Porsche 2009 Annual Report Download - page 218

218 Financials
[29] Non-current and current financial liabilities
Financial liabilities break down as follows:
Total thereof Current thereof Non-current thereof
€ million
continuing
operations
continuing
operations
continuing
operations
31/7/2010
Bonds 0 0 0 0 0 0
Commercial papers and notes 0 0 0 0 0 0
Liabilities to banks 6,945 6,945 4,961 4,961 1,984 1,984
Deposits from direct banking business 0 0 0 0 0 0
Finance lease liabilities 0 0 0 0 0 0
Financial liabilities to joint ventures 3,880 3,880 0 0 3,880 3,880
Other financial liabilities 0 0 0 0 0 0
10,825 10,825 4,961 4,961 5,864 5,864
31/7/2009
Bonds 36,211 531 9,334 531 26,877 0
Commercial papers and notes 10,426 0 5,555 0 4,871 0
Liabilities to banks 25,480 10,317 11,190 4,004 14,290 6,313
Deposits from direct banking business 19,085 0 16,628 0 2,457 0
Finance lease liabilities 207 0 36 0 171 0
Financial liabilities to affiliated companies 154 0 154 0 0 0
Other financial liabilities 2,058 4 820 4 1,238 0
93,621 10,852 43,717 4,539 49,904 6,313
The decrease in non-current and current financial liabilities from bonds of continuing opera-
tions is due to the repurchase of part of the hybrid bond issued to institutional investors at the
beginning of the reporting period.
The decrease in liabilities to banks resulted from the effects of deconsolidating the discon-
tinued operations, especially from the cash contribution of Volkswagen AG in connection with its
investment in Porsche Zwischenholding GmbH as of 7 December 2009 which was passed on to
Porsche SE to repay the loan liabilities of Porsche SE due to banks. Financial liabilities from joint
ventures are due from companies in the Porsche Zwischenholding GmbH group. These are counter-
balanced by other loan receivables of €4,016 million disclosed under other receivables and assets.
Please refer to note [21] for details of offsetting permitted.
Liabilities to banks are recognized at amortized cost.