Porsche 2008 Annual Report Download - page 226
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To our shareholders The Company
224
In the course of the fiscal year, €164 million expenses (prior year: €272 million income) was trans-
ferred from the cash flow hedge reserve to other operating income and expenses, and an expense
of €10 million (prior year: €0 million) was transferred to the financial result. These figures also
contain transfers from the cash flow hedge reserve for foreign currency hedges which were no
longer accounted for as cash flow hedges due to the lapse of the hedged item. These have a
notional amount of €2,870 million (prior year: €133 million). This contains a nominal volume of
€979 million due in more than one year. The remaining amount fell due in the fiscal year 2008/09
or is due in the short term. Losses of €9 million (prior year: €12 million) have been reversed from
the reserve for available-for-sale securities. The addition to the reserve for available-for-sale securi-
ties resulted in an increase of €15 million (prior year: €38 million decrease).
For cash flow hedge accounting purposes, hedged future cash flows of the following five fiscal
years are considered.
Realization of the gain or loss and cash flow generally fall within the same period.
[32] Contingent liabilities
No provisions were recognized for contingent liabilities as the occurrence of the risk is not probable.
The trust assets and liabilities not included in the consolidated balance sheet of the saving and
trust companies belonging to the South American subsidiaries of the Volkswagen subgroup
amounted to €632 million (prior year: €0 million). These are included in other contingent liabilities.
31/7/2009 31/7/2009 31/7/2008
€ million
Porsche
without VW
Guarantees 174 0 0
Warranties 51 29 27
Collateral for third-party liabilities 232 167 130
Other contingent liabilities 796 0 0