Porsche 2008 Annual Report Download - page 194

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To our shareholders The Company
192
The revenue from long-term development contracts totals €73 million (prior year: €65 million).
Contracts and parts of contracts billed to customers are presented within trade receivables.
No significant allowances for trade receivables were recognized.
[20] Non-current and current receivables from financial services
The non-current receivables from financial services are subject to generally fixed interest rates of
between 1.5% and 18.9% (prior year: 3.0% and 18.1%), depending on the market. Unguaranteed
residual values accruing to the benefit of the Porsche group amount to €27 million (prior year:
€8 million).
Receivables from financial services of €62.2 billion (prior year: €2.0 billion) contain a fair value
adjustment from portfolio hedging amounting to €151 million (prior year: €0 million).
Receivables from financial services are generally secured by the assignment of collateral, land
charges or guarantees. The maximum bad debt risk corresponds to the carrying amounts of the
net receivables.
The receivables from dealer financing include an amount of €186 million (prior year: €0 million)
receivable from affiliated companies.
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Customer financing 33,203 555 431
Dealer financing 10,469 52 46
Direct banking 140 00
Receivables from financing business 43,812 607 477
Receivables from operating lease business 178 30 15
Receivables from finance leases 18,815 1,369 1,317
Valuation allowance – 653 – 49 – 36
Receivables from financial services 62,152 1,957 1,773
thereof non-current 34,520 1,310 1,301
thereof current 27,632 647 472