Porsche 2009 Annual Report Download - page 133

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The consolidated financial statements for 2009/10 are significantly affected by the decon-
solidation of discontinued operations. Please refer to the explanations given in the section “Consoli-
dated group”. While the consolidated balance sheet of the comparative period remains unchanged
under the provisions of IFRS 5, expenses and income from discontinued operations must be netted
and reported as a separate line within the income statement for both the reporting period and the
comparative period. To improve comparability with the comparative period, the explanations of the
assets and liabilities and the income statement of the Porsche SE group have been defined as
follows:
· Explanations of assets and liabilities were supplemented by the caption “thereof from continuing
operations” to allow comparison with 31 July 2010.
· The items of the income statement were broken down into continuing operations and discontinued
operations for both the reporting period and the comparative period. A presentation was also
made of amounts reclassified to the item “Profit/loss after tax (discontinued operations)” pursu-
ant to IFRS 5.
· Other explanations on items of the income statement relate exclusively to continuing operations
for both the reporting period and the comparative period.
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 1 October 2010.
Consolidated group
The consolidated financial statements of Porsche SE include all companies in which Por-
sche SE has the power to govern the financial and operating policy, either directly or indirectly, so
as to obtain benefits from its activities (control concept). Initial consolidation is performed as of the
date on which the acquirer obtains the possibility of control. A company is no longer consolidated
upon cessation of control. Subsidiaries that are immaterial on a stand-alone basis and in total for a
true and fair presentation of the net assets, financial position and results of operations are ac-
counted for at cost in the consolidated financial statements.
Companies where Porsche SE is able, directly or indirectly, to significantly influence finan-
cial and operating policy decisions (associates), or shares joint control together with another party
(joint ventures), are accounted for at equity.
Joint ventures also include companies in which the Porsche SE group holds the majority of
voting rights, but whose articles of association or partnership agreements stipulate that important
decisions may only be made unanimously.
Bertrandt AG, Ehningen, was not accounted for at equity as no significant influence could
be exercised on this company because the Porsche SE group is not represented on its executive
board or supervisory board.