2023大众汽车集团业务、战略规划、运营与财务报告-2023-05-企业研究

VolkswagenataGlance

2

Disclaimer

Thefollowingpresentationsaswellasremarks/commentsandexplanationsinthiscontextcontainforward-lookingstatementsonthebusinessdevelopmentoftheVolkswagenGroup.Thesestatementsarebasedonassumptionsrelatingtothedevelopmentoftheeconomic,politicalandlegalenvironmentinindividualcountries,economicregionsandmarkets,andinparticularfortheautomotiveindustry,whichwehavemadeonthebasisoftheinformationavailabletousandwhichweconsidertoberealisticatthetimeofgoingtopress.Theestimatesgivenentailadegreeofrisk,andactualdevelopmentsmaydifferfromthoseforecast.Allfiguresarerounded,sominordiscrepanciesmayarisefromadditionoftheseamounts.

Atthetimeofpreparingthesepresentations,itisnotyetpossibletoconclusivelyassessthespecificeffectsofthelatestdevelopmentsintheRussia-UkraineconflictontheVolkswagenGroup’sbusiness,norisitpossibletopredictwithsufficientcertaintytowhatextentfurtherescalationoftheRussia-Ukraineconflictwillimpactontheglobaleconomyandgrowthintheindustryinfiscalyear2023.

Anychangesinsignificantparametersrelatingtoourkeysalesmarkets,oranysignificantshiftsinexchangerates,energyandothercommoditiesorthesupplywithpartsrelevanttotheVolkswagenGroupwillhaveacorrespondingeffectonthedevelopmentofourbusiness.Inaddition,theremayalsobedeparturesfromourexpectedbusinessdevelopmentiftheassessmentsofthefactorsinfluencingsustainablevalueenhancementandofrisksandopportunitiespresenteddevelopinawayotherthanwearecurrentlyexpecting,orifadditionalrisksandopportunitiesorotherfactorsemergethataffectthedevelopmentofourbusiness.

Wedonotupdateforward-lookingstatementsretrospectively.Suchstatementsarevalidonthedateofpublicationandcanbesuperseded.

Thisinformationdoesnotconstituteanoffertoexchangeorselloranoffertoexchangeorbuyanysecurities.

3

TableofContents

KeyFacts&History

Strategy

Operations

Financials

ESG

Debt

ShareInformation

2020

2021

2022

Extraordinary

portfolio

9carbrandsof

5Europeancountries

Forwardlooking

strategy

>50%BEVsharetargetby20303

on3BEVarchitectures(MEB,PPEandSSP)4

Strong

manufacturer

upto250,000carsproducedperweek

Globalproduction

footprint

Globalplayer

morethan150

countrieswhere

vehiclesaresold

675,000employeesinthewholeGroup

Powerfultruck

business

4truckbrandsunderoneroofmanagedbyTRATONSE

KeyFactsofVolkswagenGroup

2019

DeliveriestoCustomersmvehicles11.0

SalesRevenue€bn252.6222.9250.2279.2

OperatingReturnonSales1%8.1

CleanNetCashFlow(Automotive)2€bn13.5

NetLiquidity(Automotive)€bn21.326.826.743.05

Allserviceprovider

FinancialServices&MobilitySolutions

1beforespecialitems2exdieselandM&A3strategictarget4MEB:modularelectric-drivetoolkit,PPE:premiumplatformelectric,SSP:scalablesystemsplatform5Total€43bnincludingPorscheIPOspecialdividendof€6.5bn(net);payoutinJanuary2023

4

ŠkodaEnyaq:PowerconsumptioninkWh/100km:combined16.8;CO2-emissionsing/km:0(combined)|CUPRAFormentorVZ5FuelConsumptioninl/100m:combined10.3–10.1;CO2-emissionsing/km:232–230(combined)|AudiA6Avante-tron:Conceptcar|BentleyContinentalGT:FuelConsumptioninl/100m:combined13.7–12.1;CO2-emissionsing/km:311–275(combined)|PorscheTaycanGTSSportTurismo:PowerconsumptioninkWh/100km:combined24.1–21.0;CO2-emissionsing/km:0(combined)|Porsche911Targa4S:FuelConsumptioninl/100m:combined11.1–10.4;CO2-emissionsing/km:252–236(combined)|OnlyconsumptionandemissionvaluesaccordingtoWLTPandnotaccordingtoNEDCareavailable

