Porsche 2008 Annual Report Download - page 195
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193
Receivables from finance leases result almost exclusively from vehicle financing and break down
as follows:
Some of the leases contain renewal and purchase options as well as escalation clauses.
Escalations may arise in connection with tax changes.
Depending on liquidity requirements and the market situation, a certain volume of receivables from
financial services is sold to third parties (factoring). In such cases, the company examines whether
the criteria for derecognition of receivables legally transferred in factoring contracts are met. If the
criteria are not met, the receivables remain recognized on the balance sheet, which is referred to
as recourse factoring.
Factoring in the context of asset-backed-security transactions which do not satisfy the derecogni-
tion criteria resulted in receivables from financial services with a carrying amount of €16,439
million (prior year: €1,132 million) as of the balance sheet date. The opportunities and risks asso-
ciated with recourse factoring are essentially comparable to those inherent in receivables that
have not been sold. The liabilities related to the receivables that have been transferred and not
derecognized amount to €13,561 million (prior year: €1,084 million).
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Total gross investment in the lease 20,627 1,535 1,475
Due within one year 8,248 525 504
Due in one to five years 12,330 1,010 971
Due in more than five years 49 00
Unearned finance income – 1,812 – 166 – 158
Present value of outstanding minimum lease payments 18,815 1,369 1,317
Due within one year 7,494 451 428
Due in one to five years 11,274 918 889
Due in more than five years 47 00