Additional Income Statement Disclosures in Accordance with IFRS 7 (Financial Instruments)

CLASSES OF FINANCIAL INSTRUMENTS

Financial instruments are divided into the following classes at the Volkswagen Group:

  • Financial instruments measured at fair value,
  • Financial instruments measured at amortized cost and
  • Financial instruments not falling within the scope of IFRS 7.

Financial instruments not falling within the scope of IFRS 7 include in particular investments in associates and joint ventures accounted for using the equity method.

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NET GAINS OR LOSSES FROM FINANCIAL INSTRUMENTS
BY MEASUREMENT CATEGORY UNDER IAS 39

€ million

 

2008

 

2007

Financial instruments at fair value through profit or loss

 

–4

 

342

Loans and receivables

 

3,297

 

2,610

Available-for-sale financial assets

 

–288

 

329

Financial liabilities measured at amortized cost

 

–3,319

 

–3,268

 

 

–314

 

13

Net gains and losses from financial instruments are composed of interest, fair value measurement gains and losses on financial instruments, gains and losses on currency translation, impairment losses and disposal gains/losses. Interest also includes interest income and expenses from the Financial Services Division’s lending and leasing business. Financial instruments measured at fair value do not include any dividend income.

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TOTAL INTEREST INCOME AND EXPENSES OF FINANCIAL INSTRUMENTS
NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

€ million

 

2008

 

2007

Interest income

 

4,239

 

3,354

Interest expenses

 

3,462

 

3,386

 

 

777

 

–32

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IMPAIRMENT LOSSES ON FINANCIAL ASSETS BY CLASS

 

 

€ million

 

2008

 

2007

Measured at fair value

 

266

 

Measured at amortized cost

 

1,156

 

818

 

 

1,422

 

818

Impairment losses relate to write-downs of financial assets, such as valuation allowances on receivables, securities and unconsolidated subsidiaries. Interest income on impaired financial assets amounted to €82 million in fiscal year 2008 (previous year: €83 million).

€9 million (previous year: €15 million) was recognized in fiscal year 2008 as an expense for fees and commissions that are not accounted for using the effective interest method and €3 million (previous year: €4 million) as income.

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