Porsche 2009 Annual Report Download - page 263

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Bietigheim-Bissingen, a subsidiary of Porsche Zwischenholding GmbH, while it still belonged to the
group.
The disclosure requirements pursuant to IAS 24 also include persons and entities over
which the Porsche SE group can exert a significant influence or joint control.
In the comparative period, before reaching the majority of voting rights in Volkswagen AG,
i.e. between 1 August 2008 and 5 January 2009, Porsche SE was able to exercise a significant
influence over the Volkswagen group. During that time, business relations existed with the Volks-
wagen group from deliveries relating to the vehicle and parts business and from consulting and
development services. The transactions were charged at arm's length conditions. In addition,
shares from the mandatory offer for shareholders of Audi AG worth €86 million were resold to
Volkswagen AG in the comparative period before the initial consolidation.
For the period since the business combination with Volkswagen AG in the comparative pe-
riod and until the date of deconsolidation in the reporting period, only trade relations to subsidiaries
that are not fully consolidated, joint ventures and associates of the Volkswagen group are presented.
In this period, the trade relations mainly pertained to the vehicle and parts business. In addition,
consulting and development services as well as financial services were provided. Without exception,
they were charged at arm's length conditions.
Since the date of the deconsolidation of the discontinued operations, Porsche SE exercises
a significant influence over the Volkswagen group (associated company) and joint control over the
Porsche Zwischenholding GmbH group (joint venture). Relations to all entities of these two former
subgroups are presented as of that date. Goods delivered and services rendered include dividends
and profit distributions totaling €327 million received from these groups (prior year: €0 million from
the group’s perspective).
There are relations to the Porsche Zwischenholding GmbH group in the form of receivables
and liabilities subject to market interest (please refer to notes [21] and [30]). Financial services of
€115 million (prior year: €0 million) were rendered to entities in that group, while services amount-
ing to €144 million (prior year: €0 million) were received from them.
As part of the basic agreement and the associated agreements implementing it, Porsche
SE additionally entered into agreements with Volkswagen AG and entities of the Porsche Zwischen-
holding GmbH group including the following:
· Porsche SE holds Volkswagen AG as well as Porsche Zwischenholding GmbH and Porsche AG
harmless from obligations resulting from certain litigation, tax liabilities (plus interest) and for cer-
tain major losses.
· In addition, Porsche SE has granted Volkswagen AG various guarantees regarding Porsche Zwi-
schenholding GmbH and Porsche AG. These relate, among other things, to the proper issue and
full payment of the shares in Porsche AG, to the ownership of shares in Porsche Zwischenholding
GmbH and Porsche AG as well as to the licenses, permits and industrial property rights required
for Porsche AG’s operations.