Audi 2009 Annual Report Download - page 159

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The Audi Group’s balance sheet total edged up to EUR 26,550 (26,056) million in the past fiscal
year.
Non-current assets remained virtually unchanged from the previous year at EUR 9,637 (9,537)
million.
The slight increase in current assets to EUR 16,913 (16,519) million is largely attributable to
increased cash and cash equivalents. Opposite effects included in particular the elimination of
inventories caused by the forward-looking reduction of vehicle stocks in response to the eco-
nomic crisis.
Total capital investments by the Audi Group amounted to EUR 1,844 (2,486) million in the 2009
fiscal year. All spending measures on new products and technologies of the future were com-
pleted as planned, without any cutbacks.
The equity of the Audi Group rose by 2.9 percent to EUR 10,632 (10,328) million in the period
under review. In addition to the cash infusion of EUR 308 million by Volkswagen AG (Wolfsburg)
into the capital reserve of AUDI AG, the increase was attributable primarily to the allocation to
other retained earnings of the balance remaining after the transfer of profit (EUR 128 million).
The equity ratio for the Audi Group consequently rose overall to 40.0 (39.6) percent.
Non-current liabilities were up on the prior-year figure at EUR 6,425 (6,029) million. The in-
crease was driven principally by higher provisions for pensions and higher other provisions.
Current liabilities fell to EUR 9,493 (9,699) million as a result of lower trade payables, among
other reasons.
FINANCIAL POSITION
In the past fiscal year the Audi Group generated a cash flow from operating activities of
EUR 4,119 (4,338) million, which was virtually on a par with the previous year’s high figure.
In the same period, the cash used in investing activities for current operations amounted to
EUR 1,798 (2,412) million. Including cash deposits in securities and loans, the cash used in
investing activities totaled EUR 1,433 (5,916) million. The high prior-year figure is substantially
due to the investment of term money with an investment horizon of more than three months.
Investments in property, plant and equipment in 2009 reached EUR 1,172 (1,793) million.
This outlay focused principally on investment in new products and the further development
of pioneering technologies in the spheres of drive technology, lightweight construction and
electrification.
Notwithstanding the extremely difficult underlying situation, the Audi Group, as in previous
years, managed to finance capital investments entirely from its own resources and also gener-
ated a surplus. This development is impressive evidence of the Company’s consistently strong
financial position.
The net liquidity of the Audi Group on December 31, 2009 of EUR 10,665 (9,292) million yet
again showed an increase on the prior-year figure.
The other financial obligations as of December 31, 2009 amounted to EUR 1,813 (1,501) mil-
lion, mainly in the form of ordering commitments. Further information is provided in Section 39
of the Notes: “Other financial obligations.”