Porsche 2008 Annual Report Download - page 210
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To our shareholders The Company
208
Asset-backed securities transactions accomplished via special purpose entities to refinance the
financial services business are included in the bonds, commercial paper and notes, loan liabilities
and other financial obligations with an amount of €13,561 million (prior year: €1,084 million).
Liabilities to refinance the financial services business in the form of forfaiture and sale-and-
leaseback programs are also presented within other financial liabilities. Interest rates compare to
inter-bank level. The average duration of the financing ranges from one to four years. Measure-
ment is at amortized cost.
The present values of the future minimum lease payments from sale-and-leaseback transactions
entered into to refinance the financial services business break down as follows:
Other financial liabilities include liabilities from put options of minority shareholders of €146 million
(prior year: €66 million).
In connection with the acquisition of shares of Volkswagen AG, 83,871,000 shares (prior year:
0 shares) of Volkswagen AG were pledged for liabilities to banks. This was done to secure the
claims of the creditor banks and is related to the duration of the liability.
Receivables from customer financing and the leasing business of €16,439 million (prior year:
€1,132 million) are used as collateral for the asset-back-securities transactions. Collateral totaling
€598 million (prior year: €0 million) was provided for financial liabilities. These are generally depos-
its, fixed-term deposits, assignments and other items.
€ million 31/7/2009 31/7/2008
Due within one year 66 57
Due in one to five years 47 45
113 102