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Balance Sheet

of the Volkswagen Group for the period January 1 to December 31, 2019

€ million		Note		Dec. 31, 2019		Dec. 31, 2018

Assets
Noncurrent assets
Intangible assets		12		66,214		64,613
Property, plant and equipment		13, 34		66,152		57,630
Lease assets		14, 34		48,938		43,545
Investment property		14		538		496
Equity-accounted investments		15		8,169		8,434
Other equity investments		15		1,902		1,474
Financial services receivables		16		86,973		78,692
Other financial assets		17		5,553		6,521
Other receivables		18		2,722		2,608
Tax receivables		19		341		476
Deferred tax assets		19		13,106		10,131
				300,608		274,620
Current assets
Inventories		20		46,742		45,745
Trade receivables		21		17,941		17,888
Financial services receivables		16		58,615		54,216
Other financial assets		17		12,216		11,586
Other receivables		18		7,272		6,203
Tax receivables		19		1,190		1,879
Marketable securities		22		16,769		17,080
Cash, cash equivalents and time deposits		23		25,923		28,938
Assets held for sale				795		–
				187,463		183,536
Total assets				488,071		458,156

Equity and Liabilities
Equity		24
Subscribed capital				1,283		1,283
Capital reserve				14,551		14,551
Retained earnings				96,929		91,105
Other reserves				−3,646		−2,417
Equity attributable to Volkswagen AG hybrid capital investors				12,663		12,596
Equity attributable to Volkswagen AG shareholders and hybrid capital investors				121,781		117,117
Noncontrolling interests				1,870		225
				123,651		117,342
Noncurrent liabilities
Financial liabilities		25		113,556		101,126
Other financial liabilities		26		4,499		3,219
Other liabilities		27		7,271		6,448
Deferred tax liabilities		28		5,007		5,030
Provisions for pensions		29		41,389		33,097
Provisions for taxes		28		2,991		3,047
Other provisions		30		21,783		20,879
				196,497		172,846
Current liabilities
Put options and compensation rights granted to noncontrolling interest shareholders		31		–		1,853
Financial liabilities		25		87,912		89,757
Trade payables		32		22,745		23,607
Tax payables		28		408		456
Other financial liabilities		26		10,858		9,416
Other liabilities		27		19,320		17,593
Provisions for taxes		28		1,876		1,412
Other provisions		30		24,434		23,874
Liabilities associated with assets held for sale				370		–
				167,924		167,968
Total equity and liabilities				488,071		458,156