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Annual Report

Cash Flow Statement

of the Volkswagen Group
for the Period January 1 to December 31, 2010
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€ million

 

2010

 

2009

1

Net of impairment reversals.

Cash and cash equivalents at beginning of period

 

18,235

 

9,443

Profit before tax

 

8,994

 

1,261

Income taxes paid

 

–1,554

 

–529

Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property¹

 

5,514

 

5,028

Amortization and write-downs of capitalized development costs¹

 

2,218

 

1,586

Impairment losses on equity investments¹

 

8

 

16

Depreciation of, and impairment losses on, leasing and rental assets¹

 

2,357

 

2,247

Gain/loss on disposal of noncurrent assets

 

102

 

–547

Share of profit or loss of equity-accounted investments

 

–751

 

–298

Other noncash expense/income

 

–1,424

 

727

Change in inventories

 

–2,507

 

4,155

Change in receivables (excluding financial services)

 

–1,980

 

465

Change in liabilities (excluding financial liabilities)

 

4,064

 

260

Change in provisions

 

2,654

 

1,660

Change in leasing and rental assets

 

–3,138

 

–2,571

Change in financial services receivables

 

–3,102

 

–719

Cash flows from operating activities

 

11,455

 

12,741

Investments in intangible assets, property, plant and equipment, and investment property

 

–5,758

 

–5,963

Additions to capitalized development costs

 

–1,667

 

–1,948

Acquisition of equity investments

 

–2,154

 

–3,989

Disposal of equity investments

 

4

 

1,320

Proceeds from disposal of intangible assets, property, plant and equipment, and investment property

 

297

 

153

Change in investments in securities

 

–3,276

 

989

Change in loans and time deposits

 

1,506

 

–236

Cash flows from investing activities

 

–11,048

 

–9,675

Capital contributions

 

4,101

 

4

Dividends paid

 

–798

 

–874

Capital transactions with noncontrolling interests

 

 

–392

Other changes

 

4

 

23

Proceeds from issue of bonds

 

7,910

 

15,593

Repayment of bonds

 

–11,941

 

–10,202

Change in other financial liabilities

 

–104

 

1,405

Finance lease payments

 

–24

 

–23

Cash flows from financing activities

 

–852

 

5,536

Effect of exchange rate changes on cash and cash equivalents

 

438

 

190

Net change in cash and cash equivalents

 

–8

 

8,792

Cash and cash equivalents at end of period

 

18,228

 

18,235

 

 

 

 

 

Cash and cash equivalents at end of period

 

18,228

 

18,235

Securities, loans and time deposits

 

9,437

 

7,312

Gross liquidity

 

27,664

 

25,547

Total third-party borrowings

 

–77,012

 

–77,599

Net liquidity

 

–49,347

 

–52,052

Explanatory notes on the cash flow statement are presented in note 31.

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