Net income for the year

Volkswagen AG (condensed, according to German Commercial Code)

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

 

 

€ million

 

2009

 

2008

*

Including write-downs of financial assets.

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

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