions andsuccess.
and
to this earnings.
earnings.
The Macan, the Cayenne and the 911 made significant contributions to this success.
The Macan, the Cayenne and the 911 made significant contributions to this success.

BUSI N ESS DEVELOPMENT


In
BBUU2015
SSIINNEESSPorsche
SS D
DEEV VEELLOcontinued
O PPMMEENNTT its growth path and underscored its commitment to purist sports cars. The Cayman GT4 is the
first
In 2015memberPorsche of
In 2015 Porsche continued the GT
continued family
its to be based
its growth
growth path on
path andthe
and mid-engineits
underscored
underscored itscoup. Following
commitment
commitment tradition,
to purist
to purist sports
sportsthecars.
newThe
cars. 911Cayman
The GT3 RSGT4
Cayman is the
GT4 top
is the
is the
model
first in
member Porsches
of the GT
GT family
family and
to marks
be the
based onhighest
the stage
mid-engine of development
coup. for
Following street-legal
tradition,
first member of the GT family to be based on the mid-engine coup. Following tradition, the new 911 GT3 RS is the top sports
the cars.
new The
911 successor
GT3 RS is of
the the
top
911
model
model Carrera
in one GT
in Porsches
Porsches of family
GT the
familymostandpopular
and marks
marks the sports
the carsstage
highest
highest for decades
stage of now features
of development
development for new turbocharged
street-legal
for street-legal sports cars.
sports engines,
cars. The
The successor
successoroptimized
of the
of the
suspension
911 Carreraand
911 Carrera a completely
one
one of
of the
the most
most new Porsche
popular
popular Communication
sports
sports cars
cars for
for decadesManagement
decades now system new
now features
features with turbocharged
new online navigation.
turbocharged The optimized
engines,
engines, Mission
optimized E
concept
suspension
suspension study and
andunveiled in 2015new
aa completely
completely shows
new Porsches
Porsche
Porsche vision of the Management
Communication
Communication electric sportssystem
Management car of the
system withfuture.
with onlineThe
online four-doorThe
navigation.
navigation. ThecarMission
with four-
Mission E
E
wheel
concept
concept drive
study
study features
unveiled
unveiled anin emotional
in 2015
2015 shows design
shows and offers
Porsches
Porsches visiontheof
vision offamiliar
the Porsche
the electric
electric sports
sportsdriving
car ofdynamics.
car of future.InThe
the future.
the Mayfour-door
The 2015, Porsche
four-door car with
car withopened
four-
four-
its
wheelnewdrive
wheel headquarters
features
features an
headquarter
drive for
anfor North America
emotional
North
emotional America
design
design and in offers
in
and Atlanta:
Atlanta:
offers the the
thethe customer
familiar
customer
familiar Porsche
Porsche experience
driving
experience center One
dynamics.
center
driving dynamics. In May
In May 2015, Drive.
Porsche
2015, PorschePorsche
Porsche opened
opened
continued
its
its new its impressive
new headquarters
headquarters forseries
for North
North of America
victories
America in inmotor
in Atlanta:
Atlanta:sport
theincustomer
the 2015 withexperience
customer its overall victory
experience center in
center the 24
One
One Hours Drive.
Porsche
Porsche of Le Mans
Drive. race
Porsche
Porsche
and titles for
continued
continued its the manufacturer
its impressive
impressive series
series ofofand driverin
victories
victories ininmotor
the FIA
motor World
sport
sport in
in 2015Endurance
2015 with
with its Championship.
its overall
overall in In
victory in
victory thethe
the 24 process,
24 Hours of
Hours of itLe
Lesuccessfully
Mans race
Mans race
proved
and
and titles thefor
titles development
for the
the manufacturerof promising
manufacturer and technologies
and driver
driver in thefor
in the FIAlater
FIA World
WorlduseEndurance
on the road.Championship.
Endurance Championship. In In the
the process,
process, itit successfully
successfully
provedThethe
proved Porsche
the brandsof
development
development deliveries
of promising
promising to technologies
customers increased
technologies for
for later by 18.6%
later use
use on the to
on the 225 thousand sports cars in the reporting period.
road.
road.
WithThe 58,009 vehicles
brands (+23.6%),
deliveries China
to became
customers the
The Porsche brands deliveries to customers increased by 18.6% to 225
Porsche brands
increased bylargest
18.6% single
to 225market
thousand
thousand for the firstcars
sports
sports time,
cars in thus
in superseding
the reporting
the reporting the
period.
period.
With
USA , where
58,009 Porsche
vehicles delivered
(+23.6%), 51,756
China units (+10.1%).
became the brands largest single market
With 58,009 vehicles (+23.6%), China became the brands largest single market for the first time, thus superseding the for the first time, thus superseding the
USA Porsche
, where sold
Porsche 219 thousand
delivered vehicles
51,756
USA, where Porsche delivered 51,756 units (+10.1%). last
units year,
(+10.1%). 17.0% more than in 2014. The Macan, the Cayenne and the 911 were
highly popular
Porsche
Porsche sold
soldwith
219
219 customers.
thousand
thousand vehicles
vehicles last
last year,
year, 17.0%
17.0% moremore thanthan inin 2014.
2014. TheThe Macan,
Macan, thethe Cayenne
Cayenne andand thethe 911
911 were
were
highlyProduction
popular at
with
highly popular with customers. the Porsche
customers. brand rose by 15.5% in 2015 to 234 thousand vehicles. Alongside the Cayenne and
Panamera
Production
Productionmodelat atseries,
the the Macan
the Porsche
Porsche has rose
brand
brand also
rosebeen
by manufactured
by 15.5%
15.5% in 2015atto
in 2015 tothe234
234Leipzig plant vehicles.
thousand
thousand since 2014.
vehicles. Alongside the
Alongside the Cayenne
Cayenne and and
Panamera
Panamera model series, the Macan has also been manufactured at the Leipzig plant since 2014.
SALES REVENUE AND EARNINGS
The
SAALLEEPorsche
S SS RREEVVEEN
NUbrand
UEE A
AN Dcontinued
ND EEA
ARR N
N II N
NGG SSits success story in fiscal year 2015. At 21.5 (17.2) billion, sales revenue was up 25.2%
versus
The
The Porsche2014. Operating
Porsche result also
brand continued rose by 25.2%
its success story intofiscal
3.4 billion due to
year 2015. Athigher
21.5 volumes and more
(17.2) billion, salesfavorable
revenueexchange rates.
was up 25.2%
An unfavorable
versus
versus 2014. mix, increased
2014. Operating result also structural costs and
rose by 25.2% higher
to 3.4 development
billion costs
due to higher for future
volumes andprojects and technologies
more favorable were
exchange rates.
systematically
An
An unfavorable
unfavorable countered by stringent
mix, increased income
structural and
costs andcost management,
higher which
development keptfor
costs thefuture
operating return
projects andontechnologies
sales stable were
year-
on-year at 15.8%.
systematically
systematically countered by stringent income and cost management, which kept the operating return on sales stable year-
The at
on-year
on-year key
at figures presented here cover both the Automotive and Financial Services businesses.
15.8%.
15.8%.
The
The keykey figures presented here cover both the Automotive and Financial Services businesses.

