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Statement of Changes in Equity

OF THE VOLKSWAGEN GROUP FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2015

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OTHER RESERVES

  

 

  

 

  

 

  

 

€ million

  

Sub­scribed capital

  

Capital reserves

  

Re­tained earnings

  

Cur­rency trans­lation reserve

  

Cash flow hedge reserve

  

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

Volkswagen AG recorded an inflow of cash funds amounting to €3,000 million, less a discount of €29 million and transaction costs of €19 million, from the hybrid capital issued in March 2014. Additionally, there were noncash effects from the deferral of taxes amounting to €13 million. The hybrid capital is required to be classified as equity instruments granted. Volkswagen AG recorded an inflow of cash funds amounting to €2,000 million, less transaction costs (€20 million), from the capital increase implemented in June 2014 by issuing new preferred shares. Additionally, there were noncash effects from the deferral of taxes amounting to €6 million. Volkswagen AG recorded an inflow of cash funds amounting to €2,500 mil¬lion, less a discount of €29 million and transaction costs of €14 million, from the hybrid capital issued in March 2015. Additionally, there were noncash effects from the deferral of taxes amounting to €11 million. The hybrid capital is required to be classified as equity instruments granted. In connection with the maturity and subsequent conversion of the mandatory convertible notes in fiscal 2015, the notional value of the newly created shares (€65 million) was reclassified from the capital reserves to subscribed capital.

2

The capital transactions involving a change in ownership interest in 2014 were attributable to the derecognition of the noncontrolling interests in the equity of Scania AB.

Balance at Jan. 1, 2014

  

1,191

  

12,658

  

72,341

  

−2,799

  

1,845

  

724

  

−229

  

2,004

  

87,733

  

2,304

  

90,037

Earnings after tax

  

–

  

–

  

10,847

  

–

  

–

  

–

  

–

  

138

  

10,985

  

84

  

11,068

Other comprehensive income, net of tax

  

–

  

–

  

−5,584

  

1,068

  

−3,562

  

539

  

376

  

–

  

−7,164

  

−62

  

−7,226

Total comprehensive income

  

–

  

–

  

5,263

  

1,068

  

−3,562

  

539

  

376

  

138

  

3,821

  

21

  

3,842

Capital increase1

  

27

  

1,959

  

–

  

–

  

–

  

–

  

–

  

2,965

  

4,951

  

–

  

4,951

Dividend payment

  

–

  

–

  

−1,871

  

–

  

–

  

–

  

–

  

−87

  

−1,958

  

−4

  

−1,962

Capital transactions involving a change in ownership interest2

  

–

  

–

  

−4,484

  

−45

  

2

  

–

  

0

  

–

  

−4,527

  

−2,123

  

−6,650

Other changes

  

–

  

–

  

−52

  

0

  

–

  

–

  

1

  

22

  

−29

  

0

  

−29

Balance at Dec. 31, 2014

  

1,218

  

14,616

  

71,197

  

−1,777

  

−1,715

  

1,263

  

148

  

5,041

  

89,991

  

198

  

90,189

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Balance at Jan. 1, 2015

  

1,218

  

14,616

  

71,197

  

−1,777

  

−1,715

  

1,263

  

148

  

5,041

  

89,991

  

198

  

90,189

Earnings after tax

  

–

  

–

  

−1,582

  

–

  

–

  

–

  

–

  

212

  

−1,370

  

10

  

−1,361

Other comprehensive income, net of tax

  

–

  

–

  

1,729

  

790

  

−2,197

  

−1,278

  

392

  

–

  

−564

  

2

  

−562

Total comprehensive income

  

–

  

–

  

148

  

790

  

−2,197

  

−1,278

  

392

  

212

  

−1,934

  

12

  

−1,922

Capital increase1

  

65

  

−65

  

–

  

–

  

–

  

–

  

–

  

2,469

  

2,469

  

–

  

2,469

Dividend payment

  

–

  

–

  

−2,294

  

–

  

–

  

–

  

–

  

−215

  

−2,509

  

−6

  

−2,516

Capital transactions involving a change in ownership interest

  

–

  

–

  

−2

  

0

  

–

  

–

  

–

  

–

  

−2

  

−1

  

−3

Other changes

  

–

  

0

  

−8

  

0

  

–

  

–

  

2

  

54

  

46

  

7

  

54

Balance at Dec. 31, 2015

  

1,283

  

14,551

  

69,039

  

−987

  

−3,912

  

−16

  

542

  

7,560

  

88,060

  

210

  

88,270

Explanatory notes on equity are presented in note 24.