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Statement of Changes in Equity

OF THE VOLKSWAGEN GROUP FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014

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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

The capital transactions involving a change in ownership interest are attributable in the previous year to the derecognition of the noncontrolling interests in the equity of MAN SE and the interest in Scania AB attributable to those noncontrolling interest shareholders and, in the reporting period, to the derecognition of the noncontrolling interests in the equity of Scania AB.

2

Volkswagen AG recorded an inflow of cash funds amounting to €3,000 million, less a discount of €29 million and transaction costs (€19 million), from the hybrid capital issued in March 2014. Additionally, there are 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 are noncash effects from the deferral of taxes amounting to €6 million.

3

The other changes in retained earnings are primarily a result of exchange rate movements between the dates of publication and completion of the offer to acquire all shares of Scania in conjunction with the measurement of the liability originally recognized outside profit or loss in March 2014.

Balance at Jan. 1, 2013

  

1,191

  

11,509

  

64,596

  

−539

  

360

  

624

  

−59

  

–

  

77,682

  

4,313

  

81,995

Profit after tax

  

–

  

–

  

9,066

  

–

  

–

  

–

  

–

  

27

  

9,093

  

52

  

9,145

Other comprehensive income, net of tax

  

–

  

–

  

1,653

  

−2,239

  

1,501

  

100

  

−170

  

–

  

844

  

−99

  

746

Total comprehensive income

  

–

  

–

  

10,719

  

−2,239

  

1,501

  

100

  

−170

  

27

  

9,938

  

−47

  

9,891

Capital increase

  

0

  

1,149

  

–

  

–

  

–

  

–

  

–

  

1,976

  

3,125

  

–

  

3,125

Dividend payment

  

–

  

–

  

−1,639

  

–

  

–

  

–

  

–

  

–

  

−1,639

  

−210

  

−1,849

Capital transactions involving a change in ownership interest1

  

–

  

–

  

−1,328

  

−21

  

−16

  

0

  

−1

  

–

  

−1,366

  

−1,759

  

−3,125

Other changes

  

–

  

–

  

−7

  

0

  

0

  

0

  

1

  

–

  

−6

  

7

  

1

Balance at Dec. 31, 2013

  

1,191

  

12,658

  

72,341

  

−2,799

  

1,845

  

724

  

−229

  

2,004

  

87,733

  

2,304

  

90,037

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

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

Profit 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 increase2

  

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 interest1

  

–

  

–

  

−4,484

  

−45

  

2

  

–

  

0

  

–

  

−4,527

  

−2,123

  

−6,650

Other changes3

  

–

  

–

  

−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

Explanatory notes on equity are presented in note 24.