Porsche 2009 Annual Report Download - page 141

141
Investments in associates
Volkswagen AG, was included in the consolidated financial statements as an associate ba-
sed on consolidated figures in the comparative period until the date of initial consolidation on
5 January 2009 and in the reporting period since the date of deconsolidation on 3 December 2009.
As of 31 July 2010, the market value of the investment in Volkswagen AG amounted to €10,891
million.
Since the business combination in the comparative period until the date of deconsolidation
of the Volkswagen group, the Porsche SE group also had a significant influence over MAN SE, Mu-
nich. The contributions to profit or loss from the MAN group (MAN SE and its subsidiaries) are in-
cluded in the profit or loss from discontinued operations. As of 31 July 2009, the investment held
by Volkswagen AG in MAN SE amounts to 29.9% of the voting rights and 28.7% of the subscribed
capital. MAN SE was included in the comparative period on the basis of the consolidated figures for
the period from 5 January 2009 to 30 June 2009. On 30 June 2009, the market value of the in-
vestment in MAN SE amounted to €1,838 million.
Based on the proportionate interest, the following consolidated amounts relating to MAN SE
(MAN SE is only included in the comparative period starting from the date of initial consolidation of
the Volkswagen group and in the reporting period until the date of deconsolidation of the Volks-
wagen group on 3 December 2009) were attributable to the Porsche SE group and Volkswagen AG
(Volkswagen AG is included in revenue and profit in the comparative period from 1 July 2008 to the
date of initial consolidation on 5 January 2009 and in the reporting period from the date of decon-
solidation between 3 December 2009 and 30 June 2010):
€ million 2009/10 2008/09
Non-current assets 108,425 2,083
Current assets 84,535 2,596
Non-current liabilities 74,222 1,302
Current liabilities 77,798 1,855
Revenue 71,886 19,025
Profit 1,783 458
Share of discontinued operations 0 36
The amounts presented do not contain any effects from the purchase price allocation per-
formed for the purpose of accounting at equity.