Balance Sheet of the Volkswagen Group for the period January 1 to December 31, 2019 (XLS:) DOWNLOAD Note Dec. 31, 2019 Dec. 31, 2018 12 66,214 64,613 Property, plant and equipment 13, 34 66,152 57,630 Lease assets 14, 34 48,938 43,545 Investment property 14 538 496 Equity-accounted investments 15 8,169 8,434 Other equity investments 15 1,902 1,474 Financial services receivables 16 86,973 78,692 Other financial assets 17 5,553 6,521 Other receivables 18 2,722 2,608 Tax receivables 19 341 476 Deferred tax assets 19 13,106 10,131 300,608 274,620 million Assets Noncurrent assets Intangible assets Current assets Inventories 20 46,742 45,745 Trade receivables 21 17,941 17,888 Financial services receivables 16 58,615 54,216 Other financial assets 17 12,216 11,586 Other receivables 18 7,272 6,203 Tax receivables 19 1,190 1,879 Marketable securities 22 16,769 17,080 Cash, cash equivalents and time deposits 23 25,923 28,938 795 - 187,463 183,536 488,071 458,156 Assets held for sale Total assets Equity and Liabilities Equity 24 Subscribed capital 1,283 1,283 Capital reserve 14,551 14,551 Retained earnings 96,929 91,105 Other reserves 3,646 2,417 Equity attributable to Volkswagen AG hybrid capital investors 12,663 12,596 121,781 117,117 1,870 225 123,651 117,342 Equity attributable to Volkswagen AG shareholders and hybrid capital investors Noncontrolling interests Noncurrent liabilities Financial liabilities 25 113,556 101,126 Other financial liabilities 26 4,499 3,219 Other liabilities 27 7,271 6,448 Deferred tax liabilities 28 5,007 5,030 Provisions for pensions 29 41,389 33,097 Provisions for taxes 28 2,991 3,047 Other provisions 30 21,783 20,879 196,497 172,846 Current liabilities Put options and compensation rights granted to noncontrolling interest shareholders 31 - 1,853 Financial liabilities 25 87,912 89,757 Trade payables 32 22,745 23,607 Tax payables 28 408 456 Other financial liabilities 26 10,858 9,416 Other liabilities 27 19,320 17,593 Provisions for taxes 28 1,876 1,412 Other provisions 30 24,434 23,874 370 - Liabilities associated with assets held for sale Total equity and liabilities 167,924 167,968 488,071 458,156 Income Statement of the Volkswagen Group for the period January 1 to December 31, 2019 (XLS:) million DOWNLOAD Note 2019 2018 Sales revenue 1 252,632 235,849 Cost of sales 2 203,490 189,500 49,142 46,350 Gross result Distribution expenses 3 20,978 20,510 Administrative expenses 4 9,767 8,819 Other operating income 5 11,453 11,631 Other operating expenses 6 12,890 14,731 16,960 13,920 Operating result Share of the result of equity-accounted investments 7 3,349 3,369 Interest income 8 910 967 Interest expenses 8 2,524 1,547 Other financial result 9 339 1,066 1,396 1,723 18,356 15,643 4,326 3,489 4,147 3,533 180 43 Financial result Earnings before tax Income tax income/expense Current Deferred 10 Earnings after tax 14,029 12,153 Noncontrolling interests 143 17 Volkswagen AG hybrid capital investors 540 309 13,346 11,827 26.60 26.66 23.57 23.63 of which attributable to Volkswagen AG shareholders Basic/diluted earnings per ordinary share in Basic/diluted earnings per preferred share in 11 11 Cash Flow Statement of the Volkswagen Group for the period January 1 to December 31, 2019 (XLS:) DOWNLOAD 2019 2018 28,113 18,038 Earnings before tax 18,356 15,643 Income taxes paid 2,914 3,804 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property 12,046 11,034 3,665 3,668 300 170 8,428 7,689 4 98 460 244 Other noncash expense/income 730 347 Change in inventories 674 5,372 Change in receivables (excluding financial services) 893 6,400 Change in liabilities (excluding financial liabilities) 2,297 3,645 Change in provisions 1,646 762 million 1 Net of impairment reversals. Cash and cash equivalents at beginning of period Amortization of and impairment losses on capitalized development costs