Porsche 2009 Annual Report Download - page 140

140 Financials
As of the acquisition date, other current assets and current liabilities contained discontin-
ued operations with a carrying amount of €1,007 million and €766 million respectively. All effects
from the purchase price allocation included in other current assets and liabilities relate to discontin-
ued operations.
The goodwill of €10.4 billion determined at the level of Porsche SE comprised intangible
assets that are not separable such as employee know-how and synergy effects. Of this goodwill, an
amount of €9.9 billion was allocated to the Volkswagen subgroup. The remainder of €518 million
was allocated to the Porsche subgroup.
In the comparative period, from its initial consolidation the Volkswagen group contributed
an amount of €-1,703 million to consolidated profit/loss for the year. Had the Volkswagen group
already been included in the consolidated financial statements of Porsche SE as of 1 August 2008,
group revenue would have amounted to €113.8 billion in the comparative period and the consoli-
dated profit/loss after tax to around €-1.8 billion, without taking into account effects from the pur-
chase price allocation before initial consolidation. It was not possible to reliably determine the ef-
fects of the purchase price allocation before the initial consolidation.
In the course of the business combination with Volkswagen, the Porsche SE group acquired
an equity investment in Caminhões e Ônibus Indústria e Comércio de Veículos Comerciais Ltda.
Resende, Brazil, solely with a view to resale. The sale of the investment was finalized in March 2009.
The total disposal consideration of €1,323 million was entirely settled in cash. The assets disposed
of contained cash and cash equivalents of €11 million. Revenue from ordinary activities between the
date of initial consolidation of the Volkswagen group and the date of disposal amounted to €259
million and expenses (including taxes of €7 million) to €244 million. The income and expenses are
included in the line item “Profit/loss after tax from discontinued operations of discontinued opera-
tions” in the consolidated income statement of the discontinued operations. No gain or loss on sale
was recognized in the Porsche SE group as the assets and liabilities of the company had already
been recognized at fair values in the course of the purchase price allocation for the Volkswagen
group at acquisition date. The carrying amounts of the assets and liabilities which were sold in the
comparative period in connection with the disposal of the equity investment can be broken down by
main group as follows:
€ million
Carrying
amount
Non-current assets 1,375
Current assets 795
Provisions 241
Financial liabilities 185
Other liabilities 256