Audi 2014 Annual Report Download - page 268

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
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MATURITY ANALYSIS OF UNDISCOUNTED CASH FROM FINANCIAL INSTRUMENTS
EUR million Total Residual contractual maturities
Dec. 31, 2014 up to 1 year between 1
and 5 years
over 5 years
Financial liabilities 1,748 1,429 66 252
Trade payables 5,824 5,824 – –
Other financial liabilities and obligations 4,480 4,479 1 –
Derivative financial instruments 34,192 16,617 17,574 –
Undiscounted cash outflows 46,244 28,349 17,642 252
EUR million Total Residual contractual maturities
Dec. 31, 2013 up to 1 year between 1
and 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
The cash used from derivatives where a gross settlement has
been agreed is offset by cash received. These cash receipts are
not presented in the maturity analysis. Had the cash receipts
also been taken into account, the cash used would have been
significantly lower in the maturity analysis.
// COLLATERAL
The Audi Group recorded financial assets as collateral for lia-
bilities in the amount of EUR 8 (143) million. This collateral is
used by contractual parties primarily as soon as credit periods
for secured liabilities are exceeded.
36.4 / 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, fund price, commodity price and interest
rate 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, Wolfsburg, 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-
derivative financial instruments pursuant to IFRS 7 are calcu-
lated 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 organiza-
tional guideline.
These risks are limited by concluding appropriate hedges for
matching amounts and maturities. The hedging transactions
are performed centrally for the Audi Group by Volkswagen AG
on the basis of an agency agreement. The results from hedging
transactions are credited or debited on maturity by the Group
Treasury of Volkswagen AG on the basis of the contract volume
allocated to the Audi Group.