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Separate Financial Statements Fiscal Year 2019
201Separate financial9 statements PPorscheorsche TaycanTaycan TurboTurbo S 3 Content Group management report and management report of Porsche Automobil Holding SE 6 Fundamental information about the group 10 Report on economic position 12 Significant events and developments at the Porsche SE Group 12 Significant events and developments at the Volkswagen Group 20 Business development 24 Results of operations, financial position and net assets 31 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 37 Sustainable value enhancement in the Porsche SE Group 41 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 43 Remuneration report 44 Opportunities and risks of future development 52 Publication of the declaration of compliance and corporate governance report 78 Subsequent events 79 Forecast report and outlook 80 Glossary 85 4 Financials 86 Balance sheet of Porsche Automobil Holding SE 90 Income statement of Porsche Automobil Holding SE 91 Notes to the consolidated fi nancial statements 92 Independent auditor’s report 212 Responsibility statement 220 5 VVolkswagenolkswagen IID.3D.3 6 1 Group management report and management report of Porsche Automobil Holding SE 7 8 Group management report and management report of Porsche Automobil Holding SE 6 Fundamental information about the group 10 Report on economic position 12 Significant events and developments at the Porsche SE Group 12 Significant events and developments at the Volkswagen Group 20 Business development 24 Results -
Annual Financial Statements of Volkswagen AG 1
Balance Sheet Annual Financial Statements of Volkswagen AG 1 Annual Financial Statements of Volkswagen AG Balance Sheet of Volkswagen AG as of December 31, 2018 € million Note Dec. 31, 2018 Dec. 31, 2017 Assets Fixed assets Intangible assets 1 230 269 Tangible assets 1 6,731 6,972 Long-term financial assets 1 112,752 106,462 119,713 113,703 Current assets Inventories 2 5,140 4,889 Receivables and other assets 3 36,895 32,192 Cash-in-hand and bank balances 4 14,595 5,798 56,630 42,880 Prepaid expenses 70 111 Total assets 176,412 156,693 Equity and Liabilities Equity Subscribed capital 5 1,283 1,283 Ordinary shares 755 755 Preferred shares 528 528 Contingent capital - - Capital reserve 6 15,021 15,021 Revenue reserves 7 14,367 11,953 Net retained profits 2,419 2,181 33,090 30,438 Special tax-allowable reserves 8 19 21 Provisions 9 39,870 39,930 Liabilities 10 102,308 85,064 Deferred income 11 1,126 1,240 Total equity and liabilities 176,412 156,693 2 Annual Financial Statements of Volkswagen AG Income Statement Income Statement of Volkswagen AG for the Period January 1 to December 31, 2018 € million Note 2018 2017 Sales 12 78,001 76,729 Cost of sales – 72,700 – 73,355 Gross profit on sales 5,301 3,375 Distribution expenses – 5,760 – 5,677 General and administrative expenses – 1,865 – 1,426 Other operating income 13 5,673 6,451 Other operating expenses 14 – 6,089 – 6,605 Financial result 15 8,264 8,644 Write-downs of long-term financial assets and securities classified as current assets - 0 Taxes on income – 907 – 409 Earnings after taxes 4,620 4,353 Net income / loss for the year 4,620 4,353 Notes to the annual financial statements Annual Financial Statements of Volkswagen AG 3 Notes to the Annual Financial Statements of Volkswagen AG for the Period ended December 31, 2018 Financial statements in accordance with the German Commercial Code Volkswagen AG is domiciled in Wolfsburg, Germany, and entered in the commercial register at the Braun- schweig Local Court under no. -
Inside This Issue 4 President’S Corner 10 Chapter Website 5 Choose Your BMW
September • November 2018 The Newsletter of the Tidewater Chapter of the BMW Car Club of America UPCOMING EVENTS 9/15 BIMMER BREAKFAST Pop’s Diner in Greenbrier at 9am 9/16 TRSS: TIRE RACK STREET SURVIVAL NCCAR 9/22 PENINSULA BREAKFAST Baker’s Crust at 9am 5234 Monticello Ave #115, Williamsburg, VA 9/29 GOvernor’s CLASSIC CAR SHOW Virginia’s historic Capitol Square in downtown Richmond 10/5-10/7 BACK OF THE DRAGON RSVP and details for all events at https://www.motorsportreg.com/ Questions: send email to [email protected] www.tidewaterbmwcca.org Inside This Issue 4 President’s Corner 10 Chapter Website 5 Choose Your BMW. Wisely. 