Porsche 2011 Annual Report Download - page 192
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The non-current other liabilities contain derivative financial instruments totaling €5,087 million (prior
year: €942 million). On the one hand, the increase 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 carrying amount 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.
Other liabilities excluding derivative financial instruments have a carrying amount of €150 million (prior
year: €151 million). This total breaks down into other financial liabilities with a carrying amount of €149 million
(prior year: €149 million) and other non-financial liabilities with a carrying amount of €1 million (prior year: €2
million). Non-financial other liabilities relate to other tax liabilities.
The negative fair values of derivative financial instruments relate to the following items:
The options on non-stock company shares contain the fair value of Volkswagen AG’s call option relating
to the remaining shares held by Porsche SE in Porsche Zwischenholding GmbH. Prior to conclusion of the new
syndicated loan agreement, the claims arising at the level of Porsche SE if the call option is exercised were
pledged as collateral for financial liabilities to banks. Upon conclusion of the new syndicated loan agreement on
26 October 2011, the provision of collateral was renegotiated. The assignment of the claims from the call
option was canceled.
Further details on derivative financial instruments are given in note [21].
€ million 31/12/2011 31/12/2010
Options on non-stock company shares 5,087 942
Liabilities from derivatives without hedging relationship 5,087 942
192 FINANCIALS