Our dividend policy matches our financial strategy. In the interests of all stakeholders, we are pursuing continuous dividend growth so that our shareholders can participate appropriately in our business success. The proposed dividend amount reflects our financial management objectives – in particular, ensuring a solid financial foundation as part of the implementation of our Strategy 2018.

The dividend for ordinary and preferred shares proposed by the Board of Management and the Supervisory Board is €0.80 (around 35%) higher than the previous year. At €1.4 billion, the total dividend for fiscal year 2011 thus exceeds the previous year’s amount by €0.4 billion. The distribution ratio is based on the Group’s profit after tax, attributable to the shareholders of Volkswagen AG and is 9.1% for the reporting period (2010: 15.1%). After accounting for noncash income mainly from the measurement of the put/call rights relating to the acquisition of the remaining interest in Porsche Zwischenholding GmbH, the adjusted distribution ratio amounts to 15.7% (2010: 19.8%).


Based on the dividend proposal for the reporting period, the dividend yield on Volkswagen ordinary shares is 2.9%, measured by the December 30, 2011 closing price. The dividend yield on preferred shares is 2.6%.

The dividend proposal can be found in the chapter entitled Volkswagen AG (condensed, according to German Commercial Code) of this annual report.


Basic earnings per ordinary share were €33.10 in fiscal year 2011 (2010: €15.17). Basic earnings per preferred share were €33.16 (2010: €15.23). In accordance with IAS 33, the calculation is based on the average number of ordinary and preferred shares outstanding in the fiscal year (see also note 11 to the Volkswagen consolidated financial statements).

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