Porsche 2012 Annual Report Download - page 166

Financials
Notes to the consolidated fi nancial statements
Investments in associates
Volkswagen AG is included in the consolidated financial statements of Porsche SE as an
associate. As of 31 December 2012, the market value of the investment in Volkswagen AG
amounted to €24,375 million (31 December 2011: €15,524 million).
The Volkswagen group reported the following figures for the fiscal year 2012:
The figures presented above have not been adjusted for the purpose of accounting for the
investment at equity at the level of Porsche SE.
Interests in joint ventures
Prior to the resolution to contribute holding business operations of Porsche SE to
Volkswagen AG, Porsche Holding Stuttgart GmbH was included as a joint venture accounted
for at equity in the consolidated financial statements of Porsche SE.
Based on the proportionate interest in the joint ventures, the figures summarized below are
attributable to the Porsche SE group. The disclosures on income and expenses in the fiscal year
2012 relate to the period from the start of the fiscal year until the end of accounting at equity.
The figures presented above have not been adjusted for the purpose of accounting for the
investment at equity at the level of Porsche SE.
€ million 2012 2011
Non-current assets 196,582 147,986
Current assets 113,061 105,640
Non-current liabilities 122,306 89,216
Current liabilities 105,513 101,057
Revenue 192,676 159,337
Profit 21,717 15,409
€ million 2012 2011
Non-current assets - 11,511
Current assets - 3,399
Non-current liabilities - 10,953
Current liabilities - 5,211
Income 7,569 12,800
Expenses 6,809 11,630
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