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Interim Report 2

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Interim Report 2 Interim report 2 3 Aim of achieving the integrated automotive 12 Results of operations, net assets group with Volkswagen remains unchanged and financial position 4 Significant events and developments 12 Results of operations 4 Changes to the supervisory board 12 Net assets and financial position and executive board of Porsche SE 13 Operating result of 5 Litigation risks and legal disputes significant investments 8 Significant events at the Porsche 14 Attractive new models Zwischenholding GmbH group 16 Outlook 8 Significant events at the 16 Anticipated development of Volkswagen group significant investments 8 Fundamental ecological reorganization 17 Anticipated development of the of the Volkswagen group Porsche SE group 8 Official start to vehicle production in Malaysia 18 Porsche Zwischenholding 8 Supervisory board matters GmbH group in numbers 10 Business development 19 Volkswagen group in numbers 10 Significant rise in unit sales 10 Regional differences 11 More vehicles manufactured 11 High level of employment 3 Porsche Automobil Holding SE Interim report ;OPZPU[LYPTYLWVY[I`7VYZJOL(\[VTVIPS ;OL[^VJVTWHUPLZJV\SKUV[HNYLLVUOV^[V]HS\H[L /VSKPUN:,:[\[[NHY[r7VYZJOL:,sVYrJVTWHU`s MVYW\YWVZLZVM[OLTLYNLY[OVZLYPZRZ[OH[TPNO[ YLSH[LZ[V[OLKL]LSVWTLU[VMI\ZPULZZHUKP[ZLMMLJ[Z HYPZLMVY7VYZJOL:,V\[VMKHTHNLZJSHPTZHZZLY[LK VU[OLYLZ\S[ZVMVWLYH[PVUZUL[HZZL[ZHUKMPUHUJPHS PU[OL<UP[LK:[H[LZHUKPU.LYTHU`HSZVPUSPNO[VM WVZP[PVUPU[OLMPYZ[[OYLLTVU[OZVM[OLMPZJHS`LHY [OLVUNVPUNPU]LZ[PNH[PVUZJVUK\J[LKI`[OLW\ISPJ HUKJVU[HPUZPUMVYTH[PVUVU[OLYLWVY[PUN WYVZLJ\[VYqZVMMPJLPU[LYHSPHYLNHYKPUNHSSLNLKTHYÌ WLYPVKMYVT1HU\HY`[OYV\NO[V4H` RL[THUPW\SH[PVU 7VYZJOL:,LZZLU[PHSS`M\UJ[PVUZHZHOVSKPUN 7VYZJOL:,HUK=VSRZ^HNLU(.OH]LNYHU[LK JVTWHU`MVYP[ZPU]LZ[TLU[ZPU[OL[^VVWLYH[PUN LHJOV[OLYYLJPWYVJHSW\[HUKJHSSVW[PVUZPUJHZL[OL JVTWHUPLZ7VYZJOLA^PZJOLUOVSKPUN.TI/:[\[[NHY[ YLX\PYLKTLYNLYYLZVS\[PVUZMYVT[OLHUU\HSNLULYHS [VNL[OLY^P[OP[ZZ\IZPKPHYPLZr7VYZJOLA^PZJOLUOVSKÌ TLL[PUNZVM7VYZJOL:,HUK=VSRZ^HNLU(.^LYLUV[ PUN.TI/NYV\WsHUK=VSRZ^HNLU(R[PLUNLZLSSZJOHM[ HKVW[LKI`+LJLTILYPLPU[OLL]LU[VM >VSMZI\YNr=VSRZ^HNLU(.sr=VSRZ^HNLUsVYr=>s MHPS\YLVM[OLTLYNLY^P[OPU[OLMYHTL^VYRHUK HUK[VNL[OLY^P[OP[ZZ\IZPKPHYPLZr=VSRZ^HNLUNYV\Ws [PTLMYHTLKLMPULKI`[OLIHZPJHNYLLTLU[ ;OLZL =VSRZ^HNLU(.HZHUHZZVJPH[LVM7VYZJOL:,HUK VW[PVUZYLSH[L[V[OLYLTHPUPUNWLYJLU[ZOHYLÌ 7VYZJOLA^PZJOLUOVSKPUN.TI/HZHQVPU[]LU[\YLVM OVSKPUNPU7VYZJOLA^PZJOLUOVSKPUN.TI/OLSKI` 7VYZJOL:,HUK=VSRZ^HNLU(.HYLPUJS\KLKPU[OL 7VYZJOL:,HUKJHUILL_LYJPZLKH[KLMPULK[PTLZ JVUZVSPKH[LKMPUHUJPHSZ[H[LTLU[ZHZPU]LZ[TLU[Z ^P[OPU[OLWLYPVKMYVT5V]LTILY[V HJJV\U[LKMVYH[LX\P[`;OLSVUNÌ[LYTWYVMP[SVZZVM 1HU\HY` [OL7VYZJOL:,NYV\W7VYZJOL:,HUKP[ZZ\IZPKPHYÌ PLZPZSHYNLS`KLWLUKLU[VU[OLYLZ\S[ZVMVWLYH[PVUZ 7VYZJOL:,qZHUK=VSRZ^HNLU(.qZHPT[V VM[OLZL[^VZPNUPMPJHU[PU]LZ[TLU[ZHUK[OLZOHYLVM HJOPL]L[OLPU[LNYH[LKH\[VTV[P]LNYV\WYLTHPUZ [OLWYVMP[SVZZVM[OLPU]LZ[TLU[ZHJJV\U[LKMVYH[ \UJOHUNLK)V[OJVTWHUPLZ^PSSJVU[PU\L[VL_HTPUL LX\P[`H[[YPI\[HISL[V7VYZJOL:, ^OL[OLYHS[LYUH[P]LZ[V[OLTLHZ\YLZWYV]PKLKMVYPU [OLIHZPJHNYLLTLU[HYLH]HPSHISL (PTVMHJOPL]PUN[OLPU[LNYH[LKH\[VTV[P]L NYV\W^P[O=VSRZ^HNLUYLTHPUZ\UJOHUNLK 7YLWHYH[PVUZMVY[OLTLYNLYVM7VYZJOL:,PUÌ [V=VSRZ^HNLU(.