Porsche 2012 Annual Report Download - page 126
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Tax risk
The contribution of the holding business operations
of Porsche SE to Volkswagen AG is generally asso-
ciated with tax risks. To safeguard the transaction
from a tax point of view, and thus avoid subsequent
taxes for the spin-offs performed in the past, rulings
were obtained from the competent tax authorities.
Porsche SE implemented the necessary measures
to execute the contribution transaction in accord-
ance with the rulings received and is monitoring
compliance with them.
Porsche SE’s executive board therefore consid-
ers the tax risk from these transactions to be ex-
tremely low.
Opportunities and risks
of cooperation projects
Cooperation projects include opportunities and
risks, particularly in the areas of development and
production.
Following the implementation of the integrated
automotive group, the opportunities and risks of
cooperation projects only affect Porsche SE indi-
rectly through the investment in Volkswagen AG.
Porsche AG and Volkswagen AG will be able to
leverage synergies in their operating business at an
earlier stage and cooperate more easily following
execution of the transaction. Porsche SE, as the
largest shareholder in Volkswagen AG, will signifi-
cantly benefit from this.
2The company
Group management report
2122