Porsche 2011 Annual Report Download - page 124

The increasing global convergence of ap-
proaches and targets in the area of automotive regu-
lations means that the reduction in trade restrictions
called for by the automotive industry is also being
addressed. Nevertheless, there is a risk that regula-
tions will be formulated to benefit a nation’s domestic
industry.
It remains unclear what direction climate pro-
tection regulations will take in the course of efforts to
update the Kyoto Protocol. At the World Climate
Conference held in Durban, South Africa in December
2011, delegates once again failed to achieve a break-
through toward a uniform global framework for cli-
mate protection. As no agreement was reached to
establish minimum targets, there is no long-term
prospect of stringent climate protection requirements.
On a positive note, however, all member states rec-
ognize the goal of limiting global warming to 2°C,
creating a viable basis for the necessary further
negotiation process.
In order to be best prepared for the third e-
missions trading period in 2013, the Volkswagen
group calculated and reported the CO2 emissions to
be reported for its German plants in accordance with
the German Data Collection Regulation (DEV 2020).
Its other plants in the European Union were also che-
cked in accordance with the national laws in force at
those locations. The changes to the emissions trading
regulations for the third trading period and their
transposition into German law have been completed.
From a current perspective, there will be only an
insignificant increase in the number of installations
included in the European emissions trading system
from 2013 onwards and the amount of CO2 emissions
required to be traded.
The allocation of the necessary emissions
certificates will change significantly as of 2013.
These will no longer be allocated mostly free of char-
ge through national allocation plans. Instead, a stead-
ily falling number of certificates, for direct production
emissions for example, will be allocated free of char-
ge. Companies will have to purchase any additional
certificates they require at auction. Unlike before, CO2
emissions certificates for power generation will have
to be purchased in full. Estimates to date indicate that
the energy costs incurred by the Volkswagen group’s
European sites will increase mainly as a result of
purchasing the emission allowances required for the
operation of their own installations such as power
stations and heating facilities.
Litigation
In the course of their operating activities,
Volkswagen AG and the companies in which it is
directly or indirectly invested become involved in
legal disputes and official proceedings in Germany
and internationally. In particular, such proceedings
may occur in relation to suppliers, dealers, custom-
ers, employees or investors. For the companies
involved, these may result in payment or other obli-
gations. Particularly in cases where US customers
assert claims for vehicle defects, individually or by
way of a class action, highly cost-intensive measures
may have to be taken and substantial compensation
or punitive damages paid. Corresponding risks also
result from US patent infringement proceedings.
Where transparent and economically viable,
adequate insurance cover is taken out for these risks
and appropriate provisions recognized for the remain-
ing identifiable risks. The Volkswagen group does not
believe, therefore, that these risks will have a sus-
tained effect on the economic position of the group.
However, as some risks cannot be assessed or can
only be assessed to a limited extent, the possibility
of loss or damage not being covered by the insured
amounts and provisions cannot be ruled out.
In 2011, two actions for disclosure filed by
the German Protection Agency for Investors (VzfK)
with regard to the general meetings on 3 December
2009 and 22 April 2010 were dismissed by a non-
appealable decision. The Hanover Regional Court and
the Celle Higher Regional Court also dismissed two
actions for avoidance filed by the same plaintiff
against the approval of the actions of the general
meetings on 23 April 2009 and 22 April 2010.
ARFB Anlegerschutz UG (haftungsbeschränkt),
Berlin, brought an action against Porsche SE and
Volkswagen AG for damages allegedly assigned to it
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