Audi 2013 Annual Report Download - page 252

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE BALANCE SHEET
CONSOLIDATED FINANCIAL STATEMENTS
249
B
Inventories amounting to EUR 36,559 (35,467) million were
recorded as cost of goods sold at the same time that the reve-
nue from them was realized. EUR 912 (1,092) million of the
total inventories was capitalized at the net realizable value. The
impairment resulting from the measurement of inventories on
the basis of sales markets amounted to EUR 55 (76) million. No
reversals of impairment losses were performed in the fiscal year.
Of the finished goods inventory, a portion of the company car
fleet valued at EUR 219 (260) million has been pledged as col-
lateral for commitments toward employees, under the partial
retirement block model. The other reported inventories are not
subject to any significant restrictions on ownership or disposal.
Leased vehicles with an operating lease term of up to one year
were reported under inventories in the amount of EUR 670
(594) million. In the 2014 fiscal year, payments in the amount
of EUR 44 million are expected from non-cancelable leasing
relationships.
23 / TRADE RECEIVABLES
Trade receivables of EUR 3,176 (2,251) million will be realized
within the next twelve months. Impairment losses on trade
receivables are detailed under Note 37.2, “Credit risks.”
24 / EFFECTIVE INCOME TAX ASSETS
Entitlements to income tax rebates, predominantly for foreign
Group companies, are reported under this item.
25 / SECURITIES AND CASH FUNDS
Securities include fixed or variable-interest securities and
equities in the amount of EUR 2,400 (1,807) million.
Cash funds essentially comprise credit balances with banks
and affiliated companies amounting to EUR 13,332 (11,170)
million. The credit balances with banks amounting to EUR 709
(482) million are held at various banks in different currencies.
Balances with affiliated companies include daily and short-term
investments with only marginal risk of fluctuations in value and
amount to EUR 12,622 (10,688) million.
26 / EQUITY
Information on the composition and development of equity is
provided on pages 220 and 221 in the Statement of Changes
in Equity.
The share capital of AUDI AG is unchanged, at
EUR 110,080,000. One share represents a notional share of
EUR 2.56 of the subscribed capital. This capital is divided into
43,000,000 no-par bearer shares.
The capital reserve contains premiums paid in connection with
the issuance of shares in the Company. During the year under
review, the capital reserve of AUDI AG rose to EUR 1,895 million
as a result of a contribution in the amount of EUR 6,979 million
by Volkswagen AG.
Retained earnings comprise accumulated gains and the revalu-
ations from pension plans.
Other reserves include changes in value of cash flow hedges,
available-for-sale investments, investments measured using
the equity method, and currency translation differences.
The risks and rewards under contracts for foreign exchange
futures and foreign exchange options, and under commodity
price and interest hedging transactions serving as hedges for
future cash flows are deferred in the reserve for cash flow
hedges with no effect on profit or loss. When the cash flow
hedges become due, the results from the settlement of the
hedging contracts are reported under the operating profit.
Unrealized gains and losses from the measurement at fair value
of financial assets available for sale are recognized in the reserve
for the market-price measurement of securities. Upon disposal
of the securities, share price gains and losses realized are
reported under the financial result.
Currency translation differences that do not affect profit or loss
and, on a pro rata basis, cash flow hedges with no effect on
profit or loss as well as the effects from the revaluation of pen-
sion schemes of companies valued at equity are included in the
reserve for investments accounted for using the equity method.