Volkswagen Commercial Vehicles Volkswagen

Transcription

Volkswagen Commercial Vehicles
Dr. Bernd Wiedemann
Chief Executive Officer
Mr. Frank Fiedler
Chief Financial Officer
Dresdner Kleinwort Analyst and Investor Conference
Hanover, 20th September 2006
1
Volkswagen Group – Group Structure
VORSTAND
DER VOLKSWAGEN
BOARD
OF VOLKSWAGEN
GROUP AG
Automobil- Unit
Automotive
Unit
Volkswagen
Brand Group
AUDI
AUDI
Brand
Group
Brand Group
Board
Brand Group
Board
NutzRemaining
Commercial
fahrzeuge companies
Vehicles
Brand
Board
Financial
Services
Finanz
-Unit
Unit
Financial Services
Services
Dealer and Customer
financing
Leasing
Insurance
Fleet Business
2
1
Agenda
• Commercial Vehicles in the Volkswagen Group
• Our Market
• Our Products
• Our Plants
• Our Performance
• Product Innovations
• Strategic Overview
• Summary
3
Analysis by Business Line
Commercial Vehicles
January – June
Sales Revenue
€ million
2006
2005
Volkswagen brand group
27,379
Audi brand group
Commercial Vehicles
1)
Operating Result
1)
%
2006
2005
%
23,726
+15.4
730
169 +332.0
16,005
14,112
+13.4
722
657
+9.9
4,129
3,460
+19.3
85
10
x
companies2)
94
141
-33.3
6
35
-82.9
Financial Services
4,285
4,007
+6.9
486
470
+3.4
Business lines before special items 51,892
45,446
+14.2
2,029
1,341
+51.3
1,341
-22.9
Other
Special Items
Volkswagen Group
-995
51,892
45,446
+14.2
1,034
1) Restated. In accordance with IFRS 5, profit attributable to Europcar is reported separately as "discontinued operations". 2005
figures were restated accordingly in the income statement.
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2) Primarily Volkswagen Group Service SCS, Volkswagen International Finance N.V.,
Volkswagen Investments Ltd., VW Kraftwerk
GmbH, Volkswagen Immobilien, gedas group (until March 2006 inclusive)
2
Volume of Utility and Leisure Vehicles 2005
Utility
Utility Vehicles
Vehicles
Pickups
Pickups
Leisure
Leisure Vehicles
Vehicles
Passenger
Passenger Cars
Cars
7.9 mio. units
5.1 mio. units
10.3 mio. units
39.0 mio. units
Previous year
( 7.7 mio. )
( 5.0 mio. )
( 37.9 mio. )
( 10.1 mio. )
BUS 2.1%
MPV
Trucks>6t
26.2%
50.7%
12.3%
Caddy
24.2 %
TRP
75.8%
8.8%
SUV
Passenger Cars
with Truck
License
23.3 mio. units
thereof Volkswagen Group: 0.54 mio. units = 2.3 %
(as at Feb 9th 2006)
5
Modal Split Germany
1970
2005
Other
Ship 3%
12%
Other
8%
Truck
36%
Ship
23%
Rail
16%
Truck
69%
Rail
33%
Source: Federal Statistical Office Germany
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3
Development Road Traffic 2002 - 2020
Passenger traffic [pkm]:
+ 20 %
+133 bn passenger-km
disproportionately high on motorways

