Annual Report 2023

Consolidated Financial Statements

Statement of Comprehensive Income

Changes in comprehensive income for the period January 1 to December 31, 2023

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

17,928

 

16,013

 

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

 

15,589

 

13,611

 

586

 

1,393

Changes in comprehensive income for the period January 1 to December 31, 20221

€ million

 

Total

 

Income attributable to Volkswagen AG shareholders

 

Income attributable to Volkswagen AG hybrid capital investors

 

Income attributable to noncontrolling interests

 

 

 

 

 

 

 

 

 

Earnings after tax

 

15,852

 

14,881

 

576

 

395

Pension plan remeasurements recognized in other comprehensive income

 

 

 

 

 

 

 

 

Pension plan remeasurements recognized in other comprehensive income, before tax

 

14,880

 

14,793

 

–

 

87

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

 

−4,572

 

−4,550

 

–

 

−22

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

 

10,308

 

10,243

 

–

 

65

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 tax2

 

−475

 

−422

 

–

 

−52

Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to profit or loss2

 

35

 

29

 

–

 

5

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

 

−440

 

−393

 

–

 

−47

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

 

11

 

11

 

–

 

0

Items that will not be reclassified to profit or loss

 

9,879

 

9,860

 

–

 

19

Exchange differences on translating foreign operations

 

 

 

 

 

 

 

 

Gains/losses on currency translation recognized in other comprehensive income

 

100

 

256

 

–

 

−156

Transferred to profit or loss

 

59

 

59

 

–

 

–

Exchange differences on translating foreign operations, before tax

 

160

 

316

 

–

 

−156

Deferred taxes relating to exchange differences on translating foreign operations

 

5

 

5

 

–

 

–

Exchange differences on translating foreign operations, net of tax

 

164

 

321

 

–

 

−156

Hedging

 

 

 

 

 

 

 

 

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

 

2,203

 

1,675

 

–

 

528

Transferred to profit or loss or inventories (OCI I)

 

1,094

 

1,045

 

–

 

48

Cash flow hedges (OCI I), before tax

 

3,297

 

2,720

 

–

 

577

Deferred taxes relating to cash flow hedges (OCI I)

 

−976

 

−800

 

–

 

−176

Cash flow hedges (OCI I), net of tax

 

2,321

 

1,920

 

–

 

401

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

 

−2,058

 

−2,002

 

–

 

−56

Transferred to profit or loss or inventories (OCI II)

 

753

 

730

 

–

 

22

Cash flow hedges (OCI II), before tax

 

−1,305

 

−1,272

 

–

 

−34

Deferred taxes relating to cash flow hedges (OCI II)

 

398

 

387

 

–

 

11

Cash flow hedges (OCI II), net of tax

 

−908

 

−885

 

–

 

−23

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

 

 

 

 

 

 

 

 

Fair value changes recognized in other comprehensive income

 

−430

 

−430

 

–

 

–

Transferred to profit or loss

 

0

 

0

 

–

 

–

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

 

−430

 

−430

 

–

 

–

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

 

118

 

118

 

–

 

–

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

 

−312

 

−312

 

–

 

–

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

 

314

 

314

 

–

 

0

Items that may be reclassified to profit or loss

 

1,580

 

1,358

 

–

 

222

Other comprehensive income, before tax

 

16,452

 

16,030

 

–

 

422

Deferred taxes relating to other comprehensive income

 

−4,993

 

−4,811

 

–

 

−182

Other comprehensive income, net of tax

 

11,459

 

11,218

 

–

 

241

Total comprehensive income

 

27,312

 

26,100

 

576

 

636

1

Prior-year figures adjusted (see disclosures on IFRS 17 in the “Effects of new and amended IFRSs” section).

2

As from the first quarter of 2023, deferred taxes are reported separately. The prior-year figures were adjusted accordingly.
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