12 New Members 6 Champcar Lifeline 24 at VIR 14 Independence Drive OFFICERS & KEY PEOPLE Hereos of Bavaria Back of the Dragon President 8 18 Shawn Halsey (614) 596-7709 [email protected] Vice President OPEN [email protected] Secretary Ray Laffoon (757) 686-8924 [email protected] Treasurer Ron Boustedt (757) 339-0679 [email protected] Activities Chair James Loriol (561) 371-6052 [email protected] Membership Chairperson MEMBERSHIP Open Tidewater Chapter: 668 as of March 2018 [email protected] , Member-At-Large ADDRESS CHANGES Darin Kwasniewski (757) 304-1512 Address changes can be made on the BMWCCA National website [email protected] (www.bmwcca.org) by hitting ‘Login’ and following instructions on site. From there, click on the ‘Manage Account’ link on the top of the page; then click on Webmeister the ‘Change Addresses’ link. Judy Semo (757) 456-9923 [email protected] Or write to: Newsletter Editor ROUNDEL BMW CCA OPEN 640 South Main Street - Suite 201 [email protected] Greenville, SC 29601 Chapter Ambassador BMW CCA Foundation All changes done through the National office will update both your National and Brad Purvis (757) 869-1459 Tidewater Chapter address information. -
Volkswagen AG Annual Report 2009
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Model T (Edited from Wikipedia)
Model T (Edited from Wikipedia) SUMMARY The Ford Model T (colloquially known as the Tin Lizzie, Leaping Lena, or flivver) is an automobile produced by Ford Motor Company from October 1, 1908, to May 26, 1927. It is generally regarded as the first affordable automobile, the car that opened travel to the common middle-class American; some of this was because of Ford's efficient fabrication, including assembly line production instead of individual hand crafting. The Ford Model T was named the most influential car of the 20th century in the 1999 Car of the Century competition, ahead of the BMC Mini, Citroën DS, and Volkswagen Type 1. Ford's Model T was successful not only because it provided inexpensive transportation on a massive scale, but also because the car signified innovation for the rising middle class and became a powerful symbol of America's age of modernization. With 16.5 million sold it stands eighth on the top ten list of most sold cars of all time as of 2012. Although automobiles had already existed for decades, they were still mostly scarce and expensive at the Model T's introduction in 1908. Positioned as reliable, easily maintained, mass-market transportation, it was a runaway success. In a matter of days after the release, 15,000 orders were placed. The first production Model T was produced on August 12, 1908 and left the factory on September 27, 1908, at the Ford Piquette Avenue Plant in Detroit, Michigan. On May 26, 1927, Henry Ford watched the 15 millionth Model T Ford roll off the assembly line at his factory in Highland Park, Michigan. -
Motoring 'Goddess' Will Soon Be 60
Motoring 'Goddess' will soon be 60 DAVE MOORE Ahead of its time, and yet timeless: Still regularly cast by Hollywood as a car of the future. At its launch 59 years ago, the Citroen DS stopped the automotive world in its tracks, with a stunning visual design inside and out, and under-the-skin engineering that hasn't been matched since in terms of taking the industry forward. Its jaw-dropping introduction occurred at the 1955 edition of the City of Light's car salon. But slightly ironically, the space age Citroen DS will be celebrating its 60th birthday at London's premium classic car show, as there is no Paris event next year. "Space age" is no overused description for this car, as in recent years Hollywood has used well-preserved examples of the Citroen to illustrate vehicles in what they often call: "some time in the not too distant future." To some it is the most beautiful car of all time, a "Goddess". To others, it was the most technically advanced car of its era, a revolutionary machine that was years ahead of its time. Today, the Citroen DS still has the ability to turn heads like few other classic cars. When the DS was launched in Paris, its avant- garde design stunned show-goers. Some 743 orders were taken in the first 15 minutes of the show's opening and by the end of the first day that total had risen to an incredible 12,000. At a time when most cars were rear-wheel drive and running on old-fashioned "cart springs", the DS19's futuristic specification featured front-wheel drive, hydropneumatic self levelling suspension, a semi-automatic gearbox and even a fibreglass roof to lower the centre of gravity. -
Porsche Automobil Holding SE Company Accounts 2008/2009