25.2
25.2%%
Increase in sales revenue and earnings in 2015
Increase in sales revenue and earnings in 2015
34
34
DIVISIONS
Porsche
D I V I S I ODNI SV ISIONS
PorscheDDPorsche
DIIV
I VII SISSIIO
V IOON
NNSSS
Porsche
Porsche
Porsche

PRODUCTION PORSCHE BRAND


P R O D U CPTRIOODNU C T I O N P O R S C HPEO BR R
SCAH
N ED B R A N D
PPRRPO
RD
O OU
D DCC
U UTTCIITO
OI N
O
NN PPPO
OORRRSSSCCCH
HHEEE BBBRRRA
AAN
NND
DD
Units 2015 2014 2015 2014 %

Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Macan
Units
Units 86,016
2015
2015 59,363
2014
2014 Deliveries (thousand units) 225
2015
2015 190
2014
2014 + 18.6
%
Units 2015 2014 2015 2014 %
Cayenne
Macan Macan 79,700 59,363 59,363
86,016 86,016 66,005 Vehicle sales
Deliveries
Deliveries (thousand(thousand
units) units) 225 219
225 190 187 + 18.6
190 ++18.6
17.0
Macan
Macan
911 Coup/Cabriolet
CayenneCayenne
Macan 86,016
79,700 79,700
86,016 59,363
86,016 66,005 66,005
31,373 59,363
31,590 Deliveries
Deliveries
Production
Vehicle
Vehicle sales
59,363 sales
Deliveries (thousand
(thousandunits)
(thousand units)
units) 219 225
225 187
234
219
225 190
190 + 17.0
203
187
190 18.6
+++17.0
15.5
18.6
Cayenne
911Cayenne
Boxster/Cayman
Coup/Cabriolet
911 Coup/Cabriolet
Cayenne 79,700
31,373 31,373
79,700 66,005
79,700 31,590 31,590
21,978 66,005
23,211
Production
66,005 Vehicle
Vehicle
Sales sales
sales ( million)
revenue
Production
Vehicle sales 219
219 203 17,205
234 21,533
234
219 187
187 + 15.5
203
187 +++15.5
17.0
25.2
17.0
911 Coup/Cabriolet
911 Coup/Cabriolet
Panamera
Boxster/Cayman
Boxster/Cayman
911 Coup/Cabriolet 31,373
21,978 21,978
31,373 31,590
31,373 23,211 23,211
15,055 31,590
22,383 Production
Production
Operating
Sales
Sales revenue
31,590 revenueresult
( million)
Production ( million) 234
3,404
21,533 21,533
234 203
23417,205 17,205
203 + 25.2
2,718
203 +++25.2
15.5
25.2
15.5
Panamera Boxster/Cayman
Boxster/Cayman
918 Spyder
Panamera
Boxster/Cayman 21,978
21,978 23,211
23,211
375 22,383 22,383
15,055 15,055
21,978 Sales
as %revenue
Sales
545 Operating
Operating
23,211 result
Sales sales(
revenue
of result
revenue (million)
million)
revenue
( million) 3,404 21,533
15.8 2,718 17,205
21,533
3,404
21,533 17,205
15.8 + 25.2
2,718
17,205 + 25.2
++25.2
25.2
Panamera
918
918 Spyder Panamera
Spyder
Panamera 15,055
15,055
375 234,497
375
15,055 22,383
as % ofOperating
22,383
545 203,097
545
22,383 Operating result
as % revenue
sales result
of sales
Operating revenue
result 15.8 3,404
3,404 15.8
15.8
3,404 2,718
2,718
15.8
2,718 ++ 25.2
25.2
918
918 Spyder
918 Spyder
Spyder 375
234,497 234,497
375 545
375203,097 203,097
545
545 as
as%
as %%of
ofsales
of salesrevenue
sales revenue
revenue 15.8
15.8
15.8 15.8
15.8
15.8
234,497
234,497
234,497 203,097
203,097
203,097

