Porsche 2009 Annual Report Download - page 185

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The item “cash received from other financial liabilities” mainly contains the cash contribution of
€3.9 billion passed on to Porsche SE as a loan from Porsche Zwischenholding GmbH which had been
contributed to Porsche Zwischenholding GmbH by Volkswagen AG in the course of the capital increase.
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.
IAS 7, which was changed as a result of the annual improvements project published in May
2008, provides for the allocation of cash inflows and outflows from the change in leased assets to cash
flows from operating activities. In this respect, the cash flows from changes in receivables from financial
services were also reclassified to cash flows from operating activities in order to ensure the uniform
presentation of the financing and leasing transactions in the consolidated statement of cash flows. The
figures of the comparative period were restated. The changes made in the fiscal year 2009/10 resulted
in a €1,719 million decrease in cash inflows from operating activities compared to the presentation in
the 2008/09 consolidated financial statements. The cash inflows from investing activities increased
accordingly by €1,719 million.
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 flow from operating activities. Other non-cash expenses and income mainly comprise profit or loss
on deconsolidation (including the reclassification of expenses and income recognized directly in equity
for the Porsche Zwischenholding GmbH group and the Volkswagen group), income from the initial equity
accounting of the Volkswagen group, the dilutive effect arising from the capital increase performed at
Volkswagen AG as well as expenses and income from continuously rolling forward the investments
accounted for at equity.
The cash flow from operating activities includes:
2009/10 2008/09
thereof
€ million
continuing
operations
Interest paid – 1,431 – 606 – 2,916
Interest received 1,157 123 2,766
Dividends received from non-consolidated subsidiaries 1 0 12