Porsche 2011 Annual Report Download - page 46

Large-scale construction work at various
locations
Already at its meeting on 15 March 2011, the
supervisory board of Porsche AG had approved the
decision of Porsche AG’s executive board to develop
the Leipzig plant into a fully fledged production loca-
tion, including body shell production and paint shop,
for the production of the new Macan model. On
18 October 2011, the chairman of the supervisory
board of Porsche AG, Dr. Wolfgang Porsche, and the
CEO, Matthias Müller, laid the foundation stone for the
extension of the Leipzig plant. Some 500 million euro
is being invested in the manufacturing facilities for the
Macan.
In July 2011, work began on expanding the
Weissach development center, where a design studio,
wind tunnel and electronics integration center are
under construction. The investment in the project will
total around 150 million euro.
In September 2011, Porsche AG put into op-
eration a new paint shop at the company's headquar-
ters in Stuttgart-Zuffenhausen. Total investment in the
innovative and environmentally compatible facility
came to about 200 million euro.
During the reporting period, Porsche AG also
purchased land in Stuttgart-Zuffenhausen at suitable
locations for an eight-digit sum in order to expand its
plant.
Porsche centers acquired
Since 25 November 2010, Porsche Nieder-
lassung Hamburg GmbH, Hamburg, which was ac-
quired as a shell company, has been included in the
consolidated financial statements of Porsche AG. All
the respective Hamburg dealerships were acquired
effective 1 February 2011.
As of 1 September 2011, Porsche Deutsch-
land GmbH took over Porsche-Zentrum Leipzig
through Porsche Niederlassung Leipzig GmbH.
New loan agreements
In early February 2011, a bond of one billion
euro fell due. The bond was directly refinanced via a
syndicated loan of one billion euro. This bridge financ-
ing has a term to maturity until the end of 2012,
following the exercise of the option to prolong the
financing in November 2011.
To ensure its liquidity, in early June 2011
Porsche AG renegotiated a syndicated line of credit of
up to 2.5 billion euro with a banking syndicate which
matures at the end of June 2013, or, if Porsche AG
exercises a unilateral option to prolong it, at the end
of June 2014 or the end of March 2015.
In June and July 2011, Porsche Zwischen-
holding GmbH executed two financing transactions
through its subsidiaries: Porsche Financial Services
GmbH, Bietigheim-Bissingen, issued a debenture bond
for 500 million euro in Germany, while Porsche Finan-
cial Services Inc., Lisle, Illinois, USA, issued an ABS in
the United States for 519 million US dollars. An addi-
tional ABS for 661 million US dollars was issued by
Porsche Financial Services Inc. in the USA in Novem-
ber 2011. The ABS transactions were privately placed.
Through the above transactions, Porsche Zwischen-
holding GmbH has restructured its refinancing portfo-
lio in the interest of risk diversification and also se-
cured its growth.
GROUP MANAGEMENT REPORT46