Volkswagen Group

Profit Statement 2015 2016 2017
Sales EUR mil 213,292 217,267 230,682
Gross Profit EUR mil 71,569 76,960 79,233
EBITDA EUR mil 15,587 28,027 35,983
EBIT EUR mil -4,069 7,103 13,818
Financing Cost EUR mil -2,768 189 94.0
Pre-Tax Profit EUR mil -1,301 7,292 13,913
Net Profit EUR mil -1,370 5,144 11,354
Dividends EUR mil 364 1,332 1,967
Balance Sheet 2015 2016 2017
Total Assets EUR mil 381,935 409,732 422,193
Non-Current Assets EUR mil 236,548 254,010 262,081
Current Assets EUR mil 145,387 155,722 160,112
Working Capital EUR mil 25,720 46,470 49,409
Shareholders' Equity EUR mil 88,270 92,910 109,077
Liabilities EUR mil 293,665 316,822 313,116
Total Debt EUR mil 145,838 154,819 163,472
Net Debt EUR mil 124,967 135,554 145,015
Ratios 2015 2016 2017
ROE % -1.54 5.68 11.2
ROCE % -0.542 1.83 3.71
Gross Margin % 33.6 35.4 34.3
EBITDA Margin % 7.31 12.9 15.6
EBIT Margin % -1.91 3.27 5.99
Net Margin % -0.642 2.37 4.92
Net Debt/EBITDA 8.02 4.84 4.03
Net Debt/Equity % 142 146 133
Cost of Financing % -1.97 0.126 0.059
Valuation 2015 2016 2017
Market Capitalisation USD mil 75,742 71,651 100,820
Enterprise Value (EV) USD mil 211,794 214,796 274,657
Number Of Shares mil 295 295 295
Share Price EUR 142 137 169
EV/EBITDA 11.9 7.15 6.80
EV/Sales 0.866 0.922 1.06
Price/Earnings (P/E) -30.7 7.84 4.38
Price/Book Value (P/BV) 0.476 0.434 0.456
Dividend Yield % 0.867 3.30 3.95

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summary Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales EUR mil ...                       159,337 192,676 197,007 202,458 213,292    
Gross Profit EUR mil ...                       51,820 64,661 67,693 70,735 71,569    
EBIT EUR mil ...                       11,271 11,498 11,671 12,697 -4,069    
Net Profit EUR mil ...                       15,409 21,717 9,093 10,984 -1,370    
ROE % ...                       27.5 29.9 10.6 12.2 -1.54    
EBIT Margin % ...                       7.07 5.97 5.92 6.27 -1.91    
Net Margin % ...                       9.67 11.3 4.62 5.43 -0.642    
Employees                         501,956 549,763 563,000 583,000 604,000    
balance sheet                                      
Total Assets EUR mil ...                       253,769 309,644 324,333 351,209 381,935    
Non-Current Assets EUR mil ...                       148,129 196,583 202,141 220,107 236,548    
Current Assets EUR mil ...                       105,640 113,061 122,192 131,102 145,387    
Shareholders' Equity EUR mil ...                       63,354 81,825 90,037 90,189 88,270    
Liabilities EUR mil ...                       190,415 227,819 234,296 261,020 293,665    
Non-Current Liabilities EUR mil ...                       89,179 122,306 115,671 130,314 145,176    
Current Liabilities EUR mil ...                       101,237 105,513 118,625 130,706 148,489    
Net Debt/EBITDA ...                       4.36 4.21 3.57 3.91 8.02    
Net Debt/Equity % ...                       119 127 104 128 142    
Cost of Financing % ... ...                     -8.98 -13.0 -0.633 -1.67 -1.97    
cash flow                                      
Total Cash From Operations EUR mil ...                       8,500 7,209 12,595 10,785 13,679    
Total Cash From Investing EUR mil ...                       -18,631 -19,484 -16,890 -19,099 -21,151    
Total Cash From Financing EUR mil ...                       8,316 13,711 8,973 4,645 9,068    
Net Change In Cash EUR mil ...                       -1,815 1,436 4,678 -3,669 1,596    
valuation                                      
Market Capitalisation USD mil ...                       65,170 102,027 127,983 104,697 75,742    
Number Of Shares mil ...                       295 295 295 295 295    