Cayenne
Cayenne
Cayenne S SS E-Hybrid
E-Hybrid
E-Hybrid
DELIVERIES BY MARKET
D E L I V E RDin
IEELpercent
SI V
B EY RM
I EASRBKYE TM A R K E T

Cayenne
CayenneSSE-Hybrid
E-Hybrid in percentinDDpercent
EEL LI V
I VEERRI EI ESSBBYY M
DELIVERIES BY MARKET
in
ininpercent
percent
percent
MAARRKKEETT

Europe/Other markets 37.4 %


North America 26.4 %
Europe/Other
Europe/Other markets markets
37.4 % 37.4 %
South America 1.2 %
North North
America
Europe/Other America
26.4 %
markets 26.4
37.4%
Europe/Other
Europe/Other markets
Asia-Pacific 37.4 %
35.0 %
South
NorthAmerica
South America
North 1.2 %
America 1.2
26.4%
North America 26.4 %
%
Asia-Pacific
Asia-Pacific
South 35.0 %
America 35.0
1.2%
South
South America 1.2 %
%
Asia-Pacific
Asia-Pacific
Asia-Pacific 35.0
35.0 %
%

i F U R T H E R I N F O R M A T I O N www.porsche.com
i F U RiT H E R
F UI N
R TF H
O ERRMIANTFIO
ORNM www.porsche.com
A T I O N www.porsche.com
iii FFFU
URRRTTTH
U HEEERRR IIIN
H NFFFO
N ORRRM
O MA
M ATTTIIIO
A ON
O N www.porsche.com
N www.porsche.com
www.porsche.com

35
35 35
35
35
35
DDI V
I VI SI SI O
I ONNSS
Volkswagen
VolkswagenDCommercial
I V I S I O N S Vehicles
Commercial Vehicles
DIVISIONS
Volkswagen Commercial Vehicles
Volkswagen Commercial Vehicles

Volkswagen
VolkswagenCommercial
CommercialVehicles
Vehiclescelebrated
celebratedaaspecial
specialanniversary
anniversaryin in2015:
2015:6565years
yearsago,
ago,its
its
Volkswagen
first
firstvehicle
Volkswagen Commercial
vehiclefrom
fromthe Vehicles
thepopular
popular
Commercial celebrated
TTseries
series
Vehicles rolled
celebrated a
rolledoff
offspecial
the anniversary
theproduction
production
a special line.in 2015:
line.inThe
anniversary The 65
sixth years
65 Tyears
sixth
2015: ago,
Tgenerationits
generation
ago, its
first vehicle
first was from
waslaunched
launched
vehicle the
in
from the popular
inthe T series
thereporting
reporting
popular rolled
period
period
T series off
with
rolled the
off athe
with production
amultitude
multitudeof line. The
oftechnical
production technical
line. sixth T generation
innovations.
innovations.
The sixth T generation
was launched in the reporting period with a multitude of technical innovations.
was launched in the reporting period with a multitude of technical innovations.

