31. Trade payables
€ million |
|
Dec. 31, 2024 |
|
Dec. 31, 2023 |
|---|---|---|---|---|
|
|
|
|
|
Trade payables to |
|
|
|
|
third parties |
|
28,965 |
|
30,157 |
unconsolidated subsidiaries |
|
171 |
|
210 |
joint ventures |
|
337 |
|
204 |
associates |
|
294 |
|
322 |
other investees and investors |
|
5 |
|
8 |
|
|
29,772 |
|
30,901 |
Trade payables include an amount of €1,728 million (previous year: €993 million) for which the Volkswagen Group has entered into reverse factoring agreements. Of this amount, suppliers received payments of €1,196 million. Trade payables that are covered by the agreements normally have payment terms of 60 days from the date of invoice; comparable trade payables that are not covered by an agreement mostly have payment terms of 30–45 days from the date of invoice.
Under these agreements, suppliers can assign their receivables from Volkswagen Group companies at a discount to the commercial banks participating in the program and in this way receive the discounted invoice amount prematurely.
The Volkswagen Group companies settle the invoice amount with the bank as of the due date originally agreed.