Company Name

Ticker

Last Financial Period

Currency
Sector
Industry
Full-Time employees
LIBOR
Volkswagen Aktiengesellschaft

VOW3

31-Dec-17
€ million
Consumer Cyclical
Auto Manufacturers
632,312
3.03%
Volkswagen Aktiengesellschaft
Template

Historical
€ million Dec 13 Dec 14 Dec 15
Historical Forecasted
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20
Volkswagen Aktiengesellschaft
Revenue Drivers

Historical
€ million Dec 13 Dec 14 Dec 15

STRUCTURE OF GROUP SALES REVENUE

Vehicles 134,274 134,627 139,990

% of Total Sales 68.2% 66.5% 65.6%
YoY Growth 0.3% 4.0%
Genuine parts 13,564 13,642 14,625
% of Total Sales 6.9% 6.7% 6.9%
YoY Growth 0.6% 7.2%
Used vehicles and third-party products 9,540 10,090 11,106
% of Total Sales 4.8% 5.0% 5.2%
YoY Growth 5.8% 10.1%
Engines, powertrains and parts deliveries 8,441 10,021 8,763
% of Total Sales 4.3% 4.9% 4.1%
YoY Growth 18.7% -12.6%
Power Engineering 3,845 3,728 3,769
% of Total Sales 2.0% 1.8% 1.8%
YoY Growth -3.0% 1.1%
Motorcycles 452 458 564
% of Total Sales 0.2% 0.2% 0.3%
YoY Growth 1.3% 23.1%
Leasing business 13,948 16,384 20,085
% of Total Sales 7.1% 8.1% 9.4%
YoY Growth 17.5% 22.6%
Interest and similar income 6,034 6,375 6,755
% of Total Sales 3.1% 3.1% 3.2%
YoY Growth 5.7% 6.0%
Other sales revenue 6,909 7,133 7,635
% of Total Sales 3.5% 3.5% 3.6%
YoY Growth 3.2% 7.0%
197,007 202,458 213,292
2.8% 5.4%

Passenger Cars 164065 174703

Reconciliation -20,464 -24,987
Passenger Cars Segment 143,601 149,716
% of Total Sales 70.9% 70.2%
YoY Growth 6.5%
Commercial Vehicles Segment 30205 30445
% of Total Sales 14.9% 14.3%
YoY Growth 0.8%
Power Engineering Segment 3732 3775
% of Total Sales 1.8% 1.8%
YoY Growth 1.2%
Financial Services Segment 24920 29357
% of Total Sales 12.3% 13.8%
YoY Growth 17.8%
Total segments 202,458 213,293
YoY Growth 5.4%

Volkswagen Group 202458 213292

Historical Forecasted
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20

137,293 145,958 148,881 152,606 159,477

63.2% 63.3% 62.4% 61.3% 60.7%
-1.9% 6.3% 2.0% 2.50% 4.50%
15,220 15,628 15,862 16,180 16,584
7.0% 6.8% 6.6% 6.5% 6.3%
4.1% 2.7% 1.50% 2% 2.50%
13,324 13,355 13,088 13,546 13,952
6.1% 5.8% 5.5% 5.4% 5.3%
20.0% 0.2% -2% 4% 3%
9,770 11,318 12,787 14,500 16,340
4.5% 4.9% 5.4% 5.8% 6.2%
11.5% 15.8% 13.0% 13.40% 12.7%
3,590 3,280 3,313 3,348 3,384
1.7% 1.4% 1.4% 1.3% 1.3%
-4.7% -8.6% 1.0% 1.1% 1.100%
589 601 620 641 662
0.3% 0.3% 0.3% 0.3% 0.3%
4.4% 2.0% 3% 3% 3%
22,306 24,570 27,175 30,131 33,367
10.3% 10.7% 11.4% 12.1% 12.7%
11.1% 10.1% 10.6% 10.9% 10.7%
6,695 7,119 7,546 8,011 8,499
3.1% 3.1% 3.2% 3.2% 3.2%
-0.9% 6.3% 6.0% 6.2% 6.1%
8,481 8,853 9,361 9,928 10,513
3.9% 3.8% 3.9% 4.0% 4.0%
11.1% 4.4% 5.7% 6.1% 5.9%
217,267 230,682 238,633 248,891 262,780
1.9% 6.2% 3.4% 4.3% 5.6%

