Porsche 2009 Annual Report Download - page 223
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223
2 Credit and default risk
The credit and default risk arising from financial assets involves the risk of default by counter-
parties, and therefore comprises at a maximum the amount of the positive fair values of claims a-
gainst them. In the reporting period, the credit and default risk also comprises the amount of financial
guarantees issued and in the prior year the amount of irrevocable credit commitments. The default
risk of financial assets is taken into account through adequate valuation allowances considering collat-
eral that has already been provided. Various measures are taken into account to reduce the default
risk for non-derivative financial instruments, such as requesting declarations of support, hold harmless
agreements or remuneration for the assumption of liability. In the discontinued operations, additional
measures include obtaining collateral or guarantees and credit ratings based on information from
credit rating agencies and historical data. The contracting partners for monetary investments, capital
investments and financial instruments are national and international counterparties. Financial deriva-
tives are entered into in accordance with standardized guidelines, and are continuously monitored.
There are no significant concentrations of risk that are not evident from the notes to the fi-
nancial statements or management report.
Any non-significant classes of financial instruments are not presented separately.