Total assets amounted to €91.1 billion at December 31, 2012, €15.5 billion higher than in the previous year. Investments in tangible and intangible assets rose by €0.5 billion year-on-year to €2.5 billion. This increase was mainly due to the necessary increase in product and engine capacities. Investments in financial assets amounting to €9.7 billion (€10.1 billion) include the contribution of Porsche SE’s operating automotive business and the acquisition of additional shares of MAN SE. At €61.1 billion, fixed assets exceeded the prior-year figure by 16.3% on December 31, 2012.
Current assets were up €6.9 billion on the previous year at €30.0 billion, mainly due to the increase in receivables from affiliated companies and higher liquid assets.
Equity amounted to €24.4 billion at year-end 2012. The 25.6% increase was largely the result of the significantly higher net income.
The equity ratio was 26.8% (25.7%). Provisions decreased by a total of €1.1 billion on the previous year. This is primarily attributable to lower provisions for taxes. The €0.6 billion decline in other provisions to €10.9 billion was offset by a €0.6 billion increase in pension provisions, to €12.0 billion. Higher liabilities to affiliated companies in particular saw liabilities rise by 42.3% as against 2011 to €38.9 billion. The interest-bearing portion of debt rose to €33.1 billion (€20.8 billion).
In our assessment, the economic position of Volkswagen AG is just as positive as that of the Volkswagen Group.
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BALANCE SHEET OF VOLKSWAGEN AG AS OF DECEMBER 31 |
|
|||
---|---|---|---|---|
€ million |
2012 |
2011 |
||
Fixed assets |
61,096 |
52,543 |
||
Inventories |
3,795 |
3,799 |
||
Receivables |
19,347 |
13,919 |
||
Cash and bank balances |
6,880 |
5,405 |
||
Total assets |
91,118 |
75,666 |
||
Equity |
24,434 |
19,459 |
||
Special tax-allowable reserves |
47 |
53 |
||
Long-term debt |
14,102 |
10,172 |
||
Medium-term debt |
26,222 |
19,250 |
||
Short-term debt |
26,312 |
26,732 |