2024大众汽车集团报告（业绩总结、战略规划、展望等）.docx

他做IaIU网ITALLSTARTSWithagreatteam闻VW0周解褊留说IllnlAsuo6yPUeSPUeJSIndUlIL照国物丛回总情他做IaIU网StringentexecutionofTOP102023PLANNING ROUNDoStrategiccapitalallocation7PerformanceProgramsstartedPLATFORMS/TECHNOLOGY06JNewplatformstrategy/Definedlead-brands7HolisticsynergyapproachCompetitivetechprofilePRODUCTS02NewproductstrategyDesignidentities7QualityprogramsstartedBATTERY/CHARGING/ENERGY7NewbatterystrategyPowerCoramp-up7SecuringrawmaterialsstartedVHPCexpansionworldwides/Targetpicture2030VvctcAnhUi7PartnershipsMOBILITYSOLUTIONSQMtaJS?"ZIntegrationofEuropcarIntegratedmobilityplatformstartedClean-upmobilitymap7PartnershipsGrowthplanNARJEstablishScoutMotorsJBatteryplantCanadaJESGtargetambitionDecarbonizationtargetontrackJHolisticsustainabilitystrategystartedCARIADCARIAJD05RealisticportfolioplanVRestructuringCARIAD7plntensifiedPartnershipsCAPITALMARKETS10VirtualequitystoriesperbrandVTargetSummitestablished、CapitalMarketsDayrealized解司属喷燃i蚓丽酸SQNVHSvaaoSuccessfulproductlaunchesin2023勇口IL黑国勺W用国恬懦血口I11IIS<E 团 InILl 回Global deliveriesBEV deliveriesGrowth in all regions;Q4 +14% YoYincreased byworldwide market shareFY23 +12% YOY+35% YOY in 2023increased to 11.1%VolkswagenGroupdeliveriesupto9.24mvehiclesin20232023BEVdeliveriesupby35%to771kvehicles<E 团 InILl 回Quarterly DevelopmentBEV Share %9 to 11%BEV Deliveries 4000 units BEV share % 2023 0%2024eContinuedincreaseinBEVshareFinancialOverview2023Strongfinancials;deliveringonfullyearguidance7.0%Group Return on Sales18-0% excl. FV of derivatives2322.3bnGrouprevenue22.6bnGroupoperatingprofit Behre special items 12. Acusted for fair value of dertvatives outside hedge aouting25.8bnexcl.FVofderivatives210.7bnAutomotivenetcashflow40.3bnAutomotivenetindustrialliquidityFinancialOverview2023Strongfinancialstranslatingintoappropriateparticipationofshareholders9.06Dividend proposal1(Preferred share)17.9bnNetincome31.98Earningspershare(Preferredshare)勇口 IL黑国勺W用国恬懦 血口 IIISAchievementsinlinewith'oJrpromise5at2023GroupCMDTECHNOLOGY AT SCALE02/ TOP 10 Programs/ Executive Board strengthened/ Removal of MSCI red-flag/FirstPPEmodels/CARIADrestructuring/Truesoftwareexperts/Newbatterystrategy血QiniLllSlAchievementsinlinewith'oJrpromise5at2023GroupCMDREGIONALLEADERSHIP04/Increasingproductmomentum/IC日BEVmixad叩tableTargetpicturesforAudi&VW/CHN:Newtargetpicture/NAR:Strongerlocalization/EUR:CapacityadjustmentsWDIlL黑国翳息制恬懦血口InlIWAchievementsinlinewith'oJrpromise5at2023GroupCMDFINANCIAL TARGETS06曲I 何仅I,05/PerformanceprogramsJEfficientcapitalallocation/Managementincentivization/Robust2023financialresults/Confidentoutlookfor2024/Participationforshareholders勇口 IL黑国勺W用国恬懦 血口 IIISVolkswagenatmid-pointofitstransformationpathREGIONALLEADERSHIPU4NEWSTEERINGMODELFINANCIALTARGETSFinancialOverviewRobustperformanceindemandingmarketenvironmentVehicleSalesSalesRevenueOperatingResultandMargin1mvehiclesbnbnMargin%Fairvalueofderivativesoutsidehedgeaccounting2322.38.1%7.0%8.59.45.4Excl.ChinaJVs279.1Jan-Dec2022Jan-Dec2023Jan-Dec2022Jan-Dec2023Note：Previousyeafadjusted(IFRS17)11.Beforespecialitems12.InclucSngfairvalueeffectsinmeAutomotiveDivision.20222023FinancialOverviewIncreaseofProfitafterTaxsupportedbylowertaxrate1ProfitbeforeTaxProfitafterTaxEarningsperpreferredshareJan-DecJan-DecJan-DecJan-DecJan-DecJan-Dec202220232022202320222023AutomotiveNetCashFlowandNetLiquidityCashflowsupportedbyoperatingbusinessandsignificantWorkingCapitalreleaseRep. Net