Porsche 2011 Annual Report Download - page 150

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On 7 December 2009, Volkswagen AG assumed a 49.9% shareholding in Porsche Zwischenholding
GmbH in the course of a capital increase. Due to the rulings established in the implementing agreements and in
the articles of association of Porsche Zwischenholding GmbH, Porsche SE lost control of this company under
IFRSs despite the fact that it holds the majority of voting rights of 50.1%. Since this point in time, Porsche
Zwischenholding GmbH has been a joint venture of Porsche SE and Volkswagen AG and has accordingly been
accounted for at equity. The number of companies included in the consolidated financial statements of Porsche
SE as of the reporting date is shown in the following table:
31/12/2011 31/12/2010
Fully consolidated subsidiaries
Germany 0 1
International 1 1
Subsidiaries accounted for at cost
Germany 1 1
Associates and joint ventures
Germany 2 2
Joint ventures accounted for at cost
Germany 1 0
5 5
150 FINANCIALS