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 =

 

2018

 

2017

 

2018

 

2017

 

 

 

 

 

 

 

 

 

 

 

Argentina

 

ARS

 

43.15687

 

22.99203

 

32.89363

 

18.72636

Australia

 

AUD

 

1.62240

 

1.53285

 

1.58021

 

1.47300

Brazil

 

BRL

 

4.44485

 

3.97065

 

4.30729

 

3.60471

Canada

 

CAD

 

1.55930

 

1.50260

 

1.53032

 

1.46444

Czech Republic

 

CZK

 

25.72450

 

25.57900

 

25.64308

 

26.32920

India

 

INR

 

79.90650

 

76.56700

 

80.71466

 

73.50146

Japan

 

JPY

 

125.91000

 

134.87000

 

130.40158

 

126.66763

Mexico

 

MXN

 

22.52035

 

23.61420

 

22.71496

 

21.33175

People’s Republic of China

 

CNY

 

7.87725

 

7.80085

 

7.80766

 

7.62688

Poland

 

PLN

 

4.29780

 

4.17490

 

4.26098

 

4.25727

Republic of Korea

 

KRW

 

1,276.90000

 

1,278.22000

 

1,299.41384

 

1,275.94974

Russia

 

RUB

 

79.83765

 

69.33520

 

74.08214

 

65.88875

South Africa

 

ZAR

 

16.46690

 

14.75715

 

15.62243

 

15.04543

Sweden

 

SEK

 

10.25070

 

9.83140

 

10.25830

 

9.63700

United Kingdom

 

GBP

 

0.89690

 

0.88730

 

0.88476

 

0.87626

USA

 

USD

 

1.14525

 

1.19875

 

1.18156

 

1.12933