BBUUSSI N
I NEESSSS DDEEVVEELLOOPPMMEENNTT
Hardly
Hardly
BBUUSSIINNEany
SSSS other
Eany EEVVEELLvehicle
Dother
D Ovehicle
O PPMMEENNis
TTisspoken
spokenofofas asfondly
fondlyas asthe
the"Bulli"
"Bulli"from fromVolkswagen
VolkswagenCommercialCommercialVehicles.
Vehicles.The TheTTseries
series(Multivan/
(Multivan/
Hardly
Transporter),any
Transporter), otherwhich
whichvehicle
has
has is
sold spoken
sold around
around of12as
12 fondly
million
million as the
units
units "Bulli"
to
to date,
date, from Volkswagen
celebrated
celebrated its
its65thCommercial
65th
Hardly any other vehicle is spoken of as fondly as the "Bulli" from Volkswagen Commercial Vehicles. The T series (Multivan/ anniversary
anniversary Vehicles.
inin 2015.
2015. The
InInT series
keeping
keeping (Multivan/
with
withthis,
this,
Transporter),
the
the Volkswagen
Volkswagen which has
Commercial
Commercial sold around
Vehicles
Vehicles 12
brandmillion
brand units
unveiled
unveiled ato
anew date,
new celebrated
version
version ofofits
its its 65th
successful
successful
Transporter), which has sold around 12 million units to date, celebrated its 65th anniversary in 2015. In keeping with this, anniversary
model
model last
lastin 2015.
year.
year. The
TheIn keeping
sixth
sixth T T with
generationthis,
generation
the
was
was Volkswagen
launched
launched Commercial
with
with major
major Vehicles
technical
technical brand
innovations
innovations unveiled
that
that a new
ensure
ensure version
greater
greater of its
safety,successful
safety, comfort
the Volkswagen Commercial Vehicles brand unveiled a new version of its successful model last year. The sixth T generationcomfort model
and
and an
anlast year.
improved
improved The sixth
driving
driving T generation
experience
experience
was
was launched
together
together with
withlower
launched with
with major
lower fuel
major technical
technical innovations
fuelconsumption
consumption and
andemissions.
innovations that
that ensure
emissions. ensure alsogreater
ItItalso features
features
greater safety,
driver
driver
safety, comfort
assistance
assistance
comfort andsystems
and an improved
improved
systems
an such
suchas driving
asCity
driving experience
CityEmergency
Emergency
experience
together
Brake,
Brake,
together with
with lower
Adaptive
Adaptive Dynamic
Dynamic
lower fuel
fuel consumption
Chassis
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consumption Controland
and andemissions.
and aaradio
emissions. It
It also
also features
radionavigation
navigation system
system
features driver
that
driver assistance
thatisassistance
isfitted
fittedwith
withsystems
aaproximity
systems suchsensor
proximity
such as
sensor
as Cityand
City Emergency
and mobile
mobile
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online
online Adaptive
Brake,services.
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services. Dynamic
In addition,
addition,
Dynamic Chassis Control
Volkswagen
Volkswagen
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and aa radio
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radioVehicles
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navigation system the
presented
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system that
that is fitted
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is with aa proximity
generation
generation
with proximity
ofofthe sensorand
theCaddy
Caddy
sensor and
one mobile
ofofthe
onemobile the
online
most
most
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successful
services.urban
successful In
In addition,
urban delivery
delivery
addition, Volkswagen
vans.
vans.The
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boastspresented
boasts
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amultitude
multitude the fourth
ofoffourth
the new
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safety and
andcomfort
generation of the
comfort
of thefeatures,
Caddy one
features,
Caddy one
as of the
aswell
well
of the
as
as
most
most successful
driver
driver assistanceurban
assistance
successful systems.
systems.
urban delivery
The
delivery vans.
vans. The The Caddy
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natural-gas-powered Caddyboasts
Caddy
likewise TGIwas
TGI
boasts wasaa multitude
multitude
introduced
introduced ofas
of new
asthe
new safety and comfort
successor
thesafety
successor
and comfort
totothe features,
theCaddy
Caddy as well
EcoFuel.
features,EcoFuel.
as well
On as
aa
Onas
driver
100
100 km
driverkmassistance
stretch
stretchofofroad,
assistance systems.
road,itituses
systems. The
uses
Theup natural-gas-powered
up toto1.7
1.7kg kgless
lessgas
natural-gas-powered gasthan Caddy
than its TGI was
itspredecessor.
Caddy predecessor.
TGI introduced as
was introduced as the
the successor
successor to to the
the Caddy
Caddy EcoFuel.
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100 km
km stretch
stretch of
100Volkswagen
Volkswagen of road,
road, itit uses
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up toto 1.7
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kg less
less gas
delivered
delivered 431
431
gas than its
its predecessor.
thousand
thousand
than vehicles
vehiclestotocustomers
predecessor. customersin in2015,
2015,3.5% 3.5%fewer fewerthan thanin inthe