177815 188405
-27,472 -29,939
150,343 158,466 161,635 170,166 179,762
69.2% 68.7% 67.7% 67.3% 66.9%
1.8% 6.0% 2.0% 5.3% 5.6%
 32080 35200 36,890 39,361 42,018
14.8% 15.3% 15.5% 15.6% 15.6%
5.4% 9.7% 4.8% 6.7% 6.7500%
3593 3283 3,349 3,419 3,539
1.7% 1.4% 1.4% 1.4% 1.3%
-4.8% -8.6% 2.0% 2.1% 3.5%
31251 33733 36,769 39,957 43,488
14.4% 14.6% 15.4% 15.8% 16.2%
6.5% 7.9% 9.0% 8.7% 8.8%
217,267 230,682 238,643 252,904 268,806
1.9% 6.2% 3.5% 6.0% 6.3%

217267 230682 238,643 252,904 268,806

Volkswagen Aktiengesellschaft
Assumptions

Historical
€ million Dec 13 Dec 14 Dec 15

Income Statement

Cost of Sales as % of Sales Revenue 81.93% 81.96% 84.10%

Distribution expenses as a % of Sales Revenue 9.98% 10.02% 11.02%
Administrative expenses as a % of Sales Revenue 3.50% 3.38% 3.37%
Other Operating Income as % of sales revenue 5.05% 5.09% 6.05%
Other operating expenses as a % of sales revenue 3.73% 3.45% 9.46%
Income tax expense as a % of EBT 26.42% 25.19% -4.53%

Balance Sheet
Non Current assets
Intangible assets as a % of sales 30.07% 29.60% 28.67%
Lease assets as a % of sales 11.30% 13.63% 15.55%
Financial services receivables as a % of sales 25.99% 28.59% 29.62%
Other receivables as a % of sales 0.74% 0.82% 0.63%

Current assets
Inventories as a % of Cost of sales 17.75% 18.96% 19.54%
Trade receivables as a % of Sales 5.65% 5.67% 5.22%
Financial services receivables as a % of sales 19.48% 21.93% 21.98%
Other financial assets as a % of sales 3.35% 3.80% 4.71%
Other receivables as a % of sales 2.55% 2.51% 2.52%
Tax receivables as a % of sales 0.37% 0.50% 0.48%
Marketable securities
Cash, cash equivalents and time deposits
Assets held for sale

Noncurrent liabilities
Other liabilities as a % of cost of sales 2.80% 2.55% 2.73%

Current liabilities
Trade payables as a % of cost of sales 11.17% 11.77% 11.41%
Other liabilities as a % of cost of sales 6.82% 8.52% 7.81%
Historical Forecasted
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20

81.13% 81.56% 82.04% 81.80% 81.92%

10.45% 9.84% 8.34% 7.34% 6.34%
3.38% 3.58% 3.48% 3.53% 3.50%
6.01% 6.29% 5.75% 5.62% 5.28%
7.78% 5.31% 6.55% 5.93% 6.24%
26.22% 16.35% 21.29% 18.82% 20.05%

28.81% 27.49% 26.24% 24.99% 23.74%

17.69% 17.02% 17.82% 18.62% 19.42%
31.48% 31.75% 32.72% 32.24% 32.48%
0.92% 0.98% 1.00% 1.04% 1.07%

22.11% 21.48% 23.30% 24.39% 25.84%

5.61% 5.79% 6.70% 6.74% 7.22%
22.86% 23.04% 22.15% 23.09% 23.12%
5.45% 5.20% 5.53% 5.56% 5.74%
2.36% 2.32% 2.34% 2.33% 2.33%
0.52% 0.58%

