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Net income for the year

(condensed, according to the German Commercial Code)

Vehicle sales remain high, earnings up

NET INCOME FOR THE YEAR

Volkswagen AG’s sales rose by 1.8% year-on-year to €68.4 billion in fiscal year 2012, with 63.5% (62.9%) of this figure being generated outside of Germany. Cost of sales increased disproportionately to €63.5 billion. As a result, gross profit declined to €4.9 billion (€5.4 billion).

The expansion in the volume of business led to higher selling, general and administrative expenses than in 2011; the ratio of selling, general and administrative expenses to sales rose to 8.8% (8.3%). Other operating income improved to €1.3 billion (€1.1 billion).

The financial result rose by 26.7% to €7.9 billion, due in particular to higher income from investments.

The increase in the financial result improved Volkswagen AG’s result from ordinary activities by 13.2% year-on-year to €8.1 billion. The negative effects from the revaluation of pension provisions as a result of the transition to the Bilanzrechtsmodernisierungsgesetz (BilMoG – German Accounting Law Modernization Act) are only included in the previous year’s extraordinary result. After deducting income taxes, net income in fiscal year 2012 rose to €6.4 billion (€3.4 billion).

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INCOME STATEMENT OF VOLKSWAGEN AG

 

 

€ million

 

2012

 

2011

*

Including write-downs of financial assets.

Sales

 

68,361

 

67,178

Cost of sales

 

63,458

 

61,789

Gross profit on sales

 

+4,903

 

+5,389

Selling, general and administrative expenses

 

5,986

 

5,567

Other operating result

 

+1,264

 

+1,082

Financial result*

 

+7,904

 

+6,239

Result from ordinary activities

 

+8,084

 

+7,143

Extraordinary result

 

 

–1,095

Taxes on income

 

1,704

 

2,630

Net income for the year

 

6,380

 

3,418

Retained profits brought forward

 

10

 

6

Appropriations to revenue reserves

 

3,190

 

1,708

Net retained profits

 

3,200

 

1,715

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