Porsche 2012 Annual Report Download - page 18
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Ladies and gentlemen,
Porsche SE can look back on a very successful fiscal year 2012.
On 1 August 2012, Porsche SE contributed its operational holding business, including its 50.1 percent
investment in Porsche’s operating business, to Volkswagen AG, thereby creating the integrated automotive
group. Porsche SE received one new ordinary Volkswagen AG share as well as cash of around 4.5 billion
euro from the transaction. The cash inflow enabled Porsche SE’s bank liabilities of 2 billion euro that exist-
ed at the time to be repaid in full. It is planned to use the majority of the net liquidity remaining thereafter for
further strategic equity investments, focusing along the automotive value chain. Since the execution of the
transaction, Porsche SE has become a financially strong holding company with attractive potential for
increasing value added, with clear, sustainable structures and a solid outlook for the future. As the largest
shareholder in Volkswagen AG, Porsche SE continues to hold the majority of the ordinary shares in the
Wolfsburg-based automotive group and holds 32.2 percent of its share capital. Since the creation of the
integrated automotive group, Dr. Ing. h.c. F. Porsche Aktiengesellschaft and Volkswagen AG have been able
to leverage synergies in their operating business at an earlier stage and cooperate more easily. Porsche SE
will also greatly benefit from this through its shareholding in Volkswagen AG.
Throughout the fiscal year the supervisory board discussed the economic situation as well as the net
assets, results of operations, and liquidity situation of Porsche SE and its affiliated companies pursuant to
Sec. 15 German Stock Corporation Act (AktG), and complied with the advisory and oversight functions
imposed on it by law and the articles of association.
During the fiscal year, the supervisory board held four ordinary and two extraordinary meetings. If una-
ble to attend meetings, the supervisory board members sometimes participated in the resolutions by cast-
ing votes in writing.
114 To our shareholders