Porsche 2006 Annual Report Download - page 167
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165
Liabilities to banks serve short-term financing purposes. The nominal interest rate varies from 0.75 percent
to 5.52 percent depending on the currency, maturity and contractual terms and conditions (previous year:
0.50 percent to 4.375 percent). They are recognized at amortized cost.
Other financial liabilities include liabilities for re-financing the financial services business which arose in
the context of non-recourse financing, sale-and-leaseback and asset-backed securities programs.
The present values of the future minimum lease payments from sale-and-lease-back transactions entered
into to refinance the financial services business break down as follows:
The total volume of asset-backed securities programs comes to T€ 1,849,048 as of the balance sheet
date (previous year: T€ 1,798,533). Interest rates correspond to interbank rates.
These financing programs have average maturities of between one and four years. They are measured
at amortized cost.
The liabilities from long-term construction contracts are calculated as follows:
The fair values of trade payables largely correspond to the carrying amounts.
July31,2007 July31, 2006
T€ T€
Minimum lease payments 76,429 75,427
Due within one year 42,970 39,519
Due in one to five years 33,459 35,908
(30) Non-current and current trade payables
July31,2007 July31, 2006
T€ T€
Liabilities from long-term construction contracts 755 7,584
Trade payables 511,908 475,233
512,663 482,817
thereof non-current 7,480 3,875
thereof current 505,183 478,942
July 31,2007 July 31, 2006
T€ T€
Costs of conversion including outcome of
the long-term construction contracts 3,414 6,571
thereof services billed to customers – 2,091 – 1,402
Future receivables from long-term construction
contracts before advance payments received 1,323 5,169
Advance payments received – 2,078 – 12,753
755 7,584