Porsche 2012 Annual Report Download - page 58

Porsche Automobil Holding SE
(financial statements pursuant
to the HGB)
These financial statements of Porsche SE for
the fiscal year 2012 cover the reporting period from
1 January to 31 December 2012.
Net profit for the period
Porsche SE achieved net profit of 1,488 million euro
in the fiscal year 2012. The net profit for the year
pursuant to the HGB was determined to a large
extent by the effect on earnings of the restructuring
measures undertaken as part of the contribution of
Porsche SE’s holding business operations to
Volkswagen AG totaling 1.1 billion euro.
Other operating income mainly contains income
of 16 million euro resulting from the contribution of
various assets and liabilities to Porsche Siebte
Vermögensverwaltung GmbH and the assumption of
certain liabilities of Porsche Siebte Vermögensver-
waltung GmbH at fair value.
Other operating expenses for the fiscal year
2012 mainly contain legal and consulting costs of
28 million euro. In the comparative period, these
came to 111 million euro, with this amount contain-
ing expenses in connection with the capital increase
performed in April 2011 of 85 million euro. Porsche
SE recognized dividends of 449 million euro from
Volkswagen AG in the fiscal year 2012 (prior year:
330 million euro) and of 1,930 million euro from
Porsche Holding Stuttgart GmbH (prior year: 155
million euro), of which 1,839 million euro is attribut-
able to the advance profit distribution from Porsche
Holding Stuttgart GmbH resolved immediately prior
to the contribution of the business operations to
Volkswagen AG.
Immediately after the advance profit distribu-
tion, Porsche SE’s investment in Porsche Holding
Stuttgart GmbH had to be written down to its fair
value. This resulted in a loss of 782 million euro.
The interest result for fiscal year 2012 essential-
ly consists of income and expenses from loans.
Interest expenses (159 million euro) decreased
considerably compared with the fiscal year 2011
(409 million euro). This is attributable to the contri-
bution of loan liabilities due to companies of the
Porsche Holding Stuttgart GmbH group in connec-
tion with the contribution of Porsche SE’s holding
business operations to the Volkswagen group and
to the repayment of liabilities to banks with part of
the consideration received from Volkswagen AG in
return. Interest income decreased from 190 million
euro in the fiscal year 2011 to 116 million euro as a
result of the contribution to Volkswagen AG of loan
liabilities due to companies of the Porsche Holding
Stuttgart GmbH group.
Income from ordinary activities rose from 136
million euro in the comparative period to 1,499
million euro in the fiscal year 2012.
The taxes totaling 11 million euro contain ex-
penses from the addition to the provision for other
taxes of 7 million euro. In the fiscal year 2011, taxes
totaled 10 million euro. This figure contains income
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.
The net profit for the year comes to 1,488 mil-
lion euro in the fiscal year 2012 (prior year: 146
million euro).
2The company
Group management report
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