Porsche 2010 Annual Report Download - page 184

Financials
182
The positive fair values of derivative financial instruments relate to the following items:
The options on non-stock company shares contain the positive fair value of the put option re-
lating to the remaining shares held by Porsche SE in Porsche Zwischenholding GmbH. The right to
exercise the put option has been assigned as collateral for financial liabilities to banks. The claims
from Volkswagen AG arising if the put option is exercised were pledged as collateral for financial
liabilities to banks.
Further details on derivative financial instruments are given in note [24].
[16] Income tax assets and liabilities
The income tax assets are mainly reimbursement claims for tax on investment income
which relate to profit distributions or dividends received.
The income tax liabilities mainly comprise amounts reclassified from provisions for upcom-
ing trade tax payments.
[17] Cash and cash equivalents
Bank balances are held at various banks in different currencies. As of the end of the prior
year, cash and cash equivalents of €45 million had been pledged in connection with the cash-settled
options relating to Volkswagen AG shares; they were disposed of in full in the short fiscal year. The
maximum default risk is equivalent to the carrying amount of cash and cash equivalents.
€ million 31/12/2010 31/7/2010
Fair values of:
Interest derivatives 0 2
Stock price derivatives 0 8
Options on non-stock company shares 459 301
Assets from derivatives
without hedging relationship 459 311
459 311