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+DMG MOR
+MEIC
+CORDT
+14
+DMG MOR
+DMG MOP
+B
+Θ
+Stat
+Startika
+C
+Boost
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+WEC
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+MORI
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+14
+MICHELIN
+Mobil
+FIA
+B
+FIA
+FIA WORLD CHQURANCE
+CHAMPIONSHIP
+WEC
+1VERA
+1DVERALL
+A
+LIMANS
+DE
+TUDOR
+OMOBILE CLUB
+ENDURANCE
+MAYONSHIP
+SEC
+as
+adio
+DMG MORI
+DMG MORI
+Mobil
+DMG MORI
+MOT
+PR
+CO
+ANNUAL REPORT 2014
+HELIN
+ANCE
+EC
+ELIN
+Romain
+DMG MORI
+Mobi
+WE
+MICHE
+WORLD ENDURANCE
+CHAMPIONSHIP
+DMG MORI
+Mo
+MICHELIN
+EC
+MICHELIN
+DMG MORI
+በ
+1ove
+INGUMANCE
+MANONSHIP
+EC
+CHOARD
+FR
+EC
+१०
+WEC
+PORSCHE
+FA WORLD
+PORSCHE
+92
+Mobil
+PORSCHE
+PORSCHE
+PAR
+FIA
+MICHELIN
+FIA
+D
+WEC
+&
+ENDURANCE
+AMPIONSHIP
+FIA
+WORLD ENDLICANCE
+CHAMPIONSHIP
+MICHELIN
+Mat
+WEC
+FIA WORLD ENDURANCE
+CHAMPIONSHIP
+MICHELIN
+Diplom-Ingenieur, ETH
+HANS-PETER PORSCHE
+Ingenieur
+HON.-PROF. DR. TECHN. H.C. FERDINAND K. PIECH
+Lawyer in private practice
+DR. FERDINAND OLIVER PORSCHE
+Investment management
+Deputy chairman of the
+Diplom-Wirtschaftsingenieur
+Member of the board of management of Volkswagen AG
+Human Resources and Organization
+HANS DIETER PÖTSCH
+Chief Financial Officer of Porsche Automobil Holding SE
+Member of the board of management of Volkswagen AG
+Finance and Controlling
+DR. RER. POL. H.C. FRANCISCO JAVIER GARCIA SANZ
+Betriebswirt
+Member of the board of management of Volkswagen AG
+Procurement
+Chairman of the Weissach works council
+Member of the works council of Porsche
+Automobil Holding SE
+ANTONIO GIRONE"
+PROF. DR. RER. POL. HORST NEUMANN
+Ökonom
+Deputy chairman of the general works
+council of Dr. Ing. h.c. F. Porsche AG
+Member of the group works council of
+Dr. Ing. h.c. F. Porsche AG
+(since 18 July 2014)
+WALTER UHL"
+Betriebswirt
+group works council
+Member of the board of management of Volkswagen AG
+Sales and Marketing
+KAI BLIESENER¹)
+(until 18 July 2014)
+General secretary of the Zuffenhausen
+works council
+Member of the general and group works
+council of Dr. Ing. h.c. F. Porsche AG
+WOLFGANG V. DÜHREN¹)
+Head of Sales Planning
+JÜRGEN KAPFER"
+(until 18 July 2014)
+Project manager, drivetrain Boxster
+model series
+BERND KRUPPA¹)
+(until 18 July 2014)
+Principal authorized representative
+of the IG Metall trade union
+administration, Leipzig
+(until 18 July 2014)
+Member of the general works council
+Member of the Zuffenhausen/Ludwigsburg/
+Sachsenheim works council
+Deputy chairman of the
+Zuffenhausen/Ludwigsburg/
+Sachsenheim works council
+Member of the works council of Porsche
+Automobil Holding SE
+JOCHEN HELD¹)2)
+Dr. Ing. h.c. F. Porsche AG
+Head of shop stewards' committee
+AXEL WEYLAND¹)
+(since 18 July 2014)
+Head of drivetrain division at Porsche
+Engineering Services GmbH
+1) Employee representative
+TANJA JACQUEMIN¹
+(since 18 July 2014)
+Section manager, company and
+industry policy, Executive Board of
+IG Metall
+PETER SCHULZ❞
+Vice president of Human Resources,
+Management and Production
+1) Employee representative
+2) Mr Jochen Held is temporarily unable to perform his duties as a member of the Supervisory Board due to health reasons. On 13 November 2014,
+Mr Manfred Pache was appointed by court order as a replacement member for the duration of Mr Held's absence due to illness.
+035
+CHRISTIAN KLINGLER
+Member of the group works council
+Member of the general works council of
+Member of the works council of Porsche
+Automobil Holding SE
+WERNER WERESCH❞
+JORDANA VOGIATZI¹)
+(from 18 July 2014 to
+13 November 2014)
+Member of the group works council
+and deputy chairman
+of the general works council
+Chairman of the Weissach works council
+Member of the works council of Porsche
+Automobil Holding SE
+HANS-JÖRG LESCHEK"
+(until 18 July 2014)
+Member of the Zuffenhausen/Ludwigsburg
+works council
+MANFRED PACHE")
+(since 13 November 2014)
+Chairman of the Weissach works council
+Deputy chairman of the
+general works council
+Member of the group works council
+Member of the works council of Porsche
+Automobil Holding SE
+HANSJÖRG SCHMIERER¹)
+Manager responsible for members and
+finances of IG Metall trade union, Stuttgart
+(since 18 July 2014)
+Press officer IG Metall
+Administrative Office Stuttgart
+Chairman of the Executive Board of Porsche Automobil Holding SE
+Chairman of the board of management of Volkswagen AG
+and member of the board of management of Volkswagen AG
+Corporate Research and Development
+DR. HANS MICHEL PIECH
+of Porsche Automobil Holding SE
+THE EXECUTIVE BOARD
+032
+LETTER FROM THE CHAIRMAN OF THE EXECUTIVE BOARD
+030
+CONTENTS
+IT.
+YOU WILL
+RECOGNIZE
+WORDS.
+NO
+NEEDS
+PERFORMANCE
+IT.
+RECOGNIZE
+034
+YOU WILL
+NEEDS
+NO
+PERFORMANCE
+S:964 RS
+Carrera RS
+120
+FINANCIAL DATA
+115 CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+116 CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+117 CONSOLIDATED STATEMENT OF CASH FLOWS
+118 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+FURTHER INFORMATION
+122 EMISSION AND CONSUMPTION DATA
+124 KEY PERFORMANCE INDICATORS OF THE PORSCHE AG GROUP
+WORDS.
+THE SUPERVISORY BOARD
+036
+TECHNOLOGY AND INNOVATION:
+114
+112 RESULTS OF OPERATIONS
+111 FINANCIAL POSITION
+108 NET ASSETS
+FINANCIAL ANALYSIS
+CHALLENGING ROADS AND MAJESTIC LANDSCAPES
+108
+102
+LESS IS MORE
+096
+EMPLOYEES, SUSTAINABILITY AND ENVIRONMENT
+086
+TRADITION AND EMOTION:
+A REAL LOVE STORY
+PORSCHE IN THE USA:
+076
+SALES, PRODUCTION AND PROCUREMENT
+070
+PROF. DR. DR. H.C. MULT. MARTIN WINTERKORN
+Diplom-Ingenieur
+FAVOURITE TOY WITHIN EXTENDED LIMITS
+066
+STRONG IMPULSES FROM LEIPZIG
+THE LEIPZIG LOCATION:
+058
+RESEARCH & DEVELOPMENT
+054
+BUSINESS DEVELOPMENT
+046
+ENERGY. CHARGED.
+125 IMPRINT
+Annual Report
+114 CONSOLIDATED INCOME STATEMENT
+LETTER FROM
+SG05
+BERNHARD MAIER
+Sales and Marketing
+UWE-KARSTEN STÄDTER
+Procurement
+LUTZ MESCHKE
+Finance and IT
+DR. OLIVER BLUME
+Production and Logistics
+WOLFGANG HATZ
+Research and Development
+Porsche AG
+2014
+THOMAS EDIG
+Deputy Chairman
+of the Executive Board
+Human Resources
+MATTHIAS MÜLLER
+Chairman of the Executive Board
+Annual Report
+Porsche AG
+2014
+034
+THE SUPERVISORY BOARD
+of the Dr. Ing. h.c. F. Porsche AG
+DR. WOLFGANG PORSCHE
+Chairman of the Supervisory Board
+of Dr. Ing. h.c. F. Porsche AG
+Diplomkaufmann
+UWE HÜCK¹
+Deputy Chairman
+Chairman of the general and group works council
+of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Zuffenhausen/Ludwigsburg/
+Sachsenheim works council
+Deputy chairman of the works council
+15 MARTINI
+to right
+262
+033
+THE CHAIRMAN OF THE
+EXECUTIVE BOARD
+DEAR LADIES AND GENTLEMEN,
+MATTHIAS MÜLLER
+Chairman of the Executive Board
+As each financial year comes to a close, I'm often asked
+about the top highlight for the year gone by. There were
+a variety of remarkable achievements from which to
+choose, yet the answer is an obvious one for me. The
+emotional climax came with Porsche's return to the
+world of high-end motorsports. After 16 years away from
+the competition, we developed the 919 Hybrid as our
+entrant in the "World Endurance Championship," all part
+of our "Strategy 2018." We got off to a furious start. In
+Le Mans, our 919 Hybrid was in second place before
+breaking down shortly the end of the race. The result
+I was different in São Paulo, a race we won. In both cases,
+the entire team and I get caught up in every fiber of our
+being by the fascination that is motorsports.
+from left
+No vehicle incorporates this more than the 918 Spyder.
+Just a few months after we delivered the first of these
+highly innovative vehicles in March 2014, all 918 of the
+units of the supercar were already sold out. It achieved
+record times on Germany's fabled Nürburgring track yet
+consumed no more fuel than a compact car, letting our
+customers revel in unparalleled technological advance-
+ment and giving fans of our brand a new source of
+fascination.
+This combination of technology and fascination is also
+in full force for our new Macan sport SUV. The vehicle
+creates an entirely new segment - the compact sport
+SUV which in turn appeals to an entire new range of
+customers. The proof is in the Macan's sales figures: the
+Macan is the right vehicle for the right time. The strategic
+importance of the series cannot be overstated.
+Despite all we're undertaking, we always remain true
+to our roots. Which means the 911 is and will remain
+our gold standard when it comes to sports car construc-
+tion. We'll continue to improve this icon constantly. The
+evolution of sports car construction also applies for our
+two-seater series, Boxster and Cayman. We will continue
+with our consistent expansion of model diversity in these
+series. Between already-presented and future derivatives
+of our pure-blooded sports car, we offer our customers a
+maximum of individual driving pleasure.
+We remain driven to push the limits of the technically fea-
+sible further than ever before. The fruit of these labours
+are unparalleled technology and market prominence.
+For example, Porsche was the only marque anywhere in
+the world to offer three plug-in models in the premium
+segment during 2014. The Cayenne S E-Hybrid was the
+first plug-in hybrid in the Premium-SUV-Segment; the
+Panamera S E-Hybrid, which had already been released
+onto the market, was the first plug-in hybrid vehicle in the
+luxury class; and the 918 Spyder supercar is loaded with
+more cutting-edge technology than any other car. These
+technology standard-bearers will benefit all future vehicles
+with the Porsche insignia on their hood.
+Our engineers know today better than ever that efficiency
+is crucial for the sports cars of the future. Porsche will
+continue to pursue this path in future years. Our insights
+from motorsports will help us with this. For one thing is
+clear: the recipe for success in our vehicles is maximum
+energy efficiency. That's what's behind the "Engineered by
+Porsche in Weissach" label.
+We can all look forward together to even more highlights
+to come from Porsche.
+Naturally we're all in for victory on the racing track. But
+the real goal is bringing the best-possible technology out
+onto the streets. Because Porsche welcomes the expec-
+tations among its customers that it will provide the most
+sporting and technologically advanced vehicles in every
+segment it serves. Our model strategy and the spectrum
+of models that we produce have in recent years served
+as a powerful signal about the future of Porsche as a
+company.
+Yours faithfully,
+Stuttgart, March 2015
+ese
+of the Dr. Ing. h.c. F. Porsche AG
+THE EXECUTIVE BOARD
+2014
+Porsche AG
+032
+031
+030
+Chairman of the Executive Board
+Matthias Müller
+Chatolicas Atlu
+Annual Report
+Uwe Michael, Vice president Electric/
+Electronic Systems. "They're distributed
+among 100 control units. Within the final
+overall vehicle, they all need to work flaw-
+lessly with one another. That's the EIZ's job.
+We bring together the car's overall electrical
+and electronic systems, installing them with
+all individual functions." This ranges from
+audio systems to display and control concepts.
+"Designs can be
+presented and
+discussed quickly –
+an important step
+forward in our
+creative work."
+in the new design building, whose architecture was
+tailored from top to bottom to promote communication
+and creativity.
+of co-workers, Grand Larsen (left) and Mitja Borkert,
+Transparency and short paths: Vice President Style
+Porsche Michael Mauer (centre) and his tight-knit circle
+Vice President Style Porsche
+MICHAEL MAUER
+-
+042
+ELECTRONICS WITH TREMENDOUS
+POTENTIAL
+and helps preserve their trendsetting
+character. And also helps set the stage
+for highly concentrated work by our
+employees."
+and Innovation
+Technology
+043
+2014
+Porsche Active Aerodynamics (PAA) on
+the 918 Spyder: cooling air hatches,
+front diffuser and a rear wing can all be
+adjusted to the specific driving mode.
+The electric drives also fall under the re-
+sponsibility of the Weissacher team. Wolf-
+gang Hatz says: "We're on the vanguard
+of plug-in hybrids. We have the Cayenne S
+E-Hybrid, the Panamera S E-Hybrid and
+the 918 Spyder, making us the only
+marque already offering three plug-in mod-
+els in the premium segment. This is an
+important strategic topic for us, because
+we as a sports car manufacturer need to
+satisfy a full range of emission regula-
+tions." Alongside the ongoing perfection
+of the plug-in hybrid, such as through
+longer electric ranges, the developers are
+also exploring pure electric-powered ve-
+hicles such as on a prototype Boxster E.
+As would be expected from Porsche, the
+racing track still sets the benchmarks for
+this: "We'll only move a given technol-
+ogy into series production once an electric
+sports car can deliver maximum perfor-
+mance in all conditions," Hatz maintains.
+"Even after ten laps on the test track, it
+must still have enough juice to go around
+a couple times more at fast speeds."
+At the new Electronics Integration Centre,
+employees are tasked with networking
+the diverse, highly complex electrical and
+electronic functions of the car, ensuring
+that they are compatible with one another
+and work flawlessly - no mean feat.
+"Current vehicles already have 6,000
+electrical and electronic functions, with
+more being added in every day," says
+The braking system provides a good
+example of just how closely all of the
+vehicle components are networked with
+one another. In modern vehicles the
+brakes no longer serve just to slow the
+vehicle, but rather also to recuperate
+energy and boost efficiency: like a bicycle
+generator, the kinetic energy of the
+vehicle is converted into electrical energy.
+In efficiency-oriented cars, this means
+achieving the maximum possible effec-
+tiveness. "We don't waste even a single
+kilowatt-second. The brakes are fully
+embedded in complex drive systems,"
+emphasizes Michael Lingg, Manager
+Engineer Brakes/Hydraulics/Actuations.
+The 918 Spyder kicked off a trend that
+is increasingly being seen in other model
+series. Where simple power brakes once
+ruled, this new, electronically controlled
+version is now a real high-tech unit, and a
+central element for optimal recuperation.
+In 2014, the Cayenne was once again the most popular
+model with 65,941 vehicles delivered. With the introduc-
+In the academic world, Weissach would
+probably be known as a "think tank."
+047
+In financial year 2014, Porsche delivered 23,841 new
+vehicles to customers in its home market, thus breaking
+a new record. The sports car manufacturer beat the
+previous year's results by 16 percent. One decisive
+factor in this performance was the delivery of 6,960
+new 911 (including the 918 Spyder) to customers - the
+911 series was the most-sold model series in Germany.
+A total of 3,648 of the mid-engined sports cars Boxster
+and Cayman were delivered to customers. Following the
+successful introduction of the new Cayenne, a total of
+5,349 of the sporty off-roader were delivered to custom-
+ers in 2014. The new Macan also enjoyed a high level of
+popularity in Germany, and played a key role in breaking
+GERMANY: THE NEXT RECORD YEAR
+EUROPE
+Porsche continued on its growth trajectory in Latin Ameri-
+ca in the reporting year. Given the country-specific import
+restrictions and unfavourable exchange rate develop-
+ments in significant Latin American markets, the nine-per-
+cent growth in the region represents a solid performance
+for Porsche there. A total of 3,871 new vehicles were
+delivered to customers in the markets in Central and
+South America as well as in the Caribbean. 575 of the
+mid-engined sports cars Boxster and Cayman were de-
+livered. Deliveries of the 911 model series (including the
+918 Spyder) continued to increase. Deliveries of the Pan-
+amera model series came to 165 vehicles, representing
+a 36-percent increase. The Cayenne remained the most
+popular model series, with 1,316 new vehicles delivered,
+followed by the new Macan, with 1,263 vehicles deliv-
+ered. A total of 21 markets with 46 dealers are served
+by the regional office located in Miami. The highest-selling
+markets in the region were Mexico and Brazil, followed by
+Chile and Puerto Rico; these markets contributed to the
+positive development during the year under review.
+LATIN AMERICA: CONTINUED GROWTH
+Annual Report
+performance in Canada this year. 375 units of the
+Panamera model series were delivered, a 14-percent
+increase on the prior-year figure. The Canadian market
+launch of the fifth model series, Macan, took place in
+May 2014. By the end of the year, 1,223 new vehicles
+were delivered to Canadian customers.
+CANADA: A VERY STRONG YEAR
+in 2015 to further expand its market presence and offer
+customers a further opportunity to experience the brand
+up-close. In addition, in 2014 ground was broken for a
+customer experience centre in Los Angeles, which is
+slated for completion at the end of 2015.
+Construction of the new headquarters of Porsche Cars
+North America, with an integrated customer experience
+centre in Atlanta, was in the final phase at the end of the
+year under review. Porsche will use the grand opening
+With 47,007 vehicles delivered, Porsche realised the
+best annual result in its history in the United States. The
+United States also remained ahead of China as Porsche's
+largest individual market, which grew by 11 percent. The
+Cayenne was once again the most popular model series.
+With 16,205 deliveries to customers, the transition to the
+new generation of the sport off-roader has been success-
+fully mastered. The record number of deliveries in the
+year under review was also attributable to the success of
+the 911 model series, which saw the delivery of 10,529
+new vehicles (including the 918 Spyder) to customers.
+The highlight for the Boxster and Cayman model series
+was the introduction of the GTS models. In total, 3,417
+Caymans were delivered; the open mid-engined sports
+car Boxster saw 3,875 new vehicle deliveries. Porsche
+delivered 5,740 new Panameras to customers. The
+Panamera S E-Hybrid already accounts for 15 percent
+of the model series with 875 units. Following the intro-
+duction of the fifth model series, Macan, in May 2014,
+7,241 Macan S and Macan Turbo models were delivered
+to customers.
+USA: A NEW RECORD IN THE LARGEST MARKET
+AMERICAS
+Porsche continued along its successful trajectory in
+Canada with 34-percent growth and a new record of
+4,933 cars delivered this year. Nearly 40 percent of cars
+sold were Cayennes (1,904 new vehicles delivered).
+Never before have so many 911 sports cars been delivered
+to customers in a single year: at the end of the year,
+812 cars (including the 918 Spyder) were delivered to
+customers, representing a 23-percent growth rate. With
+a total of 619 new cars delivered, the Boxster/Cayman
+model series also played a big part in the successful
+to customers during this successful financial year; an
+exclusive series further bolstered the model's market
+position.
+Porsche AG
+048
+"That's another strength of the EZW,"
+Michael Mauer says. "We can work behind
+closed doors here and without distraction.
+This keeps our projects more confidential,
+Despite the persistent economic uncertainties in 2014,
+the premium segment saw a slight uptick in demand. With
+4,235 new vehicles delivered, Porsche outpaced this
+slight segment growth significantly by 39-percent growth
+year on year.
+ITALY: SOLID DEVELOPMENT OF THE PREMIUM SEGMENT
+The plug-in hybrid vehicles of the Cayenne and Panamera
+model series were highly popular in the Benelux coun-
+tries, particularly thanks to tax cuts for these vehicles
+in these countries. The Panamera S E-Hybrid accounted
+for 15 percent of units delivered to customers around
+the world. Belgium remained the market with the highest
+sales, with 1,893 units, followed by the Netherlands with
+1,361 units and Luxembourg with 350 units.
+BENELUX: PANAMERA S E-HYBRID AND CAYENNE S E-HYBRID
+IN DEMAND
+In financial year 2014, after a 16-year break, Porsche
+returned to the 24-hour race at Le Mans with the 919
+Hybrid, thus rejoining the pinnacle of motorsport. The
+sales figures were also encouraging. With 4,025 new car
+deliveries, Porsche France beat its prior-year figure by
+18 percent despite a tense macroeconomic environment.
+The market launch of the new Macan was also a positive
+force behind this trend, with 1,507 units delivered.
+2014
+FRANCE: A RETURN TO LE MANS
+GREAT BRITAIN: TWO-DOOR SPORTS CARS IN DEMAND
+In Europe, which comprises 46 markets and 261
+Porsche Centres, 37,650 new vehicles were delivered
+to customers in the year under review. This represents
+a 20-percent growth rate as compared to the previous
+year, a rate which is just below that for emerging econo-
+mies such as China. This success was achieved in a very
+difficult macroeconomic environment. Key markets such
+as Italy, France and Russia, as well as Eastern Europe
+which was negatively affected by the Ukraine crisis, were
+struggling with considerable economic problems.
+EUROPE REGION: GROWTH IN A VOLATILE ENVIRONMENT
+the record: 5,635 vehicles have been delivered to cus-
+tomers since deliveries started in April 2014. With 2,249
+vehicles delivered, the Panamera also sold well.
+Development
+Business
+In financial year 2014, Porsche Cars Great Britain Ltd.
+delivered 9,204 new cars to customers, exceeding the
+previous year's level by twelve percent. The mid-engined
+sports car emerged as the strongest model series, with
+2,695 units. 2,306 Cayennes were delivered. 1,845
+units of the 911 series (including the 918 Spyder) were
+delivered to customers, representing growth by 20 per-
+cent. The success of the new Macan beat expectations in
+Great Britain, with 1,426 new cars delivered.
+tion of this new generation, Porsche has also increased
+its offering of plug-in hybrid vehicles by adding the
+Cayenne S E-Hybrid. 24,864 Panameras were delivered
+This success was due in particular to the market launch
+of the fifth model series, the Macan, in April 2014. The
+first 44,636 vehicles in this new series were delivered
+to customers during the year under review. This positive
+market response was also reflected in the many awards
+the Macan has received: for instance, the readers and ju-
+rors of Bild am Sonntag and Auto Bild awarded the Macan
+the „Golden Steering Wheel"; auto motor and sport
+voted the model one of the year's best new designs.
+The new 911 Targa 4 also won these acclaims. Overall,
+30,510 cars in the 911 model series were delivered to
+customers. 12,833 Boxsters and 10,764 Caymans were
+delivered to customers. In addition, Porsche delivered
+301 of the new 918 Spyder super sports cars, a limited
+edition which has now been sold out.
+With 189,849 new vehicles delivered, financial year 2014
+was the most successful year in Porsche's history thus
+far. This represents a 17-percent increase on the prior
+year, which had also been a strong year. Sales were up
+year on year during every single month of the year under
+review and on every continent. December 2014 was the
+first month in which more than 20,000 new vehicles were
+delivered to customers in a single month.
+24-hour race
+6-hour race
+Prologue
+6-hour race
+Le Mans, France
+Nürburgring, Germany
+Circuit of the Americas, USA
+Fuji, Japan
+Shanghai, China
+Sakhir, Bahrain
+Paul Ricard, France
+Silverstone, Great Britain
+Spa-Francorchamps, Belgium
+June 13, 2015
+August 30, 2015
+September 19, 2015
+October 11, 2015
+November 1, 2015
+November 21, 2015
+6-hour race
+May 2, 2015
+March 27-28, 2015
+The 919 Hybrid was built for the FIA World Endurance Championship (WEC),
+the premiere league of long-distance motorsports. In the process it will
+serve as a "rolling lab" for insights into Porsche's "sports car of the future."
+Pure efficiency: the high-performance hybrid
+braking system on the 918 Spyder features
+integrated recuperation.
+WEC EVENTS IN 2015
+One major benefit of Weissach is ultima-
+tely that everything is in close proximity.
+"Within five minutes you can move from
+the wind tunnel to the chassis developers,"
+Wolfgang Hatz explains. "The test track is
+right there as well. There's no other devel-
+opment centre in the world with this kind
+of density. At lunchtime, everyone meets
+in the cafeteria, chats and exchanges
+opinions. It's this spirit" Hatz says, "that
+makes our Development Centre some-
+thing truly special."
+It certainly is a forge for new benchmarks.
+Both for the brand and the entire industry.
+World-class technical expertise combined
+with exceptional conceptual creativity and
+workmanship, forged into an unmatched
+product. "At Porsche, there's also a
+certain competitive ambition that drives
+us on," says Uwe Schneider, General
+Manager Development complete vehicle
+Testing and Quality Management. "It works
+like an R&D accelerator: Porsche is at
+home in the motorsports world - and
+like an athlete, every employee is ready
+at all times to give their utmost. To
+come together as a team, all pulling in
+one direction and capable of achieving
+greatness."
+April 12, 2015
+6-hour race
+6-hour race
+6-hour race
+PORSCHE DELIVERS JUST UNDER
+190,000 VEHICLES
+The global automobile market grew by 4.5 percent
+to 73.4 million vehicles in the year under review. This
+growth was boosted in particular by the regions Asia/
+Pacific, North America and Western Europe. The passenger
+car markets in Western Europe had begun to stabilise in
+the second half of 2013, and this trend continued into
+financial year 2014. In Germany, new vehicle registrations
+rose by 2.9 percent to 3.0 million units; this was the
+first time this figure had increased in four years. The US
+market was once again in a clearly better state, posting
+a 5.9-percent increase to 16.5 million vehicle registra-
+tions. The Asia/Pacific region recorded the strongest
+market growth. The Chinese passenger car market in
+particular contributed to this trend, with a growth rate of
+12.1 percent to 17.9 million units. The slight tapering of
+economic growth in China was not enough to weigh down
+momentum on the world's largest automobile market.
+The growth rate for the global economy increased slightly
+to 2.7 percent in financial year 2014 (previous year:
+2.6 percent). The economic situation improved in many
+industrialised countries, including in Western Europe.
+Gross domestic product here increased by 1.2 percent
+(previous year: 0 percent). Even in the crisis-stricken
+southern European countries, the end of the long reces-
+sion was in sight. However, the fallout from the conflict
+between Russia and Ukraine was felt in Eastern Europe.
+Russia's economic output increased by only 0.4 percent
+in the period under review (previous year: 1.3 percent).
+The German economy proved robust, posting 1.5-percent
+growth (previous year: 0.2 percent). This growth rate was
+outstripped by that of the two global economic engines,
+the United States (2.4 percent; previous year: 2.2 per-
+cent) and China (7.4 percent; previous year: 7.7 percent).
+GLOBAL ECONOMY EXPERIENCES
+MODERATE GROWTH
+BUSINESS DEVELOPMENT
+046
+2014
+Porsche AG
+Annual Report
+045
+044
+2014
+Porsche AG
+Annual Report
+6-hour race
+THINK TANK OF THE HIGHEST ORDER
+The links between exterior design and
+aerodynamics are of course especially
+tight, so those two buildings feature
+direct linking passageways - promoting
+greater flexibility among employees and
+conferencing options, but also allowing
+models and prototypes to be transported
+away from the eyes of the public: what
+is dreamed up on the one side can be
+tested confidentially on the other.
+Porsche never shies away from new
+roads, especially when it comes to cre-
+ating the sports car of tomorrow, today.
+The latest example: the 918 Spyder. It
+features a complex drive train that differs
+from its classic predecessors in several
+important ways. First and foremost: it is
+designed from top to bottom for optimal
+energy efficiency. Electric motors on
+the front and rear axles supplement
+the combustion engine with an extra
+electric boost during acceleration. The
+power comes from lithium-ion batteries,
+although the system also recuperates
+a considerable portion during braking.
+The auxiliary front-wheel drive can be
+controlled separately and allows for a new
+driving strategy that keeps cornering safe
+at extremely high speeds. The ultimate
+result is optimized fuel consumption and
+unparalleled driving performance. Or, as
+Wolfgang Hatz sees it: "To be good at
+recapturing energy, you need to be not
+just economical, but fast as well."
+In the new studio, Michael Mauer, Vice
+President Style Porsche, is showing off
+one of the successful innovations for
+2014. "The 911 Targa has an unmistak-
+able and timeless design that skillfully
+blends the historical attributes of the origi-
+nal 1963 Targa with modern functional
+style elements," he explains. "It contains
+the brand's design DNA, which evolves
+with each new vehicle we make." The new
+design studio represents an ideal working
+environment. Vehicle design in all stages
+has been brought under one roof, mean-
+ing the various departments of the design
+team, previously spread out in different
+buildings, are now closer to one another.
+The immediate benefit is clear: the lines
+of communication are shorter. "Designs
+can be presented and discussed quickly-
+an important step forward in our creative.
+work," Mauer notes.
+The drive concept of the 918 Spyder
+explores what is currently technologically
+possible to the fullest, harnessing these
+leaps into new features that move the
+overall bar well forward. Its independent
+all-wheel drive with an electric motor on
+the front axle is based on insights gained
+through competition experience with the
+911 GT3 R Hybrid. The powerful lithium-
+ion battery can be recharged from a
+standard power charger, and can run up
+to 31 kilometres in pure electric mode. A
+re-developed "Boost" strategy provides
+intelligent management of energy levels
+for the electric drive and ensures that
+pushing the gas pedal to the floor at any
+time delivers the full 887 hp of accelera-
+ROLLING LAB OF AUTOMOBILE
+TECHNOLOGY
+into motion. Parallel lines now allow for
+completely new models to be added to
+the portfolio, each of course with its
+own innovative technology. A programme
+oriented toward perpetual improvement
+as demanded by the philosophy of
+"Porsche Intelligent Performance."
+All vehicles of the brand, whether intended
+for daily street use or racing competition,
+run through the different departments at
+the Weissach Development Centre (known
+as the EZW in German). Here is where
+work on the automobile of tomorrow
+never ends. As soon as one generation
+is finished, the next is already being set
+919 Hybrid comes from our Development
+Centre in Weissach. All of the insights flow
+back to there and are then available for all
+model lines."
+2015 racing season. "Even so, the 919
+Hybrid is a rolling laboratory for series
+development. We benefit every time it hits
+the pavement. Every kilometre it travels
+produces data and experience for the fu-
+ture," says Hatz, Member of the Executive
+Board Research and Development. "The
+TECHNOLOGY COSMOS WEISSACH
+Sophisticated, compact: The additional electric motor on the 919 Spyder's
+front axle is a key part of the electric Porsche Traction Management (ePTM)
+system that gives the car even more traction and driving feel.
+WOLFGANG HATZ
+"The 919 Hybrid comes
+from our Weissach
+Development Centre.
+All of the insights flow
+back to there and are
+then available for all
+model lines."
+already claimed one victory and earned
+several additional trips to the podium. It's
+excellently positioned heading into the
+so many times in the past, within a year
+of joining the top league the car had
+racing season. And, as Porsche has done
+Only the most modern vehicle concepts
+can achieve that. The 919 Hybrid reached
+its efficiency target in full for the 2014
+Member of the Executive Board - Research and Development
+A spotlight on the 919 Hybrid. The LMP1-
+class racing car bumps the efficiency
+bar up by yet another few notches. It is
+the only racing car in the LMP1 field that
+recaptures energy during both braking
+and acceleration. It will be bringing this
+novel engineering feat into top level of
+the WEC (World Endurance Championship)
+competition: The regulations stipulate a
+maximum consumption level per racing
+lap, differentiated by drive concept. In
+2014, the Le Mans organisers specified
+the threshold for the 919 Hybrid's cate-
+gory at just 4.79 I per lap. The 919 isn't
+just racing against the clock, it's also
+racing against the fuel gauge.
+Weissach. Among car guys, the mere
+mention of the town's name perks up the
+ears - a bit like mentioning the Piemont
+to truffle fans. The Development Centre
+is a unique technology cosmos. Some
+6,500 employees, 5,000 belonging to
+Porsche and 1,500 belonging to partner
+companies, work on a daily basis there in
+the areas of R&D, motorsports, purchas-
+ing and support fields. The buildings are
+placed close to one another, with narrow
+connecting streets snaking between them.
+The test track has a variety of dynamic
+and torture tracks, as well as a small but
+fine 2.8-km circular track. If you could dis-
+till the essence of Porsche and lay it down
+as pavement, this would be it: companies
+that build sports cars need to test on
+sport tracks. And because motorsports
+inherently involve a need for speed, those
+tracks are ideally placed near the R&D
+facilities.
+S.60 9184
+These vehicles are no less than the future
+extra hp to the front axle. The result: the
+most efficient transmission ever built by
+Porsche.
+The latest breakthrough comes in the
+harnessing of thermal energy from ex-
+haust gas into electricity by means of an
+electrical generator. A dynamo provides
+extra power to the front axle, which con-
+verts kinetic energy into electricity during
+braking. The driver can draw upon the
+electric power as needed from lithium-ion
+batteries applied as several hundred
+factors in boosting efficiency significantly.
+The extra electric motor on the front axle
+turns the 919 Hybrid into an all-wheel
+vehicle when critical situations arise. The
+electrical energy required for this comes
+through two energy recuperation systems.
+The 919 Hybrid long-distance competition
+car further extends this technology to in-
+clude another revolutionary concept. The
+rear axle of this racer features a compact
+V4 combustion engine. Turbocharging,
+direct injection and downsizing by reduc-
+ing the displacement to two litres and
+restricting the cylinder count to four - all
+The chassis and transmission on the
+918 Spyder have racing in their blood.
+The monocoque structure is comprised of
+carbon fiber reinforced polymer. The mul-
+tilink axle is enhanced through additional
+technology including the PASM adaptive
+suspension system and rear-axle steering.
+A prototype and a production vehicle: Porsche 918 Spyder.
+"Race Hybrid" is the top-performance
+mode and is especially intended for
+sporty handling. This also includes the
+"Hot Lap" mode which for a short period
+can channel every bit of output into boost-
+ed performance.
+Split drive, low centre of gravity: the 918 Spyder's weight is ideally distributed.
+A switch shifter on the steering wheel lets
+the driver move quickly between five oper-
+ating modes. The "E-Power" mode is the
+default upon ignition. In "Hybrid" mode the
+electric motors and combustion engine
+work in alternation to target maximum
+efficiency and minimal fuel consumption.
+"Sport Hybrid" involves greater dynamic
+performance: the combustion engine is
+tion. A series of computers and software
+direct the interplay of all components and
+bring to bear the company's substantial
+know-how - especially when driving to
+extremes: the 918 Spyder wouldn't be a
+Porsche if it didn't harness all of that tech-
+nology into an outstanding ride. Hence the
+Nürburgring lap times.
+Technology
+and Innovation
+039
+038
+primarily responsible for providing power.
+The electric motors support through the
+Boost function.
+Porsche's collected knowledge, in one
+car? Yes although even that inherently
+only reflects this brief moment in time.
+As the abbreviation in its formal name
+suggests, "Dr. Ing. h.c. F. Porsche AG"
+is first and foremost an engineering
+company. It's in the sports car maker's
+DNA to strive to produce the most sport-
+ing, technologically advanced vehicles
+on the market. An engineering company
+never rests. It drives constantly for
+improvement. So just a few months after
+Porsche celebrated the record drive by
+the 918 Spyder, the next technology-
+loaded vehicle already approached the
+starting line.
+market has more technology inside,"
+Hatz says. "The 918 Spyder contains our
+collected knowledge - which is why it has
+kept us ahead of the competition."
+"The 918 Spyder is a prototype made
+for the streets. No other vehicle on the
+Porsche returned to high-end
+endurance motorsports in
+2014 with its rolling research
+laboratory, the 919 Hybrid.
+Delivery of the 918 Spyder
+LIN
+MICHEL
+036
+Top sports cars with innovative drive concepts:
+Porsche 919 Hybrid and Porsche 918 Spyder
+919
+supercar kicked off at the
+same time. Both vehicles
+stand out for their ultra-
+modern, ultra-high-efficiency
+"Engineered in Weissach"
+P1
+HY
+Mobil11
+The future of the sports car has already begun. Point of origin:
+The Weissach think tank.
+ENERGY.
+CHARGED.
+and Innovation
+Technology
+INTELLIGENT
+ERFORMANCE
+technology. The Porsche
+Development Centre once
+again proved its prowess
+as a "think tank."
+037
+"I can't tell you what type of drive will
+be the dominant one 30 years or so
+from now. But I do know that Porsche
+is already working to find it now."
+best for a production vehicle with
+street-legal tires.
+17 seconds better than the previous
+in grand style. A new track record,
+the 918 Spyder announced its arrival
+an unreal time of six minutes, 57 seconds,
+fabled Nürburgring race track. In logging
+and Innovation
+Technology
+2014
+Porsche AG
+Annual Report
+Very fast even, or perhaps simply: the
+fastest. Such as on the North Loop of the
+SPAIN/PORTUGAL: POSITIVE DEVELOPMENT
+Member of the Executive Board -
+Research and Development
+Wolfgang Hatz,
+of sports cars, available today. It is an
+open declaration by Porsche of the kinds
+of technologies that might be available in
+future models. One clear sign: all roads
+point toward maximum efficiency. And in
+particular: the vehicles to achieve these
+feats will see their first kilometres on the
+test track in Weissach. Just like so many
+sports cars with trailblazing technology
+before them.
+UNIQUE TRADITION
+Porsche created the test track in Weissach
+in the early 1960s. Construction began
+in 1961. The Skid Pad opened in 1962,
+and the off-road course followed in 1967.
+The CanAm course was built in 1971
+around the Skid Pad, as was the moun-
+tain course with narrow curves. The R&D
+buildings to power this progress were
+also being erected piece by piece at the
+same time. They have taken on a certain
+air of mystery, seemingly a distant place
+2010 2013
+MOTORSPORTS HYBRID
+DRIVE
+1998 2003
+USE OF CARBON FIBER
+MATERIALS
+Porsche 911 GT3 R Hybrid
+Porsche 911 GT1
+Porsche 911 Turbo S (996)
+1991 2001
+CERAMIC BRAKES
+Porsche Carrera GT
+Porsche 962
+1986 1988
+SPORTY ALL-WHEEL
+DRIVE
+Porsche 959
+Porsche 911 Carrera 3.2
+1982 1984
+DIGITAL MOTOR
+ELECTRONICS DME
+Porsche 956
+Porsche 911 Carrera (997)
+Porsche 911 Carrera 4 (964)
+Porsche 918 Spyder
+Annual Report
+Porsche AG
+NEW BUILDINGS, NEW OPPORTUNITIES
+to be capable of the kind of research that
+pushes limits.
+the Electronics Integration Centre (EIZ)
+that opened in 2013, the company has
+invested more than 150 million euro in
+expanding and refurbishing the Develop-
+ment Centre. After all, if you want to build
+cars and push envelopes, then you have
+of the latest technology and scientific
+insights. Weissach features cutting-edge
+technology. The 2014 operating year saw
+Porsche open a new design studio in a
+high-concept architectural design and an
+aeroacoustic wind tunnel. Factoring in
+The Development Centre is always
+reinventing itself as well, staying abreast
+for motorsports and for the "Engineered
+in Weissach" lines.
+always: the best sports cars in the world,
+Rolling laboratories drive technology for-
+ward, pushing it to its limits and refining
+it. The Weissach Development Centre
+works like a supercomputer. Complicated
+issues are fed into it - comprehensive
+answers are returned. The result is
+stage of innovation involves all-wheel drive
+with electric motor support, as embodied
+by the 911 GT3 R Hybrid, 918 Spyder
+and 919 Hybrid.
+energy-efficient aerodynamics:
+Michael Pfadenhauer in front of the
+high-performance turbines. The
+fans are eight metres in diameter,
+with ultra-lightweight carbon blades
+capable of producing wind speeds
+of up to 300 km/h.
+High-tech wind tunnel for
+to refine the concept ever since. The next
+Example 3: The sporty all-wheel drive
+also originated in the Weissach Develop-
+ment Centre. Here the 959 once again
+comes into play. It was the first all-wheel
+vehicle with sensors monitoring the driv-
+ing conditions to distribute the engine's
+power variably between the front and rear.
+axle using a stageless electronic differ-
+ential lock. This technology proved a big
+success: in 1986, the 959 claimed first
+place in the Paris-Dakar rally. Two years
+later, the first production car using the all-
+wheel drive came on the market, the 911
+Carrera 4 (964). Porsche has continued
+and Innovation
+Technology
+Porsche 956
+The new wind tunnel is located directly next
+to the Design Centre. Michael Pfadenhauer,
+Director Aerodynamics/Thermal-Manage-
+ment: "The demands put on this technical
+area have grown immensely in recent
+years." The 918 Spyder is the current
+zenith of that development. "Its active
+aerodynamics allow for extreme fuel
+efficiency and maximum performance at
+the press of a button - characteristics
+that, before this car, had seemed mutually
+exclusive," Pfadenhauer elaborates. "The
+supercar is also equipped with a thermal
+management system comprised of five
+separate cooling circuits and seven air
+heat exchangers to maintain optimal
+conditions whatever the driving situation -
+a massive challenge."
+E21
+Porsche 911 Turbo (930)
+040
+2014
+Porsche AG
+Annual Report
+in other models it's a standard feature -
+for sporting handling, but also for (and
+because of) the low fuel consumption.
+a constant turbocharge - not to mention
+short shifting times. The PDK proved a
+valuable commodity in the motorsports
+arena, but couldn't yet provide the level
+of comfort needed in production vehicles.
+The electronics first needed to be rede-
+signed: In 2008, the 911 Carrera (997)
+became the first production sports car to
+feature the double clutch transmission.
+Over 90 percent of the 911s that Porsche
+sells today are outfitted with the PDK, and
+041
+of a gear shifter that did not interrupt the
+application of power. The technology is
+especially well suited for turbocharged
+engines, since you can continue to supply
+gas even when shifting, thus maintaining
+of one, each covering a different turbo-
+charge range. The feared "turbo gap" was
+finally a thing of the past. In 2006, the
+911 Turbo premiered its Variable Turbine
+Geometry (VTG) to ensure optimal flow
+conditions in all operating states. Then
+and now Porsche is the sole car maker to
+use the VTG charger in gasoline engines.
+Yet the turbocharging technology is more
+topical than ever, and is considered cap-
+stone technology for bringing combustion
+engines into compliance with the needs of
+fuel economy and emissions, especially
+going forward.
+in 1977. The 959 was introduced to the
+public in 1985. This extraordinary techno-
+logical package brought some cultivated
+manners to the turbocharger design: it
+used two complementary units instead
+"24 hours of Le Mans." In 1972, in an
+effort to eke out even greater engine
+performance from its twelve-cylinder
+motor, the 917 was outfitted with two
+turbochargers ("twin turbo"). Valves were
+used to regulate the injected pressure
+and prevent an over-charge. One year
+later this technology was moved to series
+production, culminating in the famous
+911 Turbo (930 series) first presented in
+1973, which received further racing tech-
+nology in form of an additional intercooler
+with verve and style by a young engineer
+named Ferdinand Piëch, that claimed
+Porsche's first overall victory at the
+Example 1: In 1970, it was the power-
+house 917, at the time developed
+from which wondrous technology did and
+does emerge. The Weissach name stands
+for success on the racing track, and for
+the subsequent transfer of that technolo-
+gy from competition vehicles to series-
+produced models.
+Example 2: The Porsche Double Clutch
+Transmission (PDK). The sports car maker
+was working on this kind of a power
+converter as far back as at the end of the
+1960s. In the early 1980s, the developers
+were working on improving the 956/962
+sports car when they returned to the idea
+TECHNOLOGY TRANSFER -
+FROM RACE TRACK TO SERIAL PRODUCTION
+Racing vehicle
+Porsche 911 Carrera RS 3.0
+PDK
+1984 2008
+1972 1977
+INTERCOOLING
+Porsche 917
+Porsche 917/10
+16
+1972 1974
+TURBO WITH
+BYPASS VALVE
+Porsche 908/03
+1970 1974
+PERFORATED AND INTERNALLY
+VENTILATED BRAKE DISKS
+Porsche 356
+RING SYNCHRONISATION
+Porsche 356
+1951 1951
+Production
+Porsche 911 Turbo 3.3 (930)
+Both close customer contact in the core segment of the
+two-door sports car and the introduction of the Macan
+and the new generation of the Cayenne helped Porsche
+to deliver 2,056 vehicles to customers in Spain and
+Portugal in financial year 2014. This corresponds to an
+increase in unit sales of 39 percent compared to the
+prior year.
+A+
+Porsche Switzerland increased deliveries to customers
+by 29 percent to 2,871 vehicles and thus broke a new
+record. The Macan model series was in particularly high
+demand and accounted for a large portion of growth at
+1,145 vehicles. 822 vehicles of the 911 series (including
+the 918 Spyder) were delivered to customers.
+11.8
+6.9
+8.7
+204
+F
+911 Targa 4S
+294
+400
+13.9
+7.7
+10.0
+237
+G
+911 Targa 4S PDK
+294
+400
+12.5
+7.1
+9.2
+214
+F
+350
+257
+911 Targa 4 PDK
+G
+316
+430
+13.9
+7.7
+10.0
+235
+G
+911 Carrera 4 GTS Cabriolet PDK
+316
+430
+911 Targa 4 GTS
+12.5
+9.2
+214
+F
+911 Targa 4
+257
+350
+13.1
+7.5
+9.5
+223
+7.1
+911 Carrera 4 GTS Cabriolet
+316
+13.9
+262
+Cayenne S
+309
+420
+7.8-7.6")
+13.0-12.4¹
+6.2-6.0¹)
+8.0-7.8")
+6.8-6.6¹)
+9.8-9.51
+179-173)
+229-2231)
+B
+emissions
+combined
+consumption
+combined
+(l/100 km)
+consumption
+extra-urban
+(l/100 km)
+consumption
+urban
+(l/100 km)
+CO₂-
+CO₂-
+Fuel
+Fuel
+Fuel
+Output
+(hp)
+Output
+(kW)
+EMISSION AND CONSUMPTION DATA OF THE NEWLY INTRODUCED VEHICLES
+193
+B
+6.3-6.1") 164-1591)
+5.9-5.7")
+7.7
+10.0
+237
+G
+911 Targa 4 GTS PDK
+316
+430
+12.5
+7.1
+9.2
+430
+214
+368
+500
+19.2
+8.9
+12.7
+296
+G
+190
+258
+6.9-6.7")
+F
+RESEARCH & DEVELOPMENT
+G
+9.1
+Cayman GTS PDK
+250
+340
+11.4
+6.3
+8.2
+190
+F
+Cayman GT4
+283
+385
+14.8
+7.8
+10.3
+238
+G
+Development efforts in financial year 2014 focussed on
+the new generation of the Cayenne model series, which
+not only impresses with its sharper design, increased
+efficiency and comprehensive series fitting, but with the
+introduction of the Cayenne S E-Hybrid, also presented
+the first plug-in hybrid vehicle in the premium SUV seg-
+ment. Additional efforts focussed on the new GT vehicles
+Cayman GT4 and the 911 GT3 RS. Porsche Motorsport
+also developed the second generation of the Le Mans
+prototype: The new Porsche 919 Hybrid is a powerful
+evolution of the successful version which débuted in
+2014. The new generation's initial roll-out took place in
+mid-December 2014.
+In addition, the engineers' tasks at the Weissach Devel-
+opment Centre in financial year 2014 included work on
+the standard drive module toolkit based on the Panam-
+era concept. The module serves as the foundation for
+vehicles whose engine is installed longitudinally and which
+feature rear-wheel drive in the base version. In future,
+the module could also be used by other vehicles in the
+Volkswagen Group. The toolkits are intended to tap into
+considerable synergies in development, procurement and
+production.
+EXCITING NEW LAUNCHES
+In January 2014, Porsche presented the new 911 Targa
+to the public at the North American International Auto
+Show (NAIAS) in Detroit. It combines the classic Targa
+concept with state-of-the-art roof technology. Just like
+the original Targa, the new model features a character-
+istic wide bar in place of the B-pillars, a movable roof
+section above the front seats and a wrap-around rear
+window with no C-pillar. However, in a departure from the
+classic models, the roof segment on the new Targa can
+be opened and closed at the push of a button. The new
+Targa generation was released exclusively with all-wheel
+drive. The heart of the 911 Targa 4 is a 3.4-litre 350-hp
+Boxer engine. The 911 Targa 4S's engine generates
+400-hp. One year later, another Targa stole the spotlight
+at the Detroit Auto Show in January 2015 - the 911 Targa
+4 GTS. For the first time, Porsche had implemented the
+successful GTS concept in a Targa. At 430 hp, its engine
+is even more dynamic. The series includes the Sport
+Chrono package, black 20-inch centre lock wheels and
+SportDesign front apron, among other features. Black
+Alcantara leather on the steering wheel and seats, as
+well as trim accents finished in black brushed aluminium
+enhance the Targa 4 GTS's sporty flair.
+G
+211
+9.0
+7.1
+(g/km)
+(Germany)
+Boxster GTS
+243
+330
+12.7
+7.1
+9.0
+211
+G
+At the Geneva International Motor Show in March 2014,
+Porsche focussed on its return to the big motor-sports
+stage. The highlight of the event was the world premiere
+of the 919 Hybrid, which competed in the 2014 World
+Endurance Championship (WEC). Just as in all eight of
+the WEC races, the prototype in Geneva was flanked
+by the 911 RSR. The Macan S Diesel, the fuel-efficient
+endurance champion in the Macan model series, also
+celebrated its premiere at the Swiss auto show. With fuel
+consumption between a mere 6.1 and 6.3 litres/100 km,
+the Macan S Diesel's CO2 emissions range from 159 to
+164 g/km. Despite these numbers, the Macan S Diesel,
+with its 3.0-litre V6 turbo diesel engine (258 hp), accel-
+erates from 0 to 100 km/h in just 6.3 seconds and tops
+out at a speed of 230 km/h.
+Boxster GTS PDK
+330
+11.4
+6.3
+8.2
+190
+F
+Cayman GTS
+250
+340
+12.7
+243
+212
+Model
+911 Carrera GTS Cabriolet
+G
+911 Carrera GTS Cabriolet PDK
+316
+430
+12.3
+6.9
+8.9
+207
+F
+316
+430
+13.8
+7.7
+9.9
+233
+G
+911 Carrera 4 GTS PDK
+316
+430
+12.5
+7.1
+228
+9.7
+7.6
+13.7
+911 Carrera 4 GTS
+911 GT3 RS
+Macan S Diesel
+Cayenne Diesel
+Plug-in hybrid
+Model
+316
+430
+13.7
+7.5
+911 Carrera GTS
+911 Carrera GTS PDK
+9.5
+G
+316
+430
+12.2
+6.7
+8.7
+202
+F
+316
+430
+223
+class
+efficiency
+416
+Fuel
+consumption
+(kWh/100 km)
+consumption
+combined
+(l/100 km)
+CO₂-
+emissions
+combined
+(g/km)
+CO₂-
+efficiency
+class
+(Germany)
+306
+20.8
+79
+3.4
+2014
+Porsche AG
+Annual Report
+053
+Porsche AG will endeavour to further increase new
+vehicle deliveries and revenue in financial year 2015 as
+compared to the year under review 2014. This increase
+will be driven primarily by the new Macan. Porsche's fifth
+model was gradually introduced on the global markets
+from April 2014 onwards and will be available for twelve
+months of the year for the first time in financial year
+2015. Although investments in vehicle projects and the
+expansion and renewal of sites are high, continuous
+productivity and process improvements and strict cost
+management are intended to ensure that Porsche AG's
+high earnings objective continues to be achieved.
+ANTICIPATED DEVELOPMENTS
+During the year under review, Porsche began operating
+a new high-tech wind tunnel and opened a new design
+studio at its development site in Weissach. Investments
+to expand and renew the Weissach development site -
+including for a new electronics integration centre, which
+went into operation in the previous year - have amounted
+to more than 150 million euro. In addition, a new drive-
+train testing facility is also being built at the site. The
+investments for this amount to approximately 95 million
+euro.
+CENTRAL SPARE PARTS WAREHOUSE
+At Porsche's central spare parts warehouse, located near
+Sachsenheim in the Eichwald industrial park, a further
+expansion went into operations at the end of financial
+year 2014. This meant that storage space has increased
+from 113,000 to 170,000 square metres. More than
+100,000 Porsche parts are stored here and supplied to
+approximately 800 locations around the globe thanks to
+state-of-the-art logistics technology. Porsche invested just
+under 80 million euro to expand the Sachsenheim facility.
+TWO BONDS ISSUED
+During the year under review, Porsche Financial Services
+Inc., domiciled in Atlanta, Georgia, issued two ABS bonds
+in private placements in the United States for a total of
+approximately USD 1.34 billion. Both placements were
+given top ratings by the rating agencies and included
+for the first time customer contracts for Porsches as
+well as contracts relating to Bentleys and Lamborghinis.
+Investors included insurance companies, pension funds,
+banks, asset management firms and companies.
+Porsche Financial Services is an indirect wholly owned
+subsidiary of Porsche AG.
+Power
+FINANCIAL SERVICES ON A GROWTH PATH
+offer tailored financial products and innovative financial
+services in 15 countries. Thus the Porsche Financial Ser-
+vices Group has 211 employees in nearly every important
+automotive market in which the Porsche Group is active.
+In financial year 2015, the PFS Group will continue its in-
+ternational expansion and support Porsche's own import-
+er in South Korea by setting up a local financial services
+company. In addition to the core products of leasing and
+financing, the extensive product range includes insurance
+products, the Porsche Card and dealer financing. Under
+the brand names Bentley Financial Services and Lam-
+borghini Financial Services, exclusive financial services
+are offered in relation to the Group's brands Bentley and
+Lamborghini in Germany, Italy, Switzerland, France, the
+United States and Canada. In addition, individual solutions
+are developed for Bugatti customers. Demand for finan-
+cial services remained strong in financial year 2014, with
+approximately 46,000 new agreements signed around
+the world. The Financial Services companies exceeded
+the 100,000 mark for the first time and now manage
+more than 103,000 financing agreements with a volume
+of more than 4 billion euro. In addition, more than 13,000
+customers appreciate the comfort and exclusive services
+offered by the Porsche Card and more than 17,000 cus-
+tomers have taken advantage of the insurance offerings
+of the Porsche Insurance Service. The companies of the
+Porsche Financial Services Group have adapted their
+processes and methods - including for risk manage-
+ment - in their respective markets to ensure compliance
+with the ever stricter statutory requirements imposed on
+financial services.
+FORECAST FOR FURTHER GROWTH
+The global economy may experience even stronger
+growth in 2015 than it had in the year under review. The
+emerging economies of Asia are likely to continue provid-
+ing the momentum behind this growth. Economic growth
+in China will remain at a high level. Economic growth
+forecasts for the United States are also optimistic. By
+contrast, the continuation of the recovery in Western
+Europe depends on the resolution of structural problems.
+Nevertheless, Germany is likely to experience solid eco-
+nomic performance with stable growth rates similar to
+the level recorded during the year under review. However,
+expectations for Russia are highly pessimistic in light of
+the conflict between it and Ukraine.
+PROSPECTS ON THE AUTOMOTIVE MARKETS
+Overall, the global automobile market will continue to
+grow in 2015. However, momentum is expected to slow
+slightly in the key markets China and the United States
+according to forecasts by the German Association of the
+Automobile Industry (VDA). The Association expects the
+German market to see slight growth at one percent to
+solid three-million new vehicle registrations.
+The companies of the Porsche Financial Services (PFS)
+Group partner with the Porsche retail organisation to
+WEISSACH RECEIVES HIGH-TECH FACILITIES
+Output
+(hp)²)
+055
+054
+SWITZERLAND: HEAVY DEMAND FOR THE MACAN
+E-D
+Cayenne S Diesel
+283
+385
+10.0
+7.0
+8.0
+Cayenne GTS
+324
+440
+Cayenne Turbo
+382
+Cayenne Turbo S
+419
+13.2-12.9")
+520 15.9-15.5")
+570
+2) Overall performance
+1) Versatility depending on the tyre set used
+Cayenne S E-Hybrid
+F
+267
+11.5
+Output
+(kW)2)
+8.9
+F
+E-D
+C
+209
+234-2281)
+267-261"
+10.0-9.8¹)
+11.5-11.2
+8.3-8.1")
+8.9-8.7¹)
+15.9
+Leipzig.
+OUTLOOK
+At the beginning of the year under review, series produc-
+tion of the sporty off-roader Macan commenced at the
+Leipzig plant. The official opening ceremony took place
+on 11 February 2014. Porsche has invested around
+500 million euro to expand the location into a full-fledged
+plant with its own paint shop and body shell production
+facility.
+2014
+050
+Business
+Development
+Porsche is building a new and innovative body shell
+production facility in Leipzig for the next generation of its
+Panamera model. Thus the model will be manufactured
+in its entirety in Saxony beginning in 2016. In total, the
+investments to expand the Leipzig plant so that it can
+produce the Panamera going forward amount to another
+500 million euro. The successor to the current Cayenne
+model will be manufactured at Volkswagen's Bratislava
+plant from 2016 onward. The SUV's body shell and a
+large part of the components have been pre-assembled
+there thus far. Final assembly has taken place thus far in
+22,401
+Porsche AG
+19,456
+JAPAN: MORE THAN 5,000 NEW VEHICLES DELIVERED
+Following a 19-percent growth spurt to 5,138 new vehi-
+cles delivered to customers, Porsche Japan crossed the
+5,000-vehicle threshold for the first time. Deliveries of
+the rear- and mid-engined sports cars once again broke
+historical records: deliveries of the 911 model series
+(including the 918 Spyder) increased by 25 percent in
+comparison to an already successful previous year, to
+reach 1,550. The Boxster/Cayman model series also
+saw a twelve-percent jump in deliveries to 1,619 units.
+delivered to customers.
+SOUTH KOREA: OFF TO A SUCCESSFUL START
+The Porsche subsidiary formed as at 1 January 2014 in
+South Korea got off to an extremely successful start in
+its first year, with 2,703 units delivered to customers.
+This represents a 31-percent increase as compared to
+the previous year. The 911 contributed to this increase
+with 304 vehicles delivered and a 10-percent growth.
+The new Macan had a good start on the market with
+667 units delivered. 552 units of the Panamera were de-
+livered to customers, representing a remarkable increase
+of 69 percent.
+ASIA/PACIFIC: SALES ON HIGH
+Despite the spin-off of the strong South Korean market
+as at 1 January 2014, the Asia/Pacific region was able
+to operate at the same high level as in the previous
+year, with 4,846 new vehicles delivered. Adjusted for
+this non-recurring effect, this represented a 53-percent
+increase in deliveries. The Cayenne and Macan model
+series played an important role in this growth. With 1,836
+vehicles delivered from the second half of the year,
+the Macan got off to an excellent start on the market.
+Cayenne deliveries remained stable at 1,723. With 481
+vehicles delivered, the Panamera made a valuable con-
+tribution to this success. The Taiwanese market reached
+a new milestone with more than 3,000 new vehicles
+delivered. In 2014, the import business got off to a suc-
+cessful start in Cambodia and Mongolia. In the reporting
+year, Porsche was thus represented in 13 countries in
+the Asia/Pacific region.
+17,502
+AUSTRALIA/NEW ZEALAND: ANOTHER RECORD YEAR
+Annual Report
+With 46,931 new vehicle deliveries in financial year 2014
+(representing a 25-percent increase), China represented
+Porsche's second-largest sales market after the United
+States. The best-selling model series - despite the
+change in generations - remained the Cayenne with
+20,844 new vehicles delivered. This means that China is
+still the largest sales market for the model series. China
+expanded its position as the largest market for the Pan-
+amera with 9,250 new vehicles delivered to customers
+there. 1,335 new vehicles of the 911 series (including
+the 918 Spyder) were delivered to customers. Deliveries
+of the mid-engined sports car increased by a total of
+ten percent to 2,860. Porsche's growth path in China was
+also bolstered by the continued expansion of the dealer
+network: in financial year 2014, an additional 14 Porsche
+Centres opened their doors. At the end of the year, the
+number of dealers had risen to a total of 79.
+AUSTRIA: ONCE AGAIN MORE THAN 1,000 NEW VEHICLES
+DELIVERED TO CUSTOMERS
+As it did a year earlier, Austria cleared the thousand-unit
+threshold during financial year 2014, with 1,066 new
+vehicles delivered to customers. One highlight of the
+ongoing expansion of the dealer network came with the
+opening of the new Porsche Centre in Salzburg. Porsche
+has been welcoming customers there in an urbane envi-
+ronment since October 2014. The new standalone
+operation offers some of the most modern features of
+any Porsche Centre in Europe, with over 850 square
+metres of exhibition space and a customer workshop
+stretching across 1,500 square metres.
+RUSSIA: A NEW RECORD
+Porsche bucked the general market trend in Russia,
+delivering 4,772 new cars to customers, representing
+a 26-percent increase. The most popular model series
+was again the Cayenne, with 2,452 units delivered to
+customers. The Macan proved to be the second-most
+popular in the year in which it was introduced, with 1,417
+units delivered to customers. 504 units of the Panam-
+era model series were delivered, a 40-percent increase
+on the prior-year figure. 250 units of the 911 series
+(including the 918 Spyder) were delivered to customers,
+representing a 34-percent growth rate.
+049
+EASTERN EUROPE: GROWTH DESPITE THE UKRAINE CRISIS
+NORTHERN EUROPE: SIGNIFICANT INCREASE IN DELIVERIES
+Northern Europe has the highest tax rates for automo-
+biles in Europe. Nevertheless Porsche delivered 1,744
+units to customers here, representing growth of 21 per-
+cent. In its first year available, the Macan proved to be
+the most popular model series in this region, with 650
+units delivered. The positive development in Sweden
+bears highlighting here: Porsche realised 38-percent
+growth with 751 units delivered to customers.
+ASIA
+MIDDLE EAST AND AFRICA: CONSOLIDATION
+Porsche Middle East and Africa continued along its
+regional growth trajectory in financial year 2014 by
+tapping into the markets in Morocco, Algeria and Tunisia,
+as well as La Réunion and Mauritius. During the year
+under review, a total of 9,827 (previous year: 11,608)
+vehicles were delivered to customers. Business in the
+region was significantly weighed down by political strife
+in Syria, Iraq, Yemen and Nigeria. In addition, exchange
+rate developments in South Africa and India represent-
+ed further challenges. With 4,810 new vehicles of the
+Cayenne model series delivered, 49 percent of volume in
+the region was accounted for by SUVs. 1,137 Panameras
+and 1,331 Macans were delivered to customers in the
+region. A total of 23 markets with 39 dealers are served.
+by the regional office located in Dubai.
+CHINA: CONTINUED GROWTH TRAJECTORY
+Despite the Ukraine crisis and a heterogeneous market
+environment, Porsche outdid its prior-year performance
+in Eastern Europe with 4,073 new vehicles delivered to
+customers (previous year: 4,014), particularly thanks to
+the growing markets in Poland and Turkey. The Cayenne
+was the most popular model series, with 1,821 units
+delivered. In its first year available, the Macan proved to
+be the second-most popular, with 860 units delivered.
+524 units of the 911 model series (including the 918
+Spyder) were delivered, a twelve-percent increase on the
+prior-year figure. 684 Panameras were delivered, thus
+exceeding the already strong prior-year figure.
+Following an already highly successful year in 2013,
+Porsche Cars Australia broke yet another record for new
+vehicle deliveries in financial year 2014, at 3,102. This
+corresponds to an increase by 48 percent. The model
+series Macan, available from the middle of the year, was
+delivered to 890 customers, exceeding already high
+expectations. The Cayenne model series saw 1,242 vehi-
+cles delivered thus representing a slight increase year
+on year- and again played a key role in the Company's
+overall success. 414 new vehicles in the 911 model
+series (including the 918 Spyder) were delivered, corre-
+sponding to a noteworthy increase of 35 percent.
+NUMBER OF EMPLOYEES
+The number of vehicles manufactured in the Porsche AG
+group increased in the reporting year by 23 percent to
+203,097 units. At the Leipzig plant, 66,005 vehicles of
+the Cayenne model series, 59,363 units of the Macan
+and 22,383 vehicles of the Panamera series rolled off
+the line. In Stuttgart-Zuffenhausen, 31,590 sports cars
+of the 911 model series were manufactured. Together,
+LEIPZIG IS NOW A FULL-FLEDGED PLANT
+buildings into central vehicle workshops. Already at the
+end of the year, construction work was kicked off for a
+new training centre. The new building, which will open in
+2015, offers space for approximately 500 job entrants.
+In addition to a training workshop, the building will have
+classrooms and offices. The plant is being expanded
+into large spaces acquired at the southwest end of the
+existing space. These acquisitions have more than dou-
+bled the plant's area in the three years since 2011, from
+284,000 to 614,000 square metres. The Company's
+general construction plan for the Zuffenhausen plant calls
+for investments totalling more than 1 billion euro.
+Business
+Development
+052
+MORE VEHICLES MANUFACTURED
+Annual Report
+Porsche AG
+051
+Construction work for a new engine plant at Zuffenhausen
+was kicked off in spring 2014. At the end of the financial
+year, the shell and steel construction work had been
+completed. The plant, which is being constructed for the
+production of a new generation of engines, will include
+logistics and assembly facilities as well as offices. In ad-
+dition to the engine plant, Porsche is converting existing
+During the year under review, Porsche AG decided to
+further expand its main plant in Zuffenhausen and carried
+out construction work which had been resolved in the
+previous year. Of the newly planned investments, approxi-
+mately 300 million euro related to a new body shell
+production facility, in which sports car body shells will
+be manufactured in future with the help of state-of-the-art
+technologies. In the context of facility development, go-
+ing forward, all Boxster and Cayman models - which have
+been manufactured in part at Volkswagen Osnabrück
+since 2012 and will continue to be until 2016 - will be
+produced in the Zuffenhausen plant. In return, beginning
+from summer 2015, Porsche will have vehicles of the
+Cayenne series assembled at Volkswagen Osnabrück -
+in addition to at the Leipzig plant. Porsche is investing
+approximately 25 million euro in Osnabrück to that end.
+ZUFFENHAUSEN: NEW ENGINE FACTORY UNDER CONSTRUCTION
+HIGH LEVEL OF INVESTMENT AT ALL LOCATIONS
+2014
+2013
+2012
+The engineering services provider Porsche Engineering
+Group GmbH has expanded its presence in Asia by es-
+tablishing its own offices in Shanghai. The grand opening
+took place at the turn of 2014/2015.
+2014
+Modine Europe GmbH, a thermo-management com-
+ponents supplier, has sold its climatic wind tunnel in
+Filderstadt to Porsche AG. By acquiring this wind tunnel,
+which is specially designed for the areas of cooling, air
+conditioning, safety and emissions, Porsche has expand-
+ed its development capacities.
+ENGINEERING GROUP FORMS A SUBSIDIARY IN SHANGHAI
+the Boxster and Cayman achieved a production figure of
+23,211 vehicles in total. In addition, 545 units of the 918
+Spyder were produced in Zuffenhausen.
+UNIT SALES UP
+The Porsche AG group increased its unit sales by 21 per-
+cent to 187,208 vehicles in the 2014 fiscal year. 48,569
+units of the Macan were sold. Sales of the 911 increased
+by three percent to 28,870 vehicles, and Panamera sales
+rose by six percent to 22,472. 18 percent fewer units
+(65,091) of the Cayenne model were sold than in the
+previous year due to the change in generations.
+As of 31 December 2014, the headcount at the
+Porsche AG Group was 22,401 employees, 15 percent
+higher than the figure as of 31 December 2013.
+SIGNIFICANT EVENTS
+MATTHIAS MÜLLER'S SERVICE AGREEMENT RENEWED FOR
+NEW JOBS CREATED
+FIVE YEARS
+During the year under review, the Supervisory Board
+of Porsche AG reappointed CEO Matthias Müller for a
+further term of five years. He has been Chairman of the
+Executive Board of the Stuttgart-based sports car man-
+ufacturer since 1 October 2010. His new term of office
+began on 1 January 2015.
+SHARE IN BERTRANDT AG INCREASED
+Porsche AG increased its interest in Bertrandt AG,
+Ehningen, by just under four percentage points to nearly
+29 percent. The sports car manufacturer acquired the
+shares from Dietmar Bichler, CEO of Bertrandt AG, and
+his family. Bichler continues to hold an equity interest in
+Bertrandt AG.
+CLIMATIC WIND TUNNEL ACQUIRED FROM MODINE
+Annual Report
+Porsche AG
+2014
+074
+Procurement
+EXPANSION OF THE SACHSENHEIM SPARE PARTS
+WAREHOUSE
+A completely innovative separator system for paint mist
+has been integrated into the new paint shop at the Macan
+production facility. This rock-powder-based dry separation
+method and downstream wet-chemical air purification
+helps minimise the emission of solvents and fine dust
+during the painting process. Another unique feature is the
+use of waste heat from a wood chip power plant used
+to generate electricity. This biomass power plant covers
+up to 80 percent of the heating needs of the paint shop
+using natural resources.
+073
+In 2014, the central spare parts warehouse in Sachsen-
+heim saw a 50-percent expansion of its space which went
+into operation in December. The warehouse, which was
+expanded from 113,000 to 170,000 square metres,
+houses more than 100,000 Porsche parts, which are
+supplied to more than 800 locations around the globe
+using a state-of-the-art logistics system. A total of nearly
+80 million euro was invested in the expansion.
+Sales, Production and
+The new body shell production facility at Leipzig is being
+built at the southern end of the plant. The hall will offer
+approximately 60,000 square metres of production space.
+Porsche's new body shell production facility will be
+among the world's most state-of-the-art; a large number
+of production processes within the Volkswagen Group will
+also be transferred to Leipzig. Porsche places a great
+deal of value on structuring its production processes in
+a sustainable and environmentally friendly manner. For
+instance, it seeks out not only energy-efficient production
+technologies, but also particularly efficient energy supply.
+This includes the roof photovoltaic system, which already
+supplies the Macan's body shell production facility with
+up to 800,000 kWh of CO,-free solar power - equivalent
+to the annual electricity consumption of more than 150
+four-head households in Western Europe. As it seals off
+the grounds, Porsche is creating new green spaces and
+biotopes - including forests, lakes and preserves - else-
+where in Leipzig.
+FLEXIBLE MANUFACTURING OF 39 ENGINE VARIANTS
+At its Leipzig plant, Porsche revved up production of its
+new sports off-roader Macan, which got off to a start in
+January 2014, reaching full capacity as planned at the
+middle of the financial year. April saw the model's market
+launch. Porsche has been running at full speed in Leipzig
+from the very beginning of financial year 2015, meaning
+it will manufacture even more vehicles than in the year
+under review.
+EXPANSION OF THE LEIPZIG PLANT
+to an area of 4,000 square metres just for this limited-
+edition series comprising 918 units. The hybrid super
+sports car is manufactured by a top-notch team of 80
+highly-trained staff at ten main stations and 21 pre-as-
+sembly stations. Each station is given 112 minutes per
+unit. Compare that to four-minute intervals for series pro-
+duction. The production line, which does entirely without
+robots and conveyor belts, has a fishbone layout, wherein
+the main assembly line runs the entire length of the
+brightly lit, 100-metre long factory hall while the pre-as-
+sembly lines for doors and roof, leather upholstery,
+axles, carbon-fibre monocoque and engine, which is built
+right at the first seven stations - feed into the main line
+from either side. This is because, in contrast to series
+production, the 918 is manufactured from the inside out.
+The 608 HP V8 combustion engine is manufactured from
+the ground up by one and the same person within 20
+hours. Then, each engine is fuelled and run for an hour
+on a live test bench under load in order to verify all per-
+formance data. The flanging of the combustion engine,
+e-machine and transmission takes place on a specially
+developed roller table. Next, the drive assembly including
+the 70-litre tank and high-voltage battery is "married"
+to the carbon-fibre monocoque. The radiator, exhaust
+system, axles, windscreen, wings and interior come
+next. Once all the liquids (excluding fuel) have been filled
+and a leak test has been performed, the exterior skin is
+mounted. Care is taken to ensure that every component
+sits perfectly and that every gap between components
+is identical. At the final station of the assembly line, the
+918 Spyder is bathed in gleaming light: one final check
+involving a painstakingly thorough visual inspection. And
+then off it goes under purely electrical power to the lift,
+where it descends two storeys to the Porsche testing
+ground. This is where the super sports car is put through
+its paces - just as all of its series-produced cousins.
+An eleven-day production schedule for a single vehicle:
+the Zuffenhausen plant - the cradle of the 918 Spyder -
+has a rhythm of its own. A symbiosis of true handcraft
+and high-end technology. The plant, whose assembly
+facility is housed in the former paint shop, was expanded
+918 SPYDER BUILT BY PRECISION HANDCRAFT
+Porsche manufactures petrol engines for the Cayenne,
+Macan, Panamera, Boxster, Cayman and 911 models
+at the Zuffenhausen plant. A total of 39 different engine
+variants are built to the highest degree of precision on
+two assembly lines for Boxer engines and V engines.
+The V8 engine for the super sports car 918 Spyder is
+also series-produced at the plant. In the near future, the
+engines and components area will further expand its
+range of expertise and take on a supplier role within the
+Volkswagen Group. Going forward, the new generation
+of the Group's V8 petrol engines will be assembled in
+Zuffenhausen. Work began in May 2014 to renew and
+expand the engine assembly lines used for this. The
+engine plant is being expanded by approximately 57,000
+square metres. Installation of the production facilities will
+be kicked off in mid-2015.
+Once the body shells have been painted, they are brought
+to the second storey, where the assembly of the exclusive
+sports cars continues with the fitting of the interiors. To
+complete the interior fitting, the vehicles are then lowered
+into the first storey. The engine, transmission and axles
+are assembled on a synchronous oval conveyor and lifted
+into the body shell by elevating platform. And next comes
+the "marriage": the drivetrain and chassis are bolted to
+the body. After additional add-on parts and the wheels
+are attached, the vehicle is put on its wheels for the first
+time. Once the doors have been mounted, the seats are
+installed before the finished vehicles are brought by con-
+veyor belt to final assembly on the ground floor, where
+every vehicle is tested and made ready to be driven for
+the first time.
+The assembly of a mix of models over several storeys
+is one feature of the Zuffenhausen plant which requires
+innovative and efficient plant technology as well as a
+dedicated and highly-qualified staff. This is what makes it
+possible for Porsche to manufacture by hand cars of the
+highest quality. Porsche uses a paperless electronic iden-
+tification system which enables it to identify and locate
+any vehicle throughout the entire assembly process. The
+individuality of each and every vehicle makes for highly
+variable sets of parts and components. A driverless
+transport system brings the assembly groups for each
+vehicle to the right vehicle assembly station, just-in-time.
+This largely eliminates the need to stockpile parts along
+the assembly line.
+All variants of the 911 and the Boxster are produced in
+any given sequence on a single high-tech body shell pro-
+duction line at the Zuffenhausen main plant. Roughly 350
+pressed components, profiles, cast parts and subassem-
+blies go into the making of a body shell. The cars' hybrid
+aluminium-steel construction means that spot welding is
+no longer the primary method of assembly; instead, cold
+manufacturing processes have taken over.
+SERIES PRODUCTION AT THE MAIN PLANT IN ZUFFENHAUSEN
+Porsche Logistik GmbH forms the logistical backbone of
+Porsche's spare parts organisation. It is located a mere
+19 kilometres from Porsche's main plant in Zuffenhausen.
+Ground was first broken in October 2007. A sophisti-
+cated, state-of-the-art logistics system using streamlined,
+efficient processes ensures the highest supply quality
+at the central spare parts warehouse. More than 500
+specialised and dedicated staff handle the logistics and
+can usually deliver spare parts to all Porsche Centres and
+dealers around the world within 24 hours. The regional
+warehouses outside of Germany are also supplied with
+Porsche parts directly from Sachsenheim. 150 floor
+conveyors and eleven hauling trains are put to use to
+accomplish this. The route plan calls for the trains to
+cover approximately 420 kilometres per day going
+forward. 200 HGVs deliver and pick up various Porsche
+Several months after wrapping up its plant expansion
+for the Porsche Macan (new body shell production and
+paint shop, enhanced infrastructure), Porsche officially
+kicked off the next stage in its production plant expan-
+sion. Porsche is building a new and innovative body shell
+production facility in Leipzig for the next generation of its
+Panamera model. In addition, Panamera manufacturing
+will also use the newly built paint shop. Porsche is in-
+vesting approximately 500 million euro to expand its
+Leipzig plant to facilitate the bumper-to-bumper assembly
+of the Panamera.
+parts every day.
+The readers of the "sport auto" magazine named six
+Porsche sports cars as the most popular models for
+the third time in a row. The 911 Carrera S Cabrio, the
+911 Turbo S, the 911 Turbo S Cabrio, the 911 GT3, the
+Boxster and the 918 Spyder all beat their competitors
+TOP QUALITY CONFIRMED
+Boxsters and Caymans have been rolling off production
+lines at Volkswagen's multi-brand plant in Osnabrück
+since 2012, and will continue to do so until 2016.
+Beginning in the summer of 2015, in response to high
+demand for the Cayenne, Macan and Panamera models,
+Porsche will in turn also assemble its sporty off-roader,
+the Cayenne, not only at the Leipzig plant but also in
+Osnabrück. A further 25 million euro will be invested
+there in continuation of this successful partnership
+between the two groups of companies.
+075
+Due to the ongoing trend toward more globalised value
+chains and the growing markets outside of Europe,
+procurement also focussed on long-term supplier
+relationships in financial year 2014. Suppliers must now
+accept our sustainability principles in order to establish a
+supplier relationship with Porsche AG. This is coordinated
+in cross-brand strategy teams.
+SUSTAINABILITY WITHIN PROCUREMENT
+Motivated, satisfied employees were the foundation of
+the success experienced in the past financial year. We
+work hand-in-hand with our team to solve problems and
+optimise processes. This is also underscored by the
+results of the 2014 employee survey.
+EMPLOYEE SATISFACTION WITHIN PROCUREMENT
+In 2014, procurement also generated synergies by opti-
+mising established processes and using standardised IT
+software as part of the Porsche improvement process.
+By harmonising the Group's communications and infor-
+mation systems, efficiency was improved. Moreover,
+numerous processes were made leaner in 2014, which
+reduced employee workloads.
+OPTIMISATION OF PROCESSES AND SYSTEMS
+Porsche AG delivered 189,850 vehicles to customers
+in the reporting year, a new record for the Company.
+Procurement ensured that all vehicles were supplied at
+all times.
+STABLE SUPPLY SITUATION FOR PROCURED COMPONENTS
+In financial year 2014, the Company's focus was again
+on guaranteeing optimal purchased parts quality for
+all models. Due to the increasing complexity of value
+chains, procurement launched an initiative to optimise its
+sub-supplier management system in the reporting period.
+The improved transparency enabled the Company to
+identify risks earlier and therefore optimise quality.
+In expanding its central spare parts warehouse, Porsche
+is also sending clear signals when it comes to sustaina-
+bility. Porsche placed considerable value on sustainable
+construction to expand its Sachsenheim facility. For
+instance, the facility has been ISO 50001-certified for
+energy management since 2011. Under ISO 50001, the
+facility is audited for compliance with an energy manage-
+ment policy that conserves resources. In addition, new
+projects are currently looking into innovative ideas. Thus,
+milestones for energy efficiency enhancement were set
+as early as the planning stages of the expansion. Overall,
+the facility uses 44 percent of the energy threshold
+stipulated in the German Energy Savings Regulation
+(Energieeinsparverordnung, "EnEV").
+ENSURING PRODUCT QUALITY
+In the reporting period, costs were also significantly re-
+duced for non-production materials and services. Due to
+the large number of infrastructure projects, the purchas-
+ing volume was higher in 2014 than in the previous year.
+PROCUREMENT OF NON-PRODUCTION MATERIALS
+In 2014, Porsche AG's cost of materials came to
+3,608 million euro (financial year 2013: 2,751 million
+euro).
+As in years past, the cost of materials per vehicle was
+optimised in the reporting year. By involving business
+partners in various cost-focussed workshops at an early
+stage, the Company and its partners achieved long-term
+cost savings.
+PROCUREMENT OF PRODUCTION MATERIALS
+Cooperation is part of the Group's everyday work. We
+work together to leverage synergies in order to optimise
+procurement strategies, naturally upholding all attributes.
+inherent to Porsche's identity.
+An additional highlight over the past year was the Compa-
+ny's participation in the World Endurance Championship
+and, in particular, the associated return of Porsche to
+Le Mans. In collaboration with all related departments,
+procurement chose the right partners for the motorsport
+strategy.
+Porsche AG again added attractive vehicle projects to
+its product range in financial year 2014. For instance,
+procurement successfully ramped up ambitious projects
+such as the new Cayenne, the GTS derivatives of the
+sports cars and the 911 Targa thanks to close coopera-
+tion with supplier partners.
+PROCUREMENT
+The U.S.-based market researchers also included an
+assessment of production locations in their findings.
+The Leipzig plant was recognised as the best European
+plant. This once again underscores Porsche's standard of
+perfection across all areas of the company.
+As in the previous year, Porsche again scored top marks
+overall in the U.S. market research institution J.D. Power's
+"Initial Quality Study" during the year under review. In
+addition, the Panamera was named the best vehicle in the
+entire survey due to the extremely low number of com-
+plaints. For the third time in a row, the 911 was named
+the top "Midsize Premium Sporty Car." As in the previous
+year, the Boxster placed first in the "Compact Premium
+Sporty Car" segment, followed directly by the mid-engined
+Cayman Coupé. In addition to taking the overall trophy,
+the Panamera was judged the best Large Premium Car.
+The Cayenne climbed one spot year on year to earn
+silver in the Midsize Premium SUV segment. Each year,
+J.D. Power surveys new car owners for its "Initial Quality
+Study" 90 days after they took delivery of their new car.
+In the 28th edition of the study, drivers of new cars in the
+U.S. were surveyed between February and May 2014 on
+233 criteria from a variety of categories.
+In 2014, Porsche AG's procurement volume came to
+1,374 million euro (financial year 2013: 969 million euro).
+In financial year 2014, Porsche AG's Executive Board
+and works council agreed on the strategic development
+programme for the Zuffenhausen plant which included the
+further expansion of vehicle assembly and body shell pro-
+duction for Porsche's two-door models. Going forward,
+the Boxster and the Cayman will be manufactured exclu-
+sively at the main plant, as will the 911 and the super
+sports car 918 Spyder. The planned measures represent
+an investment of significantly more than 400 million euro.
+STRATEGIC PLANT DEVELOPMENT
+In the financial year 2014, Porsche produced a total of
+203,097 vehicles, 22.5 percent more than in the com-
+parable prior-year period. All vehicles of the 911 and
+918 model series as well as parts of production of the
+Boxster rolled off the line at the main plant in Stuttgart-
+Zuffenhausen. A total of 41,774 sports cars were pro-
+duced, 31,590 of them 911s. 13,562 units of the Boxster
+and Cayman were assembled at Volkswagen Osnabrück
+GmbH. At the Leipzig plant, Porsche produced a total of
+147,751 vehicles, with the Cayenne model series accounting
+for 66,005 units, the Macan model series for 59,363 units
+and the Panamera model series for 22,383 vehicles.
+the course. "It's a little slippery today,"
+she notes after the first curve to the
+right. "When the track is wet, things get
+difficult. You can't overestimate yourself,
+especially not in the GT3," Michelle says.
+This coming from a woman who at the
+tender age of 13 celebrated her first
+championship on the Danish go-kart
+circuit.
+PILOT WITH DEVOTION
+But there's a fair dose of respect
+in her voice: "The GT3 is practically a
+race car. If you monkey around with it,
+it'll make an even bigger monkey out
+of you." The words have barely passed
+her lips and already the infernal sound
+pouring from the dual exhaust, a sound
+that penetrates through every fiber of the
+body, seems to react to her words on
+the first long straightaway. The thrust on
+this little brother to the Cup-ready 911
+presses us back into the seats - man and
+machine become one. The six-cylinder
+Boxer engine screams up to 9,000 rpm,
+producing 475 hp from 3.8 I of displace-
+ment. "It is after all a Porsche," our
+pro driver says with a smile. "There will
+always be a massive difference between a
+Porsche and other cars. Especially on the
+GT3." The Danish driver's knowledge of
+her racing materials is not in question -
+she successfully passed a selection
+process at the FIA Institute Academy.
+No European posted a faster time on the
+test track than Michelle.
+"When I'm here,
+my heart turns into
+a Porsche logo."
+MICHELLE GATTING
+The street-legal competition car blazes
+forward. It accelerates from 0 to 100 km/h
+in just 3.5 seconds. 7.9 seconds later the
+needle clears 200. It doesn't top out until
+315 km/h. An acceleration that is felt in
+the internal organs first. The pro racer still
+has more than enough air in her lungs to
+describe the quality of the Leipzig track.
+"It's a terrific test centre, with several
+different tracks all together in one place.
+And everything here is simply Porsche.
+When I come here, my heart transforms
+into a Porsche logo."
+The FIA-certified oval track was designed
+by Hermann Tilke, a constructor of race
+courses from Malaysia to Bahrain who
+067
+Michelle Gatting buckles up, turns the key
+in the ignition, activates the button with
+the dual exhaust symbol on the centre
+console, releases the brake pedal and
+asks: "Slow or fast?" Oh! Fast, please.
+One, maybe two blinks later, we're out on
+Annual Report
+2014
+The Leipzig
+location
+FIA-certified: the Porsche oval track in Leipzig
+Mobili
+was a two-time Go-Kart Champion
+(Denmark) and two-time runner
+up (Germany). In 2011, Gatting
+moved to Formula Ford (Denmark)
+and became the Rookie Champion.
+From 2012-2013 she raced in
+the Volkswagen Scirocco R-Cup,
+finishing in fifth place in the final
+rankings. Since 2013, Michelle
+Gatting has been part of the junior
+selection for Porsche Motorsport
+for the Carrera Cup. In 2014,
+Gatting was awarded a driver's
+spot in the Porsche Carrera Cup.
+Hobbies: Boxing and Crossfit.
+Idol: Michael Schumacher.
+actually received yet another commission
+last year: the recreation of a legendary
+piece of the fabled Nürburgring, in its
+original dimensions, in Leipzig. The
+Caracciola Carousel - a 450-metre long
+banking turn on the North Loop of the
+Green Hell.
+Also on site: the "Handling Course," which
+resembles a country road. Here, not the
+speed is in the foreground, but especially
+the skills of the driver. The course offers
+2.2 kilometres of realistic rural driving. To
+test out the braking performance on a wet
+driving surface, there is also a 150-metre
+Porsche AG
+long dynamic surface with a wetting
+With confident steps and an impish smile
+on her lips, the young woman in white
+racing overalls heads over toward her
+favourite toy. She opens the driver side
+door and glides into the seat.
+MOTORSPORT
+en in management positions will rise. And
+we've achieved a lot within the company
+in recent years. But I want to make one
+thing clear: the particular female candi-
+date has to have the right profile.
+Mr. Meschke, many thanks for this inter-
+esting and profitable event.
+Porsche received special mention as best automotive
+manufacturer in the "Germany's Customer Champions
+2014" competition. In a competition based on a repre-
+sentative customer survey, the brand's image, perfor-
+mance and frequency of recommendation are assessed,
+as well as the competence and reliability of employees. In
+a direct comparison with its competition, Porsche clearly
+outperforms. In the U.S., Porsche's Lost Customer Pro-
+gramme initiated to win back lost customers was award-
+ed the Stevie Award for Sales and Customer Service,
+which is bestowed each year by a jury of 200 experts. In
+addition, the premier consumer advice magazine Kelley
+Blue Book presented Porsche with a Brand Image Award.
+After taking the prize in 2011 and 2012, Porsche won
+the Best Performance Luxury Brand award for the third
+time in 2014. In addition, the Macan was voted Most Fun
+SUV of 2014. The 918 Spyder was celebrated by Popular
+Science with the Best of what's new Award for being
+the Most Advanced Hybrid Supercar. At the same time,
+Porsche was named Top Luxury Brand for the second
+time in a row in AutoPacific's 2014 Ideal Vehicle Awards.
+PRESTIGIOUS ADDRESS
+The HHL was founded in April 1898
+as a private commercial college
+on behalf of Leipzig's Chamber of
+Industry and Commerce. It was
+incorporated into the University of
+Leipzig in 1946. In 1992, it was
+re-founded as a private university-
+level school of management.
+Twenty years later, in 2012, it was
+officially renamed the HHL Leipzig
+Graduate School of Management.
+For many years the HHL has
+enjoyed a place among the elite
+in international rankings.
+Annual Report
+Porsche AG
+2014
+The morning is foggy and cool. Just
+looking at the India Red Porsche GT3
+positioned in front of the course's signal
+lights gives a jolt of warmth. Not to
+mention the thought of soon occupying
+the passenger seat while female racer
+Michelle Gatting takes on that track.
+064
+The Leipzig
+location
+066
+FAVOURITE TOY
+WITHIN EXTENDED LIMITS
+Expressly recommended for imitation - A ride in the Porsche GT3 around
+the track at the Leipzig factory with racer Michelle Gatting.
+Suzuka S, Sunset Bend and Loews. Victoria Turn, Curve di Lesmo, Caracciola
+Carousel and back to the start. If the mere mention of these legendary chicanes
+from Monza, Monte Carlo and the Nürburgring get your blood racing, then Leipzig is
+the place for you. And for us. We've got an appointment. With Michelle Gatting. Tall.
+Blond. And, at just 21 years of age, the youngest pro racer in the Porsche Carrera Cup.
+Mobil
+PPC
+065
+of female graduates from the relevant
+degree programmes among new hires to
+establish a sufficiently broad personnel
+substructure. Because that's the only way
+that we can ensure that the share of wom-
+system. The third new element comes in
+the form of a 120-metre circumference
+circle. Here drivers learn about the forces
+that arise during a turn, and how to handle
+those passages properly. The Saxon
+metropolis has so many different focuses
+on offer for a passionate driver. For our
+dynamic Dane, the expansion of the
+facility means mainly one thing: "If you're
+a Porsche freak, you've got to come here.
