Audi 2011 Annual Report Download - page 238

235
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
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, 2011 Up to 1 year 1 to 5 years Over 5 years
Financial liabilities 1,198 1,173 13 12
Trade payables 4,193 4,193 ––
Other financial liabilities and obligations 4,070 4,041 24 –
Derivative financial instruments 28,221 10,422 17,799 –
Total 37,682 19,829 17,836 12
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
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.
Collateral
The Audi Group recorded financial assets as collateral for liabilities in the amount of
EUR 234 (211) million. This collateral is used by contractual parties primarily as soon
as credit periods for secured liabilities are exceeded.
34.4 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.
Hedging policy and financial derivatives
The market risks to which the Audi Group is exposed include, in particular, currency, interest
rate, commodity price and fund price risks. As part of the risk management process, these risks
are limited by entering into hedging transactions. All necessary hedging measures are imple-
mented centrally by the Group Treasury of Volkswagen AG, Wolfsburg, or coordinated via the
Group Treasury of AUDI AG. There were no risk concentrations during the past fiscal year.
The market price risks associated with derivative and non-derivative financial instruments pur-
suant to IFRS 7 are calculated in the Audi Group using sensitivity analyses. Changes to the risk
variables within the respective market price risks are used to calculate the impact on equity and
on profit after tax.