Net Assets

Facing the financial crisis with systematic cost management and attractive models

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

 

 

 

 

 

 

Volkswagen Group

 

Automotive1

 

Financial Services

€ million

 

2008

 

2007

 

2008

 

2007

 

2008

 

2007

1

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions, primarily intra-Group loans.

2

Including equity-accounted investments and deferred taxes.

3

Including deferred taxes.

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Noncurrent assets

 

91,756

 

76,841

 

46,378

 

37,564

 

45,378

 

39,277

Intangible assets

 

12,291

 

6,830

 

12,186

 

6,736

 

105

 

94

Property, plant and equipment

 

23,121

 

19,338

 

22,879

 

19,151

 

242

 

187

Leasing and rental assets

 

9,889

 

8,179

 

410

 

75

 

9,479

 

8,104

Financial services receivables

 

31,855

 

27,522

 

 

 

31,855

 

27,522

Noncurrent receivables and other financial assets2

 

14,600

 

14,972

 

10,903

 

11,602

 

3,697

 

3,370

Current assets

 

76,163

 

68,516

 

42,370

 

39,190

 

33,793

 

29,326

Inventories

 

17,816

 

14,031

 

16,732

 

13,319

 

1,084

 

712

Financial services receivables

 

27,035

 

24,914

 

–103

 

231

 

27,138

 

24,683

Current receivables and other financial assets

 

17,061

 

12,844

 

13,340

 

10,002

 

3,721

 

2,842

Marketable securities

 

3,770

 

6,615

 

3,730

 

6,503

 

40

 

112

Cash and cash equivalents

 

9,474

 

10,112

 

7,664

 

9,135

 

1,810

 

977

Assets held for sale

 

1,007

 

 

1,007

 

 

 

Total assets

 

167,919

 

145,357

 

88,748

 

76,754

 

79,171

 

68,603

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity and Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Equity

 

37,388

 

31,938

 

28,964

 

24,802

 

8,424

 

7,136

Equity attributable to shareholders of Volkswagen AG

 

35,011

 

31,875

 

26,841

 

24,739

 

8,170

 

7,136

Minority interests

 

2,377

 

63

 

2,123

 

63

 

254

 

Noncurrent liabilities

 

65,729

 

57,351

 

30,688

 

28,509

 

35,041

 

28,842

Noncurrent financial liabilities

 

33,257

 

29,315

 

2,240

 

3,645

 

31,017

 

25,670

Provisions for pensions

 

12,955

 

12,603

 

12,829

 

12,481

 

126

 

122

Other noncurrent liabilities3

 

19,517

 

15,433

 

15,619

 

12,383

 

3,898

 

3,050

Current liabilities

 

64,802

 

56,068

 

29,096

 

23,443

 

35,706

 

32,625

Current financial liabilities

 

36,123

 

28,677

 

2,865

 

–1,139

 

33,258

 

29,816

Trade payables

 

9,676

 

9,099

 

9,085

 

8,202

 

591

 

897

Other current liabilities

 

18,237

 

18,292

 

16,380

 

16,380

 

1,857

 

1,912

Liabilities associated with assets held for sale

 

766

 

 

766

 

 

 

Total equity and liabilities

 

167,919

 

145,357

 

88,748

 

76,754

 

79,171

 

68,603

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