Porsche 2009 Annual Report Download - page 199

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199
Volkswagen AG has a corresponding obligation to assume an obligation relating a loan re-
ceivable from Porsche AG of €1,313 million (prior year: €0 million) in the case of insolvency of
Porsche AG. The loan agreement contains a premature repayment clause in the event of Porsche
AG’s insolvency.
The loan receivables from the Porsche Zwischenholding GmbH group thus exceed the cor-
responding financial liabilities by a total of €136 million (prior year: €0 million). There is neither a
guarantee by Volkswagen AG for the partial amount nor can it be offset.
Compensation of €1 million (prior year: €0 million) for the assumption of liability from finan-
cial guarantees has been recognized under sundry receivables and assets.
As of the prior-year reporting date, sundry receivables and assets of discontinued opera-
tions included a surplus of plan assets to fund pension obligations of €64 million. This item also
included the share of technical provisions attributable to reinsurers amounting to €128 million from
discontinued operations in the prior year. Collateral of €96 million was issued in the prior year in the
course of vehicle financing in the discontinued operations. Collateral is generally accounted for
when the contract is concluded and derecognized when the contract expires. Furthermore, there
are material restrictions on title or right of use in respect of sundry receivables and assets. Valua-
tion allowances are recognized to take account of default risks. The maximum risk of default corre-
sponds to the net carrying amounts of the sundry receivables and assets. The current other receiv-
ables and assets are mainly non-interest-bearing. The non-current other receivables and assets
contain derivative financial instruments totaling €303 million (prior year: €1,926 million).
Other receivables and assets excluding derivative financial instruments have a carrying
amount of €4,022 million (prior year: €6,747 million). This value comprises other financial receiv-
ables with a carrying amount of €4,020 million (prior year: €3,411 million), financial guarantees
with a carrying amount of €1 million (prior year: €0 million) and non-financial other receivables and
assets with a carrying amount of €1 million (prior year: €3,336 million). The non-financial other
receivables and assets mainly contain accrued expenses. As of the prior-year reporting date, this
item also contained other taxes and advance payments.