Audi 2013 Annual Report Download - page 272

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
CONSOLIDATED FINANCIAL STATEMENTS
269
B
37.3 / LIQUIDITY RISKS
Liquidity risks arise from financial liabilities if current payment
obligations can no longer be met. A liquidity forecast based on
a fixed planning horizon coupled with available yet unused
lines of credit assures adequate liquidity at all times in the
Audi Group.
// ANALYSIS BY MATURITY DATE OF UNDISCOUNTED CASH FROM FINANCIAL INSTRUMENTS
EUR million Total Residual contractual maturities
Dec. 31, 2013 Up to 1 year 1 to 5 years Over 5 years
Financial liabilities 1,535 1,228 37 270
Trade payables 5,163 5,163 – –
Other financial liabilities and obligations 3,705 3,703 2 –
Derivative financial instruments 23,256 11,511 11,745 –
Undiscounted cash outflows 33,659 21,604 11,784 270
EUR million Total Residual contractual maturities
Dec. 31, 2012 Up to 1 year 1 to 5 years Over 5 years
Financial liabilities 1,390 1,172 49 168
Trade payables 4,270 4,270 – –
Other financial liabilities and obligations 4,350 4,324 26 –
Derivative financial instruments 26,561 10,931 15,630 –
Undiscounted cash outflows 36,571 20,697 15,705 168
The cash used for derivatives where a gross settlement has been
agreed is offset by cash received. These cash receipts are not
presented in the analysis by maturity date. Had the cash receipts
also been taken into account, the cash used would have been
significantly lower in the analysis by maturity date.
// COLLATERAL
The Audi Group recorded financial assets as collateral for liabili-
ties in the amount of EUR 143 (98) million. This collateral is
used by contractual parties primarily as soon as credit periods
for secured liabilities are exceeded.
37.4 / MARKET RISKS
Given the global nature of its operations, the Audi Group is
exposed to various market risks, which are described below.
The individual risk types and the respective risk management
measures are also described. Additionally, these risks are
quantified by means of sensitivity analyses.
// HEDGING POLICY AND FINANCIAL DERIVATIVES
The market risks to which the Audi Group is exposed include, in
particular, currency, interest rate, commodity price and fund
price risks. As part of the risk management process, these risks
are limited by entering into hedging transactions. All necessary
hedging measures are implemented centrally by the Group
Treasury of Volkswagen AG, or coordinated via the Group
Treasury of AUDI AG. There were no risk concentrations during
the past fiscal year.
The market price risks associated with derivative and non-deriv-
ative financial instruments pursuant to IFRS 7 are calculated in
the Audi Group using sensitivity analyses. Changes to the risk
variables within the respective market price risks are used to
calculate the impact on equity and on profit after tax.
// CURRENCY RISKS
The Audi Group is exposed to exchange rate fluctuations in
view of its international business activities. The measures
implemented to hedge against these currency risks are coordi-
nated regularly between AUDI AG and the Group Treasury of
Volkswagen AG in accordance with Volkswagen’s organizational
guideline.