CONSOLIDATED BALANCE SHEET STRUCTURE
At €253.6 billion, the Volkswagen Group’s total assets as of December 31, 2011 were 27.2% higher than in the previous year. This was driven by organic growth in the Automotive Division, the acquisition of Porsche Holding Salzburg and the consolidation of MAN. The structure of the consolidated balance sheet as of December 31, 2011 can be seen from the chart below. The Volkswagen Group’s equity ratio rose slightly to 25.0% (24.4%).
CONSOLIDATED BALANCE SHEET STRUCTURE 2011
as percent
AUTOMOTIVE DIVISION BALANCE SHEET STRUCTURE
The consolidation of the automobile trading business of Porsche Holding Salzburg primarily led to an increase in inventories and debt. Noncurrent assets (in particular intangible assets), equity and liabilities increased following the consolidation of the MAN Commercial Vehicles and Power Engineering subgroups. Purchase price allocation for the assets acquired and liabilities assumed is provisional as of the date of these financial statements.
At the end of 2011, noncurrent assets in the Automotive Division were 38.9% above the prior-year figure. This increase was mainly the result of the addition of MAN and the remeasurement of the options relating to Porsche Zwischenholding GmbH as of the reporting date, as well as investments in new products. Current assets were 21.0% higher than at December 31, 2010. The initial consolidation of subsidiaries and the increase in business volumes led to a rise in inventories and receivables. At €14.5 billion (€17.4 billion), cash and cash equivalents were below the prior-year level due to the acquisition of Porsche Holding Salzburg and the increase in the equity investment in MAN SE.
The Automotive Division’s equity attributable to shareholders of Volkswagen AG amounted to €46.9 billion at the end of 2011, exceeding the prior-year value by 26.6%. The effects of the strong earnings performance contrasted with negative effects from the dividend payment, losses from the fair value remeasurement of derivative financial instruments recognized directly in equity, and higher actuarial losses from the valuation of pension provisions. Including noncontrolling interests, which chiefly relate to noncontrolling interests in Scania and MAN, equity amounted to €52.5 billion, up €12.9 billion on the prior-year reporting date. The equity ratio was slightly higher year‑on‑year at 35.9% (35.5%). Noncurrent and current liabilities rose by 15.8% and 50.2% respectively. This was largely a result of the initial consolidation of subsidiaries and higher business volumes. Noncurrent financial liabilities decreased by 14.8%. The figures for the Automotive Division also contain the elimination of intragroup transactions between the Automotive and Financial Services divisions. As the current financial liabilities for the primary Automotive Division were lower than the loans granted to the Financial Services Division, a negative amount was disclosed for the reporting period.
The Automotive Division’s total assets were €146.0 billion as of December 31, 2011, 30.9% higher than at the end of December 2010.
Passenger Cars and Light Commercial Vehicles Business Area
balance sheet structure
At year-end 2011, noncurrent assets in the Passenger Cars and Light Commercial Vehicles Business Area were 13.6% up on the prior-year figure, to €60.5 billion. Current assets were on a level with 2010 at €45.6 billion. Total assets amounted to €106.1 billion as of December 31, 2011 (€99.0 billion). Equity was €32.4 billion, 2.6% higher than at December 31, 2010. Noncurrent and current liabilities increased to €41.0 billion and €32.7 billion respectively. In addition to organic growth, this was largely influenced by the acquisition of Porsche Holding Salzburg and the remeasurement of the put/call rights relating to Porsche Zwischenholding GmbH.
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PASSENGER CARS LIGHT COMMERCIAL VEHICLES BUSINESS AREA | ||||
|
€ million |
2011 |
2010 | ||
|---|---|---|---|---|
|
Noncurrent assets |
60,505 |
53,264 | ||
|
Current assets |
45,597 |
45,762 | ||
|
Total assets |
106,102 |
99,026 | ||
|
Equity |
32,411 |
31,604 | ||
|
Noncurrent liabilities |
41,030 |
40,427 | ||
|
Current liabilities |
32,661 |
26,995 | ||
Trucks and Buses, Power Engineering Business Area balance sheet structure
The balance sheet items in the Trucks and Buses, Power Engineering Business Area as of December 31, 2011 are significantly higher than the prior-year values due to the consolidation of MAN. Noncurrent assets and equity in particular were impacted by the purchase price allocation for the assets acquired and liabilities assumed from MAN. Total assets amounted to €39.9 billion (€12.5 billion). Equity increased by €12.1 billion to €20.1 billion. Noncontrolling interests in the equity of the Volkswagen Group are attributable primarily to the Trucks and Buses, Power Engineering Business Area.
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TRUCKS AND BUSES, POWER ENGINEERING BUSINESS AREA | ||||
|
€ million |
2011 |
2010 | ||
|---|---|---|---|---|
|
Noncurrent assets |
25,774 |
8,868 | ||
|
Current assets |
14,157 |
3,632 | ||
|
Total assets |
39,931 |
12,500 | ||
|
Equity |
20,078 |
7,943 | ||
|
Noncurrent liabilities |
8,044 |
1,936 | ||
|
Current liabilities |
11,810 |
2,621 | ||
FINANCIAL SERVICES DIVISION BALANCE SHEET STRUCTURE
The consolidation of the financial services business for Porsche Holding Salzburg and MAN led in particular to an increase in financial services receivables and current financial liabilities at the Financial Services Division.