+There are also a lot of competent people
+ELEGANT AS A PIANIST
+Annual Report
+Porsche AG
+2014
+070
+SALES, PRODUCTION AND
+PROCUREMENT
+SALES
+PROFESSIONAL SERVICE
+The focus of activities in financial year 2014 was square-
+ly on the market launches of the new Macan SUV series
+and the super sports car 918 Spyder. Porsche brilliantly
+mastered the challenge of simultaneously meeting the
+new customer requirements of the high-volume Macan
+segment while offering exclusive and individualised
+customer service for the 918 Spyder. The paramount ob-
+jective of Porsche After Sales is to offer every customer
+a tailored and unique service experience.
+Bus Stop
+Extensive construction measures have been realised at
+a large number of Porsche Centres around the world in
+order to make it possible to provide optimal service for
+the significantly increased volume of vehicles following
+the introduction of the Macan. In addition, Porsche has
+provided extensive training to more than 4,000 After
+Sales employees in its global retail organisation, thus
+preparing them to service all of the new vehicle models
+and their customers. At the same time, the Porsche
+Centres were supplied with all of the new spare parts and
+special tools. The further expansion of the central spare
+parts warehouse in Sachsenheim played a key role in this
+aspect.
+Porsche's premium service offering has been systemati-
+cally expanded in order to ensure brand and customer
+exclusivity as well as to enhance long-term customer
+satisfaction and loyalty following their purchase and in
+their daily experience of driving the vehicle. The con-
+tinued development of the spare parts portfolio for
+engine repairs means that it is now possible to offer
+customers repairs at prices which reflect the current
+value of their vehicle. Following the introduction of the
+Porsche Intelligent Repair Solutions System (PIRS), repair
+solutions are systematically exchanged throughout the
+global retail organisation. This has made it possible to
+drastically reduce the time it takes to diagnose problems
+and to further increase the quality of repairs.
+Growth over recent years means that Porsche After Sales
+currently services approximately 1.65 million vehicles
+around the world. That figure will continue to grow in the
+future. At the same time, Porsche's primary goal will be
+to offer an exclusive, individualised and unique service
+experience to Porsche customers.
+CUSTOMERS FOR LIFE THANKS TO CUSTOMER ENTHUSIASM
+Porsche has been very successful in acquiring new
+customers and sparking their enthusiasm for the Porsche
+brand. While satisfied customers will buy another
+Porsche, enthusiastic customers will recommend a
+Porsche as die-hard brand ambassadors. The Macan can
+be considered a complete success: in Germany alone,
+more than 66 percent of Porsche's customers got their
+first taste of the brand by driving this model.
+Many customers buy Porsche after Porsche, and often
+own more than one at a time. This marked loyalty of
+drivers is anchored in the high level of product quality
+and the premium customer service throughout the entire
+customer life cycle. Dedicated and professional partners
+at the Porsche Centres around the world play a vital role
+in implementing and ensuring compliance with the high
+level of service offered. Moreover, Porsche was one
+of the first automotive manufacturers to systematically
+maintain all key customer contact information in an
+international Customer Experience Management initiative
+to ensure that customers receive an exciting customer
+experience. Porsche customers and prospective custom-
+ers are contacted approximately 20 times per year. With
+some five million existing and prospective customers,
+that makes 100 million opportunities to generate customer
+enthusiasm every year. The systematic development and
+introduction of customer service processes take place on
+a global scale to ensure that customers in every Porsche
+market can experience the unique experience of buying
+and owning a Porsche.
+THE MOST ATTRACTIVE BRAND
+The uniqueness of this customer experience is confirmed
+by a number of international studies. For instance,
+according to the renowned U.S.-based market research
+institution J.D. Power and Associates, Porsche is the
+most attractive brand. In the Automotive Performance,
+Execution and Layout Study (APEAL), Porsche was
+ranked first with a record-breaking number of points, for
+the tenth time in a row. The 911, Cayenne, Boxster and
+Cayman models were once again voted best-in-class for
+their respective segments in the study. The annual survey
+is conducted on the basis of information provided by
+more than 86,000 new owners of a total of 239 different
+models.
+In Germany, too, Porsche leads the pack: in the J.D.
+Power VOSS ("Vehicle Ownership Satisfaction Study"),
+drivers ranked Porsche as the best automotive brand.
+Porsche also received extremely high marks in Germany
+in one of the most wide-ranging auto-related surveys -
+more than 115,000 readers of "auto, motor und sport"
+magazine (ams) voted for their candidates for Best Cars
+2014 in ten categories; Porsche finished first with the
+911 and 911 Cabrio in the sports car and convertible
+categories.
+Groundbreaking new technology and exclusivity are the
+hallmarks of the 918 Spyder. It is only logical that a
+sports car of this calibre would also set the bar higher
+where service and repairs are concerned. Porsche's
+solution: an exclusive, specially tailored, multi-level ser-
+vice concept for the 918 Spyder. This concept provides
+for a specially trained team of national and international
+experts to help Porsche's retail partners find the right
+approach to every challenge. It therefore ensures that the
+right specialist is available to perform any work required
+on any 918 Spyder.
+in Leipzig you can learn from." A typical
+Gatting quote. Although she's already
+made a name for herself in a rough-and-
+tumble motorsports world more typically
+dominated by men, she remains grounded
+and humble. She frequently mentions the
+support of her parents and the family of
+her boyfriend, without whom a career in
+racing would be unthinkable.
+@ www.porsche-leipzig.com
+Mobil1 S
+In the meanwhile, Michelle has absolute
+mastery over the GT3. She works the
+shifting switches on the steering wheel
+with the deftness and grace of a pianist.
+She maneuvers through the left/right
+combo Suzaka S heading toward Sunset
+Bend, a right-hand corner that demands
+a bold shift from second into fourth gear
+and propels the GT3 with the unmistakable
+view along the longest straightaway of the
+course toward the Loews curve. A right-
+hand turn with a slight rise; the connec-
+tion between the fastest and the slowest
+sections of the course. While braking
+ahead of the early crest, she has to drop
+speed consistently and shift three times
+cleanly. Her gaze is firmly on the pave-
+ment, since all of her control elements are
+within arm's reach.
+The perfect performance through the
+Victoria Turn comes courtesy of the mag-
+nificently harmonized interplay between
+the rear-axle steering, standard 7-gear
+Porsche double clutch transmission and
+the short gear transmission ratios for
+which the GT3 is known. And don't forget
+about the rear track that is 31 mm wider
+and wheelbase that is 100 mm longer
+than its predecessor. Taken as a whole:
+flawless lateral dynamics and maximum
+on-road stability. Thanks to Porsche
+Torque Vectoring Plus and the skill of
+this race-proven driver, the GT3 powers
+precisely on all four wheels through the
+turn. No question: The GT3 owns our
+heart. No if, ands or buts. And Michelle?
+Her whole heart belongs to Porsche too.
+Of course!
+441
+EXPERIENCE PROGRAMME
+Dreams become real: the circular
+race track at the Porsche factory
+is open to anyone, whether as a
+passenger or in the accompaniment
+of a trained racing instructor.
+Various experience programmes
+are available and can be com-
+bined with a factory tour.
+Victoria
+Turn
+*The marked curves are
+based on the original curves.
+Sunset
+Suzuka S
+Parabolica
+068
+069
+Suntory
+Corner
+Curve di
+Lesmo
+Loews
+Corkscrew
+Carousel
+Bend
+A mandatory quota would give rise to
+massive dissatisfaction within the com-
+pany. But you do need to set goals. One
+of those for us is increasing the share
+Have you thought about implementing a
+mandatory quota in the future?
+There's truly been a lot of movement in
+this area in recent years. The essential
+thing when you're addressing this topic
+is that it really needs to penetrate into
+the heads of management. Pretty glossy
+brochures alone aren't going to do much.
+You have to do more than just project
+that culture externally. You need to live it
+internally as well.
+In financial year 2014, research costs and non-
+capitalised development costs (excluding amortisation
+and depreciation) of the Porsche AG group came to
+886 million euro (previous year: 762 million euro). Deve-
+lopment costs totalling 1.07 billion euro were capitalised
+(previous year: 815 million euro). Research and deve-
+lopment costs (excluding amortisation and depreciation)
+amounted to 1.95 billion euro (previous year: 1.58 billion
+euro). The capitalisation ratio in financial year 2014
+remained unchanged at 55 percent.
+057
+RESEARCH AND
+DEVELOPMENT COSTS
+IN BILLION EURO
+1.95
+1.58
+1.31
+2012
+2013
+RESEARCH AND DEVELOPMENT COSTS RISE
+2014
+059
+STRONG
+IMPULSES
+FROM
+LEIPZIG
+Lutz Meschke, Member of the Executive Board -
+Finance and IT, speaking with students at the Graduate
+School of Management about current challenges
+faced by the global economy.
+Leipzig has become a trusted second home base for
+Porsche. The Cayenne, Panamera and (as of 2014)
+Macan compact SUV all roll off the assembly line just
+outside the city. Porsche AG has invested hundreds of
+millions of euro in the Saxon city, yet the company's
+commitment goes far beyond pure business concerns.
+The Leipzig
+location
+Porsche has been a long-time sponsor of
+the Gewandhaus Leipzig, one of world's
+most venerable orchestras. Last year, the
+sports car maker also began supporting
+the youth development programme at
+second-division Bundesliga soccer team
+RB Leipzig. The stadium is just a stone's
+throw from the Leipzig Graduate School
+of Management (HHL). For the past two
+years, Porsche has endowed a teaching
+chair for Strategic Management and
+Family-Run Companies here, under the
+direction of Professor Stephan Stubner.
+Lutz Meschke, Member of the Executive
+Board Finance and IT at Porsche, has
+supported the work of the HHL since
+2013 as a member of its supervisory
+board. The cooperation with HHL is for
+Lutz Meschke an important element for
+intensifying the transfers between busi-
+ness and research and as an instrument
+for companies to promote the training of
+young people.
+058
+To this end, a round table discussion with
+students at the HHL was organised in
+early 2015.
+Porsche presented an even higher-performing Cayenne
+model at the 2015 North American International Auto
+Show in Detroit in January 2015: the Cayenne Turbo S.
+The new "top model" of the newest Cayenne genera-
+tion stands out in particular thanks to its new charging
+concept with turbochargers integrated into the exhaust
+manifolds. This feature pushes the Cayenne Turbo S past
+its predecessor, adding 20 hp for a total of 570 hp. The
+car's maximum torque, which was increased by 50 Nm
+(36.8 ft lb) to 800 Nm (590 ft lb), enables superlative
+performance, and the new turbochargers have further
+improved the responsiveness of the twin-turbo engine.
+The Turbo S turned a lap of the North Loop of the
+Nürburgring in 7:59.74, a new SUV record, proving that
+every Porsche is a genuine sports car, even in this
+vehicle segment. The Cayenne Turbo S accelerates
+from zero to 100 km/h in 4.1 seconds and reaches
+a top speed of 284 km/h.
+As the financial year drew to a close, Porsche unveiled
+two more new GTS models at the 2014 Los Angeles
+Auto Show - the 911 Carrera GTS and the Cayenne GTS.
+The four variants of the 911 Carrera GTS close the gap
+between the 911 Carrera S and the 911 GT3. The model
+PRODUCTION
+Procurement
+Sales, Production and
+072
+2014
+Porsche AG
+Annual Report
+071
+Porsche is focusing on building up and deepening long-
+term customer relationships. The maxim "customer for
+life" is an integral component of Porsche's corporate
+culture. The high level of customer satisfaction under-
+scores this. For this reason, customer enthusiasm is a
+top priority of the Strategy 2018 initiative.
+is available as a coupé or convertible, each with rear or
+all-wheel drive and 430 hp. The Sport Chrono package
+and other markedly athletic trim options are standard.
+The Cayenne GTS generates 440 hp and has an even
+more athletically tuned PASM suspension; the chassis
+sits 24 mm lower, making the vehicle even more
+aerodynamic.
+Annual Report
+2014
+056
+Research & Development
+In April 2014, the Boxster GTS and Cayman GTS made
+their début at the Auto China in Beijing. The six-cylinder
+Boxer engines are based on the 3.4-litre drivetrains from
+the Boxster S and Cayman S. Thanks to their optimised
+calibration, they each generate an additional 15 hp. This
+brings the Boxster GTS up to 330 hp and the Cayman
+GTS to 340 hp. Both mid-engined sports cars come
+standard with the Sport Chrono package. Equipped
+with an optional double-clutch transmission, the Boxster
+GTS with Sport Plus mode activated - catapults from a
+standing start to 100 km/h in 4.7 seconds; the Cayman
+GTS edges out its cousin by a tenth of a second.
+NEW CAYENNE IN THE SPOTLIGHT
+The new generation of the Cayenne was the centre
+of attention at the Paris auto show in October 2014.
+The Cayenne S E-Hybrid was also the first-ever plug-in
+hybrid in the premium SUV segment. With the Cayenne S
+E-Hybrid, the Panamera S E-Hybrid and the 918 Spyder,
+Porsche was now the only brand in the premium segment
+which offered three plug-in models. Thanks to its hybrid
+technology, the Cayenne S E-Hybrid boasts fuel consump-
+tion of just 3.4 litres/100 km and CO2 emissions of mere-
+ly 79 g/km. In absolute terms, these are top numbers,
+especially for an all-wheel drive vehicle.
+The Cayenne S E-Hybrid uses a lithium ion battery with
+a capacity of 10.8 kWh, which, depending on driving
+style and terrain, provides for an all-electric range of 18
+to 36 kilometres. The electric motor generates
+95 hp, which combines with the output of the 3.0-litre V6
+compressor motor (333 hp) to produce 416 hp in total.
+The driving performance falls in the sports car range.
+From a standing start, the Cayenne S E-Hybrid accel-
+erates to 100 km/h in 5.9 seconds and boasts a top
+speed of 243 km/h. The top speed of the electric motor
+is 125 km/h. The battery can be charged through the
+power grid or while driving. Vehicle data can be viewed
+on a smartphone using Porsche Car Connect, a standard
+feature for this series.
+In addition to the Cayenne S E-Hybrid, Porsche present-
+ed updates to the Cayenne S, Cayenne Turbo, Cayenne
+Diesel and Cayenne S Diesel. The vehicles' most
+significant features were increased efficiency, more
+precise handling, sharper design and more comprehen-
+sive series fitting. In addition, the 3.6-litre V6 twin-turbo
+engine in the Cayenne S was all new and developed
+solely by Porsche. The front apron, front mud flaps
+and bonnet were all redesigned. The rear of the new
+Cayenne has also been given a completely new look:
+The rear lights are arranged three-dimensionally and
+the brake lights are divided into four parts, similar to
+the LED daytime running lights up front. The licence
+tub, handle and lighting have been more elegantly
+integrated into the rear hatch. An automatic hatch is
+part of the standard series fitting.
+All the new Cayenne models consume significantly
+less fuel thanks to the coasting function, an improved
+auto start-stop function and an optimised thermal
+management system. The Cayenne S's new 3.6-litre V6
+twin-turbo engine achieves fuel efficiency between 9.5
+and 9.8 litres/100 km - a full litre less than the previ-
+ously offered V8 engine. The twin-turbo V6 generates a
+maximum output of 420 hp. With its standard 8-speed
+Tiptronic S, the Cayenne S accelerates from zero to
+100 km/h in 5.5 seconds. The Cayenne Turbo's 4.8 li-
+tres of displacement, eight cylinders and twin-turbo
+engine enable it to generate 520 hp. The Turbo thus
+goes from zero to 100 km/h in 4.5 seconds. Its fuel
+consumption is between 11.2 and 11.5 litres/100 km.
+The diesel variants combine high performance with
+even higher fuel efficiency. The Cayenne Diesel's
+3.0-litre V6 engine generates 262 hp with a fuel
+efficiency of 6.6 to 6.8 litres/100 km. The Cayenne S
+Diesel's 4.2-litre V8 engine has 385 hp. Its fuel con-
+sumption is 8.0 litres/100 km.
+Porsche AG
+The questions and contributions from
+the young men and women centred on
+concrete topical themes. The euro crisis
+and monetary policies of the European
+Central Bank. The promising field of elec-
+tric mobility and Porsche AG's strategy for
+adopting to it. And last but not least, the
+attractiveness of the sports car maker for
+the next generation of workers - ladies
+very much welcome. The plea being
+made to the young academics is unmis-
+takable: structural reforms are needed
+for states that have stumbled to become
+competitive again. For a company like
+Porsche, the goal is to continue its un-
+hesitating push for innovation - including
+in much-discussed areas such as the Con-
+nected Car and e-Mobility. This will help
+Porsche remain an attractive employer for
+candidates of both genders.
+IMPETUS FOR GROWTH IN EUROPE
+FUTURE FACTOR E-MOBILITY
+What has Porsche done to date in terms
+of e-Mobility?
+Our strategy is forward-looking, so we
+of course have incorporated electric
+mobility into our plans. And we've already
+delivered some answers. Porsche is
+currently the world's only car maker
+to offer three plug-in hybrid models in
+the premium segment: the Panamera S
+E-Hybrid, the Cayenne S E-Hybrid and the
+918 Spyder supercar, which is already
+sold out. Through these vehicles we've
+put our innovative leadership to the test.
+I'm interested to hear in highly concrete
+terms what your expectations are for a
+modern vehicle?
+My observation is that the older genera-
+tion mostly still just listens to radio when
+they're in the car. The younger generation
+in particular demands entirely different
+things from a vehicle. It's already the
+case that many people view their car as
+062
+063
+C
+The Leipzig
+location
+HL
+a type of rolling office. The expectation
+would thus be that you can not only make
+phone calls when driving, but also surf the
+internet, post to twitter and use messen-
+ger software.
+"Our goal is to reduce
+uncertainty and lay the
+groundwork for solid
+forecasting."
+customers where that could be relevant.
+Yet purely autonomous driving is not nec-
+essarily a prime interest for our custom-
+ers. Infotainment is an entirely different
+matter. Applications that bring information
+and entertainment into the vehicle are the
+focus for that innovation field. That's what
+the customers are ultimately expecting
+from us. The challenge for us here is
+to research this topic and tap into new
+business models.
+SIGHTS SET ON CURRENCY RISKS
+Mr. Meschke, Porsche sells the majority
+of its vehicles outside the eurozone. That
+means that you have very high revenues
+in currencies such as the US dollar, British
+pound, Japanese yen, Chinese renminbi
+and Russian ruble. How have you man-
+aged to keep a handle on the enormous
+fluctuations in currency exchange rates
+and react to them? Or are you more or
+less at their mercy? Which would mean
+that your results are constantly influenced
+by it?
+That is truly a key question, since more
+than 70 percent of our revenues come
+from outside the eurozone. So right now
+we're intensively focused on minimising
+our currency exposure risks. Our goal is
+to reduce uncertainty and lay the ground-
+work for solid forecasting. We hedge
+proactively against future foreign currency
+income to ensure a stable planning basis.
+To do so, we secure all key currencies
+in which we generate revenues. This
+currency hedging is particularly important
+in cases in which the euro gains in value
+against a currency, such as is the case
+with the ruble right now. These hedges
+have been an important factor in ensuring
+that Porsche is at least partially protected
+against the current dramatic fall of the
+Russian currency.
+Many manufacturers are also trying to
+shield themselves by moving production
+to a country with a different currency.
+We have no value creation in other coun-
+tries, but another option for safeguarding
+involves making purchases in foreign
+currencies to create a so-called natural
+hedge. That means that as foreign curren-
+cy revenues fall due to the strong euro,
+our purchasing costs in the respective
+foreign currency fall with it. This is the
+case in Japan, for example. By making
+a certain volume of purchases in yen,
+we mitigate the exchange rate risks for
+Porsche between euro and yen.
+WOMEN IN LEADERSHIP POSITIONS
+You routinely rank in the top ten when it
+comes to "Employer Attractiveness." As
+an "Old Economy" company, do you feel
+that you've done enough to promote equal
+development between men and women?
+There really are differences between
+customer expectations for different
+brands. One focuses on this theme,
+another on that theme. When it comes to
+autonomous driving, for example, there
+are certainly driving situations for Porsche
+If you want to talk about China, you actu-
+ally need to take a bit of a step back to
+get a better understanding of the current
+situation and the future challenges there.
+If you drive through the large cities of
+China, you'll see giant, newly built resi-
+dential buildings that are completely dark.
+The houses are empty. Even now we can
+already see a bit of a bubble forming for
+the real estate market. Growth is already
+hitting its limits. At the same time most of
+the large cities are facing strong pollution
+concerns. The tolerance values for air
+pollution are several times higher than
+ours. And even so the values are routinely
+exceeded. In this regard, new vehicle reg-
+istrations in the large cities like Peking are
+increasingly being restricted. So we can't
+go around thinking that issues in China
+won't affect us for ten years. That would
+be a big mistake. The goal is instead
+to think broadly, with parallel strategies
+across different fields, instead of betting
+everything on one card. This applies for
+the drive technology of the future as well.
+How do you as a car maker regard the
+current economic trends in China?
+Right now China is our most important
+market, together with the USA, although it
+is one we need to watch very closely. But
+let me express at this point one very im-
+portant item from Porsche's point of view:
+the crisis in the eurozone in particular has
+affirmed our strategy of sustainable glo-
+balization. Porsche is positioned properly
+on the global stage right now. With the
+right products on the right markets. This
+allows us to deal with market fluctuations.
+We've been enjoying a great deal of suc-
+cess in the USA, which helps compensate
+for the crisis on the southern European
+markets among other things. Even some
+of the countries that just a few years
+ago were being celebrated, Brazil for
+example, are going through a soft period.
+On the flip side, other emerging markets
+such as South Korea are developing very
+positively. We've built up our own import
+organisation there in recent years. We'll
+continue pushing forward the expansion
+of our dealer network in many promising
+emerging markets.
+Mr. Meschke, the media has been
+dominated by stories related to the crisis
+in the eurozone. Wouldn't it be more
+honest to let Greece and other southern
+European countries simply drive off the
+economic cliff?
+The debt crisis in Europe is really anything
+but over. A conscious decision to let
+Greece or even the EU itself drive over
+the cliff is certainly not a good approach.
+A bankruptcy by Greece could trigger a
+chain reaction. What Greece and other
+states in the EU need is something else
+entirely: they need something to drive
+growth. But that growth needs time. Just
+like politics needs time. And there isn't
+much time left.
+The new Greek government didn't need
+much time to make a 180-degree turn-
+around. Austerity measures are being
+rolled back and fired government employ-
+ees will supposedly be rehired.
+There's no disputing that the new socialist
+government won the election decisively.
+And can we really be surprised by the
+election results when a significant portion
+of the population is approaching the
+poverty line? How else should a population
+react? And austerity alone isn't enough to
+reform a country. Cutting expenditures
+is very important, but austerity alone
+just makes everything worse. Much of
+what the new government has been
+promising isn't actually possible because
+there aren't the resources for it. What's
+important for all states in crisis is that
+they show a readiness for real structural
+reform and that the support from the EU
+is comprised of targeted economic stimu-
+lation programmes.
+"What Greece and other states in the
+EU need is something else entirely:
+they need something to drive growth.
+But that growth needs time."
+Annual Report
+Porsche AG
+2014
+060
+061
+The Leipzig
+location
+What in your view are concrete measures
+to help stricken states get back on their
+feet?
+States in crisis must improve competitive-
+ness, in particular through internal efforts.
+Structural reforms to the labour market
+that can lead to reduced incidental wage
+costs, more consistent job placement pro-
+grammes and subsidies for those setting
+up a new business would be examples for
+such activities. Another measure specific
+to Greece might be further privatization,
+so as to attract more private investors to
+the country. One could also see targeted
+overarching structural programmes to
+increase the competitiveness of the
+states in the eurozone. These might be
+investments in the energy structure, the
+transport infrastructure, expansion of the
+broadband network or education.
+Aren't we living in paradoxical times?
+Here within Europe we can see extremely
+successful companies, yet at the same
+time cheap money is being used to drive
+the economy. The United States Federal
+Reserve Bank pursued this policy for a
+long time in that country, but it hasn't
+worked here in Europe. The desired effect
+isn't taking hold. Liquidity isn't ending up
+with companies, only with the banks. The
+recent zero-interest policy has spelled
+losses for those with savings, and a
+centralization of the risks.
+I see it precisely the same way. This is
+why I'm warning about very significant
+risks. Fundamentally what I see in the
+aforementioned purchase of government
+bonds is the serious danger that the
+incentives to save will disappear for public
+funds. A great deal of money will be
+spent - I'm formulating carefully here - on
+projects that are not goal-oriented. What
+we need in Europe is precisely the oppo-
+site of that. We should not ease up on our
+efforts to continue reforming our national
+economies. What's important is that there
+is a focus on sustainable investment to
+support a country's competitiveness in
+the medium and long time. As I've already
+mentioned, we need a broad package of
+measures. But sustainable reforms are
+the only way to remain competitive in the
+global economy for the long run.
+CHALLENGES IN CHINA
+Naturally what interests our students in
+this regard is the strategy at Porsche.
+You export almost 90 percent of all
+vehicles built in Germany for international
+sale. Your largest markets are the USA
+and China. If you look at the unsatisfac-
+tory trends in southern Europe and hold
+them up against the annual sales records
+in China, one gets the impression that
+your prosperity has come to rely on
+China, or hasn't it?
+in their respective categories. Two vehicles won the title
+"2014 World Champion" for the smallest loss of value in
+percentage terms in the luxury and sports car categories
+of Auto Bild and Schwacke: the Porsche Panamera 4S
+Executive and the 911 Carrera S Cabrio. These two are
+considered the best cars in their classes in terms of
+stable value.
+I'd like also to express my personal
+thanks and look forward to further
+collaborations with the HHL.
+Michelle Gatting was born on
+12/31/1993 in Rungsted. She
+drove her first go-kart at age
+seven. From 2006-2010 she
+The Executive Board's decision to implement a green
+fund at Porsche was another milestone for sustainability
+in the reporting year. The aim is to fund internal projects
+which contribute to more efficient resource management
+and environmental protection. A superordinate environ-
+ment and energy committee will select the projects from
+a pool of ideas which have the greatest environmental
+value for the Company. Any cost reductions will flow back
+into the green fund over the amortisation period. This
+will ensure that innovative, sustainable ideas are financed
+over the long term.
+Porsche AG
+Annual Report
+National Club President Manny Alban
+considers the chance to view these per-
+fectly restored rarities as the highlight
+of the annual parade, an event that is
+borne by the same pure idealism as the
+work and organization of the PCA itself.
+Throw in the chance to talk with a mem-
+ber of the Porsche family, and it's enough
+for any PCA member to declare it a per-
+fect day. In many of the 143 PCA regions
+there are close ties between the Porsche
+PORSCHE CLUB COMMUNITY
+The long-dormant virus then slowly began
+to gain ground with the entire Ingram
+family. His oldest son Rory manages
+the collection, while the youngest scion
+Cameron, known to all as "Cam," has
+made a reputation as one of the USA's
+finest Porsche restorers. Interestingly
+enough, the youngest son seemed to be
+immune to the bug that bit his father so
+hard. "I couldn't do anything at all with the
+passion of my father," Cam notes with a
+grin. It wasn't until the first joint father/son
+trip to the racetrack in Laguna Seca for
+the 50th anniversary of the Porsche brand
+that the trained artist, a specialist in
+"metal sculpture," finally got hooked.
+"At one point there was a silver 356
+Coupe out ahead of us on the track,"
+Cam remembers, "and all at once I was
+entranced with the iconic design." So
+entranced that he went on to specialize
+in the restoration of historical Porsches.
+tined to a career as a serious collector.
+He grew up as the lone son of a single
+mother who eked out an existence
+running a mom-and-pop store, enough to
+pay for a college education for her son.
+Ingram was 31 when his friend and pro-
+fessional mentor, a father figure in his life,
+let him drive his brand-new 911 S. After
+45 minutes behind the wheel in Florida,
+Ingram knew that some things in life are
+worth working hard for. While Brenda from
+Tennessee caught the Porsche bug in an
+instant, Bob's incubation time for Porsche
+Fever lasted over 20 years. It wasn't until
+1993 that he could finally stick his own
+key into the ignition of a 911. "Up to that
+point I hadn't had any time at all to drive
+Porsche," says the former top manager,
+who moved almost 20 times over the
+course of his professional career.
+The man was hardly born with a silver
+spoon in his mouth, nor was he predes-
+History and high-tech are for Ingram the
+elements from which his passion flows.
+Porsche is the sole premium manufacturer
+to offer three plug-in hybrid vehicles in the
+premium segment, a fact Ingram singles
+out for praise. Even a car guy like himself
+goes with the times. He'd be willing to buy
+a hybrid 911.
+The Ingram trove is well hidden in the
+Durham, North Carolina city centre. There
+are 80 vehicles in this star parade, lined
+up in a custom show space whose red
+brick facade gives no indication of the
+prizes inside. It is a breathtaking review
+of automotive design history, reaching
+from the 918 Spyder back to the third
+oldest 356 model still in existence, built
+in Gmünd in Austria's Kärnten region. The
+918 Spyder super-sports car has only
+been placed inside the brick hall a few
+days ago. Purple metal finish. Purple?
+Sure, it's his wife Jeanie's favourite color.
+The combination with the green "hybrid"
+script makes for a truly unusual color
+combination. What Bob Ingram values in
+particular is the technological leadership
+that his new acquisition encompasses.
+"When it comes to the 918 Spyder,
+Porsche has achieved a technological
+breakthrough. The full dimensions of this
+breakthrough will only be clear in ten to
+twenty years," gushes the new owner.
+"And for this reason I agree unconditional-
+ly with Ferry Porsche's statement that the
+next Porsche is always the best Porsche."
+"The cars are the stars, not the drivers,"
+is Bob Ingram's motto. A well-preserved
+man in his mid-70s, Ingram seems in fact
+like a tailor-made big-time car guy. The
+retired executive from the pharmaceuticals
+industry and long-time CEO of a global
+corporation has put together a relatively
+unique collection of historical Porsches
+in recent years. Few if any collections
+can compete with the quality of the
+Ingram collection, is the verdict of many
+aficionados sorry: "carrerados."
+HISTORY AND HIGH-TECH
+models, the tires, the best polish and the
+right oil."
+in the USA
+2014
+Porsche
+080
+2014
+Porsche AG
+Annual Report
+Porsche Cars North America will
+open its new headquarters in Atlan-
+ta in 2015, including a new integ-
+rated customer experience centre.
+The extensive construction project
+is currently in its final phase. The
+new opening is part of Porsche's
+campaign to expand its brand
+presence and offer its customers
+a new opportunity to experience
+the marque first-hand on the track.
+2014 also saw ground broken
+on another customer experience
+centre near Los Angeles, expected
+to be completed in late 2015.
+FACTS FROM THE USA
+The brand's loyal fans are a powerful
+block today. The club currently numbers
+115,000 members at its 60-year anni-
+versary in 2015, spread out across 143
+regions under the aegis of the Porsche
+Club of America (PCA). Based on those
+numbers, the PCA is the world's largest
+single-marque auto club. Enthusiasts
+from every state are celebrating their
+vehicles, and themselves. The PCA even
+runs a custom series of amateur races
+with over 2,200 licensed drivers, letting
+contestants test their mettle at 30 dif-
+ferent tracks scattered around North
+America. There are an amazing 3,500
+different events that draw the fans year
+after year, including rallies, races,
+parades, the "Concours d'Elegance"
+and events out in the open countryside.
+"A truly classless society," says PCA
+President Manuel "Manny" Alban. "At the
+get-togethers and over the course of the
+club's everyday doings, the professional
+backgrounds of the members are irrele-
+vant. The talk is all about the individual
+The transatlantic success has another
+unique element in its favour: The Porsche
+Club of America. Legend holds that
+twelve Porsche drivers came together
+in 1955 at a steakhouse in Washington,
+D.C. - with a VW Beetle driver politely
+but firmly sent on her way. This intimate
+get-together was the start of a fan culture.
+that has proliferated incredibly over the
+years. Today there's nothing like it in the
+automotive world. One club has dubbed
+itself "Riesentöter" (Giant Killer) - a blunt
+play on the high-powered, large-engine
+models from American manufacturers.
+The lightweight, almost delicate models
+from Zuffenhausen clearly tapped a
+strong desire: the customer's wish for a
+technologically advanced sports car made
+in outstanding quality and head-turning
+aesthetics.
+PASSSION BINDS
+also learn just how safely the cars handle
+in these extreme situations." Porsche
+North America was at the forefront of
+the movement to harness this customer
+enthusiasm. All the way back in 1971,
+Porsche was already offering driver
+training sessions at tracks on New York's
+Long Island.
+Porsche Collector, Durham, North Carolina
+BOB INGRAM
+with Ferry Porsche's
+quote that the next
+Porsche is always
+the best Porsche."
+081
+082
+083
+Carmin Ab
+2014
+Porsche AG
+Annual Report
+www.pca.org
+Porsche Parade, a centralized ce-
+lebration, is held in a different city
+each year, with members traveling
+to join in from around the country -
+and often from abroad. The 60th
+Porsche Parade will be held from
+June 21-27, 2015 in French Lick,
+Indiana, and will involve an extra-
+large 60th anniversary celebration.
+60 YEARS OF PCA
+The Porsche Club of America (PCA)
+is the brand's largest club orga-
+nisation anywhere in the world. It
+counts roughly 115,000 members,
+organised into 143 regions. The
+PCA was founded 60 years ago on
+September 13, 1955. The annual
+085
+129 129
+NORTH
+ANDEVILLE
+TAPOCO
+SHOVELLE
+MANNY ALBAN
+President of the Porsche Club of America
+"The countless sports
+cars and conversa-
+tions with Porsche
+family members are
+highlights of any
+Porsche Parade."
+another year for the wedding too."
+in the LMP1 class, we'd have waited
+I'd known that Porsche would be heading
+to the 2014 starting line in Le Mans
+Porsche turns one person into an early
+riser and another couple, Brenda and
+Ross Spence, into delayed newlyweds.
+The highlight of their honeymoon was to
+be the 24-hour race in Le Mans. "To fit Le
+Mans into our travel plans, we had to push
+back the wedding date by almost a year,"
+says Brenda. Ross counters: "Although if
+a donut are all the refreshments needed.
+It's all about the conversations. Experts
+swapping ideas, not fancy cooking. The
+biggest concern is finding a parking
+lot that's big enough. And by 9 am the
+meeting breaks up for the ride home.
+"That's how things work for most Porsche
+drivers," says Bob Ingram with a smile.
+"I'd better be home on time for breakfast
+with my wife."
+Blood may be thicker than water, but a
+love for Porsche appears to form a very
+solid bond of its own. His own family "has
+grown even closer through Porsche,"
+says Bob Ingram. However full his event
+calendar might be, the Saturday morning
+club meeting over "Cars and Coffee" at a
+simple cafeteria is always circled in red.
+Talking shop in front of a typical American
+rest area. A Styrofoam cup of coffee and
+Outstanding routes right outside the front door: Brenda Spence knows how to get her Cayman moving just right.
+Company and individual members of the
+Porsche family, forged over six decades.
+"The engagement of the family radiates
+down into our clubs. Our members are
+always thrilled when they get to meet
+Peter, Wolfgang or other members of
+the family," says Manny Alban by way of
+describing a perfect parade day. In the
+past four decades, Hans-Peter Porsche
+has been to almost every parade.
+Porsche Club Member, Knoxville, Tennessee
+BRENDA SPENCE
+"To fit Le Mans into
+our honeymoon
+plans, we pushed
+off the wedding
+date by almost a
+year."
+in the USA
+Porsche
+known 356, still
+being built in Gmünd
+at that time, to the
+918 Spyder.
+Bitten by the
+Porsche bug:
+Bob Ingram and his
+sons Rory (left) and
+Cameron. The car
+collection stretches
+from the third-oldest
+S1964 RS
+"I absolutely agree
+Von Platen is perpetually interested in
+redefining coolness and freedom as
+sales arguments. One example is the new
+U.S. headquarters in Atlanta, where the
+architecture centres on a racing track,
+not the administrative building itself.
+The Experience Centre in this southern
+metropolis, scheduled to open in may.
+The sister facility in Carson, California,
+is expected to open at the end of 2015.
+Von Platen notes: "By driving to the limits,
+our customers experience the Porsche
+magic in a radical and intensive way. They
+AMERICAN TOBAGO
+The latest example is the new 911 Targa.
+The original Targa celebrated its premiere
+over 40 years ago, and interest from
+the USA in particular paved the way for
+the classic model's comeback. "Anyone
+who wants to succeed at the global level
+has to be successful in the USA," says
+Bernhard Maier.
+Member of the Executive Board - Sales and Marketing
+BERNHARD MAIER
+"Porsche was always
+rebellious. In particular
+it was this image of
+coolness, formed in
+America, that made the
+brand cool in Europe
+as well."
+PIZZA
+OPEN
+It's where she took her first-ever ride in a
+Porsche. Ross, now her husband, gave
+her a turn at the wheel the first time they
+went on a drive together three years ago.
+A drive with lasting consequences. An
+instant fixation. An absolute delirium. "I fell
+in love with the brand on that day - my
+love for Ross came later," Brenda laughs.
+Ross gushes about his wife and how she
+drives. "She's got it in her blood. She only
+needs a couple of minutes to understand
+how a vehicle needs to be handled. She's
+an outstanding driver."
+bucking, no stuttering. Woman and vehicle
+are one. Pure pleasure. The asphalt strip
+through the Appalachian Mountains holds
+a truly special meaning for Brenda. After
+all, the Tail of the Dragon was the start of
+a real love story.
+accelerating, shifting and braking. No
+A late autumn day in the Smoky Mountains
+between Tennessee and North Carolina.
+Traveling with Brenda Spence along High-
+way 129. The blonde lady from Knoxville
+skims, surges and corners through the
+Tail of the Dragon. The legendary stretch
+along the southern Appalachians seems
+to be tailor-made for her Cayman. Once a
+centuries-old secret route of the Cherokee
+Indians, now a paved, eleven-mile won-
+derland peppered with 318 curves. The
+30 most spectacular of those turns bear
+names like Rebels Revenge, Gravity Cavity
+and Porsche Pulloff. Brenda is unflappable:
+Porsche
+in the USA
+2014
+Porsche AG
+Annual Report
+232
+MN
+his 918 Spyder
+Bob Ingram in
+Porsche fan
+076
+The USA is the world number one. Last year, Porsche sold
+more vehicles there than in any country. The brand continues
+to excite its customers in every way. Americans love Porsche
+for its feeling of "everyday magic." Whether in daily traffic,
+along fabled dream routes or on the race track. A unique
+worldwide fan club scene brings added excitement every year,
+with thousands of events centred on "Fascination Porsche."
+We accompanied two extraordinary people – representative of
+the entire Porsche community in the USA – for a short spell in
+their way of life with Porsche. Nice to meet you: Brenda Spence
+from Knoxville, Tennessee and Bob Ingram from Durham,
+North Carolina.
+The American success story spans over 60 years, and the love
+knows no end. No country in the world has more admirers of
+the Porsche mystique.
+LOVE STORY
+A REAL
+in the USA
+Porsche
+2014
+Porsche AG
+Annual Report
+095
+RACE TRACK IN THE MORNING.
+OPERA IN THE EVENING.
+086
+Brenda's other side becomes clear the
+next day on the way from her suburban
+home down to the Knoxville city centre.
+Pure relaxation for the employee of the
+local chamber of commerce. She flows
+regally amidst the other rush hour com-
+muters. The highlight for Brenda comes at
+Brenda Spence may be an extraordinary
+driver, but as a Porsche owner she's
+actually somewhat typical for a new
+generation of drivers in the USA. People
+who get behind the wheel of their Porsche
+almost every day, wherever they're driving.
+"More and more of our customers
+appreciate that our vehicles are built for
+everyday life," says Detlef von Platen,
+President and CEO of Porsche Cars North
+America (PCNA), Inc. The phenomenon he
+describes extends far beyond the storied
+back routes of America - he's referring
+USA. For PCNA President and CEO, von
+Platen, it's the "fusion of famous German
+high-quality workmanship and the primal
+American urge for freedom."
+For generations of Americans, the 356
+and 911 models are tied to images and
+stories of their idols. Racing the 1979
+Le Mans, Paul Newman drove his Porsche
+to a second place overall finish. James
+Dean, Steve McQueen and Robert Redford
+were or are high-profile Porsche drivers.
+"Porsche was always rebellious," Bernhard
+Maier says. "This image of coolness,
+forged in America more than anywhere
+else, helped make the Porsche brand
+cool in Europe as well," Maier emphasiz-
+es, drawing attention to the importance
+of Porsche's sports car success in the
+ever built.
+RS 3.0 were
+911 Carrera
+54 copies
+Durham, North
+Carolina. Only
+Tobacco in
+of American
+headquarters
+the former
+in front of
+Bob Ingram
+Collector
+in the USA
+Porsche
+Porsche as a daily companion:
+Brenda Spence and her husband
+Ross with their two sports cars
+079
+078
+career as an amateur car racer. This
+experience gave him a good feel for what
+his customers wanted: extremely light
+racing cars. The 356 America Road-
+ster was precisely that kind of radical
+vehicle. With an aluminium chassis, a
+cloth roof and plastic slip-in windows, the
+car weighed "only" 600 kilogrammes,
+a full 170 kilogrammes lighter than the
+base model. The reward for this uncom-
+promising model strategy: a string of
+racing successes. "Win on Sunday, sell
+on Monday," was the dealer's unofficial
+motto. The spectacular victories were
+the most pulse-pounding - and effective -
+advertising of the young sports car brand.
+"To identify chances and seize them,
+that's what distinguishes Porsche," says
+Bernhard Maier, Member of the Executive
+Board Sales and Marketing, in describ-
+ing the company's practical philosophy,
+especially in the USA.
+Porsche's success as a company is un-
+imaginable without America. In 1950, the
+first models were displayed in one single
+showroom in New York. Five years later,
+one out of every two Porsches sold was
+in the USA. The first dealer, a man named
+Maximilian E. Hoffman, was Austrian by
+birth and looked back on a successful
+1950: SUCCESSFUL LAUNCH
+and then gliding over to the opera at
+night - it's a unique experience that only
+owners can appreciate. This feeling of
+"every day magic" has been winning the
+hearts and minds of a growing circle of
+customers. In 2014, the USA ended up as
+Porsche's strongest market in the world,
+with more than 47,000 delivered vehicles
+sold.
+onto the circuit on a Saturday morning,
+quality surveys by J.D. Power, a market
+research company. Taking the 911 out
+is a multiple-time winner in the annual
+Porsche community. The reason: Porsche
+its drivers every time they grip the wheel.
+This idea that a sports car from Zuffen-
+hausen is a ride for every occasion has
+become a firm tenet in the beliefs of the
+to the feeling of joy that a Porsche gives
+the end. "The engine's echo in the parking
+garage is simply fantastic."
+EMPLOYEES, SUSTAINABILITY
+AND ENVIRONMENT
+of his 1974
+Porsche AG's workforce once again demonstrated its
+extraordinary drive and tireless commitment in financial
+year 2014. The ambitious goals which Porsche had set
+for itself in the reporting year were not only met, but
+exceeded. Porsche's success can be attributed to its
+employees' collective and individual dedication, loyalty
+and flexibility. The team's identification with the company
+and employees' unflagging motivation rounded out the
+year. As at the reporting date of 31 December 2014,
+Porsche AG employed 22,401 people - 15 percent more
+than in the previous year.
+Commitment to Stuttgart Ballet
+Porsche and the Stuttgart Ballet also have close ties.
+The absolutely top-class company takes on the role of
+a Porsche ambassador on its world tours. Last year's
+highlights were the performances in Bangkok and
+Singapore. In its hometown, the Stuttgart company
+wowed audiences with its "Ballet in the Park" event in
+addition to numerous classical and modern pieces at
+the Staatstheater. During one weekend in July of the
+reporting year, the company's professional dancers and
+members of the John Cranko Schule again put on a free
+performance at the Schlossgarten.
+its widely enjoyed outdoor "Rosental concerts." The Great
+Concerts (Große Concerte) offer orchestra-goers the
+opportunity to experience works from the "Last Night of
+the Proms" with pieces by Georg Friedrich Händel and
+Benjamin Britten. The soprano Victoria Joyce from the UK
+was the guest star. Admission to the summer concerts
+on the Große Wiese was free for all attendees.
+For the first time after a five-year hiatus, Porsche's
+sponsorship made it possible for the orchestra to resume
+In 2014, the Gewandhaus Orchestra also featured at
+the opening of the Leipzig Opera Ball. Porsche hosted
+the event for the second time. For 270 years, Leipzig's
+support of the oldest civilian orchestra in the world has
+formed the basis of this cultural landmark's success.
+To mark the beginning of the new concert season in
+September 2014, the Gewandhaus Orchestra played
+in front of an audience of more than 15,000 on the
+Augustusplatz square in Leipzig.
+Porsche has been the main sponsor of the Gewandhaus
+concert hall in Leipzig since 2011. As a Porsche ambas-
+sador, the world-renowned orchestra - like the Cayenne,
+Panamera and Macan model series which are manu-
+factured in Saxony - proudly proclaims it was "Made in
+Leipzig" on its international tours and at concerts around
+the globe. The highlights of the reporting year were the
+concerts in London and Vienna as well as the tours which
+saw the Gewandhaus Orchestra travel to China, Japan
+and the U.S.
+Partner of the Gewandhaus Orchestra
+CULTURE
+to sponsor football to both German states in the amount
+of 25,000 euro each.
+Ten clubs each from Baden-Württemberg and Saxony
+convinced Porsche sport sponsoring that their plans
+deserved sponsorship. The sponsorship winners all set
+themselves apart in many different ways by showing their
+commitment to responsibly managing natural resources.
+The Malsch diving club in Nordbaden, for instance, is
+active in cleaning up the water and shoreline of Jordan
+Lake. Another sponsorship was awarded to SG 90
+Braunsdorf e.V. for the club's installation of a solar-pow-
+ered water pump. Additional projects, which garnered
+sponsorships, included modernising sporting arenas to
+be energy-efficient and organising environmentally friendly
+sporting events by making changes to catering and
+waste collection. Also this year, Porsche sport sponsor-
+ing specifically recognised projects and programmes
+carried out by clubs which generally had not found their
+way into the public spotlight. Porsche also awarded funds
+In 2014, Porsche's sport-related sponsorships were
+awarded for the third time in close coordination with the
+German state sport associations in Baden-Württemberg
+and Saxony. Sport clubs were able to apply to receive
+sponsorships. For Porsche, the most important criterion
+is that the clubs take their responsibility to give back to
+the community seriously. This also includes the contribu-
+tion which clubs make to protecting the environment.
+Porsche sponsors sustainable projects
+With donations totalling 500,000 euro, Porsche AG
+supported 20 sports clubs in Baden-Württemberg and
+Saxony in the reporting year. Porsche's sport-related
+sponsorships in 2014 focussed on the responsible
+management of resources. Clubs were chosen which
+show their tremendous dedication to the environment in
+many different ways.
+Porsche and the second-division football club RB Leipzig
+entered into a forward-looking partnership at the Saxony
+site. The partnership is focussed on fostering young play-
+ers. By promoting young talents, Porsche wants to be
+active in the community and encourage children to play
+sports. RB Leipzig and Porsche are planning numerous
+partnership projects to benefit youth: Starting in 2015,
+a new city tournament will make football accessible to
+children. An additional project is RBL's "football school"
+holiday programme, which Porsche will invite disad-
+vantaged children to participate in. The Company also
+supports the most talented youth teams by sponsoring
+its own Porsche youth promotion award in collabora-
+tion with the Rote Bullen's youth talent centre. Starting
+in the 2015-2016 season, Porsche is entering into a
+partnership with the Stuttgarter Kickers, a well-estab-
+lished football club. The Company will foster the Kickers'
+football-playing youth and its name will be incorporated
+into that of the football academy. Furthermore, many
+additional measures in line with the "Turbo for talent" prin-
+ciples have been planned in order to bolster the Kickers'
+talent-fostering efforts. One goal of these measures will
+be to obtain certification from the Deutscher Fußball-Bund
+for the youth talent centre.
+and Environment
+Employees, Sustainability
+092
+2014
+Porsche AG
+Annual Report
+091
+090
+The Basketball Academy (BBA) in Ludwigsburg and
+Porsche agreed on a comprehensive partnership in the
+reporting year. The BBA is a group of 11 partner clubs
+and 55 partner schools in which some 2,500 children
+from the surrounding area come together to play bas-
+ketball and receive professional coaching. The BBA now
+goes by the name "Porsche Basketball Academy." The
+partnership was entered into for an initial term of three
+years and is an important component of Porsche's local
+youth programmes. Through programmes like this one,
+the Company has been helping the Bietigheim Steelers
+develop young ice hockey talent. Porsche's role as main
+sponsor of the BBA involves a number of measures. In
+addition to the basic financial component, Porsche is also
+supplying its new partner with three vehicles. Moreover,
+the Company will sponsor three awards per year for BBA
+athletes; the winners of the categories "Most-improved
+player," "Best school performance" and "Largest social
+engagement" will each receive a cash prize to put toward
+obtaining their driving licence. Furthermore, one children's
+event will be held per year during a home game of the
+MHP RIESEN Ludwigsburg in the Basketball Bundesliga.
+In addition, 250 children from the Porsche BBA will be
+invited to play a game of their own during half-time and
+shoot some hoops for a good cause.
+In April 2014, the world's leading women tennis players
+met for the 37th time in Stuttgart for the Porsche Tennis
+Grand Prix. The WTA Premier Tour was a spectacular
+event which drew over 37,000 visitors in the reporting
+year. For the sixth time, the tennis players voted to name
+the Porsche Tennis Grand Prix the best tournament in the
+world in the Premier 700 category.
+Top stars and talent in women's tennis
+Porsche is supporting the German women's national
+tennis team (Porsche Team Deutschland) for the third
+year. This sponsoring partnership with the German Tennis
+Federation (DTB) also includes support for upcoming
+players (Porsche Talent Team). Porsche's assistance
+helps increase the professional nature of the world
+of young female athletes. The talented tennis players
+receive more intensive individual coaching during practice
+and at tournaments.
+SPORT
+SUSTAINABILITY
+The high level of commitment displayed by our workforce
+and their outstanding dedication to repeatedly achiev-
+ing ambitious targets are the keys to our Company's
+success. The passion, enthusiasm and manifold ideas
+of our employees are the hallmarks of Porsche's unique
+culture, both within the Company and in the wider world.
+The Executive Board would like to personally thank each
+and every employee for their contribution. This gratitude
+also extends to all of our employee representatives, as
+the Company's success is founded on balanced interests
+pursued with fairness and mutual respect.
+A WORD OF THANKS TO OUR EMPLOYEES
+in order to provide them with skills to manage employees
+suffering from mental strain or illness by using preventa-
+tive measures and intervention. The training objectives
+include imparting the ability to recognise and estimate
+excessive mental strain, among other skills. Connections
+are identified between an executive's own management
+style and employee health, deepening the executive's
+understanding of his or her own mental health as well.
+A seminar has been developed and implemented for
+executives with disciplinary management responsibilities
+Porsche feels a particular responsibility to the young
+talent of the Stuttgart Ballet. With a donation of 10 million
+euro, Porsche is sponsoring the construction of a new
+building for the John Cranko Schule. This contribution will
+be paid in four instalments into the "Foundation for the
+Promotion of the John Cranko Schule of the Württemberg
+Staatstheater," which was established for this purpose.
+This donation will contribute substantially to the school's
+ability to build a new practice facility for the ballet
+students. By contributing in this way, Porsche is making
+clear its intention to maintain a long-term, mutually bene-
+ficial partnership.
+By staging early and well-structured interventions, an
+integration team ensures, for instance, that employees
+suffering from long-term illnesses are gradually reincor-
+porated into work processes and that their skills can be
+appropriately leveraged over the long term.
+SOCIAL COMMITMENT
+Abroad, Porsche sponsors the foundation "Un Techo Para
+mi País" ("A roof for my country"). Since 2011, volunteer
+workers have helped slum residents build wooden houses
+to provide them with improved prospects for their lives.
+Children particularly benefit from the improved hygienic
+conditions and from the increased security their new
+homes provide. The project was initially launched in
+Mexico, Uruguay and El Salvador. At present, "Un Techo
+Para Mi País" is active in more than 15 countries in Latin
+America. In the reporting year, 93 new houses were built.
+In addition, the foundation also started work on two new
+pilot projects in Paraguay and El Salvador. The projects
+provide young people with assistance in starting lives of
+their own.
+After all the components have been picked from the com-
+partments, these are returned to the supplier in a direct
+exchange. Folding mechanisms on the compartments
+greatly reduce their transport volume. When returning
+empty compartments, this system reduces the overall
+volume by some 80 percent, and more compartments
+can be loaded onto trucks, thereby minimising transport
+and the environmental impact.
+Materials are supplied internally for production with the
+help of paper-free order picking systems, such as "pick
+by light." The employee tasked with picking is able to
+view which components to pick directly on the compart-
+ment. No pick list is needed when using this system.
+Porsche invests in green funds
+EMPLOYEES
+On the production floor, Porsche subscribes to the
+short distances principle. Once delivered, materials are
+funneled directly to the station for assembly, avoiding any
+unnecessary warehousing steps. This model minimises
+the number of handling steps and reduces noise pollu-
+tion.
+As regards procurement logistics, shipping companies
+engaged by the Company are obliged to comply with
+requirements affecting the environment, such as those
+prescribing the use of low-emissions vehicles, regular
+driver training and agreements on the required mainte-
+nance intervals for trucks. Since 2014, all trucks used by
+shipping companies on behalf of Porsche have at least
+been in the Euro 5 emissions class.
+Each year, Porsche sets environmental targets for
+logistics. Examples of specific targets include promoting
+reusable load transporter systems, minimising extra
+packaging, planning efficient transport, using environ-
+mentally responsible transport methods and establishing
+environmentally responsible processes. At the end of
+the day, these measures result in fewer resources being
+used while also reducing emissions and waste. All logis-
+tics processes at Porsche are certified in accordance
+with DIN ISO 14001 and DIN ISO 9001.
+Logistics
+By introducing and certifying an energy management
+system in addition to the existing environmental manage-
+ment system, Porsche is again proving its commitment
+to sustainability at the Weissach site. The Zuffenhausen,
+Leipzig and Sachsenheim sites have been certified since
+2011 in accordance with ISO 50001, an international
+standard promulgated by the International Organization
+for Standardization (ISO). The Company's success in
+certifying its energy management system demonstrates
+that Porsche is not only innovative and efficient in its
+work developing and manufacturing vehicles, but also
+values environmental protection and efficient resource
+management. As part of these efforts, the sports car
+manufacturer systematically measures energy flows,
+which reveals potential cost savings and reduces overall
+energy consumption, thereby further reducing costs. The
+introduction of an environmental and energy management
+system helps to raise general awareness among the
+Company's employees as to how they can make the most
+of potential reductions in resource usage in their areas.
+These efforts will also make the Company more competi-
+tive in the long term, while preserving not only the aes-
+thetics of its vehicles but also of its sites. For example,
+the Company carried out a comprehensive excavation
+project in order to integrate the new drivetrain testing
+facility into the surrounding landscape and the plant's in-
+frastructure. Porsche consulted with the competent local
+authority to develop a soil management plan.
+Weissach - Advanced technology and energy effi-
+ciency working as one
+Currently, there are additional Porsche plots under review
+for certification by DGNB. The Company's goal is to
+standardise socio-cultural and environmental aspects
+of sustainability in harmony with the environment at the
+sites.
+With regard to conservation, Porsche was already proving
+today that measures could be taken, even on an industrial
+site in the middle of a city such as Zuffenhausen. For
+instance, Porsche worked with the local conservation
+authority in the reporting year to install additional nesting
+and brooding aids for peregrine falcons on a façade.
+Thanks to this effort, there are now three falcon eyries
+on the Company's premises.
+In planning the construction work, Porsche greatly values
+dialogue with nearby residents and townspeople. For
+instance, an informational event was held in the reporting
+year at the Zuffenhausen main plant in plant 4 to provide
+information about the "new Zuffenhausen plant facilities"
+to residents living adjacent to the plot. At the event,
+various aspects of planned usage and construction work
+were explained. The explanations made clear that all con-
+struction work would take nearby residents into account
+to the greatest possible extent. Furthermore, most of the
+existing green space in particular would be preserved,
+or additional green space would be created by means
+of ecological restoration. In the ensuing question and
+answer session, issues such as traffic and privacy fences
+were discussed.
+standard, as there had been no certification of this kind
+thus far for sustainable construction in industrial zones.
+By the end of 2014, the frame of the new engine plant
+will have been completed on the plot. In addition, an
+ultra-modern assembly line will have been completed
+by the beginning of 2016, including logistics space and
+engine testing systems as well as attractive offices and
+recreation rooms. Plant 4 will also house a canteen as
+well as numerous outdoor areas.
+Zuffenhausen - Raising the bar for sustainability
+The master plan for renovating the entire "Porsche Plant
+4" industrial zone at the headquarters in Stuttgart-Zuffen-
+hausen with a plot measuring over 28 hectares was
+awarded top marks by the German Sustainable Building
+Council (Deutsche Gesellschaft für nachhaltiges Bauen,
+"DGNB") and received the pre-certificate in gold. The
+DGNB's certification system, an international standard,
+was used as an assessment instrument to thoroughly
+examine the areas of environmental impact, efficiency,
+socio-cultural and functional aspects, technology and
+processes. This makes Porsche - along with two other
+companies a pioneer in this area and sets a new
+USING RESOURCES EFFICIENTLY AND PROTECTING THE
+ENVIRONMENT AT COMPANY SITES
+At the Paris auto show in the reporting year, Porsche
+became the first manufacturer to unveil a plug-in hybrid in
+the premium SUV segment with the Cayenne S E-Hybrid.
+Depending on driving style and terrain, the new Cayenne
+S E-Hybrid can be driven up to 36 kilometres solely on
+electric power. Porsche is the only manufacturer which
+offers three plug-in hybrids as production models: the
+Cayenne S E-Hybrid, the Panamera S E-Hybrid and the
+918 Spyder. These vehicles allow a majority of everyday
+driving to be done without burning fuel or producing
+exhaust.
+Porsche AG is an ardent supporter of the plan to
+establish Germany as a leading supplier of and market
+for electric vehicles by 2020. The "National Platform for
+Electromobility" (NPE), an advisory council to the German
+federal government, remarked that the foundation had
+been laid in the reporting year for a market ramp-up and
+for the establishment of a leading international market.
+Even if the target of 100,000 electric vehicles is not
+reached by the end of 2014 and instead only 24,000 are
+produced, the goals of becoming a leading supplier and
+market will still be within reach. However, this will require
+enormous effort on the part of all those involved as well
+as a comprehensive set of measures which must be
+taken quickly in order to reach the target of putting one
+million electric vehicles on Germany's streets by 2020.
+ELECTROMOBILITY
+ENVIRONMENT
+and Environment
+Employees, Sustainability
+094
+2014
+Porsche AG
+Annual Report
+093
+Porsche has entered into many partnerships with univer-
+sities and provides assistance with research projects.
+Furthermore, the Company runs its own doctoral pro-
+gramme. In the reporting year, Porsche established an
+endowment chair at the Esslingen University of Applied
+Sciences, which will concern itself with issues surround-
+ing modern vehicle manufacture in the near future. Other
+examples of partnerships include those with the Centre
+for Advanced Studies in Heilbronn, the University of Stutt-
+gart, KIT in Karlsruhe and RWTH in Aachen.
+Education
+Active in communities worldwide
+The demographic impact of an ageing workforce in com-
+bination with rising productivity presents substantial chal-
+lenges when it comes to integrating employees whose
+abilities have changed over time into the manufacture of
+highly technical/sophisticated vehicles. Employee offices
+in production and logistics are systematically assessed
+with regard to agreed ergonomic criteria and continually
+optimised.
+In the reporting year, Porsche again supported numerous
+social institutions and projects - mainly at the Company's
+sites. In Stuttgart, these included Trott-war, a street
+newspaper, children's wards and clinics such as the
+"Olgäle," the Stuttgart civil foundation (Bürgerstiftung
+Stuttgart), hospices, projects to assist disabled persons
+and various religious organisations. At its Leipzig site,
+Porsche provides assistance to similar projects and
+institutions.
+The continuous growth at Porsche AG also presented
+the work safety department with numerous challenges in
+2014. Intelligent solutions must be developed for reno-
+vation and construction projects in order to uphold the
+high safety and health standards in new offices. Examples
+include the construction of the engine plant on a plot
+measuring some 10,000 square metres, an education
+centre for over 450 new hires, and a quality and analysis
+centre built on approximately 3,000 square metres at
+the Zuffenhausen site. Individual, pragmatic measures
+were developed and implemented for the projects at the
+Weissach and Sachsenheim sites by involving the work
+safety department at an early stage. In this financial year,
+work security experts focussed on safety inspections of
+offices and on advising executives as they carried out
+risk assessments.
+Employees, Sustainability
+088
+2014
+Porsche AG
+Annual Report
+087
+Flexible arrangements regarding where and when em-
+ployees work are also a focus at Porsche. In addition to
+the option of working from home and options for setting
+working hours based on an employee's life situation, a
+work agreement on sabbaticals introduced additional re-
+lated opportunities for employees in the reporting period.
+Personal, social or volunteer projects there are many
+reasons why employees may wish to take time off. By
+offering the option of a sabbatical, Porsche enables its
+employees to achieve a better work-life balance. As part
+of this option, employees reduce their monthly salary
+over a period set by them in order to accrue an amount
+which will allow them to take paid time off. Once the
+sabbatical has come to an end, employees resume their
+work activities at a normal salary with normal working
+hours.
+In addition to the cooperation agreements referenced
+above, Porsche also works closely with pme Familien-
+service GmbH, which offers individual daycare solutions
+for all life situations. Porsche employees can also use
+this service to provide support if they have to care for
+relatives, for example.
+The number of childcare spots was significantly increased
+through cooperation with daycare centres at the com-
+pany's sites. In addition to expanding existing coopera-
+tion, daycare options also increased with the new Ferry
+Porsche daycare centre in Weissach, which provides an
+additional 45 spots. Beyond the daycare services offered
+in Weissach during school holidays in 2013, the reporting
+period saw, for the first time, daycare offered in Zuffen-
+hausen throughout all six weeks of the summer holiday.
+In order to offer employees on parental leave the oppor-
+tunity to exchange information amongst themselves, a
+networking event for these employees was held in the
+reporting period. In addition to facilitating information
+sharing, the event was also an opportunity for employees
+with common interests to build a network.
+For the first time, informational events were held in 2014
+for expectant parents and employees on parental leave
+at the Zuffenhausen and Weissach sites. Employees re-
+ceived information at these events on the topics of birth
+and finances as well as on internal offers and policies at
+Porsche.
+In addition to offering its employees an excellent working
+environment, Porsche wants to enable them to enjoy the
+highest possible quality of life; as in the past, enhancing
+the work-family balance was therefore a key area of
+activity in the reporting year.
+PROMOTING WORK-LIFE BALANCE
+The corporate culture is influenced and shaped in
+large part by the management. This is why executives
+at Porsche AG and its German subsidiaries attended
+a series of workshops to discuss in detail the central
+documents outlining Porsche's corporate culture - the
+management guidelines, the compliance code and the
+business rules. Executives worked in various groups
+CORPORATE CULTURE AND VALUES
+Another Group-wide employee survey was carried out at
+Porsche AG and its German subsidiaries in the reporting
+period. More than 10,000 employees expressed their
+opinions on issues such as collaboration with colleagues
+and supervisors, quality of work, work processes and
+provision of information on current developments at
+Porsche. Responses to almost all questions were indica-
+tive of higher satisfaction in comparison to the previous
+year. This development can be attributed specifically
+to successfully following up on the results of the 2013
+employee survey. This involved identifying room for
+improvement in all departments, developing various
+measures and implementing them.
+GROUP-WIDE EMPLOYEE SURVEY AT PORSCHE
+Porsche considers it particularly important that execu-
+tives communicate transparently and comprehensively.
+For this reason, a new plan to optimise executive commu-
+nications was introduced in the reporting period. The plan
+focussed on increasing the relevance and transparency
+of information as well as it being provided in a timely,
+well-structured fashion. In this context, a critical review
+was performed and all communications channels were
+then reconfigured.
+EXPANDING EXECUTIVE COMMUNICATIONS
+Porsche AG intends to further increase its competitive-
+ness and attractiveness as an employer. In 2014, the
+company therefore continued its systematic work to
+implement the package of measures decided on in 2012
+and geared toward additional flexibility and productivity,
+and an even better work-life balance; numerous pro-
+grammes and initiatives were rolled out to implement
+these measures.
+This positive trend was also visible in the latest increase
+in applications to the Porsche Group, which set a new
+record at over 100,000 in financial year 2014. The new
+Porsche eRecruiter application system aids in process-
+ing the large number of applications. The introduction
+of eRecruiter in the reporting period standardised the
+application processes within Porsche AG and the various
+subsidiaries, making them more consistent. Interested
+candidates are able to save and subscribe to searches
+for relevant job listings. With this new functionality,
+eRecruiter is making an important contribution to the
+"excellent HR management" strategy and enhancing
+Porsche's appeal as an employer.
+In the reporting year, as in previous years, Porsche occu-
+pied top spots in prestigious employer rankings. Porsche
+continues to enjoy very high employer appeal, espe-
+cially in the estimation of prospective and experienced
+engineers and business graduates. Assessments by IT
+students and young professionals developed particularly
+favourably in the reporting period. Furthermore, Porsche
+ranked first in the "Employee focus" category of Manager
+Magazin newspaper's "Image profile."
+EMPLOYER APPEAL FURTHER ENHANCED
+In particular the training sessions though HR manage-
+ment targeting specific groups help to further the cause
+of "excellent HR management" by preparing employees
+to meet future requirements for managing departments.
+COMPREHENSIVE OCCUPATIONAL HEALTH AND SAFETY
+MANAGEMENT AT PORSCHE AG
+Since the HR IT system was expanded, HR information is
+now more up-to-date and transparent, and large amounts
+of information can now be channelled.
+EXCELLENT HUMAN RESOURCES MANAGEMENT
+By continuously harmonising and standardising HR
+processes in line with the Porsche improvement process,
+the company ensures that all HR processes achieve
+high-quality results at a fast pace.
+The increase in the number of employees at Porsche AG
+over the past several years and the associated challenges
+were essential components of the 2018 HR strategy,
+which responded with specific HR measures as part
+of the "Excellent human resources management" pro-
+gramme.
+and Environment
+However, not all life situations can be easily planned out.
+If an employee's family member requires urgent care,
+the employee must act quickly. In financial year 2014,
+Porsche and the general works council agreed on a
+unique policy which extends far beyond the statutory re-
+quirements: Porsche caregiver leave. Employees who are
+called upon to care for ailing family members are dealt
+a difficult hand. In many cases, there is not enough time
+to properly respond to the situation. As a result, Porsche
+is offering its employees new tools to help them master
+such challenges: When faced with a situation in which a
+close family member requires urgent care, employees
+may be relieved of their duties for a maximum of three
+months and still continue to receive 75% of their gross
+monthly salary. Employees may increase their caregiver
+leave salary to up to 100% of their working salary by
+cashing in flex time, time credits, etc. Porsche and its
+employees share the costs for Porsche caregiver leave
+equally.
+to develop a shared understanding of Porsche's values
+and reflect on any need to adjust their own management
+styles.
+The equal treatment and advancement of women in the
+working world is a particular priority for Porsche. For this
+reason, the goal of increasing the percentage of women
+in the workforce comprises a significant component of
+the Strategy 2018 in the form of the "Promoting Diver-
+sity" initiative. The desired increase is being achieved
+through targeted basic and advanced training measures,
+such as workshops and seminars, exchanges involving
+women experts and specialists, and mentoring opportu-
+nities.
+Financial year 2014 was the eighth time the Porsche
+Talent Promotion programme took place, involving 251
+participants; in total, 534 employees have completed
+the programme. Porsche Talent Promotion is a training
+programme for high-potential employees under collec-
+tively agreed salary arrangements which is designed
+to systematically prepare them to take on additional
+management tasks.
+The high quality of management at Porsche group is
+maintained through customised management training
+programmes. The Porsche Management Programme
+promotes fundamental management skills for executives.
+To date, 304 executives have successfully completed
+the programme. In financial year 2014, an additional
+56 participants began the programme.
+In the reporting year, 2,054 new employees from the
+Porsche Group participated in the national and interna-
+tional induction programmes known as "Porsche Warm
+Up." "Porsche Warm Up" disseminates key corporate
+information and values and promotes the rapid develop-
+ment of a cross-departmental network.
+WORK SAFETY
+The Porsche Trainee Programme was introduced in
+October as an alternative to direct hiring, but with equal
+status. The 12-month introductory programme offers
+university graduates the opportunity to become familiar
+with the company without being limited by departments
+and speciality areas, to learn the ropes well and to
+permanently integrate themselves into the Company. In
+addition to fundamentals, the programme consists of
+project phases lasting several months, both in Germany
+and abroad, as well as assignments in production and a
+Porsche branch.
+EQUAL OPPORTUNITIES AND DIVERSITY
+and Environment
+Employees, Sustainability
+2014
+Porsche AG
+089
+HR and executive development at Porsche promotes life-
+long learning for all groups of employees. The focus is on
+systematic, forward-looking development of the required
+abilities and skills as well as on improving prospects and
+opportunities for professional development at all levels of
+the Company. This focus is backed by a broad, high-qual-
+ity range of training options as well as custom HR
+development programmes which closely involve internal
+experts. The current offerings for training were therefore
+increased further in the reporting period; for instance, a
+multi-sensory, interactive brand training programme was
+expanded.
+EXECUTIVE DEVELOPMENT
+FORWARD-LOOKING, REQUIREMENTS-BASED HR AND
+In addition, the close cooperation with the two Stuttgart
+MINT (math, informatics, natural sciences and tech-
+nology) high schools, Ferdinand Porsche Gymnasium
+and Friedrich-Eugens-Gymnasium was continued in the
+reporting period. Porsche was also actively involved in
+a large number of activities in 2014, such as organising
+career fairs, presentations by specialists and field trips
+for teaching staff and students from the higher years.
+Annual Report
+In the reporting year 2014, Porsche sponsored for the
+second time the state prize for vocational schools (Werk-
+realschulen) established by the Baden-Württemberg Min-
+istry for Culture, Youth and Sport. The prize was awarded
+for outstanding achievement in the various elective
+subjects at the vocational schools. Porsche sponsored
+the 10 prize winners in the elective subject "Nature and
+Technology." In addition to promoting real-world voca-
+tional learning at vocational schools, the aim is to help
+students transition as directly as possible from school to
+dual education and training track.
+CONTINUED DEVELOPMENT OF HR MARKETING, MARKETING
+AIMED AT UNIVERSITIES AND THE PORSCHE TALENT NETWORK
+In the reporting year, Porsche took part in the Germany-
+wide Girls' Day event for the eleventh time. More than
+100 girls from local high schools and secondary schools
+accepted Porsche's invitation and gained fascinating
+insights into technical occupations and courses of study
+at various sites.
+Established in 2001, the Company's cooperation with
+Femtec, an important career network committed to
+promoting young female professionals and management
+trainees in engineering and scientific professions, was
+continued in the reporting year and stepped up by offer-
+ing plant visits and innovation labs as well as providing
+internships, opportunities to write student theses and
+direct hiring opportunities.
+Numerous measures aimed at further strengthening
+Porsche's excellent employer image were implemented
+and improved on in the area of HR marketing and mar-
+keting aimed at universities in financial year 2014. For
+instance, more of the new employer image campaign was
+rolled out in 2014.
+These initiatives are already bearing their first fruits. For
+instance, the number of women executives on the first
+reporting level has increased to five. The percentage of
+internal promotions to positions above the collective pay
+scale and to managerial positions which were awarded to
+women remained at 15 percent for the financial year.
+COOPERATIONS AND SCHOLARSHIPS
+In the reporting period, Porsche also increased the num-
+ber of marketing events at universities in Germany and
+further stepped up its international activities in this area.
+As a result, a large number of students were inspired to
+join Porsche as interns or working students, or to write
+their final thesis. Following their internships, a large
+number of them joined the ranks of the Porsche Talent
+Network and received support in the form of various
+events and informational offerings.
+Providing the best possible support for outstanding
+talent is a top priority for Porsche. This is why Porsche
+also took part in the German Ministry for Education
+and Research's "Germany Scholarship" as well as in
+the "Porsche Automotive Campus" (PAC) scholarship
+programme at Nürtingen-Geislingen University in financial
+year 2014.
+In the reporting year, Porsche awarded a further 45 "Ger-
+many Scholarships" and six PAC scholarships to students
+at a total of 14 selected universities throughout Germany.
+The aim is to further strengthen teaching and research
+in Bachelor's and Master's programmes, while providing
+financial support for outstanding students who are active
+in their communities.
+EDUCATIONAL PARTNERSHIPS
+Together with the Baden-Württemberg Ministry for
+Culture, Youth and Sport, Porsche AG presented the
+Ferry Porsche Prize for the 13th time in financial year
+2014. Prizes went to 250 particularly outstanding school
+leavers studying mathematics and physics/technology.
+The prize is intended to increase the appeal of mathemat-
+ics and natural sciences while motivating the prospective
+students to study engineering.
+Well-trained, dedicated graduates represent a corner-
+stone of Porsche's corporate success. During the report-
+ing year, Porsche therefore continued to pursue close co-
+operation with key organisations such as Formula Student
+Germany, the international student organisation AIESEC
+and the Foundation of German Business. A concerted
+effort was made to expand the Formula Student coopera-
+tive effort and the Germany Scholarship in particular, and
+work with these organisations intensified.
+Porsche took first place in the "Large company" category
+of a state-wide competition entitled "Diversity works! A
+good education for young immigrants" for promoting
+cultural diversity among trainees.
+RESULTS OF OPERATIONS OF THE PORSCHE AG GROUP
+Other operating income
+€ million
+Revenue
+Cost of sales
+Gross profit
+Distribution expenses
+Administrative expenses
+Financial result
+Operating profit
+%
+Profit before tax
+Income tax
+FY 2014
+FY 2013
+€ million
+The healthy cost structure and the sustainably high
+earnings power of the group are also reflected in the key
+performance indicators. The Porsche AG group achieved
+an operating return on sales of 16 percent in the past
+financial year (prior year: 18 percent). The pre-tax return
+on sales was 18 percent (prior year: 19 percent). The
+return on capital, defined as the ratio of the operating
+result after tax to the average invested assets of the
+automotive division, amounts to 27 percent (prior year:
+30 percent). The post-tax return on equity was 24 per-
+cent (prior year: 24 percent).
+Other operating expenses
+es from fair value measurement relating principally to
+exchange rate and interest rate hedging transactions that
+are not included in hedge accounting.
+112
+Operating profit amounts to 2,719 million euro, an in-
+crease of 140 million euro in comparison to the previous
+year.
+The significant increase in the outflow of funds com-
+pared with the previous year is mainly attributable to the
+payment of 1,414 million euro made during the reporting
+year in respect of the profit transfer to shareholders. This
+was offset by a capital contribution amounting to 829 mil-
+lion euro made by Porsche Holding Stuttgart GmbH.
+%
+The net available liquidity of the automotive division - i.e.
+its gross liquidity less financial liabilities and excluding
+the financial services business in each case - improved
+from minus 899 million euro as at December 31, 2013 to
+195 million euro as at December 31, 2014.
+There was a change in cash flows from financing activ-
+ities from minus 197 million euro in the prior year to
+minus 978 million euro in the most recent financial year.
+Annual Report
+Porsche AG
+2014
+The financial result amounts to 341 million euro (prior
+year: 205 million euro). This item includes income of
+271 million euro relating to the change in accounting for
+the investment in Bertrandt AG using the equity method.
+In contrast, an increase was recorded in the expens-
+Financial
+Analysis
+The Porsche AG group's profit after tax increased by
+262 million euro from 1,939 million euro in the corre-
+sponding prior-year period to 2,201 million euro in the
+reporting period. The tax rate in the reporting period was
+28 percent (prior year: 30 percent).
+Group revenue of the Porsche AG group was 17,205 mil-
+lion euro in the reporting period (prior year: 14,326 mil-
+lion euro). In the past financial year, the Porsche AG
+group sold 187,208 vehicles. This corresponds to an
+increase in unit sales of 21 percent compared to the pri-
+or year. The principal contribution to the growth in sales
+volume and revenue was made by the new Macan model
+with 48,569 vehicles sold. Sales of the Cayenne model
+declined by 13,883 vehicles due to a change of model.
+The cost of sales increased dependent on revenue to
+12,885 million euro (prior year: 10,139 million euro)
+which represents 75 percent of revenue (prior year:
+71 percent). The reduction in the gross margin from
+29 percent to 25 percent is mainly the result of the
+changes in the product mix following the introduction of
+the Macan model as well as increased expenses in the
+area of research and development. The capitalization
+rate for research and development costs amounts to
+55 percent (prior year: 52 percent). The import duties
+and consumption taxes incurred in the Chinese market
+also contributed to the decline in the gross margin.
+Distribution expenses rose from 1,075 million euro to
+1,257 million euro due to the higher volume of sales.
+Administrative expenses declined slightly from 792 million
+euro to 789 million euro. Distribution expenses remained
+with 7 percent and administrative expenses with 5 percent
+unchanged in relation to revenue.
+The personnel expenses across all functions of the
+Porsche AG group increased from 1,865 million euro to
+2,165 million euro. The average number of employees
+during the year rose by 2,746 to 21,303. The increase
+mainly results from the expansion of the number of
+employees at the Leipzig plant.
+Depreciation and amortization across all functions in-
+creased to 1,878 million euro compared to 1,415 million
+euro in the prior year. This mainly relates to the amorti-
+zation of development costs and depreciation of tools
+that are disclosed under other equipment, furniture and
+fixtures. Depreciation of leased assets also increased
+significantly.
+Other operating income rose from 610 million euro to
+895 million euro. The increase is mainly attributable to
+increased income from the reversal of provisions and
+accruals as well as higher income relating to forward
+exchange transactions. Other operating expenses rose
+from 351 million euro to 450 million euro. The increase
+mainly reflects higher expenses in connection with
+forward exchange transactions.
+RESULTS OF OPERATIONS
+17,205
+16
+14,326
+4
+-450
+- 3
+- 351
+-3
+2,719
+2,579
+18
+341
+2
+205
+1
+18
+The cash flows from investing activities resulted in a
+cash outflow of 2,248 million euro in the reporting period
+following 2,090 million euro in the prior year. Investments
+in intangible assets (excluding development costs capi-
+talized) and property, plant and equipment declined from
+1,421 million euro in the previous year to 1,047 million
+euro in the period under review. Additions to capitalized
+development costs amount to 1,067 million euro follow-
+ing 815 million euro in financial year 2013.
+3,060
+610
+100
+6
+-5
+100
+- 12,885
+75
+- 10,139
+71
+4,320
+25
+4,187
+29
+- 1,257
+-7
+1,075
+-7
+-789
+-792
+895
+Cash flows from operating activities came to 3,179 mil-
+lion euro in the 2014 reporting period following
+2,917 million euro in the prior year. The significant
+factors were an increased profit, depreciation and
+amortization, conversely higher income tax payments, and
+a higher level of funds tied up in working capital.
+Other liabilities
+Current other liabilities amounted to 2,868 million euro
+(prior year: 2,524 million euro).
+2
+255
+1
+7,950
+30
+6,960
+28
+Income tax provisions
+Other provisions
+Financial liabilities
+Trade payables
+80
+0
+52
+0
+625
+1,337
+15
+13
+0
+2,784
+Other provisions
+811
+3
+715
+3
+Deferred tax liabilities
+684
+3
+719
+3
+Financial liabilities
+Non-current liabilities
+3.469
+3,725
+FINANCIAL POSITION
+5
+5
+8,511
+33
+8,561
+35
+26,060
+100
+24,560
+100
+110
+111
+Provisions for pensions and similar obligations rose by
+817 million euro. The increase resulted mainly from the
+change in the German actuarial rate of interest applied
+from 3.7 percent to 2.3 percent.
+Non-current other liabilities recorded growth of 370 mil-
+lion euro. The increase mainly relates to marking deriva-
+tive financial instruments to market.
+Current liabilities fell only slightly from 8,561 million euro
+to 8,511 million euro. Current liabilities expressed as
+a percentage of total capital declined from 35 percent in
+the prior year to 33 percent as of December 31, 2014.
+Current financial liabilities fell by 1,062 million euro. The
+reduction resulting from the offset against loan receiva-
+bles (see current other receivables) was set against an
+increase due to the change in the maturity structure of
+the debenture bonds.
+Deferred tax liabilities amounted to 684 million euro
+compared with 719 million euro in the prior year.
+Trade payables increased to 1,856 million euro after
+1,485 million euro in the previous year. The increase
+is attributable to higher volumes of investments and
+business.
+Current liabilities
+1,214
+1
+2
+1,884
+8
+2,946
+12
+1,856
+7
+1,485
+7
+Other liabilities
+2,868
+11
+2,524
+10
+Income tax liabilities
+486
+340
+19
+2,536
+- 5
+568
+129
+91
+-900
+659
+268
+-197
+-632
+462
+Available-for-sale financial assets
+3,060
+2,784
+Fair value changes recognized in other comprehensive income
+13
+89
+-1,029
+-859
+-61
+-61
+205
+Exchange differences on translating foreign operations
+Unrealized currency gains/losses
+Transferred to profit or loss
+Exchange differences on translating foreign operations, before tax
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+Cash flow hedges
+Fair value changes recognized in other comprehensive income
+Transferred to profit or loss
+Cash flow hedges, before tax
+Deferred taxes relating to cash flow hedges
+Cash flow hedges, net of tax
+103
+-61
+103
+103
+341
+-845
+Available-for-sale financial assets, before tax
+-246
+466
+843
+-1,707
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, before tax
+- 1,414
+- 1,230
+489
+-783
+Items that may be reclassified subsequently to profit or loss
+2
+88
+-254
+-1
+Other comprehensive income, net of tax
+Transferred to profit or loss
+-1,241
+Total comprehensive income
+-271
+-258
+89
+2,201
+1,939
+2,199
+1,939
+2
+2,536
+958
+2
+960
+115
+thereof attributable to non-controlling interests
+thereof attributable to shareholders
+597
+422
+545
+-217
+Gross profit
+Distribution expenses
+Administrative expenses
+Other operating income
+Other operating expenses
+Operating profit
+Share of profits and losses of equity-accounted investments
+Finance costs
+Other financial result
+Financial result
+Profit before tax
+Income tax
+Profit after tax
+thereof profit attributable to shareholders
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+Cost of sales
+114
+Revenue
+OF PORSCHE AG FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014
+-845
+-5
+Profit after tax
+2,201
+13
+1.939
+14
+113
+Annual Report
+Porsche AG
+2014
+FINANCIAL
+DATA
+SUMMARY OF THE CONSOLIDATED FINANCIAL STATEMENTS OF PORSCHE AG WITHOUT THE NOTES
+OF PORSCHE AG FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014
+CONSOLIDATED INCOME STATEMENT
+€ million
+CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+€ million
+Profit after tax
+14,326
+- 10,139
+4,187
+- 1,257
+-789
+895
+- 450
+2,719
+- 1,075
+-792
+610
+-351
+2,579
+-1
+- 203
+4,320
+- 12,885
+17,205
+108
+FY 2014
+FY 2013
+2,201
+1,939
+Revaluations from pension plans recognized in other comprehensive income
+Revaluations from pension plans recognized in other comprehensive income, before tax
+Deferred taxes relating to revaluations from pension plans recognized
+in other comprehensive income
+-652
+156
+-859
+194
+Revaluations from pension plans recognized in other comprehensive income,
+net of tax
+-458
+108
+FY 2014
+FY 2013
+Items that will not be reclassified to profit or loss
+-458
+-48
+Income tax provisions
+NET ASSETS
+1,544
+demands on both driver and vehicle.
+The Porsche 356 rolls slowly down
+the start ramp. It's just after eight in
+the morning. Despite the early hour,
+throngs of spectators line the street from
+Gröbming in Styria's Ennstal Valley as it
+runs toward Stoderzinken. Andreas Kainer
+listens intently to the uniform sounds from
+the compact four-cylinder Boxer motor,
+then casts an expert eye over the sports
+car's instrument panel - everything seems
+fine. He's giddy with anticipation about
+what lies ahead, and a bit worked up as
+well: the Ennstal-Classic is slated to see
+his 356 Coupé make a triumphant return
+to the streets after extensive restorations.
+Kainer fiddles a bit with the gas pedal,
+checks the precision of the steering and
+gets a feel for how the tires are gripping
+the roadway. His co-pilot gives the thumbs
+up sign from the passenger seat, followed
+by a broad grin. The experienced team
+approaches the start line for the first
+special review of this Ennstal-Classic -
+and then his 356 passes through the light
+barrier at the foot of the mountain. Their
+route will take them 8,258 metres in total
+along the winding (and closed) road to
+Stoderzinken. The goal is not to go as
+fast as possible, but rather as precisely
+as possible at the proscribed average
+speed of 48.2 km/h, all documented
+through a merciless set of timing check-
+points. Kainer is responsible for keeping
+the car rolling smoothly and steadily,
+while his colleague keeps a mechanical
+stopwatch running to help get the timing
+just right. They move quickly up the
+2,000-metre mountain, and after roughly
+ten minutes they trip the light barrier and
+Tradition
+and Emotion
+head for the Rossfeld parking lot. They've
+gathered crucial data: the drive was
+smooth, but slightly under optimal con-
+ditions. Even so, ground has been broken
+for this year's running of the classic car
+event.
+"When we held the event for the first time
+back in 1993, we drew our line in the
+sand at 1972 models, because from our
+vantage point there are just so many
+fascinating cars built before then,"
+explains organizer Michael Glöckner.
+"And we just ended up leaving it there.
+One side effect: the starting field gets
+older and as such more interesting every
+year." Glöckner, formerly a motorsports
+photographer and tourism director in
+Gröbming, created the Ennstal-Classic
+in collaboration with Formula 1 journalist
+Helmut Zwickl. "The mix of competitive
+driving, grand landscapes, Austrian
+hospitality and relaxed shop talk are what
+make the Ennstal-Classic special," Zwickl
+says. "Where else can you find this kind
+of combination?"
+This is precisely the recipe cooked up by
+the Ennstal-Classic for the international
+classic car circuit. Fans flock to the
+event. Some love the idea of piloting their
+own old-timer through carefully selected,
+low-traffic streets across four Austrian
+provinces - the number of applications
+far outstrips the capacity every year.
+Others look forward to standing at the
+start, finish or way stations of this rolling
+museum.
+ON THE HUNT FOR SPECIAL
+MOMENTS
+2014 marks Andreas Kainer's fourth year
+in the race. He's already returned back
+from Stoderzinken, following a carefully
+laid-out route that runs along the Nockalm
+and the Turracher Höhe toward the Red
+Bull Ring in Spielberg, one of the further
+highlights of the day. His sports car, built
+in 1955 in Zuffenhausen, is the oldest
+356 in the field, and the second-oldest
+Porsche: a 550 Spyder from the factory
+museum rolled across the start line a
+few minutes ahead of him. Kainer thinks
+the silver racer is somewhere around the
+next crest, ahead of other classic cars,
+and hopes at some point in the day to
+follow in its slipstream. It remains to be
+seen whether it'll happen. But the fun is
+already well underway: he's become one
+with his driving machine, flowing through
+curves and switchbacks in an ideal
+rhythm. "When I get in the zone like this,
+I become a hunter of special moments,"
+he says, eyes blazing. "Out here you find
+them on nearly every metre of pavement."
+The 365 in the extremely rare Bent-Window
+Pre A Continental version approaches a
+curve. Kainer double-clutches into third
+and then back down into second gear.
+The needle on the tachometer hangs at
+roughly 3,000 rpm. Following the ideal
+line precisely, he heads first right, then
+immediately left through the next straight-
+away. Kainer depresses the gas and the
+Boxer motor responds. "The car is happy
+when it can rev to between 3,000 and
+5,000 rpm. It runs more or less on its
+own then. But you have to trust it and let
+it carry that speed, because otherwise it
+won't have the power in the mountains to
+accelerate going uphill."
+PROMINENT DRIVERS AT THE
+STARTING LINE
+Extraordinary moments are par for the
+course at the Ennstal-Classic - from
+the landscape, from the cars, from the
+discussions. It doesn't hurt that there's a
+high density of prominent rally and racing
+drivers on hand, lured by the charms
+of the event and the classic cars they'll
+be piloting along the course. A small
+"Who's Who" of elite motorsports has
+coalesced over the years, with lots of
+big names finding their way to the "last
+paradise." The full list would easily fill
+20 rows. Among the starters for 2014:
+Jacky Ickx, Marc Lieb, Walter Röhrl and
+Hans-Joachim "Striezel" Stuck, all driving
+Porsche.
+The company has transported rare
+and valuable vehicles from its Stuttgart
+museum to take part in the Austrian
+festivities. Ickx is driving a 550 Spyder
+from 1955, Röhrl is piloting a 718/8
+W-RS from 1962 and Stuck is at the wheel
+of a 356 Carrera GT from 1960. Having
+already received masterful care from the
+museum's workshop, they are fine tools
+in the hands of these skilled drivers.
+the Ennstal-Classic puts strong
+Marc Lieb proves a major head-turner
+among the spectators after taking an
+unofficial exhibition run in a 911 GT1
+from 1998.
+Ambitious special test:
+Driving cars in the last para-
+dise that's the Ennsta-Classic,
+held annually on Austria's love-
+liest alpine routes. Roughly
+200 classic automobiles will
+be participating, making it
+as much as rolling museum
+as a race. Porsche has been
+904 Carrera GTS
+SIGT 498
+prototype. It is available for delivery in
+a Clubsport version for racing use at the
+same price as the street-legal version of
+the GT3. The high-revving engine concept
+and rear-wheel drive are mandatory
+elements, including for the 911 GT3
+RS, whose appearance in 2003 laid the
+groundwork for future models such as the
+GT3 RSR and GT3 R Hybrid.
+The GT3 boasts 500 hp in its current RS
+version, with a 4-litre induction motor ca-
+pable of revving up to 8,880 revolutions
+per minute. The GT3 RS can go from zero
+to 200 km/h in just 10.9 seconds. For
+the first time, a street-legal Porsche 911
+model features a magnesium roof and
+mixed tires (21 inches at the rear) and
+wheel-well ventilation in the front fiber-
+glass fender of the kind normally seen on
+the racetrack. The GT formula continues
+to adapt and rise above.
