Net Assets and Financial Position

Total assets amounted to €107.0 billion at December 31, 2013, €15.9 billion higher than in the previous year. Investments in tangible and intangible assets were on a level with the previous year, at €2.5 billion. Investments in financial assets amounting to €19.9 billion (€9.7 billion) also include the interest in Truck & Bus GmbH. At €69.9 billion, fixed assets exceeded the 2012 figure by 14.5% at the balance sheet date.

Current assets (including prepaid expenses) amounted to €37.1 billion, surpassing the prior-year figure by €7.1 billion, mainly due to higher liquid assets and the increase in receivables from affiliated companies.

Equity amounted to €25.9 billion at year-end 2013. The 5.9% increase was largely the result of the net income.

The equity ratio was 24.2% (26.8%). Provisions increased by a total of €0.8 billion on the previous year. This is primarily attributable to higher pension provisions. Other provisions increased by €0.2 billion to €11.1 billion, while provisions for taxes rose by €0.1 billion to €5.0 billion. Higher liabilities to affiliated companies in particular saw total liabilities (including deferred income) rise by 35.2% as against December 31, 2012, to €52.6 billion.

The interest-bearing portion of debt rose to €45.1 billion (€33.1 billion).

In our assessment, the economic position of Volkswagen AG is just as positive as that of the Volkswagen Group.