5

1945–1949

TheBritishmilitarygovernmenttakesovertrusteeship.Theirqualitypolicy,customerservice,salesnetworkandexportorientationlaythefoundationforthecompany’ssuccess

1947–1953

Volkswagengoesinternationalwiththefirstexportedcarin1947andtheopeningofthefirstforeignsalescompanyinCanadaandthefirstproductionplantinBrazil

Internationalization&

MassProduction

StockCompany&

NewModels

The

Beginnings

Theglobalized

AutomobileGroup

Volkswagenhistory

FromNationalLeadertoGlobalChampion

2012–2014

IntegrationofPorsche(2012)andMAN(2013)aswellasthetakeoverofDucati;successfulofferforalloutstandingScaniashares(2014)

2021

AcquisitionofNavistar

strengthenedthe

Group’spresencein

NorthAmerican

commercialvehicle

markets

1965

The„Auto-UnionGmbH“(laterAudi)istransferredintotheownershipofVolkswagen

1985–1991

EstablishmentofChinesejointventures

createsbasisforfuturesuccess:ShanghaiVolkswagen(1985)andFAW-Volkswagen(1991)

2019

SuccessfulIPOofTRATONsetbaseforaglobalchampioninthetransportationindustry

MobilityforGenerationstoCome

1938

Startofconstruction

oftheVolkswagen

plantinWolfsburg

1945

SeriesproductionoftheBeetlebeginswith55vehicles

1960–1961

1986–2008

AcquisitionofthebrandsSEAT(1985),ŠKODA(1991),Bugatti,Bentley,Lamborghini(1998)andScania(2008)