+Annual Report
+Porsche AG
+2014
+Tradition
+and Emotion
+102
+CHALLENGING
+ROADS AND
+MAJESTIC
+LANDSCAPES
+More than 800 kilometres along demanding
+roads the Ennstal-Classic is a challenge
+and a pleasure all at once.
+174
+103
+the primary sponsor for this
+renowned competition since
+2014.
+911 GT3
+Walter Röhrl, considered by many the
+finest rally driver in the world, is a familiar
+face in Gröbming. He and his wife were on
+hand for the inaugural Ennstal-Classic in
+1993, and in fact claimed the event's first
+victory. He repeated the feat in 1997 to-
+gether with former Porsche engineer and
+racing director Peter Falk. For 2014, Röhrl
+decided to participate in the Chopard
+Racecar Trophy, a separate competition
+06:00 pm
+start of next stage
+• Pass-through control
+Annual Report
+Porsche AG
+2014
+104
+105
+Annual Report
+Porsche AG
+2014
+106
+Tradition
+and Emotion
+conducted parallel to the Ennstal-Classic.
+"The 718 is driving simply wonderfully,"
+he gushes. "The steering, the five-speed
+transmission, the motor - everything is
+working with unbeatable precision. You'd
+never think that you're sitting in a car
+that's more than 50 years old." Spurred
+by this experience, he took the tight
+curves along the closed-off mountain
+roads, including up to the Tauplitzalm,
+and then for a lap on the Red Bull Ring.
+"What a true pleasure. Tremendous roads
+and tremendous old cars the organisers
+have really done an ideal job of combining
+both ingredients."
+While the Ennstal-Classic, which Porsche
+sponsors, involves normal street-legal
+classic cars driving at moderate speeds
+on public roads, the Chopard Racecar
+Trophy (inaugural running: 2013) has
+been bringing together racing vehicles
+from 1983 and earlier. They drive on
+faster tires - but also solely on closed-off
+roads.
+• Rolling time checkpoint and
+Finish
+Schladming
+More than 800 km in all will be
+driven over the course of 4 days.
+Lunz am See
+01:45 pm
+S GO 83
+Bad Mitterndorf
+04:30 pm
+Pürgg
+04:15 pm
+Start
+Gröbming
+08:00 am
+°
+Haus
+05:45 pm
+Rolling museum: The course
+travels through numerous towns -
+here the marketplace in Steyr.
+Steyr
+11:00 am
+Spital am Pyhrn
+09:00 am
+Niederöblarn
+05:00 pm
+Schloss Pichlarn
+08:20 am
+Waidhofen
+00:45 pm
+Ennstal-Classic Marathon |
+421 km
+ever.
+The 911 GT2 (993) marked the be-
+ginning of a new era in the mid-90s. 40
+years after the debut of the 356 A 1500
+GS Carrera, the first GT version of a 911
+was released, with the GT2 relying on
+supercharging instead of RPMS - up until
+today. Based on the new all-wheel drive
+911 Turbo (993), "Porsche continues
+its tradition of offering its customers a
+competitive car model for a broad range
+of sporting leisure." For weight reasons,
+the GT2 (Biturbo supercharger, 430 hp,
+top speed 295 km/h) is only offered with
+rear-wheel drive. The seats cannot be
+leaned backward, the trunk hood and doors
+are made of aluminium, while the rear
+windows and side panes are made of thin
+glass. 911 GT is written on the rear - and
+to save weight, the lettering is only glued
+on. 1995's GT2 marks the start of a new,
+distinct GT history, which in 2010 found
+its climax in the GT2 RS: only 500 units of
+this 620-hp machine were produced -
+the most powerful street-legal Porsche
+The 911 GT3, introduced in 1999,
+remains even today the embodiment
+of lightweight construction, power and
+emotion and thus the core of the entire
+Porsche brand. The water-cooled, 360-hp
+transmission has its roots in the sports
+The Cayman GT4 is a driver's car, a mes-
+sage to the global Porsche GT community
+of amateur and pro racers who use their
+own cars on the race track. Reliability was
+always one of the Porsche GT models'
+trump cards: "The cars are driven hard.
+And they take the punishment," Preuninger
+says. The new GT4 and its 385 hp top out
+at 295 km/h. No Cayman has ever been
+quicker or more powerful.
+GROUNDED IN PORSCHE'S
+GT TRADITION
+At the same time, it is building bridges
+between the traditional and the modern.
+Like the legendary "Nr. 1" from 1948,
+the engine on the Cayman GT4 is placed
+at its centre, behind the backs of the
+passengers. That first Porsche eventually
+led to mass production, with the fast and
+light 356 becoming the first represen-
+tative of the GT family: the 356 A 1500
+GS Carrera "Grand Tourisme." With the
+domesticated four-cam engine from the
+550 Spyder that had claimed victory in the
+Carrera Panamericana, the 356 A Carrera GT
+was more race car than passenger vehicle.
+As the first GT, it hardened the bond
+between the race course and daily life,
+a bond that had been in place for almost
+60 years.
+In 1999, Porsche released the 911 GT3,
+which ultimately defined an entirely new
+genre of car. Across years and series, the
+GT3 model has become a term and brand
+entirely its own, the market leader in a
+segment that, now in its 5th generation,
+continues to rise in popularity. With each
+new 911 generation, the share of units for
+this sportiest of all 911 variants continues
+"The Cayman GT4 is
+different: more
+focused, powerful,
+uncompromising.
+It was designed by
+the same engineers
+who work on our
+racing cars."
+ANDREAS PREUNINGER
+Director GT product line
+to rise. The new GTS RS, with a 500-hp,
+four-litre high-revving induction engine on
+the broad chassis of the 911 Turbo, is a
+benchmark for the class.
+Going forward, the Cayman GT4 will be
+remembered as the entry into the model
+line, and is positioning itself at the front
+of its market segment. From a conceptual
+standpoint, the mid-engine sports car stands
+in the tradition of the 904 Carrera GTS,
+911 GT1, Carrera GT and 918 Spyder.
+It is not subject to homologation as the
+911 GT2 (993) and 911 GT3 (996) once
+were. The developers weren't aiming at
+creating the base vehicle for a racing
+class, but rather establishing a perfect
+balance between price and performance.
+OUTFITTED WITH THE DNA OF THE
+911 GT3
+The basis is a 3.8-litre, six-cylinder Boxer
+engine with 385 hp, derived from the
+transmission on the 911 Carrera S. The
+new GT sports car is oriented toward the
+911 GT3, with numerous components
+adopted, Andreas Preuninger empha-
+sizes: "The front axle and brakes, the
+bucket seats and side mirrors." The front
+end with its characteristic air inlets and
+headlights with black covers remind of the
+GT3's style, as do the 20-inch wheels. The
+at the same time an emotional highlight
+on winding country roads."
+rear lights glow in a special dark cherry
+red, while the inside is dominated by a
+minimalist style. Pull handles in the same
+color as the vehicle itself are used to open
+the doors reminiscent of earlier sports
+models. The volumes of the luggage
+space in the front and rear have both not
+been reduced by a litre, the flexibility is
+The GT4 was created in Weissach. The
+same place where pure racers like the
+LMP1 prototype 919 Hybrid were con-
+structed. "Types such as the Cayman R
+and Cayman GTS come from production
+and have another objective. The Cayman
+GT4 is different: more focused, stronger,
+uncompromising," Preuninger says. "It
+was designed by the same engineers who
+work on our racer cars. You can see it in
+the Cayman GT4: it's a purist vehicle with
+a racing soul. Ready for the racetrack and
+Tradition
+4
+096
+S.GO1100
+LESS IS
+MORE
+The Porsche Cayman GT4 is a pure
+sports car. Making it perfect for the
+racetrack.
+No radio, no a/c, no frills.
+In their place: power galore,
+razor-sharp handling and a
+hunger for the racing track.
+The Cayman GT4 encapsu-
+lates the essence of the
+Porsche GT family: perfor-
+mance, lightweight construc-
+tion and emotion.
+Flat, wide, low-slung, boiled down to the
+very essence of its characteristics. The
+new Cayman GT4 stands apart, like
+the product of a long evolution where all
+superfluous elements have been cleared
+away and the strengths have been empha-
+sized. It is the first GT sports car in the
+two-seater mid-engine series and the first
+Cayman bearing the components of its
+larger role model, the 911 GT3.
+The Cayman GT4 bears its association
+with the GT family openly. It crouches
+30 millimetres closer to the ground, with
+three striking air intakes on the nose
+and the large, fixed spoiler differentiating
+it from the rest of the Cayman series.
+Everything you'd need for racing is there.
+Beyond this, there's nothing on it without
+a good reason. "Naturally, you can always
+look at a vehicle for its performance. But
+there's nothing cosmetic here. Every part
+of this car has a function," says Andreas
+Preuninger, Director GT product line in
+Weissach. His hands trace the topography
+of a chassis that's been shaped on the
+track, but his words portray an image of
+innovation and engineering.
+Placed on the racing line: Cayman GT4
+RACETRACK-READY AERODYNAMICS
+The small, black grilled slits on the front
+mask: underpressure draws heated air
+upward here after the large openings
+below have guided it through the central
+cooling unit. The side blades on the flanks:
+they allow air to flow in high volumes into
+the intake tract for the mid-engine. The
+large spoiler on the rear, adjustable based
+on the driving conditions: inherited from
+motorsports, generating optimal down-
+force in combination with the diffuser.
+097
+Annual Report
+Porsche AG
+2014
+and Emotion
+still retained. The Cayman GT4 is pure
+reason and pure seduction all at once.
+"We could have made it even faster, with
+300 km/h no problem at all from a tech-
+nical standpoint. But the balance between
+the cw value and downforce must also
+be optimal, and the extra 5 km/h were
+essentially meaningless." The well-in-
+formed Porsche GT customer base,
+Preuninger says, understands the benefits
+of the mid-engine placement. "The pilot is
+extremely involved in the driving. For this
+reason the Cayman GT4 also only comes
+with a six-gear manual transmission.
+Absolutely, the PDK shifts quicker, but
+is also heavier and more complex. The
+control system on the transmission can
+be deactivated in stages, but the Porsche
+Active Suspension Management is stand-
+ard the mix of price, performance and
+emotion is perfect. The Cayman GT4 is
+unmatched in its market segment," says
+Andreas Preuninger.
+From daily life to the race track and back.
+The commute to work during the week,
+a trip to the podium on the weekend.
+Almost 60 years ago the GT formula was
+launched as a mix of performance, light-
+weight construction and emotion.
+The first Porsche with the term "Gran
+Turismo" in its name appeared in 1957:
+the 100-hp 356 A 1500 GS Carrera.
+The abbreviation in the name of this
+vehicle, which proved capable of hitting
+200 km/h, actually stood for "Granturismo
+Sport." A little later, the 1500 GS was
+joined by the even more powerful GT,
+although thereafter the reduced GT pack-
+age was reserved for the 356 A Coupé
+and Speedster. In 1958, the displacement
+was boosted from 1,498 to 1,588 ccm,
+with the output jumping to 115 hp. Taken
+together with aluminium doors, hoods
+and wheels, the 356 A Carrera would
+ultimately shape Porsche's thinking for
+the GT line, with the 145 hp of that model
+showing how a lightweight yet powerful
+356 A 1500 GS Carrera
+street-legal vehicle could still claim a
+place on the racetrack.
+In the 60s, the terms Porsche and GT
+went through a series of different inter-
+pretations. The uncompromising 356
+Carrera B GTL Abarth stood for pure
+racing prowess, while the 356 Carrera
+B 2000 GS-GT (140 hp) was the most
+powerful production-class GT of an entire
+Porsche generation. The groundbreaking
+904 Carrera GTS from 1964 - designed
+by Ferdinand Alexander "Butzi" Porsche,
+father of the 911 designs - took this
+even further, combining the construction
+principle behind the mid-engine with the
+ultra-modern chassis made of lightweight
+GFRP.
+Since 1964 it has been the new Porsche
+911 that has earned plaudits from test-
+ers, customers and racers. Models like
+Carrera GT
+the 911 R, ST and the legendary Carrera
+RS 2.7 roll off the line with a reduced fea-
+tures package and boosted performance,
+taking upon themselves at varying levels
+of intensity the role that the 356 GT once
+played.
+It wasn't until 1980 that a model ap-
+peared bearing the tradition-rich GT tag.
+The 924 Carrera GT was a worthy
+representative of the line originally founded
+in 1955, as it stood out for a lack of frills,
+a shape clearly derived from the racing
+line and an enhanced-performance four-
+cylinder turbo motor. There is also a GT
+with eight cylinders. The lively handling
+928 GT with a five-speed manual trans-
+mission appeared in 1989.
+GT1
+Mobil
+In-between: the Carrera GT from 2003,
+a potent technological marvel and the
+flagship for the brand. With a ten-cylinder
+induction engine, 612 hp and top speed
+of 330 km/h. More a Le Mans competitor
+and supercar than an auto for the here
+and now, to which the GT1 belongs.
+The most radical offshoot in the GT family
+came in 1996. With components of the
+911 and a newly redesigned chassis and
+Biturbo mid-engine, the GT1 has two faces.
+It's street legal for daily use, yet also
+qualified for the 24-hour Le Mans race.
+Roughly two months after qualifying for
+street use, a Porsche GT1 won its class
+at Le Mans and was third in the overall
+standings. Some 25 street-legal versions
+of the GT1 are joined by enhanced racing
+cars: 1998 saw two Porsche GT1s finish
+first and second at Le Mans.
+The GT formula. Two letters,
+an abbreviation, a promise:
+faster than the rest.
+A STRONG LINE
+OF ANCESTORS
+099
+098
+Less is not always more. The PCPB ce-
+ramic braking system and the Clubsport
+package with roll cage, fire extinguisher
+and full bucket seats made of light,
+carbon reinforced plastic and a six-point
+safety belt are optional. The Cayman GT4
+is unlike any Porsche that came before it,
+but it is also undeniably a Porsche. "7.40
+minutes for a lap on the North Loop of the
+Nürburgring that's the gold standard for
+its class. The little guy has gotten mighty
+big," says Andreas Preuninger with sat-
+isfaction. Or in other words: the Cayman
+GT4 is a real Porsche.
+S:GO 1100
+Drive
+3.8 1, six cylinders taken from
+the 911 Carrera S, with 385 hp
+(283 kW) and enhanced six-speed
+manual transmission: zero to
+100 km/h in 4.4 seconds, top
+speed 295 km/h. Dynamic power
+reserves for all challenges on the
+course.
+Aerodynamics
+The first Cayman with downforce:
+front spoiler and fixed rear wing
+generate downforce on the front
+and rear axles. As such, the
+Cayman GT4 offers even greater
+driving stability and extraordinary
+performance through curves.
+Chassis
+EXQUISITE VEHICLES FROM THE
+PORSCHE MUSEUM
+World-class technology: chassis
+and braking system originate
+primarily from the 911 GT3. Active
+PASM dampening system and
+dynamic gearbox bearing designed
+for motorsports-style driving.
+DNA: the
+rear wing on
+the Cayman
+adjusted
+GT4 can be
+for different
+situations.
+Racetrack
+6
+The participants are all enthusiastic about
+Porsche's commitment to the event. "It
+fits so perfectly because the brand has its
+origins in Austria," Andreas Kainer says.
+Company founder Ferdinand Porsche was
+born in Austria-Hungary, built the first 356
+in the early days after World War II and,
+even today, many of the family's members
+actually live in this alpine country.
+Dr. Wolfgang Porsche himself has driven
+in the Ennstal-Classic several times.
+on equal footing as they talk about their
+experiences on the road." Yet it's the cars
+that are the real VIPs.
+Inventories
+2,157
+8
+1,589
+7
+Trade receivables
+522
+2
+424
+2
+Receivables from financial services
+556
+2
+544
+2
+75
+Other receivables and assets
+18,392
+19,781
+8,372
+32
+8,657
+35
+Income tax assets
+16
+0
+25
+0
+Deferred tax assets
+562
+2
+165
+1
+Non-current assets
+76
+Other receivables and assets
+1,304
+1,933
+6,168
+25
+26,060
+100
+24,560
+100
+EQUITY AND LIABILITIES
+Equity
+9,599
+37
+9,039
+37
+Provisions for pensions and similar obligations
+2,361
+9
+24
+5
+6,279
+1,570
+8
+Income tax assets
+141
+1
+54
+0
+Securities
+39
+0
+54
+0
+Cash and cash equivalents
+Current assets
+1,560
+6
+6
+4
+1,006
+5
+2014
+108
+FINANCIAL
+ANALYSIS
+NET ASSETS, FINANCIAL
+POSITION AND RESULTS OF
+OPERATIONS
+As of December 31, 2014, the total assets of the
+Porsche AG group stood at 26,060 million euro, 6 per-
+cent higher than on the prior-year reporting date.
+Non-current assets increased by 1,389 million euro to
+19,781 million euro. The absolute increase relates mainly
+to fixed assets and to deferred taxes. This was counter-
+balanced in other receivables and assets by a decrease
+in non-current derivative financial instruments. Non-cur-
+rent assets expressed as a percentage of total assets
+amounted to 76 percent (prior year: 75 percent).
+At the end of the reporting period, the fixed assets of the
+Porsche AG group - i.e., the intangible assets, property,
+plant and equipment, leased assets, equity-accounted
+investments and other equity investments - came to
+9,691 million euro, compared with 8,539 million euro
+in the previous year. Since the acquisition of additional
+shares of 4 percent, Bertrandt AG, Ehningen, has been
+included in the consolidated financial statements of the
+Porsche AG group and accounted for using the equity
+method.
+Fixed assets expressed as a percentage of total assets
+increased to 37 percent (prior year: 35 percent).
+Intangible assets increased from 2,590 million euro to
+2,953 million euro. The increase mainly relates to capi-
+talised development costs. The largest additions relate
+to the Panamera and 911 model series. Property, plant
+and equipment increased in comparison to the prior year
+by 152 million euro to 4,087 million euro, primarily due
+to additions to other equipment, furniture and fixtures.
+These additions consist mainly of tools for the new gener-
+ations of vehicles. Leased assets increased by 586 mil-
+lion euro in comparison to the prior year to 2,294 million
+euro. This item contains vehicles leased to customers
+under operating leases.
+Non-current other receivables and assets decreased by
+285 million euro, primarily as a result of currency effects
+relating to the derivative financial instruments.
+Deferred tax assets totalled 562 million euro compared
+to 165 million euro in the prior year. The increase con-
+sisted primarily of deferred taxes on pension provisions
+and derivative financial instruments.
+As a percentage of total assets, current assets amount
+to 24 percent compared to 25 percent in the prior year.
+Inventories increased from 1,589 million euro in the prior
+year to 2,157 million euro at the end of the reporting
+period. In comparison to the prior reporting date, there
+was an increase of approximately 7,700 units in new
+vehicle inventories.
+Non-current and current receivables from financial services
+rose from 1,550 million euro to 1,696 million euro. This
+item mainly contains receivables from finance leases and
+receivables from customer and dealer financing.
+Current other receivables and assets declined by
+629 million euro to 1,304 million euro. The decrease in
+current loan receivables is countered by a slightly higher
+balance on the clearing account with Porsche Holding
+Stuttgart GmbH. A loan receivable of 1,177 million euro
+outstanding in the previous year was offset against a
+corresponding financial liability in August 2014. The
+financial liability of 136 million euro remaining after the
+offset was repaid.
+Porsche AG
+Cash and cash equivalents were almost unchanged
+compared with the previous year at 1,560 million euro.
+Annual Report
+This year's Ennstal-Classic and
+Chopard Racecar Trophy will be
+held from July 15-18, 2015. The
+start field has already been set-
+and the rolling museum is ready to
+head to the starting line. Porsche
+will once again be contributing
+special vehicles for the collection,
+At lunchtime, Kainer checks the oil level
+on his 356 - the amber-coloured liquid is
+within the markings on the dipstick. It's
+not his only classic Porsche model.
+"I drive often with my antique sports cars,
+every day in summer, and I've never
+broken down yet," he explains. "Despite
+their age, the cars are really unstoppable.
+Sure, you can't demand too much of
+them and they need to be maintained
+professionally. But in exchange they still
+provide a tremendously fun ride."
+"The 718 drives simply wonderfully.
+You'd never believe that you're in a
+car that's more than 50 years old."
+WALTER RÖHRL
+DEMANDING TASKS FOR ON THE GO
+The two events share a competitive
+nature: speed and skill are decisive for
+victory. To be fair, the Ennstal-Classic
+isn't aiming for maximum speeds, but
+rather precision adherence to specific
+time requirements for each section of the
+course. And only mechanical stopwatches
+are allowed all electronic aids are
+banned. "The level of qualification for
+the participants is immensely high," says
+Michael Glöckner. "Hundredths of a
+second make the difference between
+victory and defeat. It's a real battle." For
+this reason the winner's cup from the
+Ennstal-Classic carries a healthy dose
+of prestige on the international classic
+car scene. As Glöckner expresses it:
+"Competitive auto driving is at the heart
+of our event. The beautiful landscape and
+the atmosphere all around are magnificent
+side benefits." The fields will cover more
+than 800 kilometres within four days -
+a demanding task for both man and
+machine. The weather also has its own
+ideas at times drivers in some of the
+open-top classic cars will likely have to
+live with rain in their faces. And yet oddly
+enough, those are often the days where
+the smiles are the widest.
+Straightaways, curves and switchbacks: the Ennstal-
+Classic is a delight for drivers and vehicles alike.
+The real treat is the vehicles brought
+down from the company's museum.
+"Super being able to experience these
+cars here," Kainer says. And naturally
+the celebrity drivers as well. "By bringing
+them along, Porsche is really giving a gift
+to all participants and spectators. The
+rally and race car drivers were the idols of
+my youth. Now we're driving in the same
+event really a dream come true for me."
+That said, it's not just about the presence
+of the illustrious guests, but rather the
+accessibility. "There's a very familiar
+atmosphere at the Ennstal-Classic. Every-
+body talks with everyone, and stands
+107
+He and his passenger are making prepa-
+rations to head off on the next segment
+of the course. Using both force and a fine
+touch, Kainer pushes the hood into its
+latch. His hands feel the residual warmth
+in the metal, which will soon be heating
+back up once the motor is running hard.
+He'll turn the ignition key, listen to the
+Boxer engine purr, wait for the start
+signal and head out onto the course with
+his sports car. The impressive environ-
+ment, the sound of rolling tires and wind,
+the connection between the driver, seat
+and chassis and the pavement, his foot
+feeding or starving the motor of gas, the
+joyous noise - in other words, the entire
+magic ambiance of this Ennstal-Classic:
+and then he's off, a hunter of special
+moments.
+JULY 15-18, 2015
+piloted by notable race and rally
+drivers.
+The equity of the Porsche AG group increased by
+560 million euro to 9,599 million euro compared to the
+prior-year reporting date. The profit after tax and profit
+transfer of 971 million euro together with currency trans-
+lation differences and a capital contribution by Porsche
+Holding Stuttgart GmbH amounting to 829 million euro
+generated increases in equity.
+On the other hand, the change in the cash flow hedge re-
+serve of 632 million euro after tax, the effect of marking
+securities to market amounting to 254 million euro and
+a charge of 458 million euro resulting from the remeas-
+urement of pension plans all represented reductions in
+equity.
+Non-current liabilities mainly relate to financial liabilities,
+pension provisions, deferred tax liabilities, other liabil-
+ities and other provisions. They recorded a significant
+increase of 990 million euro to 7,950 million euro in com-
+parison to the prior year. Non-current liabilities expressed
+as a percentage of total capital rose from 28 percent in
+the prior year to 30 percent at the end of the financial
+year. At the same time, non-current financial liabilities fell
+by 256 million euro. This decrease mainly reflects the
+change in the remaining term of debenture bonds classi-
+fied as non-current in the previous year.
+Equity-accounted investments
+334
+1
+Other equity investments
+23
+0
+306
+1
+Leased assets
+2,294
+9
+1,708
+7
+Receivables from financial services
+1,140
+16
+3,935
+16
+4,087
+109
+Annual Report
+Porsche AG
+2014
+Financial
+Analysis
+NET ASSETS OF THE PORSCHE AG GROUP
+€ million
+Dec. 31, 2014
+Walter Röhrl (68) has been a fan of the
+Ennstal-Classic from the start. He was on
+hand at the inaugural running in 1993.
+%
+ASSETS
+Intangible assets
+Property, plant and equipment
+2,953
+11
+2,590
+11
+Dec. 31, 2013
+Deferred taxes relating to available-for-sale financial assets
+Available-for-sale financial assets, net of tax
+Deferred tax assets
+Porsche AG
+2014
+D
+215
+9.2
+7.5
+12.3
+7.8-7.6")
+13.0-12.4")
+420
+6.2-6.0"
+8.0-7.81)
+309
+F
+207
+8.9
+6.9
+12.3
+430
+Cayenne S
+6.8-6.6¹)
+9.8-9.5"
+179-1731)
+229-2231
+B
+8.0
+7.0
+10.0
+385
+283
+Cayenne S Diesel
+G
+218
+9.3
+7.4
+12.9
+350
+257
+911 Carrera 4
+E-D
+316
+209
+911 Carrera GTS Cabriolet PDK
+193
+190
+340
+250
+Cayenne
+Macan Turbo
+F
+258
+207
+6.9
+12.2
+400
+294
+911 Carrera S Cabriolet PDK
+G
+8.9
+294
+400
+11.6-11.3")
+6.9-6.71)
+11.8-11.5"
+Cayenne Diesel
+G
+228
+9.7
+7.6
+13.7
+430
+316
+911 Carrera GTS Cabriolet
+300
+220
+E-D
+B
+E-D
+212-2041
+164-1591)
+216-208¹
+9.0-8.7¹)
+6.3-6.1¹
+9.2-8.91)
+7.6-7.3")
+5.9-5.7")
+7.8-7.5")
+262
+228
+C
+257
+316
+911 Carrera 4 GTS PDK
+G
+233
+9.9
+7.7
+430
+13.8
+316
+F
+267
+11.5
+F
+E-D
+430
+12.5
+7.1
+9.1
+350
+257
+911 Carrera 4 Cabriolet PDK
+Model
+G
+223
+9.5
+7.5
+13.1
+350
+257
+911 Carrera 4 Cabriolet
+Plug-in hybrid
+G
+212
+234-228¹
+267-261"
+911 Carrera 4 PDK
+10.0-9.8")
+11.5-11.21
+15.9
+7.6
+13.8
+400
+294
+911 Carrera 4S
+440
+9.9
+324
+F
+200
+8.6
+6.8
+11.7
+350
+Cayenne GTS
+233
+G
+Cayenne Turbo
+570
+419
+Cayenne Turbo S
+G
+212
+9.1
+7.0
+12.4
+400
+294
+911 Carrera 4 GTS
+911 Carrera 4S PDK
+13.2-12.9")
+15.9-15.5")
+520
+382
+8.3-8.1")
+8.9-8.71
+8.9
+9.7
+7.5
+13.6
+257
+911 Carrera GTS PDK
+911 Carrera GTS
+911 Carrera S PDK
+911 Carrera S
+911 Carrera PDK
+350
+911 Carrera
+242
+10.4
+7.8
+14.9
+520
+382
+F
+12.4
+7.0
+9.0
+8.2
+6.6
+11.3
+350
+257
+E
+245
+10.5
+7.9
+15.1
+520
+382
+Panamera Turbo Executive
+G
+211
+Panamera Turbo
+191
+F
+10.3
+309
+Panamera 4S Executive
+F
+190
+8.2
+6.3
+420
+11.4
+250
+Cayman GTS PDK
+E
+211
+9.1
+7.3
+340
+12.5
+7.4
+9.2
+7.5
+15.2
+440
+324
+Panamera GTS
+G
+238
+10.3
+7.8
+14.8
+385
+283
+Cayman GT4
+D
+213
+239
+Annual Report
+Panamera Turbo S
+419
+911 Carrera Cabriolet
+Macan S
+F
+202
+8.7
+6.7
+257
+12.2
+316
+G
+223
+9.5
+7.5
+13.7
+430
+350
+12.7
+7.2
+400
+294
+911 Carrera S Cabriolet
+F
+195
+8.4
+6.7
+11.5
+350
+257
+911 Carrera Cabriolet PDK
+Macan S Diesel
+G
+216
+9.2
+430
+316
+E
+245
+419
+Panamera Turbo S Executive
+G
+223
+9.5
+7.3
+13.3
+400
+294
+F
+242
+10.4
+7.8
+14.9
+570
+570
+11.8
+15.1
+10.5
+10.5
+7.9
+15.1
+570
+419
+Panamera Exclusive Series
+G
+202
+8.7
+6.7
+12.1
+400
+294
+E
+245
+7.9
+6.9
+8.7
+202
+17,502
+19,456
+22,401
+number
+Employees¹)
+27,056
+Personnel expenses
+24,798
+units
+Panamera
+83,208
+81,916
+66,005
+units
+22,383
+€ million
+2,165
+1,865
+Hans-Gerd Bode, Vice President Communications
+MANAGERS AND CONTACT PERSONS
+www.porsche.com
+Web:
+Phone: +49 711 911-0
+Germany
+D-70435 Stuttgart
+Dr. Ing. h.c. F. Porsche AG
+Porscheplatz 1
+PUBLISHED BY
+IMPRINT
+13,865
+14,326
+17,205
+€ million
+Revenue
+Cayenne
+Frank Scholtys, Director Financial Press and Investor Relations
+312
+units
+Production
+29,030
+22,032
+24,864
+units
+74,763
+units
+84,041
+units
+44,636
+units
+11,825
+25,704
+23,597
+65,941
+203,097
+165,808
+911
+Macan
+13,316
+28,996
+23,211
+units
+Boxster/Cayman
+35
+545
+units
+918 Spyder
+28,419
+151,999
+29,751
+31,590
+units
+59,363
+1,658
+CONCEPT & DESIGN
+Berichtsmanufaktur GmbH, Hamburg
+1) As of December 31.
+1,833
+1,939
+2,201
+€ million
+Profit after tax
+2) Relates to investments in intangible assets and property, plant and equipment.
+2,638
+3,060
+€ million
+Profit before tax
+2,429
+2,579
+2,719
+2,784
+124
+PHOTOGRAPHY
+Markus Altmann, Berlin
+Natalie Ginele Miller, Chicago
+PHONE +49 711 911-0
+D-70432 STUTTGART - GERMANY
+BOX
+DR. ING. H.C. F. PORSCHE AG
+print production
+natureOffice.com | DE-141-543247
+carbon neutral
+Paper from
+responsible sources
+FSC® C002727
+EBERL PRINT GmbH, Immenstadt
+FSC
+www.fsc.org
+MIX
+PRINTED BY
+Jürgen Tap, Hamburg
+Werkfotos Porsche AG, Stuttgart
+Guy Spangenberg, Orange County
+René Staud, Leonberg
+Klaus Hepp, Weil der Stadt
+Markus Leser, Bad Waldsee
+Marco Prosch, Halle
+€ million
+Operating result (EBIT)
+2,692
+2,917
+9,691
+€ million
+7,402
+9,039
+9,599
+€ million
+22,747
+24,560
+26,060
+€ million
+Capital expenditure²)
+Fixed assets
+Equity
+Total assets
+Financials
+8,539
+units
+7,083
+2,114
+3,179
+€ million
+Cash flow from operating activities
+1,114
+1,415
+1,878
+€ million
+Depreciation and amortization
+8,124
+8,282
+10,405
+€ million
+Cost of materials
+1,873
+2,236
+€ million
+12.4
+301
+25,457
+Panamera S E-Hybrid
+911 Targa 4
+F
+214
+9.2
+7.1
+306
+12.5
+316
+A+
+79
+3.4
+20.8
+416
+430
+416
+16.2
+3.1
+918 Spyder
+6.9
+11.8
+350
+257
+911 Targa 4 PDK
+G
+223
+9.5
+7.5
+13.1
+350
+257
+A+
+71
+306
+652
+Cayenne S E-Hybrid
+G
+911 Carrera 4S Cabriolet PDK
+Fuel
+Power
+consumption
+(kWh/100 km)
+G
+235
+10.0
+294
+7.7
+400
+294
+911 Carrera 4S Cabriolet
+Output
+(hp)2)
+Output
+(kW)2)
+F
+13.9
+400
+12.5
+7.1
+235
+10.0
+7.7
+13.9
+430
+316
+911 Carrera 4 GTS Cabriolet
+(Germany)
+efficiency
+class
+CO₂-
+CO₂-
+emissions
+combined
+(g/km)
+consumption
+combined
+(l/100 km)
+F
+214
+9.2
+911 Carrera 4 GTS Cabriolet PDK
+887
+12.7
+3.1
+Further
+2014
+Porsche AG
+Annual Report
+123
+2) Overall performance
+Information
+1) Versatility depending on the tyre set used
+F
+214
+9.2
+7.1
+12.5
+430
+122
+KEY PERFORMANCE INDICATORS OF THE PORSCHE AG GROUP
+Deliveries
+911
+30,205
+30,510
+units
+141,075
+162,145
+189,849
+units
+2012
+2013
+2014
+Panamera
+Cayenne
+Macan
+Boxster/Cayman
+918 Spyder
+316
+911 Targa 4 GTS PDK
+G
+237
+G
+237
+10.0
+7.7
+13.9
+400
+294
+911 Targa 4 GTS
+911 Targa 4S PDK
+911 Targa 4S
+F
+204
+8.7
+A+
+72
+918 Spyder mit Weissach Paket
+units
+652
+12.7
+10.0
+7.7
+13.9
+430
+316
+F
+214
+9.2
+7.1
+12.5
+400
+294
+A+
+70
+3.0
+887
+420
+F
+Panamera 4S
+52
+80
+116
+Current liabilities
+Income tax liabilities
+Other liabilities
+1,337
+Trade payables
+Other provisions
+Income tax provisions
+6,960
+255
+7,950
+625
+Financial liabilities
+1,214
+1,884
+2,946
+526
+1,570
+1,560
+117
+Cash and cash equivalents at the end of the period
+Securities, loans and time deposits
+Gross liquidity
+24,560
+26,060
+8,561
+8,511
+340
+486
+2,524
+2,868
+1,485
+1,856
+1,570
+1,398
+1,560
+3,725
+2
+Income tax provisions
+1,544
+2,361
+Provisions for pensions and similar obligations
+2,509
+Change in cash funds
+-197
+-513
+-638
+- 2,193
+- 2,228
+2,473
+Cash flow from financing activities
+- 978
+- 47
+630
+Other provisions
+3,469
+957
+1,570
+Cash and cash equivalents at the beginning of the period
+719
+684
+Non-current liabilities
+Other liabilities
+Financial liabilities
+Deferred tax liabilities
+-17
+37
+Exchange-rate related change in cash funds
+715
+811
+Cash and cash equivalents at the end of the period
+- 1,414
+2,086
+309
+166
+-373
+1,881
+5,806
+45
+Equity-
+accounted
+investments
+- 166
+Currency
+translation
+marked to
+market
+from
+pension plan
+Securities
+Revaluations
+Other comprehensive income
+Accumulated
+profit
+Cash flow
+hedges
+43
+- 61
+7,402
+-246
+246
+197
+1
+48
+748
+748
+659
+89
+156
+156
+156
+-61
+-61
+7,402
+interests
+2,968
+Group equity
+Equity before
+non-controlling
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+Total comprehensive income
+As of January 1, 2013
+OF PORSCHE AG FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+Data
+Financial
+2014
+Porsche AG
+€ million
+Capital contribution
+Profit transfer
+As of December 31, 2013
+Retained earnings
+Capital reserve
+Subscribed capital
+118
+As of December 31, 2014
+Profit transfer
+Capital contribution
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+As of January 1, 2014
+Non-controlling
+interests
+829
+Change in other financial liabilities
+Repayment of bonds
+25
+306
+-75
+-281
+Gain/loss on the disposal of intangible assets and property, plant and equipment
+1,415
+Other non-cash expense/income
+1,878
+-351
+-784
+Income taxes paid
+2,784
+3,060
+Profit before tax
+Depreciation and amortization
+Change in inventories
+Change in receivables (excluding financial services)
+Change in liabilities (excluding financial liabilities)
+Change in pension provisions
+164
+107
+608
+-127
+-586
+-412
+-460
+22
+254
+1
+Share of profit or loss of equity-accounted investments
+Cash flow from operating activities
+Change in receivables from financial services
+Change in leased assets
+Change in other provisions
+FY 2013
+125
+FY 2014
+19,781
+4,087
+2,953
+Property, plant and equipment
+Intangible assets
+ASSETS
+€ million
+2,590
+3,935
+Dec. 31, 2013
+OF PORSCHE AG FOR THE PERIOD JANUARY 1 TO DECEMBER 31, 2014
+CONSOLIDATED STATEMENT OF CASH FLOWS
+€ million
+OF PORSCHE AG AS OF DECEMBER 31, 2014
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+Financial
+Data
+Dec. 31, 2014
+Equity-accounted investments
+334
+Other equity investments
+Non-current assets
+165
+562
+16
+Income tax assets
+8,657
+8,372
+Other receivables and assets
+1,006
+1,140
+Receivables from financial services
+1,708
+2,294
+Leased assets
+23
+18,392
+195
+106
+-775
+Capital reserves
+Subscribed capital
+EQUITY AND LIABILITIES
+- 2,090
+- 2,248
+48
+45
+-268
+14
+204
+170
+-9
+-50
+-815
+-1
+45
+Cash flow from investing activities
+7,150
+Proceeds from issuance of bonds
+Cash paid to shareholders
+Capital contributions
+9,039
+9,599
+Equity
+3
+Non-controlling interests
+9,039
+9,596
+Equity before non-controlling interests
+2,673
+2,401
+Retained earnings
+6,321
+- 1,067
+- 1,421
+- 1,047
+Change in loans
+Securities
+Income tax assets
+Other receivables and assets
+544
+556
+Receivables from financial services
+424
+522
+Trade receivables
+1,589
+2,157
+Inventories
+76
+2,917
+-95
+3,179
+- 753
+Cash and cash equivalents
+108
+Current assets
+1,933
+Cash received from disposal of intangible assets and property, plant and equipment
+Change in investments in securities
+Change in equity investments
+24,560
+26,060
+6,168
+6,279
+1,570
+1,560
+Additions to capitalized development costs
+54
+39
+and property, plant and equipment
+54
+141
+Investments in intangible assets (excluding capitalized development costs)
+1,304
+88
+Annual Report
+-61
+350
+911 GT3
+G
+211
+9.0
+7.1
+475
+12.7
+243
+Boxster GTS
+G
+231
+9.9
+7.8
+330
+18.9
+8.9
+12.4
+8.9
+19.2
+500
+368
+911 GT3 RS
+F
+190
+8.2
+6.3
+11.4
+330
+243
+Boxster GTS PDK
+G
+289
+13.4
+12.7
+560
+911 Turbo S Cabriolet
+7.1
+12.7
+315
+232
+Boxster S
+G
+9.0
+227
+7.7
+13.2
+560
+412
+911 Turbo S
+F
+9.7
+211
+G
+911 Turbo Cabriolet
+F
+190
+8.2
+6.3
+11.4
+315
+232
+Boxster S PDK
+G
+231
+9.9
+7.8
+13.4
+520
+383
+412
+462
+G
+Cayman
+6.3
+11.4
+325
+239
+Cayman S PDK
+E
+8.2
+206
+7.2
+11.6
+310
+228
+Panamera 4
+G
+8.8
+190
+F
+Panamera S
+G
+211
+9.0
+7.1
+12.7
+340
+250
+Cayman GTS
+E
+207
+8.9
+7.1
+12.1
+420
+309
+211
+9.0
+7.1
+12.7
+D
+199
+8.5
+6.9
+11.4
+310
+228
+Panamera
+G
+195
+8.4
+6.4
+11.8
+275
+202
+Cayman PDK
+183
+202
+10.9
+325
+239
+Cayman S
+B
+169
+6.4
+5.6
+7.7
+300
+221
+Panamera Diesel
+F
+183
+7.9
+6.2
+275
+7.9
+296
+10.9
+-458
+466
+466
+268
+4
+194
+- 254
+- 1,158
+900
+- 258
+-652
+103
+9,039
+-652
+- 1,158
+-632
+103
+- 1,241
+-723
+3,375
+- 1,230
+829
+960
+958
+103
+632
+- 254
+458
+2,199
+2,201
+2,199
+2,199
+- 1,241
+-652
+103
+103
+9,039
+515
+515
+515
+2,536
+2,536
+61
+462
+88
+108
+1,939
+1,939
+1,939
+597
+597
+6.2
+- 1,414
+829
+- 1,414
+45
+18
+296
+254
+- 265
+2,406
+45
+6,321
+9,039
+9,039
+-18
+296
+254
+- 265
+2,406
+6,321
+- 1,414
+830
+1,939
+- 1,230
+(Germany)
+CO₂-
+efficiency
+class
+CO₂-
+emissions
+combined
+(g/km)
+(l/100 km)
+(l/100 km)
+consumption
+combined
+- 1,230
+consumption
+extra-urban
+Fuel
+Fuel
+Fuel
+Output
+(hp)
+Output
+(kW)
+Model
+consumption
+urban
+(l/100 km)
+Boxster PDK
+195
+265
+265
+195
+G
+227
+9.7
+7.7
+13.2
+520
+383
+911 Turbo
+G
+195
+8.4
+6.4
+11.8
+CO₂-
+efficiency
+class
+(Germany)
+(g/km)
+Boxster
+(l/100 km)
+Annual Report
+121
+120
+FURTHER
+INFORMATION
+2014
+Porsche AG
+Annual Report
+119
+7,150
+45
+9,599
+9,596
+85
+(l/100 km)
+Porsche AG
+2014
+336
+Information
+(l/100 km)
+CO₂-
+emissions
+combined
+consumption
+combined
+consumption
+extra-urban
+Further
+consumption
+(hp)
+urban
+Fuel
+Fuel
+Output
+(kW)
+Output
+Model
+EMISSION AND CONSUMPTION DATA
+Fuel
+Success Factor: Human Capital In Porsche's idea factory,
+the employees lay the foundation stone for innovation
+Promotion of Young Talents | Porsche creates
+16 Letter from the Chairman of the Executive Board
+18 The Executive Board
+20
+42 Business Development
+78
+Promotion of Young Talents II . Young Filipinos manage the
+leap to a better future at the Porsche training centre
+WEC - Le Mans Porsche writes history
+at the World Endurance Championship
+911 - Mission E . Two new
+sports cars make their mark
+62
+68 Employees, Sport and Society
+Porsche Annual Report 2015
+the ideal turbocharger for sporting talents 50
+Contents
+78
+98
+19
+Mobil S
+CHOPARD
+OPARD CR
+DMG MORI
+THE IDEAL LINE 4
+Annual Report Porsche AG 2015
+The Acceleration of Success
+Our performance on the racing line that goes down in Porsche history. Page:
+Annual Report Porsche AG - 2015
+THE IDEAL LINE 5
+As a Pioneer on the Way to Mission E
+Unmistakably Porsche.
+How our family lineage is influencing the Mission E. Page:
+On and next to the race track the team decides over victory or defeat.
+94 Research and Development
+WEC
+116 Sales, Production and Procurement
+Oliver Blume
+Dear Ladies and Gentlemen,
+T
+he year 2015 was not an easy year for the German
+automotive industry, but it was an outstanding year for Porsche.
+Economic and geopolitical risks dampened the economic dynamics
+in many regions of the world. The diesel issue weighs heavily on
+the Volkswagen Group. It is one of the particularities of our times that
+we still managed to keep Porsche on course. And what is more, we
+have created the best preconditions for qualitative growth - whether
+in economic, ecological or social terms.
+Our Strategy 2018 to concentrate fully on developing, manufac-
+turing and selling exclusive, highly emotional sports cars has proved
+to be the right way to go. We have even managed to achieve some
+goals ahead of plan. This is evidenced by new top figures for deliver-
+ies and sales. We were able to once again improve our operating
+result. Our return on investment continues, as always, to be a yardstick
+for the industry as a whole. And never before has Porsche given
+work to so many people.
+Porsche is on the very front line making progress happen. The 17th
+triumph at Le Mans, victory in the manufacturer and driver categories
+at the World Endurance Championships 2015 - all of this goes into
+every Porsche, whether the iconic 911, the superior driving machine
+918 Spyder or a sporty SUV. With the innova-
+tions that we are testing in hard racing condi-
+tions, Porsche is securing the competitive
+advantage for the production models. Porsche
+was the top premium supplier of plug-in hybrids
+in three different vehicle segments. And now
+we want a hybrid solution like this in furtherpro-
+duction series. The next, logical step: Mission E,
+the first purely battery-operated Porsche. A
+car that can only come from Porsche and no
+other manufacturer: exclusive, strong, sporty -
+and with everyday usability that points the way
+to the future. It is significant that we do not
+see the profound changes in three dimensions
+of our industry - electrification, digitalisation
+and connectivity - as a threat, but welcome them
+as opportunities.
+A total of about one billion euros are flowing
+into the project. Around 14,000 employees
+in Zuffenhausen and Weissach are carrying the
+investment costs of the Mission E with us
+by doing without a part of their salary increase
+and by working more. In return, more than
+1,000 new jobs have been created. This unu-
+sual concession from the employees' represent-
+atives and the workforce shows how much
+confidence we all have in our performance,
+innovative power and competitive edge. And it
+demonstrates a unity that is seldom encoun-
+tered in companies. The success of Porsche is
+the success of the entire team. On behalf of
+the Board of Management, I would therefore like
+to thank all of our employees for their passion,
+their dedication and the hard work they have
+done over the past year.
+Our goal remains qualitative and sustainable
+growth - even when the necessary investments
+present us with a business challenge. But I
+am convinced that, in Strategy 2018, we have
+created a solid, robust foundation upon which
+the new Strategy 2025 can build. We have what
+it takes to continue what we have started.
+Yours faithfully
+ваки Вите
+Oliver Blume
+Letter from the Chairman of the Executive Board
+17
+WE C
+of the Executive Board
+98
+Letter from the Chairman
+Annual Report Porsche AG - 2015
+122 Financial Analysis
+123 Net Assets
+126
+Financial Position
+126 Results of Operations
+128 Financial Data
+128 Consolidated Income Statement
+129 Consolidated Statement of Comprehensive Income
+130 Consolidated Statement of Financial Position
+131 Consolidated Statement of Cash Flows
+132 Consolidated Statement of Changes in Equity
+134 The Supervisory Board
+136 Further Information
+136 Emission and Consumption Data
+138 Key Performance Indicators of the Porsche AG Group
+16
+CHOPAHO
+qǝ
+Mobil
+6h AUSTIN1 12
+6h
+6h
+919 Hybrid Nr. 17
+Кәрмен
+речилад
+21/11/2015
+FUJI1 2
+6h
+919 Hybrid Nr. 17
+Bernhard
+Webber
+Hartley
+919 Hybrid Nr. 18
+01/11/2015
+11/10/2015
+19/09/2015
+NÜRBURGRING1 2
+PORSCHE
+LLLL
+STUTTGART
+PORSCHE
+Annual Report 2015
+12/04/2015
+6h
+SILVERSTONE2-
+*** 6 h SPA-FRANCORCHAMPS 236
+02/05/2015
+30/08/2015
+13.-14/06/2015
+6h
+24 h
+LE MANS1.2.5
+Dumas
+DMG MORI
+Jami
+919 Hybrid Nr. 18
+Porsche's business development is shown
+in the Management Report. From page:
+42
+#
+Annual Report Porsche AG - 2015
+THE IDEAL LINE 3
+Growth Creates Value
+A Future to Look Forward to
+50
+Annual Report - Porsche AG - 2015
+PARO CHO
+DMG MORI
+SEASE
+PC
+We know what is possible with encouragement and motivation.
+We pass our conviction on to young people and generate new
+perspectives for them in the region and at the other end of the world.
+How different paths in life cross one another. Page:
+THE IDEAL LINE 2
+Annual Report Porsche AG-2015
+20
+juer
+sewing
+WEC
+World Endurance Drivers' Champion | World Endurance Manufacturers' Champion
+LMP1
+SHANGHAT12
+BAHRAIN1.5
+Annual Report - Porsche AG - 2015
+The Ideal Line
+Annual Report Porsche AG-2015
+THE IDEAL LINE 1
+Turbocharger of Ideas
+Porsche stands for innovation.
+The constant search for new technologies
+and methods drives the staff. Page:
+רובת
+World Endurance
+Manufacturers' Champion
+World Endurance
+Drivers' Champion
+of him a great deal of skill and technical know-how every
+single day. "That often means making compromises -
+but always for the good of the cause," says the industrial
+engineer.
+Freedom
+Inspiration
+Dynamics
+Systematic Transfer
+of Knowledge
+Transparency
+Head of Undercarriage Assembly
+Alexander Steiniger is constantly on
+the lookout for optimisation.
+"What can motivate
+an employee more
+than seeing his or
+her own ideas being
+implemented?"
+Alexander Steiniger
+Trust
+Motivation
+With the production of the plug-in hybrid sports car, the 918
+Spyder, Porsche has perfected the symbiosis between real
+manual work and high-end technology. The manufactory
+for the small series of the super sports car limited to 918
+vehicles was set up on a surface area of 4,000 square
+metres. Around 80 top employees work at ten main assembly
+stations and 21 pre-assembly stations. The planned quantity
+was reached in June 2015 and the plants were taken down
+again. What remains is a wealth of experience.
+While manufacturing the 918 Spyder, Porsche put into prac-
+tice many innovative ideas. And patents for several new devel-
+opments in assembly and quality assurance were applied for.
+Always at the focus of attention were the highest demands
+of vehicle ergonomics. As such, a specially developed lift trol-
+ley was used to assist in the completion of the Monocoque
+chassis. And an innovative scissor lift made installing the 140
+kilogramme heavy high-voltage battery a lot easier. Even
+the leather covering and assembly tables in the manufactory
+are considered to be a benchmark in terms of ergonomics
+and flexibility.
+One of the first employees in the manufactory as the Head of
+Production Planning was Alexander Steiniger. The graduate
+industrial engineer is today in charge of undercarriage assem-
+bly for the sports car production series, 911 and 718. Steini-
+ger is excited about the knowledge and technology transfer
+from the 918 Spyder production right up to the present
+day. Alone the building's architecture with its clear and bright
+design stands for the automotive production of the future.
+The aura emanated by this hyper-modern manufactory really
+infected all of the employees. "Go over to the manufactory,
+go and watch what they are doing there," was a constant
+appeal from Oliver Blume, back then Member of the Executive
+Board Production and Logistics, to the colleagues. It was
+clear to him that this team was not only working on the most
+innovative car in the entire industry, but also that ideas
+would have to make their way out of the manufactory and into
+overall production at Porsche. And the idea virus really did
+spread into series production. "Hot tips were constantly being
+bandied back and forth," says Steiniger. A total of 25 innova-
+tion themes emerged directly from the manufactory alone,
+and from the people working there and the heads of depart-
+ment; of these 25, ten were awarded a patent. Steiniger adds,
+"What can motivate an employee more than seeing his or
+her own ideas achieving success and being grabbed at?"
+It is also apparently small insights that enable great progress
+when practically implemented. For example, the so-called
+EC-screwdriver. This precision tool, which is driven by a high-
+power battery, managed its triumphal procession right up to
+line production. It tightens screws with a defined torque and
+at the same time documents, using digital signal processing,
+The wireless EC-screwdriver with tracking system
+is an important innovation in vehicle assembly.
+whether all screws are sitting exactly as planned - which is
+an important step within the extensive quality management
+process.
+All earlier EC-screwdrivers with a documenting function had
+a cable for the data transfer, which in real operations actually
+has an advantage: as the space within which the screwdriver
+can be used is restricted, this means that the stored screw
+profile can't be screwed into the wrong vehicle by mistake.
+"The 918 Spyder was our reference product for trying out the
+wireless data transfer via Bluetooth. It is important that the
+exact location of the screwdriver can be tracked so that its
+stored radius for action is restricted exclusively to the correct
+vehicle. The challenge was to find a solution suitable for
+large-scale series production," says Steiniger, describing the
+As a production man,
+Alexander Steiniger
+knows that a lot of
+know-how and profit
+potential can be found
+in the production
+process. At Porsche,
+employees don't
+keep their ideas to
+themselves, but
+discuss them with
+their colleagues.
+starting-out position. "The result is a system that locates
+the EC-screwdriver throughout the day. This means you can
+be sure that the screwdriver is only activated when it is at
+the right vehicle at the right time. Furthermore, we found out
+the locating system is so precise that we can even localise
+the individual screw positions within a vehicle. That was the
+real innovation, because it resulted in higher precision in the
+production process." This is because a wireless EC-screw-
+driver with a tracking system can be allocated to the precise
+coordinates of a specific screw position at any time. That
+saves time for possible error searches and therefore means
+less time needed for follow-up work. Another side effect
+serving highest quality is also the fact that no cable comes
+into contact with the chassis of the brand new factory vehi-
+cles. This technology makes Porsche the benchmark in wire-
+less documenting screwdrivers - and not only for the Group
+itself, but also for other manufacturers.
+At many places in the vehicle production process, Porsche
+unites the manufactory concept with series production.
+Maximum standardisation alongside highest individualisation
+for the customer is the result. That's the only way to achieve
+premium products. And it is once again clear that it is the
+individual that matters. Especially as individualisation will
+continue to increase in the future.
+"One thing is clear: we need men and women who actively
+think about their work and how they can optimise it every
+single day," says Assembly Manager Steiniger. "Anyone who
+doesn't keep his ideas to himself, but discusses them with
+his colleagues, is a real Porschean."
+Success Factor: Human Capital
+Foresight
+32
+Annual Report Porsche AG 2015
+31
+28
+Success Factor: Human Capital
+29
+Annual Report - Porsche AG - 2015
+30
+Foresight
+Dynamics
+Trust
+Every Single
+Person Counts
+Transparency
+With great technical understanding
+and a talent for mediation:
+Christian Pfänder turns prototypes
+into production vehicles.
+33
+Inspiration
+Generally the role of the "innovator" is left up to the R&D
+department in industrial companies. But Blume takes
+a somewhat different approach: Production - like every
+other department - becomes an idea factory in order
+to exploit the full potential for the best products on the
+market. At Porsche this vision is reality, because the
+employees possess certain skills. People like Christian
+Pfänder, for example. A man who goes through life
+upright and with a clear view of the problems ahead and
+their solutions. At the Pilot Centre in Zuffenhausen,
+Pfänder is responsible for turning prototypes into pro-
+duction vehicles. To achieve this, he must (in his own
+words) be a "mediator, communicator and fire-fighter."
+His colleagues from Vehicle Development and Production
+each see the world through "their own spectacles,"
+Pfänder says. It is vital that these different ways of look-
+ing at things and interests be bundled together. Working
+hand in hand means bringing the new vehicle to its
+goal: series maturity. And this must happen as fast as
+possible and in perfect quality. A job that demands
+His winning nature and ten intense years as an amateur
+footballer have taught Pfänder to always strike the right
+chord. "This is not the place for a lone wolf." The job
+is mostly stressful ("It feels like I am juggling with snow-
+balls while they melt in my hands"), but it is never boring.
+He runs meetings in the Pilot Centre in Zuffenhausen and
+later on at the production lines in the individual plants
+with a great understanding of his metier and a talent for
+mediation, and he manages to walk the tightrope
+between the colleagues from Development and those
+from Production. And all that matters here is the
+strength of the arguments, because Pfänder does not
+have the authority to give orders. "That wouldn't work
+in the long term anyway," he says.
+And yet, it did not necessarily look as if the 31-year-old
+would have such a meteoric rise in his career. After leav-
+ing middle school, then high school and vocational col-
+lege, Pfänder trained as an industrial clerk at a medi-
+um-sized company and, at the beginning of his twenties,
+realised that this did not have to be the end of his career
+path. He started studying Industrial Engineering and
+landed an internship at Porsche. His degree thesis on
+"Implementing a quality method in prototype construc-
+tion" catapulted him into manufacturing the 918 Spyder.
+An outstanding vehicle in many respects.
+"We work
+hand in hand to bring
+a new vehicle to
+production maturity."
+Christian Pfänder
+It is important to start afresh every day
+with a clear eye for the best solutions.
+Success Factor: Human Capital
+11
+When talking to colleagues, all that matters for
+Christian Pfänder is the strength of the arguments.
+Motivation
+Annual Report Porsche AG - 2015
+Foresight
+Freedom
+The quality of the surface finish on a chassis follows the
+maxim of highest precision. That requires a very exact eye.
+Comprehensive know-how transfer - Oliver Blume
+seeks an intense dialogue with his employees.
+35
+Annual Report Porsche AG 2015
+Transparency
+On a Straight Path
+to Improvement
+Foresight
+Trust
+Freedom
+Dynamics
+Inspiration
+Motivation
+-03-02-
+Openness creates trust, and discussions are best carried out
+with the object directly at hand - Kai Maring (left) and Andreas
+Juchem are at home in Porsche's culture of innovation.
+Kai Maring and Andreas Juchem are two employees who have
+experienced him live at fireside chats. Juchem already knew
+Blume because he was a mechanical engineer in Leipzig for
+two years, when production work on the new Macan was being
+prepared there. At that time, Blume came to the plant in Sax-
+ony every week. That made the Macan launch a topic of con-
+versation, of course, at later fireside chats. Building a new
+vehicle with a new team at a new plant in Leipzig was a special
+challenge for everyone, Blume included. Some compare it
+with climbing up an 8,000-metre mountain without oxygen.
+But unlike lone wolves such as mountaineer Reinhold Messner,
+only an experienced team can manage such a project in the
+automotive world.
+"As a bodywork specialist, Blume was very much involved in
+the corresponding topics," says Juchem, describing Blume's
+approach. Such phases call for pragmatic and fast solutions.
+If a detail remains unclear after a discussion like that, Blume
+often says, "Just send me the info per SMS afterwards." Or
+he sorts out a detail on the way to the canteen, at a chance
+meeting on the treadmill at a Leipzig hotel or at another
+chance location. One thing becomes clear again and again:
+Blume loves discussing things directly on the object itself -
+without an endless presentation at a long meeting. "Let's go
+straight to the vehicle - that's one of his favourite sentences,"
+says Juchem.
+For Kai Maring, the Macan launch was the greatest challenge
+in his career to date. And yet the vehicle and its quality already
+take on life before the actual assembly on the production
+line in Leipzig. The process already gets underway beforehand
+among Porsche's suppliers who manufacture complex con-
+struction components. As such, the Macan's clamshell-type
+bonnet is an extremely demanding part of the bodywork. It
+is produced in a Group plant in the Slovakian city of Bratislava.
+"There are only a handful of press lines that manufacture
+a component of this size in the world," says Maring. And
+because the high-end bonnets have to travel 650 kilometres
+from Bratislava to the Leipzig plant, a special load carrier
+turned out to be the decisive link between the production
+sites. It enfolds the component like the proverbial kid gloves
+and protects it from the sometimes rough world of transport.
+"Clear error analysis and
+agreement about how
+to remedy the situation
+a method that
+has proved its worth."
+Andreas Juchem
+Short channels, flat hierarchies and an open exchange of ideas:
+those are the important cornerstones that make possible a
+comprehensive know-how transfer. With his style of communication,
+Oliver Blume inspires motivation and a mood of optimism.
+"Mr. Blume knows what is important in such topics. He
+makes no secret of things, but passes on his knowledge to
+the employees," says Maring. His colleague Juchem adds,
+"And when something goes wrong, nobody has to be scared
+that his head will be bitten off. A clear analysis of the error
+and agreement on a deadline for remedying it is what
+Blume's understanding of management and team work looks
+like. He knows the details, asks questions, stays on the
+ball and shows in a personal meeting that he can really moti-
+vate the team as a real team player himself."
+36
+Success Factor: Human Capital
+37
+Blume brings a clear message with him: short channels, flat
+hierarchies and an open exchange of ideas. At nearly every
+opportunity, he encourages people to use the best of the
+Volkswagen Group for Porsche without neglecting the culture
+typical of Porsche. That means preserving the manufactory
+concept and at the same time bringing in the potentials from
+large-scale series production. With this pragmatic style of
+a comprehensive transfer of know-how and with his openness
+and fresh approach, Blume has generated strong motivation
+and a mood of optimism.
+911 Targa 45
+-0,6-0,2
+-0.3
+RPSOUTE
+Dynamics
+Motivation
+Productive
+Fireside Chats
+Transparency
+A culture of error in the millimetre range -
+Andreas Tietz appreciates the
+spirit in the Production department.
+Trust
+Inspiration
+When Oliver Blume became Head of Production, he set
+up a number of discussion rounds. In doing so he was
+pursuing two goals: he wanted to get to know the work pro-
+cesses and the employees at the plants in Zuffenhausen
+and Leipzig himself, and to better network them with
+one another and encourage an exchange of ideas. Since
+then, so-called component-for-component discussions have
+been held regularly in the initial phases of the production
+process for every new vehicle model. Together with plan-
+ners, the colleagues from quality control, the purchasers
+and the suppliers critical topics are identified and possible
+solutions discussed directly on the construction compo-
+nent in question. Because, despite all the computers and
+automation, direct conversation is the central and also
+most efficient tool when a number of tasks need to be com-
+pleted fast. "Mr. Blume wants to have a specific person
+to talk to for every topic," says Andreas Tietz from Launch
+Management in Leipzig, describing the culture of direct
+communication.
+That influences everyday working life. In December 2015,
+for example, Tietz and Blume met up with one another over
+the new Panamera in the pre-series production phase. What
+that means for production is that all critical matters are
+remedied one after the other so that the actual production
+of the first customer vehicle runs flawlessly. Blume knows
+the relevant details in this phase: "The quality of the sur-
+face finish on the chassis is a potential main problem area
+in every project," says Tietz. The result of the meeting was
+that the surface on the front fender had to be improved.
+As is to be expected from open communication, Blume -
+like everyone else was fully informed. This subsequent
+improvement job landed in Tietz's planner and it had been
+dealt with by the next meeting. "It is very important to
+allow this culture of error," Tietz says. "Only when all topics
+have been brought to the table can we prioritise and deal
+with them accordingly. It is important to promote and main-
+tain this spirit."
+In a company with around 25,000 employees, this philoso-
+phy must be shared and passed on by the management -
+who play an important role as communicators. Oliver
+Blume is a team player and that is why he is concerned with
+getting to know personally as many co-players as possible.
+For this purpose, he initiated the so-called "fireside chats".
+And anyone who conjures up images here of cosy conversa-
+tions with crackling logs on the fire, solid leather armchairs
+and whisky in heavy crystal glasses is greatly mistaken.
+In the sober ambience of the conference room, right in the
+middle of the production hall in Zuffenhausen or Leipzig,
+ten to twelve young members of management meet up each
+time with Blume taking part. A total of 300 such meetings
+have already taken place.
+"The communication
+culture at Porsche
+is direct and always
+to the point."
+0,0
+Andreas Tietz
+Success Factor: Human Capital
+06-09-
+0,5-04-
+-0.5-13
+-92-019
+12-08
+197-02
+205
+90
+<--0400
+-0500
+1233-
+0,3
+1014
+34
+PORSCHE
+Freedom
+His tests came through the laboratory phase brilliantly. What
+matters now is to prove in a prototype system that sonic
+waves which originate from the built-in sound system in
+the vehicle are able to reliably identify untight places in the
+convertible top. A robot arm equipped with sensors and
+positioned at a defined distance from the vehicle surface
+should be able to discover unusually high sound leakage and
+thus identify critical places in the top. Before going into
+series production, innovations have to be thoroughly tested.
+In future, the newly developed preliminary test together with
+the watering test carried out today aims to further optimise
+the vehicle quality. This shows how Porsche is continuously
+improving production processes.
+Dynamics
+Inspiration
+PORSCHE PRODUKTION
+Mit unseren Innovationen gestalten wir den
+Wettbewerbsvorsprung der Produktion.
+Progress
+Annual Report Porsche AG 2015
+24
+Foresight
+Freedom
+Dynamics
+In Porsche's Idea Factory
+Not more hp, but more ideas per hp - by managing good ideas,
+Porsche strengthens its innovative power. The goal is creative competition
+among experienced members of staff and young talents. Production is
+the role model, while other company divisions follow. Errors are welcome.
+Motivation
+Inspiration
+Trust
+URSCHE PRODUKTION
+Mit unseren Innovationen gestalten wir den
+Wettbewerbsvorsprung der Produktion.
+Transparency
+"Porsche puts
+people first."
+Oliver Blume
+In the beginning there was a brilliant idea: a preliminary leak test
+with the help of sonic waves, transmitted from the vehicle's
+own sound system. The innovation has been tested thoroughly
+in the laboratory using a newly developed preliminary test.
+The Nobel Prize winner Linus Pauling once said, "If you want
+to have good ideas, you need a lot of ideas." Ideas are one
+thing, collecting and channelling them is another. This is
+something that Porsche never ceases doing. One of the com-
+pany's collecting points can be found on the ground floor
+of Building 4 in Plant 4 in Zuffenhausen: this mysterious room
+is called the "Innovation Room", and has just enough space
+for 20 people. Anyone expecting a high-tech laboratory full of
+electronic equipment and monitors for working on the future
+here will be bitterly disappointed upon entering the room. The
+only furniture in there is a white varnished counter and a few
+stools, and a large screen on the wall. That's it.
+The reason for these sparse fittings is that clarity allows
+creativity to flow unhindered. All there is to show what innova-
+tive projects Porsche Production is currently working on is
+a large overview on the wall. The message is clear: it is the
+people taking part in the innovation process who fill the
+room with their ideas and a lively exchange of information.
+The meetings, which take place regularly, are generally a
+colourful mix. Hierarchies do not play a role here. The aim is
+to create interfaces to as many departments as possible
+as well as a cross-section of different disciplines.
+The "innovation room" in Zuffenhausen:
+those taking part fill the room with their
+ideas and an exchange of information.
+Success Factor
+Human Capital
+When he took on the position of Head of Production a good
+three years ago, today's CEO Oliver Blume called the innova-
+tion room to life as part of his responsibilities for innovation
+management, in order to maintain production at an absolutely
+top level. Porsche is top, there is no question about it, but
+because Porsche always wants to stay at the top, the sports
+car manufacturer needs an extensive culture of innovation
+in all company divisions. "Our innovations are giving Produc-
+tion a competitive edge. But ideas do not appear by them-
+selves, you need to do something to generate them," says
+Foresight
+Freedom
+Annual Report Porsche AG - 2015
+18
+The Executive Board
+Oliver Blume
+The Executive Board
+of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Executive Board
+Lutz Meschke
+Deputy Chairman of the Executive Board.
+Finance and IT
+Detlev von Platen
+Sales and Marketing
+Uwe-Karsten Städter
+Procurement
+Trust
+Albrecht Reimold
+Production and Logistics
+Wolfgang Hatz
+Research and Development
+19
+Innovations do
+not appear by
+themselves.
+You need to do
+something to make
+them happen.
+21
+-
+Annual Report Porsche AG - 2015
+22
+Transparency
+Success Factor: Human Capital
+The Starting Point for Progress
+The inner drive to create
+something new comes naturally to us.
+Andreas Haffner
+Human Resources
+Blume, talking about the systematic management of good
+ideas In the knowledge that there are a great many ideas
+out there, but what counts is making these reality. "Every
+innovation is allocated by us very specifically to a new vehicle
+project or to a production plant." In this way, the exchange
+and bundling of ideas on only a few square metres ties up
+with the Porsche philosophy of "not more hp, but more ideas
+per hp." The creative competition involves long-serving and
+experienced members of staff as well as young talents. -
+Motivation
+25
+Transferring innovations into structured project
+management is a major factor of our success.
+DUKTION
+A marked culture of innovation is the basis for the success
+of Porsche: Oliver Blume talks to Sarah Heizmann.
+Mit unseren Innovationen gestalten wir den
+Wettbewerbsvorsprung der Produktion.
+26 Success Factor: Human Capital
+Success Factor: Human Capital
+Annual Report Porsche AG - 2015
+"At Porsche you
+can dive deep
+into the world of
+innovation. The
+goal is always
+series production."
+Nikolas Immer
+Freedom
+Inventive Minds
+are Encouraged
+Foresight
+Trust
+Inspiration
+Dynamics
+Transparency
+Nikolas Immer is a degree student who has
+introduced an innovative method that has
+the chance of going into large-scale series production.
+Motivation
+You can never be too young for a stroke of genius at
+Porsche. The 27-year-old degree student Nikolas Immer
+presented his idea in the innovation room a year ago: a pre-
+liminary leak test for the convertible top with the help of
+sonic waves. The heads of department in the Steering Com-
+mittee were enthusiastic and encouraged the Technology
+Management graduate to pursue this very promising innova-
+tive path further. Only a few months later he was able to
+present his project to the Management Committee and in
+front of Oliver Blume. That was the breakthrough.
+What springs to mind? The Steering Committee and the Man-
+agement Committee are the only bodies in which a degree
+student has to present his innovation in order to be given the
+green light for his idea and its further development. That
+is the Porsche culture of innovation exactly as CEO Blume
+wants it to be: open, direct, results-oriented.
+The young Nikolas Immer was able to work under laboratory
+conditions and at the same time on a concrete project.
+Everything he needed for the test was freely available: for
+seven weeks a 911 Convertible and - even more importantly
+- the budget needed to carry out the corresponding tests
+together with an external specialist. During the entire project
+term, he was able to exchange ideas with experts who have
+achieved scientific success at renowned universities. He
+delved deep into the world of innovation, bearing in mind at
+all times what the implementation of his method would bring
+in practical terms in series production.
+With his leakage testing project, Immer, who is now
+employed full-time at Porsche, fulfilled all criteria. And yet
+without the innovation room and the new processes this
+enabled, his idea might have been lost in the long march
+through the institutions, or might have been put on the
+proverbial back burner - especially because young employ-
+ees have not yet built up a large network. "It was a great
+piece of luck for me in my still brief career," says Immer
+about his project.
+been realised since 2014.
+innovation projects have
+27
+being worked on as we speak.
+Annual Report Porsche AG 2015
+Foresight
+Freedom
+Dynamics
+Inspiration
+Turbocharger
+15
+for Ideas
+Transparency
+Sarah Heizmann is convinced that motivation in the
+innovation room grows out of the freedom everyone
+has to express his or her ideas openly.
+Trust
+"The risk of failure that
+comes with every
+proposal is by no means
+Motivation
+Sarah Heizmann
+innovation measures are
+61
+innovation fields: lightweight
+construction, E-/I-vehicles,
+digital planning, production
+process, resource efficiency,
+human capital, flexibility.
+frowned upon."
+During such processes, the risk of failure that comes with
+every proposal is by no means frowned upon. Nobody should
+be put off by the notion of failure when it comes to finding
+ideas: and nobody should feel as if they can't speak their mind.
+That's the only way to motivate people. Positive examples
+like the one of a young degree student make the rounds well
+beyond his own division and motivate others to throw their
+ideas into the ring.
+of Porsche already get together shortly after the first presenta-
+tion to work on a novel production method in which steel and
+aluminium are bonded. As these two metals cannot be welded
+to one another, aluminium sheeting is folded around a steel
+frame, practically wound around it. This is not fundamentally
+new, but it still means crossing into new territory in terms
+of the required precision and in the series production of a pre-
+mium product.
+7
+a co-operator. And nobody is allowed - even with top-level
+scientists to disappear into an ivory tower to spend months
+there, or even years, researching in their own little world.
+And so innovation management also stands for intellectual
+resource efficiency. Every co-thinker should fast become
+Using the process managed by Heizmann, production-relevant
+projects are discussed across divisions and across company
+locations in the earliest possible phase. This process of intro-
+duction and discussion calls itself "implementation-oriented".
+The guiding idea behind it is to build up production and
+development and to develop the vehicle in a joint process. The
+exchange of ideas often takes place with the involvement
+of universities and suppliers. This interplay then becomes a
+strong driver of efficiency. This is because, in the end, as many
+innovations as possible are integrated into the production
+process. One essential success factor is transferring innova-
+tions into structured project management. The idea managers
+have defined seven fields of importance here. Lightweight
+construction - the classic Porsche discipline that Porsche does
+best - is one of these; but electromobility has also now come
+on board and is really taking off with the 918 Spyder and, in
+future, the Mission E.
+In this creative competition, the innovation room works like
+a turbocharger for unusual ideas. "It is important here to lay
+your cards on the table," says Sarah Heizmann. The young
+employee is one of three full-time innovation managers. A grad-
+uate physicist, she earned her first scientific laurels in the
+area of nanotechnology research; she also worked in the solar
+energy industry and her career path proves in an impressive
+manner that Porsche also draws on capable employees from
+outside the circle of usual candidates. That is why the PhD
+scientist, at only 34 years of age, is one of the founding mem-
+bers of the Innovation Management division.
+A good idea becomes a tangible project within a few weeks. As
+such, the lightweight construction experts from all divisions
+Stuttgarter Kickers.
+Promotion of Young Talents I
+Team
+Spirit
+and
+Scoring
+Goals
+A
+all social backgrounds with the "Turbo for talented athletes"
+project. His counterpart, Rainer Lorz, is a partner of the
+renowned Stuttgart law firm called Hennerkes, Kirchdörfer &
+Lorz, and advocates the promotion of young talent because
+it "greatly contributes towards integrating socially disadvan-
+taged children and youths." Lutz Meschke made sure he didn't
+miss the opportunity of training with the junior Kickers in the
+GAZI Stadium on the Waldau before the conversation began.
+50
+0x21
+juniors of the
+51
+Annual Report Porsche AG - 2015
+52
+Lutz Meschke
+Rainer Lorz
+GAZI
+GASE
+X
+training with the
+Promotion of Young Talents I
+CFO, Lutz Meschke,
+Familiar ground beneath his feet:
+Lutz Meschke shares his football
+experience with the young talents ...
+Signs of robust growth continue to be observed
+in North America. That said, the south of the
+continent paints a different picture: Brazil will
+probably see negative growth continue in 2016.
+Financial Services
+New Agreements
+46,000
+44,000
+54,000
+2013 2014 2015
+Economic growth is expected to remain high
+in China, although this will continue to lose
+momentum as against the previous years. The
+economic situation in Japan is expected to
+see only a slight improvement.
+Dampened Automotive Markets
+Developments in the passenger car markets
+in the individual regions could be mixed in
+2016. Overall, global demand for new vehicles
+is expected to grow at a somewhat slower rate
+than in the reporting period. Western Europe is
+showing signs of a slight year-on-year decrease
+in demand at the very least. In the German
+sales market, too, volumes are expected to fall
+just short of the prior-year figure after positive
+growth in the past year. Spain and Italy are
+expected to see the recovery continue at a
+moderate pace. Demand for passenger cars in
+Russia is likely to decrease further, despite
+the substantial declines already seen in recent
+years. In the United States, the market for
+passenger cars and light commercial vehicles
+could continue to benefit from the favourable
+conditions in 2016, and the positive trend
+observed in the prior-year period could continue
+at a weakened pace. However, volumes in the
+South American markets are expected to be
+substantially below the prior-year figures in 2016.
+Somewhat weaker momentum is becoming
+apparent in the passenger car markets in the
+Asia-Pacific region.
+Anticipated Developments
+Porsche AG will endeavour to further increase
+new vehicle deliveries and revenue in financial
+year 2016 as compared to the year under
+review. This will primarily be driven by Porsche's
+attractive product range, which is reflected
+in the robust order situation. Although invest-
+ments in vehicle projects and the expansion
+and renewal of sites are high, continuous pro-
+ductivity and process improvements and strict
+cost management are intended to ensure that
+Porsche AG's high earnings objective continues
+to be achieved.
+Business Development
+49
+Annual Report Porsche AG - 2015
+In the mood to play:
+on the way to
+... and is fully involved in the game.
+This unbridled commitment unleashes
+new energy and boosts the confidence
+of the young players.
+top-level meeting is set to take place under the TV tower. A
+love of football unites Chief Financial Officer Lutz Meschke
+and the President of the Stuttgarter Kickers, Rainer Lorz.
+With a verbal double pass, the Deputy Chairman of Porsche
+AG underlines the company's social commitment at its major
+production sites. Porsche promotes young players from
+Lutz Meschke
+Business Development
+42
+Porsche set a new record in Canada in 2015,
+with 6,413 new vehicle deliveries and growth of
+30 percent. Deliveries were up year-on-year in
+all twelve months. Porsche is one of the stron-
+gest growing automobile brands in the market.
+The Cayenne retained its position as the most
+popular model series, with 2,389 new vehicles
+delivered. The Macan also enjoyed a high level
+of popularity: 2,121 new vehicles were delivered
+to customers in 2015. At 859 deliveries, the
+911 set a new record. The Boxster and Cayman
+also outperformed their very healthy prior-year
+figures, with 682 deliveries overall. Where the
+918 Spyder was concerned, 21 vehicles were
+delivered to customers. With 341 deliveries,
+the Panamera sold well. Ground was broken for
+the Porsche Centre North Toronto, marking a
+high point in the continuing expansion of the
+dealer network. The new Porsche Cars Canada
+headquarters and training centre will be inte-
+grated into the sole dedicated Porsche branch
+in Canada.
+Canada: Another Record Year
+model series posted decent figures in the year
+before the launch of their new generations.
+Deliveries of the 918 Spyder amounted to 203
+vehicles. Opened in May 2015, the new U.S.
+headquarters in Atlanta highlights the consider-
+able significance of the North American market
+for Porsche. It is home to a fascinating customer
+experience centre with a test track, as well
+as the offices of Porsche Cars North America
+and other subsidiaries. The plan is to open
+a second customer experience centre in Los
+Angeles in 2016.
+2013 2014 2015
+Porsche was able to
+achieve an increase
+of 10 percent in the
+USA with 51,756 new
+vehicles delivered.
++10%
+to customers. At 9,898 and 6,663 deliveries
+respectively, the 911 and Boxster/Cayman
+A total of 4,986 Panameras were delivered
+Porsche delivered 51,756 new vehicles in the
+U.S. in financial year 2015, with the brand
+exceeding the 50,000-sale mark for the first
+time. Porsche also posted double-digit growth
+for a sixth consecutive time, at 10 percent in
+2015. The Cayenne defended its position as the
+best-selling model series with 16,473 deliveries,
+of which 1,098 were S E-Hybrids. As a result,
+the SUV model outperformed the Macan, which
+at 13,533 deliveries also saw strong demand.
+New Vehicles Delivered
+United States: More than 50,000
+America
+The best-selling model series in the reporting period was the Macan
+(80,216 units), followed closely by the Cayenne with 73,118 vehicles.
+The Panamera was further bolstered by the launch of the Edition models
+in the spring of 2015 and achieved 17,207 deliveries. 11,792 new mid-
+engined Boxster sports cars and 10,872 new Caymans were delivered
+to customers. The 911 model series recorded 31,350 deliveries, with
+566 for the 918 Spyder.
+Growth was considerable, with the number of new vehicle deliveries
+increasing by 19 percent in financial year 2015. The sports car manufac-
+turer hit a new record of 225,121 units. In November 2015, sales broke
+the 200,000-delivery mark for the first time in a single financial year, with
+a customer in China taking delivery of a 911 Targa 4S on 18 November.
+The fact that the 200,000th Porsche was delivered in China fits in with the
+overall picture: China became the brand's largest individual market for
+the first time in 2015. The Asia-Pacific region can look back on a highly
+successful financial year overall, and made a substantial contribution to
+the increase in deliveries. The main driver for Porsche's success is its
+unique product range, the appeal of which was boosted in the spring of
+2015 with the launch of the sporty 911 GT3 RS, Cayman GT4 and Boxster
+Spyder models. The next generation 911 was unveiled in September 2015,
+marking the highpoint of the financial year.
+Porsche Delivers over 225,000 Vehicles
+Germany 0.6%
+Western Europe -0.3%
+2012
+2013
+2014
+2015
+43
+Global Economy Experiences Very Moderate Growth
+The economic recovery continued in Western Europe, with GDP growth
+increasing to 1.6 percent in 2015 (previous year: 1.3 percent). Germany's
+growth of 1.5 percent (previous year: 1.6 percent) placed it in this bracket.
+By contrast, recessive tendencies were observed in Eastern Europe. The
+2.5%
+2.4%
+1.6%
+1.5%
+0
+conflict between Russia and Ukraine combined
+with declining energy prices had a negative
+impact; Russia's economic output decreased
+by 3.9 percent (previous year: growth of
+0.6 percent). Following a very robust first
+half of 2015, economic growth in the United
+States lost momentum somewhat as the year
+progressed. However, growth amounted to
+2.4 percent (previous year: 2.4 percent) overall.
+China also lost momentum, although its
+economy expanded by 6.9 percent (previous
+year: 7.3 percent).
+The global automobile market grew by
+2.6 percent to 75.6 million vehicles in 2015.
+While Western Europe, North America and the
+Asia-Pacific region saw increases, some signifi-
+cant, volumes in the passenger car markets in
+Eastern Europe and South America were again
+down considerably year-on-year. At 13.2 million
+vehicles, Western Europe recorded its highest
+number of new vehicle registrations in six years.
+Germany accounted for 3.2 million units, up
+5.6 percent. France (6.8 percent) and the United
+Kingdom (6.3 percent) saw similar growth rates.
+Double-digit demand for passenger cars was
+recorded in Spain (20.9 percent, buoyed by
+state subsidies) and Italy (15.5 percent). The
+fall in demand in Eastern Europe was primarily
+due to the slump in the Russian passenger car
+market.
+Global economic growth declined slightly to 2.5 percent in financial year
+2015 (previous year: 2.7 percent). The economic situation in the industri-
+alised nations improved somewhat, while growth rates in many emerging
+economies lost momentum as the year progressed. The comparatively low
+energy and commodities prices impacted the economies of the individual
+countries reliant on them but proved supportive for the global economy
+overall.
+Annual Report Porsche AG 2015
+44
+South America: Holding Ground
+Despite the Headwind
+Spain/Portugal: Signs of Growth
+Porsche's growth was buoyed by the economic
+conditions in Spain and Portugal, with deliveries
+up 26 percent to 2,595 vehicles. The six-cylinder
+Macan found its place in the market. In Spain,
+the segment is primarily dominated by four-
+cylinder models.
+Switzerland: High Demand for the 911
++33% Porsche Switzerland set a new record in finan-
+"In football you learn
+very quickly that you
+can only find solutions
+as a team."
+1/3
+Italy: Recovery in the Premium Segment
+The premium segment in Italy saw growth in
+2015 with a calming of the economic uncertainty
+observed in previous years. With 4,807 new
+vehicles delivered, Porsche outpaced this seg-
+ment growth, posting a 14-percent increase
+year-on-year. The 911 model series in particular
+performed extremely well, achieving a share
+of more than 50 percent in its relevant segment.
+Deliveries of the
+Porsche Cayenne S
+E-Hybrid make
+cial year 2015, lifting its deliveries by a third
+to 3,822 vehicles. Despite the upcoming change
+of model, Porsche 911 sales increased by
+14 percent to 941 units. The Swiss automobile
+market also saw high demand for the Cayenne S
+E-Hybrid and Panamera S E-Hybrid models as
+alternatives.
+Austria: 28-percent Growth
+Porsche increased its deliveries in Austria by
+28 percent to 1,367 units. 393 Cayennes and
+644 Macans were delivered. The Cayenne S
+E-Hybrid is particularly popular in Austria: more
+than a quarter of all Cayennes delivered are
+fitted with the innovative plug-in technology.
+Sales of the 911 - a sports car icon - amounted
+to 216 units.
+Russia: Growth Despite the Crisis
+The decline in oil prices, economic sanctions
+and the weaker Russian rouble led to a difficult
+situation in the Russian market. The overall
+passenger car market contracted by over a
+third in 2015. Porsche nevertheless lifted its
+deliveries by 11 percent to 5,290 units. The
+Cayenne and Macan again proved the most
+popular model series, with 3,015 and 1,583
+deliveries respectively. The Porsche Driving
+Experience Center Moscow Raceway was
+opened to boost the brand's presence and
+customer loyalty in the Russian market. More
+than 4,000 enthusiastic visitors were drawn
+by Porsche's appeal to a range of driving and
+training events in 2015.
+up one third of
+deliveries in the
+Benelux countries.
+2.5%
+2.2%
+Porsche Cars Great
+Britain exceeded
+the previous year's
+figure by one third
+with 12,238 vehicles.
+Tax incentives meant that the Porsche Cayenne S
+E-Hybrid was the best-selling model in the Bene-
+lux countries, with 1,632 deliveries. A third of
+the 4,996 vehicles delivered were hybrid models.
+Belgium remained the market with the highest
+sales, with 2,404 deliveries to customers, followed
+by the Netherlands with 2,071 and Luxembourg
+with 521 new vehicles.
+Given the country-specific import restrictions
+and unfavourable exchange rate developments,
+Porsche performed well in South American
+markets. A total of 3,208 new vehicles were sold
+to customers in Central and South America
+(excluding Brazil) and the Caribbean. Deliveries
+of the Boxster and Cayman totalled 360. With
+341 sports cars delivered, the 911 expanded its
+already high share in the segment. Sales of the
+Panamera model series amounted to 73 vehicles.
+The Cayenne remained the most popular model
+series, with 1,215 new vehicles, closely followed
+by the new Macan, with 1,209 vehicles delivered.
+A total of 30 markets with 39 points of sale are
+served by the regional office located in Miami.
+With 1,212 vehicles delivered, Mexico was the
+strongest individual market and contributed to
+the positive performance in the reporting period.
+Brazil: A Good Start in a Difficult Environment
+The Porsche subsidiary in Brazil was formed on
+1 July 2015 and made a successful start in its
+first six months. Despite the difficult market
+environment, 732 vehicles were sold to customers
+in Brazil in the reporting period. With 323 deliv-
+eries, the Macan model series had the largest
+share of sales, followed by the Cayenne with
+216 deliveries. 174 two-door sports cars were
+sold, 60 of which were from the 911 series. The
+Panamera saw 19 units delivered to customers.
+Seven points of sale are currently served by
+the new subsidiary Porsche Brasil Importadora
+de Veículos Ltda., domiciled in São Paulo.
+Europe
+Germany: The Success Story Continues
+Deliveries in Porsche's home market of Germany
+were up 21 percent year-on-year in financial year
+2015 to a record high of 28,953 new vehicles.
+The 911 was the most popular model series, with
+8,574 vehicles sold. The mid-engined Boxster and
+Cayman sports cars again outperformed their
+already very good prior-year figures, at 3,872
+vehicles. In addition, the 918 Spyder super sports
+car saw 75 vehicles delivered to customers. The
+Macan's success story continued in the second
+year since its launch, with 8,107 vehicles sold in
+2015. The Cayenne was also highly popular. A
+total of 6,459 of these sporty SUVs were deliv-
+ered to customers in 2015, up 21 percent as
+against the figure for 2014. With 1,866 vehicles
+delivered, the Panamera also sold well. Ground
+was broken on the Porsche Centre Böblingen in
+the reporting period. The dealer network covered
+86 Porsche Centres and three service centres
+as at the end of the year.
+Europe Region: A Strong Market
+In Europe, which comprises 51 markets and
+263 Porsche Centres, 47,289 new vehicles were
+delivered in the year under review. At 26 percent,
+growth in Europe equalled that of the successful
+Chinese market. This growth was achieved despite
+a difficult environment: the Ukraine conflict and
+declining oil prices had a negative impact on
+Russia and other Eastern European markets, while
+the threat of terrorism in Western Europe and
+Turkey had a temporary dampening effect on
+consumer confidence. Porsche nevertheless
+achieved growth not only in new vehicle sales, but
+also in used vehicles and the after sales business.
++33%
+The professionalism of the sales and marketing
+processes was further enhanced with the aim of
+increasing customer satisfaction. Porsche is now
+offering new opportunities for customers and
+enthusiasts to experience the brand with the
+opening and expansion of the Porsche Driving
++21%
+Deliveries in
+Porsche's home
+market of Germany
+again achieved
+a record high of
+28,953 new vehicles.
+Great Britain: Demand for Sports Cars
+Porsche Cars Great Britain delivered 12,238
+vehicles to customers in financial year 2015,
+exceeding the prior-year figure by a third and
+setting a new sales record. While the Macan
+and Cayenne were the two most popular model
+series by volume, rear- and mid-engined sports
+cars accounted for 36 percent of all deliveries in
+Great Britain, an above-average share in com-
+parison with the global market. The success of
+two-door sports cars was also driven by the
+sporty 911 GT3 RS, Cayman GT4 and Boxster
+Spyder models - brand icons that underscore
+Porsche's image. The 13th season of the Carrera
+Cup Great Britain was also highly successful:
+a record field of 34 drivers attracted avid motor
+sport fans to the series over eight race weekends.
+France: The Fascination of Le Mans
+The 17th overall victory for Porsche at Le Mans,
+something that no other manufacturer has ever
+achieved, was not the only record set by Porsche
+in France in 2015. With 5,015 deliveries to French
+customers, the brand also set a new record for
+deliveries, outperforming the prior-year figure by
+a quarter. Porsche's double victory at Le Mans
+was accompanied by the opening of the new
+Porsche Experience Centre, located in the direct
+vicinity of the legendary race track. At the Centre,
+new and existing customers can experience the
+vehicles' dynamic driving properties in a historic
+location with authentic surroundings.
+Belgium/Netherlands/Luxembourg:
+Hybrid Models Dominate
+and Experience Centres in Le Mans, Moscow,
+Istanbul and Silverstone. Europe was also the
+leader for plug-in hybrid vehicles, which are both
+environmentally friendly and sporty. The region
+accounted for 48 percent of global hybrid model
+sales. 22 percent of all Cayenne and Panamera
+models in the Europe region were ordered with
+innovative plug-in hybrid technology.
+Business Development
+USA
+Business
+Development
+The trainers see the biggest learning success in hands-on
+demonstrating, identifying and experiencing. It is all about
+grasping in the truest sense of the word. The apprentices
+soon learn that even the smallest imprecision can have great
+consequences. Like Marina Tsolakidou, who is filing a part
+and who is still amazed after her first year of training "that I
+have made so much progress. I would never have thought
+that at the beginning." No matter what occupation is being
+learned: "Our younger generation become familiar with every-
+is already flowing now into the teaching schedules of the tech-
+nical occupations, for example. Or the "Production 4.0"
+philosophy thanks to the use of networked production pro-
+cesses. The robots now have their fixed place in the teaching
+schedules and, using practical examples, handling becomes
+a matter of course. The new training centre in Zuffenhausen
+has several mini production plants which are every bit as
+good as their larger role models from the plant next door -
+complete with electronic control, mechanical and pneumatic
+elements, conveyor belts and a bright orange robot. "Part
+of the teaching programme is, among other things, to identify
+malfunctions in the small, but highly complex plant and then
+fix them," explains Esser. "Real situations on real compo-
+nents, just like the ones that electronics technicians in indus-
+trial engineering will face later on in their job."
