Audi 2015 Annual Report Download - page 170

FINANCIAL PERFORMANCE INDICATORS
FINANCIAL POSITION
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In terms of the segments, EUR 4,737 (4,229) million of in-
vestments in property, plant and equipment, investment prop-
erty and intangible assets (including capitalized development
costs) was for the Automotive segment and EUR 58 (61) million
for the Motorcycles segment.
Furthermore, the Audi Group additionally used EUR 856 (191)
million in cash for the acquisition and sale of participations. The
majority of this was for the HERE transaction, which had a cash
effect of EUR 668 million in the 2015 fiscal year.
Net cash flow was clearly positive at EUR 1,627 (2,970) million
despite the extensive operating and strategic investments in
the 2015 fiscal year. Adjusted for the HERE transaction, we
achieved a net cash flow of EUR 2,295 million.
Overall, cash flow from investing activities, taking account of
changes in cash deposits and loans extended, came to
EUR −2,204 (−8,940) million. The redeployment of fixed de-
posits into cash funds in the 2015 fiscal year was a major
factor behind this change.
Cash outflow for financing activities amounted to EUR 1,575
(1,501) million. It includes both the profit transfer to
Volkswagen AG, Wolfsburg, in the amount of EUR 3,239 million,
and the capital injection into AUDI AG by Volkswagen AG in the
amount of EUR 1,620 million.
As of the balance sheet date, cash funds showed an increase of
EUR 3,529 million to EUR 7,218 (3,689) million.
Net liquidity as of December 31, 2015, increased to EUR 16,420
(16,328) million. This sum includes an amount of EUR 50 (54)
million on deposit at Volkswagen Bank GmbH, Braunschweig,
for the financing of independent dealers and which is only
available to a limited extent. Furthermore, the Audi Group has
committed but currently unused external credit lines.
Condensed Cash Flow Statement of the Audi Group
EUR million 2015 2014
Cash and cash equivalents at
beginning of period 3,689 6,540
Cash flow from operating
activities 7,203 7,421
Investing activities attributable
to operating activities − 5,576 − 4,450
of which investments in
property, plant and
equipment, investment
property and other intangible
assets − 3,534 − 2,979
of which capitalized
development costs − 1,262 − 1,311
of which acquisition and sale
of participations − 856 − 191
Net cash flow 1,627 2,970
Change in cash deposits and
loans extended 3,372 − 4,490
Cash flow from investing activities − 2,204 − 8,940
Cash flow from financing activities − 1,575 − 1,501
Change in cash and cash
equivalents due to changes
in exchange rates 105 171
Change in cash and cash
equivalents 3,529 − 2,850
Cash and cash equivalents at
end of period 7,218 3,689
EUR million Dec. 31, 2015 Dec. 31, 2014
Cash funds as per
Cash Flow Statement 7,218 3,689
Fixed deposits, securities and
loans extended 11,086 14,276
Gross liquidity 18,304 17,966
Credit outstanding − 1,885 − 1,637
Net liquidity 16,420 16,328
Other financial obligations, which comprise ordering commit-
ments in particular, totaled EUR 5,311 (4,973) million as of
December 31, 2015. There were other off-balance-sheet obli-
gations in the form of contingent liabilities and financial guar-
antees amounting to EUR 339 (400) million. Further details
can be found in the Notes under item 41 “Other financial obli-
gations” and item 38 “Contingent liabilities.”