Porsche 2008 Annual Report Download - page 154

To our shareholders The Company
152
Since its initial consolidation, Volkswagen AG and its subsidiaries have contributed an amount of
€-1,703 million to consolidated net income. This amount breaks down as follows:
Had the Volkswagen group already been included in the consolidated financial statements of
Porsche SE as of 1 August 2008, group revenue would amount to around €113.8 billion and the
group profit after tax would amount to around €-1.8 billion, without taking into account effects
from the purchase price allocation before initial consolidation. It was not possible to reliably de-
termine the effects of the purchase price allocation before the initial consolidation.
In the course of the business combination with Volkswagen, the Porsche group acquired an equity
investment in Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda. Resende,
Brazil solely with a view to resale. The sale of the investment was finalized in March 2009. The
total disposal consideration of €1,352 million was entirely settled in cash. The assets disposed of
contained cash and cash equivalents of €11 million. Revenue from ordinary activities between the
date of initial consolidation of the Volkswagen group and the date of disposal amounted to €259
million and expenses (including taxes of €7 million) to €244 million. In the consolidated income
statement, they are presented as profit from discontinued operations. No gain or loss was re-
cognized on sale as the assets and liabilities of the company had already been recognized at fair
values in the course of the purchase price allocation for the Volkswagen group at acquisition date.
The carrying amounts of the assets and liabilities which were sold in connection with the disposal
of the equity investment can be broken down by main group as follows:
€ million 2008/09
Profit of Volkswagen subgroup 494
Development of hidden reserves and liabilities from purchase price allocation – 2,320
Adjustment of the effect on net income of income and expenses that had been recognized
directly in equity prior to initial consolidation – 755
Other – 8
Adjustment of current and deferred taxes 886
Contribution of Volkswagen subgroup to consolidated net income – 1,703
€ million
Carrying
amount
Non-current assets 1,375
Current assets 795
Provisions 241
Financial liabilities 185
Other liabilities 256