1994–1995

Foundationof

“VolkswagenFinancialServicesAG“andVolkswagenCommercialVehiclesbrand

2014

Volkswagenachieves

morethantenmilliondeliveriesinoneyearforthefirsttime

2020

VolkswagenID.3

introduced;firstfullyelectricvehiclebasedontheMEBplatform

2022

SuccessfulPorscheIPO

toacceleratetheGroup’sindustrialandtechnologicaltransformation

Volkswagenlistedatstockexchangeandissuessharesforthefirsttimein1961

6

UniquePortfolioofExitingBrands

VolkswagenGroup

AutomotiveDivision

FinancialServicesDivision

PassengerCarsBusinessArea

VolumeBrandGroup

CommercialVehiclesBusinessArea

TRATONCommercialVehicles

TRATONFinancialServices

PremiumBrandGroup

Sport&LuxuryBrandGroup

CARIAD

PowerEngineeringBusinessArea

MANEnergySolutions

BatteryBusiness

7

Dr.ArnoAntlitz

COOandCFO2

sinceSeptember1,2022till20272

HaukeStars

IT

sinceFebruary1,2022till2025

ThomasSchäfer

Volumebrandgroup

sinceJuly1,2022

till2027

Dr.OliverBlume

CEOofVolkswagenAGandPorscheAG1

sinceSeptember1,2022

till2027

Dr.ManfredDöss

IntegrityandLegal

Affairs

sinceFebruary1,2022till2027

GunnarKilian

HumanResourcesandTruck&Bus

sinceApril13,2018till2026

RalfBrandstätter

China3

sinceJanuary1,2022till2026

TheBoardofManagementofVolkswagenAktiengesellschaft

ThomasSchmall-vonWesterholt

Technology

sinceJanuary1,2021

till2023

MarkusDuesmann

Premiumbrandgroup

sinceApril1,2020till2025

1CEOofPorscheAGsinceOctober1,2015

2CFOofVolkswagenAGsinceApril1,2021

3CEOofVolkswagenPassengerCarssinceJuly1,2020tillDecember31,2021

8

TableofContents

KeyFacts&History

Strategy

Operations

Financials

ESG

Debt

ShareInformation

9

TOP10VolkswagenGroupProgram

ResponsibleBoardofManagementMember

1

PLANNINGROUND

Antlitz

PRODUCTS

Schäfer,Duesmann,Blume,Levin1

CHINA

Brandstätter

NORTHAMERICA

Antlitz

CARIAD

Blume

6

SSPSTRATEGY/TECHNOLOGY

Blume

BATTERY/CHARGING/ENERGY

Schmall

MOBILITYSOLUTIONS

Wortmann

SUSTAINABILITY

Döss

CAPITALMARKET

Antlitz

2

7

8

3

9

4

10

5

1ChristianLevin,CEOofTRATONSE

10

TRATON

Sports

Premium

Volume

BEVHardware

Non-reportingentity

Software

Battery,Energy&Charging

FinancialServices&MobilitySolutions

Financialsteeringmodeltomasterthetransformation

ProofpointsasofFY2022:

•ProductlaunchID.Buzz

•MoUMahindra

•Cariad:HorizonRoboticsJVtostrengthenADASChinalocalization

•CommercialVehicles:RealignmentofMaaS/TaaS

•PowerCoandUmicoreestablishedjointventureforEuropeanbatterymaterialsproduction

•AcquisitionofEuropcar

FOCUSONCUSTOMERGROUPSANDDELIVERY

11

VolkswagenID.4:Powerconsumptioncombined:16.3-15.6kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++AudiQ4e-tron:Powerconsumptioncombined:18.3-15.2kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++VolkswagenID.Buzz:Powerconsumptioncombined:18.9kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++RegionalsplitforecastasofPR70;percentagetargetsasofPR69

ID.5Pro:Powerconsumptioncombined:15.9-14.6kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++VolkswagenID.7/AERO,ID.Life,PorscheeMacan,ŠkodaVision7S,VWTrinity:Vehiclesarenear-productionconceptcars

TargetBEVShareDevelopmentofTotalVehicleDeliveries

BEVShareofTotalVehicleDeliveries

SCHEMATIC

[in%]

EuropeChinaNARRoW

VWID.BUZZ

VWID.2all

AUQ6e-tron

≈25%

VWID.4(NAR)

VWID.5

VWTrinity

2x

VWID.7

>50%

AUQ4e-tron

POeMacanŠkodaVision7S

2x

2x

≈20%

≈10%

5%

7%

2021

2022

2023e

2025e

2026e

2030e

12

VolkswagenGroups‘uniquesituation–KeepingtherelativescalewithMQBand

(sustained)marginandcashflows

ICEMARGIN/

CASHFLOW

TCO

(vsBEV)

Declining

demandforICE

Tax

disadvantages

Tighteningemissions

regulations

Mix,pricing,fixcostmanagement

2025/2030

MQB-scale

MQB

MQB

BundlingofremainingICEvehiclesin

plantstomaximizeutilization(multi-brandplantproduction)

Increasingproductionefficiency

ICEcomplexityreduction

(models,EU)

~-60%

20212030

Sustainedattractiveglobalproduced

portfolio

Phaseoutoflowmargincars

ProductsubstanceMQB

2ndhardwarelifecycle

Minimaladditionalstructuralfunding

ReducedD&A

Discontinuationofnightshifts

13

[in%ofgrosscashflow1]

M&A

Research&Development(Cash)

5%

FinancialRobustness(esp.increaseinNetLiquidity

andworkingcapital)

31%

21%

22%

ShareholderReturn(regularandspecialdividend²)

21%

Capex

BalancedCapitalAllocation

CapitalAllocationAutomotiveDivisionFY2022

Focusedfinancialsteeringofthetransformation

Safeguardingand

strengthening

ourfinancialfoundation

1Note:GrossCashflowof€33.2bn+€9.2bn(R&DCash€18.9bn-capitalizedR&Dof€9.8bn)+PorscheIPOProceedsof€19.1bn(net)

2AsresolvedatextraordinaryAGMDec162022,payoutofspecialdividendinJanuary2023(net)

14

TableofContents

KeyFacts&History

Strategy

Operations

Financials

ESG

Debt

ShareInformation

Europe

China

Emden

Hanover

BrusselsLeipzig

Zwickau

Neckarsulm

Zuffenhausen

Bratislava(from2024)

