Audi 2010 Annual Report Download - page 233

231
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
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
Analysis by maturity date of undiscounted cash used for financial liabilities
The undiscounted, contractually agreed cash used for financial instruments is categorized sepa-
rately by maturity date in the following table:
EUR million Total Residual contractual maturities
Dec. 31, 2010 Up to 1 year 1 to 5 years Over 5 years
Financial liabilities 825 810 15 –
Trade payables 3,510 3,510 00
Other financial liabilities and obligations 2,742 2,720 22 –
Derivative financial instruments 21,370 6,310 15,047 13
Total 28,447 13,350 15,084 13
EUR million Total Residual contractual maturities
Dec. 31, 2009 Up to 1 year 1 to 5 years Over 5 years
Financial liabilities 579 577 –2
Trade payables 3,114 3,114 ––
Other financial liabilities and obligations 1,599 1,473 5120
Derivative financial instruments 9,413 4,608 4,780 25
Total 14,705 9,772 4,786 147
The cash used for derivatives where gross settlement has been agreed is offset by cash received.
These cash receipts are not presented in the analysis by maturity date. Had the cash receipts
also been taken into account, the cash used would have been significantly lower in the analysis
by maturity date.
34.3 Market risks
Given the global nature of its operations, the Audi Group is exposed to various market risks, which
are described below. The individual risk types and the respective risk management measures are
also described. Additionally, these risks are quantified by means of sensitivity analyses.
Currency risks
The Audi Group is exposed to exchange rate fluctuations in view of its international business
activities. The measures implemented to hedge against these currency risks are coordinated
regularly between AUDI AG and the Group Treasury of Volkswagen AG, Wolfsburg, in accordance
with Volkswagen’s organizational guideline.
These risks are limited by concluding appropriate hedges for matching amounts and maturities.
The hedging transactions are performed centrally for the Audi Group by Volkswagen AG on the
basis of an agency agreement. The results from hedging contracts are credited or debited to the
Audi Group each month on the basis of the proportionate share of the Volkswagen Group’s overall
hedging volume.
In accordance with the Volkswagen organizational guideline, AUDI AG additionally concludes
hedging transactions of its own to a limited extent, where this helps to simplify current
operations.