Porsche 2009 Annual Report Download - page 226

226 Financials
There were no financial assets that are past due and not impaired as of the reporting date.
The maturity analysis of the gross carrying amount of financial assets that were past due and not
impaired as of the prior-year reporting date breaks down as follows:
Past due by
up to 30 days More than More than Total
€ million
30 to 90
days
90 days
31/7/2009
Trade receivables 706 339 246 1,291
Receivables from financial services 2,504 1,267 31 3,802
Other financial receivables 21 27 75 123
Derivative financial instruments 0 0 0 0
Securities 0 0 0 0
Cash and cash equivalents 0 0 0 0
3,231 1,633 352 5,216
thereof continuing operations 0 0 0 0
As of the prior-year reporting date, the discontinued operations’ trade receivables include
an amount of €1,162 million where amendments to the agreements were made to avoid them be-
coming past due. These trade receivables were measured at amortized cost.
At the level of discontinued operations collateral of €226 million had been provided as of
the prior-year reporting date and could be used without default by the owner of the collateral. It was
provided in the form of bank warranties, bank guarantees, recourse rights and, on a small scale,
mortgages. At the level of discontinued operations collateral that met the recognition criteria under
IFRSs was recognized in the balance sheet in the amount of €173 million in the prior year. This
mainly related to vehicles and other financial assets that were usually converted into cash and cash
equivalents. Collateral of €45 million was held for past due but not impaired receivables and for
impaired receivables of discontinued operations as of 31 July 2009. In addition, title was retained in
some vehicle sales for trade receivables which were past due but not impaired or which were impaired.
3 Liquidity risk
The solvency and liquidity of the Porsche SE group is continuously monitored by means of
rolling liquidity planning. Solvency and liquidity are additionally secured by a cash liquidity reserve
and guaranteed credit lines. The total credit line available to Porsche SE now amounts to €8,500
million, of which only €7,000 million has currently been utilized, which means that Porsche SE still
has an unused line of €1,500 million. Before deconsolidation of the discontinued operations, there
were also globally available debt issuance programs (securitizations) in these operations. Reference
is made to explanations on the management of liquidity risks in the Porsche SE group, the Volks-
wagen group and the Porsche Zwischenholding GmbH group and to risks originating from financial
covenants” presented in the risk report as part of the group management report. Cash and cash