CONSOLIDATED BALANCE SHEET STRUCTURE

The Volkswagen Group’s total assets were €309.6 billion at the end of the reporting period, 22.0% higher than at December 31, 2011. This increase was largely the result of the integration of Porsche (Automotive and Financial Services) and organic Group growth. Purchase price allocation for the assets acquired and liabilities assumed from Porsche Automotive is provisional as of the reporting date. The structure of the consolidated balance sheet as of December 31, 2012 can be seen from the chart on this page. The Volkswagen Group’s equity ratio was 26.4% (25.0%).

CONSOLIDATED BALANCE SHEET STRUCTURE 2012
as percent

AUTOMOTIVE DIVISION BALANCE SHEET STRUCTURE

The Automotive Division’s noncurrent assets as of December 31, 2012 were 38.6% higher than at year-end 2011, primarily due to the integration of Porsche. Intangible assets more than doubled compared with the previous year, lifted in particular by the goodwill and brand value of Porsche, which were determined as part of purchase price allocation. The value of equity-accounted investments declined with the transition in accounting for Porsche from the equity method to consolidation. Other noncurrent assets decreased as a result of the disposal of the options relating to Porsche Holding Stuttgart GmbH. Property, plant and equipment increased by 21.0%. Current assets rose by 2.6%; within this item, inventories increased as a result of the addition of Porsche. At €15.5 billion, cash and cash equivalents exceeded the prior-year figure (€14.5 billion).

The Automotive Division’s equity attributable to shareholders of Volkswagen AG amounted to €64.5 billion at the end of 2012, a year-on-year increase of 37.6%. The earnings performance – including the remeasurement of the put/call options and the existing shares – as well as net gains from the fair value remeasurement of derivative financial instruments recognized directly in equity, and the issuance of a mandatory convertible note had a particularly positive effect. This was offset in part by actuarial losses from the measurement of pension provisions and the dividend payments. Equity attributable to noncontrolling interests, which chiefly relates to noncontrolling interests in Scania and MAN, declined as a result of the increase in the stake in MAN SE. Including noncontrolling interests, equity amounted to €68.5 billion, up €16.0 billion on the prior-year reporting date. The division’s equity ratio rose to 37.8% (35.9%). Noncurrent liabilities increased by 40.5%, primarily due to the inclusion of Porsche, the actuarial valuation of pension provisions and business expansion, while current liabilities were on a level with the end of 2011. The figures for the Automotive Division also contain the elimination of intragroup transactions between the Automotive and Financial Services divisions. As the current financial liabilities for the primary Automotive Division were lower than the loans granted to the Financial Services Division, a negative amount was disclosed for the reporting period.

The Automotive Division’s total assets amounted to €181.1 billion at the end of the reporting period, 23.9% higher than at December 31, 2011.

Passenger Cars and Light Commercial Vehicles Business Area balance sheet structure

At €92.4 billion, noncurrent assets in the Passenger Cars and Light Commercial Vehicles Business Area were €31.9 billion higher than at the prior-year reporting date due to the inclusion of Porsche. Current assets were up slightly on the 2011 figure at €46.7 billion. Total assets amounted to €139.0 billion (€106.1 billion) at the end of the reporting period. Equity rose by 52.0% to €49.3 billion. This was largely influenced by the earnings performance, including the remeasurement of the put/call options and the existing shares. Noncurrent liabilities rose by 40.6%, while current liabilities declined by 1.8%.

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PASSENGER CARS AND LIGHT COMMERCIAL VEHICLES BUSINESS AREA BALANCE SHEET STRUCTURE

€ million

 

2012

 

2011

Noncurrent assets

 

92,381

 

60,505

Current assets

 

46,660

 

45,597

Total assets

 

139,041

 

106,102

Equity

 

49,274

 

32,411

Noncurrent liabilities

 

57,704

 

41,030

Current liabilities

 

32,063

 

32,661

Trucks and Buses, Power Engineering Business Area balance sheet structure

Noncurrent and current assets in the Trucks and Buses, Power Engineering Business Area were higher than in the previous year as of December 31, 2012. Total assets rose to €42.0 billion (€40.1 billion). Equity was on a level with the previous year. Noncontrolling interests in the equity of the Volkswagen Group are attributable primarily to the Trucks and Buses, Power Engineering Business Area.

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TRUCKS AND BUSES, POWER ENGINEERING BUSINESS AREA BALANCE SHEET STRUCTURE

€ million

 

2012

 

2011*

*

Adjusted

Noncurrent assets

 

27,396

 

25,917

Current assets

 

14,622

 

14,157

Total assets

 

42,017

 

40,074

Equity

 

19,184

 

20,078

Noncurrent liabilities

 

11,205

 

8,007

Current liabilities

 

11,628

 

11,990

FINANCIAL SERVICES DIVISION BALANCE SHEET STRUCTURE

At the end of fiscal year 2012, the Financial Services Division’s total assets amounted to €128.6 billion, €21.0 billion higher than at December 31, 2011.

