Porsche 2004 Annual Report Download - page 111

Download and view the complete annual report

Please find page 111 of the 2004 Porsche annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 168

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168

107
With reference to § 264 (3) HGB and § 264b HGB, the financial statements of the following
subsidiaries are not published: Porsche Deutschland GmbH, Porsche Niederlassung Stuttgart GmbH,
Porsche Engineering Services GmbH, Porsche Financial Services GmbH, Porsche Financial
Services GmbH & Co. KG, PIKS Porsche-Information-Kommunikation-Services GmbH, Porsche
Consulting GmbH, Porsche Leipzig GmbH, Porsche Leipzig Service GmbH, Karosseriewerk
Porsche GmbH & Co. KG, Porsche Zentrum Hoppegarten GmbH, Porsche Classic GmbH,
Porsche Lizenz- und Handelsgesellschaft mbH & Co. KG and Porsche Engineering Group GmbH.
The consolidated financial statements and group management report of Porsche AG were re-
leased to the Supervisory Board by the Executive Board by resolution dated October 27, 2005.
First-Time Adoption of IFRS
Effective August 1, 2003, Porsche adopted IFRS as its basis for group accounting for the first
time. IFRS 1 was observed for the first-time adoption of the standards issued by the IASB.
Accounting conveniences of IFRS 1 for retrospective application were used for the provisions
concerning business combinations (IFRS 3), employee benefits (IAS 19) and effects of changes
in foreign exchange rates (IAS 21).
The effects resulting from the transition to IFRS on the balance sheet, income statement and the
cash flow statement are presented. The most recent consolidated financial statements prepared
in accordance with HGB as of July 31, 2004 serve as a basis for the comparison with the conso-
lidated financial statements in accordance with IFRS as of that date.