Porsche 2011 Annual Report Download - page 156
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Goodwill and adjustments to recognize assets and liabilities arising from business combinations at
their fair value are expressed in the functional currency of the subsidiary.
Financial statements prepared in a foreign currency are translated to the euro in accordance with
IAS 21. The functional currency of the company included in consolidation is the currency of the primary
economic environment in which it operates.
Assets, liabilities and contingent liabilities are translated at the closing rate as of the reporting date,
while equity is translated at historical rates with the exception of income and expenses recognized directly in
equity. The income statement is translated using average exchange rates. Exchange rate differences resulting
from the translation of financial statements are recognized as a separate component directly in equity until the
disposal of the subsidiary. Upon disposal the separate item is reclassified to profit or loss.
The foreign currency rates applied for translating transactions to the euro are presented in the following table.
1 Accounted for at equity
Balance sheet
Closing rate
Porsche SE group VW group1 Porsche SE group VW group1
and Porsche
Zwischenholding
GmbH group1
and Porsche
Zwischenholding
GmbH group1
1€= 31/12/2011 31/12/2011 31/12/2010 31/12/2010
Argentina ARS N/A 5.5744 N/A 5.3086
Australia AUD 1.2725 1.2723 1.3157 1.3136
Brazil BRL 2.4145 2.4159 2.2212 2.2177
Canada CAD 1.3217 1.3215 1.3355 1.3322
China CNY 8.1444 8.1588 8.8212 8.8220
Czech Republic CZK 25.7840 25.7870 25.0958 25.0610
India INR N/A 68.7130 N/A 59.7580
Japan JPY 100.1802 100.2000 108.8600 108.6500
Mexico MXN 18.0502 18.0512 16.5663 16.5475
Poland PLN N/A 4.4580 N/A 3.9750
Republic of Korea KRW 1,500.1100 1,498.6900 1,501.5100 1,499.0600
Russia RUB 41.7640 41.7650 40.9449 40.8200
South Africa ZAR 10.4887 10.4830 8.8753 8.8625
Sweden SEK 8.9118 8.9120 8.9776 8.9655
United Kingdom GBP 0.8353 0.8353 0.8623 0.8608
USA USD 1.2940 1.2939 1.3388 1.3362
156 FINANCIALS