Módulo Bodega

Related parties within the meaning of IAS 24 are deemed to be individuals or entities who can be influenced by VW FS AG, who can exercise an influence over VW FS AG, or who are under the influence of another related party of VW FS AG.

Volkswagen AG, Wolfsburg, is the sole shareholder in VW FS AG. In addition, Porsche Automobil Holding SE, Stuttgart, controlled 52.2% of the voting rights in Volkswagen AG as of the reporting date and therefore held a majority. The Extraor- dinary General Meeting of Volkswagen AG held on December 3, 2009 approved the creation of rights of appointment for the State of Lower Saxony. As a result of these rights, Porsche SE can no longer appoint a majority of the members of Volkswagen AG’s Supervisory Board for as long as the State of Lower Saxony holds at least 15% of Volkswagen AG’s ordi- nary shares. However, Porsche SE has the power to participate in the operating policy decisions of the Volkswagen Group and is therefore deemed to be a related party within the meaning of IAS 24. According to a notification submitted on Janu- ary 5, 2016, the State of Lower Saxony and Hannoversche Beteiligungsgesellschaft mbH, Hanover, held 20.00% of the voting rights in Volkswagen AG as of December 31, 2015. In addition, as referred to above, the Extraordinary General Meeting of Volkswagen AG held on December 3, 2009 approved a resolution under which the State of Lower Saxony could appoint two members of the Supervisory Board (right of appointment).

Volkswagen AG as the sole shareholder and VW FS AG have entered into a control and profit transfer agreement. All business transactions between the two companies are conducted on an arm’s-length basis.

C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S

Notes to the Consolidated Financial Statements

Volkswagen AG and its subsidiaries provide the entities in the VW FS AG Group with funding on arm’s-length basis. Volkswagen AG and its subsidiaries have also furnished collateral in our favor as part of the operating business.

The production and importer companies in the Volkswagen Group provide the entities in the VW FS AG Group with fi- nancial subsidies to support sales promotion campaigns.

All business transactions with nonconsolidated subsidiaries and joint ventures of VW FS AG as well as with other relat- ed parties in Volkswagen AG’s group of consolidated entities are processed at arm’s length.

The two tables below show the transactions with related parties. In these tables, the exchange rates used in connection with the figures are the closing rate for asset and liability items, and the average rates for the year for income statement items. F I S C A L Y E A R 2 0 1 4 € million Supervisory Board Board of

Management Volkswagen AG Porsche SE

Other related parties in the consolidated entities Nonconsoli- dated

subsidiaries Joint ventures

Receivables 0 0 50 – 3,267 19 4,664

Valuation allowances on

receivables – – – – – – –

of which additions in current

year – – – – – – –

Obligations 4 4 2,837 – 11,748 115 35

Interest income 0 0 4 – 120 0 101

Interest expense 0 0 –8 –1 –199 0 0

Goods and services provided – – 396 0 2,799 23 57

Goods and services received – – 7,050 – 5,562 23 14

F I S C A L Y E A R 2 0 1 5

€ million

Supervisory Board

Board of

Management Volkswagen AG Porsche SE

Other related parties in the consolidated entities Nonconsoli- dated

subsidiaries Joint ventures

Receivables 0 0 289 – 3,501 80 5,360

Valuation allowances on

receivables – – – – – – –

of which additions in current

year – – – – – – –

Obligations 3 5 4,885 100 13,051 261 25

Interest income 0 0 4 – 107 3 103

Interest expense 0 0 –10 0 –215 –2 0

Goods and services provided – – 736 0 3,300 45 63

C O N S O L I D AT E D F I N A N C I A L S TAT E M E N T S

Notes to the Consolidated Financial Statements

The obligations resulted from time deposits made by Porsche SE with Volkswagen Bank GmbH. The ‘Other related parties in the consolidated entities’ column includes, in addition to sister entities, joint ventures and associates that are related parties in Volkswagen AG’s consolidated group. The relationships with the Supervisory Board and the Board of Management comprise relationships with the relevant groups of people at VW FS AG and the Group parent company Volkswagen AG. As in the prior year, relationships with pension plans and the State of Lower Saxony were of minor significance.

Members of the Board of Management and Supervisory Board of VW FS AG are members of management and super- visory boards of other entities in the Volkswagen Group with which we sometimes conduct transactions in the normal course of business. All transactions with these related parties are on an arm’s-length basis.

During the course of the reporting period, standard short-term bank loans amounting to an average total of €488 million (previous year: €474 million) were granted to related parties as part of dealer financing.

B O A R D O F M A N A G E M E N T R E M U N E R AT I O N B OA R D O F M A N AG E M E N T R E M U N E R AT I O N € million 2015 2014 Short-term benefits 8 7 Termination benefits – Post-employment benefits 1 8

In accordance with a resolution passed by the Annual General Meeting, the members of the Supervisory Board are entitled to annual remuneration. This remuneration is independent of the performance of the Company and the Supervisory Board role undertaken by the person concerned. Various members of the Supervisory Board are also members of the supervisory boards of other Volkswagen AG subsidiaries. The remuneration received for these functions is deducted from the entitlement to remuneration from VW FS AG. As a result, a total amount of less than €0.05 million was paid out to the members of the Supervisory Board in the reporting period.

The employee representatives on the Supervisory Board of VW FS AG also receive their regular salaries under the terms of their employment contracts. This salary is based on the provisions in the Betriebsverfassungsgesetz (BetrVG – German Works Constitution Act) and is an appropriate remuneration for the relevant function or activity in the Company. The same also applies to the representative of the senior executives on the Supervisory Board.

The total payments made to former members of the Board of Management and their surviving dependants amounted to €0.4 million (previous year: €0.4 million); the provisions recognized for this group of people to cover current pensions and pension entitlements amounted to €13 million (previous year: €13 million).