Porsche 2009 Annual Report Download - page 136

136 Financials
Changes in the consolidated group in the reporting period –
Porsche Zwischenholding GmbH group
The basic agreement also provides for the acquisition of an investment of Volkswagen AG
in Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche AG”). In the course of restructuring, Porsche
Zwischenholding GmbH, Stuttgart, was established as a subsidiary of Porsche SE, which holds
100% of the shares in (the new company) Porsche AG. Porsche’s operating business was trans-
ferred with legal effectto (this new) Porsche AG.
On 7 December 2009, Volkswagen AG assumed a 49.9% shareholding in Porsche Zwi-
schenholding GmbH in the course of a capital increase. Due to the rulings established in the imple-
menting agreements and in the articles of association of Porsche Zwischenholding GmbH, Porsche
SE lost control of this company under IFRSs despite the fact that it holds the majority of voting
rights of 50.1%. From this point in time, Porsche Zwischenholding GmbH is a joint venture of Por-
sche SE and Volkswagen AG. For this reason, the Porsche Zwischenholding GmbH group (Porsche
Zwischenholding GmbH, Stuttgart, and its subsidiaries) was deconsolidated as of 7 December 2009.
Since deconsolidation, the investment of Porsche SE in Porsche Zwischenholding GmbH has also
been accounted for at equity.
Effects of changes in the consolidated group in the reporting period
Both the Volkswagen group and the Porsche Zwischenholding GmbH group represent dis-
continued operations from the perspective of Porsche SE. In accordance with IFRS 5 the expenses
and income of the discontinued operations are reclassified in the income statement to a separate
line “Profit/loss after tax (discontinued operations)”.