Porsche 2007 Annual Report Download - page 163
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160
To our shareholders
The Company
The new Panamera
Financials
Receivables from finance leases are a result of vehicle financing and break down as follows:
The leases also contain renewal and purchase options as well as escalation clauses. Price
adjustments may arise in connection with tax changes.
Receivables from financial services are generally secured by the assignment of collateral or
guarantees. The non-current receivables from financial services are subject to fixed interest rates
of between 3.0% and 18.1% (prior year: 2.7% and 15.8%) depending on the market. Conditional
lease payments, particularly those dependent on mileage, of EUR 823 k (prior year: EUR 202 k)
were recognized. Non-guaranteed residual values accruing to the benefit of the Porsche Group
amount to EUR 283,138 k (prior year: EUR 347,398 k).
Depending on liquidity requirements and the market situation a certain volume of receivables from
financial services is sold to third parties. In such cases, the Company examines whether the cri-
teria for derecognition of receivables legally transferred in factoring contracts are satisfied. If the
criteria are not satisfied, in what is referred to as recourse factoring, the receivables remain on
the balance sheet.
Factoring as part of asset-backed-security transactions which do not satisfy the derecognition
criteria resulted in receivables from financial services at a carrying amount of EUR 1,132 million
(prior year: EUR 1,160 million) as of the balance sheet date. The opportunities and risks asso-
ciated with recourse factoring are essentially comparable to those inherent in receivables that
have not been sold. The liabilities associated with the receivables that have been transferred
and not derecognized amount to EUR 1,084 million (prior year: EUR 1,020 million).
EUR000 31/ 7/2008 31/ 7/2007
Gross total investments in the lease 1,475,202 1,485,280
Due within one year 503,699 489,638
Due in one to five years 971,192 995,334
Due in more than five years 311 308
Unrealized finance revenue – 158,684 – 168,192
Present value of outstanding minimum lease payments 1,316,518 1,317,088
Due within one year 427,703 413,864
Due in one to five years 888,504 902,979
Due in more than five years 311 245