Net Assets and Financial Position
Volkswagen AG (CONDENSED, IN ACCORDANCE WITH THE GERMAN COMMERCIAL CODE)
Total assets amounted to €107.0 billion at December 31, 2013, €15.9 billion higher than in the previous year. Investments in tangible and intangible assets were on a level with the previous year, at €2.5 billion. Investments in financial assets amounting to €19.9 billion (€9.7 billion) also include the interest in Truck & Bus GmbH. At €69.9 billion, fixed assets exceeded the 2012 figure by 14.5% at the balance sheet date.
Current assets (including prepaid expenses) amounted to €37.1 billion, surpassing the prior-year figure by €7.1 billion, mainly due to higher liquid assets and the increase in receivables from affiliated companies.
Equity amounted to €25.9 billion at year-end 2013. The 5.9% increase was largely the result of the net income.
The equity ratio was 24.2% (26.8%). Provisions increased by a total of €0.8 billion on the previous year. This is primarily attributable to higher pension provisions. Other provisions increased by €0.2 billion to €11.1 billion, while provisions for taxes rose by €0.1 billion to €5.0 billion. Higher liabilities to affiliated companies in particular saw total liabilities (including deferred income) rise by 35.2% as against December 31, 2012, to €52.6 billion.
The interest-bearing portion of debt rose to €45.1 billion (€33.1 billion).
In our assessment, the economic position of Volkswagen AG is just as positive as that of the Volkswagen Group.
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BALANCE SHEET OF VOLKSWAGEN AG AS OF DECEMBER 31 |
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€ million |
2013 |
2012 |
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Fixed assets |
69,931 |
61,096 |
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Inventories |
3,695 |
3,795 |
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Receivables* |
22,132 |
19,347 |
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Cash-in-hand and bank balances |
11,279 |
6,880 |
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Total assets |
107,037 |
91,118 |
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Equity |
25,874 |
24,434 |
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Special tax-allowable reserves |
41 |
47 |
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Long-term debt |
16,450 |
14,102 |
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Medium-term debt |
29,602 |
26,222 |
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Short-term debt |
35,070 |
26,312 |