13 • 24 CORPORATE FINANCIAL DISCLOSURE: A GLOBAL ASSESSMENTDevelopment of short-term liquidity of the Volkswagen Group from
January 1 to December 31, 2000 (million DM)
Automotive Financial Volkswagen
Division Services GroupNet earnings before extraordinary expenses 5,577 146 5,423
Depreciation and write-up of fixed assets^1 8,935 157 9,131
Depreciation and write-up of leasing and — 7,870 8,198
rental assets
Change in medium and long-term provisions 644 73 871
Other expenses and income not affecting payments –432 –11 –443
Cash flow 14,724 8,235 23,180
Change in short-term provisions 1,226 69 98
Change in inventories and trade receivables –6,582 –6,915 –10,267
Change in liabilities (excluding credit liabilities) 797 1,338 –90
Other internal financing –4,559 –5,508 –10,259
Inflow of funds from current operations 10,165 2,727 12,921
Disposals of fixed assets and leasing and 233 7,714 8,022
rental assets
Capital investments in tangible fixed assets^1 –12,284 –293 –11,935
Capital investments in financial assets^2 –4,689 –76 –4,026
Additions to leasing and rental assets — –20,604 –20,603
Adjustments resulting from consolidation 317 190 507
Inpayments/outpayments for acquisition of — 29 –432
consolidated companies
Capital investments –16,423 –13,040 –28,467
Net cash flow –6,258 –10,313 –15,546
Capital increases 46 750 46
Share buyback –4,469 — –4,469
Dividends/profit transfers –913 –1,159 –644
Capital repayments to retired stockholders –348 — –348
Other equity changes –226 –376 –204
Change in financial liabilities 10,284 10,228 19,835
Inflow/outflow of funds in respect of financing 4,374 10,195 14,216
operations
Change in gross liquidity –1,884 –118 –1,330
Gross liquidity at start of period 13,486 1,575 13,202
Gross liquidity at end of period 11,602 1,457 11,872
Liquid funds 3,475 982 4,204
Securities (excluding treasury stock) 3,403 475 3,499
Long-term financial investments 4,724 — 4,169
Total third-party borrowings –18,241 –62,967 –67,610
Net liquidity –6,639 –61,510 –55,738
(^1) Including intangible assets.
(^2) Excluding part of the long-term financial investments and excluding equity valuation of the
companies not fully consolidated into the Group financial statements.
Note:The development of short-term liquidity is for the first time presented according to the
DRS 2 breakdown as specified by the German Accounting Standards Committee (DRS).
Exhibit 13.12. Volkswagen AG Funds Flow Statement for December 31, 2000.