Porsche 2006 Annual Report Download - page 34

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32
New Records Set
In 2006/07 the Porsche Group once again closed a fiscal year with its key
financial indicators evidencing record results. Unit sales, sales revenues and
especially earnings all improved yet again in comparison with the previous year.
As a consequence, the consolidated balance sheet total rose by 8.692 billion
Euro to 23.332 billion Euro.
Capital expenditures on intangible assets, property, plant and equipment and leased
assets totaled 1.205 billion Euro, following 954.2 million Euro in the previous year
(without the capital expenditures from the Car Top System Group that has been
sold). Of this sum, 625.7 million Euro was spent on vehicles leased by our financial
services entities, compared with 551.9 million Euro in the previous year.
The investment in Volkswagen AG was increased to 30.6 percent. Capital ex-
penditures of 2.676 billion Euro were made here. For these acquisitions and
to secure the takeover offer for Volkswagen AG shares, share price hedges
were entered into. Amortization and depreciation increased from 488.8 million
Euro in the previous year to 531.7 million Euro in the reporting year.
As of the balance sheet date, July 31, 2007, the Porsche Group’s non-current
assets amounted to 9.760 billion Euro, compared with 5.681 billion Euro in
the previous fiscal year. The share of non-current assets in the balance sheet
total amounted to 41.8 percent (previous year: 38.8 percent). The share of
the Porsche Group’s non-current assets covered by equity was 97 percent; the
equivalent figure in the previous year was 94 percent.
Inventories increased from 594.1 million Euro to 625.2 million Euro. Trade
receivables accounted for 265.9 million Euro; in the previous year this figure
was 205.0 million Euro. The rise in receivables from financial services from
1.684 billion Euro to 1.782 billion Euro reflects the expansion of this business
division. Other receivables and assets amounted to 5.890 billion Euro (previous
year: 1.573 billion Euro) and contain financial instruments, for the most part
comprising currency, interest rate and share price hedges of 5.556 billion Euro.
The share price hedges serve on the one hand to secure the takeover offer for
shares in Volkswagen AG, and on the other hand to obtain short-term liquidity.
Cash receipts came to 322 million Euro. On account of changes in the pertinent
tax laws, income tax receivables now for the first time include the present value of
Finances
Income from hedging transactions in connection with
the purchase of further Volkswagen shares as well
as the revaluation of the investment in Volkswagen
contributed to the marked rise in profits at Porsche.
The dividend also rose further as a result of the
increased equity investment at Volkswagen AG, which
was raised to 30.6 percent of ordinary shares.