Porsche 2013 Annual Report Download - page 113

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As of 31 December 2013, the total assets of the Porsche AG
group stood at 24,560 million euro, 8 percent higher than
on the prior-year reporting date.
Non-current assets increased by 311 million euro to
18,392 million euro. The absolute increase relates
mainly to fixed assets. This was counterbalanced in other
receivables and assets by a decrease in non-current loan
receivables. Non-current assets expressed as a percentage
of total assets amounted to 75 percent (prior year:
79 percent).
At the end of the reporting period, the fixed assets of the
Porsche AG group – i.e., the intangible assets, property,
plant and equipment, leased assets and financial assets
– came to 8,539 million euro (prior year: 7,083 million
euro). Fixed assets expressed as a percentage of total
assets increased to 35 percent (prior year: 31 percent).
Intangible assets increased from 2,179 million euro to
2,590 million euro. The increase mainly relates to capital-
ized development costs. The largest additions pertain to
the Macan, Carrera and Panamera model series. Property,
plant and equipment increased in comparison to the prior
year by 625 million euro to 3,935 million euro, primarily
due to additions to other equipment, furniture and fixtures,
and land and buildings. These additions mainly relate to
construction measures in Leipzig and to tool for the new
Macan model series and new vehicle generations. Leased
assets increased by 322 million euro in comparison to the
prior year to 1,708 million euro. This item contains vehi-
cles leased to customers under operating leases.
NET ASSETS, FINANCIAL POSITION
AND RESULTS OF OPERATIONS
NET ASSETS Non-current other receivables and assets decreased by
1,018 million euro, primarily as a result of the change to
the remaining term of a formerly non-current loan receivable.
Loan receivables of 1,177 million euro are presented under
other receivables as of the reporting date.
Deferred tax assets totaled 165 million euro compared to
203 million euro in the prior year.
As a percentage of total assets, current assets amount to
25 compared to 21 percent in the prior year. Inventories in-
creased from 1,239 million euro in the prior year to 1,589
million euro at the end of the reporting period. In compar-
ison to the prior reporting date, there was an increase of
approx. 4,000 units in new vehicle inventories.
Non-current and current receivables from financial services
fell from 1,703 million euro to 1,550 million euro, primarily
as a result of the realignment of the financial services busi-
ness in the UK and on account of the increase in percent-
age of operating lease agreements in the German market.
This item mainly contains receivables from finance leases
and receivables from customer and dealer financing.
Current other receivables and assets rose by 502 million
euro to 1,933 million euro. The increase in current loan
receivables is countered by a decrease in the clearing
account with Porsche Holding Stuttgart
FINANCIAL ANALYSIS // 111