Porsche 2008 Annual Report Download - page 146

To our shareholders The Company
144
1 restated (explanatory notes on the statement of cash flows are presented in note [13])
2 contains the change in cash and cash equivalents that are not available for use by the group
3 contains cash and cash equivalents of €1,750 million (prior year: €2,567 million) that are not
available for use by the group
The statement of cash flows is explained in note [13].
Consolidated statement of cash flows of the Porsche group
for the period from 1 August 2008 to 31 July 2009
€ million 2008/09 2007/08
1. Operating activities Profit/loss after tax – 3,563 6,392
Amortization and depreciation 6,169 569
Change in provisions for pensions and similar obligations 125 60
Change in other provisions – 277 641
Income tax expense 1,188 1,9431
Change in deferred taxes – 2,017 2371
Income taxes paid – 2,212 – 8341
Income taxes received 392 81
Gain/loss from disposal of intangible assets,
property, plant and equipment,
leased assets and investment property – 26 – 78
Gains/losses from the disposal of stock options – 7,821 – 3,9241
Non-cash expenses/income from
market valuation of stock options 10,283 – 2,9101
Other non-cash expenses and income – 1,012 – 9361
Dividends received from investments accounted for at equity 317 160
Change in inventories, trade
receivables and other assets 3,736 – 1,5851
Change in trade payables and other liabilities
(without tax provisions and other provisions) 1,585 1261,2
Cash flow from operating activities 6,867 – 7081
2. Investing activities Cash received from disposal of intangible assets,
property, plant and equipment, leased assets
and investment property 1,871 417
Cash received from the disposal of
subsidiaries less cash funds sold 1,343 11
Cash paid for investments in intangible assets
and property, plant and equipment – 4,635 – 784
Cash paid for investments in leased assets and
investment property – 3,134 – 574
Cash paid for investments in financial assets – 1– 22
Cash paid for the acquisition of
subsidiaries less cash funds received – 6,360 90
Changes in stock options 11,0982– 3,8241,2
Change in receivables from financial services – 257 – 122
Cash flow from investing activities
before investments in securities and loans – 75 – 4,8081
Change in investments in securities and loans 5,827 – 2,076
Cash flow from investing activities 5,752 – 6,8841