The idea is simple: Young people start with Seat, then go for Volkswagen and end up with an Audi. So if the whole customer lifecycle is taken into account, the unitary value of each particular young Seat client is positive and huge for the Group.

Two questions can be raised: 1. How can you assure that a young person that starts with a Seat will then move to VW and then to an Audi? & 2. How do you know that those 100.000 young clients are incremental? In other words, how do we know that there is not a chance that they start with another low-positioned brand and then move to VW and Audi?

For the first question I only have a question for Spain. In Spain everybody knows that Seat + VW + Audi belong to the VW Group. Seat cars are perceived as low-cost versions of the VW. So what many people do in Spain (actually I am one example of it) is to start with a Seat Ibiza and then go for a VW Golf. And then, if you can afford it, you will go for an Audi, which has a premium positioning here in Spain (actually, Spain is the european country where more Audis are sold after Germany!).

And with regards to the second questions, I do not have any numbers to response, but I can tell you that the cost for acquiring a client is far more expensive than developing an existing one.

Tricky part would therefore be how to assure the jump from one brand of the group to another. But, if you are able to do it, big success and profit is to come.

So yes, Mr Schmitt, I agree with considering the Net Present Value that each Seat sold to young people is bringing to the Group, but make sure that the transition to the other brands of the group is correctly done.