Our dividend policy matches our financial strategy. In the interests of all stakeholders, we aim for 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.

The Board of Management and Supervisory Board of Volkswagen AG are proposing a dividend of €0.11 per ordinary share and €0.17 per preferred share. On this basis, the total dividend for fiscal year 2015 amounts to €0.1 (2.3) billion. The distribution ratio is based on the Group’s earnings after tax attributable to Volkswagen AG shareholders and was negative for the reporting period. In the previous year the distribution ratio amounted to 21.2%. We aim 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 0.1 (2.7)%, measured by the closing price on the last trading day in 2015. The dividend yield on preferred shares is 0.1 (2.6)%.

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 €−3.20 (21.82) in fiscal year 2015. Basic earnings per preferred share were €−3.09 (21.88). In accordance with IAS 33, the calculation is based on the weighted average number of ordinary and preferred shares outstanding in the reporting period.

The actual number of preferred shares created from the mandatory convertible notes had to be included in full in the calculation of earnings per share for fiscal year 2015.

The year-on-year comparison has to take into account that, in accordance with IAS 33.23, all potential shares that may be issued upon the conversion of mandatory convertible notes must be accounted for as issued shares and therefore had to be included in the calculation of basic and diluted earnings per share. In accordance with IAS 33.26, the number of potential preferred shares included in the previous year had to be replaced retrospectively with the actual number of shares created as a result of voluntary and mandatory conversion in the reporting period. In addition, the new preferred shares from the capital increase have been included in the calculation since their admission to the regulated market on June 12, 2014. 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.