Audi 2013 Annual Report Download - page 232

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
GENERAL INFORMATION
CONSOLIDATED FINANCIAL STATEMENTS
229
B
/ CONSOLIDATED COMPANIES
In addition to AUDI AG, the Consolidated Financial Statements
include all principal companies in which AUDI AG can directly
or indirectly govern the financial and operating policies so as to
obtain benefit from the activities of the entities (subsidiaries)
in question. Consolidation begins at that point in time when
AUDI AG has control of an entity; it ends when control is lost.
Associated companies are as a general rule included in the
Consolidated Financial Statements using the equity method.
Non-consolidated subsidiaries as well as participations are
always reported at amortized cost because no active market
exists for the shares of these companies and no fair value can
reliably be determined with a justifiable amount of effort.
Where there is evidence that the fair value is lower, this fair
value is recognized. These non-consolidated subsidiaries are
principally companies with only limited business operations.
Before consolidation, these subsidiaries account for 0.9 (0.9)
percent of consolidated equity, 0.3 (0.1) percent of profit after
tax, and 0.7 (0.8) of the Audi Group’s total assets.
For the Ducati Group, which was acquired during the previous
year, the analysis of the acquired assets and liabilities was
concluded in the 2013 fiscal year. No adjustment of the initial
accounting of the business combination in 2012 was required.
The group of consolidated companies has been extended since
December 31, 2012 to include AUDI MÉXICO S.A. de C.V., which
was established by AUDI AG.
The Audi Group does not wholly own Italdesign Giugiaro S.p.A.
and PSW automotive engineering GmbH. However, given that
in business terms AUDI AG also bears the risks and has access
to the economic benefits of the remaining shares it does not
own, both of these companies are included in the Consolidated
Financial Statements on a 100 percent basis.
The principal companies within the Audi Group are listed
following the Notes.
The full list of companies in which shares are held is recorded
in the Commercial Register of Ingolstadt under HR B 1 and is
also available on the Audi website at www.audi.com/subsidiaries.
This list can additionally be requested directly from AUDI AG,
Financial Communication/Financial Analysis, I/FF-3, 85045
Ingolstadt, Germany.
By virtue of their inclusion in the Audi Group’s Consolidated
Financial Statements, the following companies have fulfilled
the requirements of Section 264, Para. 3 of the German Com-
mercial Code (HGB) and make use of the exemption rule:
>Audi Akademie GmbH
>Audi Vertriebsbetreuungsgesellschaft mbH
>quattro GmbH
// COMPOSITION OF THE AUDI GROUP
Total 2013 2012
AUDI AG and fully consolidated subsidiaries 39 38
of which in Germany 6 6
of which in foreign countries 33 32
Investments accounted for using the equity method in foreign countries 2 2
Non-consolidated subsidiaries 34 33
of which in Germany 22 20
of which in foreign countries 12 13
75 73