Porsche Automobil Holding SE company accounts 2008/09 4 Group management report and management report of Porsche Automobil Holding SE 80 Balance Sheet 81 Income statement 82 Notes 102 Audit Opinion 103 Company Boards 105 Membership in other statutory supervisory boards and comparable domestic and foreign control bodies Group management report and management report of Porsche Automobil Holding SE Recent developments Michael Macht and Thomas Edig's appointment to the helm of Porsche AG marks the beginning of a new era for the Stuttgart-based automobile manufacturer. Michael Macht, who for many years served as head of pro- duction and logistics, has been made a member of the executive board of Porsche SE, and CEO of Porsche AG. Thomas Edig has been made board member at Porsche SE and Mr. Macht’s deputy at Porsche AG, where he is also responsible for HR and social issues and functions as labor director. Macht’s successor as head of production is Wolfgang Leimgruber, who was previously responsible for the body shell and paint shops. At Porsche SE, Michael Macht is responsible for technology and products, while Tho- mas Edig heads the commercial and administrative side. On 23 July 2009, the supervisory board of Porsche Automobil Holding SE (“Porsche SE”) reached an agreement on the departure of the long-term executive board members Dr. Wendelin Wiedeking and Holger P. Härter. Both men also resigned from their posts on the supervisory boards of Volkswagen AG and AUDI AG. Prof. Dr. Martin Winterkorn will be made the new CEO of Porsche SE fol- lowing the approval of the supervisory boards of Porsche SE and Volks- wagen AG. -
Qualitative and Quantitative Analysis of Bmw Group
QUALITATIVE AND QUANTITATIVE ANALYSIS OF BMW GROUP Authors (Universitat de Barcelona): Aitor Pozo Cardenal Ferran Carrió Garcia EDITOR: Jordi Marti Pidelaserra (Dpt. Comptabilitat, Universitat Barcelona) The BMW Group 2013 Investing in the BMW group What do we have to know? Aitor Pozo Cardenal Ferran Carrió Garcia 2 The BMW Group 2013 Summary 1. First Part (pages 4 to 28) 0. A little about the BMW group. 1. Its history. 2. Corporate responsibility. 3. Brands, main matrix and subsidiaries. 4. Targets. 5. BMW: Huge and profitable business (shareholders). 6. Financial services. 7. Innovation. 8. Internationalization. 9. Bibliography. 2. Second part (pages 29 to 44) 0. Introducing the topic 1. Market analysis 2. Market comparison 3. Short term risks 4. Long term analysis 5. The balance sheet’s evolution 6. Debts situation 7. Market risks 3 The BMW Group 2013 3. Third part (pages 45 to 68) 1. ROE 2. ROA 3. Value added 4. Cost of capital (K) 5. Optimal BMW situation 6. Profitability respect to the risk in a short term period 7. PER and Price x share 8. Conclusions 4. Bibliography (page 69) 4 The BMW Group 2013 1. First Part A little bit about the BMW Group 5 The BMW Group 2013 0. A little bit about the BMW group It’s not easy thinking about one interesting firm that allows us to work out with all the necessary information needed to develop some interesting lines, us we will do in this work. The BMW Group – one of Germany’s largest industrial companies – is one of the most successful car and motorcycle manufacturers in the world. -
Further Ordinary Shares in Volkswagen AG Acquired
Press release 05/20 12. May 2020 Further ordinary shares in Volkswagen AG acquired At 99 million euro, group result after tax down significantly on the prior-year figure in the first quarter / Net liquidity increases to 568 million euro / Forecast for the fiscal year 2020 still uncertain Stuttgart, 12 May 2020. Porsche Automobil Holding SE (Porsche SE), Stuttgart, increased its holding of ordinary shares in Volkswagen AG, Wolfsburg, to 53.3 percent. In the period from 17 March to 20 April 2020, a total of 0.2 percent of the ordinary shares in Volkswagen AG was acquired in capital market transactions for 81 million euro, of which 26 million euro relates to the first quarter. This latest purchase of ordinary shares highlights Porsche SE’s unwavering commitment to the Volkswagen Group. In light of the impact of the global Covid-19 pandemic, the group result after tax of 99 million euro for the first quarter of 2020 is clearly down on the prior-year figure (1.20 billion euro). This result was significantly influenced by the profit from the investment accounted for at equity in Volkswagen AG of 108 million euro (1.22 billion euro). In the reporting period, the “Intelligent Transport Systems” (ITS) segment generated revenue of 26 million euro, up slightly on the prior-year figure (25 million euro). In this segment, there was a result after tax of minus 5 million euro compared to minus 4 million euro in the first quarter of 2019. This contains effects of minus 2 million euro from the continuation of the purchase price allocation. -
30Yearsoftre Austin 1800
