Porsche 2012 Annual Report Download - page 204

Financials
Notes to the consolidated fi nancial statements
The Porsche SE group’s total capital, defined for capital management purposes as the sum of
equity and financial liabilities, is as follows as of the reporting date:
[16] Provisions for pensions and similar obligations
The Porsche SE group provides both defined contribution and defined benefit plans.
In the case of defined contribution plans, the company makes contributions to state or pri-
vate pension schemes based on legal or contractual requirements, or on a voluntary basis. Once
the contributions have been paid, there are no further obligations for the company. Contributions
are recognized as expenses of the period concerned and were immaterial.
The Porsche SE group’s pension plans are unfunded defined benefit plans. The obligations
for defined benefit plans are measured using the projected unit credit method in accordance
with IAS 19. The defined benefit obligations are recognized at the present value of vested bene-
fits as of the measurement date taking probable future increases in pensions and salaries into
account. The defined benefit obligation for active employees increases annually by the interest
cost plus the present value of the new benefit entitlements earned in the current period. Actuari-
al gains or losses result from changes in the composition of the plan and deviations of actual
parameters (for example, increases in income and pensions or changes in interest rates) com-
pared to the assumptions made in the valuation.
Provisions for pensions and similar obligations are recognized for benefits in the form of re-
tirement, invalidity and dependents’ benefits payable under pension plans. The benefits generally
depend on the length of service, remuneration and working hours arrangements of the employ-
ees. The direct and indirect obligations include both current pension obligations and future pen-
sion and retirement benefit obligations. In addition, personal retirement capital is accumulated in
Germany by way of employee contributions to Porsche VarioRente.
€ million 31/12/2012 31/12/2011
Equity 30,150 21,645
Share of total capital 99% 79%
Non-current financial liabilities 300 5,871
Current financial liabilities 0 0
Total financial liabilities 300 5,871
Share of total capital 1% 21%
Total capital 30,450 27,516
3200