Audi 2011 Annual Report Download - page 246

243
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
The possibility of a claim arising from contingencies is not regarded as likely.
The extent of business relations between fully consolidated companies of the Audi Group and
non-consolidated subsidiaries and associated companies of AUDI AG as well as other related
parties is presented in the following tables:
EUR million 2011 2010 2011 2010
Goods and services supplied Goods and services received
Associated companies of AUDI AG 8,184 2,789 95 77
Non-consolidated subsidiaries of AUDI AG 112 227 305 86
Porsche companies 124 818 741
EUR million Dec. 31, 2011 Dec. 31, 2010 Dec. 31, 2011 Dec. 31, 2010
Receivables from Liabilities to
Associated companies of AUDI AG 484 169 83 123
Non-consolidated subsidiaries of AUDI AG 66 39 45 48
Porsche companies 110 02
The “Porsche companies” group encompasses the business relationships with Porsche Holding
Gesellschaft m.b.H., Salzburg (Austria), and its subsidiaries. Up to and including February 28,
2011, Porsche Holding Gesellschaft m.b.H., Salzburg (Austria), and its majority shareholdings
were included among the Audi Group’s related parties. Since being taken over by Volkswagen AG,
Wolfsburg, with effect from March 1, 2011, they are now included in the group of “Consolidated
Volkswagen AG subsidiaries not belonging to the Audi Group.”
No business relations existed with Porsche Automobil Holding SE, Stuttgart.
All business transactions with related parties have been conducted on the basis of international
comparable uncontrolled price methods pursuant to IAS 24, according to the terms that cus-
tomarily apply to outside third parties. The goods and services procured from related parties
primarily include supplies for production and supplies of genuine parts, as well as development,
transportation, financial and distribution services, and, to a lesser extent, design, training and
other services. Business transacted for related parties mainly comprises sales of new and used
cars, engines and components, and allocation of cash and cash equivalents in the form of loans,
fixed deposits and overnight deposits.
Members of the Boards of Management or Supervisory Boards of Volkswagen AG and AUDI AG also
belong to the supervisory or management boards of other companies with which the Audi Group
maintains business relations. All transactions with such companies are similarly conducted accord-
ing to the terms that customarily apply to outside third parties. In this connection, goods and
services amounting to a total value of EUR 320 (200) thousand were provided to the German
state of Lower Saxony and to companies in which the state of Lower Saxony holds a majority
stake.
A full list of the supervisory board mandates of members of the Board of Management and Super-
visory Board of AUDI AG is presented in the 2011 Annual Financial Report of AUDI AG.
The service relationships with the members of the Boards of Management and Supervisory
Boards of Volkswagen AG and AUDI AG were conducted at arm’s length. As in the previous year,
the volume of transactions was low. Overall, services in the amount of EUR 700 (443) thousand
were procured from this group of individuals during the reporting year, with services in the
amount of EUR 113 (23) thousand being rendered on the part of the Audi Group. Receivables
totaled EUR 21 thousand. For details of the remuneration paid to the members of the Board of
Management and Supervisory Board of AUDI AG, please refer to Note 48, “Details relating to the
Supervisory Board and Board of Management.”
The employee representatives employed at AUDI AG in the Supervisory Board continue to receive
their normal salary in accordance with their employment contract. This is based on the provisions of
the German Works Constitution Act and corresponds to an appropriate remuneration for the func-
tion or activity exercised in the company. This similarly applies to representatives of executive staff.