Balance sheet structure


The Volkswagen Group’s total assets amounted to €177.2 billion on December 31, 2009, an increase of 5.5% versus the end of December 2008. The Automotive Division made a relatively large contribution to this development, which was mainly the result of higher cash funds.

The structure of the consolidated balance sheet as of December 31, 2009 can be seen from the chart below. The Volkswagen Group’s equity ratio fell to 21.1% (22.3%).

as percent
Consolidated balance sheet structure 2009 (bar chart)


At the end of the reporting period, noncurrent assets in the Automotive Division were 13.0% up on December 31, 2008. In addition to the equity-accounted 49.9% interest in Porsche Zwischenholding GmbH, this increase was attributable to the new production facilities. Inventories, receivables and other financial assets within current classes declined. Property, plant and equipment was 5.2% higher. However, as cash and cash equivalents increased significantly, current assets rose by 4.5% overall year-on-year.

At the end of December 2009, the Automotive Division’s equity attributable to shareholders of Volkswagen AG was 1.8% higher year-on-year at €27.3 billion. The positive effect on earnings was almost entirely offset by higher actuarial losses for pension provisions. After adjustment for minority interests, which chiefly relate to minority interests in Scania, equity was 1.0% higher year-on-year at €29.3 billion. The equity ratio was 30.2% (32.6%). Due to higher financial liabilities resulting from the issue of bonds, noncurrent liabilities rose by a total of 28.7%. Current liabilities declined by 3.9%.

At €96.7 billion, the Automotive Division’s total assets as of December 31, 2009 were 9.0% higher than at the end of 2008.


The Financial Services Division’s total assets amounted to €80.5 billion at the end of the reporting period, an increase of €1.3 billion versus December 31, 2008. On the assets side, noncurrent assets increased by 3.6%, mainly because of a volume-related rise in financial services receivables. Current assets were 0.9% lower than at the end of 2008. Cash and cash equivalents were slightly higher year-on-year. Overall, the Financial Services Division accounted for approximately 45% of the Volkswagen Group’s assets as of December 31, 2009.

The Financial Services Division’s equity amounted to €8.2 billion (€8.4 billion) at the end of the reporting period. The equity ratio was 10.2% (10.6%). Noncurrent liabilities declined by 12.4% year-on-year. Higher current financial liabilities reflected the sharp increase in deposits at Volkswagen Bank direct, which rose by €5.5 billion to €18.3 billion. The debt/equity ratio remained unchanged at 8:1.

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