Porsche 2011 Annual Report Download - page 48

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Planning is based on the structure of the
Volkswagen group at the date when the planning was
prepared (September 2011) and already includes
Porsche Holding Salzburg. The investments in the MAN
group and in Porsche Zwischenholding GmbH are still
accounted for in group planning using the equity
method. The cash outflow for the purchase of the
remaining 50.1 percent interest in Porsche Zwischen-
holding GmbH is not included in the group planning.
The joint ventures in China are not consoli-
dated and are therefore also not included in the above
figures. These companies will invest a total of 14.0
billion euro in new production facilities and products in
the period from 2012 to 2016. These investments will
be financed from the joint ventures’ own funds.
In the Financial Services Division, the Volks-
wagen group is planning investments of 2.2 billion euro
in the period from 2012 to 2016. The group expects
the rise in leasing and rental assets and in receivables
from customer and dealer financing to lead to funds tied
up in working capital of 65.8 billion euro. Roughly 40
percent of the total capital requirements of 68.0 billion
euro will be financed from gross cash flow. The remain-
ing funds needed will be met – as is common in the
sector – primarily through established money and capi-
tal market debt issuance programs and customer de-
posits from the direct banking business.
GROUP MANAGEMENT REPORT48