Notes

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Currency translation

Transactions in foreign currencies are translated in the single-entity financial statements of Volkswagen AG and its consolidated subsidiaries at the rates prevailing at the transaction date. Foreign currency monetary items are recorded in the balance sheet using the middle rate at the closing date. Foreign exchange gains and losses are recognized in the income statement. This does not apply to foreign exchange differences from loans receivable that represent part of a net investment in a foreign operation. The financial statements of foreign companies are translated into euros using the functional currency concept, under which asset and liability items are translated at the closing rate. With the exception of income and expenses recognized directly in equity, equity is translated at historical rates. The resulting foreign exchange differences are recognized in other comprehensive income until disposal of the subsidiary concerned, and are presented as a separate item in equity.

Income statement items are translated into euros at weighted average rates.

The rates applied are presented in the following table:

 

 

 

 

BALANCE SHEET MIDDLE RATE AT DECEMBER 31

 

INCOME STATEMENT AVERAGE RATE

 

 

€1 =

 

2021

 

2020

 

2021

 

2020

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

116.24508

 

103.28799

 

112.29685

 

80.73183

Australia

 

AUD

 

1.56120

 

1.58605

 

1.57478

 

1.65529

Brazil

 

BRL

 

6.30680

 

6.37555

 

6.38119

 

5.88850

Canada

 

CAD

 

1.44170

 

1.56275

 

1.48331

 

1.52944

Czech Republic

 

CZK

 

24.85900

 

26.23900

 

25.65394

 

26.45443

India

 

INR

 

84.16900

 

89.69000

 

87.46457

 

84.57106

Japan

 

JPY

 

130.32000

 

126.51000

 

129.86045

 

121.77307

Mexico

 

MXN

 

23.14175

 

24.41145

 

23.99548

 

24.51746

People’s Republic of China

 

CNY

 

7.18700

 

8.02895

 

7.63330

 

7.87025

Poland

 

PLN

 

4.59425

 

4.55615

 

4.56535

 

4.44376

Republic of Korea

 

KRW

 

1,344.96500

 

1,336.21000

 

1,353.93832

 

1,345.14093

Russia

 

RUB

 

84.97785

 

91.77540

 

87.22880

 

82.63583

South Africa

 

ZAR

 

18.05315

 

18.01515

 

17.48226

 

18.76717

Sweden

 

SEK

 

10.25475

 

10.02470

 

10.14603

 

10.48882

United Kingdom

 

GBP

 

0.84000

 

0.89925

 

0.86000

 

0.88904

USA

 

USD

 

1.13200

 

1.22760

 

1.18341

 

1.14129