Porsche 2009 Annual Report Download - page 200
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200 Financials
The positive fair values of derivative financial instruments relate to the following items:
31/7/2010 31/7/2009
thereof
€ million
continuing
operations
Transactions for hedging against:
foreign currency risk from assets using fair value hedges 0 66 0
foreign currency risk from liabilities using fair value hedges 0 118 0
interest rate risk using fair value hedges 0 362 0
interest rate risk using cash flow hedges 0 16 0
foreign currency and price risk from
future cash flows (cash flow hedges) 0 2,666 0
Hedging transactions 0 3,228 0
Stock price derivatives 8 774 770
Other derivatives 303 565 0
Assets from derivatives
without hedging relationship 311 1,339 770
311 4,567 770
Assets arising from derivatives that are not part of a hedge include €301 million (prior year:
€0 million) for the put option for the remaining shares in Porsche Zwischenholding GmbH. The right
to exercise the put option has been assigned as collateral for financial liabilities to banks. The
claims from Volkswagen AG arising if the put option is exercised were pledged as collateral for
financial liabilities to banks.
The positive fair value of transactions for hedging against price risk from future cash flows
(cash flow hedges) of discontinued operations amounted to €83 million in the prior year.
The sale of significant volumes of cash-settled stock options shortly after the prior-year re-
porting date led Porsche SE to measure the stock options at their selling price as the best indicator
of fair value as of 31 July 2009. The cumulative price difference between the basic strike price of
the stock options and the quoted stock price of the secured shares as of the prior-year reporting
date amounted to €9,212 million. The stock options still held by Porsche as of the reporting date
were measured at fair value of €8 million. The strategy to secure the increase of the investment in
Volkswagen AG was not pursued further in the reporting period.
Further details on derivative financial instruments as a whole are given in note [31].