Basis of presentation
Volkswagen AG is domiciled in Wolfsburg and entered in the commercial register at the Braunschweig Local Court under no. HRB 100484. The fiscal year corresponds to the calendar year.
In accordance with Regulation No. 1606/2002 of the European Parliament and of the Council, Volkswagen AG has prepared its consolidated financial statements for 2008 in compliance with the International Financial Reporting Standards (IFRSs) as adopted by the European Union. We have complied with all the IFRS s adopted by the EU and required to be applied for periods beginning on or after January 1, 2008.
The accounting policies applied in the previous year were retained, with the exception of the changes due to the new or amended standards.
In addition, we have complied with all the provisions of German commercial law that we are also required to apply, as well as with the German Corporate Governance Code.
The consolidated financial statements were prepared in euros. Unless otherwise stated, all amounts are given in millions of euros (€ million).
The income statement was prepared using the internationally accepted cost of sales method.
Preparation of the consolidated financial statements in accordance with the above-mentioned standards requires management to make estimates that affect the reported amounts of certain items in the consolidated balance sheet and in the consolidated income statement, as well as the related disclosure of contingent assets and liabilities. The consolidated financial statements give a true and fair view of the net assets, financial position and results of operations as well as the cash flows of the Volkswagen Group.