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, under which 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€ =

 

2015

 

2014

 

2015

 

2014

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

14.13514

 

10.27253

 

10.26074

 

10.77234

Australia

 

AUD

 

1.48970

 

1.48290

 

1.47648

 

1.47240

Brazil

 

BRL

 

4.31170

 

3.22070

 

3.69160

 

3.12277

Canada

 

CAD

 

1.51160

 

1.40630

 

1.41760

 

1.46687

Czech Republic

 

CZK

 

27.02300

 

27.73500

 

27.28500

 

27.53583

India

 

INR

 

72.02150

 

76.71900

 

71.17522

 

81.06888

Japan

 

JPY

 

131.07000

 

145.23000

 

134.28651

 

140.37722

Mexico

 

MXN

 

18.91450

 

17.86790

 

17.59984

 

17.66209

People’s Republic of China

 

CNY

 

7.06080

 

7.53580

 

6.97300

 

8.18825

Poland

 

PLN

 

4.26390

 

4.27320

 

4.18278

 

4.18447

Republic of Korea

 

KRW

 

1,280.78000

 

1,324.80000

 

1,255.74059

 

1,399.02954

Russia

 

RUB

 

80.67360

 

72.33700

 

68.00684

 

51.01125

South Africa

 

ZAR

 

16.95300

 

14.03530

 

14.15280

 

14.40652

Sweden

 

SEK

 

9.18950

 

9.39300

 

9.35448

 

9.09689

United Kingdom

 

GBP

 

0.73395

 

0.77890

 

0.72600

 

0.80643

USA

 

USD

 

1.08870

 

1.21410

 

1.10963

 

1.32884