Share Price EUR                         104 163 197 180 142    
Earnings Per Share (EPS) EUR ...                       52.2 73.6 30.8 37.2 -4.64    
Book Value Per Share EUR ...                       215 277 305 306 299    
Dividend Per Share EUR ...                       5.67 6.27 6.65 8.53 1.23    
Price/Earnings (P/E) ...                       1.98 2.21 6.39 4.84 -30.7    
Price/Book Value (P/BV) ...                       0.483 0.587 0.645 0.589 0.476    
Dividend Yield % ...                       5.47 3.85 3.38 4.73 0.867    
Earnings Per Share Growth % ... ...                     125 40.9 -58.1 20.8 -112    
Book Value Per Share Growth % ... ...                     30.0 29.1 10.0 0.169 -2.13    
income statement Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
income statement                                      
Sales EUR mil ...                       159,337 192,676 197,007 202,458 213,292    
Cost of Goods & Services EUR mil ...                       107,517 128,015 129,314 131,723 141,723    
Gross Profit EUR mil ...                       51,820 64,661 67,693 70,735 71,569    
Staff Cost EUR mil ...                       23,854 29,503 31,747 33,834 36,268    
Other Cost EUR mil ...                       10,726 10,546 9,625 7,413 19,714    
EBITDA EUR mil ...                       17,240 24,612 26,321 29,488 15,587    
Depreciation EUR mil ...                       5,969 13,114 14,650 16,791 19,656    
EBIT EUR mil ...                       11,271 11,498 11,671 12,697 -4,069    
Financing Cost EUR mil ...                       -7,655 -13,989 -757 -2,097 -2,768    
Extraordinary Cost EUR mil ...                       0 0 0 0 0    
Pre-Tax Profit EUR mil ...                       18,926 25,487 12,428 14,794 -1,301    
Tax EUR mil ...                       3,126 3,606 3,283 3,726 59.0    
Minorities EUR mil ...                       391 169 52.0 84.0 10.0    
Net Profit EUR mil ...                       15,409 21,717 9,093 10,984 -1,370    
Dividends EUR mil                         1,673 1,849 1,962 2,516 364    
growth rates                                      
Total Revenue Growth % ... ...                     25.6 20.9 2.25 2.77 5.35    
Operating Cost Growth % ... ...                     -17.0 15.8 3.30 -0.302 35.7    
EBITDA Growth % ... ...                     36.2 42.8 6.94 12.0 -47.1    
EBIT Growth % ... ...                     57.8 2.01 1.50 8.79 -132    
Pre-Tax Profit Growth % ... ...                     110 34.7 -51.2 19.0 -109    
Net Profit Growth % ... ...                     125 40.9 -58.1 20.8 -112    
ratios                                      
ROE % ...                       27.5 29.9 10.6 12.2 -1.54    
ROCE % ... ...                     10.4 11.1 4.09 4.70 -0.542    
Gross Margin % ...                       32.5 33.6 34.4 34.9 33.6    
EBITDA Margin % ...                       10.8 12.8 13.4 14.6 7.31    
EBIT Margin % ...                       7.07 5.97 5.92 6.27 -1.91    
Net Margin % ...                       9.67 11.3 4.62 5.43 -0.642    
Payout Ratio % ...                       10.9 8.51 21.6 22.9 -26.6    
Cost of Financing % ... ...                     -8.98 -13.0 -0.633 -1.67 -1.97    
Net Debt/EBITDA ...                       4.36 4.21 3.57 3.91 8.02    
balance sheet Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
balance sheet                                      
Non-Current Assets EUR mil ...                       148,129 196,583 202,141 220,107 236,548    
Property, Plant & Equipment EUR mil ...                       31,876 59,265 64,648 73,754 83,344    
Intangible Assets EUR mil ...                       22,176 59,158 59,243 59,935 61,147    
Goodwill EUR mil ...                       3,410 23,935 23,730 23,577 23,646 ... ...
