Consolidated subsidiaries

Volkswagen consolidated Scania AB, Södertälje, Sweden, for the first time in the third quarter of 2008. Purchase price allocation has now been completed. The figures calculated correspond to the amounts disclosed in the notes to the consolidated financial statements in the 2008 Annual Report. The adjustment of the purchase price allocation figures led to a loss after tax of €209 million (previous year: €398 million), which is due primarily to the depreciation and amortization of noncurrent assets amounting to €201 million (previous year: €55 million) in fiscal year 2009.

On February 20, 2009, Volkswagen AG acquired from Porsche Automobil Holding SE, Stuttgart, the shares of Scania AB acquired by Porsche Automobil Holding SE under the terms of a mandatory bid procedure (2.34% of the voting rights and 7.93% of the share capital) at a price of €0.4 billion and thus increased its interest in Scania to 49.29% of the share capital and 71.81% of the voting rights. Any resulting difference was recognized in other comprehensive income.

Effective March 31, 2009, Volkswagen completed the transfer of all shares of Volkswagen Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda., Resende, Brazil, to the MAN Group. Volkswagen Caminhões has therefore been deconsolidated. The disposal gain of €1,323 million increased the other operating result by approximately €556 million in the first quarter.

The following main groups of assets and liabilities were sold:





€ million




Until deconsolidation.

Noncurrent assets



Current assets



of which: cash and cash equivalents



Noncurrent liabilities



Current liabilities



In addition, one company that was not consolidated in the previous year and one newly formed company in Germany were initially consolidated, as were three unconsolidated and 22 newly formed foreign companies. The initial inclusion of these subsidiaries, either individually or collectively, did not have a significant effect on the presentation of the Company’s situation. The number of consolidated German subsidiaries was also reduced by the merger of three companies. In the case of the consolidated foreign companies, there were five disposals due to sale, liquidation and merger as well as one deconsolidation.

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