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Financial Position

CASH FLOW STATEMENT BY DIVISION

  

 

  

 

 

  

VOLKSWAGEN GROUP

  

AUTOMOTIVE1

  

FINANCIAL SERVICES

€ million

  

2015

  

2014

  

2015

  

2014

  

2015

  

2014

 

  

 

  

 

  

 

  

 

  

 

  

 

1

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.

2

Net of impairment reversals.

3

These relate mainly to the fair value measurement of financial instruments, application of the equity method and reclassification of gains/losses on disposal of noncurrent assets and equity investments to investing activities.

4

Net cash flow: cash flows from operating activities, net of cash flows from investing activities attributable to operating activities.

5

Cash and cash equivalents comprise cash at banks, checks, cash-in-hand and call deposits.

Cash and cash equivalents at beginning of period

  

18,634

  

22,009

  

16,010

  

19,285

  

2,624

  

2,724

Earnings before tax

  

−1,301

  

14,794

  

−3,634

  

12,829

  

2,333

  

1,965

Income taxes paid

  

−3,238

  

−4,040

  

−2,985

  

−3,489

  

−254

  

−552

Depreciation and amortization expense2

  

19,693

  

16,964

  

13,516

  

12,320

  

6,176

  

4,644

Change in pension provisions

  

309

  

148

  

295

  

137

  

14

  

12

Other noncash income/expense and reclassifications3

  

817

  

−1,317

  

325

  

−1,631

  

493

  

313

Gross cash flow

  

16,280

  

26,549

  

7,518

  

20,166

  

8,762

  

6,383

Change in working capital

  

−2,601

  

−15,764

  

16,278

  

1,427

  

−18,880

  

−17,191

Change in inventories

  

−3,149

  

−2,214

  

−2,706

  

−2,111

  

−444

  

−103

Change in receivables

  

−1,807

  

−1,433

  

−1,001

  

983

  

−805

  

−2,416

Change in liabilities

  

2,807

  

4,764

  

2,641

  

3,228

  

166

  

1,536

Change in other provisions

  

18,019

  

413

  

17,989

  

514

  

30

  

−101

Change in lease assets (excluding depreciation)

  

−10,808

  

−8,487

  

−765

  

−749

  

−10,043

  

−7,738

Change in financial services receivables

  

−7,663

  

−8,807

  

120

  

−438

  

−7,784

  

−8,370

Cash flows from operating activities

  

13,679

  

10,784

  

23,796

  

21,593

  

−10,117

  

−10,809

Cash flows from investing activities attributable to operating activities

  

−15,523

  

−16,452

  

−14,909

  

−15,476

  

−614

  

−976

of which: investments in property, plant and equipment, investment property and intangible assets, excluding capitalized development costs

  

−13,213

  

−12,012

  

−12,738

  

−11,495

  

−476

  

−517

capitalized development costs

  

−5,021

  

−4,601

  

−5,021

  

−4,601

  

–

  

–

acquisition and disposal of equity investments

  

2,178

  

−242

  

2,361

  

242

  

−183

  

−485

Net cash flow4

  

−1,845

  

−5,668

  

8,887

  

6,117

  

−10,731

  

−11,784

Change in investments in securities and loans

  

−5,628

  

−2,647

  

−3,506

  

−1,694

  

−2,122

  

−953

Cash flows from investing activities

  

−21,151

  

−19,099

  

−18,415

  

−17,170

  

−2,736

  

−1,928

Cash flows from financing activities

  

9,068

  

4,645

  

−6,333

  

−7,945

  

15,401

  

12,590

of which: capital transactions with noncontrolling interests

  

−0

  

−6,535

  

−0

  

−6,535

  

–

  

–

Capital contributions/capital redemptions

  

2,457

  

4,932

  

140

  

2,605

  

2,317

  

2,326

Effect of exchange rate changes on cash and cash equivalents

  

232

  

294

  

236

  

248

  

−4

  

46

Net change in cash and cash equivalents

  

1,828

  

−3,375

  

−717

  

−3,275

  

2,544

  

−100

 

  

 

  

 

  

 

  

 

  

 

  

 

Cash and cash equivalents at Dec. 315

  

20,462

  

18,634

  

15,294

  

16,010

  

5,168

  

2,624

Securities, loans and time deposits

  

24,613

  

18,893

  

14,812

  

11,424

  

9,801

  

7,468

Gross liquidity

  

45,075

  

37,527

  

30,105

  

27,435

  

14,969

  

10,092

Total third-party borrowings

  

−145,604

  

−133,980

  

−5,583

  

−9,795

  

−140,021

  

−124,184

Net liquidity

  

−100,530

  

−96,453

  

24,522

  

17,639

  

−125,052

  

−114,092