Basis of consolidation

In addition to Volkswagen AG, the consolidated financial statements comprise all significant German and non-German subsidiaries, including structured entities, that are controlled directly or indirectly by Volkswagen AG. This is the case if Volkswagen AG obtains power over the potential subsidiaries directly or indirectly from voting rights or similar rights, is exposed, or has rights to, positive or negative variable returns from its involvement with the subsidiaries, and is able to influence those returns. In the case of the structured entities consolidated in the Volkswagen Group, the Group company is able to direct the material relevant activities remaining after the change in the structure even if it is not invested in the structured entity concerned and is thus able to influence the variable returns from its involvement. The structured entities are used primarily to enter into asset-backed securities transactions to refinance the financial services business and to invest surplus liquidity in special securities funds. Consolidation of subsidiaries begins at the first date on which control exists, and ends when such control no longer exists.

Subsidiaries whose business is dormant or of low volume and that are insignificant, both individually and in the aggregate, for the fair presentation of the net assets, financial position and results of operations as well as the cash flows of the Volkswagen Group are not consolidated. They are carried in the consolidated financial statements at cost less any impairment losses required to be recognized since no active market exists for these companies and fair values cannot be reliably ascertained without undue cost or effort.

Significant companies where Volkswagen AG is able, directly or indirectly, to significantly influence financial and operating policy decisions (associates), or that are directly or indirectly jointly controlled (joint ventures), are accounted for using the equity method. Joint ventures also include companies in which the Volkswagen Group holds the majority of voting rights, but whose articles of association or partnership agreements stipulate that important decisions may only be resolved unanimously. Insignificant associates and joint ventures are generally carried at the lower of cost or fair value.

The composition of the Volkswagen Group is shown in the following table:

The list of all shareholdings that forms part of the annual financial statements of Volkswagen AG can be downloaded from the electronic companies register at www.unternehmensregister.de and from www.volkswagenag.com/ir by clicking on “Further mandatory Publications” under the heading “Mandatory Publications”.

The following consolidated German subsidiaries with the legal form of a corporation or partnership meet the criteria set out in section 264(3) or section 264b of the Handelsgesetzbuch (HGB – German Commercial Code) due to their inclusion in the consolidated financial statements and have as far as possible exercised the option not to publish annual financial statements:

• Audi Berlin GmbH, Berlin
• Audi Frankfurt GmbH, Frankfurt am Main
• Audi Hamburg GmbH, Hamburg
• Audi Hannover GmbH, Hanover
• Audi Leipzig GmbH, Leipzig
• Audi Stuttgart GmbH, Stuttgart
• Audi Zentrum München GmbH, Munich
• Autostadt GmbH, Wolfsburg
• AutoVision GmbH, Wolfsburg
• Bugatti Engineering GmbH, Wolfsburg
• Dr. Ing. h.c. F. Porsche AG, Stuttgart
• Haberl Beteiligungs-GmbH, Munich
• Karosseriewerk Porsche GmbH & Co. KG, Stuttgart
• MAHAG GmbH, Munich
• Porsche Consulting GmbH, Bietigheim-Bissingen
• Porsche Deutschland GmbH, Bietigheim-Bissingen
• Porsche Dienstleistungs GmbH, Stuttgart
• Porsche Engineering Group GmbH, Weissach
• Porsche Engineering Services GmbH, Bietigheim-Bissingen
• Porsche Financial Services GmbH & Co. KG, Bietigheim-Bissingen
• Porsche Financial Services GmbH, Bietigheim-Bissingen
• Porsche Holding Stuttgart GmbH, Stuttgart
• Porsche Leipzig GmbH, Leipzig
• Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG, Ludwigsburg
• Porsche Logistik GmbH, Stuttgart
• Porsche Niederlassung Berlin GmbH, Berlin
• Porsche Niederlassung Berlin-Potsdam GmbH, Kleinmachnow
• Porsche Niederlassung Hamburg GmbH, Hamburg
• Porsche Niederlassung Leipzig GmbH, Leipzig
• Porsche Niederlassung Mannheim GmbH, Mannheim
• Porsche Niederlassung Stuttgart GmbH, Stuttgart
• Porsche Nordamerika Holding GmbH, Ludwigsburg
• Porsche Siebte Vermögensverwaltung GmbH, Stuttgart
• Porsche Zentrum Hoppegarten GmbH, Stuttgart
• Raffay Versicherungsdienst GmbH, Hamburg
• Truck & Bus GmbH, Wolfsburg
• VfL Wolfsburg-Fußball GmbH, Wolfsburg
• VGRD GmbH, Wolfsburg
• Volkswagen Automobile Berlin GmbH, Berlin
• Volkswagen Automobile Chemnitz GmbH, Chemnitz
• Volkswagen Automobile Frankfurt GmbH, Frankfurt am Main
• Volkswagen Automobile Hamburg GmbH, Hamburg
• Volkswagen Automobile Hannover GmbH, Hanover
• VOLKSWAGEN Automobile Leipzig GmbH, Leipzig
• Volkswagen Automobile Region Hannover GmbH, Hanover
• Volkswagen Automobile Rhein-Neckar GmbH, Mannheim
• Volkswagen Automobile Stuttgart GmbH, Stuttgart
• Volkswagen Gebrauchtfahrzeughandels und Service GmbH, Langenhagen
• Volkswagen Group Real Estate GmbH & Co. KG, Wolfsburg
• Volkswagen Immobilien GmbH, Wolfsburg
• Volkswagen Logistics GmbH & Co. OHG, Wolfsburg
• Volkswagen Original Teile Logistik GmbH & Co. KG, Baunatal
• Volkswagen Osnabrück GmbH, Osnabrück
• Volkswagen R GmbH, Wolfsburg
• Volkswagen Sachsen GmbH, Zwickau
• Volkswagen Vertriebsbetreuungsgesellschaft mbH, Chemnitz
• Volkswagen Zubehör GmbH, Dreieich