UK-Regulatory: VOLKSWAGEN AG: Volkswagen and Porsche create integrated automotive group

04.07.12 21:55
VOLKSWAGEN AG / Miscellaneous04.07.2012 21:50Dissemination of a UK Regulatory Announcement, transmitted byDGAP - a company of EquityStory AG.The issuer is solely responsible for the content of this announcement.
---------------------------------Volkswagen and Porsche create integrated automotive group Consolidation of Porsche AG expected to take effect as from August 1, 2012 - Clearly positive impact on consolidated profit Volkswagen Aktiengesellschaft and Porsche Automobil Holding SE (Porsche SE) are to create the integrated automotive group through the contribution in full of Porsche's automotive business to the Volkswagen Group, with the move expected to already take effect as of August 1, 2012. The relevant governing bodies of the two companies approved the plan for this today, following the issue of all the requisite advance rulings from the tax authorities. Porsche SE will contribute its automotive business in full to Volkswagen AG, which already holds 49.9 percent of Porsche AG indirectly. Once the transaction has closed, Volkswagen will hold 100 percent of the shares of Porsche AG via an intermediate holding company. In return, Porsche SE will receive consideration totaling around EUR4.46 billion plus one ordinary share of Volkswagen AG. The cash consideration is based on the equity value of EUR3.88 billion for the remaining shares of Porsche AG set out in the Comprehensive Agreement, plus a number of adjustment items. Among other things, Porsche SE will be remunerated for dividend payments from its indirect stake in Porsche AG that it would have received as well as for half of the present value of the net synergies realizable as a result of the accelerated integration, which amount to a total of approx. EUR320 million.The consolidation of Porsche's highly profitable automotive business, which is expected to take effect as from August 1, 2012, will have a positive impact on Volkswagen's consolidated profit. With regard to opeRating profit for the current fiscal year, the initial high depreciation and amortization charges resulting from the so-called purchase price allocation are expected to largely offset the earnings contribution. As a consequence of the consolidation of Porsche's automotive business, Volkswagen must remeasure its existing shares in Porsche Zwischenholding GmbH at their fair value. For the current fiscal year, based on the measurement parameters as of March 31, 2012, this will result in a clearly positive noncash effect of more than EUR9 billion in the Volkswagen Group's financial result. Net liquidity in the Automotive Division is expected to decline by a total of approx. EUR7 billion: Apart from the cash consideration of around EUR4.46 billion, the initial consolidation of Porsche AG's negative net liquidity - expected to be around minus EUR2.5 billion - will impact liquidity at the Volkswagen Group. Wolfsburg, July 4, 2012Volkswagen AG - The Board of Management04.07.2012 DGAP's Distribution Services include Regulatory Announcements,Financial/Corporate News and Press Releases.Media archive at and Language: EnglishCompany: VOLKSWAGEN AG Brieffach 1849 38436 Wolfsburg GermanyPhone: +49 (0)5361 9 - 49840Fax: +49 (0)5361 9 - 30411E-mail: christine.ritz@volkswagen.deInternet: DE0007664039, DE0007664005Indices: DAX, Euro Stoxx 50Listed: Regulierter Markt in Berlin, Düsseldorf, Frankfurt (Prime Standard), Hamburg, Hannover, München, Stuttgart; Terminbörse EUREX; London, Luxembourg, SIXCategory Code: MSCLSE Ticker: VKWSequence Number: 1123Time of Receipt: Jul 04, 2012 21:49:55 End of Announcement DGAP News-Service ---------------------------------


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