Porsche 2011 Annual Report Download - page 56

Personnel expenses in the period from
1 January to 31 December 2011 came to 14 million
euro in the Porsche SE group (SFY 2010: 11 million
euro).
Profit from investments accounted for at
equity comes to 4,660 million euro (SFY 2010:
1,075 million euro). 395 million euro (SFY 2010: 106
million euro) is attributable to the Porsche Zwischen-
holding GmbH group and 4,265 million euro (SFY
2010: 969 million euro) to the Volkswagen group.
Porsche SE benefited from the increased profits of
its significant investments. In addition to the original
profit contributions of both investments, the profit of
investments accounted for at equity includes effects
of amortization of the purchase price allocations
performed at the time of inclusion of Porsche
Zwischenholding GmbH as a joint venture and Volks-
wagen AG as an associate. The profit/loss from
investments accounted for at equity – and therefore
the Porsche SE group’s profit for the year – was
reduced by 165 million euro in total (SFY 2010: 206
million euro) by the effects of the subsequent meas-
urement of the purchase price allocations for the
Porsche Zwischenholding GmbH group and the Volks-
wagen group, i.e., the amortization of hidden re-
serves and burdens identified in the process.
In the reporting period, the financial result,
which essentially contains income and expenses from
loans, came to minus 185 million euro (SFY 2010:
104 million euro).
In the fiscal year 2011, the Porsche SE
group achieved a profit before tax of 28 million euro
(SFY 2010: 639 million euro). Taking into considera-
tion income from income taxes of 31 million euro
(SFY 2010: income of 647 million euro), the profit for
the year of the Porsche SE group comes to 59 mil-
lion euro (SFY 2010: 1,286 million euro).
Financial position
The cash flow from operating activities of the
Porsche SE group came to 43 million euro in the
fiscal year 2011 (SFY 2010: minus 325 million euro).
This comprises, on the one hand, the positive effect
from dividends received from Volkswagen AG of 243
million euro (SFY 2010: 0 million euro) and from
Porsche Zwischenholding GmbH of 128 million euro
(SFY 2010: 198 million euro). In addition, there was
an inflow from income tax refunds of 176 million euro
(SFY 2010: 7 million euro) in the fiscal year 2011. On
the other hand, there was a cash outflow from in-
come taxes paid of 278 million euro (SFY 2010: 370
million euro) in the fiscal year 2011. Interest paid in
the fiscal year 2011 came to 366 million euro (SFY
2010: 205 million euro); interest received came to
191 million euro (SFY 2010: 77 million euro).
There was a cash inflow from investment ac-
tivities of 115 million euro (SFY 2010: 222 million
euro) in the fiscal year 2011. This cash inflow per-
tains to released time deposits with an original term
of more than three months (SFY 2010: 100 million
euro). In SFY 2010, the cash flow from investing
activities also contained changes in the cash-settled
options relating to shares in Volkswagen AG, which
were disposed of in full during SFY 2010, as well as
the associated effect of the originally restricted cash
being released.
There was a cash outflow from financing ac-
tivities of 196 million euro (SFY 2010: 28 million
euro) in the fiscal year 2011. The cash flow from
financing activities in the fiscal year 2011 contains in
particular the gross issue proceeds of 4,988 million
euro from the capital increase in April 2011, less all
related transaction costs of 85 million euro incurred
in 2011. Transaction costs of 10 million euro were
already paid in SFY 2010. In addition, the cash flow
from financing activities includes the cash paid for
the repayment of the bank liabilities totaling 7,000
million euro, cash received from taking out liabilities
to banks incurred in connection with the refinancing
performed in October 2011 in the amount of 2,000
million euro as well as the dividend payments to the
shareholders of Porsche SE and its hybrid capital
investors. In SFY 2010, the cash flow from financing
activities contained only dividends paid to the share-
holders of Porsche SE and its hybrid capital investors.
Compared to 31 December 2010, cash
funds decreased by 38 million euro to 368 million
euro.
GROUP MANAGEMENT REPORT56