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.