Porsche 2010 Annual Report Download - page 190
Download and view the complete annual report
Please find page 190 of the 2010 Porsche annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79
-
80
-
81
-
82
-
83
-
84
-
85
-
86
-
87
-
88
-
89
-
90
-
91
-
92
-
93
-
94
-
95
-
96
-
97
-
98
-
99
-
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180 -
181 -
182 -
183 -
184 -
185 -
186 -
187 -
188 -
189 -
190 -
191 -
192 -
193 -
194 -
195 -
196 -
197 -
198 -
199 -
200 -
201
-
202
-
203
-
204
-
205
-
206
-
207
-
208
-
209
-
210
-
211
-
212
-
213
-
214
-
215
-
216
-
217
-
218
-
219
-
220
-
221
-
222
-
223
-
224
-
225
-
226
-
227
-
228
-
229
-
230
-
231
-
232
-
233
-
234
-
235
-
236
-
237
-
238
-
239
 |
 |
Financials
188
Changes in the comparative period in the rights to stock options granted are shown in the follow-
ing table:
Nominal value Number of Number of
of convertible
bonds
conversion rights potential ordinary
shares
€ Number Number
As of 1 July 2009 39,505.92 15,432 154,320
Disposed of in fiscal year due to deconsolidation 39,505.92 15,432 154,320
As of 31 July 2010 0 0 0
The tables below show the changes in the comparative period in the convertible bonds in issue in
tranches six to eight and their exercise prices:
Average exercise Convertible
price per
convertible bond1
bonds
€ Number
As of 1 July 2009 554.75 15,432
Disposed of in fiscal year due to deconsolidation 554.75 15,432
As of 31 July 2010 0 0
1 Conversion price per ten shares
Capital management
Until loss of control over the Porsche Zwischenholding GmbH group and the Volkswagen
group at the beginning of December 2009 and the associated deconsolidations, capital manage-
ment in the Porsche SE group was a two-step process. In a first step, both the Porsche Zwischen-
holding GmbH group and the Volkswagen group managed their capital in accordance with their individual
requirements. In a second step, the two groups, the consolidation effects and the effects from the
purchase price allocation were monitored at overall group level.
Since the loss of control over the discontinued operations in the comparative period, capi-
tal management in the Porsche SE group focuses on Porsche SE as the holding company. The
target is the continuous increase in the value of the company, securing its liquidity and a return on
investment that is commensurate with the risk involved. These goals aim to protect the interests of
the shareholders and employees and other stakeholders in the long term. By means of a systematic
investment and financial management system, Porsche SE ensures that cost of capital as well as
capital structure are optimized.