13 • 22 CORPORATE FINANCIAL DISCLOSURE: A GLOBAL ASSESSMENTmillion 2001 2000Cash and cash equivalents at beginning of period 2,156 3,016
Profit before tax 4,409 3,719
Income taxes paid –1,362 –1,304
Depreciation of tangible and intangible assets 4,668 4,052
Amortization of capitalized development costs 917 852
Depreciation of financial assets 18 45
Depreciation of leasing and rental assets 1,159 632
Change in provisions 620 1,659
Loss on disposal of non-current assets 60 95
Share of retained earnings of Group companies accounted
for using the equity method –170 –226
Other expenses/income not affecting cash flow 358 315
Change in inventories –597 –742
Change in receivables (excluding financial services) –169 –713
Change in liabilities (excluding borrowings) 127 826
Cash flows from operating activities 10,038 9,210
Acquisition of tangible and intangible assets –6,617 –6,130
Additions to capitalized development costs –2,180 –1,258
Acquisition of investments –82 –1,766
Investments in other financial assets –28 –267
Changes in leasing and rental assets (excluding depreciation) –3,428 –2,464
Change in financial services receivables –3,396 –3,354
Proceeds from disposal of non-current assets
(excluding leasing and rental assets) 540 676
Cash flows from investing activities –15,191 –14,563
Net cash flow –5,153 –5,353
Change in investments in securities 266 –297
Investing activities including investments in securities –14,925 –14,860
Capital contributions 135 24
Acquisition of treasury shares — –2,285
Dividends paid/compensation for loss –465 –333
Other changes in equity –345 –1,430
Take-up of bonds 4,319 2,859
Repayment of bonds –3,232 –1,463
Change in other borrowings 6,917 7,495
Finance lease payments –27 25
Change in loans to Group companies –319 –141
Cash flows from financing activities 6,983 4,751
Cash flows from changes to the scope of consolidation 29 15
Cash flows from exchange rate changes 4 24
Change in cash and cash equivalents 2,129 –860
Cash and cash equivalents at end of period 4,285 2,156
Securities and loans 4,581 4,932
Gross liquidity 8,866 7,088
Total third-party borrowings –42,794 –34,584
Net liquidity –33,928 –27,496
*Offset against reversals
Explanatory notes on cash flow statement are provided in note (30). (continued)
Exhibit 13.11. Cash Flow Statement of the Volkswagen Group for the period of
January 1 to December 31, 2001.