Porsche 2007 Annual Report Download - page 173
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170
To our shareholders
The Company
The new Panamera
Financials
The two bonds issued in the fiscal year 2006 are fixed-interest bonds which are measured at
amortized cost. The other bonds are also fixed-interest instruments. They are recorded at
fair value through profit or loss (change in value 2007/08: expense EUR 27,027 k (prior year:
EUR 5,009 k)). To hedge the risk of interest rate fluctuation on account of the bonds being fixed-
interest, interest hedges were concluded which were also recognized at fair value (change in value
2007/08: income EUR 27,027 k (prior year: EUR 5,009 k)).
Liabilities to banks serve short-term financing purposes. The nominal interest rate varies from
0.75% to 7.50% depending on the currency, maturity and contractual terms and conditions (prior
year: 0.75% and 5.52%). They are recognized at amortized cost. Other financial liabilities include
liabilities for re-financing the financial services business which arose in the context of non-recourse
financing, sale-and-lease-back and asset-backed securities programs.
The present values of the future minimum lease payments from sale-and-lease-back transactions
entered into to refinance the financial services business break down as follows:
The total volume of asset-backed securities programs comes to EUR 1,735,994 k (prior year:
EUR 1,849,048 ) as of the balance sheet date. Interest is at inter-bank level. The average terms
to maturity of the financing range from one to four years. Measurement is at amortized cost.
[29] Non-current and current trade payables
EUR000 31/ 7/2008 31/ 7/2007
Due within one year 57,335 42,970
Due in one to five years 45,202 33,459
102,537 76,429
EUR000 31/ 7/2008 31/ 7/2007
Liabilities from long-term construction contracts 5,358 755
Trade payables 581,516 511,908
586,874 512,663
thereof non-current 5,556 7,480
thereof current 581,318 505,183