Porsche 2004 Annual Report Download - page 130
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126
(11) Notes to the Consolidated Statement of Cash Flows
The cash and cash equivalents presented in the cash flow statement relates to the balance sheet
item cash and cash equivalents only, i.e. cash on hand, checks and bank balances with a maturity
of less than three months. The effects of exchange rate changes on cash and cash equivalents
amount to T€ – 31,607 (previous year: T€ 7,058) within the Group.
The cash flow statement shows how the cash and cash equivalents of the Porsche Group have
changed during the reporting year as a result of cash inflows and outflows. For this purpose
the cash flows are divided into operating activities, investing activities including investment in
securities, and financing activities in the cash flow statement.
Cash inflows and outflows from investing and financing activities are presented using the direct
method. The cash inflows and outflows from investing activities in the current fiscal year include
additions to property, plant and equipment and financial assets as well as additions to intangible
assets. Changes in leased assets and changes in receivables from financial services are also
disclosed here. The cash inflows and outflows from investing activities including investment in se-
curities supplement the investing activities in the current fiscal year by changes in investment in
securities. Financing activities contain cash outflows for dividend payments and the repayment of
loans as well as cash inflows from the issue of bonds and other financial liabilities.
The cash flow from operating activities, on the other hand, is derived indirectly from the earnings
after tax. This involves eliminating all non-cash expenses – mainly depreciation or amortization and
changes in provisions – as well as non-cash income from earnings after tax and adding changes in
operating assets and liabilities.
The changes in the balance sheet items from which the cash flow statement is derived are adjusted
for non-cash effects from currency translation and changes in the consolidated group. Changes in
the balance sheet items concerned can therefore not be reconciled directly with the figures in the
published consolidated balance sheet.
2004/05 2003/04
T€ T€
Interest paid – 103,144 – 82,151
Interest received 147,968 107,385
Income taxes paid – 635,304 – 317,018
Income taxes reimbursed 9,637 55,686
Dividends received 378 378
Cash paid for the acquisition of consolidated entities – – 76,355
Cash received from the disposal of equity investments – 7,680
The cash flow from operating activities includes:
Notes to the Consolidated Statement of Cash Flows