Porsche 2011 Annual Report Download - page 148

Basis of presentation
Porsche Automobil Holding SE (“Porsche SE”) is a European Company (Societas Europaea) and is
headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. It is registered at the Stuttgart local court
under HRB 724512. The business objective of Porsche SE is the management of companies and the
administration of investments in companies, in particular companies active in the following business fields: the
development, design, manufacture and distribution of vehicles, engines of all kinds and other technical
products as well as of parts and components thereof. The company may engage in all kinds of business and
take all measures that are related to the business purpose or that it deems directly or indirectly useful for
achieving that purpose. This also includes financial services.
The consolidated financial statements of Porsche SE as of 31 December 2011 were prepared in
accordance with International Financial Reporting Standards (IFRSs) as endorsed by the European Union. The
standards published by the International Accounting Standards Board (IASB), London, that have been endorsed
as part of the comitology procedure and are applicable as of the reporting date as well as the interpretations
issued by the IFRS Interpretations Committee (IFRS IC) that are valid for the fiscal year have been taken into
account. The requirements of the standards and interpretations applied were satisfied in full. The financial
statements thus give a true and fair view of the net assets, financial position and results of operations and cash
flows of the Porsche SE group (Porsche SE and its subsidiaries).
These consolidated financial statements comply with the requirements of Sec. 315a HGB [“Handels-
gesetzbuch”: German Commercial Code]. This clause represents the legal basis for group accounting
according to International Financial Reporting Standards in Germany in conjunction with Regulation (EC)
No. 1606/2002 of the European Parliament and of the Council of 19 July 2002 on the application of
international accounting standards.
The fiscal year of the Porsche SE group (Porsche SE and its subsidiaries) covers the period from
1 January to 31 December of a year.
Due to the conversion of the fiscal year to the calendar year effective as of 1 January 2011, the short
fiscal year 2010 (SFY 2010) covering a period of 5 months from 1 August to 31 December 2010 is presented
as comparative period. As a result, the figures presented for the reporting period and the comparative period
are not fully comparable.
The group’s presentation currency is the euro. Unless otherwise stated, all figures are presented in
millions of euro (€ million).
The income statement has been prepared using the nature of expense method.
Notes to the consolidated financial statements of Porsche SE
for the fiscal year 2011
148 FINANCIALS