Porsche 2006 Annual Report Download - page 160
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158
Subscribed capital
Porsche AG’s subscribed capital totals 45.5 million Euro and, as in the previous year, is divided into
8,750,000 ordinary shares and 8,750,000 non-voting preference shares which have been fully paid in.
A proportionate amount of the subscribed capital of € 2.60 is allocable to each share.
The preference shares carry an additional dividend of € 0.06.
Capital reserve
The capital reserve contains solely contributions from premiums and is unchanged since the previous year.
Revenue reserves
The revenue reserves are reserves for accumulated profits, reserves for marking available-for-sale
securities to market and reserves for cash flow hedges.
The accumulated profits include the profits of Porsche AG and its consolidated subsidiaries earned
in previous years and the reporting year and not yet distributed as well as transactions without effect
on income.
The financial statements of Porsche AG as of July 31, 2007 report retained earnings
of € 965,000,000.
At the time when the financial statements were authorized for issue by the Executive Board, a proposal
to the annual stockholders’ meeting for the appropriation of retained profits had not yet been made.
The reserve for marking available-for-sale securities to market contains changes in the fair value of
these securities.
The portion of the gain or loss on the hedging instrument that is determined to be an effective hedge
is recognized in the reserve for cash flow hedges.
Currency translation
The foreign currency translation reserve is used to record exchange differences arising from
the translation of the financial statements of foreign subsidiaries.
Hybrid capital
The hybrid capital with a nominal value of 1 billion US dollars represents group equity in accordance
with the rulings of IAS 32. The currency translation of the hybrid capital is based on the rate
of exchange prevailing at the date of issue.
Minority interests
Due to the development of international accounting practice, the accounting of termination rights
of minority shareholders of fully consolidated entities was changed and disclosed as a financial liability.
The adjustment of the minority interests compared to the presentation in the previous-year financial
statements amounted to T€ 3,594.