Audi 2012 Annual Report Download - page 254

257
Consolidated Financial
Statements
202 Income Statement
203 Statement of Recognized
Income and Expense
204 Balance Sheet
205 Cash Flow Statement
206 Statement of Changes in Equity
Notes to the Consolidated
Financial Statements
208 Development of fixed assets
in the 2012 fiscal year
210 Development of fixed assets
in the 2011 fiscal year
212 General information
218 Recognition and
measurement principles
227 Notes to the Income Statement
233 Notes to the Balance Sheet
244 Additional disclosures
266 Events occurring subsequent to
the balance sheet date
267 Statement of Interests
held by the Audi Group
In the case of regression analysis, the performance of the underlying transaction is viewed as an
independent variable, while that of the hedging transaction is regarded as a dependent variable.
The transaction is classed as effective hedging if the coefficients of determination and escalation
factors are appropriate. All of the hedging relationships verified using this statistical method
proved to be effective as of the year-end date. There was ineffectiveness in 2012 resulting from
cash flow hedges that led to a EUR 2 million decrease in the financial result. In 2011, there was
ineffectiveness amounting to EUR 3 million that led to an improvement of the financial result.
Nominal volume of derivative financial instruments
The nominal volumes of the presented cash flow hedges for hedging currency risks and com-
modity price risks represent the total of all buying and selling prices on which the transactions
are based.
EUR million Nominal volumes
Dec. 31, 2012
Residual time
to maturity
up to 1 year
Residual time
to maturity
up to 5 years Dec. 31, 2011
Cash flow hedges 26,144 10,611 15,534 27,961
Foreign exchange contracts 25,876 10,527 15,349 27,156
Currency option transactions –– – 454
Commodity futures 269 84 185 351
Other derivatives 1,318 773 545 1,964
Foreign exchange contracts 698 426 272 1,021
Commodity futures 620 347 272 942
The derivative financial instruments used exhibit a maximum hedging term of five years.
38 Cash Flow Statement
The Cash Flow Statement details the payment streams for both the 2012 fiscal year and the pre-
vious year, categorized according to cash used and received for operating, investing and finan-
cing activities. The effects of changes in foreign exchange rates on cash flows are presented sepa-
rately.
Cash flow from operating activities includes all payment streams in connection with ordinary
activities and is presented using the indirect calculation method. Starting from the profit before
profit transfer and tax, all income and expenses with no impact on cash flow (mainly write-downs)
are excluded.
Cash flow from operating activities in 2012 included payments for interest received amounting
to EUR 154 (180) million and for interest paid amounting to EUR 53 (45) million. In 2012 , the
Audi Group received dividends and profit transfers totaling EUR 290 (211) million. The income
tax payments item substantially comprises payments made to Volkswagen AG, Wolfsburg, on
the basis of the single-entity relationship for tax purposes in Germany, as well as payments to
foreign tax authorities.
Cash flow from investing activities includes capitalized development costs as well as additions
to other intangible assets, property, plant and equipment, long-term investments and non-
current loans. The proceeds from the disposal of assets, the proceeds from the sale of shares,
and the change in securities and fixed deposits are similarly reported in cash flow from investing
activities.
The acquisition and first-time consolidation of subsidiaries resulted in a total outflow of
EUR 591 (37) million. This figure also includes changes to cash flows resulting from first-time
consolidations and capital increases in the case of non-consolidated subsidiaries. The acquisition
of investments in other participating interests resulted in an outflow of EUR 3,020 (27) million.
Cash flow from financing activities includes cash used for the transfer of profit, as well as
changes in financial liabilities.