Volkswagen Management Discusses Q4 2011 Results - Earnings Call Transcript

Volkswagen AG (VLKAY.PK)

Q4 2011 Earnings Call

March 12, 2012 8:00 AM ET

Executives

Martin Winterkorn – Chairman

Hans Pötsch – CFO

Analysts

Adam Hull – WestLB

Jochen Gehrke – Deutsche Bank

Thierry Huon – BNP Paribas

Horst Schneider – HSBC

Georges Dieng – Natixis

Frank Biller – Ladensbank Baden-Württemberg

Christian Breitsprecher – Macquarie

Thomas Killard – SIB AG

Michael Tyndall – Barclays Capital

Michael Raab – Kepler

Max Warburton

Presentation

Unidentified Company Representative

(Interpreted). First, they’re already asking for the flow. But let me first of all say welcome, good afternoon to all who’s stuck here in Wolfsburg. This morning, Professor Winterkorn and Mr. Pötsch gave you detailed reports on the business performance and strategy of the Volkswagen Group. I’m sure that the analysts and investors still have a couple of questions that they would like to ask. And that’s why I would like to invite all of you here to ask any further questions you might have.

Please wait for the microphone and please also briefly indicate your name and your institute or affiliation. Of course, you can also ask your question in English. So, Adam I think asked for the flow in the second row. Adam, I pass the floor.

Question-and-Answer Session

Adam Hull – WestLB

Rather financial – Sorry, Adam Hull from WestLB. Three questions. Firstly, could you just give us some indication of what the PPA charge in EBIT line was in the fourth quarter? That’s I guess in the other eliminations line. And could you also give us some indication as to what degree the particularly MAN charge against some PPA in Q4 is rather exceptional and therefore would be lower? So, what roughly will the PPA charges be in 2012 in the different segments?

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