Cash Flow CCR1,2,Clean, Net Cash Flow1 3Net Liquidity11. Auiomotive Ovislon 12. Cash Conversfon Raik). calculated as reported Net Cas Flow dfvded by Operating Resutt after special Items 13. Repoded net cas flow before M&A and Diesd payments.18AutomotiveNetLiquiditySoundfinancialpositiondespitedividendofTIbnthankstostrongoperatingbusinessReportedNetCashFlow(10.7bn)1bACleanNCF(13.5b)2.3-0.7.21112IH-10.943.0thereof +2.1bn working capital improvement1.0-3.5thereof 4.4b regular dividend and 6.5bn (net2) PAG IPO special dividend40.331DecOperatingDividendofDieselM&ADividendtoHybridOther31DeC2022BusinessChineseJVsOutflowVWAGCapital2023Shareholder191.Includkig1.5tx)cashoutllowfromlaxpaymentsforpastassessmentperiods.2.SpecialdlvulendnetotproceedsUcmPSE.OperatingResultbyDivisionPassengerCarsstabledespite-3.2bnhedgingeffects;CommercialVehiclesdoubledmarginAutomotiveDivisionFinancialServicesDivisionPassengerCars1-2OperatingResultbnMargin%CommercialVehicles3OperatingResultbnMargin%FinancialServicesOperatingResultbnMargin%Note:Previousyearadjusted(IFRS17)11.Beforespecial*emg12.PassengerCarS-AutomotiveDivision.CommercialVehicles.PowerEnneerig13.TRATONOperationsexcludingFinanoalServices20OperatingResultPassengerCarsRobustperformanceimpactedbysignificantswinginderivativesOperatingResultbeforespecialitemsOperatingResultbnMargin%Jan-DecJan-DecJan-DecVolume&ExchangeProductFixedCosts/Jan-Dec202220232022other/Rates/CostsOtherCosts2023Mix/PriceDerivativesMalLIK爆背恬懦在。面口用OverviewFY2023BrandGroupsGroupresultsdrivenbystrongperformanceacrossallBrandGroupsBrandOw魄CoreProgressive3Sport LuxurySalesRevenue隹呵137.8(+21%)69.9(+13%)37.3(+8%)OperatingResult Before special items 2. Cas Conversion Ratio, calculated as reported Ne< Cash FkyW <tvkied by Operating Result after special items 3. Underlying performance excluding l .4bn negative eliects from IairValUe of dcrrvaves outside he<e accounting. Defla 10 PreViosyea”res in brackets.ID.S Pro: PoWef consumption combined: 15.9 - 14.6 KWhliookm (WLTP), CO2 emissions combined: 0gkm. CO2 etticency class: Ar Volkswagen ID. Buzz： POWef COnXmPliOn Oombined： 18 9 kWh.'10Okm (WLTP), CO2 emissions contxied： 0gkm. CO2 MiCjenCy class: ASkcda Eyaq: PoWer sumpbon mb<d: 13.6 kVh IOOkm (WLTP), CO2 emissk>ns combined: 0g,km. CO2 efficiency CiaSg： A+Cupra Bom: Power sumpcion mbmd: 17.6 KWhIOOkE (WLTP). CO2 emissions combined: 0g<Xm. CO2 eftidency class: AhBcntfey Bentayga Speed: (XXnged 14.7 t/100 km; C02-emi$ion$ g<,km: 335 (oombinM)Onty sumpci and emission values accor<*ng to WLTPand t acrdig to NEFZ are available for the vehicleLamborghini Urs S: combined 14.1 1/1 OOkm; CO2-emissws g<,km: 320 (mbidOnly consumption and emission values accorcng to WLTPand not acrding to NEFZ are available for the vehicleP<sce Taycan GTS Sp<xt TUriSg: PoWer consumption in kWh,100 km： combined 24.1 - 