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.