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Statement of Changes in Equity

of the Volkswagen Group for the period January 1 to December 31, 2016

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OTHER RESERVES

  

 

  

 

  

 

  

 

€ million

  

Sub­scribed capital

  

Capital reserves

  

Re­tained earnings

  

Cur­rency trans­lation reserve

  

Cash flow hedge reserve

  

Available-for-sale financial assets

  

Equity- accoun­ted invest­ments

  

Equity attribut­able to Volks­wagen AG hybrid capital investors

  

Equity attribut­able to Volks­wagen AG share­holders and hybrid capital investors

  

Noncon­trolling interests

  

Total equity

*

Volkswagen AG recorded an inflow of cash funds amounting to €2,500 million, less a discount of €29 million and transaction costs of €14 million, from the hybrid capital issued in March 2015. Additionally, there were noncash effects from the deferral of taxes amounting to €11 million. The hybrid capital is required to be classified as equity instruments granted. In connection with the maturity and subsequent conversion of the mandatory convertible notes in fiscal year 2015, the notional value of the newly created shares (€65 million) was reclassified from the capital reserves to subscribed capital.

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Balance at Jan. 1, 2015

  

1,218

  

14,616

  

71,197

  

−1,777

  

−1,715

  

1,263

  

148

  

5,041

  

89,991

  

198

  

90,189

Earnings after tax

  

–

  

–

  

−1,582

  

–

  

–

  

–

  

–

  

212

  

−1,370

  

10

  

−1,361

Other comprehensive income, net of tax

  

–

  

–

  

1,729

  

790

  

−2,197

  

−1,278

  

392

  

–

  

−564

  

2

  

−562

Total comprehensive income

  

–

  

–

  

148

  

790

  

−2,197

  

−1,278

  

392

  

212

  

−1,934

  

12

  

−1,922

Capital increases*

  

65

  

−65

  

–

  

–

  

–

  

–

  

–

  

2,469

  

2,469

  

–

  

2,469

Dividends payment

  

–

  

–

  

−2,294

  

–

  

–

  

–

  

–

  

−215

  

−2,509

  

−6

  

−2,516

Capital transactions involving a change in ownership interest

  

–

  

–

  

−2

  

0

  

–

  

–

  

–

  

–

  

−2

  

−1

  

−3

Other changes

  

–

  

0

  

−8

  

0

  

–

  

–

  

2

  

54

  

46

  

7

  

54

Balance at Dec. 31, 2015

  

1,283

  

14,551

  

69,039

  

−987

  

−3,912

  

−16

  

542

  

7,560

  

88,060

  

210

  

88,270

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

  

 

Balance at Jan. 1, 2016

  

1,283

  

14,551

  

69,039

  

−987

  

−3,912

  

−16

  

542

  

7,560

  

88,060

  

210

  

88,270

Earnings after tax

  

–

  

–

  

5,144

  

–

  

–

  

–

  

–

  

225

  

5,369

  

10

  

5,379

Other comprehensive income, net of tax

  

–

  

–

  

−3,657

  

−129

  

3,455

  

14

  

−131

  

–

  

−448

  

−1

  

−449

Total comprehensive income

  

–

  

–

  

1,487

  

−129

  

3,455

  

14

  

−131

  

225

  

4,921

  

9

  

4,930

Capital increases

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

Dividends payment

  

–

  

–

  

−68

  

–

  

–

  

–

  

–

  

−291

  

−359

  

−6

  

−364

Capital transactions involving a change in ownership interest

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

  

–

Other changes

  

–

  

–

  

−13

  

–

  

–

  

–

  

6

  

73

  

66

  

8

  

74

Balance at Dec. 31, 2016

  

1,283

  

14,551

  

70,446

  

−1,117

  

−457

  

−2

  

417

  

7,567

  

92,689

  

221

  

92,910

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