Porsche 2004 Annual Report Download - page 136
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Notes to the Consolidated Financial Statements Notes to the Consolidated Balance Sheet
132
In its financial services division, the Porsche Group acts as lessor, primarily leasing its own
products. The remaining terms of the minimum lease payments from non-cancellable operating
leases of T€ 345,167 (previous year: T€ 402,311) are as follows:
The development of leased assets in the fiscal year is shown in the statement of changes in non-
current assets. The leases also contain renewal and purchase options as well as escalation clauses.
Of the total inventories reported as of the balance sheet date of T€ 571,772 (previous year:
T€ 625,542), T€ 191,744 (previous year: T€ 171,841) is recognized at net realizable value.
Impairment losses of T€ 5,236 were recorded with an effect on income in the fiscal year (previous
year: T€ 4,708). Reversals of impairment losses as a result of disposals are not material.
July31,2005 July31,2004
T€ T€
Due within one year 118,191 172,409
Due in one to five years 226,976 229,902
345,167 402,311
(13) Inventories
(14) Trade receivables
The inventories disclosed break down as follows:
July31,2005 July31,2004
T€ T€
Materials and supplies 85,252 78,167
Work in progress 49,152 63,075
Finished goods and merchandise 437,359 478,524
Advance payments on inventories 9 5,776
571,772 625,542
July31,2005 July31,2004
T€ T€
Future receivables from long-term construction contracts 40,816 39,080
Trade receivables 266,850 271,601
Receivables from entities in which equity investments are held – 54
307,666 310,735