Porsche 2012 Annual Report Download - page 55

Holding Stuttgart GmbH, whose carrying amount
had been 3,736 million euro as of 31 December
2011, was transferred to Volkswagen AG as part of
the contribution of the holding business operations
of Porsche SE effective as of 1 August 2012. Due
to the contribution of loan receivables due from
companies of the Porsche Holding Stuttgart GmbH
group and of the put option on the remaining
shares held by Porsche SE in Porsche Holding
Stuttgart GmbH until 31 July 2012, non-current
assets fell overall in comparison with 31 December
2011 from 32,261 million euro by 4,742 million euro
to 27,519 million euro as of 31 December 2012.
Non-current assets expressed as a percent-
age of total assets decreased from 97.9 percent
at the end of the comparative period to 88.2 per-
cent at the end of the fiscal year 2012.
Current assets of 3,692 million euro (31 De-
cember 2011: 704 million euro) essentially consist
of cash and cash equivalents of 2,862 million
euro, which increased considerably in comparison
with 31 December 2011 (469 million euro) due to
the consideration received from Volkswagen AG,
even following repayment of the liabilities to
banks, as well as of income tax assets of 816
million euro (31 December 2011: 214 million euro).
As a percentage of total assets, current assets
rose from 2.1 percent in the prior year to 11.8
percent as of 31 December 2012.
As a result of the profit after tax for the fiscal
year 2012, the equity of the Porsche SE group in-
creased considerably. This was partially offset by
the disposal of the hybrid capital, which had a car-
rying amount of 345 million euro as of 31 December
2011, as a result of the contribution of the holding
business operations. The equity of the Porsche SE
group totaled 30,150 million euro as of 31 Decem-
ber 2012 (31 December 2011: 21,645 million euro).
The equity ratio (as of 31 December 2011 taking
hybrid capital into account) increased from 65.7
percent in the prior year to 96.6 percent on 31 De-
cember 2012 in view of a decrease in total assets.
Current and non-current provisions increased
slightly from 195 million euro at the end of the fiscal
year 2011 to 215 million euro as of 31 December
2012.
Compared with 31 December 2011, current
and non-current financial liabilities decreased
markedly by 5,571 million euro from 5,871 million
euro to 300 million euro as of 31 December 2012,
mainly as a result of the contribution of financial
liabilities due to companies of the Porsche Hold-
ing Stuttgart GmbH group and the repayment of
liabilities to banks. As a result of the deconsolida-
tion of entities performed due to the contribution,
a loan of 300 million euro due to a former subsidi-
ary of Porsche SE, which has been a subsidiary of
Volkswagen AG since the contribution of the busi-
ness operations, is included in the consolidated
balance sheet under non-current financial liabili-
ties. This loan had to be eliminated as an inter-
company transaction prior to the contribution of
the operating holding business.
Other current and non-current liabilities oper-
ating expenses have decreased from 5,237 million
euro to 504 million euro in particular due to the
contribution of the call option relating to the re-
maining shares held by Porsche SE in Porsche
Holding Stuttgart GmbH until 31 July 2012.
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