Our dividend policy matches our financial strategy. In the interests of all stakeholders, we are pursuing continuous dividend growth so that our shareholders can participate appropriately in our business success. The proposed dividend amount reflects our financial management objectives – in particular, ensuring a solid financial foundation as part of the implementation of our Strategy 2018.

The dividend for ordinary and preferred shares proposed by the Board of Management and the Supervisory Board of Volkswagen AG is €0.50 (around 16%) higher than the previous year. On this basis, the total dividend for fiscal year 2012 is €1.6 billion (2011: €1.4 billion). The distribution ratio is based on the Group’s profit after tax, attributable to the shareholders of Volkswagen AG and is 7.5% for the reporting period (2011: 9.1%). After accounting for noncash income mainly from the updated measurement of the put/call rights relating to the acquisition of the stake in Porsche AG indirectly held by Porsche SE, as well as the remeasurement of the existing stake held at the contribution date, the adjusted distribution ratio amounts to 17.8% (2011: 15.7%). The Group is aiming to achieve a distribution ratio of 30% in the medium term.


Based on the dividend proposal for the reporting period, the dividend yield on Volkswagen ordinary shares is 2.2%, measured by the closing price on the last trading day in 2012. The dividend yield on preferred shares is 2.1%.

The current dividend proposal can be found in the chapter entitled Volkswagen AG (condensed, according to the German Commercial Code) of this annual report.


Basic earnings per ordinary share were €46.42 in fiscal year 2012 (2011: €33.10). Basic earnings per preferred share were €46.48 (2011: €33.16). In accordance with IAS 33, the calculation is based on the weighted average number of ordinary and preferred shares outstanding in the fiscal year.

The calculation of earnings per share for fiscal year 2012 must also make allowance for the effect of the €2.5 billion mandatory convertible note issued in November. IAS 33.23 sets out that all potential shares that will be issued upon the conversion of the mandatory convertible note must be accounted for as issued shares and included in the calculation of basic and diluted earnings per share. The number of new preferred shares to be included is based on the most advantageous conversion rate resulting from the minimum conversion price of €154.50. In line with IAS 33.19f., these shares are calculated using the weighted average. Since the number of basic and diluted shares is identical, basic earnings per share correspond to diluted earnings per share.

See also note 11 to the Volkswagen consolidated financial statements for the calculation of earnings per share.

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