Porsche 2012 Annual Report Download - page 42

Changes to the supervisory board
of Porsche AG
Mr. Hans Baur laid down his office as a member of
the supervisory board of Porsche AG on 31 Decem-
ber 2011. Mr. Bernd Kruppa was appointed as his
successor by the Stuttgart Local Court on 15 Feb-
ruary 2012.
Test facilities in Italy taken over
Porsche Engineering Group GmbH took over re-
sponsibility for the Nardò Technical Center s.r.l.
automobile test facilities in Apulia, southern Italy,
from Prototipo SpA in May 2012. Covering an area
of more than 700 hectares, the test ground includes
a handling circuit and an oval circuit as well as
facilities for simulating different road surfaces and
weather conditions. The engineering services sub-
sidiary of Porsche AG intends to further optimize
the test facilities and make these available to clients
for testing and trial purposes.
Porsche AG issues debenture bond
The Porsche AG group (Porsche AG and its subsid-
iaries) called a high-yield 1.0 billion US dollars
hybrid bond in June 2012. Repayment was made
on 1 August 2012. The repayment amount will be
refinanced by, among other things, all cash inflows
from a debenture bond of 500 million euro issued
by Porsche AG in July 2012. This further reduces
Porsche AG’s interest expenses.
Significant events at the
Volkswagen group
Structural and management changes at the
Volkswagen group
The Volkswagen group is implementing extensive
restructuring at an organizational and management
level in response to the increased demands follow-
ing the strong growth seen in recent years. A new
China board of management function was created,
underpinning the growing significance of the larg-
est sales market in the world. Prof. Dr. Jochem
Heizmann, the member of the group board of
management responsible for commercial vehicles,
took on responsibility for the new function. Dr. Leif
Östling, Chief Executive Officer of Scania until
31 August 2012, assumes responsibility for the
commercial vehicles function on the board of
management. In this context, the Volkswagen
commercial vehicles brand will become part of the
group’s commercial vehicles business area going
forward. Dr. Georg Pachta-Reyhofen, speaker for
the executive board of MAN SE, took on additional
responsibility for group-wide coordination of the
industrial engines business as a member of the
executive committee of the Volkswagen group.
Other important changes were also made at brand
level. All of the new positions were filled internally,
including the appointment of three female senior
managers to the brand boards of management.
The extensive realignment gives the group addi-
tional momentum on the road to achieving its
Strategy 2018 objectives.
Share of voting rights in MAN SE increased
Effective 6 June 2012, Volkswagen increased its
share of voting rights in MAN SE, Munich, to 75.03
percent, thus strengthening the alliance between
MAN, Scania and Volkswagen Commercial Vehicles.
MAN will continue to operate its business in the
Volkswagen group, while maintaining its brand-
specific characteristics and business fields.
Audi acquires motorcycle manufacturer Ducati
As of 19 July 2012, the Volkswagen group acquired
100 percent of the voting rights of motorcycle manu-
facturer Ducati Motor Holding S.p.A., Bologna, Italy,
(“Ducati”) against payment of a purchase price of
747 million euro, via Automobili Lamborghini S.p.A.,
Sant’Agata Bolognese, Italy, a subsidiary of AUDI
AG. The acquisition of Ducati – a leading interna-
tional manufacturer of premium motorcycles with
extensive expertise in high-performance engines and
lightweight construction – has seen the group move
into the growth market for high-quality motorcycles.
2The company
Group management report
238