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:

  (XLS:) Download

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

BALANCE SHEET MIDDLE RATE ON DECEMBER 31

 

INCOME STATEMENT AVERAGE RATE

 

 

€1 =

 

2016

 

2015

 

2016

 

2015

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

16.80096

 

14.13514

 

16.33207

 

10.26074

Australia

 

AUD

 

1.46150

 

1.48970

 

1.48880

 

1.47648

Brazil

 

BRL

 

3.43720

 

4.31170

 

3.86217

 

3.69160

Canada

 

CAD

 

1.42280

 

1.51160

 

1.46659

 

1.41760

Czech Republic

 

CZK

 

27.02400

 

27.02300

 

27.03433

 

27.28500

India

 

INR

 

71.65500

 

72.02150

 

74.37058

 

71.17522

Japan

 

JPY

 

123.50000

 

131.07000

 

120.31663

 

134.28651

Mexico

 

MXN

 

21.84800

 

18.91450

 

20.66535

 

17.59984

People’s Republic of China

 

CNY

 

7.33320

 

7.06080

 

7.35067

 

6.97300

Poland

 

PLN

 

4.41530

 

4.26390

 

4.36416

 

4.18278

Republic of Korea

 

KRW

 

1,269.11000

 

1,280.78000

 

1,284.79543

 

1,255.74059

Russia

 

RUB

 

64.67550

 

80.67360

 

74.23443

 

68.00684

South Africa

 

ZAR

 

14.48480

 

16.95300

 

16.28336

 

14.15280

Sweden

 

SEK

 

9.56720

 

9.18950

 

9.46712

 

9.35448

United Kingdom

 

GBP

 

0.85850

 

0.73395

 

0.81897

 

0.72600

USA

 

USD

 

1.05600

 

1.08870

 

1.10675

 

1.10963