Cash Flow Statement

OF THE VOLKSWAGEN GROUP FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2015

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€ million

 

2015

 

2014

 

 

 

 

 

*

Net of impairment reversals.

Cash and cash equivalents at beginning of period

 

18,634

 

22,009

Earnings before tax

 

−1,301

 

14,794

Income taxes paid

 

−3,238

 

−4,040

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

 

9,743

 

8,761

Amortization of and impairment losses on capitalized development costs*

 

3,262

 

3,006

Impairment losses on equity investments*

 

37

 

172

Depreciation of and impairment losses on lease assets*

 

6,651

 

5,024

Gain/loss on disposal of noncurrent assets and equity investments

 

−1,581

 

−153

Share of profit or loss of equity-accounted investments

 

297

 

−990

Other noncash expense/income

 

2,102

 

−174

Change in inventories

 

−3,149

 

−2,214

Change in receivables (excluding financial services)

 

−1,807

 

−1,433

Change in liabilities (excluding financial liabilities)

 

2,807

 

4,764

Change in provisions

 

18,329

 

562

Change in lease assets

 

−10,808

 

−8,487

Change in financial services receivables

 

−7,663

 

−8,807

Cash flows from operating activities

 

13,679

 

10,784

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

 

−13,213

 

−12,012

Additions to capitalized development costs

 

−5,021

 

−4,601

Acquisition of subsidiaries

 

−179

 

−83

Acquisition of other equity investments

 

−817

 

−195

Disposal of subsidiaries

 

0

 

6

Disposal of other equity investments

 

3,173

 

31

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

 

533

 

403

Change in investments in securities

 

−3,916

 

−2,154

Change in loans and time deposits

 

−1,711

 

−492

Cash flows from investing activities

 

−21,151

 

−19,099

Capital contributions

 

2,457

 

4,932

Dividends paid

 

−2,516

 

−1,962

Capital transactions with noncontrolling interest shareholders

 

0

 

−6,535

Other changes

 

13

 

15

Proceeds from issuance of bonds

 

22,533

 

25,608

Repayment of bonds

 

−23,755

 

−21,748

Change in other financial liabilities

 

10,360

 

4,352

Lease payments

 

−23

 

−17

Cash flows from financing activities

 

9,068

 

4,645

Effect of exchange rate changes on cash and cash equivalents

 

232

 

294

Net change in cash and cash equivalents

 

1,828

 

−3,375

Cash and cash equivalents at end of period

 

20,462

 

18,634

 

 

 

 

 

Cash and cash equivalents at end of period

 

20,462

 

18,634

Securities, loans and time deposits

 

24,613

 

18,893

Gross liquidity

 

45,075

 

37,527

Total third-party borrowings

 

−145,604

 

−133,980

Net liquidity

 

−100,530

 

−96,453

Explanatory notes on the cash flow statement are presented in note 33.