Porsche 2011 Annual Report Download - page 60

Porsche Automobil Holding SE
(separate financial statements pursuant
to the German Commercial Code)
These separate financial statements of Por-
sche SE for the fiscal year 2011 cover the reporting
period from 1 January to 31 December 2011. Due to
the conversion of the fiscal year to the calendar year
effective as of 1 January 2011, the short fiscal year
2010, covering a period of five months from 1 August
to 31 December 2010, is presented as comparative
period. Due to the different number of months
covered by the two fiscal years, the financial position
and results of operations of the fiscal year 2011 in
particular are not fully comparable to the financial
position and results of operations of the SFY 2010.
Net profit for the period
Porsche SE’s net profit for the fiscal year
2011 is determined mainly by the income from in-
vestments, the interest result and expenses for the
capital increase performed in April 2011. Porsche SE
also received dividends of 155 million euro from
Porsche Zwischenholding GmbH and 330 million euro
from Volkswagen AG in the fiscal year 2011. In the
comparative period, dividend income from Porsche
Zwischenholding GmbH of 282 million euro and in-
come of 71 million euro from the profit transfer by
Porsche Zweite Vermögensverwaltung GmbH was
presented.
The interest result for fiscal year 2011 es-
sentially consists of income and expenses from loans.
Interest expenses (409 million euro) increased dis-
proportionately in the 12-month fiscal year 2011
compared to the five-month SFY 2010 (244 million
euro). Porsche SE benefited in particular from the
reduction of liabilities to banks in the reporting period
as well as from more favorable conditions agreed
upon as part of the refinancing performed in October
2011. Interest income increased from 131 million
euro in SFY 2010 to 190 million euro. The interest
result for the comparative period includes income
from the reversal of provisions of 51 million euro for
interest on suspended payments and tax payments in
arrears that had been recognized in connection with
the tax treatment of stock option transactions.
Other operating expenses for the fiscal year
2011 contain expenses in connection with the capital
increase in April 2011 of 85 million euro. The ac-
counting profit for the comparative period includes
effects from stock options totaling 21 million euro. An
amount of 23 million euro thereof is attributable to
other operating income and 2 million euro to other
operating expenses. Income from ordinary activities
fell from 217 million euro in the comparative period to
136 million euro in the fiscal year 2011.
The extraordinary expenses of 2 million euro
in SFY 2010 are a result of the first-time adoption of
all requirements of the German Accounting Law Mod-
ernization Act (BilMoG) in the separate financial
statements pursuant to the German Commercial Code
(HGB).
The taxes totaling 10 million euro contain in-
come from the reversal of income tax provisions of
41 million euro and expenses from the addition to the
provision for other taxes of 30 million euro. In SFY
2010, the taxes totaling 664 million euro included
income of 666 million euro arising from the reversal
of provisions set up in prior years relating to the tax
treatment of stock option transactions.
The net profit comes to 146 million euro
(SFY 2010: 879 million euro).
GROUP MANAGEMENT REPORT60