Porsche 2012 Annual Report Download - page 202

Financials
Notes to the consolidated fi nancial statements
A subscription price of €38.00 was set for each new ordinary or preference share. Taking in-
to account transaction costs of €95 million, the net issue proceeds came to €4,893 million.
Capital reserves
The capital reserves increased by €4,762 million from €122 million to €4,884 million in fiscal year
2011 following the capital increase performed in return for cash contributions. The increase
arose from the share premiums of €4,857 million paid by the shareholders. It was reduced by
transaction costs of €95 million for costs directly associated with the capital increase, e.g., for
banks, lawyers and auditors.
Retained earnings
The retained earnings include the reserve for accumulated profits and reserves for investments
accounted for at equity.
The reserve for accumulated profits includes the profits of Porsche SE and its consolidated
subsidiaries earned in prior years and the reporting period that have not yet been distributed.
These also include the reclassified revaluation reserves from deconsolidated subsidiaries. This
item also recognizes tax effects from accounting for hybrid capital that is attributable to non-
controlling interests.
The changes in equity at the level of investments accounted for at equity presented under
equity include the proportionate changes in the non-controlling interests within the Volkswagen
group attributable to Porsche SE which did not lead to a change in control and therefore had to
be recognized directly in equity with no effect on the consolidated income statement in the
Volkswagen group’s consolidated financial statements. In addition, other changes in equity of
the Volkswagen group that are not part of total comprehensive income are reported in this item.
The statutory financial statements of Porsche SE as of 31 December 2012 report a net profit
available for distribution of €744 million (prior year: €232 million). A proposal for the appropria-
tion of profit was not available for submission to the annual general meeting by the time the
financial statements were authorized by the executive board.
The clauses of the syndicated loan agreement concluded in October 2011 restricted the dis-
tributable dividends per fiscal year to the total of distributions received from Volkswagen AG and
Porsche Holding Stuttgart GmbH in the fiscal year. Due to the complete repayment of the liabili-
ties to banks, this restriction was removed in the fiscal year 2012.
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