During the reporting period, Volkswagen AG’s total assets increased by 17.0% to €56.7 billion. At €1.4 billion, investments in tangible assets were 36.4% higher than in the previous year. Investments were made primarily in new products. Financial investments increased by 42.6% year-on-year, mainly as a result of the increased investment in Scania AB. Fixed assets grew by 25.7% compared with December 31, 2007 to €34.0 billion.

Current assets increased by 6.1% to €22.7 billion. Increased receivables and inventories were offset by a lower level of securities and – due in particular to the Scania acquisition – lower cash funds.

Many employees took advantage of the extremely positive price performance of Volkswagen ordinary shares to exercise the conversion rights from their previously subscribed bonds in the reporting period. Together with higher capital and revenue reserves, this increased equity (including special tax-allowable reserves) slightly by 2.8% to €11.8 billion. The equity ratio fell to 20.8% (23.7%).

At the end of 2008, provisions increased by 9.5% year-on-year to €23.4 billion. Liabilities rose by 37.8% to €21.5 billion, of which €15.9 billion (€11.0 billion) was interest-bearing.