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:

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BALANCE SHEET MIDDLE RATE ON DECEMBER 31

 

INCOME STATEMENT AVERAGE RATE

 

 

€1 =

 

2017

 

2016

 

2017

 

2016

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

22.99203

 

16.80096

 

18.72636

 

16.33207

Australia

 

AUD

 

1.53285

 

1.46150

 

1.47300

 

1.48880

Brazil

 

BRL

 

3.97065

 

3.43720

 

3.60471

 

3.86217

Canada

 

CAD

 

1.50260

 

1.42280

 

1.46444

 

1.46659

Czech Republic

 

CZK

 

25.57900

 

27.02400

 

26.32920

 

27.03433

India

 

INR

 

76.56700

 

71.65500

 

73.50146

 

74.37058

Japan

 

JPY

 

134.87000

 

123.50000

 

126.66763

 

120.31663

Mexico

 

MXN

 

23.61420

 

21.84800

 

21.33175

 

20.66535

People’s Republic of China

 

CNY

 

7.80085

 

7.33320

 

7.62688

 

7.35067

Poland

 

PLN

 

4.17490

 

4.41530

 

4.25727

 

4.36416

Republic of Korea

 

KRW

 

1,278.22000

 

1,269.11000

 

1,275.94974

 

1,284.79543

Russia

 

RUB

 

69.33520

 

64.67550

 

65.88875

 

74.23443

South Africa

 

ZAR

 

14.75715

 

14.48480

 

15.04543

 

16.28336

Sweden

 

SEK

 

9.83140

 

9.56720

 

9.63700

 

9.46712

United Kingdom

 

GBP

 

0.88730

 

0.85850

 

0.87626

 

0.81897

USA

 

USD

 

1.19875

 

1.05600

 

1.12933

 

1.10675