Porsche 2012 Annual Report Download - page 52

Results of operations, financial position
and net assets
Porsche SE contributed its holding business
operations, in particular its 50.1 percent invest-
ment in Porsche Holding Stuttgart GmbH (formerly
operating under the name Porsche Zweite
Zwischenholding GmbH), to Volkswagen AG with
effect as of 1 August 2012. Volkswagen AG now
directly holds 100 percent of the shares in
Porsche Holding Stuttgart GmbH and thus now
indirectly holds 100 percent of the shares in
Porsche AG.
Results of operations
In the period from 1 January to 31 December
2012, the Porsche SE group generated a profit
after tax of 7,829 million euro (prior year: 59 mil-
lion euro), which was significantly influenced by
the contribution of the operating holding business
of Porsche SE to Volkswagen AG. The contribu-
tion transaction resulted in a total one-time posi-
tive effect on earnings of 4.75 billion euro in the
consolidated financial statements. This effect on
earnings is primarily attributable to the income
from the contribution of the business operations
itself (3.4 billion euro) and to the positive effect on
profit on the investments accounted for at equity
in Volkswagen AG and Porsche Holding Stuttgart
GmbH (1.3 billion euro in total).
Other operating income of 3,847 million euro
for the fiscal year 2012 (prior year: 12 million euro)
mainly contains income from the contribution of
the business operations of 3.4 billion euro. In
addition, it includes the effect from the valuation
of the call option relating to the remaining shares
held by Porsche SE in Porsche Holding Stuttgart
GmbH until 31 July 2012 at fair value totaling 405
million euro. In the comparative period, other
operating income contained in particular income
from the reversal of provisions.
Personnel expenses in the Porsche SE group
came to 14 million euro in the period from 1 January
to 31 December 2012 (prior year: 14 million euro).
The Porsche SE group’s other operating ex-
penses of 274 million euro (prior year: 4,445 million
euro) mainly contain the effect from the valuation
of the put option for the shares in Porsche Holding
Stuttgart GmbH remaining with Porsche SE until
31 July 2012 totaling 200 million euro (prior year:
effect of the valuation of the put and call options
of 4,372 million euro). The put and call options had
to be valued through profit or loss for the last time
as of 31 July 2012 and were transferred to
Volkswagen AG as of 1 August 2012 as part of the
contribution of the holding business operations.
They were therefore derecognized by Porsche SE
and are included correspondingly in the positive
effect on earnings from the contribution.
Profit from investments accounted for at equi-
ty totals 4,332 million euro (prior year: 4,660 mil-
lion euro). This contains the share attributable to
the Porsche SE group in the Volkswagen group’s
profit for the fiscal year 2012 of 4,208 million euro
(prior year: 4,265 million euro) and in the Porsche
Holding Stuttgart GmbH group’s profit for the year
of 124 million euro (prior year: 395 million euro).
Due to the resolution of the executive board and
the approval of the competent bodies on 4 July
2012 regarding the contribution of the holding
business operations of Porsche SE to Volkswagen
AG, accounting for the investment in Porsche
Holding Stuttgart GmbH at equity had to cease in
accordance with IFRS 5. For this reason, the profit
from the Porsche Holding Stuttgart GmbH group
in the 2012 fiscal year pertains only to the period
from the beginning of the fiscal year until account-
ing for the investment at equity ceased. The prof-
it/loss from investments accounted for at equity
contains effects from the contribution of the hold-
ing business operations as of 1 August 2012 of
1.3 billion euro. This consists of 1.5 billion euro
attributable to the Volkswagen group and minus
0.2 billion euro attributable to the Porsche Holding
Stuttgart GmbH group due to the recycling of the
2The company
Group management report
248