Porsche 2011 Annual Report Download - page 229

[26] Related parties
In accordance with IAS 24, persons or entities which are in control of or controlled by Porsche SE
must be disclosed. Pursuant to a consortium agreement, the Porsche and Piëch families have direct and
indirect control respectively of the parent company Porsche SE.
The Porsche and Piëch families, in their capacity as holders of ordinary shares in Porsche SE provided
€2,245 million to Porsche SE by subscribing to new ordinary shares in the course of the capital increase. This
contribution is presented under supplies and services rendered. Apart from that, there were only immaterial
trade transactions between the Porsche SE group and the Porsche and Piëch families and their affiliates. 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 2011 reporting period, this concerns members
of the supervisory board and the executive board of Porsche SE as well as their close family members.
The disclosure requirements pursuant to IAS 24 also include persons and entities over which the
Porsche SE group can exert a significant influence or joint control.
Porsche SE exercises a significant influence on the Volkswagen group (associate) and jointly controls
the Porsche Zwischenholding GmbH group (joint venture). Relations to all subsidiaries of these two former
subgroups are presented. Supplies and services rendered include dividends and profit distributions totaling
€485 million received from these groups (prior year: €282 million).
There are relations to the Porsche Zwischenholding GmbH group in the form of receivables and
liabilities subject to market interest rates (please refer to notes [12] and [19]). Financial services were rendered
to entities in that group, giving rise to finance revenue totaling €183 million (prior year: €78 million) and cost of
purchased services of €175 million (prior year: €73 million). In addition, financial and other guarantees with a
total volume of €2,152 million (prior year: €3,428 million) were issued to entities of that group. The probability
of claims being made on the guarantees is considered very low and Volkswagen AG has signed a hold harmless
agreement for a share of 49.9% (for further details, please refer to note [21]).
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