theprevi-
previ-
ous Volkswagen
ousyear.
year. Deliveries
Deliveries Commercial
ininWestern
Western Vehicles
Europe
Europe delivered
were
were down
down 431 thousand
slightly
slightly on
on the
the vehicles
2014
2014 to
figure
figure customers
(2.5%),
(2.5%),
Volkswagen Commercial Vehicles delivered 431 thousand vehicles to customers in 2015, 3.5% fewer than in the previ- in
but
but2015,
rose
rose by
by3.5%
26.7%
26.7% fewer
in
inthe than
the in
Middle
Middle the previ-
East.
East.
ous year.
Unit
Unit Deliveries
sales
sales increased
increasedin Western
byby 3.0%
3.0%Europe
inin2015
2015weretoto down
456
456 slightly
thousand
thousand on the
vehicles.2014
vehicles. figure (2.5%),
ous year. Deliveries in Western Europe were down slightly on the 2014 figure (2.5%), but rose by 26.7% in the Middle East. but rose by 26.7% in the Middle East.
Unit
Unit sales
Volkswagensales increased
Volkswagen Commercial
Commercial
increased by
by 3.0% in
in 2015
Vehicles
Vehicles
3.0% 2015 to
to 456
produced
produced 456 thousand
410
410thousand
thousandthousand vehicles.
vehicles
vehicles.vehiclesin in2015,
2015,up up3.6%
3.6%year-on-year.
year-on-year.The TheCrafter
Crafterpro- pro-
duced
duced Volkswagen
at
at aacontractual Commercial
contractual partners
partners Vehicles
plants
plants produced
isisnot
not 410
included
included thousand
inin these
these vehicles
figures.
figures.
Volkswagen Commercial Vehicles produced 410 thousand vehicles in 2015, up 3.6% year-on-year. The Crafter pro- in
The
The 2015,
next
next up 3.6%
generation
generation year-on-year.
ofofthe
the Crafter
Crafter The
willCrafter
will roll
rolloff
off pro-
the
the
duced
production
production at a contractual
line
line at
atthe
the partners
new
new Volkswagenplants
Volkswagen is not
Commercial
Commercialincluded in
Vehicles
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plant
plantfigures.
inin The
Wrzesnia,
Wrzesnia, next
duced at a contractual partners plants is not included in these figures. The next generation of the Crafter will roll off the generation
Poland,
Poland, from
from of
the
the the Crafter
second
second half will
half of
of roll
2016.
2016.off the
The
The
production
plant
plant inin line
Hanover
Hanover at the
producednew
produced Volkswagen
176
176 (169)
(169) Commercial
thousand
thousand units Vehicles
units of
of the
the plant
Amarok,
Amarok, in Wrzesnia, Poland,
Caravelle/Multivan
Caravelle/Multivan
production line at the new Volkswagen Commercial Vehicles plant in Wrzesnia, Poland, from the second half of 2016. The from
and
and the second
Transporter
Transporter half of
last
last 2016.
year.
year. The
The
plant
plantin
plant in Hanover
inPoznan
Poznan
Hanover produced
produced 176
manufactured
manufactured 171
176171(169)
(176)
(176)
(169) thousand
thousand
thousand
thousand units
units
units
units of
ofofofthe
the
thetheAmarok,
Caddy
Caddyand
Amarok, Caravelle/Multivan
and T5.
T5.Production
Productionofofand
Caravelle/Multivan and
the Transporter
theAmarok
Amarokin
Transporter last year.
inSouth
South
last year.
America
AmericaThe
The
plant
plant in
increased,
increased,in Poznan
driven
driven
Poznan manufactured
by exports. 171
byexports.
manufactured 171 (176)
(176) thousand
thousand unitsunits of of the
the Caddy
Caddy and and T5.T5. Production
Production of of the
the Amarok
Amarok in in South
South America
America
increased,
increased, drivendriven by by exports.
exports.
SSAALLEESS RREEVVEENNUUEE AANNDD EEAARRNNI N
I NGGSS
Volkswagen
Volkswagen
SAALLEESS RREEVVEECommercial
S N
NCommercial
U
UEE AAN
ND ARVehicles
D EEA G SS generated
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N
N II N
NG generatedsales
salesrevenue
revenueofof10.3
10.3(9.6)
(9.6)billion
billionin
infiscal
fiscalyear
year2015.
2015.Operating
Operatingresult
resultbefore
before
Volkswagen
special
special
Volkswagen itemsCommercial
items decreased
decreasedby
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by 24.2%
24.2%
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year-on-year
year-on-year
generated revenue
salesto
to 382
revenue of 10.3
382million.
million.
of (9.6)
10.3 Higherbillion
Higher
(9.6) in fiscal
fiscal year
expenditures
expenditures
billion in year
for 2015.
the Operating
therenewal
for2015. renewal
Operating result
ofofresult
the before
the product
product
before
special
special items
portfolio
portfolio were
items decreased
wereoffset
offsetby
decreased by
by 24.2%
bypositive
positive effectsyear-on-year
effects
24.2% from
fromthe
year-on-year to
to 382
theincrease
increasein
382 million.
inunit
unitsales
million. Higher
and expendituresin
andimprovements
salesHigherimprovements
expenditures for the renewal
exchange
infor renewal
exchange
the rates. of
The
rates.of the
The product
operating
theoperating
product
portfolio
return
return
portfolioon were
onsales
were offset
salesbefore
before
offset by positive
special
special effects
items
items from the
decreased
decreased inincrease
in the in unit
thereporting
reporting salesfrom
period
period 5.3%
5.3%toto3.7%.
fromimprovements
and operating
3.7%.in exchange rates. The operating
return
return on on sales
sales before
before special items decreased in the reporting period from 5.3% to 3.7%.

