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

€999 million (previous year: €930 million) of the contingent liabilities of the joint ventures was attributable to the Volkswagen Group at the balance sheet date.

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