Audi 2014 Annual Report Download - page 176

AUDI AG (SHORT VERSION ACCORDING TO GERMAN COMMERCIAL CODE, HGB)
NET WORTH // FINANCIAL POSITION // PRODUCTION
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NET WORTH
The balance sheet total of AUDI AG grew by 11.5 percent to
EUR 31,031 (27,821) million in the 2014 fiscal year.
Fixed assets of EUR 10,628 (9,703) million showed an increase
on the previous year as a result of capital investments in proper-
ty, plant and equipment and long-term financial investments.
Total capital investments by AUDI AG rose to EUR 2,844
(2,641) million. The investment focus was on new products
and innovative drive technologies.
The increase in current assets including deferred income, to
EUR 20,403 (18,118) million, is mainly due to higher invest-
ments in securities.
The past fiscal year saw equity, including special items with an
equity portion, rise to EUR 10,104 (8,514) million as a result
of the capital injection of EUR 1,591 million into the capital
reserve by Volkswagen AG, Wolfsburg. The equity ratio of
AUDI AG therefore climbed to 32.6 (30.6) percent.
Borrowed capital (including deferred income) showed a year-on-
year rise to EUR 20,927 (19,307) million. Provisions increased
to EUR 12,196 (10,902) million in particular as a result of the
volume-related higher obligations from sales operations.
Condensed balance sheet
EUR million Dec. 31, 2014 Dec. 31, 2013
Fixed assets 10,628 9,703
Current assets incl.
deferred expenses 20,403 18,118
Balance sheet total 31,031 27,821
Equity incl. special items
with an equity portion 10,104 8,514
Provisions 12,196 10,902
Liabilities incl. deferred income 8,731 8,405
Balance sheet total 31,031 27,821
FINANCIAL POSITION
AUDI AG reached a cash flow from operating activities of
EUR 5,095 (5,475) million in the year under review.
In the same period, the cash used in investing activities for
current operations, excluding the change in securities,
amounted to EUR 2,262 (2,627) million. Including cash de-
posits in securities, it totaled EUR 3,263 (3,373) million.
The investment focus included the development of new prod-
ucts and the expansion of the international production net-
work, as well as further development work on pioneering drive
technologies.
AUDI AG was once again able to finance all capital investments
from its own resources, while also generating a substantial
surplus. With a net cash flow of EUR 1,832 (2,102) million,
AUDI AG once again underscores its enduring financial
strength.
The net liquidity as of December 31, 2014 increased to
EUR 14,195 (12,919) million compared with the previous year.
PRODUCTION
In the 2014 fiscal year, AUDI AG increased production of cars
of the Audi brand by 7.5 percent to a total of 1,255,115
(1,167,508) units. It also made 582,930 (427,700) parts
sets for local production in China.