Cash Flow Statement

of the Volkswagen Group
for the Period January 1 to December 31, 2009

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€ million

 

2009

 

2008²

1

Net of impairment reversals.

2

Prior-period amount adjusted.

Cash and cash equivalents at beginning of period
(excluding time deposit investments)

 

9,443

 

9,914

Profit before tax

 

1,261

 

6,608

Income taxes paid

 

–529

 

–2,075

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

 

5,028

 

5,198

Amortization of capitalized development costs¹

 

1,586

 

1,392

Impairment losses on equity investments¹

 

16

 

32

Depreciation of leasing and rental assets¹

 

2,247

 

1,816

Gain/loss on disposal of noncurrent assets

 

–547

 

37

Share of profit or loss of equity-accounted investments

 

–298

 

–219

Other noncash expense/income

 

727

 

765

Change in inventories

 

4,155

 

–3,056

Change in receivables (excluding financial services)

 

465

 

–1,333

Change in liabilities (excluding financial liabilities)

 

260

 

815

Change in provisions

 

1,660

 

509

Change in leasing and rental assets

 

–2,571

 

–2,734

Change in financial services receivables

 

–719

 

–5,053

Cash flows from operating activities

 

12,741

 

2,702

Investments in property, plant and equipment, intangible assets and investment property

 

–5,963

 

–6,896

Additions to capitalized development costs

 

–1,948

 

–2,216

Acquisition of equity investments

 

–3,989

 

–2,597

Disposal of equity investments

 

1,320

 

1

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

 

153

 

95

Change in investments in securities

 

989

 

2,041

Change in loans and time deposit investments

 

–236

 

–1,611

Cash flows from investing activities

 

–9,675

 

–11,183

Capital contributions

 

4

 

218

Dividends paid

 

–874

 

–722

Capital transactions with minority interests

 

–392

 

–362

Other changes

 

23

 

–3

Proceeds from issue of bonds

 

15,593

 

7,671

Repayment of bonds

 

–10,202

 

–8,470

Change in other financial liabilities

 

1,405

 

9,806

Finance lease payments

 

–23

 

–15

Cash flows from financing activities

 

5,536

 

8,123

Effect of exchange rate changes on cash and cash equivalents

 

190

 

–113

Net change in cash and cash equivalents

 

8,792

 

–471

Cash and cash equivalents at end of period
(excluding time deposit investments)

 

18,235

 

9,443

 

 

 

 

 

Cash and cash equivalents at end of period
(excluding time deposit investments)

 

18,235

 

9,443

Securities and loans
(including time deposit investments)

 

7,312

 

7,875

Gross liquidity

 

25,547

 

17,318

Total third-party borrowings

 

–77,599

 

–69,555

Net liquidity

 

–52,052

 

–52,237

DISCLOSURES ON THE ACCOMPANYING CASH FLOW STATEMENT

In accordance with the amended IAS 7, cash flows from the acquisition or manufacture of assets that are exclusively held for rental to others and subsequently held for sale, as well as cash flows from their rental and sale, must be classified as cash flows from operating activities. As from fiscal year 2009, we are therefore reporting liquidity movements resulting from changes in leasing and rental assets in cash flows from operating activities (previously reported in cash flows from investing activities). Accordingly, changes in financial services receivables are also classified as cash flows from operating activities. This leads to a uniform presentation of finance and leasing transactions in the consolidated cash flow statement. The mandatory reclassification of cash flows from leasing and rental assets and the additional reclassification of financial services receivables reduced cash flows from operating activities by €2,869 million and €719 million respectively (2008: reduction by €3,044 million and €5,053 million respectively). There were corresponding offsetting changes in cash flows from investing activities in the same amounts in both periods.

In addition, transactions involving investment property are grouped with those relating to property, plant and equipment and intangible assets. Prior-year figures have been adjusted accordingly.

Explanatory notes on the cash flow statement are presented in note 31.

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