Porsche 2008 Annual Report Download - page 177

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[6] Other operating expenses
Other operating expenses consist of:
The expenses from stock price hedging derivatives result from cash-settled stock options used to
secure stock prices. Due to the sale of significant volumes of stock options shortly after the
balance sheet date, the options were accounted for at their selling price as the best indicator of
fair value. The expenses arising from the impairment of financial assets and from the recognition of
financial liabilities in connection with the stock options are disclosed as expense from stock options
marked to market. The other operating expenses include, among other things, expenses from
other derivative financial instruments.
[7] Profit and loss from investments accounted for at equity
The profit and loss from investments accounted for at equity breaks down as follows:
The profit from investments accounted for at equity contains the profit contribution of Porsche SE's
investment in Volkswagen AG for the period from 1 July 2008 until the initial consolidation on
5 January 2009.
2008/09 2008/09 2007/08
€ million
Porsche
without VW
Expenses from stock price hedging derivatives 45,832 45,832 12,422
Expenses from stock options marked to market 10,283 10,283 0
Valuation allowances on receivables and other assets 706 25 5
Expenses from cost allocations 69 00
Foreign exchange losses 1,227 98 112
Advertising 1,465 304 264
Selling and general administrative expenses 2,060 156 174
Repairs and maintenance 867 68 67
Sundry operating expenses 8,349 948 700
70,858 57,714 13,744
2008/09 2008/09 2007/08
€ million
Porsche
without VW
Profit from investments accounted for at equity 742 400 1,007
thereof from joint ventures 328 00
thereof from associates 414 400 1,007
Loss from investments accounted for at equity – 6 00
thereof from joint ventures – 6 00
736 400 1,007