Porsche 2012 Annual Report Download - page 12

Dear shareholders,
2012 was a successful year for Porsche Automobil Holding SE (Porsche SE). As of 1 August
2012, our company contributed its remaining share in Porsche’s operating business to Volkswagen
AG. As a result, we achieved our major common goal: the integrated automotive group.
In return for the contribution, Porsche SE received one new ordinary Volkswagen share as well
as a cash amount of some 4.5 billion euro from Volkswagen AG. Part of the cash received was
used to repay liabilities to banks in full and as a result Porsche SE has reduced most of its debts.
Overall, net liquidity improved considerably as of 31 December 2012 to 2.6 billion euro.
Porsche SE has therefore developed into a financially strong holding company and is today in
an excellent position. As the anchor shareholder of Volkswagen AG, Porsche SE, and in the future
our shareholders as well, will benefit from the integrated automotive group and in particular from
the potential synergies arising from close Cooperation between Volkswagen AG and Dr. Ing. h.c. F.
Porsche Aktiengesellschaft.
In the fiscal year 2012, our core investment, Volkswagen AG, developed outstandingly, com-
pleting the year with a record result thanks to its three profitable business areas passenger cars,
commercial vehicles and power engineering, as well as its financial services. The Volkswagen
group for the first time delivered more than nine million vehicles to customers. This result, the best
in the company’s history, confirms the success of the multibrand strategy and shows that
Volkswagen is also ideally positioned worldwide. The vehicles of sports car manufacturer Porsche,
which has been fully consolidated in the Volkswagen group since 1 August 2012, also sold better
than ever before: at approximately 140,000, deliveries in 2012 are again significantly higher than the
prior-year record, surpassing this figure by 18.7 percent.
18To our shareholders