Net Assets and Financial Position

Total assets amounted to €116.1 billion at December 31, 2014, €9.1 billion higher than in the previous year. At €2.8 billion, investments in tangible and intangible assets were up slightly year-on-year. Investments in financial assets declined by €1.6 billion to €18.2 billion (€19.9 billion). At €87.1 billion, fixed assets exceeded the 2013 figure by 24.6% at the balance sheet date.

Current assets (including prepaid expenses) amounted to €29.0 billion, down a total of €8.1 billion year-on-year. This was mainly caused by the decrease in receivables from affiliated companies and lower liquid assets.

Equity amounted to €28.5 billion at December 31, 2014. The 10.1% increase was due in particular to the capital increase and the improved net retained profits.

The equity ratio was 24.5% (24.2%). Provisions increased by a total of €2.6 billion on the previous year. This was primarily attributable to other provisions, which grew by €1.6 billion to €12.7 billion. Provisions for pensions and similar obligations rose by €0.7 billion to €13.1 billion, while provisions for taxes were up €0.3 billion to €5.3 billion. Higher liabilities to affiliated companies in particular saw total liabilities (including deferred income) rise by 7.4% as against December 31, 2013, to €56.5 billion.

The interest-bearing portion of debt increased to €48.2 billion (€45.1 billion).

In our assessment, the economic position of Volkswagen AG is just as positive as that of the Volkswagen Group.