Audi 2011 Annual Report Download - page 236

233
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
34.2 Credit risks
Credit risks from financial assets comprise the risk of default by a contractual party and there-
fore do not exceed the positive fair values in respect of the contractual party in question. The
risk from non-derivative financial instruments is covered by value adjustments for loss of receiv-
ables. The contractual partners for cash and capital investments, as well as currency and raw
materials hedging instruments, have impeccable credit standings. Over and above this, the risks
are restricted by a limit system that is based on the credit ratings of international rating agen-
cies and the equity base of the contractual parties.
The Group’s global business operations and resulting diversification meant that there were no
major risk concentrations during the past fiscal year.
The credit quality of financial assets measured at amortized cost is shown in the following table:
EUR million
Gross carrying
amount as of
Dec. 31, 2011
Neither past
due nor
impaired
Past due and
not impaired Impaired
Measured at amortized cost
Trade receivables 3,059 2,459 533 67
Other receivables 7,138 7,027 61 50
of which receivables from loans 6,827 6,827 ––
of which miscellaneous receivables 311 199 61 50
Total 10,197 9,486 594 117
EUR million
Gross carrying
amount as of
Dec. 31, 2010
Neither past
due nor
impaired
Past due and
not impaired Impaired
Measured at amortized cost
Trade receivables 2,145 1,646 437 62
Other receivables 7,152 7,054 43 55
of which receivables from loans 6,897 6,891 –6
of which miscellaneous receivables 255 163 43 49
Total 9,297 8,700 480 116
The Audi Group’s trading partners, borrowers and debtors are regularly monitored under the risk
management system. All receivables that are “neither past due nor impaired,” amounting to
EUR 9,486 (8,700) million, are allocable to risk category 1. Risk category 1 is the highest rating
category within the Volkswagen Group; it exclusively comprises “receivables owing from customers
of high creditworthiness.”
Within the Audi Group, there are absolutely no past due financial instruments measured at fair
value. The fair values of these financial instruments are determined based on their market prices.