Porsche 2009 Annual Report Download - page 184

184 Financials
[13] Notes to the consolidated statement of cash flows
The statement of cash flows shows how the cash funds of Porsche SE group have changed
during the reporting year as a result of cash inflows and outflows. For this purpose the cash flows
in the statement of cash flows are categorized into operating activities, investing activities (includ-
ing investments in securities, loans and fixed-term deposits), and financing activities.
Cash inflows and outflows from investing and financing activities are presented using the di-
rect method. Cash flows from investing activities contain additions to and disposals of property,
plant and equipment and financial assets, intangible assets and investment property as well as
additions and disposals of cash funds due to changes in the consolidated group. The cash flows
from investing activities also contain cash received from and paid for the acquisition and disposal of
cash-settled stock options used to secure stock prices in the comparative period and for other pur-
poses. Changes in investments in securities, loans and time deposits are also included therein.
The statement of cash flows for the fiscal year 2009/10 is significantly affected by the inclu-
sion of the Volkswagen group and the Porsche Zwischenholding GmbH group until the dates of decon-
solidation. The cash inflow from operating activities is influenced by the operating activities of the dis-
continued operations in particular. The cash and cash equivalents disposed of in the course of decon-
solidation are presented as investing activities. Of this, €343 million was attributable to the Porsche
Zwischenholding GmbH group and €22,877 million to the Volkswagen group.
The statement of cash flows for the fiscal year 2008/09 was also positively influenced by the
first-time inclusion of the Volkswagen group and the cash inflows generated there since initial consolida-
tion and by the cash funds received. The cash paid for the acquisition of subsidiaries less cash funds
received in the prior year mainly consists of the cash paid for the acquisition of shares in Volkswagen
AG totaling €15,734 million net of the cash and cash equivalents of the Volkswagen group of €9,443
million received as a result of the acquisition. Of the cash paid for the acquisition of shares in Volks-
wagen AG in the prior year, an amount of €13,174 million was attributable to shares acquired in the
year prior to the date of initial consolidation.
The cash flows from financing activities contain cash paid for dividends, for the repayment of
loans, bonds, commercial papers and notes, to non-controlling interests and hybrid capital investors as
well as cash received from loans, bonds, commercial papers and notes as well as the change in other
financial liabilities. In the fiscal year 2009/10, cash received for loans borrowed is disclosed separately
from cash paid for loans. The figures of the comparative period were restated accordingly.