Porsche 2008 Annual Report Download - page 152

To our shareholders The Company
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With reference to Sec. 264b HGB, the financial statements of the following German subsidiaries
are not published: Karosseriewerk Porsche GmbH & Co. KG, Porsche Financial Services GmbH &
Co. KG, Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG and ING Leasing GmbH & Co. Fox
OHG. If the conditions for exemption pursuant to Sec. 264 (3) HGB are effectively satisfied, the
financial statements of the following German subsidiaries are not published: Dr. Ing. h.c. F. Porsche
Aktiengesellschaft (“Porsche AG”), Porsche Nordamerika Holding GmbH, Porsche Engineering
Services GmbH, Porsche Consulting GmbH, Porsche Financial Services GmbH, Porsche Zentrum
Hoppegarten GmbH, PIKS Porsche-Information-Kommunikation-Services GmbH, Porsche Deutsch-
land GmbH, Porsche Leipzig GmbH, Porsche Engineering Group GmbH, Porsche Dienstleistungs
GmbH, Porsche Niederlassung Stuttgart GmbH, Porsche Niederlassung Mannheim GmbH,
Porsche Niederlassung Berlin GmbH, Porsche Niederlassung Berlin-Potsdam GmbH, Porsche
Zweite Vermögensverwaltung GmbH and Porsche Logistik GmbH.
In the period from 16 September 2008 to 5 January 2009, the Porsche group increased its in-
vestment in Volkswagen AG, Wolfsburg, Europe’s largest vehicle manufacturer, in several tranches
by a further 20.21%. Having reached a voting share of 50.76%, Porsche SE now owns the major-
ity of voting rights in Volkswagen AG (control according to IAS 27). Since 5 January 2009, Volks-
wagen AG and its subsidiaries have therefore been consolidated as a subgroup in the consolidated
financial statements of Porsche SE. The Volkswagen group operates in the automobile and com-
mercial vehicle production sector and the related financial services sector and has a large number
of production facilities worldwide.
When the reporting date of a subsidiary is different from that of the parent company, IAS 27.26 et
seq. (rev. 2004) allows the use of financial statements of the subsidiary as of a different reporting
date in the preparation of consolidated financial statements if it is not practicable for the subsidi-
ary to prepare interim financial statements as of the reporting date of the parent company. Apply-
ing this exception, the Volkswagen group has been consolidated in the consolidated financial
statements of Porsche SE as of 31 July 2009 on the basis of the figures for the period from
5 January 2009 to 30 June 2009. Due to extensive accounting activities for preparing the half-
yearly financial report 2009 for the Volkswagen group, the quality of data needed for external
reporting purposes for July 2009 was not available in time. Matters of relevance for the consolida-
tion were considered until 31 July 2009. There were no significant transactions or events between
30 June 2009 and 31 July 2009 which would have resulted in any further adjustment of the bal-
ance sheet figures of the Volkswagen group and to a change in the income statement.
The cost of the business combination amounted to €23.0 billion, including all costs directly attrib-
utable to the acquisition. Of this total amount, €21.6 billion was paid in cash and cash equivalents,
the rest by using equity forward transactions. Cash and cash equivalents of €9.5 billion were
acquired in the course of the business combination.
Due to the size and complexity of the Volkswagen group, the process of determining the fair val-
ues of the assets and liabilities acquired for the purchase price allocation requires thorough inves-
tigation and has not yet been finalized. The Volkswagen group has therefore been included in the
consolidated financial statements of Porsche SE using provisional figures. The initial accounting of
the assets and liabilities included in the consolidated financial statements has been determined
provisionally. If necessary, the figures will be adjusted after the completion of the purchase price
allocation. Goodwill has, therefore, also only been determined provisionally.