Audi 2012 Annual Report Download - page 241

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ADDITIONAL DISCLOSURES
35 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, 2012. For this purpose, the development of key cost and value factors are analyzed
regularly; appropriate optimization measures are then defined and their implementation is moni-
tored 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 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, 2012 Dec. 31, 2011
Equity 15,033 12,903
as % of total capital 37.2 34.9
Financial liabilities from the transfer of profit 5,103 4,330
Current financial liabilities 1,168 1,172
Non-current financial liabilities 145 21
Liabilities from the transfer of profit 3,790 3,138
as % of total capital 12.6 11.7
Total capital (balance sheet total) 40,425 37,019
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 2012 fiscal year, equity rose by 16.5 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.