Porsche 2009 Annual Report Download - page 101

In April 2009, the EU Commission set an up-
per limit of 130 g/km for the mean emissions of the
entire European fleet of new vehicles in the period
from 2012/2015 to 2020. A further ten grams
should be attained by supplementary measures, such
as the use of bio-fuels, low-drag tires, effective air
conditioners and other technical improvements.
Moreover, companies like Porsche Zwischen-
holding GmbH and its subsidiaries, which have a very
special product portfolio and small production runs,
have the possibility of applying for a special ruling so
as to avoid losing their economic foundation. For ex-
ample, manufacturers producing 10,000 to 300,000
vehicles per year can agree to a 25 percent reduction
of CO2 emissions. The calculation is based on the fig-
ures for the vehicles manufactured in the year 2007.
It is intended that the new EU CO2 regulation
will apply until 2020, after which the CO2 regulations
are likely to become tighter. Instead of the 130 g/km,
the initial target is a mean emission of 95 g/km for the
entire European fleet, which translates into a further
25 percent reduction in fuel consumption. The new
regulation would have a major impact on the variety of
products, the distribution among the segments and
the earnings on the European market. Emission and
CO2 levels are also being reduced this way in the USA.
As a small series manufacturer, Porsche has received
an exemption until 2016, according to which Porsche
vehicles may have a 25 percent higher fuel consump-
tion compared to products of other (mass) producers.
Thanks to its leading technologies and prod-
ucts, the Porsche Zwischenholding GmbH group be-
lieves it is perfectly equipped to face these future chal-
lenges.
Other factors
Going beyond the risks already outlined,
there are other factors that cannot be predicted and
are therefore difficult to manage. Should these tran-
spire, they could have an adverse effect on the fur-
ther development of the group. These factors include
natural disasters, epidemics and terror attacks.
Overall statement on the risks faced by
the Porsche Zwischenholding GmbH group
Based on the information currently available,
no developments were identified in the Porsche
Zwischenholding GmbH group that could jeopardize
the ability of the group to continue as a going con-
cern or that could significantly and negatively impact
the net assets, financial position and results of opera-
tions of the group. The overall risk exposure of the
Porsche Zwischenholding GmbH group is made up of
the individual risks presented above, which are man-
aged using the risk management system.
Risk report of the Volkswagen group
Integrated internal control and risk
management system relevant for the
financial reporting process
The accounting-related internal control and
risk management system that is relevant for the fi-
nancial statements of Volkswagen AG and the Volks-
wagen group comprises measures that are intended
to ensure the complete, accurate and timely trans-
mission of the information required for the preparation
of the financial statements of Volkswagen AG and the
consolidated financial statements and the group man-
agement report, and to minimize the risk of material
misstatement in the accounts and in the external re-
porting.
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