Volkswagen On the Road of Success. Goldman Sachs Investor Visit Wolfsburg, September 22, 2010
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1 Volkswagen On the Road of Success Goldman Sachs Investor Visit Wolfsburg, September 22, 2010
2 Volkswagen On the Road of Success Part 1: Hans Dieter Pötsch, Member of the Board of Management Part 2: Frank Fiedler, CFO Volkswagen Financial Services AG Part 3: Dr. Christof Spathelf, Senior Vice President of Volkswagen Group Manufacturing Overseas 2
3 Development of the world car market percentage deviation from % Year 2007 = 100% 100% % 80% 70%
4 World car markets and VW Group deliveries to customers January to August 2010 vs World car market: +12.4% VW Group: +13.5% North America Western Europe Central & Eastern Europe Car market Cars + LCV VW Group Car market VW Group Car market VW Group 8.1% 14.4% 1.0% 0.3% 4.5% South America -2.5% Rest of World Asia Pacific Car market VW Group Car market VW Group Car market VW Group 36.6% 30.9% 41.4% 10.2% 9.2% 4.8% 1 incl. Scania (Jan-Jun), incl. Trucks and Busses (until Feb 2009) Source: Volkswagen 4
5 1 Volkswagen Group Deliveries to Customers by Brands January to August 2010 vs units January - August % January - August ,000 4,730 4,500 4,000 3,500 3,000 2,500 2,000 4, % 2,625 2,977 1, % 13.2% 1.1% 6.7% 14.8% 37.0% 1, Volkswagen Group Volkswagen Passenger Cars Audi Škoda Seat Bentley Commercial Vehicles Scania (Jan - Jun) 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 5
6 Volkswagen Group Deliveries to Customers by Market January to August 2010 vs units January - August % January - August ,000 4,730 4,500 4,166 4,000 3,500 3, % 2,500 2,000 1,500 1, Volkswagen Group 1,921 1,940 Western Europe 4.5% 14.4% 4.8% % 1,009 1, % Central & North America South America Asia Pacific Rest of World Eastern Europe 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 6
7 Outlook 2010 Volkswagen Group Deliveries to customers Million vehicles Large number of new models in the second half of deliveries to customers expected to be significantly higher than in 09 Sales revenue billions Sales revenue 2010 expected to exceed prior year significantly Operating profit billions 4.4 1) Exchange rate effects will have a positive effect on earnings Disciplined cost management Operating profit in 2010 expected to exceed prior-year significantly Before special items 7
8 Volkswagen Group Strategy 2018: Substantial Growth and Sustainable Profitability 1 Growth market focus 6 Potential upside Product portfolio extension North American expansion and market recovery Commercial vehicle strategy and market recovery Financial Services: strengthen the automotive value chain 5 Synergy potential Leveraging best practices across the Group Purchasing, production, and distribution benefits Increased market penetration Emerging markets expansion Balanced global footprint Top employer Leading in customer satisfaction and quality Volumes > 10 million units p.a. 2 Volkswagen Group profit before tax margin > 8% 4 Operating profit measures Strong cost control Process/product optimization Regional scale effects 2 Modular toolkit strategy Reduction in investment, development and unit costs Scale and efficiency effects Increased production flexibility Reduced time to market 3 Capital discipline > 16% RoI target in automotive business 20% RoE 1 goal in Financial Services Around 6% automotive capex in PPE/sales 1 Pretax 2 Including China Source: Volkswagen Group Note: All stated Volkswagen Group figures represent financial targets for
9 Volkswagen Offers Diversified Economic Exposure through Attractive Mix of Emerging and Mature Markets Volkswagen Group 2009 (based on units) Market growth Volkswagen Group 2018 (based on units) 60% 47% 53% 27% 52% 48% Emerging Markets Mature Markets Emerging Markets Mature Markets Emerging Markets Mature Markets Source: Global Insight, Volkswagen Group Note: Market = Cars and LCVs; Mature markets: Western Europe, US, Canada, Japan, Australia and New Zealand; all other countries defined as emerging markets 9
