Porsche 2012 Annual Report Download - page 161

(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. In addition, all applicable require-
ments of German commercial law were observed in the preparation. The financial statements
give a true and fair view of the net assets, financial position and results of operations and cash
flows of the Porsche SE group.
These consolidated financial statements comply with the requirements of Sec. 315a HGB
[“Handelsgesetzbuch”: German Commercial Code]. This regulation represents the legal basis for
group accounting according to International Financial Reporting Standards in Germany in con-
junction with Regulation (EC) No 1606/2002 of the European Parliament and of the Council of
19 July 2002 on the adoption of international accounting.
The fiscal year of the Porsche SE group covers the period from 1 January to 31 December
of a year.
The group’s presentation currency is the euro. Unless otherwise stated, all figures are pre-
sented in millions of euro (€ million).
The income statement has been prepared using the nature of expense method.
After the contribution of Porsche SE's holding business operations to Volkswagen AG,
Wolfsburg, ("Volkswagen AG" or "VW"), as of the balance sheet date, the business activities of
the Porsche SE group are essentially limited to holding and managing the investment in
Volkswagen AG (see explanations in the section “Consolidated group”). The prerequisites for the
application of segment reporting pursuant to IFRS 8 were therefore not satisfied.
The consolidated financial statements and group management report of Porsche SE were
authorized for issue to the supervisory board by the executive board by resolution dated
8 March 2013.
Consolidated group
The consolidated financial statements of Porsche SE essentially include by means of full
consolidation all companies in which Porsche SE has the power to govern the financial and
operating policy, either directly or indirectly, so as to obtain benefits from its activities (control
concept). Initial consolidation by way of full consolidation is performed as of the date on which
the acquirer obtains the possibility of control. A company is no longer consolidated upon loss of
control. Subsidiaries that are immaterial on a stand-alone basis and in total for a true and fair
presentation of the net assets, financial position and results of operations may, as an alternative,
also be accounted for at cost in the consolidated financial statements.
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