At the 52nd Annual General Meeting of Volkswagen AG, the recommendation by the Board of Management and the Supervisory Board to pay dividend of €3.00 per ordinary share and €3.06 per preferred share was approved. Around 99.96 percent of the shareholders present and represented in the Annual General Meeting voted to approve the dividend payment.
Last year, Volkswagen made a dividend payment of €2.20 per ordinary share and €2.26 per preferred share. This year’s dividend payment represents an amount equivalent to approximately €1.4 billion, which will be taken from Volkswagen AG’s net profit. Around 91.88 percent of the ordinary stockholders passed resolutions on formal approval of the actions of the members of the Board of Management and Supervisory Board for fiscal 2011.
The 52nd Annual General Meeting of Volkswagen AG also marks the reelection of Dr. Ferdinand K. Piëch as well as the election of Ursula M. Piëch as members of the Supervisory Board. Ursula M. Piëch succeeds Dr. Michael Frenzel, whose term ended at the end of the Annual General Meeting. Following the Annual General Meeting, the Supervisory Board held a constituent meeting, which resulted in the reelection of Prof. Dr. Ferdinand K. Piëch as the Chairman of Supervisory Board.
Shareholders at the Annual General Meeting granted authority to the Board of Management to issue up to around 43 million new ordinary and/or preferred shares over the next five years.
A Special Meeting of the Preferred Shareholders was also held, and 36.46 percent of the preferred shareholders were present and represented approved the resolution. Shareholders also authorized the Board of Management to repurchase up to ten percent of ordinary and/or preferred shares within the next five years.
Volkswagen Group saw its operating profit jump 58 percent in 2011 to EUR11.3 billion based on the demand for VW and Audi sport-utility vehicles. Meanwhile, annual profit of Porsche in 2011 jumped 22 percent, as aided by the persistent demand for the Cayenne SUV. Porsche’s earnings before interest and taxes surged to EUR2.05 billion ($2.69 billion) from EUR1.67 billion the previous year. Sales jumped by 18 percent to EUR10.9 billion.
Volkswagen AG is the parent of the Volkswagen Group. As a parent company, VW AG holds interests in Audi AG, SEAT SA, Scania AB, Volkswagen Financial Services and a number of companies both in Germany and abroad.
Operating from Wolfsburg, Germany, Volkswagen AG is a German multinational auto maker that is majority owned by the Austrian Porsche-Piech family. The carmaker is involved in the design, production and distribution of not just passenger and commercial vehicles, but also motorcycles and engines.