Porsche 2012 Annual Report Download - page 38

In addition, the contribution also has effects on
the collateral concept agreed with the involvement
of Porsche SE. Following execution of the contribu-
tion, the secondary lien of Dr. Ing. h.c. F. Porsche
Aktiengesellschaft, Stuttgart, (“Porsche AG”) on 70
million ordinary shares in Volkswagen AG belonging
to Porsche SE and Bankhaus Metzler’s correspond-
ing tertiary lien on these ordinary shares were can-
celed.
Since the transaction was executed, Porsche
SE has become a financially strong holding com-
pany with attractive potential for increasing value
added, with clear, sustainable structures and a
solid outlook for the future. Porsche AG and
Volkswagen AG will be able to leverage synergies
in their operating business at an earlier stage and
cooperate more easily following execution of the
transaction. Porsche SE, as the largest sharehold-
er in Volkswagen AG, will also greatly benefit from
this.
For further information on the effects of the
transaction on the results of operations, net assets
and financial position, on the opportunities and
risks of the Porsche SE group and on its future
development, please refer to the sections “Results
of operations, financial position and net assets”,
“Opportunities and risks of future development”
and “Forecast report and outlook” in this
management report.
Following execution of the transaction,
Porsche SE founded a wholly owned subsidiary,
Porsche Beteiligung GmbH, Stuttgart, which was
entered in the Stuttgart commercial register on
18 September 2012.
Expansion of structures for investment
management
On the basis of the structures and processes in
connection with the investment in Volkswagen AG
which have been in place for several years, since
August 2012 Porsche SE has gradually created the
conditions in terms of organization and substance for
the acquisition and management of new investments.
To this end, clearly defined criteria and a systematic
process have been created in order to identify and
examine future investment opportunities.
Porsche SE’s principal investment criteria are
the connection of a future investment to the auto-
motive value chain, and above-average growth
potential based on macro trends and industry-
specific trends derived from them.
The automotive value chain comprises the en-
tire spectrum of basic technologies geared to
supporting the development and production pro-
cess through to vehicle- and mobility-related ser-
vices. The relevant macro trends include, for ex-
ample, sustainability and conservation of re-
sources, demographic change, urbanization and
the increasingly networked automotive world.
2The company
Group management report
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