Porsche 2012 Annual Report Download - page 197

Cash inflows from investing activities comprise the net cash flows from the contribution of
the holding business operations of Porsche SE to Volkswagen AG and the changes in invest-
ments in time deposits.
The cash outflow from financing activities contain cash paid for dividends, for the settlement
of loans and for distributions to hybrid capital investors as well as cash outflows from the re-
demption of hybrid capital and, in the prior year, cash received from loans borrowed and from
the capital increase performed in April 2011.
In contrast, the cash flow from operating activitiesis derived indirectly, starting from profit/
loss after tax. Therefore, all non-cash expenses and income – mainly changes in provisions and
gains on the business contribution made in the fiscal year 2012 as well as other non-cash income
and expenses – are eliminated and adjusted for changes in operating assets and liabilities. Non-
cash expenses and income mainly relate to expenses and income from subsequent measurement
of the investments accounted for at equity as well as from the valuation of the put and call options
for the remaining shares in Porsche Holding Stuttgart GmbH held by Porsche SE prior to the
contribution of its holding business operations.
The cash inflow from operating activities includes:
The table below reconciles the cash, cash equivalents and time deposits as recognized in
the balance sheet to cash funds reported in the statement of cash flows:
Cash funds according to the statement of cash flows comprise cash and cash equivalents
with an original term of up to three months.
The time deposits represent current investments with an original term of more than three
months.
€ million 2012 2011
Interest paid – 141 – 366
Interest received 114 191
€ million 31/12/2012 31/12/2011
Cash, cash equivalents and time deposits 2,862 469
– time deposits – 1,960 – 101
Cash funds according to statement of cash flows 902 368
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