3,882
edits
Auto Industry Cyclicality: Difference between revisions
no edit summary
No edit summary |
No edit summary |
||
| Line 1,112: | Line 1,112: | ||
===== 2009 ===== | ===== 2009 ===== | ||
* <br /> | * The Automotive Division generated sales revenue of €93.0 billion in the reporting period. The 9.3% decline compared with the previous year was mainly due to volume and mix deteriorations. | ||
* The shift in volumes towards smaller vehicles, especially in Germany, had a particularly adverse effect. Profit was also negatively impacted by exchange rate effects, including from currencies such as the Russian ruble, the Swedish krona, or the Polish zloty. The positive business performance in China is not reflected in operating profit, as our Chinese joint ventures are accounted for using the equity method. | |||
* During turbulent times, the Volkswagen Group’s financial position was strengthened above all by optimized inventories, which were reflected in the significant improvement in working capital.During turbulent times, the Volkswagen Group’s financial position was strengthened above all by optimized inventories, which were reflected in the significant improvement in working capital. We aligned production volumes with the continuing critical market situation. The resulting reduction in inventories was a significant factor behind the reduction of cash tied up in working capital. | |||
* As the negative market development led to high inventories in the second half of 2008 in particular, production volumes were adjusted in fiscal year 2009. Worldwide inventories were much lower at the end of 2009 than in the previous year in the Group companies and the dealer organization. The lower inventory levels in the reporting period also took the pressure off many dealers. | |||
* Were even able to exceed the deliveries recorded in 2008. This is mainly due to our attractive model range, but also to incentive programs and support measures resolved by many countries to mitigate the effects of the financial and economic crisis on the automotive industry in particular. As announced, we gained additional market share worldwide during the crisis as a result of the good delivery situation. | |||
* €6.2 billion of funds were released from working capital, mainly because of the pronounced reduction in stockpiled inventories and lower receivables; in the previous year, the division had reported funds tied up in working capital of €2.1 billion. As a result, cash flows from operating activities rose sharply, by 45.6% to €12.8 billion. | |||
* At €5.8 billion, investments in property, plant and equipment in the Automotive Division were 14.6% lower year-on-year in fiscal year 2009. The ratio of investments in property, plant and equipment to sales revenue (capex) was in line with our expectations at 6.2% (6.6%). At €1.9 billion, capitalized development costs were lower than in the previous year (-12.1%) <br /> | |||
[[File:Screenshot 2024-03-13 141228.png|center|thumb|643x643px|https://www.annualreports.com/HostedData/AnnualReportArchive/v/OTC_VWAGY_2009.pdf]] | [[File:Screenshot 2024-03-13 141228.png|center|thumb|643x643px|https://www.annualreports.com/HostedData/AnnualReportArchive/v/OTC_VWAGY_2009.pdf]] | ||