Porsche 2010 Annual Report Download - page 136

Financials
134
Basis of presentation
Porsche Automobil Holding SE (“Porsche SE”) is a European Company (Societas Europaea)
and is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. It is registered at the Stutt-
gart local court under HRB 724512. The business objective of Porsche SE is the management of
companies and the administration of investments in companies, in particular companies active in
the following business fields: the development, design, manufacture and distribution of vehicles and
engines of all kinds and other technical products as well as of parts and components thereof. The
company may engage in all kinds of business and take all measures that are related to the business
purpose or that it deems directly or indirectly useful for achieving that purpose. This also includes
financial services.
The consolidated financial statements of Porsche SE as of 31 December 2010 were pre-
pared in accordance with International Financial Reporting Standards (IFRSs) as endorsed by the
European Union. The standards published by the International Accounting Standards Board (IASB),
London, that are applicable as of the reporting date as well as the interpretations issued by the
IFRS Interpretations Committee (IFRS IC) that are valid for the fiscal year have been taken into ac-
count. The requirements of the standards and interpretations applied were satisfied in full. The
financial statements thus give a true and fair view of the net assets, financial position and results of
operations and cash flows of the Porsche SE group (Porsche SE and its subsidiaries).
These consolidated financial statements comply with the requirements of Sec. 315a HGB
[“Handelsgesetzbuch”: German Commercial Code]. This clause represents the legal basis for group
accounting according to international financial reporting standards in Germany in conjunction with
Regulation (EC) No 1606/2002 of the European Parliament and of the Council of 19 July 2002 on
the adoption of international financial reporting standards.
The Porsche SE group’s fiscal year used to cover the period from 1 August of a year until
31 July of the following year. With regard to the creation of an integrated automotive group with the
Volkswagen group (Volkswagen AG, Wolfsburg, and its subsidiaries), the annual general meeting of
Porsche SE adopted a resolution on 29 January 2010 to change the fiscal year of the company to
run concurrently with the calendar year effective 1 January 2011. A short fiscal year (“SFY”) has
been created for the period from 1 August 2010 to 31 December 2010.
The reporting period presented in these consolidated financial statements is SFY 2010 cov-
ering a period of five months, while the fiscal year 2009/10 presented as comparative period com-
prises a period of twelve months. As a result, the figures presented for the reporting period and the
comparative period are not fully comparable.
The group’s presentation currency is the euro. Unless otherwise stated, all figures in the
notes are presented in millions of euro (€ million).
Notes to the consolidated financial statements of the Porsche SE group as of
31 December 2010