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 |
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|---|---|---|
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 |
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|---|---|---|
Actuarial gains |
–1 |
|
Cash flow hedges |
–60 |
|
Foreign exchange differences |
–52 |
|
Deferred taxes |
21 |
