Porsche 2006 Annual Report Download - page 149
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147
(14) Notes to the Consolidated Statement of Cash Flows
The cash and cash equivalents presented in the cash flow statement relates to the balance sheet item
cash and cash equivalents only, i.e. cash on hand, checks and bank balances with a maturity of less
than three months. The effects of exchange rate changes on cash and cash equivalents amount to
T€ – 6,184 (previous year: T€ 5,011) within the Group.
The cash flow statement shows how the cash and cash equivalents of the Porsche Group have changed
during the reporting year as a result of cash inflows and outflows. For this purpose the cash flows
are divided into operating activities, investing activities including investment in securities, and financing
activities in the cash flow statement.
Cash inflows and outflows from investing and financing activities are presented using the direct method.
The cash inflows and outflows from investing activities in the current fiscal year include additions to
property, plant and equipment and financial assets as well as additions to intangible assets. Changes in
leased assets and changes in receivables from financial services are also disclosed here. The cash
inflows and outflows from investing activities including investment in securities supplement the investing
activities in the current fiscal year by changes in investment in securities. Financing activities include
cash paid for dividend payments as well as the repayment of bonds and the pay-out of stock option trans-
actions and cash received from borrowing and amounts paid for stock option transactions.
The cash flow from operating activities, on the other hand, is derived indirectly from the profit after
tax. This involves eliminating all non-cash expenses - mainly depreciation or amortization and changes
in provisions – as well as non-cash income from profit after tax and adding changes in operating assets
and liabilities.
The changes in the balance sheet items from which the cash flow statement is derived are adjusted for
non-cash effects. Changes in the balance sheet items concerned can therefore not be reconciled directly
with the figures in the published consolidated balance sheet.
Other non-cash expenses/income mainly result from measuring stock options at fair value and the roll
forward of the shares accounted for at equity.
2006/07 2005/06
T€ T€
Interest paid – 338,826 – 140,133
Interest received 110,478 138,258
Income taxes paid – 568,833 – 440,425
Income taxes reimbursed 685 25,596
Dividends received 111,093 68,281
The cash flow from operating activities includes: