Porsche 2010 Annual Report Download - page 200
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Financials
198
Credit rating of the gross carrying amounts of financial assets that are neither past due nor im-
paired break down as follows:
The receivables rated as good are allocated to risk class 1. Receivables from customers
whose credit rating is not good, but have not yet defaulted, are allocated to risk class 2. Allocation
to the risk classes is based on the borrower’s external rating or liquidity planning, which documents
their solvency. In the latter case, compliance with all existing covenants from other loan agreements
is checked as of the reporting date.
3 Liquidity risk
The solvency and liquidity of the Porsche SE group is continuously monitored by means of
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 amounts to €8,500 million as
of the reporting date (prior year: €8,500 million), of which €7,000 million (prior year: €7,000 mil-
lion) had been drawn as of the reporting date, which means that Porsche SE still has an unused line
of €1,500 million (prior year: €1,500 million). Reference is made to explanations on the manage-
ment of liquidity risks in the Porsche SE group and risks originating from financial covenants pre-
sented in the risk report as part of the group management report. Cash and cash equivalents com-
prise the liquid funds reported in the balance sheet (for their composition, reference is made to the
note [17]).
€ million Risk class 1 Risk class 2 Total
31 December 2010
Other financial receivables 4,029 0 4,029
Derivative financial instruments 459 0 459
Cash and cash equivalents 622 0 622
5,110 0 5,110
31 July 2010
Other financial receivables 4,021 0 4,021
Derivative financial instruments 311 0 311
Cash and cash equivalents 898 0 898
5,230 0 5,230