Porsche 2011 Annual Report Download - page 184

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 relating to
the remaining shares held by Porsche SE in Porsche Zwischenholding GmbH. Prior to conclusion of the new
syndicated loan agreement, the right to exercise the put option had 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. Upon conclusion of a new syndicated loan agreement on 26 October
2011, the provision of collateral was renegotiated. The assignment of the exercise right and the pledging of
claims from the put option were canceled.
Further details on derivative financial instruments are given in note [21].
[13] Income tax assets and liabilities
The income tax assets are mainly reimbursement claims for tax on investment income (including
solidarity surcharge) which relate to profit distributions or dividends received.
In the comparative period, the income tax liabilities mainly comprised amounts reclassified from
provisions for upcoming trade tax payments.
[14] Cash, cash equivalents and time deposits
Bank balances are held at various banks in different currencies. The maximum default risk is equivalent
to the carrying amount of cash, cash equivalents and time deposits.
[15] Equity
The development of equity is presented in the Porsche SE group’s consolidated statement of changes
in equity.
€ million 31/12/2011 31/12/2010
Fair values of:
Options on non-stock company shares 232 459
Assets from derivatives without hedging relationship 232 459
184 FINANCIALS