3.21% 3.29% 3.25% 3.27% 3.26%

12.93% 12.25% 12.09% 12.17% 12.13%

8.77% 8.48% 9.63% 8.66% 8.74%
Volkswagen Aktiengesellschaft
Income Statement

Historical
€ million Dec 13 Dec 14 Dec 15 Dec 16

Sales revenue 197,007 202,458 213,292 217,267

Cost of sales -161,407 -165,934 -179,382 -176,270
Gross result 35,600 36,524 33,911 40,997
Distribution expenses -19,655 -20,292 -23,515 -22,700
Administrative expenses -6,888 -6,841 -7,197 -7,336
Other operating income 9,956 10,298 12,905 13,049
Other operating expenses -7,343 -6,992 -20,171 -16,907
Operating result 11,671 12,697 -4,069 7,103
Share of the result of equity-accounted investme 3,588 3,988 4,387 3,497
Interest income1 1,285
Interest expenses1 -2,366 -2,658 -2,393 -2,955
Other financial result1 -465 767 773 -1,638
Financial result 757 2,097 2,767 189
Earnings before tax 12,428 14,794 -1,301 7,292
Income tax income/expense -3,283 -3,726 -59 -1,912
Current -3,733 -3,632 -2,859 -3,273
Deferred 449 -94 2,800 1,361
Earnings after tax 9,145 11,068 -1,361 5,379
of which attributable to
Noncontrolling interests 52 84 10 10
Volkswagen AG hybrid capital investors 27 138 212 225
Volkswagen AG shareholders 9,066 10,847 -1,582 5,144

Basic earnings per ordinary share in € 18.61 21.82 −3.20 10.24

Diluted earnings per ordinary share in € 18.61 21.82 −3.20 10.24
Basic earnings per preferred share in € 18.67 21.88 −3.09 10.30
Diluted earnings per preferred share in € 18.67 21.88 −3.09 10.30

Basic Earning Attributable to Ordinary Shares 3,028

Diluted Earning Attributable to Ordinary Shares 3,028

Basic Earning Attributable to Preferred Shares 2,116

Diluted Earning Attributable to Preferred Shares 2,116

Weighted Average number of shares outstanding

Ordinary Shares
Basic 295.1 295.1 295.1
Diluted 295.1 295.1 295.1
Preferred Shares
Basic 206.2
Diluted 206.2
 Forecasted
Dec 17 Dec 18 Dec 19 Dec 20

230,682 238,643 252,904 268,806

-188,140 -195,793 -206,878 -220,213
42,542 42,850 46,025 48,593
-22,710 -19,914 -18,575 -17,055
-8,254 -8,298 -8,922 -9,415
14,500 13,712 14,202 14,195
-12,259 -15,626 -15,000 -16,772
13,818 12,723 17,731 19,546
3,482 3,482 3,482 3,482
951 951 951 951
-2,317 -2,317 -2,317 -2,317
-2,022
94 2,116 2,116 2,116
13,913 14,839 19,847 21,662
-2,275 -3,159 -3,735 -4,344
-3,205
930
11,638 11,681 16,112 17,318

10 10 10 10
274 314 354 394
11,354 11,357 15,748 16,914

22.63 22.65 31.41 33.74

22.63 22.65 31.41 33.74
22.69 23.08 29.80 32.93
22.69 23.08 29.80 32.93

6,684 6,685 9,270 9,956

6,684 6,685 9,270 9,956

4,670 4,671 6,478 6,957

4,670 4,671 6,478 6,957

295.1 295.1 295.1 295.1

295.1 295.1 295.1 295.1
206.2 206.2 206.2 206.2
206.2 206.2 206.2 206.2
Volkswagen Aktiengesellschaft
Balance Sheet