21.0; C02e<nissions ingkm: 0(combined)Only nsumptio and emission VakJeS aordg to WLTPand not acjing to NEDC are available for te vehicleAudi A6 Avant etro: Concept carbn7.3(+80%)6.3(-18%)7.7underlying(+17%)6.9(+8%)OperatingMargin%5.3(+1.7ppts)9.0(-3.3ppts)11.0underlying(+0.4ppts)18.6(flat)NetCashFlowCCR2隹bn,%5.677%4.775%4.762%underlying4.057%机UUK吊背公姐艮懦fiu三）11nMOverviewFY2023TechnologyPlatformsContinuedinvestmentintransformationBatterySoftwareCARlAnSalesRevenue(bnj1-1(÷35%)（一）OperatingReSUltl隹bn-2.4(+16%)-0.4(+245%)OperatingMargin%-()NetCashFlow隹b11-3-0(+7%)-4.0underlying-0-8(-14%)DeltatopreviousyearfiguresinbracketsBrandGroupTrucks-TRATON145.7(+16%)SalesRevenue(bnjOperatingResult1cb3.7(+135%)OperatingMargin%8.1(+4.1ppts)NetCashFlow隹b112.7(+3.5bn)CommercialVehiclesVehiclesalesincreasedby11%duetoimprovedsupplychainsandcontinuedhighcustomerdemandRevenuegrowthdrivenbyhighervolume,positivemarket/productmix,betterunitpricerealizationandgrowthinvehicleservicesNetCashFlowreflectingimprovedoperatingperformance1.TRATONOperationsexcludingFinancialServices.DeltatopreviousyearfiguresinbracketsVolkswagenGroupMobilityContracts tooo unitsOperating Result1 bnCredit Loss Ratio %Return on Equity %MobilityVOLKSWAGENFINANCIAL SERVICES22,275(+1%)3.8 (-33%)0.3 (flat)12.6 (-12.4ppts)FinancialServicesDevisionContractvolumeonpreviousyearlevelStablecreditlossratioNormalizationofusedcarpricesandoperatingresultNote:Previousyearadjusted(IFRS17)I!.VolkswagenAanc*aJServicesDiviSiOa(ncl*gScaniaFSandPorscheHOwing)I2.CalculatedOnbasts&nomazd8%equityrauoChinaJointVentures:ProportionateOperatingResultStrongfinishinaverycompetitiveenvironment3,2803,026KeyTakeaways7222,6211,0647411,156690Q4Q3Q2Q1727611661578824527625隹m20212024eICEmarketleadershipstrengthened,BEVsalesmomentumacceleratingOperatingresultsholdingupwellinchallengingcompetitiveenvironmentProportionateoperatingresultof1.5to2bnexpectedforFY202420222023VWID.6CROZZ:VehiclesoldoutsideGermanyAudiQ4e-tron：Powerconsumptioncomfcinea：18315.2kWhH00km(WLTP)1CO2emissionscombined：Ogjkm,CO2MiCiertCyclass：A÷StrongcommitmenttoattractiveshareholderreturnsRegular dividend per preferred share Payout ratio as % of Group net income attributable to Volkswagen AG shareholdersDividendspaidforperiod2021-2023totalingf22bnupfromZ18bnfor2011-2020periodCommittedtoStrategictarget30%payoutratioVolkswagenGroupOutlookfor2024Underlyingpassengercar/LVmarketassumptionsandkeydriversforVolkswagenGroupGLOBAL+3%MARKET+4%GROUPgainshareMARKET+4%GROUPkeepshareMARKET+2%GROUPgiveshareFixed cost disciplineEuropeChina_ Significant costs for new model launches- particularly ramp-up at BGP & BGSL) Ramp-up of fully consolidated China businessNorthAmericaVolumeincreaseinEUandNARPrice/mixtobenefitfromnumerousICEproductlaunchesRawmaterialsprices&productcostimprovementFirsteffectsfromimplementationofPerformanceProgramsHigherfixed&othercosts,includingwageincreasesresultingfromtariffagreements2022UpfrontcostsofBatterystrategyIncreasingBEVshareVolkswagenGroupOutlookfor2024翁版扁篇点蝌®拗幅&胡箔M同劄脸蓟廊n独而!而瑞回帕睛渤而然愀掰面"观Mt©师!