Basis of consolidation

In addition to Volkswagen AG, the consolidated financial statements comprise all significant German and non-German subsidiaries, including structured entities that are controlled directly or indirectly by Volkswagen AG. This is the case if Volkswagen AG obtains power over the potential subsidiaries directly or indirectly from voting rights or similar rights, is exposed or has rights to, positive or negative variable returns from its involvement with the subsidiaries, and is able to influence those returns. In the case of the structured entities consolidated in the Volkswagen Group, Volkswagen is able to direct the material relevant activities remaining after the change in the structure even if it is not invested in the structured entity concerned and is thus able to influence the variable returns from its involvement. The structured entities are used primarily to enter into asset-backed securities transactions to refinance the financial services business and to invest surplus liquidity in special securities funds. Consolidation of subsidiaries begins at the first date on which control exists, and ends when such control no longer exists.

Subsidiaries whose business is dormant or insignificant, both individually and in the aggregate, for the fair presentation of the net assets, financial position and results of operations as well as the cash flows of the Volkswagen Group are not consolidated. They are carried in the consolidated financial statements at cost net of any impairment losses and reversals of impairment losses required to be recognized.

Significant companies where Volkswagen AG is able, directly or indirectly, to significantly influence financial and operating policy decisions (associates), or that are directly or indirectly jointly controlled (joint ventures), are accounted for using the equity method. Joint ventures also include companies in which the Volkswagen Group holds the majority of voting rights, but whose articles of association or partnership agreements stipulate that important decisions may only be resolved unanimously. Insignificant associates and joint ventures are carried at cost net of any impairment losses and reversals of impairment losses required to be recognized.

The composition of the Volkswagen Group is shown in the following table:

The list of all shareholdings that forms part of the annual financial statements of Volkswagen AG can be downloaded from the electronic companies register at www.unternehmensregister.de and from https://www.volkswagenag.com/en/InvestorRelations.html.

The following consolidated German subsidiaries with the legal form of a corporation or partnership have met the criteria set out in section 264(3) or section 264b of the Handelsgesetzbuch (HGB – German Commercial Code) and have as far as possible exercised the option not to publish annual financial statements:

• ARTEMIS GmbH, Wolfsburg
• AUDI AG, Ingolstadt
• Audi Berlin GmbH, Berlin
• Audi Frankfurt GmbH, Frankfurt am Main
• Audi Hamburg GmbH, Hamburg
• Audi Hannover GmbH, Hanover
• Audi Leipzig GmbH, Leipzig
• Audi München GmbH, Munich
• Audi Sport GmbH, Neckarsulm
• Audi Stuttgart GmbH, Stuttgart
• Auto & Service PIA GmbH, Munich
• Autostadt GmbH, Wolfsburg
• Bugatti Engineering GmbH, Wolfsburg
• CARIAD SE, Wolfsburg
• dx.one GmbH, Wolfsburg
• Eberhardt Kraftfahrzeug GmbH & Co. KG, Ulm
• GETAS Verwaltung GmbH & Co. Objekt Augsburg KG, Pullach i. Isartal
• GETAS Verwaltung GmbH & Co. Objekt Heinrich-von-Buz-Straße KG, Pullach i. Isartal
• HABAMO Verwaltung GmbH & Co. Objekt Sterkrade KG, Pullach i. Isartal
• Haberl Beteiligungs-GmbH, Munich
• Held & Ströhle GmbH & Co. KG, Ulm
• H-Tec SYSTEMS GmbH, Augsburg
• MAHAG Automobilhandel und Service GmbH & Co. oHG, Munich
• MAHAG GmbH, Munich
• MAHAG Sportwagen Zentrum Albrechtstraße GmbH, Munich
• MAN Energy Solutions SE, Augsburg
• MOIA GmbH, Berlin
• MOIA Operations Germany GmbH, Hanover
• Porsche Holding Stuttgart GmbH, Stuttgart
• Porsche Niederlassung Mannheim GmbH, Mannheim
• Porsche Siebte Vermögensverwaltung GmbH, Wolfsburg
• PowerCo SE, Salzgitter
• PZ Leipzig GmbH, Leipzig
• Schwaba GmbH, Augsburg
• SEAT Deutschland Niederlassung GmbH, Frankfurt am Main
• SKODA AUTO Deutschland GmbH, Weiterstadt
• SZM Sportwagen Zentrum München GmbH, Munich
• VfL Wolfsburg-Fußball GmbH, Wolfsburg
• VGRB GmbH, Berlin
• VGRD GmbH, Wolfsburg
• VGRHH GmbH, Hamburg
• Volkswagen ADMT Hannover GmbH, Hanover
• Volkswagen AirService GmbH, Braunschweig
• Volkswagen Automobile Berlin GmbH, Berlin
• Volkswagen Automobile Chemnitz GmbH, Chemnitz
• Volkswagen Automobile Frankfurt GmbH, Frankfurt am Main
• Volkswagen Automobile Hamburg GmbH, Hamburg
• Volkswagen Automobile Hannover GmbH, Hanover
• VOLKSWAGEN Automobile Leipzig GmbH, Leipzig
• Volkswagen Automobile Region Hannover GmbH, Hanover
• Volkswagen Automobile Rhein-Neckar GmbH, Mannheim
• Volkswagen Automobile Stuttgart GmbH, Stuttgart
• Volkswagen Beteiligungsverwaltung GmbH, Wolfsburg
• Volkswagen Deutschland GmbH & Co. KG, Wolfsburg
• Volkswagen Deutschland Verwaltungs GmbH, Wolfsburg
• Volkswagen Dritte Leasingobjekt GmbH, Braunschweig
• Volkswagen Erste Leasingobjekt GmbH, Braunschweig
• Volkswagen Fünfte Leasingobjekt GmbH, Braunschweig
• Volkswagen Gebrauchtfahrzeughandels und Service GmbH, Langenhagen
• Volkswagen Group IT Solutions GmbH, Wolfsburg
• Volkswagen Group Real Estate GmbH & Co. KG, Wolfsburg
• Volkswagen Group Services GmbH, Wolfsburg
• Volkswagen Immobilien GmbH, Wolfsburg
• Volkswagen Konzernlogistik GmbH & Co. OHG, Wolfsburg
• Volkswagen Original Teile Logistik GmbH & Co. KG, Baunatal
• Volkswagen Osnabrück GmbH, Osnabrück
• Volkswagen Sachsen GmbH, Zwickau
• Volkswagen Sechste Leasingobjekt GmbH, Braunschweig
• Volkswagen Siebte Leasingobjekt GmbH, Braunschweig
• Volkswagen Software Asset Management GmbH, Wolfsburg
• Volkswagen Vermögensverwaltungs-GmbH, Wolfsburg
• Volkswagen Vierte Leasingobjekt GmbH, Braunschweig
• Volkswagen Zubehör GmbH, Dreieich
• Volkswagen Zweite Leasingobjekt GmbH, Braunschweig