33 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 classification.

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. This results in cash flows from operating activities after accounting for changes in working capital, which also include changes in lease 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 new preferred shares in the amount of €1,980 million (previous year: issuance of a mandatory convertible note in the amount of €1,099 million) and the issuance of hybrid capital in the amount of €2,952 million (previous year: €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 2014, cash flows from operating activities include interest received amounting to €6,129 million (previous year: €5,754 million) and interest paid amounting to €3,397 million (previous year: €3,864 million). In addition, the share of profits and losses of equity-accounted investments (note 7) includes dividends amounting to €2,997 million (previous year: €2,827 million).

Dividends amounting to €1,871 million (previous year: €1,639 million) were paid to Volkswagen AG shareholders.

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€ million


Dec. 31, 2014


Dec. 31, 2013






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





Time deposits





Cash and cash equivalents as reported in the cash flow statement





Time deposits are not classified as cash equivalents. Time deposits have a contractual maturity of more than three months. The maximum default risk corresponds to its carrying amount.