AUQ4e-tron

POTaycan

AUQ6e-tron

Dresden

MladaBoleslav

SkodaEnyaq

Wolfsburg

Ingolstadt

VWID.BUZZ

VWID.3

CUBorn

VWID.4

VWID.7

Anting

Changsha

(from2024)

Foshan

VWID.6X/CROZZ

AUQ5e-tron

AUQ4e-tron

VWID.4X/CROZZ

VWID.3

Hefei

GlobalRolloutofBEVproductionprogresses

RampupfurtherBEV/MEBplantstosupportscale(Status2023)

USA

Chattanooga

VWID.4(NAR)

ID.3ProPerformance:PowerconsumptioninkWh/100km:combined16.3-15.2;CO2-emissionsing/km:0(combined)ID.4ProPerformance:PowerconsumptioninkWh/100km:combined18.6-16.3;CO2-emissionsing/km:0(combined)ID.5ProPerformance:PowerconsumptioninkWh/100km:combined18.6-16.3;CO2-emissionsing/km:0(combined)AudiQ450e-tronquattro:PowerconsumptioninkWh/100km:combined20.2-17.2;CO2-emissionsing/km:0(combined)

CUPRABorn150kW/58kWh:PowerconsumptioninkWh/100km:combined17.3–15.3;CO2-emissionsing/km:0(combined)

ŠkodaEnyaq:PowerconsumptioninkWh/100km:combined16.8;CO2-emissionsing/km:0(combined)

PorscheTaycanGTSSportTurismo:PowerconsumptioninkWh/100km:combined24.1–21.0;CO2-emissionsing/km:0(combined)

ID.BuzzPro:PowerconsumptioninkWh/100km:combined21.7–20.6;CO2-emissionsing/km:0(combined)

AudiQ855e-tronquattro:PowerconsumptioninkWh/100km:combined24.4-20.6;CO2-emissionsing/km:0(combined)15

OnlyconsumptionandemissionvaluesaccordingtoWLTPandnotaccordingtoNEDCareavailableforthevehicles|China:VehiclessoldoutsideGermany

16

3DVisualization

BenefitsoftheStandardFactoryconcept

PowerCoestablishedaspartofVWsBatteryStrategy

KeyTakeaways

•Salzgittercellfactorytobeblueprintandstartingpointforglobalbatteryoffensive;Valenciaalreadyunderconstruction

•TargetedstartofproductionofSalzgitterplantin2025

•TwoEuropeanandoneNorthAmericanlocationsdecided(Salzgitter,Germany,Valencia,SpainandOntario,Canada)

•StandardFactoryconcept,consistingofscalablestandardizedmodulesandunifiedcellenablerapidglobalrollout

EuropeanStandard

StandardizedEuropeanFactorytominimizeplanningefforts

Leanlinedesign

Factorydesignfollowsvaluestreamconceptfrommixingtofinalinspection

Flexibleproductionfootprint

Adaptabletodifferentcellchemistriesandformats

17

Scout

EnteringthehighlyattractivetruckandruggedSUVsegments

withtheall-electricScout

KeyTakeaways

•WiththeelectrificationoftheiconicScoutbrandtheGroupwillenterthehighlyattractivetruckandruggedSUVssegments

•Scoutvehiclesarebeingdesignedanddevelopedfromthegrounduponanewall-electricplatformthatemphasizesoff-roadcapability

•ScoutMotorsisbackedbytheVolkswagenGroupandoperatesasanindependentunitwithintheGroup

•Morethan200,000ScoutvehiclesareexpectedtorollofftheColumbia,SouthCarolinaproductionlineeachyear

•Productionandfirstdeliveriesarescheduledtobeginbytheendof2026

18

TableofContents

KeyFacts&History

Strategy

Operations

Financials

ESG

Debt

ShareInformation

19

Outlook2023

About9.5mvehicles

~950(implied)

~10%BEV-share

€307bnto€321bn

7.5%to8.5%

Intherangeof€6to8bn

Intherangeof€11to13bn(implied)

20172018201920202021

VolumeData

2022

?(vs.2021)

StrategicTargets2025/20262

TotalDeliveriesthsd.units10,83410,83510,9759,3058,882

8,263

-7.0%

+26.3%

+1.8ppt.

