Volkswagen AG — Earnings Release 2011

Feb 24, 2012

VOLKSWAGEN AG / Final Results

24.02.2012 10:30

Dissemination of a UK Regulatory Announcement, transmitted by DGAP - a company of EquityStory AG. The issuer is solely responsible for the content of this announcement. ---------------------------------------------------------------------------

Volkswagen presents 2011 preliminary consolidated financial statements:

• Volkswagen Group again generates record profit in the fiscal year
• Operating profit up significantly on prior-year level at EUR 11.3 billion (EUR 7.1 billion)
• Profit before tax increases to EUR 18.9 billion; positive effects from equity-accounted investments and from measurement of put/call rights relating to Porsche Zwischenholding GmbH at the reporting date
• Board of Management proposes an increase in the dividend for Volkswagen shareholders to EUR 3.00 per ordinary share and EUR 3.06 per preferred share
• Deliveries top the 8 million mark for the first time at 8.3 million vehicles (+ 14.7 percent); further increase in market share
• The Volkswagen Group continues its strategic growth trajectory by acquiring Porsche Holding Salzburg and increasing its stake in MAN SE
• At EUR 17.0 billion (EUR 18.6 billion), net liquidity in the Automotive Division remains at a high level even after the equity investments (approx. EUR 7 billion)

------------------------------------------------------------------------- January-December 2011 2010 +/- (%) ------------------------------------------------------------------------- Volkswagen Group (IFRSs): Deliveries to customers '000 units 8,265 7,203 + 14.7 Vehicle sales '000 units 8,361 7,278 + 14.9 Production '000 units 8,494 7,358 + 15.5 Employees Dec. 31 501,956 399,381 + 25.7 Sales revenue EUR million 159,337 126,875 + 25.6 Operating profit EUR million 11,271 7,141 + 57.8 Profit before tax EUR million 18,926 8,994 x Profit after tax EUR million 15,799 7,226 x Noncontrolling interests EUR million 391 392 - 0.3 Profit attributable to shareholders of Volkswagen AG EUR million 15,409 6,835 x Earnings per share (basic) - Ordinary shares EUR 33.10 15.17 x - Preferred shares EUR 33.16 15.23 x

Automotive Division (including allocation of consolidation adjustments between the Automotive and Financial Services divisions):

Cash flows from operating
activities	EUR million	17,109	13,930	+ 22.8
Cash flows from investing
activities attributable to
operating activities*)	EUR million	15,998	9,095	+ 75.9
- of which investments in property,
plant and equipment	EUR million	7,929	5,656	+ 40.2
Net liquidity at December 31	EUR million	16,951	18,639	- 9.1

Volkswagen AG (German Commercial Code):
Net income		EUR million	3,418	1,550	x
Dividend proposal:
Dividend - per ordinary share		EUR	3.00	2.20
-------------------------------------------------------------------------	- per preferred share	EUR	3.06	2.26
*) Excluding acquisition and disposal of equity investments: EUR 9,371 million (previous year: EUR 7,034 million).
The annual financial statements have yet to be adopted by the Supervisory Board.
The Annual Media Conference and Investor Conference will take place on March 12, 2012 in Wolfsburg.
Wolfsburg, February 24, 2012
Volkswagen AG - The Board of Management
24.02.2012 DGAP's Distribution Services include Regulatory Announcements,
Financial/Corporate News and Press Releases.
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Language:	English
Company:	VOLKSWAGEN AG
	Brieffach 1849 38436 Wolfsburg
	Germany
Phone:	+49 (0)5361 9 - 49840
Fax:	+49 (0)5361 9 - 30411
E-mail:		christine.ritz@volkswagen.de
Internet:	www.volkswagenag.com/ir
ISIN:		DE0007664039, DE0007664005
Indices:	DAX, Euro Stoxx 50
Listed:		Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München,
		Stuttgart; Terminbörse EUREX; London, Luxembourg, SIX
Category Code:	FR
LSE Ticker:	VKW
Sequence Number: Time of Receipt:	1003 Feb 24, 2012 09:54:14