Annual Report 2024

Consolidated Financial Statements

Statement of Comprehensive Income

Changes in comprehensive income for the period January 1 to December 31, 2024

Statement of Comprehensive Income of the Volkswagen Group – 2024

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

12,394

 

10,721

 

630

 

1,043

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

2,158

 

2,086

 

–

 

72

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

−514

 

−497

 

–

 

−17

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

1,644

 

1,589

 

–

 

55

Fair value valuation of equity instruments that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax

 

−20

 

−18

 

–

 

−3

Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss

 

29

 

28

 

–

 

1

Fair Value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

8

 

11

 

–

 

−2

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

−60

 

−60

 

–

 

0

Items that will not be reclassified to profit or loss

 

1,592

 

1,540

 

–

 

52

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

893

 

988

 

–

 

−96

Transferred to profit or loss

 

286

 

286

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

1,179

 

1,275

 

–

 

−96

Deferred taxes relating to exchange differences on translating foreign operations

 

1

 

1

 

–

 

0

Exchange differences on translating foreign operations, net of tax

 

1,180

 

1,275

 

–

 

−96

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

−622

 

−453

 

–

 

−169

Transferred to profit or loss or inventories (OCI I)

 

−1,072

 

−957

 

–

 

−114

Cash flow hedges (OCI I), before tax

 

−1,694

 

−1,410

 

–

 

−284

Deferred taxes relating to cash flow hedges (OCI I)

 

490

 

404

 

–

 

85

Cash flow hedges (OCI I), net of tax

 

−1,204

 

−1,006

 

–

 

−198

Fair value changes recognized in other comprehensive income (OCI II)

 

−471

 

−420

 

–

 

−51

Transferred to profit or loss or inventories (OCI II)

 

1,121

 

990

 

–

 

131

Cash flow hedges (OCI II), before tax

 

650

 

569

 

–

 

81

Deferred taxes relating to cash flow hedges (OCI II)

 

−185

 

−161

 

–

 

−24

Cash flow hedges (OCI II), net of tax

 

465

 

409

 

–

 

56

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

80

 

80

 

–

 

–

Transferred to profit or loss

 

−7

 

−7

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

73

 

73

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

−22

 

−22

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

51

 

51

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

−113

 

−114

 

–

 

2

Items that may be reclassified to profit or loss

 

379

 

614

 

–

 

−236

Other comprehensive income, before tax

 

2,173

 

2,401

 

–

 

−228

Deferred taxes relating to other comprehensive income

 

−202

 

−246

 

–

 

45

Other comprehensive income, net of tax

 

1,971

 

2,154

 

–

 

−183

Total comprehensive income

 

14,365

 

12,875

 

630

 

860

Changes in comprehensive income for the period January 1 to December 31, 20231

Statement of Comprehensive Income of the Volkswagen Group – 2023

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to non-controlling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

17,861

 

15,947

 

586

 

1,329

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

−1,871

 

−1,763

 

–

 

−107

Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income

 

642

 

610

 

–

 

32

Pension plan remeasurements recognized in other comprehensive income, net of tax

 

−1,229

 

−1,153

 

–

 

−76

Fair value valuation of equity instruments that will not be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax

 

−96

 

−97

 

–

 

1

Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss

 

22

 

23

 

–

 

0

Fair Value valuation of equity instruments that will not be reclassified to profit or loss, net of tax

 

−73

 

−74

 

–

 

1

Share of other comprehensive income of equity-accounted investments that will not be reclassified to profit or loss, net of tax

 

−7

 

−7

 

–

 

0

Items that will not be reclassified to profit or loss

 

−1,309

 

−1,234

 

–

 

−74

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

−1,653

 

−1,556

 

–

 

−97

Transferred to profit or loss

 

395

 

395

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

−1,258

 

−1,160

 

–

 

−97

Deferred taxes relating to exchange differences on translating foreign operations

 

−3

 

−3

 

–

 

–

Exchange differences on translating foreign operations, net of tax

 

−1,260

 

−1,163

 

–

 

−97

Hedging

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income (OCI I)

 

747

 

428

 

–

 

320

Transferred to profit or loss or inventories (OCI I)

 

−748

 

−674

 

–

 

−75

Cash flow hedges (OCI I), before tax

 

−1

 

−246

 

–

 

245

Deferred taxes relating to cash flow hedges (OCI I)

 

20

 

95

 

–

 

−75

Cash flow hedges (OCI I), net of tax

 

19

 

−151

 

–

 

170

Fair value changes recognized in other comprehensive income (OCI II)

 

−404

 

−359

 

–

 

−45

Transferred to profit or loss or inventories (OCI II)

 

1,055

 

915

 

–

 

140

Cash flow hedges (OCI II), before tax

 

651

 

556

 

–

 

95

Deferred taxes relating to cash flow hedges (OCI II)

 

−184

 

−155

 

–

 

−29

Cash flow hedges (OCI II), net of tax

 

467

 

401

 

–

 

66

Fair value valuation of debt instruments that may be reclassified to profit or loss

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

176

 

176

 

–

 

–

Transferred to profit or loss

 

−6

 

−6

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax

 

170

 

170

 

–

 

–

Deferred taxes relating to fair value valuation of debt instruments recognized in other comprehensive income

 

−44

 

−44

 

–

 

–

Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax

 

126

 

126

 

–

 

–

Share of other comprehensive income of equity-accounted investments that may be reclassified to profit or loss, net of tax

 

−382

 

−381

 

–

 

−1

Items that may be reclassified to profit or loss

 

−1,030

 

−1,168

 

–

 

138

Other comprehensive income, before tax

 

−2,792

 

−2,929

 

–

 

136

Deferred taxes relating to other comprehensive income

 

454

 

526

 

–

 

−73

Other comprehensive income, net of tax

 

−2,339

 

−2,402

 

–

 

64

Total comprehensive income

 

15,523

 

13,544

 

586

 

1,393

1

Prior-year figures adjusted (see disclosures on IAS 8 in the “Prior-year corrections in accordance with IAS 8” section).
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