Audi 2015 Annual Report Download - page 274

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
ADDITIONAL DISCLOSURES
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// NOMINAL VOLUME OF DERIVATIVE FINANCIAL INSTRUMENTS
EUR million Nominal volumes
Dec. 31, 2015 Remaining term
of up to 1 year
Remaining
term of
between 1 and
5 years
Dec. 31, 2014
Forward exchange contracts 42,839 17,463 25,376 32,973
Foreign exchange options 551 – 551 399
Commodity futures 234 129 105 275
Cash flow hedges 43,624 17,593 26,032 33,647
Forward exchange contracts 3,169 2,349 820 966
Commodity futures 486 293 193 656
Other derivatives 3,655 2,642 1,013 1,622
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 2015 fiscal year and the previous year, categorized
according to cash outflow and inflow, investing and financing
activities. 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 2015 included payments
for interest received amounting to EUR 51 (39) million and for
interest paid amounting to EUR 44 (31) million. In 2015 the
Audi Group received dividends and profit transfers totaling
EUR 604 (416) 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 Ger-
many, 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 investments in subsidiaries, and changes in
capital at non-consolidated subsidiaries resulted in a total
outflow of EUR 50 (42) million. The acquisition of investments
in associated companies and other participations resulted in
an outflow of EUR 816 (156) million. This increase is mainly
the consequence of the participation in There Holding B.V. and
the HERE Group.
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.