Group Management Report

(COMBINED MANAGEMENT REPORT OF THE VOLKSWAGEN GROUP AND VOLKSWAGEN AG)

VOLKSWAGEN GROUP CUSTOMER DELIVERIES WORLDWIDE
(in millions)

What you'll find in this chapter:

Goals and Strategies

The Volkswagen Group aims to increase its unit sales and profitability for the long term.

Internal Management System and Key Performance Indicators

Based on the goals set out in our Strategy 2018, this chapter describes how the Volkswagen Group is managed and the key performance indicators used for this.

Structure and Business Activities

This chapter describes the legal and organizational structure of the Volkswagen Group and explains the material changes in 2014 with respect to equity investments.

Corporate Governance Report

Transparent and responsible corporate governance takes the highest priority in our daily work.

Remuneration Report

The Remuneration Report details the individualized remuneration of the Board of Management and the Supervisory Board of Volkswagen AG, broken down into components, as well as individualized pension provision disclosures for the members of the Board of Management.

Executive Bodies

Members of the Board of Management and their Appointments.

Disclosures Required Under Takeover Law

In this section, we present the disclosures relating to takeover law required by sections 289(4) and 315(4) of the HGB.

Business Development

In fiscal year 2014, the global economy recorded moderate growth that just slightly exceeded the prior-year level.

Shares and Bonds

Volkswagen AG’s ordinary and preferred shares underperformed the market as a whole in fiscal 2014 in a volatile market environment.

Results of Operations, Financial Position and Net Assets

The Volkswagen Group continued its successful course in fiscal year 2014, again generating record sales revenue and operating profit in an ongoing difficult market environment.

Summary

The Board of Management of Volkswagen AG believes that the Group’s economic position is positive.

Value added statement

The value added statement indicates the added value generated by a company in the past fiscal year as its contribution to the gross domestic product of its home country, and how it is appropriated.

Volkswagen AG

Production and unit sales exceed the 2013 figure, sales and net retained profits also up year-on-year.

Sustainable Value Enhancement

We run our business responsibly and with a long-term perspective along the entire value chain.

Report on Expected Developments

The global economy is expected to continue its growth trajectory in 2015, still driven by the rapidly growing emerging markets of Asia in particular.

Report on Risks and Opportunities

Promptly identifying the risks and opportunities arising from our operating activities and taking a forward-looking approach to managing them is crucial to our Company’s long-term success.

Prospects for 2015

The Volkswagen Group's Board of Management expects the global economy to record slightly stronger growth in 2015 than in the previous year, despite some uncertainties.

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