65 years
years
Of
Ofthe
theTTseries
seriesproduction
production
Of the T series production 36
36
36
DIVISIONS
Volkswagen
DIVISIONDCommercial
SI V I S I O N S Vehicles
Volkswagen Commercial
VolkswagenDD IIVV SIVehicles
DICommercial
VIIISS IIOO
ONN
NSS
S Vehicles
Volkswagen
VolkswagenCommercial
Volkswagen CommercialVehicles
Commercial Vehicles
Vehicles

PRODUCTION V O L K SWA G E N C O M M E R C I A L V E H I C L E S B R A N D
P R O D U C PT R
I OOND U C T I O N V O L K SWA
VOG LEKNSWA
COMGM
E NE RCCOI M
A LMVEERHCIICALLEV
S EBHRIA
CNL EDS B R A N D
PP
PRR
ROO
ODD
DUU
UCC
CTT
TIIIOO
ONN
N VV
VOO
OLLLKK
KSWA
SWAGG
SWA GEEENN
N CC
COO
OMMM
M MEEERR
M RCC
CIIIAA
ALLL VV
VEEEHH
HIIICC
CLLLEEESS
S BB
BRR
RAA
ANN
NDD
D
Units 2015 2014 2015 2014 %
Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Caravelle/Multivan,
Units
Units Kombi 96,341
2015
2015 94,336
2014
2014 Deliveries (thousand units) 431
2015
2015 447
2014
2014 3.5
%%
Units 2015 2014 2015 2014 %
Transporter
Caravelle/Multivan, Kombi Kombi
Caravelle/Multivan, 96,341 82,509
96,341 94,336 83,947 Vehicle sales
DeliveriesDeliveries
94,336 (thousand units)
(thousand units) 431 456
431 447 442
447 3.5 + 3.0
3.5
Caravelle/Multivan,
Caravelle/Multivan,
Amarok
Transporter
Transporter
Caravelle/Multivan, Kombi
Kombi
Kombi 82,509 96,341
82,509 83,947 94,336
96,341
81,019
96,341 94,336
69,695 Deliveries
Deliveries
Production
Vehicle sales
83,947
94,336 (thousand
(thousandunits)
Vehicle sales
Deliveries (thousand units)
units) 456 431
431
410
442
456
431 447
447
396
442
447 + 3.0 3.5
+
3.5
3.6
3.0
3.5
Amarok Transporter
Transporter
Caddy
Amarok
Transporter 81,019 82,509
81,019 69,695 83,947
82,509
76,048
82,509 83,947
71,535 Vehicle
Production
69,695
83,947 Vehicle
Sales sales
sales ( million)
revenue
Production
Vehicle sales 410 456
456 396
10,341
410
456 442
442 + 3.6
9,577
396
442 ++
+3.0
3.0
8.0
3.6
3.0
Caddy Amarok
AmarokKombi
Caddy
Amarok 76,048 81,019
76,048 71,535 69,695
81,019
74,302
81,019 69,695
76,564
71,535
69,695 Production
Production
Operating
Sales revenue
Sales
Production result
(revenue
million) before
( million) 410
410 9,577
10,341 10,341
410 396
396 + 8.0
9,577
396 ++
+3.6
3.6
8.0
3.6
Caddy 76,048 71,535 special
Sales items
revenue (
(million) 382
10,341 504
9,577 ++24.2
Caddy Kombi
Caddy Kombi
Caddy 76,048
74,302 410,219
76,048 71,535
74,302 76,564 396,077
Operating
76,564
71,535 Sales
resultrevenue
Operating
Sales before
result
revenue ( million)
before
million) 10,341
10,341 9,577
9,577 +8.0
8.0
8.0
Caddy special itemsas % of
special sales
items revenue 382 3.7 504
382 5.3 24.2
504 24.2
CaddyKombi
Caddy Kombi
Kombi 74,302
74,302
410,219 410,219 76,564
76,564 Operating
76,564
74,302 396,077 396,077 Operatingresult
Operating resultbefore
result before
before
410,219
410,219 as % ofspecial
396,077
396,077 special
sales
special items
items
as %revenue
of sales revenue
items 3.7 382
382
3.7
382 5.3 504
504
5.3
504 24.2
24.2
24.2
410,219 396,077
as
as%
as %of
% ofsales
of salesrevenue
sales revenue
revenue 3.7
3.7
3.7 5.3
5.3
5.3

California
California
California
DELIVERIES BY MARKET

California
D E L I V E R in
I EEpercent
D SL IBVYE M
R IAE R
S KBEYT M A R K E T
in percentDin
DEEpercent
LLIIVVEERRIIEESS BBYY M
MAARRKKEETT
DELIVERIES BY MARKET
in
inpercent
in percent
percent

Europe/Other markets 84.8 %


North America 1.6 %
Europe/Other markets markets
Europe/Other 84.8 % 84.8 %
South America 8.6 %
North America
Europe/Other
Europe/Other 1.6 %
Northmarkets
America
markets 1.6%%
84.8
84.8 %
Europe/Other markets
Asia-Pacific 84.8
5.0 %
South America
South
North 8.6 %
America
NorthAmerica
America 8.6
1.6%%
1.6 %
North America 1.6 %
Asia-Pacific
South
South 5.0 %
Asia-Pacific
America
America 5.0
8.6%%
8.6 %
South America 8.6 %
Asia-Pacific
Asia-Pacific
Asia-Pacific 5.0
5.0%%
5.0 %

i F U R T H E R I N F O R M A T I O N www.volkswagen-commercial-vehicles.com
i F U R Ti H E RFIUNRFTOHREM
R AI TNIFOONR Mwww.volkswagen-commercial-vehicles.com
A T I O N www.volkswagen-commercial-vehicles.com
ii FFUURRTTHHEERR IINNFFOORRM A TTIIOONN www.volkswagen-commercial-vehicles.com
i FURTHER INFORM MAA T I O N www.volkswagen-commercial-vehicles.com
www.volkswagen-commercial-vehicles.com

