Porsche 2012 Annual Report Download - page 215

4.2.1 Interest rate risk
The interest rate risk essentially results from changes in market interest rates. This affects the
current interest result for short-term deposits and medium- and long-term variable-rate liabilities,
but can equally impact on the market value of fixed-interest receivables and liabilities. Porsche
SE will continue to permanently monitor the development of interest rates and, if necessary,
enter into economically feasible hedges of exposure to changes in interest rates on a case-by-
case basis.
The effects on the financial result and on equity arising from market interest rates as risk
variables are presented in the following. An increase in the market interest rates by 100 base
points as of 31 December 2012 (prior year: 50 base points) would not have affected equity.
Likewise, a decrease in the market interest rates by 100 base points as of 31 December 2012
would not have affected equity, as in the prior year. If market interest rates had been 100 base
points higher in the fiscal year 2012, profit would have been €12 million lower (prior year: €35
million lower). If market interest rates had been 100 base points lower in the fiscal year 2012,
profit would have been €12 million higher (prior year: €35 million higher).
4.2.2 Risk from the put and call options relating to the shares in Porsche Holding
Stuttgart GmbH remaining at Porsche SE until the contribution of the holding
business operations.
In the course of the contribution of the holding business operations of Porsche SE to
Volkswagen AG, the put and call options for the shares in Porsche Holding Stuttgart GmbH until
then remaining at Porsche SE were transferred to Volkswagen AG in the reporting period. Con-
sequently there is no longer an exposure to risks arising from these options as of the reporting
date.
The market price risk was due in particular to changes in the enterprise value of Porsche
Holding Stuttgart GmbH. It affected the measurement of the put and call option and conse-
quently their measurement in the balance sheet as well as the profit or loss reported in the in-
come statement. The enterprise value was determined on the basis of the key measurement
parameters used in impairment testing of the investment in Porsche Holding Stuttgart GmbH
accounted for at equity (for the description of these parameters, please refer to the section
“Consolidated group”). The risk due to changes in the enterprise value was determined by
means of a sensitivity analysis.
If the enterprise value of Porsche Holding Stuttgart GmbH as of 31 December 2011 had
been 10% higher, the group’s profit would have been €931 million lower. If the enterprise value
as of 31 December 2011 had been 10% lower, the group’s profit would have been €932 million
higher.
211