Audi 2011 Annual Report Download - page 216

213
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
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
Income from derivative hedging transactions mainly results from the settlement of currency
hedging instruments. The total position in relation to hedging transactions is presented under
Note 34.5, “Methods of monitoring the effectiveness of hedging relationships.”
Income from ancillary business includes rental income from investment property in the amount
of EUR 0.2 (0.4) million.
Income from the processing of payments in foreign currency substantially comprises gains re-
sulting from exchange-rate movements between the dates of output and payment, as well as
exchange-rate gains resulting from measurement at the mean of the buying and selling rate on
the closing date. Similarly, exchange rate losses are reported under other operating expenses.
Furthermore, grants for future-oriented technologies in the amount of EUR 4 (4) million were
recognized in income.
6 Other operating expenses
EUR million 2011 2010
Expenses from derivative hedging transactions 277 246
Expenses from the processing of payments in foreign currency 162 126
Expenses from the allocation and recharging of costs 22 35
Impairment losses on receivables 19 12
Losses on the disposal of assets 10 8
Miscellaneous operating expenses 197 241
Total other operating expenses 687 667
Expenses from derivative hedging transactions mainly result from currency option premiums
and the settlement of currency hedging instruments. The total position in relation to hedging
transactions is presented under Note 34.5, “Methods of monitoring the effectiveness of hedging
relationships.”
7 Result from investments accounted for using the equity method
The result from investments accounted for using the equity method reached
EUR 270 (220) million.
8 Financing costs
EUR million 2011 2010
Interest and similar expenses – 119 – 82
of which to affiliated companies – 113 – 78
Interest expense – 119 – 82
Interest effect from the measurement of provisions for pensions – 112 – 112
Interest effect from the measurement of other provisions – 33 – 101
Interest on provisions – 145 – 212
Financing costs – 264 – 294
Interest expense is attributed on an accrual basis.