Porsche 2009 Annual Report Download - page 55

This figure mainly relates to the cash and cash equiva-
lents of Porsche SE and its subsidiaries. As a per-
centage of total assets, current assets fell from 41.2
percent in the prior year to 4.0 percent as of 31 July
2010 on account of deconsolidation of the Porsche
Zwischenholding GmbH group and the Volkswagen
group.
As of 31 July 2010, the equity of the Porsche
SE group amounted to 15,197 million euro (as of
31 July 2009: 48,479 million euro). This significant
drop is attributable in particular to the derecognition
of the non-controlling interests due to the deconsoli-
dation of the Volkswagen group and the Porsche
Zwischenholding GmbH group. The equity ratio (taking
hybrid capital into account) increased from 22.7 per-
cent in the prior year to 54.0 as of 31 July 2010 as
total assets had fallen considerably.
Provisions have fallen from 39,342 million
euro at the end of the fiscal year 2008/09 to 1,550
million euro due to deconsolidation of the two groups.
They mainly contain current income tax provisions of
1,398 million euro.
Financial liabilities fell from 93,621 million
euro as of 31 July 2009 to 10,825 million euro on the
reporting date. This figure includes liabilities to banks
and liabilities to companies belonging to the Porsche
Zwischenholding GmbH group of 3,880 million euro.
Other liabilities also fell significantly on account of
restructuring.
Financial position
The following presentation contains the ef-
fects of business operations of the Porsche
Zwischenholding GmbH group and the Volkswagen
group until their respective date of deconsolidation.
The cash flow from operating activities came
to 4,785 million euro in the fiscal year 2009/10 (prior
year: 5,148 million euro).
Cash flows of 25,745 million euro were used
in investing activities in the fiscal year 2009/10,
compared with cash flows of 7,471 million euro re-
ceived in the prior year. This development is princi-
pally due to the cash and cash equivalents of the
Volkswagen group and the Porsche Zwischenholding
GmbH group disposed of in the course of deconsolida-
tion. Investments in intangible assets, property, plant
and equipment and investment property amounted to
3,636 million euro (prior year: 4,638 million euro) and
are attributable virtually in their entirety to the decon-
solidated Porsche Zwischenholding GmbH group and
Volkswagen group. The release of cash that had been
restricted as of the prior-year reporting date in con-
nection with the cash-settled stock options for Volks-
wagen AG shares led to an increase in cash flows from
investing activities in the current fiscal year.
While the cash flows of 4,831 million euro re-
ceived from financing activities in the prior year were
attributable primarily to cash received from the issue
of bonds, there were various opposing effects in the
reporting period that led to a cash outflow from fi-
nancing activities of 507 million euro. In the course of
Volkswagen AG’s investment in Porsche Zwischenhold-
ing GmbH, Porsche Zwischenholding GmbH received
cash flows that were passed on to Porsche SE as a loan.
Most of the increase in other financial liabilities of
3,867 million euro was used to repay bank loans. In
connection with Porsche SE’s syndicated loan and the
financing of Porsche AG’s operations, until the date of
deconsolidation cash flows received from financing ac-
tivities include 10,857 million euro for the repayment of
existing loans and new loans borrowed of 7,000 million
euro. In addition, a portion of the hybrid capital issued
in the fiscal year 2007/08 and already disclosed as a
financial liability in the prior year was repurchased,
leading to a cash outflow of 525 million euro.
Cash funds fell above all due to the decon-
solidations, including foreign exchange effects, by
21,488 million euro since 31 July 2009 to 537 million
euro.
Gross liquidity, i.e. cash funds including re-
stricted cash of 45 million euro, fell from 28,473 mil-
lion euro one year earlier to 898 million euro. Liabili-
ties from bonds and commercial papers and notes
and liabilities to banks were also reduced from a total
of 72,117 million euro in the prior year to 6,945 mil-
lion euro.
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