Porsche 2006 Annual Report Download - page 172

170
Other financial obligations in the Group total 401.3 million Euro (previous year: 330.0 million Euro).
There are obligations from rent, lease and maintenance agreements of 66.8 million Euro in total
(previous year: 83.7 million Euro). In the Group, purchase commitments from ongoing investment
projects for property, plant and equipment amount to 321.6 million Euro (previous year: 234.1 million
Euro) and for intangible assets 4.1 million Euro (previous year: 1.9 million Euro). There are other
financial obligations of 8.8 million Euro (previous year: 10.3 million Euro). The terms to maturity of
minimum lease payments under non-cancelable operating leases and rent agreements are
as follows:
The total amount of rent and lease payments recorded as an expense in the fiscal year is T€ 31,136
(previous year: T€ 30,408). For these leases there are neither escalation clauses nor renewal options.
No provisions were recognized for contingent liabilities as it is more likely than not that they will not occur.
(34) Subsequent events
On August 1, 2007, Porsche Niederlassung Berlin GmbH and Porsche Niederlassung Berlin-Potsdam GmbH
were founded. The dealerships had been acquired in their entirety effective September 1, 2007. The pur-
chase price for the two branches in Berlin and Potsdam amounted to T€ 6,250. The amounts to be stated
for assets, liabilities and contingent liabilities of the purchased dealerships had not yet been established
when the consolidated financial statements were authorized for issue. Porsche China Hongkong Limited
was incorporated on August 2, 2007. The purchase agreement for Jebsen and Company Limited,
Guangzhou, was signed on July 23, 2007. The approval of the authorities of the acquisition is pending.
Once the pending approval by the authorities has been given, Jebsen and Company Limited will commence
import operations as Porsche China Limited. Porsche Schweiz AG was incorporated on August 6, 2007.
Porsche China Hongkong Limited will assume its importer function for Hong Kong as of January 1, 2008
and Porsche Schweiz AG will assume this function for Switzerland as of April 1, 2008.
In March 2007, the shareholding in Volkswagen AG was raised to 30.9 percent. Because the voting right
threshold of 30 percent was exceeded, a mandatory takeover bid was made to all shareholders of
Volkswagen AG which was limited until May 29, 2007. The shares offered in the mandatory bid was con-
cluded on August 10 after all execution terms had been satisfied. The mandatory bid was concluded on
August 10, 2007 after satisfying all the execution terms. In the process 172,218 ordinary shares and
68,262 preference shares were purchased at a bid price of 100.92 Euro per ordinary share and 65.54 Euro
per preference share.
The financing of the mandatory bid was secured by a loan agreement arranged by ABN AMRO Bank NV,
Barclays Capital, Merrill Lynch International, UBS Limited and Commerzbank AG. The loan was not drawn.
July 31, 2007 July 31, 2006
T€ T€
Minimum lease payments 66,801 83,713
Due within one year 20,213 21,432
Due within one to five years 29,953 40,343
Due within more than five years 16,635 21,938