Group Management Report

header icon

Annual Result

(Condensed, in accordance with the German Commercial Code)

Effects of the Covid-19 pandemic and the limited vehicle availability due to the semiconductor shortage hit Volkswagen AG’s unit sales in 2021.

Additional special items in connection with the diesel issue were recognized in 2021 and amounted to €0.7 billion. These particularly related to further provisions for legal risks. Special items had an impact of €−0.7 (−0.8) billion on net other operating result.

Sales revenue increased by 5.0 % year-on-year to €70.9 billion in the reporting year. Sales generated abroad accounted for a share of €42.3 billion or 59.6 %. Cost of sales increased faster than sales revenue, rising by 6.3 % to €67.4 billion, mainly because of higher commodity prices for vehicles.

Gross profit on sales fell accordingly to €3.5 (4.1) billion.

At €7.0 billion, distribution, general and administrative expenses were down €0.3 billion on the prior-year figure.

The other operating result decreased by €0.3 billion to €0.1 billion. The decline was due in particular to increased expenditure for risks from commodity forwards and higher expenditure for legal and litigation risks.

The financial result went down by €1.2 billion to €8.5 billion, mainly because of a decline in income from profit transfers.

Taxes on income rose to €−1.1 (−0.7) billion, particularly due to higher tax expenses for prior years. Net income for fiscal year 2021 thus amounted to €4.0 (6.3) billion.

INCOME STATEMENT OF VOLKSWAGEN AG

€ million

 

2021

 

2020

 

 

 

 

 

Sales

 

70,917

 

67,535

Cost of sales

 

–67,424

 

–63,418

Gross profit on sales

 

3,494

 

4,117

Distribution, general and administrative expenses

 

–6,973

 

–7,269

Net other operating result

 

66

 

398

Financial result1

 

8,545

 

9,787

Taxes on income

 

–1,091

 

–693

Earnings after tax

 

4,041

 

6,338

Net income for the fiscal year

 

4,041

 

6,338

Retained profits brought forward

 

1,609

 

855

Release of/appropriation to revenue reserves

 

13,450

 

–3,165

Net retained profits

 

19,101

 

4,028

1

Including write-downs of financial assets.