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Annual Report

Currency translation

Transactions in foreign currency are translated in the single-entity financial statements of Volkswagen AG and its consolidated subsidiaries at the rates prevailing at the transaction date. Foreign currency monetary items are recorded in the balance sheet using the closing rate. Foreign exchange gains and losses are recognized in the income statement. The financial statements of foreign companies are translated into euros using the functional currency concept. Asset and liability items are translated at the closing rate. With the exception of income and expenses recognized directly in equity, equity is translated at historical rates. The resulting foreign exchange differences are recognized in other comprehensive income until disposal of the subsidiary concerned, and are presented as a separate item in equity.

Income statement items are translated into euros at weighted average rates.

The rates applied are presented in the following table:

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Balance Sheet middle rate on December 31,

 

Income Statement average rate

 

 

€1 =

 

2010

 

2009

 

2010

 

2009

Argentina

 

ARS

 

5.30858

 

5.46811

 

5.18724

 

5.21069

Australia

 

AUD

 

1.31360

 

1.60080

 

1.44231

 

1.77270

Brazil

 

BRL

 

2.21770

 

2.51130

 

2.33143

 

2.76742

Canada

 

CAD

 

1.33220

 

1.51280

 

1.36511

 

1.58496

Czech Republic

 

CZK

 

25.06100

 

26.47300

 

25.28402

 

26.43491

India

 

INR

 

59.75800

 

67.04000

 

60.58783

 

67.34999

Japan

 

JPY

 

108.65000

 

133.16000

 

116.23857

 

130.33660

Mexico

 

MXN

 

16.54750

 

18.92230

 

16.73727

 

18.79886

People’s Republic of China

 

CNY

 

8.82200

 

9.83500

 

8.97123

 

9.52771

Poland

 

PLN

 

3.97500

 

4.10450

 

3.99467

 

4.32762

Republic of Korea

 

KRW

 

1,499.06000

 

1,666.97000

 

1,531.82116

 

1,772.90387

Russia

 

RUB

 

40.82000

 

43.15400

 

40.26294

 

44.13764

South Africa

 

ZAR

 

8.86250

 

10.66600

 

9.69843

 

11.67366

Sweden

 

SEK

 

8.96550

 

10.25200

 

9.53727

 

10.61905

United Kingdom

 

GBP

 

0.86075

 

0.88810

 

0.85784

 

0.89094

USA

 

USD

 

1.33620

 

1.44060

 

1.32572

 

1.39482

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