Porsche 2010 Annual Report Download - page 189
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187
The expenses and income recognized directly in equity which arose from investments ac-
counted for at equity include the following: income before tax from currency translation of €1,176
million (prior year: €1,342 million), income before tax from marking securities to market of €35
million (prior year: €18 million), expenses before tax from cash flow hedges of €455 million (prior
year: €1,593 million), income after tax recognized directly in equity arising from investments ac-
counted for at equity of €133 million (prior year: €76 million) and tax income of €170 million (prior
year: €458 million).
Of the changes in expenses and income recognized directly in equity, the following amounts are
attributable to non-controlling interests:
Non-controlling interests – hybrid capital investors
The hybrid capital disclosed as of the reporting date has a nominal volume of €360 million
(prior year: €360 million). It has an indefinite term to maturity. According to IAS 32, it represents
group equity.
Non-controlling interests – other
The other non-controlling interests presented in the comparative period mainly relate to the
non-controlling interests of Volkswagen AG, Scania AB and AUDI AG and were derecognized on
account of the deconsolidations in the comparative period.
Stock option plan
The stock option plan at the level of the Volkswagen group, which was deconsolidated in
the comparative 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.
€ million SFY 2010 2009/10
Income/expenses from currency translation 0 – 164
Income/expenses from securities marked to market 0 1
Gains/losses from cash flow hedges 0 718
Taxes 0 – 196
Gains/losses from investments accounted for at equity (after tax) 0 9
0 368