Porsche 2012 Annual Report Download - page 208
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Financials
Notes to the consolidated fi nancial statements
[19] Non-current and current financial liabilities
Financial liabilities break down as follows:
Liabilities to banks were recognized at amortized cost.
Porsche SE’s syndicated loan of nominal €2.0 billion was repaid in full following the execu-
tion of the contribution and using a portion of the cash received from it. Due to the applicable
terms of the syndicated loan agreement of October 2011, the previously undrawn revolving
credit line of €1.5 billion was reduced to €1.0 billion as a result of the repayment. This credit
line's maturity date of 30 November 2013, and the option to extend the loan such that under
certain circumstances the maturity date may be prolonged until 30 June 2015 in two steps,
remain unaffected. The line of credit is still secured by a first-rank lien on 70 million VW ordinary
shares of Porsche SE to the benefit of the syndicate of banks (reference is made to the explana-
tions in note [11]).
€ million Total Current Non-current
31/12/2012
Liabilities to banks 0 0 0
Financial liabilities due to associates 300 0 300
Financial liabilities due to joint ventures 0 0 0
300 0 300
31/12/2011
Liabilities to banks 1,991 0 1,991
Financial liabilities due to associates 0 0 0
Financial liabilities due to joint ventures 3,880 0 3,880
5,871 0 5,871
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