Statement of Cash Flows1
of the TRATON GROUP for the period from January 1 to December 31
| € million | TRATON GROUP | |
|---|---|---|
| 2025 | 2024 | |
| Cash and cash equivalents as of 01/01 | 2,542 | 1,730 |
| Gross cash flow | ||
| Earnings before tax | 2,024 | 3,569 |
| Income taxes paid | –1,111 | –1,068 |
| Depreciation and amortization of, and impairment losses on, intangible assets, property, plant, and equipment, and investment property2 | 1,537 | 1,434 |
| Amortization of, and impairment losses on, capitalized development costs2 | 620 | 530 |
| Impairment losses on equity investments2 | 34 | 1 |
| Depreciation of and impairment losses on products leased out2 | 1,024 | 1,012 |
| Change in pension obligations | –1 | 7 |
| Earnings on disposal of noncurrent assets and equity investments | –15 | –4 |
| Share of earnings of equity-method investments | –79 | –79 |
| Other noncash income/expense | –50 | 252 |
| Change in working capital | ||
| Change in inventories | 429 | –214 |
| Change in receivables (excluding financial services) | –78 | 401 |
| Change in liabilities (excluding financial liabilities) | –279 | –375 |
| Change in provisions | 281 | 345 |
| Change in products leased out | –1,228 | –518 |
| Change in financial services receivables | –2,206 | –2,953 |
| Net cash provided by operating activities | 902 | 2,340 |
| Investments in intangible assets (excluding capitalized development costs), in property, plant, and equipment and in investment property | –1,576 | –1,763 |
| Additions to capitalized development costs | –1,220 | –978 |
| Investments to acquire subsidiaries and other businesses | –21 | –69 |
| Investments to acquire other investees | –43 | –74 |
| Proceeds from the disposal of subsidiaries | 21 | 31 |
| Proceeds from the disposal of other investees | 10 | 10 |
| Proceeds from the disposal of intangible assets, property, plant, and equipment, and investment property | 81 | 61 |
| Change in marketable securities and investment deposits | 23 | 39 |
| Change in loans | –3 | –69 |
| Net cash used in investing activities | –2,728 | –2,811 |
| Dividend payouts | –850 | –750 |
| Proceeds from the issuance of bonds | 5,627 | 5,448 |
| Repayment of bonds | –4,864 | –2,555 |
| Proceeds from Schuldscheindarlehen and commercial paper programs5 | 1,314 | 91 |
| Payments from Schuldscheindarlehen and commercial paper programs5 | –322 | –1,179 |
| Loans extended by Volkswagen companies3 | 1,032 | 1,309 |
| Loan repayment to Volkswagen companies4 | –770 | –428 |
| Change in miscellaneous financial liabilities5 | 1,146 | –268 |
| Repayment of lease liabilities | –292 | –276 |
| Net cash provided by financing activities | 2,021 | 1,392 |
| Effect of exchange rate changes on cash and cash equivalents | 70 | –109 |
| Change in cash and cash equivalents | 264 | 812 |
| Cash and cash equivalents as of 12/31 | 2,805 | 2,542 |
1 For further information, see Note 27. Statement of cash flows
2 Net of impairment reversals
3 Volkswagen AG, Volkswagen International Finance, Volkswagen Group of America Finance, Volkswagen North American Region Payment Services, LLC
4 Volkswagen AG, Volkswagen Financial Services AG, Volkswagen Group of America Finance
5 Prior-year figures adjusted to reflect the current presentation. Cash inflows of €91 million and cash outflows of €–829 million from commercial paper programs, which were reported under “Changes in miscellaneous financial liabilities” in the previous year, are now reported under “Cash inflows from Schuldscheindarlehen and commercial paper programs” and “Payments from Schuldscheindarlehen and commercial paper programs.”