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Annual Report

Investments

INVESTMENTS IN ASSOCIATES

Volkswagen AG continued to hold 29.9% of the voting rights and 28.67% of the subscribed capital of MAN SE, Munich, at the balance sheet date. The market value of this interest was €3,751 million at December 31, 2010 (previous year: €2,295 million).

Effective January 15, 2010, Volkswagen acquired 19.89% of the shares of Suzuki Motor Corporation, Hamamatsu, Japan, for €1.7 billion. On the basis of the economic cooperation agreed in the master agreement, Suzuki is classified as an associate. Following the exercise of outstanding convertible bonds by other investors, Volkswagen’s interest in Suzuki fell to 19.37%. After acquiring additional shares, Volkswagen increased its interest again to 19.89% as of June 30, 2010. The shares are measured using the equity method. The market value of the interest was €2,053 million at December 31, 2010.

The following carrying amounts are attributable to the Volkswagen Group from its proportionate interest in MAN and Suzuki (previous year: MAN only):

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€ million

 

2010

 

2009

Noncurrent assets

 

5,228

 

2,272

Current assets

 

3,681

 

2,286

Noncurrent liabilities

 

2,729

 

1,225

Current liabilities

 

2,570

 

1,862

Income

 

8,788

 

3,448

Profit/loss for the period

 

305

 

–77

INTERESTS IN JOINT VENTURES

In December 2009, Volkswagen AG acquired 49.9% of the shares of Porsche Zwischenholding GmbH, Stuttgart. Porsche Zwischenholding GmbH holds 100% of the shares of Dr. Ing. h.c. F. Porsche AG, Stuttgart. On the basis of the agreements under company law with Porsche Automobil Holding SE, Volkswagen jointly controls Porsche Zwischenholding GmbH and its direct and indirect subsidiaries. The shares of Porsche Zwischenholding GmbH were accounted for using the equity method.

The Volkswagen Group holds a 50% indirect interest in the joint venture LeasePlan Corporation N.V., Amsterdam, the Netherlands, via its 50% stake in the joint venture Global Mobility Holding B.V., Amsterdam, the Netherlands. Volkswagen has agreed with Fleet Investments B.V., Amsterdam, the Netherlands, an investment company belonging to the von Metzler family, that Fleet Investments will become the new co-investor in Global Mobility Holding for an initial period of two years. On the basis of an agreement entered into in September 2009, the previous co-investors were instructed by Volkswagen AG to transfer their shares to Fleet Investments B.V. on February 1, 2010 for the purchase price of €1.4 billion. Volkswagen AG granted the new co-investor a put option on its shares. If this option is exercised, Volkswagen must pay the original purchase price plus accumulated pro rata preferred dividends or the higher fair value. The put option is accounted for at fair value.

In addition, Volkswagen will pledge claims under certificates of deposit with Bankhaus Metzler in the amount of €1.4 billion to secure a loan granted to Fleet Investments B.V. by Bankhaus Metzler. This pledge does not increase the Volkswagen Group’s risk arising from the above-mentioned short position.

The following carrying amounts are attributable ratably to the Volkswagen Group from its proportionate interest in the joint ventures (primarily Shanghai-Volkswagen Automotive Company, FAW-Volkswagen Automotive Company, Global Mobility Holding and Porsche Zwischenholding GmbH):

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€ million

 

2010

 

2009

*

Fiscal year 2009 includes Porsche Zwischenholding GmbH from the date the company was accounted for using the equity method (December 7, 2009).

Noncurrent assets

 

13,805

 

11,092

Current assets

 

12,487

 

15,532

Noncurrent liabilities

 

10,457

 

8,025

Current liabilities

 

12,043

 

15,942

Income*

 

21,162

 

10,135

Expenses*

 

18,988

 

9,314

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