10 We Are Well Positioned to Reach Our Strategic Goal of Achieving Sustainable Profitable Growth Medium-term Group targets Group no. of units sold 8.0 million (incl. Scania) Medium-term China targets China no. of units sold 2.0 million+ Automotive EBIT margin 5%+ Automotive capex/sales c.6% Automotive EBIT margin 6%+ Financial Services pre-tax RoE 15% 1 China RoI 20%+ Financial Services cost-income ratio c.55% Credit rating Maintain A Investments 6.0 billion 2 Note: Porsche AG not reflected 1 Normalized RoE based on 8% equity ratio 2 Represents total investment of Joint Ventures, new investments announced in April
11 Volkswagen is Financially Stable Supported by Significant Liquidity and Stable Rating Automotive net liquidity billions Development of OEMs' credit ratings during financial crisis 1 S&P ratings AAA AA+ AA AA- A+ A A- BBB+ BBB BBB- BB+ BB BB- B+ B B- CCC+ CCC CCC- CC C Toyota (AA) Honda (A+) VW AG (A-) BMW (A-) Daimler (BBB+) Hyundai (BBB-) Peugeot (BB+) Fiat (BB+) Renault (BB) Ford (B+) Dec 08 Dec 09 Jun 10 Jan Mai Sep Jan Mai Sep Jan Mai Sep Jan 08 May Sep Jan 09 May Sep Jan 10 May Sep 1 Credit ratings based on Automotive Business Source: Volkswagen Group 11 11
12 Worldwide Financial Risk Management Key financial risks in global context Liquidity Currencies Interest rates Raw materials Credit risks Reduction of currency risks primarily via "natural hedge Hedging of interest rate risks and other financial instruments Limitation of raw material price risks especially via long-term contracts and swaps Source: Volkswagen Group 12
13 Volkswagen with Excellent Position in Fuel Efficiency 179 Models 130g CO 2 /km Number of Models g CO2/km 120g CO2/km 130g CO2/km Source: Volkswagen Group 13
14 Volkswagen Group on Track for E-Mobility Hybrid 2014 Touareg Audi Q5 Audi A8 Golf E-car 2014 From 2011: e-testfleet in Europe, NAR, China Audi e-tron (Small series) E-Up! e-golf Source: Volkswagen Group 14
15 Significant Competitive Advantages From Modular Toolkit Strategy Technical concept Financial Elements Previously Introduction of modular strategy Introduction of modular toolkit strategy Reduction targets from MQB 1,2 Unit costs ~ 20% Body Platform Module Module D C B A A0 A00 Synergies D C B A A0 A00 Synergies E D C B A A0 A00 Synergies One-off expenditure ~ 20% Body Vehicle-specific Vehicle-specific Modules Platform Platform Modularisation enables standardisation with visible customisation 100% vehicle Engineered hours per vehicle Significant weight and emission reduction ~ 30% 1 MQB: Modularer Querbaukasten 2 Reduction targets illustrate benefits from MQB implementation Source: Volkswagen Group 15
16 Integration of Porsche AG Enhances Premium Brand Offering and Is Expected to Deliver Substantial Synergies Cost efficiencies Purchasing Technology sharing and joint R&D Common components/platforms Sales and distribution Administration Financial Services Significant synergy potential Present value of synergies estimated at 3 billion Approximately 700 million p.a. long-term operating profit improvement Growth opportunities Targeted volume increase to ~ 150 k units p.a. Extension of Porsche model line-up Development of high-end modular toolkit for luxury brands Use of Porsche s distribution network for Volkswagen Group luxury brands More than half of cost savings expected in the medium term Smooth integration and rampup phase Source: Volkswagen Group 16
17 Volkswagen Group is Well on the Way to Becoming the Leading Automotive Group Globally Today Medium term Strategy 2018 All building blocks in place Execution of strategy The global automotive leader Strong brand portfolio Platform leverage Advanced technology Position of financial strength Excellent multi-brand management model Very well positioned to capture market share globally Localized value chains Leverage of modular toolkits Benefit from innovative technologies Higher profitability Extensive brand and product portfolio Global footprint with BRIC focus Unrivalled distribution Best-in-class manufacturing Technology and quality leader, incl. e-mobility Creation of sustainable value Strong foundation Capitalize on strategy implementation Global economic and environmental leadership Source: Volkswagen Group 17
