Porsche 2014 Annual Report Download - page 56

109108 Annual Report Porsche AG 2014
NET ASSETS
As of December 31, 2014, the total assets of the
PorscheAG group stood at 26,060million euro, 6per-
cent higher than on the prior-year reporting date.
Non-current assets increased by 1,389million euro to
19,781million euro. The absolute increase relates mainly
to xed assets and to deferred taxes. This was counter-
balanced in other receivables and assets by a decrease
in non-current derivative nancial instruments. Non-cur-
rent assets expressed as apercentage of total assets
amounted to 76percent (prior year: 75percent).
At the end of the reporting period, the xed assets of the
PorscheAG group – i.e., the intangible assets, property,
plant and equipment, leased assets, equity-accounted
investments and other equity investments – came to
9,691million euro, compared with 8,539million euro
in the previous year. Since the acquisition of additional
shares of 4percent, Bertrandt AG, Ehningen, has been
included in the consolidated nancial statements of the
PorscheAG group and accounted for using the equity
method.
Fixed assets expressed as apercentage of total assets
increased to 37percent (prior year: 35percent).
Intangible assets increased from 2,590million euro to
2,953million euro. The increase mainly relates to capi-
talised development costs. The largest additions relate
to the Panamera and 911 model series. Property, plant
and equipment increased in comparison to the prior year
by 152million euro to 4,087million euro, primarily due
to additions to other equipment, furniture and xtures.
These additions consist mainly of tools for the new gener-
ations of vehicles. Leased assets increased by 586mil-
lion euro in comparison to the prior year to 2,294million
euro. This item contains vehicles leased to customers
under operating leases.
Non-current other receivables and assets decreased by
285million euro, primarily as a result of currency eects
relating to the derivative nancial instruments.
Deferred tax assets totalled 562million euro compared
to 165million euro in the prior year. The increase con-
sisted primarily of deferred taxes on pension provisions
and derivative nancial instruments.
FINANCIAL
ANALYSIS
NET ASSETS, FINANCIAL
POSITION AND RESULTS OF
OPERATIONS
As apercentage of total assets, current assets amount
to 24percent compared to 25percent in the prior year.
Inventories increased from 1,589million euro in the prior
year to 2,157million euro at the end of the reporting
period. In comparison to the prior reporting date, there
was an increase of approximately 7,700 units in new
vehicle inventories.
Non-current and current receivables from nancial services
rose from 1,550million euro to 1,696million euro. This
item mainly contains receivables from nance leases and
receivables from customer and dealer nancing.
Current other receivables and assets declined by
629million euro to 1,304million euro. The decrease in
current loan receivables is countered by a slightly higher
balance on the clearing account with Porsche Holding
Stuttgart GmbH. A loan receivable of 1,177million euro
outstanding in the previous year was oset against a
corresponding nancial liability in August 2014. The
nancial liability of 136million euro remaining after the
oset was repaid.
Cash and cash equivalents were almost unchanged
compared with the previous year at 1,560million euro.
The equity of the PorscheAG group increased by
560million euro to 9,599million euro compared to the
prior-year reporting date. The prot after tax and prot
transfer of 971million euro together with currency trans-
lation dierences and a capital contribution by Porsche
Holding Stuttgart GmbH amounting to 829million euro
generated increases in equity.
On the other hand, the change in the cash ow hedge re-
serve of 632million euro after tax, the eect of marking
securities to market amounting to 254million euro and
a charge of 458million euro resulting from the remeas-
urement of pension plans all represented reductions in
equity.
Non-current liabilities mainly relate to nancial liabilities,
pension provisions, deferred tax liabilities, other liabil-
ities and other provisions. They recorded a signicant
increase of 990million euro to 7,950million euro in com-
parison to the prior year. Non-current liabilities expressed
as apercentage of total capital rose from 28percent in
the prior year to 30percent at the end of the nancial
year. At the same time, non-current nancial liabilities fell
by 256million euro. This decrease mainly reects the
change in the remaining term of debenture bonds classi-
ed as non-current in the previous year.