Exhibit 5 presents the income statement of the Volkswagen Group from its Annual Report 2009.

*The numbers are as shown in the annual report and may not add because of rounding.

Exhibit 5 shows that Volkswagen’s sales revenue for the fiscal year ended 31 December 2009 was €105,187 million. Subtracting cost of sales from revenue gives gross profit of €13,579 million. After subtracting operating costs and expenses and adding other operating income, the company’s operating profit totals €1,855 million. Operating profit represents the results of the company’s usual business activities before deducting interest expense or taxes. Operating profit (also called operating income) is thus often referred to as earnings before interest and taxes (EBIT). Next, operating profit is increased by Volkswagen’s share of the profits generated by certain of its investments (€701 million) and by profits from its other financial activities (€972 million) and decreased by finance costs (i.e., interest expense) of €2,268 million, resulting in profit before tax of €1,261 million. Total income tax expense for 2009 was €349 million, resulting in profit after tax (net income) of €911 million.

After allocating the losses attributable to minority interest ownership in Volkswagen subsidiary companies, the profit attributable to shareholders of Volkswagen for 2009 was €960 million. Allocating the losses attributable to minority interest ownership resulted in the allocation to shareholders of the parent company, Volkswagen AG, exceeding net income (profit after tax). Volkswagen’s disclosures indicate that its minority interests relate primarily to Scania AB, a subsidiary in which Volkswagen owns about 72 percent of the voting rights (with the minority interests owning the remaining 28 percent).

Companies present both basic and diluted earnings per share on the face of the income statement. Earnings per share numbers represent net income attributable to the class of shareholders divided by the relevant number of shares of stock outstanding during the period. Basic earnings per share is calculated using the weighted-average number of common (ordinary) shares that were actually outstanding during the period and the profit or loss attributable to the common shareowners. Diluted earnings per share uses diluted shares—the number of shares that would hypothetically be outstanding if potentially dilutive claims on common shares (e.g., stock options or convertible bonds) were exercised or converted by their holders—and an appropriately adjusted profit or loss attributable to the common shareowners.

Volkswagen has two types of shareholders, ordinary and preferred, and presents earnings per share information for both, although there is no requirement to present earnings per share information for preferred shareowners. Volkswagen’s basic earnings per ordinary share was €2.38. A note to the company’s financial statements explains that this number was calculated as follows: €960 million profit attributable to shareholders of Volkswagen, of which €703 million is attributable to ordinary shareholders and €257 million is attributable to preferred shareholders. The €703 million attributable to ordinary shareholders divided by the weighted-average number of ordinary shares of 295 million shares equals basic earnings per share for 2009 of €2.38. Similar detail is provided in the notes for each of the earnings per share numbers.

An analyst examining the income statement might note that Volkswagen was profitable in both years. The company’s profitability declined substantially in 2009, primarily because of lower sales and reduced gross profit. This was not unexpected given the global financial and economic crisis in that year. A better understanding of Volkswagen’s profitability could likely be gained by examining income statements over a longer time period. The analyst might formulate questions related to profitability, such as the following:

• Is the change in revenue related to an increase in units sold, an increase in prices, or some combination?

• If the company has multiple business segments (for example, Volkswagen’s segments include passenger cars, light commercial vehicles, and financial services, among others), how are the segments’ revenue and profits changing?

• How does the company compare with other companies in the industry?

Answering such questions requires the analyst to gather, analyze, and interpret information from a number of sources, including, but not limited to, the income statement.