Porsche 2009 Annual Report Download - page 194

194 Financials
Leased assets contain assets leased under the terms of operating leases.
Investment property included apartments rented out and leased dealerships of discontinued
operations with a fair value in the prior year of €400 million.
Due to the deconsolidation of the discontinued operations in the reporting year, there are
no minimum lease payments from non-cancellable leases as of the reporting date. The duration of
the minimum lease payments under non-cancellable operating leases of discontinued operations
were as follows in the prior year:
Discontinued
operations
€ million 31/7/2009
Due within one year 1,509
Due in one to five years 1,451
Due in more than five years 0
2,960
The contracts concluded as of the reporting date of the prior year had a maximum term of
60 months and partly contained renewal and purchase options as well as escalation clauses.
Amortization and depreciation of fixed assets in the reporting year is attributable almost
exclusively to discontinued operations.
The impairment losses recognized on fixed assets totaling €223 million (prior year: €353
million) concern assets in the Volkswagen group. The impairment losses result from market chan-
ges due to changes in volume and exchange rates and, with regard to leased assets, also as a
result of the development of residual carrying amounts. The impairment losses recognized on other
intangible assets had become necessary due to increased cost of risk. The recoverable amount
used to determine the impairment was based on value in use. As in the prior year, a discount rate of
9.8% was used and the calculations were based on five-year plans.