Current Assets EUR mil ...                       105,640 113,061 122,192 131,102 145,387    
Inventories EUR mil ...                       27,551 28,674 28,653 31,466 35,048    
Receivables EUR mil ...                       10,479 12,876 11,133 11,472 11,132    
Cash & Cash Equivalents EUR mil ...                       18,291 18,488 23,178 19,123 20,871    
Total Assets EUR mil ...                       253,769 309,644 324,333 351,209 381,935    
Shareholders' Equity EUR mil ...                       63,354 81,825 90,037 90,189 88,270    
Of Which Minority Interest EUR mil ...                       5,815 4,310 2,304 198 210    
Liabilities EUR mil ...                       190,415 227,819 234,296 261,020 293,665    
Non-Current Liabilities EUR mil ...                       89,179 122,306 115,671 130,314 145,176    
Long-Term Debt EUR mil ...                       44,442 63,603 63,822 72,370 79,193    
Deferred Tax Liabilities EUR mil ...                       4,055 9,050 7,894 4,774 4,433    
Current Liabilities EUR mil ...                       101,237 105,513 118,625 130,706 148,489    
Short-Term Debt EUR mil ...                       49,090 58,485 53,208 62,098 66,645    
Trade Payables EUR mil ...                       16,325 17,268 18,024 19,530 20,460    
Provisions EUR mil ... ...                     18,893 18,410 18,360 17,075 25,788    
Equity And Liabilities EUR mil ...                       253,769 309,644 324,333 351,209 381,935    
growth rates                                      
Total Asset Growth % ... ...                     27.3 22.0 4.74 8.29 8.75    
Shareholders' Equity Growth % ... ...                     30.1 29.2 10.0 0.169 -2.13    
Net Debt Growth % ... ...                     29.0 37.7 -9.41 22.9 8.34    
Total Debt Growth % ... ...                     21.5 30.5 -4.14 14.9 8.46    
ratios                                      
Total Debt EUR mil ...                       93,532 122,088 117,030 134,468 145,838    
Net Debt EUR mil ...                       75,241 103,600 93,852 115,345 124,967    
Working Capital EUR mil ...                       21,705 24,282 21,762 23,408 25,720    
Capital Employed EUR mil ...                       169,834 220,865 223,903 243,515 262,268    
Net Debt/Equity % ...                       119 127 104 128 142    
Cost of Financing % ... ...                     -8.98 -13.0 -0.633 -1.67 -1.97    
cash flow Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
cash flow                                      
Net Profit EUR mil ...                       15,409 21,717 9,093 10,984 -1,370    
Depreciation EUR mil ...                       5,969 13,114 14,650 16,791 19,656    
Non-Cash Items EUR mil ... ...                     -3,143 -25,045 -13,668 -15,344 -2,295    
Change in Working Capital EUR mil ... ...                     -9,735 -2,577 2,520 -1,646 -2,312    
Total Cash From Operations EUR mil ...                       8,500 7,209 12,595 10,785 13,679    
Capital Expenditures EUR mil ...                       -12,628 -10,493 -11,385 -12,012 -13,213    
Other Investments EUR mil ...                       -6,003 -8,991 -5,505 -7,087 -7,938    
Total Cash From Investing EUR mil ...                       -18,631 -19,484 -16,890 -19,099 -21,151    
Dividends Paid EUR mil                         -1,673 -1,849 -1,962 -2,516 -364    
Issuance Of Debt EUR mil ... ...                     16,521 28,556 -5,058 17,438 11,370    
Total Cash From Financing EUR mil ...                       8,316 13,711 8,973 4,645 9,068    
Net Change In Cash EUR mil ...                       -1,815 1,436 4,678 -3,669 1,596    
ratios                                      
Days Sales Outstanding days ...                       24.0 24.4 20.6 20.7 19.0    
Days Sales Of Inventory days ...                       93.5 81.8 80.9 87.2 90.3    
Days Payable Outstanding days ...                       55.4 49.2 50.9 54.1 52.7    
Cash Conversion Cycle days ...                       62.1 56.9 50.6 53.8 56.6    
Cash Earnings EUR mil ...                       21,378 34,831 23,743 27,775 18,286    
Cash Earnings Per Share EUR ...                       72.4 118 80.5 94.1 62.0    
Price/Cash Earnings (P/CE) ...                       1.43 1.38 2.45 1.91 2.30    