+That is why a vehicle like the new Porsche Mission E with its
+innovative electric drive and complex control engineering
+What does a top training course include? "Naturally all the
+course contents as prescribed by the Chamber of Industry
+and Commerce. In addition, we teach extensive modules
+tailored precisely to the needs of Porsche," Esser explains.
+The company, he adds, is highly innovative, the products
+the best on the market - and these high demands also apply
+of course for the training of our future employees.
+Motivation
+Trust
+Marina Tsolakidou is going through her trainee
+programme step by step and sees
+every learning achievement as a personal gain.
+Transparency
+Dynamics
+Freedom
+Inspiration
+AMISUNGH
+courses.
+The success of the vocational training lies in conveying to
+the new employees the innovation culture typical of Porsche
+from the very beginning. At the new training centre in Zuffen-
+hausen, the company provides two bright, light-flooded floors
+with state-of-the-art equipment - the best possible prere-
+quisites for learning both in theory and in practice. More than
+4,500 apprentices have completed their training with Porsche
+to date. At the present time, eight technical and two com-
+mercial occupations as well as six dual-system courses of
+study are offered, with a total of 150 training positions. "They
+are highly sought after," says Head of Training Dieter Esser;
+"we get more than 2,800 applications every year. From these
+we choose the candidates that fit in best with Porsche." For
+the young men and women, a great deal is at stake; for exam-
+ple, pointing their lives in a good direction. In addition to
+top training, they also have a guaranteed job if they pass their
+Targeted Training
+Foresight
+Annual Report - Porsche AG - 2015
+Annual Report Porsche AG - 2015
+An eye for detail - Oliver Blume
+with Maring and Juchem
+at the so-called "Meisterbock".
+38
+Success Factor: Human Capital
+The new Porsche training centre in
+Zuffenhausen provides an optimum learning
+environment and state-of-the-art facilities.
+PO 193
+AMB
+PRO
+1:4
+"The quality of a vehicle does
+not first emerge on the conveyor belt,
+but long before that."
+Kai Maring
+39
+36-379 3
+"A training position at
+Porsche is highly sought
+after. We get 2,800
+applications every year."
+Dieter Esser
+thing that prepares them for their later job," says Esser.
+And because the focus is on people, attributes such as a
+sense of responsibility, trust in oneself, and courage to take
+your own decisions are promoted. Esser adds, "Anyone
+learning with us is a part of Porsche and he or she will
+shape the future with us. The aim is to live out the compa-
+ny's culture of innovation and communication and make
+your own contributions to this as well." Who knows, perhaps
+we'll be seeing some trainees in the innovation room of
+Porsche Production sooner than you think.
+41
+FESTO
+Annual Report - Porsche AG 2015
+China 7.7%
+Economic Growth
+Change in GDP
+Skilled handling of real components:
+Marina Tsolakidou at a control panel for
+simulating the production technology.
+6.9%
+Delivery of
+New Vehicles
+in units
+225,121
+189,849
+161,982
+At 20.7 million vehicles (up 6.1 percent), sales of cars and light commercial
+vehicles in North America exceeded the 20-million mark for the first time.
+The United States accounted for 17.5 million units. Demand for passenger
+cars in South America declined for a third successive year in 2015, drop-
+ping by 21.2 percent to 3.1 million vehicles. By contrast, the number of
+new passenger car registrations continued to increase in the Asia-Pacific
+region, with a decline in momentum. The same was true of the Chinese
+market: with growth of 7.7 percent to 19.2 million vehicles, this was the
+largest individual market worldwide.
+Global Economy
+MITSUBH
+40
+150
+young people are
+trained by Porsche every
+business year - with a
+guaranteed job at the end.
+12
+socially disadvantaged
+youths were given
+the chance to take part
+Success Factor: Human Capital
+in a promotional year.
+of apprentices in the
+technical/commercial area
+are middle-school-leavers.
+50%
+increase in the number
+of apprentices in the
+past three years.
+40%
+45
+Porsche Switzerland
+increased its
+deliveries by one
+third in the financial
+year 2015.
+46
+55
+Annual Report Porsche AG - 2015
+56
+Sponsoring Sport
+at Porsche AG
+EMH
+With full concentration
+and in peak form. While
+training, it's the moment
+that counts ...
+... and the support of the team. The
+juniors show how they are growing
+together to tackle new challenges.
+AMBE
+With the "Turbo for talented athletes" sports
+programme, Porsche provides underprivileged
+children the chance to play football, basketball
+and ice hockey at its large production sites in
+Leipzig and Zuffenhausen.
+· Porsche Basketball Academy Ludwigsburg
+By bringing together 11 partner clubs and
+55 partner schools, a total of 2,500 children
+from the Stuttgart region are able to train.
+- SC Bietigheim-Bissingen Steelers
+Annual Report Porsche AG 2015
+- RB Leipzig
+Underprivileged children are supported in the
+football school here. A special highlight is the
+"Leipzig Quarter Final" city tournament for
+700 children.
+SG Sonnenhof Großaspach
+Campaigns with regional schools help motivate
+children in school, sport and vocational training.
+Promoting young people from all types of social
+backgrounds is the focus.
+Stuttgarter Kickers
+In the Kickers football academy, children from all
+types of social background have access to
+professional training conditions. The aim of the
+club is to acquire certification as a youth
+development centre from the German Football
+Federation (DFB).
+R. L.- I agree with you. The young age is a very important
+key in their social and sporting development. I'm
+always amazed when I look at the juniors here with us
+at Waldau. The B and C junior teams play in the first
+division and the A juniors are just about to move up to
+the highest class. If the course is set properly early on,
+anything is possible. In all honesty, 40 years ago we
+were lagging far behind young people today both tech-
+nically and tactically. We used to just trip the fat ones
+up from behind and kick the ball forward (laughing).
+L. M.- Obviously it takes good teachers and coaches to develop
+good ideas for games and lead a team to success. In this
+sense, you are really professional in the way you develop
+the young Stuttgarter Kickers and you add a lot of heart
+and soul. We're pleased that we can support a training
+club as part of our "Turbo for talented athletes" project
+The global economy is expected to see somewhat
+stronger growth in 2016 than in the previous
+year due to the anticipated economic recovery
+in the majority of industrialised nations. As was
+the case in the previous year, however, growth
+looks set to remain sluggish in a large number of
+emerging economies. Western Europe's economic
+upturn should continue in 2016. The German
+economy is showing signs of slightly higher growth
+rates than in the reporting period. Provided that
+there is no escalation in the conflict between
+Russia and Ukraine, the situation in Eastern Europe
+could stabilise.
+"Sport is the quickest way
+to overcome social
+and cultural differences."
+Lutz Meschke
+and that we're able to live up to our social responsibility
+in this way at the site in Stuttgart.
+R. L.- The cooperation with Porsche is really important for
+us. Companies like Porsche make a great contribution,
+particularly towards integrating underprivileged chil-
+dren and young people. It's vital that we not only have
+a few talented athletes in mind, but also regular play-
+ers. With our one-week football camps, we reach a lot
+of children and young people from other clubs in our
+region.
+PORSCHE COMPANY
+HMHP
+Uhlsport
+GAZI
+A
+Conversation
+with
+Lutz Meschke,
+Deputy Chairman and
+Member of the Executive
+Board of Porsche AG,
+responsible for finance
+and IT.
+Prof. Dr. Rainer Lorz,
+President of Stuttgarter
+Kickers, visiting professor
+at the University of
+Stuttgart and partner in
+the renowned law firm
+Hennerkes, Kirchdörfer
+& Lorz, specialising in
+giving advice to family
+businesses and charities.
+R. L.- Mr Meschke! Welcome to the Stuttgarter Kickers at
+Waldau Stadium! Where did you play football back
+in the days when you were active?
+L.M.- With FC Britannia Solingen, among others, all the way
+up to the regional league. It really did me good to play
+football as a child. I got together with a lot of boys
+from many different cultures and was able to develop
+my teamwork. You learn very quickly that you can
+only find solutions as a team. That also helped me
+later in business.
+R. L.- Football had a great influence on me too. I played
+quite a lot and wildly - even though I never reached
+the regional league. However, one highlight was
+the chance of a special training course when I was
+eleven. Shortly after the 1974 World Cup in Berlin,
+we were staying in the district where the German
+team had stayed before their group match against
+L.M.- A positive snowball effect.
+Chile. By chance, I happened to have slept in the same
+L.M.― Motivation is a good key word. That's what football can
+offer young people. In a team sport you practice skills,
+like ambition and perseverance, in a natural way. This
+also applies to the other sports we support. We pursue
+our commitment very strategically. We sponsor a
+sports school for the Bietigheim Steelers in ice hockey,
+as well as the Basketball Academy in Ludwigsburg -
+the junior team there became the 2015 German cham-
+pions. In Ludwigsburg alone, we have 2,500 children
+involved in the sport. The experience all these children
+gain in sport strengthens their character. Their self-
+confidence develops. The sooner these types of skills
+are learned, the deeper the influence they have.
+Lutz Meschke and
+Rainer Lorz share a
+love of football.
+Together they get the
+ball rolling, bringing
+together young people
+from all walks of life.
+53
+Annual Report Porsche AG 2015
+54
+Promotion of Young Talents I
+Football is a great school.
+The team is everything.
+GAZT
+RO
+RECARO
+RECARD
+ORT
+AIE
+bed as Franz Beckenbauer. Afterwards, the Bild news-
+paper showed a photo of me with the headline: "He
+slept in the Kaiser's bed" (laughs). Of course, that was
+pretty motivating for me.
+R. L.- Absolutely! For instance, we've started a refugee team
+with a home in our neighbourhood which we equip with
+jerseys and boots. We organise games between the
+8- to 16-year-olds can develop their skills in the
+ice-hockey summer camp sponsored by Porsche.
+L.M.- The integrative power of sport is unquestionable.
+Sport helps overcome cultural and social differ-
+ences very quickly. But relying on sport alone is not
+enough. When a serious injury comes along, then
+it's all over with football and a potential professional
+in the reporting period. Business development
+in the region was affected by a range of factors:
+on the one hand, the drop in oil prices put
+sustained pressure on national budgets in the
+region, while in the meantime the armed con-
+flicts in Syria, Iraq and Yemen had a significant
+impact on the Middle East overall. In addition,
+exchange rate developments in South Africa and
+India over the past twelve months presented
+additional challenges. Nevertheless, deliveries
+declined by only 13 percent to 8,520 units.
+4,422 new Cayennes and 1,464 new Macans
+were delivered. Mid- and rear-engined sports
+cars retained their strong position: the 911
+recorded 1,176 deliveries, while the total figure
+for the Boxster and Cayman amounted to 1,083
+vehicles. 23 markets with 38 points of sale are
+served by the regional office located in Dubai.
+Australia/New Zealand: Significant Growth
+Porsche Cars Australia again exceeded its prior-
+year record in the reporting period by a signifi-
+cant 46 percent. A total of 4,519 vehicles were
+delivered to customers in Australia and New
+Zealand. 2,191 units of the Macan were sold. This
+success had no negative impact on the Cayenne,
+which again lifted deliveries by 14 percent to
+1,416 vehicles. At 434 new vehicles, the 911 again
+exceeded the prior-year figure; the mid-engined
+Boxster and Cayman sports cars remained at
+roughly the very healthy level observed in the
+previous year, with 415 deliveries. Porsche Centre
+Doncaster was opened in Melbourne in May 2015
+and is contributing to the brand's success and
+the expansion of its branches. This new location
+means that the brand is now represented by a
+total of 18 Porsche Centres.
+Kickers junior teams and the refugees. In our "Turbo
+for talented athletes" camps, we reserve spaces
+for refugee children. It's important that these children
+come into contact with children here of the same age
+and experience a normal environment.
+On November 2, 2015 Porsche learned of the
+statements by the US Environmental Protection
+Agency (EPA) with respect to the Cayenne Diesel.
+As a consequence, Porsche cooperated fully
+with the authorities to clarify the facts without
+reserve and will continue to do so in future.
+Against this background, Porsche has voluntarily
+stopped selling Cayenne diesel vehicles (model
+years 2014 to 2016) in the United States as a
+precautionary measure.
++46%
+Middle East and Africa: Consolidation
+A total of 8,520 vehicles were delivered to
+customers in the Middle East and Africa region
+2015 was again
+a record year
+Significant Events
+Oliver Blume Replaces Matthias Müller
+as the New Chairman of the Executive Board
+The Supervisory Board of Porsche AG
+appointed Oliver Blume as Chairman of the
+Executive Board of the sports car manufacturer
+in September 2015. Blume replaces Matthias
+Müller, who was appointed as Chairman of the
+Board of Management of Volkswagen AG by the
+Wolfsburg-based Group's Supervisory Board.
+Blume had been the Member of the Executive
+Board of Porsche for Production and Logistics
+from the beginning of 2013. He took up his new
+position on 1 October 2015.
+In addition, Detlev von Platen was newly
+appointed as the Member of the Executive Board
+of Porsche for Sales and Marketing. Von Platen
+transferred to Zuffenhausen from the U.S.,
+where he had spent approximately seven years
+as President and CEO of Porsche Cars North
+America. He took up his new role on 1 November
+2015. His predecessor, Bernhard Maier, trans-
+ferred from Zuffenhausen to Mladá Boleslav in
+the Czech Republic to take up the position of
+CEO at Škoda. The Supervisory Board appointed
+Lutz Meschke, Member of the Executive Board
+for Finance and IT, as Deputy Chairman of the
+Executive Board of Porsche AG. The previous
+Deputy Chairman of the Executive Board was
+Thomas Edig, who transferred to the Volkswagen
+Commercial Vehicles brand as Member of the
+Board of Management responsible for HR at the
+end of September 2015.
+The Supervisory Board appointed Andreas
+Haffner as the new Member of the Executive
+Board of Porsche for Human Resources, as
+at 1 October 2015. Haffner had spent approxi-
+mately four-and-a-half years at Volkswagen
+as Head of Group Human Resources Top Man-
+agement with responsibility for all executive
+appointments. Previously, Haffner worked for
+17 years in managerial positions in Human
+Resources and Social Affairs at Porsche AG,
+Porsche SE and Volkswagen AG. In December
+2015, the Supervisory Board of Porsche AG
+appointed Albrecht Reimold as the new Member
+of the Executive Board of Porsche for Production
+and Logistics. He took up his role on 1 February
+2016. Reimold transferred to Zuffenhausen
+from Bratislava, where for four years - he
+Business Development
+for Porsche Cars
+Australia.
+in particular to the Macan, which saw 2,888
+new vehicles delivered to customers. Deliveries
+of the Cayenne amounted to 1,639 units. Both
+the Boxster and Cayman and the 911 achieved
+a combined total of 392 deliveries. As in the
+previous year, the Taiwanese market remained
+very strong. 3,355 vehicles were delivered in
+this market alone. Cambodia, Indonesia, Malaysia
+and Thailand saw the opening of a new Porsche
+Centre in each country.
+The Asia-Pacific region, which is managed from
+Singapore, broke the 5,000-unit mark for the
+first time to record 5,583 deliveries. Growth
+amounted to 15 percent. This success was due
+Asia-Pacific: Milestone Reached
+Eastern Europe:
+Growth in Poland and Turkey
+Despite a heterogeneous market environment,
+Porsche increased deliveries to customers by
+22 percent year-on-year to 4,972 vehicles due to
+the growth markets of Poland and Turkey. The
+Macan recorded 1,691 deliveries, the Cayenne
+2,041 and the Panamera 446. A total of 794
+two-door sports cars were delivered. The Porsche
+Driving Experience Center Istanbul, which is
+located at the former Intercity Istanbul Park
+Formula One track, has been offering customers
+and visitors the opportunity to experience
+Porsche first hand since March 2015. An off-
+road course, a driving safety centre and the
+race track cater to practically all tastes.
+Northern Europe: Sales Up Significantly
+Porsche delivered a total of 2,187 units in the
+Scandinavia region, up a quarter year-on-year due
+primarily to the continuing strong growth in the
+Swedish market. Demand was particularly high
+for the Macan model series, which accounted for
+a large share of market growth at 841 deliveries.
+490 new two-door sports cars were sold, achiev-
+ing double-digit growth despite the upcoming
+change of model.
+Asia
+China: The Largest Individual Market
+With 58,009 vehicles delivered in financial
+year 2015, China (including Hong Kong) became
+Porsche's strongest individual sales market.
+Sales increased by 24 percent year-on-year. With
+27,857 new vehicles delivered, the Macan over-
+took the Cayenne (21,074 units) as the most
+popular model series. A total of 5,249 Panameras
+were sold. As a result, China is now Porsche's
+largest market for the Cayenne, Macan and
+Panamera. In total, 1,341 new vehicles of the
+911 series (including the 918 Spyder) were deliv-
+ered to customers. The figure for mid-engined
+sports cars amounted to 2,488 units. Porsche's
+growth path in China was also bolstered by the
+continued expansion of the dealer network, with
+an additional twelve Porsche Centres opening
+their doors in the reporting period. At the end of
+the year, the number of dealers had risen to 91.
++24%
+With 58,009 vehicles
+China was Porsche's
+strongest individual
+sales market for the
+first time.
+Japan: More than 6,000 New
+Vehicles Delivered
+Porsche Japan again smashed the record set
+in the previous year, with 27 percent growth
+and 6,527 vehicles delivered. Growth was driven
+by the Cayenne and Macan model series. Deliv-
+eries of the Cayenne rose by 42 percent, while
+2,125 Macans were delivered to customers. The
+911 model series saw 1,354 vehicles delivered;
+the overall figure for the Boxster/Cayman model
+series amounted to 1,505 units. Porsche Centre
+Aoyama, the brand's 43rd branch in Japan, was
+opened in a prime location in Tokyo.
+South Korea: Strong Growth
+The Porsche subsidiary in South Korea signifi-
+cantly outperformed its prior-year results in
+the second year since its formation. Deliveries
+rose by 34 percent to 3,612 units on the back
+of growth in all model series. The established
+model series in particular saw another signifi-
+cant rise. Where two-door sports cars were
+concerned, the 911 (including the 918 Spyder)
+recorded a 22-percent increase in deliveries
+to 370 vehicles, while sales of the Boxster/
+Cayman doubled to a total of 457 vehicles. 1,416
+Cayennes, 759 Macans and 610 Panameras
+were delivered.
+47
+Annual Report Porsche AG - 2015
+Sales of Cayenne Diesel Vehicles in the
+United States Voluntarily Stopped as a
+Precautionary Measure
+Outlook
+57
+Further Growth Possible
+48
+In addition to the core products of leasing and
+financing, the extensive product range includes
+insurance products, the Porsche Card and dealer
+financing. Under the brand names Bentley Financial
+Services and Lamborghini Financial Services,
+exclusive financial services are offered in relation
+to the Group's Bentley and Lamborghini brands,
+including in Germany, Italy, Switzerland, France,
+Russia, Singapore, the Middle East, the United
+States and Canada. In addition, individual solutions
+are developed for Bugatti customers. Demand
+for financial services remained strong in financial
+year 2015, with over 54,000 new agreements
+signed around the world. The financial services
+companies manage more than 114,000 leases
+and financing agreements with a volume of just
+over 4.4 billion euro. In addition, over 14,000
+customers appreciate the comfort and exclusive
+services offered by the Porsche Card and
+approximately 20,000 customers have taken
+advantage of the insurance offerings of the
+Porsche Insurance Service. The companies of the
+Porsche Financial Services Group have adapted
+their processes and methods - including for risk
+management in their respective markets to
+ensure compliance with the ever stricter statutory
+requirements imposed on financial services.
+in financial year 2015 with the formation of a
+financial services subsidiary in South Korea.
+PFS Group continued its international expansion
+new training centre.
+trainees and
+students of the
+Baden-Württemberg
+Cooperative State
+University undergo
+training in the
+500
+new jobs will be
+created in Zuffenhausen
+alone due to the
+market introduction of
+the Mission E project.
+career.
+1,000
+Financial Services in 16 Countries
+The companies of the Porsche Financial Services
+Group partner with the Porsche retail organisation
+to offer tailored financial products and innovative
+financial services in 16 countries. Thus, the
+Porsche Financial Services (PFS) Group has 232
+employees in nearly every important automotive
+market in which the Porsche Group is active. The
+During the year under review, Porsche Financial
+Services, Inc., domiciled in Atlanta, Georgia,
+issued an ABS bond in the United States for a
+total of approximately 700 million USD. The
+private placement was given a top rating by the
+rating agencies and, as in similar transactions
+in the previous year, included customer contracts
+for Porsches as well as contracts relating to
+Bentleys and Lamborghinis. Porsche Financial
+Services, Inc. is an indirect wholly owned sub-
+sidiary of Porsche AG.
+Further Bonds Issued
+French sales company Porsche France opened a
+further Porsche Experience Centre in Le Mans in
+June 2015. Situated next to the 2.9-km Circuit
+Maison Blanche race track, it offers an exclusive
+brand experience. Visitors can sample the driving
+qualities of Porsche models on the test track and
+a street course.
+New U.S. Headquarters with Test Track
+Porsche opened its new North America corporate
+headquarters in Atlanta, Georgia, in May 2015,
+including a customer experience centre. With a
+price tag of 100 million USD, the One Porsche
+Drive project is Porsche's largest-ever investment
+outside Germany. The site comprises office,
+training and event space complemented by a
+module-based 2.6-km test track, a restoration
+workshop and a restaurant.
+Promotion of Young Talents I
+Strategic Plant Development
+In July 2015, the Executive Board and general
+works council of Porsche AG resolved a package of
+measures to safeguard the continuing existence
+of sites. An agreement was reached to boost the
+Company's productivity, flexibility and efficiency
+and to rule out redundancies until 2020. More
+than 1 billion euro is being invested in expanding
+the sites in Zuffenhausen, Weissach and Ludwigs-
+burg. A new body shell production facility and
+a further engine plant will be constructed at
+the Company's headquarters. The assembly line
+will also be expanded. As well as the 911 and
+Boxster, Cayman models will also roll off the
+production line there in the future.
+The Supervisory Board of Porsche AG gave the
+green light for the Mission E project at the end of
+the financial year. The plan is for Porsche's first
+all-electric sports car to be launched at the end
+of the decade. With this move, the Company is
+focusing further on sustainable growth. More than
+1,000 new jobs will be created in Zuffenhausen
+alone. Approximately 700 million euro is being
+invested at the Company's headquarters to build a
+new paint shop and dedicated assembly facilities
+over the next few years. The engine plant will be
+expanded for the production of electric drives
+and the existing body shell production facility will
+also be expanded. In addition, further investments
+will be made at the Weissach development centre
+with the same objective.
+managed the Volkswagen plant that also produces
+the body shell of the Porsche Cayenne. In addi-
+tion, the Supervisory Board appointed Jürgen
+Rittersberger as Executive Manager of Porsche AG,
+with immediate effect. Rittersberger has been
+at Porsche since 2002, most recently as Vice
+President General Secretariat and Business
+Development.
+Porsche AG opened a state-of-the-art training
+centre at the start of the new apprenticeship year
+in September 2015. Situated on an area totalling
+14,000 square metres, the new building offers
+space for up to 500 trainees and students of the
+Baden-Württemberg Cooperative State University.
+It creates the optimal conditions to prepare the
+next generation of young professionals for the
+increasing challenges of the automotive industry.
+In addition, the 30-million-euro investment takes
+into account Porsche's growth: between 2011 and
+2014 the number of career entrants at Porsche
+grew by half to 450 young people.
+Acquisition of Toolmaking Division from Kuka
+The sports car manufacturer acquired the tool-
+making division of Kuka Systems GmbH in the
+year under review and continued to operate the
+division as a wholly owned subsidiary of Porsche
+AG. Over 600 employees at Porsche Werkzeug-
+bau GmbH's locations in Schwarzenberg in the
+German state of Saxony and Dubnica in Slovakia
+strengthen the Company's expertise, especially
+in the production of complex aluminium parts.
+Training Centre Opened
+R. L. You've touched on a really important point there. A lot
+of young people would far rather just play football
+all day long. Here, we have to give them a bit of a prod
+and remind them to concentrate on their education.
+day: Lutz Meschke and Rainer
+Taking stock after an intensive
+BEGENENALS
+ENERGY
+BURGER
+HERMA
+Lorz stay on the ball even after
+the final whistle.
+メ
+61
+OOOOOO
+DOO
+DOO
+BRIEM YENG
+CHEF GAZI STADION AUF DER VALDAU VAL
+R. L. With this commitment, you create a strong sense
+Ensingar
+Promotion of Young Talents I
+60
+Annual Report - Porsche AG - 2015
+59
+Promotion of Young Talents I
+football in a club. Their passion for
+sport has remained.
+ос
+In the past they themselves played
+L. M.- We see this with the Stuttgarter Kickers too. Tradi-
+tion certainly helps. After all, you can't buy that.
+R. L.- I also see this with our clients who are medium-
+sized, family-run companies. Although these
+companies sell their products worldwide, they
+appreciate and care for their home base in
+Germany. In a globalised world, it is very valuable
+if you know your roots and are proud of them.
+in the community. It would be dangerous in the
+long run if the gap in our society grew wider.
+L. M.- It's exactly this kind of support for young people
+that we rely on at our major sites in Stuttgart
+and Leipzig. We supported a neighbourhood foot-
+ball tournament for children and young people
+in Leipzig. Over 700 kids played football from all
+over Leipzig! Even if we sell our vehicles world-
+wide, we are clearly not just concerned with the
+Champions League with the Stuttgarter Kickers
+or Rasenball Leipzig, but about being involved
+of identification with Porsche at the individual
+sites. Just like any football club support, the culture
+you put into practice is promoted at a local level -
+in every town and in every village.
+FELIX W
+OOOO
+of the end of 2016.
+00
+Health and Safety Management
+At Porsche, health and safety management plays
+an integrative role in developing healthy working
+conditions with the primary goal of promoting
+and maintaining employees' long-term health
+and fitness, and thus their employability. Its core
+elements include the early reintegration of
+employees returning from long-term sick leave
+and placing employees according to their health,
+especially in view of demographic change.
+Ergonomics assessments were carried out
+together with production development to make
+a preventative contribution to reducing high
+or unbalanced workloads by creating pro-health
+and pro-age workplaces (human ergonomics).
+Porsche occupational health and safety manage-
+ment was once again committed to developing
+preventive target concepts and trialling these on
+a pilot basis, above and beyond the statutory
+requirements. The number of preventative
+pre-travel medical consultations as part of the
+preventative medical services has grown
+substantially in recent years, increasing by
+over 100 percent between 2011 and 2015.
+Work Safety
+The safety and physical health of all employees
+takes top priority at Porsche. Specially trained
+work safety professionals provide employees
+and executives with expert advice on all work
+safety-related questions.
+-30% The core tasks performed by the safety experts
+The occupational
+accident rate
+decreased by more
+than 30 percent in
+comparison to
+the previous year.
+were various safety inspections and advising
+executives as they carried out risk assessments.
+The reporting and the target systems for work
+safety were also completely revised. The occu-
+pational accident rate (number of occupational
+accidents per million working hours) decreased
+by over 30 percent as against the prior-year
+period.
+A Word of Thanks to Our Employees
+Our employees play an active role in Porsche's
+success story in their day-to-day work. This
+success is a direct reflection of their high level
+of commitment, their knowledge and their
+passion across all locations. The Executive
+Board would like to personally thank each and
+every employee for their contribution. This
+gratitude also extends to all of our employee
+representatives for their ongoing commitment
+to the interests of our workforce and in this
+way, their contribution to making our Company
+future-ready.
+Porsche Employees
+at the Sites in Germany*
+Sachsenheim
+500
+10 Employees
+Weissach
+5,560 (+410)
+72
+Employees, Sport and Society
+10 New Employees
+*between January 1, 2015 and December 31, 2015
+Bietigheim-
+Bissingen
+1,360 (+60)
+Zuffenhausen
+8,500 (+600)
+Other German Sites
+300
+Another core area is the public catering service at
+the customer centre in Leipzig and the museum
+restaurant in Zuffenhausen. For example, the
+Christophorus restaurant lived up to its excellent
+reputation, receiving awards from online portal
+Trip Advisor and "Der Feinschmecker" magazine.
+Porsche Catering provides healthy and delicious
+meals to plant employees. Additional catering
+facilities successfully opened in 2015, including
+the canteen at Plant 4 at the Zuffenhausen loca-
+tion and a new on-site kiosk at the training centre.
+The total lunchtime capacity now stands at some
+3 million meals a year. Refreshments were avail-
+able from twelve on-site kiosks at our locations
+as of the end of the year.
+Porsche Catering
+Porsche AG will make a further contribution to
+supporting refugees with its "integration year".
+The initiative, which was launched in spring 2016,
+initially provides 15 participants with entry-level
+training. The objective is to provide vocational or
+career opportunities in Germany and to facilitate
+participants' integration into the labour market
+as quickly as possible. The "integration year" is
+similar to and supplements the existing "prepara-
+tory year" programme, and includes in particular
+language classes, social education and, if
+required, psychological support. It also covers
+acquiring basic technical skills and gaining an
+insight into the various qualified careers.
+Flexible arrangements regarding where and when
+employees work are also a focus at Porsche. In
+addition to the option of working from home and
+options for setting working hours based on an
+employee's life situation, a work agreement on
+sabbaticals introduced additional related oppor-
+tunities for employees. By offering the option
+of a sabbatical, Porsche enables its employees
+to achieve a better work-life balance.
+Equal Opportunities and Diversity
+For Porsche, affording equal opportunities
+means fostering the professional development
+of employees and executives as best possible
+based on their individual potential, independent
+of gender or ethnicity. Increasing the percentage
+of women at all levels is a key step on the path to
+greater diversity. This is firstly being implemented
+by integrating measurable, mandatory targets in
+the goal agreements of all executives. Alongside
+these targets, the equal opportunities portfolio
+also includes training and professional develop-
+ment measures such as workshops and seminars,
+as well as networking events for female special-
+ists and executives and mentoring initiatives.
+Porsche successfully increased the percentage
+of women in the first executive level by 7.7 per-
+centage points between 2011 and 2015, and the
+percentage of women in the second executive
+level by 2.6 percentage points in the same period
+thanks to numerous measures.
+Another key tool for increasing the percentage
+of women in the Company is long-term talent
+promotion to establish an ongoing pipeline of
+qualified women. Porsche has a number of initia-
+tives to reach out to and establish ties with
+female university students at an early stage. For
+instance, the partnership established in 2001
+with Femtec, the international career platform for
+women in engineering and the natural sciences,
+was successfully expanded in 2015. A particular
+highlight in the reporting period was the Femtec
+innovation lab, a practical project spanning sev-
+eral months in which students analysed, trialled
+and evaluated optical measuring technology
+systems. In addition, Porsche once again took
+part in the Germany-wide Girls' Day event. The
+day gave over 130 girls from local high schools
+and secondary schools insights into technical
+occupations at Porsche.
+Porsche successfully increased the percentage
+of female DHBW students by 21.2 percentage
+points between 2011 and 2015, and the percent-
+age of female trainees by 6.9 percentage points
+in the same period thanks to numerous measures
+to promote young talent.
+130
+girls from local high
+schools and secondary
+schools gained an
+insight into technical
+occupations at Porsche
+on the Germany-wide
+Girls' Day event.
+Porsche received the 2015 Total E Quality award,
+which is sponsored by the German federal govern-
+ment, in recognition of its successful commit-
+ment to promoting equal opportunities within the
+Company.
+Goals for the Percentage of Women on the
+Supervisory Board and Executive Board,
+and in Management
+As part of the implementation of the German
+Act on Equal Participation of Women and Men in
+Executive Positions in the Private and Public
+Sector (Gesetz für die gleichberechtigte Teilhabe
+von Frauen und Männern an Führungspositionen
+in der Privatwirtschaft und im öffentlichen Dienst),
+Porsche AG is required to set targets for the
+percentage of women in the Supervisory Board,
+the Executive Board and the top management
+levels.
+The percentage of women on Porsche's Super-
+visory Board was 10 percent as of the date by
+which the law stipulated that a specific target
+had to be set. The members of the Supervisory
+Board are elected until at least 2019. In light
+of this, the Supervisory Board set a target for the
+percentage of women on Porsche's Supervisory
+Board of 10 percent until December 30, 2016.
+As of the date by which the law stipulated that a
+specific target had to be set, all positions on the
+Executive Board were held by men. The respec-
+tive contractual terms extend beyond 2016. In
+light of this, the Supervisory Board did not resolve
+to adjust the target for the percentage of women
+on Porsche's Executive Board in the period up to
+December 30, 2016.
+Porsche AG set the following targets for the per-
+centage of women in management: the percentage
+Leipzig
+3,750 (+500)
+of women in the first executive level should
+9.3%
+The percentage of
+women in the first
+executive level should
+be 9.3 percent as
+L.M. Yes, they do. The success of this project proves
+us completely right. We have a success rate of
+almost 100 percent. That means that practically
+any young person can start an apprenticeship
+with us after this year.
+Internal Initiatives and Programmes
+The increase in the number of employees at
+Porsche AG over the past several years and the
+associated challenges were essential compo-
+nents of the 2018 HR strategy, which success-
+fully responded with specific HR measures as
+part of the ongoing "Excellent human resources
+management" programme.
+HR processes were further optimised and
+made more efficient in the networked projects
+as part of the Porsche improvement process.
+The continuous expansion of the HR IT system
+means that HR information is now more
+up-to-date and transparent, and large amounts
+of information can now be channelled.
+The Group-wide employee survey was suspended
+at Porsche AG in the reporting period. However,
+employees at five German subsidiaries and
+Porsche AG's international subsidiaries were
+surveyed. Employees expressed their opinions
+on issues such as collaboration with colleagues
+and supervisors, quality of work, work pro-
+cesses and provision of information on current
+developments at Porsche.
+As the number of employees at Porsche's sites
+in the greater Stuttgart area increases, so does
+the volume of traffic. In cooperation with the
+city of Stuttgart, all employees were surveyed
+on their commutes and work-related travel.
+The aim of the survey was to identify potential
+for improvement in the traffic situation and
+to integrate this into urban planning. One focus
+was how to reduce private transport (for
+example through use of local public transport
+or carpooling).
+Refugee Aid
+In October 2015, Porsche called on its employ-
+ees to help support and integrate refugees
+by volunteering for charitable associations and
+refugee organisations. Volunteer positions
+and testimonies from employees who already
+volunteer for refugee groups are published on
+the porsche-hilft.de website.
+Since October 2015, Porsche Catering has also
+supported the food banks near Porsche's three
+locations in Stuttgart, Weissach and Leipzig with
+donations in kind (food and hygiene products)
+to help them cope with the influx of refugees.
+Employees, Sport and Society
+71
+Annual Report Porsche AG 2015
+be 9.3 percent as of the end of 2016, and the
+percentage of women in the second executive
+level should be 8.0 percent.
+Ludwigsburg
+1,780 (+280)
+73
+76
+Ballet in the Park in Stuttgart
+Porsche has been the main sponsor of the
+Stuttgart Ballet, one of the world's leading ballet
+companies, for many years. The company's high
+technical standard and broad stylistic repertoire
+draw artists from around the world: the 2015
+season saw 65 dancers from over 20 countries
+perform in Baden-Württemberg's state capital.
+The company toured Japan and Korea as part of
+international guest appearances in the reporting
+period and delighted audiences with the Ballet in
+the Park event in its home city of Stuttgart. For
+a whole weekend, the company's performances
+were broadcast live from the opera house on a
+public projection screen in the courtyard of the
+city's New Palace. The reporting period saw
+more than 7,000 people enjoy top-class ballet
+there set to music by Tchaikovsky.
+Porsche feels a particular responsibility to the
+young talent of the Stuttgart Ballet. Ground was
+broken for the John Cranko School in Stuttgart in
+the period under review. A subsidy from Porsche
+in the total amount of 10 million euro guarantees
+that the construction will go ahead. The plan is
+for Stuttgart's young ballet students to move into
+their new premises in the summer of 2018. The
+building will be situated on a hill overlooking the
+Alte Staatsgalerie with a view of the opera house,
+the home of the ballet. Three-quarters of the world-
+famous Stuttgart Ballet's dancers are graduates
+of the company's own school. The plan is for the
+training centre to include a rehearsal stage with
+space for an audience of 200, practice areas for
+150 people and accommodation for 70 students
+in the future.
+7,000
+spectators visited
+the ballet in the
+courtyard of
+the New Palace
+in Stuttgart.
+175,000 Euro
+were raised at the
+911-sponsored run by
+Porsche employees for
+various charity projects.
+Social Commitment
+The foundation of Porsche's social commitment
+is to support children and provide opportunities
+for disadvantaged people. The sports car manu-
+facturer's focus in Germany is on supporting
+social projects at its locations. Outside Germany,
+Porsche is committed to sustainable projects
+in partnership with reliable local partners.
+Six-hour Run for Charity
+Annual Report Porsche AG 2015
+In Germany, Porsche supported children's wards
+and clinics such as the Olgäle in Stuttgart,
+as well as foundations and associations such
+The first-ever 911-sponsored run by Porsche
+staff took place in the reporting period.
+Approximately 3,000 employees took part in
+the six-hour run for charity over an exactly
+911-metre course through the grounds of the
+Porsche plant in Zuffenhausen. They were
+led by CEO Oliver Blume, Porsche's Executive
+Board and its works council, who ran side-by-
+side with employees. The 350 independently
+organised teams completed as many laps of
+the 911-metre course as possible, with Porsche
+donating 5 euro for each complete lap. After
+the Executive Board had rounded up the total,
+the 29,463 laps completed overall raised
+175,000 euro for the Olgäle children's charity,
+Stuttgart Hospital and the Breakfast for
+Children (Frühstück für Kinder) campaign.
+Education for Syrian Refugee Children
+Outside Germany, Porsche supported the City
+of Stuttgart in its partnership with the United
+Nations Children's Fund (UNICEF) in the reporting
+period. Stuttgart is twinned with the Syrian-
+Turkish border town of Mardin and is helping to
+build education centres for Syrian refugee
+children. With the new schools and preschool
+centres, Porsche's aim is to contribute to giving
+the young people of Mardin perspectives. The
+partnership began on November 20, 2015 - the
+anniversary of the UN Convention on the Rights
+of the Child and is initially limited to one year.
+Porsche is training children from disadvantaged
+backgrounds as car mechanics as part of the
+Porsche Training and Recruitment Centre Asia
+project in Manila, Philippines. More than 250
+young adults have already graduated from the
+project and are now employed as specialists
+at the Porsche Centres in growth markets. Audi
+and VW also joined the partnership in the report-
+ing period. The number of trainees per year will
+be increased from the current figure of 32 to
+approximately 145 by 2017. The education facility
+was upgraded and expanded by 1,500 square
+metres in 2015.
+250
+young employees in
+Manila attended training
+at the Porsche Training
+and Recruitment Centre
+in Asia.
+87,000
+young people attend the
+GaraGe Leipzig Training
+Workshop annually.
+Science & Education
+Igniting passion for technology - with practical
+application: this is Porsche's objective in sup-
+porting schools and universities. Porsche pro-
+vides start-ups with the opportunity to launch
+their business at Leipzig University of Applied
+Sciences. The sports car manufacturer aims
+to raise young people's interest in engineering
+careers with the Porsche Student Workshop
+at the Association of German Engineers (VDI)
+GaraGe in Leipzig.
+Help for Start-ups
+Since 2013, Porsche has sponsored the Chair
+of Strategic Management and Family Business
+at the Leipzig Graduate School of Management.
+This privately-funded institution is a leading inter-
+national business school. Porsche supported
+the SpinLab project in financial year 2015, which
+provides start-ups with offices and equipment
+to launch their businesses. The sports car manu-
+facturer established an endowment chair at the
+Esslingen University of Applied Sciences, which
+is devoted to areas including modern vehicle
+manufacture. Porsche traditionally supports the
+Center for Advanced Studies in Heilbronn, the
+University of Stuttgart, the Karlsruhe Institute
+of Technology and the RWTH in Aachen with
+numerous partnerships. In addition, Porsche
+runs its own doctoral programme, supports
+Femtec the international platform fostering
+young female talent in MINT careers - and
+awards numerous Germany Scholarships.
+Young people aged between 12 and 18 are taught
+technical skills at the GaraGe, the technology
+centre of the Association of German Engineers,
+in Leipzig. Porsche has supported the project
+financially and has provided equipment for the
+Garage for 14 years. Young people can tinker
+with a 911, look inside the engine and carry out
+electronics tests themselves. The training
+workshop is aimed at encouraging the students'
+affinity for technology and raising their interest
+in engineering careers. Around 87,000 students
+have already completed courses at the training
+workshop. The Garage in Leipzig was renovated
+in the reporting period and expanded to include
+a new module, the Worlds of Technology Educa-
+tion (Techniklernwelten).
+Employees, Sport and Society
+77
+as Trott-war, a street newspaper that aims to
+help socially excluded people to return to work.
+Disadvantaged young people work towards
+apprentice placements as part of Joblinge, an
+initiative run by the job centre in Stuttgart.
+The programme helps them find internships and
+receive job application training, and supports
+them in retrospectively completing their school
+education. Porsche supports similar projects
+in its other locations such as Leipzig, Ludwigs-
+burg, Bietigheim-Bissingen and Weissach.
+Further improving the work-life balance remained
+a key area of activity in the reporting period.
+For example, information events were offered to
+expectant parents and employees on parental
+leave, networking events were launched for staff
+on parental leave and the number of day-care
+slots was increased. In addition to the day-care
+services offered at the Weissach and Zuffen-
+hausen sites during the six-week summer holidays
+last year, a range of day-care opportunities
+were also available for all other school holidays
+(excluding Christmas).
+75
+visitors enjoyed the
+Leipzig Gewandhaus
+Orchestra in the
+2015 season.
+Annual Report Porsche AG 2015
+74
+Sport and Society
+Sport
+Porsche's involvement in tennis has a long history.
+Each year, the sports car manufacturer brings
+the world's best tennis players to Stuttgart for
+the Porsche Tennis Grand Prix. Porsche expanded
+its commitment to top-class sport in the report-
+ing period, moving into professional golf with the
+Porsche European Open.
+Kerber Wins the Porsche Tennis Grand Prix
+The world's leading tennis players met for the
+38th time at the Porsche Tennis Grand Prix in
+Stuttgart, with nine of the world's top-ten-seeded
+players vying for the title at the Porsche Arena.
+The Porsche Tennis Grand Prix enjoys an excellent
+reputation among tennis professionals: for the
+seventh time, the players of the WTA Tour voted
+the Stuttgart tournament their worldwide favourite
+event in the Premier 700 category in the reporting
+period.
+The world-class matches were attended by a total
+of 37,200 spectators in 2015. Tennis legend
+Andre Agassi took on international Porsche brand
+ambassador Maria Sharapova in an exhibition
+match in front of the Porsche Museum as part of
+the supporting programme for the WTA Premier
+Tour event. Angelique Kerber won the title, the
+third German to do so in its history; the reigning
+Australian Open singles champion has also been
+a brand ambassador for the sports car manufac-
+turer since the beginning of the period under
+review.
+Sponsorship of Porsche Team Germany - the
+German women's national tennis team - was
+extended for a further three years in the reporting
+period as part of Porsche's support for tennis
+in Germany. The partnership with the German
+Tennis Federation (DTB) also includes support for
+up-and-coming players (Porsche Talent Team
+Germany). The Porsche Talent Team provides the
+country's promising young players with individual
+training and professional guidance, both in a
+sports and social context. In order for German
+women's tennis to permanently establish itself
+among the world's best, the sports car manufac-
+turer recruited two new upcoming young players
+to the Porsche Talent Team in 2015, bringing the
+total number of sponsored players to six.
+37,200
+visitors saw world-
+class matches
+at the Porsche Tennis
+Grand Prix 2015.
+2,500
+Employees, Sport and Society
+children play at the
+Porsche Basketball
+Entry into Professional Golf
+Porsche has entered professional golf for the
+first time as title sponsor of the Porsche Euro-
+pean Open, expanding on its long-term involve-
+ment in the amateur game. The sports car
+manufacturer has organised the Porsche Golf
+Cup, a worldwide amateur tournament series
+for customers, for 27 years. This invitation-
+only series saw more than 8,000 customers
+play at 150 tournaments in 17 countries in
+the reporting period.
+The inaugural Porsche European Open at
+Europe's largest golf resort in Bad Griesbach
+drew more than 25,000 spectators over four
+days. Winning the European Open is a major
+accolade for professional players - it is one of
+the oldest tournaments on the European Tour
+and enjoys worldwide recognition. The starting
+field included 15 current and past Ryder Cup
+players and four current majors champions. The
+tournament was won by Thailand's Thongchai
+Jaidee, one of the best-known golfers in Asia.
+The leading German player was Bernhard Langer.
+Turbo for Talents Youth Programme
+Turbo for Talents is the umbrella term for
+Porsche's involvement in sponsoring talented
+young players in popular sports. The aim is
+to encourage more young people to participate
+in basketball, ice hockey and football at the
+Company's locations. One of the sports car
+manufacturer's objectives is to improve both
+the sporting and social skills of young people
+in the regions. The programme follows a clear
+strategy and promotes the social role of sport.
+Porsche works locally with the respective clubs
+to ensure continuous involvement.
+In Ludwigsburg, approximately 2,500 children
+from the surrounding area regularly play basket-
+ball under professional guidance at the Porsche
+Basketball Academy (BBA). The BBA brings
+together eleven partner clubs and 55 partner
+schools in the region. Its goal is to get young
+people interested in basketball, regardless of
+their background and education. One motiva-
+tional factor is the nationwide success of Porsche
+BBA youth players: the under-16 team from
+Ludwigsburg won the German championship
+for the first time in 2015. Porsche has been
+the BBA team's main sponsor for one year.
+The sports car manufacturer has been supporting Culture
+work with the up-and-coming ice hockey players
+of the SC Bietigheim-Bissingen Steelers since
+2014. The young players receive professional
+support from a number of full-time coaches. The
+Porsche Ice Hockey Camp provides a venue to
+try out innovative training methods. The Steelers
+offer on-site taster courses at schools and
+preschools in the local area to increase the popu-
+larity of ice hockey among approximately 1,000
+children.
+Porsche became involved in youth work for the
+third-division football teams Stuttgarter Kickers
+and SG Sonnenhof Großaspach in the reporting
+period. The partnerships initially run for three
+years. Porsche is also the namesake of the
+Kickers' football academy in Degerloch, which
+aims to obtain German Football Association (DFB)
+certification as a DFB youth training academy
+(DFB-Nachwuchsleistungszentrum) thanks to
+Porsche's involvement. The Kickers expect this
+seal of quality to lead to a sustainable youth pro-
+gramme with nationwide renown. With Porsche's
+help, the Blues' annual football camp also aims
+to open its doors to disadvantaged young people.
+Porsche has been the official partner of the SG
+Sonnenhof Großaspach youth academy since the
+year under review began. The sports car manu-
+facturer supports the team's Second Way pro-
+gramme, which motivates the club's players to
+safeguard their future careers. The initiative
+helps the young people to complete their school
+education or learn a profession in addition to
+their football careers.
+Porsche and second-division football team
+Rasenball Sport Leipzig launched the Leipzig
+Quarter Finals youth tournament in financial year
+2015. Young football fans from the region com-
+peted against each other in four Leipzig neighbour-
+hoods for the first time in 2015, regardless of
+where they go to school or the teams they play
+for. The football project provides a platform to
+draw children away from their games consoles
+and back to the sports ground. Porsche also
+enables disadvantaged children to take part in
+the RB Leipzig football academy, where they
+complete training under professional guidance.
+Porsche supports world-class cultural centres
+with tradition in Baden-Württemberg and Saxony.
+The sports car manufacturer's aim is for people
+at its main locations to enjoy and have access to
+outstanding cultural experiences.
+Open Air Concert in the Leipzig Rosental
+The Leipzig Gewandhaus Orchestra is one of the
+world's leading classical ensembles (fourth place
+in the Bachtrack rankings). The orchestra was
+awarded the ECHO Klassik, one of Germany's
+most important prizes for classical music, in the
+reporting period. Porsche has been the main
+sponsor of the Gewandhaus concert hall in Leipzig
+since 2011. The Klassik airleben series is the
+summer highlight of the Leipzig concert season
+and is part of Leipzig's musical culture. With
+theirunique flair, the concerts draw audiences to
+the Leipzig Rosental at the end of the Gewandhaus
+Orchestra's season. More than 50,000 people
+enjoyed Mendelssohn's Lobgesang symphony-
+cantata and opera classics by Wagner, Verdi and
+Puccini in the reporting period. Arriving with
+picnic baskets and blankets, thousands of Leipzig
+residents savour the two nights in a relaxed
+atmosphere under the open sky each year. Thanks
+to Porsche, both open air concerts have been
+genuine concerts for all since 2014, with visitors
+enjoying the Gewandhaus Orchestra's perfor-
+mances free of charge.
+Porsche hosted the Leipzig Opera Ball for the third
+time in the reporting period. The event is con-
+sidered the city's civic ball and has been held as a
+celebration for Leipzig's residents for 21 years.
+This year's ball celebrated the 50th anniversary
+of diplomatic relations between Germany and
+Israel. Under the slogan "Shalom Israel", 2,200
+international guests enjoyed a glamorous eve-
+ning with Middle Eastern flair. Porsche presented
+the Leipzig Opera Ball Sophisticated Fashion
+Award the ball's own fashion prize for young
+designers for the first time. Porsche extended
+its partnership with the Leipzig Opera Ball for
+a further three years in the reporting period with
+the aim of promoting cultural diversity at its
+locations.
+50,000
+Academy (BBA)
+in Ludwigsburg.
+Work-life Balance
+Employee secondments to international markets
+and national subsidiaries are further cornerstones
+of the Company's employee development initia-
+tives. Long-term employee development planning
+at all levels ensures that Porsche employees can
+now be appointed to 85 percent of vacant manage-
+ment positions.
+with leading global business schools and focuses
+on developing international leadership skills in
+top management.
+о
+Service mechatronics
+engineer Jayson Supan
+in the Porsche workshop
+in Dubai. The Philippine
+citizen has qualified as
+a diagnostic specialist.
+What happens when professionals in After Sales from Porsche, a Porsche importer
+and a Catholic educational institute come together in Manila? The result is educational
+qualifications and more opportunities for young people, in Dubai, for example.
+63
+Annual Report Porsche AG - 2015
+64
+J
+ayson Supan is the name of
+one of these young Philippine citizens
+who has been carrying out maintenance
+work for the last six years as an auto-
+motive mechatronics engineer on vehi-
+cles at the booming Porsche Center in
+the desert Emirate of Dubai. Cars from
+a brand that he had never even heard
+of in his former life. A life that foresees
+for many young people an insecure
+existence as a day labourer in the rice
+fields before the gates of Manila. But
+life had other things in store for him.
+One of Jayson's uncles told him about a
+school in the city. A school where chil-
+dren from poor families could get an
+education. The Don Bosco Technical In-
+stitute (DBTI), run by the Salesians of
+Don Bosco, has been helping for many
+decades to ease the situation of people
+living in poverty by making it possible
+for them to get an education.
+And Jayson was given his chance at Don
+Bosco in 2008 and at the just-opened
+Porsche Training and Recruitment
+Center Asia (PTRCA). This is a training
+institute with the help of which the
+sports car manufacturer from Zuffen-
+hausen has, since then, aimed to cover
+the greatly increasing demand for
+qualified personnel in After Sales, in
+particular in the workshops of the
+Porsche Centers in the Middle East.
+During his several months of basic tech-
+nical training at the DBTI, it became
+clear that Jayson would be a good candi-
+date for the PTRCA. The PTRCA trains
+people in the second qualification
+phase, during which qualified appren-
+tices gain their Porsche-specific skills.
+This is also something they achieve
+at the Porsche Center of Porsche im-
+porter Robert Coyiuto Jr., an important
+supporter of the PTRCA, where they
+can get a taste of the practical side of
+things.
+Since 2009 the now 25-year-old has been
+working as an automotive mechatronics
+engineer at the Al Nabooda Automobiles
+Porsche Center in Dubai. This car dealer
+from the United Arab Emirates, like many
+of his colleagues in the growing Middle
+East market, relies on Porsche special-
+ists like Jayson. The likeable young man
+has just managed the leap from sys-
+tems mechanic to diagnostic specialist.
+Working daily with state-of-the-art
+equipment is no problem for the Filipino.
+R
+00
+AUTOMOTIVE
+Promotion of Young Talents II
+AI
+HEAT
+DOVAVIOS
+E
+BOSTO
+CHAMPIO
+Lessons in the Don
+Bosco Technical
+Institute in the heart
+of the million-strong
+metropolis Manila.
+1,500
+square metres are occupied by the PTRCA
+in the 6,000 m² new building
+of the Don Bosco Technical Institute.
+120
+Philippine citizens per year group will
+receive training as automotive
+mechatronics engineers as of 2016.
+145
+apprentices will start their training to
+become automotive mechatronic engineers
+or bodywork engineers in 2017.
+TECHNOLOGY
+M
+AN
+IL
+Porsche Training and Recruitment Center Asia
+OOOOO
+00
+OOOOO
+Annual Report Porsche AG - 2015
+OOOO
+ooooo
+"Thank you
+for this
+wonderful
+opportunity"
+Jayson Supan
+62
+Promotion of Young Talents II
+00
+P
+T
+OO
+*
+оо
+၁ဝဝဝဝဝ
+C
+A
+. 6,000 m²
+PTRCA Facts
+Training Occupation..
+Founded in.
+automotive mechatronics engineer
+2008
+Apprenticeships Completed.... 250 since 2009
+Apprentices/year..
+Planned New Construction.
+32
+120 from 2016
+145 from 2017
+MANILA
+R 2.0
+OOOOOO OO
+A
+very beginning.
+Number of Employees
+of the Porsche AG Group
+22,401
+19,456
+17,502
+15,307
+24,481
+2011 2012 2013 2014 2015
+The headcount rose again in financial year
+2015. As at the reporting date of 31 December
+2015, Porsche AG employed 24,481 people -
+9.3 percent more than in the previous year.
+Safeguarding Our Sites from 2015 to 2020
+The Executive Board and the general works
+council adopted a groundbreaking package of
+measures to safeguard the continuing existence
+of the sites. Porsche is investing over 1.1 billion
+euro in the Zuffenhausen, Ludwigsburg and
+Weissach locations. The new "Fit for the Future"
+agreement also aims to boost the Company's
+productivity, flexibility and efficiency while
+maintaining Porsche's high social standards for
+employees. Among other things, represen-
+tatives of both employers and employees
+have ruled out redundancies until 2020 in the
+agreement.
+It was agreed that all current and future gener-
+ations of the 911 and Boxster models will be
+produced in Zuffenhausen for the term of the
+agreement. In addition, the Cayman model series
+will be built in Zuffenhausen from August 2016.
+The large number of construction projects in
+Zuffenhausen and Weissach are another clear
+sign of our commitment to Stuttgart as a busi-
+ness location. The construction work in Zuffen-
+hausen includes for example the new engine
+plant with an area of 10,000 square metres,
+and the new body shell production facility.
+Significant investments are also being made
+in Weissach. A new drivetrain testing facility is
+being built to meet the demand for current and
+future drivetrain and engine development, and
+there are also plans to extend the motorsport area.
+Employer Appeal and Work with Young Talent
+The foundation to ensure success in human
+resources work is to position Porsche in the long
+term as an attractive employer and to support
+the numerous young talent initiatives.
+In the reporting year, as in previous years,
+Porsche occupied top spots in prestigious
+employer rankings. Porsche placed third in both
+the engineering and business categories in
+the Universum study. The Trendence study also
+found that Porsche is among Germany's top-
+three most popular employers for engineers and
+business professionals. This is also reflected
+Porsche was very successful in financial year 2015, thanks once again to
+its employees. The key human resources tasks at Porsche are to recruit and
+foster young talent, to integrate new staff and to provide employees with
+the optimal conditions and opportunities for their continuing development.
+In addition, the focus in the reporting period was on the new measures
+to safeguard the sites and on numerous other initiatives and programmes.
+in the number of job applications. The Porsche
+Group received over 140,000 applications in
+2015. This is a new record and corresponds to
+an increase of around 40 percent compared
+with the previous year.
+The Ferry Porsche Prize was awarded for the
+fourteenth time. Awards were presented at our
+development centre in Weissach to the 251
+school leavers with the best maths, physics
+and technology grades in their year.
++40%
+The Porsche Group
+received over
+140,000 applications
+in 2015.
+251
+excellent high school
+leavers were awarded the
+"Ferry Porsche Prize"
+Education and Professional Development
+Forward-looking, requirements-based education,
+continuous training and internal advancement
+opportunities and paths are pillars of Porsche's
+human resources policy. In light of this, Porsche
+offers a comprehensive programme ranging
+from vocational education to development
+programmes for senior executives.
+Porsche supports its current employees at all
+levels and over all career stages in developing
+and enhancing their skills, both for current and
+future or additional tasks. The focus of "Porsche
+Warm-Up" is on training from day one and on
+quickly establishing a cross-departmental
+network. All new employees gain a comprehen-
+sive overview of Porsche as a company and
+learn about the work performed by the different
+departments in the two-day orientation event.
+The Porsche Trainee Programme opened its
+doors to graduates in November 2015 for the
+second time ever. The 12-month programme
+gives participants the opportunity to complete
+a number of projects and practical assignments
+in Germany and abroad.
+In cooperation with Production, two new pilot
+development programmes were launched in
+financial year 2015 as part of the integration of
+department-specific requirements into Porsche's
+development paths. The aim is to foster ongoing
+personal and professional development and
+to systematically prepare employees to take
+on additional tasks.
+The roll-out of the international Porsche
+Advanced Management Programme in the year
+under review boosted the quality of the training
+options available to senior executives in the
+Porsche Group. The programme was developed
+Employees, Sport and Society
+69
+Annual Report Porsche AG - 2015
+70
+During the reporting year, Porsche continued to
+pursue close cooperation with key organisations
+promoting young talent such as Formula Student
+Germany, the international student organisation
+AIESEC, the Foundation of German Business and
+Femtec. Porsche also awarded 44 scholarships
+as part of the German Ministry for Education and
+Research's "Germany Scholarship" initiative and
+took part in the "Porsche Automotive Campus"
+(PAC) scholarship programme at Nürtingen-Geis-
+lingen University in financial year 2015. In addi-
+tion, a professorship for modularisation in vehicle
+development was established within the vehicle
+technology faculty at the Esslingen University
+of Applied Sciences in 2015 with the financial
+support of Porsche.
+In training, theory
+and practice are
+taught closely
+interlinked from the
+Employees
+Employees,
+Sport
+65
+Annual Report - Porsche AG - 2015
+66
+Jayson's mother proudly shows her son's certificates. Jayson's parents and his
+younger brother in their new living room and in front of the new delivery van (photo below).
+Prosperity that would not be possible without Jayson's job in Dubai.
+And yet at the beginning it was difficult
+for him to be thousands of kilometres
+away from his family. But thanks to his
+strong faith and the soon-established
+close friendship with his colleagues,
+it was not long before the desert country
+and the Porsche Center became his sec-
+ond home, allowing him and his family
+a financial basis that lies far above the
+Philippine average. "I looked at my
+first pay check lots of times, because
+I couldn't believe how high my salary
+was," Jayson says with a warm laugh.
+Richard Carvalho, After Sales trainer, is
+something like a mother to the group
+of young technicians. A citizen of India
+and with an unusual hairdo, he has a
+very cheerful disposition. Thanks to his
+warm nature, he is able to drive away
+the first feelings of homesickness
+among the new arrivals. When new tech-
+nicians are needed, he immediately
+allocates them to colleagues from other
+countries. Pakistanis, Indians, Filipinos
+are the largest national groups in
+the large Porsche team in Dubai. His
+team-building activities work for people
+of very different nationalities. What
+he appreciates among young people
+from the East Asian island state above
+8
+years of cooperation between
+Porsche and the Salesian Society
+of Don Bosco in Manila.
+and Society
+250
+Private
+all is "their good manners and their disci-
+plined attitude to work," he says. The
+highly qualified technicians are a great
+support from the very beginning. And
+thanks to their very hard-working nature,
+they manage to develop themselves
+further in only a few years. On the week-
+ends the men from Pakistan and India
+cheer on their Filipino colleagues at a
+basketball tournament. And they return
+the favour as loud fans at a cricket game.
+"It's a sport that Filipinos really can't play,"
+says Carvalho laughing.
+Porsche has been cooperating with the
+Salesian Society of Don Bosco in Manila
+for eight years. Young people from the
+poorest of backgrounds and a sports car
+manufacturer. The combination of Don
+Bosco and Porsche - does it work? He
+felt a little like a doubting Thomas at
+first, says Christian Osterhaus, Managing
+Director of the NGO Don Bosco Mondo
+e.V., which is based in Germany. But
+Osterhaus is absolutely certain about one
+thing, not least since his visit to Manila
+at the end of last year: "Yes, it works!"
+A model of success sets a precedent. The
+brands Audi and Volkswagen are to be-
+come new cooperation partners of the
+PTRCA via Audi Volkswagen Middle East.
+Instead of the recent 32 apprentices
+per year, in 2016 there will be 120 and
+in 2017 even 145 young men and
+women being trained to become auto-
+motive mechatronics engineers for
+state-of-the-art technology, and from
+2017 bodywork engineers as well. At
+the present time, a new 6,000-square-
+metre training centre is being built
+on the grounds of the Don Bosco Insti-
+tute. A surface area of 1,500 square
+metres alone has been designated for
+theory rooms and workshops for Audi,
+Volkswagen and Porsche.
+"It is nothing unusual for the inhabitants
+of the Philippines to work all over the
+world. They benefit here from their Eng-
+lish language skills and their good work
+ethic," explains Michael Drolshagen,
+Head of After Sales at Porsche AG, when
+naming the most important reasons
+D
+UB
+AI
+for choosing Manila as a location for the
+PTRCA. Jayson Supan's story shows
+that this was and is the right approach.
+Jayson is one of the 250 young people
+who, since the launch of the PTRCA,
+have made use of the opportunity to
+gain a better life for them and their fami-
+lies by training to become an automo-
+tive mechatronics engineer. In his home
+village, Jayson is seen as a person who
+has helped his family to achieve modest
+affluence. For example, the family's
+new two-storey, solid brick house is wit-
+ness to Jayson's success. His parents
+have two model cars from Porsche on
+a small table in their living room which
+they treasure, along with the framed
+school certificates that hang on the wall.
+The Supans have set up a micro busi-
+ness with the money sent home from
+Dubai. The typical vehicle used by Filipi-
+nos stands in the driveway: a Jeepney.
+This relict from US colonial times is a
+converted Jeep that is generally used as
+a collective taxi. The colourfully painted
+vehicle is used by the Supans to trans-
+port goods. They have painted the
+words "fruits and vegetables" in curved
+letters on the body. Every Saturday
+Jayson Supan (right) with the After Sales
+trainer Richard Carvalho in the Dubai workshop.
+morning in the very early hours, the
+Jeepney is driven to the market of a
+neighbouring town loaded with mangos,
+pineapples, bananas and watermelons.
+The father employs a neighbour as
+his driver, thus spreading the family's
+success further. He does not have a
+driving licence himself.
+Back to Jayson Supan at the workshop
+in Dubai, directly on the highway
+between the huge Dubai Mall, which
+boasts the world's tallest skyscraper,
+Burj al Khalifa, and the eastern outskirts
+of the city. Jayson now feels quite at
+home in the glamorous metropolis. Of
+course he still misses his family, even
+though he has many contacts among
+the Filipino community in Dubai. No
+weekend goes by without the guys cook-
+ing and partying together. That eases
+their feelings of homesickness: "What
+I miss most is the shared meals with
+my parents and brothers." But when
+he sees what his family has achieved
+during his annual four-week holiday
+at home, he knows: "It was the right
+decision. Thank you, Porsche, for this
+fantastic opportunity!"
+Promotion of Young Talents II
+67
+Annual Report Porsche AG - 2015
+68
+young people have already made use of the chance of a
+better life by completing their apprenticeship at the PTRCA
+to become an automotive mechatronics engineer.
+R. L. Do these young people take it as an opportunity?
+Porsche's wide array of vocational and profes-
+sional training programmes encompass a total of
+ten qualified careers in technical and business
+subject areas, as well as seven courses of study
+in partnership with Baden-Württemberg Cooper-
+ative State University (DHBW). The past financial
+year saw a total of 150 young people begin their
+training in the various careers and courses of
+study on offer at Porsche AG. The new training
+centre, which opened in September, is state-
+of-the-art in the industry.
+L. M.- Promoting young people is a major priority in
+Lutz Meschke
+"The Stuttgarter
+Kickers or
+Rasenball Leipzig
+are not about
+the Champions
+League for us
+but about social
+commitment."
+a positive snowball effect.
+Lutz Meschke and Rainer Lorz
+keep the juniors of Stuttgarter
+Kickers on the ball - and create
+With "Turbo for talented athletes"
+58
+Annual Report - Porsche AG - 2015
+our company. The number of training places has
+increased in the past three years by 50 percent
+to 150 places. We opened our new training centre
+in Zuffenhausen last year. Porsche also specif-
+ically promotes the training of young people who
+are underprivileged. We have set the proportion
+of first-level school leavers to 40 percent for
+apprenticeships. And we also want to give young
+people a chance with a year of funding for young
+people who are allegedly not trainable. These
+are mostly boys who have already fallen through
+the cracks once or twice.
+into the pits after
+Hülkenberg again.
+Hülkenberg is called
+19 back to Nico
+hands start number
+laps, Earl Bamber
+Clever manoeuvring
+at dawn: after 249
+Safety
+90
+L
+276 rounds.
+Porsche uses a
+longer neutralisation
+Annual Report - Porsche AG - 2015
+89
+Эфемер
+DMG MORI
+06:15
+phase for a full
+service, changes
+SHOP
+the rear wing, the
+tyres - and the
+driver again: Nick
+Tandy gets back on
+AOPANT
+DMG MORI
+ONG NO
+19
+19
+START NUMBER
+Earl Bamber - 24, New Zealand
+Nick Tandy - 30, United Kingdom
+Nico Hülkenberg - 27, Germany
+the engine cover,
+DRIVERS
+DM
+MG MORI
+C
+FARD
+OMG MORI
+WEC - Le Mans
+the track as front
+runner.
+DMC
+88
+WEC 2h LEMANS P1
+SCHLEPTLES
+FAG
+Earl Bamber after 91 laps,
+moves into first place at
+919 Hybrid again from
+who took over the
+But Nico Hülkenberg (19),
+(17) back to fourth place.
+Hartley and Mark Webber
+of Timo Bernhard, Brendon
+throws the leading trio
+night. A stop-and-go penalty
+As so often happens -
+everything's different at
+Change Up Front
+23:59
+86
+Annual Report - Porsche AG - 2015
+85
+midnight. Bamber:
+Annual Report Porsche AG 2015
+"The race is very fast."
+DMG MORI
+17
+DMGRI
+MF CE
+PSCHE
+LIGENT
+Mabic
+CHOPARD
+PORSCHE
+DMG MOR
+MORI
+Timo Bernhard (17) hands over the wheel after 52 laps in round 188 to Brendon Hartley, who passes the
+wheel to Mark Webber at 5:47 after 240 laps. Start number 18 has problems, Romain Dumas takes
+over the car from Marc Lieb at 4:24 in sixth place. And who's in the lead? The Le Mans rookies with start
+number 19 work like clockwork and complete their fourfold stints confidently. Earl Bamber is at the wheel.
+Everyone is wide awake at Porsche. Long intervals between tyre changes, strong driver performance
+and formidable pit stop times push the 919 Hybrid forward. Success tactics - all three race cars drive
+quadruple stints. Drivers and tyres are only changed after four refuels.
+02:47 Team Effort
+17
+START NUMBER
+Timo Bernhard - 33, Germany
+Brendon Hartley - 25, New Zealand
+Mark Webber - 38, Australia
+DRIVERS
+17
+CHO
+Tobil
+26
+Probably the boldest fundamental decision: Hitzinger opted
+for 800 volts for the hybrid system of the 919. "Determining
+the voltage level is a major decision for the electric drive,"
+he emphasises; "it affects everything - battery design, elec-
+tronics design, electric engine design, charging technology
+and charging infrastructure. We went as far as it was possible
+to go." It was difficult to find parts for such a high voltage,
+especially a suitable storage medium. Flywheel accumulator,
+super capacitors or battery? Hitzinger decided on a liquid-
+cooled lithium-ion battery. It has hundreds of single cells, each
+enclosed in separate cylindrical metal capsules, seven centi-
+metres high and 1.8 centimetres in diameter.
+"The choice of concept was inspired by us looking at each of
+the various alternatives in detail," Hitzinger reflects. It was
+immediately clear that we would use the braking energy from
+the front axle. Engineers call this a "no-brainer" - large
+energy gains on partially familiar terrain, coupled with major
+further developments. "As the second system, the brake
+energy recovery on the rear axle or the exhaust energy recov-
+ery came into question." Two aspects spoke in favour of the
+exhaust solution. First, the weight and second, the efficiency.
+"To recover braking energy, the system has to recuperate
+the energy in a very short time, so it has to handle a lot of
+power, meaning more weight. However, the acceleration
+phases are far longer than the braking phases, so the system
+recovers for longer and that makes it lighter. "Besides"
+Hitzinger adds, "we already have a drive on the rear axle with
+the combustion engine. With even more power at the rear
+we would create more slippage. "Slippage is practically the
+opposite of efficiency and also ruins the tyres."
+The 2.22 kilowatt-hours of electrical energy correspond to
+eight megajoules - and that is the highest energy class
+the rules permit. Porsche was the first and only manufacturer
+in 2015 to venture this far. Audi and Toyota were only able
+to demonstrate four and six megajoules respectively. The
+reason Porsche was confident enough to achieve this peak is
+thanks to a bold and fundamental decision.
+Therefore the driver has to be frugal so that he has enough
+fuel at the end of the round and not one drop has been con-
+sumed more than permitted, and preferably not less either. It
+is a balancing act: if he consumes more, he will pay for it later.
+If he consumes less, he loses on performance. The trick is
+to stop boosting electrical energy at exactly the right moment
+as well as step off the accelerator at the right moment.
+78
+hard. So far, so good. However, both energy sources are lim-
+ited: the car is not allowed to use more than 4.65 litres of
+petrol per lap and not more than 2.22 kilowatt-hours of elec-
+trical energy.
+330 km/h, the turbine in the exhaust tract has to work very
+PORSCHE
+INTELLIGENT
+PERFORMANCE
+PORSCHE
+OMG MORI
+19
+CHOPARD
+The V4 direct fuel injection with turbo charger is integrated into
+the chassis as a central engine. The batteries in the centre of the
+vehicle supply the electric engine on the front axle with power.
+The Hybrid Powertrain of the Porsche 919 Hybrid.
+Particularly on the extremely long Hunaudières straight
+stretch, where the 919 Hybrid gets up to speeds of over
+On the one hand, the driver puts his foot down full on the
+accelerator and accesses the fuel energy - on the other,
+he boosts electrical power from the battery. While the
+combustion engine drives the rear axle, the electric engine
+is in charge of the front axle. The 919 Hybrid is propelled
+out of the bend with four-wheel drive - and is once again
+recovering power at the same time.
+For a road-going model, as well as a race car, there needs
+to be a balance between power density and energy density.
+The higher the power density of a cell, the faster it can be
+charged and release energy again. The other parameter, the
+energy density, determines the amount of energy that can
+be stored. In racing, the cell must - figuratively speaking -
+have a huge opening. Because as soon as the driver stamps
+on the brake, it needs to take in a huge amount of power all
+of a sudden, and when he boosts, it has to act just as fast to
+release it again. In layman's terms, it's like this: if the dis-
+charged lithium-ion battery in a smartphone had the power
+density of a 919 battery, it would only take about twenty
+seconds to charge it to 100 percent. The disadvantage would
+be: a very short call - and then all the juice would be gone
+again. The energy density, in other words the battery capacity,
+is crucial to keep the smartphone running for days on end.
+The interaction between these two power sources requires
+an elaborate strategy. On the track, it works like this:
+with each braking phase, the battery stores the energy and
+it is recuperated. On one of the 13.629-kilometre laps in
+Le Mans, this happens 38 times before each bend. Some-
+times with more intensity, sometimes less. This depends
+on how hefty the manoeuvre, that is, the speed at which the
+drivers go into the bend and how sharp the following bend
+is. Up to the apex of every bend, the driver brakes and
+recuperates, then he accelerates again. This is the moment
+that as much power as possible needs to be available.
+If we transfer this to an electric car for everyday use, battery
+capacity means range. "This is where the requirements of
+race cars and electric cars for the road differ," says Hitzinger,
+"but, for the 919, we have advanced into in the area of hybrid
+management to an extent that was previously unimaginable."
+In the Mission E, so-called permanent magnet synchronous
+engines are provided - in effect these are the non-racing
+brothers of the motor generator unit (MGU) from the winning
+Le Mans car. "The 919 was the testing ground for the volt-
+age level of hybrid systems," Hitzinger says, not without pride.
+This experience gave our production series colleagues the
+courage to introduce the Mission E design study with 800-volt
+technology. From the race track to the road: perfect team-
+work à la Porsche.
+Performance and Efficiency:
+1.58
+2011
+1.05
+in billion euro
+Development Costs
+Research and
+The Cayman GT4 celebrated its world premiere at the Geneva Auto Show at
+the beginning of March 2015. The engine, chassis, brakes and aerodyna-
+mics of the Porsche GT family's new member have been designed for maxi-
+mum driving excitement. Under the bonnet is a 385-hp (283-kW) 3.8-litre
+six-cylinder Boxer engine derived from the power plant of the 911 Carrera S,
+which propels the mid-engined sports car from 0 to 100 km/h in 4.4 seconds
+and reaches a top speed of 295 km/h. Its combined fuel consumption is
+10.3 l/100 km (New European Driving Cycle - NEDC).
+Sensational Global Launches
+Development
+Research
+and
+Annual Report Porsche AG 2015
+93
+WEC - Le Mans
+The Single Electric Engine
+provides its power on demand via
+a differential on both front wheels.
+The state-of-the-art battery power
+centre is positioned in the centre
+of the vehicle.
+> 400 hp
+> 500 hp
+vodale
+means precisely when it is needed: the driver wants to
+accelerate and obtains the power at the touch of a button.
+The combustion engine's output is "well over 500 hp,"
+says Hitzinger, while the power from the electric engine is
+"well over 400 hp."
+Kinetic energy is converted into electrical energy at the
+front axle when braking. Besides the turbo charger, a
+second, intelligent turbine is fitted in the exhaust tract,
+which converts excess energy into electrical energy.
+The proportion of braking energy amounts to 60 percent
+and energy from the exhaust gas is 40 percent. The
+regenerated electric power is stored in a lithium-ion
+battery and feeds the electric engine on demand. That
+Hülkenberg drives to victory with aplomb.
+Head of LMP1 Fritz Enzinger has tears in his eyes.
+Emotional
+14:55
+Is the dream really coming true? The computer can't lie. If nothing else goes wrong, victory
+should be in the bag. The Audis are not going to come back now. It looks like a double
+victory for Porsche. And typically for Le Mans, the trio with the least experience (Bamber
+and Hülkenberg celebrate their Le Mans premiere, Tandy drove in the GTE-Pro class with
+a 911 RSR last year) steer their way to triumph. For the last time the driver is changed for
+the car with start number 19. Nico Hülkenberg takes over for the final kilometres.
+13:25 End Spurt
+Confidence rises in the Porsche pit. Bamber, Hülkenberg and Tandy simply refuse to
+let the Audi competition get nearer. But better still, Bernhard, Hartley and Webber
+have fought their way to second place with number 17. And number 18 with Dumas,
+Jani and Lieb gains ground and moves up to fifth place.
+Anticipation
+12:02
+18
+START NUMBER
+Marc Lieb - 34, Germany
+Romain Dumas - 37, France
+Neel Jani - 31, Switzerland
+DRIVERS
+DMG MOR
+Арме
+The final word: he should wait for Brendon Hartley
+Mobil
+in second place for the winning photo
+Nico Hülkenberg (19) drives over the finishing line with Brendon Hartley
+(17): double victory after 24 hours and 395 laps. Hollywood actor,
+Patrick Dempsey, takes an impressive second place in the GTE-Am class.
+There's no stopping the cheering. Hülkenberg takes his lap of honour
+in the 919 Hybrid. He rips open the door to resounding cries of joy.
+Trembling, his team mates are waiting for him and climb up onto the
+podium. The inconceivable has come true.
+Courage is all about the power of imagination. Alexander
+Hitzinger, Technical Director of the LMP1 programme,
+can imagine plenty and pulled out all the stops with the
+Le Mans winner, the Porsche 919 Hybrid. Particularly
+for the drive concept. Just to remind you, it consists of
+a two-litre four-cylinder turbocharged petrol engine, the
+most efficient combustion engine built by Porsche to
+date, and two different energy recovery systems.
+Overwhelming victory with the most complex
+car, with the most complicated rules: with the
+LMP1, Porsche demonstrates its engineering
+supremacy in racing.
+Electrifying
+Strategy
+92
+Annual Report Porsche AG 2015
+91
+10
+.PORS
+PRS
+LE MA
+24
+MG MORI
+GMIP
+CHOA
+WEC Le Mans
+15:00 Finishing Line
+19
+2-h LE MANS
+P1
+Brendon Hartley - 25, New Zealand
+Mark Webber - 38, Australia
+START NUMBER
+17
+DRIVERS
+Nico Hülkenberg - 27, Germany
+Earl Bamber - 24, New Zealand
+Nick Tandy - 30, United Kingdom
+START NUMBER
+19
+DRIVERS
+Marc Lieb 34, Germany
+Romain Dumas - 37, France
+Neel Jani -31, Switzerland
+START NUMBER
+18
+WEC
+World
+Endurance
+Championship
+2015
+1. 12/04/2015 - 6 h of Silverstone
+Timo Bernhard - 33, Germany
+2. 02/05/2015 -6 h of Spa-Francorchamps
+DRIVERS
+June
+2015
+エリ
+CHOP
+20
+G5
+15
+17th Overall Victory for Porsche in Le Mans
+Porsche gained the 17th overall victory for the company at the 83rd 24 Hours of Le Mans - as a double win. The drivers,
+Earl Bamber, Nico Hülkenberg and Nick Tandy, were the first to see the finishing flag with the innovative Porsche 919 Hybrid
+45 years to the day after the first Porsche overall victory on the Sarthe circuit. The sister car with the driver trio of Timo
+Bernhard, Brendon Hartley and Mark Webber perfected the triumph with second place. Romain Dumas, Neel Jani and Marc
+Lieb took the third Porsche 919 Hybrid to the finishing line in fifth place. No other brand has achieved so much success
+at the toughest endurance race in the world and is so closely bound to the legend of Le Mans.
+79
+Annual Report Porsche AG - 2015
+24 h
+Saturday Sunday
+13th
+June
+2015
+-
+14th
+Le Mans
+MG MORI
+3. 13/06/2015 - 24 h of Le Mans
+5. 19/09/2015 - 6 h of Austin
+Annual Report Porsche AG - 2015
+82
+Sport C
+17
+15:00
+Start
+A textbook start for Porsche: as the 55 participants get started, the three 919 Hybrids are in first, second and third
+place. Already on the first lap, Timo Bernhard (start number 17) overtakes Neel Jani (18) and moves into the lead.
+Nico Hülkenberg (19) gets passed by the three Audis and falls back into sixth place at the beginning of the third lap.
+Timo Bernhard is already in full competition mode: "What a start. It's getting straight to the point."
+Bed
+CHOED
+From left to right:
+Andreas Seidl,
+Porsche Team Principal,
+Fritz Enzinger,
+Head of LMP1,
+Alexander Hitzinger,
+Technical Director LMP1.
+24h
+LE MANS
+SC
+PA
+CH
+4. 30/08/2015 6 h of Nürburgring
+DMG MORI
+LE MANS
+6. 11/10/2015 - 6 h of Fuji
+7. 01/11/2015 - 6 h of Shanghai
+8. 21/11/2015 - 6 h of Bahrain
+80
+WEC - Le Mans
+PO
+2015
+MARKEN-WELTMEISTER
+FIA WEC MANUFACTURERS
+CHAMPION
+A
+DMG MORI
+M
+WOD
+24h
+vodafone
+KFAG
+MMCMORI
+Nick
+Front Runner
+16:08
+OMG
+POR
+MG MORI
+2h
+Pararte has
+MICHELIN
+SCHALPTUR
+uvex
+DMG MORI
+DMC
+No other company lives Le Mans like Porsche.
+Even Dr. Wolfgang Porsche and Matthias Müller
+accompany the team day and night in the pit.
+18
+bill
+The first safety car phase brings the field closer together and events come thick and
+fast. Porsche and Audi are leading in turn. At 17:20 the 919 Hybrid (17) takes the
+lead again. Le Mans rookie, Hülkenberg (19), hands over to Le Mans rookie Nick Tandy
+after 36 laps and is thrilled: "The start, speed limit zone, safety car - it's all there
+already in my race debut. I'm happy with that."
+CHOPO
+MICHELIN
+uvex
+SCHAEFFLER
+1.31
+WEC
+CHOPARD
+Mobill
+PORSCHE
+INTELLIGENT
+PERFORMANCE
+Mobil
+adidas
+PORSCHE HY
+DMG MORI
+CHOPARD
+CHOPARD
+WEC - Le Mans
+84
+Annual Report - Porsche AG 2015
+MICHELIN
+Pat
+OR
+DMG MORI
+CHORA
+EMORI
+INVI
+SILVERSTONE
+SPA-FRANCORCHAMPS
+LE MANS
+NÜRBURGRING
+AUSTIN
+FUJI
+SHANGHAI
+BAHRAIN
+Stroke of
+Genius in
+Eight
+Acts
+17
+Mob-
+DMG MORI
+ORKSHE
+OMG MORI
+WEC Le Mans
+World Endurance Manufacturers' Champion
+World 
+Endurance Drivers' Champion
+FOR
+GM
+WEC
+MORI
+WEC
+MGMORI
+Timo
+24
+MOTORSPORT
+Oved
+DAG MORI
+WEC
+MORI
+vo
+WEC
+LMP1
+2012
+a V4-cylinder engine with direct
+fuel injection, turbo charger and
+exhaust energy recovery system
+2.15
+10.3
+370
+272
+911 Carrera 4 Cabriolet PDK
+F
+206
+8.9
+6.9
+12.4
+370
+272
+911 Carrera 4 Cabriolet
+E
+180
+7.9
+6.5
+6.6
+7.9
+D
+184
+8.0
+6.7
+10.4
+420
+309
+911 Carrera 4S Cabriolet PDK
+F
+208
+9.0
+6.8
+12.6
+420
+309
+911 Carrera 4S Cabriolet
+182
+E
+10.3
+309
+6.7
+12.2
+370
+272
+911 Carrera 4
+D
+178
+7.8
+6.5
+10.2
+420
+309
+911 Carrera S Cabriolet PDK
+F
+202
+8.7
+420
+201
+1.95
+911 Carrera 4S PDK
+F
+204
+8.9
+6.8
+12.4
+420
+309
+E
+177
+7.7
+6.3
+10.1
+370
+272
+F
+911 Targa 4
+272
+370
+427
+911 Turbo S Cabriolet
+F
+216
+9.3
+7.6
+12.1
+540
+397
+911 Turbo Cabriolet
+F
+212
+9.1
+7.5
+11.8
+580
+580
+12.1
+9.3
+97
+Research and Development
+96
+E-D
+215-207"
+9.2-8.8"
+7.8-7.4"
+11.8-11.4"
+360
+265
+"Versatility depending on the tyre set used
+Macan GTS
+911 Targa 4S PDK
+F
+216
+7.6
+427
+911 Turbo S
+F
+309
+911 Targa 4S
+D
+182
+7.9
+6.5
+10.3
+370
+272
+911 Targa 4 PDK
+F
+206
+8.9
+6.9
+12.4
+420
+12.6
+6.8
+9.0
+212
+9.1
+7.5
+11.8
+540
+397
+911 Turbo
+8.8
+D
+8.0
+6.7
+10.4
+420
+309
+F
+208
+184
+6.7
+911 Carrera 4 PDK
+12.3
+Annual Report Porsche AG 2015
+6.0
+9.9
+300
+220
+Class
+(Germany)
+Efficiency
+CO₂
+Fuel
+CO₂
+Consumption Consumption Consumption Emissions
+Urban
+Extra-urban Combined Combined
+(l/100 km) (l/100 km) (l/100 km) (g/km)
+Fuel
+Fuel
+Output
+(hp)
+Output
+(kW)
+911 Carrera 4S
+168
+911 GT3 RS
+E
+300
+9.5
+350
+257
+F
+184
+8.1
+6.5
+10.7
+350
+257
+D
+158
+6.9
+5.7
+9.0
+220
+6.0
+Cayman GT4
+718 Boxster S PDK
+The 911 Turbo S Coupé accelerates to 100 km/h
+Annual Report Porsche AG 2015
+95
+Research and Development
+94
+Porsche unveiled its new top-of-the-range 911
+models - the 911 Turbo and 911 Turbo S - to
+a global audience at the North American Inter-
+national Auto Show in Detroit in January 2016.
+In comparison with their predecessors, the high-
+performance sports cars boast an additional
+20 hp (15 kW) of power, a sharper design and
+improved features. The bi-turbo 3.8-litre six-
+cylinder engine in the 911 Turbo now produces
+540 hp (397 kW) of power. The 911 Turbo S
+develops 580 hp (427 kW). Porsche remains the
+only manufacturer to use turbochargers with
+variable turbine geometry in petrol engines. The
+engines now feature a dynamic boost function
+to further improve responsiveness. This main-
+tains the charge pressure during load changes,
+i.e. when the accelerator is released briefly.
+As a result, the engine reacts virtually without
+delay when the accelerator is pressed again.
+The Macan GTS took centre stage at the Tokyo
+Motor Show 2015. With this global launch, the
+year's entire new range of Macan compact
+SUVS now includes the Porsche Communication
+Management (PCM) that made its debut in
+the 911 Carrera. Its key features are real-time
+traffic information, a simplified interface and
+an integrated Wi-Fi hotspot. The Macan GTS.
+generates 360 hp (265 kW) of power and 500 Nm
+of torque, placing it between the Macan S and
+the Macan Turbo. The SUV accelerates from
+0 to 100 km/h in 5.2 seconds and features PDK
+transmission and Porsche Traction Management
+(PTM) that splits the traction variably between
+the front and rear axles. Classic GTS design fea-
+tures round off the model's sporty appearance.
+The new 911 Carrera 4 and 911 Targa 4 models
+feature new electro-hydraulically controlled
+all-wheel drive and accelerate faster than their
+rear-wheel drive counterparts. Fitted with the
+optional PDK transmission and Sport Chrono
+Package, the 911 Carrera 4 speeds from 0 to
+100 km/h in 4.1 seconds, with the S model
+coming in at 3.8 seconds. The 911 Carrera S
+Cabriolet and 911 Targa 4S, each with PDK
+transmission, achieve the new generation's best
+fuel economy in comparison with their prede-
+cessors, with average fuel consumption down
+1.2 litres to 8.0 l/100 km.
+is how long it takes the
+911 Turbo S Coupé
+to accelerate from
+zero to 100 km/h.
+2.9s
+The retuned Porsche Active Suspension Manage-
+ment (PASM) chassis sits 10 mm lower and for
+the first time is a standard feature for all Carrera
+models. It further improves stability during fast
+cornering. At the same time, the new shock
+absorber generation enhances comfort. The new
+Porsche Communication Management (PCM)
+system, including an online navigation module
+and voice control, can be operated just like a
+smartphone with multi-touch gesture control on
+the seven-inch screen. User input via handwriting
+is also possible. Mobile phones and smartphones
+can be connected via Wi-Fi. Another new feature
+is the ability to connect an iPhone to the PCM via
+Apple CarPlay, and real-time traffic information
+is available for significantly improved navigation.
+The International Motor Show Germany (IAA) in
+Frankfurt in September 2015 set the stage for
+the high point of the financial year. The next
+generation of the global top-selling 911 Carrera
+sports car was unveiled with innovative twin-
+turbo Boxer engines, an enhanced chassis and
+the new Porsche Communication Management
+system. The completely new engine generation -
+producing 370 hp (272 kW) in the 911 Carrera
+and 420 hp (309 kW) in the 911 Carrera S - each
+offer an extra 20 hp (15 kW). Both engines have
+a displacement of three litres. The torque in both
+models has increased by a significant 60 Nm in
+comparison with their predecessors; the maxi-
+mum torque of 450 Nm and 500 Nm respectively
+is delivered constantly from a low 1,700 rpm to
+5,000 rpm in both cases, making for a superlative
+driving experience. At the same time, the maxi-
+mum 7,500 rpm clearly exceeds the upper limits
+of conventional turbocharged engines. Driving
+performance: the Carrera Coupé with PDK trans-
+mission and Sport Chrono Package sprints from
+0 to 100 km/h in 4.2 seconds, with the Carrera S
+taking 3.9 seconds. The top speeds are 295 km/h
+(911 Carrera) and 308 km/h (911 Carrera S). In
+addition, depending on the model variant, the next
+generation engines are just under 12 percent
+more efficient. For example, the fuel consumption
+of the 911 Carrera with PDK transmission is
+7.4 l/100 km (911 Carrera S: 7.7 l/100 km).
+The new Boxster Spyder made its debut at
+the New York International Auto Show in April
+2015. With its rigid sports chassis, a 20 mm
+lower ride height, brakes taken from the
+911 Carrera and a 375-hp (276-kW) 3.8-litre
+six-cylinder engine, the roadster was enthusi-
+astically received by visitors. The lightest and
+at the same time most powerful Boxster accel-
+erates from 0 to 100 km/h in just 4.5 seconds
+and reaches a top speed of 290 km/h. Its fuel
+consumption is 9.9 l/100 km (NEDC).
+The second new model unveiled in Geneva
+was the 911 GT3 RS. This high-performance
+sports car is the epitome of intelligent light-
+weight construction. The roof is constructed
+of magnesium and the bonnet and boot lid of
+carbon fibre. The 911 GT3 RS is powered by a
+500-hp (368-kW) four-litre six-cylinder engine
+producing 460 Nm of torque, combined with
+a specially developed Porsche Double Clutch
+(PDK) transmission. The 911 family's largest-
+displacement and highest-powered naturally
+aspirated engine with direct fuel injection
+catapults the car from 0 to 100 km/h in
+3.3 seconds. Its combined fuel consumption
+is 12.7 l/100 km (NEDC).
