SUMMARY OF THE RISK SITUATION OF THE GROUP
The Volkswagen Group’s overall risk situation results from the specific risks shown above. Our comprehensive risk management system ensures that these risks are controlled. Furthermore, taking into account all the information known to us at present, no risks exist which could pose a threat to the continued existence of the Volkswagen Group.
REPORT ON POST-BALANCE SHEET DATE EVENTS
The Volkswagen Group holds a 50% indirect interest in the joint venture LeasePlan Corporation N.V., Amsterdam, via its 50% stake in the joint venture Global Mobility Holding B.V., Amsterdam, the Netherlands. On December 22, 2008, the co-investors exercised the put option granted to them by Volkswagen AG. Volkswagen has now agreed with Fleet Investments B.V., Amsterdam, the Netherlands, an investment company belonging to the von Metzler family, that Fleet Investments will become the new co-investor for an initial period of two years. On the basis of an agreement entered into in September 2009, the previous co-investors were instructed by Volkswagen AG to transfer their shares to Fleet Investments B.V. on February 1, 2010 for the same purchase price of €1.4 billion. Volkswagen AG will grant the new co-investor a put option on its shares. If this option is exercised, Volkswagen must pay the original purchase price plus accumulated pro rata preferred dividends or the higher fair value. The put option is accounted for at fair value.
In addition, Volkswagen will pledge claims under certificates of deposit with Bankhaus Metzler in the amount of €1.4 billion to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler. This pledge does not increase the Volkswagen Group’s risk arising from the above-mentioned short position.
On December 9, 2009, Volkswagen AG and Suzuki Motor Corporation, Tokyo, signed a master agreement to begin a long-term strategic partnership. Effective January 15, 2010, Volkswagen acquired 19.89% of Suzuki shares for €1.7 billion. The relevant authorities have approved the transaction.