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Financial key performance indicators

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FINANCIAL KEY PERFORMANCE INDICATORS

%

  

2017

  

2016

  

2015

  

2014

  

2013

1

Ratio of cash flows from operating activities to current and noncurrent financial liabilities.

2

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.

3

Including the Chinese joint ventures. These companies are accounted for using the equity method.

4

Operating result plus net depreciation/amortization and impairment losses/reversals of impairment losses on property, plant and equipment, capitalized development costs, lease assets, goodwill and financial assets as reported in the cash flow statement.

5

For details, see Value-based management.

6

Ratio of property, plant and equipment to total assets.

7

Ratio of inventories to total assets at the balance sheet date.

8

Ratio of sales revenue to average monthly inventories.

9

Earnings before tax as a percentage of average equity.

 

  

 

  

 

  

 

  

 

  

 

Volkswagen Group

  

 

  

 

  

 

  

 

  

 

Gross margin

  

18.4

  

18.9

  

15.9

  

18.0

  

18.1

Personnel expense ratio

  

16.9

  

17.0

  

17.0

  

16.7

  

16.1

Operating result as a percentage of sales revenue

  

6.0

  

3.3

  

−1.9

  

6.3

  

5.9

Return on sales before tax

  

6.0

  

3.4

  

−0.6

  

7.3

  

6.3

Return on sales after tax

  

5.0

  

2.5

  

−0.6

  

5.5

  

4.6

Equity ratio

  

25.8

  

22.7

  

23.1

  

25.7

  

27.8

Dynamic gearing1 (years)

  

0.0

  

0.1

  

0.1

  

0.1

  

0.1

 

  

 

  

 

  

 

  

 

  

 

Automotive Division2

  

 

  

 

  

 

  

 

  

 

Change in unit sales year-on-year3

  

+3.7

  

+3.8

  

−2.0

  

+5.0

  

+4.1

Change in sales revenue year-on-year

  

+5.9

  

+1.1

  

+3.6

  

+1.4

  

+1.3

Research and development costs as a percentage of sales revenue

  

6.7

  

7.3

  

7.4

  

7.4

  

6.7

Operating result as a percentage of sales revenue

  

5.7

  

2.5

  

−3.4

  

6.1

  

5.6

EBITDA (in € million)4

  

26,094

  

18,999

  

7,212

  

23,100

  

20,594

Return on investment (ROI)5

  

12.1

  

8.2

  

−0.2

  

14.9

  

14.5

Cash flows from operating activities as a percentage of sales revenue

  

5.9

  

10.9

  

12.9

  

12.2

  

11.8

Cash flows from investing activities attributable to operating activities as a percentage of sales revenue

  

9.0

  

8.6

  

8.1

  

8.7

  

9.3

Capex as a percentage of sales revenue

  

6.4

  

6.9

  

6.9

  

6.5

  

6.3

Net liquidity as a percentage of sales revenue

  

9.7

  

12.5

  

11.5

  

8.7

  

8.6

Ratio of noncurrent assets to total assets6

  

23.7

  

23.4

  

23.1

  

22.3

  

21.3

Ratio of current assets to total assets7

  

16.3

  

15.9

  

15.2

  

14.3

  

13.4

Inventory turnover8

  

5.2

  

5.5

  

5.8

  

6.2

  

6.5

Equity ratio

  

36.9

  

31.4

  

32.6

  

36.9

  

39.8

 

  

 

  

 

  

 

  

 

  

 

Financial Services Division

  

 

  

 

  

 

  

 

  

 

Increase in total assets

  

6.0

  

8.3

  

13.9

  

15.1

  

3.9

Return on equity before tax9

  

9.8

  

10.8

  

12.2

  

12.5

  

14.3

Equity ratio

  

13.7

  

12.5

  

11.9

  

11.3

  

10.5