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Annual Report

Net income for the year

Volkswagen AG
(condensed, according to German Commercial Code)

Stronger vehicle sales boost sales revenue and earnings

NET INCOME FOR THE YEAR

As a result of the expansion of business, Volkswagen AG’s sales rose to €57.2 billion in fiscal year 2010, a year-on-year increase of 19.6%. The proportion of sales generated outside Germany was 62.4% (53.5%).

The cost of sales rose 11.8% year-on-year to €53.1 billion due to volume-related factors. Gross profit increased to €4.2 billion. The business expansion led to higher selling, general and administrative expenses than at the end of 2009. The ratio of selling, general and administrative expenses to sales was reduced year-on-year to 8.9% (10.0%). At €1.0 billion, the other operating result was down €0.7 billion versus the previous year, mainly on account of lower gains from currency hedging transactions.

The financial result rose by 15.1% to €4.8 billion, which was due in particular to higher income from profit and loss transfer agreements.

At €4.9 billion, Volkswagen AG’s result from ordinary activities was much higher than in fiscal year 2009 (€1.5 billion). The extraordinary result comprises the effects from the transition to the new accounting rules in the German Commercial Code following the introduction of the Bilanzrechtsmodernisierungsgesetz (BilMoG – German Accounting Law Modernization Act). This item primarily includes the expense recognized for the remeasurement of pension provisions. After deducting income taxes, net income amounted to €1.5 billion (€1.1 billion).

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INCOME STATEMENT OF VOLKSWAGEN AG

 

 

€ million

 

2010

 

2009

*

Including write-downs of financial assets.

Sales

 

57,243

 

47,864

Cost of sales

 

53,059

 

47,454

Gross profit on sales

 

+4,184

 

+410

Selling, general and administrative expenses

 

5,090

 

4,778

Other operating result

 

+1,043

 

+1,718

Financial result*

 

+4,791

 

+4,163

Result from ordinary activities

 

+4,928

 

+1,512

Extraordinary result

 

–1,789

 

Taxes on income

 

1,589

 

430

Net income for the year

 

1,550

 

1,082

Retained profits brought forward

 

130

 

2

Appropriations to revenue reserves

 

640

 

200

Net retained profits

 

1,039

 

884

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