Porsche 2011 Annual Report Download - page 191
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Liabilities to banks are recognized at amortized cost. The cash inflow from the capital increase
performed in spring 2011 in return for cash contributions and additional available cash were used to repay
liabilities to banks in a nominal amount of €5,000 million.
In October 2011, Porsche SE concluded a new syndicated loan agreement that replaces the previous
syndicated loan. The refinancing was executed on 31 October 2011. The new syndicated loan has a volume of
up to €3.5 billion and comprises a loan tranche of €2.0 billion as well as a revolving credit line of up to €1.5
billion that was unutilized as of the reporting date. The loan matures on 30 November 2013, however, the
company has two options to extend it such that under certain circumstances the maturity date may be
prolonged until 30 June 2015 in two steps. In connection with the refinancing of the syndicated loan, the
collateral provided by Porsche SE was also restructured. In particular, the number of pledged shares in
Volkswagen AG held by Porsche SE was reduced to 70 million VW ordinary shares. For further changes in
collateral, please refer to notes [11] and [12].
Financial liabilities to joint ventures are due to companies in the Porsche Zwischenholding GmbH group.
These are counterbalanced by other loan receivables of €4,016 million (prior year: €4,016 million) and other
receivables of €14 million (prior year: €11 million) disclosed under other receivables and assets. Please refer
to note [12] for details of offsetting permitted.
[20] Non-current and current other liabilities
As of the reporting date, other liabilities break down as follows:
The item derivative financial instruments includes Volkswagen AG’s call option for the remaining shares
in Porsche Zwischenholding GmbH held by Porsche SE. In the comparative period, this item also contained
interest hedges.
€ million 31/12/2011 31/12/2010
Derivative financial instruments 5,087 942
Sundry liabilities 150 151
5,237 1,093
thereof non-current 5,087 1,088
thereof current 150 5
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