Porsche 2007 Annual Report Download - page 171
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168
To our shareholders
The Company
The new Panamera
Financials
Amounts for the current and previous two reporting periods are as follows:
[27] Non-current and current tax provisions and other provisions
Provisions for personnel and welfare mainly contain obligations for vacation and Christmas
bonuses, profit participations and management bonuses, the German phased retirement scheme
and long-service bonuses. As a rule, the provisions recognized in the reporting year lead to pay-
ments in the following year.
Provisions for obligations from ordinary operations consist above all of amounts for warranty
claims, marketing services and bonuses. The warranty obligation in the Porsche Group mainly
stems from product warranties granted for the vehicles it produces. The provisions contain both
estimated expenses from legal and contractual guarantee claims and also estimated expenses
for non-contractual warranty. When the warranty provisions are utilized depends on when a claim
is made under warranty and can extend over the entire contractual and non-contractual warranty
period. The provisions for bonuses are intended to cover the cost of subsequent reductions in
revenues already earned. Sundry other provisions contain a large number of discernable individual
risks and uncertain obligations and mainly contain provisions for unbilled goods and services, for
litigation risks and disposal obligations for used vehicles.
EUR000 2007/08 2006/07 2005/06
Defined benefit obligation 759,814 743,671 758,668
Plan assets – 41,043 – 43,107 – 37,309
Deficit (+)/Surplus (–) 718,771 700,564 721,359
Experience adjustments on pension obligation + 13.1% + 6.0% – 2.6%
Experience adjustments on plan assets – 1.7% + 1.3% + 1.0%
31/7/2008 31/7/2007
EUR000 Thereof
due within
one year
Thereof
due within
one year
Tax provisions 2,007,629 2,007,629 896,643 896,643
Provisions for personnel 638,608 534,995 594,470 533,284
Provisions for ordinary operations 893,202 347,459 951,262 390,989
Sundry other provisions 308,426 307,746 239,600 236,825
Other provisions 1,840,236 1,190,200 1,785,332 1,161,098