32 Cash flow statement

Cash flows are presented in the cash flow statement classified into cash flows from operating activities, investing activities and financing activities, irrespective of the balance sheet classifikation.

Cash flows from operating activities are derived indirectly from profit before tax. Profit before tax is adjusted to eliminate noncash expenditures (mainly depreciation, amortization and impairment losses) and income. In the previous year, other noncash income and expenses included in particular income from the remeasurement of the Porsche call option amounting to €1,875 million. This results in cash flows from operating activities after accounting for changes in working capital, which also include changes in leasing and rental assets and in financial services receivables.

Investing activities include additions to property, plant and equipment and equity investments, additions to capitalized development costs and investments in securities and loans.

Financing activities include outflows of funds from dividend payments and redemption of bonds, inflows from the capital increase and issuance of bonds, and changes in other financial liabilities. Please refer to note 24 for information on the inflows from the issuance of a mandatory convertible note (€1,099 million) and hybrid capital (€1,967 million) contained in the capital contributions.

The changes in balance sheet items that are presented in the cash flow statement cannot be derived directly from the balance sheet, as the effects of currency translation and changes in the consolidated Group are noncash transactions and are therefore eliminated.

In 2013, cash flows from operating activities include interest received amounting to €5,754 million (previous year: €5,740 million) and interest paid amounting to €3,864 million (previous year: €3,915 million). In addition, the share of profits and losses of equity-accounted investments (note 7) includes dividends amounting to €2,827 million (previous year: €3,925 million).

Dividends amounting to €1,639 million (previous year: €1,406 million) were paid to Volkswagen AG shareholders.







€ million


Dec. 31, 2013


Dec. 31, 2012






Cash, cash equivalents and time deposits as reported in the balance sheet





Time deposits and restricted cash





Cash and cash equivalents as reported in the cash flow statement





Time deposits and restricted cash are not classified as cash equivalents. Time deposits have a contractual maturity of more than three months. At the reporting date, restricted cash within cash and cash equivalents as reported in the balance sheet amounted to €– million (previous year: €128 million). The maximum default risk corresponds to its carrying amount.