Free Cash Flow EUR mil ...                       -10,131 -12,275 -4,295 -8,314 -7,472    
Free Cash Flow Yield % ...                       -21.6 -15.4 -4.45 -10.2 -11.3    
other data Unit 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017
other data                                      
ROA % ...                       6.80 7.71 2.87 3.25 -0.374    
Gross Margin % ...                       32.5 33.6 34.4 34.9 33.6    
Employees                         501,956 549,763 563,000 583,000 604,000    
Cost Per Employee USD per month ...                       5,506 5,742 6,238 6,234 5,736    
Cost Per Employee (Local Currency) EUR per month ...                       3,960 4,472 4,699 4,836 5,004    
Staff Cost (As % Of Total Cost) % ...                       16.1 16.3 17.1 17.8 16.7    
Effective Tax Rate % ...                       16.5 14.1 26.4 25.2 -4.53    
Enterprise Value (EV) USD mil ...                       162,696 238,738 257,363 244,307 211,794    
EV/EBITDA ...                       6.79 7.55 7.37 6.43 11.9    
EV/Capital Employed ...                       0.739 0.819 0.834 0.829 0.742    
EV/Sales ...                       0.734 0.965 0.984 0.936 0.866    
EV/EBIT ...                       10.4 16.2 16.6 14.9 -45.4    
Capital Expenditures (As % of Sales) % ...                       7.93 5.45 5.78 5.93 6.19    
Profit From Abroad (As % Of Total) % ...                       68.4 75.2 74.7 75.0 73.2    
Price Per Vehicle Sold EUR ...                       19,057 20,619 20,252 19,816 21,308    
EBIT Per Vehicle Sold EUR ...                       1,348 1,230 1,200 1,243 -406    
Net Profit Per Vehicle Sold EUR ...                       1,843 2,324 935 1,075 -137    
Price Per Vehicle Sold (USD) USD ...                       26,496 26,474 26,884 25,542 24,426    
EBIT Per Vehicle Sold (USD) USD ...                       1,874 1,580 1,593 1,602 -466    
Net Profit Per Vehicle Sold (USD) USD ...                       2,562 2,984 1,241 1,386 -157    
Sales From Automotive EUR mil ...                       142,092 172,822 175,003 177,538 183,936    
Production of Vehicles vehicles                         8,494,280 9,255,380 9,728,000 10,213,000 10,017,000    
Sales of Vehicles vehicles                         8,361,290 9,344,560 9,728,000 10,217,000 10,010,000    
Sales of Vehicles At Home vehicles ...                       1,153,070 1,052,400 1,187,000 1,247,000 1,279,000    
Production of Vehicles (At Home) vehicles ...                       2,640,000 2,321,000 2,458,000 2,559,000 2,681,000    
Domestic Production (As % Of Total) % ...                       31.1 25.1 25.3 25.1 26.8    
Exports Of Vehicles vehicles ...                       7,208,220 8,292,160 8,541,000 8,970,000 8,731,000    
Exports (As % Of Total Vehicles Sold) % ...                       86.2 88.7 87.8 87.8 87.2    
Employees in Germany ...                       196,000 237,000 255,397 269,627 275,857    
Sales of VW Passenger Cars vehicles                         4,450,000 4,850,000 4,704,000 4,583,000 4,424,000    
Sales Audi Brand Group vehicles ...                       1,543,000 1,299,000 1,349,000 1,444,000 1,529,000    
Sales of Lamborghini vehicles ...                       1,604 2,197 2,121 2,530 3,245    
Sales of SKODA vehicles                         690,000 727,000 719,000 796,000 800,000    
Sales of SEAT vehicles                         362,000 429,000 459,000 501,000 544,000    
Sales of Bentley vehicles                         7,402 9,186 11,000 11,000 11,000    
Sales of Porsche vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 62,000 155,000 187,000 219,000    
Sales of VW Commercial Vehicles vehicles                         441,000 437,000 436,000 442,000 456,000    
Sales of Scania vehicles ... ... ... ... ... ... ... ... ...       80,108 67,000 80,000 80,000 78,000    
Sales of MAN vehicles ... ... ... ... ... ... ... ... ... ... ... ... 24,750 134,000 140,000 120,000 102,000    
Sales in the UK vehicles ...                       408,869 399,388 454,400 510,481 521,345    
Sales in France vehicles ...                       299,330 263,317 245,926 249,311 252,530    
Sales in Italy vehicles ...                       244,953 188,323 176,231 190,671 207,821 ... ...
