Porsche 2008 Annual Report Download - page 151
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149
liquidity situation by the end of 2009 which could put the ability of the company and the group to
continue as a going concern at risk. Based on the current status of the negotiations, the executive
board is, however, convinced that this risk will not occur.
Consolidated group
The consolidated financial statements of Porsche SE include all companies in which Porsche SE
has the power to govern the financial and operating policy, either directly or indirectly, so as to
obtain benefits from its activities (control concept). Initial consolidation is performed as of the date
on which the acquirer obtains the possibility of control. A company is no longer consolidated upon
cessation of control. Subsidiaries that are immaterial on a stand-alone basis and in total for a true
and fair presentation of the net assets, financial position and results of operations are recognized
at cost in the consolidated financial statements.
Significant companies where Porsche SE is able, directly or indirectly, to significantly influence
financial and operating policy decisions (associates), or directly or indirectly shares control (joint
ventures), are accounted for using the equity method.
Joint ventures also include companies in which the Porsche group holds the majority of voting
rights, but whose articles of association or partnership agreements stipulate that important deci-
sions may only be made unanimously.
Bertrandt AG, Ehningen, is not accounted for at equity as no significant influence can be exercised
on this company because the Porsche group is not represented on its executive board or supervi-
sory board.
The number of companies included in the Porsche group is shown in the following table:
The consolidated financial statements and group management report prepared as of 31 July 2009
as well as the full list of shareholdings can be downloaded from the electronic version of the Ger-
man business register at www.unternehmensregister.de.
2008/2009 2007/2008
Porsche SE and fully consolidated subsidiaries
Germany 84 24
International 353 62
Subsidiaries carried at cost
Germany 57 0
International 82 0
Associates and joint ventures
Germany 22 1
International 46 0
644 87