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Annual Report

Net Assets and Financial Position

Volkswagen AG’s total assets amounted to €67.2 billion at the end of the reporting period, exceeding the December 31, 2009 figure by €5.9 billion. Investments in tangible and intangible assets, most of which related to new products, were €1.2 billion, a decrease of 13.9% compared with the previous year. Investments in financial assets amounting to €10.9 billion (€7.8 billion) (including €3.2 billion from the transfer of investments to Global Automotive Holding C.V.) also include the investment in Suzuki Motor Corporation. On December 31, 2010, fixed assets amounted to €42.1 billion, 8.9% more than a year before.

At €25.1 billion at the reporting date, current assets were higher than in the previous year. While receivables were up compared with 2009, due primarily to the higher volume of supplies and services transacted and the receivables from profit and loss transfer agreements, cash and bank balances were down year-on-year.

Equity at December 31, 2010 amounted to €17.1 billion, 41.6% higher than at the end of 2009. The increase was a result of the capital increase implemented in fiscal year 2010, as well as of the increased net income for the year. The equity ratio increased to 25.4% (19.7%). Provisions rose by 6.9% to €24.8 billion, which was primarily a result of higher pension provisions and income-related taxes. A reduction in loans to subsidiaries was the main factor behind the decline in liabilities by 2.8% to €25.3 billion. The interest-bearing portion of the debt thus fell to €19.8 billion (€21.2 billion).

Overall, our assessment of Volkswagen AG’s economic position is just as positive as that for the Group.

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BALANCE SHEET OF VOLKSWAGEN AG AS OF DECEMBER 31

 

 

€ million

 

2010

 

2009

Fixed assets

 

42,077

 

38,636

Inventories

 

3,230

 

3,361

Receivables

 

14,098

 

10,434

Cash and bank balances

 

7,817

 

8,904

Total assets

 

67,223

 

61,334

Equity

 

17,072

 

12,056

Special tax-allowable reserves

 

59

 

65

Long-term debt

 

11,861

 

18,192

Medium-term debt

 

13,474

 

8,460

Short-term debt

 

24,757

 

22,562

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