Goods traffic [ton-km]:
+ 43 %
+152 Bn ton-km
Increase
Decrease
disproportionately high on motorways
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* Source: Volkswagen Groupresearch Mobility
CEP Markets Europe 2005
(Courier Express Parcel Services)
Other
29%
Germany
30%
UK
17%
France
24%
Germany is the biggest CEP market in Europe
8
*Source: Manner-Romberg
4
Worldwide Production
Hanover
Poznań
T5 Multivan
Resende
Changchun
China
T5 Kombi
Lkw 7- 45 t
T5 Kasten/
Kombi
T5 Pick Up
LT 3/Crafter
Düsseldorf/
Ludwigsfelde
City Van
Caddy
Bus 8 - 16 t
City Van
Caddy
T5 Camper
incl. CKD for Mexico
Volkswagen do Brasil
Saveiro
T2
VW of South Africa
Caddy
Mexico
Truck
Bus
Truck
Bus
9
Product Variations Volkswagen Commercial
Vehicles
Commercial
Use
Caddy
Caddy Life
Transporter
Multivan
Crafter
Truck
& Bus
Business
California
Private
Use
10
5
Commercial Vehicles
Plants 2006: Hanover, Poznan, Resende
11
Marketleader in Brazil from 2003 - 2006
12
6
„Consorcio Modular“ Partners
AIR
RESERVOIR
FUEL
TANK
ZP #7
ZP #8
SEATS
Cab
Trim
FINAL
APPROVAL
FRAME
Chassis
AXLE
HUB &
DRUM SPRING
INSTRUMENT
PANEL
Axle &
Suspension
TIRES
Paint Shop
PAINT
SHOP
STEEL
WHEEL
BODY
SHOP
ALUMINIUM
WHEEL
TRANSMISSION
Body Shop
ENGINE
Tires &
Wheels
Engine
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Goods Transportation in Brazil
26% USA
Water
Fluvial
13,8%
13.8%
Ferroviário
Railway
Road
Rodoviário
20,9%
20.9%
60.5%
60,5%
Pipeline 4.5%
24% Australia
Air 0.3%
Source: GEIPOT
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7
Growth VW CV and Target
Deliveries to Customers
2002
2003
2004
2005
2006
…2010
600,000
401,400
333,820
280,539
258,839
Target
15
Sales and Revenue of the Commercial Vehicle
Brand
Vehicle sales
196,000
353,880
299,163
Sales Revenue
4,129 Mio €
7,074 Mio €
5,855 Mio €
2004
2005
2006 (First
half year)
+18%
+21%
16
8
Market share development in Germany
2002
2003
2004
2005
33.7
2006 (Jan - July)
35.7
27.8
24.8
22.5
17
Market share development in Western Europe
2002
2003
2005
2004
2006 (Jan - July)
14.4
13.7
10.4
11.6
9.3
18
9
Operating Profit Business Line
2001
308
2002
2003
2004
2005
2006 (Jan - June)
164
102
85
€ million
- 142
- 233
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Development of Market Share:
Trucks and Busses in Brazil
2001
27.5%
2002
30.6%
2003
34.3%
2001
2004 2005 2006
(Jan - Aug)
2002
32.3% 32.1% 31.2%
2003
2004
2005 2006
(Jan - June)
29.6%
24.8%
26.7%
24.1%
26.0%
22.2%
Busses
Trucks
20
10
Sales Highlights
Deliveries to customers worldwide by the end of July, 10.6 % over last year.
• European production:
10.1 % over last year
• Germany: +17%
• positive development of market
share in Germany and Western Europe
• South America:
43,800 deliveries by end of July
+12% over last year.
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Production Highlights
Poznan: 100% capacity
Hanover +31%
(January – June)
Brazil:
• overall productivity up 10%
• prognosis for the end of 2006 is a sustainable
improvement of 8% in productivity in core production
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11
Production Strategy
• Production up 10%
• Component activity under review
• Panamera project approved – 500 jobs secured
• RPU strategy utilizes existing Volkswagen Group
facilities in South America and South Africa
as well as Hanover
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Quality
Development of claims, 12 months
in operation (Volkswagen Group)
• Reduction in claims
• Reduction in warranty costs
• Important element of 2008 targets
• 1st place for T4/T5 in the ADAC 2005
Pannenstatistik for the year 2005 in the
van class
2000 2001 2002 2003 2004 2005 2006 2007
ADAC Pannenstatistik 2005
Vans (year 2005):
• 2nd place over all classes
• 1.4 claims pro 1000 vehicles
1.Volkswagen T4/T5
2.Competitor 1
3.Competitor 2
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12
Outlook 2006
• Production volume:
+4%
• Sales volume:
+11%
• Earnings:
H1 2006 € 85 million
• Earnings in H1 2006 were up substantially vs. H1 2005.
• H2 2006 is expected to continue this trend.
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Summary
• Sales:
Growth of 10.6% in H1 2006, H2 on track
• Production: Productivity up 10%, Poznan at full capacity;
Hanover up 31%
• Quality:
Continuous improvement
• Purchasing: Ahead of plan
• Personnel:
Voluntary actions – Goal exceeded
• Finance:
H1 2006 earnings up substantially,
H2 on continuous earnings trend
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13
The new face of the Brand
27
Business Unit – Special purpose vehicles
28
14
Sales Special Vehicles Volkswagen CV
40.000
,
,
35.000
30.000
,
25.000
,
20.000
,
Vehicles
15.000
,
,
10.000
,
5.000
0
2003
2004
2005
2006
29
VGSG* – commercialization steps
1st Commercialization step
Manufacturer
Fleet customer
2nd Commercialization step
VGSG
VW Appointed dealer
Buy Back
Ultimate buyer
TradePort
New Car
Commercial
Vehicles
Fleet-retraces
TurnTable
sale
Leasing-retraces
(*VGSG = Volkswagen Gebrauchtfahrzeug Service GmbH
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15
Business Area VGSG* – Sales Growth
25,000
Number of units
20,000
19,400
15,000
x3
10,000
6,713
4,143
5,000
x 1,6
x 2,8
38
0
2002
1,461
2003
2004
2005
Forecast 2006
(*VGSG = Volkswagen Gebrauchtfahrzeug Service GmbH
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Multivan Startline
32
16
Caddy Ecofuel
33
Strategy VW Commercial Vehicles
Cost
Management
Increase
of
Productivity
Product
strategy
Strategy
of
Internationalization
34
17
Product Range
35
Internationalization – Dual-Strategy
Prime
Markets
Robust
Pick Up
Emerging
Markets
Robust
Pick Up
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18
Summary
Volkswagen Commercial Vehicles:
• has the most modern model range of commercial vehicles
• targets the most promising segments of the world car market
• is successful in emerging markets like South Africa and Latin America
• is the fastest growing commercial vehicles brand in Europe
• is increasing manufacturing productivity by more than 10 percent annually
• is further increasing operating profit
• is committed to playing its part towards the Group 2008 target
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Disclaimer
This presentation contains forward-looking statements and information on the business
development of the Volkswagen Group. These statements may be spoken or written and can
be recognized by terms such as “expects”, “anticipates”, “intends”, “plans”, “believes”,
“seeks”, “estimates”, “will” or words with similar meaning. These statements are based on
assumptions relating to the development of the economies of individual countries, and in
particular of the automotive industry, which we have made on the basis of the information
available to us and which we consider to be realistic at the time of going to press. The
estimates given involve a degree of risk, and the actual developments may differ from those
forecast.
Consequently, any unexpected fall in demand or economic stagnation in our key sales
markets, such as in Western Europe (and especially Germany) or in the USA, Brazil or China,
will have a corresponding impact on the development of our business. The same applies in
the event of a significant shift in current exchange rates relative to the US dollar, sterling and
the yen.
If any of these or other risks occur, or if the assumptions underlying any of these statements
prove incorrect, the actual results may significantly differ from those expressed or implied by
such statements.
We do not update forward-looking statements retrospectively. Such statements are valid on
the date of publication and can be superceded.
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