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 | ||||
| ||||||
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 |