Porsche 2009 Annual Report Download - page 139

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Changes in the consolidated group in the comparative period
In the fiscal year 2008/09, the Porsche SE group increased its investment in Volkswagen
AG, Europe’s largest vehicle manufacturer, in several tranches by a further 20.21% between
16 September 2008 and 5 January 2009. Having reached a voting share of 50.76%, Porsche SE
owned the majority of voting rights in Volkswagen AG on 5 January 2009 (control according to IAS
27). As of that date, Volkswagen AG and its subsidiaries were consolidated as a subgroup in the
consolidated financial statements of Porsche SE. The Volkswagen group operates in the automobile
and commercial vehicle production sector and the related financial services sector and has a large
number of production facilities worldwide.
The cost of the business combination amounted to €23.0 billion, including all costs directly
attributable to the acquisition. Of this total amount, €21.6 billion was paid in cash, the rest by using
equity forward transactions. Cash and cash equivalents of €9.5 billion were acquired in the course
of the business combination.
The table below shows the figures of the assets and liabilities included in the consolidated
financial statements in the prior year as of the acquisition date. The purchase price allocation per-
formed when the Volkswagen group was initially consolidated as of 5 January 2009 was completed
in November 2009. No restatements were made to the figures contained in the consolidated finan-
cial statements of Porsche SE as of 31 July 2009.
1 Including goodwill of €2,771 million recognized in the Volkswagen consolidated financial statements and eliminated within capital
consolidation
2 Excluding goodwill at the level of Porsche SE
Carrying amount on Purchase price Amounts recognized
€ million
acquisition
according to IFRS
allocation in the consolidated
financial statements
Intangible assets 12,291112,5392 24,830
Property, plant and equipment and leased assets 33,010 6,924 39,934
Non-current receivables from financial services 31,855 341 32,196
Investments accounted for at equity 6,373 1,888 8,261
Other non-current assets 8,227 249 8,476
Inventories 17,816 536 18,352
Current receivables from financial services 27,035 169 27,204
Other current assets 31,312 999 32,311
Total assets 167,919 23,645 191,564
Non-current financial liabilities 33,257 61 33,318
Provisions for pensions and other non-current liabilities 32,472 6,035 38,507
Current financial liabilities 36,123 31 36,154
Other current liabilities 28,679 66 28,745
Total liabilities 130,531 6,193 136,724