Porsche 2008 Annual Report Download - page 198
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To our shareholders The Company
196
[23] Securities
The securities serve to safeguard liquidity. The securities are quoted and mainly short-term fixed-
interest-bearing securities and shares allocated to the available-for-sale financial assets category.
The securities which are measured at fair value through profit or loss are carried at €32 million
(prior year: €431 million). The maximum default risk is equivalent to the carrying amounts of the
securities.
[24] Cash and cash equivalents
Bank balances are held at various banks in different currencies. In connection with the stock op-
tions that have been acquired, cash and cash equivalents of €1,750 million (prior year: €2,567
million) have been pledged as of the balance sheet date. A large part of the pledge was revoked
due to the sale of stock options a few days after the balance sheet date.
[25] Equity and minority interests
The reconciliation of equity and minority interests is presented in the statement of changes in
equity.
Subscribed capital
Porsche SE’s subscribed capital totals €175 million (prior year: €175 million) and is divided into
87,500,000 ordinary shares and 87,500,000 non-voting preference shares which have been fully
paid. Each share represents a €1 notional value of the subscribed capital. The preference shares
carry an additional dividend of 0.6 cents per share in the event of retained profit being recorded.
Subject to the approval of the supervisory board, the executive board is authorized to increase the
company’s share capital, once or several times, by a maximum amount of €22.75 million in total
until 25 January 2012 by issuing new bearer shares (ordinary shares) and/or non-voting preference
shares for contributions in cash and/or in kind.
Capital reserves
The capital reserves contain contributions from premiums only and are unchanged since the
prior year.
Retained earnings
The retained earnings include the reserve for accumulated profits, the revaluation reserve, re-
serves available-for-sale securities marked to market, reserves for cash flow hedges, the reserves
for investments accounted for at equity and the currency translation reserve. The reserve available-
for-sale securities marked to market contains changes in the fair value of these securities.