+2013 2014 2015
+in 2.9 seconds and reaches a top speed of
+330 km/h. The 911 Turbo hits the 100-km/h mark
+in 3.0 seconds and its top speed is 320 km/h.
+The fuel consumption (NEDC) is 9.1 l/100 km for
+the coupés and 9.3 l/100 km for the convertibles,
+meaning that all variants consume 0.6 litres less
+fuel per 100 km than their predecessors.
+Boxster Spyder
+The new 718 Boxster was the star of the Geneva
+Motor Show at the beginning of March 2016.
+Twenty years after the premiere of the first
+Boxster, Porsche is relaunching its mid-engined
+roadster. The 2016 models are the 718 Boxster
+and 718 Boxster S - two-seat convertibles that
+are more powerful and at the same time more
+fuel efficient. At their core is a newly developed,
+turbocharged four-cylinder Boxer engine: the
+718 Boxster features a 2.0-litre power plant
+developing 300 hp (220 kW) of power, while the
+718 Boxster S boasts a 2.5-litre unit producing
+350 hp (257 kW). The S model uses a turbocharger
+with variable turbine geometry (VTG), with Porsche
+now offering this technology in the 718 Boxster S
+as well as the 911 Turbo. The new models feature
+a significant 35-hp (26-kW) increase in power and
+the new turbocharged engines consume up to
+13 percent less fuel, setting them apart from
+previous Boxster models. The 718 Boxster with
+PDK transmission and Sport Chrono Package
+sprints from 0 to 100 km/h in 4.7 seconds, with
+the Boxster S clocking in at 4.2 seconds. The
+top speeds are 275 km/h for the 718 Boxster and
+285 km/h for the 718 Boxster S. The four-cylinder
+Boxer engine with PDK transmission in the 718
+Boxster boasts fuel consumption of 6.9 l/100 km
+(NEDC), while the 2.5-litre turbocharged Boxer
+or 440 kW is the
+system performance
+of the Mission E
+concept study.
+718 Boxster PDK
+718 Boxster S
+718 Boxster
+Model
+Emission and Consumption Data of the Newly Introduced Vehicles
+In the financial year 2015, research and non-
+capitalised development costs (excluding amor-
+tisation and depreciation) of the Porsche AG
+Group amounted to 1.11 billion euro (previous
+year: 886 million euro). Development costs
+totalling 1.04 billion euro were capitalised
+(previous year: 1.07 billion euro). Total research
+and development costs (excluding amortisation
+and depreciation) amounted to 2.15 billion euro
+(previous year: 1.95 billion euro). The capital-
+isation ratio in financial year 2015 amounted to
+55 percent.
+Research and Development Costs
+The Drive Technologies of Tomorrow
+The global launch of Porsche's first ever all-
+electric four-seater - the Mission E concept car -
+turned heads at the International Motor Show
+Germany (IAA) in Frankfurt in September 2015.
+With its highly emotional design, the technology
+showcase combines superlative performance
+with forward-looking everyday practicality under
+the keyword E-Performance. With system output
+of more than 600 hp (440 kW), the aim is for
+the sports car to achieve 0 to 100 km/h in under
+3.5 seconds and feature a range of more than
+500 km. The 800-volt charging unit is twice as
+powerful as today's turbo charging systems,
+and the lithium-ion batteries integrated in the
+car's underbody can be charged to 80-percent
+capacity in just 15 minutes. The vehicle can
+optionally be charged via an inductive coupling
+built into a garage floor without the need for
+cables.
+bi-xenon headlights with integrated LED day-
+time running lights. The redesigned rear of the
+718 Boxster appears significantly wider, due
+in particular to the strip with integrated Porsche
+lettering between the tail lights.
+100 kilometres.
+718 Boxster S (PDK)
+consumes in
+is what the new
+The design of the new model series has also been
+extensively updated. The rear of the new roadster
+is significantly more profiled, and its front end
+has a wider and more masculine appearance. The
+significantly larger air intakes at the front are a
+distinct reminder of the new turbocharged engines.
+The front end is rounded off by redesigned
+six-speed manual transmission as standard, with
+PDK transmission as an optional extra. The latest
+generation Porsche Communication Management
+(PCM) system with state-of-the-art touchscreen
+display comes as standard, and an optional navi-
+gation module is available.
+consumes 7.3 l/100 km. The 718 models feature
+engine with PDK transmission in the 718 Boxster S 7.3 litres
+600 hp
+7.3
+7.4
+F
+E
+174
+7.7
+6.4
+10.1
+420
+309
+911 Carrera S PDK
+F
+199
+8.7
+6.6
+12.2
+420
+309
+911 Carrera Cabriolet
+911 Carrera S
+272
+167
+420
+309
+911 Carrera S Cabriolet
+D
+172
+7.5
+6.2
+9.9
+370
+272
+911 Carrera Cabriolet PDK
+F
+195
+8.5
+6.5
+370
+D
+11.9
+7.4
+G
+238
+10.3
+7.8
+14.8
+385
+G
+230
+9.9
+7.5
+14.2
+375
+276
+88 རྨི་རྨི &
+169
+368
+500
+283
+8.9
+6.0
+19.2
+9.9
+370
+272
+911 Carrera PDK
+190
+8.3
+6.3
+F
+11.7
+370
+272
+911 Carrera
+G
+296
+12.7
+112
+Annual Report Porsche AG - 2015
+113
+911 - Mission E
+Mission e
+Mission &
+911 Mission E
+114
+Annual Report Porsche AG 2015
+Like its great role model,
+the 911, the new Porsche is being built
+where the Porsche heart beats: in
+Zuffenhausen. The production car is to
+be on the road by the end of the cen-
+911 Mission E
+110
+It certainly is. Because the Mission E
+is the logical continuation of the
+concept that made the 911 the most
+successful sports car of all time.
+And like the 911, the Mission E will be
+driving ahead of the market. Perhaps
+by even more than a car's length.
+Weckbach took on responsibility for
+the Boxster and Cayman series and it
+is an open secret that, during this
+period, the Boxster was developed as
+the experimental prototype of a fully
+electric sports car, demonstrating
+what matters. This know-how is also
+contained in the Mission E. And now
+he is in charge of purely battery-oper-
+ated electric vehicles. Weckbach, a
+mere 39 years old, has everything it
+takes to rise to the challenge - as
+well as the company's absolute faith
+in the fact that he is the right person
+for the job. When asked about this, he
+simply answers: "It's a great honour
+for me to have been entrusted with
+this task."
+The first big task that the company
+entrusted Weckbach with in 2011 was
+to come up with the product stra-
+tegy. Prior to that he was assistant
+to Chairman of the Board Matthias
+Müller. The next step in 2013 saw him
+at the development centre in Weis-
+sach, where all of the technological
+and mobility know-how is brought
+together and transformed into fasci-
+nating products in the form of the
+world's technically most challenging
+cars with the highest expectations of
+sportiness.
+tury - which is practically the "day
+after tomorrow" in the automotive
+industry. A large task. When you talk
+to Stefan Weckbach, not a trace of
+nervousness can be seen, in its place
+expectant anticipation. As a doctor
+of business economics, the Product
+Manager knows how to play with all
+the variables necessary to bring the
+vehicle to serial production. It has
+earned a perfect place in the portfolio.
+Zuffenhausen
+115
+in
+111
+Annual Report Porsche AG - 2015
+with four Brand Image Awards. Porsche was
+recognised in the "Best Overall Luxury Brand",
+"Most Refined Luxury Brand", "Best Performance
+Luxury Brand" and "Best Car Styling Luxury
+Brand" categories. The Cayenne S E-Hybrid
+received the award "Best Resale Value - Plug-In
+Vehicle". This combines the brand's classic
+strengths from a customer perspective with
+forward-looking hybrid technology. The cus-
+tomer enthusiasm generated by the unique
+experience of buying and owning a Porsche is
+an integral component of the Company's
+strategy. But the most important thing is that
+employees put customer needs at the centre
+of everything they do and continue to go the
+extra mile for our customers in the future.
+Procurement
+Made
+117
+Sales, Production and Procurement
+116
+In the U.S., premier consumer advice magazine
+Kelley Blue Book presented the Porsche brand
+In Germany, Porsche received very high marks
+in one of the largest auto-related surveys over
+112,000 readers of "auto, motor und sport"
+magazine (ams) voted for their favourites for
+Best Cars 2015 in ten categories. As in the
+previous year, the Porsche 911 and 911 Cabrio
+finished first in the sports car and convertible
+categories. The Macan was also voted best
+car of 2015 in the large SUV category. Readers
+of the "sport auto" magazine named various
+Porsche models as the most popular cars in
+seven out of 15 categories, making Porsche
+the most successful manufacturer overall. The
+Boxster, Boxster GTS, 911 Turbo S, 911 Turbo S
+Cabrio, 911 Targa 4 GTS, 911 GT3 RS and
+Cayman GT4 all bested their competitors in
+their respective categories. "Car and Driver"
+magazine also ranked the Boxster and the
+Cayman among its "10 Best Cars".
+is a well-earned
+description of the
+Porsche 911 and the
+911 Cabrio, with which
+Porsche masterfully
+topped the sports car and
+convertible categories.
+Best Cars
+2015
+8
+The success of these customer service and
+customer satisfaction measures is confirmed by
+numberous international studies. For the eleventh
+time in a row, Porsche placed first overall in the
+Automotive Performance, Execution and Layout
+Study (APEAL) conducted by the renowned U.S.-
+based market research institution J.D. Power and
+Associates. In other words, Porsche is still the
+most attractive automotive brand for U.S. drivers.
+The Cayman, Cayenne and Macan models were
+once again voted best-in-class for their respective
+segments in the study. The annual survey is
+conducted on the basis of information provided
+by more than 84,000 new owners of well over
+200 different models. Porsche also performed
+extremely well in the Sales Satisfaction Index
+(SSI) in the U.S. and was named the best premium
+brand. The SSI is also conducted every year by
+J.D. Power and evaluates how satisfied new car
+owners are with the purchase of their vehicle.
+Many Porsche owners are repeat loyal customers
+of the brand rather than just buying one model,
+they are inspired by the brand time and again
+and own more than one Porsche. The high level
+of customer satisfaction is attributable to high
+product quality and exclusive customer service
+throughout the entire customer life cycle. This
+motivates us to continue to meet and exceed these
+high expectations in the future. One of Porsche's
+goals is therefore to further expand customer
+service around the world. Porsche knows its
+customers' needs better than virtually any other
+automotive manufacturer thanks to the CRM@
+Porsche ("C@P") global customer service system.
+This enables Porsche to set international cus-
+tomer service standards and, at the same time,
+specifically address individual customer wishes.
+The international measures implemented under
+the Customer Experience Management initiative
+aim to ensure exclusive, personal customer ser-
+vice based on respect. Porsche rolled out a unique
+customer service model - the "72-hour satis-
+faction process" (72h-Zufriedenheitsprozess) -
+around the world that not only asks customers
+how satisfied they are, but also finds individual
+solutions within 72 hours where possible, and
+fosters relationships with dedicated and profes-
+sional partners at Porsche Centres around the
+world.
+Many Repeat Loyal Customers
+Such experiences can only be provided by highly
+qualified employees. This is why Porsche also
+expanded After Sales Retail Development to
+provide retail with the best possible support for
+process changes. For instance, dealers around
+the world can now select the coaching modules
+best suited to them based on their needs. These
+modules already cover a wide range of after
+sales topics such as core service processes
+and after sales business management and help
+the Porsche Centres to optimise their business
+environment. Further coaching modules are
+already being developed. Overall, Porsche's
+services are better positioned than ever before
+to offer customers a tailored and unique service
+experience.
+Innovative service concepts ensure long-term
+customer satisfaction and thus loyalty. Many
+Porsche Centres all around the world success-
+fully launched new services to provide an excit-
+ing premium experience. The underlying aim is
+to offer each customer individual and flexible
+service. The new offerings range from a valet
+service with a personalised greeting and parking
+assistance to a fast lane package with specific
+services as well as personalised gifts for a
+unique customer experience. The idea behind
+the gifts is to enable service consultants to
+surprise customers with a little something that
+relates to the topics discussed.
+first time with the new Cayman GT4 in financial
+year 2015. These are to gradually replace
+classic written manuals and have already been
+recognised by the KVD (Kundendienst-Verband
+Deutschland e.V.) with the "2015 Service Manage-
+ment Award". Garage shop employees can use
+the comprehensive interaction options in the
+3D PDFs to rotate, hide and zoom in on content
+in the "repair manual" themselves. This makes
+complex relationships and assembly positions
+for spare parts immediately identifiable to
+technicians and presents these in a clear, three-
+dimensional format. However, this is only the
+first step towards augmented reality - the
+medium-term aim is to digitally integrate both
+workshop and customer media, such as the
+user manual, into the vehicle.
+Ground-breaking vehicle technology constantly presents new challenges
+for After Sales. Porsche supports the retail organisation with innovative
+concepts to manage the increasing complexity. The idea is to develop
+appropriate tools for garage shop media to ensure that customer vehicles
+are repaired efficiently. Experience has shown that a high level of dealer
+satisfaction also leads to a high level of customer satisfaction. 3D repair
+manuals for technicians at Porsche Centres were therefore issued for the
+Porsche After Sales serviced over 1.3 million vehicles worldwide in financial
+year 2015 following the successful launch of the Macan. Revenue from
+spare parts also rose significantly compared to the previous year. Internal
+structures were optimised in order to ensure the highest professional
+standards. The service was also extremely well positioned in China despite
+the economically slower year. Market activation measures were initiated
+as early as the beginning of the year to adequately address the volatile
+situation.
+Professional Service
+Sales
+Sales,
+Production
+and
+4
+Emotion
+Just as innovative is the control system:
+an eye-tracking system recognises
+via a camera what instrument the driver
+is looking at. The driver presses a
+button on the steering wheel to activate
+the corresponding menu in which he
+then navigates - also in an interplay
+between eye-tracking and manual vali-
+dation. And as if that was not enough:
+in a so-called parallax effect, the
+display follows the sitting position and
+posture of the driver. If he sits lower,
+higher or leans to the side, the 3D dis-
+play on the circular instruments reacts
+and moves with him.
+road conditions and performance on
+the race track," he adds. The active
+rear-wheel drive is part of the chassis.
+It is available in the 911 Carrera S -
+technology from the 911 Turbo and
+the 911 GT3, which once again lends
+the 11 increased agility and stability
+at high speeds.
+The experts have adapted the
+chassis to the new powertrain. The
+retuned PASM (Porsche Active Suspen-
+sion Management) is now serial in the
+911. "The colleagues have managed
+excellent new tuning," says Achleitner.
+The potential on the northern loop
+of Nürburgring is 7 minutes and 30 sec-
+onds, about 8 seconds less than its
+predecessor and this with improved
+comfort. "The 911 is synonymous with
+the ideal balancing act between normal
+Chassis
+3
+impresses with its increased perfor-
+mance and efficiency over its predeces-
+sor. The new 11, depending on the
+specific model, is about 12 percent
+more economical and fuel consumption
+has been reduced by up to one litre per
+100 kilometres. The 911 Carrera with
+PDK gears now only needs 7.4 litres of
+fuel for 100 kilometres (minus 0.8 1/100
+km), and the 911 Carrera S with PDK is
+at 7.7 l/100 km (minus 1.0 l/100 km).
+Directly linked to this, the emission
+values have also dropped considerably.
+"Considering the performance level
+offered, we once again have absolutely
+peak figures," says Achleitner. "High
+power and efficiency are not mutually
+exclusive at Porsche they complement
+one another."
+Every new 911 generation
+Emissions
+Efficiency
+and
+2
+The 911 has always been the most charismatic of all sports cars
+by Porsche. It is simply the diamond of the brand, and as one
+would expect of a diamond, the designers and engineers examine
+every single facet in great detail for every new generation,
+working on them and improving the shine with the highest degree
+of attention and technical know-how. It is worth taking a look at
+the facets of the new Porsche 911.
+Porsche has more than four decades
+of experience with turbo engines -
+both in racing and in production sports
+cars. The new boxer engines of the
+Carrera 911 rely on this and at the same
+time benefit from what the top model
+911 Turbo has always excelled at. This
+youngest generation was launched
+at the end of last year and the Turbo, as
+it is lovingly called, is in a league of its
+own of course, a league it defined in
+1974 and which it has been defending
+successfully and uninterruptedly ever
+since.
+Carrera S has 3.0 litres of displacement.
+Different turbochargers deliver two
+performance levels: 370 hp (272 kW)
+and 420 hp (309 kW) - each with 20 hp
+(15 kW) more than their predecessors.
+"Classic downsizing coupled with state
+of the art technology," says Achleitner.
+"The turbo technology was ripe for
+broader implementation in the 911. With
+its help we have reached a new peak
+level in performance, driving pleasure
+and efficiency." Was taking leave from
+the naturally aspirated engine in the
+911 Carrera not quite a paradigm shift?
+"Basically, yes. But when you see the
+results, then absolutely not. The new
+911 is more powerful and faster than
+before, but uses less fuel. A win-win
+situation."
+The newly developed boxer
+power unit in the 911 Carrera and
+Turbo
+Engine
+1
+4
+Driving
+Performance
+Also impressive all round
+in the new models. The 911 Carrera
+Coupé with PDK (Porsche double-
+clutch transmission) and the sports
+chrono package sprints from zero
+to 100 km/h in 4.2 seconds, making
+it two tenths of a second faster than
+its predecessor. The 911 Carrera S
+with PDK and sports chrono package
+masters this amazing feat in only
+3.9 seconds (also minus 0.2 seconds).
+It is therefore the first 911 of the
+Carrera family to undercut the magical
+4 second mark. And the top speeds
+for both models have also once again
+increased: the peak speed reached
+by the 911 Carrera is now 295 km/h
+(up 6 km/h), while the 911 Carrera S
+even reaches 308 km/h (up 4 km/h).
+Together with the optional sports
+chrono package, the 911 Carrera now
+comes for the first time with a mode
+switch on the steering wheel, which is
+derived from the Hybrid mode switch
+in the 918 Spyder: four driving states
+("normal", "sport", "sport plus" and
+"individual") can be activated at the
+touch of a finger, and the additional
+they respond immediately. The power
+units deliver a torque of 450 newton-
+metres in the 911 Carrera and even
+500 newton-metres in the 911 Carrera
+S already from 1,700/min upwards.
+This is 60 newton-metres more than
+their predecessors for both models. Up
+to 5,000/min and thus across a broad
+range, the torque remains constant
+before once again dropping gently. The
+maximum rotational speed is 7,500/min
+considerably more than what one is
+used to from turbo engines. "What this
+means in practice is the 911 is even fas-
+ter than before - for example, because
+it can accelerate better out of bends
+in the road thanks to the higher torque
+in the lower rotational speed range,"
+Achleitner explains. "And you can drive
+it with fewer gear changes. That means
+important time gains, especially on
+round trips."
+All technologies in the new
+Porsche 911 bring us directly to the fea-
+ture that the 911 is most loved for:
+the unique driving experience it offers
+for those with a sporty driving disposi-
+tion. The response behaviour of the new
+boxer engines remains at the level of
+the previous naturally aspirated engine.
+They can be controlled perfectly and
+with precision via the gas pedal and
+The
+Driving
+Experience
+5
+"sport response button" conditions the
+powertrain for 20 seconds to achieve
+best possible acceleration, for example
+when overtaking.
+Another.
+One
+911
+Complement
+At Porsche
+Exclusive.
+Mutually
+Are Not
+Efficiency
+and
+High Power
+They
+Annual Report Porsche AG - 2015
+103
+S.GO 4042
+20
+August Achleitner
+Product Director
+911
+Annual Report Porsche AG - 2015
+99
+Mission E
+The Diamond
+911
+Way
+the
+Pointing
+911 - Mission E
+98
+Annual Report Porsche AG 2015
+The entire dashboard is packed full with
+new ideas. Inspired by the cockpit
+arrangement of the original 11, a broad
+holographic display waits to be called
+to life by a movement of the hand. It
+displays individually selected apps. A
+three-dimensional effect is generated in
+space arranged according to priority.
+Contactless and using intuitive gestures
+alone, the driver or passenger controls
+practically all of the Mission E functions
+via these apps, including media, naviga-
+tion, air conditioning, contacts and
+the vehicle. Grasping means selecting,
+pulling means controlling. What is more,
+the concept car can also be configured
+externally by tablet using Porsche Car
+Connect. With the help of "over the air"
+and "remote" services, the driver can
+expand the functional scope of his vehi-
+cle practically overnight.
+to
+6
+Everyday
+Usability
+Precious
+That
+911 Mission E
+102
+101
+911 Mission E
+100
+S GO 4042
+Let's look at the new Porsche 911 with Mr.
+Achleitner. For him, a mechanical and industrial
+engineer, the honorary title "Mr. 911" would
+by no means be an overstatement. He has
+been with Porsche since 1983 and has been
+Product Director for this extremely successful
+family of sports cars for 15 years. It was
+he who, together with his team, also launched
+the new generation.
+Stone
+the bar yet again. For the type series, for
+our vehicles in general, and for Porsche," he
+says. "And also for the entire world of sports
+cars, because nobody looks past a 911."
+Like the newest generation, which was pre-
+sented to the public in September 2015. The
+best Porsche 911 of all time. With innovative
+and efficient turbo boxer engines, an optimised
+chassis and completely new Porsche Commu-
+nication Management - and these are only
+some of its features. Once again, the compa-
+ny's entire automotive know-how has been
+put into the new 911.
+The 911 has been the world's highest-selling
+sports car for more than 50 years. Why is that
+so? Because Porsche never ceases working
+on the sports car of tomorrow every single
+day. The 911 is our core, our drive, our duty
+and our honour to achieve greatness again and
+again. The 911 regularly leaves the competi-
+tion far behind. On the racing track and on the
+market.
+The brand offers a number of further bonuses,
+and the list is getting longer: Master racing
+genes. Finest design. Absolutely timeless.
+Long tradition. Uncompromising everyday usa-
+bility. Highest quality. Uniquely stable in value.
+he Porsche 911 is all a sports car
+should be. Technologically perfect. Light and
+fast. Finely balanced. With excellent ergonom-
+ics. Always achieving highest performance -
+any time, any place.
+T.
+Style.
+Radiates
+The best ever 911 - a promise that August
+Achleitner would sign in blood. "This car raises
+The Porsche 911 not only offers
+a top-class sporting driving experience,
+but also unrestricted everyday usability.
+"With it you can commute between race
+track and office without any problem,"
+says Achleitner, referring to its spec-
+trum. "The purring of the engine when
+turned off already incites joyful anticipa-
+tion of the next drive - no matter what
+your destination." The 911 is ready
+to go at all times. This is also down to
+its legendary quality: for years it has
+occupied the top position in the impor-
+tant J.D. Power ranking.
+Annual Report Porsche AG - 2015
+And the new standard Porsche Com-
+munication Management and multi-
+touch screen makes everyday driving
+more pleasant. Its extensive range of
+functions includes online navigation,
+modern connectivity and voice control.
+than 15 minutes. An additional contri-
+bution towards improved convenience
+is induction charging. For example,
+in your home garage or at your place
+of work, simply roll the car over a
+charging station on the ground and
+the battery becomes recharged with-
+out the need of a cable connection
+and fully automatically. This makes
+active refuelling a thing of the past.
+in the car with a charging time of less
+That is why the Mission E also responds
+to the most important questions in
+e-mobility with perfection, namely the
+matter of range - which is more than
+500 kilometres. And the question of
+short charging time - which, thanks to
+a system voltage of 800 volts, provides
+enough energy for 400 kilometres
+The overall concept also bears
+witness to the typical everyday usability
+of Porsche - which, in a production
+sports car, is a claim to the highest pos-
+sible quality. "This is just as important
+in a Porsche as the driving perfor-
+mance," Weckbach explains. Because
+that is precisely what sets the icon
+apart and has been characteristic of
+the brand for more than 50 years: the
+Porsche 911 has become the embodi-
+ment of the sports car, because it
+is not only fast, but also reliable. It is
+the series winner in the quality tests
+carried out by J.D. Power. And one thing
+remains unchanged: you can drive to
+the race track with your 911 in the
+mornings and use it to visit a cultural
+event in the evening. A Porsche is versa-
+tile and cuts a good figure no matter
+where you drive.
+Outstanding
+Everyday
+Usability
+2
+a top speed of more than 250 km/h,
+which is less than eight minutes lap
+time for the northern loop of the Nür-
+burgring racing track.
+The Mission E is the first purely electrical Porsche of the 21st
+century. With it, the brand is launching an era of new mobility
+and at the same time underscoring its expectation of also being
+the leading sports car provider in this new sector. This car
+pushes out technological boundaries. And that is why the world
+is looking at the Mission E. Here is an overview of its most
+important features.
+performance and highest dynamics.
+The figures for the Mission E speak the
+clear language of the sports car: accel-
+eration from zero to 100 km/h in less
+than 3.5 seconds, and to 200 km/h in
+less than twelve seconds, along with
+System performance of more than
+600 hp. All-wheel drive with Porsche
+Torque Vectoring. All-wheel steering.
+A lightweight body, a low centre of grav-
+ity with a lithium-ion battery on the
+underside, optimum weight distribution
+and good balance. Perfect aerodynam-
+ics. The result is outstanding driving
+Like the WEC world champion
+car and the 2015 Le Mans winner - the
+Porsche 919 Hybrid - the Mission E
+has permanently excited synchronous
+motors (PSM) with a high degree of
+efficiency, high power density and a
+constant power development. "Up to
+24 hours of top performance, several
+double victories as well as brand and
+driver titles in the World Endurance
+Championship are the best recommen-
+dation for a Porsche," says Weckbach.
+"Another bonus is that, unlike today's
+usual electrical drives, the two engines
+develop their full performance even
+when you accelerate several times at
+short intervals. An electric Porsche that
+deserves the name must drive sportily.
+This means, among other things, being
+consistently fast over extended periods
+and no loss of performance while
+repeatedly accelerating and braking."
+The Sportiest
+Electric Drive
+1
+Mission E
+Annual Report Porsche AG 2015
+Just as important a milestone is
+the highly emotional design of the
+Mission E, a typical Porsche design
+that passes on the design DNA of
+the 911 to the world of purely electric
+sports cars, with a clearly styled
+and classy interior including the four
+seats and the innovative operating
+concept with visual and gesture
+control, in some cases even using
+holograms.
+3
+"The Mission E embodies the
+Porsche vision of the sports car
+of tomorrow in every detail," says
+Weckbach. "A car that while driving
+follows the driver's gestures, eyes
+and intuition so that he can concen-
+trate on what is essential - the typical
+Porsche driving experience." The
+combi-instrument presented here
+shows five circular instruments -
+undeniably Porsche, but virtually pre-
+sented in OLED technology, that is,
+using organic light-emitting diodes.
+These are assigned to the driver-
+relevant functional topics Connected
+Car, Performance, Drive, Energy and
+Sport Chrono.
+With tongue in cheek, the brand brought
+out an advertising slogan in the 90s
+underscoring the suitability of the 11
+even for families: "You can stay longer
+for breakfast. You will be back for
+dinner sooner. Is there a better family
+car?" Since then, Porsche has actually
+brought alternatives that are suitable
+for families into its portfolio. In every
+one of these, however, you will find a
+piece of 911 visible, audible, tangible.
+the Present.
+into
+Is Brought
+The Future
+Concept.
+109
+Its Handling
+Its Drive
+Both with
+Limits.
+Technological
+Pushes Out
+Mission E
+The
+and
+The Mission E is an impressive promise given by
+Porsche. The battery-operated technological show-
+piece unites outstanding driving performance
+with trendsetting everyday usability. It thus under-
+scores the brand's peak position. What does the
+Porsche Manager Stefan Weckbach, who should
+know better than anyone else, think of the new
+model? "The Mission E is the first purely electrically
+driven Porsche of the 21st century. The eyes of
+the world are on it, because our sports cars have
+always pushed technological boundaries further."
+Weckbach has been familiar with the Mission E
+from the first design draft onwards and in all its
+technical details. He has been Product Manager
+for purely battery-operated electrical vehicles at
+Porsche since 2015, and is thus responsible for
+the development of the production vehicle.
+The Vision of
+the Sports Car
+of Tomorrow
+If you build the best sports car in the world,
+you always have to be one vehicle length ahead of
+the competition. That's Porsche. No brand of
+car has won more races. No other manufacturer is
+so successful in the domain of dynamic mobility.
+And no other manufacturer offers the sportiest and
+technically most impressive vehicle in each segment.
+And now comes the Mission E. Will it also be the
+most dynamic vehicle on offer in its segment? Abso-
+lutely. Racing wins? Not planned as yet, but cer-
+tainly not far away in the suitable racing formula -
+because its drive concept is taken to some extent
+from the 919 Hybrid.
+This is the best way to describe the very special precious stone
+from Porsche. A diamond with eight facets? "Let's just say, those
+are the main facets that shine thanks to the special polish given
+by Porsche," Achleitner says, laughing. "As with a real diamond,
+there are countless other facets, and all of these together result
+in the special radiance emanated by the 911."
+Brand.
+Porsche
+with the
+Synonymous
+911
+Annual Report Porsche AG 2015
+A radiance that has always spurred the company forwards. The
+Porsche 911 is synonymous with the brand - and it is a highly
+successful product. As such, it not only makes a considerable
+contribution towards the strong company profit situation, but also
+guides the company's path into the future with its great number
+of new technologies. The other Porsche models benefit from
+these, like the new generations of 718 Boxter and 718 Cayman,
+which are also on the road with turbo-charge engines. Since
+the end of last year, Achleitner has been responsible for this
+model range as well, thus putting him in charge of all two-door
+sports cars from Porsche.
+105
+104
+"The constantly available
+power, its impressive acceleration and
+driving precision, and all of that at
+a renewed higher level than before -
+these features alone set free the very
+special emotions that are characteris-
+tically evoked by the Porsche 911
+in the new generation as well," says
+Achleitner. The sound of the boxer
+engine rounds it all off. To achieve this
+in the newest generation, a great deal
+of work was put into two so-called
+Sound Symposers so that the driver
+can really experience the turbo boxer
+sound. "The result is really impressive,"
+says the Product Manager with pas-
+sion. There is also an optional sport
+exhaust system for an even more emo-
+tional sound.
+8
+newly designed trunk lid with a verti-
+cally slatted grille and new rear lights -
+among other things with the character-
+istic four-point brake lights.
+The Porsche Mission E is already a success story.
+But let's take a look back at the beginning of this
+story, when it electrified the world for the very first
+time at the International Automobile Exhibition
+(IAA) in Frankfurt am Main in September 2015. This
+concept vehicle impressed immediately with its
+superb design, wonderful four-seat interior and
+highly innovative drive and energy concept. Both
+the industry and the customers agreed: this is
+exactly what the first purely electric sports car
+from Porsche can indeed must look like. What
+followed was inevitable. Porsche's Supervisory
+Board became infected by the excitement and gave
+the go-ahead to develop the production vehicle.
+"The Porsche 911 is often
+referred to as a design icon, and even
+people with a neutral opinion of the
+brand recognise: it's the real thing,"
+says Achleitner, stating what matters.
+"Its design is highly characteristic and
+so harmonious that many people love
+it just for that." The look of the 911
+has been continuously honed over the
+years and the new 911 benefits from
+a great love of optical details. This
+ranges from hew headlamps with four-
+point daytime running lights to flush-
+mount door handles right up to a
+7
+Design
+911 Mission E
+He has the know-how about these vehicles from Porsche, and his
+colleagues the know-how about the four-door models and the
+production version of the Mission E electric sports cars: the com-
+plete know-how for the best sports car in every segment is in
+place. Whether combustion engine, plug-in hybrid engine or purely
+electrical. "Some people are in awe of our consistent degree of
+perfection," says August Achleitner with healthy self-confidence.
+"Not us. Porsche is Porsche after all."
+Is
+the
+New
+106
+a
+of
+Age
+Entering
+Mission E
+The Promise
+Mobility.
+SOGO 4042
+Product Director
+911 Mission E
+108
+Annual Report Porsche AG 2015
+107
+Stefan Weckbach
+911 Mission E
+8.8
+206
+E
+Panamera S
+167
+E
+7.2
+7.3
+199
+8.1
+310
+228
+Panamera 4
+F
+184
+8.5
+D
+309
+11.6
+420
+14.2
+7.1
+230
+6.9
+9.9
+7.5
+375
+276
+Boxster Spyder
+E
+12.1
+211
+7.3
+12.4
+420
+309
+Panamera 4S
+E
+207
+8.9
+9.1
+11.4
+Output
+(hp)
+228
+718 Boxster S
+9.0
+300
+220
+9.9
+300
+220
+718 Boxster PDK
+257
+718 Boxster
+CO₂
+Fuel
+Fuel
+Fuel
+CO₂
+Consumption Consumption Consumption Emissions
+Urban
+Extra-urban Combined Combined
+(l/100 km) (l/100 km) (l/100 km) (g/km)
+(kW)
+Output
+Model
+Efficiency
+Class
+(Germany)
+CO₂
+G
+Efficiency
+Class
+(Germany)
+350
+10.7
+718 Boxster S PDK
+Panamera
+D
+158
+6.9
+B
+169
+6.4
+5.6
+7.7
+300
+221
+Panamera Diesel 30
+E
+168
+7.4
+「g||」2
+9.5
+350
+257
+310
+Panamera 4S Executive
+10.5
+420
+239
+Cayman S PDK
+F
+242
+10.4
+7.8
+14.9
+570
+325
+419
+G
+211
+9.0
+7.1
+12.7
+325
+239
+Cayman S
+Panamera Turbo S
+11.4
+6.3
+8.2
+Panamera Exclusive Series
+G
+211
+9.0
+7.1
+12.7
+340
+250
+Cayman GTS
+E
+245
+(l/100 km)
+7.9
+15.1
+570
+419
+Panamera Turbo S Executive
+F
+190
+E
+309
+245
+7.9
+6.4
+11.8
+275
+202
+Cayman
+F
+239
+10.3
+8.4
+7.5
+440
+324
+Panamera GTS
+D
+213
+9.2
+7.4
+12.5
+15.2
+195
+G
+Panamera Turbo
+15.1
+520
+382
+Panamera Turbo Executive
+F
+183
+7.9
+6.2
+10.9
+275
+202
+Cayman PDK
+F
+242
+10.4
+7.8
+14.9
+520
+382
+10.5
+Fuel
+CO₂
+Consumption Consumption Consumption Emissions
+Extra-urban Combined Combined
+(l/100 km)
+(g/km)
+2,335
+Urban
+(l/100 km)
+0
+- 723
+3,375
+7,150
+45
+- 1,230
+-1,230
+1,230
+- 336
+830
+829
+960
+958
+103
+632
+- 254
+- 458
+2,199
+829
+2,201
+85
+3
+0
+-65
+-437
+0
+211
+125
+125
+125
+9,596
+9,599
+85
+- 336
+0
+-723
+3,375
+7,150
+45
+9,599
+9,596
+2,199
+2,199
+466
+-1,241
+2,406
+6,321
+45
+interests
+Non-controlling Group equity
+non-controlling
+interests
+Equity before
+Equity-
+accounted
+investments
+-265
+Currency
+translation
+Securities
+marked to
+market
+Revaluations
+from pension
+plans
+profit
+Other comprehensive income
+Accumulated
+earnings
+419
+reserves
+Cash flow
+hedges
+254
+296
+-18
+103
+- 1,241
+103
+-632
+- 254
+-458
+466
+268
+4
+194
+-1,158
+- 1,158
+- 900
+- 258
+-652
+103
+103
+-652
+-652
+9,039
+9,039
+130
+146
+0
+- 307
+Dr. Hans Peter Schützinger Member of the Board of Management of Porsche Holding GmbH
+(Member of the Supervisory Board since 29 February 2016)
+(until 30 November 2015)
+Human Resources and Organisation
+Prof. Dr. rer. pol. Horst Neumann Member of the Board of Management of Volkswagen AG
+(Member of the Supervisory Board since 29 February 2016)
+Dr. Karlheinz Blessing Member of the Board of Management of Volkswagen AG
+Human Resources and Organisation
+(Member of the Supervisory Board since 1 December 2015)
+Frank Witter Member of the Board of Management of Volkswagen AG
+Finance and Controlling
+Wolfgang von Dühren * Head of Sales Planning
+(until 6 October 2015)
+Christian Klingler Member of the Board of Management of Volkswagen AG
+Member of the Board of Management of Volkswagen AG
+Procurement
+Dr. rer. pol. h.c. Francisco Javier Garcia Sanz Betriebswirt
+Prof. Dr. Dr. h.c. mult. Martin Winterkorn Chairman of the Board of Management of Volkswagen AG
+(until 6 November 2015)
+Matthias Müller Chairman of the Board of Management of Volkswagen AG
+(Member of the Supervisory Board since 12 December 2015)
+Chairman of the Board of Management of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+Hans Dieter Pötsch Diplom-Wirtschaftsingenieur
+Hans-Peter Porsche Ingenieur
+Sales and Marketing
+Antonio Girone * Deputy chairman of the group works council
+Member of the general works council
+Member of the Zuffenhausen/Ludwigsburg/Sachsenheim works council
+Member of the works council of Porsche Automobil Holding SE
+Fuel
+Output
+(hp)
+Output
+(kW)
+Model
+Emission and Consumption Data
+Annual Report - Porsche AG - 2015
+135
+The Supervisory Board.
+134
+* Employee representative
+Deputy chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim works council
+Member of the works council of Porsche Automobil Holding SE
+Member of the general works council of Dr. Ing. h.c. F. Porsche AG
+Head of shop stewards' committee
+Werner Weresch Member of the group works council
+Axel Weyland * Head of Drivetrain Division at Porsche Engineering Services GmbH
+Jordana Vogiatzi * Press officer IG Metall Administrative Office Stuttgart
+Vice president of Human Resources, Management and Production
+Hansjörg Schmierer * Manager responsible for members and finances of the IG Metall Trade Union, Stuttgart
+Peter Schulz✶ Diplom-Ingenieur (FH)
+Member of the works council of Porsche Automobil Holding SE
+Tanja Jacquemin * Section manager, company and industry policy, Executive Board of the IG Metall Trade Union
+Manfred Pache* Member of the group works council and deputy chairman of the general works council
+Chairman of the Weissach works council
+Dr. Ferdinand Oliver Porsche Investment management
+Fuel
+Dr. Hans Michel Piëch Lawyer in private practice
+Hon.-Prof. Dr. techn. h.c. Ferdinand K. Piëch Diplom-Ingenieur, ETH
+707
+2,299
+2,298
+125
+- 307
+146
+2,334
+2,334
+707
+-36
+65
+65
+-437
+-437
+211
+211
+2,334
+125
+-36
+707
+- 1,903
+-1,903
+Chairman of the general and group works council of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim works council
+Deputy chairman of the works council of Porsche Automobil Holding SE
+Uwe Hück * Deputy Chairman
+Chairman of the Supervisory Board
+Dr. Wolfgang Porsche Diplomkaufmann
+of the Dr. Ing. h.c. F. Porsche AG
+The Supervisory Board
+Annual Report Porsche AG 2015
+133
+10,700
+10,698
+0
+210
+- 643
+0
+- 577
+3,806
+7,857
+45
+- 1,905
+(until 25 April 2015)
+570
+(Germany)
+7.9
+420
+309
+911 Carrera 4S Cabriolet
+D
+182
+7.9
+6.5
+10.3
+12.6
+370
+911 Carrera 4 Cabriolet PDK
+Efficiency
+Class
+CO₂
+CO₂
+Consumption Consumption Emissions
+(kWh/
+Combined Combined
+100 km)
+(l/100 km) (g/km)
+F
+206
+8.9
+6.9
+272
+12.4
+6.8
+208
+184
+8.0
+6.7
+10.4
+420
+309
+911 Carrera 4S Cabriolet PDK
+3.1
+9.0
+16.2
+306
+Panamera S E-Hybrid
+3.4
+20.8
+416
+306
+Cayenne S E-Hybrid
+F
+416
+370
+272
+911 Carrera 4 Cabriolet
+E
+177
+7.7
+6.3
+10.1
+370
+272
+911 Carrera 4 PDK
+Plug-in Hybrid
+F
+8.7
+6.7
+12.2
+370
+272
+911 Carrera 4
+D
+178
+201
+911 Carrera 4S
+309
+420
+E
+180
+7.9
+6.6
+10.3
+420
+309
+911 Carrera 4S PDK
+Fuel
+Power
+Output
+(hp) 2
+(kW) 2)
+Output
+Model
+F
+204
+8.9
+6.8
+12.4
+E
+911 Targa 4
+272
+370
+7.5
+11.8
+580
+427
+F
+212
+9.1
+7.5
+9.1
+11.8
+397
+D
+184
+8.0
+6.7
+10.4
+420
+309
+540
+212
+F
+397
+Retained
+137
+136 Further Information
+3) Suspended in GER/EU
+"Sold out
+2 Overall performance
+F
+216
+9.3
+7.6
+12.1
+580
+427
+"Versatility depending on the tyre set used
+F
+216
+9.3
+7.6
+12.1
+540
+911 Turbo S Cabriolet
+7.8
+911 Turbo Cabriolet
+911 Turbo
+918 Spyder with Weissach Package"
+A+
+72
+A+
+71
+A+
+79
+22
+652
+3.1
+887
+652
+918 Spyder"
+F
+206
+8.9
+6.9
+12.4
+12.7
+887
+12.7
+3.0
+911 Targa 4S PDK
+F
+208
+9.0
+6.8
+12.6
+420
+309
+911 Targa 4S
+D
+182
+7.9
+6.5
+10.3
+370
+272
+911 Targa 4 PDK
+A+
+70
+911 Turbo S
+15.1
+6.5
+420
+212-2041
+164-159"
+215-207"
+216-208"
+9.0-8.7"
+6.3-6.1"
+9.2-8.8
+9.2-8.9"
+7.8-7.5"
+11.8-11.5"
+400
+294
+7.8-7.4"
+360 11.8-11.4"
+E-D
+265
+6.9-6.7"
+258
+190
+11.6-11.3"
+340
+250
+G
+296
+7.6-7.3"
+5.9-5.7"
+12.7
+B
+E-D
+7.5
+12.3
+7.8-7.6"
+262
+193
+300
+220
+Cayenne Diesel
+Cayenne 3
+E-D
+F
+8.3
+6.3
+11.7
+370
+272
+911 Carrera S
+911 Carrera PDK
+911 Carrera
+190
+8.9
+19.2
+500
+238
+10.3
+7.8
+14.8
+385
+283
+Cayman GT4
+F
+G
+190
+6.3
+11.4
+340
+250
+Cayman GTS PDK
+E
+245
+10.5
+8.2
+Macan S
+Macan S Diesel
+911 R
+368
+Macan Turbo
+G
+289
+12.4
+8.9
+18.9
+475
+350
+Macan GTS
+G
+308
+13.3
+9.3
+20.1
+500
+368
+911 GT3 RS
+911 GT3
+272
+370
+9.9
+6.0
+209
+8.0
+C
+E-D
+B
+179-173"
+229-223"
+215-209"
+D
+215
+C
+9.2
+6.8-6.6"
+9.8-9.5"
+8.2-8.0"
+13.2-12.9"
+15.9-15.5"
+520
+382
+Cayenne Turbo
+D
+172
+7.5
+6.2
+6.2-6.0"
+8.0-7.8"
+7.2-7.0"
+7.0
+8.3-8.11
+8.9-8.7"
+10.0-9.8"
+11.5-11.2"
+234-2281
+267-261"
+E-D
+309
+911 Carrera S Cabriolet PDK
+F
+267
+11.5
+8.9
+15.9
+570
+419
+Cayenne Turbo S
+F
+202
+8.8
+6.7
+12.3
+420
+309
+911 Carrera S Cabriolet
+F
+9.9
+10.2
+370
+911 Carrera Cabriolet PDK
+10.3-10.1"
+385
+283
+Cayenne S Diesel
+F
+199
+8.7
+6.6
+911 Carrera S PDK
+12.2
+309
+13.0-12.4"
+420
+309
+Cayenne S
+D
+169
+7.4
+420
+309
+420
+10.1
+440
+324
+Cayenne GTS
+F
+195
+8.5
+6.5
+11.9
+370
+272
+911 Carrera Cabriolet
+10.0
+385
+283
+Cayenne S Diesel 3)
+E
+174
+7.7
+6.4
+272
+Capital
+- 4
+Financial Data
+100
+26,060
+100
+29,143
+33
+8,511
+37
+10,971
+2
+486
+1
+489
+Current liabilities
+Tax payables
+3
+810
+3
+850
+Other liabilities
+8
+2,058
+Financial Analysis
+Deferred tax assets amounted to 727 million euro
+compared with 562 million euro in the prior year.
+As a percentage of total assets, current assets
+amount to 26 percent compared to 24 percent
+in the prior year. Inventories increased from
+2,157 million euro in the prior year to 2,509 million
+euro at the end of the reporting period. In com-
+parison to the prior reporting date, there was
+an increase of approximately 5,400 units in new
+vehicle inventories.
+Non-current and current financial services
+receivables rose from 1,696 million euro to
+1,887 million euro. These items mainly contain
+receivables from finance leases and receivables
+from customer and dealer financing.
+The net available liquidity of the automotive
+division - i.e. its gross liquidity less financial
+liabilities and excluding the financial services
+business in each case - improved from
+Payments made in respect of profit transfer and
+dividends resulted in a cash outflow in the amount
+of 1,232 million euro (previous year: 1,414 million
+euro). This was partly offset by a capital contri-
+bution amounting to 707 million euro (prior year:
+829 million euro) made by Porsche Holding
+Stuttgart GmbH.
+There was a change in cash flows from financing
+activities from minus 978 million euro in the prior
+year to minus 838 million euro in the most
+recent financial year.
+The cash flows from investing activities resulted in
+a cash outflow of 2,119 million euro in the report-
+ing period following 2,248 million euro in the prior
+year. Investments in intangible assets (excluding
+development costs capitalised) and property,
+plant and equipment increased from 1,047 million
+euro in the previous year to 1,388 million euro in
+the period under review. Additions to capitalised
+development costs amount to 1,039 million euro
+following 1,067 million euro in financial year 2014.
+Cash flows from operating activities amounted
+to 3,843 million euro in the 2015 reporting
+period following 3,179 million euro in the prior
+year. The significant factors were increased
+profit, depreciation and amortisation, non-cash
+income and expenses, and conversely higher
+income tax payments.
+Financial Position
+126
+Annual Report - Porsche AG 2015
+125
+Current other financial liabilities amounted to
+3,127 million euro (prior year: 2,058 million
+euro). The increase mainly relates to marking
+derivative financial instruments to market.
+11
+Trade payables increased to 2,214 million euro
+after 1,856 million euro in the previous year.
+This increase is attributable to higher volumes
+of investments and business.
+euro.
+Current liabilities increased significantly from
+8,511 million euro to 10,971 million euro. Current
+liabilities expressed as a percentage of total
+capital rose from 33 percent in the prior year to
+37 percent as of December 31, 2015. Current
+financial liabilities grew by 884 million euro. This
+increase primarily reflects the change in the
+maturity of a bond in the amount of 1,000 million
+Non-current other financial liabilities recorded
+growth of 395 million euro. The increase mainly
+relates to marking derivative financial instru-
+ments to market.
+Provisions for pensions and similar obligations
+remained unchanged as against the prior year,
+at 2,361 million euro.
+euro. This decrease primarily reflects the change
+in the remaining maturity of a bond in the amount
+of 1,000 million euro classified as non-current
+in the prior year.
+Non-current liabilities mainly relate to financial
+liabilities, pension provisions, deferred tax
+liabilities, other financial liabilities and other
+provisions. They declined by 478 million euro
+to 7,472 million euro in comparison with the
+prior year. Non-current liabilities expressed as
+a percentage of total capital decreased from
+30 percent in the prior year to 26 percent at the
+end of the financial year. At the same time, non-
+current financial liabilities fell by 920 million
+in the cash flow hedge reserve in the amount of
+307 million euro after tax represented reductions
+in equity.
+The equity of the Porsche AG Group increased
+by 1,101 million euro to 10,700 million euro
+compared with the prior-year reporting date. The
+profit after tax, profit transfer and dividends of
+430 million euro together with currency translation
+differences, revaluations from pension plans and
+a capital contribution by Porsche Holding Stuttgart
+GmbH amounting to 707 million euro generated
+increases in equity. By contrast, the changes
+Cash and cash equivalents increased significantly
+year on year, climbing by 925 million euro to
+2,485 million euro.
+Current other financial assets increased slightly
+by 42 million euro to 1,000 million euro. The
+decrease in current derivative financial instru-
+ments was countered by a slightly higher balance
+on the clearing account with Porsche Holding
+Stuttgart GmbH.
+Deferred tax liabilities amounted to 749 million
+euro compared with 684 million euro in the
+prior year.
+3,127
+Other financial liabilities
+7
+265
+Non-current liabilities
+Other liabilities
+1
+381
+3
+776
+Other financial liabilities
+13
+3,469
+1
+9
+Financial liabilities
+3
+684
+2
+749
+Deferred tax liabilities
+3
+811
+3
+772
+2,549
+195 million euro as at December 31, 2014 to
+1,456 million euro as at December 31, 2015.
+244
+7,472
+1,856
+8
+2,214
+Trade payables
+8
+1,884
+9
+2,768
+Financial liabilities
+5
+1
+1,337
+1,460
+0
+80
+0
+63
+Other provisions
+Provisions for taxes
+30
+7,950
+26
+5
+Cash Flow
+from current
+business activities
+in million euro
+3,179
+2,335
+an increase of 685 million euro in comparison
+with the previous year.
+Operating profit amounted to 3,404 million euro,
+Other operating income rose from 895 million
+euro to 1,286 million euro. The increase is mainly
+attributable to increased income from the rever-
+sal of provisions and accruals as well as higher
+income relating to forward exchange transactions.
+Other operating expenses rose from 450 million
+euro to 1,561 million euro. The increase mainly
+reflects from higher expenses in connection with
+forward exchange transactions.
+Depreciation and amortisation across all functions
+increased to 2,124 million euro compared with
+1,878 million euro in the prior year. This primarily
+relates to the depreciation and amortisation of
+leased assets. There was also an increase in the
+amortisation of development costs and depre-
+ciation of tools that are recognised under other
+equipment, furniture and fixtures.
+Profit after tax
+Other operating expenses
+Operating profit
+Financial result
+Other operating income
+-5
+- 859
+11
+-5
+Income tax income/expense
+18
+3,060
+16
+3,382
+Profit before tax
+2
+341
+0
+-22
+- 1,047
+16
+2,201
+The financial result amounted to minus 22 million
+euro (prior year: 341 million euro). The decrease
+in the financial result was due to higher expenses
+from fair value measurement relating principally
+to exchange rate and interest rate hedging trans-
+actions that are not included in hedge accounting.
+In addition, in the prior year this item included
+income of 271 million euro relating to the change
+of accounting for the investment in Bertrandt AG
+using the equity method.
+Other financial result
+Finance costs
+Share of profits and losses of equity-accounted investments
+Operating profit
+Other operating expenses
+Other operating income
+Administrative expenses
+Distribution expenses
+Gross profit
+Cost of sales
+13
+Sales revenue
+of Porsche AG for the period January 1 to December 31, 2015
+Consolidated Income Statement
+Porsche AG Without the Notes
+Financial Statements of
+Summary of the Consolidated
+Financial
+Data
+Annual Report - Porsche AG - 2015
+127
+Financial Analysis
+The healthy cost structure and the sustainably
+high earnings power of the Group are also
+reflected in the key performance indicators.
+The Porsche AG Group achieved an operating
+return on sales of 16 percent in the past finan-
+cial year (prior year: 16 percent). The pre-tax
+return on sales was 16 percent (prior year:
+18 percent). The return on capital, defined as
+the ratio of the operating result after tax to
+the average invested assets of the automotive
+division, amounts to 31 percent (prior year:
+27 percent). The post-tax return on equity was
+23 percent (prior year: 24 percent).
+million euro
+Other provisions
+2,719
+3,404
+100
+21,533
+%
+Dec. 31, 2014
+%
+Dec. 31, 2015
+Cost of sales
+Gross profit
+Distribution expenses
+Administrative expenses
+Sales revenue
+million euro
+of the Porsche AG Group
+17,205
+Results of Operations
+The personnel expenses contained across all
+functions of the Porsche AG Group increased
+from 2,165 million euro to 2,605 million euro.
+Distribution expenses rose from 1,257 million
+euro to 1,505 million euro due to the higher
+volume of sales. Administrative expenses
+increased from 789 million euro to 908 million
+euro. Distribution expenses remained un-
+changed in relation to revenue at 7 percent,
+while administrative expenses fell slightly
+to 4 percent.
+The cost of sales increased in line with revenue
+to 15,441 million euro (prior year: 12,885 million
+euro), which represents 72 percent of revenue
+(prior year: 75 percent). The increase in the
+gross margin from 25 to 28 percent mainly
+results from the increase in revenue due to
+exchange rate effects. In absolute terms, the
+cost of sales rose by 2,556 million euro or
+20 percent. This increase is additionally due
+to higher research and development costs
+recognised in the income statement, with a
+simultaneous decrease in the capitalisation
+rate to 48 percent (prior year: 55 percent).
+to the growth in sales volume and revenue was
+made by the new Macan model with 81,383
+vehicles sold. Sales of the Panamera series
+declined by 6,999 to 15,473 vehicles due to
+a change of model.
+Group revenue of the Porsche AG Group was
+21,533 million euro in the reporting period
+(prior year: 17,205 million euro). In the past
+financial year, the Porsche AG Group sold
+218,983 vehicles. This corresponds to an
+increase in unit sales of 17 percent compared
+to the prior year. The principal contribution
+The Porsche AG Group's profit after tax
+increased by 134 million euro from 2,201 million
+euro in the corresponding prior-year period to
+2,335 million euro in the reporting period. The
+tax rate in the reporting period was 31 percent
+(prior year: 28 percent).
+Results of Operations
+2013 2014 2015
+3,843
+2,917
+The average number of employees during the
+year rose by 2,238 to 23,541.
+16
+100
+-72
+-3
+-450
+-7
+- 1,561
+6
+895
+6
+1,286
+-5
+-789
+- 15,441
+-4
+-7
+-1,257
+-7
+- 1,505
+25
+4,320
+28
+6,092
+-75
+- 12,885
+-908
+9
+2,361
+8
+Net Assets
+of Operations
+and Results
+Financial Positions
+Net Assets,
+Financial
+Analysis
+21,533
+2012 2013 2014 2015
+17,205
+2011
+As of December 31, 2015, the total assets of the Porsche AG Group stood
+10,928
+in million euro
+Sales Revenue
+Annual Report - Porsche AG - 2015
+121
+Sales, Production and Procurement
+120
+We cooperate closely with our business partners
+to make sustainable growth a priority. To this
+end, suppliers must accept our sustainability
+principles in order to establish a supplier rela-
+tionship with Porsche AG.
+Sustainability Within Procurement
+Sustainability and value-added growth do not
+have to be mutually exclusive. An initiative to
+harmonise and implement sustainability prin-
+ciples among automotive manufacturers along
+the supply chain was launched to create an
+overarching standard.
+Employee Satisfaction Within Procurement
+Motivated, satisfied employees were the foun-
+dation of the success experienced in the past
+financial year. We work hand in hand with our
+team across Group departments and brands to
+solve problems and optimise processes. This
+is also underscored by the outstanding results
+again delivered by Porsche AG in 2015.
+Mission E - The Future of Porsche
+The Supervisory Board's endorsement of the
+electric vehicle presented at the IAA as Mission E
+makes Porsche's ambitions for the future clear.
+The aim is to refine Porsche's unmistakable DNA
+and to master the challenges posed by Mission E.
+This applies in particular to procurement, which
+will work together with new suppliers from other
+areas, such as the consumer industry, which
+have no experience in the automotive sector. In
+addition, measures must be taken to ensure
+that charging infrastructure is widely available.
+13,865 14,326
+Porsche AG delivered 225,121 vehicles to
+customers in the past financial year, a new
+record for the Company. Procurement ensured
+that all vehicles were supplied at all times.
+at 29,143 million euro, 12 percent higher than on the prior-year reporting
+date.
+74 percent (prior year: 76 percent).
+4,580
+11
+2,953
+11
+3,286
+Equity-accounted investments
+Property, plant and equipment
+Intangible assets
+Assets
+%
+Non-current assets increased by 1,767 million euro to 21,548 million euro.
+The increase relates mainly to fixed assets and to deferred taxes. Non-
+current assets expressed as a percentage of total assets amounted to
+Dec. 31, 2014
+Dec. 31, 2015
+million euro
+of the Porsche AG Group
+Net Assets
+Annual Report - Porsche AG - 2015
+123
+of currency effects relating to the derivative
+financial instruments.
+Non-current other financial assets increased
+by 137 million euro, primarily as a result
+Fixed assets expressed as a percentage of total
+assets increased to 38 percent (prior year:
+37 percent). Intangible assets increased from
+2,953 million euro to 3,286 million euro. The
+increase mainly relates to capitalised develop-
+ment costs. The largest additions relate to the
+Panamera and Cayenne model series. Property,
+plant and equipment increased in comparison to
+the prior year by 493 million euro to 4,580 million
+euro, primarily due to additions to other equip-
+ment, furniture and fixtures, as well as advance
+payments made and assets under construction.
+These additions consist mainly of tools and
+construction work for the new generations of
+vehicles. Leased assets increased by 467 million
+euro to 2,761 million euro in comparison to the
+prior year. This item contains vehicles leased to
+customers under operating leases.
+At the end of the reporting period, the fixed
+assets of the Porsche AG Group - i.e., the
+intangible assets, property, plant and equip-
+ment, leased assets, equity-accounted
+investments and other equity investments -
+came to 11,009 million euro, compared with
+9,691 million euro in the previous year.
+%
+16
+Stable Supply Situation for Procured
+Components
+Ensuring Product Quality
+Innovative Ideas Implemented
+The decision made by the Company's Supervisory
+Board at the end of the financial year to build
+Porsche's first all-electric sports car signals the
+start of a new chapter in the history of the brand.
+Porsche is continuing to focus on sustainable
+growth with its Mission E project. The Company
+will invest around 700 million euro in Zuffenhausen
+alone to build a new paint shop and dedicated
+assembly facilities over the next few years. The
+existing engine plant will be upgraded for the
+production of electric drives and the body shell
+production facility will be expanded.
+The plan for renovating the entire "Porsche Werk 4"
+industrial zone was awarded top marks by the
+German Sustainable Building Council (Deutsche
+Gesellschaft für nachhaltiges Bauen, "DGNB"). It
+is the first award given by the DGNB to an indus-
+trial zone. The master plan for the plant was
+assessed using 40 sustainability criteria. As well
+as top marks in the environmental, economic,
+technical and process quality categories, Porsche
+scored particularly well in workplace design.
+The new engine plant will be opened in June
+2016 and includes a state-of-the-art assembly line
+with logistics space and engine testing systems
+as well as offices and recreation rooms. Around
+400 employees will work here over two storeys.
+The new plant is specially designed for the pro-
+duction of V8 engines. Expanding engine capacity
+in Zuffenhausen enables synergies to be better
+leveraged within the Volkswagen Group. The
+engine will be the first to be supplied to the Group
+by Porsche.
+a two-digit million euro figure in establishing
+central workshops, a new pilot centre and in
+expanding the saddlery. As well as all 911 and
+718 Boxsters, the 718 Cayman models will
+also roll off the line here from August 2016
+following the expansion of the assembly line.
+At the Zuffenhausen plant, around 400 million
+euro will be invested in a new body shell
+production facility and a good 80 million euro
+in a new engine plant. Porsche will also invest
+High Level of Investment in the Main Plant
+The negotiations between the Executive Board
+and the general works council of Porsche AG
+led to investments of over 1 billion euro in the
+expansion of the Zuffenhausen, Weissach and
+Ludwigsburg locations to safeguard the con-
+tinuing existence of these sites. The package
+of measures will also boost the Company's
+productivity, flexibility and efficiency and rules
+out redundancies until 2020.
+Board of Porsche AG since October 2015 and
+had been additionally responsible for Produc-
+tion and Logistics until Reimold's appointment.
+Reimold transferred to Zuffenhausen from
+Bratislava, where - for four years - he managed
+the Volkswagen plant that also produces the
+body shell of the Porsche Cayenne. Before
+that, he was responsible for the Audi plant in
+Neckarsulm.
+2011 2012 2013 2014 2015
+234,497
+The production line for the 918 Spyder in Stuttgart-
+Zuffenhausen was dismantled after the model
+reached its limit of 918 units in June 2015. Around
+80 selected employees handcrafted the plug-in
+hybrid sports car at ten main stations and 21 pre-
+assembly stations on an area of 4,000 square
+metres. Porsche had implemented a number of
+innovative ideas relating to assembly and quality
+assurance. In particular, the assembly line for
+the 918 Spyder met the highest ergonomic pro-
+duction standards. Cordless tools were used
+along the entire assembly line, for example, and
+modern scissor lifts made it easier to mount the
+140 kilogram high-voltage battery. The leather
+upholstery and assembly tables set new bench-
+marks for ergonomics and flexibility.
+151,999
+203,097
+127,793
+Produced
+in units
+Volume of Vehicles
+At the end of financial year 2015, the Supervisory Board of Porsche AG
+appointed Albrecht Reimold as the new member of the Executive Board for
+Production and Logistics, succeeding Oliver Blume. Reimold took up the
+new role on February 1, 2016. Blume has been Chairman of the Executive
+Changes to the Executive Board
+In financial year 2015, Porsche produced a total of 234,497 vehicles,
+15,5 percent more than in the previous year. All vehicles of the 911 and
+Boxster model series as well as the 918 Spyder super sports car rolled
+off the line at the main plant in Stuttgart-Zuffenhausen. A total of 43,239
+sports cars were produced, of which 31,373 were 911s, 11,491 sports
+cars from the Boxster and Cayman model series and 375 units of the
+918 Spyder. Porsche produced 164,968 vehicles at the Leipzig plant, with
+the Cayenne model series accounting for 63,897 units, the Macan model
+series for 86,016 units and the Panamera model series for 15,055 vehicles.
+10,487 units of the Cayman and, since June last year, 15,803 Cayennes
+were produced at the Volkswagen Group's multi-brand location in Osnabrück.
+Production
+Annual Report Porsche AG - 2015
+Subscribed
+capital
+165,808
+The Company's focus in the past year was again
+on achieving optimal purchased parts quality
+for all models. In 2015, procurement therefore
+expanded and fine-tuned the initiative to opti-
+mise its sub-supplier management system,
+which was launched in financial year 2014. The
+improved transparency enabled the Company
+to identify risks at an early stage and continue
+to optimise long-term quality. The various
+quality awards that Porsche received in 2015
+were also a reflection of this feedback from
+our customers.
+400
+700,000,000 Euro
+Procurement of Non-production Materials
+Procurement played a key role in achieving the
+Company's targets in the reporting period,
+including with respect to non-production mate-
+rials and services. As in the previous year,
+capital expenditure in financial year 2015 was
+once again very high at 1,261 million euro
+(financial year 2014: 1,374 million euro).
+In 2015, Porsche AG's cost of materials came
+to 3,948 million euro (financial year 2014:
+3,608 million euro).
+various cost-focused and product workshops.
+As in years past, the cost of materials per vehicle was optimised in
+financial year 2015. Long-term cost savings were achieved through close
+cooperation with and the early involvement of our business partners in
+Procurement of Production Materials
+An additional highlight over the past year was the stellar motorsport
+season. Porsche claimed all of the World Endurance Championship titles
+and celebrated a double victory at Le Mans. The brand's winning finish
+to the season once again underscored Porsche's successful year. Procure-
+ment brought the right partners for our motorsport strategy on board
+in collaboration with all of the departments involved.
+Porsche AG added attractive vehicle projects to its product range in
+financial year 2015. For instance, procurement successfully ramped
+up ambitious projects such as the 911 GT3 RS, the Cayman GT4, the
+Boxster Spyder and the latest 911 generation with turbo engines thanks
+to close cooperation with our supplier partners.
+Porsche was ranked the top premium automotive
+brand by Chinese buyers. The Macan took first
+place in the mid-range premium SUV category
+in the "2015 China Initial Quality Study" (IQS).
+The study is based on feedback from around
+21,700 Chinese new car owners who purchased
+vehicles between October and June 2015.
+vehicle comfort. The Porsche 911 was ranked
+highest by U.S. customers for the fourth con-
+secutive year and received the J.D. Power Award
+for the vehicle with the highest customer satis-
+faction in the "Midsize Premium Sporty Car"
+segment. The Boxster also proved a recipe for
+success in the year under review: for the third
+time in a row, the mid-engined roadster placed
+first in the "Compact Premium Sporty Car"
+segment, followed directly by the mid-engined
+Cayman Coupé.
+Procurement
+employees have been
+working in the
+new engine plant
+in Zuffenhausen
+since June 2016.
+Customers Vouch for Premium Quality
+The Porsche brand enjoys an excellent reputation
+in the leading markets of the U.S., China and
+Europe. According to U.S.-based market research
+institution J.D. Power, the sports car manufac-
+turer is top-rated by U.S. and Chinese customers,
+for instance. The U.S. customer survey named
+Porsche as the highest-quality brand for the third
+year in a row. As in 2013 and 2014, Porsche was
+placed first overall in the 2015 "Initial Quality Study",
+in which J.D. Power surveyed 84,000 buyers of
+2015 models in the U.S. exactly 90 days after
+registration of their new vehicle. The overall rating
+is based on 233 different categories including
+handling and design, as well as practicality and
+New Toolmaking Division
+The central spare parts warehouse in Sachsen-
+heim is Porsche's logistical backbone. It is located
+19 kilometres from the headquarters in Zuffen-
+hausen. 100,000 spare parts and 35,000 develop-
+ment parts are handled over a storage space
+of 170,000 square metres. Over 400 employees
+process up to 23,000 tickets every day, from
+incoming orders through to dispatch. The specially
+developed tugger train concept ensures that
+operations run smoothly and on schedule. The
+tugger trains run continuously between the
+46 stations on the plant grounds. Like all of the
+vehicles in the warehouse, even the tuggers
+are all-electric. The location generates its own
+energy. 8,500 photovoltaic modules over an
+area of 40,000 square metres provide around
+two million kilowatt-hours of electricity every
+year. The location also has its own combined heat
+and power plant.
+Logistical Backbone in Sachsenheim
+Annual Report - Porsche AG - 2015
+119
+Sales, Production and Procurement
+118
+State-of-the-art Quality Centre in Leipzig
+Following the successful ramp-up of the Macan,
+the Leipzig location in Saxony prepared for the
+next milestone project in the year under review.
+Porsche again invested around 500 million euro
+in expanding the plant since the Panamera will
+also be manufactured in its entirety in Leipzig
+from 2016. Among other things, Porsche built
+a new body shell production facility for the
+model. The quality and analysis centre spans
+over 6,000 square metres and is a state-of-
+the-art quality centre for automotive production.
+It bundles all areas of vehicle optimisation in
+one place to create the ideal conditions for the
+series production of the Panamera and the
+Macan. In addition, every Porsche produced in
+Leipzig must put its sports car DNA to the
+test on the plant's own FIA-certified racing track
+before being delivered.
+First Cayenne Models from Osnabrück
+Production capacity for the Cayenne, Macan
+and Panamera models at the Leipzig plant is
+well utilised and so the first Cayenne left the
+assembly line in Osnabrück in financial year
+2015. Around 20,000 units of the SUV will
+be assembled at the Volkswagen location in
+Lower Saxony in the future. Porsche invested
+25 million euro in final assembly at the plant.
+An unloading station was constructed that
+fully automatically unloads the body shells
+that were pre-assembled and painted at Volks-
+wagen's Bratislava plant.
+will be invested by
+Porsche in the Mission E
+project in Zuffenhausen
+alone.
+The sports car manufacturer acquired the tool-
+making division of Kuka Systems GmbH in the year
+under review and continued to operate the divi-
+sion as a wholly owned subsidiary of Porsche AG.
+Over 600 employees at Porsche Werkzeugbau
+GmbH's locations in Schwarzenberg in the
+German state of Saxony and Dubnica in Slovakia
+strengthen the Company's expertise, especially
+in the production of complex aluminium parts.
+The subsidiary specialises in method planning,
+engineering design, toolmaking and systems
+solutions for forming and cutting tools in the
+automotive sector. It has already built tools for
+the side panels of Porsche's Panamera and
+Macan models.
+Financial result
+4,087
+332
+Securities
+1
+141
+0
+145
+Tax receivables
+1
+346
+1
+329
+43
+Other receivables
+958
+3
+1,000
+Other financial assets
+2
+556
+2
+598
+Financial services receivables
+2
+4
+522
+0
+0
+2,361
+Provisions for pensions and similar obligations
+37
+9,599
+37
+10,700
+Equity
+Equity and Liabilities
+100
+26,060
+39
+100
+24
+6,279
+26
+7,595
+Current assets
+6
+1,560
+9
+2,485
+Cash and cash equivalents
+29,143
+16
+2
+Trade receivables
+8,368
+29
+8,505
+Other financial assets
+5
+1,140
+5
+1,289
+Financial services receivables
+9
+32
+2,294
+2,761
+Leased assets
+0
+23
+0
+50
+Other equity investments
+1
+334
+1
+10
+486
+Other receivables
+0
+8
+2,157
+9
+2,509
+Inventories
+76
+19,781
+74
+21,548
+Non-current assets
+10
+2
+2
+727
+0
+16
+0
+8
+Deferred tax assets.
+Tax receivables
+0
+4
+562
+Profit before tax
+124
+Current
+Effect of exchange rate changes on cash and cash equivalents
+80
+63
+Other provisions
+Provisions for taxes
+Cash flow from financing activities
+Change in other financial liabilities
+Proceeds from issuance of bonds
+Repayment of bonds
+Profit transfer and dividends
+Capital contributions
+1,460
+Cash flow from investing activities
+7,472
+244
+265
+Non-current liabilities
+Other liabilities
+381
+776
+Other financial liabilities
+3,469
+2,549
+7,950
+Financial liabilities
+1,337
+Financial liabilities
+Securities, loans and time deposits
+Cash and cash equivalents at the end of the period
+26,060
+29,143
+8,511
+10,971
+486
+489
+Current liabilities
+Tax payables
+Net change in cash and cash equivalents
+810
+Other liabilities
+2,058
+3,127
+Other financial liabilities
+1,856
+2,214
+Trade payables
+Cash and cash equivalents at the end of the period
+1,884
+2,768
+850
+Gross liquidity
+684
+Deferred tax liabilities
+45
+45
+Subscribed capital
+Investments in intangible assets (excluding capitalised development costs),
+Equity and Liabilities
+Cash flow from operating activities
+Change in financial services receivables
+Change in leased assets
+Change in other provisions
+Change in pension provisions
+and property, plant and equipment
+39
+29,143
+6,279
+7,595
+Current assets
+1,560
+2,485
+Cash and cash equivalents
+43
+Securities
+141
+26,060
+749
+Capital reserves
+7,150
+811
+772
+Other provisions
+2,361
+2,361
+Provisions for pensions and similar obligations
+Change in loans
+9,599
+10,700
+Equity
+7,857
+Cash received from disposal of intangible assets and property, plant and equipment
+Change in investments in securities
+2
+Non-controlling interests
+9,596
+10,698
+Equity before non-controlling interests
+Change in equity investments
+2,401
+2,796
+Retained earnings
+Additions to capitalised development costs
+3
+145
+Total third-party borrowings
+FY 2015
+Annual Report Porsche AG 2015
+131
+- 3,267
+- 2,566
+- 5,353
+-5,317
+2,086
+2,752
+526
+267
+Consolidated Statement of Changes in Equity
+1,560
+1,560
+2,485
+37
+886
+- 47
+39
+- 978
+- 838
+-638
+-506
+2,485
+-2,228
+of Porsche AG for the period January 1 to December 31, 2015
+As of January 1, 2014
+132
+As of December 31, 2015
+Profit transfer and dividends
+Capital contribution
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+million euro
+Effects of currency translation
+As of December 31, 2014
+Profit transfer
+Capital contribution
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+As of January 1, 2015
+Net liquidity
+-2,343
+2,536
+208
+608
+602
+-586
+-542
+-460
+-220
+254
+312
+1
+164
+3
+5
+1,878
+2,124
+-784
+- 1,148
+3,060
+3,382
+1,570
+1,560
+FY 2014
+-281
+2,473
+63
+Income tax income/expense
+- 1,414
+-1,232
+829
+707
+- 2,248
+- 2,119
+-268
+261
+14
+170
+195
+77
+-26
+- 1,067
+- 1,039
+- 1,047
+- 1,388
+3,179
+3,843
+-95
+- 119
+-775
+-50
+Tax receivables
+-827
+346
+-859
+-1,047
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, net of tax
+Other comprehensive income, before tax
+18
+Share of other comprehensive income of equity-accounted investments
+that may be reclassified subsequently to profit or loss, net of tax
+Items that may be reclassified subsequently to profit or loss
+Deferred taxes relating to available-for-sale financial assets
+Available-for-sale financial assets, net of tax
+Available-for-sale financial assets, before tax
+Transferred to profit or loss
+Fair value changes recognized in other comprehensive income
+Available-for-sale financial assets
+3,060
+3,382
+341
+- 22
+545
+116
+-203
+142
+4
+2,719
+- 1,137
+-877
+90
+2,335
+-437
+129
+992
+- 1,029
+- 1,429
+103
+125
+103
+125
+0
+3,404
+103
+- 458
+146
+0
+- 1,230
+- 1,903
+2
+1
+2,199
+2,334
+2,201
+125
+-450
+- 1,561
+1,286
+2,201
+2,335
+FY 2014
+FY 2015
+Profit after tax
+million euro
+of Porsche AG for the period January 1 to December 31, 2015
+Consolidated Statement of Comprehensive Income
+4,320
+- 12,885
+Pension plan remeasurements recognized in other comprehensive income
+17,205
+6,092
+- 15,441
+21,533
+FY 2015
+Financial Data
+128
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+thereof profit attributable to shareholders.
+Profit after tax
+Change in receivables (excluding financial services)
+Change in liabilities (excluding financial liabilities)
+FY 2014
+-900
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+-65
+-789
+-908
+- 1,257
+- 1,505
+Cash flow hedges, net of tax
+Deferred taxes relating to cash flow hedges
+Cash flow hedges, before tax
+Transferred to profit or loss
+895
+Fair value changes recognized in other comprehensive income
+211
+Cash flow hedges
+Transferred to profit or loss
+Unrealized currency translation gains/losses
+Exchange differences on translating foreign operations
+Items that will not be reclassified to profit or loss
+that will not be reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments
+-458
+146
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+-652
+194
+Exchange differences on translating foreign operations, before tax
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+130
+-1
+- 307
+16
+Deferred
+8
+Deferred tax assets
+Tax receivables
+Cash and cash equivalents at the beginning of the period
+4
+10
+Other receivables
+8,368
+Profit before tax
+8,505
+million euro
+1,140
+1,289
+Financial services receivables
+23
+50
+Other equity investments
+334
+332
+Equity-accounted investments
+Other financial assets
+727
+562
+Income taxes paid
+329
+Other receivables
+958
+268
+Other financial assets
+Change in inventories
+556
+598
+Financial services receivables
+Other non-cash expense/income
+522
+486
+Trade receivables
+Share of profits and losses of equity-accounted investments
+2,157
+2,509
+Inventories
+Gain/loss on disposal of non-current assets
+Financial Data
+Depreciation and amortization
+19,781
+21,548
+Non-current assets
+2,294
+2,761
+1,000
+Consolidated Statement of Cash Flows
+2,299
+Total comprehensive income
+- 1,241
+-36
+466
+65
+1,707
+-101
+- 783
+- 182
+960
+0
+0
+4
+0
+-258
+0
+-271
+0
+0
+of Porsche AG for the period January 1 to December 31, 2015
+-632
+- 254
+thereof profit attributable to shareholders
+13
+958
+2,953
+3,286
+Property, plant and equipment
+Leased assets
+Intangible assets
+Assets
+2,298
+as of December 31, 2015
+of Porsche AG
+of Financial Position
+4,580
+Consolidated Statement
+Dec. 31, 2015
+million euro
+130
+Annual Report Porsche AG 2015
+129
+2
+1
+thereof profit attributable to non-controlling interests
+Dec. 31, 2014
+4,087
+31,373
+375
+units
+165,808
+units
+911
+31,590
+918 Spyder
+918 Spyder
+29,751
+units
+35
+Boxster/Cayman
+units
+21,978
+23,211
+28,996
+Macan
+203,097
+86,016
+59,363
+545
+234,497
+units
+Production
+566
+units
+312
+301
+Boxster/Cayman
+units
+22,663
+23,597
+25,704
+Macan
+units
+units
+44,636
+Cayenne
+73,119
+65,941
+84,041
+Panamera
+units
+17,207
+24,864
+22,032
+80,216
+Cayenne
+21,533
+79,700
+million euro
+29,143
+26,060
+24,560
+million euro
+10,700
+9,599
+9,039
+million euro
+11,009
+9,691
+8,539
+million euro
+2,427
+2,114
+2,236
+Cost of materials
+million euro
+10,405
+12,095
+30,205
+Capital expenditure2
+Fixed assets
+Equity
+Total assets
+66,005
+81,916
+Panamera
+units
+15,055
+22,383
+24,798
+Employees"
+number
+24,481
+units
+22,401
+Personnel expenses
+million euro
+2,605
+2,165
+1,865
+Financials
+Sales revenue
+million euro
+17,205
+14,326
+19,456
+161,982
+Canada
+6,413
+189,849
+Benelux
+4,996
+United Kingdom
+12,238
+Brazil
+732
+Latin America
+3,208
+USA
+51,756
+* between January 1, 2015 and December 31, 2015
+225,121 (+35,272)
+total deliveries
++19%
+of vehicles worldwide*
+Deliveries
+IThaus Münster GmbH & Co. KG
+Printed by
+Werkfotos Porsche AG
+Max Kovalenko
+Christoph Bauer
+Marco Prosch
+Klaus Hepp
+Photography
+Concept & Design design hoch drei GmbH & Co. KG
+Director Corporate Communications
+Northern Europe
+2,187
+Germany
+28,953
+France
+5,015
+Switzerland
+3,822
+Key Performance Indicators
+Annual Report - Porsche AG - 2015
+Phone: +49 711 911-0
+Germany
+D-70435 Stuttgart
+Porscheplatz 1
+Dr. Ing. h.c. F. Porsche AG
+Australia/New Zealand
+4,519
+Japan
+6,527
+South Korea
+3,612
+Frank Scholtys,
+Asia-Pacific
+5,583
+Middle East and Africa
+China
+58,009
+Russia
+5,290
+4,972
+30,510
+4,807
+2,595
+Italy
+Spain/Portugal
+Austria
+1,367
+8,520
+Vice President Communications
+Eastern Europe
+www.porsche.com
+2,917
+3,179
+3,843
+million euro
+Cash flow from operating activities
+1,415
+1,878
+2,124
+million euro
+Depreciation and amortisation
+8,282
+of the Porsche AG Group
+2015
+31,350
+2013
+Deliveries
+units
+225,121
+911
+units
+Dr. Josef Arweck,
+Operating result (EBIT)
+million euro
+2014
+2,719
+Phone: +49 711 911-0
+3,404
+Germany
+D-70435 Stuttgart
+Managers and contact persons
+Published by
+Imprint
+Further Information
+138
+2 Relates to investments in intangible assets and property, plant and equipment.
+"As of December 31.
+Dr. Ing. h.c. F. Porsche AG
+Porscheplatz 1
+2,201
+Profit before tax
+2,579
+1,939
+3,382
+million euro
+2,784
+Profit after tax
+million euro
+2,335
+3,060
+Further growth possible
+a source of uncertainty. However, we expect to see similarly
+strong growth in gross domestic product (GDP) in Germany
+in 2017 as in the reporting year. It is anticipated that the
+labour market will remain stable and continue to support
+private consumption. In North America, we expect that the
+economy will expand more strongly in 2017 than in the
+previous year. According to our forecasts for South America,
+Brazil will overcome its recession and record slight growth.
+We believe that the Chinese economy will continue to grow,
+but at a slower rate than in the previous year.
+Our plans are based on the assumption that growth in the
+global economy in 2017 will exceed the level of the previous
+year. The positive outlook of a continued economic recovery
+in most industrial nations gives us cause for optimism.
+However, a tendency towards protectionism, possible turbu-
+lence on the financial markets and structural deficits in
+certain countries all present risks. The outlook is also cloud-
+ed by geopolitical tensions and conflicts.
+In Western Europe, our forecasts indicate that the eco-
+nomic recovery will slow slightly in 2017 in comparison to
+the reporting year. The impact of the Brexit negotiations
+between the European Union (EU) and the United Kingdom is
+Mixed picture in the automobile markets
+Development forecast
+to be slightly below that of the previous year, following
+positive developments in recent years. This is also true of
+the passenger car market - including light commercial
+vehicles (up to 6.35 tonnes) - in North America as a whole
+and the USA in particular, where we do not believe that the
+high levels of the previous year will be achieved. Vehicles in
+the SUV, pick-up and van segments are likely to remain the
+most in-demand models. Demand for passenger cars is
+predicted to rise in South America's largest market of Brazil,
+which had recorded very heavy losses in previous years.
+Our forecasts show that the passenger car markets in the
+Asia-Pacific region will continue to grow in 2017, albeit at a
+slower rate. In China, demand will grow due to the ever-
+increasing need for individual mobility. The rate of growth is
+expected to slow in comparison to the previous year as the
+tax reduction for vehicles with a displacement of up to
+1.6 litres was halved at the end of 2016.
+In the 2017 financial year, Porsche AG expects to record
+moderate growth in deliveries and revenue compared with
+the 2016 reporting year. The attractive product range
+offered by Porsche will provide the basis to achieve this aim.
+We will gain impetus from the new Panamera, particularly
+with its plug-in hybrid versions and the Sport Turismo.
+Despite a high level of investment in vehicle projects and in
+the expansion and renewal of company sites, continuing
+productivity and process improvements coupled with strict.
+cost management should ensure that the high earnings
+target at Porsche AG will continue to be met.
+14
+Performance Important events
+OUTLOOK
+In 2017, we expect the global passenger car markets to
+develop at different rates in the individual regions. Overall
+demand for new vehicles is likely to increase at a slower rate
+than in 2016. In Western Europe, we anticipate that the
+market volume will be slightly below the very high level
+recorded in the reporting year. This includes our domestic
+market in Germany, where we expect the volume in 2017
+the PFS companies have developed their processes and meth-
+ods in each market accordingly, including in areas such as
+risk management.
+13
+the Middle East, USA and Canada. Bentley Financial Services
+is the most recent partnership, launching in Australia in au-
+tumn 2016 with a brand-specific offering. Individual solutions
+are also being developed for Bugatti customers.
+as Germany, Italy, Switzerland, France, Russia, Singapore,
+brands Bentley and Lamborghini in countries and regions such
+Alongside the core products of leasing and finance, the
+comprehensive product range includes insurance products,
+the Porsche Card and dealer financing. Exclusive financial
+services are offered under the brand names Bentley Financial
+Services and Lamborghini Financial Services for the Group
+AG, PFS regularly examines opportunities to expand its offer-
+ing into additional growth markets.
+cial services in 16 countries. The PFS Group is represented
+by a workforce of 262 employees in the key automotive
+markets for the Porsche Group. In collaboration with Porsche
+Services (PFS) companies offer innovative, tailor-made finan-
+As partners of the retail organisation, Porsche Financial
+Tailor-made financial services
+Performance Important events
+12
+In 2017, a further developed LMPI race car is being de-
+ployed, as a completely redesigned race car is being used
+in the GTE class: the 911 RSR. The vehicle celebrated its
+racing première in January 2017 at the 24 Hours of Daytona.
+A total of 21 races are planned for 2017, with Porsche race
+cars appearing in the WEC and IMSA series.
+Victory at Le Mans and WEC champion again
+The 2016 motorsport season could not have gone better
+for Porsche. Porsche dominated at the FIA World Endurance
+Championship with the 919 Hybrid. Luck was also with
+the drivers Romain Dumas, Neel Jani and Marc Lieb, who
+achieved Porsche's 18th victory in the 24 Hours of Le Mans
+in France - the toughest and most challenging endurance
+race in the world and secured their place in the overall
+drivers' standings at the end of the WEC. Porsche had
+already won the coveted manufacturer's title early on in the
+competition. Most notably, the trio of drivers Timo Bernhard,
+Brendon Hartley and Mark Webber played their part in this
+success with first-place finishes.
+With a total volume of 1.1 billion euro, Porsche placed its
+largest ever bonded loan in March 2016. This was done to
+refinance a bond that expired in February 2016 as well as
+various planned investment projects. Around 150 institutional
+investors, including banks, pension funds and insurance
+companies, participated in the loan. Demand from foreign in-
+vestors was particularly high, contributing around 45 per cent
+of the total volume. The originally intended volume of the
+bond was exceeded by a significant margin.
+In terms of core business, PFS was able to develop its busi-
+ness volume at the same pace as the Porsche new vehicle
+business, while the market position in North America, Europe
+and Asia was greatly expanded. A total of around 70,000 new
+contracts were concluded worldwide. The financial services
+division currently manages over 140,000 leasing and finance
+contracts, with a volume of more than 5.9 billion euro fi-
+nanced in the Financial Services companies. In addition, over
+110,000 customers worldwide value the convenience and
+exclusive services offered by the Porsche Card and the insur-
+ance offers provided by PFS. Due to the increasingly stringent
+legal requirements faced by the financial services business,
+15
+2013
+In the 2016 financial year, global economic growth slowed
+slightly to 2.3 per cent (previous year: 2.6 per cent). Growth
+diminished particularly in industrial nations. The economic
+recovery continued in Western Europe, but growth in gross
+domestic product (GDP) was below the previous year
+(2.0 per cent) at 1.7 per cent. The United Kingdom's refer-
+endum in June 2016 had a subduing effect as a slight
+majority opted for the nation's withdrawal from the European
+Union (EU). Uncertainty in the financial markets and unclear
+economic prospects for both the UK and Europe were
+the immediate consequences. In Germany, however, positive
+consumer attitudes and the strong labour market prevailed.
+GDP in the reporting year grew by 1.8 per cent, which was
+slightly stronger than in the previous year (1.5 per cent).
+Bonded loan placed
+17
+1.6%
+1.7%
+1.8%
+2.3%
+6.7%
+2016
+2015
+2014
+Performance - Important events
+16
+Germany 0.2%
+Western Europe 0%
+USA 2.2%
+BUSINESS PERFORMANCE
+Global economy 2.6%
+Percentage change in GDP
+Economic growth
+The high level of demand for the SUV models Macan and
+Cayenne - once again the best-selling model ranges in
+the 2016 financial year - demonstrates Porsche's strong
+position in these segments. The Cayenne saw
+In November, the market launch of the new Panamera -
+under the motto "courage changes everything" - was a
+sensation. The second generation of this vehicle type
+elegantly combines the seemingly contradictory concepts
+of performance and comfort. In the year of the model
+change, a total of 15,240 Panamera models were handed
+over to customers.
+In total, the 2016 figure of 237,778 units means that more
+new vehicles were sold to customers than ever before in the
+history of Porsche.
++6%
+The newly established 718 model range is a reminder of
+historic racing victories, with the new 4-cylinder turbo boxer
+engine making it a sportscar suitable for everyday driving.
+At 23,620 deliveries, including the predecessor range, the
+718 Boxster and 718 Cayman models achieved a very
+positive market response, with substantially higher figures
+than in the previous year. Together with the iconic Porsche
+911 sportscar for which the 2016 figure of 32,409 deliver-
+ies (incl. 44 units of the 918 Spyder) also exceeded that
+of the previous year - a tangible increase in demand for two-
+door sportscars was observed. The special 911 R model.
+in particular received a great deal of attention. It represents
+the purest form of two-door, road-going sportscar that
+Porsche offers. In spring 2016, the limited-edition series not
+only met with a fantastic media response, but also extremely
+high levels of customer interest.
+In 2016, Porsche enjoyed another record year. This success
+is down to its appealing product range and outstanding
+customer focus. In every segment where the brand is rep-
+resented, Porsche offers the sportiest vehicles - and this
+range was expanded in the past year to include further
+product highlights.
+Record year with new product highlights
+In the Asia-Pacific region, the market volume for passenger
+cars rose by 11.9 per cent to 35.3 million units. The Chinese
+market was once again the clear driver of growth. The tax
+reduction introduced in October 2015 affecting the acquisi-
+tion of vehicles with a displacement of up to 1.6 litres
+contributed to the new Chinese sales record of 22.9 million
+vehicles (plus 17.9 per cent). This predominantly benefitted
+low-cost, entry-level models.
+by one fifth to 2.0 million - the fourth regressive year in
+succession.
+In the North American markets for passenger cars and
+light commercial vehicles (up to 6.35 tonnes), the reporting
+year's sales figures of 21.1 million vehicles were 1.8 per
+cent above the previous year's record. In the USA, demand
+slowed over the course of the year. Nevertheless, with a
+figure of 17.6 million units, it surpassed the previous year's
+peak level by 0.5 per cent. In Canada (plus 2.6 per cent)
+and Mexico (plus 18.6 per cent), sales figures continued
+to increase. In Brazil however, the slump in the market
+continued: The number of newly registered vehicles dropped
+In 2016, the global automobile market grew by 5.4 per cent
+to 81.1 million vehicles. Demand increased in North America,
+Western Europe and the Asia-Pacific region, while South
+America and Eastern Europe did not attain the level of the
+previous year. In Germany, 3.4 million vehicles were regis-
+tered as passenger cars in 2016, which shows a rise of
+4.5 per cent compared with the previous year. The factors
+behind this were the higher level of real earnings, the strong
+position of the labour market and favourable financing op-
+tions. The French market underwent similar growth, increas-
+ing by 5.2 per cent. In the United Kingdom, volume slightly
+exceeded the previous year's record level by 2.3 per cent.
+By targeting built-up demand, Italy (plus 15.4 per cent)
+and Spain (plus 10.9 per cent) even reported double-digit
+growth rates.
+The US economy lost momentum in 2016. At 1.6 per cent,
+growth was below the previous year's level of 2.6 per cent,
+and the economy was also supported by private consumer
+expenditure. The US dollar remained strong, putting pressure
+on domestic goods exports. In South America, Brazil experi-
+enced a second year of recession. Economic output dropped
+by 3.6 per cent. By contrast, the Chinese growth rate was
+6.7 per cent, which is virtually the same as the 6.9 per cent
+from the previous year.
