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CLASSES OF FINANCIAL INSTRUMENTS
Financial instruments are divided into the following classes at the Volkswagen Group:
- financial instruments measured at fair value,
- financial instruments measured at amortized cost and
- financial instruments not falling within the scope of IFRS 7.
Financial instruments not falling within the scope of IFRS 7 include in particular investments in associates and joint ventures accounted for using the equity method.
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NET GAINS OR LOSSES FROM FINANCIAL INSTRUMENTS BY MEASUREMENT CATEGORY UNDER IAS 39 | ||||
|
€ million |
2012 |
2011 | ||
|---|---|---|---|---|
|
Financial instruments at fair value through profit or loss |
1,868 |
6,687 | ||
|
Loans and receivables |
4,855 |
4,506 | ||
|
Available-for-sale financial assets |
256 |
–34 | ||
|
Financial liabilities measured at amortized cost |
–3,992 |
–3,588 | ||
|
|
2,988 |
7,570 | ||
Net gains and losses from financial assets and liabilities at fair value through profit or loss are composed of the fair value measurement gains and losses on derivatives, including interest and gains and losses on currency translation.
Net gains and losses from available-for-sale financial assets primarily comprise income and expenses from marketable securities including disposal gains/losses, impairment losses on investments and currency translation effects.
Net gains and losses from loans and receivables and from financial liabilities carried at amortized cost comprise interest income and expenses in accordance with the effective interest method under IAS 39, including currency translation effects. Interest also includes interest income and expenses from the lending business of the financial services operations.
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TOTAL INTEREST INCOME AND EXPENSES OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS | ||||
|---|---|---|---|---|
|
€ million |
2012 |
2011 | ||
|
Interest income |
5,144 |
4,624 | ||
|
Interest expenses |
3,747 |
3,400 | ||
|
|
1,396 |
1,224 | ||
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IMPAIRMENT LOSSES ON FINANCIAL ASSETS BY CLASS |
|
| ||
|---|---|---|---|---|
|
€ million |
2012 |
2011 | ||
|
Measured at fair value |
6 |
36 | ||
|
Measured at amortized cost |
1,403 |
1,391 | ||
|
|
1,409 |
1,427 |
Impairment losses relate to write-downs of financial assets, such as valuation allowances on receivables, marketable securities and unconsolidated subsidiaries. Interest income on impaired financial assets amounted to €63 million in the fiscal year (previous year: €58 million).
In fiscal year 2012, €4 million (previous year: €3 million) was recognized as an expense and €49 million (previous year: €39 million) as income from fees and commissions for trust activities and from financial assets and liabilities not measured at fair value that are not accounted for using the effective interest method.
