Porsche 2009 Annual Report Download - page 142

142 Financials
Interests in joint ventures
In the comparative period and until the date of deconsolidation in the reporting period, the
main joint ventures of the Porsche SE group since the business combination with Volkswagen AG
were the investments held in Shanghai-Volkswagen Automotive Company Ltd., Shanghai, China
(“SVW”), in FAW-Volkswagen Automotive Company Ltd., Changchun, China (“FAW”) and in Global
Mobility Holding B.V., Amsterdam, Netherlands, as the holding company of LeasePlan N.V., Amster-
dam, Netherlands (“LeasePlan”). The contributions from these investments to profit/loss are in-
cluded in the profit or loss from discontinued operations. The joint ventures were considered in the
comparative period on the basis of the figures for the period from 5 January to 30 June 2009. In
the reporting period they are included until the date of deconsolidation of the Volkswagen group.
In addition, Porsche Zwischenholding GmbH has been a significant joint venture since the
date of deconsolidation on 7 December 2009.
Based on the proportionate interest in the joint ventures, the figures summarized below are
attributable to the Porsche SE group. Porsche Zwischenholding GmbH is included in income and
expenses for the reporting period from the date of deconsolidation on 7 December 2009:
The amounts presented do not contain any effects from the purchase price allocation per-
formed for the purpose of accounting at equity.
Consolidation principles
Porsche SE applied IFRS 3 “Business Combinations” (rev. 2008) and IAS 27 “Consolidated
and Separate Financial Statements” (rev. 2008) prospectively as of the beginning of the fiscal year
2009/10. IFRS 3 “Business Combinations” (rev. 2004) and IAS 27 “Consolidated and Separate
Financial Statements” (rev. 2004) were applied until the end of the fiscal year 2008/09.
The financial statements of the subsidiaries and investments accounted for at equity (with
the exception of the companies belonging to the Volkswagen group) are prepared as of the report-
ing date of the consolidated financial statements, which is the reporting date of Porsche SE. The
planned change in fiscal year of Porsche SE means that in future the financial statements of all
subsidiaries and investments accounted for at equity will be prepared as of a uniform reporting date.
€ million 2009/10 2008/09
Non-current assets 10,535 8,384
Current assets 2,635 7,587
Non-current liabilities 9,845 5,932
Current liabilities 5,116 6,920
Income 13,599 5,101
Expenses 12,447 4,804