37
37 37
37
37
37
D IDD
VIIVV
S IIISO
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OOSNNSS
Scania
Scania
DIScania
DD II V
V VI SII SSI O
II O
ONN
NSSS
Scania
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in2015
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2015 withsustainable
with sustainablesolutions:
sustainable solutions:Scania
solutions: Scaniaisisisthe
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the
Scania
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commercial strengthened
strengthened
vehicle its
its position
position
manufacturer
commercial vehicle manufacturer with within
in 2015
2015
the
with the with
with
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comprehensive
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solutions:
offering
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for
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with
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for
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The expansion
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contributed to
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B UBSUI N
S IENS ESSDS EDVEEVL EOLPOMPEMNETN T
TheThe
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in 2015
2015 asas the
as the
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inengine
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2015 as isthe
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is
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Scania
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launched
launched the
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fourth
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bioethanol engine
ofoftrucks
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trucks
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requirements In ofofthe
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Scania
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on
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meets
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standard.
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Scanias
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solely electric
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the German
German
telematic service
German Telematics
service integrated
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Award
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2015,
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reduce
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logistics services. The system, which won the German Telematics Award in 2015, can helpreduce
to
by up to 10%.
of sustainable 10%. services. The system, which won the German Telematics Award in 2015, can help reduce
fuel
The
fuel consumption
The keykey
consumption figures
figures by up
upto
presentedto10%.
bypresented 10%. ininthisthis chapter
chapter
chapter comprise
comprise
comprise Scanias
Scanias
Scanias Trucks
Trucks
Trucks and
andand Buses,
Buses,
Buses, Industrial
Industrial
Industrial and
andand Marine
Marine
Marine Engines,
Engines,
Engines, and
and
and
The
The key figures presented in this chapter comprise Scanias Trucks and Buses, Industrial and Marine Engines,and
Financial
Financial key figures
Services
Services presented
businesses.
businesses. in this chapter comprise Scanias Trucks and Buses, Industrial and Marine Engines, and
Financial
InIn Europe,
Financial Services
Europe, thethe
Services businesses.
commercial
commercial
businesses. vehicle
vehicle business
business
business grew
grewgrew inin 2015
in 2015
2015 compared
compared
compared with
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the previous
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previous year,
year,year, inin which
which
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affected
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and which
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year, in which business had
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period
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sharp the
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drop
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demand.
demand.
in demand. standard.
been adversely affected by the introduction of the Euro 6 emission standard. The situation in Brazil and Russia worsened The situation in Brazil and Russia worsened
in the
inIn In
In
the reporting
fiscal
fiscal
fiscal year
reporting year
year period
2015,
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period as aaresult
asorders
orders
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received
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brand indemand.
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decreased
demand. decreased bybyby 7.1%
7.1%7.1% tototo7777
77 thousand
thousand
thousand vehicles.
vehicles.
vehicles. InIn Western
Western
In Western
Europe,
Europe,
Europe, In fiscal
however,
Inhowever,
however,
fiscal year
year 2015,
orders
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2015,were
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were
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received 2014;by
this the
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the Scania
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to Scanias
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position
to inin Euro
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thousand Euro vehicles.
6 6engines,
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Scanias ofofleading
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77declinesthousand
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(80) inin
thousand vehicles.
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inBrazil
Brazil and
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and The
Russia,
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Russia,
Russia,
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andmarket
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however.
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market Bus
Bus share increases
deliveries
deliveries
deliveries
share were
were
increases were inin
onEurope
on
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par with
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previous
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previous year,
year,
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were unable to compensate
for
amounting the
amounting considerable
to
to to 7
7 (7) (7) declines
thousand
thousand in
units;
units; Brazil
demand
demand and
for Russia,
services however.
and replacement Bus deliveries
parts, on were
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other a par
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increased previous year,
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amounting
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demand and services
for Russia,and
services and replacement
however.replacement parts,
parts,
Bus deliveries onon the the
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increased
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previous year,
amounting
The healthy to 7 (7)ofthousand
growth of Scania units;
Financial demand forcontinued
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TheThe healthy
healthy
amounting growth
growth
to Scania
of Scania
7 (7) thousand Financial
Financial
units; Services
demandServicesfor continued
continued
services inin
and in 2015.
2015.
2015.
replacement parts, on the other hand, increased significantly.
The healthy
In 2015, growth
the of brand
Scania Scania
brand Financial
produced Services
79 (82) continued
thousand in 2015. vehicles
commercial
InIn
The 2015,
2015,
healthy the Scania
the
growth Scania brand
of Scania produced
produced
Financial 79 (82)
79 (82)
Services thousand
thousand
continued in 2015. vehicles
commercial
commercial vehicles ((( 3.5%),
3.5%),
3.5%), including
including
including 7 7(7)
7(7)
(7) thousand
thousand
thousand buses.
buses.
buses.
In 2015, the Scania brand produced 79 (82) thousand commercial vehicles ( 3.5%), including 7 (7) thousand buses.
In 2015, the Scania brand produced 79 (82) thousand commercial vehicles ( 3.5%), including 7 (7) thousand buses.
S ASSLAA
E LSL EERSSER
RVEEEV
VNEEUN
NEU
UAEE NA
ADN
NDEDAEERA
ANR
RIN
NIIGN
N NSGG SS
S A L EScania
The S R E V E brand
NUE AN generated
D E A R N I NsalesG S revenue of 10.5 (10.4) billion in 2015, up slightly on the previous year. Operating result
The SSAAScania
The SS RREEbrand
LLEEScania U EEgenerated
VEEbrand
V NNU D E A R Nsales
Agenerated
A N
ND G Srevenue
I Nsales of of
revenue 10.5 (10.4)
10.5 billion
(10.4) inin
billion 2015, upup
2015, slightly onon
slightly thethe
previous year.
previous Operating
year. result
Operating result
The Scania
improved tobrand generated
1,027 (955) sales revenue
million; the of 10.5
expansion (10.4)
ofof the billion
service inbusiness
2015, up slightly
and on the
exchange previous
rates hadayear. Operating
ayear. result
improved
improvedto to
The Scania 1,027
1,027
brand (955)
(955)million;
generated salesthe
million; expansion
the expansion
revenue of 10.5 the
of the
(10.4)service
billionbusiness
service 2015,and
business
in and
up exchange
exchange
slightly rates
on the had
rates had
previous apositive
positive
positiveeffect.
effect.
effect.
Operating The
The
The
result
improved
brands
brands to 1,027
operating
operating (955)
return
return ononmillion;
sales
sales the expansion
increased
increased inin fiscal
fiscal ofyear
year the service
2015
2015 toto business
9.8
9.8 (9.2)%.
(9.2)%. and exchange rates had a positive effect. The
brands operating
improved return
to 1,027 onmillion;
(955) sales increased in fiscalof
the expansion year
the2015 to 9.8
service (9.2)%.and exchange rates had a positive effect. The
business
brands operating return on sales increased in fiscal year 2015 to 9.8 (9.2)%.
brands operating return on sales increased in fiscal year 2015 to 9.8 (9.2)%.

