Porsche 2010 Annual Report Download - page 143

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In the comparative period the discontinued operations contributed to the cash inflows and outflows
in the statement of cash flows as follows:
€ million 2009/10
Cash flow from operating activities 4,607
Cash flow from investing activities (including cash funds disposed of) – 25,863
Cash flow from financing activities – 17
Investments in associates
Volkswagen AG has been included in the consolidated financial statements as an associate
based on consolidated figures since the date of deconsolidation on 3 December 2009. As of
31 December 2010, the market value of the investment in Volkswagen AG amounted to €15,861
million (31 July 2010: €10,891 million).
Due to extensive accounting activities for preparing the half-yearly financial report for 2010
for the Volkswagen group, the data for the month of July 2010 could not be made available in the
quality necessary for external reporting. That is why, applying the rules set forth in IAS 27.22 et
seq. (rev. 2008) and IAS 28.24 (rev. 2008), in the comparative period the Volkswagen group was
included in the consolidated financial statements of Porsche SE as of a reporting date that differs
by one month from that of the Porsche SE group. As a result of the change in Porsche SE’s fiscal
year in SFY 2010, the Volkswagen group is now no longer included with a delay of one month.
Accordingly, the Volkswagen group has been included in the profit from investments accounted for
at equity with the figures for a period of six months (1 July 2010 to 31 December 2010) in
SFY 2010.
The Porsche SE group also had a significant influence over MAN SE, Munich, in the com-
parative period until the date of deconsolidation of Volkswagen AG. The contributions to profit or
loss from the MAN group (MAN SE and its subsidiaries) were included in the profit or loss from
discontinued operations in the comparative period.