Of course, the Germans have already found somebody to blame for the decrease in profit. The one found responsible for perhaps the worst year in Porsche's history (if we take into account its soon-to-be incorporation into the Volkswagen group) was, naturally, the write-down recognized for the cash settlement options to Volkswagen shares. Loosely translated, their crazy chase to take over VW...
"The result was also influenced by the hidden reserves and liabilities identified in the course of the purchase price allocation for the shareholding in Volkswagen. The purchase price allocation became necessary after the number of ordinary shares in Volkswagen AG held by Porsche SE exceeded the 50 percent threshold on 5 January 2009," Porsche explains.
The outcome of the past financial year was somewhat foreseen by Porsche at the end of July, when it predicted a possible 5 billion euros loss. Despite this, the carmaker argues it still shows a double-digit margin in the operating profit and remains the most profitable automobile manufacturer in the world.
"After drawing one billion Euro from the revenue reserves, the financial statements of Porsche SE for the year ending 31 July 2009, prepared in accordance with the German Commercial Code, report a net profit available for distribution of 8.23 million Euro."