^OPJOPZWYV]PKLKMVYHZ[OLMPUHS Z[LWPU[OLIHZPJHNYLLTLU[MVY[OLJYLH[PVUVMHU PU[LNYH[LKH\[VTV[P]LNYV\WVM7VYZJOLHUK =VSRZ^HNLU^LYL[LYTPUH[LKVU:LW[LTILY 4 :PNUPMPJHU[L]LU[ZHUKKL]LSVWTLU[Z 4Y,KPN^HZ[OLTLTILYVM7VYZJOL:,qZL_LJ\[P]L *OHUNLZ[V[OLZ\WLY]PZVY`IVHYK IVHYKPUJOHYNLVMJVTTLYJPHSHUKHKTPUPZ[YH[P]L HUKL_LJ\[P]LIVHYKVM7VYZJOL:, PZZ\LZ;OLZ\WLY]PZVY`IVHYKVM7VYZJOL:,HWÌ WYV]LK[OLWYLTH[\YL[LYTPUH[PVUVMOPZHWWVPU[TLU[ [V[OLL_LJ\[P]LIVHYKPUP[ZTLL[PUNVU-LIY\HY` ,MMLJ[P]L1HU\HY`4Y/HUZQÄYN 0U1\UL[OL7VYZJOL(.Z\WLY]PZVY` :JOTPLYLY^HZHWWVPU[LK[V[OLZ\WLY]PZVY`IVHYKVM IVHYKOHKHWWVPU[LK4Y;OVTHZ,KPNHZKLW\[` 7VYZJOL:,I`[OLJV\Y[HZHULTWSV`LLYLWYLZLU[HÌ JOHPYTHUIVHYKTLTILYMVYO\THUYLZV\YJLZHUK [P]L/L[HRLZV]LY[OPZM\UJ[PVUMYVT4Y/HUZ)H\Y ZVJPHSPZZ\LZHUKSHIVYKPYLJ[VYVM7VYZJOL(.MVYH ^OVOHKSHPKKV^UOPZVMMPJLLMMLJ[P]LHZVM M\Y[OLYMP]L`LHYZLMMLJ[P]LHZVM4H` +LJLTILY ;OLZ\WLY]PZVY`IVHYKHWWVPU[LK4Y7OPSPWW 4Y;OVTHZ,KPNSLM[[OLL_LJ\[P]LIVHYKVM ]VU/HNLUHZHUL^TLTILYVM[OLL_LJ\[P]LIVHYK 7VYZJOL:,VMOPZV^U]VSP[PVUHUKPUHNYLLTLU[^P[O VM7VYZJOL:,LMMLJ[P]LHZVM4HYJO4Y]VU [OLZ\WLY]PZVY`IVHYKVU -LIY\HY`PUVYKLY /HNLU^OVPZ[OLTLTILYVM[OLIVHYKYLZWVUZPISL [VMVJ\ZVUOPZ[HZRZVU[OLIVHYKVM+Y0UNOJ- MVYPU]LZ[TLU[THUHNLTLU[OHKWYL]PV\ZS`ILLU 7VYZJOL(R[PLUNLZLSSZJOHM[:[\[[NHY[ 7VYZJOL(. *OPLM6WLYH[PUN6MMPJLYHUKKPYLJ[VYPU[OLJVYWVYH[L HUK]PNVYV\ZS`KYP]LMVY^HYK:[YH[LN` MPUHUJLKP]PZPVUH[9V[OZJOPSK INTERIM REPORT 1.1. – 6.5.2012 5 Litigation risks and legal disputes In 2010, 46 plaintiffs filed six actions for damages against Porsche SE in the United States To the knowledge of Porsche SE – which is District Court for the Southern District of New York. not a party to the investigations and therefore has only The plaintiffs alleged damages of more than USD 2.5 limited knowledge of the subject matter and status of billion. In three of the six actions, the former mem- investigations – the Stuttgart public prosecutor has bers of the executive board Dr. Wendelin Wiedeking initiated investigations against the former members of and Holger P. Härter are also named as defendants. the executive board Dr. Wendelin Wiedeking and Hol- Plaintiffs alleged in their complaints that, in connec- ger P. Härter in connection with allegations of infor- tion with its acquisition of a stake in Volkswagen AG mation-based manipulation of the market in during the year 2008, Porsche SE issued false and Volkswagen shares. According to the public prosecutor, misleading statements and engaged in market manip- the allegations involve public statements made by ulation in violation of the US Securities Exchange Act representatives of Porsche SE and the failure to make as well as in common law fraud. Porsche SE consid- certain required statements regarding the acquisition ers the complaints to be without merit and filed a of the shareholding in Volkswagen AG between 2006 motion to dismiss. On 30 December 2010, the US and 2009. In addition, the public prosecutor is investi- court granted the motion to dismiss the complaints in gating the two former members of the executive board their entirety. Thirty-two of the original 46 plaintiffs in connection with allegations of breach of fiduciary have appealed this decision with the United States duty to the detriment of Porsche SE. According to the Court of