Porsche 2011 Annual Report Download - page 152
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Investments in associates
Volkswagen AG is included in the consolidated financial statements of Porsche SE as an associate. As
of 31 December 2011, the market value of the investment in Volkswagen AG amounted to €15,524 million
(31 December 2010: €15,861 million).
The Volkswagen group reported the following key figures for the fiscal year 2011:
The figures presented above have not been adjusted for the purpose of accounting for the investment
at equity at the level of Porsche SE.
Interests in joint ventures
Porsche Zwischenholding GmbH is included in the consolidated financial statements of Porsche SE as
a joint venture.
Based on the proportionate interest in joint ventures, the figures summarized below are attributable to the
Porsche SE group.
The figures presented above have not been adjusted for the purpose of accounting for the investment
at equity at the level of Porsche SE.
€ million 2011 SFY 2010
Non-current assets 147,986 113,457
Current assets 105,640 85,936
Non-current liabilities 89,216 73,781
Current liabilities 101,057 76,900
Revenue 159,337 65,066
Profit 15,409 5,161
€ million 2011 SFY 2010
Non-current assets 11,511 10,871
Current assets 3,399 2,934
Non-current liabilities 10,953 9,887
Current liabilities 5,211 5,764
Income 12,800 4,499
Expenses 11,630 4,120
152 FINANCIALS