At the end of the reporting period, the Financial Services Division’s total assets amounted to €107.6 billion, €19.7 billion higher than in the previous year. Noncurrent assets increased by 20.2%, mainly as a result of business expansion and the inclusion of Porsche Holding Salzburg and MAN, which increased financial services receivables in particular. Current assets grew by 25.6%; within this item, financial services receivables increased due to volume-related factors and the initial consolidation of subsidiaries. Cash and cash equivalents rose to €3.8 billion (€1.3 billion). The Financial Services Division accounted for approximately 42% of the Volkswagen Group’s assets as of the reporting date.
Equity in the Financial Services Division amounted to €10.9 billion (€9.2 billion) as of the reporting date. This increase was due in particular to the earnings position and capital increases by Volkswagen AG. The division’s equity ratio was 10.1% (10.4%). The initial consolidation of Porsche Holding Salzburg and the financing of the increase in business volume saw noncurrent liabilities rise by 27.8%. Current liabilities were up 19.7% year-on-year, primarily due to business expansion and the initial consolidation of subsidiaries. Deposits from direct banking business amounted to €22.2 billion (€18.9 billion), of which €21.4 billion was attributable to Volkswagen Bank direct. The debt/equity ratio remained unchanged at 8:1.
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CONSOLIDATED BALANCE SHEET BY DIVISION AS OF DECEMBER 31 | ||||||||||||||||||
|
|
Volkswagen Group |
Automotive1 |
Financial Services | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|
€ million |
2011 |
2010 |
2011 |
2010 |
2011 |
2010 | ||||||||||||
| ||||||||||||||||||
|
Assets |
|
|
|
|
|
| ||||||||||||
|
Noncurrent assets |
147,986 |
113,457 |
86,278 |
62,133 |
61,708 |
51,325 | ||||||||||||
|
Intangible assets |
21,992 |
13,104 |
21,861 |
13,023 |
131 |
82 | ||||||||||||
|
Property, plant and equipment |
31,916 |
25,847 |
31,454 |
25,440 |
462 |
407 | ||||||||||||
|
Leasing and rental assets |
16,626 |
11,812 |
3,278 |
384 |
13,348 |
11,428 | ||||||||||||
|
Financial services receivables |
42,450 |
35,817 |
–600 |
–22 |
43,050 |
35,840 | ||||||||||||
|
Other receivables and financial assets2 |
35,002 |
26,877 |
30,286 |
23,309 |
4,717 |
3,568 | ||||||||||||
|
Current assets |
105,640 |
85,936 |
59,755 |
49,394 |
45,885 |
36,541 | ||||||||||||
|
Inventories |
27,551 |
17,631 |
25,378 |
16,393 |
2,173 |
1,238 | ||||||||||||
|
Financial services receivables |
33,754 |
30,164 |
–816 |
–238 |
34,570 |
30,403 | ||||||||||||
|
Other receivables and financial assets |
19,897 |
13,970 |
15,494 |
10,446 |
4,404 |
3,524 | ||||||||||||
|
Marketable securities |
6,146 |
5,501 |
5,235 |
5,375 |
911 |
126 | ||||||||||||
|
Cash, cash equivalents and time deposits |
18,291 |
18,670 |
14,464 |
17,419 |
3,827 |
1,251 | ||||||||||||
|
Total assets |
253,626 |
199,393 |
146,033 |
111,527 |
107,593 |
87,866 | ||||||||||||
|
|
|
|
|
|
|
| ||||||||||||
|
Equity and Liabilities |
|
|
|
|
|
| ||||||||||||
|
Equity |
63,354 |
48,712 |
52,488 |
39,546 |
10,865 |
9,166 | ||||||||||||
|
Equity attributable to shareholders of Volkswagen AG |
57,539 |
45,978 |
46,891 |
37,048 |
10,647 |
8,930 | ||||||||||||
|
Noncontrolling interests |
5,815 |
2,734 |
5,597 |
2,498 |
218 |
236 | ||||||||||||
|
Noncurrent liabilities |
89,216 |
73,781 |
49,074 |
42,364 |
40,142 |
31,417 | ||||||||||||
|
Noncurrent financial liabilities |
44,443 |
37,159 |
7,663 |
8,989 |
36,780 |
28,170 | ||||||||||||
|
Provisions for pensions |
16,787 |
15,432 |
16,592 |
15,265 |
194 |
167 | ||||||||||||
|
Other noncurrent liabilities3 |
27,986 |
21,190 |
24,819 |
18,110 |
3,167 |
3,080 | ||||||||||||
|
Current liabilities |
101,057 |
76,900 |
44,471 |
29,617 |
56,586 |
47,283 | ||||||||||||
|
Current financial liabilities |
49,090 |
39,852 |
–2,979 |
–3,143 |
52,069 |
42,996 | ||||||||||||
|
Trade payables |
16,325 |
12,544 |
15,245 |
11,628 |
1,081 |
916 | ||||||||||||
|
Other current liabilities |
35,642 |
24,504 |
32,205 |
21,132 |
3,436 |
3,372 | ||||||||||||
|
Total equity and liabilities |
253,626 |
199,393 |
146,033 |
111,527 |
107,593 |
87,866 | ||||||||||||
