The details of noncurrent and current financial liabilities are presented in the following table:
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€ million |
current |
noncurrent |
Carrying amount |
current |
noncurrent |
Carrying amount | ||||||
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Bonds |
9,345 |
19,392 |
28,737 |
10,817 |
21,405 |
32,222 | ||||||
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Commercial paper and notes |
7,893 |
4,991 |
12,884 |
7,580 |
4,240 |
11,820 | ||||||
|
Liabilities to banks |
6,245 |
7,494 |
13,739 |
5,878 |
6,864 |
12,742 | ||||||
|
Deposits from direct banking business |
15,043 |
3,882 |
18,924 |
15,268 |
3,041 |
18,309 | ||||||
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Loans |
1,143 |
1,166 |
2,309 |
864 |
1,260 |
2,123 | ||||||
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Bills of exchange |
0 |
– |
0 |
0 |
– |
0 | ||||||
|
Finance lease liabilities |
26 |
234 |
260 |
23 |
183 |
206 | ||||||
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Financial liabilities to |
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affiliated companies |
158 |
– |
158 |
177 |
– |
177 | ||||||
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joint ventures |
0 |
– |
0 |
– |
– |
– | ||||||
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associates |
– |
– |
– |
– |
– |
– | ||||||
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other investees and investors |
– |
– |
– |
– |
– |
– | ||||||
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39,852 |
37,159 |
77,012 |
40,606 |
36,993 |
77,599 |
Of the financial liabilities reported in the consolidated balance sheet, a total of €138 million (previous year: €151 million) is secured, for the most part by real estate liens.
Financial liabilities of €77.0 billion (previous year: €77.6 billion) contain a fair value adjustment from portfolio hedging amounting to €0.7 million (previous year: €0.3 million) for deposits from direct banking business.
Asset-backed securities transactions amounting to €9,482 million (previous year: €10,584 million) entered into to refinance the financial services business via consolidated special purpose entities are included in bonds, commercial paper and notes, and liabilities from loans. Receivables of €11,120 million (previous year: €12,785 million) from the customer financing and leasing businesses are pledged as collateral. The expected payments are assigned to special purpose vehicles and the financed vehicles transferred as collateral.
All public and private asset-backed securities transactions of the Volkswagen Financial Services AG group can be repaid in advance (clean-up call) if less than 9% of the original transaction volume is outstanding. The asset-backed securities conduit transactions of Volkswagen Financial Services (UK) and Volkswagen Financial Services Japan are private transactions that can be terminated at fixed dates.
