Audi 2015 Annual Report Download - page 172

AUDI AG (SHORT VERSION ACCORDING TO GERMAN COMMERCIAL CODE, HGB)
NET WORTH // FINANCIAL POSITION // PRODUCTION
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NET WORTH
The balance sheet total of AUDI AG grew by 9.0 percent to
EUR 33,839 (31,031) million in the 2015 fiscal year.
Fixed assets of EUR 13,286 (10,628) million were up on the
previous year’s level as a result of capital investments in property,
plant and equipment and long-term financial investments.
Total capital investments by AUDI AG rose to EUR 4,376
(2,844) million.
The slight increase in current assets including deferred expens-
es, to EUR 20,553 (20,403) million, is attributable to offset-
ting effects. Thus, the rise in securities within current assets
was almost completely offset by the decrease in receivables.
The past fiscal year saw equity, including special items with an
equity portion, rise to EUR 11,723 (10,104) million mainly as
a result of the capital injection of EUR 1,620 million into the
capital reserve by Volkswagen AG, Wolfsburg. The equity ratio
of AUDI AG therefore climbed to 34.6 (32.6) percent.
Borrowed capital (including deferred income) showed a year-on-
year rise to EUR 22,116 (20,927) million. Provisions in particular
increased to EUR 13,352 (12,196) million as a result of the
volume-related higher obligations from sales operations.
Condensed Balance Sheet of AUDI AG
EUR million Dec. 31, 2015 Dec. 31, 2014
Fixed assets 13,286 10,628
Current assets incl.
deferred expenses 20,553 20,403
Balance sheet total 33,839 31,031
Equity incl. special items
with an equity portion 11,723 10,104
Provisions 13,352 12,196
Liabilities incl. deferred income 8,764 8,731
Balance sheet total 33,839 31,031
FINANCIAL POSITION
AUDI AG increased cash flow from operating activities to
EUR 5,319 (5,095) million in the year under review.
In the same period, the cash used in investing activities for
current operations, excluding the change in securities,
amounted to EUR 4,282 (2,262) million. The spotlight in the
2015 fiscal year, alongside capital investments in property,
plant and equipment, was on long-term financial investment
spending. These comprise capital injections into international
subsidiaries, especially in Mexico and Brazil, for the develop-
ment of these two new production facilities. Cash was also
used for the participation in the map information service HERE.
Other investment priorities alongside the development of new
products included the advancement of forward-looking drive
technologies as well as connectivity and information services.
Despite the extensive operating and strategic investments,
net cash flow before the change in cash deposits in marketable
securities came to EUR 1,037 (2,833) million, meaning that
we were again able to finance all capital investments from our
own resources. Including cash deposits in securities, the cash
used in investing activities reached a figure of EUR 5,763
(3,263) million, representing a net cash flow of EUR −444
(1,832) million.
Net liquidity as of December 31, 2015, was down on the previ-
ous year’s level at EUR 13,138 (14,195) million.
PRODUCTION
In the 2015 fiscal year, AUDI AG increased production of cars of
the Audi brand by 3.5 percent to 1,299,434 (1,255,115) units.
It also manufactured a total of 451,505 (582,930) parts sets
for local production in China.