Audi 2014 Annual Report Download - page 258

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
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ADDITIONAL DISCLOSURES
34 / CAPITAL MANAGEMENT
The primary goal of capital management within the Audi Group
is to assure financial flexibility in order to achieve business and
growth targets, and to enable continuous, steady growth in the
value of the Company. In particular, management is focused
on achieving the minimum return demanded by the capital
market on the invested assets. The capital structure is steered
specifically with this in mind, and the economic environment is
kept under constant observation. The targets, methods and
procedures for optimizing capital management remained un-
changed at December 31, 2014. For this purpose, the devel-
opment of key costs and value factors are analyzed regularly;
appropriate optimization measures are then defined and their
implementation is monitored on an ongoing basis. To ensure
that resources are deployed as efficiently as possible, and to
measure success in this regard, the Audi Group has been using
the return on investment as an indicator based on capital
expenditure for several years now.
// DEVELOPMENT OF CAPITAL
EUR million Dec. 31, 2014 Dec. 31, 2013
Equity 19,199 18,565
as % of total capital 37.8 41.1
Financial liabilities and liabilities from profit transfer 4,876 4,595
of which current financial liabilities 1,422 1,228
of which non-current financial liabilities 215 186
of which liabilities from the transfer of profit 3,239 3,182
as % of total capital 9.6 10.2
Total equity and liabilities 50,769 45,156
Around 99.55 percent of the subscribed capital is held by
Volkswagen AG, Wolfsburg, with which a control and profit
transfer agreement exists.
In the 2014 fiscal year, equity rose by 3.4 percent compared to
the prior year. This is primarily due to the allocation to the
retained earnings and a cash injection to the capital reserve by
Volkswagen AG.