Porsche 2010 Annual Report Download - page 137
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135
The income statement has been prepared using the nature of expense method.
The consolidated financial statements for the comparative period were significantly af-
fected by the deconsolidation of discontinued operations. Please refer to the explanations given in
the section “Consolidated group”.
Since the deconsolidation of the Porsche Zwischenholding GmbH group (Porsche
Zwischenholding GmbH, Stuttgart, and its subsidiaries) and the Volkswagen group, the business
activities of the Porsche SE group (Porsche SE and its subsidiaries) are limited to holding and man-
aging investments in Porsche Zwischenholding GmbH and Volkswagen AG. As separate assets the
investments do not meet the definition of operating segments, and segment reporting in accor-
dance with IFRS 8 is therefore not necessary.
The consolidated financial statements and group management report of Porsche SE were re-
leased to the supervisory board by the executive board by resolution dated 28 February 2011.
Consolidated group
The consolidated financial statements of Porsche SE include all companies in which Por-
sche SE has the power to govern the financial and operating policy, either directly or indirectly, so
as to obtain benefits from its activities (control concept). Initial consolidation is performed as of the
date on which the acquirer obtains the possibility of control. A company is no longer consolidated
upon cessation of control. Subsidiaries that are immaterial on a stand-alone basis and in total for a
true and fair presentation of the net assets, financial position and results of operations are ac-
counted for at cost in the consolidated financial statements.
Companies where Porsche SE is able, directly or indirectly, to significantly influence finan-
cial and operating policy decisions (associates), or where Porsche SE shares joint control together
with another party (joint ventures), are accounted for at equity.
Joint ventures and associates also include companies in which the Porsche SE group holds
the majority of voting rights, but whose articles of association or partnership agreements stipulate
that important decisions may not be made without the approval of the other entity or where Porsche
SE does not have control as defined by IFRSs for other reasons.