Difficult environment leads to decline in vehicle sales
Starting in fiscal year 2009, all figures shown are rounded in accordance with standard business rounding principles, so minor discrepancies may arise from addition of these amounts.
The activities of Auto5000 GmbH were integrated into Volkswagen AG in fiscal year 2009.
NET INCOME FOR THE YEAR
Volkswagen AG generated sales of €47.9 billion in fiscal year 2009, a year-on-year decline of 15.6% due to volume-related factors. The proportion of sales generated outside Germany was 53.5% (60.6%). Cost of sales fell by 14.9% to €47.5 billion. As a result, gross profit decreased to €0.4 billion. Selling, general and administrative expenses increased, driven mainly by higher sales promotion costs. The ratio of selling, general and administrative expenses to sales was 10.0%, up from 7.7% in the previous year. At €1.7 billion, the other operating result was up 17.4% year-on-year mainly due to the measurement of the commodity price hedging business in accordance with the imparity principle. Lower interest income was the main reason for the 6.9% decline in the financial result to €4.2 billion.
Overall, Volkswagen AG’s result from ordinary activities decreased to €1.5 billion (€2.5 billion) in 2009. After deducting income taxes, net income amounted to €1.1 billion.
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INCOME STATEMENT OF VOLKSWAGEN AG |
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|---|---|---|---|---|---|---|
|
€ million |
2009 |
2008 | ||||
| ||||||
|
Sales |
47,864 |
56,710 | ||||
|
Cost of sales |
47,454 |
55,780 | ||||
|
Gross profit on sales |
+410 |
+930 | ||||
|
Selling, general and administrative expenses |
4,778 |
4,341 | ||||
|
Other operating result |
+1,718 |
+1,463 | ||||
|
Financial result* |
+4,163 |
+4,472 | ||||
|
Result from ordinary activities |
+1,512 |
+2,524 | ||||
|
Taxes on income |
430 |
1,697 | ||||
|
Net income for the year |
1,082 |
827 | ||||
|
Retained profits brought forward |
2 |
24 | ||||
|
Appropriations to revenue reserves |
200 |
70 | ||||
|
Net retained profits |
884 |
781 | ||||
