Porsche 2011 Annual Report Download - page 128

Subsequent events
Mr. Thomas Edig, member of the executive
board of Porsche SE, responsible for commercial and
administrative issues, will leave this board of his own
volition and in agreement with the supervisory board
on 29 February 2012 in order to concentrate on his
tasks on the board of Porsche AG and vigorously
drive forward Strategy 2018. The supervisory board
of Porsche SE approved the premature termination of
his appointment to the executive board in its meeting
on 27 February 2012. In June 2011, the Porsche AG
supervisory board appointed Mr. Thomas Edig deputy
chairman, board member for human resources and
social issues, and labor director for a further five
years, effective as of 1 May 2012.
The control body appointed Mr. Philipp Alex-
ander Edward von Hagen, currently Director Global
Financial Advisory at Bankhaus Rothschild, to the
executive board of Porsche SE, effective as of
1 March 2012.
Effective 23 January 2012, Mr. Hansjörg
Schmierer was appointed to the supervisory board of
Porsche SE by the court as an employee representa-
tive. He took over this function from Mr. Hans Baur,
who retired from office effective as of 31 December
2011. Mr. Hans Baur also laid down his office as a
member of the supervisory board of Porsche AG on
31 December 2011. The Stuttgart local court ap-
pointed Mr. Bernd Kruppa as his successor on 15
February 2012.
Forecast report and outlook
Overall economic development
The growth rate of the global economy can
be expected to continue to slow in 2012. According
to economists, the continuing debt crisis in the euro
zone and the associated pressure to consolidate
European national budgets will see western Europe
as a whole slide into a mild recession. Although
massive liquidity assistance from the European Cen-
tral Bank is successfully supporting the banking
sector, uncertainty regarding the success of reform
efforts is weighing heavily on growth prospects. The
International Monetary Fund (IMF) forecasts that
economic performance in the euro zone will de-
crease by 0.5 percent in 2012. In 2012, momentum
for the global economy will continue to come from
Asia and the BRIC countries. According to forecasts,
Brazil, Russia, India and China are together expected
to grow by some 7 percent. The IMF expects growth
of 8.2 percent for China alone. But the economic
recovery is also expected to continue in the USA,
where the economy is forecast to grow by 1.8 per-
cent in 2012. All in all, the IMF forecasts solid global
economic growth of 3.3 percent overall for the cur-
rent year.
Despite the tense situation in Europe, Ger-
many should be able to avoid recession. Buoyed by
low unemployment and increasing domestic demand,
coupled with stable demand from non-European
countries, 2012 should be a year of moderate
growth.
Exchange rate developments
The continuing sovereign debt crisis in the
euro zone is weighing heavily on the European cur-
rency. It can be expected that the euro will continue
to be under pressure. While the USA is seeing a
similar development, the current economic data
seem to suggest a slight improvement. The slight
upwards trend of the Chinese yuan is likely to con-
tinue for political reasons. The Swiss National Bank
endeavored to assert itself against the market by
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