Porsche Automobil Holding SE, Stuttgart (Porsche SE) posted gains due to the positive development of both its investments in the fiscal year 2011. Porsche SE recorded 4.66 billion euros in profit from the investments accounted for at equity, comprising the profit from Volkswagen AG and Porsche Zwischenholding GmbH that can be attributed to Porsche SE.
Of this amount, 395 million euro can be attributed to the Porsche Zwischenholding GmbH group while 4.27 billion euro is attributed to the Volkswagen group. But the result was influenced by a special effect from the adjustment either through profit or loss. But there was no effect on cash, on the valuation of the put and call options for the shares in Porsche Zwischenholding GmbH that were held by Porsche SE.
In 2011, this special effect totaled to minus 4.37 billion euro. Porsche SE attained an overall profit after tax of 59 million euro at group level. Before taxes, the group profit was calculated at 28 million euro and its tax income of 31 million euro had a positive effect.
The profit from Porsche SE’s investments made up for at equity mirrors the development of the two investments that remained good. In the fiscal year 2011, a total of 116,978 vehicles were sold by the Porsche Zwischenholding GmbH group. Group revenue resulted to 10.93 billion euro while the operating profit totaled 2.05 billion euro.
For this reporting year, the Volkswagen group sold 8.36 million vehicles. Porsche posted 159.34 billion euros in group revenue, resulting to an operating profit of 11.27 billion euro. As of December 31, 2011, the net liquidity of Porsche SE significantly improved compared to the figure as of December 31, 2010, from minus 6.34 billion euro to minus 1.52 billion euro.
This improved because of the capital increase accomplished in April 2011, from which Porsche SE took a net issue volume amounting to about 4.9 billion euro. Porsche SE sought to repay bank loans for a total of 5.0 billion euro and so it used the total proceeds of the issue plus added available liquidity. In October 2011, there was a refinancing of the remaining liabilities to banks in a nominal amount of two billion euro. This was made possible by a new syndicated loan with significantly improved conditions.