Impairment losses on equity investments Depreciation of and impairment losses on lease assets Gain/loss on disposal of noncurrent assets and equity investments Share of the result of equity-accounted investments Change in lease assets 13,204 11,647 Change in financial services receivables 10,796 7,282 17,983 7,272 14,230 13,729 5,171 5,234 Acquisition of subsidiaries 673 470 Acquisition of other equity investments 420 420 3 26 Disposal of other equity investments 177 210 Proceeds from disposal of intangible assets, property, plant and equipment, and investment property 237 282 Change in investments in securities 387 1,378 1,456 826 21,146 21,590 - 1,491 2,899 2,375 1,368 28 25,916 35,308 19,784 15,290 4,509 5,488 Repayments of lease liabilities 957 29 Cash flows from financing activities 865 24,566 243 173 1 1 3,784 24,329 10,075 28,113 Cash and cash equivalents at end of period 24,329 28,113 Securities, loans and time deposits 29,099 28,036 53,428 56,148 201,468 190,883 Cash flows from operating activities Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property Additions to capitalized development costs Disposal of subsidiaries Change in loans and time deposits Cash flows from investing activities Capital contributions/capital redemptions Dividends paid Capital transactions with noncontrolling interest shareholders Proceeds from issuance of bonds Repayments of bonds Changes in other financial liabilities Effect of exchange rate changes on cash and cash equivalents Change of loss allowance within cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at end of period Gross liquidity Total third-party borrowings Net liquidity 148,040 134,735 Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement . I HAVE ADDED THE YEARS OF 2018 AND 2017 IF YOU NEED THEM Cash Flow Statement of the Volkswagen Group for the period January 1 to December 31, 2018 (XLS:) million DOWNLOAD 2018 2017 18,038 18,833 Earnings before tax 15,643 13,673 Income taxes paid 3,804 3,664 Depreciation and amortization of, and impairment losses on, intangible assets, property, plant and equipment, and investment property2 Amortization of and impairment losses on capitalized development costs2 11,034 10,562 3,668 3,734 170 136 7,689 7,734 98 25 Share of the result of equity-accounted investments 244 274 Other noncash expense/income 347 240 Change in inventories 5,372 4,198 Change in receivables (excluding financial services) 6,400 1,660 Change in liabilities (excluding financial liabilities) 3,645 5,302 Change in provisions 762 9,443 11,647 11,478 Change in financial services receivables 7,282 11,891 Cash flows from operating activities 7,272 1,185 13,729 13,052 5,234 5,260 1 1 Prior-year figures adjusted (see disclosures on IFRS 9). 2 Net of impairment reversals. Cash and cash equivalents at beginning of period Impairment losses on equity investments 2 Depreciation of and impairment losses on lease assets 2 Gain/loss on disposal of noncurrent assets and equity investments Change in lease assets Investments in intangible assets (excluding development costs), property, plant and equipment, and investment property Additions to capitalized development costs Acquisition of subsidiaries 470 277 Acquisition of other equity investments 420 561 Disposal of subsidiaries 26 496 Disposal of other equity investments 210 24 Proceeds from disposal of intangible assets, property, plant and equipment, and investment property 282 411 1,378 1,376 826 335 21,590 16,508 1,491 3,473 2,375 1,332 28 - 35,308 30,279 15,290 17,877 5,488 3,109 29 28 24,566 17,625 173 727 10,075 28,113 796 18,038 Cash and cash equivalents at end of period 28,113 18,038 Securities, loans and time deposits 28,036 26,291 56,148 44,329 190,883 163,472 Change in investments in securities Change in loans and time deposits Cash flows from investing activities Capital