Leasing and rental assets, as well as noncurrent and current financial services receivables increased due to volume-related factors and the expansion of the consolidated Group (including Porsche Financial Services). Leasing and rental assets were up 30.1% on the previous year, at €17.4 billion. Overall, noncurrent assets grew by 24.5%; current assets rose by 12.8% as against year-end 2011. Cash and cash equivalents amounted to €3.0 billion (€3.8 billion). The Financial Services Division accounted for approximately 42% of the Volkswagen Group’s assets as of the reporting date.

Equity in the Financial Services Division amounted to €13.4 billion (€10.9 billion) as of the reporting date. The earnings position and capital increases by Volkswagen AG had a particularly positive effect here. The division’s equity ratio rose to 10.4% (10.1%). Financial liabilities increased in both the noncurrent liabilities item, which grew by 33.0%, and the current liabilities item, which was up 9.3% on the prior-year figure. The increase is attributable to the refinancing of increased business volumes and the expansion of the consolidated Group. Deposits from direct banking business amounted to €23.9 billion (€23.1 billion) as of December 31, 2012, of which €22.0 billion was attributable to Volkswagen Bank direct. The debt/equity ratio remained unchanged at 8:1.

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CONSOLIDATED BALANCE SHEET BY DIVISION AS OF DECEMBER 31

 

 

 

 

 

 

Volkswagen Group

 

Automotive1

 

Financial Services

€ million

 

2012

 

20112

 

2012

 

20112

 

2012

 

2011

1

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions, primarily intragroup loans.

2

Adjusted

3

Including equity-accounted investments and deferred taxes.

4

Including deferred taxes.

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

196,582

 

148,129

 

119,776

 

86,421

 

76,806

 

61,708

Intangible assets

 

59,158

 

22,176

 

58,936

 

22,044

 

222

 

131

Property, plant and equipment

 

39,424

 

31,876

 

38,004

 

31,414

 

1,420

 

462

Leasing and rental assets

 

20,034

 

16,626

 

2,667

 

3,278

 

17,367

 

13,348

Financial services receivables

 

49,785

 

42,450

 

–602

 

–600

 

50,387

 

43,050

Other receivables and financial assets3

 

28,181

 

35,002

 

20,771

 

30,286

 

7,410

 

4,717

Current assets

 

113,061

 

105,640

 

61,282

 

59,755

 

51,779

 

45,885

Inventories

 

28,674

 

27,551

 

25,868

 

25,378

 

2,806

 

2,173

Financial services receivables

 

36,911

 

33,754

 

–911

 

–816

 

37,822

 

34,570

Other receivables and financial assets

 

21,555

 

19,897

 

15,166

 

15,494

 

6,389

 

4,404

Marketable securities

 

7,433

 

6,146

 

5,697

 

5,235

 

1,736

 

911

Cash, cash equivalents and time deposits

 

18,488

 

18,291

 

15,462

 

14,464

 

3,026

 

3,827

Total assets

 

309,644

 

253,769

 

181,059

 

146,176

 

128,585

 

107,593

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

81,825

 

63,354

 

68,458

 

52,488

 

13,367

 

10,865

Equity attributable to shareholders of Volkswagen AG

 

77,515

 

57,539

 

64,542

 

46,891

 

12,973

 

10,647

Noncontrolling interests

 

4,310

 

5,815

 

3,916

 

5,597

 

394

 

218

Noncurrent liabilities

 

122,306

 

89,179

 

68,909

 

49,037

 

53,397

 

40,142

Noncurrent financial liabilities

 

63,603

 

44,442

 

15,069

 

7,661

 

48,534

 

36,780

Provisions for pensions

 

23,969

 

16,787

 

23,658

 

16,592

 

312

 

194

Other noncurrent liabilities4

 

34,733

 

27,951

 

30,183

 

24,783

 

4,550

 

3,167

Current liabilities

 

105,513

 

101,237

 

43,691

 

44,651

 

61,822

 

56,586

Current financial liabilities

 

54,060

 

49,090

 

–2,544

 

–2,979

 

56,604

 

52,069

Trade payables

 

17,268

 

16,325

 

15,663

 

15,245

 

1,606

 

1,081

Other current liabilities

 

34,185

 

35,821

 

30,573

 

32,385

 

3,612

 

3,436

Total equity and liabilities

 

309,644

 

253,769

 

181,059

 

146,176

 

128,585

 

107,593

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