Porsche 2012 Annual Report Download - page 37

by Porsche SE and Volkswagen AG, and – following
completion of this merger – a resolution on an ad-
vance profit distribution from Porsche Zweite
Zwischenholding GmbH being passed. Porsche
Zweite Zwischenholding GmbH was renamed Por-
sche Holding Stuttgart GmbH, Stuttgart, on 24
October 2012 (hereinafter Porsche Holding Stuttgart
GmbH, unless explicitly indicated).
As a result of contributing Porsche SE’s holding
business operations, the main items that were di-
rectly or indirectly transferred to Volkswagen AG
were the investment in Porsche Holding Stuttgart
GmbH (then still operating under the name Porsche
Zweite Zwischenholding GmbH) and all of Porsche
SE’s other subsidiaries at the time of the contribu-
tion, the put and call options for Porsche SE’s
shares – after the merger and renaming – in Porsche
Holding Stuttgart GmbH remaining up to the execu-
tion of the contribution, as well as receivables from
and liabilities to companies belonging to the Por-
sche Holding Stuttgart GmbH group. This includes
Porsche SE’s proportionate net entitlement based
on the resolution regarding the advance profit dis-
tribution of Porsche Holding Stuttgart GmbH as well
as any future tax credits arising from this. In particu-
lar, the investment in Volkswagen AG was not trans-
ferred. The contribution transaction resulted in a
one-time positive effect on earnings of 4.75 billion
euro in the consolidated financial statements of
Porsche SE.
Immediately following the contribution of the
holding business operations, the equity investment
in Volkswagen AG as well as income tax assets and
cash and cash equivalents remained in Porsche
SE’s consolidated financial statements as significant
assets. Immediately following the execution of the
contribution, the liabilities and equity side of the
consolidated financial statements essentially con-
tained equity, provisions, liabilities to banks, a loan
liability due to a former subsidiary of Porsche SE,
which has been a subsidiary of Volkswagen AG
since the contribution of the business operations,
and other liabilities.
Due to the decision to contribute the holding
business operations, accounting for the investment
in Porsche Holding Stuttgart GmbH at equity in the
consolidated financial statements of Porsche SE
had to cease in July 2012, with the result that no
further profit from investments accounted for at
equity is attributable to Porsche SE from July 2012
from this investment. Following execution of the
contribution, Porsche SE continues, however, to
hold a share of 32.2 percent of Volkswagen AG’s
capital and will therefore participate indirectly and in
proportion to its share in capital in the result of
Porsche’s operating business and benefit from the
realization of the full synergy potential of the inte-
grated automotive group in the future.
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