1.0
1.0
1.0 billion
billion
billion
Operatingresult
Operating
Operating resultinin
result 2015
in2015
2015
Operating result in 2015
Operating result in 2015 38
38 38
38
38
DIVISIONS
DSI Scania
DIVISION VISIONS
ScaniaD Scania
D II V
V II SS II O
ONN SS
Scania
Scania

PRODUCTION SCANIA BRAND


P R O D U CPT RI OOND U C T I O N S C A N I A SBCRAAN
NIDA B R A N D
P
PRRO
ODDU
UCC TT II O
ONN SS C
CAAN
N II A
A B
BRRA
ANND
D
Units 2015 2014 2015 2014 %

Units Units 2015 2015 2014 2014 2015 2015 2014 2014 % %
Trucks
Units 72,382
2015 75,287
2014 Orders received 2015 2014 %
Units 2015 2014 2015 2014 %
Trucks Buses 72,382 6,964 75,287 (thousand units)
6,921 received
Orders 77 83 7.1
Trucks 72,382 75,287 Orders received
Trucks 72,382 (thousand
75,287 Deliveries
units)
(thousand
Orders units) 77 77 83 80 7.1
83 4.0
7.1
Buses Buses
Trucks 6,964 79,346
6,964 6,921
72,382 82,208
6,921
75,287 Orders received
received
Buses 79,346 6,964 Deliveries
6,921 Vehicle
(thousand
Deliveriessales
(thousand units)
units) 77 78
77
77 80 83
83 4.0
80 2.7
7.1
4.0
7.1
Buses 6,964 82,208
79,346 82,208
6,921
79,346 82,208 Production
Deliveries
Vehicle sales
Vehicle
Deliveriessales 78 79
77
78
77 80 82 2.7
80
80
3.5
4.0
2.7
4.0
79,346 82,208
ProductionSales revenue
Vehicle
Production
Vehicle sales ( million)
sales 79 10,479
78
79
78 82 10,381
80
80 3.5
82 + 2.7

0.9
3.5
2.7
Operating
Production
Sales revenue
Sales result
(revenue
million)
Production ( million) 10,479 1,027
79
79 10,381
10,479 955
82
82 + 0.9
10,381
+ 7.5
3.5
0.9
3.5
Sales
as % revenue
OperatingOperating
result
Sales of sales(
result
revenue million)
(revenue
million) 1,027 10,479
9.8 955
1,027
10,479 10,381
9.2 + 7.5
955
10,381 +
+ 0.9
+ 7.5
0.9
as % of Operating
sales result
as %revenue
of sales
Operating resultrevenue 9.8 1,027
9.8
1,027 9.2 955
9.2
955 +
+ 7.5
7.5
as
as % of sales revenue
% of sales revenue 9.8
9.8 9.2
9.2

P 280
PP 280
280
DELIVERIES BY MARKET

P 280
D E L I V E RD
in percent
I EESL IBVYE M
R IAE SR KBEYT M A R K E T
in percent D
inEpercent
D E LL II V
V EE R
R II EE SS B
BYY M
MAAR
RKK EE TT
in
in percent
percent

Europe/Other markets 78.0 %


North America 0.9 %
Europe/Other markets markets
Europe/Other 78.0 % 78.0 %
South America 12.5 %
North America
Europe/Other 0.9 %
North America
markets 0.9 %
78.0
Europe/OtherAsia-Pacific
markets 8.6 %
78.0 %
South America
South 12.5 %
North America
America 12.5
0.9 %
%
North America 0.9 %
Asia-Pacific
South 8.6 %
Asia-Pacific 8.6 %
South America
America 12.5
12.5 %
%
Asia-Pacific
Asia-Pacific 8.6
8.6 %
%

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A T I O N www.scania.com
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