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The Volkswagen Group closed fiscal year 2020 stronger than expected despite the Covid-19 pandemic. Important strategic steps accelerated the Group’s transformation into a tech company at the same time. The Group’s effective crisis management, the rapid recovery of its largest single market China and particularly the more stable premium and financial services business were key to the strong performance and successful containment of the pandemic effects. Sales revenue amounted to EUR 222.9 billion (–11.8 percent), outperforming sales volumes (–16.4 percent). Operating profit before special items (diesel) reached a solid level of EUR 10.6 billion (–45.0 percent) despite the pandemic. The operating return on sales before special items stood at 4.8 (7.6) percent. The robust business model and rigorous working capital management produced a strong net cash flow of EUR 6.4 billion (–41.3 percent) in the Automotive Division. The net liquidity of the Automotive Division could be lifted by 25.9 percent to a very solid EUR 26.8 billion. The Board of Management and Supervisory Board are proposing an unchanged dividend of EUR 4.80 per ordinary share and EUR 4.86 per preferred share. This would take the payout ratio of 29.0 percent close to the strategic target level of 30 percent. Earnings per ordinary share were EUR 16.60 (26.60) and earnings per preferred share were EUR 16.66 (26.66).

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Christoph Oemisch
Spokesperson Finance & Sales (Group)
Tel. +49 (0) 5361 / 9-18895
Dr. Christoph Ludewig
Deputy Head of Corporate Communications
Tel. +49 (0) 5361 / 9-87575