Porsche 2008 Annual Report Download - page 155
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153
Investments in associates
Before its initial consolidation, Volkswagen AG, Wolfsburg, was included in the consolidated
financial statements as an associate. As of 31 July 2008, the fair value of the investment in
Volkswagen AG amounted to €17,501 million.
Since the business combination with Volkswagen AG, the Porsche group also has a significant
influence over MAN AG, Munich. As of the balance sheet date, the investment amounts to 29.9%
of the voting rights and 28.7% of the subscribed capital of MAN AG. MAN AG has been included
on the basis of the figures for the period from 5 January 2009 to 30 June 2009. On 30 June 2009,
the fair value of the investment in MAN AG amounted to €1,838 million.
The following carrying amounts are attributable to the Porsche group from its interest in MAN AG
and Volkswagen AG (in fiscal year 2008/09, Volkswagen AG was considered in revenue and profit
for the period from 1 July 2008 until initial consolidation; the prior-year figures result from the
period between 1 July 2007 and 30 June 2008):
Interests in joint ventures
Since the initial consolidation of the Volkswagen group, the main joint ventures of the Porsche
group are the investments held in Shanghai-Volkswagen Automotive Company Ltd., Shanghai,
China (“SVW”), in FAW-Volkswagen Automotive Company Ltd., Changchun, China (“FAW”) and Global
Mobility Holding B.V., Amsterdam, Netherlands as the holding company of LeasePlan N.V., Am-
sterdam, Netherlands (“LeasePlan”). The joint ventures have been considered on the basis of the
figures for the period from 5 January to 30 June 2009.
The Chinese market is supplied with products of the Volkswagen subgroup through the investment
in SVW and FAW.
Through its investment in LeasePlan, the group secures influence on Europe's market leader in
fleet and vehicle management.
€ million 2008/09 2007/08
Non-current assets 2,083 17,534
Current assets 2,596 17,252
Non-current liabilities 1,302 13,594
Current liabilities 1,855 13,241
Revenue 19,025 24,833
Profit 458 1,007
Share of discontinued operations 36 0