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Statement of Changes in Equity

of the Volkswagen Group for the period January 1 to December 31, 2018

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OTHER RESERVES

  

 

  

 

  

 

  

 

 

  

 

  

 

  

 

  

 

  

HEDGING

  

 

  

 

  

 

  

 

  

 

  

 

€ million

  

Subscribed capital

  

Capital reserve

  

Retained earnings

  

Currency translation reserve

  

Cash flow hedges (OCI I)

  

Deferred costs of hedging (OCI II)

  

Equity and debt instruments

  

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

Volkswagen AG recorded an inflow of cash funds amounting to €3,500 million, less a discount of €4 million and transaction costs of €23 million, from the hybrid capital issued in June 2017. Additionally, there were noncash effects from the deferral of taxes amounting to €8 million. The hybrid capital is required to be classified as equity instruments granted.

2

Volkswagen AG recorded an inflow of cash funds amounting to €2,750 million, less transaction costs of €19 million, from the hybrid capital issued in June 2018. Additionally, there were noncash effects from the deferral of taxes amounting to €6 million. The hybrid capital is required to be classified as equity instruments granted. The calling of the first tranche of the hybrid capital issued in September 2013 resulted in an outflow of cash funds of €1,250 million in September 2018. In addition, other effects of €14 million had to be recognized in equity.

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Unadjusted balance at Jan. 1, 2017

  

1,283

  

14,551

  

70,446

  

−1,117

  

−457

  

–

  

−2

  

417

  

7,567

  

92,689

  

221

  

92,910

Changes in accounting policy to reflect IFRS 9

  

–

  

–

  

57

  

–

  

–

  

−57

  

–

  

–

  

–

  

–

  

–

  

–

Balance at Jan. 1, 2017

  

1,283

  

14,551

  

70,503

  

−1,117

  

−457

  

−57

  

−2

  

417

  

7,567

  

92,689

  

221

  

92,910

Earnings after tax

  

–

  

–

  

11,179

  

–

  

–

  

–

  

–

  

–

  

274

  

11,453

  

10

  

11,463

Other comprehensive income, net of tax

  

–

  

–

  

586

  

−2,106

  

4,038

  

120

  

93

  

−251

  

–

  

2,479

  

1

  

2,480

Total comprehensive income

  

–

  

–

  

11,765

  

−2,106

  

4,038

  

120

  

93

  

−251

  

274

  

13,932

  

11

  

13,943

Disposal of equity instruments

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

Capital increases1

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

3,481

  

3,481

  

–

  

3,481

Dividends payment

  

–

  

–

  

−1,015

  

–

  

–

  

–

  

–

  

–

  

−311

  

−1,326

  

−5

  

−1,332

Capital transactions involving a change in ownership interest

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

Other changes

  

–

  

–

  

−4

  

–

  

–

  

–

  

–

  

–

  

78

  

73

  

1

  

75

Balance at Dec. 31, 2017

  

1,283

  

14,551

  

81,248

  

−3,223

  

3,581

  

63

  

91

  

166

  

11,088

  

108,849

  

229

  

109,077

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Unadjusted balance at Jan. 1, 2018

  

1,283

  

14,551

  

81,367

  

−3,223

  

3,525

  

–

  

91

  

166

  

11,088

  

108,849

  

229

  

109,077

Changes in accounting policy to reflect IFRS 9 and 15

  

–

  

–

  

−282

  

–

  

56

  

63

  

−225

  

–

  

–

  

−388

  

1

  

−387

Balance at Jan. 1, 2018

  

1,283

  

14,551

  

81,085

  

−3,223

  

3,581

  

63

  

−133

  

166

  

11,088

  

108,461

  

229

  

108,690

Earnings after tax

  

–

  

–

  

11,827

  

–

  

–

  

–

  

–

  

–

  

309

  

12,136

  

17

  

12,153

Other comprehensive income, net of tax

  

–

  

–

  

57

  

−353

  

−1,791

  

−692

  

16

  

62

  

–

  

−2,701

  

0

  

−2,701

Total comprehensive income

  

–

  

–

  

11,884

  

−353

  

−1,791

  

−692

  

16

  

62

  

309

  

9,435

  

17

  

9,452

Disposal of equity instruments

  

–

  

–

  

113

  

–

  

–

  

–

  

−113

  

–

  

–

  

–

  

–

  

–

Capital increases/Capital decreases2

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

1,501

  

1,501

  

–

  

1,501

Dividends payment

  

–

  

–

  

−1,967

  

–

  

–

  

–

  

–

  

–

  

−403

  

−2,370

  

−4

  

−2,375

Capital transactions involving a change in ownership interest

  

–

  

–

  

−10

  

–

  

–

  

–

  

–

  

–

  

–

  

−10

  

−18

  

−28

Other changes

  

–

  

–

  

0

  

–

  

–

  

–

  

–

  

–

  

101

  

101

  

2

  

102

Balance at Dec. 31, 2018

  

1,283

  

14,551

  

91,105

  

−3,576

  

1,790

  

−629

  

−230

  

228

  

12,596

  

117,117

  

225

  

117,342

Explanatory notes on equity are presented in the note relating to equity.