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Statement of Changes in Equity

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

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OTHER RESERVES

  

 

  

 

  

 

  

 

 

  

 

  

 

  

 

  

 

  

HEDGING

  

 

  

 

  

 

  

 

  

 

  

 

€ million

  

Subscribed capital

  

Capital reserve

  

Retained earnings

  

Currency trans­lation reserve

  

Cash flow hedges (OCI I)

  

Deferred costs of hedging (OCI II)

  

Equity and debt in­stru­ments

  

Equity-accounted invest­ments

  

Equity attri­butable to Volks­wagen AG hybrid capital investors³

  

Equity attri­butable to Volks­wagen AG share­holders and hybrid capital investors

  

Non­control­ling interests

  

Total equity

1

Volkswagen AG recorded an inflow of cash funds amounting to €2,750 million, less transaction costs of €19 million, from the hybrid capital issued in June 2018. Additionally, there were noncash effects from the deferral of taxes amounting to €6 million. The hybrid capital is required to be classified as equity instruments granted. The calling of the first tranche of the hybrid capital issued in September 2013 resulted in an outflow of cash funds of €1,250 million in September 2018. In addition, other effects of €14 million had to be recognized in equity.

2

For the change in capital transactions involving a change in ownership interest see the section entitled “Key events”.

3

As of fiscal year 2019, due to a change of IAS 12, attributable earnings and dividends payment related to hybrid capital are reported without tax effects.

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Unadjusted balance at Jan. 1, 2018

  

1,283

  

14,551

  

81,367

  

−3,223

  

3,525

  

–

  

91

  

166

  

11,088

  

108,849

  

229

  

109,077

Changes in accounting policy to reflect IFRS 9 and 15

  

–

  

–

  

−282

  

–

  

56

  

63

  

−225

  

–

  

–

  

−388

  

1

  

−387

Balance at Jan. 1, 2018

  

1,283

  

14,551

  

81,085

  

−3,223

  

3,581

  

63

  

−133

  

166

  

11,088

  

108,461

  

229

  

108,690

Earnings after tax

  

–

  

–

  

11,827

  

–

  

–

  

–

  

–

  

–

  

309

  

12,136

  

17

  

12,153

Other comprehensive income, net of tax

  

–

  

–

  

57

  

−353

  

−1,791

  

−692

  

16

  

62

  

–

  

−2,701

  

0

  

−2,701

Total comprehensive income

  

–

  

–

  

11,884

  

−353

  

−1,791

  

−692

  

16

  

62

  

309

  

9,435

  

17

  

9,452

Disposal of equity instruments

  

–

  

–

  

113

  

–

  

–

  

–

  

−113

  

–

  

–

  

–

  

–

  

–

Capital increases/Capital decreases¹

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

1,501

  

1,501

  

–

  

1,501

Dividends payment

  

–

  

–

  

−1,967

  

–

  

–

  

–

  

–

  

–

  

−403

  

−2,370

  

−4

  

−2,375

Capital transactions involving a change in ownership interest

  

–

  

–

  

−10

  

–

  

–

  

–

  

–

  

–

  

–

  

−10

  

−18

  

−28

Other changes

  

–

  

–

  

0

  

–

  

–

  

–

  

–

  

–

  

101

  

101

  

2

  

102

Balance at Dec. 31, 2018

  

1,283

  

14,551

  

91,105

  

−3,576

  

1,790

  

−629

  

−230

  

228

  

12,596

  

117,117

  

225

  

117,342

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Balance at Jan. 1, 2019

  

1,283

  

14,551

  

91,105

  

−3,576

  

1,790

  

−629

  

−230

  

228

  

12,596

  

117,117

  

225

  

117,342

Earnings after tax

  

–

  

–

  

13,346

  

–

  

–

  

–

  

–

  

–

  

540

  

13,886

  

143

  

14,029

Other comprehensive income, net of tax

  

–

  

–

  

−5,570

  

579

  

−1,695

  

−348

  

−9

  

76

  

–

  

−6,967

  

−8

  

−6,974

Total comprehensive income

  

–

  

–

  

7,776

  

579

  

−1,695

  

−348

  

−9

  

76

  

540

  

6,920

  

136

  

7,055

Disposal of equity instruments

  

–

  

–

  

−4

  

–

  

–

  

–

  

4

  

–

  

–

  

–

  

–

  

–

Capital increases/Capital decreases

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

Dividends payment

  

–

  

–

  

−2,419

  

–

  

–

  

–

  

–

  

–

  

−472

  

−2,891

  

−9

  

−2,899

Capital transactions involving a change in ownership interest²

  

–

  

–

  

390

  

173

  

1

  

0

  

−1

  

−10

  

–

  

553

  

1,519

  

2,071

Other changes

  

–

  

–

  

81

  

–

  

–

  

–

  

–

  

1

  

–

  

82

  

−1

  

81

Balance at Dec. 31, 2019

  

1,283

  

14,551

  

96,929

  

−2,824

  

95

  

−977

  

−235

  

295

  

12,663

  

121,781

  

1,870

  

123,651

Explanatory notes on equity are presented in the note relating to equity.