Porsche 2007 Annual Report Download - page 131

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To our shareholders
The Company
The new Panamera
Financials
 Basis of presentation
Porsche Automobil Holding SE (“Porsche SE”) is a European public limited liability company head-
quartered at Porscheplatz 1 in 70435 Stuttgart, Germany. The business objective of Porsche SE
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 Group also provides financial services consisting of financing and
leasing business for customers and dealerships.
The financial statements of the Porsche SE as of 31 July 2008 were prepared in accordance
with International Financial Reporting Standards (IFRS) as endorsed by the European Union. The
standards published by the International Accounting Standards Board (IASB), London, that are
applicable as of the balance sheet date as well as the interpretations 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 and interpretations 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
Sec. 315a HGB [“Handelsgesetzbuch”: German Commercial Code]. It forms the legal basis for
group accounting according to international accounting standards in Germany in conjunction with
EC Directive No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on
the adoption of international accounting standards.
Porsche’s fiscal year is the period from 1 August of a year until 31 July of the following year.
The group currency is the euro. Unless stated otherwise, all figures in the notes are presented
in thousands of euro (EUR k or EUR000).
The income statement has been prepared using the nature of expense method.
The consolidated financial statements and group management report of Porsche SE were released
to the Supervisory Board by the Executive Board by resolution dated 20 October 2008.
 Consolidated group
The consolidated financial statements of Porsche SE include all entities in which Porsche SE has
the power to control the financial and operating policy, either directly or indirectly, so as to obtain
benefits from its activities (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 SE and 23 German (prior year: 21) and
62 international (prior year: 54) subsidiaries, including a special purpose securities fund.
Notes to the consolidated financial statements of the Porsche Group
as of 31 July 2008