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.

Investing activities include additions to property, plant and equipment, and noncurrent financial assets, as well as to capitalized development costs. The changes in leasing and rental assets and in financial services receivables are also included here.

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 2008, cash flows from operating activities include interest received amounting to €4,576 million (previous year: €4,096 million) and interest paid amounting to €3,404 million (previous year: €2,934 million). In addition, the Share of profits and losses of equity-method investments (note 7) includes dividends amounting to €679 million (previous year: €667 million). Dividends amounting to €720 million (previous year: €497 million) were paid to Volkswagen AG shareholders.







€ million


Dec. 31, 2008


Dec. 31, 2007

Cash and cash equivalents
as reported in the balance sheet





Cash and cash equivalents held for sale




Time deposit investments





Cash and cash equivalents
as reported in the cash flow statement





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