18 Volkswagen On the Road of Success Part 1: Hans Dieter Pötsch, Member of the Board of Management Part 2: Frank Fiedler, CFO Volkswagen Financial Services AG Part 3: Dr. Christof Spathelf, Senior Vice President of Volkswagen Group Manufacturing Overseas 18
19 Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 19
20 Volkswagen Financial Services AG: Coordinating the worldwide financial services activities of the Volkswagen Group Automotive Division Financial Services Division Volkswagen Financial Services Europe / Asia-Pacific / South America Financial Services USA / Canada / Spain / Argentina Remaining companies Scania Financial Services Volkswagen Financial Services AG is responsible for coordinating the worldwide financial services activities of the Volkswagen Group (excl. Scania Financial Services) 20
21 Volkswagen Financial Services at a Glance (06/30/2010) Worldwide presence Key Company figures Total assets Equity Direct Bank deposits Employees Receivables Operating Profit 82.4 bn 8.5 bn 18.8 bn 7, bn 362 mn Volkswagen Financial Services is conducting business in 38 countries Receivables Wholesale 9.7 bn Leasing 13.9 bn Credit 37.7 bn 21
22 Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 22
23 The Whole Range of Services Under One Roof Bank Direct Bank Leasing Insurance Services Retail Finance Deposit Accounts Finance Lease Automotive Fleet Management Dealer Finance Instalment Loans Operating Lease Payment Protection Fuel Factoring Investment Products Industry Tyre 23
24 Integrating Automotive and Financial Services: Improving Customer Loyalty and maximizing Profit Potential Automotive Mobility R&D Procurement Production Sales After Sales Total Mobility Financial Mobility Dealer Financing Credit / Leasing Insurance Services 24
25 Financial Services Impact on Automotive Business holding period Change to competitor New vehicle VW Group Cash payers 7.4 years Cash payers 37% 63% Captive customers 5.5 years Captive customers 31% 69% Increased Rate of Vehicle Turnover Captive Customers Have a Higher Brand Loyalty Source: VW Group internal data EU
26 VW FS has a Diversified Portfolio in Brand and Product Offer Segment Brands Captive Product Bank Direct Banking Leasing Insurance Services Volume / Premium Volume Volume Premium Luxury ( ) ( ) Luxury ( ) ( ) Luxury ( ) ( ) LCV ( ) = no active product offering 26
27 Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 27
28 Strategy 2018 Volkswagen Financial Services: VISION The best automotive financial services group in the world. BRAND GUIDELINE STRATEGIC GOALS Customers To be the most attractive supporter of sales for the brands To be the quality leader in business with customers and dealers Employees We are a top team! getting things done The key to mobility. customer - focused Pioneering FS product brands follow the brand guidelines of the respective automotive brand Profitability 20% ROE 1) with 50% CIR Volume Comprehensive support for the automotive product flows To cover at least every 2nd new car from the VW Group with one or more FS products To become market leader for financial services products for young used cars of the VW Group 1) excl. LeasePlan, factoring, employee leasing; based on the necessary capital to run the business (today 8%) 28
29 Core Elements of Our Sales and Growth Strategy: Germany Global Trends Strategy 2018 Customers Employees Profitability Volume Area of growth Neue Mobilität New mobility Area of growth Insurance Versicherung, / service Wartung / und wear Verschleiß & tear Gebrauchtwagen- Used car management Develop position futher Hold position Individual / corporate Einzel-/Firmenkunden customers e.g. Germany Fleet Flottenmanagement management Hold position 29
