Porsche 2011 Annual Report Download - page 180
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[10] Notes to the consolidated statement of cash flows
The statement of cash flows shows how the cash funds of Porsche SE group have changed during the
reporting year as a result of cash inflows and outflows. For this purpose the cash flows in the statement of
cash flows are categorized into operating activities, investing activities (including investments in time deposits),
and financing activities.
Cash inflows and outflows from investing and financing activities are presented using the direct method.
The cash flows from investing activities comprise changes in investments in time deposits and, in the
comparative period, cash received from the disposal of cash-settled stock options.
The cash flows from financing activities contain cash paid for dividends, for the settlement of loans and for
distributions to hybrid capital investors as well as cash received from loans borrowed and the capital increase
performed in April 2011. The cash received from the capital increase contains the gross cash inflow of €4,988
million less the entire associated transaction costs totaling €95 million, of which €10 million was already paid in
SFY 2010.
The cash flow from operating activities, on the other hand, is derived indirectly from profit/loss after
tax. This involves eliminating all non-cash expenses – mainly changes in provisions as well as other non-cash
income and expenses – and adjusting them for changes in operating assets and liabilities. Non-cash expenses
and income mainly relate to expenses and income from rolling forward the investments accounted for at equity
as well as from the valuation of the put and call options for the remaining shares in Porsche Zwischenholding
GmbH held by Porsche SE.
In addition, to improve transparency, gains and losses on the disposal of stock options as well as non-
cash expenses and income from marking stock options to market were presented in separate line items in the
cash flow from operating activities in the comparative period.
180 FINANCIALS