Cash Flow Statement
OF THE VOLKSWAGEN GROUP FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2013
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€ million |
2013 |
20121 | ||||||
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Cash and cash equivalents at beginning of period |
17,794 |
16,495 |
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Profit before tax |
12,428 |
25,487 |
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Income taxes paid |
–3,107 |
–5,056 |
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Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property2 |
8,007 |
7,617 |
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Amortization and write-downs of capitalized development costs2 |
2,464 |
1,903 |
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Impairment losses on equity investments2 |
36 |
20 |
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Depreciation of, and impairment losses on, leasing and rental assets2 |
4,179 |
3,594 |
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Gain/loss on disposal of noncurrent assets |
–35 |
–32 |
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Share of profit or loss of equity-accounted investments |
–759 |
–11,512 |
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Other noncash expense/income |
1,012 |
–2,031 |
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Change in inventories |
–1,021 |
460 |
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Change in receivables (excluding financial services) |
–1,651 |
–56 |
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Change in liabilities (excluding financial liabilities) |
2,363 |
–236 |
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Change in provisions |
2,479 |
470 |
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Change in leasing and rental assets |
–7,112 |
–5,606 |
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Change in financial services receivables |
–6,688 |
–7,814 |
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Cash flows from operating activities |
12,595 |
7,209 |
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Investments in intangible assets (excluding capitalized development costs), property, plant and equipment, and investment property |
–11,385 |
–10,493 |
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Additions to capitalized development costs |
–4,021 |
–2,615 |
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Acquisition of subsidiaries |
–80 |
–3,550 |
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Acquisition of other equity investments |
–94 |
–570 |
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Disposal of subsidiaries |
0 |
0 |
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Disposal of other equity investments |
23 |
14 |
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Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
622 |
373 |
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Change in investments in securities |
–810 |
–1,133 |
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Change in loans and time deposits |
–1,144 |
–1,510 |
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Cash flows from investing activities |
–16,890 |
–19,482 |
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Capital contributions |
3,067 |
2,046 |
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Dividends paid |
–1,849 |
–1,673 |
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Capital transactions with noncontrolling interest shareholders |
0 |
–2,101 |
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Other changes |
–21 |
36 |
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Proceeds from issuance of bonds |
22,118 |
26,055 |
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Repayment of bonds |
–14,614 |
–16,952 |
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Change in other financial liabilities |
285 |
6,432 |
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Lease payments |
–14 |
–132 |
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Cash flows from financing activities |
8,973 |
13,712 |
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Effect of exchange rate changes on cash and cash equivalents |
–462 |
–141 |
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Net change in cash and cash equivalents |
4,216 |
1,298 |
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Cash and cash equivalents at end of period |
22,009 |
17,794 |
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Cash and cash equivalents at end of period |
22,009 |
17,794 |
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Securities, loans and time deposits |
17,177 |
14,352 |
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Gross liquidity |
39,186 |
32,146 |
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Total third-party borrowings |
–121,504 |
–117,663 |
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Net liquidity |
–82,318 |
–85,517 |
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