Income Statement

of the Volkswagen Group for the period January 1 to December 31, 2020

€ million	Note	2020	2019

Sales revenue	1	222,884	252,632
Cost of sales	2	−183,937	−203,490
Gross result		38,947	49,142
Distribution expenses	3	−18,407	−20,978
Administrative expenses	4	−9,399	−9,767
Other operating income	5	12,438	11,453
Other operating expenses	6	−13,904	−12,890
Operating result		9,675	16,960
Share of the result of equity-accounted investments	7	2,756	3,349
Interest income	8	793	910
Interest expenses	8	−2,291	−2,524
Other financial result	9	733	−339
Financial result		1,991	1,396
Earnings before tax		11,667	18,356
Income tax income/expense	10	−2,843	−4,326
Current		−3,150	−4,147
Deferred		307	−180
Earnings after tax		8,824	14,029
of which attributable to
Noncontrolling interests		−43	143
Volkswagen AG hybrid capital investors		533	540
Volkswagen AG shareholders		8,334	13,346

Basic/diluted earnings per ordinary share in €	11	16.60	26.60
Basic/diluted earnings per preferred share in €	11	16.66	26.66