Additional Income Statement Disclosures in Accordance with IFRS 7 (Financial Instruments)

CLASSES OF FINANCIAL INSTRUMENTS

Financial instruments are divided into the following classes at the Volkswagen Group:

  • financial instruments measured at fair value,
  • financial instruments measured at amortized cost and
  • financial instruments not falling within the scope of IFRS 7.

Financial instruments not falling within the scope of IFRS 7 include in particular investments in associates and joint ventures accounted for using the equity method.

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NET GAINS OR LOSSES FROM FINANCIAL INSTRUMENTS BY IAS 39 MEASUREMENT CATEGORY

€ million

 

2014

 

2013

 

 

 

 

 

Financial instruments at fair value through profit or loss

 

−220

 

−756

Loans and receivables

 

5,357

 

3,386

Available-for-sale financial assets

 

592

 

193

Financial liabilities measured at amortized cost

 

−3,921

 

−3,851

 

 

1,808

 

−1,027

Net gains and losses from financial assets and liabilities at fair value through profit or loss are composed of the fair value measurement gains and losses on derivatives, including interest and gains and losses on currency translation.

Net gains and losses from available-for-sale financial assets primarily comprise income and expenses from marketable securities including disposal gains/losses, impairment losses on investments and currency translation effects.

Net gains and losses from loans and receivables and from financial liabilities carried at amortized cost comprise interest income and expenses in accordance with the effective interest method under IAS 39, including currency translation effects. Interest also includes interest income and expenses from the lending business of the financial services operations.

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TOTAL INTEREST INCOME AND EXPENSES ATTRIBUTABLE TO FINANCIAL INSTRUMENTS NOT MEASURED AT FAIR VALUE THROUGH PROFIT OR LOSS

€ million

 

2014

 

2013

 

 

 

 

 

Interest income

 

5,267

 

4,925

Interest expenses

 

3,683

 

3,981

 

 

1,584

 

943

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IMPAIRMENT LOSSES ON FINANCIAL ASSETS BY CLASS

€ million

 

2014

 

2013

 

 

 

 

 

Measured at fair value

 

2

 

2

Measured at amortized cost

 

1,295

 

1,470

 

 

1,297

 

1,472

Impairment losses relate to write-downs of financial assets, such as valuation allowances on receivables, marketable securities and unconsolidated subsidiaries. Interest income on impaired financial assets amounted to €46 million in the fiscal year (previous year: €47 million).

In fiscal year 2014, €6 million (previous year: €5 million) was recognized as an expense and €66 million (previous year: €52 million) as income from fees and commissions for trust activities and from financial assets and liabilities not measured at fair value that are not accounted for using the effective interest method.