Porsche 2011 Annual Report Download - page 61

Provisions contain provisions for pensions
and similar obligations, tax provisions for prior-year
taxes that have not been assessed yet as well as
other provisions.
Liabilities to banks decreased from 7,000
million euro as of 31 December 2010 to 2,000 million
euro. This decrease is attributable to the partial re-
payment of the liabilities to banks presented in cur-
rent financial liabilities totaling 5,000 million euro,
which was undertaken using the issue proceeds from
the capital increase in April 2011 as well as using
other available liquidity. In October 2011, the remain-
ing liability to banks of 2,000 million euro was refi-
nanced by a new syndicated loan. At 4,393 million
euro, sundry liabilities decreased in comparison to the
end of the comparative period (4,653 million euro).
They mostly relate to liabilities due to Porsche Zwi-
schenholding GmbH and Porsche AG. Other liabilities
include (unchanged) 10 million euro for Volkswagen
AG’s call option for the remaining shares in Porsche
Zwischenholding GmbH held by Porsche SE.
Net assets and financial position
The financial assets of Porsche SE mainly
comprise the investments held in Porsche Zwischen-
holding GmbH and Volkswagen AG, which are recog-
nized at cost in the separate financial statements.
Porsche SE’s receivables primarily contain loan re-
ceivables from Porsche Zwischenholding GmbH
(2,703 million euro) and from Porsche AG (1,313
million euro) that are due in more than one year.
Other assets principally relate to tax refunds
based on the reimbursement claims against the tax
authorities relating to dividends received. In addition,
other assets still contain amortized costs of 13 mil-
lion euro for the put option with Volkswagen AG for
the remaining shares in Porsche Zwischenholding
GmbH held by Porsche SE.
Prepaid expenses of 5 million euro mainly
contains prepayments for insurance premiums.
Income statement of Porsche Automobil Holding SE
€ million 2011 SFY 2010
Other operating income 12 32
Personnel expenses – 14 – 11
Other operating expenses – 128 – 44
Income from investments 485 353
Interest result – 219 – 113
Income from ordinary activities 136 217
Extraordinary expenses 0 – 2
Income taxes 41 664
Other taxes – 31 0
Net profit 146 879
Withdrawals from retained earnings 86 0
Transfer to retained earnings 0 – 439
Net retained profit available for distribution 232 440
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