Consolidated subsidiaries

Part of the PGA Group SAS, Paris, France, was sold by POFIN Financial Services Verwaltungs GmbH, Freilassing, to the Emil Frey Group on June 1, 2017. The sale is in connection with the strategic development of Porsche Holding Salzburg’s dealer network and the corresponding focus on dealerships exclusively selling Volkswagen Group brand vehicles.

The transaction encompasses dealerships in Poland, the Netherlands, Belgium and in some cases also in France. This had a positive effect of €0.8 billion on net liquidity and, taking into account the disposal of the assets and liabilities, resulted in an insignificant income amount for the Volkswagen Group, which is reported in other operating income.

Overall, the transaction led to the disposal of assets in the amount of €2.5 billion and liabilities in the amount of €2.1 billion. The assets mainly consist of noncurrent leased assets (€0.6 billion) and inventories (€1.0 billion). The liabilities principally comprise noncurrent and current other liabilities (€0.9 billion) and trade payables (€0.7 billion).

The other changes in the consolidated Group are shown in the following table:

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Number

 

Germany

 

Abroad

 

 

 

 

 

Initially consolidated

 

 

 

 

Subsidiaries previously carried at cost

 

10

 

10

Newly acquired subsidiaries

 

1

 

1

Newly formed subsidiaries

 

1

 

15

 

 

12

 

26

Deconsolidated

 

 

 

 

Mergers

 

1

 

6

Liquidations

 

4

 

11

Sales/other

 

0

 

211

 

 

5

 

228

The initial inclusion of these subsidiaries, either individually or collectively, did not have a significant effect on the presentation of the net assets, financial position and results of operations. The unconsolidated structured entities are immaterial from a Group perspective. In particular, they do not give rise to any significant risks to the Group.