Sales in Spain vehicles ...                       212,549 169,017 173,893 203,870 235,139    
Sales in Russia vehicles ... ... ... ... ... ... ... ...         228,977 30,574 287,264 253,176 164,653    
Sales in the Czechia vehicles ...                       82,874 80,826 83,215 100,967 126,886    
Sales in Poland vehicles ...                       73,391 68,972 75,920 95,790 104,772    
Sales in Turkey vehicles ... ... ... ...                 107,913 97,764 126,853 128,592 164,787    
Sales in South Africa vehicles ...                       99,427 98,606 103,720 100,058 90,659    
Sales in the USA vehicles ...                       444,187 596,078 611,747 599,734 607,096    
Sales in Mexico vehicles ...                       153,023 156,974 180,123 189,328 211,845    
Sales in Canada vehicles ...                       69,617 80,572 87,053 95,392 103,833    
Sales in Brazil vehicles ...                       704,726 666,578 558,317 554,828 353,508    
Sales in Argentina vehicles ...                       178,170 148,955 148,979 95,086 97,775    
Sales in China vehicles ...                       2,258,610 2,809,690 3,266,240 3,668,430 3,542,470    
Sales in India vehicles ... ... ... ... ... ... ... ... ... ...     111,689 114,084 92,561 70,656 69,323    
Sales in Japan vehicles ...                       71,729 82,078 100,535 104,218 91,152    
Production of VW Passenger Cars vehicles                         5,271,780 5,771,790 5,923,810 6,156,220 5,897,790    
Production of Audi vehicles                         1,343,200 1,466,060 1,605,380 1,800,620 1,827,800    
Production of Lamborghini vehicles                         1,711 2,197 2,122 2,650 3,707    
Production of SKODA vehicles                         901,665 943,412 932,067 1,049,680 1,037,050    
Production of SEAT vehicles                         352,936 321,316 352,824 394,860 415,076    
Production of Bentley vehicles                         7,593 9,107 10,876 11,033 10,888    
Production of Porsche vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 63,684 165,808 203,097 234,497    
Production of VW Commercial Vehicles vehicles                         507,594 486,544 510,847 396,077 410,219    
Production of Scania vehicles ... ... ... ... ... ... ... ... ...       84,057 66,930 82,854 82,208 79,346    
Production of MAN vehicles ... ... ... ... ... ... ... ... ... ... ... ... 23,717 124,304 141,211 116,072 100,825    
Production of VW China vehicles ... ... ... ... ... ... ... ... ... ...     2,201,890 2,642,790 3,134,660 3,506,000 3,456,000    
Production of Golf vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 825,591 824,629 1,011,120 1,059,550    
Production of Polo vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 726,784 725,291 753,754 754,546    
Production of Jetta/Sagitar vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 926,277 844,907    
Production of Passat/Magotan vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 747,583 724,018    
Production of Tiguan vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 453,081 472,958 515,349 501,712    
Production of Lavida vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 481,740 462,748    
Production of Santana vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 295,485 279,583    
Production of Bora vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 226,006 202,964    
Production of Gol vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 502,486 454,725 300,629 192,841    
Production of up! vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 141,515 143,188 217,278 172,345    
Production of Touran vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 152,683 135,382 126,567 120,507    
Production of Lamando vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 3,080 103,573    
Production of Fox vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 197,823 164,763 106,991 85,161    
Production of Saveiro vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 96,420 75,397    
Production of Beetle vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 107,939 109,517 91,464 64,035    
Production of Touareg vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... 77,635 70,861 63,741 59,190    
Production of Arteon/CC vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 85,591 56,796    
Production of Caravelle/Multivan, Kombi vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 94,336 96,341    
Production of Transporter vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 83,947 82,509    
Production of Amarok vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 69,695 81,019    
Production of Caddy vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 71,535 76,048    
Production of Caddy Kombi vehicles ... ... ... ... ... ... ... ... ... ... ... ... ... ... ... 76,564 74,302    

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Volkswagen is a German automobile manufacturer and the original and biggest-selling marque of the Volkswagen Group, which now also owns the Audi, Bentley, Bugatti, Ducati, Lamborghini, SEAT, Porsche, Giugiaro and Škoda marques and the truck manufacturer Scania. Volkswagen means "people's car" in German. VW was originally founded in 1937 by the Nazi trade union. After WWII, the Volkswagen factory at Wolfsburg came under British control and the factory survived by producing cars for the British Army instead, thanks chiefly to the protection of British Army Major Ivan Hirst. VW's turnaround was cemented with the introduction of key models in the 1970s, such as the Passat, Golf and Polo, which shared many characteristic defining features, as well as parts and engines. Following the acquisitions of Audi, Seat, and Škoda, VW moved upwards in the late 1990s as it acquired three luxury brands, Lamborghini, Bentley, and Bugatti

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