Porsche 2009 Annual Report Download - page 59

Net profit for the period
Porsche SE’s net profit for the period is de-
termined mainly by the profit/loss from investments.
In addition to the dividend per withdrawal in kind of
9,523 million euro, the company received another
dividend of 87 million euro from Porsche Zwischen-
holding GmbH and dividends of 240 million euro from
Volkswagen AG.
Most of the cash-settled stock options, which
had been written down in the prior year, were dis-
posed of by sale to Qatar. The accounting profit for
the fiscal year 2009/10 includes effects from stock
options of minus 17 million euro. Other operating in-
come came to 392 million euro and other operating
expenses to minus 409 million euro in this context. In
the prior year, the loss from stock options had totaled
minus 2,736 million euro.
Income from ordinary activities increased
from minus 443 million euro in the prior year to 8,991
million euro in the fiscal year 2009/10. No tax ex-
penses were incurred as a result of the tax-exempt
status of investment income.
Porsche Automobil Holding SE
(separate financial statements
pursuant to German Commercial
Code)
Restructuring and associated effects on the
separate financial statements
In the course of restructuring, Porsche
Zwischenholding GmbH, which holds 100 percent of
the shares in (the new) Porsche AG, was established
as a subsidiary of Porsche SE. Porsche’s operating
business was transferred with legal effect to (this new)
Porsche AG. This transfer was made based on a total
enterprise value of 12,400 million euro, meaning that
a gain of 9,984 million euro was generated from the
spin-off at the level of Porsche Zwischenholding
GmbH owing to the lower carrying amounts of the as-
sets and liabilities spun off. By shareholder resolution
dated 1 December 2009, Porsche SE withdrew re-
ceivables totaling 9,523 million euro from Porsche
Zwischenholding GmbH. This withdrawal in kind was
performed on 7 January 2010. The withdrawal in kind
included Porsche SE withdrawing receivables due
from (the new) Porsche AG totaling 1,341 million euro
and a receivable due from Porsche SE itself of 8,182
million euro. This withdrawal in kind played a major
role in reducing Porsche SE’s liabilities.
On 7 December 2009, Volkswagen AG as-
sumed a 49.9 percent shareholding in Porsche
Zwischenholding GmbH by means of a capital in-
crease, generating a cash inflow of 3,867 million euro
for Porsche Zwischenholding GmbH. Porsche
Zwischenholding GmbH passed on these funds almost
in their entirety to Porsche SE as a loan. Porsche SE
in turn used the funds for financial restructuring pur-
poses, repaying liabilities to banks.
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