Porsche 2010 Annual Report Download - page 58

have a significant effect on the results of operations
in the event of changes in the underlying assump-
tions, in particular the enterprise value of Porsche
Zwischenholding GmbH and the executive board’s
assessment of the likelihood of the failure of the
merger as defined in the basic agreement.
The material factors determining net assets
remain the development of the carrying amounts of
investments held in Porsche Zwischenholding GmbH
and Volkswagen AG accounted for at equity, the
development of financial liabilities as well as the
status and planned repayment of liabilities to banks.
The financial position is determined, on the
one hand, by the cash inflows from dividends paid
by Porsche Zwischenholding GmbH and Volkswagen
AG. On the other, there are cash outflows from
interest and principal payments as well as taxes
paid, among other things.
Porsche SE’s executive board considers the
economic situation of its significant investments to
be positive. The significant investments have largely
overcome the effects of the global financial and
economic crisis and have reinforced their earnings
power. Porsche SE was able to benefit from these
positive developments in the short fiscal year.
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