Porsche 2008 Annual Report Download - page 220
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To our shareholders The Company
218
All non-functional currencies in which the Volkswagen subgroup enters into financial instruments
are included as relevant risk variables in the sensitivity analysis in accordance with IFRS 7. If the
functional currencies concerned had appreciated or depreciated by 10% against the other curren-
cies on 31 July 2009, the exchange rates shown would have resulted in the following effects on
the hedging reserve in equity and on profit before tax.
4.3.1.2 Interest rate risk
The interest rate risk for the automotive division results from changes in market interest rates.
This particularly affects the current interest result for call money and medium- and long-term vari-
able-rate receivables and liabilities, but can equally also impact on the market value recognized for
fixed-interest receivables and liabilities. Interest rate swaps, cross-currency interest swaps and
other interest contracts are entered into to hedge against this risk under fair value or cash flow
hedges, depending on market conditions. Intra-group financing arrangements are normally struc-
tured to match the maturities of their refinancing.
Interest rate risk within the meaning of IFRS 7 is calculated for the automotive division using sensi-
tivity analyses. The effects of the risk variables in the form of market rates of interest on the
financial result and on equity are presented. If market interest rate had been valued 100 base
points higher as of 31 July 2009, the reserve in equity would have been €10 million lower. If mar-
ket interest rate had been valued 100 base points lower as of 31 July 2009, the reserve in equity
would have been €13 million higher. If market interest rate had been valued 100 base points
higher as of 31 July 2009, the profit would have been €5 million lower. If market interest rate had
been valued 100 base points lower as of 31 July 2009, the profit would have been €1 million higher.
31/7/2009
+10% – 10%
Exchange rate
EUR/foreign currency
Hedging reserve 2,054 – 1,645
Profit/loss before tax – 461 246
GBP/USD
Hedging reserve 66 – 66
Profit/loss before tax 1 0
USD/MXN
Hedging reserve 31 – 31
Profit/loss before tax – 6 6
CZK/USD
Hedging reserve 50 – 50
Profit/loss before tax – 3 3
Other Non-EUR /
foreign currency
Hedging reserve 82 – 82
Profit/loss before tax – 26 26