Porsche 2009 Annual Report Download - page 3

2009/10
Holding company managing investments
Since December 2009, Porsche Automobil
Holding SE (Porsche SE) has been acting as a holding
company for its investments in the Porsche
Zwischenholding GmbH group and in the Volkswagen
group. Effective 3 December 2009, the Volkswagen
group was deconsolidated, effective 7 December
2009 the Porsche Zwischenholding GmbH group.
Since then, Porsche SE has accounted for Volks-
wagen AG as an associate and Porsche Zwischenhold-
ing GmbH as a joint venture of Porsche SE and
Volkswagen AG at equity. Porsche SE’s profit/loss will
in future be highly dependent on the results of opera-
tions and the profit/loss accounted for at equity of
Porsche Zwischenholding GmbH and Volkswagen AG
attributable to the Porsche SE group. Porsche SE re-
cords investment income in the form of dividends in
its separate financial statements prepared in accor-
dance with the German Commercial Code.
Since March of this year, Porsche SE has
held a 32.2 percent share in the total capital of
Volkswagen AG. At this point in time, Volkswagen AG
increased its capital stock by a nominal amount of
around 166.2 million euro by issuing around 65 mil-
lion new preference shares. Porsche SE did not par-
ticipate in this capital increase. This diluted Porsche
SE's share of Volkswagen AG's total capital from 37.4
percent to 32.2 percent. Porsche SE’s approximately
50.7 percent share in Volkswagen AG's ordinary
shares remained unchanged. Porsche SE holds a
50.1 percent share in the total capital of Porsche
Zwischenholding GmbH.
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