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Volkswagen: record earnings, but disappointing dividend

The German automotive group recorded profits up 41% to 21,7 billion over the course of 2012 – Analysts are disappointed by the Board's decision to pay a dividend of "only" 3,5 euros per share, against 4 expected.

Dividend below expectations, for Volkswagen, notwithstanding the record accounts in 2012. The German group, European leader in the auto sector, in fact recorded operating profit up by 2,1% to 11,5 billion euros, while profit before taxes amounted to 25,5 billion (an increase of 34,7 .XNUMX%).

Even better performance of net profit, increased by 41% to 21,7 billion, on revenues up 21% to 192,68 billion, while deliveries exceeded 9 million units for the first time, reaching 9,3 million.

Precisely for this reason, the decision to pay shareholders a dividend of 3,50 euros for each ordinary share and 3,56 euros for each preference share (+50 cents for both types of share) is surprising. In fact, analysts had forecast a coupon of around 4 euros.

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