Audi 2014 Annual Report Download - page 272

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
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NOMINAL VOLUME OF DERIVATIVE FINANCIAL INSTRUMENTS
EUR million Nominal volumes
Dec. 31, 2014 Remaining term
of up to 1 year
Remaining
term of
between 1 and
5 years
Dec. 31, 2013
Forward exchange contracts 32,973 15,916 17,057 21,964
Foreign exchange options 399 171 227 618
Commodity futures 275 115 160 228
Currency swaps – – – 2
Cash flow hedges 33,647 16,202 17,445 22,812
Forward exchange contracts 966 612 354 623
Commodity futures 656 302 354 491
Other derivatives 1,622 914 707 1,114
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.
The derivative financial instruments used exhibit a maximum
hedging term of five years.
37 / CASH FLOW STATEMENT
The Cash Flow Statement details the payment streams for both
the 2014 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 2014 included payments
for interest received amounting to EUR 39 (46) million and for
interest paid amounting to EUR 31 (31) million. In 2014, the
Audi Group received dividends and profit transfers totaling
EUR 416 (430) 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, investment property, long-
term financial investments and non-current borrowings. The
proceeds from the disposal of assets, the proceeds from the
disposal of participations, and the change in securities and
fixed deposits are similarly reported in cash flow from invest-
ing activities.
The acquisition of subsidiaries and changes in capital at non-
consolidated subsidiaries resulted in a total outflow of
EUR 42 (31) million. The acquisition of investments in other
participations resulted in an outflow of EUR 156 (5) 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.