Porsche 2012 Annual Report Download - page 192
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Financials
Notes to the consolidated fi nancial statements
[4] Profit/loss from investments accounted for at equity
The profit or loss from investments accounted for at equity breaks down as follows:
The profit/loss from investments accounted for at equity consists of the profit/loss contribu-
tion from the investment in Volkswagen AG of €4,208 million (prior year: €4,265 million) and in
Porsche Holding Stuttgart GmbH, until the end of accounting at equity in July 2012, of €124
million (prior year: €395 million).
The profit/loss from ongoing equity accounting before purchase price allocation was mainly
influenced as follows in the fiscal year 2012 through the contribution of the holding business
operations: on the one hand, the contribution resulted in income at the level of Volkswagen AG
totaling €1,526 million; on the other hand, expenses of €184 million resulted from the derecog-
nition of income and expenses from the investment in Porsche Holding Stuttgart GmbH previ-
ously recorded in accumulated other comprehensive income. Reference is made to the section
"Consolidated group".
[5] Finance costs
The interest from using the effective interest method relates to the total interest expenses
from financing activities determined using the effective interest method. The finance costs con-
tain interest expenses of €156 million (prior year: €367 million) from financial instruments that are
not measured at fair value through profit or loss.
€ million 2012 2011
Profit/loss from ongoing equity accounting before purchase price allocation 4,693 4,827
Effects from purchase price allocation – 361 – 165
Profit/loss from ongoing equity accounting 4,332 4,662
Effects from dilution of share in capital 0 – 2
4,332 4,660
€ million 2012 2011
Interest expenses from loans issued by joint ventures 102 175
Loan interest from banks 27 135
Interest expenses from loans issued by associates 9 0
Interest from using the effective interest rate method 9 36
Interest on deferred payments 2 6
Other interest and similar expenses 10 22
159 374
3188