-1.1%

+5.2%

+0.4%

20%to25%BEV-share

thereofBEVDeliveries

thsd.units

229

453

571

BEVDeliveriesin%oftotalDeliveries

%

2.5%

5.1%

6.9%

UnitSales

thsd.units10,77710,90010,9569,1578,576

8,481

Production

thsd.units10,87511,01810,8238,9008,283

8,717

Headcount

thsd.empl.642.3664.5671.2662.6672.8

675.8

FinancialData

SalesRevenue(Group)€million230,682235,849252,632222,884250,200

279,232

+11.6%

+12.5%

+0.1ppt.

+14.8%

+9.5%

+2.6%

Intherangeof8.0to9.0%

OperatingResult(beforespecialitems)€million17,04117,10419,29610,60720,026

22,523

Operatingreturnonsales(margin)%7.4%7.3%7.6%4.8%8.0%

8.1%

OperatingResult(afterspecialitems)€million13,81813,91916,9609,67519,275

22,124

Earningsbeforetax€million13,67315,64318,35611,66720,126

22,044

Earningsaftertax€million11,46312,15314,0298,82415,428

15,836

AutomotiveDivision

-44.2%

-40.9%

+61.2%

>€15bn

~10%ofGroupSalesRevenue

ReportedNetCashFlow€million-5,950-30610,8356,3578,610

4,807

CleanNetCashFlow1€million5,58813,50010,04515,492

9,149

AutomotiveNetLiquidity€million22,37819,36821,27626,79626,685

43,0153

1ExDieselandM&A

2AsofPR71

3TotalNetLiquidityof€43bnincludingPorscheIPOspecialdividendof€6.5bn(net);payoutinJanuary2023

KeyFiguresVolkswagenGroup

GroupFinancialPerformance

Outlook2023andStrategicTargets2025/2026

20

DecentincreaseinDividendproposedforFY2022

Strategicgoal:PayoutRatioofatleast30%

DividendperPreferredShare1andPayoutRatio

[in€/in%]

29%

29%

25%

20%

18%

18%

8.76

7.56

4.864.864.86

3.96

201720182019202020212022Proposal

19.06

2022

Extraordinary

Dividend

1OrdinarySharestoreceive6centlesseachyearaccordingtotheirvotingrights

21

SolidFinancialFoundationofAutomotiveDivision

Resiliencefurtherenhanced

BalanceSheetAutomotiveDivision

[€bn;in%]

December31,2021

December31,2019

272

247

41

41

109

40%

93

38%

27

136

45%

23

26

26

37

30

32

212743

December31,2022

301

Otherliabilities

Provisionsforpensions

Equityandequityratio

Goodwill1[€bn]

EBITDA1[€bn]

Netliquidity1,2[€bn]

1AutomotiveDivisiononly

2Asreportedinthecashflowstatement(AutomotiveDivision)

VolkswagenGroup–AnalysisbyBrandandBusinessField

JanuarytoDecember2022(FY)

VEHICLESALES(`000)

SALESREVENUE(€m)

OPERATINGRESULT(€m)

OPERATINGMARGIN(%)

