Porsche 2009 Annual Report Download - page 205

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The expenses and income recognized directly in equity which arose from investments
accounted for at equity from continuing operations include the following components: income be-
fore tax from currency translation of €1,342 million, income before tax from marking securities to
market of €18 million, expenses before tax from cash flow hedges of €1,593 million, income be-
fore tax recognized directly in equity which arose from investments accounted for at equity of €76
million and tax income of €458 million. In the prior year there were no amounts as of the reporting
date recognized directly in equity which arose from investments accounted for at equity from con-
tinuing operations.
Of the changes in expenses and income recognized directly in equity, the following amounts are
attributable to non-controlling interests:
€ million 2009/10 2008/09
Income/expenses from currency translation – 164 400
Income/expenses from securities marked to market 1 17
Gains/losses from cash flow hedges 718 258
Taxes – 196 – 70
Gains/losses from investments accounted for at equity (after tax) 9 6
368 611
Non-controlling interests – hybrid capital investors
The hybrid capital disclosed as of the reporting date has a nominal volume of €0.36 billion
(prior year: €0.36 billion and US$1 billion). It has an indefinite term to maturity. According to IAS 32,
it represents equity of the group.
Non-controlling interests – other
The other non-controlling interests presented mainly relate to the non-controlling interests
of Volkswagen AG, Scania AB and AUDI AG.
The acquisition of non-controlling interests presented in the consolidated statement of
changes in equity of the Porsche SE group in the prior year relates to the interest in capital of
7.93% acquired by non-controlling interests in Scania AB after the date of initial consolidation of the
Volkswagen group as a result of the mandatory offer.
Stock option plan
The stock option plan at the level of the Volkswagen group, which was deconsolidated in
the reporting period, entitled the optionees – the board of management of Volkswagen AG, group
senior executives and management, as well as employees of Volkswagen AG covered by collective
pay agreements – to purchase options for shares of Volkswagen AG by subscribing for convertible
bonds at a price of €2.56 each. Each bond was convertible into ten ordinary shares.