30 Roll-Out of Our Sales and Growth Strategy: Example UK Global Trends Strategy 2018 Customers Employees Profitability Volume New mobility Area of growth Insurance / service / wear & tear Used car management Develop position futher Hold position Individual / corporate customers UK Fleet management Area of growth 30
31 Expanding Used Car Business in Europe / 2010 Sweden Denmark - Germany Ireland England The - Netherlands Germany Czech Rep. Poland France Italy Portugal Spain Turkey Increase in leasing segment brings rising volume of young used cars Opportunity due to shift of residual value risk from dealer to captive company 31
32 Used Car Business: Active Management of Residual Values Leasing Leasing profit + Remarketing with a lower residual value risk Used Car Market Leasing No bulk risks Residual Value = Market Value Used Car Market Residual Value New car 3 years 6 years 32
33 Key Strategic Growth Markets: Opportunities and Challenges Russia USA China Brasil India 33
34 New Markets and Improving Market Positioning Norway FS Business EU4 Fleet Business Baltic States FS Business Switzerland Fleet Business Mexico Insurance Business Middle East / North Africa Insurance Business South Korea FS Business Argentina Insurance Business South Africa FS Business Australia FS Business Market Study Start/ Market Entry Expansion 34
35 Volkswagen Financial Services: Company Overview Creating value Our Business Model Preparing for the Future Our Strategy 2018 Financial Basis 35
36 Refinancing Strategy Deposits ABS 1 / 3 1 / 3 1 / 3 Capital Market Diversification is the key factor 36
37 Risk Profile Credit Risk Residual Value Risk Market Price Risk Shareholder Other Risk Risk Operational Risk Credit Risk is the predominant risk type whereof the major share is originated from well diversified retail business with low risk profile Retail Corporate Non-Dealer Dealer 37
38 Credit Risk: Losses Under Control / Covered by Provisions 2.4% 2.2% 2.1% 0.5% 0.5% 0.6% 0.6% 0.6% 0.3% 0.4% 0.7% 0.8% 0.8% 0.8% 0.5% Total Provision Ratio Total Provision Ratio according to IAS 39 revised = total provisions in proportion to the total receivables volume at reporting date Ø Dynamic Loss-Ratio Retail financing Leasing Corporate financing Dynamic Loss Ratio = utilization of provisions including direct write-offs relative to the average volume of receivables (last four quarters) 38
39 Key Data: Equity million 16.1% 12.1% 10.1% 10.1% 11.7% 10.4% 10.7% 10.3% 8.6% 8.5% 7,136 7,991 7,590 7,748 8, / /2010 Equity Equity Ratio Return on Equity ROE (is based on the avg. equity of the referred year): PbT / ((Equity current Year + Equity previous Year) / 2) 39
40 Key Data (IFRS) million / / 2010 Number of contracts ( 000) 6,602 6,632 6,796 7,223 7,151 Customer financing 3,097 3,162 3,293 3,567 3,499 Leasing 1,336 1,506 1,495 1,508 1,510 Insurance 1,925 1,599 1,560 1,508 1,591 Service Receivables from Customer financing 28,002 29,251 31,495 33,823 37,748 Dealer financing 10,565 10,952 10,236 9,639 9,713 Leasing agreements 13,775 15,064 14,793 14,069 13,854 Direct banking deposits 9,620 12,835 19,085 18,309 18,811 Equity 7,136 7,991 7,744 7,748 8,486 Equity ratio (%) ROE 1 (%) Operating profit Profit before tax 1, Employees 7,298 7,587 7,590 7,717 7,589 1 Profit before tax as % of average equity. 40
41 Strategic Focus Offer of innovative products for brand and local market requirements Exploitation of further growth potential in mature European markets based upon our innovative products and customised services through all steps of our value chain Growth in emerging markets in Eastern Europe, Russia, Asia and Latin America together with Volkswagen Group brands Further reduce risk exposure through customer segment- and regional diversification Ongoing diversification in worldwide refinancing 41
42 Outlook 2010 Growth potential continues to exist, Margin pressure likely to return, Risk Costs will improve, Refinancing situation normalized at competitive costs, Focus on Strategy 2018 implementation. 42
