Summary of business development

The Board of Management of Volkswagen AG considers business development in the reporting period to have been positive. Despite the persistently challenging environment, we achieved the Group’s forecasted delivery volumes, sales revenue and operating profit for 2013 and maintained our market position. We increased the number of deliveries to the Group’s customers in the diverse automotive markets by a total of 4.9% to 9.7 million vehicles, a new sales record. The greatest absolute increases were recorded in China and the United Kingdom.

The ratio of capital expenditure to sales revenue in the Automotive Division was higher than in the previous year and was within the expected range. In spite of the higher investments, we significantly increased net cash flow compared with the previous year and exceeded the minimum required rate of return on invested capital by a clear margin.

Our attractive and environmentally friendly model portfolio impresses customers around the globe. The trust placed in us by customers, as well as our high quality and efficiency standards, allow us to meet and even exceed our financial targets.

The following table shows an overview of the targets set for the reporting period and the figures actually achieved. Detailed information on the financial key performance indicators can be found in the Results of Operations, Financial Position and Net Assets chapter.