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Annual Report

Additional Income Statement Disclosures in Accordance with IFRS 7
(Financial Instruments)

CLASSES OF FINANCIAL INSTRUMENTS

Financial instruments are divided into the following classes at the Volkswagen Group:

  • Financial instruments measured at fair value,
  • Financial instruments measured at amortized cost and
  • Financial instruments not falling within the scope of IFRS 7.

Financial instruments not falling within the scope of IFRS 7 include in particular investments in associates and joint ventures accounted for using the equity method.

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NET GAINS OR LOSSES FROM FINANCIAL INSTRUMENTS BY MEASUREMENT CATEGORY UNDER IAS 39

€ million

 

2010

 

2009

*

The prior-year figures were adjusted.

Financial instruments at fair value through profit or loss

 

930

 

207

Loans and receivables*

 

4,276

 

3,220

Available-for-sale financial assets*

 

96

 

14

Financial liabilities measured at amortized cost

 

–3,212

 

–3,626

 

 

2,089

 

–185

Net gains and losses from financial assets and liabilities at fair value through profit or loss are composed of the fair value measurement gains and losses on financial instruments, including interest and gains and losses on currency translation.

Net gains and losses from available-for-sale financial assets primarily comprise income and expenses from marketable securities including disposal gains/losses, impairment losses on investments and currency translation effects.

Net gains and losses from loans and receivables and from financial liabilities carried at amortized cost comprise interest income and expenses in accordance with the effective interest method under IAS 39, including currency translation effects. Interest also includes interest income and expenses from the lending business of the financial services operations.

In fiscal year 2010, cash, cash equivalents and time deposits were reclassified from available-for-sale financial assets to loans and receivables in order to harmonize the IAS 39 measurement categories and the IFRS 7 classes within the Volkswagen Group. In the net gains and losses, an amount of €17 million was consequently transferred between the measurement categories concerned (previous year: €9 million). The prior-year figures were adjusted.

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TOTAL INTEREST INCOME AND EXPENSES OF FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

€ million

 

2010

 

2009

Interest income

 

4,301

 

3,957

Interest expenses

 

3,402

 

3,652

 

 

899

 

305

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IMPAIRMENT LOSSES ON FINANCIAL ASSETS BY CLASS

€ million

 

2010

 

2009

Measured at fair value

 

 

3

Measured at amortized cost

 

1,306

 

1,622

 

 

1,306

 

1,625

Impairment losses relate to write-downs of financial assets, such as valuation allowances on receivables, marketable securities and unconsolidated subsidiaries. Interest income on impaired financial assets amounted to €60 million in fiscal year 2010 (previous year: €69 million).

€3 million (previous year: €5 million) was recognized in fiscal year 2010 as an expense and no income (previous year: €3 million) for fees and commissions that are not accounted for using the effective interest method.

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