Cash Flow Statement
of the Volkswagen Group for the period January 1 to December 31, 2021
€ million |
|
2021 |
|
2020 |
|||
|---|---|---|---|---|---|---|---|
|
|
|
|
|
|||
Cash and cash equivalents at beginning of period |
|
33,432 |
|
24,329 |
|||
Earnings before tax |
|
20,126 |
|
11,667 |
|||
Income taxes paid |
|
–4,216 |
|
–2,646 |
|||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property1 |
|
12,947 |
|
12,765 |
|||
Amortization of and impairment losses on capitalized development costs1 |
|
5,050 |
|
4,637 |
|||
Impairment losses on equity investments1 |
|
137 |
|
454 |
|||
Depreciation of and impairment losses on lease assets1 |
|
9,339 |
|
9,214 |
|||
Gain/loss on disposal of noncurrent assets and equity investments |
|
180 |
|
–889 |
|||
Share of the result of equity-accounted investments |
|
787 |
|
536 |
|||
Other noncash expense/income |
|
–1,652 |
|
–1,572 |
|||
Change in inventories |
|
2,110 |
|
1,334 |
|||
Change in receivables (excluding financial services) |
|
1,888 |
|
712 |
|||
Change in liabilities (excluding financial liabilities) |
|
1,856 |
|
540 |
|||
Change in provisions |
|
1,943 |
|
803 |
|||
Change in lease assets |
|
–16,205 |
|
–12,914 |
|||
Change in financial services receivables |
|
4,345 |
|
260 |
|||
Cash flows from operating activities |
|
38,633 |
|
24,901 |
|||
Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property |
|
–10,655 |
|
–11,273 |
|||
Additions to capitalized development costs |
|
–7,843 |
|
–6,473 |
|||
Acquisition of subsidiaries |
|
–3,158 |
|
26 |
|||
Acquisition of other equity investments |
|
–2,741 |
|
–1,660 |
|||
Disposal of subsidiaries |
|
–304 |
|
402 |
|||
Disposal of other equity investments |
|
52 |
|
195 |
|||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
|
469 |
|
411 |
|||
Change in investments in securities |
|
–1,281 |
|
–4,462 |
|||
Change in loans and time deposits |
|
–667 |
|
143 |
|||
Cash flows from investing activities |
|
–26,128 |
|
–22,690 |
|||
Capital contributions/capital redemptions |
|
–1,071 |
|
2,984 |
|||
Dividends paid |
|
–3,022 |
|
–2,952 |
|||
Capital transactions with noncontrolling interest shareholders |
|
–590 |
|
–238 |
|||
Proceeds from issuance of bonds |
|
32,659 |
|
25,181 |
|||
Repayments of bonds |
|
–30,557 |
|
–19,815 |
|||
Changes in other financial liabilities |
|
–3,928 |
|
3,577 |
|||
Repayments of lease liabilities |
|
–1,246 |
|
–1,100 |
|||
Cash flows from financing activities |
|
–7,754 |
|
7,637 |
|||
Effect of exchange rate changes on cash and cash equivalents |
|
942 |
|
–745 |
|||
Change of loss allowance within cash and cash equivalents |
|
–1 |
|
0 |
|||
Net change in cash and cash equivalents |
|
5,691 |
|
9,103 |
|||
Cash and cash equivalents at end of period |
|
39,123 |
|
33,432 |
|||
|
|
|
|
|
|||
Cash and cash equivalents at end of period |
|
39,123 |
|
33,432 |
|||
Securities, loans and time deposits |
|
34,515 |
|
32,645 |
|||
Gross liquidity |
|
73,637 |
|
66,078 |
|||
Total third-party borrowings |
|
–210,213 |
|
–203,457 |
|||
Net liquidity |
|
–136,576 |
|
–137,380 |
|||
|
|||||||
Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.