Cash flow Statement
of the Volkswagen Group for the period January 1 to December 31, 2023
€ million |
|
2023 |
|
20222 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period |
|
29,738 |
|
39,123 |
||||||
Earnings before tax |
|
23,194 |
|
22,070 |
||||||
Income taxes paid |
|
−7,716 |
|
−4,416 |
||||||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property1 |
|
11,727 |
|
13,364 |
||||||
Amortization of and impairment losses on capitalized development costs1 |
|
5,184 |
|
5,144 |
||||||
Impairment losses on equity investments1 |
|
717 |
|
2,185 |
||||||
Depreciation of and impairment losses on lease assets1 |
|
10,655 |
|
9,977 |
||||||
Gain/loss on disposal of noncurrent assets and equity investments |
|
208 |
|
30 |
||||||
Share of the result of equity-accounted investments |
|
271 |
|
568 |
||||||
Other non-cash expense/income |
|
3,953 |
|
−539 |
||||||
Change in inventories |
|
−2,071 |
|
−8,385 |
||||||
Change in receivables (excluding financial services) |
|
−4,361 |
|
−3,065 |
||||||
Change in liabilities (excluding financial liabilities) |
|
5,272 |
|
8,713 |
||||||
Change in provisions |
|
620 |
|
−2,144 |
||||||
Change in lease assets |
|
−14,964 |
|
−8,711 |
||||||
Change in financial services receivables |
|
−13,332 |
|
−6,294 |
||||||
Cash flows from operating activities |
|
19,356 |
|
28,496 |
||||||
Investments in intangible assets (excluding development costs), |
|
−14,653 |
|
−12,948 |
||||||
Additions to capitalized development costs |
|
−11,142 |
|
−9,723 |
||||||
Acquisition of subsidiaries |
|
−675 |
|
−1,122 |
||||||
Acquisition of other equity investments |
|
−2,041 |
|
−2,504 |
||||||
Disposal of subsidiaries |
|
−63 |
|
372 |
||||||
Disposal of other equity investments |
|
41 |
|
35 |
||||||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
|
501 |
|
437 |
||||||
Change in investments in securities and time deposits |
|
11,273 |
|
−14,885 |
||||||
Change in loans |
|
−3,054 |
|
−1,483 |
||||||
Cash flows from investing activities |
|
−19,812 |
|
−41,822 |
||||||
Capital contributions/capital redemptions |
|
1,003 |
|
−235 |
||||||
Dividends paid |
|
−11,732 |
|
−4,362 |
||||||
Capital transactions with noncontrolling interest shareholders |
|
−8 |
|
16,198 |
||||||
Proceeds from issuance of bonds |
|
37,740 |
|
23,876 |
||||||
Repayments of bonds |
|
−32,582 |
|
−25,638 |
||||||
Changes in other financial liabilities |
|
22,776 |
|
−4,366 |
||||||
Repayments of lease liabilities |
|
−1,190 |
|
−1,248 |
||||||
Cash flows from financing activities |
|
16,008 |
|
4,225 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
|
−1,764 |
|
−285 |
||||||
Change of loss allowance within cash and cash equivalents |
|
−2 |
|
1 |
||||||
Net change in cash and cash equivalents |
|
13,785 |
|
−9,385 |
||||||
Cash and cash equivalents at end of period |
|
43,522 |
|
29,738 |
||||||
|
|
|
|
|
||||||
Cash and cash equivalents at end of period |
|
43,522 |
|
29,738 |
||||||
Securities and time deposits and loans |
|
41,858 |
|
49,771 |
||||||
Gross liquidity |
|
85,380 |
|
79,509 |
||||||
Total third-party borrowings |
|
−232,813 |
|
−205,312 |
||||||
Net liquidity |
|
−147,433 |
|
−125,803 |
||||||
|
||||||||||
Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.