Porsche 2005 Annual Report Download - page 114

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Principles
Basis of Presentation
Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche AG”) is headquartered at Porscheplatz 1 in
70435 Stuttgart, Germany. The business objective of Porsche AG and its subsidiaries (“Porsche Group”)
is the production and sale of vehicles and engines of all kinds as well as of parts and components for
such and other technical products. The business objective also includes the performance of development
and design work, in particular in the field of vehicle and engine construction, consulting in the field of
development and production as well as all other activities that are technically or economically related,
including the exploitation of intellectual property rights.
The consolidated financial statements of Porsche AG as of July 31, 2006 were prepared in accordance with
International Financial Reporting Standards (IFRS). The standards published by the International Accounting
Standards Board (IASB), London, that are applicable as of the balance sheet date as well as the interpreta-
tions issued by the International Financial Reporting Interpretations Committee (IFRIC) that are valid for the
fiscal year have been taken into account. The requirements of the standards applied were satisfied in full.
The financial statements thus give a true and fair view of the net assets, financial position and results of
operations of the Porsche Group.
This version of the consolidated financial statements complies with the requirements of § 315a German
Commercial Code (HGB). It forms the legal basis for group accounting according to international account-
ing standards in Germany in conjunction with the Regulation (EC) No 1606/2002 of the European Parlia-
ment and of the Council of July 19, 2002 on the adoption of international accounting standards and applies
for fiscal years beginning after January 1, 2005.
The financial statements of the subsidiaries are prepared as of the balance sheet date of the consolidated
financial statements, which is the balance sheet date of Porsche AG. For associates, the most recently
audited financial statements and the published interim report as of June 30 are used as a basis.
In the interest of clarity, individual items have been combined in the balance sheet and in the income
statement and disclosed separately and explained in the notes.
Porsche’s fiscal year comprises the period from August 1 of a year until July 31 of the following year.
The consolidated financial statements have been prepared in Euro. Unless stated otherwise, all figures in
the notes are presented in thousands of Euro (T€). The income statement has been prepared using the
total expenditure format.
The consolidated financial statements and Group management report prepared as of July 31, 2006 and
the full list of equity investments have been filed with the commercial register of Stuttgart district court
(HRB 5211).
With reference to § 264 Paragraph 3 HGB and § 264b HGB, the financial statements of the following
German 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 Handelsgesell-
schaft mbH & Co. KG und Porsche Engineering Group GmbH.
The consolidated financial statements and Group management report of Porsche AG were released to
the Supervisory Board by the Executive Board by resolution dated October 13, 2006.