Porsche 2010 Annual Report Download - page 59
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Porsche Automobil Holding SE
(separate financial statements
pursuant to the German Commercial
Code)
The reporting period presented in the separa-
te financial statements of Porsche SE pursuant to the
German Commercial Code is the short fiscal year
2010, covering a period of five months. The compa-
rative period, however, is the fiscal year 2009/ 10
which covered a period of twelve months. Due to the
different number of months covered by the two fiscal
years as well as the restructuring effects in the com-
parative period, the financial position and results of
operations in particular of the short fiscal year 2010
are comparable only to a very limited extent with the
fiscal year 2009/ 10.
Net profit for the period
Porsche SE’s net profit for the period is de-
termined mainly by the profit/ loss from investments,
the interest result and a non-recurring tax effect. In the
short fiscal year Porsche SE received a dividend from
Porsche Zwischenholding GmbH of 282 million euro
and income of 71 million euro from the profit transfer
by Porsche Zweite Vermögensverwaltung GmbH. In the
comparative period, the company received a dividend
via a withdrawal in kind of 9,523 million euro. Porsche
SE’s withdrawal in kind at Porsche Zwischenholding
GmbH related to receivables due from (the new) Por-
sche AG and from Porsche SE itself. In addition, the
company recognized dividend income of 87 million
euro from Porsche Zwischenholding GmbH and 240
million euro from Volkswagen AG in the prior year.
The cash-settled options relating to Volks-
wagen AG shares that Porsche SE held as of the end
of the comparative period were disposed of in full in
the short fiscal year. The accounting profit for the
short fiscal year 2010 includes effects from stock
options totaling 21 million euro (prior year: 17 million
euro). An amount of 23 million euro thereof (prior year:
392 million euro) is attributable to other operating
income and 2 million euro (prior year: 409 million
euro) to other operating expenses.
The interest result essentially consists of in-
come and expenses from loans. The interest result
includes income from the reversal of provisions of 51
million euro for interest on deferred payments and tax
payments in arrears that had been recognized in
connection with the tax treatment of stock option
transactions. The decrease in interest expenses in the
57