Porsche 2011 Annual Report Download - page 182

[11] Development of investments accounted for at equity
The investments accounted for at equity comprise a carrying amount of the investment in Volkswagen
AG of €24,272 million (prior year: €20,709 million) and a carrying amount for the investment in Porsche
Zwischenholding GmbH of €3,736 million (prior year: €3,549 million).
Upon conclusion of a new syndicated loan agreement on 26 October 2011, the collateral provided for
the investment in Volkswagen AG and Porsche Zwischenholding GmbH was restructured. 70 million of the
ordinary shares held by Porsche SE in Volkswagen AG have been pledged as collateral for liabilities and other
obligations until they are settled or canceled in some other way. However, Porsche SE can still exercise its
voting rights and is also entitled to dividends from the ordinary shares subject to the creditors’ right to issue
instructions otherwise in restrictively defined, exceptional cases. Prior to the conclusion of the new syndicated
loan agreement, all of the ordinary and preference shares in Volkswagen AG held by Porsche SE had been
pledged as collateral on liabilities and other obligations of Porsche SE until settled or canceled in some other
way. All of the pledged ordinary and - with respect to the syndicated loan - preference shares could not and
cannot be sold without the prior written approval of a trustee of the collateral before the liabilities with first-rank
security had been partly repaid. However, Porsche SE even at that time was able to exercise its voting rights
and was also entitled to dividends from the ordinary and preference shares subject to the creditors’ right to
issue instructions otherwise in restrictively defined, exceptional cases. In addition, Porsche SE was entitled to
sell subscription rights associated with the shares.
The investment in Porsche Zwischenholding GmbH was assigned as collateral to a trustee. The trustee
held the investment in trust for Porsche SE and as collateral for the financing banks of Porsche SE. Porsche SE
remained the economic owner, exercised voting rights and received the profit distributions. In addition the
investment in Porsche Zwischenholding GmbH was pledged as collateral for financial liabilities. The right of lien
could not be exercised before Volkswagen AG had the opportunity to acquire the investment for €3.9 billion
arranged as consideration in connection with the put option. Upon conclusion of the new syndicated loan
agreement, the pledge of the investment in Porsche Zwischenholding GmbH was reversed and the trustee
structure was terminated effective as of 31 December 2011 and the investment was transferred back to
Porsche SE.
[12] Non-current and current other receivables and assets
Notes to the consolidated balance sheet
€ million 31/12/2011 31/12/2010
Derivative financial instruments 232 459
Other receivables and assets
from joint ventures 4,030 4,027
Sundry receivables and assets 12 14
4,274 4,500
thereof non-current 4,253 4,475
thereof current 21 25
182 FINANCIALS