Audi 2008 Annual Report Download - page 179

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The equity of the Audi Group rose by 23.6 percent to EUR 10,328 (8,355) million. This change
was attributable principally to the cash infusion of EUR 706 million by Volkswagen AG (Wolfs-
burg) to the capital reserve of AUDI AG, and allocation to other retained earnings of the balance
remaining after the transfer of profit (EUR 948 million). In addition, equity was increased by
EUR 289 million due to the first-time consolidation of AUDI BRUSSELS S.A./N.V. The equity ratio
for the Audi Group rose thereby to 39.6 (37.0) percent overall.
Non-current liabilities amounting to EUR 6,029 (5,269) million rose year-on-year primarily as
a result of increased other provisions, together with higher other liabilities.
Current liabilities rose to EUR 9,699 (8,954) million mainly as a result of increased provisions
and sales-related growth in trade payables.
OVERALL CAPITAL INVESTMENTS AND CASH FLOW OF THE AUDI GROUP
4,000
3,000
2,000
1,000
0
5,000
Total investments
(EUR million)
Cash flow from operating
activities (EUR million)
2,115
4,876
2,486
4,338
1,708
3,252
1,925
4,428
2008200720062005
FINANCIAL POSITION
The cash flow from operating activities by the Audi Group amounted to EUR 4,338 (4,876) mil-
lion in the past fiscal year.
The cash used in investing activities totaled EUR 5,916 (2,494) million in the year under review.
The sharp rise is mainly due to the investment of term money with an investment horizon of
more than three months. Investments in property, plant and equipment and other intangible
assets in the amount of EUR 1,906 (1,578) million were up 20.8 percent from the previous year.
The priority capital investments in 2008 were the ramp-ups for production of the new Audi Q5
and new Audi A5 Cabriolet, the product improvements of the Audi A3 and Audi A6 car lines, and
the further derivatization of the Audi A4 car line. As in the previous year, cash flow from operat-
ing activities covered the investments in non-current assets in full, giving further evidence of
the Company’s consistently strong financial position.
Net liquidity as of December 31, 2008 was EUR 9,292 (7,860) million, an impressive increase
of 18.2 percent over the previous year.
As of December 31, 2008, the Audi Group had other financial obligations amounting to
EUR 1,501 (1,462) million, mainly in the form of ordering commitments.
An overview is provided in Section 39 of the Notes: “Other financial obligations.”
REPORT ON POST-BALANCE SHEET DATE EVENTS
There were no events of material significance after the end of the fiscal year.