Appeals for the Second Circuit. public prosecutor, there is reason to suspect that the two former members of the executive board may have Moreover, on 18 February 2011, three of the taken risks jeopardizing the company’s ability to con- plaintiffs, and on 15 March 2011 a further 23 of the tinue as a going concern by entering into share price plaintiffs, filed two actions in New York state court. In hedging transactions in the course of acquiring the their complaints, they assert claims for common law shareholding in Volkswagen AG. The Stuttgart public fraud and unjust enrichment on the basis of allega- prosecutor stated in a press release of 6 March 2012 tions similar to those made in their complaints in the that it had brought charges against three managers of actions referred to above. The plaintiffs claim to have the finance department of Porsche SE with the cham- lost at least USD 1.4 billion. Porsche SE considers ber of the Regional Court of Stuttgart responsible for these actions to be legally insufficient and without economic offenses on suspicion of obtaining credit by merit, and has sought their dismissal. deception. They are accused of providing one of the banks involved during the negotiations for follow-up In 2009, 2010 and 2011, institutional inves- financing for the 10-billion-euro loan due for repayment tors in Germany applied for conciliatory proceedings in March 2009 with false information on cash-settled against Porsche SE and in part against Volkswagen options held by Porsche SE relating to VW ordinary AG with regard to the assertion of claims for damag- shares. The 11th chamber of the Regional Court of es on the basis of alleged breaches of statutory Stuttgart now has to decide on the opening of the capital market regulations in connection with the main proceedings and the hearing dates. In the same acquisition of a shareholding in Volkswagen AG. Vari- press release, the Stuttgart public prosecutor also ous investors have filed further applications for concil- stated that investigations into the allegations of infor- iatory proceedings against Porsche SE based on the mation-based manipulation of the market and breach same claims; the company received these applica- of fiduciary duty against the former members of Por- tions in January and February 2012. Some of the new sche SE’s executive board are continuing. The further applications are also directed against Volkswagen AG investigations were proving to be extremely complex and in one case against Porsche AG. All of the alleged and time-consuming and would not be completed claims relate to alleged lost profits or alleged losses before mid-2012. Porsche SE considers the allega- incurred estimated by the investors to total approxi- tions made to be without merit. mately 3.3 billion euro. Porsche SE considers the INTERIM REPORT 1.1. – 6.5.2012 6 alleged claims to be without merit and has not taken another five companies, again from an alleged as- part in the conciliatory proceedings. signed right, for a total of approximately 351 million euro. The plaintiff alleges that, in 2008, on the basis In January 2011, a private investor filed a of inaccurate information and the omission of infor-
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