Porsche Automobil Holding SE (Porsche SE) posted EUR7.42 billion in profit after tax for the first nine months of fiscal year 2012. Porsche SE’s profit is mainly attributed to the contribution of the holding business operations of Porsche SE to Volkswagen AG. On August 1, 2012, Porsche SE and Volkswagen AG achieved their common goal of establishing the Integrated Automotive Group.
In return for the contribution of its holding business operations and its remaining share in its operating business to Volkswagen AG, Porsche SE received one ordinary Volkswagen AG share and EUR4.5 billion in cash. Porsche SE used part of the received cash to repay bank loans in full.
The resulting EUR4.75 billion in one-time effect on earnings is mainly attributed to EUR3.4 billion in income from the contribution of the business operations, and to a positive effect on the profit from investments accounted for at equity of around EUR1.3 billion. As of September 30, 2012, Porsche SE’s net liquidity improved was EUR2.59 billion, compared to negative EUR1.52 billion in net liquidity as of December 31, 2011.
With the establishment of the Integrated Automotive Group, the accounting for the investment in Porsche Zweite Zwischenholding GmbH -- which was renamed Porsche Holding Stuttgart GmbH -- at equity had to cease in July 2012.
This resulted to no further profit or loss from investments accounted for at equity to be attributable to Porsche SE from the investment since July 2012. The Porsche SE group posted EUR3.89 billion in total profit from investments accounted for at equity for the first nine months of 2012.