Porsche 2008 Annual Report Download - page 216
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To our shareholders The Company
214
Carrying amounts of financial instruments that would otherwise be past due or impaired whose
terms have been renegotiated break down as follows:
Financial instruments that would otherwise be past due or impaired whose terms have been rene-
gotiated are measured at amortized cost.
Collateral of €226 million (prior year: €0 million) exists which can be used in the absence of de-
fault by the owner of the collateral. It is provided in the form of bank warranties, bank guarantees,
recourse rights and, on a small scale, mortgages. Collateral that met the recognition criteria under
IFRSs was recognized in the balance sheet in the amount of €173 million in the fiscal year (prior
year: €0 million). This mainly relates to vehicles and other financial assets that are usually con-
verted into liquid assets. Collateral of €45 million (prior year: €37 million) has been provided for
past due but not impaired receivables and for impaired receivables. In addition, title is retained in
some vehicle sales for trade receivables which are past due but not impaired or which are impaired.
3. Liquidity risk
The solvency and liquidity of the Porsche group is continuously monitored by rolling liquidity plan-
ning, a cash liquidity reserve, guaranteed credit lines and globally available debt issuance pro-
grams (securitizations). Reference is also made to explanations on the management of liquidity
risks at subgroup and overall group level presented in the risk report as part of the group man-
agement report.
The liquid assets consist of cash and cash equivalents as well as highly liquid securities.
€ million 31/7/2009 31/7/2008
Receivables from financial services 00
Trade receivables 1,162 0
Other receivables 00
Securities 00
Cash and cash equivalents 00
1,162 0