Currency translation

Transactions in foreign currency are translated in the single-entity financial statements of Volkswagen AG and its consolidated subsidiaries at the rates prevailing at the transaction date. Foreign currency monetary items are recorded in the balance sheet using the middle rate on the balance sheet date. Foreign exchange gains and losses are recognized in the income statement. The financial statements of foreign companies are translated into euros using the functional currency concept. Asset and liability items are translated at the closing rate. With the exception of income and expenses recognized directly in equity, equity is translated at historical rates. The resulting foreign exchange differences are taken directly to equity until disposal of the subsidiary concerned, and are presented as a separate item in equity.

Income statement items are translated into euros at weighted average rates using the modified closing rate method. The rates applied are presented in the following table:

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Balance sheet
Middle rate on December 31,

 

Income statement
Average rate

 

 

1 € =

 

2008

 

2007

 

2008

 

2007

Argentina

 

ARS

 

4.80624

 

4.63638

 

4.63951

 

4.27103

Australia

 

AUD

 

2.02740

 

1.67570

 

1.74162

 

1.63557

Brazil

 

BRL

 

3.24360

 

2.61445

 

2.67428

 

2.66318

Canada

 

CAD

 

1.69980

 

1.44490

 

1.55942

 

1.46895

Czech Republic

 

CZK

 

26.87500

 

26.62800

 

24.94632

 

27.75824

India

 

INR

 

67.39307

 

57.85353

 

63.59206

 

56.39206

Japan

 

JPY

 

126.14000

 

164.93000

 

152.45406

 

161.24064

Mexico

 

MXN

 

19.23330

 

16.07430

 

16.29157

 

14.97495

People’s Republic of China

 

CNY

 

9.49560

 

10.75240

 

10.22361

 

10.41860

Poland

 

PLN

 

4.15350

 

3.59350

 

3.51210

 

3.78314

Republic of Korea

 

KRW

 

1,839.13000

 

1,377.96000

 

1,606.08719

 

1,273.33290

Russia

 

RUB

 

41.28300

 

35.98600

 

36.42072

 

35.02037

Slovak Republic

 

SKK

 

30.12600

 

33.58300

 

31.26167

 

33.77502

South Africa

 

ZAR

 

13.06670

 

10.02980

 

12.05899

 

9.66135

Sweden

 

SEK

 

10.87000

 

9.44150

 

9.61524

 

9.25214

United Kingdom

 

GBP

 

0.95250

 

0.73335

 

0.79628

 

0.68455

USA

 

USD

 

1.39170

 

1.47210

 

1.47103

 

1.37064

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