31 Cash Flow Statement

Cash flows are presented in the cash flow statement classified into cash flows from operating activities, investing activities and financing activities, irrespective of the format of the balance sheet.

Cash flows from operating activities are derived indirectly from profit before tax. Profit before tax is adjusted to eliminate noncash expenses (mainly depreciation and amortization) and income. This results in cash flows from operating activities after accounting for changes in working capital, which also include changes in leasing and rental assets and in financial services receivables.

Investing activities include additions to property, plant and equipment and investments, as well as to capitalized development costs.

Financing activities include outflows of funds from dividend payments and redemption of bonds, as well as inflows from the issue of bonds and changes in other financial liabilities.

The changes in balance sheet items that are presented in the cash flow statement cannot be derived directly from the balance sheet, as the effects of currency translation and changes in the consolidated Group are noncash transactions and are therefore eliminated.

In 2009, cash flows from operating activities include interest received amounting to €3,873 million (previous year: €4,576 million) and interest paid amounting to €3,172 million (previous year: €3,404 million). In addition, the share of profits and losses of equity-accounted investments (note 7) includes dividends amounting to €407 million (previous year: €679 million).

Dividends amounting to €779 million (previous year: €720 million) were paid to Volkswagen AG shareholders.