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Financial key performance indicators

FINANCIAL KEY PERFORMANCE INDICATORS

%

 

2021

 

2020

 

2019

 

2018

 

20171

 

 

 

 

 

 

 

 

 

 

 

Volkswagen Group

 

 

 

 

 

 

 

 

 

 

Gross margin

 

18.9

 

17.5

 

19.5

 

19.7

 

19.0

Personnel expense ratio

 

17.5

 

18.2

 

17.0

 

17.5

 

17.0

Operating return on sales

 

7.7

 

4.3

 

6.7

 

5.9

 

6.0

Return on sales before tax

 

8.0

 

5.2

 

7.3

 

6.6

 

6.0

Return on sales after tax

 

6.2

 

4.0

 

5.6

 

5.2

 

5.0

Equity ratio

 

27.6

 

25.9

 

25.3

 

25.6

 

25.8

 

 

 

 

 

 

 

 

 

 

 

Automotive Division2

 

 

 

 

 

 

 

 

 

 

Change in unit sales year-on-year3

 

−6.3

 

−16.4

 

+0.5

 

+1.1

 

+3.7

Change in sales revenue year-on-year

 

+13.3

 

−14.3

 

+5.7

 

+2.7

 

+5.3

Research and development costs as a percentage of sales revenue

 

7.6

 

7.6

 

6.7

 

6.8

 

6.7

Operating return on sales

 

6.4

 

3.7

 

6.5

 

5.5

 

5.7

EBITDA (in € million)4

 

31,609

 

24,462

 

29,706

 

26,707

 

26,094

Return on investment (ROI)5

 

10.4

 

6.5

 

11.2

 

11.0

 

12.1

Cash flows from operating activities as a percentage of sales revenue

 

15.7

 

13.6

 

14.5

 

9.2

 

6.0

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

 

11.5

 

10.1

 

9.4

 

9.4

 

9.0

Capex as a percentage of sales revenue

 

5.1

 

6.1

 

6.6

 

6.6

 

6.5

Net liquidity as a percentage of sales revenue

 

10.7

 

12.0

 

8.4

 

8.2

 

9.7

Ratio of noncurrent assets to total assets6

 

23.1

 

24.7

 

26.4

 

23.3

 

23.7

Ratio of current assets to total assets7

 

14.8

 

15.4

 

17.0

 

17.6

 

16.3

Inventory turnover8

 

5.0

 

4.4

 

4.8

 

5.0

 

5.1

Equity ratio

 

40.1

 

38.1

 

37.6

 

37.9

 

36.9

 

 

 

 

 

 

 

 

 

 

 

Financial Services Division

 

 

 

 

 

 

 

 

 

 

Increase in total assets

 

5.6

 

0.7

 

7.9

 

11.2

 

6.0

Return on equity before tax9

 

17.3

 

8.8

 

10.8

 

9.9

 

9.8

Equity ratio

 

14.5

 

13.2

 

12.8

 

12.7

 

13.7

1

Adjusted.

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 the section entitled “Return on investment (ROI) and value contribution in the reporting period” in the chapter entitled “Results of Operations, Financial Position and Net Assets”.

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.