Porsche 2011 Annual Report Download - page 231

In order to secure any remaining claims of Volkswagen AG from the agreement between Porsche SE
and Volkswagen AG on the investment held by Volkswagen AG in Porsche Zwischenholding GmbH, a retention
mechanism was agreed in favor of Volkswagen AG for the purchase price payable in the event of the put or call
option being exercised. If any retained amount has not been used to fulfill claims of Volkswagen AG, the
retained amount must be paid to Porsche SE on 30 June 2016, unless it is likely that claims for indemnity will
be made against the company as of that date.
Volkswagen AG has agreed to hold Porsche SE harmless for internal purposes from any claims of the
deposit guarantee fund agency after Porsche SE issued a hold harmless declaration to the deposit guarantee
fund agency as required by the Association of German Banks in August 2009. In addition, Volkswagen AG has
undertaken to hold the deposit guarantee fund agency harmless from any losses incurred as a result of its
measures in favor of a bank in which it holds the majority.
The table below shows the supplies and services rendered and received between the Porsche SE
group and its related parties as well as existing receivables and liabilities.
For members of the executive board and of the supervisory board, short-term employee benefits of
€3.3 million were paid out in the fiscal year 2011 (prior year: €1.6 million). No post-employment benefits were
paid out either in the fiscal year 2011 or in SFY 2010.
The members of Porsche SE’s executive board do not receive any pension benefits from the company.
Accordingly, there were no post-employment benefits for active or former members of the executive board of
Porsche SE in fiscal year 2011 or SFY 2010.
As of the end of the fiscal year, the outstanding balances for remuneration of members of Porsche
SE’s executive board and supervisory board amounted to €0.7 million (prior year: €0.3 million).
Supplies and Supplies and
services rendered services received
€ million 2011 SFY 2010 2011 SFY 2010
Porsche and Piëch families 2,245 0 0 0
Joint ventures 340 360 176 73
Associates 330 158 4,373 547
2,915 518 4,549 620
Receivables Liabilities
€ million 31/12/2011 31/12/2010 31/12/2011 31/12/2010
Joint ventures 4,030 4,027 3,880 3,881
Associates 232 459 5,087 942
4,262 4,486 8,967 4,823
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