Volkswagen Group Annual Report 2012

Cash Flow Statement of the Volkswagen Group for the Period January 1 to December 31, 2012
million 2012 2011

Cash and cash equivalents at beginning of period Profit before tax Income taxes paid Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property* Amortization and write-downs of capitalized development costs* Impairment losses on equity investments* Depreciation of, and impairment losses on, leasing and rental assets* Gain/loss on disposal of noncurrent assets Share of profit or loss of equity-accounted investments Other noncash expense/income Change in inventories Change in receivables (excluding financial services) Change in liabilities (excluding financial liabilities) Change in provisions Change in leasing and rental assets Change in financial services receivables Cash flows from operating activities Investments in intangible assets, property, plant and equipment, and investment property Additions to capitalized development costs Acquisition of subsidiaries Acquisition of other equity investments Disposal of subsidiaries Disposal of other equity investments Proceeds from disposal of intangible assets, property, plant and equipment, and investment property Change in investments in securities Change in loans and time deposits Cash flows from investing activities Capital contributions Dividends paid Capital transactions with noncontrolling interests Other changes Proceeds from issuance of bonds Repayment of bonds Change in other financial liabilities Finance lease payments Cash flows from financing activities Effect of exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at end of period Cash and cash equivalents at end of period Securities, loans and time deposits Gross liquidity Total third-party borrowings

16,495 25,492 -5,056 7,617 1,903 20 3,594 -32 -11,512 -2,031 460 -56 -236 465 -5,606 -7,814 7,209 -10,493 -2,615 -3,550 -570 0 14 373 -1,133 -1,510 -19,482 2,046 -1,673 -2,101 36 26,055 -16,952 6,432 -132 13,712 -141 1,298 17,794 17,794 14,352 32,146 -117,663

18,228 18,926 -3,269 5,969 1,697 13 2,667 13 -715 -6,462 -4,234 -2,241 3,077 3,960 -4,090 -6,811 8,500 -8,087 -1,666 -5,833 -577 21 140 -699 -1,931 -18,631 3 -1,266 -335 -23 16,715 -11,603 4,805 19 8,316 82 -1,733 16,495 16,495 12,163 28,658 -93,533

Net liquidity
* Net of impairment reversals.

-85,517

-64,875