Porsche 2012 Annual Report Download - page 54

Financial position
The cash flow from operating activities of the
Porsche SE group came to 202 million euro in the
2012 fiscal year (prior year: 43 million euro). This
contains the positive effect from dividends
received from Volkswagen AG of 330 million euro
(prior year: 243 million euro) and from Porsche
Holding Stuttgart GmbH of 104 million euro (prior
year: 128 million euro). A further cash outflow of
149 million euro resulted from the settlement in
August 2012 of a liability due to Qatar Holding
LLC. Interest paid in the fiscal year 2012 came to
141 million euro (prior year: 366 million euro);
interest received came to 114 million euro (fiscal
year 2011: 191 million euro). In addition, there was
an inflow from income tax refunds of 1 million
euro in the fiscal year 2012 (prior year: 176 million
euro). On the other hand, there was a cash out-
flow from income taxes paid of 2 million euro
(prior year: 278 million euro).
There was a cash inflow from investment ac-
tivities totaling 2,627 million euro in the fiscal year
2012 (prior year: 115 million euro). In the fiscal
year 2012, this mainly includes the payment re-
ceived from Volkswagen AG in return for the con-
tribution of the holding business operations less
the cash and cash equivalents disposed of in
connection with the contribution of the business
operations. The investment of cash and cash
equivalents in time deposits with an original term
of more than three months had a counter effect.
There was a cash outflow from financing
activities of 2,295 million euro (prior year: 196
million euro) in the fiscal year 2012. In the fiscal
year 2012, this is essentially attributable to the full
repayment of the liabilities to banks of 2.0 billion
euro (prior year: 7.0 billion euro), which was made
using part of the consideration received from
Volkswagen AG in return for the contribution of
the holding business operations. Moreover, cash
outflows result from the dividend distribution to
the shareholders of Porsche SE of 232 million
euro (prior year: 77 million euro) and payments
to the hybrid capital investors of 11 million euro
(prior year: 22 million euro). In addition, there was
a cash outflow of 52 million euro from the repur-
chase of hybrid capital in the fiscal year 2012. The
cash flow from financing activities in the fiscal
year 2011 contained in particular the gross issue
proceeds of 4,988 million euro from the capital
increase in April 2011, less all related transaction
costs of 85 million euro incurred in 2011.
Compared with 31 December 2011, cash
funds increased by 534 million euro to 902 million
euro.
Gross liquidity, i.e., cash and cash equivalents
and time deposits of the Porsche SE group, in-
creased from 469 million euro in the prior year to
2,862 million euro as of 31 December 2012. Liabili-
ties to banks were repaid in full. As of 31 Decem-
ber 2011, liabilities to banks still amounted to
1,991 million euro. Taking into account the loan
liabilities of 300 million euro due to the
Volkswagen group net liquidity – i.e., cash and
cash equivalents and time deposits less loan liabil-
ities (prior year: liabilities to banks) – is clearly
positive at 2,562 million euro as of 31 December
2012. As of 31 December 2011, the corresponding
figure had still been minus 1,522 million euro.
Net assets
Compared with 31 December 2011, Porsche SE’s
total assets decreased by 1,754 million euro from
32,965 million euro to 31,211 million euro as of
31 December 2012, mainly as a result of the con-
tribution of the holding business operations of
Porsche SE to Volkswagen AG, and the full re-
payment of the liabilities to banks.
As of 31 December 2012, the non-current as-
sets of the Porsche SE group essentially comprise
the investment accounted for at equity in
Volkswagen AG of 27,517 million euro (31 Decem-
ber 2011: 24,272 million euro). The increase in the
carrying amount of this investment of 3,245 million
euro is primarily attributable to the profit of the
Volkswagen group. The investment in Porsche
2The company
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