Porsche 2011 Annual Report Download - page 131

clude the effects resulting from amortization of the
purchase price allocations performed at the time of
inclusion of Porsche Zwischenholding GmbH as a joint
venture and Volkswagen AG as an associate. The
partial repayment of the previous syndicated loan in
the first half of the fiscal year 2011 and the refinanc-
ing performed in October 2011 will reduce interest
expenses. Therefore, Porsche SE expects to generate
a significant profit before special effects at group
level in the fiscal years 2012 and 2013.
In the fiscal year 2012, too, a special effect
on the group’s profit will arise from an adjustment
through profit or loss, but without effect on cash, of
the valuation of the put and call options for the shares
in Porsche Zwischenholding GmbH remaining with
Porsche SE. At the time of publishing this manage-
ment report it is not possible to assess conclusively
the amount of the adjustment of the valuation of the
put and call options nor, in turn, the amount of the
special effect in the fiscal year 2012. The factors
underlying the valuation are not within the control of
Porsche SE and may change over time. This concerns
in particular the actual enterprise value of Porsche
Zwischenholding GmbH, which in turn depends to a
large extent on the underlying planning and the cost
of capital derived as of the respective valuation date.
If the enterprise value of Porsche Zwischenholding
GmbH were to fall in the future, this would have a
positive impact on the net valuation result from the
point of view of Porsche SE; by contrast, an increase
in the enterprise value would negatively affect the net
valuation result.
Overall, and taking into consideration the
special effect described, Porsche SE considers a
profit after tax in the fiscal year 2012 to be highly
probable.
Even though it is no longer possible to achie-
ve the merger of Porsche SE and Volkswagen AG
within the framework and timeframe of the basic
agreement, both companies still aim to achieve the
integrated automotive group (we refer to our state-
ments under “No merger of Porsche SE into Volks-
wagen AG within the framework and timeframe of the
basic agreement – aim to achieve integrated automo-
tive group with Volkswagen unchanged” in the “Sig-
nificant events” section of this management report).
Both companies will continue to examine whether
alternatives to the measures provided for in the basic
agreement are available.
Stuttgart, 27 February 2012
Porsche Automobil Holding SE
The executive board
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