Audi 2011 Annual Report Download - page 230

227
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
222 Liabilities
227 Additional disclosures
248 Events occurring subsequent
to the balance sheet date
249 Statement of Interests
held by the Audi Group
31 Trade payables
EUR million Dec. 31, 2011 Dec. 31, 2010
Trade payables to
third parties 3,383 2,986
affiliated companies 797 511
associated companies and participating interests 14 13
Total 4,193 3,510
The fair values of the trade payables correspond to the carrying amounts due to their short-term
nature.
The customary retention of title applies to liabilities from deliveries of goods.
ADDITIONAL DISCLOSURES
32 Capital management
The primary goal of capital management within the Audi Group is to assure financial flexibility in
order to achieve business and growth targets, and to enable continuous, steady growth in the
value of the Company. In particular, management is focused on achieving the minimum return
demanded by the capital market on the invested assets. The capital structure is steered specifi-
cally with this in mind, and the economic environment is kept under constant observation. The
objectives, methods and procedures for optimizing capital management remained unchanged at
December 31, 2011. For this purpose, the development of key cost and value factors are analyzed
regularly; appropriate optimization measures are then defined and their implementation is
monitored on an ongoing basis. To ensure that resources are deployed as efficiently as possible,
and to measure success in this regard, the Audi Group has been using the return on investment
as an indicator based on capital expenditure for several years now.
The equity and financial liabilities from the transfer of profit are summarized in the following
table:
EUR million Dec. 31, 2011 Dec. 31, 2010
Equity 12,903 11,310
as % of total capital 75 80
Financial liabilities from the transfer of profit 4,330 2,835
Current financial liabilities 1,172 810
Non-current financial liabilities 21 15
Liabilities from the transfer of profit 3,138 2,010
as % of total capital 25 20
Total capital 17,233 14,144
Around 99.55 percent of the issued capital is held by Volkswagen AG, Wolfsburg, with which a
control and profit transfer agreement exists.
In the 2011 fiscal year, equity rose by 14.1 percent compared with the prior year. This is primarily
due to the allocation to other retained earnings and a cash injection to the capital reserve by
Volkswagen AG.