Porsche 2008 Annual Report Download - page 193
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191
Of the total inventories reported as of the balance sheet date of €16,265 million (prior year:
€757 million), an amount of €2,382 million (prior year: €209 million) is recognized at net realizable
value. At the same time as revenue recognition, inventories of €45,601 million (prior year: €4,375
million) were expensed. The write-downs recognized in the reporting period amounted to €359
million (prior year: €1 million). The write-downs were caused by market conditions. Reversals of
write-downs of €4 million were recognized in profit or loss in the fiscal year (prior year: €8 million).
These were a result of new information obtained about the usability of the inventories. Vehicles
amounting to €88 million (prior year: €77 million) were pledged as collateral for phased retirement
obligations.
[19] Trade receivables
The non-current trade receivables disclosed in the prior year are disclosed under current trade
receivables for materiality reasons. The maximum bad debt risk corresponds to the carrying
amounts of the net receivables. The fair values of the trade receivables essentially correspond to
the carrying amounts due to the remaining terms.
The receivables from long-term development contracts are calculated as follows:
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Receivables from long-term development contracts 8 828
Trade receivables from
third parties 6,193 377 228
affiliated companies 262 00
joint ventures 299 00
associates 4 018
other investees and investors 1 00
Valuation allowance – 52 – 8– 6
6,715 377 268
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Costs of conversion including outcome of
the long-term development contracts 132 132 77
thereof services billed to customers – 17 – 17 – 16
Future receivables from long-term development contracts
before advance payments received 115 115 61
Advance payments received – 107 – 107 – 33
8 828