The British Motor Corporation (Australia), released the Austin 1800 onto the local 30YEARSOFTRE market on the 22nd November 1965, just thirteen months after the model's release in the UK. During the extra months develop AUSTIN 1800 ment, various modifications were made to the car. These modifications were later to be incorporated into the UK models. The 1800 soon became a popular car, even being voted the Modern Motor's best compact of the year, in fact the interior space inside the car still leaves almost all other cars far behind (with the exception of Rollers etc). In Australia approximately 60,000 Austin 1800 were produced. The Austin 1800 had various rallying success in its time including a win in the Southern Cross Rally (1969), and coming second (beating Falcon GT's and Porsche), and sixth, in the 1968 London to Sydney A rare care in Australia is this Austin 3 litre, a large car with 6 cylinder conventional drive using the Marathon. Automatic versions of the 1800 1800 body. It was only built in England for 8 months. The car pictured was shipped to Adelaide. On were released in February 1968 followed by the right, a British 1800. M. J. Foster sent us this picture (see RC#53 letters). He was from Essex in England. The Austin 3 litre built in 1967-8 was not a popular car. A 2200cc transverse OHC six car a utility version in July of the same year. was produced in the UK in 72 (similar to Kimberly Tasman in Australia) and was more widely accepted Later in the same year (Oct.) the Mk II sedan there. -
Porsche SE Increases Group Profit for the Year to 3.5 Billion Euro
Press release 01/19 19. March 2019 Porsche SE increases group profit for the year to 3.5 billion euro Voting interest in Volkswagen AG raised to 53.1 percent / Dividend increased by 26 percent to 2.21 euro per preference share Stuttgart, 19 March 2019. Porsche Automobil Holding SE (Porsche SE), Stuttgart, again benefited from the positive development of Volkswagen AG, Wolfsburg, in the past fiscal year. The group result for the year increased to 3.5 billion euro – an increase of 6 percent compared to the prior-year result of 3.3 billion euro. The group result is significantly influenced by the result from the investment accounted for at equity in Volkswagen AG. This amounts to 3.6 billion euro, compared to 3.4 billion euro in the prior year. Net liquidity of the Porsche SE Group decreased to 864 million euro as of 31 December 2018. The decrease is primarily attributable to the acquisition of further ordinary shares in Volkswagen AG. Porsche SE has expanded its stake from 52.2 percent to its current level of 53.1 percent of voting rights. Overall, around 400 million euro has been invested in the acquisition of shares over the past few months. Hans Dieter Pötsch, chairman of the executive board of Porsche SE, commented at today’s annual press and analyst conference: “We remain convinced that the Volkswagen Group has vast potential for increasing value added and that its current valuation on the capital market does not reflect this. We have therefore decided, in consultation with the supervisory board, to further expand our stake in Volkswagen AG.” Investment strategy with regard to the automotive value chain In addition to acquiring further ordinary shares in Volkswagen, Porsche SE will continue to 1 / 3 pursue its current investment strategy with regard to the automotive value chain. -
Mini Happy Returns – 60 Years Since BMC’S Baby
www.wheels-alive.co.uk Mini Happy Returns – 60 Years since BMC’s baby was introduced Published: 28th August 2019 Author: Dave Moss Online version: https://www.wheels-alive.co.uk/mini-happy-returns-60-years-since-bmcs-baby-was-introduced/ One of the very earliest 1959 Minis, in this case an Austin version. Small Wonder… Britain’s favourite small car of the 1960s and 70s, celebrated by www.wheels-alive.co.uk Dave Moss. It was exactly 60 years ago this week, on 26th August 1959, that the Mini was introduced to the world. In this first instalment of a series about the BMC/British Leyland/Rover Minis, Dave describes the background to, and development of, this small but revolutionary car, dubbed ‘Wizardry on Wheels’ in contemporary advertising. Further fascinating aspects of the Mini will be soon covered on Wheels-alive; please watch this space! Hindsight tells us that small car design entered a whole new era on August 26th 1959 with the public arrival of the Austin Se7en and Morris Mini-minor… yet in practical terms the real wonder is that they made it to launch on that day at all… Today the genesis of such an innovative mainstream vehicle, entering a marketplace loaded with competitors styled and engineered in earlier times, would be seen as a major sales opportunity. Amongst other things it would require extensive research into market positioning, customer desires, expectations and impressions, and demand a launch marketing campaign as advanced as the car itself. The Mini benefited from none of this, for in the 1950s commissioning new car designs was mostly art, not science.