Investments

INVESTMENTS IN ASSOCIATES

Volkswagen AG continued to hold 29.9% of the voting rights and 28.67% of the subscribed capital of MAN SE, Munich, at the balance sheet date. The market value of this interest was €2,295 million at December 31, 2009 (previous year: €1,632 million).

The following carrying amounts are attributable to the Volkswagen Group from its proportionate interest in MAN:

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€ million		2009		2008
* Previous year includes Scania up to the date of consolidation.
Noncurrent assets		2,272		1,723
Current assets		2,286		3,016
Noncurrent liabilities		1,225		816
Current liabilities		1,862		2,376
Income*		3,448		5,407
Profit/loss for the period*		–77		486

€138 million (previous year: €44 million) of the contingent liabilities of the associate was attributable to the Volkswagen Group at the balance sheet date.

INTERESTS IN JOINT VENTURES

In December 2009, Volkswagen AG acquired 49.9% of the shares of Porsche Zwischenholding GmbH, Stuttgart. Porsche Zwischenholding GmbH holds 100% of the shares of Dr. Ing. h.c. F. Porsche AG, Stuttgart. On the basis of the agreements under company law, Volkswagen shares control of Porsche Zwischenholding GmbH and its direct and indirect subsidiaries with Porsche Automobil Holding SE. The shares of Porsche Zwischenholding GmbH were accounted for using the equity method.

The following carrying amounts are attributable ratably to the Volkswagen Group from its proportionate interest in the joint ventures (primarily Shanghai-Volkswagen Automotive Company, FAW-Volkswagen Automotive Company, Global Mobility Holding and Porsche Zwischenholding GmbH):

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€ million		2009		2008
* Fiscal year 2009 includes Porsche Zwischenholding GmbH from the date the company was accounted for using the equity method.
Noncurrent assets		11,092		9,022
Current assets		15,532		7,145
Noncurrent liabilities		8,025		6,045
Current liabilities		15,942		7,097
Income*		10,135		7,926
Expenses*		9,314		7,435