碘瞅瑞感骸解喊瑟僧磁之透hFl跳宪鹳喷©丽I©赢嚼阳®L网喊或蜘1.R&D&Capexcombined12.Includingabout4bnbudgetedforM&A.Actual 2023解居密悬I加J塔窗 IOIbnOutlook2024upto5%growth7.0%to7.5%13.5%to14.5%14SlbteCSJhlh三窗居凰S图Cto卷41lhriPlatformsfosteringgroup-widecooperationcoreArchitectureSoftwareBatteryfCharging&EnergyVolkswagenGroupMobilityPMormsprovideleadingtechnologyatcompetitivetermsBrandgroupstoOffesuperiorproducts&dloLiverscahbenefitsAutomotiveInvestmentRatioSpendIevelspeakinggivenproductlaunches,battery/softwareandfinalphaseofICEinvestR&D / C叩ex - Absolute and Ratio (Automotive Division)bn CAPEX R&DTarget:170bninvestdecidedfornextplanninground(2025-29)-10bncomparedtopreviousplanningroundInvestmentstopeakin2024decliningtowardstargetlevelthereafterOverheadCostProgramIncreasingcontributionfromoverheadcostprogram,especiallyfrompassengercarsGroupoverheadcost1-Groupoverheadcost1as%ofAutomotiverevenuePowerEngineering1inbn TRATONinbn PassengerCarsinbn19.5%17.2%_15.9%illusTRativp201920221.ExcludingR&DandcapexAmbition:Furtherreductionofratio2023Mid-termLong-term32OverallAmbition1.eadingtheTransformationwithIntegrityandbasedonourValuesBEV他做IaIU网TOP10Program2024PerformanceProductsRegionsDigitalizationSoftwareArchitecturesBatteryMobilitySustainabilityTeam&SolutionsOrganizationVOLKSWAGENGROUPAcceleratingmomentumofnewmodellaunchesIncreasedFirstmodelsonPPEModellaunchescompetitivenessPorscheMacanelectric>30in2024VianewProdUCtSAudiQ6e-tron&>25in2025-ijAudiA6e-tron:Conceptcar-c1.Kk11K三llMacanTurboBectrk:Electricpowerconsumptioncombined(WLTP)20.7-18.8kWh/100knCOjemissionscombined(WLTP)0gk11VElectrkrangecombined(WlTP)S18-S91km,Electricrangeintovn(WLTP)670-76Skm<E 团 InILl 回KeyleversfornextstrategicphaseProductStrategyStrongmomentumStrategic CapitalAllocationPerformanceProgramsQiSCiPIindcostworkReduCeainvestmentsManagementincentivizationEntregreogur-shipOperatingProfitMarginCashFlowInvestmentVOLKSWAGEN R U PISALLABOUTEXECUTIONChinaCMDasnextbuildingblockprl2024mter,Beljmg/d>loqmBrandGroupCoreVehicleSales(ooounitsSalesRevenue隹皿KeyTakeawaysJan-DecJan-Dec20222023Jan-DecJan-Dec20222023Resultsdrivenbyvolumeandprice,partiallyoffsetbyproductandfixedcostsincreasesSignificantimpactonICEproductionfromSloveniafloodingNet Cash Flow2 KbmOperatingResult B<sfore special ioms 2. Reponed fure 13. Previous year figure in bracketsID.5 Pro: Power oonsumptio combined: 15.9 14.6 kWn,i00km (WLTPj, CO2 emis&ons xnbred: 0gkm, CO2 3feemy class: Ai Skoda Eyaq: Pwer consumption combined: 13,6 kWh00km (WLTP), CO2 emissions combined: 0¢,km, CO2 efficiency ctass： A+÷*bn/RosOperatingmarginbybrand3:5.6VW4.1%(3.6%)SKe)DA6.7%(3.0%)SEAT/CUPRA4.4%(0.3%)VW Comm. Vehicles5.7%(4.6%)Tech. Components2.7%(0.7%)7.34.03.6%I5.3%IJan-DecJan-Dec20222023Jan-DecJan-Dec20222023VtfkswagenID.Buzz:PowernsumptkxCornbrrled:18.9kWh,100km(WLTP),CO2emissionsmbned:0g'km.CO2effioecyclass:Ar+CupcaBom:PowerConSUEPboambi11d:17.6kWh"OOkm(WLTP).CO2emissionsmbined:0g,km.CO2efficiencyclass:A+BrandGroupProgressiveVehicleSales(ooountsSalesRevenue隹皿KeyTakeaways62_ZOperatingresultsupportedbyvolumebutheldbackbylowerresidualvaluesandproductcostsJan-Dec2022Jan-Dec2023Jan-Dec2022Jan-Dec2023OperatingResult1<b11RosNetCashFlow2KbmFairvalueofderivativesoutsidehedgeaccountingof-1.4bn;underlyingmarg