Porsche 2010 Annual Report Download - page 182
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Financials
180
Until deconsolidation of the discontinued operations in the prior year leased assets con-
tained assets of the discontinued operations leased under the terms of operating leases.
Investment property included apartments rented out and leased dealerships of discontinued
operations until their deconsolidation in the prior year.
The impairment losses recognized on fixed assets in the comparative period totaling €223
million related to assets of the Volkswagen group. They were incurred on account of changes in the
market arising from volume and exchange rate fluctuation and, with respect to the leased assets,
also from developments of the residual values. The impairment losses recognized on other intangi-
ble assets had become necessary due to increased cost of risk. The recoverable amount used to
determine the impairment was based on value in use. In the prior year, a discount rate of 9.8% was
used and the calculations were based on five-year plans.
[15] Non-current and current other receivables and assets
Receivables from joint ventures are due from companies in the Porsche Zwischenholding
GmbH group. These receivables are counterbalanced by financial liabilities to these companies of
€3,880 million (prior year: €3,880 million).
Porsche Zwischenholding GmbH has a lien on a loan due from itself amounting to €2,703
million (prior year: €2,703 million). This lien serves as collateral on a liability of the same amount
due from Porsche SE to Porsche Zwischenholding GmbH and is presented within financial liabilities
to joint ventures. Porsche Zwischenholding GmbH may exercise its right of lien if Porsche SE is in
arrears with payments as they fall due for the secured liability due to Porsche Zwischenholding
GmbH.
€ million 31/12/2010 31/7/2010
Derivative financial instruments 459 311
Other receivables and assets
from joint ventures 4,027 4,019
Non-income tax assets 1 0
Sundry receivables and assets 12 2
Prepaid expenses 1 1
4,500 4,333
thereof non-current 4,475 4,319
thereof current 25 14