Porsche 2012 Annual Report Download - page 190

Financials
Notes to the consolidated fi nancial statements
Notes to the consolidated income statement
and consolidated statement of cash flows
[1] Other operating income
Other operating income breaks down as follows:
The income from the valuation of options on non-stock company shares concerns the
change in the fair value of the call option of Volkswagen AG relating to the remaining shares held
by Porsche SE in Porsche Holding Stuttgart GmbH prior to the contribution of the holding busi-
ness operations to Volkswagen AG. The income in the fiscal year 2012 is attributable to the
update of parameters underlying the calculation of the business value and, in turn, the fair value
of the option.
The income from the contribution of the operating business stems from the contribution of
the holding business operations – i.e., the contribution of corresponding assets and liabilities –
of Porsche SE to Volkswagen AG and takes into account the effect from the elimination of relat-
ed intercompany profits. Reference is made to the section "Consolidated group" in these notes.
[2] Personnel expenses
€ million 2012 2011
Income from the contribution of the operating business 3,430 0
Income from valuation of options on non-stock company shares 405 0
Income from reversal of provisions and accruals 5 11
Sundry other operating income 7 1
3,847 12
€ million 2012 2011
Wages and salaries 13 13
Social security contribution, pension and other benefit costs 1 1
14 14
Employees (annual average)
Salaried staff 31 32
Employees according to Section 314 – 1 No. 4 HGB 31 32
Other 2 5
Total 33 37
3186