11 Earnings per share

Basic earnings per share are calculated by dividing profit attributable to Volkswagen AG shareholders by the weighted average number of ordinary and preferred shares outstanding during the reporting period. IAS 33.23 sets out that all potential shares that will be issued upon the conversion of a mandatory convertible note must be accounted for as issued shares and included in the calculation of basic and diluted earnings per share. The number of outstanding preferred shares is therefore increased by the potential preferred shares that would be issued if the mandatory convertible notes issued were actually to be converted. The average number of preferred shares not yet converted that have to be included is calculated based on the maximum conversion ratio resulting from the current minimum conversion price of €150.81. The terms and conditions required the minimum conversion price to be adjusted following the distribution of the dividend. The number of potential preferred shares was calculated retrospectively at the new minimum conversion price in accordance with IAS 33.26, including for the previous year. The finance costs associated with the mandatory convertible notes are not included in the calculation of consolidated profit because the interest component was recognized in other comprehensive income when the note was issued, and interest expense arises only from the amount of compound interest. Since the number of basic and diluted shares is identical, basic earnings per share also correspond to diluted earnings per share. In total, the existing mandatory convertible notes still entitle the holders to subscribe for a maximum of 24,527,551 no-par value preferred shares of Volkswagen AG.

See note 24 for further information regarding the issuance of the mandatory convertible note.

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ORDINARY

 

PREFERRED

Quantity

 

2013

 

2012

 

2013

 

2012*

 

 

 

 

 

 

 

 

 

*

Prior-year figures adjusted to reflect application of IAS 33.26.

Weighted average number of shares outstanding – basic

 

295,089,818

 

295,089,818

 

191,006,646

 

172,537,076

Weighted average number of shares outstanding – diluted

 

295,089,818

 

295,089,818

 

191,006,646

 

172,537,076

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€ million

 

2013

 

2012*

 

 

 

 

 

*

Prior-year figures adjusted to reflect application of IAS 33.26 and IAS 19R.

Profit after tax

 

9,145

 

21,881

Noncontrolling interests

 

52

 

169

Profit attributable to Volkswagen AG hybrid capital investors

 

27

 

0

Profit attributable to Volkswagen AG shareholders

 

9,066

 

21,712

Basic earnings attributable to ordinary shares

 

5,496

 

13,695

Diluted earnings attributable to ordinary shares

 

5,496

 

13,695

Basic earnings attributable to preferred shares

 

3,569

 

8,017

Diluted earnings attributable to preferred shares

 

3,569

 

8,017

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2013

 

2012*

 

 

 

 

 

*

Prior-year figures adjusted to reflect application of IAS 33.26 and IAS 19R.

Basic earnings per ordinary share

 

18.63

 

46.41

Diluted earnings per ordinary share

 

18.63

 

46.41

Basic earnings per preferred share

 

18.69

 

46.47

Diluted earnings per preferred share

 

18.69

 

46.47