Porsche 2008 Annual Report Download - page 196
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To our shareholders The Company
194
[21] Non-current and current other receivables and assets
Sundry receivables and assets include plan assets to fund pension obligations of €64 million (prior
year: €2 million). This item also includes the share of the technical provisions attributable to rein-
surers amounting to €128 million (prior year: €0 million). In the course of vehicle financing, collat-
eral of €96 million was issued (prior year: €61 million). The collateral is generally accounted for
when the contract is concluded and derecognized when the contract expires. There are no mate-
rial restrictions on title or right of use in respect of sundry receivables and assets. Valuation allow-
ances are recognized to take account of default risks. The maximum risk of default corresponds
to the net carrying amounts of the sundry receivables and assets. The current other receivables
and assets are mainly non-interest-bearing. The non-current other receivables and assets include
derivative financial instruments totaling €1,926 million (prior year: €712 million).
Other receivables and assets excluding derivative instruments have a carrying amount of €6,747
million (prior year: €1,701 million). This value comprises other financial receivables with a carrying
amount of €3,411 million (prior year: €1,456 million) and other non-financial receivables and as-
sets with a carrying amount of €3,336 million (prior year: €245 million). The other non-financial
receivables and assets contain in particular other taxes, advance payments and accrued expenses.
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Derivative financial instruments 4,567 1,387 18,330
Other receivables and assets
from affiliated companies 183 00
from joint ventures 1,704 00
from associates 20 30
from other investees and investors 1 00
Recoverable income taxes 1,187 103
Sundry receivables and assets 3,477 205 1,685
Prepaid expenses 351 29 16
Valuation allowance – 176 00
11,314 1,727 20,031
thereof non-current 3,495 430 732
thereof current 7,819 1,297 19,299