Net Assets

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.