net liquidity in the automotive business – meaning gross liquidity less financial liabilities excluding financial services – improved from a negative 2.58 billion euros as of December 31, 2011 to a negative 1.87 billion euros as of December 31, 2012. Thus, Porsche AG has once again come one step closer to its medium-term goal of a full reduction in net indebtedness while financing its growth from operating cash flow.