Audi 2010 Annual Report Download - page 199

197
Consolidated Financial
Statements
184 Income Statement
185 Statement of Recognized
Income and Expense
186 Balance Sheet
187 Cash Flow Statement
188 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
190 Development of fixed assets
in the 2010 fiscal year
192 Development of fixed assets
in the 2009 fiscal year
194 General information
194 Accounting principles
196 Group of consolidated
companies
198 Consolidation principles
199 Foreign currency translation
200 Recognition and
measurement principles
207 Notes to the Income Statement
214 Notes to the Balance Sheet
223 Additional disclosures
242 Events occurring subsequent
to the balance sheet date
243 Statement of Interests
held by the Audi Group
By virtue of their inclusion in the Audi Group’s Consolidated Financial Statements, the following
companies have fulfilled the requirements of Section 264, Para. 3 of the German Commercial
Code and make use of the exemption rule:
– quattro GmbH, Neckarsulm
– Audi Retail GmbH, Ingolstadt
– Audi Vertriebsbetreuungsgesellschaft mbH, Ingolstadt
– Audi Zentrum Berlin GmbH, Berlin
– Audi Zentrum Frankfurt GmbH, Frankfurt
– Audi Zentrum Hamburg GmbH, Hamburg
– Audi Zentrum Hannover GmbH, Hanover
– Audi Zentrum Leipzig GmbH, Leipzig
– Audi Zentrum Stuttgart GmbH, Stuttgart
Fully consolidated subsidiaries
To expand its design and development capacities, the Audi Group acquired 90.1 percent of the
voting rights in the design and development service provider Italdesign Giugiaro S.p.A., Turin
(Italy), on July 27, 2010 via Automobili Lamborghini Holding S.p.A., Sant’Agata Bolognese (Italy),
an AUDI AG subsidiary. The remaining shares in Italdesign Giugiaro S.p.A. remain in the hands of
the previous owners. The total purchase price of EUR 180 million includes options granted to
these shareholders to sell the outstanding shares, measured at fair value. In conjunction with
the acquisition, existing contractual relations of Italdesign Giugiaro S.p.A. were dissolved in
advance by mutual consent with the agreement that no claims for damages or other claims
would be asserted by either side. The value of these relations, totaling EUR 35 million, was
classed as a separate transaction and recognized as other operating expenses for the fiscal year.
The total purchase price can be broken down as follows:
EUR million 2010
Purchase price for 90.1 % of voting rights 194
+ Option on outstanding voting rights 21
– Settlement for termination of existing contracts 35
= Total purchase price 180
The merger resulted in goodwill of EUR 72 million, primarily determined by expected synergies
in the Audi Group’s automotive business as a cash-generating unit that determines value. The
allocation of the purchase price to the assets and liabilities of Italdesign Giugiaro S.p.A. is
shown in the following table:
EUR million
Carrying amount
immediately
prior to time of
acquisition Purchase price allocation Fair value at time of acquisition
Brand name 18 36 55
Other non-current assets 1) 82 37 119
Current assets 45 045
of which cash and cash equivalents 6 0 6
Total assets 145 73 218
Non-current liabilities 2) 40 23 62
Current liabilities 49 049
Total liabilities 88 23 111
1) Excluding goodwill
2) Including deferred taxes