Porsche 2012 Annual Report Download - page 199
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[12] Non-current and current other receivables and assets
As part of the contribution of the holding business operations of Porsche SE to Volkswagen
AG, other receivables and assets previously reported as non-current as well as derivative finan-
cial instruments with a carrying amount of €4,048 million in total were derecognized. Reference
is made to the section "Consolidated group".
The receivables from joint ventures reported for the comparative period were due from com-
panies in the Porsche Holding Stuttgart GmbH group. They were counterbalanced by financial
liabilities due to these entities of €3,880 million as of 31 December 2011. A lien on a loan receiv-
able of €2,703 million from Porsche Holding Stuttgart GmbH (as the legal successor of Porsche
Zwischenholding GmbH) had been pledged to this company. This lien served as collateral on a
liability of the same amount due from Porsche SE to Porsche Holding Stuttgart Holding GmbH
and was recognized within financial liabilities to joint ventures. Porsche Holding Stuttgart GmbH
was entitled to exercise its right of lien if Porsche SE were in arrears with payments as they fell
due for the secured liability due to Porsche Holding Stuttgart GmbH. Due to the contribution of
the holding business operations of Porsche SE to Volkswagen AG, the aforementioned receiva-
bles and liabilities together with the liens ceased to exist.
Offsetting was not permitted during the term of the loan unless any mandatory or optional
grounds for insolvency had arisen at Porsche SE. Permission to offset the loan could have been
given upon falling due for repayment. Volkswagen AG would have assumed the loan obligations
of Porsche Holding Stuttgart GmbH due to Porsche SE in the event of insolvency of this compa-
ny provided it would have been possible to offset the obligations against claims against Porsche
SE had the company not become insolvent.
€ million 31/12/2012 31/12/2011
Derivative financial instruments 0 232
Other receivables and assets
from joint ventures 0 4,030
from associates 5 0
Sundry other receivables and assets 11 12
16 4,274
thereof non-current 2 4,253
thereof current 14 21
195