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

Cash flows from operating activities are derived indirectly from profit before tax. Profit before tax is adjusted to eliminate noncash expenditures (mainly depreciation and amortization) and income. 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 investments, as well as to capitalized development costs.

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.

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 2011, cash flows from operating activities include interest received amounting to €7,202 million (previous year: €4,238 million) and interest paid amounting to €4,796 million (previous year: €3,049 million). In addition, the share of profits and losses of equity-accounted investments (note 7) includes dividends amounting to €1,487 million (previous year: €1,174 million).

Dividends amounting to €1,034 million (previous year: €754 million) were paid to Volkswagen AG shareholders.

  Download

 

 

 

 

 

€ million

 

Dec. 31, 2011

 

Dec. 31, 2010

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

 

18,291

 

18,670

Time deposits

 

–1,796

 

–442

Cash and cash equivalents as reported in the
cash flow statement

 

16,495

 

18,228

Time deposits do not qualify as cash equivalents as they have a maturity of more than three months.

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