Cash Flow Statement

of the Volkswagen Group
for the Period January 1 to December 31, 2008
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€ million

 

2008

 

2007

*

Net of impairment reversals.

Cash and cash equivalents at beginning of period

 

9,914

 

9,367

Profit before tax

 

6,608

 

6,543

Income taxes paid

 

–2,075

 

–1,172

Depreciation and amortization expense*

 

5,191

 

5,435

Amortization of capitalized development costs

 

1,392

 

1,843

Impairment losses on equity investments*

 

32

 

180

Depreciation of leasing and rental assets and investment property*

 

1,823

 

1,780

Gain on disposal of noncurrent assets

 

347

 

32

Share of profit or loss of equity-accounted investments

 

–219

 

–71

Other noncash income/expense

 

765

 

–11

Change in inventories

 

–3,056

 

–1,856

Change in receivables (excluding financial services)

 

–1,333

 

–942

Change in liabilities (excluding financial liabilities)

 

815

 

2,244

Change in provisions

 

509

 

1,657

Cash flows from operating activities

 

10,799

 

15,662

Acquisition of property, plant and equipment, and intangible assets

 

–6,883

 

–4,638

Additions to capitalized development costs

 

–2,216

 

–1,446

Acquisition of equity investments

 

–2,597

 

–1,238

Disposal of equity investments

 

1

 

14

Change in leasing and rental assets and investment property

 

–3,055

 

–2,763

Change in financial services receivables

 

–5,053

 

–3,588

Proceeds from disposal of noncurrent assets
(excluding leasing and rental assets and investment property)

 

93

 

185

Change in investments in securities

 

2,041

 

–1,742

Change in loans

 

–1,611

 

–596

Investing activities

 

–19,280

 

–15,812

Capital contributions

 

218

 

211

Dividends paid

 

–722

 

–497

Capital transactions with minority interests

 

–362

 

Other changes

 

–3

 

–12

Proceeds from issue of bonds

 

7,671

 

9,516

Repayment of bonds

 

–8,470

 

–8,484

Change in other financial liabilities

 

9,806

 

93

Finance lease payments

 

–15

 

–40

Cash flows from financing activities

 

8,123

 

787

Effect of exchange rate changes on cash and cash equivalents

 

–113

 

–90

Net change in cash and cash equivalents

 

–471

 

547

Cash and cash equivalents at end of period

 

9,443

 

9,914

 

 

 

 

 

Cash and cash equivalents

 

9,443

 

9,914

Securities and loans

 

7,875

 

9,178

Gross liquidity

 

17,318

 

19,092

Total third-party borrowings

 

–69,555

 

–57,992

Net liquidity

 

–52,237

 

–38,900

DISCLOSURES ON THE CASH FLOW STATEMENT

To enhance comparability, as from fiscal year 2008 we are reporting liquidity movements resulting from changes in loans (previously reported in cash flows from financing activities) and cash and cash equivalents of companies that were not included in consolidation in previous years due to immateriality in cash flows from investing activities. In addition, capital transactions with minority interests performed in the course of the acquisition of additional shares in subsidiaries that are already consolidated are recognized in a separate line item within cash flows from financing activities. The prior-year figures were adjusted.

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

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