Historical
€ million Dec 13 Dec 14 Dec 15

Assets
Noncurrent assets
Intangible assets 59,243 59,935 61,147
Property, plant and equipment 42,389 46,169 50,171
Lease assets 22,259 27,585 33,173
Investment property 427 485 504
Equity-accounted investments 7,934 9,874 10,904
Other equity investments 3,941 3,683 974
Financial services receivables 51,198 57,877 63,185
Other financial assets 7,040 6,498 6,730
Other receivables 1,456 1,654 1,340
Tax receivables 633 468 395
Deferred tax assets 5,622 5,878 8,026
202,141 220,106 236,548
Current assets
Inventories 28,653 31,466 35,048
Trade receivables 11,133 11,472 11,132
Financial services receivables 38,386 44,398 46,888
Other financial assets 6,591 7,693 10,043
Other receivables 5,030 5,080 5,367
Tax receivables 729 1,010 1,029
Marketable securities 8,492 10,861 15,007
Cash, cash equivalents and time deposits 23,178 19,123 20,871
Assets held for sale
122,192 131,102 145,387

Total assets 324,333 351,209 381,935

Equity and Liabilities

Equity
Subscribed capital 1,191 1,218 1,283
Capital reserves 12,658 14,616 14,551
Retained earnings 72,341 71,197 69,039
Other reserves -459 -2,081 -4,374
Equity attributable to Volkswagen AG hybrid capital investors
2,004 5,041 7,560
Equity attributable to Volkswagen AG shareholders and hybrid
87,733capital investors
89,991 88,060
Noncontrolling interests 2,304 198 210
90,037 90,189 88,270
Noncurrent liabilities
Financial liabilities 61,517 68,416 73,292
Other financial liabilities 2,305 3,954 5,901
Other liabilities 4,527 4,238 4,905
Deferred tax liabilities 7,894 4,774 4,433
Provisions for pensions 21,774 29,806 27,535
Provisions for taxes 3,674 3,215 3,940
Other provisions 13,981 15,910 25,170
115,672 130,314 145,175
Current liabilities
Put options and compensation rights granted to n 3,638 3,703 3,933
Financial liabilities 59,987 65,564 72,313
Trade payables 18,024 19,530 20,460
Tax payables 218 256 330
Other financial liabilities 4,526 7,643 10,350
Other liabilities 11,004 14,143 14,014
Provisions for taxes 2,869 2,791 1,301
Other provisions 18,360 17,075 25,788
118,625 130,706 148,489

Total equity and liabilities 324,333 351,209 381,935

Tally 0 0 0
Historical Forecasted
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20

62,599 63,419 64,695 65,826 67,516

54,033 55,243 56,619 58,612 60,740
38,439 39,254 42,471 46,474 50,334
512 468 476 473 493
8,616 8,205 8,205 8,205 8,205
996 1,318 1,331 1,344 1,358
68,402 73,249 78,079 81,525 87,300
8,256 8,455 8,514 8,574 8,634
2,009 2,252 2,388 2,626 2,875
392 407 417 427 437
9,756 9,810 9,810 9,810 9,810
254,010 262,081 273,004 283,896 297,700
3.18% 4.17% 3.99% 4.86%
38,978 40,415 45,614 50,456 56,910
12,187 13,357 15,988 17,058 19,414
49,673 53,145 52,860 58,406 62,154
11,844 11,998 13,188 14,071 15,443
5,130 5,346 5,583 5,889 6,274
1,126 1,339 1,433 1,533 1,640
17,520 15,939 16,741 16,741 16,741
19,265 18,457 24,942 20,667 18,253
– 115 - -
155,722 160,112 176,349 184,821 196,829
2.82% 10.14% 4.80% 6.50%
409,732 422,193 449,354 468,717 494,529
3.04% 6.43% 4.31% 5.51%

1,283 1,283 1,283 1,283 1,283

14,551 14,551 14,551 14,551 14,551
70,446 81,367 90,714 106,826 124,144
-1,158 560 560 560 560
7,567 11,088 12,565 12,565 12,565
92,689 108,849 119,673 135,785 153,103
221 229 219 219 219
92,910 109,077 119,892 136,004 153,322
 17.40% 9.91% 13.44% 12.73%
66,358 81,628 88,975 86,305 86,305
4,488 2,665 2,665 2,665 2,665
5,664 6,199 6,371 6,774 7,188
4,745 5,636 5,749 5,864 5,981
33,012 32,730 33249 33249 33249
3,556 3,030 3,030 3,030 3,030
21,482 20,839 20,839 20,839 20,839
139,306 152,726 160,877 158,726 159,258
9.63% 5.34% -1.34% 0.33%
3,849 3,795 3,456 3,456 3,456
88,461 81,844 85,936 90,233 94,745
22,794 23,046 23,672 25,177 26,712
500 430 430 430 430
9,438 8,570 9,427 9,898 10,393
15,461 15,961 18,850 17,906 19,250
1,301 1,397 1,467 1,540 1,617
35,711 25,347 25,347 25,347 25,347
177,515 160,389 168,585 173,988 181,950
-9.65% 5.11% 3.20% 4.58%
409,732 422,193 449,354 468,717 494,529

