Cash flow Statement
of the Volkswagen Group for the period January 1 to December 31, 2024
€ million |
|
2024 |
|
20232 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period |
|
43,522 |
|
29,738 |
||||||
Earnings before tax |
|
16,806 |
|
23,099 |
||||||
Income taxes paid |
|
−6,187 |
|
−7,716 |
||||||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property1 |
|
12,858 |
|
11,727 |
||||||
Amortization of and impairment losses on capitalized development costs1 |
|
7,209 |
|
5,184 |
||||||
Impairment losses on equity investments1 |
|
710 |
|
717 |
||||||
Depreciation of and impairment losses on lease assets1 |
|
11,279 |
|
10,655 |
||||||
Gain/loss on disposal of non-current assets and equity investments |
|
110 |
|
208 |
||||||
Share of the result of equity-accounted investments |
|
2,362 |
|
271 |
||||||
Other non-cash expense/income |
|
903 |
|
3,953 |
||||||
Change in inventories |
|
−2,695 |
|
−2,071 |
||||||
Change in receivables (excluding financial services) |
|
−2,083 |
|
−4,361 |
||||||
Change in liabilities (excluding financial liabilities) |
|
52 |
|
5,272 |
||||||
Change in provisions |
|
4,247 |
|
715 |
||||||
Change in lease assets |
|
−19,358 |
|
−14,964 |
||||||
Change in financial services receivables |
|
−9,061 |
|
−13,332 |
||||||
Cash flows from operating activities |
|
17,151 |
|
19,356 |
||||||
Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property |
|
−17,202 |
|
−14,653 |
||||||
Additions to capitalized development costs |
|
−10,244 |
|
−11,142 |
||||||
Acquisition of subsidiaries |
|
−284 |
|
−675 |
||||||
Acquisition of other equity investments |
|
−2,152 |
|
−2,041 |
||||||
Disposal of subsidiaries |
|
−148 |
|
−63 |
||||||
Disposal of other equity investments |
|
231 |
|
41 |
||||||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
|
947 |
|
501 |
||||||
Change in investments in securities and time deposits |
|
−203 |
|
11,273 |
||||||
Change in loans |
|
−2,517 |
|
−3,054 |
||||||
Cash flows from investing activities |
|
−31,573 |
|
−19,812 |
||||||
Capital contributions/capital redemptions |
|
−1,144 |
|
1,003 |
||||||
Dividends paid |
|
−5,779 |
|
−11,732 |
||||||
Capital transactions with non-controlling interest shareholders |
|
– |
|
−8 |
||||||
Proceeds from issuance of bonds |
|
38,420 |
|
37,740 |
||||||
Repayments of bonds |
|
−32,617 |
|
−32,582 |
||||||
Proceeds from issuance of unlisted notes |
|
13,122 |
|
15,790 |
||||||
Repayments of unlisted notes |
|
−8,341 |
|
−8,981 |
||||||
Changes in other financial liabilities |
|
8,813 |
|
15,967 |
||||||
Repayments of lease liabilities |
|
−1,334 |
|
−1,190 |
||||||
Cash flows from financing activities |
|
11,140 |
|
16,008 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
|
55 |
|
−1,764 |
||||||
Change of loss allowance within cash and cash equivalents |
|
1 |
|
−2 |
||||||
Net change in cash and cash equivalents |
|
−3,226 |
|
13,785 |
||||||
Cash and cash equivalents at end of period |
|
40,296 |
|
43,522 |
||||||
|
|
|
|
|
||||||
Cash and cash equivalents at end of period |
|
40,296 |
|
43,522 |
||||||
Securities and time deposits and loans |
|
44,662 |
|
41,858 |
||||||
Gross liquidity |
|
84,959 |
|
85,380 |
||||||
Total third-party borrowings |
|
−254,081 |
|
−232,813 |
||||||
Net liquidity |
|
−169,122 |
|
−147,433 |
||||||
|
||||||||||
Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.