Porsche 2008 Annual Report Download - page 217
Download and view the complete annual report
Please find page 217 of the 2008 Porsche annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
-
191
-
192
-
193
-
194
-
195
-
196
-
197
-
198
-
199
-
200
-
201
-
202
-
203
-
204
-
205
-
206
-
207 -
208 -
209 -
210 -
211 -
212 -
213 -
214 -
215 -
216 -
217 -
218 -
219 -
220 -
221 -
222 -
223 -
224 -
225 -
226 -
227 -
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
-
240
-
241
-
242
-
243
-
244
-
245
-
246
-
247
-
248
-
249
-
250
-
251
-
252
-
253
-
254
 |
 |
215
The following overview shows the contractual undiscounted cash outflows from financial instruments:
The derivatives include all cash outflows from derivative financial instruments with a negative and
positive carrying amount. They are mostly currency hedging derivatives for which gross settlement
has been agreed. If gross settlement has been agreed to, payments are always offset by corre-
sponding cash inflows. These cash inflows are not shown in the maturity analysis. If the cash
inflows were considered, the cash outflows presented in the maturities analysis would be signifi-
cantly lower.
The cash outflows from irrevocable credit commitments classified by contractual maturities are
presented in note [33].
4. Market risk
4.1 Hedging policy and financial derivatives
During the course of its general business activities, the Porsche group is exposed to foreign cur-
rency, interest rate, commodity price, share price and fund price risk. The risks result from foreign
currency transactions in the course of ordinary operations, from financing, from financial investing
activities and in connection with the purchasing of commodities. It is company policy to exclude or
limit these risks by entering into hedge transactions. All necessary hedging activities are arranged
or coordinated by the group treasury departments.
The nature and volume of hedging transactions is generally chosen with regard to the hedged item.
Hedging transactions may only be concluded to hedge existing hedged items or forecast transac-
tions. Only financial instruments approved by type and volume may be entered into with approved
counterparties.
Remaining contractual maturities
€ million
Within
one year
Within one
to five years
In more than
five years
Total Porsche
without VW
31/7/2009
Financial liabilities 46,984 41,469 5,483 93,936 17,048
Trade payables 11,541 71 11,549 720
Other financial liabilities 2,974 1,791 76 4,841 29
Derivative financial instruments 36,421 34,105 64 70,590 5,873
97,920 77,372 5,624 180,916 23,670
31/7/2008
Financial liabilities 13,103 2,945 1,349 17,397 17,397
Trade payables 578 3 0 581 581
Other financial liabilities 87 4 0 91 91
Derivative financial instruments 7,854 136 1 7,991 7,991
21,622 3,088 1,350 26,060 26,060