Currency translation

Transactions in foreign currencies 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 middle rate at the closing date. Foreign exchange gains and losses are recognized in the income statement. This does not apply to foreign exchange differences from loans receivable that represent part of a net investment in a foreign operation. 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 =

 

2013

 

2012

 

2013

 

2012

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

8.98251

 

6.48404

 

7.27413

 

5.84444

Australia

 

AUD

 

1.54230

 

1.27120

 

1.37702

 

1.24134

Brazil

 

BRL

 

3.25760

 

2.70360

 

2.86694

 

2.50970

Canada

 

CAD

 

1.46710

 

1.31370

 

1.36845

 

1.28479

Czech Republic

 

CZK

 

27.42700

 

25.15100

 

25.98715

 

25.14567

India

 

INR

 

85.36600

 

72.56000

 

77.87525

 

68.62947

Japan

 

JPY

 

144.72000

 

113.61000

 

129.65950

 

102.62121

Mexico

 

MXN

 

18.07310

 

17.18450

 

16.96444

 

16.90867

People’s Republic of China

 

CNY

 

8.34910

 

8.22070

 

8.16549

 

8.10942

Poland

 

PLN

 

4.15430

 

4.07400

 

4.19708

 

4.18433

Republic of Korea

 

KRW

 

1,450.93000

 

1,406.23000

 

1,453.85601

 

1,448.19540

Russia

 

RUB

 

45.32460

 

40.32950

 

42.32482

 

39.92376

South Africa

 

ZAR

 

14.56600

 

11.17270

 

12.83079

 

10.55455

Sweden

 

SEK

 

8.85910

 

8.58200

 

8.65050

 

8.70672

United Kingdom

 

GBP

 

0.83370

 

0.81610

 

0.84925

 

0.81110

USA

 

USD

 

1.37910

 

1.31940

 

1.32814

 

1.28560