Cash Flow Statement
of the Volkswagen Group for the period January 1 to December 31, 2022
€ million |
|
2022 |
|
2021 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period |
|
39,123 |
|
33,432 |
||||||
Earnings before tax |
|
22,044 |
|
20,126 |
||||||
Income taxes paid |
|
−4,415 |
|
−4,216 |
||||||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property1 |
|
13,364 |
|
12,947 |
||||||
Amortization of and impairment losses on capitalized development costs1 |
|
5,144 |
|
5,050 |
||||||
Impairment losses on equity investments1 |
|
2,185 |
|
137 |
||||||
Depreciation of and impairment losses on lease assets1 |
|
9,977 |
|
9,339 |
||||||
Gain/loss on disposal of noncurrent assets and equity investments |
|
30 |
|
180 |
||||||
Share of the result of equity-accounted investments |
|
575 |
|
787 |
||||||
Other noncash expense/income |
|
−542 |
|
−1,652 |
||||||
Change in inventories |
|
−8,385 |
|
2,110 |
||||||
Change in receivables (excluding financial services) |
|
−3,207 |
|
1,888 |
||||||
Change in liabilities (excluding financial liabilities) |
|
8,586 |
|
1,856 |
||||||
Change in provisions |
|
−1,856 |
|
1,943 |
||||||
Change in lease assets |
|
−8,711 |
|
−16,205 |
||||||
Change in financial services receivables |
|
−6,294 |
|
4,345 |
||||||
Cash flows from operating activities |
|
28,496 |
|
38,633 |
||||||
Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property |
|
−12,948 |
|
−10,655 |
||||||
Additions to capitalized development costs |
|
−9,723 |
|
−7,843 |
||||||
Acquisition of subsidiaries |
|
−1,122 |
|
−3,158 |
||||||
Acquisition of other equity investments |
|
−2,504 |
|
−2,741 |
||||||
Disposal of subsidiaries |
|
372 |
|
−304 |
||||||
Disposal of other equity investments |
|
35 |
|
52 |
||||||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
|
437 |
|
469 |
||||||
Change in investments in securities and time deposits2 |
|
−14,885 |
|
−1,281 |
||||||
Change in loans2 |
|
−1,483 |
|
−667 |
||||||
Cash flows from investing activities |
|
−41,822 |
|
−26,128 |
||||||
Capital contributions/capital redemptions |
|
−235 |
|
−1,071 |
||||||
Dividends paid |
|
−4,362 |
|
−3,022 |
||||||
Capital transactions with noncontrolling interest shareholders |
|
16,198 |
|
−590 |
||||||
Proceeds from issuance of bonds |
|
23,876 |
|
32,659 |
||||||
Repayments of bonds |
|
−25,638 |
|
−30,557 |
||||||
Changes in other financial liabilities |
|
−4,366 |
|
−3,928 |
||||||
Repayments of lease liabilities |
|
−1,248 |
|
−1,246 |
||||||
Cash flows from financing activities |
|
4,225 |
|
−7,754 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
|
−285 |
|
942 |
||||||
Change of loss allowance within cash and cash equivalents |
|
1 |
|
−1 |
||||||
Net change in cash and cash equivalents |
|
−9,385 |
|
5,691 |
||||||
Cash and cash equivalents at end of period |
|
29,738 |
|
39,123 |
||||||
|
|
|
|
|
||||||
Cash and cash equivalents at end of period |
|
29,738 |
|
39,123 |
||||||
Securities and time deposits and loans |
|
49,771 |
|
34,515 |
||||||
Gross liquidity |
|
79,509 |
|
73,637 |
||||||
Total third-party borrowings |
|
−205,312 |
|
−210,213 |
||||||
Net liquidity |
|
−125,803 |
|
−136,576 |
||||||
|
||||||||||
Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.