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116 117
Annual Report
Porsche AG
2014
Financial
Data
OF PORSCHEAG AS OF DECEMBER 31, 2014
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
€ million Dec. 31, 2014 Dec. 31, 2013
ASSETS
Intangible assets 2,953 2,590
Property, plant and equipment 4,087 3,935
Equity-accounted investments 334 –
Other equity investments 23 306
Leased assets 2,294 1,708
Receivables from financial services 1,140 1,006
Other receivables and assets 8,372 8,657
Income tax assets 16 25
Deferred tax assets 562 165
Non-current assets 19,781 18,392
Inventories 2,157 1,589
Trade receivables 522 424
Receivables from financial services 556 544
Other receivables and assets 1,304 1,933
Income tax assets 141 54
Securities 39 54
Cash and cash equivalents 1,560 1,570
Current assets 6,279 6,168
26,060 24,560
EQUITY AND LIABILITIES
Subscribed capital 45 45
Capital reserves 7,150 6,321
Retained earnings 2,401 2,673
Equity before non-controlling interests 9,596 9,039
Non-controlling interests 3–
Equity 9,599 9,039
Provisions for pensions and similar obligations 2,361 1,544
Income tax provisions –2
Other provisions 811 715
Deferred tax liabilities 684 719
Financial liabilities 3,469 3,725
Other liabilities 625 255
Non-current liabilities 7,950 6,960
Income tax provisions 80 52
Other provisions 1,337 1,214
Financial liabilities 1,884 2,946
Trade payables 1,856 1,485
Other liabilities 2,868 2,524
Income tax liabilities 486 340
Current liabilities 8,511 8,561
26,060 24,560
CONSOLIDATED STATEMENT OF CASH FLOWS
OF PORSCHEAG FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014
€ million FY 2014 FY 2013
Profit before tax 3,060 2,784
Income taxes paid – 784 – 351
Depreciation and amortization 1,878 1,415
Gain/loss on the disposal of intangible assets and property, plant and equipment – 281 – 75
Share of profit or loss of equity-accounted investments 1–
Other non-cash expense/income 254 22
Change in inventories – 460 – 412
Change in receivables (excluding financial services) – 586 – 127
Change in liabilities (excluding financial liabilities) 608 107
Change in pension provisions 164 125
Change in other provisions 195 106
Change in leased assets – 775 – 753
Change in receivables from financial services – 95 76
Cash flow from operating activities 3,179 2,917
Investments in intangible assets (excluding capitalized development costs)
and property, plant and equipment – 1,047 – 1,421
Additions to capitalized development costs – 1,067 – 815
Change in equity investments – 50 – 9
Cash received from disposal of intangible assets and property, plant and equipment 170 204
Change in investments in securities 14 – 1
Change in loans – 268 – 48
Cash flow from investing activities – 2,248 – 2,090
Capital contributions 829 –
Cash paid to shareholders – 1,414 –
Proceeds from issuance of bonds 2,473 2,509
Repayment of bonds – 2,228 – 2,193
Change in other financial liabilities – 638 – 513
Cash flow from financing activities – 978 – 197
Change in cash funds – 47 630
Exchange-rate related change in cash funds 37 – 17
Cash and cash equivalents at the beginning of the period 1,570 957
Cash and cash equivalents at the end of the period 1,560 1,570
Cash and cash equivalents at the end of the period 1,560 1,570
Securities, loans and time deposits 526 1,398
Gross liquidity 2,086 2,968