Consolidated Financial Statements

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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

1

Net of impairment reversals.

Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.