Porsche 2009 Annual Report Download - page 262

262 Financials
[37] Related parties
In accordance with IAS 24, persons or entities which are in control of or controlled by Por-
sche SE must be disclosed. Pursuant to a consortium agreement, the Porsche and Piëch families
have direct and indirect control respectively of Porsche SE.
The disclosure requirements under IAS 24 also extend to persons, and their close family
members, who have the power to exercise significant influence over the entity, i.e. who have the
power to participate in the financial and operating policies of the entity, but do not control it. In the
fiscal year 2009/10, this concerns members of the supervisory board and the executive board of
Porsche SE as well as their close family members.
Before the deconsolidation of the Volkswagen group and the Porsche Zwischenholding
GmbH group, there were business relations in the course of ordinary business operations relating to
deliveries of vehicles and spare parts of €1,568 million (prior year: €1,719 million) and trade in the
design business of €0.4 million (prior year: €1.4 million) with the Porsche and Piëch families and
their affiliated companies.
The affiliated companies of the Porsche and Piëch families included, among others, Por-
sche Holding GmbH, Salzburg and Porsche GmbH, Salzburg. To secure a loan provided to Porsche
AG in the prior year, the shareholders of Porsche Holding GmbH pledged a 20% package of ordi-
nary shares of Porsche Holding GmbH in the comparative period and Porsche GmbH, Salzburg,
pledged a 2.4% Volkswagen share package with a liability limit of €600 million. To secure a further
loan provided to Porsche AG in the prior year, the shareholders of Porsche Holding GmbH pledged a
40% package of ordinary shares of Porsche Holding GmbH in the comparative period. For as long
as this collateral exists, Porsche AG agrees to pay guarantee commission to Porsche GmbH, Salz-
burg, of 2.5% p.a. of the amount secured in each case and to the shareholders of Porsche Holding
GmbH of 2.5% p.a. of the amount secured in each case. An amount of €10.4 million was recog-
nized as a liability for this commission in the comparative period. An expense of €13.0 million was
recognized in this respect in the reporting period until the date of deconsolidation of the Porsche
Zwischenholding GmbH group. The provision of collateral was not extended beyond 4 December
2009.
In addition, the Porsche and Piëch families, in their capacity as holders of ordinary shares
in Porsche SE, and Porsche GmbH, Salzburg, agreed within the framework of the overall concept of
the basic agreement to increase capital as part of the planned capital increase at Porsche SE. In
their commitment to increase capital, the holders of ordinary shares in Porsche SE agree to a capi-
tal increase at Porsche SE with an issue volume of up to €5 billion (half in ordinary and half in pref-
erence shares) under certain circumstances. Porsche GmbH, Salzburg, has entered into a commit-
ment to subscribe to the new ordinary shares from this capital increase at Porsche SE under certain
circumstances and if specific conditions are met, in return for a contribution of an estimated €2.5
billion.
Apart from that, the Porsche and Piëch families and their affiliated companies provided au-
tomotive services and delivered clocks and related spare parts to the previous Porsche subgroup.
These deliveries and services were not material and were charged at arm’s length conditions with-
out exception. The Porsche and Piëch families granted interest-free loans (prior year: a liability of
€2 million from the group’s perspective) to Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG,