Audi 2008 Annual Report Download - page 238

219
Consolidated Financial
Statements
170 Income Statement
171 Balance Sheet
172 Cash Flow Statement
173 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
174 Development of
fixed assets 2008
176 Development of
fixed assets 2007
178 General information
183 Recognition and
measurement principles
189 Notes to the Income
Statement
196 Notes to the Balance Sheet
209 Additional disclosures
227 Events occurring subsequent
to the balance sheet date
228 Statement of Interests
held by the Audi Group
Nominal volume of derivative financial instruments
The nominal volumes of the hedges presented represent the total of all buying and selling
prices on which the transactions are based.
EUR million Nominal volumes Fair values
Dec. 31,
2008
Residual time
to maturity
up to 1 year
Dec. 31,
2007
Residual time
to maturity
up to 1 year
Dec. 31,
2008
Dec. 31,
2007
Cash flow hedges 12,805 5,266 9,222 4,464 810 800
Foreign exchange
contracts 7,588 5,185 6,807 4,463 570 625
Currency option
transactions 4,980 –2,414 –309 175
Currency swaps – – 1 1 ––
Commodity futures 237 81 – – – 69 –
Non-hedge derivatives 147 88 451 177 82 50
Total portfolio 12,952 5,354 9,673 4,641 892 850
The derivative financial instruments used exhibit a maximum hedging term of five years.
35 Cash Flow Statement
The Cash Flow Statement details the payment streams for both the 2008 fiscal year and the
previous year, categorized according to cash used and received for operating, investing and
financing activities. The effects of changes in the group of consolidated companies and to
foreign exchange rates on cash flows are presented separately.
Cash flow from operating activities includes all payment streams in connection with ordinary
activities and is presented using the indirect calculation method. Starting from the profit before
profit transfer and tax, all income and expenses with no impact on cash flow (mainly write-
downs) are excluded.
In 2008, cash flow from operating activities included payments for interest received amounting
to EUR 400 (278) million and for interest paid amounting to EUR 95 (91) million. The Audi
Group received dividends and profit transfers totaling EUR 71 (84) million in 2008. The income
tax payments item substantially comprises payments made to Volkswagen AG (Wolfsburg) on
the basis of the single-entity relationship for tax purposes in Germany, as well as payments to
foreign tax authorities.
Cash flow from investing activities includes capitalized development costs as well as additions
to other intangible assets, property, plant and equipment, long-term investments and non-
current loans advanced. The change in investment property, the proceeds from the disposal
of assets, the proceeds from the sale of investments and the change in securities effective as
payment are similarly reported in cash flow from investing activities. The sale of
AUDI DO BRASIL E CIA. (Curitiba, Brazil) produced an inflow of EUR 101 million. Furthermore,
changes from fixed deposits with a residual maturity of more than three months and credit
extended were transferred to cash flow from investing activities. The comparative figures for the
previous year have been adjusted accordingly, resulting in a reduction of EUR 75 million in cash
flow from investing activities, whilst cash flow from financing activities rose by EUR 75 million.
Cash flow from financing activities includes cash used for the transfer of profit, as well as
changes in financial liabilities.
The changes in the Balance Sheet items that are presented in the Cash Flow Statement cannot
be derived directly from the Balance Sheet because the effects of currency translation and of
changes in the group of consolidated companies do not affect cash and are segregated.
The change in cash and cash equivalents due to changes in the group of consolidated companies
relates to companies that have been consolidated for the first time.