Audi 2009 Annual Report Download - page 204

201
Consolidated Financial
Statements
178 Income Statement
179 Statement of Recognized
Income and Expense
180 Balance Sheet
181 Cash Flow Statement
182 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
184 Development of fixed assets
in the 2009 fiscal year
186 Development of fixed assets
in the 2008 fiscal year
188 General information
192 Recognition and
measurement principles
199 Notes to the Income Statement
205 Notes to the Balance Sheet
215 Additional disclosures
236 Events occurring subsequent
to the balance sheet date
237 Statement of Interests
held by the Audi Group
9Other financial results
EUR million 2009 2008
Investment result 21 123
of which income from investments 45 39
of which income from profit transfer agreements 54
of which income from reversal of impairment losses on investments –70
of which income from the disposal of investments –33
of which expenses from the transfer of losses – 20 – 16
of which expenses from investments – 9– 7
Net income from the sale of securities – 18 – 24
Impairments on non-derivative financial instruments – 3– 60
Income and expense from fair value measurement of derivative financial
instruments 106 41
Interest and similar income 274 483
of which from affiliated companies 235 396
Other income 103 78
of which from affiliated companies 103 78
Total other financial results 483 641
Income from investments primarily relates to a share in the profits of Volkswagen Logistics
GmbH & Co. OHG (Wolfsburg).
Income from the reversal of impairment losses on investments and from the disposal of invest-
ments resulted from the revaluation of assets of AUDI DO BRASIL E CIA. (Curitiba, Brazil) and
from the sale of the company.
Income and expense from the fair value measurement of derivative financial instruments com-
prise the ineffective portions of cash flow hedges and the fluctuations in the fair value of deriva-
tive financial instruments that do not fully meet the effectiveness criteria set out under IAS 39.
The total position in relation to hedging instruments is presented under Note 34.4, “Methods of
monitoring the effectiveness of hedging relationships.”
Interest income is attributed on an accrual basis.
10 Income tax expense
Income tax expense includes taxes passed on by Volkswagen AG (Wolfsburg) on the basis of the
single-entity relationship between the two companies for tax purposes, along with taxes owed
by AUDI AG and its consolidated subsidiaries, as well as deferred taxes.
Tax expense consists of the following:
EUR million 2009 2008
Actual income tax expense 789 983
of which for Germany 680 801
of which for other countries 109 182
of which income from the reversal of tax provisions – 6– 1
Deferred tax income – 208 – 13
of which for Germany – 185 52
of which for other countries – 23 – 65
Income tax expense 581 970
of which non-periodic tax expenses 15 1
EUR 673 (799) million of the actual income tax expense was passed on by Volkswagen AG.
The actual taxes in Germany are calculated at a tax rate of 29.5 (29.5) percent. This represents
the sum of the corporation income tax rate of 15.0 percent, the solidarity surcharge of 5.5 per-
cent and the average trade earnings tax rate for the Group. The deferred taxes for companies in
Germany are calculated at a rate of 29.5 (29.5) percent. The local income tax rates applied to
foreign companies range from 0 percent to 41 percent.