Annual Result

(Condensed, in accordance with the German Commercial Code)

The year 2022 was impacted by the global market slowdown, the limited availability of parts and disruptions in the logistics chain.

Special items in connection with the diesel issue were recognized in 2022 and amounted to €0.3 (0.7) billion. These related in particular to further provisions for legal risks. Special items had an impact of €−0.3  (−0.7) billion on net other operating result.

In the fiscal year under review, the Russia-Ukraine conflict negatively affected Volkswagen AG in an amount of approximately €1 billion. This was due to write-downs on the shares in OOO Volkswagen Group Rus, Kaluga, as well as loss allowances and risk provisions following the discontinuation of business activities in Russia.

Sales revenue increased by 12.1% year-on-year to €79.5 billion in the reporting year, driven mainly by higher sales volumes and a more favorable price-product mix. Sales generated abroad accounted for a share of €46.3 billion or 58.2%. Cost of sales increased faster than sales revenue, rising by 17.9% to €79.5 billion, mainly because of higher commodity prices for vehicle production.

Gross profit on sales fell accordingly to €−0.0 (3.5) billion.

The other operating result amounted to €2.0 billion, up €1.9 billion on the previous year, driven in particular by a decline in expenses for legal and litigation risks, positive effects from the measurement and settlement of hedging transactions and foreign currency translation.

The financial result went up by €8.3 billion to €16.8 billion, mainly because of a rise in income from profit transfers, which resulted primarily from higher profit transferred by Porsche Holding Stuttgart GmbH, Stuttgart, in connection with the IPO of Dr. Ing. h.c. F. Porsche AG, Stuttgart (Porsche AG).

Taxes on income amounted to €1.0 (−1.1) billion, particularly due to higher tax expenses for prior years. Net income for fiscal year 2022 thus amounted to €12.5 (4.0) billion.