Porsche 2012 Annual Report Download - page 56

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Operating result of significant investments
The following statements relate to the ongoing
operating business of the Porsche Holding
Stuttgart GmbH group and the Volkswagen group.
Effects from inclusion in the consolidated financial
statements of Porsche SE, i.e., particularly relat-
ing to the subsequent measurement of the hidden
reserves and liabilities identified in the course of
the purchase price allocations, are not taken into
consideration. The disclosures for the Porsche
Holding Stuttgart GmbH group pertain to the
period from 1 January to 31 July 2012.
The Porsche Holding Stuttgart GmbH group
sold 81,370 vehicles in the period from 1 January
to 31 July 2012. Revenue amounted to 7,987
million euro. The operating result of the Porsche
Holding Stuttgart GmbH group for the first 7
months of the fiscal year 2012 amounted to 1,478
million euro.
The Volkswagen group sold 9,344,559 vehi-
cles in the period from 1 January to 31 December
2012. With revenue of 192,676 million euro in that
period, the operating result came to 11,510 million
euro.
Overall statement on the economic situation of
the Porsche SE group
Following the contribution of the holding business
operations and in particular its investment in
Porsche Holding Stuttgart GmbH, Porsche SE
currently acts essentially as a holding company for
its investments in the operating company
Volkswagen AG.
The Porsche SE group’s results of operations
in the past fiscal year 2012 were influenced in
particular by the one-time special effect from the
contribution of the holding business operations of
Porsche SE to Volkswagen AG. In addition, the
results of operations were impacted materially by
the profit contributions of the investments ac-
counted for at equity in Volkswagen AG and – until
the beginning of July 2012 – in Porsche Holding
Stuttgart GmbH.
The financial position of the Porsche SE group
in the past fiscal year 2012 was significantly influ-
enced by the payment received from Volkswagen
AG in return for the contribution of the operating
holding business as well as by the full repayment of
the liabilities to banks performed using this and the
investment in time deposits. Interest payments have
decreased considerably.
2The company
Group management report
252