Porsche 2007 Annual Report Download - page 138
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135
Systematic depreciation is mostly based on the following useful lives:
Residual values, methods of depreciation and useful lives are reviewed, and adjusted if appropriate,
at each fiscal year end. Self-constructed items of property, plant and equipment are recognized at
cost of conversion. In addition to directly allocable costs, they include a proportionate share of
production-related overheads.
Leases
Whether an arrangement is, or contains a lease, is determined on the basis of the economic sub-
stance of the arrangement at inception date, which involves appraising whether the fulfillment of
the arrangement is dependent on the use of a specific asset or assets or the arrangement
conveys a right to use the asset. This is only reassessed after the inception of the lease under
the conditions set forth in IFRIC 4.
Leases where the Group does not transfer to the lessee substantially all the risks and rewards
incidental to ownership of the asset are classified as operating leases and recognized accordingly.
Assets leased under operating leases are accounted for in non-current assets. Most of the opera-
ting leases are for vehicles leased from the Company’s own leasing companies. They are recog-
nized at cost and written off on a straight-line basis over the term of the lease to the lower of
estimated residual value or market value.
Should group companies act as lessee, lease or rental payments are reported directly as expen-
ses in the income statement.
Leases under which all the opportunities and risks associated with ownership are transferred, on
the other hand, are classified as finance leases.
When using items of property, plant and equipment as lessee under a finance lease, the assets are
recognized at cost or the lower present value of the minimum lease payments and are depreciated
on a straight-line basis over the economic useful life or the term of the lease, if shorter. Payment
obligations resulting from lease installments are discounted and recorded as a liability.
Years
Office and factory equipment 25 to 40
Technical equipment and machines 7 to 20
Other equipment, furniture and fixtures 3 to 13