Porsche 2008 Annual Report Download - page 183

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Cash inflows and outflows from investing and financing activities are presented using the direct
method. Cash flows from investing activities contain additions to and disposals of property, plant
and equipment and financial assets, intangible and leased assets, investment property and the
cash flows from the acquisition and sale of stock options as well as cash received from and paid
for the sale and acquisition of subsidiaries. Changes in receivables from financial services and
investments in securities and loans are also disclosed here.
The cash paid for the acquisition of subsidiaries disclosed in cash flows from investing activities
less cash funds received mainly consist of the cash paid for the acquisition of shares in Volkswagen
AG totaling €15,734 million and the cash and cash equivalents of the Volkswagen group of €9,443
million received as a result of the acquisition. Of the cash paid for the acquisition of shares in
Volkswagen AG, an amount of €13,174 million is attributable to shares acquired during the fiscal
year 2008/2009 before the initial consolidation.
The cash flows from financing activities contain cash paid for dividends, for the repayment of loans,
bonds and commercial paper and notes, to minority interests and hybrid capital investors as well
as cash received from capital contributions by hybrid investors, from borrowing of loans, bonds
and commercial paper and notes as well as the change in other financial liabilities.
The cash flow from operating activities, on the other hand, is derived indirectly from profit/loss
after tax. This involves eliminating all non-cash expenses – mainly depreciation or amortization and
changes in provisions as well as other non-cash income and expenses – and adjusting them for
changes in operating assets and liabilities. Other non-cash expenses and income mainly result
from the investments accounted for at equity. In the fiscal year 2008/09, income taxes paid and
received were disclosed separately for the first time in the statement of cash flows in the cash
flows from operating activities. The prior-year figures were restated accordingly.
To improve transparency, gains and losses on the disposal of stock options as well as non-cash
expenses and income from marking stock options to market are presented in separate line items
in the cash flows from operating activities. The prior-year figures were adjusted accordingly. The
cash flows from investing activities also contain cash received from and paid for the acquisition
and disposal of cash-settled stock options used to secure stock prices and for other purposes. In
the prior year, these had been disclosed in the cash flows from operating activities or financing
activities. The corresponding prior-year disclosures were restated.
The cash flow from operating activities includes:
€ million 2008/09 2007/08
Interest paid – 2,916 – 478
Interest received 2,766 342
Dividends received from non-consolidated subsidiaries 12 0