Porsche 2008 Annual Report Download - page 197

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The positive fair values of derivatives relate to the following items:
The positive fair value of transactions for hedging against price risk from future cash flows (cash
flow hedges) amounted to €83 million (prior year: €0 million).
The sale of significant volumes of cash-settled stock options shortly after the balance sheet date
has led Porsche to measure the stock options at their selling price as the best indicator of fair value.
The price difference between the basic strike price of the stock option and the quoted stock price
of the hedged shares as of the balance sheet date came to an accumulated total of €9,212 million.
Further details on derivative financial instruments as a whole are given in note [31].
[22] Income tax assets
The non-current income tax assets mainly include the residual present value from corporate income
tax reduction claims which were converted into actual refund claims on the basis of the law passed
in Germany on measures to assist the introduction of the European company and to amend other
tax legislation (SEStEG). These claims are no longer realized via distributions but paid out in equal
installments over the residual period of eight years.
€ million 31/7/2009 31/7/2008
Transactions for hedging against:
foreign currency risk from assets using fair value hedges 66 0
foreign currency risk from liabilities using fair value hedges 118 0
interest rate risk using fair value hedges 362 6
interest rate risk using cash flow hedges 16 0
foreign currency and price risk from
future cash flows (cash flow hedges)
2,66
6820
Hedging transactions 3,228 826
Stock price derivatives 774 17,301
Other derivatives 565 203
Assets from derivatives without hedging relationship 1,339 17,504
4,567 18,330
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Income tax assets 1,937 568 91
thereof non-current 848 58 57
thereof current 1,089 510 34