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 =

 

2019

 

2018

 

2019

 

2018

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

67.23626

 

43.15687

 

53.78083

 

32.89363

Australia

 

AUD

 

1.60080

 

1.62240

 

1.61071

 

1.58021

Brazil

 

BRL

 

4.51350

 

4.44485

 

4.41485

 

4.30729

Canada

 

CAD

 

1.46205

 

1.55930

 

1.48595

 

1.53032

Czech Republic

 

CZK

 

25.40650

 

25.72450

 

25.66983

 

25.64308

India

 

INR

 

80.15450

 

79.90650

 

78.86396

 

80.71466

Japan

 

JPY

 

121.89500

 

125.91000

 

122.08649

 

130.40158

Mexico

 

MXN

 

21.24340

 

22.52035

 

21.56326

 

22.71496

People’s Republic of China

 

CNY

 

7.81470

 

7.87725

 

7.73444

 

7.80766

Poland

 

PLN

 

4.25970

 

4.29780

 

4.29784

 

4.26098

Republic of Korea

 

KRW

 

1,296.35000

 

1,276.90000

 

1,304.89265

 

1,299.41384

Russia

 

RUB

 

69.84685

 

79.83765

 

72.46709

 

74.08214

South Africa

 

ZAR

 

15.76470

 

16.46690

 

16.17716

 

15.62243

Sweden

 

SEK

 

10.44505

 

10.25070

 

10.58593

 

10.25830

United Kingdom

 

GBP

 

0.84995

 

0.89690

 

0.87744

 

0.88476

USA

 

USD

 

1.12275

 

1.14525

 

1.11974

 

1.18156