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Statement of Changes in Equity

OF THE VOLKSWAGEN GROUP FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2013

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Sub­scrib­ed capital

  

Ca­pital re­serves

  

Re­tained ear­nings

  

Curr­ency trans­lation res­erve

  

Cash flow hedges

  

Avail­able-for-sale finan­cial assets

  

Equity- ac­coun­ted invest­ments

  

Equity attri­but­able to Volks­wagen AG hybrid capital inves­tors

  

Equity attri­but­able to Volks­wagen AG share­holders and hybrid capital inves­tors

  

Non­con­trolling inter­ests

  

Total equity

 

                      

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

1

Figures adjusted to reflect application of IAS 19R.

2

The capital transactions involving a change in ownership interest are attributable in the previous year in particular to the increase in the equity interest in MAN SE and, in the reporting period, to the derecognition of the noncontrolling interests in the equity of MAN SE and the interest in Scania AB attributable to these noncontrolling interest shareholders.

3

Volkswagen AG recorded an inflow of cash funds amounting to €1,200 million, plus the premium and deferred interest (€69 million) and less transaction costs (€14 million), from the mandatory convertible note placed in June 2013. Additionally, there are noncash effects from the deferral of taxes amounting to €49 million. €1,149 million of the total amount is required to be classified as equity instruments granted. The residual amount is classified as debt. Volkswagen AG also recorded an inflow of cash funds amounting to €2,000 million, less a discount of €18 million and transaction costs (€14 million), from the hybrid capital issued in the course of the fiscal year. Additionally, there are noncash effects from the deferral of taxes amounting to €9 million. The hybrid capital is required to be classified as equity instruments granted.

Unadjusted balance at Jan. 1, 2012

  

1,191

  

9,329

  

48,898

  

–332

  

–1,437

  

176

  

–286

  

–

  

57,539

  

5,815

  

63,354

Changes in accounting policy to reflect IAS 19R

  

–

  

–

  

172

  

–

  

–

  

–

  

–

  

–

  

172

  

3

  

174

Adjusted balance at Jan. 1, 2012

  

1,191

  

9,329

  

49,069

  

–332

  

–1,437

  

176

  

–286

  

–

  

57,710

  

5,817

  

63,528

Profit after tax1

  

–

  

–

  

21,712

  

–

  

–

  

–

  

–

  

–

  

21,712

  

169

  

21,881

Other comprehensive income, net of tax

  

–

  

–

  

–3,877

  

–207

  

1,797

  

448

  

79

  

–

  

–1,760

  

–81

  

–1,842

Total comprehensive income1

  

–

  

–

  

17,835

  

–207

  

1,797

  

448

  

79

  

–

  

19,952

  

87

  

20,039

Capital increase

  

0

  

2,180

  

–

  

–

  

–

  

–

  

–

  

–

  

2,180

  

–

  

2,180

Dividend payment

  

–

  

–

  

–1,406

  

–

  

–

  

–

  

–

  

–

  

–1,406

  

–267

  

–1,673

Capital transactions involving a change in ownership interest2

  

–

  

–

  

–762

  

–

  

–

  

–

  

–

  

–

  

–762

  

–1,339

  

–2,101

Other changes

  

–

  

–

  

–141

  

–

  

–

  

–

  

148

  

–

  

8

  

14

  

22

Balance at Dec. 31, 20121

  

1,191

  

11,509

  

64,596

  

–539

  

360

  

624

  

–59

  

–

  

77,682

  

4,313

  

81,995

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Unadjusted balance at Jan. 1, 2013

  

1,191

  

11,509

  

64,429

  

–539

  

360

  

624

  

–59

  

–

  

77,515

  

4,310

  

81,825

Changes in accounting policy to reflect IAS 19R

  

–

  

–

  

167

  

–

  

–

  

–

  

–

  

–

  

167

  

4

  

171

Adjusted balance at Jan. 1, 2013

  

1,191

  

11,509

  

64,596

  

–539

  

360

  

624

  

–59

  

–

  

77,682

  

4,313

  

81,995

Profit after tax

  

–

  

–

  

9,066

  

–

  

–

  

–

  

–

  

27

  

9,093

  

52

  

9,145

Other comprehensive income, net of tax

  

–

  

–

  

1,653

  

–2,239

  

1,501

  

100

  

–170

  

–

  

844

  

–99

  

746

Total comprehensive income

  

–

  

–

  

10,719

  

–2,239

  

1,501

  

100

  

–170

  

27

  

9,938

  

–47

  

9,891

Capital increase3

  

0

  

1,149

  

–

  

–

  

–

  

–

  

–

  

1,976

  

3,125

  

–

  

3,125

Dividend payment

  

–

  

–

  

–1,639

  

–

  

–

  

–

  

–

  

–

  

–1,639

  

–210

  

–1,849

Capital transactions involving a change in ownership interest2

  

–

  

–

  

–1,328

  

–21

  

–16

  

0

  

–1

  

–

  

–1,366

  

–1,759

  

–3,125

Other changes

  

–

  

–

  

–7

  

0

  

0

  

0

  

1

  

–

  

–6

  

7

  

1

Balance at Dec. 31, 2013

  

1,191

  

12,658

  

72,341

  

–2,799

  

1,845

  

724

  

–229

  

2,004

  

87,733

  

2,304

  

90,037

Explanatory notes on equity are presented in note 24.