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Financial Position

CASH FLOW STATEMENT BY DIVISION

  

 

  

 

 

  

VOLKSWAGEN GROUP

  

AUTOMOTIVE1

  

FINANCIAL SERVICES

1

Including allocation of consolidation adjustments between the Automotive and Financial Services divisions.

2

Net of impairment reversals.

3

These relate mainly to the fair value measurement of financial instruments, application of the equity method and the reclassification of gains/losses on disposal of noncurrent assets and equity investments to investing activities.

4

Net cash flow: cash flows from operating activities, net of cash flows from investing activities attributable to operating activities (investing activities excluding change in investments in securities, loans and time deposits).

5

Cash and cash equivalents comprise cash at banks, checks, cash-in-hand and call deposits.

6

The total of cash, cash equivalents, securities, loan receivables from related parties and time deposits net of third-party borrowings (noncurrent and current financial liabilities).

€ million

  

2017

  

2016

  

2017

  

2016

  

2017

  

2016

 

  

 

  

 

  

 

  

 

  

 

  

 

Cash and cash equivalents at beginning of period

  

18,833

  

20,462

  

14,125

  

15,294

  

4,709

  

5,168

Earnings before tax

  

13,913

  

7,292

  

11,411

  

4,884

  

2,502

  

2,408

Income taxes paid

  

−3,664

  

−3,315

  

−3,514

  

−3,526

  

−149

  

211

Depreciation and amortization expense2

  

22,165

  

20,924

  

14,948

  

14,331

  

7,218

  

6,593

Change in pension provisions

  

468

  

235

  

452

  

224

  

15

  

11

Other noncash income/expense and reclassifications3

  

−231

  

871

  

121

  

556

  

−352

  

316

Gross cash flow

  

32,651

  

26,007

  

23,418

  

16,468

  

9,233

  

9,539

Change in working capital

  

−33,836

  

−16,576

  

−11,732

  

3,803

  

−22,104

  

−20,379

Change in inventories

  

−4,198

  

−3,637

  

−3,784

  

−3,313

  

−414

  

−324

Change in receivables

  

−1,660

  

−2,155

  

−937

  

−1,876

  

−724

  

−280

Change in liabilities

  

5,302

  

5,048

  

4,168

  

4,474

  

1,134

  

574

Change in other provisions

  

−9,910

  

5,732

  

−10,079

  

5,616

  

169

  

116

Change in lease assets (excluding depreciation)

  

−11,478

  

−12,074

  

−1,115

  

−1,157

  

−10,363

  

−10,917

Change in financial services receivables

  

−11,891

  

−9,490

  

15

  

58

  

−11,906

  

−9,547

Cash flows from operating activities

  

−1,185

  

9,430

  

11,686

  

20,271

  

−12,871

  

−10,840

Cash flows from investing activities attributable to operating activities

  

−18,218

  

−16,797

  

−17,636

  

−15,941

  

−583

  

−856

of which: investments in property, plant and equipment, investment property and intangible assets, excluding capitalized development costs

  

−13,052

  

−13,152

  

−12,631

  

−12,795

  

−421

  

−357

capitalized development costs

  

−5,260

  

−5,750

  

−5,260

  

−5,750

  

–

  

–

acquisition and disposal of equity investments

  

−317

  

1,754

  

−124

  

2,283

  

−193

  

−528

Net cash flow4

  

−19,404

  

−7,367

  

−5,950

  

4,330

  

−13,454

  

−11,696

Change in investments in securities, loans and time deposits

  

1,710

  

−3,882

  

2,333

  

−3,125

  

−622

  

−757

Cash flows from investing activities

  

−16,508

  

−20,679

  

−15,303

  

−19,066

  

−1,205

  

−1,613

Cash flows from financing activities

  

17,625

  

9,712

  

3,562

  

−2,298

  

14,063

  

12,009

of which: capital transactions with noncontrolling interests

  

–

  

−3

  

–

  

−3

  

–

  

–

Capital contributions/capital redemptions

  

3,473

  

–

  

2,400

  

−1,454

  

1,073

  

1,454

Effect of exchange rate changes on cash and cash equivalents

  

−727

  

−91

  

−641

  

−76

  

−86

  

−15

Net change in cash and cash equivalents

  

−796

  

−1,628

  

−696

  

−1,169

  

−99

  

−460

 

  

 

  

 

  

 

  

 

  

 

  

 

Cash and cash equivalents at Dec. 315

  

18,038

  

18,833

  

13,428

  

14,125

  

4,609

  

4,709

Securities, loans and time deposits

  

26,291

  

28,036

  

15,201

  

17,911

  

11,090

  

10,125

Gross liquidity

  

44,329

  

46,869

  

28,630

  

32,036

  

15,699

  

14,833

Total third-party borrowings

  

−163,472

  

−154,819

  

−6,251

  

−4,856

  

−157,221

  

−149,963

Net liquidity6

  

−119,143

  

−107,950

  

22,378

  

27,180

  

−141,522

  

−135,130