FY2022

FY2021

FY2022

FY2021

FY2022

FY2021

FY2022

FY2021

Volumebrandgroup

4,069

4,133

113,762

101,858

4,045

3,488

3.6

3.4

VolkswagenPassengerCars

2,594

2,719

73,773

67,856

2,647

2,160

3.6

3.2

ŠKODA

863

784

21,026

17,743

628

1,083

3.0

6.1

SEAT

468

494

10,941

9,614

33

-233

0.3

-2.4

VolkswagenCommercialVehicles

340

326

11,455

9,909

529

73

4.6

0.7

Tech.Components

–

–

17,966

16,386

130

329

0.7

2.0

Consolidation

-195

-190

-21,399

-19,650

78

76

-0.4

-0.4

Audi(Premiumbrandgroup)1

1,070

1,024

61,753

55,914

7,622

5,936

12.3

10.6

PorscheAutomotive(Sport&Luxurybrandgroup)2

314

297

34,591

30,289

6,423

5,006

18.6

16.5

TRATONCommercialVehicles3

306

273

39,516

30,092

1,583

161

4.0

0.5

AtequityaccountedcompaniesinChina4

3,122

3,043

–

–

–

–

–

–

MANEnergySolutions

–

–

3,565

3,278

284

179

8.0

5.5

CARIAD

–

–

796

518

-2,068

-1,327

–

–

VolkswagenFinancialServices

–

–

44,155

41,662

5,602

5,672

12.7

Other5

–

–

-18,907

-13,410

-966

913

–

–

VolkswagenGroupbeforespecialitems

22,523

20,026

8.1

8.0

SpecialItems

-399

-751

VolkswagenGroup

8,481

8,576

279,232

250,200

22,124

19,275

7.9

7.7

thereof:

AutomotiveDivision6

8,481

8,576

232,385

206,237

16,468

13,230

7.1

6.4

Ofwhich:PassengerCarsBusinessArea

8,175

8,303

189,304

172,868

14,600

13,051

7.7

7.5

CommercialVehiclesBusinessArea

306

273

39,516

30,092

1,588

134

4.0

0.4

PowerEngineeringBusinessArea

–

–

3,565

3,278

281

45

7.9

1.4

FinancialServicesDivision

–

–

46,847

43,963

5,656

6,045

12.1

13.8

1Thepreviousyear’sfigureswerecalculatedbymeansofasimpleadditionwiththeBentleyfigures.

2Porsche(includingFinancialServices):salesrevenue€37,630(33,138)million,operatingresult€6,770(5,286)million.

3IncludesNavistarfromJuly1,2021.

4Thesalesrevenueandoperatingresultoftheequity-accountedcompaniesinChinaarenotincludedintheconsolidatedfigures;theshareoftheoperatingresultgeneratedbythesecompaniesamountedto€3,280(3,026)million.

5Intheoperatingresult,mainlyintragroupitemsrecognizedinprofitorloss,inparticularfromtheeliminationofintercompanyprofits;thefigureincludesdepreciationandamortizationofidentifiableassetsaspartofpurchasepriceallocation,aswellascompaniesnotallocatedtothebrands.

6IncludingallocationofconsolidationadjustmentsbetweentheAutomotiveandFinancialServicesdivisions.22

•VWBrand:3.6%RoS;

burdenedbymaterialcostsandRussiabusiness;non-recurringitemsof€0.5bnbooked(net)

•Skoda:delivering3.0%RoS;

duetoRussianbusinessclosurenon-recurringitemsof€0.7bnbooked

•SEAT:CameinwithapositiveOperatingResultof€33mburdenedbyrestructuringcostsof€0.2bnbookedinQ2

•LightCommercialvehicleswithsolidRoSperformanceof4.6%

BrandGroupVolumePerformance

JanuarytoDecember2021vs.2022

KeyTakeaways

+12%

113.8

Jan-Dec2022

Jan-Dec2021

101.9

+403%

1.1

Jan-Dec2022

Jan-Dec2021

0.2

VolumeBrandGroup

SalesRevenue[€bn]

VehicleSales[‘000units]

-2%

4,133

Jan-Dec

2021

Jan-Dec2022

4,069

NetCashFlow[€bn]

OperatingResult1[€bn/%RoS]

+16%

4.0

3.6%

Jan-Dec

2021

3.4%

Jan-Dec2022

3.5

1Beforespecialitems

23

ID.5Pro:Powerconsumptioncombined:15.9-14.6kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++

VolkswagenID.Buzz:Powerconsumptioncombined:18.9kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++

SkodaEnyaq:Powerconsumptioncombined:13.6kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++

CupraBorn:Powerconsumptioncombined:17.6kWh/100km(NEDC),CO2emissionscombined:0g/km,CO2efficiencyclass:A+++

