Cash Flow Statement
of the Volkswagen Group for the period January 1 to December 31, 2025
€ million |
|
2025 |
|
2024 |
||||||
|---|---|---|---|---|---|---|---|---|---|---|
|
|
|
|
|
||||||
Cash and cash equivalents at beginning of period |
|
40,296 |
|
43,522 |
||||||
Earnings before tax |
|
9,307 |
|
16,806 |
||||||
Income taxes paid |
|
−5,152 |
|
−6,187 |
||||||
Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property1 |
|
16,866 |
|
12,858 |
||||||
Amortization of and impairment losses on capitalized development costs1 |
|
8,365 |
|
7,209 |
||||||
Impairment losses on equity investments1 |
|
38 |
|
710 |
||||||
Depreciation of and impairment losses on lease assets1 |
|
12,203 |
|
11,279 |
||||||
Gain/loss on disposal of non-current assets and equity investments |
|
−95 |
|
110 |
||||||
Share of the result of equity-accounted investments |
|
968 |
|
2,362 |
||||||
Other non-cash expense/income |
|
−946 |
|
903 |
||||||
Change in inventories |
|
−896 |
|
−2,695 |
||||||
Change in receivables (excluding financial services) |
|
−211 |
|
−2,083 |
||||||
Change in liabilities (excluding financial liabilities) |
|
3,165 |
|
52 |
||||||
Change in provisions |
|
1,760 |
|
4,247 |
||||||
Change in lease assets |
|
−24,166 |
|
−19,358 |
||||||
Change in financial services receivables |
|
−6,196 |
|
−9,061 |
||||||
Cash flows from operating activities |
|
15,009 |
|
17,151 |
||||||
Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property |
|
−15,299 |
|
−17,202 |
||||||
Additions to capitalized development costs |
|
−9,047 |
|
−10,244 |
||||||
Acquisition of subsidiaries |
|
−359 |
|
−284 |
||||||
Acquisition of other equity investments |
|
−2,106 |
|
−2,152 |
||||||
Disposal of subsidiaries |
|
67 |
|
−148 |
||||||
Disposal of other equity investments |
|
951 |
|
231 |
||||||
Proceeds from disposal of intangible assets, property, plant and equipment, and investment property |
|
733 |
|
947 |
||||||
Change in investments in securities and time deposits |
|
−1,485 |
|
−203 |
||||||
Change in loans |
|
−938 |
|
−2,517 |
||||||
Cash flows from investing activities |
|
−27,484 |
|
−31,573 |
||||||
Capital contributions/capital redemptions |
|
420 |
|
−1,144 |
||||||
Dividends paid |
|
−4,460 |
|
−5,779 |
||||||
Capital transactions with non-controlling interest shareholders |
|
352 |
|
– |
||||||
Proceeds from issuance of bonds |
|
35,993 |
|
38,420 |
||||||
Repayments of bonds |
|
−32,669 |
|
−32,617 |
||||||
Proceeds from issuance of commercial paper and notes2 |
|
27,549 |
|
13,828 |
||||||
Repayments of commercial paper and notes2 |
|
−30,417 |
|
−12,414 |
||||||
Changes in other financial liabilities2 |
|
16,624 |
|
12,179 |
||||||
Repayments of lease liabilities |
|
−1,476 |
|
−1,334 |
||||||
Cash flows from financing activities |
|
11,918 |
|
11,140 |
||||||
Effect of exchange rate changes on cash and cash equivalents |
|
−938 |
|
55 |
||||||
Change of loss allowance within cash and cash equivalents |
|
0 |
|
1 |
||||||
Net change in cash and cash equivalents |
|
−1,495 |
|
−3,226 |
||||||
Cash and cash equivalents at end of period |
|
38,801 |
|
40,296 |
||||||
|
|
|
|
|
||||||
Cash and cash equivalents at end of period |
|
38,801 |
|
40,296 |
||||||
Securities and time deposits and loans |
|
47,395 |
|
44,662 |
||||||
Gross liquidity |
|
86,197 |
|
84,959 |
||||||
Total third-party borrowings |
|
−264,703 |
|
−254,081 |
||||||
Net liquidity |
|
−178,506 |
|
−169,122 |
||||||
|
||||||||||
Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement.