Group Management Report

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Report on post-balance sheet date events

References to the Russia-Ukraine conflict can be found in the “Report on Expected Developments” and in the “Report on Risks and Opportunities”.

We describe the hybrid note we called in the section entitled “Shares and Bonds”.

For more information on the analysis of a possible IPO of Dr. Ing. h.c. F. Porsche AG, please refer to the section entitled “Events after the balance sheet date” in the notes to the consolidated financial statements.

Hybrid notes
Hybrid notes issued by Volkswagen are classified in their entirety as equity. The issuer has call options at defined dates during their perpetual maturities. They pay a fixed coupon until the first possible call date, followed by a variable rate depending on their terms and conditions.