+China 7.7%
+Porsche initiates integration year for refugees
+At the beginning of March 2016, Porsche AG introduced a
+comprehensive programme for the integration of refugees.
+Ten men and five women aged 16 to 38 and originating
+from Eritrea, Syria, Pakistan, Afghanistan, Iran and Iraq were
+given the opportunity to qualify for training or direct employ-
+ment via a Porsche-developed, six-month integration pro-
+gramme. The programme focused on the German language,
+basic manual skills and cultural competencies.
+Moderate growth in the global economy
+Responsibility for the Stuttgart region
+Legal notice
+About this report
+Porsche AG Group - Brief Overview
+110
+GRI Content Index
+108
+Emission and Consumption Information
+106
+The Supervisory Board
+105
+Further Information
+112
+102
+100
+Key figures for environment and energy
+Consolidated Statement of Cash Flows
+Consolidated Statement of Changes in Equity
+Key economic figures
+Key Figures
+Consolidated Statement of Comprehensive Income
+Consolidated Statement of Financial Position
+Consolidated Income Statement
+Financial Data
+Results of Operations
+Net Assets
+Financial Position
+Financial Analysis
+Key figures for personnel and social matters
+Procurement
+85
+90
+Uwe-Karsten Städter
+Procurement
+Detlev von Platen
+Sales and Marketing
+Deller von
+Chairman of the Executive Board
+Oliver Blume
+вель бини Стильни
+MIMER
+Deputy Chairman of the Executive Board
+Finance and IT
+Lutz Meschke
+daz
+J
+Research and Development
+86
+Michael Steiner
+EM
+Albrecht Reimold
+Production
+Letter from the Executive Board of Porsche AG
+5
+115
+98
+97
+94
+92
+114
+⌘8888$ b8gསྟྲ 8ཨྰཿཎྜཎྜ ཎྜ
+Mural fluimer
+Michael
+80
+78
+76
+6
+Letter from the Executive Board of Porsche AG
+can be found on the relevant pages - where
+surprises await you.
+The two volumes may be different, but they
+have one thing in common: communication on
+different levels. That is why some of the arti-
+cles offer you the opportunity to experience
+"augmented reality". Information regarding this
+The second volume is called "Performance"
+and contains all events from the 2016 finan-
+cial year. It contains trends, summaries,
+explanations, key performance indicators and
+documentation regarding Porsche's overall
+commitment to sustainability in all facets of
+the company.
+For inspiration, consider the information re-
+garding the Porsche philosophy within the
+triangle of electrification, digitalisation and net-
+working, or consider our innovations in vehicle
+production, or how Porsche is helping to
+develop a region.
+and encourage you, to confront, challenge and
+familiarise you with the topics and theories that
+an automotive company such as Porsche faces
+in times of an industrial system breakdown.
+What significance do origins have for the future?
+What about the spirit of enterprise? How much
+empathy do leaders need? Where do the ben-
+efits of digitalisation begin and when the control
+of people? Does "failure culture" mean allowing
+failure to happen or making new ideas possible?
+You have two volumes in front of you:
+"Perspective" is intended to inspire, motivate
+Economic strength, innovative vehicles, custom-
+er focus, environmental protection and employee
+responsibility: Porsche sets the highest stand-
+ards in all areas and wishes to undergo continu-
+ous, long-term improvement.
+For the first time, Porsche has published a
+combined Annual and Sustainability Report. It
+wishes to set an example - that the two sub-
+jects belong together - not separately.
+Economic success is one of Porsche's distinc-
+tive features, as is social compatibility. As a
+manufacturer of exclusive, powerful sportscars,
+Porsche is committed to achieving greater
+acceptance of its company and products around
+the world through socially and environmentally
+responsible conduct. Responsible actions that
+benefit not only the company, but also the envi-
+ronment and society, are not only what is
+expected by customers, business partners and
+investors - they are also crucial for ensuring
+competitiveness.
+Important events
+Sustainability in practice is an overall strategic
+objective for Porsche. Economic success,
+environmental awareness and social responsibil-
+ity are not opposing concepts for the company.
+On the contrary, they are combined to form an
+overall idea that defines the company's attitude.
+PORSCHE
+2016
+Annual and
+Performance.
+THIS CHART
+SCAN
+Augmented reality makes the
+fascination of Porsche an
+even more intense experience.
+Simply download the Porsche
+Newsroom App from the App
+Store or Google Play, select the
+augmented reality function in
+the menu and look out for the
+labels SCAN THIS CHART
+and SCAN THIS PAGE. View
+the labelled tables, diagrams
+and pages on the screen of
+your smartphone or tablet -
+and bring the content to life.
+reality options
+how to use the augmented
+SCAN THIS CHART -
+In close cooperation with the local authorities of the city of
+Stuttgart, Porsche is making its own contribution to forward-
+thinking mobility in the region. In September 2016, the
+sportscar manufacturer presented its own employee trans-
+port concept as a means of air pollution control: In the
+case of a fine dust alarm, for example, Porsche employees
+can use their company pass for free travel in the greater
+Stuttgart region via the Verkehrs- und Tarifverbund Stuttgart
+GmbH (VVS). The same also applies for commuting between
+the main plant in Zuffenhausen and the external location of
+Weilimdorf. On September 1, 2016, Porsche introduced a
+permanent ten per cent subsidy for the WS company ticket.
+For 2017, the company is also planning a car-sharing and
+parking app.
+Performance.
+9
+Outlook
+15
+75
+56000
+72
+68
+66
+N82
+Production
+Sales
+65
+Sales, Production, Procurement
+57
+Research and development
+52
+44
+43
+36
+256 5233 312
+27
+Sport and society
+Employees, Sport and Society
+Employees
+Our way-management approaches in our spheres of activity
+Stakeholder dialogue
+Sustainability strategy and sustainability management
+Strategy and organisation
+Business performance
+16
+Алонго
+Andreas Haffner
+Human Resources
+Sustainability Report
+of Porsche AG
+Establishment of the Porsche sustainability
+advisory committee
+Strategy 2025
+Strategie 2025
+PORSCHE
+Michael Steiner appointed new Member of the
+Executive Board for Research and Development
+In May 2016, the Supervisory Board appointed Michael
+Steiner as the successor to Wolfgang Hatz in the role of
+Member of the Executive Board with responsibility for
+Research and Development. Steiner, who studied mechanical
+engineering at the Technical University of Munich, previously
+spent 14 years in leading roles at Porsche's research and
+development centre. Most recently, he had overseen Com-
+plete Vehicle Engineering/Quality Management since 2011.
+In his future role, Steiner will primarily be tackling such
+issues as electrification, digitalisation and connectivity. The
+aim is to combine new technologies with the traditional
+Porsche philosophy.
+DMG
+Due to the various construction measures required for the
+new electric vehicle, Porsche is seeking open dialogue
+with residents as well as an active exchange with local and
+regional politicians. The aim is to allay the concerns and
+reservations of all parties involved and to create absolute
+transparency. January saw the publication of the first issue of
+the residents' journal "targa", containing information on the
+current state of planning along with the background behind
+the project and development of the main plant. In March
+and April, Porsche held an event to inform its neighbours of
+the project progress in a face-to-face setting. In addition, the
+company is making information about the project available
+on a website.
+Dialogue and transparency
+10
+10
+Albrecht Reimold appointed to Executive Board
+On February 1, 2016 Albrecht Reimold became the new
+Member of the Executive Board with responsibility for
+Production and Logistics. He succeeded Oliver Blume, who
+was appointed Chairman of the Executive Board in 2015.
+Reimold is a trained toolmaker and production technician,
+who has switched to Zuffenhausen from Bratislava. As Chair-
+man of the Executive Board and Board Member with re-
+sponsibility for Technology at Volkswagen Slovakia, he spent
+four years overseeing the Volkswagen plant at this loca-
+tion, which is also where the body of the Porsche Cayenne
+is manufactured. In the coming years, Reimold will mainly be
+tasked with integrating the production for an electric vehi-
+cle at the Zuffenhausen headquarters and safeguarding the
+journey of the long-standing site into the automotive future.
+At the end of the 2015 business year, the Supervisory Board
+of Porsche AG green-lighted the construction of the first
+purely electrically powered Porsche. As a result, the future
+vehicle generation has been at the centre of activities at
+the Zuffenhausen headquarters since 2016. Porsche is cre-
+ating an additional 1,200 workplaces and is investing more
+than one billion euro into this effort. In the coming years,
+a new paint shop is to be created along with a separate as-
+sembly plant for the electric vehicle. The new engine plant
+opened in July is to be expanded for the manufacture of the
+electric drives, while the existing body shop will also be
+developed. Materials handling technology will connect the
+new paint shop with the final assembly.
+Course set for first electric Porsche vehicle
+IMPORTANT EVENTS
+PORSCHE
+FOLLS
+FL
+STUTTGART
+PORSCHE
+Business performance
+Outlook
+Important events
+7
+Performance - Letter from the Executive Board of Porsche AG
+With its new corporate strategy, Porsche is setting itself
+ambitious targets to be achieved by 2025. The future of
+the sportscar - this is the theme of Strategy 2025. At the
+heart of the strategy is the future product portfolio. The
+sportscar of the future will blend the history and values of
+the Porsche brand with innovative technologies, while at
+the same time ensuring sustainability. In this regard, topics
+such as electromobility, digitalisation and connectivity will
+6
+With its new cor-
+porate strategy,
+Porsche is setting
+The future of
+to use the digital transformation in the automotive industry
+Joint venture for high-performance charging network
+At the end of November 2016, Porsche invested in a joint
+venture for an ultra-fast, high-performance charging network
+for electric vehicles. With this effort, the Volkswagen Group
+with Audi and Porsche, Daimler AG, the BMW Group and Ford
+Motor Company intend to achieve significant gains in the
+long-distance travel capability of vehicles with electric motors.
+This year, the automotive manufacturers will begin with
+the creation of 400 new charging stations on motorways and
+other highly frequented roads along Europe's main travel
+routes. As a result, customers whose vehicles are equipped
+with the Combined Charging System (CCS) standard will gain
+public access to several thousand charging stations by
+2020. The new charging network takes the existing technical
+standards of AC and DC charging to the next level of perfor-
+mance. The planned infrastructure will then enable rapid DC
+charging with a capacity of up to 350 kW.
+At the end of August 2016, the Porsche Digital Lab, which
+works closely with Porsche Digital GmbH, was opened in
+the Berlin district of Friedrichshain. The Lab serves as a
+platform for Porsche to interact with technology companies,
+the world of science and the flourishing start-up scene. The
+ever-increasing networking of vehicles and altered mobility
+concepts are direct consequences of the digital transforma-
+tion of the automotive industry. In the Digital Lab, teams from
+Porsche AG and MHP Management- und IT-Beratung GmbH
+identify and test innovative information technologies for
+internal processes, customer interaction as well as products
+and services - all of which will allow the Porsche brand
+In November 2016, five renowned experts from the world of
+science and society met with the Executive Board of Porsche
+AG for the inaugural session of the Porsche sustainability
+advisory committee. Prof. Dr Maximilian Gege (co-founder of
+B.A.U.M., the largest corporate network for sustainable
+economies in Europe), Dr Sonja Peterson (Scientific Director
+of the Kiel Institute for the World Economy since 2012),
+Prof. Dr Lucia A. Reisch (member of the German Council for
+Sustainable Development since 2010 and Director of the
+Research Centre for Consumers, the Market and Politics at
+the Zeppelin University of Friedrichshafen since 2012),
+Prof. Dr Ortwin Renn (Scientific Director of the Institute for
+Advanced Sustainability Studies e.V. (IASS) in Potsdam)
+and Prof. Dr Dr Klaus Töpfer (former German Federal Minister
+New Experience Centre in Los Angeles
+In mid-November 2016, Porsche opened the world's fifth
+Porsche Experience Centre in Los Angeles, in the US state
+of California. The company invested 60 million dollars into
+the 20-hectare site, on which customers and Porsche fans can
+test the power, dynamic performance and safety of the
+vehicles and gain first-hand experience of the Porsche brand.
+The new Experience Centre also features an ever-changing
+race car exhibition and a 6.5-kilometre test and development
+track with eight training modules. The site also serves as
+the headquarters of Porsche Motorsport North America.
+Employees participate in company success
+For the successful year 2015, employees at Porsche AG
+have received a voluntary bonus of up to EUR 8,911 gross.
+There are two components to the bonus: EUR 8,211 was
+the defined amount for the positive company result and for
+the exceptional performance of staff during the 2015 busi-
+ness year. EUR 700 was paid as a special contribution
+to the Porsche VarioRente pension scheme or to individual
+pension schemes. The bonus for 2015 was paid to around
+15,600 employees at Porsche AG, adjusted to their indi-
+vidual working hours and length of service at the company.
+20 years of environmental certification
+Saving energy, avoiding waste, printing paper on both sides
+Digital Lab opened in Berlin
+11
+Since the end of May 2016, Porsche Digital GmbH in Lud-
+wigsburg has been identifying and developing digital
+customer experiences, products, business fields and busi-
+ness processes. In doing so, Porsche intends to cement
+its position as the leading provider of digital mobility solu-
+tions in the premium automotive segment. Particularly in
+the areas of connectivity, smart mobility and autonomous
+driving, Digital GmbH considers itself an interface between
+the Porsche brand and innovators from across the globe.
+With this in mind, further locations in Berlin, Silicon Valley
+and China are planned for the coming years.
+Digital GmbH: Porsche commences digital
+innovation offensive
+New drive and test centre in Weissach
+With the new drive test building, Porsche's research and
+development centre is laying important foundations for fac-
+ing the challenges posed by future technologies. Following
+around two years of construction, the building now houses
+all areas of the company's drive development, thereby creat-
+ing an efficient network at the Weissach site. In addition to
+more than 500 office workstations, digital drive development
+can call upon special high-performance workstations to work
+on virtual solutions for the drives of tomorrow.
+- every Porsche employee can help to save resources and
+make a contribution to the ecological sustainability of the
+company. In 2016, the level to which Porsche meets its envi-
+ronmental duties in operation and production was assessed
+by independent TÜV inspectors for the 20th time. As early
+as 1996, Porsche was one the first companies in Baden-
+Württemberg to introduce an environmental management
+system in line with the Eco-Management and Audit Scheme
+(EMAS) and was awarded its certification for clearly defined
+processes, responsibilities and appropriate implementation.
+of the plant are the body shop with its new, highly innovative
+manufacturing methods, as well as the quality centre that is
+exemplary for the Group. Completed after a two-year con-
+struction period, this latest expansion makes Leipzig one of
+the most innovative and environmentally friendly production
+centres in the global automotive industry.
+Leipzig site expanded for the Panamera
+The second generation of the Panamera is now produced
+entirely at the Leipzig site. For this purpose, the company
+invested a total of 500 million euro into the fourth expansion
+of the Leipzig plant. The production area was increased
+to around 60,000 square metres, while the assembly and
+infrastructure were also adapted. Among the highlights
+Performance Important events
+Engine plant in Zuffenhausen put into operation
+Porsche has invested around 80 million euro into a modern
+production facility for eight-cylinder engines at its Zuffenhausen
+headquarters. The innovative engine plant, construction
+of which began in 2014, was put into operation in July. On a
+surface area of 10,000 square metres, Porsche employees
+produce up to 200 eight-cylinder V-engines every day - ini-
+tially for the new Panamera Turbo. Production takes place at
+the highest quality levels and using the most sophisticated
+modern technology. Porsche is also setting new sustainabili-
+ty benchmarks with the construction and operation of the
+engine plant.
+World première of the new Panamera
+Porsche unveiled the new Panamera to the public in June at
+a spectacular event in Berlin featuring lights, music and
+choreography. More than ever before, the completely
+redeveloped second generation of the Gran Turismo
+combines two opposing characteristics: It offers the
+performance of a sportscar and the comfort of a luxury
+saloon. The design language of the new Panamera draws
+parallels with the Porsche 911. The powerful biturbo engines
+of the Gran Turismo are more economical than ever thanks
+to the new eight-speed double-clutch transmission (PDK II).
+play an important role. These areas will define the exclusive
+and sporty mobility of tomorrow. Yet the company will also
+continue to focus on its main goal of value-creating growth.
+Only by achieving such growth can Porsche make sustain-
+able investments in innovative technologies, new products
+and the company workforce.
+of Strategy 2025.
+the sportscar -
+this is the theme
+itself ambitious
+targets to be
+achieved by 2025.
+for the Environment, Nature Conservation and Nuclear Safety)
+will advise the company on future questions and challenges
+relating to relevant ecological and social trends.
+The Executive Board of Porsche AG
+At Porsche, our future is shaped by our past. Only by being
+aware of who we were and who we are will we be able
+to determine who we want to be. Tradition is our support.
+Passion is our drive. Knowledge is our capital.
+Never has the legend of Porsche been more alive.
+Dear all,
+Over the course of the last financial year, Porsche
+surpassed itself once again. Our attractive product range
+enabled us to exceed the high levels from the previous year.
+This was the result of a strong team. Focussing on devel-
+oping, manufacturing and selling exclusive, highly emotive
+sportscars continues to be worthwhile. As a company,
+Porsche is in perfect health.
+The Porsche Strategy 2018 provided the foundation for
+stability and value-creating growth. The company's new
+Strategy 2025 will build on this, marking the dawn of a new
+era. This strategy is paving the way for our continuing devel-
+opment from a manufacturer of exclusive sportscars to a
+provider of exclusive and sporty mobility solutions. Digitali-
+sation, electrification and connectivity are challenges that
+we face and that we regard as opportunities. The main focus
+of our strategic conduct is our aim of transposing the emo-
+tional connection that our customers have with Porsche to
+a changed behaviour in terms of buying, ownership and use.
+For almost 70 years, Porsche has been synonymous with
+a unique product and driving experience. We see digitalisation
+as a historic opportunity to make Porsche even more inno-
+vative and efficient, thereby increasing our profitability - a
+chance to secure sustainable workplaces, generate value for
+customers and bring about benefits for society and the
+environment. Porsche is developing into one of the leading
+providers of digital mobility solutions in the premium
+segment of the automotive industry.
+Record employment, new top figures for deliveries and sales,
+an operating result maintained at a high level and, even more
+important than sales, one of the best returns that the global
+automotive industry has generated - these are the ideal
+conditions for our company. Our figures for 2016 epitomise
+the power of our name, the enthusiasm for our products,
+the expertise of our team and the value of Porsche within the
+Volkswagen Group. Diminishing economic growth in crucial
+sales regions, concerns over political and economic stability
+as well as the ongoing discussion regarding the extent and
+responsibility of the diesel controversy within the Volkswagen
+Group and the general consequences of this cannot hide the
+fact that trust in the Porsche brand remains steadfast all
+over the world. The positive development across all relevant
+markets shows the dynamic effect of our strategy.
+to its own advantage. Porsche also took a stake in the
+venture capital fund e.ventures and the parking service
+provider Evopark.
+power of new technology. New variants of the 911 and
+Panamera, such as the Sport Turismo, as well as the new
+Cayenne signify our product philosophy of sporty, modern
+mobility in 2017. We are now working on hybridising
+our vehicle fleet. At the end of the decade, the first purely
+battery-powered Porsche Mission E will completely redefine
+the segment of pioneering sports saloons in spectacular
+fashion.
+Our innovations are driven by the world of motor racing.
+That's how we're able to secure our competitive edge on
+the roads. Our 18th overall victory in Le Mans and our
+second time winning the manufacturer and driver titles in
+a row at the sportscar World Endurance Championship (WEC)
+demonstrate Porsche's superiority in the endurance testing
+of new technologies, which are then incorporated directly
+into series production.
+Remaining permanently successful means that we must
+understand and anticipate the needs and requirements of
+our customers, align ourselves with these and have the
+relevant technology available. We must continue to develop
+the skills and quality of our employees. This even means
+that we must keep on learning, reinventing ourselves and
+cooperating with both large and small companies. Porsche
+Digital GmbH and the Porsche Digital Lab are pioneering
+this change in thinking. In essence, this strategy means
+innovating at every level and in all sectors of the company.
+Industry 4.0, networked mobility, intuitive control concepts
+and the vehicle architectures of tomorrow are the key ele-
+ments of a digital ecosystem in which a host of new services
+and business models are developing. In the medium term,
+Porsche plans to generate a double-digit percentage of sales
+through digital offerings.
+The highlights of the last financial year, namely the introduc-
+tion of the mid-engine Boxster and Cayman model lines with
+the legendary 718 number, the world première and excep-
+tionally successful sales launch of the second generation of
+our sporty Panamera luxury saloon and the presentation
+of our uncompromising 911 R driving machine symbolise our
+promise to combine the traditional Porsche spirit with the
+Regular stakeholder surveys provide systematic information
+on the opinions and expectations of relevant stakeholders
+with regard to sustainability. In the autumn of 2015, around
+2,600 external stakeholders from Germany - including
+customers, business partners, representatives of authorities,
+associations, unions and non-governmental organisations,
+politicians, scientists and sustainability experts - were
+invited to participate in an online survey.
+(G4-18, G4-19, G4-20, G4-21, G4-22, G4-24, G4-25,
+G4-26, G4-27)
+Stakeholder survey
+In the future, Porsche also intends to become more involved
+in relevant sustainability networks at local, national and
+international level. The first step was made with company's
+joining of the German Environmental Management Association,
+Bundesdeutsche Arbeitskreis für umweltbewusstes Manage-
+ment e.V. (B.A.U.M.), in the reporting year. By becoming a
+member of this association, Porsche has committed itself to
+the B.A.U.M. corporate code and the practice of sustainable
+and eco-friendly business activities.
+Along with the newly established sustainability advisory
+committee, Porsche also interacts with external stakeholders
+by a number of other means. Since 2015, the "targa" journal
+has been published twice a year to inform residents at the
+Porsche site in Weissach and the neighbouring Mönsheim
+about current developments and special projects. Separate
+publications were also started for residents around the
+Zuffenhausen and Leipzig plants in 2016. In addition, our
+neighbours are notified of relevant measures, such as con-
+struction activity at the sites, in the form of project-specific
+letters and events. This gives residents the opportunity to
+discuss specific issues directly with the experts on-site. In
+2016, two informational events with around 550 participants
+took place. Moreover, a e-mail address was set up to im-
+prove the complaints management process. To intensify the
+dialogue between local politicians and the company, Porsche
+continues to be involved in the "inter-municipal working
+group" initiated in 2015.
+(G4-18, G4-19, G4-21, G4-24, G4-26, G4-27)
+External stakeholder dialogue
+anonymous complaints and reporting of legal violations relat- A central step in
+ing to the company. It is also established practice at Porsche
+to inform all employees and their elected representatives
+about important operational changes both comprehensively
+and in a timely manner. Adherence to this corporate practice
+is ensured by a number of means, including a Supervisory
+Board with equal representation, the works council commit-
+tees, regular works meetings and the continuous mainte-
+nance of the works agreement database on the Intranet. The
+internal stakeholder dialogue, particularly on sustainability
+topics, is to be further developed in the future. The develop-
+ment and implementation of a corresponding concept is
+planned as part of the 2025 corporate strategy.
+the expansion of
+Open and direct communication is an important element of
+Porsche's corporate culture and is rooted in the management
+guidelines. A number of means are available to employees
+for voicing their concerns and utilising transparent communi-
+cation paths and information channels. In the area of Porsche
+ideas management, for example, 19 employees were recog-
+nised in the reporting year for their contributions to the im-
+provement of business processes, and were honoured in a
+special event. A newly devised ombudsman system enables
+(G4-19, G4-20, G4-24, G4-26, G4-27)
+Internal stakeholder dialogue
+The committee will provide inspiration and ideas for the
+Executive Board of Porsche AG. In this capacity, they will
+meet at least twice a year to report on current environ-
+mental and social developments and to discuss possible
+sustainable solutions.
+-Prof. Dr Ortwin Renn, Scientific Director of the Institute
+for Advanced Sustainability Studies e. V. (IASS)
+-Prof. Dr Dr Klaus Töpfer, former German Federal Minister
+for the Environment, Nature Conservation and Nuclear
+Safety and former Executive Director of the United Nations
+Environment Programme (UNEP)
+- Prof. Dr Lucia A. Reisch, member of the Council for
+Sustainable Development and professor at Copenhagen
+Business School
+- Dr Sonja Peterson, Scientific Director of the Kiel Institute
+for the World Economy
+- Prof. Dr Maximilian Gege, co-founder and chairman of the
+German Environmental Management Association (B.A.U.M.)
+the stakeholder
+dialogue was made
+in November in 2016
+with the establish-
+ment of the Porsche
+sustainability
+advisory committee.
+The most important internal and external stakeholders of the company,
+as defined on the basis of internal analyses.
+(G4-24, G4-25, G4-26, G4-27)
+Employees &
+Porsche
+Product
+responsibility
+Business &
+customers
+Business partners
+Banks
+Porsche
+Centers
+Customers
+Our Stakeholders
+Porsche
+Clubs
+Authority
+Federal Motor
+Transport
+Politics
+Südwestmetall
+German vehicle
+manufacturers'
+association
+(VDA)
+State and
+federal
+ministries
+and town
+councils at
+Municipal
+Authorities
+Porsche sites
+Figures relate to Porsche AG Group
+A central step in the expansion of the stakeholder dialogue
+was made in November in 2016 with the establishment
+of the Porsche sustainability advisory committee. Five inter-
+nationally renowned experts from the world of science and
+society will support Porsche in its future endeavours to
+promote the subject of sustainability within the company:
+The strict compliance
+with the sustainability
+requirements defined
+in the Volkswagen
+Group is essential to
+the effective coopera-
+tion between Porsche
+and its suppliers.
+Trustworthy cooperation and common values are also essen-
+tial when it comes to the supply chain, particularly in times
+of rising sales numbers and the resulting increase in supplied
+parts. In this regard, strict compliance with the sustainability
+requirements defined in the Volkswagen Group is essential to
+the effective cooperation between Porsche and its suppliers.
+Within the Volkswagen Group, the concept of "sustainability
+in supplier relations" and the corresponding "code of conduct"
+ensure that all relevant parties observe and comply with the
+high environmental, social and human rights standards in
+accordance with the charter of the International Chamber of
+Commerce and the OECD guidelines for long-term, sustain-
+able development. The relevant core labour laws of the
+International Labour Organisation (ILO) serve as the founda-
+tion for the sustainability requirements. Suppliers are also
+expected to follow the OECD guideline regarding the duty of
+care for supporting responsible supply chains for minerals
+from conflict and high-risk areas. These sustainability require-
+ments form part of the supply contract, violation of which
+will result in reviews, representations and, in the worst case,
+termination of the business relationship. To exclude the risk
+of cooperation that is damaging to business or the company
+in general, Porsche conducts an initial risk assessment
+of potential new suppliers by subjecting them to a thorough
+integrity check. Using questionnaires, supplier country risk
+analyses, audits and e-learning modules/training courses,
+continuous supplier monitoring and development takes place
+throughout the cooperation. In addition, Porsche provides
+all internal managers with regular training concerning the
+guidelines for sustainability in the supply chain.
+36
+Performance Sustainability strategy and sustainability management
+37
+opportunities Work-life balance
+Responsibility in the supply chain
+Equal
+Environmentally
+compatible logistics
+Porsche also maintains intensive and open dialogue with its
+own dealers and suppliers to facilitate the continuous opti-
+misation of processes and products. With the implementa-
+tion of its "Dealership Sustainability Initiative", Porsche
+supports its global branches in the planning, construction and
+operation of environmentally sustainable Porsche Centres.
+Performance-
+based
+remuneration
+Energy and emissions
+tion during production
+Pollutants and waste
+during production
+Staff development
+Resource consump-
+Fuel consumption and
+vehicle emissions
+Long-term customer relationships
+Long-term economic
+stability
+Health and safety
+during production
+As a main measure of response, an internal and external
+point of contact has been established to receive information
+regarding any potential legal violations relating to Porsche.
+Internally, Porsche managers and employees can report
+suspected criminal activity or serious irregularities to the
+Compliance Help Desk in a confidential manner. Outside the
+company, managers, employees, customers or business
+partners of Porsche, public officials or other external parties
+can use the ombudsman system to report any legal viola-
+tions relating to Porsche in an anonymous fashion. In both
+cases, information is followed up with due care and diligence
+and any violations identified are responded to appropriately
+and in compliance with the relevant employment and co-de-
+termination guidelines. This also includes the implementation
+of suitable countermeasures and sanctioning of individual
+misconduct. The Executive Board of Porsche AG receives
+regular reports regarding the status of implementation of the
+compliance organisation as well as the preventive and
+reactive measures within the Porsche Group.
+Porsche's central Compliance Help Desk serves as a contact
+point and advisory service for questions regarding compli-
+ance and for receiving information from the managers and
+employees of the company. To ensure and promote compli-
+ant behaviour, managers and employees are regularly
+trained and updated on integrity and compliance in a manner
+befitting their roles in the company.
+The compliance code summarises the most important
+principles and expectations relating to lawful, ethical and
+sustainable actions within the Porsche Group in a binding
+guideline for all managers and employees. It addresses
+such matters as handling conflicts of interest, combating
+corruption in all its forms, appropriate behaviour inside the
+Group and towards customers, business partners and
+public officials as well as the assumption of responsibility
+for the economy, environment and society. In addition, a
+separate directive exists for each compliance topic, such as
+handling conflicts of interest, combating corruption, avoiding
+cartelisation and preventing money laundering.
+Protecting and preserving nature and biodiversity ■
+Contributing toward regional
+economic development
+Sustainability communication
+Social commitment
+Corporate co-determination
+Importance for the Company
+Compliance
+Business and Customers
+Product Responsibility
+Environment and Energy
+■Employees and Community
+■Medium High
+34
+Performance - Sustainability strategy and sustainability management
+35
+OUR WAY - MANAGEMENT APPROACHES IN OUR
+SPHERES OF ACTIVITY
+Business & customers
+A company lives from its customers. Porsche therefore
+attributes utmost importance to maintaining its customer
+relationships and endeavours to uphold and enhance the
+fascination with the sportscar. In doing so, the company
+incorporates not only its customers and interested parties,
+but also its employees, suppliers and service providers.
+Honest cooperation generates trust, which in turn creates
+economic stability and secure workplaces.
+To develop good relationships with all stakeholders, interac-
+tion and dialogue are of central importance. Since 2014,
+Porsche has supplemented classic communication channels
+with new means of maintaining customer contact. Apps,
+video chats and social media channels allow us to keep cus-
+tomers informed in a quick and uncomplicated manner while
+also facilitating interaction. It goes without saying that per-
+sonal contact remains essential when it comes to ensuring
+long-term customer loyalty. Our global customer market
+research aims to establish customer requirements and to act
+on these needs by incorporating them in the development of
+products and services at an early stage. More than 150,000
+customer surveys per year allow Porsche to optimise its
+products and processes on an ongoing basis. The "forum for
+product quality and customer satisfaction" also revolves
+around the needs and concerns of customers. The Executive
+Board of Porsche AG addresses these issues in close coop-
+eration with technicians and representatives from the areas
+of quality assurance, customer relations and after sales.
+> 150,000
+customer surveys per year allow Porsche to optimise its
+products and processes on an ongoing basis.
+Adherence to the law and legislation is ensured by a compli-
+ance organisation based on the company's business model
+as well as legally binding processes and measures for
+prevention and response. Porsche currently incorporates ten
+compliance subject areas in its compliance management
+system. Porsche has established a compliance organisation
+to prevent legal violations and support employees in up-
+holding the law. It consists of the Chief Compliance Officer,
+compliance area managers at Porsche AG as well as the
+managing directors as local Compliance Officers within the
+Group companies.
+Porsche's compliance programme comprises a range
+of measures for prevention and response. Based on a
+systematic, Group-wide risk analysis, needs for action and
+measures for prevention are defined on a continuous basis
+while taking into account the relevant business model,
+applicable environmental conditions and the type of the
+business partner relationships. Among the main prevention
+measures are the adoption and communication of clear
+guidelines, the provision of confidential compliance counsel-
+ling as well as the regular training and updating of managers
+and employees with regard to relevant compliance topics.
+(G4-18, G4-19, G4-20, G4-21, G4-27)
+in figures
+Materiality Matrix
+Plant tours and presentations on sustainability
+in Business and
+Association for
+Employees' Rights
+relationships"
+in supplier
+"Sustainability
+Suppliers'
+network
+Academia/Research
+Schools
+Social
+Initiatives
+Industry (Gesellschaft
+Student
+Initiatives
+NGOS
+State sport
+associations
+Works Council
+(IG Metall)
+metalworkers
+Industrial union of
+Trade unions/Associations
+society
+Environment &
+energy
+Employees
+für Arbeit-
+nehmerrecht in der
+Wirtschaft e. V.)
+Cultural
+Organizations
+Partner universities
+"Christophorus" customer magazine
+"targa" residents' journal
+Activities in associations/networks and meetings with authorities
+Informational events for residents
+Press releases and (virtual) press conferences
+Porsche Internet presence (newsroom, corporate website)
+Sustainability Report 2015
+Communication media for external stakeholders 2016
+Annual Report 2015
+Porsche information boards
+Management and employee training courses
+Body of experts on sustainability
+Works meetings
+"Carrera" media for employees (magazine, site newsletters, TV, Intranet)
+Introductory session for new employees ("Porsche Warm-Up")
+Mood barometer (employee survey)
+Communication media for internal stakeholders 2016
+For reasons of clarity, the dimension "low" has been omitted
+from the matrix shown here. Subjects were not classified as
+insignificant or of minimal relevance in either the internal
+analysis or the external survey. The importance that Porsche
+attributes to the opinion of its stakeholders is highlighted
+by the strategic application of the materiality analysis. The
+subjects identified in the analysis serve as the basis for
+sustainability aspects that are closely linked with other topics
+of the corporate strategy. The objective that can be derived
+from this is a matter of course for an ambitious company:
+Porsche also strives for continuous improvement in the area
+of sustainability.
+(G4-18, G4-19, G4-20, G4-21, G4-22, G4-24, G4-27)
+A materiality analysis evaluates the results of the stakeholder
+survey in detail and considers them in terms of the signifi-
+cance of individual sustainability topics for the company.
+These topics were established on a systematic basis as part
+of an internal workshop with employees from sustainability-
+related areas of the company. The focus was on the subjects
+of "financial effects", "risks", "reputation" and "current social
+debates". This analysis served as the basis for the mate-
+riality matrix, which was approved by the body of experts on
+sustainability. Detailed information on this matrix is provided
+in the 2015 Porsche Sustainability Report. The next material-
+ity analysis will take place following the stakeholder survey
+scheduled for the autumn of 2017.
+Materiality analysis
+individual Group brands also took part. 15 per cent accept-
+ed the invitation. 94 per cent of those surveyed saw no
+contradiction in principle between corporate responsibility
+and the production of premium sportscars. 91 per cent
+consider the development of the company's sustainability
+activities as positive. The main challenges facing the
+company are the issues of "long-term economic stability",
+"long-term customer relations" as well as "fuel consumption
+and emissions of vehicles". Further information on the results
+can be found in the 2015 Porsche Sustainability Report.
+The next stakeholder survey is planned for the autumn of
+2017 and will also include two international markets.
+Representatives from the Volkswagen Group and the
+33
+Performance - Sustainability strategy and sustainability management
+32
+Significance for Stakeholders
+treatment
+Establishment of the Porsche sustainability
+advisory committee
+Stakeholder management
+Canada: The record journey continues
+In 2016, Porsche Canada achieved a figure of 7,061 new
+vehicle deliveries - an increase of ten per cent in compari-
+son with the previous year and a new sales record. The
+7,000-delivery mark was also reached for the first time. As
+in the four years prior, each of the 12 months of 2016 saw
+delivery figures higher than those in the corresponding
+month of 2015, giving Porsche the longest-standing record
+in the Canadian market. At 2,800 vehicles, the Macan over-
+took the Cayenne as the top-selling model range. With
+946 deliveries (incl. 918 Spyder), the 911 achieved record
+sales. A successful market launch was enjoyed by the 718,
+with the Boxster in August 2016 and the 718 Cayman in
+November 2016. Work is progressing at full speed at the
+Porsche Centre North Toronto - the first Porsche-owned
+branch in North America, which will also be home to
+the new headquarters and training centre for Porsche Cars
+Canada Ltd.
+South America: Stable sales
+The reporting year was characterised by a stable sales situ-
+ation in Central and South America (excluding Brazil) and the
+Caribbean. The previous year's level was achieved, with a
+total of 3,240 new vehicles delivered to customers. Mexico
+alone contributed a 46 per cent share of sales. The Macan
+became the highest-volume model range, selling 1,184 vehi-
+cles and overtaking the Cayenne's 1,076 deliveries.
+Fluctuating currency rates and a drop in the oil price were
+characteristic for the region and protectionist measures
+made importing vehicles difficult. In spite of this, delivering
+409 mid-engine sportscars was a great start for the 718
+model line, while the previous generation was also success-
+fully discontinued. The 911 impressed over the course
+of the second generation rollout with an increase of 45 per
+cent, reaching 496 sales. The relevant regional office in
+Miami handles a total of 23 markets with 40 Porsche centres
+and showrooms.
+Brazil: Growth in the second year
+In its second year of business operations, the Porsche sub-
+sidiary in Brazil significantly exceeded the result from the
+previous year. In spite of difficult conditions such as reces-
+sion and high import duties, deliveries rose by 38 per cent
+to 1,010 units. The greatest volume sold was for the Macan
+(352 units), ahead of the Cayenne (341 units). With the arrival
+of the new 911 in showrooms, demand increased from the
+middle of the year, resulting in 142 sportscars of this type
+being delivered by the end of the year - an increase of
+137 per cent compared with the previous year. The mid-en-
+gine sportscars saw a total of 155 deliveries. The Brazilian
+subsidiary with headquarters in São Paulo is currently in
+charge of nine Porsche centres, of which three dealerships
+in Florianópolis, Campinas and Recife commenced opera-
+tions in 2016.
+In the United Sates,
+Porsche delivered
+54,280 vehicles
+to customers in the
+reporting year.
+This means Porsche
+has surpassed
+the previous year's
+performance
+for the seventh
+successive year.
+18
+Deliveries
+of new vehicles
+189,849
+161,982
+141,075
+237,778
+The Cayenne received great feedback again with 15,383 de-
+liveries. Every eighth model delivered to customers was
+an S E-Hybrid. The USA is the largest market for the Porsche
+911. The introduction of the most recent model generation
+was a great success. The engines, boasting enhanced effi-
+ciency and performance, enjoyed huge popularity. A total of
+8,902 vehicles (incl. 918 Spyder) were delivered. The com-
+pletely overhauled 718 Boxster and 718 Cayman mid-engine
+sportscars arrived at US dealers in summer and autumn
+2016 respectively. The total number of deliveries for Boxster
+and Cayman was 6,260. There was great anticipation for the
+completely redesigned second generation of the Panamera,
+to be introduced in early 2017. Nevertheless, Porsche
+was still able to impress 4,403 customers with first-genera-
+tion Panamera vehicles in the reporting year. In November
+2016, Porsche opened a Porsche Experience Centre and
+test track on a 20-hectare site in Los Angeles. It is the
+second centre of its kind after Atlanta.
+In the United Sates, Porsche delivered 54,280 vehicles to
+customers in the reporting year. This means Porsche has
+surpassed the previous year's performance for the seventh
+successive year: In the 2016 financial year, growth was
+five per cent. The front-runner among Porsche models was
+the Macan, with 19,332 vehicles sold. Since August 2016,
+the model has been delivered in the USA as a 2.0-litre
+turbo variant for the first time.
+USA: Porsche growing faster than the
+automobile market
+America
+95,642
+billion euro
+2.21
+222
+22
+Revenue increased by 4 per cent
+over the previous year.
+Revenue
+The number of employees around the
+world increased by 13 per cent.
+Employees
+27,612
+225,121
+22.32 billion euro
+Operating return on sales
+17.4%
+increased by 5 per cent.
+Investment in material assets (vehicle business)
+Investment in material assets
+billion euro
+1.41
+70,867 deliveries. At 95,642 vehicles, the Macan was the
+top-selling Porsche model.
+In total, the 2016 figure of 237,778 units means that more
+new vehicles were sold to customers than ever before in
+the history of Porsche. Growth of six per cent was observed
+in comparison to 2015. All the major sales regions of China,
+North America and Europe were able to increase their
+deliveries compared with the previous year.
+Return on sales rose from 15.8 per cent
+in the previous year to 17.4 per cent.
+2012
+2013 2014 2015
+2016
+In Scandinavia, sales increased by one fifth to 2,635 vehicles.
+The two-door 911, 718 Boxster and 718 Cayman sportscars
+(incl. 981 predecessor models) sold 783 units, substantially
+surpassing the figure from 2015 by 62 per cent. This ex-
+cellent result is partly down to the buzz around motorsport
+brought on by the Carrera Cup Scandinavia. Sweden exhib-
+ited exceptionally strong growth once more. In Norway, the
+proportion of hybrids in the relevant model ranges was at
+74 per cent.
+Asia
+China: Number one again
+With a figure of 65,246 deliveries, China - including Hong
+Kong - increased sales in the 2016 financial year by 12 per
+cent, making it Porsche's highest-volume sales region
+worldwide for the second time in a row. The Macan was the
+most attractive model range, with vehicle sales of 34,015,
+putting it ahead of the Cayenne, which sold 22,204 units.
+Some 1,492 units of the 911 (incl. 918 Spyder) were deliv-
+ered, with the mid-engine sportscars reaching a figure of
+2,416 units sold to customers. Despite the forthcoming
+model change at the start of 2017, the Panamera achieved
+the sales volume from the previous year (5,119 delivered
+vehicles). China is the main consumer of Macan, Cayenne
+and Panamera models. A further six Porsche Centres
+commenced operations during the reporting year and at the
+end of the year, there were a total of 97 Porsche dealers.
++12%
+With a figure of 65,246 deliveries, China - including Hong Kong
+- increased sales in the 2016 financial year by 12 per cent.
+Japan: Continual growth
+By delivering a total of 6,745 vehicles, Porsche Japan clearly
+improved on the previous year's record performance of
+6,527 units. A large proportion of these sales was made up
+of the Macan model range, for which sales increased by
+19 per cent to 2,538 models. Rear- and mid-engine sports-
+cars were also able to expand on the strong figures observed
+during the previous year. Porsche supplied 1,533 vehicles
+from the 718 Boxster and 718 Cayman (incl. 981 predeces-
+sor models) ranges, and 1,420 units of the 911.
+South Korea: Growth in the dealership network
+In 2016, Porsche South Korea sold 3,270 vehicles to cus-
+tomers (previous year: 3,612). This figure includes 766 rear-
+and mid-engine sportscars. Macan sales increased by six
+per cent to 806 vehicles. With a new location in Seoul, the
+dealership network in South Korea continues to grow.
+Northern Europe: Significantly increased sales
+It is set to open in spring 2017. In addition, Asia's second-
+biggest Porsche Service Centre opened in Seoul at the
+Bundang site.
+20
+20
+Performance Important events
+21
+3.88 billion euro
+strongest market in the region, with 3,356 sales recorded.
+This result was helped in part by the opening of the Porsche
+dealership in Taoyuan - now the largest in the Porsche
+Asia-Pacific region.
+Middle East, Africa and India: Numerous challenges
+With 6,504 vehicles delivered in the Middle East, Africa and
+India, Porsche was able to overcome some extreme uncer-
+tainties in the region. Drastic fluctuations in exchange rates
+in India and South Africa, unclear import regulations, political
+instability and war, as well as the continued drop in the oil
+price, all negatively impacted business and consumer behav-
+iour to a significant extent during the reporting year. With
+2,878 deliveries of the Cayenne and 1,192 of the Macan,
+Porsche SUV models were responsible for 63 per cent of
+sales in the region. The regional office in Dubai manages
+the 24 diverse markets with 65 Porsche locations. An addi-
+tional showroom in Abu Dhabi and a workshop in Beirut
+expanded the regional dealership network during 2016.
+Australia/New Zealand: Record year again
+Porsche Cars Australia again exceeded the record achieved
+in the previous year. The sportscar manufacturer delivered a
+total of 4,867 vehicles (an increase of eight per cent) to
+customers in Australia and New Zealand. Macan sales in-
+creased by seven per cent to 2,353 units. The Cayenne saw
+1,480 deliveries. The 911 model range, with 480 units sold,
+also exceeded the high performance recorded during the
+previous year by 11 per cent. The mid-engine 718 Boxster
+and 718 Cayman sportscars (incl. 981 predecessor models)
+achieved an increase of 22 per cent, with deliveries totalling
+505 units - a figure that was boosted by the success of
+the Cayman GT4 in particular.
+Porsche
+financial year 2016
+Asia-Pacific: Previous year's standard matched
+In the Asia-Pacific region, managed from Singapore, Porsche
+confirmed 5,589 customer deliveries, again matching the
+very high level of the previous year (5,583 units). The Macan
+played an important role in this success, contributing 2,626
+vehicles. Deliveries of the Cayenne increased by ten per cent
+to 1,819 new vehicles. The 911 model range was in high
+demand, with 590 units delivered. Taiwan remained the
+Operating profit
+Russia: Stability despite recession
+Despite the ongoing difficult market situation and another
+substantial deterioration in the Russian passenger car
+market, Porsche stabilised its position and delivered 4,961
+units, roughly matching the previous year's 5,290. The
+top-selling model ranges were the Cayenne (2,606 deliver-
+ies) and the Macan (1,730). Regular driving experience
+events held at the Porsche Driving Experience Centre at the
+Moscow Raceway are reinforcing the brand presence in the
+Russian market.
+With 1,392 deliveries, Austria surpassed the previous year -
+which itself recorded strong sales - by two per cent. Two-
+door sportscars were especially successful, selling 538 units
+- an exceptional growth level of 80 per cent. The particu-
+larly sporty 911 GT3 RS and Cayman GT4 and the new
+718 Boxster were the main drivers behind this achievement.
+SCAN
+THIS CHART
+Performance - Important events
+19
+Europe
+Germany: The success story continues
+In the 2016 financial year, with 29,247 delivered vehicles
+(previous year: 28,953 units), Porsche enjoyed a sixth
+successive record year in its home market. At 8,073 vehi-
+cles, the Macan was the top-selling model. The launch
+of the Macan GTS played a considerable part in this achieve-
+ment. Some 6,985 customers chose the Cayenne - an in-
+crease of eight per cent compared with 2015. At 8,015
+deliveries, the 911 (incl. 918 Spyder) reconfirms its posi-
+tion as undisputed number one in the two-door sportscar
+segment in Germany. The new mid-engine 718 Boxster and
+718 Cayman sportscars had a delivery figure of 4,245 (incl.
+previous 981 model range) - an increase of ten per cent
+on the previous year.
+Customers in Porsche's home market were keen to accept
+the completely redeveloped Panamera, with order quantities
+far surpassing expectations. With 1,929 vehicles sold,
+Porsche delivered more Panamera vehicles in the year of
+the model change than in the previous year.
+The Porsche Centre Böblingen was opened in 2016. Porsche
+Deutschland took over the Porsche Centre Stuttgart Airport,
+increasing the number of Porsche-owned branches to six out
+of a total of 86 Porsche Centres in Germany.
++9%
+Despite a tense political and economic situation, Porsche
+Cars Great Britain Ltd. enjoyed its best year yet with
+13,288 customer deliveries.
+Central and Eastern Europe: A 12 per cent increase
+In a diverse market environment featuring geopolitical risks,
+Porsche improved on the previous year's result by 12 per
+cent, delivering 5,550 units to customers. The best-selling
+Macan and Cayenne models achieved 2,540 and 1,847
+deliveries respectively. A total of 845 vehicles were delivered
+to customers from the 911, 718 Boxster and 718 Cayman
+model ranges (incl. 981 predecessor models). In the report-
+ing year, the Porsche Driving Centre in Istanbul offered
+more than 1,500 visitors the perfect environment in which
+to test every Porsche model. The opening of new Porsche
+Centres in Lviv (Ukraine), Herzliya (Israel), Istanbul (Turkey),
+Skopje (Macedonia) and Almaty (Kazakhstan) further sup-
+ports the brand presence in additional parts of the region.
+United Kingdom: Record year despite referendum
+In 2016, headlines in the United Kingdom were dominated
+by the referendum on the country's withdrawal from the
+European Union. Despite a tense political and economic
+situation, Porsche Cars Great Britain Ltd. enjoyed its best
+year yet with 13,288 customer deliveries, an increase of
+nine per cent. The most popular model range was the Macan
+(4,618 deliveries). Two-door sportscars also experienced
+strong growth of 11 per cent: The 4,836 deliveries of the
+911 (incl. 918 Spyder), 718 Boxster and 718 Cayman (incl.
+981 predecessor models) underline the British enthusiasm
+for Porsche rear- and mid-engine sportscars. Even immedi-
+ately following the decision to leave the European Union,
+the number of orders received remained consistently above
+the previous year's level. Porsche's great popularity among
+Britons was also evident at the Porsche Experience Centre
+Silverstone, which welcomed almost 19,000 visitors.
+In autumn 2016, around a million car enthusiasts attended
+the Paris Motor Show. One of the show highlights was the
+presentation of the new Panamera. Porsche also made
+motorsport history once again in France: In the 24 Hours of
+Le Mans, the Porsche works team emerged overall victors
+for the 18th time. In terms of sales, the Macan remained
+ahead of the Cayenne as the biggest-selling model range in
+France. In total, deliveries increased by 12 per cent to
+5,592, thereby setting a new record.
+Belgium/Netherlands/Luxembourg:
+Hybrid models in demand
+With vehicle deliveries reaching 5,372 in Belgium, the
+Netherlands and Luxembourg, Porsche surpassed the high
+number of 4,996 units that was recorded in the previous
+year. The 911 models are particularly popular. At 564 units,
+the Dutch made up around 30 per cent of the total volume
+of 1,889 vehicles. This puts them virtually neck and neck
+with the strongest model range: the Macan. In Belgium,
+Porsche delivered 2,896 vehicles, representing an increase
+of 20 per cent. Luxembourg also observed a double-digit
+increase to 587 units. With a mixed share of 37 per cent for
+the Panamera and 62 per cent for the Cayenne, the plug-in
+hybrid models remained highly popular.
+Italy: Automobile market continues to grow
+Despite the ongoing political and economic uncertainty in
+the country, the Italian automobile market is growing at a
+pace. This development can be seen in the deliveries
+of Porsche models, with an increase of seven per cent to
+5,162 units. The 911 gained a proportion of more than
+50 per cent in its market segment. Other 2016 milestones
+were the expansion of the Porsche Centre Rome South and
+the Porsche Service Centre Catania into Porsche Classic
+partners. This means that there are now four Porsche
+Classic partners in Italy.
+Spain/Portugal: Investment in the growth market
+In a similar way to Italy, the passenger car market in Spain
+and Portugal grew substantially. Porsche deliveries increased
+by eight per cent to 2,797 units. Backed by these success-
+es, Porsche is reinforcing its presence in the Spanish market.
+One example of this approach is the new build of the
+Porsche-owned centre at the Madrid North site. In Barcelona
+too, Porsche strengthened its market presence with the
+opening of a new city showroom.
+Switzerland: High proportion of Turbo and GT models
+In Switzerland, Porsche was once again able to improve
+slightly on the previous year's record, delivering 3,970 vehi-
+cles to customers. Demand for 911 Turbo and GT models
+was particularly strong (43 per cent). Porsche is continuing
+to focus on professionalising and optimising the dealership
+network. This includes opening Porsche Centres in Upper
+Lake Zurich and Locarno.
+Austria: Two-door models popular
+France: Strong presence in Paris and Le Mans
+(G4-19, G4-20, G4-21, G4-24, G4-25, G4-26, G4-27)
+Porsche attributes great importance to the exchange with
+relevant stakeholders and its continuous development.
+The company therefore invites its stakeholders to engage
+in a dialogue on accompanying Porsche on the road to
+a sustainable future. Since the 2016 reporting year, this com-
+mitment has been bundled under the motto "JoinTheRoute".
+Porsche is convinced that solutions for sustainable mobility
+can only be identified and implemented on a collaborative
+basis. The following figure shows the most important internal
+and external stakeholders of the company, as defined on
+the basis of internal analyses.
+The operating profit increased by 14 per cent.
+Research and development costs
+ties enables stringent and effective processing of sustain-
+ability topics within the company.
+A clear internal structure with defined roles and responsibili-
+(G4-18, G4-20)
+Sustainability organisation
+29
+29
+Performance - Sustainability strategy and sustainability management
+Excellent profitability:
+ROS > 15%
+business practices
+sustainable
+Innovation and
+growth
+Value-generating
+2025
+and brand experience
+a unique product
+Inspiring customers with
+and business partner
+Excellent employer
+Porsche Strategy 2025
+The Executive Board of Porsche AG serves as the highest
+sustainability committee, which meets at least twice a
+year in the form of the "Sustainability Board". As well as deci-
+ding the company's basic strategic orientation, the commit-
+tee also addresses the implementation of milestone projects
+and far-reaching sustainability measures. The sustainability
+team of the "Politics and External Relations" department acts
+as an interface for all sustainability-related topics within the
+company. It is tasked with the coordination of all sustainability
+activities, implementation of the sustainability strategy,
+reporting and inclusion in the Group-wide sustainability activi-
+ties of the Volkswagen Group. In addition, it safeguards
+internal and external communication as well as the ongoing
+development of the stakeholder dialogue. The "body of
+experts on sustainability" is responsible for the alignment
+and content of the company's sustainability activities and for
+devising corresponding proposals for the Executive Board.
+It features a cross-departmental structure and convenes four
+times a year. The permanent members of the body of ex-
+perts represent sustainability-related areas from all company
+departments, within which they function as multipliers for
+sustainability issues.
+The sustainability organisation
+at Porsche
+STAKEHOLDER DIALOGUE
+31
+Provide data for the Sustainability Report
+Notify the Expert Committee of current issues
+Appoint representatives to the Expert
+Committee on Sustainability
+Departments and specialists
+Coordinates sustainability issues
+Responsible for sustainability
+reporting procedures
+Sustainability Office
+I
+Performance Sustainability strategy and sustainability management
+28
+30
+Specifies the content of sustainability reporting procedures
+Chair: Sustainability Office
+Specifies indicators and lighthouse projects
+relating to sustainability
+Develops strategic objectives and statements
+(4x annually)
+Expert Committee on Sustainability
+Commissions
+reports
+Defines
+sustainability focus
+Porsche's Executive Board
+(2x annually)
+Sustainability Board =
+Representatives from all functions and
+employee representatives
+In the future, sustainability aspects are to be well represented
+and promoted in all areas of the company - from develop-
+ment to sales. Consequentially, all departmental sub-strate-
+gies contain objectives and projects relevant to sustainability.
+These include concrete measures for enhancing sustain-
+ability in the supply chain, for improving the environmental
+compatibility of products throughout their lifecycle and for
+the further integration of sustainability in important company
+processes, such as risk management. All corresponding
+topics are structured according to the four central spheres
+of activity for sustainability at Porsche, as well as the addi-
+tional work packages "Integration in processes" and "Com-
+munication and stakeholder dialogue". Responsibility for the
+ongoing definition and measurability of content as well as
+the continuous implementation of the cross-sectoral issue
+lies with the sustainability team of the "Politics and External
+Relations" department in cooperation with the individual
+subject managers in the specialist areas.
+Porsche enthrals its customers with unique products and
+services. The company wants to further strengthen its ex-
+cellent reputation as an outstanding employer and business
+partner that assumes responsibility for society and the
+environment. Profitability, efficiency and social responsibility
+are not mutually exclusive for Porsche.
+Shaping the future of the sportscar - that is the theme of
+the Porsche Strategy 2025. In the 2016 reporting year, the
+workforce and management jointly established the new
+business strategy for the next decade. At the heart of the
+strategy is the future product portfolio. The sportscar of
+the future will blend the history and values of the Porsche
+brand with innovative technologies, while at the same time
+ensuring sustainability. In achieving this, topics such as
+electromobility, digitalisation and connectivity will play an
+important role. Porsche will assume the task of shaping the
+exclusive and dynamic mobility of tomorrow. The company's
+main objective is to achieve value-creating growth. Only by
+achieving such growth can Porsche make sustainable
+investments in innovative technologies, new products and
+the company workforce.
+- Product responsibility
+responsibility
+- Business & customers
+Product
+Business &
+customers
+Sustainability spheres of activity
+26
+275/45R20
+PORSCHE
+0
+- Environment & energy
+HE
+Stakeholder dialogue
+Strategy and organisation
+Sustainability strategy and sustainability management
+23
+Performance Important events
+In total, 6 per cent more Porsche vehicles were
+delivered than in the previous year.
+Deliveries of new vehicles
+The Macan was the best-selling Porsche model
+with an increase of 19 per cent.
+Deliveries of the Macan
+R&D costs rose by 3 per cent.
+Our way-management approaches in our spheres of activity
+237,778
+Employees &
+society
+Environment &
+energy
+Sustainability in the Porsche Strategy 2025
+27
+Performance - Sustainability strategy and sustainability management
+People are at the heart of Porsche - this applies both to our
+employees as well as to our society, of which we consider our-
+selves a part. We accept responsibility for these people and
+want to invest in their future. In addition to the continuous
+development and qualification of our employees, other impor-
+tant aspects of this Porsche culture include such matters
+as equal opportunities, diversity and co-determination as well
+as the ongoing improvement of our employees' work-life bal-
+ance along with fair and performance-based remuneration. As
+part of our local and international social commitment in the
+areas of "social matters", "education and science", "culture"
+and "sport", we initiate our own projects and support external
+partners in conducting their own important social activities.
+4th Employees & society
+The conservation of natural resources is one of the primary
+objectives of our company. The environmental impact of
+development and manufacturing processes must be kept to
+an absolute minimum. With this in mind, environmental
+compatibility and the efficient use of energy are checked on
+a continuous basis along the entire value chain, and
+improvements made where necessary.
+3rd Environment & energy
+We develop high-quality, innovative and durable products
+offering typical Porsche performance. Quality, environmental
+compatibility and safety are continuously optimised
+throughout the lifecycle of our vehicles.
+2nd Product responsibility
+Satisfied customers, economic stability, value-creating
+growth and socially accepted products are the objectives of
+our corporate activities. We combat corruption and embrace
+fair competition, respect the observance of internationally
+recognised human rights and categorically reject any type of
+forced or child labour.
+Porsche
+1st Business & customers
+(G4-21)
+Sustainability principles
+In day-to-day activities as well as for far-reaching company
+decisions, managers and employees alike are guided by
+the overarching principles of corporate governance. These
+provide a framework for productive and responsible coop-
+eration in accordance with the law and contain guidelines for
+decision-making and management processes. The internal
+compliance code, for example, facilitates the observance
+of legal regulations and company-specific guidelines. As part
+of the 2025 corporate strategy, sustainability will be estab-
+lished as a central component of the compliance code. The
+Porsche culture is covered extensively in the management
+guidelines, which serve as the foundation for important inter-
+nal topics such as employee development, internationality and
+cultural diversity, while also governing the specific matters
+of sustainability and social responsibility. In addition, numer-
+ous operating agreements as well as Group and company
+guidelines provide a regulatory framework.
+These not only cover the classic sustainability dimensions
+of economy, ecology and social matters, but also consider
+the role of Porsche as a manufacturing company. The four
+spheres of activity are used to structure all business ac-
+tivities and projects with sustainability relevance as well as
+the company's strategic considerations and objectives.
+- Employees & society
+Porsche has defined four topic areas for structuring and
+managing the company's sustainability activities:
+Spheres of activity and general guidelines
+(G4-18, G4-20, G4-21)
+The following designations (G4-x) refer to the Global
+Reporting Initiative (GRI) standard, Version 4. The sustain-
+ability information has been created in accordance with
+this standard.
+Sustainability is of utmost priority to Porsche. Sustainable
+action is a central business objective of the Porsche Strategy
+2025. As a cross-sectoral issue, sustainability is firmly an-
+chored in all areas of the company. Responsibility for this
+matter lies directly with the Chairman of the Executive Board.
+For Porsche, the assumption of responsibility for people,
+the environment and society is a central task of the company.
+Porsche also wants to set new benchmarks in this area.
+STRATEGY AND ORGANISATION
+The company's activities with regard to sustainability are
+guided by four principles, which are based on the aforemen-
+tioned subject areas and were approved at the highest
+level by the Executive Board of Porsche AG.
+and equal
+>150,000
+In ice hockey, Porsche supports young players at the
+Bietigheim Steelers. The highlight is the annual ice hockey
+camp. In neighbouring Ludwigsburg, more than 2500 chil-
+dren and young people play at the Basketball-Akademie
+(BBA) an alliance of 55 schools and 12 clubs. Porsche ex-
+tended its partnership with the BBA during the reporting year.
+as well as Stuttgarter Kickers and SG Sonnenhof Großaspach.
+The football school at RB Leipzig is aimed at boys and
+girls between the ages of 7 and 14. In October of the report-
+ing year, some 30 grassroots footballers took part in the
+autumn training camp at "Soccerworld" in Leipzig. Ten of the
+children came directly from the families of Porsche employ-
+ees, while a further 20 came from the projects "Genera-
+tionenhof", "Zukunft für Kinder" and "Charity Bulls". Also at
+the camp was the Porsche Coaching Mobil, a trailer created
+especially for youth development, fitted with sports equip-
+ment and instruments for measuring performance data.
+Porsche and RB Leipzig also wanted to find out which district
+of Leipzig is the best at football. In the second Leipzig
+quarter final, the youngsters from the north of Leipzig won
+the tournament in the under-elevens category (U11). In the
+under-fourteens category (U14), the east of the city won
+the coveted trophy for the first time. In total, more than
+750 girls and boys in 80 teams battled it out for the title.
+"Turbo for Talents" also applies to the partnerships with the
+youth teams at German first division football club RB Leipzig,
+The training sessions are primarily intended to promote a
+love of the game, along with values such as team spirit
+and fairness.
+Porsche reinforces this initiative every year. For example,
+the reporting year saw the start of a collaboration with
+the German second division football club VfB Stuttgart,
+aimed at promoting youth work. As a result, Porsche is the
+main partner of the VfB Fußballschule - a football school
+aimed at young football enthusiasts that actively finds
+and promotes new talent. The school organises more than
+60 camps a year, where VfB coaches professionally train
+children and young people at local football clubs.
+people, as well as to overcome social divides and promote
+skills and enthusiasm. A key element of this commitment
+is the "Turbo für Talente" (Turbo for Talents) programme. At
+Porsche, this name has long stood for the development of
+youth sport primarily in team sports at the different
+company sites.
+For people to achieve success and fulfilment in their career,
+they need to receive the best possible training. Porsche
+acts according to this philosophy - including outside its own
+company. Porsche considers it part of its social responsibility
+to support the personal development of children and young
+Even more "Turbo for Talents"
+Porsche considers itself part of society both in Germany
+and abroad. It sponsors the public celebrations on German
+Unity Day and helps young people enter the workforce in
+Manila and Cape Town. Many employees choose to continue
+helping the disadvantaged in society in their own time and
+undertake voluntary work. More than 3000 employees took
+part in the six-hour run in Zuffenhausen. For every lap of the
+911-metre circuit completed, five euros were donated to
+charity. The event raised EUR 180,000, which will do a great
+deal of good. The money is urgently needed at the children
+and young people's hospice in Stuttgart, as well as the farm
+for children and young people in Zuffenhausen.
+More than 3,000 employees took part in the six-hour run
+in Zuffenhausen. For every lap of the 911-metre circuit
+completed, five euros were donated to charity.
+€ 180,000
+In the field of sport, Porsche is committed to supporting an
+extremely diverse range of activities. This includes profes-
+sional tennis as well as the promotion of local sports clubs,
+enabling children and young people from difficult back-
+grounds to integrate into society. Porsche strives to achieve
+social acceptance - both for the company and for people
+who have had a tough start in life. But Porsche also supports
+the disadvantaged in society in other areas - such as young
+patients who, due to serious illness, would have to wear
+a respirator at all times and practically live in the intensive
+care unit. At the "Arche IntensivKinder" children's hospice
+in Kusterdingen near Tübingen, Germany, young people are
+given the chance to determine their own lives thanks to
+the support of Porsche and many others.
+SPORT AND SOCIETY
+51
+Performance - Employees, Sport and Society
+4,112
+Leipzig
+Ludwigsburg
+2,037
+1,446
+Bietigheim-Bissingen
+482
+Sachsenheim
+6,062
+Weissach
+Zuffenhausen
+9,696
+at locations in Germany
+Employees
+Porsche's success story is actively shaped from one day
+to the next by our employees. It is only thanks to their
+personal commitment, their love for detail, their courage
+and creativity that we can look back on the past year with
+pride. The Executive Board would like to extend a very
+personal thank-you to all staff for their tireless efforts. This
+gratitude is also extended to employee representatives,
+who unfailingly champion staff interests and have made such
+an active contribution to ensuring that the company is fit
+for the future.
+The Porsche Coaching Mobil celebrated its debut with the
+youngsters at the Stuttgarter Kickers in June of the reporting
+year during the Porsche football holiday camp. Children and
+young people had fun finding out about fitness training
+methods, coordination, endurance and injury prevention.
+A big thank-you to our employees
+Work and the strategic approach to personnel development
+are being shaped by digitalisation and demographic change.
+It is absolutely essential that employees' skills are consist-
+ently aligned with company and departmental strategies.
+of society, regardless of their background and level of
+education, and to enable them to gain valuable and formative
+experiences for later life. This was also the motivation for the
+"Porsche Nacht der Talente" ("Porsche Night of Talent"),
+which was held for the first time in the reporting year
+For Porsche, supporting gifted young people and students
+is an investment in the future. The aim is to generate enthu-
+siasm and create opportunities. For many years, its coop-
+eration partners among the schools have been the Ferdinand
+Porsche Gymnasium and the Friedrich-Eugens-Gymnasium
+in Stuttgart, which are both known as "MINT" high schools
+due to their focus on mathematics, IT, natural sciences
+and technology. Porsche supports the schools with dona-
+tions in kind, specialist lectures, careers information
+days and excursions.
+Education and science
+In Leipzig on two June evenings, more than 25,000 guests
+attended the renowned open-air summer concert series
+"Klassik airleben" in the Rosental, a spacious green area of
+the city. Porsche was the main sponsor of this event for the
+third time in a row. Under the title "La Primadonna", Ricardo
+Chailly conducted works from musicals, films, operas and
+operettas with soprano Simone Kermes.
+be able to experience a concert or a dance performance live
+at least once in the season. That is why the motto in Stutt-
+gart and Leipzig is "outdoors and free". In Stuttgart, Porsche
+supports the open-air event "Ballett im Park", where the
+audience watches a live broadcast of the performance from
+the opera house on a big screen with Dolby surround sound.
+As a sponsor of the Leipzig Orchestra and Stuttgart Ballet,
+Porsche wants to ensure that many people have the opportu-
+nity to enjoy these world-class institutions. Everyone should
+School is also ongoing, helped in no small part by a dona-
+tion of ten million euros from Porsche AG.
+54
+In the 1960s, the Stuttgart Ballet won the hearts of its audi-
+ences under the artistic direction of John Cranko. Following
+international tours, most notably in the USA, critics spoke
+of the "Stuttgart ballet miracle". In the reporting year, the
+highlights of the season were the galas held by the ballet
+company and the John Cranko School as part of a week of
+celebrations to mark 20 years under the artistic direction
+of Reid Anderson. The construction of the new John Cranko
+At the two sites in Stuttgart and Leipzig, Porsche supports
+world-class institutions. For generations, the Stuttgart Ballet
+and the Leipzig Gewandhaus Orchestra have stood for excel-
+lence on the international cultural scene. In 2016, a total of
+16 renowned music critics ranked the Leipzig ensemble, in its
+272nd year of existence, as the fourth best orchestra in the
+world. The concert hall also scooped another award: Riccardo
+Chailly, Music Director since 2005, was named the world's
+best conductor.
+High culture for all
+As well as the Porsche European Open, which was held for
+the first time in 2015, the company has also been involved in
+amateur golf since 1988 with the global Porsche Golf Cup.
+Porsche has expanded its commitment to golf this year with
+the Porsche Generations Open, an innovative nine-hole
+format for amateur golfers from two generations, which is
+initially limited to Germany.
+In September of the reporting year, the Porsche European
+Open teed off for the second time in Bad Griesbach. The
+tournament is one of the oldest on the European Tour,
+and its global renown is of particular importance to the
+professional golfers. The fan favourite in Europe's largest
+golf resort was Martin Kaymer of Germany. More than
+35,000 spectators took the opportunity to see the two-time
+major winner and Germany's number one golfer in action.
+A total of 5 major winners as well as 13 former and
+2 current Ryder Cup players took part at Bad Griesbach,
+along with many tournament winners from previous years.
+The latest winner was the Frenchman Alexander Lévy.
+Convinced by the great success of the tournament, Porsche
+has extended the title sponsorship by three years until 2020.
+The future venue will be the Green Eagle golf course in
+Winsen near Hamburg.
+World-class golf
+53
+Performance - Employees, Sport and Society
+62
+52
+The tennis fairy tale continued. In July, Kerber made it to the
+final of Wimbledon and then went on to win a silver medal
+at the Summer Olympics in Rio de Janeiro. On September 10,
+two days after becoming the new world number one, Kerber
+won her second Grand Slam title at the US Open - a dream
+come true. It was in New York in 2011 that she reached
+the semi-final of a Grand Slam tournament for the first time
+in her career. "This is where my journey began. To win the
+US Open and be number one five years later is simply fan-
+tastic". In the largest tennis stadium in the world, Kerber
+beat the Czech Karolina Pliskova 6:3, 4:6, 6:4 in a top-class
+match in front of 20,000 spectators. "We are proud of our
+brand ambassador", said Oliver Blume, Chairman of the
+Executive Board of Porsche AG. "Angelique Kerber is an
+amazing sportswoman and a role model for young people".
+quently require patience. Almost 20 years after Steffi Graf,
+a female German player once again made it to the top of
+the ladies' tennis rankings in September 2016: the Porsche
+brand ambassador Angelique Kerber. Her extraordinary
+winning streak began in January with her first Grand Slam
+win at the Australian Open. In April, she took the title at the
+Porsche Tennis Grand Prix 2016. In Stuttgart, this young
+woman from Kiel managed what no other female German
+player before her has ever achieved: a second win in a
+row at this tournament.
+Careers in elite sport are often a waiting game and fre-
+"Simply fantastic"
+The Porsche Tennis Grand Prix is not only synonymous with
+world class tennis and top-quality entertainment for the
+whole family; it is also a model of sustainability and environ-
+mental compatibility. For instance, every admission ticket
+also doubles as a ticket for use on public transport. And the
+clay court, which is laid in the Porsche Arena every year for
+the tournament, is reused in road construction rather than
+being thrown away after the final match point.
+on the worldwide WTA Tour. Stuttgart traditionally attracts
+the best female players in the world - in 2016, seven of the
+game's top ten stars took part. In front of mostly sell-out
+crowds, it delivered thrilling matches featuring some spectac-
+ular rallies. It was easy to see why they were keen to take
+part, with not only a handsome sum of prize money awaiting
+the winner in Stuttgart, but also an exclusive Porsche sports-
+car as the first prize. In 2016, Angelique Kerber successfully
+defended her title to drive away from centre court in the
+winner's car for the second time. The Porsche brand ambas-
+sador beat newcomer Laura Siegemund in the first all-German
+final in the tournament's history.
+The good news from the headquarters of the Women's Ten-
+nis Association (WTA) in Florida came just before Christmas,
+as the WTA Tour players once again voted the Porsche
+Tennis Grand Prix their favourite tournament in its category -
+making this the eighth time since 2006. Back then, the move
+to Stuttgart's Porsche Arena heralded a new era for the
+event, which has been held since 1978. With the support of
+Porsche, the tournament has since become a flagship event
+HE
+The Porsche Tennis Grand Prix
+for all partner clubs, with awards for best sporting devel-
+opment, best academic achievement and outstanding
+social commitment.
+All of these commitments are intended to develop talent,
+but above all to give young people a positive experience
+At many events, such as the Porsche Tennis Grand Prix
+or the Porsche Hocketse street party, Porsche Gastronomie
+has made for a perfect culinary setting. The high level of skill
+was also exhibited in the Porsche Museum and the Leipzig
+customer centre in 2016: Through the Open Table booking
+website, guests voted the "Christophorus" restaurant in
+the museum as the second-best in Germany. In the Michelin
+Guide, it ranks alongside the top addresses in Stuttgart.
+To keep employees going between meals, self-service
+shops and vending machines complete the picture. At the
+end of 2016, around 800 vending machines were replaced.
+The new generation of machines operates using CFC-free
+refrigerant.
+Catering provided at the plants is a key benefit enjoyed at
+the Porsche Group. In the past financial year, 3.34 million
+hot meals were prepared and served at the 14 staff
+canteens currently in operation at the German sites. The
+canteens focus particularly on the freshness of the ingredi-
+ents used and reducing food miles by sourcing from
+regional suppliers.
++70%
+At Porsche, equal opportunities means that employees and
+managers are encouraged to progress in their professional
+development as far as possible, given their respective
+abilities and regardless of gender or origin. More diversity
+also means a higher proportion of women at all levels
+of the company. This is an important action area in which
+Porsche is continually working on improvements.
+Equal opportunities and diversity
+Porsche AG uses a range of media to inform employees
+about the many different offers that are available. The
+works council is also a comprehensive platform for informa-
+tion and discussion, holding three works meetings a year
+at the individual Porsche sites in Germany. Overall, co-deter-
+mination is highly valued at Porsche and is a key pillar for
+company success.
+Co-determination
+Porsche is committed to flexible working - in terms of loca-
+tion and times. The options range from home-office working
+and flexitime aligned to the employee's current phase of life,
+through to voluntary periods off in the form of sabbaticals.
+Job sharing in leadership roles has also proven to be
+successful in a pilot project. These options enable workers
+to juggle work and family better. Our commitment in this
+area is being noticed: Porsche was named one of the "best
+companies for families" in the year under review - a cam-
+paign led by "Eltern" magazine for parents.
+Porsche places great importance on work-life balance.
+Six cooperation partners make sure that there are sufficient
+childcare places in nurseries near the sites. As in the previous
+year, children of employees enjoyed a holiday club during
+the school summer holidays at the Zuffenhausen and Weissach
+sites, which included a shuttle service. Childcare was also
+available during all other holiday periods, with the exception
+of Christmas.
+Work-life balance
+In the year under review, the sentiment barometer was again
+used to conduct a company-wide employee survey at
+Porsche AG and in the German subsidiaries. In 2016, more
+than 17,000 employees took part in the latest company-
+wide sentiment barometer. Employees were asked their
+opinion on topics such as cooperation with colleagues and
+superiors, quality of work and provision of information on
+current developments at Porsche. After the results were
+analysed, they were discussed in all areas of the company.
+Managers and employees worked together to identify
+potential for improvement and defined a number of specific
+measures; for example, to improve processes or working
+conditions.
+Porsche sentiment barometer
+In 2016, the key elements of strategic skills management
+were the expansion and targeted anchoring of skills acquisi-
+tion in the product creation process. Employees are being
+prepared for the new tasks they will be required to complete
+in the future. This will help considerably to reach the goals
+set out in the Porsche Strategy 2025.
+Skills management
+47
+Performance - Employees, Sport and Society
+46
+The Porsche Management Programme, which was created
+in close collaboration with the European Business School
+(EBS), focuses on promoting general management skills,
+expanding a shared understanding of leadership and building
+networks within the Group. The sixth Porsche Management
+Programme was completed in June 2016 with 53 partici-
+pants from Porsche AG and the national and international
+subsidiaries. A total of 357 managers have already taken
+part in the programme.
+The Porsche Advanced Management Programme was
+developed in collaboration with the Paris École des hautes
+études commerciales (HEC). It concentrates on leadership
+skills in a global and volatile environment. 19 top manag-
+ers from Porsche AG and global subsidiaries of the Porsche
+Group successfully completed the programme in
+September 2016.
+The training on offer at management level in the Porsche
+Group includes two high-quality modular programmes, devel-
+oped in collaboration with leading international business
+schools and tailored to current and future requirements for
+Porsche management.
+Programmes at management level
+A pilot project in this area was still in its infancy in 2015;
+following very good results, the department-specific develop-
+ment programmes for talented employees in production
+are now part of regular operations. The aim is to universally
+develop personal and technical skills among production
+employees who have between one and five years' professional
+experience. The programmes are set to be extended to
+other areas of the company in the future.
+Development programmes in production
+The skills programme to specifically prepare talented em-
+ployees for management roles is based on the content and
+framework conditions of Strategy 2025: digitalisation,
+ability to innovate, internationalisation and life-long learning.
+242 employees from Germany and abroad took part in the
+eighth running of the programme in 2016. The total number
+of employees who have successfully completed the pro-
+gramme rose to 750. The next round is due to start in 2017.
+Encouraging new talent at Porsche
+Under the Porsche Strategy 2025, targeted promotion of
+talent is a core element of the personnel development and
+skills strategy.
+Following the successful completion of the second Porsche
+Trainee Programme, the programme started for the third
+time in November 2016 with ten participants. The 12-month
+programme for young academic talent provides an opportunity
+to learn about working processes across departmental and
+divisional boundaries. It includes project and practical work
+in Germany and abroad.
+Trainee Programme
+Skills acquisition starts from day one at Porsche: "Porsche
+Warm Up" is the induction programme for new employees
+and managers. The two-day training programme familiarises
+participants with fundamental issues such as sustainability,
+health management and the activities of the works council. In
+2016, 1,934 people took part in Porsche Warm Up.
+Within the space of just four years, Porsche has increased
+the proportion of women in management by more than
+70 per cent.
+Within the space of just four years, Porsche has increased
+the proportion of women in management by more than
+70 per cent. Measurable, binding equal opportunities are
+part of target agreements for all managers at Porsche.
+Upskilling and further training measures such as workshops,
+seminars and mentoring options are available in connection
+with this. At the start of the 2016 training year, the number
+of study places for vocational training (dual courses of study
+with the Baden-Württemberg Cooperative State University
+(DHBW)) was increased from 34 to 50. The aim is clear here
+too: to increase the proportion of female engineers and
+business data processing specialists. At the end of the year
+under review, women accounted for 39.1 per cent of DHBW
+students at Porsche - 5 per cent more than in 2015. One
+reason for this is that prospective female candidates are
+being addressed on a personal level, particularly at second-
+ary schools. A DHBW info day was also held at the Porsche
+training centre, under the banner "Experience technology",
+to get young women interested in studying technical
+subjects. A 50 per cent quota was achieved when recruiting
+for 2017 students.
+In 2016, young women accounted for 35 per cent of training
+places on the technical/commercial training programme,
+more than three times the level just a few years before. The
+aim is for an even greater proportion.
+Fostering young talent is a key tool for increasing the propor-
+tion of women in the company. Porsche pursues a large
+number of initiatives to address female students at an early
+stage so as to encourage a bond with the company.
+Porsche Gastronomie
+As international activities have increased, the number of
+consultations relating to health and well-being for travel and
+compulsory medical precautions has risen considerably - by
+more than 60 per cent between 2015 and 2016 alone.
+Porsche health management develops preventative measures
+and runs pilot projects to test their effectiveness for daily
+use. Ergonomic assessments, for example, reduce unneces-
+sary strain at work that can be prevented in specific situa-
+tions. Workstations are designed to support health through
+ergonomics and accommodate all age groups. Porsche
+has also increased the range of job-related physiotherapy
+services, in parallel with holding of training measures to
+encourage preventative conduct.
+Porsche health management is proactively involved in the
+cross-departmental development of workplace framework
+conditions. The primary aim is to safeguard the health
+and fitness of employees and therefore their ability to work
+in the long term. One key element is the quick reintegration
+of employees who have been ill for an extended period
+and the employment of older people in keeping with their
+health needs.
+Health management
+Visit "Porsche-hilft.de" to see the projects we are involved
+in. Here, you can also find a selection of other measures
+supported by the Volkswagen Group.
+Employees have also volunteered to support refugees-
+from organising clothes donations and looking after
+children to arranging shared excursions.
+refugees were given the chance of a training or work place
+in Germany in the 2016 financial year with the start of the
+integration year.
+13
+Diversity is a characteristic of our company, and social
+responsibility is part of our corporate culture. With the start
+of the "integration year for refugees" in the 2016 financial
+year, 13 refugees were given the chance of a training or
+work place in Germany. The first integration year ended
+successfully in August. All those assisted found a job, began
+their training or took part in other continuing measures.
+From January 2017, Porsche is continuing the programme
+in optimised form with 15 participants
+Assistance for refugees
+Other German
+locations 846
+50
+As a cooperation partner in higher education, Porsche
+supports the student organisation AIESEC and Femtec, an
+international career platform that promotes women in
+engineering and natural sciences. Porsche has also been
+a supporting member of the Foundation of German Business
+(Stiftung der Deutschen Wirtschaft - SDW) for eight years.
+Scholarship holders regularly have the opportunity to attend
+trips and specialist lectures at Porsche. Porsche has also
+been involved for many years in the promotion of women
+who study a technical subject. Porsche is a founder member
+of the Berlin-based Femtec.GmbH, initiated in 2001 by
+49
+48
+Demographic changes and the associated lack of skilled
+workers pose a huge challenge for Porsche, just like other
+companies. The employability of older employees is key
+here. The aim is to keep them employed, while looking after
+their health and well-being, until the standard retirement age
+is reached. Independently of this, the option of semi-retire-
+ment is available at the company. Employees in particularly
+demanding jobs have the option of a gradual transition to
+retirement. Roles made vacant by semi-retirement are, in
+principle, re-filled with permanent staff.
+Semi-retirement
+In second-tier management, the proportion of women
+was 8.1 per cent, slightly above the target of 8.0 per cent.
+A target has also been set to raise the proportion of
+women in second-tier management to 15 per cent by
+December 31, 2021.
+The target quota of 9.3 per cent for women in first-tier
+management, set by Porsche AG, was not achieved at the
+end of the year under review - the figure was 8.2 per cent.
+This was due to a tragic accident and the fact that this
+senior role could not be filled by a woman at short notice.
+Porsche AG is setting a target of 15 per cent for women
+in first-tier management by December 31, 2021.
+At the time when a specific target had to be set under the
+Act, all departments were represented on the Executive
+Board by men. As the respective contract terms extend
+over several years, the Supervisory Board decided not to
+adjust the target for women on the Executive Board as of
+December 31, 2016. The status quo of zero was confirmed
+until December 31, 2021. The Porsche Supervisory Board
+has, however, set itself the goal of increasing the proportion
+of women on the Executive Board in the longer term.
+Targets for proportion of women on Supervisory
+Board, Executive Board and in management
+The proportion of women on the Supervisory Board at Porsche
+was 10 per cent at the time when a specific target had to be
+set under the Act. Owing to the long-term obligation imposed
+on its members, the Supervisory Board set 10 per cent as
+the target for women on the Supervisory Board by 31 Decem-
+ber 2016. This target was reached. The company will retain
+the 10 per cent target until the end of the target period on
+December 31, 2021.
+As part of the Diversity Congress organised by the Baden-
+Württemberg State Ministry of Economics, Porsche was
+involved in drawing up a recommendation paper for promot-
+ing diversity in business and politics. In doing so, the compa-
+ny emphasised its intention to continue moving towards a
+working environment in which the individual skills and capa-
+bilities of all employees can flourish in a corporate culture
+characterised by openness and integration. Seminars on
+"Diversity and Contribution" involving employees from the
+HR team and managers in the company underline this.
+a Girls' Month. On Girls' Day, more than 150 female pupils
+from surrounding secondary schools were given an insight
+into the technical vocational fields at Porsche. A Porsche
+project for both male and female pupils at Stuttgart schools,
+in collaboration with the European Academy for Women in
+Politics and Business (EAF), uncovered differences in the
+way in which men and women communicate. Using an online
+quiz involving technical questions, Porsche issued a call for
+female pupils across Germany to take part in Girls' Month.
+Winners of the Ferry Porsche prize also met with tennis start
+and Porsche brand ambassador Angelique Kerber.
+In April 2016, Porsche expanded its Girls' Day initiative,
+which has been established for many years, to include
+the company at women-specific fairs such as Jobunication,
+Women&Work and careers events for female students. 2016
+was the first year that Porsche organised a careers day for
+female engineers and IT specialists. 50 selected candidates
+gained an insight into the company.
+Porsche has been busy informing female students and young
+women with work experience about their options for joining
+For example, Porsche has successfully expanded its coop-
+eration with Femtec, which has been in place for 15 years.
+Particular highlights in the year under review were the
+Femtec innovation workshop - a practical project spanning
+several months - and the Femtec commitment award.
+Porsche sponsored the award for three participants.
+Performance - Employees, Sport and Society
+Porsche Warm Up
+EAF Berlin and the Technical University of Berlin. Femtec is
+the international career platform for women in engineering
+and natural sciences. It generates interest in MINT profes-
+sions and offers ambitious students excellent career pros-
+pects, while also providing qualifications and placements for
+outstanding MINT professionals. Another significant benefit
+is the fact that the Femtec network has access to well-known
+technology companies, leading scientific institutions and
+technical universities.
+As a successful company, Porsche feels it has an obligation
+to society as a whole, and especially to people at its various
+sites. That's why Porsche is taking an active role in promoting
+social and cultural life in these towns, cities and regions,
+making donations to support more than 100 projects at
+the sites in 2016.
+In the year under review, Porsche again scored highly in
+high-profile employer rankings. In the latest Universum study,
+the company was placed third in the Business/Commerce
+category and gained one place to rank second in the Engi-
+neering category. Among students taking automotive-related
+courses, Porsche is seen as the best car-maker, winning the
+"Automotive Top Career Award". Porsche also received a
+"Trendence Employer Branding Award" for the best careers
+website and an "HR Excellence Award" for the employer film.
+The Trendence study of the most attractive employers in
+Germany put Porsche in fourth place for Business/Commerce
+students, with prospective engineers placing Porsche third.
+The attractiveness of Porsche as an employer is also evident
+from applicant numbers. In 2016, the Porsche Group received
+more than 166,000 applications, which is a new record.
+In the year under review, Porsche continued to focus on
+partnerships with key organisations to encourage young
+talent. These included Formula Student Germany, an interna-
+tional design competition under the patronage of the Asso-
+ciation of German Engineers, the Foundation of German
+Business, and Femtec, a programme established at TU Berlin
+that aims to encourage women to study science and engi-
+neering. Providing 42 scholarships, Porsche is also involved
+in the Deutschlandstipendium initiative of the German Federal
+Ministry of Education and Research and in the "Porsche
+Automotive Campus" (PAC) scholarship programme at
+Nürtingen-Geislingen University.
+Awarded for the 15th time, the "Ferry Porsche Prize" recog-
+nised the top A-level students in their year from Baden-Würt-
+temberg in the core subjects of mathematics, physics and
+technology. 234 young people received the coveted award,
+with six also enjoying scholarships for a year. The draw
+for the six scholarships took place at the award ceremony.
+that was held in the Porsche Development Centre.
+"Ferry Porsche
+Prize": 234 young
+people received the
+coveted award, with
+six also enjoying
+scholarships for
+a year.
+Employee development
+at the Porsche AG Group
+17,502
+19,456
+27,612
+24,481
+22,401
+2012 2013 2014 2015 2016
+44
+Performance - Employees, Sport and Society
+45
+Training and education
+Needs-based training that focuses on future requirements,
+on-going skills acquisition, and options and routes for internal
+development are cornerstones of Porsche's HR policy.
+Porsche offers an extensive programme - starting with voca-
+tional training right through to training for top management.
+Porsche vocational training forms the basis, with a range of
+ten technical and commercial occupations that require formal
+training, and seven programmes of study in collaboration
+with the Baden-Württemberg Cooperative State University
+(DHBW). In the last financial year, a total of 220 young people
+began their training at Porsche AG in one of the occupations
+or programmes offered.
+Against the background of plant expansion and the upcom-
+ing production of the Mission E, Porsche is increasing the
+number of technical training places from 106 to 156. Along-
+side traditional occupations in the automotive industry,
+approximately half the extra training places will be for electro-
+mechanical engineers in vehicle system and high-voltage
+technology and electrical engineers for industrial technology.
+Digitalisation which continues apace in all areas of auto-
+motive engineering, electromobility and smart mobility - is
+leading to a significant focus on these topics in vocational
+training. All trainees must be able to keep up with techno-
+logical progress. For this reason, they receive intensive
+preparation for new developments.
+On the basis of general selection criteria, many applicants
+have little prospect of a training place. But Porsche is in
+no way abandoning these applicants. The aim of the founda-
+tion qualification - known as the preparatory year - is to
+increase their chances on the training market. Since 2012,
+42 young adults have completed the preparatory year, with
+39 of them qualifying for a subsequent apprenticeship at
+Porsche. Following this success, the preparatory year has
+now been expanded: 20 participants joined in 2016, which
+is nine more than the previous year.
+Free travel with plant ID
+Porsche is synonymous with cutting-edge, environmentally
+conscious mobility concepts. Through a host of measures,
+the company is also helping to prevent air pollution. As of
+last year, employees living in the Greater Stuttgart area can
+use local public transport free of charge during a Fein-
+staubalarm pollution warning. The company ID card serves
+as a travel ticket. The plant ID can also be used as a bus
+or train ticket when commuting between the Zuffenhausen
+headquarters and the Weilimdorf site.
+Porsche has also been subsidising annual travel passes for
+the local public transport network by ten per cent since
+September 1, 2016. Employees who live outside the local
+network are also benefiting from improved conditions. Cur-
+rently DB Job Ticket holders pay for ten months, but can
+travel for twelve. Porsche employees now also receive a
+further discount off the annual price.
+Porsche wants to make it easier for its employees to switch
+to the bus and train, and not only during pollution warnings.
+The specific improvements include a more attractive connec-
+tion to the S-Bahn station at the Zuffenhausen headquarters.
+This year, a new track underpass will open near Neuwirthaus
+station, to shorten the routes on site - and to the station.
+Porsche has been committed to increasing the attractive-
+ness of local public transport for many years. The redesign
+of the S-Bahn underpass at the Porsche Museum ultimately
+stems from a Porsche initiative. The costs for the complex
+building measure were shared equally between Deutsche
+Bahn, Stuttgart City and Porsche.
+The basis for successful HR work is Porsche's continued
+position as an attractive employer and its support for a
+number of initiatives to encourage young talent.
+Employees who rely on their cars to get to work can now
+easily pick up passengers with Porsche. A car-sharing app
+puts together car-sharing groups for travel to and from work
+and business trips. The app collates requests and creates
+individual timetables. Car-sharing reduces the amount of com-
+muter traffic and relieves the burden on site infrastructure.