43 Volkswagen On the Road of Success Part 1: Hans Dieter Pötsch, Member of the Board of Management Part 2: Frank Fiedler, CFO Volkswagen Financial Services AG Part 3: Dr. Christof Spathelf, Senior Vice President of Volkswagen Group Manufacturing Overseas 43
44 Substantial Growth Opportunities Stemming from BRIC and Rebound in US Market growth (million units) Total +50% % +55% +10% Eastern Europe +0.1% (incl. Russia) +78% Western North Europe America Japan China +137% (incl. HK) +58% % India South America Rest of world 3 1 Includes Central America and Caribbean 2 Includes Cyprus and Malta 3 Includes Turkey Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs; 2009: actuals with exception of "Central America"; 2012/18: estimates 44
45 China 1 : Volkswagen with Leading Market Position, Highly Profitable and Cash Generative Market development in China Million units Volkswagen Group position in China No. 1 automotive company % CAGR Investment plan : 6 billion funded through local liquidity and cash flows Typical local content: ~ 80-98% Consolidated at equity 2009: 774 million (2008: 395 million) Dividends 2009 > 2008 ( 367 million) China became Volkswagen Group's No. 1 country market in incl. Hong Kong 2 Based on volume Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs 45
46 Brazil: Set to Benefit From Global Recovery Combined Growth and Profitability Market development in Brazil Million units Volkswagen Group position in Brazil No. 2 in cars and LCV % CAGR Other South America Market share 23% (2009) Total capacity ~ 920,000 units Investment plan : 2.3 billion Typical local content: ~ 90% Brazil k units p.a. Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs 46
47 Russia/India: Volkswagen Strengthening Position by Investing in Local Capacities/Markets Russia Market development, Million units India Market development, Million units % CAGR % CAGR Volkswagen Kaluga Plant Volkswagen Pune Plant Investment: 970 million Capacity: 150,000 units p.a. Typical local content: ~ 34% Investment: 700 million Capacity: 110,000 units p.a. Typical local content: ~ 75% 1 1 By 2012 Source: IHS Global Insight (data status: 06/10) Note: Market = Cars and LCVs Additional opportunities from Suzuki cooperation 47
48 ASEAN: Volkswagen with an Excellent Basis, Rapid Growth Perspectives Market development in the ASEAN-Region Million units Volkswagen Group position in the ASEAN-Region Malaysia Local sales company founded % CAGR 3.4 Memorandum of understanding with DRB-Hicom. Goal is production of VW models from Other Thailand Malaysia Indonesia Indonesia Production since June 2009 with local partner. Indomobil for Volkswagen brand. Other Group brands to follow. Other Markets Other countries remain under review Potential for collaboration with Suzuki. Source: Global Insight, Volkswagen Group Note: Market = Cars and LCVs 48
49 US: Substantial Potential on the Back of Market Recovery Market development in North America Million units Recent progress in the US market % CAGR Above-average increase in deliveries to customers (+22% ytd August) With new Jetta and NMS 1 2 key products will be launched in 2010/11 New factory in Chattanooga on schedule (SOP 2011) Typical local content: ~ 85% 2 Changing > 50% of dealer network ( ) New Compact Sedan and New Midsize Sedan 2 Local content of New Midsize Sedan (NMS) to be produced in Chattanooga, of which US > 45%; Localisation rate within the first year after production start Source: JHS Global Insight (data status: 06/10) 49
50 Localized Value Chain Key Ingredient for Sustainable Profitability Research and Development Purchasing Production Distribution Financial Services Adaption to local customer needs Local R&D teams in regions Localized purchasing throughout supply chain Local production facilities for key products Strong dealer network Adapted local marketing Local offer of Financial Services ( ) Market entry2 ( ) 1 New: Pune Quick expansion ( ) Market entry2 ( ) 1 New: Kaluga Quick expansion ( ) Market entry2 1 Partial development capacities 2 Market entry planned Source: Volkswagen Group 50
