Porsche 2009 Annual Report Download - page 221
Download and view the complete annual report
Please find page 221 of the 2009 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
-
255
-
256
-
257
-
258
-
259
-
260
-
261
-
262
-
263
-
264
-
265
-
266
-
267
-
268
-
269
-
270
-
271
-
272
-
273
-
274
-
275
 |
 |
221
The negative 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 79 0
Foreign currency risk from liabilities using fair value hedges 0 132 0
Interest rate risk using fair value hedges 0 265 0
Interest rate risk using cash flow hedges 0 269 0
Foreign currency and price risk from
future cash flows (cash flow hedges) 0 513 0
Hedging transactions 0 1,258 0
Stock price derivatives 22 1,893 1,889
Other derivatives 395 637 0
Liabilities from derivatives
without hedging relationship 417 2,530 1,889
417 3,788 1,889
Liabilities arising from derivatives without hedging relationship include €395 million (prior
year: €0 million) for Volkswagen AG’s call option for the remaining shares in Porsche Zwischenhold-
ing GmbH held by Porsche SE. The claims arising at the level of Porsche SE if the call option is
exercised were pledged as collateral for financial liabilities to banks.
As a result of portfolio hedging of discontinued operations, negative fair values of
€151 million were recognized in the prior year from transactions for hedging against interest rate
risk (fair value hedges).
Due to the sale of significant volumes of stock options shortly after the reporting date in
the prior year, the stock options were accounted for 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 remaining stock options held by Porsche as of the reporting date
were measured at a fair value of €22 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].