0 0 0 0 0
Volkswagen Aktiengesellschaft
Fixed Asset Module

Historical
€ million Dec 15 Dec 16 Dec 17

Fix Assets break up Useful life Dep rate

Land
Buildings 20-50 2.9%
Site Improvements 10-20 6.7%
Technical equipments and machinery 6-12 11.1%
Other equipments, operating and office equipments, i 3-15 11.1%

Land, land rights and buildings, including buildings on third-party land

Opening 31,036 33,534
Capex (Addition/Deletion) 2,498 801
Closing 31,036 33,534 34,335
Capex as % of sales 1.1% 0.3%

Technical equipments and machinery

Opening 39,836 43,353
Capex (Addition/Deletion) 3,517 2,097
Closing 39,836 43,353 45,450
Capex as % of sales 1.6% 0.9%

Other equipment, operating and office equipment

Opening 58,243 64,595
Capex (Addition/Deletion) 6,352 4,314
Closing 58,243 64,595 68,909
Capex as % of sales 2.9% 1.9%

Payments on account and assets under construction

Opening 7,717 7,008
Capex (Addition/Deletion) -709 -132
Closing 7,717 7,008 6,876
Capex as % of sales -0.3% -0.1%

Gross property and equipment 136,832 148,490 155,570

Capex 11,658.0 7,080.0

 Less—Accumulated depreciation
Opening Depreciation 80721 86661 94456
Depreciation during the year 5940 7795 5871
Closing Accumulated Depreciation 86661 94456 100327
Closing Depreciation as % of Gross PP&E 63.3% 63.6% 64.5%
Depreciation during the year as % of Gross PP&E 4.3% 5.2% 3.8%
Property and equipment, net 50,171 54,034 55,243

Intangible Assets

Brand names
Opening 17,062 17,024
Capex (Addition/Deletion) -38 -29
Closing 17,062 17,024 16,995
Capex as % of sales 0.0% 0.0%

Goodwill
Opening 23,646 23,559
Capex (Addition/Deletion) -87 -116
Closing 23,646 23,559 23,443
Capex as % of sales 0.0% -0.1%

Capitalized development costs for products under development

Opening 6,781 7,285
Capex (Addition/Deletion) 504 -170
Closing 6,781 7,285 7,115
Capex as % of sales 0.2% -0.1%

Capitalized development costs for products currently in use

Opening 23,681 27,366
Capex (Addition/Deletion) 3,685 1,586
Closing 23,681 27,366 28,952
Capex as % of sales 1.7% 0.7%

Other intangible assets

Opening 8,529 8,637
Capex (Addition/Deletion) 108 -49
Closing 8,529 8,637 8,588
Capex as % of sales 0.0% 0.0%

Gross Intangible Assets 79,699 83,871 85,093

Capex 4,172.0 1,222.0

Cape excluding capitalized development costs -17.0 -194.0
 Less—Amortization and Impairment
Opening A & I 16,818 18,553 21,271
During the year 1,735 2,718 403
Closing A & I 18,553 21,271 21,674
Closing A & I as % of Gross Intangible Assets 23.3% 25.4% 25.5%
A & I during the year as % of Gross Intangible Assets 2.2% 3.2% 0.5%
Intangible Assets, net 61,146 62,600 63,419

Leasing Assets

Opening 45,118 51,483

Capex (Addition/Deletion) 6,365 743
Closing 45,118 51,483 52,226
Capex as % of sales 2.9% 0.3%

