Porsche 2009 Annual Report Download - page 209
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209
The restructuring within the Porsche SE group had not yet been completed as of the report-
ing date of the comparative period. At that date, the Porsche AG group’s (formerly: Porsche sub-
group’s) total capital, defined for capital management purposes as the sum of equity and financial
liabilities, was as follows:
Capital management in the Volkswagen group
The goal of capital management in the Volkswagen group is to ensure that the group can
effectively achieve its goals and strategies in the interests of the shareholders, employees and
other stakeholders. In particular, management focuses on generating the minimum return on in-
vested assets in the automotive division that is required by the capital markets, and on increasing
the return on equity in the financial services division. In addition, the goals of the financial services
division are to meet the banking supervisory authorities’ regulatory capital requirements, to support
the external rating by ensuring adequate capital gearing and to procure equity for the growth plan-
ned in the next fiscal years. In the process, it aims overall to achieve the highest possible growth in
the value of the group and its divisions for the benefit of all the company’s stakeholder groups. The
Volkswagen group’s financial target system focuses systematically on continuously and sustainably
increasing the value of the company. In order to maximize the use of resources in the automotive
division and to measure the success of this, the Volkswagen group has been using value contribu-
tion, a control variable linked to the cost of capital, for a number of years. The concept of value
contribution not only allows overall performance to be measured in the automotive division, but also
in the individual business units, projects and products. In addition, business units and product-
specific investment projects can be managed operationally and strategically using the value contri-
bution.
€ million 31/7/2009
Equity 13,492
Share of total capital 45%
Non-current financial liabilities 10,103
Current financial liabilities 6,287
Total financial liabilities 16,390
Share of total capital 55%
Total capital 29,882