Net Assets and Financial Position


Volkswagen AG’s total assets amounted to €61.3 billion (€56.7 billion) as of December 31, 2009. Investments in tangible and intangible assets, most of which related to new products, were €1.4 billion, 9.7% down on the previous year. Investments in financial assets of €7.8 billion (€9.8 billion) also include the investment in Porsche Zwischenholding GmbH. At the balance sheet date, fixed assets amounted to €38.6 billion, 13.6% more than at December 31, 2008.

At €22.7 billion, current assets were at the same level as the previous year. Lower receivables were offset by significantly higher cash of €8.9 billion, despite the investment in Porsche.

Equity (including special tax-allowable reserves) increased by 2.6% to €12.1 billion. The equity ratio declined to 19.8% (20.8%). Provisions were €23.2 billion at the end of 2009, a decline of 0.6% compared with December 31, 2008. Liabilities rose by 20.8% to €26.0 billion, of which €21.2 billion (€15.9 billion) was interest-bearing. This is due in particular to higher funds raised on the capital markets by subsidiaries for Volkswagen AG.

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BALANCE SHEET OF VOLKSWAGEN AG AS OF DECEMBER 31

 

 

€ million

 

2009

 

2008

Fixed assets

 

38,636

 

34,017

Inventories

 

3,361

 

3,680

Receivables

 

10,434

 

14,826

Cash and bank balances

 

8,904

 

4,162

Total assets

 

61,334

 

56,685

Equity

 

12,121

 

11,818

Long-term debt

 

18,192

 

10,484

Medium-term debt

 

8,460

 

9,260

Short-term debt

 

22,562

 

25,122

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