51 Maximization of Production Efficiency and Flexibility via Modular Toolkits Price Core Markets MLB Global Markets NSF MQB A00 A0 A B C D E Segments Source: Volkswagen Group 51
52 Local Sourcing of Key Components Examples for local parts Europe India Polo twist beam rear axle Polo steering system Electronic hydraulic power system Electric power system Cost savings: 15-25% Source: Volkswagen Group 52
53 Continuous Productivity Improvements Volkswagen Way: Lower Ramp up Costs and Production Time Touareg New Touareg Reduction by > 25% Lower ramp-up costs and production efficiency via Production friendly development Process standardization Improved logistics Source: Volkswagen Group 53
54 With One of the Broadest Product and Segment Coverages of any OEM, Volkswagen is Well Positioned to Capture Profitable Growth World 2010 Hatchback Saloon Estate MPV SUV Coupé Convertible Roadster City Van Pick-Up E D C 1 B 1 1 A A0 A % stake since 7 December 2009 Source: Volkswagen Group Product to be launched in
55 Partnership with Suzuki Offers Complementary Strengths in Products, Markets, and Technology Markets Market focus on Japan and India, plus ASEAN Market focus on Europe, China, North America, South America Segments Focus on city, subcompact, and small SUVs; plus motorcycles Focus on compact, medium and premium; additional commercial truck business Technological approach High level of maturity for cost-efficient small cars Modular systems with high level of maturity for volume premium vehicles Powertrain technology Strength in small gasoline engines Strength in highly efficient diesel/gasoline engines and new powertrain technologies Source: Volkswagen Group 55
56 Volkswagen On the Road of Success Goldman Sachs Investor Visit Wolfsburg, September 22, 2010
57 APPENDIX 57
58 Volkswagen Group Analysis of Operating Profit billion Jan-Jun 2009 Volume/ Price/ Mix Currency Product cost Fixed cost/ Depreciation Scania Volkswagen Financial Services Sale of Resende Jan-Jun
59 Automotive Division 1 Net Liquidity million 20,000 15,000 10,000 17,501 5,000 10,636 0 as of January 1, 2010 as of June 30, Including allocation of consolidation adjustments between Automotive and Financial Services divisions. 59
60 Volkswagen Group Analysis by Business Line January June 2010 Sales Sales revenues Operating profit thousand vehicles/ million Volkswagen Passenger Cars 1,940 1,651 39,222 31,077 1, Audi ,565 14,527 1, Škoda ,266 3, SEAT ,635 2, Bentley Commercial Vehicles ,539 2, Scania ,915 3, VW China Other ,220-12, Volkswagen Financial Services 6,567 6, Volkswagen Group 3,566 3,008 61,809 51,202 2,841 1,240 thereof Automotive Division 3,566 3,008 55,009 44,857 2, Financial Services Division 6,800 6, Including the proceeds from the sale of Volkswagen Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda., Resende. 2 Vehicles & Services and Financial Services. 3 The sales revenue and operating profit of the joint venture companies in China are not included in the figures for the Group. The Chinese companies are accounted for using the equity method and recorded an operating profit (proportionate) of 804 million ( 294 million). 4 Mainly intragroup items recognized in profit or loss, in particular from the elimination of intercompany profits, and including depreciation and amortization of identifiable assets as part of the purchase price allocation for Scania. 60
61 Volkswagen Group Deliveries to Customers BRIC-Markets 1 January to August 2010 vs units 21.2% January - August % January - August ,000 1,851 1,500 1, % 1,288 1, % % 126.1% BRIC Brazil Russia India China 1 incl. Scania (Jan - Jun); incl. Trucks and Busses (until Feb 2009) 61
62 Volkswagen Polo Limousine 62
63 Volkswagen Sharan 63
64 Audi A7 64
65 Audi A8 65
66 Škoda Fabia Combi GreenLine 66
67 SEAT Ibiza ST 67
68 Volkswagen Amarok 68
69 Scania R 620 Highline 69
70 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, yen, Brazilian real, Chinese rinminbi and Czech koruna. 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. 70
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