Audi 2015 Annual Report Download - page 251

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
NOTES TO THE BALANCE SHEET
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Inventories amounting to EUR 42,726 (39,831) million were
recorded as cost of goods sold at the same time that the reve-
nue from them was realized. EUR 1,934 (1,318) million of the
total inventories was capitalized at the net realizable value. The
impairment resulting from the measurement of inventories on
the basis of sales markets amounted to EUR 116 (83) million. No
reversals of impairment losses were performed in the fiscal year.
Of the finished goods inventory, a portion of the company car
fleet valued at EUR 227 (206) million has been pledged as
collateral for commitments toward employees under the par-
tial retirement block model. The other reported inventories are
not subject to any significant restrictions on ownership or
disposal.
Leased vehicles with an operate lease term of up to one year
were reported under inventories in the amount of EUR 726
(656) million. In the following fiscal year, payments in the
amount of EUR 48 (44) million are expected from non-cancelable
leasing arrangements.
22 / TRADE RECEIVABLES
Trade receivables of EUR 4,097 (3,648) million will be realized
within the next twelve months. Impairment losses on trade
receivables are detailed under Note 36.2, “Credit and default
risks.”
23 / EFFECTIVE INCOME TAX ASSETS
Entitlements to income tax rebates, predominantly for foreign
Group companies, are reported under this item.
24 / SECURITIES, CASH AND CASH EQUIVALENTS
Securities include fixed or variable-interest securities and
shares in equity in the amount of EUR 4,782 (3,370) million.
Cash funds essentially comprise credit balances with banks and
affiliated companies amounting to EUR 12,375 (11,391) million.
The credit balances with banks amounting to EUR 1,004 (787)
million are held at various banks in different currencies. Bal-
ances with affiliated companies include daily and short-term
investments with only marginal risk of fluctuations in value
and amount to EUR 11,257 (10,555) million.
25 / EQUITY
Information on the composition and development of equity is
provided on pages 220 and 221 in the Statement of Changes
in Equity.
The share capital of AUDI AG is unchanged, at EUR 110,080,000.
One share represents a notional share of EUR 2.56 of the sub-
scribed capital. This capital is divided into 43,000,000 no-par
bearer shares.
The capital reserve contains additional payments from the
issuance of shares in the company, as well as cash injections by
Volkswagen AG, Wolfsburg. During the year under review, the
capital reserve of AUDI AG rose to EUR 10,190 million as a
result of a contribution in the amount of EUR 1,620 million by
Volkswagen AG.
Retained earnings comprise accumulated gains and the revalu-
ations from pension plans.
Other reserves include changes in value recognized with no
effect on profit or loss relating to cash flow hedges, to the
market values of securities and to interests measured at equity,
as well as currency translation differences.
The opportunities and risks under contracts for forward exchange
contracts and foreign exchange options, and those under com-
modity price transactions serving as hedges for future cash
flows are deferred in the reserve for cash flow hedges with no
effect on profit or loss. When the cash flow hedges become
due, the results from the settlement of the hedging contracts
are shown in the operating profit.
Unrealized gains and losses from the measurement at fair
value of available-for-sale financial assets are recognized in
the reserve for the market-price measurement of securities.
Upon disposal of the securities, share price gains and losses
realized are reported under the financial result.
Currency translation differences that do not affect profit or
loss and, on a pro rata basis, cash flow hedges with no effect
on profit or loss as well as the effects from the revaluation of
pension schemes of companies valued at equity are included in
the reserve for investments accounted for using the equity
method.
The balance of EUR 1,452 (1,128) million remaining after the
transfer of profit to Volkswagen AG is transfered to the retained
earnings.
Summarized information on the individual statements from
the material companies in which non-controlling interests hold
a stake is provided in the following table.