Porsche 2004 Annual Report Download - page 116

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Group Notes Principles112
Impact of the transition to IFRS on the cash flow statement
The main difference between the cash flow statement in accordance with German commercial law
and the cash flow statement in accordance with IFRS is the definition of cash and cash equivalents.
In the cash flow statement pursuant to IAS 7, securities are allocated to investing activities and
not to cash and cash equivalents. There are further differences on account of changes in the con-
solidated group and the allocation of non-cash effects from currency translation to the individual
areas. As of July 31, 2004, cash and cash equivalents in accordance with IFRS amount to
T€ 1,458,790. The cash flow statement in accordance with HGB contains cash and cash equiva-
lents of T€ 2,791,412.
Impact of the transition to IFRS on equity and net income for the year
The recognition and measurement methods applicable under IFRS result in the following material
effects on group equity as of the cut-off dates August 1, 2003 and July 31, 2004 and on the
Group’s net income for the fiscal year 2003/04. It is not possible to reconcile the figures to the
presentation of the main changes in the balance sheet structure, as they are all equity effects:
Aug. 1, 2003 July 31, 2004
T€ T€
Group equity according to HGB 1,754,530 2,323,467
Reconciliation to IFRS:
Intangible assets – 144,025 – 108,357
Measurement of inventories 11,848 12,734
Long-term construction contracts 14,271 21,081
Leases 7,352 13,037
Measurement of financial instruments at market value 721,012 646,998
Changes to consolidated group 15,088 20,922
Pension provisions – 98,586 – 87,875
Tax provisions and other provisions 156,994 197,715
Other – 1,697 4,134
Deferred taxes – 132,514 – 123,060
Group equity according to IFRS 2,304,273 2,920,796