Porsche 2009 Annual Report Download - page 135

135
The consolidated financial statements and group management report prepared as of
31 July 2010 can be downloaded from the electronic German business register at
www.unternehmensregister.de.
Applying the exemption pursuant to Sec. 264 (3) HGB, the separate financial statements of
Porsche Erste Vermögensverwaltung GmbH and those of Porsche Zweite Vermögensverwaltung
GmbH are not published.
Changes in the consolidated group in the reporting period – Volkswagen group
The common goal of the basic agreement on the creation of an integrated automotive
group between Porsche and Volkswagen, which sets out the steps towards creating an integrated
automotive group, is a merger of Porsche SE with Volkswagen AG, Wolfsburg, in the course of
2011 provided the legal prerequisites are met at that time.
The basic agreement provides, among other things, for an amendment of the articles of
association of Volkswagen AG which prescribes that the State of Lower Saxony has a right to ap-
point two members of the supervisory board of Volkswagen AG, provided that it holds at least 15%
of the ordinary shares in Volkswagen AG. At the extraordinary general meeting of Volkswagen AG on
3 December 2009, the shareholders of Volkswagen AG approved the incorporation of this delega-
tion right in the articles of association of the Volkswagen group.
The resolution to include in Volkswagen AG’s articles of association the right of the State of
Lower Saxony to appoint two members of the supervisory board of Volkswagen AG prevents Por-
sche SE from continuing to fully consolidate the Volkswagen group (Volkswagen AG, Wolfsburg, and
its subsidiaries) in the consolidated financial statements of Porsche SE because there is a loss of
control according to IFRSs. As a result, the Volkswagen group was deconsolidated effective
3 December 2009, despite the fact that Porsche SE still holds 50.74% of the voting rights in
Volkswagen AG. Since this point in time, the investment in Volkswagen AG is accounted for at equity
in the consolidated financial statements of Porsche SE.
When the reporting date of a subsidiary or associate is different from that of the parent
company, IAS 27.22 et seq. (rev. 2008) or IAS 28.24 et seq. (rev. 2008), respectively, allow the
use of financial statements of the subsidiary as of a different reporting date in the preparation of
consolidated financial statements if it is not practicable for the subsidiary or associate to prepare
separate interim financial statements as of the reporting date of the parent company. Applying this
exception, the Volkswagen group has been included in the consolidated financial statements of
Porsche SE as follows in the reporting year:
· For the period during which it is fully consolidated, the Volkswagen group has been included using
figures for the period from 1 July 2009 to 3 December 2009.
· For the period during which it is accounted for at equity, the Volkswagen group has been included
using figures for the period from 4 December 2009 to 30 June 2010.
Due to extensive accounting activities for preparing the half-yearly financial report for 2010
for the Volkswagen group, the data for the month of July 2010 could not be made available in the
quality necessary for external reporting.