In spite of the difficult conditions in fiscal 2008, the Volkswagen Group lifted its sales revenue and its operating profit year-on-year. Scania was consolidated as the Group’s ninth brand.
On July 22, 2008, the Volkswagen Group increased its share of voting rights in Scania from 38.0% to 68.6%. As a result, Scania has been consolidated as the Group’s ninth brand. Prior to that date, income from this investment was included in the Group’s financial result using the equity method. Since July 22, 2008, Scania’s commercial vehicles and buses business has been reflected in the figures for the Automotive Division. Scania’s financial services business is included in the figures for the Financial Services Division.
The 2008 consolidated financial statements were not affected by the adoption of new or amended accounting standards.
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CONSOLIDATED BALANCE SHEET BY DIVISION AS OF DECEMBER 31 |
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Volkswagen Group |
Automotive1 |
Financial Services | |||||||||||||||
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€ million |
2008 |
2007 |
2008 |
2007 |
2008 |
2007 | ||||||||||||
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Assets |
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Noncurrent assets |
91,756 |
76,841 |
46,378 |
37,564 |
45,378 |
39,277 | ||||||||||||
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Intangible assets |
12,291 |
6,830 |
12,186 |
6,736 |
105 |
94 | ||||||||||||
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Property, plant and equipment |
23,121 |
19,338 |
22,879 |
19,151 |
242 |
187 | ||||||||||||
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Leasing and rental assets |
9,889 |
8,179 |
410 |
75 |
9,479 |
8,104 | ||||||||||||
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Financial services receivables |
31,855 |
27,522 |
– |
– |
31,855 |
27,522 | ||||||||||||
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Noncurrent receivables and other financial assets2 |
14,600 |
14,972 |
10,903 |
11,602 |
3,697 |
3,370 | ||||||||||||
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Current assets |
76,163 |
68,516 |
42,370 |
39,190 |
33,793 |
29,326 | ||||||||||||
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Inventories |
17,816 |
14,031 |
16,732 |
13,319 |
1,084 |
712 | ||||||||||||
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Financial services receivables |
27,035 |
24,914 |
–103 |
231 |
27,138 |
24,683 | ||||||||||||
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Current receivables and other financial assets |
17,061 |
12,844 |
13,340 |
10,002 |
3,721 |
2,842 | ||||||||||||
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Marketable securities |
3,770 |
6,615 |
3,730 |
6,503 |
40 |
112 | ||||||||||||
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Cash and cash equivalents |
9,474 |
10,112 |
7,664 |
9,135 |
1,810 |
977 | ||||||||||||
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Assets held for sale |
1,007 |
– |
1,007 |
– |
– |
– | ||||||||||||
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Total assets |
167,919 |
145,357 |
88,748 |
76,754 |
79,171 |
68,603 | ||||||||||||
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Equity and Liabilities |
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Equity |
37,388 |
31,938 |
28,964 |
24,802 |
8,424 |
7,136 | ||||||||||||
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Equity attributable to shareholders of Volkswagen AG |
35,011 |
31,875 |
26,841 |
24,739 |
8,170 |
7,136 | ||||||||||||
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Minority interests |
2,377 |
63 |
2,123 |
63 |
254 |
– | ||||||||||||
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Noncurrent liabilities |
65,729 |
57,351 |
30,688 |
28,509 |
35,041 |
28,842 | ||||||||||||
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Noncurrent financial liabilities |
33,257 |
29,315 |
2,240 |
3,645 |
31,017 |
25,670 | ||||||||||||
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Provisions for pensions |
12,955 |
12,603 |
12,829 |
12,481 |
126 |
122 | ||||||||||||
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Other noncurrent liabilities3 |
19,517 |
15,433 |
15,619 |
12,383 |
3,898 |
3,050 | ||||||||||||
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Current liabilities |
64,802 |
56,068 |
29,096 |
23,443 |
35,706 |
32,625 | ||||||||||||
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Current financial liabilities |
36,123 |
28,677 |
2,865 |
–1,139 |
33,258 |
29,816 | ||||||||||||
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Trade payables |
9,676 |
9,099 |
9,085 |
8,202 |
591 |
897 | ||||||||||||
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Other current liabilities |
18,237 |
18,292 |
16,380 |
16,380 |
1,857 |
1,912 | ||||||||||||
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Liabilities associated with assets held for sale |
766 |
– |
766 |
– |
– |
– | ||||||||||||
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Total equity and liabilities |
167,919 |
145,357 |
88,748 |
76,754 |
79,171 |
68,603 | ||||||||||||
