Porsche 2012 Annual Report Download - page 200

Financials
Notes to the consolidated fi nancial statements
Until the contribution was executed, Volkswagen AG had a corresponding obligation to settle
a loan receivable due from Porsche AG of €1,313 million (prior year: €1,313 million) in the case
of insolvency of Porsche AG. The loan agreement contained a premature repayment clause in
the event of Porsche AG’s insolvency. Offsetting with the liability to Porsche AG existing prior to
the execution of the contribution and amounting to €1,177 million (prior year: €1,177 million) was
not permitted unless any mandatory or optional grounds for insolvency had arisen at Porsche AG.
Prior to the execution of the contribution, the loan receivables from the Porsche Holding Stuttgart
GmbH group exceeded the corresponding financial liabilities by €136 million (prior year: €136 mil-
lion). There was neither a guarantee by Volkswagen AG for the partial amount nor could it be offset.
As a result of the contribution of the holding business operations of Porsche SE to Volkswagen AG
as of 1 August 2012, this obligation was transferred to the Volkswagen group, such that after the
contribution, no obligations of Volkswagen AG towards Porsche SE can result from the guarantee
any more.
There was no compensation for the assumption of liability from financial guarantees recog-
nized as of 31 December 2012 (prior year: €1 million).
Valuation allowances are recognized to take account of default risks. The maximum default
risk corresponds to the carrying amounts of the other receivables and assets. The current other
receivables and assets are non-interest-bearing. The non-current other receivables and assets
do not contain any derivative financial instruments as of 31 December 2012 (prior year:
€232 million).
Other receivables and assets excluding derivative financial instruments have a carrying
amount of €16 million (prior year: €4,042 million). This value comprises other financial receiva-
bles with a carrying amount of €10 million (prior year: €4,029 million) and other non-financial
receivables and assets with a carrying amount of €6 million (prior year: €12 million). No financial
guarantees are recognized as of 31 December 2012 (prior year: €1 million). The non-financial
other receivables and assets mainly contain prepaid expenses.
The positive fair values of derivative financial instruments relate to the following items:
€ million 31/12/2012 31/12/2011
Fair values of:
Options on non-stock company shares 0 232
Assets from derivatives without hedging relationship 0 232
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