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 therefore 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 of Volkswagen AG is €0.50 (around 14%) higher than the previous year. On this basis, the total dividend for fiscal year 2013 is €1.9 billion (€1.6 billion). The distribution ratio is based on the Group’s profit after tax attributable to the shareholders of Volkswagen AG and is 20.6% for the reporting period. The prior-year figure for fiscal 2012 of 7.5% was affected by noncash income mainly from the updated measurement of the put/call rights relating to the acquisition of the stake in Porsche AG indirectly held by Porsche SE, as well as the remeasurement of the existing stake in Porsche AG held at the contribution date. After adjusting for these effects, the distribution ratio in 2012 was 17.8%. We are aiming to achieve a distribution ratio of 30% in the medium term.


Based on the dividend proposal for the reporting period, the dividend yield on Volkswagen ordinary shares is 2.0%, measured by the closing price on the last trading day in 2013 (2.2%). The dividend yield on preferred shares is 2.0% (2.1%).

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


Basic earnings per ordinary share were €18.63 (€46.41) in fiscal year 2013. Basic earnings per preferred share were €18.69 (€46.47). The positive measurement effects from the integration of Porsche should be taken into account in any comparison with the previous year’s figures. In accordance with IAS 33, the calculation is based on the weighted average number of ordinary and preferred shares outstanding in the fiscal year.

The calculation of earnings per share for fiscal year 2013 must also make allowance for the effect of the mandatory convertible note with a total volume of €3.7 billion that was issued in November 2012 and supplemented in June 2013. In accordance with IAS 33.23, all potential shares that will be issued upon the conversion of a mandatory convertible note were accounted for as issued shares and included in the calculation of basic and diluted earnings per share. The number of potential preferred shares to be included is based on the most advantageous conversion rate resulting from the minimum conversion price of €150.81. Since the number of basic and diluted shares is identical, basic earnings per share correspond to diluted earnings per share.

See also note 11 to the Volkswagen consolidated financial statements for the calculation of earnings per share.