Porsche 2010 Annual Report Download - page 61
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Net assets and financial position
The financial assets of Porsche SE mainly
comprise the investments held in Porsche Zwischen-
holding GmbH and Volkswagen AG, which are recog-
nized at cost in the separate financial statements.
Porsche SE’s receivables primarily include loan re-
ceivables from Porsche Zwischenholding GmbH
(2,703 million euro) and from Porsche AG (1,313
million euro) that are due in more than one year.
Other assets principally relate to tax refunds
based on the recognition of reimbursement claims
against the tax authorities relating to dividends re-
ceived. In addition, other assets still contain 13 mil-
lion euro for the put option with Volkswagen AG for
the remaining shares in Porsche Zwischenholding
GmbH held by Porsche SE.
Prepaid expenses mainly comprises a debt
discount of 34 million euro (prior year: 53 million euro)
and prepayments for service agreements.
Provisions include provisions for pensions
and similar obligations, tax provisions for prior-year
taxes that have not been assessed yet as well as
other provisions. The decrease compared to 31 July
2010 is first and foremost attributable to the decision
by the tax authorities on the tax treatment of stock
option transactions and the associated reduction in
tax provisions by 1,250 million euro as well as to the
related reversal of other provisions for interest on
deferred payments and tax payments in arrears of 51
million euro.
Liabilities to banks are virtually unchanged in
comparison to 31 July 2010. At 4,653 million euro,
sundry liabilities decreased marginally in comparison
to the prior year (4,740 million euro). They mostly
relate to liabilities due to Porsche Zwischenholding
GmbH and Porsche AG. Other liabilities include (un-
changed) 10 million euro for Volkswagen AG’s call
option for the remaining shares in Porsche Zwischen-
holding GmbH held by Porsche SE.
Balance sheet of Porsche Automobil Holding SE as of 31 December 2010
€ million 31/ 12/ 2010 31/ 7/ 2010
Assets
Financial assets 24,771 24,771
Receivables 4,027 4,348
Other receivables and assets 302 230
Cash and cash equivalents 622 887
Prepaid expenses 35 53
29,757 30,289
Equity and liabilities
Equity 17,839 16,977
Provisions 265 1,572
Liabilities to banks 7,000 7,000
Sundry liabilities 4,653 4,740
29,757 30,289
59