Porsche 2014 Annual Report Download - page 57

110 111 Annual Report Porsche AG 2014
Provisions for pensions and similar obligations rose by
817million euro. The increase resulted mainly from the
change in the German actuarial rate of interest applied
from 3.7percent to 2.3percent.
Non-current other liabilities recorded growth of 370mil-
lion euro. The increase mainly relates to marking deriva-
tive nancial instruments to market.
Current liabilities fell only slightly from 8,561million euro
to 8,511million euro. Current liabilities expressed as
apercentage of total capital declined from 35percent in
the prior year to 33percent as of December 31, 2014.
Current nancial liabilities fell by 1,062million euro. The
reduction resulting from the oset against loan receiva-
bles (see current other receivables) was set against an
increase due to the change in the maturity structure of
the debenture bonds.
Deferred tax liabilities amounted to 684million euro
compared with 719million euro in the prior year.
Trade payables increased to 1,856million euro after
1,485million euro in the previous year. The increase
is attributable to higher volumes of investments and
business.
Current other liabilities amounted to 2,868million euro
(prior year: 2,524million euro).
FINANCIAL POSITION
Cash ows from operating activities came to 3,179mil-
lion euro in the 2014 reporting period following
2,917million euro in the prior year. The significant
factors were an increased prot, depreciation and
amortization, conversely higher income tax payments, and
a higher level of funds tied up in working capital.
The cash ows from investing activities resulted in a
cash outow of 2,248million euro in the reporting period
following 2,090million euro in the prior year. Investments
in intangible assets (excluding development costs capi-
talized) and property, plant and equipment declined from
1,421million euro in the previous year to 1,047million
euro in the period under review. Additions to capitalized
development costs amount to 1,067million euro follow-
ing 815million euro in nancial year 2013.
There was a change in cash ows from nancing activ-
ities from minus 197million euro in the prior year to
minus 978million euro in the most recent nancial year.
The signicant increase in the outow of funds com-
pared with the previous year is mainly attributable to the
payment of 1,414million euro made during the reporting
year in respect of the prot transfer to shareholders. This
was oset by a capital contribution amounting to 829mil-
lion euro made by Porsche Holding Stuttgart GmbH.
The net available liquidity of the automotive division - i.e.
its gross liquidity less nancial liabilities and excluding
the nancial services business in each case - improved
from minus 899million euro as at December 31, 2013 to
195million euro as at December 31, 2014.
Financial
Analysis
NET ASSETS OF THE PORSCHE AG GROUP
€ million Dec. 31, 2014 %Dec. 31, 2013 %
ASSETS
Intangible assets 2,953 11 2,590 11
Property, plant and equipment 4,087 16 3,935 16
Equity-accounted investments 334 1– –
Other equity investments 23 0306 1
Leased assets 2,294 91,708 7
Receivables from financial services 1,140 51,006 4
Other receivables and assets 8,372 32 8,657 35
Income tax assets 16 025 0
Deferred tax assets 562 2165 1
Non-current assets 19,781 76 18,392 75
Inventories 2,157 81,589 7
Trade receivables 522 2424 2
Receivables from financial services 556 2544 2
Other receivables and assets 1,304 51,933 8
Income tax assets 141 154 0
Securities 39 054 0
Cash and cash equivalents 1,560 61,570 6
Current assets 6,279 24 6,168 25
26,060 100 24,560 100
EQUITY AND LIABILITIES
Equity 9,599 37 9,039 37
Provisions for pensions and similar obligations 2,361 91,544 6
Income tax provisions – – 2 0
Other provisions 811 3715 3
Deferred tax liabilities 684 3719 3
Financial liabilities 3,469 13 3,725 15
Other liabilities 625 2255 1
Non-current liabilities 7,950 30 6,960 28
Income tax provisions 80 052 0
Other provisions 1,337 51,214 5
Financial liabilities 1,884 82,946 12
Trade payables 1,856 71,485 7
Other liabilities 2,868 11 2,524 10
Income tax liabilities 486 2340 1
Current liabilities 8,511 33 8,561 35
26,060 100 24,560 100