Transactions in foreign currencies are translated in the single-entity financial statements of Volkswagen AG and its consolidated subsidiaries at the rates prevailing at the transaction date. Foreign currency monetary items are recorded in the balance sheet using the middle rate at the closing date. Foreign exchange gains and losses are recognized in the income statement. This does not apply to foreign exchange differences from loans receivable that represent part of a net investment in a foreign operation. The financial statements of foreign companies are translated into euros using the functional currency concept. Asset and liability items are translated at the closing rate. With the exception of income and expenses recognized directly in equity, equity is translated at historical rates. The resulting foreign exchange differences are recognized in other comprehensive income until disposal of the subsidiary concerned, and are presented as a separate item in equity.

Income statement items are translated into euros at weighted average rates.

The rates applied are presented in the following table:

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Balance sheet middle rate on December 31,

 

Income statement average rate

 

 

€1 =

 

2012

 

2011

 

2012

 

2011

Argentina

 

ARS

 

6.48404

 

5.57444

 

5.84444

 

5.74487

Australia

 

AUD

 

1.27120

 

1.27230

 

1.24134

 

1.34839

Brazil

 

BRL

 

2.70360

 

2.41590

 

2.50970

 

2.32651

Canada

 

CAD

 

1.31370

 

1.32150

 

1.28479

 

1.37610

Czech Republic

 

CZK

 

25.15100

 

25.78700

 

25.14567

 

24.58977

India

 

INR

 

72.56000

 

68.71300

 

68.62947

 

64.88593

Japan

 

JPY

 

113.61000

 

100.20000

 

102.62121

 

110.95860

Mexico

 

MXN

 

17.18450

 

18.05120

 

16.90867

 

17.28765

People’s Republic of China

 

CNY

 

8.22070

 

8.15880

 

8.10942

 

8.99600

Poland

 

PLN

 

4.07400

 

4.45800

 

4.18433

 

4.12061

Republic of Korea

 

KRW

 

1,406.23000

 

1,498.69000

 

1,448.19540

 

1,541.23409

Russia

 

RUB

 

40.32950

 

41.76500

 

39.92376

 

40.88455

South Africa

 

ZAR

 

11.17270

 

10.48300

 

10.55455

 

10.09704

Sweden

 

SEK

 

8.58200

 

8.91200

 

8.70672

 

9.02984

United Kingdom

 

GBP

 

0.81610

 

0.83530

 

0.81110

 

0.86788

USA

 

USD

 

1.31940

 

1.29390

 

1.28560

 

1.39196

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