Net Assets and Financial Position

Total assets amounted to €91.1 billion at December 31, 2012, €15.5 billion higher than in the previous year. Investments in tangible and intangible assets rose by €0.5 billion year-on-year to €2.5 billion. This increase was mainly due to the necessary increase in product and engine capacities. Investments in financial assets amounting to €9.7 billion (€10.1 billion) include the contribution of Porsche SE’s operating automotive business and the acquisition of additional shares of MAN SE. At €61.1 billion, fixed assets exceeded the prior-year figure by 16.3% on December 31, 2012.

Current assets were up €6.9 billion on the previous year at €30.0 billion, mainly due to the increase in receivables from affiliated companies and higher liquid assets.

Equity amounted to €24.4 billion at year-end 2012. The 25.6% increase was largely the result of the significantly higher net income.

The equity ratio was 26.8% (25.7%). Provisions decreased by a total of €1.1 billion on the previous year. This is primarily attributable to lower provisions for taxes. The €0.6 billion decline in other provisions to €10.9 billion was offset by a €0.6 billion increase in pension provisions, to €12.0 billion. Higher liabilities to affiliated companies in particular saw liabilities rise by 42.3% as against 2011 to €38.9 billion. The interest-bearing portion of debt rose to €33.1 billion (€20.8 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
€ million		2012		2011
Fixed assets		61,096		52,543
Inventories		3,795		3,799
Receivables		19,347		13,919
Cash and bank balances		6,880		5,405
Total assets		91,118		75,666
Equity		24,434		19,459
Special tax-allowable reserves		47		53
Long-term debt		14,102		10,172
Medium-term debt		26,222		19,250
Short-term debt		26,312		26,732