Porsche 2005 Annual Report Download - page 115

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113
Consolidated Group
The consolidated financial statements of Porsche AG include all entities in which Porsche AG has the
power to govern the financial and operating policies, either directly or indirectly (control concept).
First-time inclusion is as of the date on which the acquirer obtains the possibility of control. An entity is
no longer included when control of the entity is lost.
The group of fully consolidated entities includes Porsche AG and 20 German (previous year: 22)
and 53 international (previous year: 57) subsidiaries, including a special purpose securities fund and
variable interest entity.
CTS Fahrzeug-Dachsysteme GmbH, Bietigheim-Bissingen, CTS Technik und Design GmbH Bietigheim-
Bissingen, CTS CarTopSystems Belgium N.V., Antwerp, Belgium, CTS CarTopSystems N.A. Inc.,
Rochester Hills/Michigan, USA and CTS CarTopSystems N.A., Bowling Green LLC, Bowling Green/Kentucky,
USA, were sold effective February 1, 2006 and have thus been removed from the consolidation group.
The special purpose securities fund SUV Funding Limited, Island of Jersey, United Kingdom was closed
effective July 26, 2006.
The equity method is used for investments on which Porsche AG can exercise significant influence. This
assumed to be the case when between 20 and 50 percent of the voting rights are held. The first-time
inclusion using the equity method is as of the date on which the acquirer can exercise a significant influence
and ends when significant influence is lost.
Volkswagen AG has been included for the first time as an associate in the consolidated financial statements
as of January 28, 2006. Based on its shareholding, the following assets, liabilities, revenues and profits of
the Volkswagen group are allocated to Porsche AG as of July 31, 2006:
The 200-day average market price of Volkswagen AG is around 3,152 million Euro for the shares held
by Porsche AG.
The complete list of equity investments of Porsche AG and the Porsche Group is filed with the commercial
register of Stuttgart district court (HRB 5211).
in T€
Non-current assets 11,047,770
Current assets 9,701,676
Non-current liabilities 8,126,237
Current liabilities 8,830,796
Revenues 7,993,436
Income 182,852