Gross Leasing Assets 45,118 51,483 52,226

Capex 6,365.0 743.0

Less—Depreciation and Impairment

Opening D & I 9,195 11,945 13,044
During the year 2,750 1,099 -72
Closing D & I 11,945 13,044 12,972
Closing D & I as % of Gross Leasing Assets 26.5% 25.3% 24.8%
D & I during the year as % of Gross Leasing Assets 6.1% 2.1% -0.1%
Leasing Assets, net 33,173 38,439 39,254

Investment Property

Opening 761 780

Capex (Addition/Deletion) 19 -32
Closing 761 780 748
Capex as % of sales 0.0% 0.0%

Gross Investment Property 761 780 748

Capex 19 -32

Less—Depreciation and Impairment

Opening D & I 251 257 268
During the year 6 11 11
Closing D & I 257 268 279
Closing D & I as % of Gross Investment Property 33.8% 34.4% 37.3%
D & I during the year as % of Gross Investment Prope 0.8% 1.4% 1.5%
Investment Property, net 504 512 469

Total Capex
22,214.0 9,013.0

Total depreciation, Impairment and amortization

10,431 11,623 6,213
Forecasted
Dec 18 Dec 19 Dec 20

34,335 36,121 37,507

1,786 1,386 2,549
36,121 37,507 40,055
0.7% 0.5% 0.9%

45,450 47,750 49,613

2,300 1,863 2,285
47,750 49,613 51,898
1.0% 0.7% 0.9%

68,909 70,333 72,441

1,424 2,108 1,922
70,333 72,441 74,364
0.6% 0.8% 0.7%

6,876 6,418 6,103

-458 -315 -425
6,418 6,103 5,678
-0.2% -0.1% -0.2%

160,623 165,664 171,996

5,053.1 5,041.1 6,331.4

 100327 104,004.3 107,052.6
3,677.3 3,048.4 4,203.4
104,004.3 107,052.6 111,256.0
64.75% 64.62% 64.69%
4.21% 3.69% 3.65%
56,618.9 58,611.7 60,739.7

16,995 16,983 16,986

-12 3 22
16,983 16,986 17,008
0.0% 0.0% 0.0%

23,443 23,335 23,215

-108 -121 -125
23,335 23,215 23,090
0.0% 0.0% 0.0%

7,115 7,423 7,493

308 70 211
7,423 7,493 7,704
0.1% 0.0% 0.1%

28,952 31,796 33,920

2,844 2,124 1,924
31,796 33,920 35,844
1.2% 0.8% 0.7%

8,588 8,622 8,613

34 -9 14
8,622 8,613 8,628
0.0% 0.0% 0.0%

88,159 90,227 92,273

3,066.5 2,067.1 2,046.1

-85.8 -126.5 -88.7
21,674 23,465 24,401
1,791 936 356
23,465 24,401 24,757
26.62% 27.04% 26.83%
1.56% 0.72% 0.84%
64,695 65,826 67,516

52,226 56,694 61,934

4,468 5,240 6,108
56,694 61,934 68,041
1.87% 2.07% 2.27%

56,694 61,934 68,041

4,468 5,240 6,108

12,972 14,223 15,460

1,251 1,238 2,247
14,223 15,460 17,708
25.09% 24.96% 26.03%
1.00% 0.43% 0.71%
42,471 46,474 50,334

