Net Assets

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

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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