Net Assets and Financial Position

Volkswagen AG’s total assets amounted to €61.3 billion (€56.7 billion) as of December 31, 2009. Investments in tangible and intangible assets, most of which related to new products, were €1.4 billion, 9.7% down on the previous year. Investments in financial assets of €7.8 billion (€9.8 billion) also include the investment in Porsche Zwischenholding GmbH. At the balance sheet date, fixed assets amounted to €38.6 billion, 13.6% more than at December 31, 2008.

At €22.7 billion, current assets were at the same level as the previous year. Lower receivables were offset by significantly higher cash of €8.9 billion, despite the investment in Porsche.

Equity (including special tax-allowable reserves) increased by 2.6% to €12.1 billion. The equity ratio declined to 19.8% (20.8%). Provisions were €23.2 billion at the end of 2009, a decline of 0.6% compared with December 31, 2008. Liabilities rose by 20.8% to €26.0 billion, of which €21.2 billion (€15.9 billion) was interest-bearing. This is due in particular to higher funds raised on the capital markets by subsidiaries for Volkswagen AG.