748 742 746

-6 5 26
742 746 772
0.00% 0.00% 0.01%

742 746 772

-6 5 26

279 266 273

-13 7 7
266 273 280
 35.83% 36.56% 36.20%
1.44% 1.46% 1.45%
476 473 493

12,581.1 12,353.2 14,510.8

6,706 5,229 6,814

Volkswagen Aktiengesellschaft
Cash Flow Statement

Historical
€ million Dec 13 Dec 14 Dec 15

Cash and cash equivalents at beginning of period 17,794 22,009 18,634

Earnings before tax 12,428 14,794 -1,301
Income taxes paid -3,107 -4,040 -3,238
Depreciation and amortization of, and impairment losses 8,007
on, intangible8,761
assets, property,
9,743plant and equipme
Amortization of and impairment losses on capitalized development
2,464 costs
3,006
1
3,262
Impairment losses on equity investments1 36 172 37
Depreciation of and impairment losses on lease assets 4,179
1
5,024 6,651
Gain/loss on disposal of noncurrent assets and eq -35 -153 -1,581
Share of the result of equity-accounted investmen -759 -990 297
Other noncash expense/income 1,012 -174 2,102
Change in inventories -1,021 -2,214 -3,149
Change in receivables (excluding financial service -1,651 -1,433 -1,807
Change in liabilities (excluding financial liabilities) 2,363 4,764 2,807
Change in provisions 2,479 562 18,329
Change in lease assets -7,112 -8,487 -10,808
Change in financial services receivables -6,688 -8,807 -7,663
Cash flows from operating activities 12,595 10,784 13,679
Investments in intangible assets (excluding devel -11,385 -12,012 -13,213
Additions to capitalized development costs -4,021 -4,601 -5,021
Acquisition of subsidiaries -80 -83 -179
Acquisition of other equity investments -94 -195 -817
Disposal of subsidiaries 0 6 0
Disposal of other equity investments 23 31 3,173
Proceeds from disposal of intangible assets, property, plant622
and equipment,
403 and investment
533 property
Change in investments in securities -810 -2,154 -3,916
Change in loans and time deposits -1,144 -492 -1,711
Cash flows from investing activities -16,890 -19,099 -21,151
Capital contributions 3,067 4,932 2,457
Dividends paid -1,849 -1,962 -2,516
Capital transactions with noncontrolling interest 0 -6,535 0
Other changes -21 15 13
Proceeds from issuance of bonds 22,118 25,608 22,533
Repayments of bonds -14,614 -21,748 -23,755
Changes in other financial liabilities 285 4,352 10,360
Lease payments -14 -17 -23
Cash flows from financing activities 8,973 4,645 9,068
Effect of exchange rate changes on cash and cash equivalents
-462 294 232
Net change in cash and cash equivalents 4,216 -3,375 1,828
Cash and cash equivalents at end of period 22,009 18,634 20,462

Cash and cash equivalents at end of period 22,009 18,634 20,462

Securities, loans and time deposits 17,177 18,893 24,613
Gross liquidity 39,186 37,527 45,075
Total third-party borrowings -121,504 -133,980 -145,604
Net liquidity -82,318 -96,453 -100,530
Historical Forecasted
Dec 16 Dec 17 Dec 18 Dec 19 Dec 20

20,462 18,833 18,038 24,942 20,667

7,292 13,913 14,839 19,847 21,662
-3,315 -3,664 -3,159 -3,735 -4,344
10,100 10,562 6,706 5,229 6,814
3,586 3,734
130 136
7,107 7,734
-222 -25
377 274
716 -480
-3,637 -4,198 -5,199 -4,842 -6,454
-2,155 -1,660 -3,107 -1,725 -3,107
5,048 5,302 3,800 1,079 3,410
5,966 -9,443 589 73 77
-12,074 -11,478
-9,490 -11,891 -4,546 -8,992 -9,523
9,430 -1,185 9,923 6,935 8,535
-13,152 -13,052 -12,581 -12,353 -14,511
-5,750 -5,260
-119 -277
-309 -561 -13 -13 -13
-7 496
2,190 24
351 411 115 0 0
-1,245 1,376 -802 0 0
-2,638 335 -827 -942 -1,432
-20,679 -16,508 -14,108 -13,309 -15,956
– 3,473 1,477 0 0
-364 -1,332 -2334
-3 – -349 0 0
– –
14,262 30,279 11,439 1,628 4,512
-23,601 -17,877
19,455 3,109 857 471 495
-36 -28
9,712 17,625 11,090 2,099 5,007
-91 -727
-1,628 -796 6,904 (4,275) (2,414)
 18,833 18,038 24,942 20,667 18,253

18,833 18,038
28,036 26,291
46,869 44,329
-154,819 -163,472
-107,950 -119,143