Porsche 2009 Annual Report Download - page 175

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[6] Other operating expenses
Other operating expenses consist of:
Continuing Discontinued Reclassification Total
€ million operations operations acc. to IFRS 5
2009/10
Expenses from stock price hedging derivatives 408 28 – 28 408
Expenses from stock options marked to market 1 0 0 1
Expenses from valuation of options
on non-stock shares 395 0 0 395
Valuation allowances on receivables
and other assets 0 510 – 510 0
Foreign exchange losses 0 489 – 489 0
Advertising 1 1,347 – 1,347 1
Selling and general administrative expenses 1 1,433 – 1,433 1
Repairs and maintenance 0 669 – 669 0
Sundry operating expenses 150 9,173 – 9,173 150
956 13,649 – 13,649 956
2008/09
Expenses from stock price hedging derivatives 45,112 720 – 720 45,112
Expenses from stock options marked to market 10,283 0 0 10,283
Valuation allowances on receivables
and other assets 0 706 – 706 0
Expenses from cost allocations 0 69 – 69 0
Foreign exchange losses 1 1,226 – 1,226 1
Advertising 0 1,465 – 1,465 0
Selling and general administrative expenses 1 2,059 – 2,059 1
Repairs and maintenance 0 867 – 867 0
Sundry operating expenses 38 8,311 – 8,311 38
55,435 15,423 – 15,423 55,435
Expenses from stock price hedging derivatives were incurred as a result of cash-settled
stock option transactions, which in the past served to hedge the increase in the investment in
Volkswagen AG. This strategy was not pursued further in the reporting period. Due to the sale of
significant volumes of stock options shortly after the prior-year reporting date, the options were
accounted for at their selling price as the best indicator of fair value as of 31 July 2009. The ex-
penses arising from the impairment of financial assets and from the recognition of financial liabilities in
connection with the stock options are disclosed as expense from stock options marked to market.