Porsche 2009 Annual Report Download - page 61

Net assets and financial position
In the reporting year, financial assets fell by
67 million euro. Since Porsche SE did not participate
in Volkswagen AG’s capital increase, the subscription
rights were accounted for as a disposal from the in-
vestment’s carrying amount in the financial state-
ments prepared in accordance with the German
Commercial Code.
Receivables rose from 2,703 million euro to
4,348 million euro in particular as the result of a loan
receivable of 1,341 million euro due from Porsche AG
withdrawn as part of the withdrawal in kind at Porsche
Zwischenholding GmbH.
Other receivables and assets fell mainly due
to the sale of cash-settled stock options of 770 mil-
lion euro to Qatar Holding LLC at the beginning of the
fiscal year 2009/10 and due to tax refunds. The de-
crease in prepaid expenses almost in its entirety re-
lates to prepaid transaction cost for syndicated loans
borrowed of 209 million euro.
In line with the sale of the majority of the
cash-settled stock options, the related provisions set
up in the prior year were reduced accordingly. The
remaining provisions mostly relate to tax provisions.
Liabilities to banks were repaid using cash
received from a new loan by Porsche Zwischenholding
GmbH of 3,867 million euro taken out. Other liabilities
rose by this amount as a result. In contrast, other li-
abilities were reduced by Porsche SE withdrawing a
loan liability due to Porsche Zwischenholding GmbH of
8,182 million euro at Porsche Zwischenholding GmbH
and the liability being extinguished as a result.
Balance sheet of Porsche Automobil Holding SE as of 31 July 2010
€ million 31/7/2010 31/7/2009
Assets
Financial assets 24,771 24,838
Receivables 4,348 2,703
Other receivables and assets 230 1,202
Cash and cash equivalents 887 2,164
Prepaid expenses 53 263
30,289 31,170
Equity and liabilities
Equity 16,977 7,993
Provisions 1,572 3,371
Liabilities to banks 7,000 10,561
Other liabilities 4,740 9,245
30,289 31,170
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