Porsche 2006 Annual Report Download - page 131

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With reference to §264 (3) HGB and §264b HGB, the financial statements of the following German
subsidiaries are not published: Porsche Deutschland GmbH, Porsche Niederlassung Stuttgart GmbH,
Porsche Engineering Services GmbH, Porsche Financial Services GmbH, Porsche Financial Services
GmbH & Co. KG, PIKS Porsche-Information-Kommunikation-Services GmbH, Porsche Consulting GmbH,
Porsche Leipzig GmbH, Porsche Dienstleistungs GmbH (formerly Porsche Leipzig Service GmbH),
Karosseriewerk Porsche GmbH & Co. KG, Porsche Zentrum Hoppegarten GmbH, Porsche Classic GmbH,
Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG, ING Leasing GmbH & Co. Fox oHG and
Porsche Engineering Group GmbH.
The consolidated financial statements and Group management report of Porsche AG were released to
the Supervisory Board by the Executive Board by resolution dated October 15, 2007.
Consolidated Group
The consolidated financial statements of Porsche AG include all entities in which Porsche AG has the
power to govern the financial and operating policies and to derive benefit therefrom, either directly or
indirectly (control concept). First-time inclusion is as of the date on which the acquirer obtains the
possibility of control. An entity is no longer included when control of the entity is lost.
The group of fully consolidated entities includes Porsche AG and 21 German (previous year: 20)
and 54 international (previous year: 53) subsidiaries, including a special purpose securities fund and
variable interest entity.
The newly incorporated companies Porsche Consulting Italia S.r.l., Milan, and Porsche Center
Moscow OOO, Moscow, and the purchased Porsche Vermögensverwaltung AG, Stuttgart, have been
included in the Porsche consolidated financial statements for the first time as of July 31, 2007.
These changes in the consolidated group are immaterial for the net assets, financial position and
results of operations of the Group.
Porsche Engineering Services Inc., Wilmington/Delaware, USA, was sold and has therefore been removed
from the consolidated group. This sale is not disclosed separately under discontinued operations as it
does not constitute a sale of a significant line of business. The sales price was T€ 4,768 which was settled
in full in cash. The sale involved a cash outflow of T€ 0.5.
The table below presents the assets and liabilities disposed of at the time of deconsolidation:
The equity method is used for investments on which Porsche AG can exercise significant influence.
This is assumed to be the case when between 20 and 50 percent of the voting rights are held. The first-
time inclusion using the equity method is as of the date on which the acquirer can exercise a significant
influence and ends when significant influence is lost. Betrandt AG, Ehningen is not included using the
equity method as no significant influence can be exercised on this company because the Porsche
Group is not represented on its executive board or supervisory board.
in T€
Intangible assets, property, plant and equipment and deferred tax assets 352
Other assets without cash and cash equivalents 2,605
Provisions 729
Liabilities 213