23 Assets held for sale and associated liabilities

Assets held for sale relate to Volkswagen Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda., Resende, Brazil. The company was a wholly owned subsidiary of the Volkswagen Group at the reporting date and was allocated to the Automotive Division. In an agreement dated December 23, 2008, Volkswagen sold all shares of the company to a Brazilian subsidiary of MAN AG, Munich, effective January 1, 2009. The shares are expected to be transferred in the first quarter of 2009 after official approval has been obtained.

The key groups of assets held for sale and associated liabilities are as follows:

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€ million

 

Dec. 31, 2008

Intangible assets

 

79

Property, plant and equipment

 

67

Inventories

 

164

Cash and cash equivalents and marketable securities

 

282

Other assets

 

415

Assets held for sale

 

1,007

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€ million

 

Dec. 31, 2008

Provisions

 

313

Current financial liabilities

 

175

Other current liabilities

 

278

Liabilities associated with assets held for sale

 

766

Cumulative income and expense recognized directly in equity that is directly associated with the disposal groups is as follows:

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€ million

 

Dec. 31, 2008

Actuarial gains

 

–1

Cash flow hedges

 

–60

Foreign exchange differences

 

–52

Deferred taxes

 

21

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