+Attractiveness as an employer and working
+with young talent
+With the Mission E, Porsche is also continuing the agree-
+ments made for the "labour market of the future". The focus
+here is on further increases in flexibility and productivity as
+well as a better work-life balance. The fair framework condi-
+tions that are already in place at Porsche will also apply
+to agency and temporary workers in the future. Among other
+655
+Number of apprentices
+Global customer surveys per year
+-8.5%
+Reduction in injury rate
+(compared to previous year)
+5.0 mill
+million euro
+approx.
+Total donations in 2016
+-19%
+(IN NEDC)
+Reduced consumption in the Panamera 4 E-Hybrid
+(compared with the Panamera S E-Hybrid)
+43.57 milion euro
+Investment in environmental
+protection at the Zuffenhausen/
+Weissach sites
+- 105t
+40
+Performance - Sustainability strategy and sustainability management
+41
+Employees, Sport and Society
+Employees
+Sport and society
+EMPLOYEES
+Porsche's success hinges on our employees - their abilities,
+their dedication and their passion. They identify with and
+embrace the values and objectives of the company. As at
+the reporting date of December 31, 2016, Porsche AG
+employed 27,612 people. That's an increase just short of
+13 per cent on the previous year
+Securing of sites and Mission E project for the future
+Following arrangements to secure sites in 2015, the Exec-
+utive Board and the general works council initiated the frame-
+work agreement and future safeguarding for the Mission E
+project in 2016. This comprises a ground-breaking package
+of measures for securing sites in the long term and envisag-
+es the production of several tens of thousands of electric
+vehicles at the Zuffenhausen site.
+With the Mission E, Porsche is looking towards the future
+and opening doors for new, innovative technologies and an
+additional vehicle model. More than 1,400 new jobs are
+being created at the Zuffenhausen and Weissach sites, and
+existing jobs secured. At the Zuffenhausen headquarters
+alone, Porsche is investing an additional 700 million euro in
+the Mission E.
+The entire company is pulling together to reach its ambitious
+goals in this area. Through the Zukunftsbeitrag or "future
+contribution", all employees who are subject to collective
+agreements, managers and executives are investing in
+Porsche's fitness for the future and in the company's entry
+into the alternative powertrain engineering market. For
+example, from increases under the regional collective agree-
+ment between 2016 and 2025, collectively organised em-
+ployees will pay 0.25 per cent into the future contribution.
+From salary increases over the same period, managers at
+Porsche AG will play their own part by contributing 0.5 per
+cent. Starting in 2026, Porsche's pay scale tables will
+be adjusted to compensate for the wage increases that
+were not passed on to employees.
+At Porsche, innovative technologies are not only being used
+in vehicles. They are also opening up new possibilities in
+different areas of the company. Extensive integration of man
+and machine is just around the corner for production pro-
+cesses, for example. Development of the smart factory is
+under way. Priority is being given to digitalisation, the safe,
+ergonomic design of workstations and doing sustainable,
+resource-saving business.
+things, these simplify inclusion in the core Porsche workforce
+and ensure equal pay. New rules governing the number of
+agency workers and the maximum duration for which they
+can be deployed have been adopted on a departmental basis
+by means of the "General works council agreement laying
+down conditions for using agency/temporary workers".
+Employee development
+Employee and manager development at Porsche supports
+life-long learning for all groups of workers. The focus is
+on systematic and future-oriented development of the nec-
+essary skills, and prospects and routes for professional
+enhancement at all levels and across all stages of employees'
+careers. This is supported by means of a high-quality, exten-
+sive range of training options and tailor-made personnel
+development programmes.
+Product responsibility
+sustainability 2016
+in figures
+Figures relate to Porsche AG
+and Porsche Leipzig GmbH
+-2,254t
+100%
+Proportion of new suppliers
+assessed on the basis of
+ecological criteria
+Savings in carbon dioxide emissions
+achieved through efficiency
+measures in Zuffenhausen, Leipzig
+and Sachsenheim
+Solar energy per year from the
+photovoltaic system on the body
+shop in Leipzig
+800,000
+kWh
+20
+Number of years Porsche has
+held environmental management
+certification
+Annual savings in carbon dioxide
+emissions thanks to the photovoltaic
+system on the new engine plant in
+Zuffenhausen
+Research and development
+55
+The collaboration with the Salesians of Don Bosco has en-
+joyed success over many years. Since 2008, Don Bosco in
+the Philippines has been working with the local Porsche
+importer to train young men and women from socially disad-
+vantaged backgrounds as service mechatronics engineers.
+In the capital Manila, the young people are mainly prepared
+for subsequent work abroad at importers in the Middle East.
+The income allows them and their families to enjoy a con-
+siderably higher standard of living. In 2015, Volkswagen and
+Audi joined the pilot project in Manila. Some 120 young
+Filipinos are now prepared for a service job every year.
+Porsche is breaking new ground in Cape Town, South Africa.
+Together with Don Bosco Mondo e.V. and the South African
+Porsche importer LSM Distributor, the company will train
+young men and women to become service mechatronics
+engineers from 2017 onwards. Another important partner is
+the Don Bosco Salesian Institute Youth Project, supported by
+the Catholic order of the Salesians. Don Bosco is active in
+youth work all around the world, predominantly in socially
+deprived areas, and is now a trusted cooperation partner of
+Porsche. Over three academic years, 75 young people
+from socially disadvantaged backgrounds will be given the
+opportunity to take part in the newly created vocational
+training programme in Cape Town. Porsche will be consciously
+training individuals to meet its own needs. In the next three
+years, the company will develop the basis for establishing
+the profession of service mechatronics engineer in South
+Africa. Porsche is developing the necessary syllabuses and
+examination regulations, as well as training tutors and
+providing the Don Bosco Institute in Cape Town with premises
+for theoretical and practical training.
+Pilot project at the Cape of Good Hope
+centre where people from all backgrounds, cultures and
+ages can come together. As well as art, culture and social
+assistance, it puts on events for the homeless and other
+people in need.
+Performance - Employees, Sport and Society
+In 2016, Porsche Leipzig also organised a fund-raising
+football tournament to benefit three charitable institutions
+in Leipzig: "Paulis Momente hilft", "Pavillon der Hoffnung"
+and the Bärenherz children's hospice. The "Paulis Momente
+hilft" association and the Bärenherz children's hospice
+support severely ill children and young people, as well as
+their families. The "Pavillon der Hoffnung" is a community
+Porsche is involved with a number of initiatives in Leipzig,
+including the Generationenhof. The institution has been
+working since 2009 to support children, young people and
+older people to live and work together under one roof,
+under the motto "Jung und Alt - Gemeinsam miteinander"
+("Young and old together"). The Generationenhof is particu-
+larly focused on providing a temporary or long-term home
+for children and young people who are no longer able to live
+with their own families, for a multitude of reasons.
+The "Kinder- und Jugendhospiz Stuttgart" - a hospice for
+children and young people in Stuttgart - is another institu-
+tion that receives support from Porsche. The hospice helps
+people with terminal or life-limiting illnesses through their
+final days by providing both medical and spiritual support.
+The inpatient hospice for children and young people is cur-
+rently under construction and is expected to open in 2017.
+In addition, Porsche supports the "Bürgerstiftung Stuttgart"
+civic foundation. This is a charitable institution engaged in
+the areas of art, culture, youth issues, social affairs, educa-
+tion, science and research, health and sport. It awards a
+civic prize that recognises volunteer work, while its
+"Ausbildungscampus" (education campus) initiative makes
+a sustainable contribution to supporting refugees.
+As part of Stuttgart's Unicef city partnership, donations in
+the six-figure range were made to the children's relief
+organisation. Porsche has also supported the "Mobifant" play
+bus in this context. This is aimed specifically at refugee
+residences in Stuttgart and offers the children that live there
+opportunities to play and exercise.
+It then distributes it free of charge or for a symbolic
+amount to people in need.
+In view of the current refugee situation, Porsche is providing
+financial aid to the Deutsche Tafel initiative in Mühlacker,
+Stuttgart, Pforzheim and Leipzig. Deutsche Tafel e.V. is a
+charitable relief organisation that collects food that is
+no longer in circulation and would otherwise be destroyed.
+Porsche
+Further information regarding Porsche's activities in the
+various areas can be found on the Internet page for the
+Annual and Sustainability Report:
+www.newsroom.porsche.com/reports
+For Porsche, placing a focus on people also means making
+a sustainable contribution to society. As an international
+company with a local presence, Porsche is therefore involved
+in a wide range of projects and initiatives in the areas of
+social affairs, education and science, culture, the environment
+and sport. Examples are the youth sport programme "Turbo
+for Talents", education partnerships with local schools and
+colleges or the support of social projects at the company
+sites and beyond.
+Equal treatment of all employees is also of central importance
+to Porsche. The company views equal opportunities as a
+means for all individuals to take advantage of personal devel-
+opment measures so that they can educate and further them-
+selves in line with their own individual potential - regardless
+of their gender, ethnic origin or age. Of particular importance
+in the working environment is the ongoing increase in the
+proportion of women at all levels. With this in mind, the com-
+pany has implemented special qualification and training
+opportunities, facilities for forewomen to exchange experi-
+ences as well as mentoring programmes.
+More than any other automotive manufacture, Porsche's
+brand and products stand for dynamic performance, power
+and exclusivity for the fascination with individual mobility.
+Yet society and, consequently, the demands that people place
+on high-performance sportscars are changing: Resources are
+becoming ever scarcer, emission regulations ever stricter
+and conurbations are crying out for new, intelligent mobility
+concepts. Fuel efficiency, reduced exhaust emissions, light-
+weight construction and reusability of materials are becoming
+fundamental characteristics of a modern vehicle architec-
+ture. Electrification, digitalisation and connectivity are
+bringing about systematic change in the automotive sector
+and establishing themselves as essential elements of a
+company's competitiveness. Porsche is tackling these chal-
+lenges in a resolute manner and is endeavouring to build
+sportscars that combine performance with efficiency and
+exclusivity with social acceptance. The fuel consumption and
+emissions of the vehicles are of central importance to the
+company and its stakeholders.
+Internal working groups have been set up to answer the
+questions raised by climate change and scarcity of resources
+as well as to present potential solutions and implement them
+as quickly as possible. First and foremost, the company
+is addressing the challenges on the basis of two typical
+Porsche principles: performance and efficiency. Developers
+are able to achieve high vehicle performance with compara-
+tively low consumption values thanks to sophisticated, well-
+thought-out concepts, best possible efficiency, minimisation
+of energy losses and the use of intelligent technologies.
+Concrete product ecology measures are being devised in
+all areas.
+With regard to lightweight construction, Porsche has been
+testing technologies and materials for many years. A low
+vehicle weight results in reduced fuel consumption. Despite
+the weight gain attributable to fuel-efficient turbo engines
+and additional equipment, the powerful S model of the cur-
+rent 911 is just 25 kg heavier than its predecessor. Porsche
+started its downsizing campaign with the company's front-
+engined vehicles, before moving on to the flat engines. Twin
+turbocharging and other technologies greatly increase the
+efficiency of the engines, resulting in higher performance
+figures with lower displacement and reduced fuel consump-
+tion. Direct fuel injection, coasting and assistance systems
+such as "InnoDrive" enable further optimisation of vehicle
+fuel consumption. In addition to consumption optimisation,
+the reduction of emissions represents a particularly big
+challenge, and modern exhaust after-treatment systems
+are used to reduce emissions.
+In the world of low-emission hybrid vehicles, Porsche has
+achieved a special status by becoming the world's first
+manufacturer to offer three plug-in hybrids as standard in
+its premium class range. With the Mission E, Porsche will
+38
+launch the first purely electrically powered sportscar from
+Zuffenhausen by the end of the decade.
+Durability, workmanship, low-wear materials and recycling
+are other topics that are of great importance to Porsche.
+More than two thirds of all Porsche vehicles ever built
+are still used on the road today. In the case of the materials,
+large plastic components are labelled with their material
+designation to facilitate later recycling. Recycled plastics
+are used instead of new materials, provided that they meet
+the exacting technical requirements. With Porsche's own
+"PN 1002" standard, the company has defined both legal
+and internal requirements for recycling-compatible product
+development and construction. In addition to other existing
+standards, it aims to achieve maximum environmental
+compatibility in conjunction with suppliers and their sub-sup-
+pliers. A Porsche is up to 95 per cent recoverable and up
+to 85 per cent recyclable.
+Environment & energy
+Shaping the mobility of the future in an environmentally friendly
+manner requires new entrepreneurial thinking and sustainable
+approaches to business activities. Porsche is aware of this
+challenge and ready to face it head-on. Environmentally con-
+scious and energy-efficient activity is embraced at all sites
+and across all levels. For Porsche, dedicated environmental
+protection and careful use of natural resources are more than
+just duties - they are important company objectives. In defin-
+ing the main aspects of the above, the stakeholders and
+the company have identified the subject areas of energy and
+emissions, protection and conservation of nature and biodi-
+versity as well as the correct handling
+of pollutants and waste.
+For many years now, Porsche has practised its own environ-
+mental policy with clear and binding guidelines, which also
+form part of the "environment & energy" sustainability prin-
+ciple. Environmental and energy-related aspects must be
+taken into consideration for all decisions and by all relevant
+parties. All activities along the entire value chain are ana-
+lysed with regard to their ecological impact in order to mini-
+mise harmful environmental influences where possible. This
+is enabled, among other things, by environmental manage-
+ment systems. They ensure that specific goals and pro-
+grammes are in place and rigorously implemented at all pro-
+duction sites. These efforts are supplemented by the Group
+guideline on "environmental management". It aims to estab-
+lish standardised principles of environmental protection
+throughout the Group, to conserve resources and to support
+international efforts to solve global environmental issues.
+Responsibility for the above, as well as for the systematic
+implementation of corresponding measures, lies with the
+Member of the Executive Board for Production and Logistics.
+As part of the Porsche Strategy 2025, the relevant depart-
+mental strategy features a separate strategy field dedicated
+to the planning and implementation of sustainable measures
+in production. This company division also includes central
+environmental and energy management. It ensures that every
+employee is aware of the environmental impact of his work
+and endeavours to minimise it.
+Social commitment at the sites
+Porsche has based its internal regulations on the interna-
+tional environmental management standard ISO 14001, the
+standard for energy management ISO 50001 as well as
+EMAS (Eco-Management and Audit Scheme), a voluntary
+community scheme of the European Union for environmental
+management and environmental audits. As early as 1996,
+the Zuffenhausen site had its environmental management
+system validated according to EMAS, and later became the
+first plant in the global automotive industry to meet the
+ISO 50001 standard for energy management. Since then,
+Porsche Leipzig GmbH, the central parts warehouse in
+Sachsenheim as well as the company sites in Ludwigsburg,
+Hemmingen, Rutesheim, Asperg and Mönsheim have all
+been certified according to the standard. The Porsche
+hazard response organisation is also in place to ensure early
+identification, assessment and rectification of damage cases
+involving environmentally hazardous substances. Porsche
+checks internal compliance with environmental and energy.
+laws as part of annual system and process audits (comp-
+liance audits). External environmental and energy auditors
+are utilised for these audits, which are subject to very high
+standards. A site balance sheet method enables the as-
+sessment of the main environmental aspects based on data
+and key figures, as well as a grid for classification into
+high, medium or low environmental relevance. Based on this
+assessment, targeted measures are implemented to reduce
+the environmental impact and are integrated in a target
+identification process. With the Porsche Environment and
+Energy Cockpit (PUEC), the company has established a
+cross-departmental committee to conduct regular evalua-
+tions of the set targets and to establish necessary measures.
+Open and transparent dialogue with all stakeholders is an
+important success factor, particularly in the area of environ-
+mental and energy management. On this basis, employees,
+service providers and suppliers, customers and the public
+are updated on relevant topics on a regular basis.
+Balanced environmental performance requires measures and
+initiatives in a number of subject areas. Careful and economi-
+cal use of water, for example, is a particularly important
+aspect. By means of circulation systems and multiple reuse,
+Porsche utilises this valuable resource as efficiently as possi-
+ble. Another focus is on the handling of contaminated waste
+water from the company's production facilities. Regularly
+updated, decentralised treatment plants greatly undercut the
+limit values for water pollution levels. Waste prevention,
+low-waste technologies and sustainable disposal solutions
+are central aspects of the waste management concept
+that is practised both internally and by our suppliers based
+on the resource regulation for "environmental protection".
+The preservation of biodiversity represents an important
+contribution to the long-term protection of our nature and
+countryside, whereby conservation work at all sites must
+take into consideration the local circumstances typical of the
+regional countryside. This is of ever increasing significance,
+particularly in the context of the ongoing expansion of our
+sites. Porsche's construction management attributes great
+importance to the sustainable design of buildings, plants
+and workplaces.
+Porsche also has very specific requirements when it comes
+to logistics. By means of efficient and continuous use of
+environmentally friendly modes of transport, Porsche is
+reducing its emissions and impact on the environment. All
+relevant processes are certified according to DIN ISO 9001
+and ISO 14001.
+39
+Employees & society
+With 27,612 employees at the end of 2016, Porsche has
+reached a new record - never before have so many people
+worked for the company. To continue the development of
+the unique Porsche culture in the future despite the work-
+force growth, we have made our attractiveness as an
+employer a central focus of both the 2025 corporate strate-
+gy and the human resource strategy. For us at Porsche,
+people are a focal point. For every single employee, Porsche
+wishes to be an outstanding employer offering excellent and
+safe working conditions and opportunities for personal
+development. The main spheres of activity are entrenched in
+the management guidelines, the compliance code and the
+Porsche business rules. Our "Fit for the Future" programme,
+which was jointly approved by the Executive Board and the
+general works council in 2015, aims to increase productivity,
+flexibility and efficiency, all the while maintaining social
+standards and providing job security up to mid-2020.
++13%
+With 27,612 employees at the end of 2016, Porsche
+has reached a new record.
+The special Porsche culture also includes continuous dia-
+logue, open and direct communication as well as active
+co-determination. These aspects are rooted in the Porsche
+management guidelines as central elements of our corpo-
+rate principles. The personnel department and the works
+council are traditionally very closely linked at Porsche. This
+applies to all subject areas that are of relevance to our
+employees. Respectful and honest interaction between com-
+pany management and the employees or their representa-
+tives constitutes an important element of the communication
+culture practised at Porsche. Employees have a number of
+means of contacting committees or decision-making bodies
+- either openly or confidentially via special channels - with
+their suggestions, problems or complaints. In return, compa-
+ny management updates the workforce on developments at
+the company via various channels and on a continuous,
+transparent basis.
+Secure workplaces are of utmost priority at Porsche. This
+also applies to safety in the workplace and employee protec-
+tion. An organised and structured system for occupational
+health and safety ensures targeted and consistent procedures
+along with the implementation of legal provisions. This system
+helps to prevent accidents at work, occupational illnesses
+and work-related health hazards. The central processes
+are standardised and regulated by the Group guideline on
+"Occupational safety". The latter represents an important
+element of the company's compliance management system
+and is valid for all employees. The managers ensure that
+their employees are familiar with the specifications of this
+guideline and comply with its provisions. Specialists in
+occupational safety are available to all employees in an
+advisory capacity.
+To be well prepared for the challenges facing the automo-
+tive industry, Porsche identifies and retains qualified and
+enthusiastic professionals. This also includes the continuous
+development of the company's training programmes. The
+Porsche trainee programme raises the attractiveness of
+the company to college and university graduates. Over the
+course of their professional life, employees also benefit from
+a wide range of programmes for individual development.
+Personnel training and development is a central component
+of the Porsche management guidelines and an instrument
+of the strategic management and planning processes. Indi-
+vidual training requirements are identified during annual
+employee appraisals, and relevant development opportunities
+established on this basis. All training programmes are con-
+tinuously evaluated and optimised by means of a standard-
+ised feedback process. As a modern employer, Porsche also
+offers a range of practical, accessible services to allow
+employees to find the perfect work-life balance. The regula-
+tory package "labour market of the future" contains corres-
+ponding measures, such as life-phase-oriented organisation
+of working hours, "home office" facilities and Porsche care
+time. The company pension scheme and regulated semi-
+retirement allow our older employees to make a smooth
+transition into retirement at fair conditions.
+Performance Sustainability strategy and sustainability management
+New personnel development concepts take a more system-
+atic approach to linking requirements arising from the Porsche
+Strategy 2025 with constant improvement in employee
+skills. Practical relevance and effective knowledge transfer
+are particularly important. Cross-departmental and interna-
+tional groups promote the best possible exchange
+of experience and networked working.
+Spectacular global innovations
+Responsible expansion of the Porsche Development
+Centre in Weissach
+718 Cayman impresses with striking design and
+muscular appearance
+00
+Sivs728
+With an empty weight of 1,770 kilograms, the Macan is the
+lightest SUV offered by Porsche. Together with the agile
+chassis and precise steering, the standard active all-wheel
+drive Porsche Traction Management (PTM) ensures that the
+Macan's engine power translates into sporty driving dynamics.
+The Macan debuted at the New York International Auto Show
+at the end of March 2016 with an in-line four-cylinder turbo
+engine with up to two bar boost pressure, charge-air cooling,
+direct petrol injection and variable valve timing. The latest
+entry-level model in the family of compact SUVS offers up
+to 185 kW (252 hp). The two-litre turbocharged engine with
+a torque of 370 Nm accelerates the Macan from zero to
+100 km/h in 6.7 seconds. The Porsche double-clutch trans-
+mission (PDK) transforms the power of the engine into a
+top speed of 229 km/h. In accordance with the NEDC, the
+vehicle has a fuel consumption level of between
+7.2 l/100 km and 7.4 l/100 km.
+Sporty and efficient: the Macan with new drive
+A high-resolution seven-inch touchscreen will be included as
+standard in all future Cayenne models. This model line has
+also featured the latest generation of Porsche Communica-
+tion Management (PCM) since March 2016. The screen's
+user interface, which is similar to a smartphone, can be
+operated intuitively using multi-touch gestures. The user is
+able to integrate their smartphone or storage device via
+various interfaces and if iPhone and PCM are connected, it is
+also possible to use Apple Carplay®. Furthermore, the
+Cayenne is now equipped with a navigation module offering
+voice control and a high-resolution map display - now also
+available in 3D for the first time depending on the region.
+Cayenne with modern infotainment
+59
+Performance Research and development
+2016
+58
+2012 2013 2014 2015
+With its high-speed, six-cylinder naturally aspirated engine
+and manual six-speed sports gearbox, the Porsche 911 R is
+The new 911 R: a streamlined and classically
+designed sportscar
+The 718 Boxster and 911 R celebrated their global debuts
+at the Geneva Auto Show in March in conjunction with the
+slogan "powerful and efficient". Thanks to the redeveloped
+four-cylinder flat engine with turbocharging, the latest
+generation of the 718 Boxster now delivers 26 kW (35 hp)
+more power at a fuel consumption level reduced by 13 per
+cent in accordance with the NEDC. This is the first time that
+Porsche has built sportscars with four-cylinder flat engines
+since the mid-1980s. Furthermore, Porsche now offers
+the mid-engine Roadsters in a fresh design: A more prominent
+nose section, a more masculine front with larger cooling
+air intakes and redesigned Bi-Xenon main headlights set this
+sportscar apart. The wider rear end is decorated by tail
+lights with three-dimensional LED technology and four-point
+brake lights. Sporty wings and door sills define the side
+view of the vehicle, and a redesigned dashboard frames
+the cockpit.
+Thanks to the redeveloped four-cylinder flat engine with
+turbocharging, the latest generation of the 718 Boxster now
+delivers 26 kW (35 hp) more power at a fuel consumption
+level reduced by 13 per cent.
+-13%
+1.95
+2.15
+2.21
+1.58
+1.31
+in billion euro
+Research and development costs
+With a two-litre displacement, the 718 Boxster generates
+220 kW (300 hp), while the 718 Boxster S performs at
+257 kW (350 hp) with a displacement of 2.5 litres. Porsche
+has also installed a turbocharger with variable turbine
+geometry in the S model - the same used in the 911 Turbo.
+Turbocharging increases the torque, which is how the two-
+litre engine of the 718 Boxster is able to offer torque of
+380 Nm, while the 718 Boxster S reaches up to 420 Nm.
+As a result of the Porsche double-clutch transmission (PDK)
+and the Sport Chrono Package, the 718 Boxster can go
+from zero to 100 km/h in 4.7 seconds, while the S model
+can do it in even less time: 4.2 seconds. These vehicles can
+reach top speeds of 275 km/h and 285 km/h respectively.
+Maximum performance around bends is ensured thanks
+to the sports chassis with ten per cent more direct electro-
+mechanical steering and the enhanced brakes. In accord-
+ance with the NEDC, the fuel consumption level for the
+718 Boxster is 6.9 l/100 km and for the 718 Boxster S it
+is 7.3 l/100 km.
+At the North American International Auto Show in Detroit in
+January 2016, Porsche presented the new top models from
+its 911 model line to the global public: the 911 Turbo and
+911 Turbo S. These high-performance sportscars are 15 kW
+(20 hp) more powerful than their predecessors and feature
+a sharper design and improved equipment. The biturbo six-
+cylinder engine with 3.8-litre displacement in the 911 Turbo
+now delivers 397 kW (540 hp), while the 911 Turbo S
+delivers 427 kW (580 hp). Porsche is still the only manufac-
+turer to use turbochargers with variable turbine geometry in
+conjunction with petrol engines. These engines are now
+equipped with a dynamic boost function to further enhance
+the responsiveness of the vehicles, meaning that the boost
+pressure is sustained during a load change, i.e. when the
+accelerator pedal is released briefly. As a result, there is virtu-
+ally no delay in the engine's response when the accelerator
+pedal is actuated again. The 911 Turbo S Coupé acceler-
+ates to 100 km/h in 2.9 seconds and has a top speed of
+330 km/h, whereas the 911 Turbo reaches 100 km/h in
+3.0 seconds and has a top speed of 320 km/h. In accord-
+ance with the New European Driving Cycle (NEDC), the
+Coupés have a fuel consumption of 9.1 l/100 km, while the
+Cabriolets have a fuel consumption of 9.3 l/100 km. This
+equates to a reduction of 0.6 litres per 100 kilometres for
+all variants compared to the predecessor models.
+At the end of April 2016, Porsche presented the latest
+718 Cayman at the Auto China Beijing Motor Show. The re-
+developed fourth generation of the mid-engine sport Coupé
+offers a similar thrill to the 718 Boxster, with a four-cylinder
+flat engine and turbocharging. The result: 18 kW (25 hp)
+more power. The entry-level variant of the 718 Cayman pro-
+vides 257 kW (300 hp) with two-litre displacement and the
+S model provides 257 kW (350 hp) with 2.5-litre displace-
+ment. Fuel consumption is between 8.1 litres and 6.9 litres
+60
+60
+Porsche 911 RSR to compete again
+The Porsche 911 RSR was another highlight of the Los
+Angeles Motor Show. The model is distinguished by its
+consistent lightweight construction, new chassis, adjusted
+body structure, reworked aerodynamic concept and opti-
+mised engine and transmission. The GT racing car is driven
+by a modern, naturally aspirated, six-cylinder flat engine in
+front of the rear axle. Depending on the size of the restrictor,
+this powerhouse delivers up to 375 kW (510 hp). The power
+distribution in the vehicle is regulated by the sequential
+six-speed constant mesh transmission with magnesium cas-
+ing, which is controlled via rocker switches. An extra-large
+rear diffuser ensures efficient aerodynamics. The aluminium/
+steel hybrid construction reduces the overall weight of the
+body, as previously demonstrated in the 911 GT3 Cup.
+Porsche has installed the latest assistance systems in the
+911 RSR. The "Collision Avoid System" - a radar-assisted
+collision warning system - warns the driver of hazardous
+situations on the race track via a monitor in the cockpit, even
+when driving in the dark.
+The Panamera and the Panamera 4 also debuted in Los
+Angeles. Delivering 243 kW (330 hp), these models
+represent the entry-level versions of Porsche's line of
+luxury saloons.
+The exclusive standard equipment of the all-wheel drive
+Panamera Executive versions includes a large panoramic
+roof and electrically adjustable heated comfort seats in the
+front and rear, Porsche Active Suspension Management
+PASM and roll-up sunblind behind the headrests in the rear.
+The Panamera 4S Executive and the Panamera Turbo Execu-
+tive also offer rear-axle steering and soft-close doors as
+standard. The additional features of the Panamera Turbo
+Executive include four-zone climate control, ambient lighting
+and LED main headlights including the Porsche Dynamic
+Light System (PDLS).
+At the end of November, the long-wheelbase versions
+of the Panamera Turbo Executive with 404 kW (550 hp),
+the Panamera 4S Executive with 324 kW (440 hp), the
+Panamera 4 E-Hybrid Executive with 340 kW (462 hp) and
+the Panamera 4 Executive with 243 kW (330 hp) celebrated
+their world première at the Los Angeles Motor Show. The
+wheelbase of the Executive versions is 150 millimetres
+longer than with conventional Panamera models. For the
+first time, the Panamera, Panamera 4 and Panamera 4
+Executive feature a new three-litre V6 turbo engine with a
+performance increase of 15 kW (20 hp) compared to the
+first Panamera generation. At the same time, Porsche has
+been able to reduce the fuel consumption of the Panamera 4
+Executive by up to 1.0 l/100 km in accordance with
+the NEDC.
+New Panamera versions in Los Angeles
+hybrid which always starts in purely electric mode - can
+cover a range of up to 50 kilometres and reach a maximum
+speed of 140 km/h as a zero-emissions vehicle for local
+driving. This sporty luxury saloon accelerates from zero to
+100 km/h in 4.6 seconds, and can draw on a system torque
+of 700 Nm from a standing start. According to the NEDC
+for plug-in hybrid models, this model has an energy con-
+sumption of 2.5 l/100 km and 15.9 kWh/100 km of electric
+energy. The brake system in the Panamera 4 E-Hybrid was
+developed from the system in the 918 Spyder and is known
+as a "two-box system", consisting of an electromechanical
+brake booster and a hybrid-compatible hydraulic unit. The
+Panamera 4 E-Hybrid benefits from recuperation, meaning
+that it recovers energy via the generator in the electric motor
+when the vehicle brakes. When the driver presses the brake
+pedal, the active recuperation management determines
+whether the car brakes as a result of torque from the elec-
+tric motor and/or as a result of the conventional brakes.
+The driver cannot tell that this is happening, yet this process
+provides the maximum level of recuperation and efficiency.
+In the Panamera 4 E-Hybrid, an electric motor and petrol
+engine combine harmoniously, so that the 100 kW (136 hp)
+of power generated by the electric motor is available at the
+first touch of the accelerator. This, together with the new
+2.9-litre V6 biturbo engine delivering 243 kW (330 hp),
+generates an impressive boost scenario, with the electric
+motor generating additional power at all times. This all-wheel
+Porsche delivers a system power of 340 kW (462 hp) and
+achieves a top speed of 278 km/h. In the redeveloped
+"Hybrid Auto" driving mode, the vehicle is able to automati-
+cally switch between and combine the two drive sources,
+guaranteeing ultimate driving efficiency. The plug-in
+At Porsche, sustainability and performance are not mutually
+exclusive. Hybridisation and electromobility are key princi-
+ples for conserving resources and reducing energy require-
+ments and emissions. At the same time, Porsche is able
+to combine sportiness with the highest level of technologi-
+cal ambition in its vehicles. Some winning examples of
+this design strategy include the Panamera S E-Hybrid, the
+918 Spyder super sportscar and the Cayenne S E-Hybrid.
+At the beginning of September 2016, Porsche presented
+the Panamera 4 E-Hybrid at the Paris Motor Show. The
+hybrid strategy used to control the drive originates from
+the 918 Spyder super sportscar.
+E-Performance: New hybrid strategy for the
+Panamera 4 E-Hybrid
+Porsche also presents a forward-thinking display and control
+concept in this model line, in the form of the Porsche
+Advanced Cockpit with touch-sensitive panels and individually
+configurable displays. At the same time, the user is able to
+benefit from the clearer and more intuitive operation.
+61
+Porsche has perfected the balancing act between sportscar
+and luxury saloon with a new three-chamber air suspension
+including the electronic damper control Porsche Active
+Suspension Management (PASM) and the new electronic 4D
+Chassis Control. The rear-axle steering, which is based on
+the 918 Spyder and the 911 Turbo, provides the precision
+and handling of a sportscar. The enhanced Porsche Dynamic
+Chassis Control Sport (PDCC Sport) including Porsche Torque
+Vectoring Plus (PTV Plus) supplements the overall concept.
+Electromechanical steering ensures greater driving comfort
+and efficiency.
+The Panamera 4S Diesel is driven by a four-litre V8 engine
+with 310 kW (422 hp) and 850 Nm of torque. The maximum
+torque is available from 1,000 rpm up to 3,250 rpm and this
+model accelerates from zero to 100 km/h in 4.5 seconds.
+With a top speed of 285 km/h, it is currently the world's
+fastest series-production vehicle with a diesel engine. A V6
+petrol engine with 2.9-litre displacement and 324 kW
+(440 hp) drives the Panamera 4S. Between 1,750 rpm and
+5,500 rpm, the six-cylinder engine delivers a powerful torque
+of 550 Nm to the drive axles, which helps the model to
+accelerate from zero to 100 km/h in 4.4 seconds with a top
+speed of 289 km/h.
+RESEARCH AND DEVELOPMENT
+The new V8 petrol engine in the Panamera is a symbol of
+power and agility. The Panamera Turbo top-level version
+generates 404 kW (550 hp) from a mere four-litre displace-
+ment. This displacement reduction of 0.8 litres demostrates
+the continuation of Porsche's successful downsizing
+strategy that has already been deployed in its front engine
+vehicles and subsequently extended to its flat engines.
+The engine reaches 770 Nm of torque at between 1,960
+and 4,500 revolutions per minute (rpm), accelerating the
+Panamera Turbo from zero to 100 km/h in 3.8 seconds
+to a top speed of 306 km/h. For the first time ever, the drive
+of this model features adaptive cylinder control. At a speed
+range of between 950 rpm and 3,500 rpm and a torque
+limit of up to 250 Nm, this eight-cylinder engine transforms
+seamlessly into a four-cylinder engine by deactivating four
+of its cylinders, reducing fuel consumption in the process.
+Performance Research and development
+With the new generation of the Panamera, Porsche is intro-
+ducing its redeveloped V8 petrol engine with turbocharging
+to the road. The objective: enhanced performance, in-
+creased efficiency, greater power. The new generation offers
+three high-performance biturbo V-engines with a bank angle
+An early highlight of the 2016 financial year for Porsche
+was the spectacular world première of the new Panamera in
+Berlin at the end of June. The second generation of the
+Panamera Gran Turismo distinctively combines two seemingly
+opposing concepts: sportiness and luxury. The entire vehicle,
+including its engine and transmission, has been completely
+redeveloped. The Panamera is a technology champion with
+an optimised design that boldly emphasises the ambition
+of a sporty luxury saloon. The flatter front section, adjusted
+side sections, a roof line that is even more dynamic, the
+flyline and other specific design details such as the three-
+dimensional tail lights and multi-material lightweight con-
+struction of the vehicle body draw parallels with the iconic
+911 sportscar.
+The new Panamera combines performance
+and comfort
+in combination with the redeveloped tyres. In the latest
+718 Cayman, Porsche has placed great emphasis on preci-
+sion and agility. The enhanced driving dynamics are under-
+lined by the vehicle's taut proportions, accentuated air
+intakes on the front and sides and a low silhouette. The inte-
+rior also has a number of new features: The sports steering
+wheel in the 918 Spyder design and the individually ex-
+pandable Porsche Communication Management (PCM) are
+available as standard equipment.
+The ten per cent more direct steering and half-inch wider
+rear wheels result in even better stability around corners
+Porsche has adjusted the brake system of the previous
+Cayman S to the increased performance of the 718 Cayman.
+The four-piston callipers of the 911 Carrera have been-
+installed on the front axle of the latest S model with six-milli-
+metre thicker brake discs.
+to the performance figures of the new generation of
+718 Boxster.
+per 100 kilometres in the NEDC. The acceleration, top
+speed and torque of the enclosed two-seaters are identical
+The second global debut at the Paris Motor Show was the
+911 GT3 Cup. The specially designed four-litre flat engine
+of the near-series GT racing car with direct petrol injection
+and variable inlet and outlet camshaft control generates
+357 kW (485 hp) and impresses with its reduced mainte-
+nance costs and improved durability of its naturally aspirated
+engine when in racing mode. For the first time in the world's
+most manufactured GT racing car, a valve drive with rigidly
+mounted rocker arms and a central oil feed have been
+installed. Ready to race, the latest 911 GT3 Cup weighs
+no more than 1,200 kilograms as a result of the intelligent
+aluminium steel composite construction. The optimised
+aerodynamics at the front and rear end provide the one-seater
+with greater traction.
+New generation of the best-selling racing car
+in the world
+In November 2016, the Volkswagen Group announced that
+it was planning a joint venture in collaboration with Audi,
+Porsche, the BMW Group, Daimler AG and Ford Motor
+Company. Together, the partners are hoping to establish the
+most powerful charging network for electric vehicles in
+Europe. To kick off the joint venture, the partners signed a
+Memorandum of Understanding. The planned infrastructure
+will support a charging capacity of up to 350 kW, enabling
+charging times that are considerably shorter than those
+possible with current fast charging networks. Around 400
+stations are due to be constructed in 2017 as the first step
+in the plan. More than a thousand high-performance charging
+stations are planned by 2020, which will considerably
+increase the long-distance travel capability and appeal of
+electric vehicles. Porsche is thereby actively shaping the
+future of sustainable mobility - not only by developing environ-
+mentally friendly plug-in hybrid vehicles and purely electric
+models, but also by building the necessary infrastructure.
+Joint venture planned for super-fast, high-performance
+charging network
+of 90 degrees, and the engine block has been scaled down
+to 9.5 kilograms. In combination with the new eight-speed
+double-clutch transmission, Porsche has reduced the fuel
+consumption of its latest models by up to 16 per cent, while
+at the same time increasing the power. The new transmis-
+sion design combines increased torque capacity, the ideal
+number of gears, optimum gear gradation and spread
+with excellent shift performance and maximum efficiency
+plus outstanding economy. In accordance with the NEDC,
+the fuel consumption figures for the Panamera Turbo are be-
+tween 9.3-9.4 l/100 km, between 8.1-8.2 1/100 km for
+the Panamera 4S and between 6.7-6.8 l/100 km for the
+Panamera 4S Diesel. All three vehicles have been launched
+with all-wheel drive.
+a driving machine that follows the Porsche principle of purity.
+The special edition model, limited to just 991 units, weighs
+just 1,370 kilograms with a full tank of fuel, making it the
+lightest 911 and a true high-performance sportscar, synony-
+mous with consistent lightweight construction, maximum
+performance and an unfiltered driving experience. The 911 R
+is particularly suited to winding roads. The carbon bonnet
+and wings as well as the magnesium roof lower the vehicle's
+centre of gravity. The specially configured rear-axle steering
+guarantees extremely responsive steering behaviour and
+precise handling at a high level of driving stability. The
+Porsche Stability Management (PSM) control systems have
+been specially optimised for the 911 R. The six-cylinder
+flat engine, which was already featured in the 911 GT3 RS,
+with four-litre displacement, 368 kW (500 hp) and 460 Nm
+of torque, accelerates the vehicle from zero to 100 km/h
+in 3.8 seconds, with a top speed of 323 km/h. Total fuel
+consumption in the NEDC amounts to 13.3 l/100 km.
+23,592
+to a joint effort by employees and the Porsche works council,
+bat boxes were introduced to the site and the surrounding
+woods for the first time in the reporting year, supplementing
+the numerous nesting boxes already available in the area.
+With these projects for protecting nature and the environ-
+ment, Porsche is enabling responsible expansion of the
+Development Centre in Weissach.
+Fixed assets expressed as a percentage of total assets
+increased to 40 per cent (prior year: 38 per cent). Intangible
+assets increased from 3,286 million euro to 3,965 million
+euro. The increase mainly relates to capitalized development
+costs. The largest additions relate to the Cayenne, Panamera
+and 911. Property, plant and equipment increased in com-
+parison to the prior year by 536 million euro to 5,116 million
+euro, primarily due to additions to land and buildings, technical
+equipment and machinery, and other equipment, operating
+and office equipment. These additions consist mainly of tools
+and construction work for the new generations of vehicles.
+Leased assets increased by 612 million euro in comparison
+to the prior year to 3,373 million euro. This item contains
+vehicles leased to customers under operating leases.
+At the end of the reporting period, the fixed assets of the
+Porsche AG group - i.e., the intangible assets, property,
+plant and equipment, leased assets, financial assets
+accounted for using the equity method and other financial
+assets came to 12,841 million euro, compared with
+11,009 million euro in the previous year.
+Non-current assets increased by 2,044 million euro to
+23,592 million euro. The increase relates mainly to fixed
+assets and to deferred taxes. Non-current assets expressed
+as a percentage of total assets amounted to 73 per cent
+(prior year: 74 per cent).
+As of December 31, 2016, the total assets of the Porsche
+AG group stood at 32,235 million euro, 11 per cent higher
+than on the prior-year reporting date.
+NET ASSETS
+100
+29,143
+Deferred income tax assets amounted to 879 million euro
+compared with 727 million euro in the prior year.
+100
+26
+7,595
+27
+8,643
+9
+2,485
+9
+32,235
+As a percentage of total assets, current assets amount to
+27 compared to 26 per cent in the prior year. Inventories
+increased slightly from 2,509 million euro in the prior year
+to 2,536 million euro at the end of the reporting period.
+Non-current and current receivables from financial services
+rose from 1,887 million euro to 2,010 million euro. This
+item mainly contains receivables from finance leases and
+receivables from customer and dealer financing.
+Current other financial assets increased by 337 million euro
+to 1,337 million euro. This was primarily attributable to the
+clearing account with Porsche Holding Stuttgart GmbH.
+Provisions for taxes
+Other provisions
+Other financial liabilities
+Other liabilities
+Non-current liabilities
+Cash and cash equivalents
+Current assets
+Tax receivables
+Securities
+Other receivables
+Inventories
+Tax receivables
+Deferred tax assets
+Non-current assets
+Other equity investments
+Property, plant and equipment
+Equity-accounted investments
+Intangible assets
+Assets
+million euro
+of the Porsche AG Group
+Net Assets
+1,280 million euro to 11,980 million euro compared
+The equity of the Porsche AG group increased by
+Cash and cash equivalents increased significantly year on
+year, climbing by 404 million euro to 2,889 million euro.
+2,889
+Tax payables
+0
+0
+2
+591
+Trade receivables
+9
+2,509
+8
+2,536
+486
+74
+73
+2
+727
+3
+879
+0
+8
+21,548
+2
+Financial services receivables
+647
+59
+0
+145
+1
+194
+1
+329
+1
+390
+3
+1,000
+4
+1,337
+Other financial assets
+2
+598
+2
+43
+0
+Current liabilities
+Equity
+3,127
+10
+3,337
+Other financial liabilities
+8
+2,214
+8
+11
+2,589
+9
+2,768
+6
+1,830
+Financial liabilities
+5
+1,460
+Trade payables
+Other liabilities
+783
+3
+Fascinating products and innovative technology have long
+been a feature of the Porsche Development Centre in
+Weissach. In 2016, Porsche finished construction on the new
+drive and test centre in Weissach, which has a total floor
+area of 35,000 square metres. A total of 18 test stands
+support the development of new hybrid drives, combustion
+engines and electric motors. There are 600 Development
+Centre employees working in the building complex, where
+test stands, workshops and offices are combined under
+77
+Performance - Financial Analysis
+100
+29,143
+100
+32,235
+37
+10,971
+34
+10.809
+1
+489
+2
+557
+3
+850
+5
+Equity and Liabilities
+1,636
+63
+864
+Deferred tax liabilities
+Financial liabilities
+3
+772
+2
+685
+Other provisions
+3
+8
+10
+3,213
+Provisions for pensions and similar obligations
+37
+10,700
+37
+11,980
+2,361
+749
+2
+3,669
+0
+77
+26
+7,472
+29
+9,446
+1
+265
+1
+316
+3
+776
+2
+699
+9
+2,549
+11
+0
+Porsche is offsetting the extra space required for the contin-
+ued expansion of the Development Centre with the imple-
+mentation of compensatory measures agreed with the local
+authorities. Alongside an area-specific compensation meas-
+ure, Porsche is implementing supplementary measures for
+promoting conservation. In the spring of 2016, a project
+was launched with the aim of planting over 30 new trees on
+the company grounds. The range of trees included lindens,
+field maples, beeches and oaks. With the development of a
+forest management concept as another environmental meas-
+ure, Porsche is protecting a sufficient number of breeding
+sites for the variety of different mating birds that reside on
+the testing grounds of the Development Centre. Thanks
+10
+31
+68
+2012 2013 2014 2015
+165,808
+151,999
+Porsche is synonymous with quality, and the new quality
+centre in Leipzig serves as the perfect example of the brand
+identity embraced by the company. Since June 2016, Porsche
+has bundled all vehicle optimisation efforts across the cen-
+tre's 6,000 square metre area, all in the name of achieving
+utmost perfection in production. In doing so, Porsche contin-
+uously tackles the challenge of raising quality with each new
+Quality at the highest level
+The Panamera, Macan and Cayenne model lines roll off the
+Leipzig production lines every two minutes. In three-shift
+operation, the plant's technically installed capacity reaches
+up to 150,000 units per year. Porsche already set new bench-
+marks in Leipzig with the production of the Macan. To date,
+Porsche has invested a total of 1.3 billion euro in the devel-
+opment of the Leipzig site. During the fourth plant expan-
+sion, the company hired 600 new employees, meaning that
+the workforce exceeded the magical number of 4,000 for
+the first time.
+2016
+In its new body shop, Porsche is employing innovative and
+energy-efficient technologies, thereby reducing its energy
+consumption in a targeted manner. In the paint shop alone,
+a rock-flour filter system has allowed the company to reduce
+energy consumption by around 60 per cent in comparison
+with a water-based system. A photovoltaic system produces
+up to 800,000 kilowatt hours of electricity per year from
+solar energy. This is roughly equivalent to the annual power
+consumption of 150 four-person households in Western
+Europe. The special cooling of the robotic welding guns
+reduces annual electricity consumption by more than
+365,000 kilowatt hours. This makes the Leipzig plant one
+of the most environmentally friendly facilities in the world.
+New body manufacture in Leipzig
+On February 1, 2016, the Supervisory Board appointed
+Albrecht Reimold as the new Member of the Executive Board
+responsible for Production and Logistics. Oliver Blume's
+successor switched to Zuffenhausen from Bratislava. From
+2012 to January 2016, the degreed engineer worked in
+the Slovakian capital as Chairman of the Executive Board
+and Board Member with responsibility for Technology at
+Volkswagen Slovakia, where the body of the Porsche Cayenne
+is manufactured. From 2009 to 2012, Reimold headed up
+the Audi plant in Neckarsulm.
+Change on the Executive Board
+in the 2016 financial year.
+New record: Porsche produced 239,168 vehicles
++2%
+203,097
+The world première of the Panamera sports saloon was
+among the highlights of 2016. When the Panamera was
+launched in 2009, the painted bodies were produced at the
+Volkswagen plant in Hanover. Yet now, the entire production
+process from the body shop to the paint shop - takes
+SCAN
+THIS CHART
+Performance - Sales, Production, Procurement
+69
+In line with the company's general growth trajectory, Porsche
+is also further expanding its logistics centre in Sachsenheim.
+Porsche has now developed the site for the fourth time since
+it was opened in 2008 in order to increase its logistics
+capacities. Construction for the latest phase began in July
+2016 and is to be completed by 2018. Among other things,
+Porsche is enhancing its after sales parts logistics, which
+includes the installation of an automatic high-bay warehouse
+with more than 40,000 new rack and 4,500 container
+storage locations. The high-bay warehouse is characterised
+by its much improved space utilisation.
+Site development in Sachsenheim
+Successful production start in Zuffenhausen
+A further milestone project of 2016 is the production of the
+718 Cayman. For the first time, Porsche is manufacturing
+the third generation of the mid-engine sports coupé entirely
+in Zuffenhausen. Going forward, Porsche will therefore
+produce all two-door sportscars at its headquarters. The
+last Cayman rolled off the production line of the Volkswagen
+plant in Osnabrück in August. This is where Porsche manu-
+factured the previous generation of this model line. The
+current model line boasts higher performance thanks to the
+newly developed four-cylinder flat engines with turbocharg-
+ing. With the 718 Cayman, production capacity at the
+Stuttgart plant has been increased from 220 to more than
+240 vehicles per day.
+- which is damaging to the environment - from being
+generated each year.
+currently preventing some 5,000 tonnes of carbon dioxide
+is being operated by Abfallwirtschaft Stuttgart (AWS), a
+municipal waste management operation. The project serves
+as an example of the development of large-scale local
+heating and district solutions with industrial partners and is
+Bio-energy for the main Porsche plant in Zuffenhausen
+In collaboration with the public service authorities in Stuttgart,
+Porsche is making a key contribution to the energy concept
+of the state capital. Stuttgart intends to be climate-neutral by
+2050 at the latest. In a joint letter of intent issued with the
+city's public services in the reporting year, Porsche has
+declared its intentions, as a regionally headquartered compa-
+ny, to switch the heat supply at the main plant in Stuttgart-
+Zuffenhausen to bio district heating by the end of 2018 at
+the latest. The starting point for the shared energy supply is
+a new bio-waste digester that has been set up locally and
+Sustainability plays a very important part in this regard. A
+photovoltaic system on the roof of the engine plant produces
+up to 242,400 kilowatt hours of electricity every year. This
+results in savings of up to 105 tonnes of carbon dioxide per
+year when compared to a conventional production facility.
+The large-scale roof greening on the building also helps
+to improve the air quality at the Zuffenhausen location. These
+and other ecological measures, along with exceptional work-
+place design and process quality, have been recognised
+with top marks from the German Sustainable Building Council
+(DGNB). The 28 hectare site was one of the first industrial
+quarters in Germany to be awarded a gold pre-certificate
+from the DGNB.
+The production of a new eight-cylinder V-engine involves
+6.2 hours and 110 work cycles. 95 workpiece carriers then
+transport the engines along a 432 metre production line.
+At full capacity, 200 eight-cylinder V-engines a day can be
+produced according to the highest quality standards. Porsche
+has invested some 80 million euro into the new production
+facility. The company employs the latest systems and tools
+as well as digitalisation and consistent data management.
+By means of an electronic production network, EC tools are
+adapted to the various assembly requirements, making them
+practically universally deployable throughout the assembly
+process. EC tools are just one of the almost 100 innovations
+that Porsche has implemented in the production site. This
+also includes autonomous, freely programmable forklift
+trucks. Thanks to the multi-functional structure of the produc-
+tion area, Porsche is well prepared for growth and future
+production processes.
+of the new plant commenced in 2014, a modern factory was
+created across two levels covering a total of 10,000 square
+metres in the western expansion zone of the company head-
+quarters. With logistics located on the ground floor, engine
+assembly takes place on the floor above. This efficient mesh-
+ing of manufacture and automation gives rise to a flexible
+production process. The eight-cylinder V-engine will initially
+be used in the Panamera Turbo.
+New plant for eight-cylinder engines in Zuffenhausen
+Porsche has achieved a new milestone in engine construction
+with the opening of the new production site for eight-cylinder
+engines at the main plant in Stuttgart. Since construction
+The Macan also defended its place at the top of the rank-
+ings. In its second involvement in the study, the youngest
+member of the Porsche model range again secured first
+place in the "Compact Premium SUV" segment. For the study,
+J.D. Power surveyed more than 80,000 private individuals
+90 days after receipt of their vehicle. The overall rating
+is made up of 233 criteria, including "Driving experience",
+"Exterior" and "Interior".
+the plant ratings for Europe/Africa, the main Porsche plant in
+Zuffenhausen heads up the rankings of the American market
+researchers. The 911 is the highest placed vehicle of the
+entire study, which includes a total of 245 models from
+33 manufacturers. In addition, the 911 once again achieved
+first place in its "Midsize Premium Sporty Car" segment,
+making this five victories in succession.
+The impressive levels of quality originating from Zuffenhausen
+have been recognised by the latest "Initial Quality Study" con-
+ducted by the US market research institute J.D. Power. In
+Top marks for perfection
+At the Zuffenhausen headquarters, the quality and analysis
+centre has also made an important contribution to the quality
+process since July 2014. Just as in Leipzig, this is an im-
+portant prerequisite for ensuring ongoing and sustainable
+improvement to the emotional and functional quality of
+Porsche vehicles as well as their look and feel. Porsche con-
+tinuously faces new challenges, particularly with regard to
+trends and technologies such as digitalisation, smart mobility
+and electromobility.
+vehicle model. Means of quality measurement include such
+methods as the exterior and seam master jig for pilot series
+qualification of body parts or the body-in-black for pilot
+series qualification of sheet metal parts. Cubing is used for
+the optimisation and pilot series qualification of assembly
+parts as well as for the functional analysis of add-on parts in
+the exterior and interior. The quality centre in Leipzig also
+includes a pilot centre for building pilot series vehicles. A
+total of 150 employees work at the site.
+234,497
+Expansion of environmentally friendly logistics
+Inevitably, the transportation of goods to and from the plants
+involves emissions such as noise and an increased use of
+resources. Porsche is addressing this issue with the efficient
+and continuous use of environmentally compatible transport
+means. Porsche is striving towards the systematic reduction
+of emissions and achieving a positive effect on its own
+environmental impact. In the reporting year 2016, a Scania
+diesel/LPG hybrid truck began operating on the route be-
+tween Soest and Zuffenhausen. Based on an annual distance
+of around 410,000 kilometres, CO2 emissions were reduced
+by around 10 per cent. This equates to savings of around
+22,506 kilograms per year. In 2017, the company plans to
+employ further vehicles of this type on the route between
+Heilbronn/Uhingen and Zuffenhausen/Kornwestheim. More-
+over, preparations are currently underway in Leipzig for the
+use of an electric truck between the logistics centres and
+the plant. The concept phase is to be completed at the
+beginning of 2017, at which point the pilot phase will begin.
+239,618
+Production volume
+Porsche also came out on top as the best brand in the USA's
+"Sales Satisfaction Index" (SSI) in 2016 for the first time.
+1st place
+A wealth of international studies have confirmed that our
+efforts to win customer loyalty and satisfaction have
+achieved exceptionally successful results. In 2016, Porsche
+won first place for the twelfth time running in the overall
+evaluation of the "Automotive Performance, Execution and
+Layout Study" (APEAL) conducted by J.D. Power, the
+renowned American market research company. Power. That
+means Porsche remains the most attractive vehicle brand
+for customers in the USA. In addition, the Porsche 911,
+Boxster and Macan models took first place in their respec-
+tive categories. More than 80,000 new car owners took
+part in the survey, assessing 245 models from 33 manufac-
+turers in 10 categories.
+Awards and recognition from all sides
+SALES
+Procurement
+Production
+Porsche also came out on top as the best brand in the USA's
+"Sales Satisfaction Index" (SSI) in 2016 for the first time.
+The SSI is compiled every year by J.D. Power. It focuses on
+customer experiences with dealerships as well as new car
+buyers' satisfaction during the buying process. The famous
+US consumer magazine "Kelley Blue Book" presented the
+Porsche brand with three Brand Image Awards - one for
+Porsche in the category "Best Performance Luxury Brand",
+one for the Macan in "Best Resale Value - Luxury Compact
+SUV/Crossover" and one for the Panamera in "Best Resale
+Value - High-End Luxury Car". Readers of the American
+car magazine "Car and Driver" chose the Boxster/Cayman
+as one of their "10 Best Cars".
+Sales, Production, Procurement
+Sales
+Performance Research and development
+62
+62
+Motorsport and sustainability - a combination that appears
+unlikely at first glance. It is only when you look closer that
+the link becomes clearer: Series-production vehicles are the
+true winners from motorsport. Race tracks are essentially
+a testing ground for Porsche. Testing new technologies and
+innovations under extreme pressure facilitates the continuous
+technological enhancement of series sportscars - and this
+is how Porsche transfers its technology. Racing has had
+a particularly noticeable impact on the development fields
+of lightweight construction and aerodynamics. However,
+Le Mans and other races are also enabling some pioneering
+work in other fields, such as developments in battery tech-
+nology and the enhancement of exhaust energy recuperation
+systems. The result of this work is increased efficiency and
+reduced emissions, both on the race track and on the road.
+For example, the latest 911 Carrera saves 13 per cent more
+energy than its predecessor. The 718 Boxster that was
+introduced in spring 2016 also manages with 13 per cent
+less energy, despite being more powerful. Sportiness,
+performance and efficiency are not sacrificed at Porsche -
+these features are supplemented and improved.
+From the race track to the road - technology transfer
+in motorsport
+In the 2016 financial year, research costs and non-capital
+development costs (excluding depreciation and amortisation)
+at Porsche AG amounted to 981 million euro (previous year:
+1.11 billion euro). Capitalised development costs amounted
+to 1.23 billion euro (previous year: 1.04 billion euro). The
+total research and development costs (excluding deprecia-
+tion and amortisation) were 2.21 billion euro (previous year:
+2.15 billion euro). In the 2016 financial year, the capitalisa-
+tion rate was 56 per cent.
+Research and development costs
+63
+In Germany, more than 115,000 readers of the car maga-
+zine "auto, motor und sport" voted the 911 and the 911 Cab-
+riolet into top spot in the sportscar and cabriolet category in
+the "Best Cars 2016" list for the second year running. "sport
+auto" readers chose Porsche models as the winners in four
+out of ten categories. The Boxster S, 911 Turbo S Cabriolet,
+911 Carrera S Cabriolet and 911 R triumphed over the
+competition in their respective categories. This meant that
+Porsche came out on top as the most successful manufac-
+turer in the survey. The British magazine "Top Gear" named
+the Cayman GT4 as "Sports Car of the Year" and the
+Porsche 911 GT3 RS as "Hardcore Car of the Year". The
+German marketing prize "Best Brands" awarded Porsche
+the title of best corporate brand in Europe - a nod to the
+company's commercial success and the appeal of its brand.
+Professional service
+place at the Leipzig plant. Porsche invested 500 million euro
+into this move, which involved an increase in the production
+area to around 60,000 square metres and adjustments
+to the assembly and infrastructure. Following the fourth up-
+grade over an approximately two-year construction period,
+the site is now among the most sophisticated and innovative
+production facilities in the global automotive industry. One
+particular highlight is the multi-material mix in the body of
+the new Panamera. It is based on a high aluminium content,
+which required many new joining and manufacturing proce-
+dures to be implemented in the series production process.
+New record: Porsche produced 239,168 vehicles in the
+2016 financial year. This represents a 2 per cent increase
+over the previous year. All vehicles of the 911 (31,648 units)
+and Boxster (12,791 units) model lines rolled off the pro-
+duction line in the Stuttgart-Zuffenhausen plant. This is also
+where the Cayman (5,303 units) has been manufactured
+since August 2016. That means the sportscar manufacturer
+produced a total of 49,742 sportscars at its headquarters
+in Zuffenhausen. At the Leipzig plant, Porsche manufactured
+a total of 158,432 vehicles, representing around 66 per cent
+of total production at Porsche. 97,177 units of the Macan
+model line originated from Leipzig, along with 47,037 Cayenne
+and 14,218 Panamera vehicles. At the multi-brand plant of
+the Volkswagen Group in Osnabrück, Porsche manufactured
+24,656 Cayenne vehicles. Up to August 2016, 6,788 units
+of the Cayman were also produced here.
+PRODUCTION
+67
+Performance Sales, Production, Procurement
+66
+The photovoltaic car port is Porsche AG's second pilot project
+in 2016 aimed at developing an environmentally sound
+design for Porsche dealerships. Developed in collaboration
+with CIP Architekten Ingenieure in Stuttgart, the car port
+makes it possible for plug-in hybrid and electric vehicles to
+be charged using locally generated, renewable energy.
+The intricate support structure with integrated Porsche
+Universal Chargers (AC) and a roof made from semi-transpar-
+ent dual glass photovoltaic modules generates more than
+3,000 kilowatt hours of energy per year - enough electricity
+to charge the battery of a Panamera 4 E-Hybrid more than
+200 times. This equals a range of approximately 10,000 kil-
+ometres. The photovoltaic car port celebrated its debut
+on the holiday island of Sylt, allowing plug-in hybrid vehicles
+leased on the island by Porsche Drive to be charged. Porsche
+plans to offer this concept to all of its dealerships around the
+world with a view to implementing it at a later date.
+Enhancing the dealership sustainability initiative
+With the implementation of its "Dealership Sustainability
+Initiative", Porsche AG is supporting the planning, construc-
+tion and operation of environmentally sustainable Porsche
+Centres. The first reference project for this initiative in 2016
+was the construction of a photovoltaic pylon on the site of
+the new Porsche Centre in the Berlin-Adlershof technology
+park a clear affirmation of a sustainable approach to energy
+generation that conserves resources. The 25-metre high,
+37-tonne steel construction with a striking convex façade
+is fitted with exactly 7,776 monocrystalline solar cells that
+generate up to 30,000 kilowatt hours of electricity per
+year enough power to meet the Porsche Centre's basic
+energy requirements. As a special service, visitors can
+charge their electric vehicles for free using solar energy
+from the pylon's charging pedestal.
+is assuming responsibility for all vehicles that have generally
+been in production more than ten years. This remit includes
+all aspects, from the technical literature to delivery of
+52,000 genuine parts, right through to complete restorations.
+The international dealership and service network was expand-
+ed in 2016 to ensure optimum vehicle maintenance and to
+become an expert point of contact for enthusiasts of classic
+Porsche cars. Customers and potential buyers have a choice
+of a 45 Porsche Classic partners around the world, two
+of which are Porsche Classic Centres. These Porsche Classic
+Centres bring the areas of services, workshop and classic
+sportscar sales together under one roof for the first time. This
+concept sees the sportscar manufacturer integrate the main-
+tenance and value retention of modern and older classic
+cars into a single innovative service concept, which closely
+interlinks tradition and innovation.
+In addition to its current models, Porsche's classic vehicles
+thrill fans of the brand all over the world. Porsche Classic
+Tradition and innovation closely interlinked
+Expanding expertise in terms of methodology is essential
+for ensuring continuous improvement of vehicle quality and
+service. Advanced analytics, for example, automatically
+and intelligently detect and draw links between cases and po-
+tential focus areas for repair using algorithms as part of
+automated learning. This system makes it possible to
+observe the entire guarantee and goodwill period for all
+existing customer and vehicle data. The result in the medium
+term is faster response times and increased efficiency. This
+expansion of the necessary infrastructure and relevant exper-
+tise enables further applications to be opened up based on
+"data and text mining" - the automated analysis of unstruc-
+tured or poorly structured data and text.
+of local market assistance over the course of the reporting
+year and contains concepts for optimising repair costs and
+providing customers with reliable long-term care.
+Another key focus of the team's work in after sales is the
+electrification of the drivetrain, which involves expertly
+repairing high-voltage batteries. Fundamental to this is a
+programme for expanding repair bases at the importer
+and retail level. This programme was developed with the help
+In 2016, the after sales training department shifted the
+focus of its work at the Zuffenhausen headquarters. The
+team's objective is to qualify the global retail organisation
+in view of technical vehicle innovations. The structure of
+the team's specialist fields is now streamlined, flexible and
+effective, focusing on new training methods, technologies
+and responses to modified market requirements. The result
+of this is a comprehensive qualification strategy for the
+retail organisation, which will follow as the next step. To
+implement this strategy, more than 14,000 service employ-
+ees working in Porsche Centres are being prepared to
+handle increasingly complex vehicle technology, including
+electromobility and digitalisation, as well as new customer
+requirements. This requires state-of-the-art training methods
+and media. "Learning on demand" will become an integral
+part of day-to-day work in the future thanks to virtual reality
+and new video portal concepts, including via mobile devices.
+almost three times more than for the 718 Boxster
+and 718 Cayman models that were introduced shortly before.
+The after sales department is providing the Porsche retail
+organisation with the best possible preparation for future
+challenges. For example, the retail development team
+expanded its global area of operations to 32 countries and
+integrated new fields of expertise. The team works with
+dealerships on site to help them optimise the processes
+and procedures both in their workshops as well as in direct
+contact with customers. Consultants analyse individual
+weaknesses, then develop solutions in collaboration with
+colleagues on site and help to implement them. The retail
+development team implemented 75 of these operations
+in 2016.
+In keeping with the company's overall strategy in 2016, the
+after sales department focused on the market launch of the
+new Panamera as well as the global provision of spare parts
+for the second generation of the Porsche sports saloon.
+There were around 5,000 new parts available to the retail
+organisation and its customers at the time of the car's sales
+launch
+vehicles produced
+0
+Tracking down potential savings
+A separate team in the Production and Logistics department
+- comprising operators, planners, maintenance and environ-
+mental experts is devoted to tracking down energy savings
+potential in the individual plants. The paint shop at the Leipzig
+plant accounts for the lion's share of these savings. When
+no painting is taking place, the systems are switched to
+standby mode. This measure alone achieves annual savings
+of around 120,000 euro. When converted, this equates to
+575 Porsche 911 Carrera vehicles covering 30,000 kilome-
+tres per year in a carbon-neutral manner. In addition, Porsche
+uses the waste heat from a biomass power plant in direct
+vicinity of the plant premises to cover 80 per cent of the paint
+shop's heat requirements without additional CO2 emissions.
+Moreover, switching off the system lighting in the Leipzig
+body shop during weekend downtimes produces savings of
+more than 50,000 euro per year. The efficiency team also
+uncovered savings potential at the paint shop in Zuffenhausen.
+When maintaining the compressed air systems, any leaks
+are identified and rectified even faster. This alone saves an
+annual cost of 50,000 euro.
+1
+333
+16
+4,580
+16
+5,116
+11
+332
+3,286
+3,965
+%
+Dec. 31, 2015
+%
+Dec. 31, 2016
+76
+Results of Operations
+12
+1
+54
+0
+29
+8,505
+26
+8,478
+Other financial assets
+Other receivables
+5
+1,289
+4
+1,363
+Financial services receivables
+10
+2,761
+11
+3,373
+Leased assets
+0
+50
+Financial Position
+Conservation of resources along with environmentally
+conscious and energy-efficient activities are fixed compo-
+nents of the Porsche corporate strategy. The objective of
+maximum efficiency applies not only to the products, but
+also to the Zuffenhausen and Leipzig plants themselves. In
+2016, for example, Porsche saved around one million euro
+in its production efforts thanks to careful use of resources.
+Net Assets
+73
+Ensuring product quality and sustainability
+in procurement
+The procurement department also made an important
+contribution during the reporting period towards achieving
+the company goals regarding non-production material and
+services. Due to the large number of infrastructure projects
+under way, investments in the 2016 financial year totalled
+1,695 million euro. This development reflects the continued
+growth at Porsche (2015 financial year: 1,261 million euro).
+As in previous years, the material costs per vehicle were
+further optimised during the 2016 financial year. The close
+cooperation and early involvement of our business partners
+in various cost and product workshops led to substantial
+savings being made. In 2016, the material costs of Porsche
+AG amounted to 4,129 million euro (2015 financial year:
+3,948 million euro).
+Procurement of production material and non-produc-
+tion material
+72
+Four strategic procurement targets can be derived from the
+Porsche Strategy 2025 and the global trends on the procure-
+ment markets. Firstly, delivering top quality at competitive
+conditions by actively developing technical and ecological
+innovation processes. Secondly, ensuring efficiency for the
+entire life of the products. Thirdly, guaranteeing reliability,
+by ensuring constant availability of the procurement volume,
+consistently high quality of the purchased parts, as well as
+stable and efficient commodity flows. And fourthly, increasing
+the attractiveness of the company for talented employees
+and ensuring a high level of satisfaction among our employ-
+ees by creating the optimum working conditions.
+Porsche is continually working on further enhancing the pro-
+curement organisation and building on its strengths together
+with the suppliers. We strive to be competitive and ensure
+optimum performance. The fact that the Porsche Strategy
+2018 has already been successfully implemented is testa-
+ment to the consistency with which key topics and objectives
+are pursued and realised at Porsche. Within the Strategy
+2025, the procurement department will play a considerable
+part in achieving the company's goals, helping to further
+the positive development of recent years. In 2016, further
+important foundations were laid for the future of Porsche
+with over 700 award decisions.
+A crucial factor for the success of the Porsche brand is the
+consistently high quality of the cars it sells. To ensure that
+this requirement can be met in the long term, the implemen-
+tation of an optimum quality of purchased parts across all
+model lines was once again a focal point in 2016. To this
+end, procurement is further expanding the activities designed
+to optimise sub-supplier management. In addition, an over-
+arching standard to harmonise and implement sustainability
+principles in the supply chain was launched. Both the trans-
+parency gained and the acceptance of our sustainability
+principles are instrumental in helping to identify risk areas
+at an early stage and continuing to improve quality. These
+efforts were corroborated in 2016 by the extremely posi-
+tive feedback from customers in the context of various
+quality awards.
+Another highlight of last year was the outstanding motor-
+sport season in which Porsche succeeded in defending all
+of the titles it had won in the FIA World Endurance Champion-
+ship (WEC) in 2015. In collaboration with all specialist areas
+involved, the procurement department brought the right
+partners on board to ensure this success.
+For the procurement department of Porsche AG, 2016 was
+a year filled with special challenges. The product range was
+expanded significantly, and the company supplied a total
+number of 237,778 vehicles to customers - a new record.
+Thanks to its close, partnership-based cooperation with the
+supplier industry, the procurement department was able
+to maintain a constant supply of parts at all times.
+PROCUREMENT
+n
+71
+Performance Sales, Production, Procurement
+70
+And this push towards enhanced efficiency extends beyond
+the country borders. By way of example, Porsche is employ-
+ing an effective air-conditioning system at the technical
+training centre in Shanghai. It utilises heat exchangers and
+heat pumps to ensure simultaneous cooling and dehumidifi-
+cation of the tropically warm ambient air. At the North
+American headquarters in Atlanta, Georgia, the building façade
+provides thermal insulation in the winter while also serving as
+a heat shield in the summer. Elements of the demolished
+factory previously located at the site were recycled and used
+to construct the off-road track. In 2016, both projects were
+awarded a gold certificate in the internationally renowned
+LEED (Leadership in Energy and Environmental Design) rating
+system for exceptionally ecological and efficient buildings.
+Outstanding events for the Porsche procurement depart-
+ment during the 2016 financial year included the successful
+launch of the new mid-engine 718 Boxster and 718 Cayman
+sports coupés, equipped with the new four-cylinder turbo
+flat engine, as well as the sales launch of the second genera-
+tion of the sporty Panamera luxury saloon. A further highlight
+was the 911 R. The vehicle, of which just 991 units will
+be built, is a striking representation of the traditionally close
+relationship between motor racing and series production.
+Since the end of 2015, virtually all brands and companies
+that make up the Volkswagen Group have been following
+standardised, fully digital processes within procurement.
+External partners are able to find the up-to-date information
+they require in the available systems at any time. The aim
+is to create a global, standardised digital network that maps
+all work processes between the procurement department
+and suppliers.
+Sustainability in supplier relations
+The consideration of sustainability aspects in the supply
+chain is a key focus area for Porsche. The company has
+been an active part of the group-wide sustainability procure-
+ment network and fully involved in the "sustainability in
+supplier relations" concept of the Volkswagen Group since
+as far back as 2013.
+use and availability of sustainable materials. A project on the
+subject of sustainable leather was also launched. At present,
+the company is also consciously requesting sustainable
+alternative materials from suppliers for use in future genera-
+tions of vehicles.
+Another focal point of the procurement strategy is the
+increased use of sustainable materials. In 2016, Porsche
+surveyed the main suppliers specifically regarding the
+Performance Sales, Production, Procurement
+of cooperation with social organisations is firmly anchored
+in the corporate strategy.
+For over 30 years, the Porsche procurement department
+at the main plant in Zuffenhausen has worked together with
+a facility for physically disabled people from the region. In
+2015, Porsche entered into a further cooperation with a
+workshop in Zuffenhausen, and another project was launched
+in Leipzig in the 2016 reporting year. The ongoing promotion
+with the implementation of these measures. In the case
+of serious violations, an ad-hoc case is opened as well. In
+2016, an independent service provider conducted one
+audit and has scheduled two further audits. Porsche plans
+to continually expand this process as part of the
+Strategy 2025.
+If necessary, Porsche will also provide assistance
+Since the start of the reporting year, Porsche has also
+had an independent audit service provider inspect selected
+business partners as part of its own sustainability audits.
+If violations or development potential are identified during
+the audit, an action plan for improvement is agreed upon.
+in place. Porsche's own ad-hoc team of experts is responsible
+for the auditing, and is authorised to define and implement
+further measures in serious cases. In the reporting year, two
+ad-hoc cases were opened under the leadership of Porsche.
+In 2016, Porsche also introduced the industry-wide Self-As-
+sessment Questionnaire (SAQ) across the board for all active
+suppliers of production material. The SAQ was developed
+together with other automotive companies in the working
+group on supply chain sustainability, coordinated by
+CSR Europe.
+As part of supplier monitoring, all suppliers are required to
+complete questionnaires on sustainability issues as well as
+submit a written statement if there are grounds for suspicion
+or possible deviations from the sustainability requirements
+the OECD guideline regarding the duty of care for supporting
+responsible supply chains for minerals from conflict and
+high-risk areas. Conflict minerals represent a major problem
+area in the context of forming responsible supply chains.
+Since the reporting year, suppliers must be prepared to pro-
+vide information on the smelting plants and refineries that
+they or their sub-suppliers use if requested.
+its suppliers. The internationally recognised human rights,
+the charter of the International Chamber of Commerce, the
+OECD guidelines for long-term, sustainable development
+and the relevant core labour laws of the International Labour
+Organisation (ILO) serve as the foundation for the sustainability
+requirements. Suppliers are now also expected to follow
+Strict compliance with the sustainability requirements is
+essential to the effective cooperation between Porsche and
+to identify and minimise risks, and processes for monitoring
+and developing suppliers.
+suppliers, an early detection system along the value chain
+the high environmental and social standards among busi-
+ness partners: mandatory sustainability requirements for
+Three cornerstones were defined in order to establish
+Financial Analysis
+one roof.
+12 226
+Key figures for environment and energy
+-619
+2,335
+2,640
+FY 2015
+FY 2016
+Performance - Financial Data
+thereof profit attributable to non-controlling interests
+thereof profit attributable to shareholders
+Total comprehensive income
+Other comprehensive income, net of tax
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, before tax
+Items that may be reclassified subsequently to profit or loss
+may be reclassified subsequently to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that
+Deferred taxes relating to available-for-sale financial assets
+Available-for-sale financial assets, net of tax
+Available-for-sale financial assets, before tax
+211
+184
+-65
+-435
+-437
+482
+992
+363
+-1,429
+119
+125
+32
+Transferred to profit or loss
+125
+0
+125
+32
+146
+-435
+0
+0
+146
+32
+-144
+Fair value changes recognized in other comprehensive income
+Cash flow hedges, net of tax
+-2,370
+0
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+2,334
+2,640
+thereof profit attributable to shareholders
+2,335
+2,640
+Profit after tax
+90
+17
+Deferred
+-1,137
+-1,074
+-1,047
+-1,057
+3,382
+-1,903
+Performance - Financial Data
+87
+88
+Deferred taxes relating to cash flow hedges
+Cash flow hedges, before tax
+Transferred to profit or loss
+Fair value changes recognized in other comprehensive income
+Cash flow hedges
+Exchange differences on translating foreign operations, before tax
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+Transferred to profit or loss
+Unrealized currency translation gains/losses
+Available-for-sale financial assets
+Exchange differences on translating foreign operations
+Share of other comprehensive income of equity-accounted investments that will not
+be reclassified to profit or loss, net of tax
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income
+Profit after tax
+million euro
+of Porsche AG for the period January 1 to December 31, 2016
+Consolidated Statement of Comprehensive Income
+Items that will not be reclassified to profit or loss
+3,697
+130
+-307
+879
+8
+10
+31
+8,505
+8,478
+1,289
+1,363
+50
+54
+332
+333
+2,761
+3,373
+4,580
+5,116
+3,286
+727
+23,592
+21,548
+2,536
+32,235
+7,595
+8,643
+2,485
+2,889
+43
+59
+145
+3,965
+194
+390
+1,000
+1,337
+598
+647
+486
+591
+2,509
+329
+338
+Dec. 31, 2015
+Current assets
+90
+89
+0
+2,299
+2,298
+2,575
+2,575
+-36
+-65
+65
+-101
+-182
+0
+-105
+370
+0
+0
+0
+0
+0
+Consolidated Statement of Financial Position
+of Porsche AG as of December 31, 2016
+million euro
+Assets
+Cash, cash equivalents and time deposits
+Securities
+Tax receivables
+Other receivables
+Other financial assets
+Financial services receivables
+Trade receivables
+Inventories
+Dec. 31, 2016
+Non-current assets
+Tax receivables
+Other receivables
+Other financial assets
+Financial services receivables
+Other equity investments
+Equity-accounted investments
+Property, plant and equipment
+Leased assets
+Intangible assets
+Deferred tax assets
+29,143
+Current
+Profit before tax
+3,877
+-7
+-1,561
+-5
+-1,140
+6
+1,286
+5
+1,206
+-4
+-908
+-4
+-867
+-7
+-1,505
+-8
+-1,703
+17
+3,404
+16
+-180
+RESULTS OF OPERATIONS
+11
+2,335
+12
+2,640
+Profit after tax
+-1,047
+-5
+28
+-1,057
+16
+3,382
+17
+3,697
+Profit before tax
+0
+-22
+0
+Income tax income/expense
+The Porsche AG group's profit after tax increased by
+305 million euro from 2,335 million euro in the correspond-
+ing prior-year period to 2,640 million euro in the reporting
+period. The tax rate in the reporting period was 29 per cent
+(prior year: 31 per cent).
+6,092
+6,381
+in million euros
+Sales revenue
+The net available liquidity of the automotive division - i.e.,
+its gross liquidity less financial liabilities and excluding the
+financial services business in each case - improved from
+1,456 million euro as at December 31, 2015 to 1,965 million
+euro as at December 31, 2016.
+Payments made in respect of profit transfer and dividends
+resulted in a cash outflow in the amount of 1,904 million
+euro (previous year: 1,232 million euro). This was partly off-
+set by a capital contribution amounting to 1,076 million euro
+(prior year: 707 million euro) made by Porsche Holding
+Stuttgart GmbH.
+There was a change in cash flows from financing activities
+from minus 838 million euro in the prior year to minus
+786 million euro in the current fiscal year.
+The cash flows from investing activities resulted in a cash
+outflow of 2,724 million euro in the reporting period follow-
+ing 2,119 million euro in the prior year. Investments in intan-
+gible assets (excluding development costs capitalized) and
+property, plant and equipment increased from 1,388 million
+euro in the previous year to 1,438 million euro in the period
+under review. Additions to capitalized development costs
+amount to 1,228 million euro following 1,039 million euro in
+fiscal year 2015.
+Cash flows from operating activities amounted to 3,864 mil-
+lion euro in the 2016 reporting period following 3,843 million
+euro in the prior year. The material effects resulted from
+increased profit and lower income taxes paid, and conversely
+higher outflows for leased assets.
+FINANCIAL POSITION
+Current other financial liabilities amounted to 3,337 million
+euro (prior year: 3,127 million euro). This mainly results
+from an increase in the liability for the profit transfer to
+Porsche Holding Stuttgart GmbH.
+Trade payables rose to 2,589 million euro after 2,214 million
+euro in the previous year. This increase is attributable to
+higher volumes of investments and business.
+Current liabilities decreased from 10,971 million euro to
+10,809 million euro. Current liabilities expressed as a per-
+centage of total capital fell from 37 per cent in the prior year
+to 34 per cent as of December 31, 2016. Current financial
+liabilities declined by 938 million euro, primarily due to the
+redemption of a 1,000 million euro bond in February 2016.
+Deferred income tax liabilities amounted to 864 million euro
+compared with 749 million euro in the prior year.
+Non-current other financial liabilities declined by 77 million
+euro. This mainly relates to marking derivative financial
+instruments to market.
+The provisions for pensions and similar obligations rose by
+852 million euro. This was primarily attributable to the
+change in the discount rate in Germany from 2.7 per cent to
+1.8 per cent.
+Non-current liabilities relate to financial liabilities, pension
+provisions, deferred income tax liabilities, other financial
+liabilities, other liabilities and other provisions. They rose by
+a significant 1,974 million euro year on year to 9,446 million
+euro. Non-current liabilities expressed as a percentage of
+total capital increased from 26 per cent in the prior year to
+29 per cent at the end of the fiscal year. Non-current finan-
+cial liabilities grew by 1,120 million euro, mainly due to the
+placement of a debenture bond in March 2016.
+By contrast, pension plan remeasurements (net of tax) repre-
+sented reductions in equity by 435 million euro.
+with the prior-year reporting date. The profit after tax, minus
+profit transfer and dividends of 269 million euro, generated
+increases in equity together with currency translation
+differences, changes in the cash flow hedge (net of tax) and
+a capital contribution by Porsche Holding Stuttgart GmbH
+amounting to 1,076 million euro.
+13,865 14,326
+17,205
+22,318
+21,533
+-72
+100
+21,533
+-15,441
+-71
+-15,937
+100
+22,318
+Key figures for personnel and social matters
+29
+FY 2015
+FY 2016
+80
+Performance - Financial Analysis
+79
+SCAN
+THIS CHART
+78
+2013 2014 2015 2016
+2012
+%
+Income tax income/expense
+Consolidated revenue at the Porsche AG group amounted
+to 22,318 million euro in the reporting period (prior year:
+21,533 million euro). In the last financial year, Porsche AG
+delivered 232,041 new vehicles. This corresponds to a
+6 per cent increase in units sold compared with the previ-
+ous year. The principal contributor to the increase in sales
+and revenue was the Macan model, with 97,105 units sold.
+In terms of regional figures, the Chinese market has shown
+particularly positive development, with 67,908 vehicles sold.
+This corresponds to a 17 per cent increase in units sold.
+Distribution expenses rose from 1,505 million euro to
+1,703 million euro due to the higher volume of sales. Admin-
+istrative expenses decreased from 908 million euro to
+-1,703
+6,092
+6,381
+-15,441
+-15,937
+21,533
+22,318
+FY 2015
+FY 2016
+Administrative expenses
+Other operating income
+Distribution expenses
+Cost of sales
+Gross profit
+Sales revenue
+million euro
+of Porsche AG for the period January 1 to December 31, 2016
+Consolidated Income Statement
+86
+-1,505
+-867
+-908
+1,206
+-22
+-180
+Financial result
+116
+-44
+Other financial result
+-142
+-144
+98
+Finance costs
+Share of profit or loss of equity-accounted investments
+Operating profit
+Other operating expenses
+3,404
+3,877
+-1,561
+-1,140
+1,286
+8
+The cost of sales increased in line with revenue to
+15,937 million euro (prior year: 15,441 million euro), which
+represents 71 per cent of sales revenue (prior year: 72 per
+cent). In absolute terms, the cost of sales rose by 496 million
+euro or 3 per cent. This disproportionately small increase
+was due to lower depreciation, amortization and impairment
+of intangible assets and property, plant and equipment, as
+well as lower research and development costs recognized in
+profit or loss due to the increase in the capitalization rate
+to 56 per cent (prior year: 48 per cent). The disproportionately
+small increase in the cost of sales caused the gross margin
+to increase from 28 per cent to 29 per cent.
+Consolidated Statement of Changes in Equity
+Consolidated Statement of Financial Position
+17.4
+15.8
+in per cent
+Operating return on sales
+81
+Performance - Financial Analysis
+Financial result
+Other operating expenses
+Operating profit
+Other operating income
+Administrative expenses
+Cost of sales
+Gross profit
+Distribution expenses
+Sales revenue
+million euro
+of the Porsche AG Group
+Results of Operations
+The personnel expenses across all functions of the
+Porsche AG group increased from 2,605 million euro to
+2,875 million euro. The average number of employees
+during the year rose by 2,710 to 26,251.
+867 million euro. In relation to sales revenue, distribution ex-
+penses increased slightly to 8 per cent (prior year: 7 per cent),
+while administrative expenses remained level at 4 per cent.
+2015 2016
+Depreciation, amortization and impairment across all
+functions increased to 2,081 million euro compared with
+2,124 million euro in the prior year. This primarily relates
+to the depreciation, amortization and impairment of
+leased assets.
+Other operating income declined from 1,286 million euro to
+1,206 million euro. This was primarily due to lower income
+from the reversal of provisions and accruals. Other operating
+expenses decreased from 1,561 million euro to 1,140 mil-
+lion euro. The decline mainly reflects from lower expenses in
+connection with forward exchange transactions.
+Operating profit amounted to 3,877 million euro, an increase
+of 473 million euro in comparison with the previous year.
+Consolidated Statement of Comprehensive Income
+Consolidated Income Statement
+Financial Data
+83
+Performance - Financial Analysis
+2016
+2013 2014 2015
+2012
+Consolidated Statement of Cash Flows
+3,877
+2,429
+2,579
+2,719
+82
+in million euros
+Operating profit (EBIT)
+The healthy cost structure and the sustainably high earnings
+power of the group are also reflected in the key performance
+indicators. The Porsche AG group achieved an operating
+return on sales of 17.4 per cent in the past fiscal year
+(prior year: 15.8 per cent). The pre-tax return on sales was
+17 per cent (prior year: 16 per cent). The return on capital,
+defined as the ratio of the operating result after tax to the
+average invested assets of the automotive division, amounted
+to 31 per cent (prior year: 31 per cent). The return on equity
+after tax was 23 per cent (prior year: 23 per cent).
+The financial result amounted to minus 180 million euro
+(prior year: minus 22 million euro). The decrease in the
+financial result was due to higher expenses from fair value
+measurement relating principally to exchange rate and
+interest rate hedging transactions that are not included in
+hedge accounting.
