Annual Result

Special items recognized in fiscal year 2017 were exclusively attributable to the diesel issue, mainly due to higher expenses for the buyback/retrofit programs for 2.0 l TDI vehicles in North America and higher legal risks. These special items had an impact of €−2.0 (−0.8) billion on cost of sales and of €−0.9 (−4.5) billion on other operating income. Moreover, special items of €−0.4 billion had affected distribution expenses in the previous year.

In fiscal year 2017, sales were 1.9% higher than in the previous year, at €76.7 billion. Sales generated abroad accounted for a share of 62.5 (61.2)%. The cost of sales increased by 4.5% to €73.4 billion.

Gross profit fell to €3.4 (5.1) billion.

At €7.1 billion, selling, general and administrative expenses were down €1.2 billion on the prior-year figure.

The net other operating result improved by €1.9 billion to €−0.2 (−2.0) billion.

At €8.6 (8.7) billion, the financial result stood at the prior-year level.

Including the income tax expense of €−0.4 (−0.7) billion, net income for the year amounted to €4.4 billion in the year under review, compared with €2.8 billion in the previous year.