Summary of business development

The Board of Management of Volkswagen AG considers business development in the reporting period to have been positive. As expected, we increased our deliveries to customers and maintained our market position in 2014, despite the persistently challenging environment. We delivered more than ten million vehicles to customers for the first time in the reporting period, with sales in the diverse automotive markets up by a total of 4.2%. Demand for our vehicles grew particularly in the Asia-Pacific region and in Western Europe compared with 2013. Sales revenue, operating return on sales and hence operating profit were all up year-on-year and within the forecast range.

Due to higher investments in property, plant and equipment, investment property and intangible assets, excluding capitalized development costs (capex), the ratio of capex to sales revenue in the Automotive Division was slightly higher than in fiscal year 2013 and was within the expected range. Net cash flow increased compared with the comparable prior-year figure, largely due to earnings-related factors. The return on investment (ROI) was up year-on-year, and we clearly exceeded the minimum required rate of return on invested capital.

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.