Income Statement

of the Volkswagen Group for the period January 1 to December 31, 2019

€ million	Note	2019	2018

Sales revenue	1	252,632	235,849
Cost of sales	2	−203,490	−189,500
Gross result		49,142	46,350
Distribution expenses	3	−20,978	−20,510
Administrative expenses	4	−9,767	−8,819
Other operating income	5	11,453	11,631
Other operating expenses	6	−12,890	−14,731
Operating result		16,960	13,920
Share of the result of equity-accounted investments	7	3,349	3,369
Interest income	8	910	967
Interest expenses	8	−2,524	−1,547
Other financial result	9	−339	−1,066
Financial result		1,396	1,723
Earnings before tax		18,356	15,643
Income tax income/expense	10	−4,326	−3,489
Current		−4,147	−3,533
Deferred		−180	43
Earnings after tax		14,029	12,153
of which attributable to
Noncontrolling interests		143	17
Volkswagen AG hybrid capital investors		540	309
Volkswagen AG shareholders		13,346	11,827

Basic/diluted earnings per ordinary share in €	11	26.60	23.57
Basic/diluted earnings per preferred share in €	11	26.66	23.63