Porsche 2006 Annual Report Download - page 165
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163
Provisions for personnel and welfare mainly contain obligations for vacation and Christmas bonuses,
profit participations and management bonuses, the German phased retirement scheme and long-service
bonuses. As a rule, the provisions recognized in the reporting year lead to payments in the following year.
Provisions for obligations from ordinary operations consist above all of amounts for warranty claims,
marketing services and bonuses. The warranty obligation in the Porsche Group mainly stems from
product warranties granted for the vehicles it produces. The provisions contains both estimated expenses
from legal and contractual guarantee claims and also estimated expenses for non-contractual warranty.
When the warranty provision is utilized depends on the occurrence of the warranty claim and can extend
over the entire contractual and non-contractual warranty period. The provisions for bonuses are intended
to cover the cost of subsequent reductions in sales revenues already earned. Sundry provisions contain
a large number of discernable individual risks and uncertain obligations and mainly contain provisions for
unbilled goods and services, provisions for litigation risks and disposal obligations for used vehicles.
(28) Non-current and current tax provisions and other provisions
July 31, 2007 July 31, 2006
T€ T€ T€ T€
thereof thereof
due within due within
one year one year
Tax provisions 896,643 896,643 238,026 238,026
Provisions for personnel 594,470 533,284 370,194 367,356
Provisions for
ordinary operations 951,262 390,989 1,069,369 444,370
Sundry provisions 239,600 236,825 201,471 200,796
Other provisions 1,785,332 1,161,098 1,641,034 1,012,522
Other provisions developed as follows:
As of Exchange Addition Interest Utilization Reversal As of
Aug. 1, 2006 differences July 31, 2007
T€ T€ T€ T€ T€ T€ T€
Provisions for personnel* 370,194 – 722 537,325 – 310,467 1,860 594,470
Provisions for
ordinary operations 1,069,369 – 2,510 97,566 27,689 193,798 47,054 951,262
Sundry provisions* 201,471 – 1,687 241,061 – 179,193 22,052 239,600
1,641,034 – 4,919 875,952 27,689 683,458 70,966 1,785,332
*In the opening balance as of August 1, 2006 reclassifications of T€ 70,000 were
made from sundry provisions to personnel provisions.