Porsche 2008 Annual Report Download - page 192

To our shareholders The Company
190
The impairment losses totaling €353 million concern assets in the Volkswagen segment as a result
of market changes due to changes in volume and exchange rates. The recoverable amount used
to determine the impairment was based on the value in use. A discount rate of is 9.8% was used
and the calculations are based on a five-year plan.
Leased assets include assets leased out under the terms of operating leases.
Investment property includes apartments rented out and leased dealerships, with a fair value of
€400 million (prior year: €0 million). Operating expenses of €19 million (prior year: €0 million)
were incurred for the maintenance of investment property in use. Expenses of €1 million were
incurred for unused investment property (prior year: €0 million).
The duration of the minimum lease payments under non-cancellable operating leases of €2,960
million (prior year: €404 million) are as follows:
The contracts are concluded for a maximum period of 60 months and partly contain renewal and
purchase options as well as escalation clauses. Conditional lease payments, particularly those
dependent on mileage, of €2 million (prior year: €2 million) were recognized.
[18] Inventories
Inventories break down as follows:
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Due within one year 1,509 217 186
Due in one to five years 1,451 222 218
Due in more than five years 0 00
2,960 439 404
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Raw materials, consumables and supplies 2,138 85 83
Work in progress 1,263 49 42
Finished goods and merchandise 12,089 514 632
Current leased assets 696 00
Advance payments made 79 10
16,265 649 757