Volkswagen's bottom line was helped in 2017 by a beneficial change in the fair value measure of its derivatives portfolio. The car manufacturer posted a net derivatives asset position of €4.7 billion, improving on a net derivatives liability position of €468 million in 2016.

The carrying amount of derivatives liabilities fell from €6.1 billion to €2.2 billion on the year, while the fair value of derivatives assets rose from €5.6 to €6.9 billion.

The benefits of the derivatives valuation