Porsche 2012 Annual Report Download - page 53

income and expenses previously recognized di-
rectly in equity. The profit or loss from investments
accounted for at equity for the Volkswagen group
also includes the effect at the level of the
Volkswagen group from the valuation of the put
and call options relating to the remaining shares
held by Porsche SE in Porsche Holding Stuttgart
GmbH until 31 July 2012 totaling minus 66 million
euro (prior year: 1,407 million euro). The contribu-
tions to profit of both investments also include
effects from the subsequent measurement of the
purchase price allocations performed at the time of
inclusion of Porsche Holding Stuttgart GmbH as a
joint venture and Volkswagen AG as an associate,
i.e., the subsequent measurement of hidden re-
serves and liabilities identified in the process. These
have negatively influenced the profit/loss from in-
vestments accounted for at equity – and therefore
the Porsche SE group’s profit after tax – by a total
of some 361 million euro (prior year: 165 million
euro).
In the reporting period, the financial result,
which essentially contains income and expenses
from loans, came to minus 30 million euro (prior
year: minus 185 million euro). The marked improve-
ment in the financial result is mainly attributable to
the repayment in full of the liabilities to banks in
August 2012. In addition, as the accounting for the
investment in Porsche Holding Stuttgart GmbH at
equity, which ceased in July 2012, the financial
result contains the dividend of 13 million euro re-
ceived from Porsche Holding Stuttgart GmbH in
July 2012.
In the fiscal year 2012, the Porsche SE group
achieved a profit before tax of 7,861 million euro
(prior year: 28 million euro). Taking into considera-
tion income tax expense of 32 million euro (prior
year: income of 31 million euro), the profit after tax
of the Porsche SE group comes to 7,829 million
euro (prior year: 59 million euro).
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