•AudiBrand:11.3%RoS;fairvalueeffects€1.1bn;

resilientdemandforwell-equippedpremiumvehicles,strongorderbank

•Bentley:20.9%RoS

•Lamborghini:25.9%RoS

•NetCashFlowmutedbecauseofinvestmentinBEVproductioncapacitiesandworkingcapitalbuildup

BrandGroupPremiumPerformance

JanuarytoDecember2021vs.2022

KeyTakeaways

+11%

61.8

Jan-Dec2022

Jan-Dec2021

55.9

-42%

8.3

4.8

Jan-Dec2022

Jan-Dec2021

PremiumBrandGroup1

SalesRevenue[€bn]

VehicleSales[‘000units]

+4%

1,070

Jan-Dec

2021

Jan-Dec2022

1,024

NetCashFlow[€bn]

OperatingResult2[€bn/%RoS]

+29%

7.6

5.9

12.3%

Jan-Dec

2021

10.6%

Jan-Dec2022

1Thepreviousyear’sfigureswerecalculatedbymeansofasimpleadditionwiththeBentleyfiguresBeforespecialitems

2Beforespecialitems

AudiA6Avante-tron:Conceptcar

24

BentleyBentaygaSpeed:combined14.7l/100km;CO2-emissionsing/km:335(combined)OnlyconsumptionandemissionvaluesaccordingtoWLTPandnotaccordingtoNEFZareavailableforthevehicle

LamborghiniUrusS:combined14.1l/100km;CO2-emissionsing/km:320(combined)OnlyconsumptionandemissionvaluesaccordingtoWLTPandnotaccordingtoNEFZareavailableforthevehicle

25

•Porsche’sOperatingMarginadvancedto18.6%onhighervolume,improvedpricingandbetterproductmixaswellaspositiveFXeffects

•Averagepricepervehicleat€110,000

•BEVshareamountedtoover11%oftotaldeliveriesin2022

•AutomotiveNetCashFlowabovethesolidlevelofthepreviousyear

BrandGroupSport&LuxuryPerformance

JanuarytoDecember2021vs.2022

KeyTakeaways

Sport&LuxuryBrandGroup

VehicleSales[‘000units]

SalesRevenue[€bn]

+6%

297

Jan-Dec

2021

Jan-Dec2022

314

+14%

30.3

Jan-Dec2022

Jan-Dec2021

34.6

OperatingResult1[€bn/%RoS]NetCashFlow[€bn]

+28%

6.4

5.0

18.6%

Jan-Dec

2021

16.5%

Jan-Dec2022

+5%

3.73.9

Jan-Dec2022

Jan-Dec2021

1Beforespecialitems

PorscheTaycanGTSSportTurismo:PowerconsumptioninkWh/100km:combined24.1–21.0;CO2-emissionsing/km:0(combined)OnlyconsumptionandemissionvaluesaccordingtoWLTPandnotaccordingtoNEDCareavailableforthevehicle

26

•SalesRevenueimprovedby54%drivenbylicenserevenueswithbrandgroups

•OperatingResultimpactedbyhigherdevelopmentcostsandpersonnelcosts

•NetCashFlowlowerduetofurtherinvestmentsinsoftwareplatforms

Software–CARIADPerformance

JanuarytoDecember2021vs.2022

KeyTakeaways

+60%

0.8

0.5

Jan-Dec2021

Jan-Dec2022

CARIAD

SalesRevenue[€bn]

ContractedLicenses[‘000units]

+36%

14,211

10,465

Jan-Dec

2021

Jan-Dec2022

OperatingResult[€bn/%RoS]NetCashFlow[€bn]

-1.3

-2.1

Jan-Dec2022

Jan-Dec

2021

-2.6

Jan-Dec2021

-2.8

Jan-Dec

2022

27

•UnitSalesup12%withpositivedynamicsinsecondhalf-year(-7%excl.Navistarconsolidation)

•Resultsstronglyaffectedbysupplyshortages;Russia-UkraineconflictcausedMANproductionstopsinH1aswellas€0.2bnnegativeeffectsinFY2022

•Lowercapacityutilizationandhigherinputcostpartiallycompensatedbypositiveprice/mix

•Ne