Porsche 2005 Annual Report Download - page 133
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129
(13) 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€ – 5,012 (previous year: T€ – 31,607) 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 pro-
perty, 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 securities 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.
To improve the informative value of the consolidated cash flow statement, the change in deferred taxes
of the cash flow from operating activities was disclosed separately in the reporting year and in the previous
year. The numbers of the changes in other assets and provisions were adjusted accordingly.
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.
2005/06 2004/05
T€ T€
Interest paid – 140,133 – 103,144
Interest received 138,258 147,968
Income taxes paid – 440,425 – 635,304
Income taxes reimbursed 25,596 9,637
Dividends received 68,281 378
The cash flow from operating activities includes:
Notes to the Consolidated Statement of Cash Flows