Audi 2011 Annual Report Download - page 204

201
Consolidated Financial
Statements
188 Income Statement
189 Statement of Recognized
Income and Expense
190 Balance Sheet
191 Cash Flow Statement
192 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
194 Development of fixed assets
in the 2011 fiscal year
196 Development of fixed assets
in the 2010 fiscal year
198 General information
198 Accounting principles
201 Group of consolidated
companies
202 Consolidation principles
203 Foreign currency translation
204 Recognition and
measurement principles
212 Notes to the Income Statement
218 Notes to the Balance Sheet
227 Additional disclosures
248 Events occurring subsequent
to the balance sheet date
249 Statement of Interests
held by the Audi Group
GROUP OF CONSOLIDATED COMPANIES
In addition to AUDI AG, the Consolidated Financial Statements include all principal companies in
which AUDI AG can directly or indirectly determine the financial and business policy in order to
benefit from the activities of the companies (subsidiaries) in question. Consolidation begins at
that point in time when AUDI AG acquires the opportunity for control; it ends when that oppor-
tunity ceases to be available.
Associated companies are accounted for using the equity method.
Non-consolidated subsidiaries as well as participating interests are always reported at amortized
cost because no active market exists for the shares of these companies and no fair value can
reliably be determined with a justifiable amount of effort. Where there is evidence that the fair
value is lower, this fair value is recognized. These subsidiaries are principally companies with
only limited business operations.
The group of consolidated companies has grown since December 31, 2010 to include the follow-
ing companies that have been founded or were not consolidated during the previous year:
– AUDI AUSTRALIA RETAIL OPERATIONS PTY LTD., Zetland (Australia), founded in 2007
– AUDI BRUSSELS PROPERTY S.A./N.V., Brussels (Belgium), founded in 2011
– AUDI HUNGARIA SERVICES Zrt., Győr (Hungary), founded in 2011
– AUDI SINGAPORE PTE. LTD., Singapore (Singapore), founded in 2008
– AUDI TAIWAN CO., LTD., Taipei (Taiwan), founded in 2008
Additionally, SALLIG S.R.L., Turin (Italy), which was previously not consolidated, was merged with
Italdesign Giugiaro S.p.A., Turin (Italy). With effect from July 1, 2011, Automobili Lamborghini
S.p.A., Sant’Agata Bolognese (Italy), Lamborghini ArtiMarca S.p.A., Sant’Agata Bolognese (Italy)
and STAR DESIGN S.R.L., Turin (Italy), were merged into Automobili Lamborghini Holding S.p.A.,
Sant’Agata Bolognese (Italy), which was renamed Automobili Lamborghini S.p.A., Sant’Agata
Bolognese (Italy).
The first-time inclusion of these subsidiaries had no significant individual or overall impact on
the presentation of the Company’s situation.
The following table shows the composition of the Audi Group:
Total 2011 2010
AUDI AG and fully consolidated subsidiaries
Germany 10 10
Other countries 22 20
Investments accounted for using the equity method
Other countries 11
Non-consolidated subsidiaries
Germany 16 12
Other countries 10 15
Total 59 58
The principal companies within the Audi Group are listed following the Notes. The full list of
companies in which shares are held is recorded in the Commercial Register of Ingolstadt under
HR B 1 and is also available on the Audi website under www.audi.com/subsidiaries. This list can
additionally be requested directly from AUDI AG, Financial Communication/Financial Analysis,
I/FF-3, 85045 Ingolstadt, Germany.