Net Assets


Global financial and economic crisis impacts business

Due to the difficult operating environment, the Volkswagen Group’s sales revenue and operating profit for fiscal 2009 did not reach the prior-year level. The liquidity position improved despite the investment in Porsche Zwischenholding GmbH.

The application of IFRS 8 led to a reclassification of the segments disclosed in the notes. The following segments are now reported: Passenger Cars and Light Commercial Vehicles, Scania, and Volkswagen Financial Services. The classification of the Group’s activities into the Automotive and Financial Services divisions remains unchanged in the management report.

In accordance with the amended IAS 7, as of fiscal year 2009 we are reporting liquidity movements resulting from changes in leasing and rental assets in cash flows from operating activities (previously reported in cash flows from investing activities). Accordingly, changes in financial services receivables are also allocated to cash flows from operating activities. The prior-year presentation has been adjusted accordingly.

The adoption of new or amended accounting standards did not otherwise materially affect the 2009 consolidated financial statements.

Starting in fiscal year 2009, all figures shown are rounded in accordance with standard business rounding principles, so minor discrepancies may arise from addition of these amounts.

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CONSOLIDATED BALANCE SHEET BY DIVISION AS OF DECEMBER 31

 

 

 

 

 

 

Volkswagen Group

 

Automotive1

 

Financial Services

€ million

 

2009

 

2008

 

2009

 

2008

 

2009

 

2008

1

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions, primarily intra-Group loans.

2

Including equity-accounted investments and deferred taxes.

3

Including deferred taxes.

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

99,402

 

91,756

 

52,411

 

46,378

 

46,992

 

45,378

Intangible assets

 

12,907

 

12,291

 

12,790

 

12,186

 

117

 

105

Property, plant and equipment

 

24,444

 

23,121

 

24,064

 

22,879

 

380

 

242

Leasing and rental assets

 

10,288

 

9,889

 

324

 

410

 

9,964

 

9,479

Financial services receivables

 

33,174

 

31,855

 

 

 

33,174

 

31,855

Noncurrent receivables and other financial assets2

 

18,589

 

14,600

 

15,233

 

10,903

 

3,356

 

3,697

Current assets

 

77,776

 

76,163

 

44,296

 

42,370

 

33,480

 

33,793

Inventories

 

14,124

 

17,816

 

13,375

 

16,732

 

749

 

1,084

Financial services receivables

 

27,403

 

27,035

 

–161

 

–103

 

27,564

 

27,138

Current receivables and other financial assets

 

12,381

 

17,061

 

9,193

 

13,340

 

3,188

 

3,721

Marketable securities

 

3,330

 

3,770

 

3,231

 

3,730

 

98

 

40

Cash and cash equivalents

 

20,539

 

9,474

 

18,658

 

7,664

 

1,881

 

1,810

Assets held for sale

 

 

1,007

 

 

1,007

 

 

Total assets

 

177,178

 

167,919

 

96,707

 

88,748

 

80,471

 

79,171

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

37,430

 

37,388

 

29,253

 

28,964

 

8,177

 

8,424

Equity attributable to shareholders of Volkswagen AG

 

35,281

 

35,011

 

27,321

 

26,841

 

7,960

 

8,170

Minority interests

 

2,149

 

2,377

 

1,932

 

2,123

 

217

 

254

Noncurrent liabilities

 

70,215

 

65,729

 

39,508

 

30,688

 

30,707

 

35,041

Noncurrent financial liabilities

 

36,993

 

33,257

 

9,272

 

2,240

 

27,721

 

31,017

Provisions for pensions

 

13,936

 

12,955

 

13,793

 

12,829

 

142

 

126

Other noncurrent liabilities3

 

19,286

 

19,517

 

16,443

 

15,619

 

2,843

 

3,898

Current liabilities

 

69,534

 

64,802

 

27,947

 

29,096

 

41,587

 

35,706

Current financial liabilities

 

40,606

 

36,123

 

2,156

 

2,865

 

38,450

 

33,258

Trade payables

 

10,225

 

9,676

 

9,734

 

9,085

 

491

 

591

Other current liabilities

 

18,703

 

18,237

 

16,057

 

16,380

 

2,645

 

1,857

Liabilities associated with assets held for sale

 

 

766

 

 

766

 

 

Total equity and liabilities

 

177,178

 

167,919

 

96,707

 

88,748

 

80,471

 

79,171

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