Porsche 2012 Annual Report Download - page 146

Volkswagen aims to achieve a sustainable re-
turn on sales before tax at group level of at least 8
percent. The average ratio of capital expenditure to
sales revenue in the Automotive Division will fluctu-
ate around a competitive level of 6 to 7 percent. The
goal of the Volkswagen group is also to maintain its
positive rating compared with the industry as a
whole and to continue its solid liquidity policy.
The decisive advantages that the Volkswagen
group can exploit to master the challenges of the
automotive future and to achieve its Strategy 2018
targets are its unique brand portfolio, its young,
innovative and environmentally friendly model
range, its broad international presence with local
value added in many key regions, the significant
synergy potential offered by the group-wide devel-
opment of technologies and models, and finally its
financial strength. Volkswagen is working to make
even more focused use of the strengths of its multi-
brand group by constructing new plants, developing
technologies and platforms, and agreeing strategic
partnerships. Disciplined cost and investment man-
agement remains an integral part of Strategy 2018.
Anticipated development
of the Porsche SE group
Porsche SE contributed its operating holding busi-
ness and in particular its investment in Porsche
Holding Stuttgart GmbH to Volkswagen AG with
effect as of 1 August 2012. Following execution of
the transaction, Porsche SE continues to hold 50.7
percent of the voting rights and around 32.2 percent
of the total capital of Volkswagen AG.
In the future, the Porsche SE group’s profit/loss
will be largely dependent on the results of opera-
tions and the profit/loss of the Volkswagen group
accounted for at equity that is attributable to
Porsche SE. Porsche SE will participate indirectly in
the results of the Porsche Holding Stuttgart GmbH
group and in the realization of the full synergy po-
tential in the integrated automotive group via the
profit/loss from investments accounted for at equity
attributable to Volkswagen AG.
In the separate financial statements prepared
in accordance with the HGB, Porsche SE’s future
earnings will essentially depend on income from
investments in the form of dividends of
Volkswagen AG.
As of the end of the fiscal year 2012, Porsche
SE has net liquidity of 2,562 million euro. With re-
gard to its anchor investment in Volkswagen AG,
one of the largest and most successful automobile
manufacturers in the world, Porsche SE plans to
use the major portion of the net liquidity to acquire
investments along the automotive value chain.
With the strategic acquisition of long-term in-
vestments, Porsche SE’s objective is to promote the
development of these investments, thereby generat-
ing a sustainable increase in the value of net assets.
On the basis of macro trends and industry-specific
trends, suitable potential investments in selected
sectors along the automotive value chain are con-
tinuously being identified and examined. This com-
prehensive approach will ensure that as broad a
range of potential targets for investment as possible
can be captured.
Within the scope of the development of invest-
ments, Porsche SE’s headcount will be selectively
increased in order to further strengthen existing
expertise. In addition, a network of experts is a key
success factor for a successful investment strategy.
Porsche SE is therefore continuing to expand its
network, in particular to include experts from indus-
try, banks and consulting.
The following forecast is based on the current
structure of the Porsche SE group. Effects from
future investments of the company are not taken
into account as it is not possible to make state-
ments regarding their future effects on the net as-
sets, financial position and results of operations of
the group.
2The company
Group management report
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