Porsche 2010 Annual Report Download - page 140

Financials
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Changes in the consolidated group in the comparative period –
Porsche Zwischenholding GmbH group
The basic agreement also provides for the acquisition of an investment of Volkswagen AG
in Dr. Ing. h.c. F. Porsche Aktiengesellschaft (“Porsche AG”). In the course of restructuring, Porsche
Zwischenholding GmbH was established as a subsidiary of Porsche SE, which holds 100% of the
shares in (the new company) Porsche AG. Porsche’s operating business was transferred with legal
effect to (this new) Porsche AG.
On 7 December 2009, Volkswagen AG assumed a 49.9% shareholding in Porsche
Zwischenholding GmbH in the course of a capital increase. Due to the rulings established in the
implementing agreements and in the articles of association of Porsche Zwischenholding GmbH,
Porsche SE lost control of this company under IFRSs despite the fact that it holds the majority of
voting rights of 50.1%. From this point in time, Porsche Zwischenholding GmbH is a joint venture of
Porsche SE and Volkswagen AG. For this reason, the Porsche Zwischenholding GmbH group was
deconsolidated as of 7 December 2009. Since deconsolidation, the investment of Porsche SE in
Porsche Zwischenholding GmbH has also been accounted for at equity.
Effects of changes in the consolidated group in the comparative period
Both the Volkswagen group and the Porsche Zwischenholding GmbH group represent dis-
continued operations from the perspective of Porsche SE. In accordance with IFRS 5 the expenses
and income of the discontinued operations were reclassified in the income statement to a separate
line “Profit/loss after tax (discontinued operations)”.