contributions/capital redemptions Dividends paid Capital transactions with noncontrolling interest shareholders Proceeds from issuance of bonds Repayments of bonds Changes in other financial liabilities Lease payments Cash flows from financing activities Effect of exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents Cash and cash equivalents at end of period Gross liquidity Total third-party borrowings Net liquidity 134,735 119,143 Explanatory notes on the cash flow statement are presented in the section relating to the cash flow statement . Income Statement of the Volkswagen Group for the period January 1 to December 31, 2018 (XLS:) DOWNLOAD million Note 2018 2017 Sales revenue 1 235,849 229,550 Cost of sales 2 189,500 186,001 46,350 43,549 1 1 Prior-year figures adjusted (see disclosures on IFRS 9 and IFRS 15). Gross result Distribution expenses 3 20,510 20,859 Administrative expenses 4 8,819 8,126 Other operating income 5 11,631 11,514 Other operating expenses 6 14,731 12,259 13,920 13,818 Operating result Share of the result of equity-accounted investments 7 3,369 3,482 Interest income 8 967 951 Interest expenses 8 1,547 2,317 Other financial result 9 1,066 2,262 1,723 146 15,643 13,673 3,489 2,210 3,533 3,205 43 995 12,153 11,463 17 10 309 274 11,827 11,179 23.57 23.57 23.63 23.63 22.28 22.28 22.34 22.34 Financial result Earnings before tax Income tax income/expense 10 Current Deferred Earnings after tax of which attributable to Noncontrolling interests Volkswagen AG hybrid capital investors Volkswagen AG shareholders Basic earnings per ordinary share in Diluted earnings per ordinary share in Basic earnings per preferred share in Diluted earnings per preferred share in 11 11 11 11 Balance Sheet of the Volkswagen Group as of December 31, 2018 (XLS:) million DOWNLOAD Note Dec. 31, 2018 Dec. 31, 2017 1 Prior-year figures adjusted (see disclosures on IFRS 9 and IFRS 15). Assets Noncurrent assets Intangible assets 12 64,613 63,419 Property, plant and equipment 13 57,630 55,243 Lease assets 14 43,545 39,254 Investment property 14 496 468 Equity-accounted investments 15 8,434 8,205 Other equity investments 15 1,474 1,318 Financial services receivables 16 78,692 73,249 Other financial assets 17 6,521 8,455 Other receivables 18 2,608 2,252 Tax receivables 19 476 407 Deferred tax assets 19 10,131 9,810 274,620 262,081 Current assets Inventories 20 45,745 40,415 Trade receivables 21 17,888 13,357 Financial services receivables 16 54,216 53,145 Other financial assets 17 11,586 11,998 Other receivables 18 6,203 5,346 Tax receivables 19 1,879 1,339 Marketable securities 22 17,080 15,939 Cash, cash equivalents and time deposits 23 28,938 18,457 - 115 183,536 160,112 458,156 422,193 Assets held for sale Total assets Equity and Liabilities Equity 24 Subscribed capital 1,283 1,283 Capital reserve 14,551 14,551 Retained earnings 1 91,105 81,248 Other reserves 1 2,417 678 Equity attributable to Volkswagen AG hybrid capital investors 12,596 11,088 117,117 108,849 225 229 117,342 109,077 Equity attributable to Volkswagen AG shareholders and hybrid capital investors Noncontrolling interests Noncurrent liabilities Financial liabilities 25 101,126 81,628 Other financial liabilities 26 3,219 2,665 Other liabilities 27 6,448 6,199 Deferred tax liabilities 28 5,030 5,636 Provisions for pensions 29 33,097 32,730 Provisions for taxes 28 3,047 3,030 Other provisions 30 20,879 20,839 172,846 152,726 Current liabilities Put options and compensation rights granted to noncontrolling interest shareholders 31 1,853 3,795 Financial liabilities 25 89,757 81,844 Trade payables 32 23,607 23,046 Tax payables 28 456 430 Other financial liabilities 26 9,416 8,570 Other liabilities 27 17,593 15,961 Provisions for taxes 28 1,412 1,397 Other provisions 30 23,874 25,347 167,968 160,389 Total equity and liabilities 458,156 422,193