Porsche 2012 Annual Report Download - page 60

Net assets and financial position
Following the contribution of the investment in
Porsche Holding Stuttgart GmbH to Volkswagen
AG, the financial assets of Porsche SE predomi-
nantly comprise the investment held in Volkswagen
AG, which is recognized at cost in the separate
financial statements. Porsche SE’s receivables
recorded in the prior year primarily contained loan
receivables from Porsche Holding Stuttgart GmbH
(2,703 million euro) and from Porsche AG (1,313
million euro). These receivables were also contribut-
ed to Volkswagen AG.
Other assets principally relate to tax refunds
based on the reimbursement claims against the tax
authorities relating to dividends received. Amortized
costs of 13 million euro for the put option with
Volkswagen AG for the remaining shares in Porsche
Holding Stuttgart GmbH held at that time by Por-
sche SE, which were still contained in other assets
at the end of the comparative period, were also
contributed to Volkswagen AG in August 2012.
Cash and cash equivalents increased as of 31
December 2012 to 2,862 million euro (31 December
2011: 460 million euro) due to the consideration
received from Volkswagen AG, even following re-
payment of the liabilities to banks.
Provisions contain provisions for pensions and
similar obligations, tax provisions for prior-year
taxes that have not been assessed yet as well as
other provisions.
Liabilities to banks, which still amounted to
2,000 million euro as of 31 December 2011, were
repaid in full in August 2012. This repayment was
made using the consideration received from
Volkswagen AG in connection with the contribution
of the holding business operations.
Sundry liabilities decreased to 805 million euro
as of 31 December 2012 compared to the end of
the comparative period (4,393 million euro) and
mainly pertain to liabilities to affiliated companies of
803 million euro (31 December 2011: 4,232 million
euro). The decrease is primarily due to the loan
receivables due from the Porsche Holding Stuttgart
GmbH group contributed directly or indirectly to
Volkswagen AG, which had a total carrying amount
of 3,880 million euro as of 31 December 2011. Oth-
er liabilities for the prior year additionally included
10 million euro for Volkswagen AG’s call option for
the remaining shares in Porsche Holding Stuttgart
GmbH held by Porsche SE at that time. These were
also transferred to Volkswagen AG as part of the
contribution of the holding business operations.
2The company
Group management report
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