Porsche 2012 Annual Report Download - page 57

The executive board of Porsche SE considers
the economic situation of the company and its
significant investment to be positive. In the past
fiscal year, Porsche SE benefited from the positive
economic development and the significantly in-
creased profits in comparison with the prior year of
its investments in Volkswagen AG and, prior to the
contribution of the holding business operations to
Volkswagen AG, Porsche Holding Stuttgart GmbH.
Moreover, Porsche SE’s interest burden was further
reduced by the repayment in full of the liabilities to
banks. Porsche SE is now a financially strong hold-
ing company with attractive potential for increasing
value added, with clear, sustainable structures and
a solid outlook for the future.
Additional information on the composition and
development of the items in the balance sheet, the
income statement and the statement of cash flows
of the Porsche SE group is included in the notes to
the consolidated financial statements of the Por-
sche SE group as of 31 December 2012.
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