Porsche 2012 Annual Report Download - page 164
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Financials
Notes to the consolidated fi nancial statements
Due to the contribution and the resulting deconsolidation of subsidiaries, financial liabilities
of €300 million and other liabilities of €489 million had to be recognized in the consolidated
financial statements of Porsche SE that were previously eliminated in the course of consolida-
tion measures, reducing the income from the contribution of the holding business operations
accordingly.
As the contribution was made to Volkswagen AG, which is an associate of Porsche SE, an
intercompany profit of €1,629 million had to be eliminated. This led to a corresponding decrease
in the carrying amount of the investment in Volkswagen AG which is accounted for at equity. The
contribution thus directly resulted in income of €3,430 million, which was recognized in other
operating income.
Due to the resolution to make the contribution, the investment in Porsche Holding Stuttgart
GmbH ceased to be accounted for at equity in the Porsche SE consolidated financial statements
in July 2012. As a result of the disposal of this investment, expenses and income from the recog-
nition of the investment in Porsche Holding Stuttgart GmbH at equity in the amount of €184 million,
which had previously been recognized under other comprehensive income, had to be derecog-
nized and recognized as an expense in the result from associates.
The contribution also had effects at the level of Volkswagen AG that, taking into account ad-
justments to the group's uniform accounting policies, increased the result from Porsche SE's
investments accounted for at equity by €1,526 million.
Other expenses in connection with the contribution came to €22 million.
€ million
Carrying
amount
Assets
Investment in Porsche Holding Stuttgart GmbH 2,097
Other receivables due from joint ventures 4,016
Dividend receivables 1,354
Other receivables from derivative financial instruments 32
Cash and cash equivalents 9
7,508
Equity and liabilities
Non-controlling interests – hybrid capital investors 297
Financial liabilities due to joint ventures 3,880
Other liabilities from derivative financial instruments 4,682
Other liabilities 2
8,861
3160