Currency translation

Transactions in foreign currencies are translated in the single-entity financial statements of Volkswagen AG and its consolidated subsidiaries at the rates prevailing at the transaction date. Foreign currency monetary items are recorded in the balance sheet using the middle rate at the closing date. Foreign exchange gains and losses are recognized in the income statement. This does not apply to foreign exchange differences from loans receivable that represent part of a net investment in a foreign operation. The financial statements of foreign companies are translated into euros using the functional currency concept. Asset and liability items are translated at the closing rate. With the exception of income and expenses recognized directly in equity, equity is translated at historical rates. The resulting foreign exchange differences are recognized in other comprehensive income until disposal of the subsidiary concerned, and are presented as a separate item in equity.

Income statement items are translated into euros at weighted average rates.

The rates applied are presented in the following table:

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BALANCE SHEET MIDDLE RATE ON DECEMBER 31,

 

INCOME STATEMENT AVERAGE RATE

 

 

€1 =

 

2014

 

2013

 

2014

 

2013

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

10.27253

 

8.98251

 

10.77234

 

7.27413

Australia

 

AUD

 

1.48290

 

1.54230

 

1.47240

 

1.37702

Brazil

 

BRL

 

3.22070

 

3.25760

 

3.12277

 

2.86694

Canada

 

CAD

 

1.40630

 

1.46710

 

1.46687

 

1.36845

Czech Republic

 

CZK

 

27.73500

 

27.42700

 

27.53583

 

25.98715

India

 

INR

 

76.71900

 

85.36600

 

81.06888

 

77.87525

Japan

 

JPY

 

145.23000

 

144.72000

 

140.37722

 

129.65950

Mexico

 

MXN

 

17.86790

 

18.07310

 

17.66209

 

16.96444

People’s Republic of China

 

CNY

 

7.53580

 

8.34910

 

8.18825

 

8.16549

Poland

 

PLN

 

4.27320

 

4.15430

 

4.18447

 

4.19708

Republic of Korea

 

KRW

 

1,324.80000

 

1,450.93000

 

1,399.02954

 

1,453.85601

Russia

 

RUB

 

72.33700

 

45.32460

 

51.01125

 

42.32482

South Africa

 

ZAR

 

14.03530

 

14.56600

 

14.40652

 

12.83079

Sweden

 

SEK

 

9.39300

 

8.85910

 

9.09689

 

8.65050

United Kingdom

 

GBP

 

0.77890

 

0.83370

 

0.80643

 

0.84925

USA

 

USD

 

1.21410

 

1.37910

 

1.32884

 

1.32814