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Annual Report

11 Earnings per share

Basic earnings per share are calculated by dividing profit attributable to shareholders of Volkswagen AG by the weighted average number of ordinary and preferred shares outstanding during the reporting period. Earnings per share are diluted by potential shares. These include stock options, although these are only dilutive if they result in the issuance of shares at a value below the average market price of the shares.

A dilutive effect arose in fiscal year 2010 from the seventh and eighth tranches of the stock option plan. However, it was so insignificant that it did not affect the reported earnings per share.

As the new preferred shares issued in March/April 2010 carry retrospective dividend rights from January 1, 2009 and their subscription price was below their fair value, the number of shares in the previous year and therefore earnings per share for fiscal year 2009 were partially adjusted retrospectively by €0.01.

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Ordinary

 

Preferred*

Quantity

 

2010

 

2009

 

2010

 

2009

Weighted average number of shares outstanding – basic

 

295,024,566

 

294,963,231

 

154,905,434

 

107,652,546

Dilutive potential ordinary shares from the stock option plan

 

9,792

 

87,163

 

 

Weighted average number of shares outstanding – diluted

 

295,034,358

 

295,050,394

 

154,905,434

 

107,652,546

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€ million

 

2010

 

2009

Profit after tax

 

7,226

 

911

Noncontrolling interests

 

392

 

–49

Profit attributable to shareholders of Volkswagen AG

 

6,835

 

960

Basic earnings attributable to ordinary shares*

 

4,475

 

699

Diluted earnings attributable to ordinary shares*

 

4,476

 

699

Basic earnings attributable to preferred shares*

 

2,359

 

261

Diluted earnings attributable to preferred shares*

 

2,359

 

261

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2010

 

2009

*

The prior-year figures were adjusted.

Basic earnings per ordinary share*

 

15.17

 

2.37

Diluted earnings per ordinary share*

 

15.17

 

2.37

Basic earnings per preferred share*

 

15.23

 

2.43

Diluted earnings per preferred share*

 

15.23

 

2.43

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