Porsche 2004 Annual Report Download - page 28

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Finances24
New records set
As already stated in the Management Report, the consolidated fin-
ancial statements of the Porsche Group for the 2004/05 fiscal year
were drawn up for the first time in accordance with International
Financial Reporting Standards (IFRS). For comparative purposes, the
previous year financial statements were also adjusted accordingly.
The IFRS transition required a series of reclassifications and revalua-
tions, details of which are shown on page 108 of this Report.
In 2004/05 the Porsche Group once again concluded a fiscal year
with record results in key financial areas. Unit sales, sales revenues
and earnings all improved yet again in comparison with the previous
year. As a consequence, the consolidated balance sheet total rose
by 695.8 million Euro to 9.710 billion Euro.
Capital expenditures in intangible assets, property, plant and equip-
ment and leased assets totaled 914.3 million Euro, following 1.110 bil-
lion Euro in the previous year. Of this sum, 543.6 million Euro were
spent on vehicles for leasing by our financial services companies,
compared with 504.4 million Euro in the previous year. Amortization
and depreciation rose from 382.1 million Euro in the previous year to
518.2 million Euro in the reporting year, one of the main reasons for
this being the start of new-generation sports car production.
As of the balance sheet date, July 31, 2005, the Porsche Group’s
non-current assets amounted to 2.428 billion Euro, compared with
The overall increase in sales volume had a positive effect on both
turnover and earnings.
2.380 billion Euro in the previous year. Despite this slight increase,
the proportion of assets in the balance sheet total went down
from 26.4 to 25.0 percent; this is to be seen in connection with the
balance sheet enlargement. The proportion of the Porsche Group’s
total assets covered by equity was 141 percent; the equivalent
figure in the previous year was 123 percent.
Inventories decreased from 625.5 million Euro to 571.8 million Euro.
Trade receivables, at 307.7 million Euro, remained at the previous
year’s level. The rise in receivables from financial services from
1.403 billion Euro to 1.567 billion Euro reflects the expansion of this
business segment. Other receivables and assets amounted to
1.005 billion Euro (previous year: 1.153 billion Euro) and contain fin-
ancial instruments, for the most part comprising currency exchange
and interest stabilizing transactions to a value of 698.7 million Euro.
Deferred tax assets went up from 56.7 million Euro to 184.8 mil-
lion Euro.
A further increase in liquidity
Thanks to the good performance, cash and cash equivalents rose
to 3.626 billion Euro (previous year: 3.069 billion Euro). Net liquidity,
that is to say cash and cash equivalents less financial debts but
excluding financial services transactions, rose by 26 percent to
2.355 billion Euro. The extended cash flow – including changes to
the remaining allocations to provisions – went down to 1.332 billion
Euro in the reporting year, (previous year 1.512 billion Euro). How-