Audi 2015 Annual Report Download - page 168

FINANCIAL PERFORMANCE INDICATORS
NET WORTH
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As of December 31, 2015, the Audi Group’s balance sheet total
increased by 11.8 percent to EUR 56,763 (50,769) million.
Non-current assets amounted to EUR 25,963 (22,538) million.
The increase is mainly attributable to the higher property,
plant and equipment, which reached EUR 11,380 (9,673)
million, as a result of capital investments. In addition, de-
ferred tax assets increased as a result of fluctuations in the
market value of hedge-effective currency hedging instruments.
Intangible assets rose to EUR 5,787 (5,292) million mainly
due to the higher balance sheet item of capitalized develop-
ment costs. The increase in investments accounted for using
the equity method to EUR 4,483 (4,022) million also reflects
the new participation in connection with the HERE transaction.
Total capital investments in the past fiscal year came to
EUR 5,700 (4,500) million.
The rise in current assets to EUR 30,800 (28,231) million is
predominantly attributable to the increase in the level of secu-
rities as well as higher inventories. The inventories reflect the
preparations for further regional market introductions of new
models – in particular of the Audi A4 family and the Audi Q7.
As of December 31, 2015, equity grew by 13.4 percent to
EUR 21,779 (19,199) million. The increase is attributable in
particular to the capital injection by Volkswagen AG, Wolfsburg,
of EUR 1,620 million into the capital reserve of AUDI AG. The
balance remaining after the transfer of profit furthermore
increased retained earnings by EUR 1,452 million. In contrast,
measurement effects to be recognized under IFRS rules with
no effect on profit or loss reduced equity by a total of
EUR 572 million in the 2015 fiscal year. This mainly stemmed
from fluctuations in the market value of hedge-effective curren-
cy hedging instruments prompted by the fall in the external
value of the euro. The revaluation of pension obligations fol-
lowing interest rate rises had an opposite effect. The equity
ratio for the Audi Group as of December 31, 2015, was
38.4 (37.8) percent.
As of December 31, 2015, the non-current liabilities of the
Audi Group totaled EUR 13,431 (12,844) million. This devel-
opment resulted above all from the increase in other financial
liabilities due to the negative fair values of derivative financial
instruments from the appreciation in the U.S. dollar and Chi-
nese renminbi against the euro. Lower provisions for pensions
attributable to the change in the interest rate had an offset-
ting effect.
Current liabilities increased to EUR 21,554 (18,725) million
compared with the prior-year reporting date, mainly because of
higher business-related trade payables. As in the case of non-
current liabilities, the higher negative fair values of derivative
financial instruments due to the weaker euro impacted this
figure. In addition, other provisions rose to EUR 4,153 (3,353)
million above all as a result of volume- and market-related
higher obligations from sales operations. The other provisions
also include the accounting provisions for the diesel issue.
These comprise items for technical measures, sales measures
and legal risks. The other provisions also include the precau-
tionary measures in connection with the airbag recall.