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Auto Industry Cyclicality: Difference between revisions
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===== 2009 ===== | ===== 2009 ===== | ||
* 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 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.<ref>https://www.annualreports.com/HostedData/AnnualReportArchive/v/OTC_VWAGY_2009.pdf</ref> | ||
* 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. | * 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. | * 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. | ||