Porsche 2011 Annual Report Download - page 175
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[3] Other operating expenses
Other operating expenses consist of:
Expenses from valuation of options on non-stock company shares contain the change in the fair value
of the call option of Volkswagen AG relating to the remaining shares held by Porsche SE in Porsche
Zwischenholding GmbH. On the one hand, the increase in fiscal year 2011 in the expense from valuation is
attributable to the adjustment of the theoretical probability that the options will be exercised from 50% as of
31 December 2010 to 100% as of 31 December 2011 after the merger of Porsche SE into Volkswagen AG
was not performed within the framework and timeframe defined by the basic agreement. On the other hand, the
increase in the expense is due to an update of the corporate planning of Porsche Zwischenholding GmbH and
the additional model series planned in the sporty offroader segment (Macan), which resulted in an increase in
the enterprise value. An opposite effect arose from the increase in the market risk premium, which however
only partially compensated for these developments. In addition, in fiscal year 2011, this item also comprises
the expenses from reducing the fair value of Porsche SE’s put option to the remaining shares held by Porsche
SE in Porsche Zwischenholding GmbH.
Other taxes relate to additions to the tax provisions.
The expenses from stock price hedging derivatives in the comparative period resulted from cash-
settled stock option transactions relating to Volkswagen AG shares, which in the past served to hedge the
increase in the investment in Volkswagen AG.
Sundry other operating expenses contain expenses of €1 million (prior year: €0 million) for other fees
which were not considered in the calculation made according to the effective interest method.
€ million 2011 SFY 2010
Expenses from valuation of options on non-stock company shares 4,372 547
Legal and consulting fees 24 17
Other taxes 30 0
Expenses from stock price hedging derivatives 0 10
Sundry operating expenses 19 16
4,445 590
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