Audi 2013 Annual Report Download - page 276

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
CONSOLIDATED FINANCIAL STATEMENTS
273
B
// NOMINAL VOLUME OF DERIVATIVE FINANCIAL INSTRUMENTS
EUR million Nominal volumes
Dec. 31, 2013 Remainin
term
up to 1 year
Remainin
term 1 to
5 years
Dec. 31, 2012
Contracts for foreign exchange futures 21,964 10,901 11,063 25,876
Contracts for foreign exchange options 618 149 469 –
Commodity futures 228 84 144 269
Currency swaps 2 2 – –
Cash flow hedges 22,812 11,135 11,677 26,144
Contracts for foreign exchange futures 623 391 232 698
Commodity futures 491 280 211 620
Other derivatives 1,114 672 443 1,318
The nominal volumes of the presented cash flow hedges for
hedging currency risks and commodity price risks represent the
total of all buying and selling prices on which the transactions
are based.
Due to the reduction in the planned figures, existing cash flow
hedge relationships with a nominal value of EUR 20 million were
reversed. EUR 1 million from the cash flow hedge reserve was
included under the financial result with a positive effect.
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 2013 fiscal year and the previous year, categorized accord-
ing to cash outflow and inflow, investing and financing activi-
ties. The effects of changes in foreign exchange rates on cash
flows are presented separately.
Cash flow from operating activities includes all cash flows in
connection with ordinary activities and is presented using the
indirect calculation method. Starting from the profit before
profit transfer and income tax, all income and expenses with
no impact on cash flow (mainly write-downs) are excluded.
Cash flow from operating activities in 2013 included payments
for interest received amounting to EUR 46 (154) million and
for interest paid amounting to EUR 31 (53) million. In 2013 ,
the Audi Group received dividends and profit transfers totaling
EUR 430 (290) million. The “Income tax payments” item sub-
stantially comprises payments made to Volkswagen AG on the
basis of the single-entity relationship for tax purposes in
Germany, as well as payments to foreign tax authorities.
The item “Other non-cash income and expenses” primarily
includes non-cash income and expenses from the measure-
ment of derivative financial instruments.
Cash flow from investing activities includes capitalized devel-
opment costs as well as additions to other intangible assets,
property, plant and equipment, long-term financial invest-
ments and non-current borrowings. The proceeds from the
disposal of assets, the proceeds from the disposal of participa-
tions, and the change in securities and fixed deposits are simi-
larly reported in cash flow from investing activities.
Capital increases at non-consolidated subsidiaries resulted in a
total cash flow of EUR 31 (591) million. The previous year’s
figure also included cash outflows in connection with the acqui-
sition of the Ducati Group and the change in cash and cash
equivalents resulting from first-time consolidations. The acqui-
sition of investments in other participations resulted in an
outflow of EUR 5 (3,020) million.
Cash flow from financing activities includes cash used for the
transfer of profit, as well as changes in financial liabilities.
The changes in the Balance Sheet items that are presented in
the Cash Flow Statement cannot be derived directly from the
Balance Sheet because the effects of currency translation and
of changes in the group of consolidated companies do not
affect cash and are therefore not included in the Cash Flow
Statement.