11 Earnings per share
Basic earnings per share are calculated by dividing earnings attributable to Volkswagen AG shareholders by the weighted average number of ordinary and preferred shares outstanding during the reporting period. Since there were no transactions in 2020 and 2019 that had a dilutive effect on the number of shares, diluted earnings per share are equivalent to basic earnings per share.
In accordance with Article 27(2) No. 3 of the Articles of Association of Volkswagen AG, preferred shares are entitled to a €0.06 higher dividend than ordinary shares.
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2020 |
2019 |
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Weighted average number of: |
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Ordinary shares – basic/diluted |
Shares |
295,089,818 |
295,089,818 |
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Preferred shares – basic/diluted |
Shares |
206,205,445 |
206,205,445 |
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Earnings after tax |
€ million |
8,824 |
14,029 |
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Earnings attributable to noncontrolling interests |
€ million |
−43 |
143 |
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Earnings attributable to Volkswagen AG hybrid capital investors |
€ million |
533 |
540 |
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Earnings attributable to Volkswagen AG shareholders |
€ million |
8,334 |
13,346 |
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of which basic/diluted earnings attributable to ordinary shares |
€ million |
4,898 |
7,849 |
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of which basic/diluted earnings attributable to preferred shares |
€ million |
3,435 |
5,497 |
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Earnings per ordinary share – basic/diluted |
€ |
16.60 |
26.60 |
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Earnings per preferred share – basic/diluted |
€ |
16.66 |
26.66 |