Cash Flow Statement

of the Volkswagen Group for the period January 1 to December 31, 2019

  (XLS:) Download

€ million

 

2019

 

2018

1

Net of impairment reversals.

 

 

 

 

 

Cash and cash equivalents at beginning of period

 

28,113

 

18,038

Earnings before tax

 

18,356

 

15,643

Income taxes paid

 

−2,914

 

−3,804

Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property¹

 

12,046

 

11,034

Amortization of and impairment losses on capitalized development costs¹

 

3,665

 

3,668

Impairment losses on equity investments¹

 

300

 

170

Depreciation of and impairment losses on lease assets¹

 

8,428

 

7,689

Gain/loss on disposal of noncurrent assets and equity investments

 

−4

 

98

Share of the result of equity-accounted investments

 

460

 

244

Other noncash expense/income

 

−730

 

347

Change in inventories

 

−674

 

−5,372

Change in receivables (excluding financial services)

 

−893

 

−6,400

Change in liabilities (excluding financial liabilities)

 

2,297

 

3,645

Change in provisions

 

1,646

 

−762

Change in lease assets

 

−13,204

 

−11,647

Change in financial services receivables

 

−10,796

 

−7,282

Cash flows from operating activities

 

17,983

 

7,272

Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property

 

−14,230

 

−13,729

Additions to capitalized development costs

 

−5,171

 

−5,234

Acquisition of subsidiaries

 

−673

 

−470

Acquisition of other equity investments

 

−420

 

−420

Disposal of subsidiaries

 

3

 

−26

Disposal of other equity investments

 

177

 

210

Proceeds from disposal of intangible assets, property, plant and equipment, and investment property

 

237

 

282

Change in investments in securities

 

387

 

−1,378

Change in loans and time deposits

 

−1,456

 

−826

Cash flows from investing activities

 

−21,146

 

−21,590

Capital contributions/capital redemptions

 

 

1,491

Dividends paid

 

−2,899

 

−2,375

Capital transactions with noncontrolling interest shareholders

 

1,368

 

−28

Proceeds from issuance of bonds

 

25,916

 

35,308

Repayments of bonds

 

−19,784

 

−15,290

Changes in other financial liabilities

 

−4,509

 

5,488

Repayments of lease liabilities

 

−957

 

−29

Cash flows from financing activities

 

−865

 

24,566

Effect of exchange rate changes on cash and cash equivalents

 

243

 

−173

Change of loss allowance within cash and cash equivalents

 

1

 

−1

Net change in cash and cash equivalents

 

−3,784

 

10,075

Cash and cash equivalents at end of period

 

24,329

 

28,113

 

 

 

 

 

Cash and cash equivalents at end of period

 

24,329

 

28,113

Securities, loans and time deposits

 

29,099

 

28,036

Gross liquidity

 

53,428

 

56,148

Total third-party borrowings

 

−201,468

 

−190,883

Net liquidity

 

−148,040

 

−134,735

Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.