Porsche 2010 Annual Report Download - page 60

Group management report
short fiscal year is primarily due to the reduced ave-
rage level of liabilities to banks in the reporting period
compared to the comparative period.
Income from ordinary activities fell from
8,991 million euro in the prior year to 217 million
euro in the short fiscal year 2010.
The extraordinary expenses of 2 million euro
are a result of the first-time adoption of all require-
ments of the German Accounting Law Modernization
Act (BilMoG) in the separate financial statements
pursuant to the German Commercial Code.
The taxes of 664 million euro include income
of 666 million euro arising from the reversal of provi-
sions set up in prior years relating to the tax treat-
ment of stock option transactions. After taxes and the
extraordinary result, the net profit for the period was
879 million euro (prior year: 8,991 million euro).
Income statement of Porsche Automobil Holding SE
€ million SFY 2010 2009/ 10
Other operating income 32 641
Personnel expenses – 11 – 18
Other operating expenses – 44 – 631
Income from investments 353 9,850
Interest result – 113 – 851
Income from ordinary activities 217 8,991
Extraordinary expenses – 2 0
Taxes 664 0
Net profit 879 8,991
Transfer to retained earnings – 439 – 4,495
Net profit available for distribution 440 4,496
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