+3,404
+Equity and Liabilities
+%
+Capital reserves
+125
+125
+9,599
+9,596
+125
+85
+-336
+-723
+3,375
+7,150
+45
+equity
+interests
+Group
+Noncontrolling
+Equity before
+noncontrolling
+interests
+Equity-accounted
+investments
+211
+211
+211
+0
+2,334
+2,335
+2,334
+2,334
+-36
+-36
+125
+-307
+Currency
+translation
+C
+65
+65
+130
+0
+-65
+-437
+-437
+-437
+146
+146
+Cash flow
+hedges
+Revaluations
+from pension
+plans
+Profit after tax
+Other comprehensive income
+Taxes recognized in otherm comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+As of January 1, 2015
+of Porsche AG for the period January 1 to December 31, 2016
+Consolidated Statement of Changes in Equity
+million euro
+93
+Performance - Financial Data
+92
+-2,566
+-2,296
+-5,317
+-5,499
+Total comprehensive income
+Capital contribution
+Profit transfer and dividends
+As of December 31, 2015
+Other comprehensive income
+Accumulated
+profit
+Retained earnings
+reserves
+Capital
+Subscribed
+capital
+94
+As of December 31, 2016
+Securities
+marked to
+market
+Profit transfer and dividends
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+As of January 1, 2016
+Capital contribution
+2,752
+-307
+2,298
+0
+32
+338
+0
+-435
+2,640
+2,640
+0
+2,640
+2,640
+-65
+-65
+0
+32
+338
+0
+-435
+2,575
+2,575
+1,076
+1,076
+Subscribed capital
+Key economic figures
+Key figures
+95
+Performance - Financial Data
+11,980
+11,979
+0
+40
+242
+0
+-1,012
+4,076
+8,933
+45
+-2,371
+-2,370
+1,076
+-305
+125
+40
+0
+10,700
+2
+10,698
+210
+-643
+0
+-577
+3,806
+7,857
+45
+-1,905
+-1,903
+-1,903
+707
+707
+707
+2,299
+45
+7,857
+3,806
+-577
+184
+482
+482
+482
+0
+-619
+-619
+-619
+-144
+32
+32
+10,700
+2
+10,698
+0
+210
+-643
+0
+32
+3,203
+-2,370
+369
+10,971
+10,809
+489
+557
+Current liabilities
+Tax payables
+850
+783
+Other liabilities
+3,127
+3,337
+Other financial liabilities
+2,214
+2,589
+Trade payables
+2,768
+1,830
+32,235
+29,143
+Performance - Financial Data
+91
+FY 2016
+Change in financial services receivables
+Change in leased assets
+Change in other provisions
+Change in pension provisions
+Change in liabilities (excluding financial liabilities)
+Change in receivables (excluding financial services)
+Change in inventories
+1,460
+Other non-cash expense/income
+Gain/loss on disposal of non-current assets
+Depreciation, amortization and impairment losses
+Income taxes paid
+Profit before tax
+Cash and cash equivalents at beginning of period
+million euro
+of Porsche AG for the period January 1 to December 31, 2016
+Consolidated Statement of Cash Flows
+Share of profit or loss of equity-accounted investments
+FY 2015
+1,636
+77
+3,213
+Provisions for pensions and similar obligations
+10,700
+11,980
+Equity
+2
+Non-controlling interests
+10,698
+Equity before non-controlling interests
+2,796
+3,001
+Retained earnings
+7,857
+8,933
+45
+267
+45
+2,361
+Other provisions
+685
+772
+7,472
+9,446
+265
+316
+Financial liabilities
+Other provisions
+Provisions for taxes
+Non-current liabilities
+63
+Other liabilities
+699
+Other financial liabilities
+2,549
+3,669
+Financial liabilities
+749
+864
+Deferred tax liabilities
+776
+2,485
+11,979
+3,697
+-3,582
+2,536
+2,707
+-1,232
+-1,904
+707
+1,076
+-2,119
+-2,724
+Repayment of bonds
+Proceeds from issuance of bonds
+Profit transfer and dividends
+Capital contributions
+Cash flows from investing activities
+261
+-96
+Change in loans and time deposits
+-2,343
+Change in other financial liabilities
+917
+-506
+Total third-party borrowings
+1,560
+Net liquidity
+Securities, loans and time deposits
+Gross liquidity
+2,485
+2,834
+Cash and cash equivalents at end of period
+2,834
+-4
+Cash and cash equivalents at end of period
+354
+Net change in cash and cash equivalents
+39
+-5
+Effect of exchange rate changes on cash and cash equivalents
+-838
+-786
+Cash flows from financing activities
+886
+-17
+2,485
+77
+231
+602
+405
+-542
+-595
+-220
+-29
+312
+208
+314
+-1
+5
+-1,035
+2,124
+2,081
+3,382
+-1,148
+Change in investments in securities
+3
+81
+-26
+-1,171
+Cash received from disposal of intangible assets and property, plant and equipment
+63
+-26
+Change in equity investments
+-1,039
+-1,228
+Additions to capitalized development costs
+-1,388
+-1,438
+-33
+88
+Investments in intangible assets (excluding capitalized development costs),
+Cash flows from operating activities
+3,843
+3,864
+-119
+-827
+and property, plant and equipment
+-88
+Total workforce, new hires and employee turnover
+Return to work and retention rates after parental leave
+Minimum notice periods regarding operational changes
+Representation in joint management-worker committees
+Injuries, lost days and fatalities
+LA6
+→ Kennzahlen
+23, 40, 44-45, 51, 102-103
+LA5
+→ Kennzahlen
+Full
+LA4
+18-22
+→ Index
+LA1
+18-22
+Full
+Full
+Full
+16-23, 45, 75-95, 98, 102
+LA3
+Full
+→ Index/Kennzahlen
+→ Index/Text
+40, 50
+Full
+Incidence and risk of work-related illness
+LA7
+→ Index
+→ Index/Kennzahlen
+40, 103
+Full
+→ Index
+→ Index
+32
+Full
+→ Index/Kennzahlen
+Full
+40-41, 44-45, 51, 102-103, 113
+Labour practices and decent work
+Restatement of information reported previously
+→ Index
+G4-20
+Material aspects identified
+Report content and implementation of reporting principles
+Entities included in the consolidated annual financial statements
+Identified material aspects and boundaries
+Memberships of associations and interest groups
+Support from external charters, principles and initiatives
+G4-19
+G4-18
+G4-17
+Markets
+Ownership structures and legal form
+36-37, 41, 72-73, 99
+G4-16
+G4-15
+Aspect boundaries within the company
+G4-21
+Aspect boundaries outside the company
+G4-22
+36
+Full
+→ Text/Kennzahlen
+41, 73, 99
+Full
+Screening of suppliers using environmental criteria
+Negative environmental impact
+→ Index/Text
+115
+7, 16, 58-62, 108-109
+→ Index
+115
+EN32
+1회회회회회회회
+1회회회회회회회회회회회회 회회
+Changes in the scope and aspect boundaries
+G4-23
+EN34
+→ Index/Text
+Full
+Employee training
+→ Index
+→ Index
+Full
+Partial
+Full
+Full
+Operations with an increased risk of child labour
+Operations with an increased risk of forced labour
+Screening of suppliers using human rights criteria
+Grievances in relation to human rights impact
+HR12
+→ Text
+HR10
+→ Text
+27, 30, 32, 34-35
+27, 32, 34-35
+Full
+HR6
+Text
+73
+→ Index/Text
+73
+→ Index/Text
+S03
+Precautionary principle
+Stakeholder engagement
+→ Text/Kennzahlen
+12, 40-41, 50, 52-55, 103
+Full
+Impact on the local community
+32, 34-35
+S01
+Index
+114
+Index
+32, 34, 114
+→ Index
+→ Text
+41, 73
+Society
+Full
+Investment agreements that include human rights clauses or underwent human rights screening
+Incidents of discrimination and corrective actions taken
+HR5
+Full
+→ Index
+Full
+→ Index/Kennzahlen
+6, 10, 49-50, 102, 106-107
+Full
+Composition of management bodies and breakdown of employees by employee category
+Remuneration structure and salaries
+12, 32, 37, 39, 60, 73,
+110-111, 114
+LA13
+40, 43-50
+LA12
+→ Index
+4, 10-15, 114
+→ Text/Kennzahlen
+40-41, 47-48, 103
+Full
+→ Index/Text
+LA9
+LA14
+Partial
+HR3
+→ Text
+27, 30, 32, 34-35, 114
+Full
+→ Index
+98
+HR1
+Screening of suppliers using labour practice criteria
+Human rights
+→ Index
+Full
+Grievances about labour practices
+LA16
+→ Index
+→ Text
+41, 73
+→ Index/Text
+G4-14
+Full
+G4-13
+Full
+Operational sites in protected areas
+EN11
+→ Kennzahlen
+39, 101
+Full
+Total water consumption
+EN8
+→ Text
+39, 42, 67-68, 70-71
+Partial
+Reduction of energy consumption
+EN6
+→ Kennzahlen
+100
+→ Index/Text
+EN12
+Impact of activities in protected areas
+Full
+EN18
+→ Kennzahlen
+71, 101
+Other indirect greenhouse gas emissions (Scope 3)
+EN17
+→ Kennzahlen
+41, 70-71, 101
+Full
+Full
+EN16
+→ Kennzahlen
+101
+Full
+Direct greenhouse gas emissions (Scope 1)
+EN15
+→ Index/Text
+Indirect energy-related greenhouse gas emissions (Scope 2)
+Greenhouse gas emission intensity
+Energy intensity
+This business and sustainability report takes into consideration the guidelines of the fourth edition (G4) of the Global Reporting Initiative (GRI)
+in accordance with the "Core" option and has been checked by the GRI within the framework of a "Materiality Disclosure Service". In the
+GRI Content Index below, the degree to which the indicators have been fulfilled and their location in the printed and online versions of the
+report are shown. A detailed version of the GRI Content Index is available in the Porsche Newsroom: www.newsroom.porsche.com/reports
+EC6
+→ Index
+Partial
+Ratio of standard entry-level wage to local minimum wage
+EC5
+→ Index
+Full
+Financial assistance received from government
+EC4
+→ Index/Text
+Full
+Coverage of the defined benefit pension plan
+EC3
+→ Text
+G4-24
+Proportion of senior management hired from the local community
+EC7
+Infrastructure investments and services supported
+EC9
+→ Kennzahlen
+41, 67-68, 70-71, 100
+Full
+Energy consumption within the company
+EN3
+→ Kennzahlen
+38, 73
+EN5
+Full
+EN1
+Environmental
+→ Text/Kennzahlen
+→ Index/Kennzahlen
+10-13, 41, 44, 103, 113
+→ Index
+Full
+Full
+Full
+Spending on local suppliers at significant locations of operation
+Materials used
+Changes during the reporting period
+Full
+EN20
+39, 46, 71, 101
+41, 101
+Full
+Environmental protection expenditure and investments
+EN31
+Full
+Environmental impact of transport and logistics
+EN30
+→ Text
+28, 36-40
+→ Index
+Full
+Sanctions for non-compliance with environmental laws and regulations
+EN29
+→ Text
+6-7
+→ Text/Kennzahlen
+→ Kennzahlen
+G4-3
+Name of the company
+Description of the supply chain
+G4-12
+Coverage by collective bargaining agreements
+G4-11
+Workforce
+G4-10
+Scale of the company
+Full
+G4-9
+G4-7
+Countries in which the company operates
+G4-6
+Headquarters of the company
+G4-5
+Brands, products and services
+G4-4
+G4-8
+→ Kennzahlen
+Full
+10-13, 38, 39, 41, 58-63
+Full
+Total water discharge
+EN22
+→ Kennzahlen
+101
+Full
+NO, SO, and other significant airborne emissions
+Online version
+Printed report
+"Performance"
+Level of
+achievement
+General standard information
+EN21
+→ Kennzahlen
+Full
+Emissions of ozone-depleting substances
+39, 101
+→ Index/Kennzahlen
+EN23
+Waste by type and disposal method
+Full
+Measures for mitigating the environmental impact of products
+EN27
+G4-2
+Foreword by the Chairman of the Executive Board
+G4-1
+Strategy and analysis
+→ Text
+Key sustainability effects, risks and opportunities
+→ Index
+Full
+Significant spills
+EN24
+→ Kennzahlen
+39, 101
+Full
+Company profile
+Stakeholder groups engaged
+918 Spyder
+32-34
+million euro
+Equity
+Total assets
+17,205
+21,533
+22,318
+million euro
+Sales revenue
+Financials
+2,165
+2,605
+2,875
+million euro
+Personnel expenses
+22,401
+32,235
+29,143
+26,060
+million euro
+12,623
+million euro
+Cost of materials
+2,114
+2,427
+2,666
+million euro
+24,481
+Capital expenditure 2)
+11,009
+12,841
+million euro
+Fixed assets
+9,599
+10,700
+11,980
+9,691
+12,095
+27,612
+Employees¹)
+545
+375
+Units
+31,590
+31,373
+31,648
+Units
+911
+203,097
+234,497
+239,618
+Units
+Production
+24,864
+17,207
+Boxster Cayman
+Units
+24,882
+21,978
+Panamera
+22,383
+15,055
+14,218
+Units
+66,005
+79,700
+number
+71,693
+Cayenne
+59,363
+86,016
+97,177
+Units
+Macan
+23,211
+Units
+15,240
+10,405
+million euro
+Ben Weinberger, Spokesperson, SUVs and Saloons
+Hermann-Josef Stappen, Spokesperson, Technology
+Anja Wassertheurer, Director Product and Technical Communications
+Elena Storm, Spokesperson, Sports Cars
+Christian Weiss, Spokesperson, Procurement, Production & Logistics
+Matthias Rauter, Spokesperson, Human Resources and Sustainability
+Nadine Toberer, Spokesperson, Sales and Marketing
+Frank Scholtys, Director Corporate Communications
+Daniela Rathe, Director Politics and External Affairs
+Michaela Burtsche, Sustainability Management
+Contact persons
+Dr Josef Arweck, Vice President Communications
+Sabine Schröder, Director Corporate Publishing
+www.newsroom.porsche.com/reports
+Tel. +49 711 911-0
+D-70435 Stuttgart
+Dr. Ing. h.c. F. Porsche AG
+Porscheplatz 1
+Publisher
+Legal notice
+114
+Consultation
+Rolf Antrecht
+Conceptualized by
+Meiré und Meiré
+Partial
+FSC® C006024
+From responsible
+sources
+MIX
+www.fsc.org
+FSC
+Scheufelen phoenixmotion Xenon
+Metapaper SMOOTH white
+-
+Paper
+Printing
+stormingdesign
+Porsche Newsroom App
+Meiré und Meiré, C3 Creative Code and Content
+Digital design
+Meiré und Meiré
+Art direction and editorial design
+das druckhaus print & neue medien
+Depreciation, amortization and impairment losses
+In future, the combined Annual and Sustainability Report
+is expected to be released annually. Previously, a completely
+revised sustainability report was published every two years
+- most recently in May 2016 – in addition to the annual
+report. If corrections have been made to previously reported
+information, this has been marked accordingly in footnotes.
+Reporting cycle
+million euro
+Profit before tax
+2,719
+3,404
+3,877
+million euro
+Operating result (EBIT)
+3,179
+3,843
+3,864
+million euro
+Cash flows from operating activities
+1,878
+2,124
+2,081
+3,697
+3,382
+3,060
+million euro
+The information on sustainability engagement at Porsche
+was authored in compliance with the guidelines of the Global
+Reporting Initiative (GRI G4) in accordance with the "Core"
+option. In the GRI Content Index, the degree to which the
+indicators have been fulfilled and their location in the printed
+and online versions of the report are shown. A full external
+audit of the information and key indicators for the 2016
+financial year has not taken place.
+Reporting standard and assurance
+(G4-32, G4-33)
+This report represents the first time that Porsche has
+published a combined Annual and Sustainability Report.
+The financial analysis, key figures and data can be
+found in concise form at the end of this report and
+in detail online in the Porsche Newsroom
+(www.newsroom.porsche.com/reports). This is where
+Porsche also provides more information regarding its
+commitment to sustainability. Data was collected and pro-
+cessed using various internal reporting and processing
+systems. The subsequent internal consolidation and
+verification contribute to the reliability of the data. The
+2016 Annual and Sustainability Report relates to the period
+of January 1, 2016 to December 31, 2016. Information
+from before this time period has been included to ensure
+that the report is comprehensive. The end date for all data
+is December 31, 2016. The editorial deadline for this
+report was in February 2017. All information relates to
+Dr. Ing. h.c. F. Porsche AG, unless specified otherwise.
+Contents of the report and reporting period
+(G4-18, G4-23, G4-28)
+About this report
+113
+SCAN
+THIS PAGE
+(G4-22, G4-23, G4-29, G4-30)
+Performance - Further Information
+Porsche Newsroom provides more information and an interactive comparison of current financial and volume data.
+21 Relates to investements in intangible assets and property, plant and equipment.
+"As of December 31.
+Profit after tax
+2,201
+2,335
+2,640
+By selecting various parameters such as time period, key figure type or display type, you can generate and
+save individual comparisons in different formats.
+www.newsroom.porsche.com/charts
+Full
+Units
+73,119
+32
+Full
+Grievances in relation to societal impact
+S011
+114
+Full
+Date of most recent report
+G4-29
+Partial
+Screening of suppliers using criteria relating to societal impact
+S09
+114
+Full
+Reporting period
+G4-28
+→ Text
+→ Index
+G4-30
+Reporting cycle
+PR3
+→ Index
+110-111, 114
+Full
+"In accordance" option and GRI Content Index
+G4-32
+Full
+→ Index
+Assessing products for health and safety impact
+115
+Full
+Contact point for questions about the report
+G4-31
+Product responsibility
+114
+Full
+PR1
+Product information and labelling
+Full
+S08
+Full
+→ Index/Kennzahlen
+36
+Full
+→ Index
+Full
+Operations and sites assessed for risk of corruption
+Communication and training on anti-corruption
+Incidence of corruption and corrective actions taken
+S05
+→ Text
+32-33
+Full
+Selection of stakeholders
+G4-25
+S04
+→ Text
+→ Index
+G4-26
+Approaches to stakeholder dialogue
+Full
+Report profile
+→ Index
+Full
+Legal actions for anti-competitive behaviour, anti-trust and monopoly practices
+S07
+→ Text
+32-35
+Sanctions for non-compliance with laws and regulations
+Full
+G4-27
+→ Index/Text
+Full
+Political contributions
+S06
+→ Text
+32-33
+Results of stakeholder dialogue and response by the company
+65,941
+Full
+→ Index/Text
+225,121
+31,350
+32,365
+Units
+237,778
+Units
+911
+Deliveries
+FY 2014
+FY 2015
+FY 2016
+Brief overview
+Porsche AG Group
+112
+111
+→ Index
+189,849
+30,510
+918 Spyder
+Units
+70,867
+Units
+Panamera
+Cayenne
+44,636
+80,216
+95,642
+→ Index
+Units
+23,597
+22,663
+23,620
+Units
+Boxster/Cayman
+301
+566
+Macan
+108-109
+→ Index
+Performance - Further Information
+G4-34
+Full
+Sale of banned or disputed products
+Corporate governance
+PR6
+→ Text
+36, 41, 66
+Full
+Results of customer satisfaction surveys
+PR5
+114
+Partial
+External assurance
+G4-33
+→ Index
+Governance structure of the company
+Full
+6-7, 106-107
+→ Text
+110
+Full
+Sanctions for non-compliance with laws and regulations regarding the provision
+and use of products and services
+PR9
+→ Index/Text
+27-29, 36-37, 39-40
+Full
+Index
+Values, principles, standards and norms of behaviour
+Ethics and integrity
+Partial
+Grievances regarding breaches of customer privacy
+PR8
+Partial
+Standards and voluntary codes of conduct in relation to advertising
+PR7
+G4-56
+Financial implications and other risks and opportunities due to climate change
+44
+→ Index/Kennzahlen
+2016
+Number of accidents, lost days and fatalities ¹)
+SCAN
+THIS CHART
+11 We do not report on the average training hours per employee and year. This information is not
+essential to us as it is not relevant for management. The closing dates for the 2014 and 2015 key figures
+were 10/02/2015 and 05/02/2016.
+Employees exempt from wage agreements and executive employees
+Employees subject to wage agreements
+Distribution of participants by employee category
+Male
+Female
+Total number of participants
+Training programme participants ¹)
+"Employee turnover is not broken down by age group, gender and region. These figures are not essential to us as they are not relevant for management.
+The key figure is also calculated without including fixed-term employment contracts, employees entering into receipt of pensions and semi-retired workers.
+2015
+1,666
+1,923
+14,804
+16,419
+18,312
+2,200
+14,270
+15,753
+17,363
+2,483
+2,872
+2014
+2015
+2016
+1,817
+2014
+Porsche AG
+12.2%
+16,764
+2,931
+3,768
+3,461
+21,731
+21,798
+2014
+2015
+2016
+0.76%
+0.60%
+0.60%
+Performance - Key figures
+Donations made in million euro
+31 Working days are counted as lost days (usually Mo-Fr); the day of the accident is not included (>= 1 lost calendar day).
+21 Non-serious injuries resulting from minor accidents are not included in the report. Accidents not resulting in lost days
+(calendar days) count as minor accidents.
+"The closing dates for the 2014 and 2015 key figures were 15/01/2015 and 14/01/2016. It is not possible to report
+on employees from temporary employment agencies and external companies, or independent contractors.
+Fatalities
+Lost days³)
+Accidents 2
+102
+"We do not report on minorities, as we are not permitted to collect this data due to personality rights.
+1.0%
+1.0%
+0.8%
+Porsche Leipzig GmbH
+12.0%
+12.0%
+3,061
+3,667
+3,994
+22,401
+13,409
+12.30
+27%
+11.54
+47%
+20.48
+Prevention
+1.09
+26%
+11.40
+26%
+11.11
+18%
+7.84
+Remedy costs
+30%
+12.90
+30%
+12.82
+25%
+10.89
+Emissions control
+1.07
+17%
+7.70
+17%
+7.26
+10%
+27%
+18,337
+"Investments at the Zuffenhausen and Weissach sites have been included in calculations
+101
+24,481
+14,569
+16,241
+27,612
+2014
+2015
+2016
+2014
+2015
+2016
+Employee turnover ¹)
+Proportion of foreign employees¹)
+"Due to the equal payment and attractive framework conditions, the number of temporary employees
+has not been reported separately.
+Employees exempt from wage agreements and executive employees
+Employees subject to wage agreements
+Employees by type of employment ¹)
+Male
+Female
+Employees by gender
+Employee structure
+(Porsche AG = Baden-Württemberg, Porsche Leipzig GmbH = Saxony).
+"The specified employee figures are based on reports by region
+Of which Porsche Leipzig GmbH"
+Of which Porsche AG")
+Porsche Group (including subsidiaries)
+Total workforce
+Unless specified otherwise, the key figures shown below concerning personnel and social matters relate in principle to
+Porsche AG and Porsche Leipzig GmbH. A detailed overview of the key figures can be found in the Porsche Newsroom:
+www.newsroom.porsche.com/reports
+Key figures for personnel and social matters
+Performance - Key figures
+17,963
+13,833
+90.7%
+Model
+(combined)
+[g/km]
+Model
+Emission and Consumption Information
+107
+106
+*Employee representative
+Deputy chairman of the works council Zuffenhausen/Ludwigsburg/Sachsenheim
+Member of the SE works council of Porsche Automobil Holding SE
+Head of shop stewards' committee
+Member of the general works council of Dr. Ing. h.c. F. Porsche AG
+Member of the group works council
+Werner Weresch*
+Head of Drivetrain Division at Porsche Engineering Services GmbH
+Axel Weyland*
+Press officer for the IG Metall trade union - Stuttgart Administrative Office
+Jordana Vogiatzi*
+Vice president of Human Resources, Management and Production
+Diplom-Ingenieur (FH)
+Peter Schulz*
+Manager responsible for members and finances of the IG Metall trade union, Stuttgart
+Hansjörg Schmierer*
+Member of the works council of Porsche Automobil Holding SE
+Member of the group works council and deputy chairman of the general works council
+Chairman of the Weissach works council
+Manfred Pache*
+Section manager, company and industry policy, Executive Board of the IG Metall trade union
+Tanja Jacquemin*
+Member of the Zuffenhausen/Ludwigsburg/Sachsenheim works council
+Member of the works council of Porsche Automobil Holding SE
+Power
+Power
+output [kW] [hp]
+Member of the general works council
+Fuel con-
+Fuel con-
+300
+220
+718 Cayman PDK
+718 Cayman
+718
+CO₂
+emissions
+(combined)
+[g/km]
+[I/100 km] [I/100 km]
+(extra-urban) (combined)
+(urban)
+[I/100 km]
+sumption
+sumption
+sumption
+output [kW] [hp]
+Fuel con-
+Fuel con-
+Fuel con-
+Power
+Power
+[I/100 km] [I/100 km]
+[I/100 km]
+emissions
+sumption
+(extra-urban) (combined)
+sumption
+(urban)
+sumption
+CO₂
+Fuel con-
+4.36
+Deputy chairman of the group works council
+Head of Sales Planning
+The Supervisory Board
+Further Information
+103
+Approx. 6.3
+Approx. 4.6
+Approx. 5.0
+2014
+2015
+2016
+0
+0
+1
+2,605
+2,542
+1,957
+247
+165
+171
+2014
+2015
+2016
+SCAN
+THIS CHART
+20.6%
+14.2%
+9.3%
+79.4%
+85.8%
+Emission and Consumption Information
+Antonio Girone*
+GRI Content Index
+The Supervisory Board
+Wolfgang von Dühren*
+Member of the Board of Management of Porsche Holding GmbH
+Dr Hans Peter Schützinger
+with responsibility for Human Resources and Organisation
+Member of the Executive Board of Volkswagen AG
+Dr Karlheinz Blessing
+Member of the Executive Board of Volkswagen AG
+with responsibility for Finance and Controlling
+Frank Witter
+Member of the Executive Board of Volkswagen AG
+with responsibility for Procurement
+Dr rer. pol. h.c. Francisco Javier Garcia Sanz
+Betriebswirt
+Chairman of the Executive Board of Volkswagen AG
+Matthias Müller
+Chairman of the Executive Board of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+Diplom-Wirtschaftsingenieur
+Hans Dieter Pötsch
+Engineer
+Hans-Peter Porsche
+Investment management
+Dr Ferdinand Oliver Porsche
+Lawyer
+Dr Hans Michel Piëch
+Chairman of the general and group works council of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim works council
+Deputy chairman of the works council of Porsche Automobil Holding SE
+Deputy Chairman
+Uwe Hück*
+Chairman
+Dr Wolfgang Porsche
+Diplom-Kaufmann
+of Dr. Ing. h.c. F. Porsche AG
+Porsche in Figures - Brief Overview
+9.9
+Waste disposal
+44.30
+Since August 1, 2012, Volkswagen AG has been the sole shareholder of Porsche Holding Stuttgart GmbH, which holds 100 per cent of
+the share capital in Porsche AG. Dependency agreements and profit transfer agreements exist between Porsche Holding Stuttgart GmbH
+and Porsche AG, as well as between Porsche AG and its major domestic subsidiaries. The basis of consolidation at Porsche AG includes a
+total of 105 fully consolidated companies, with 25 headquartered in Germany and 80 abroad.
+(G4-17)
+Basis of consolidation
+22,383
+15,055
+14,218
+Vehicles
+66,005
+79,700
+71,693
+Vehicles
+Panamera
+98
+Cayenne
+86,016
+97,177
+Vehicles
+Macan
+1) Suppliers are considered to be local if they are based in the EU.
+Zuffenhausen and Leipzig are considered the main business sites.
+23,211
+21,978
+24,882
+Vehicles
+Boxster Cayman
+545
+Expenditure for local suppliers at main business sites¹)
+Proportion of allocated purchasing budget spent on local suppliers
+59,363
+4.3%
+Based outside the EU
+2.0%
+Based outside the EU
+129,183
+Production sites
+136,298
+142,261
+163,367
+The key figures shown below concerning environment and energy relate to Porsche AG and Porsche Leipzig GmbH. In some cases,
+a distinction is made between production sites (Stuttgart-Zuffenhausen and Leipzig incl. administration) and other sites (Weissach and
+Ludwigsburg). A detailed overview of the key figures can be found in the Porsche Newsroom: www.newsroom.porsche.com/reports
+Direct and indirect GHG emissions in t CO, equivalent (Scope 1 and 2)
+Total
+20142)
+2015
+2016
+Emissions in t
+Key figures for environment and energy
+99
+Performance - Key figures
+100%
+100%
+100%
+Supplier screening based on environmental criteria
+Proportion of screened suppliers
+2014
+2015
+2016
+99%
+99%
+98%
+2014
+2015
+2016
+31,590
+203,097
+234,497
+31,373
+375
+Vehicles
+95,642
+Vehicles
+Macan
+23,597
+22,663
+23,620
+Vehicles
+Boxster/Cayman
+301
+189,849
+30,510
+31,350
+566
+32,365
+44
+Vehicles
+918 Spyder
+Vehicles
+911
+225,121
+237,778
+Vehicles
+Total
+2014
+2015
+2016
+Deliveries
+The key figures concerning suppliers relate to Porsche AG.
+The key figures concerning deliveries and production relate to the Porsche Group
+(including subsidiaries).
+Key economic figures
+80,216
+110,795
+44,636
+Vehicles
+918 Spyder
+31,648
+Vehicles
+911
+239,618
+Vehicles
+Total
+"Based on the creditor's billing address.
+Based in the EU
+98.0%
+Suppliers of non-production materials
+Based in the EU
+95.7%
+Suppliers of production materials
+Supplier origin 2016¹)
+2014
+2015
+2016
+Production
+24,864
+17,207
+15,240
+Vehicles
+Panamera
+65,941
+73,119
+70,867
+Cayenne
+104,742
+Other sites
+34,184
+0.96
+Waste for disposal
+Waste for recycling
+1.04
+Total
+Volume of waste in t
+THIS CHART
+SCAN
+100
+11 The values published in the 2014 key figures update have been partially corrected.
+2014¹)
+2015
+2016
+Indirect energy consumption in MWh/vehicle (Porsche production sites only)
+2014¹)
+2015
+2016
+Direct energy consumption in MWh/vehicle (Porsche production sites only)
+3) The values published in the 2014 key figures update have been partially corrected.
+Water consumption (drinking water)
+Volume of waste water
+21 The indirect energy consumption is comprised of electrical energy and district heating.
+"The direct energy consumption is comprised of gas, combustible gas for manufacturing processes,
+heating oil, special energy products and fuel.
+56,996
+59,796
+63,350
+Other sites
+Fresh water and waste water in m³
+0.98
+263,855
+206,859
+Investments in environmental protection in euro
+2016
+100%
+42.73
+100%
+43.57
+Total¹)
+1.12
+2014
+THIS CHART
+SCAN
+2015
+1,296
+1,681
+1,957
+15,468
+17,121
+19,312
+16,764
+18,802
+21,269
+2014
+2015
+2016
+577,950
+515,578
+645,568
+588,050
+668,606
+594,427
+2014
+2015
+2016
+100%
+222,573
+Production sites
+Total¹)
+0.25
+0.25
+0.28
+SOX emissions
+37.98
+40.37
+45.01
+NOX emissions
+2014³)
+2015
+2016
+Direct energy consumption according to primary energy sources in MWh
+6,515
+10,650
+16,204
+Other indirect GHG emissions (Scope 3)")
+89,395
+92,602
+110,231
+Indirect GHG emissions in t CO₂ equivalent (Scope 2)
+46.903
+49,659
+53,136
+Direct GHG emissions in t CO₂ equivalent (Scope 1)
+31,556
+31,466
+Production sites
+233,523
+Other sites
+265,915
+282,369
+296,873
+Total 21
+SCAN
+THIS CHART
+2014³)
+2015
+2016
+Indirect energy consumption according to primary energy sources in MWh
+A method for calculating Scope 3 emissions in logistics is currently under development.
+21 The values published in the 2014 key figures update have been partially corrected.
+"The emissions indicated relate only to business trips, i.e. made by train (Porsche AG only) and plane.
+52,585
+1,491,297
+53,530
+1,504,843
+1,385,573
+Fuel (in litres)
+64,603
+0.27
+0.27
+0.3
+Weight of dust emissions
+184,809
+199,443
+217,104
+104.08
+110.05
+116.93
+Weight of volatile organic compounds (VOC)
+EC2
+293,623
+6.0
+250,219
+168
+911 Carrera 4S Cabriolet PDK
+Plug-in hybrids
+208
+9.0
+6.8
+12.6
+420
+309
+182
+7.9
+6.5
+10.3
+309
+370
+267
+11.5
+9.8-9.5* 229-223*
+6.8-6.6* 179-173*
+6.2-6.0*
+8.0-7.8*
+7.2-7.0* 8.2-8.0* 215-209*
+8.3-8.1* 10.0-9.8* 234-228*
+8.9-8.7* 11.5-11.2* 267-261*
+8.9
+15.9
+570
+419
+7.8-7.6*
+13.0-12.4*
+10,3-10,1*
+13.2-12.9*
+15.9-15.5*
+520
+382
+440
+272
+420
+10.4
+6.7
+Power
+[hp]
+output [kW]
+Power
+206
+8.9
+6.9
+12.4
+370
+272
+911 Targa 4
+196
+8.7
+7.3
+11.2
+450
+331
+911 Carrera 4 GTS Cabriolet PDK
+220
+9.7
+7.6
+13.3
+450
+331
+911 Carrera 4 GTS Cabriolet
+Model
+184
+8.0
+324
+385
+283
+420
+309
+911 Carrera 4S Cabriolet
+911 Carrera 4 Cabriolet PDK
+911 Carrera 4 Cabriolet
+911 Carrera 4 GTS PDK
+911 Carrera 4 GTS
+911 Carrera 4S PDK
+204
+8.9
+6.8
+12.4
+420
+309
+911 Carrera 4S
+Cayenne Diesel
+177
+7.7
+6.3
+10.1
+370
+272
+911 Carrera 4 PDK
+Cayenne
+201
+8.7
+6.7
+12.2
+420
+Fuel con-
+sumption
+10.3
+7.9
+309
+262
+193
+Cayenne Turbo S
+206
+8.9
+6.9
+12.4
+370
+272
+Cayenne Turbo
+192
+8.5
+7.1
+10.9
+450
+331
+Cayenne GTS
+Cayenne S Diesel
+Cayenne S
+216
+9.5
+7.4
+13.0
+450
+331
+180
+6.6
+370
+Power
+[I/100 km]
+13.3
+7.6
+9.7
+220
+Panamera 4 E-Hybrid Sport Turismo
+340
+462
+2.5
+15.9
+56
+911 Targa 4 GTS PDK
+331
+450
+450
+7.3
+8.7
+196
+Panamera Turbo S E-Hybrid
+500
+680
+2.9
+16.2
+66
+911 Turbo
+397
+540
+11.2
+331
+911 Targa 4 GTS
+56
+7.4
+182
+911 Targa 4S
+309
+420
+12.6
+6.8
+9.0
+208
+Panamera 4 E-Hybrid
+340
+462
+2.5
+15.9
+56
+911 Targa 4S PDK
+309
+420
+10.4
+6.7
+8.0
+184
+Panamera 4 E-Hybrid Executive
+340
+462
+2.5
+15.9
+11.8
+7.5
+9.1
+212
+216
+*Range depending on the tyre set used
+Performance - Further Information
+109
+108
+Performance indicators
+GRI Content Index
+Materiality
+GRI
+Disclosures
+Dr. Ing. h.c. F. Porsche AG
+Mar 2017
+Service
+Level of
+achievement
+Printed report
+"Performance"
+Online version
+Economic
+EC1
+Value generated and distributed
+Full
+7.9
+6.5
+10.3
+370
+272
+911 Targa 4 PDK
+combined
+[g/km]
+CO₂2
+consumption emissions
+[kWh/
+100 km]
+9.3
+(combined)
+7.6
+580
+Panamera Turbo S E-Hybrid Executive
+500
+680
+2.9
+16.2
+66
+911 Turbo S
+427
+580
+11.8
+7.5
+9.1
+212
+Cayenne S E-Hybrid
+306
+416
+3.4-3.3*
+20.8-18.6*
+79-75*
+911 Turbo Cabriolet
+397
+540
+12.1
+7.6
+216
+911 Turbo S Cabriolet
+427
+12.1
+272
+9.3
+190
+Panamera Turbo Executive
+911 (991 I)
+550
+404
+Panamera Turbo
+440 10.4-10.3*
+324
+Panamera 4S Executive
+167
+7.3
+6.0
+9.5
+404
+350
+718 Boxster S PDK
+440 10.2-10.1*
+324
+Panamera 4S
+184
+8.1
+6.5
+10.7
+350
+257
+718 Boxster S
+330 10.0-9.9*
+257
+550
+12.9-12.8*
+13.1-12.9*
+911 R
+Panamera 4 Sport Turismo
+Panamera Sport Turismo
+296
+12.7
+8.9
+19.2
+500
+368
+911 GT3 RS
+6.8-6.7* 178-176*
+9.5-9.4* 217-215*
+9.4-9.3* 214-212*
+8.3-8.2* 189-187*
+8.2-8.1* 186-184*
+7.9-7.8* 180-178*
+7.8-7.7* 177-175*
+6.5-6.4*
+6.7-6.6*
+6.8-6.7*
+6.9-6.8*
+7.3-7.2*
+7.4-7.3*
+5.9-5.8*
+7.9
+422
+310
+Panamera 4S Diesel
+308
+13.3
+9.3
+20.1
+500
+368
+243
+Panamera 4 Executive
+158
+6.9
+8.1
+6.5
+10.7
+350
+257
+718 Cayman S
+158
+6.9
+5.7
+9.0
+300
+220
+290
+12.9
+8.8
+19.7
+500
+368
+288
+12.7
+8.8
+19.4
+500
+368
+911 GT3
+911 Carrera 4
+911 GT3 PDK
+184
+243
+718 Cayman S PDK
+350
+5.7
+9.0
+300
+220
+718 Boxster PDK
+9.9-9.8*
+330
+243
+7.6-7.5* 173-171*
+6.3
+9.8-9.7*
+330
+243
+Panamera 4
+Panamera
+168
+23, 41, 53-55, 75-95, 103, 113
+7.4
+6.0
+9.9
+300
+220
+718 Boxster
+167
+7.3
+6.0
+9.5
+257
+911 (991 II)
+Panamera
+911 Carrera PDK
+360 11.8-11.4*
+265
+Macan GTS
+202
+8.8
+6.7
+12.3
+420
+309
+6.6-6.4*
+7.6-7.3*
+5.9-5.7*
+8.6-8.4*
+340 11.6-11.3*
+6.9-6.7*
+258
+190
+Macan S Diesel
+172
+7.5
+6.2
+9.9
+370
+272
+250
+Macan S
+195
+8.5
+6.5
+11.9
+370
+7.8-7.4*
+272
+7.4-7.2* 172-167*
+9.0-8.7* 212-204*
+6.3-6.1* 164-159*
+9.2-8.8* 215-207*
+309
+8.4
+7.0
+911 Carrera
+10.8
+450
+331
+911 Carrera GTS Cabriolet PDK
+9.7-9.4* 224-217*
+8.0-7.7*
+9.2-8.9* 216-208*
+7.8-7.5*
+400 11.8-11.5*
+440 12.6-12.3*
+324
+Macan Turbo Performance Package
+214
+9.4
+7.3
+12.9
+450
+331
+911 Carrera GTS Cabriolet
+294
+Macan Turbo
+178
+6.5
+10.2
+420
+911 Carrera S Cabriolet PDK
+252
+7.8
+Macan
+12.2
+420
+309
+550 13.1-12.9*
+404
+Panamera Turbo Sport Turismo
+169
+7.4
+6.0
+9.9
+370
+272
+330 10.0-9.9*
+440 10.4-10.3*
+324
+190
+8.3
+6.3
+11.7
+370
+272
+911 Carrera S Cabriolet
+911 Carrera Cabriolet PDK
+911 Carrera Cabriolet
+911 Carrera GTS PDK
+185
+911 Carrera S
+911 Carrera GTS
+6,6
+8,7
+Panamera 4S Sport Turismo
+Panamera 4S Diesel Sport Turismo
+188
+8.3
+6.9
+199
+10,7
+450
+331
+Macan
+212
+9.4
+7.3
+12.9
+450
+331
+174
+911 Carrera S PDK
+310
+7.9
+422
+7.7
+6.7-6.6*
+6.9-6.8*
+7.4-7.3*
+5.9-5.8*
+8.3-8.2* 189-187*
+7.9-7.8* 180-178*
+309
+420
+10.1
+6.4
+9.5-9.4* 217-215*
+6.8-6.7* 178-176*
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+In July Porsche took first place in the overall
+rankings of the "Automotive Performance,
+Execution and Layout Study" (APEAL) from
+the US-based J.D. Power market research
+institute for the 13th time in a row. It remains
+the automotive brand with the greatest ap-
+peal for drivers in the US. The 911, Cayenne
+and Macan also took top honours in their
+categories. The survey asked more than
+69,000 owners of new cars to evaluate
+243 models from 33 carmakers in ten cat-
+egories. In addition to driving dynamics
+and design, the criteria included everyday
+practicality and comfort.
+Porsche appeal for US customers
+13
+S.GO 2986
+Performance Important events
+Porsche received top marks from the J.D.
+Power quality study in June once again, with
+honours for the 911, Macan and the Leipzig
+plant. The US-based market research insti-
+tute's "Initial Quality Study" gave the 911 the
+number-one ranking in its segment for the
+sixth time in a row. The Macan also built on
+previous successes to take the top position
+in its segment for the third successive time.
+In the factory category for Europe/Africa,
+Porsche's Leipzig plant took first place and
+the Gold Award.
+12
+Minister President tours production
+Winfried Kretschmann, Minister President of
+the State of Baden-Württemberg, praised the
+new engine plant in Zuffenhausen on a visit in
+July. "The newly built engine plant is exemplary
+in many respects," he said. "The prudent and
+forward-looking management of inner-city
+spaces fosters sustainability, and the involve-
+ment of nearby residents shows transparency.
+These are all important steps toward becoming
+a role model for climate-friendly mobility."
+Kretschmann was also given his first view of
+pilot production for Porsche's electric drives.
+Porsche unveils the
+911 GT3 with Touring
+Package at the IAA -
+designed for fans of
+high-calibre sports cars
+with a real predilection for
+understatement and
+classic driving pleasure.
+GERD RUPP
+in its segment for the
+sixth time in a row.
+in June once again, with
+honours for the 911,
+Macan and the Leipzig
+plant. The US-based
+market research
+institute's "Initial Quality
+Study" gave the 911
+the number-one ranking
+J.D. Power quality study
+Porsche received top
+marks from the
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Gerd Rupp now head of the Leipzig plant
+Gerd Rupp became Chairman of the Executive
+Board of Porsche's Leipzig plant on 1 July.
+He succeeds Siegfried Bülow, who built up
+and developed the production site over the
+17 years of his directorship. Before coming to
+Leipzig, Rupp spent seven years as the direc-
+tor responsible for tool construction for the
+Volkswagen brand in Wolfsburg after working
+for Audi AG in Ingolstadt and Barcelona.
+Siegfried Bülow stepped down due to reach-
+ing retirement age.
+MACAN
+Two cars celebrated world premieres at the International Motor Show in Frankfurt am Main (IAA).
+The 911 GT3 with Touring Package joins the ranks of Porsche's purist high-performance sports
+cars. It is designed for fans of high-calibre sports cars who have a strong predilection for under-
+statement and classic driving pleasure. The new Cayenne Turbo is the flagship of its model line.
+This newly developed member of the Cayenne's third generation raises the standard for
+sports-oriented performance in its segment even higher.
+100%
+100%
+elektrisch
+a logistics truck with a fully electric drive on
+the route between the logistics centre and
+the assembly supply centre. Porsche is the
+first carmaker in Europe to use this fully
+electric 40-tonne vehicle that can also run
+on motorways.
+Logistics of the future: fully electric
+Porsche Leipzig launched the eJIT project in
+August. Its three-year pilot phase will test
+In July Porsche announced plans to enter a
+factory team in the Formula E championship
+in 2019. It is therefore ending its involve-
+ment in the LMP1 class of the FIA World
+Endurance Championship at the close of the
+2017 season. Porsche's racing strategy will
+focus on entering the 911 RSR in the GT class
+of long-standing endurance contests such as
+the WEC and the IMSA WeatherTech SportsCar
+Championship in the US. This new racing
+focus is based on Porsche's Strategy 2025:
+among other things, the company will focus
+on a combination of purist GT cars and
+fully electric sports cars like the first purely
+battery-powered Mission E.
+World premiere of the new Cayenne
+New engines, a new chassis, an innovative
+operating concept and greater connectivity all
+feature in the new Cayenne presented by
+Porsche in Zuffenhausen in August. The third
+generation is a completely newly developed
+version of this successful car which boasts
+sales of over 770,000 since 2002. It will offer
+even greater typical Porsche performance
+combined with superior everyday practicality.
+The new Cayenne shows significantly devel-
+oped visuals, which are now more precise,
+elegant, athletic and expressive. For the car's
+world premiere at the Porsche Museum, Jesse
+Milliner composed a "Sinfonie des Lebens"
+("Symphony of Life") that was performed by
+Prague's Bohemia Symphony Orchestra and
+Leipzig's Gewandhaus Orchestra. In addition
+to the symphony, the event included dancers,
+live musicians and an elaborate light show.
+Hier finde
+World premieres at the IAA: 911 GT3 with Touring Package and Cayenne Turbo
+Recall for around 21,500 Cayenne Diesels
+In agreement with the German Federal Motor
+Transport Authority (KBA), Porsche recalled
+Cayenne 3.0-litre V6 diesel cars in the EU6
+emissions class. During internal investigations,
+the company found irregularities in the engine
+control software and actively passed on these
+findings to the KBA. A software update in
+connection with a recall was agreed upon with
+the transport authority. This affects around
+21,500 cars made from 2014 to 2017 in
+Europe, including 6,000 in Germany. Porsche
+is bringing the cars to workshops for the
+free software update.
+770,000 since 2002.
+generation is a completely
+newly developed version
+of this successful car which
+boasts sales of over
+New engines, a new chassis,
+an innovative operating
+concept and greater
+connectivity all feature in
+the new Cayenne presented
+by Porsche in Zuffenhausen
+in August. The third
+S.GO 6300
+OO
+S GO 5026
+PORSCHE
+WORLD PREMIERE OF THE NEW CAYENNE
+Porsche plans to enter Formula E
+of golden confetti she climbed into a Porsche
+Innovation campaign in Israel
+and Brendon Hartley in the
+Porsche 919 Hybrid battled
+back from 56th place and
+18 laps behind to win
+and claim Porsche's 19th
+overall victory.
+of Le Mans in June:
+Earl Bamber, Timo Bernhard
+Drama at the 24 Hours
+911 Carrera GTS Cabriolet, awarded to the
+tournament winner. This anniversary year
+marked the fourth time in a row that players
+voted the traditional Stuttgart championship
+their favourite tournament in this category.
+Siegemund wins Porsche Tennis Grand Prix
+Stuttgart-born Laura Siegemund won the
+40th Porsche Tennis Grand Prix in late April.
+In a dramatic final match that lasted two-and-
+a-half hours, she beat Kristina Mladenovic
+from France 6:1, 2:6, 7:6. Amidst a shower
+11
+PORSCHE SUPPORTS TRINKWASSER E.V.
+ROLEX
+Performance Important events
+10
+Deciduous forests for clean drinking water
+Promoting mixed forests over coniferous
+monocultures: some 5,000 sessile oak trees
+were planted on 1.5 hectares of land between
+Rutesheim and Weissach in April. These young
+trees replaced a spruce forest that had been
+damaged by storms. Deciduous forests gener-
+ate an average of 800,000 litres more ground-
+water per hectare than coniferous monocul-
+tures year after year, for generations. Porsche
+is thereby supporting a project from the Trink-
+wasser e.V. association. Another tree-planting
+event followed in Ludwigsburg in autumn.
+Porsche and Microsoft on the gamepad
+Porsche entered into a six-year partnership
+with Microsoft in virtual racing and electronic
+games at the New York International Auto
+Show in April. It will give Porsche a higher pro-
+file in the "Forza Motorsport" and "Forza
+Horizon" series of racing games. This partner-
+ship centres around the growing field of
+eSports, which are contests played out in
+virtual settings.
+Porsche opened its first site on the island of Sylt in April. Part of a new sales strategy, it includes
+a showroom, the Porsche Drive rental service, products from Porsche Design and Porsche
+Driver's Selection, automotive consulting and a small workshop. Part of the site's 500 square-
+metre area will be used to present a changing series of exhibitions.
+911 GT3 WITH TOURING PACKAGE
+PORSCHE ON SYLT
+First Porsche site on Sylt
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+LAURA SIEGEMUND
+Porsche Digital in Silicon Valley
+A new site that opened in Santa Clara in Silicon
+Valley, California, in May will enable Porsche
+Digital Inc. to build partnerships with technol-
+ogy experts, innovators and venture capital
+companies. The aim is to identify digitalisation
+strategies and trends on the US market earlier
+in order to develop and test solutions for
+Porsche. Porsche Digital Inc. is expected to
+employ around 100 people in Santa Clara.
+LEIPZIG PLANT
+Fabio Barsotti became Managing Director of
+the Nardò Technical Centre in Apulia (Italy)
+in June. The testing and proving grounds have
+been operated since 2012 by the Porsche
+Engineering Group GmbH in Weissach, a wholly
+owned subsidiary of Porsche AG.
+Nardò Technical Centre
+Gewandhaus Leipzig and Stuttgart Ballet
+Porsche extended its contract with Gewand-
+haus Leipzig in June and will support the
+popular "Klassik airleben" series of open-air
+concerts in Rosental for another three years.
+The company has been a "global partner"
+of the Gewandhaus Orchestra since 2011. It
+also extended its contract with the Stuttgart
+Ballet for three more years. Porsche has
+been the main sponsor of the Stuttgart Ballet
+since 2012.
+GT2 RS: world premiere in Goodwood
+The 911 GT2 RS - the fastest and most
+powerful 911 of all time - entered the Festival
+of Speed in Goodwood (UK). This high-perfor-
+mance sports car has a bi-turbo flat engine.
+that lets it accelerate from zero to 100 km/h
+in 2.8 seconds. It set a new record for road-
+authorised sports cars on the Nürburgring-
+Nordschleife (north loop) with a time of
+6:47.3 minutes.
+EARL BAMBER, TIMO BERNHARD AND BRENDON HARTLEY AT LE MANS WITH THE 919 HYBRID
+PARD
+WOLFGANG PORSCHE WITH ANNIVERSARY MODEL
+DMM
+CHO
+WEC
+2
+ZhLE
+omg om
+Dramatic finish to the 24 Hours of Le Mans in June: Earl Bamber, Timo Bernhard and Brendon
+Hartley battled back from 56th place and 18 laps behind to take first place overall in a Porsche
+919 Hybrid. This is the 19th overall victory in Le Mans for record-holder Porsche, and the
+third in a row. And any team winning the toughest race in the world three times in succession
+is allowed to keep the challenge cup.
+19th overall victory for Porsche in Le Mans
+The one-millionth Porsche 911 rolled off the
+production line in Zuffenhausen on 11 May.
+It was a Carrera S in the individual colour of
+Irish Green - in honour of the very first 911
+from the year 1963. The 911 remains the
+strategically most important model in the pro-
+duct range. It plays a key role in making
+Porsche one of the most profitable carmakers
+in the world.
+Production milestone
+Porsche opened an "innovation office" in
+Tel Aviv in June to identify technological trends
+and recruit talent. Israel has more start-ups
+per capita than any other country in the world.
+Porsche is also investing an eight-figure sum
+in the Magma and Grove venture capital funds.
+Magma Ventures concentrates on artificial
+intelligence and the automotive sector. It is
+considered one of Israel's leading funds, with
+investments in successful start-ups like
+Waze and a portfolio of 600 million US dollars.
+Grove Ventures is a capital company with a
+volume of 100 million US dollars. It focuses on
+early-stage technologies in the Internet of
+Things (IoT), the cloud and artificial intelligence.
+Gold from J.D. Power
+Porsche Financial Services
+Holger Peters and Jörg Pape joined long-
+standing company heads Albert Moser and
+Konrad Riedl on the Management Board
+IONITY-high-power charging network
+In November the BMW Group, Daimler AG,
+Ford Motor Company and the Volkswagen
+Group, through Audi and Porsche, launched
+the IONITY joint venture to build a high-power
+charging network for electric vehicles in
+Europe. Setting up and operating around 400
+high-speed charging stations by 2020 are
+important steps in making electric cars viable
+for long as well as short distances, and there-
+by helping to establish them on the market.
+These stations can recharge 80 per cent of the
+Porsche Mission E's battery capacity in just
+Public transport pass to Weissach
+Together with the Pforzheim-Enzkreis public
+transit authority (VPE) Porsche has developed
+a new "Jobticket" pass for employees at the
+Weissach Development Centre which is com-
+parable to that for the Stuttgart public transit
+association (VVS). Introduced in September,
+the pass costs 46 euros a month and is valid
+for unlimited travel throughout the entire
+VPE network. Porsche pays a 10-euro subsidy
+per employee per month.
+Porsche mourns Peter W. Schutz
+Former Chairman of the Porsche Executive
+Board Peter W. Schutz passed away on
+29 October at the age of 87. He is remem-
+bered at Porsche not only for preserving
+the iconic 911 sports car but also for success-
+fully introducing the 911 Cabriolet to the
+US-American market. The Porsche model
+range became more attractive under his
+leadership, and he also set the company on
+a new strategic course.
+15 minutes, which is equivalent to a range of
+400 kilometres. The Mission E will come onto
+the market in 2019.
+MONITY
+IONITY HIGH-POWER CHARGING NETWORK
+In November the BMW
+Group, Daimler AG, Ford
+Motor Company and
+the Volkswagen Group,
+through Audi and Porsche,
+launched the IONITY
+joint venture to build
+to meet the emissions standards they were
+originally certified for. This involves 11,500
+Porsche Cayenne V6 diesel cars in the US.
+a high-power charging
+network for electric
+vehicles in Europe.
+Start-up accelerator
+Axel Springer Digital Ventures and Porsche
+Digital launched a new start-up accelerator in
+Berlin in November. They signed a joint venture
+agreement with equal shares. Its mission is
+to support digital business ideas with high mar-
+ket appeal that have the potential to change
+sectors. The aim is to invest in foundational
+stages of start-ups.
+ANDREAS HAFFNER
+DETLEV VON PLATEN
+Contracts extended
+In December the Porsche Supervisory Board
+reappointed Detlev von Platen, Member of the
+Executive Board for Sales and Marketing, and
+Andreas Haffner, Member of the Executive
+Board for Human Resources and Social Affairs,
+each for five years. Von Platen joined the
+Porsche Executive Board in November 2015,
+and Haffner in October 2015. Supervisory
+Board Chairman Dr Wolfgang Porsche praised
+their work in introducing the new generation
+of the Panamera onto international markets
+and ensuring the future of the Zuffenhausen
+site through the building of production facil-
+ities for Porsche's first fully electric sports car.
+Four-car world premiere in Los Angeles
+Porsche celebrated world premieres for four
+sports cars at the Los Angeles Auto Show
+in late November. The Panamera Turbo S
+E-Hybrid Sport Turismo, 718 Boxster GTS
+and 718 Cayman GTS are now the flagships
+of their respective model lines, while the
+911 Carrera T is a purist lightweight car.
+The new generation of the Cayenne was also
+introduced to the US in Los Angeles.
+Porsche wins third successive world title
+Porsche crowned the career of the 919 Hybrid
+in November with its third manufacturers'
+title in a row. Second- and third-place finishes
+at the 6 Hours of Shanghai race enabled it
+to clinch the title after eight of the nine races
+in the FIA World Endurance Championship
+(WEC). Earlier in the season the car had won
+not only Le Mans but also the races on the
+Nürburgring, in Mexico City and in Austin.
+16
+US authorities approved a technical solution in
+late October to adjust emissions for cars with
+3.0-litre V6 TDI engines. This will enable more
+than 38,000 cars with "Generation 2.1" and
+"Generation 2.2" 3.0-litre V6 TDI engines
+718 BOXSTER
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+PORSCHE AUF SYLT
+15
+6-hour run for charity
+Porsche's Zuffenhausen headquarters was
+transformed into a sport arena on 17 Septem-
+ber. More than 3,000 employees ran a
+911-metre circuit for six hours to raise money
+for charity. For each lap completed, Porsche AG
+donated five euros to charity organisations
+in the Stuttgart region. Employees completed
+26,033 laps, which earned a total of 185,000
+euros for the Olgäle Foundation, the Stuttgart
+Children's and Youth Hospice, Stuttgart's
+Mobile Youth Services, Stuttgart Jugendhaus
+gGmbH and the Gustav Werner School in
+Zuffenhausen. The sum includes a generous
+contribution from the Porsche AG board.
+PORSCHE
+THIRD 6-HOUR CHARITY RUN
+Software update for Cayenne Diesel
+Partnership with start-up
+Porsche Cars North America
+is running a pilot pro-
+gramme to test the Porsche
+Passport. It offers flexible
+access to Porsche cars
+via a mobile app. With two
+membership packages,
+Porsche Passport makes
+first-class cars available to
+users in the Atlanta metro-
+politan area.
+US: Porsche models subscription service
+Sustainable: Porsche's industrial quarters
+Porsche's Plant 4 received the platinum sus-
+tainability award from the German Association
+for Sustainable Construction (DGNB) in Octo-
+ber. This award recognises the quality of eco-
+nomic, environmental, sociocultural, functional
+and technical processes for newly constructed
+and converted industrial quarters. Plant 4 had
+already received gold for the precertification
+stage in 2015.
+PORSCHE ENGINE CONSTRUCTION AT PLANT 4
+Porsche Cars North America is running a pilot programme to test the Porsche Passport.
+It offers flexible access to Porsche cars via a mobile app. With two membership packages,
+Porsche Passport makes first-class cars available to users in the Atlanta metropolitan
+area. The first package, with a monthly fee of 2,000 US dollars, offers on-demand access
+to eight model versions including the 718 Boxster, Cayman S, Macan S and Cayenne.
+The Porsche Digital subsidiary launched a
+partnership with the Stuttgart-based tech
+company Home-iX in September. A B2B
+start-up specialising in smart living, Home-iX
+was founded in 2016 by two former Porsche
+employees, Mehmet Arziman and Heiko
+Scholtes. It helps companies in the automotive
+industry offer individualised smart living
+solutions that connect cars and homes.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance Important events
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+0.2%
+0%
+2013
+2014
+2015
+2016
+18
+2017
+3.2% Global economy
+2.5% Germany
+2.2% US
+2.1% Western Europe
+19
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+14
+Performance - Important events
+2.2%
+2.6%
+Percentage change in GDP
+17
+7.7%
+6.9% China
+BUSINESS PERFORMANCE
+Dynamic global economy
+The world economy recorded GDP growth
+of 3.2 per cent in 2017 (2016: 2.5 per cent).
+Economic momentum picked up in both
+the advanced economies and in emerging
+markets. In western Europe, GDP growth rose
+slightly throughout the year compared with
+the previous year, hitting 2.1 per cent (2016:
+1.8 per cent). Uncertainty was caused by
+the UK's Brexit negotiations with the European
+Union, the outcome of which, as well as the
+future shape of the relationship between the
+UK and EU, remain unclear. In Germany, con-
+sumer optimism and a buoyant labour market
+helped push up growth in GDP compared
+with the previous year (2017: 2.5 per cent;
+2016: 1.9 per cent).
+The US economy grew by 2.2 per cent,
+also a sharper rise than the previous year
+(1.5 per cent). This growth was largely driven
+by private consumption. The US dollar was
+somewhat weaker than in the previous year.
+In Brazil, the reporting year saw the economy
+climb out of its trough of the previous year.
+Economic output increased by 0.9 per cent
+after a 3.6 per cent decrease in 2016. Never-
+theless, political uncertainty is one factor
+that continues to weigh heavily on what
+is South America's largest national economy.
+The Chinese economy grew by 6.9 per cent
+in 2017 (2016: 6.7 per cent).
+In 2017, the global automotive market expand-
+ed by 2.9 per cent to 83.5 million vehicles.
+While Asia-Pacific, South America and west-
+ern and eastern Europe experienced greater
+demand, performance in North America was
+down on the previous year. In Western Europe,
+new vehicle registrations increased by
+2.5 per cent to 14.3 million vehicles, the high-
+est level in a decade. In Germany, an additional
+3.4 million units came on to the road, a rise
+of 2.7 per cent. Alongside the healthy economic
+situation as a whole, this increase can be
+attributed to price discounts in the form of a
+switching premium for older diesel models
+and an environmental bonus for electric vehi-
+cles. Demand in Italy (+8.1 per cent) and
+Spain (+7.7 per cent) benefited from drivers
+seeking to replace older vehicles and from a
+significant expansion of sales to commercial
+customers. France recorded growth of
+4.8 per cent while sales in the United Kingdom
+were 5.7 per cent down on the previous year.
+Sales of 20.8 million passenger cars and light
+commercial vehicles up to 6.35 tonnes in
+North America equated to a 1.4 per cent fall
+compared with the record level of 2016.
+Demand in the US market fell by 1.8 per cent
+to 17.2 million vehicles in 2017. A healthy
+employment situation and incentives offered
+by vendors were not enough to stem the
+downward trend. Nevertheless, SUVs and
+pick-ups proved very popular, recording
+growth of 5.7 per cent. Sales of traditional
+passenger cars shrank by 10.9 per cent.
+The Canadian automotive market expanded by
+4.6 per cent to 2 million vehicles. In South
+America, there was a significant 12.6 per cent
+increase in demand for passenger vehicles
+and light commercial vehicles to 4.2 million
+units, albeit from a low base. The Brazilian
+market recorded growth again for the first time
+after four years of falling registrations, with an
+increase of 9.4 per cent to 2.2 million vehicles.
+The market volume in the Asia-Pacific region
+in 2017 grew by 4.7 per cent to 37 million
+units. The most important growth market was
+China which expanded by 4.5 per cent to
+23.9 million vehicles.
+Record year
+Porsche enjoyed another record year in 2017.
+Its success has been based on an attractive
+product range and excellent customer service.
+Porsche has the sportiest vehicles in every
+segment in which the brand is represented,
+and has added further highlights to its
+portfolio in the past year.
+In total, 246,375 new vehicles were handed
+over to customers in 2017, more than in any
+other single year in Porsche's history. Year-on-
+year growth amounted to four per cent. The
+major contributor was the new Panamera,
+sales of which almost doubled in 2017. The
+new mid-engine sports cars also left their
+mark - the 718 Boxster and Cayman models
+were very well received on the market with
+25,114 deliveries worldwide, comfortably
+surpassing the previous year's figures.
+High demand for the Macan and Cayenne
+SUV models, which remained the two most
+popular model lines in 2017, once again
+shows Porsche's strong position as a sports-
+car maker in this segment. 63,913 deliveries
+of the Cayenne were recorded. This very
+high level of deliveries was achieved despite
+the change in model. The Macan was once
+again Porsche's most popular series in 2017,
+recording 97,202 deliveries. Hybrid models
+were also in high demand: the global share of
+hybrid vehicles performed well in comparison
+with the previous year. This success is primarily
+owed to the strong market demand for the
+sporty e-hybrid models of the new Panamera,
+the hybrid version of which more than doubled
+its share of global sales to 17 per cent.
+The world economy
+recorded GDP growth
+of 3.2 per cent in 2017
+(2016: 2.5 per cent).
+Economic momentum
+picked up in both the
+advanced economies
+and in emerging markets.
+Economic growth
+of Porsche Financial Services GmbH. Their
+appointments are the result of strong growth
+as well as strategic challenges related to digi-
+talisation and greater internationalisation.
+New training centre in Leipzig
+Porsche opened a new training centre in
+Leipzig in April. Its modern workshop and
+seminar rooms plus innovative teaching
+facilities on 2,300 square metres of space
+give it the best infrastructure for professional
+training. Porsche was training more than
+120 apprentices in Leipzig in 2017 to be
+industrial and tool mechanics as well as
+mechatronics specialists. A dual work-study
+program will also be offered in mechanical
+engineering for the first time.
+40
+Ausbildungszentrum
+128
+Emission and consumption information
+126
+The Supervisory Board
+124
+Further information
+122
+GRI Content Index
+Key figures for personnel and social matters
+Key figures for environment and energy
+118
+116
+60
+Employees
+52
+50
+120
+Employees, society, sport
+About this report
+Auditor's report by the independent auditor
+104
+102
+98
+96
+94
+92
+90
+Porsche AG Group - brief overview
+82
+76
+68
+២ ២៩ ៩៩៩ ៩៩ 8 ន៩៩ ៩៩៩៩ 8388E 29នន នននននន ៖
+136
+134
+133
+130
+78
+106
+Our way-management approaches in our action areas
+Stakeholder management
+Economic power, innovative vehicles, custom-
+er orientation, environmental protection and
+employee responsibility - Porsche sets the
+highest standards, and aims at continual and
+long-term improvement in all these areas.
+That's why Porsche is combining the Financial
+and Sustainability Report. We are sending
+out a message by doing this - namely that the
+two topics are inseparably connected.
+Economic success distinguishes Porsche - as
+does social compatibility. Precisely as a manu-
+facturer of exclusive, high-performance sports
+cars, Porsche regards itself as being obliged
+to enhance the acceptance of the company and
+its products worldwide by means of socially
+and ecologically responsible action. Respon-
+sible action which benefits not only the
+company but also the environment and society
+is not just in line with the expectations of
+customers, business associates or investors;
+it also has great significance for ensuring
+competitiveness.
+Living sustainably is an overarching strategic
+target for Porsche. For us, economic success,
+ecological awareness and social responsibility
+are not contradictions. On the contrary, when
+combined, they form a whole which defines
+the company's attitude
+Performance.
+PORSCHE
+Sustainability Report
+of Porsche AG
+2017
+You have before you two volumes: Perspective
+is intended to inspire, stimulate and motivate
+you to confront, challenge and familiarise
+you with the topics and theories that an auto-
+motive company like Porsche must address in
+times of industrial system upheaval.
+Annual and
+THIS CHART
+SCAN
+Augmented reality makes the
+fascination of Porsche an even
+more intense experience.
+Simply download the Porsche
+Newsroom app from the App
+Store or Google Play, select the
+augmented reality function in
+the menu and look out for the
+labels SCAN THIS CHART and
+SCAN THIS PAGE. View the
+labelled tables, diagrams and
+pages on the screen of your
+smartphone or tablet - and
+bring the content to life.
+reality options
+how to use the augmented
+SCAN THIS CHART -
+Performance Important events
+Performance.
+34
+What will identity mean in future? This is the
+overriding question which Porsche already
+has to consider today. Alongside inspiration
+is information about Porsche's philoso-
+phy in the interplay between digitalisation,
+connectivity and electrification.
+As different as the two volumes are, they have
+one thing in common: communication on vari-
+ous levels. In keeping with this, some articles
+offer the possibility of augmented reality. You
+can find references to this on the relevant
+pages - as well as some surprises.
+30
+Sustainability strategy and sustainability management
+Strategy and organisation
+28
+26
+Outlook
+18
+Business performance
+Volume Two is entitled Performance. It con-
+tains all the events of the 2017 financial year.
+Here, you can find developments, summaries,
+explanations, key figures - and the documen-
+tation of Porsche's overarching sustainability
+commitment in all its aspects.
+Net assets
+Sales
+Production
+Procurement
+Sales, production, procurement
+Research and development
+Sport
+Society
+Important events
+Letter from the Executive Board of Porsche AG
+Financial analysis
+108
+110
+112
+IMPORTANT EVENTS
+911
+PORS
+Outlook
+Important events
+Business performance
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129. 7
+Performance - Letter from the Executive Board of Porsche AG
+Contract with Lutz Meschke extended
+The Executive Board of Porsche AG
+A reorganisation of motor racing is taking shape as a result.
+From 2019, Porsche will enter its own works team into
+Formula E. Conversely, we have ended our LMP1 involve-
+ment in the FIA World Endurance Championship after
+capturing our third manufacturer and driver titles in a row
+and our 19th overall victory in Le Mans. Formula E is, for us,
+the ultimate competitive environment in which to promote
+the development of high-performance vehicles with regard
+to environmental friendliness, efficiency and sustainability.
+At the same time, we are strengthening our involvement in
+the GT Class.
+Porsche and electromobility fit together perfectly. We are
+working consistently on the hybridisation of our fleet. And, in
+Zuffenhausen, we are preparing for production of the brand's
+first purely battery-driven sports car. By 2019, around a
+billion euros will have been invested in the Mission E project.
+This project involves the emergence of a completely new
+plant at our headquarters in Zuffenhausen - a factory within
+the factory. Our goal is CO2-neutral manufacturing. Deriva-
+tives of the Mission E are already conceivable, and we are
+also planning additional purely electric vehicles.
+and networked - is the epitome of a sporty and yet
+day-to-day SUV. With the new Panamera Sport Turismo,
+we are adding another body variant to the successful
+model line. And, with the Panamera Turbo S E-Hybrid, we
+are for the first time positioning a plug-in hybrid as the
+top model in a model line, thus underlining the key impor-
+tance of electromobility.
+Among the highlights of the last financial year were the
+millionth 911, which drove off the production line in May.
+The 911 is the epitome of a series-production sports car,
+a style icon and both the face and heart of the Porsche
+brand. New 911 GTS variants, the pure driving machines
+911 GT2 RS and 911 GT3, the 911 Turbo S Exclusive
+Series and the GTS models 718 Boxster and Cayman as
+well as the 911 Carrera T - all these powerful, uncompro-
+mising sports cars are the vibrant and ageless expression of
+the fascination that is Porsche. While the new Cayenne -
+now in its third generation and comprehensively digitalised
+of our activities on the entire value chain, the environment
+and society. In future, we want to set ourselves apart from
+the competition not only through more innovation, but
+increasingly with the sustainability of our products and
+manufacturing processes.
+Economic success is inseparable from ecological and social
+responsibility. We, too, must be measured by the effects
+Porsche is developing itself, from a manufacturer of ex-
+clusive sports cars into a leading provider of digital mobility
+solutions in the premium segment of automobile manu-
+facture. With Porsche Digital, our lab in Berlin, and the
+innovation platform Startup Autobahn, for example, we
+are encouraging our employees to unleash their creativity
+and open ourselves up to new ideas from newly formed
+companies from around the world. The joint venture IONITY,
+which has Porsche and Audi as partners representing the
+Volkswagen Group, is working on putting in place a network
+of powerful quick-charging stations along Europe's main
+traffic arteries by 2020.
+Motor racing is part of our identity. Sporting ambition is
+what has driven Porsche engineers right from the beginning.
+For seven decades, the race track has been the unforgiving
+test platform that sports-car technology needs. Electrifi-
+cation, digitalisation and connectivity determine how, when,
+where and with what means we will all get around in future.
+One thing remains: there is a racing car in every Porsche.
+Yesterday. Today. Tomorrow.
+In the last financial year, we continued to solidify our
+foundation for value-creating growth as part of the Porsche
+Strategy 2025. Our industry is reinventing itself. And, to
+a certain extent, so is Porsche. The electrification of our
+drive systems is just one dimension. The digital changeover
+goes much deeper than that. It affects the way in which
+cars will be used in the future, how we will control devel-
+opment and production, how we will work with suppliers,
+interact with customers and open up new business
+opportunities and markets.
+At the close of 2016 the Supervisory Board re-
+appointed Lutz Meschke, Deputy Chairman of
+the Executive Board and Member of the Execu-
+tive Board Finance and IT, for another five years.
+Meschke has been a member of the Porsche Ex-
+ecutive Board since 2009, and its deputy chair-
+man since 2015. Supervisory Board Chairman
+Dr Wolfgang Porsche praised Meschke's work
+ווווודד
+Eröffnet.
+a Porsche model line.
+The Panamera Sport
+Turismo, Panamera
+Turbo S E-Hybrid and
+the new 911 GT3
+celebrated their world
+premieres at the Geneva
+Motor Show in March.
+The Panamera Turbo S
+E-Hybrid was another
+highlight and the first
+plug-in hybrid to be
+positioned at the top of
+TRAINING CENTRE IN CAPE TOWN
+Porsche Design Group became a wholly owned
+subsidiary in April. Porsche AG acquired 35 per
+cent of the shares of Porsche Lizenz- und
+Handelsgesellschaft mbH & Co. KG (Porsche
+Design Group) from a holding company owned
+by the Porsche family. Porsche had already
+owned the remaining 65 per cent of shares.
+Porsche Design is a premium lifestyle brand
+founded in 1972 by Professor Ferdinand
+Alexander Porsche.
+Porsche Design Group
+Community training project in South Africa
+Porsche opened a new training centre in Cape
+Town in March. Over three years, 75 women
+and men from disadvantaged backgrounds will
+be trained as mechatronics service specialists.
+To provide opportunities to as many young
+people as possible, Porsche is deliberately
+training more individuals than it needs for its
+own workforce. South Africa's Porsche im-
+porter LSM Distributors and the Don Bosco
+Salesian Institute Youth Project (SIYP) in Cape
+Town are partners in this project. Porsche is
+providing the rooms, cars, and syllabi, and is
+also training the instructors.
+toward ensuring sustainably high profitability.
+The Panamera Sport Turismo, Panamera Turbo S E-Hybrid and the new 911 GT3 celebrated their
+world premieres at the Geneva Motor Show in March. The Panamera Sport Turismo adds a new
+version of the body to the model line. With a large tailgate, low loading sill, larger luggage volume
+and 4+1 seating concept, this new four-door car meets high demands for everyday usability and
+flexibility. The Panamera Turbo S E-Hybrid was another highlight and the first plug-in hybrid to
+be positioned at the top of a Porsche model line. And the new 911 GT3 presented in Geneva is a
+racing-based two-seater with systematic lightweight construction - ideal for both the racing
+track and everyday use.
+PANAMERA TURBO S E-HYBRID
+UWE HÜCK RECEIVES ORDER OF MERIT
+Baden-Württemberg
+Uwe Hück, chairman of the general and Group
+Works Council, received the Cross of the Order
+of Merit (Verdienstkreuz am Bande) of the
+Federal Republic of Germany in January for his
+outstanding commitment. He was congratu-
+lated by Winfried Kretschmann, Minister Presi-
+dent of the State of Baden-Württemberg: "Your
+outstanding services to the general good have
+now received fitting public recognition." In the
+words of Chairman of the Executive Board
+Oliver Blume, "Uwe Hück embodies reliability -
+he is a tough negotiator but always works for
+the good of the company and the employees."
+Order of Merit for Uwe Hück
+LUTZ MESCHKE
+S.GO 500E
+World premieres in Geneva
+Seventy years after the first Porsche sports car was created,
+and at the threshold of a new era in automobile develop-
+ment, we are combining tradition with innovation. We are
+putting uncompromising sportiness onto the road, together
+with the benefits of new technology. We are adapting
+the power of our history to fulfil the requirements of future
+individual mobility.
+Porsche, once again, exceeded itself in the financial year
+just ended. The number of vehicles delivered beat
+2016's previous record number by four per cent. At the
+same time, the operating profit increased to 4.14 billion
+euros. Despite significant investments, our profit - at
+17.6 per cent - continues to be among the best in the auto-
+motive industry. We have also never had as many people
+working for our company as now.
+Dear Sir or Madam,
+Key economic figures
+Key figures
+Value added statement
+Consolidated statement of changes in equity
+Consolidated statement of cash flows
+Consolidated statement of comprehensive income
+Consolidated statement of financial position
+Legal notice
+Consolidated income statement
+Results of operations
+Financial position
+64
+8
+6
+139
+114
+Financial data
+5
+Letter from the Executive Board of Porsche AG
+Mikael fleiner Enne Hällen
+Sales and Marketing
+Detlev von Platen
+Deller von
+Tak
+Oliver Blume
+Chairman of the
+Executive Board
+Dume
+Sliver.
+Andreas Haffner
+Human Resources
+and Social Affairs
+susteas.
+Lutz Meschke
+Deputy Chairman
+of the Board
+Finance and IT
+раг виши
+Production and Logistics
+Albrecht Reimold
+眺
+Procurement
+Uwe-Karsten Städter
+Research and Development
+Michael Steiner
+NEW TRAINING CENTRE IN LEIPZIG
+EJIT PROJECT
+individual mobility. However, we anticipate a
+slight weakening in growth rates compared
+with the previous year. Entry-level SUV
+models in particular are expected to remain
+very popular.
+America
+Excellent profitability:
+Performance - Sustainability strategy and sustainability management
+business practices
+Innovation and sustainable
+Value-generating
+growth
+2025
+and brand experience
+Inspiring customers with
+a unique product
+ROS> 15%
+and business partner
+Targets
+Porsche Strategy 2025
+for Porsche.
+are not conflicting aims
+to further cement its
+reputation as an excellent
+employer and business
+partner that fulfils its
+social and environmental
+responsibilities. Prof-
+itability, efficiency and
+social responsibility
+The company wants
+holder Dialogue". The sustainability team in
+the Policy and External Relations department
+is responsible for the further definition and
+measurement of content and ongoing imple-
+mentation of the cross-cutting issue of
+sustainability, working alongside the individual
+managers in the specialist company units.
+in Processes" and "Communication and Stake-
+Excellent employer
+Throughout their activities, all of the compa-
+ny's departments, from Development to Sales,
+will pay close attention to sustainability and
+ensure that it is driven forward. Consequently,
+all departmental strategies will incorporate
+sustainability in relation to both targets
+and projects. Examples of this include specific
+measures to increase sustainability in the
+supply chain, to improve products' environmen-
+tal credentials throughout the life cycle and
+to further integrate sustainability into key
+company processes such as risk management.
+All corresponding topics are structured in
+accordance with the four central sustain-
+ability action areas at Porsche, as well as in
+the additional work packages "Integration
+33
+STAKEHOLDER MANAGEMENT
+Individual
+Porsche drivers
+Porsche
+Clubs
+Residents at
+The most important internal and external stakeholders for the company,
+established on the basis of internal analysis.
+(GRI 102-40, 102-42, 102-43, 102-44)
+Our stakeholders
+expanded its stakeholder
+management in relation
+to sustainability themes
+and added a further
+international dimension
+to it. For example, the
+regular stakeholder
+surveys were extended
+to take in the Chinese
+and British markets,
+and direct dialogue with
+key suppliers was
+strengthened through
+the organisation of
+workshops.
+with relevant stakeholder
+groups and continuously
+strengthens this
+dialogue. In addition, in
+2017 the company
+Start-ups/
+partnerships
+two-way conversation
+Porsche encourages its employees to con-
+tribute their own ideas through its internal
+ideas and innovation management set-up.
+Complaints and personal concerns are treated
+in confidence where requested. The Porsche
+ombudsman system receives anonymous
+complaints and reports on any illegal behaviour
+in relation to the company. In 2017, more
+than 18,000 employees took part in the mood
+barometer (Employee Opinion Survey),
+which questioned Porsche employees along
+with those at subsidiaries.
+Dialogue with internal stakeholders
+(GRI 102-40, 102-43, 102-44, 102-47)
+Transparency, featuring open and direct
+communication, is a major component of
+Porsche's day-to-day corporate culture.
+Employees have a wide range of opportunities
+to learn about the company's activities and
+latest developments, for example through the
+employee magazine, local site newsletters,
+the inhouse TV channel and also the intranet.
+Since 2017 employees have been able to
+download an app to use the Porsche intranet
+on their own devices. Regular works and
+departmental meetings, employee information
+events and specific topic and innovation weeks
+also form part of the diverse programme
+of internal communications. In 2018 a week
+dedicated to the topic of sustainability will
+aim to raise employee awareness on the sub-
+ject even further.
+The Porsche Sustainability Advisory Commit-
+tee, formed in 2016, met the Executive Board
+of Porsche AG on two occasions in 2017.
+The committee is composed of internationally
+renowned representatives from the scientific
+and public communities (Prof. Sonja Peterson,
+Prof. Lucia Reisch, Prof. Maximilian Gege,
+Prof. Ortwin Renn and Prof. Klaus Töpfer) and
+acts as an idea generator and driver for change
+related to sustainability. This cooperation will
+be further deepened in 2018.
+Cooperating in networks and engagement in
+sustainability initiatives also form part of
+our stakeholder dialogue. Since 2016, Porsche
+has been a member of the Bundesdeutscher
+Arbeitskreis für Umweltbewusstes Manage-
+ment e.V. (B.A.U.M. - German Environmental
+Management Association). In 2017, Porsche
+joined the German Business Ethics Network
+and became a signatory to the state of
+Baden-Württemberg's WIN! charter for sus-
+tainable business, marking its commitment
+to economic, environmental and social respon-
+sibility. The company engages in dialogue
+with local politicians through an "inter-munici-
+pal working group". In 2017, Porsche organ-
+ised sustainability workshops for selected
+suppliers for the first time. Participants in these
+events discussed new approaches to collabo-
+ration on sustainability aspects.
+A range of communication channels and event
+formats support Porsche's engagement with
+external stakeholders. The Porsche magazine
+Christophorus is published in eleven languages
+around the world. The community newspaper
+targa-Nachrichten für die Nachbarn (targa,
+the residents' journal) addresses local residents
+who live in proximity to Porsche's sites. The
+online newsroom with its Twitter and Instagram
+channels, the web-based TV channel 9:11
+Magazin and the Porsche website are all exam-
+ples of key sources of information for thought
+leaders, decision makers and customers.
+Porsche also seeks to address stakeholders
+personally. Three events in 2017 provided
+progress updates on construction projects at
+Porsche sites. For the first time these included
+the communities of Weissach and Mönsheim
+in the immediate vicinity of the Porsche Devel-
+opment Centre. More than 500 interested
+locals took the opportunity to find out about
+how work was progressing, ask questions,
+make suggestions and voice their opinions.
+Dialogue with external stakeholders
+(GRI 102-40, 102-43, 102-44, 102-47,
+102-48)
+Porsche engages in two-way conversation
+with relevant stakeholder groups and continu-
+ously strengthens this dialogue. In addition, in
+2017 the company expanded its stakeholder
+management in relation to sustainability themes
+and added a further international dimension
+to it. For example, the regular stakeholder
+surveys were extended to take in the Chinese
+and British markets, and direct dialogue with
+key suppliers was strengthened through the
+organisation of workshops.
+(GRI 102-40, 102-42, 102-43,
+102-44, 102-46)
+Porsche engages in
+Porsche excites customers with its unique pro-
+ducts and services. The company wants to
+further cement its reputation as an excellent
+employer and business partner that fulfils
+its social and environmental responsibilities.
+Profitability, efficiency and social responsibility
+are not conflicting aims for Porsche.
+Shaping the future of the sports car - this
+is the theme of Strategy 2025. In 2016,
+the workforce and the management came
+together to develop a new corporate strategy
+for the next decade. Their deliberations
+focused on the prospective product portfolio.
+The sports car of the future combines the
+tradition and values of the Porsche brand with
+innovative technologies and sustainability.
+Themes such as electromobility, digitalisation
+and connectivity play a major role. The com-
+pany makes it its business to define the ex-
+clusive sports mobility of tomorrow. Its main
+objective is to achieve value-generating
+growth. This is the only way Porsche can make
+sustainable investments in innovative tech-
+nologies, in new products, and in its team.
+Sustainability in the Porsche Strategy 2025
+Corporate citizenship
+Social Engagement
+Projects supported
+Employees &
+Society
+Co-determination
+Occupational safety
+Health & care
+Diversity & equality
+Work-life balance
+Education & training
+Corporate culture & values
+Corporate volunteering
+Sponsorship
+Responsible Employer
+Digitalisation & data protection
+Long-term customer relations
+Business Partners & Customers
+Responsible supplier management
+Dealership sustainability initiative
+Durability & quality
+Sustainable materials
+Product safety
+Consumption & emissions reduction
+Hybridisation & electric mobility
+Efficiency improvements
+Business &
+Customers
+Brand ambassador
+Memberships
+Porsche
+32
+31
+Performance - Sustainability strategy and sustainability management
+Porsche consolidated
+the sustainability
+measures anchored in
+its strategy in 2017.
+The company's own
+audits and similar
+activities improve on
+the implementation
+controls imposed in
+respect of the sustain-
+ability requirements
+made of suppliers.
+Since the start of 2017,
+Porsche AG and its
+subsidiaries Porsche
+Logistik GmbH and
+Porsche Leipzig GmbH
+have been using 100 per
+cent green energy.
+Details on the organisation and content of
+sustainability efforts at Porsche, and on the
+principles and directives, can be found online
+in the "Sustainability" section of the Porsche
+Newsroom website: newsroom.porsche.com.
+During the reporting year, Porsche amended
+its own system of directives and committees.
+The Porsche Environment and Energy Cockpit
+became a steering committee. In addition,
+the first steps have been taken towards organ-
+ising the pan-company "Sustainability Expert
+Group", which will be expanded to cover
+the relevant German subsidiary companies.
+The Group Sustainability Directive is being
+revised for publication in spring 2018. It will
+provide group-wide, binding rules on the
+fundamental processes underlying organisa-
+tional structure, topic management, project
+implementation, and communication and
+reporting for all sustainability topics. In this
+way, Porsche is seeking to achieve even
+broader and more rigorous sustainability
+implementation within the company.
+In terms of its financial strategy, Porsche
+is developing criteria that take account of
+sustainability aspects in long-term investment
+decisions. In 2017, strategic importance
+was given to identifying potential for improve-
+ment using external sustainability ratings.
+Working together with specialist units from
+within all company departments, the core
+sustainability team analysed and developed
+additional short-, medium- and long-term
+improvement steps along the entire value
+chain. These activities not only underline the
+significance of sustainability for the company
+as a whole, but also encourage individual
+employees to take their own initiatives in this
+direction. For example, enterprising employees
+in Aftersales have developed their own set
+of measures for working in harmony with
+environmental and social objectives in twelve
+action areas.
+Porsche consolidated the sustainability mea-
+sures anchored in its strategy in 2017. The
+company's own audits and similar activities
+improve on the implementation controls im-
+posed in respect of the sustainability require-
+ments made of suppliers. Since the start of
+2017, Porsche AG and its subsidiaries Porsche
+Logistik GmbH and Porsche Leipzig GmbH
+have been using 100 per cent green energy.
+Sustainability is a top priority for Porsche
+when it comes to strategic perspectives. The
+Chairman of the Executive Board holds direct
+responsibility for sustainability, underscoring
+the importance that Porsche attaches to it.
+Since 2016, sustainable action in combination
+with strengthening our capacity for innovation
+has been a core objective of the Porsche Strat-
+egy 2025. Porsche demands that all the parts
+of its business act sustainably and responsibly.
+Sustainability is a theme that is relevant across
+all departments. It is anchored permanently
+in processes and projects, structured in the four
+core action areas "Business & Customers",
+"Product Responsibility", "Environment &
+Energy" and "Employees & Society".
+Sustainability is an entrepreneurial duty.
+Society as a whole, our customers, investors,
+the media and politicians all expect us to do
+business responsibly, for the good of the envi-
+ronment and the community. Doing business
+sustainably is also becoming increasingly im-
+portant to our remaining competitive in our
+business environment. Social responsibility,
+economic success and efficiency are not
+conflicting ideals. These tenets form the basic
+components of successful, forward-looking
+business leadership.
+STRATEGY AND ORGANISATION
+(GRI 102-46)
+Operating Environment/
+Energy Management
+Resource efficiency
+Energy & emissions
+Logistics processes
+Waste & disposal concepts
+Hazard management
+Services
+Maintenance & repairs
+Recycling & reuse
+New mobility concepts
+Connectivity
+Charging infrastructure
+Operational mobility management
+Infrastructure projects
+biodiversity
+Sustainable Construction
+Environmental protection &
+Sites & Infrastructure
+Environment &
+Energy
+Product
+Responsibility
+site locations
+Product Development
+Volkswagen
+Works
+- Set content of sustainability reporting
+- Define indicators and lighthouse projects
+- Development of strategic aims and
+statements on sustainability
+Sustainability Expert Group
+(4x annually)
+Monitor reporting
+Porsche Executive Board Sustainability Board (2x annually)
+I
+Sustainability Advisory Committee Advisers, drivers
+Core Sustainability Team
+Set direction for sustainability
+Porsche Strategy 2025
+ability Board.
+ity, meeting twice
+annually as the Sustain-
+authority on sustainabil-
+acts as the highest
+Board of Porsche AG
+A transparent internal
+structure with defined
+roles and responsibili-
+ties allows sustainability
+topics to be handled
+rigorously and effec-
+tively throughout the
+business. The Executive
+acts as an idea generator and driver for change
+related to sustainability. This cooperation will
+be further deepened in 2018.
+Sustainability management
+The Porsche Sustainability Advisory Commit-
+tee, formed in 2016, met the Executive Board
+of Porsche AG on two occasions in 2017.
+The committee is composed of internationally
+renowned representatives from the scientific
+and public communities (Prof. Sonja Peterson,
+Prof. Lucia Reisch, Prof. Maximilian Gege,
+Prof. Ortwin Renn and Prof. Klaus Töpfer) and
+Interface for relevant topics
+Specialist departments & committees
+(GRI 102-44, 102-46, 102-47, 103-1)
+Materiality Matrix ✓
+The survey revealed
+that 89 per cent of
+respondents do not see
+any conflict, generally
+speaking, between
+sustainability and the
+manufacture of
+premium sports cars.
+In accordance with the Global Reporting
+Initiative (GRI) standards, topics that are
+material for reporting in 2017 are those that
+are highly relevant for stakeholders and
+themes with medium and high impact: vehicle
+safety, vehicle fuel consumption and emis-
+sions, long-term customer relationships,
+materials and sustainable materials, energy
+and emissions during production, long-term
+economic stability, new mobility concepts,
+staff development, occupational health and
+safety, environmentally compatible logistics,
+resource consumption during production,
+attractive employer, responsibility in the
+supply chain, digital transformation, compli-
+ance, and corporate co-determination.
+Porsche's impact on the environment, em-
+ployees and society was investigated by
+members of the Sustainability Expert Group
+and representatives from the company's
+relevant specialist units during an internal
+workshop.
+(GRI 102-44, 102-46, 102-47, 103-1)
+REPORTING 2017 V
+MATERIALITY MATRIX AND
+36
+The members of the Sustainability Advisory
+Committee also had the chance to provide
+detailed feedback on sustainability at Porsche
+and opportunities and risks during individual
+expert interviews. They presented specific
+recommendations for action to further shape
+Porsche's engagement. Topics including
+"alternative drives", "reduction in corporate
+CO₂ emissions" and "expansion of the charging
+infrastructure" were central to their suggestions.
+The impetus generated by the members of
+the Sustainability Advisory Committee will be
+maintained by means of deeper integration
+into the company's sustainability management
+and an expansion of external stakeholder
+engagement in the future.
+More than two-thirds of those surveyed re-
+ported being "very satisfied" or "satisfied" with
+Porsche's sustainability efforts. This repre-
+sents an improvement of twelve percentage
+points compared with the previous survey.
+It revealed that 89 per cent of respondents do
+not see any conflict, generally speaking, be-
+tween sustainability and the manufacture of
+premium sports cars. More than half of
+participants (58 per cent) stated that their
+impression of Porsche was "hardly" or "not
+at all" affected by the diesel affair. Just under
+An anonymous international online stakeholder
+survey was conducted in autumn 2017 to
+investigate the thoughts and expectations of
+7,200 representatives of relevant groups on
+sustainability at Porsche. The survey therefore
+targeted three times as many people as in
+2015. Responses were received from some
+950 people including customers (67.3 per
+cent), business partners and analysts/investors
+(7.5 per cent), politicians and public authori-
+ties (4.8 per cent), NGOs (3.0 per cent),
+Porsche employees (2.7 per cent), academics
+(2.4 per cent) and other participants (12.3 per
+cent), including participants from China and
+Great Britain for the first time.
+(GRI 102-40, 102-42, 102-43, 102-44,
+102-46, 102-47, 102-48, 103-1)
+MATERIALITY ANALYSIS 2017✓
+37
+INTERNAL
+Performance - Sustainability strategy and sustainability management
+- provide representatives for Sustainability Expert Group and inform them about current topics
+- provide data for Sustainability Report
+a third (29 per cent) felt it was actually a
+concern, however. All stakeholder groups
+expect open, honest and transparent commu-
+nication on this matter as well as a clear
+response to the challenge of low-emission,
+sustainable mobility. On the whole, respond-
+ents prioritised the themes "vehicle safety",
+"fuel consumption and vehicle emissions" and
+"long-term customer relationships".
+as the Sustainability Board. These meetings
+set the basic strategic direction and also
+decide on the realisation of lighthouse projects
+and far-reaching sustainability measures. The
+sustainability team of the Policy and External
+Relations department acts as an interface
+for all aspects of sustainability within the busi-
+ness. It is delegated with the coordination
+of all sustainability activities, implementa-
+tion of the sustainability strategy, reporting,
+and integration with the Volkswagen Group's
+group-wide sustainability activities. Fur-
+thermore, it ensures internal and external
+communications and the continual expansion
+of stakeholder dialogue. The Sustainability
+Expert Group is responsible for developing the
+content of sustainability activities and making
+appropriate proposals to the Executive Board.
+It encompasses members from all departments
+across the company and meets four times
+each year. The standing members of the Expert
+Group represent specialist sustainability-
+related units within all departments in the
+company, where they act as multipliers for
+sustainability topics.
+Board of Porsche AG acts as the highest author-
+ity on sustainability, meeting twice annually
+A transparent internal structure with defined
+roles and responsibilities allows sustainability
+topics to be handled rigorously and effectively
+throughout the business. The Executive
+Environment &
+Energy
+Employees &
+Society
+Porsche
+Product
+Responsibility
+Business &
+Customers
+Customers & residents
+city administrations
+at site locations
+Internal
+Politicians & authorities
+Communal/
+Trade unions / associations
+Industry (VDA))
+Verband der Auto-
+mobilindustrie e.V.
+(German Association
+of the Automotive
+Chambers of
+Industry & Commerce/
+Chambers of Skilled
+Trades & Crafts
+IG Metall
+(industrial union)
+Südwestmetall
+(Baden-Württemberg
+employer's association)
+Employees
+Council
+Kraftfahrtbundesamt
+(German Federal Motor
+Transport Authority)
+EU institutions
+State Parliaments/
+Federal Parliament
+State ministries/
+Federal ministries
+(GRI 102-46, 103-1)
+Sustainability Organisation
+EXTERNAL
+35
+Cultural
+institutions
+experts/
+networks
+Sustainability
+Student
+initiatives
+Universities/
+colleges
+Performance - Sustainability strategy and sustainability management
+34
+Sport associations/
+sport clubs
+Social initiatives
+Schools
+Science
+Suppliers
+Social partners
+Business partners
+Porsche
+Centres
+Group
+Corporate Governance
+Compliance & integrity
+Risk management
+Economic stability
+Sustainable investments
+Political & social dialogue
+Sustainability action areas
+Porsche Strategy 2025
+Deliveries on the French
+market increased by
+Porsche delivered 1,312 new vehicles in Austria
+in the reporting year. The strongest-growing
+model was the Panamera, with 236 vehicles
+sold. Since introducing the new Panamera
+4 PHEV and Turbo S E-Hybrid in June 2017,
+more than three-quarters of the Panamera
+models delivered are now powered by a hybrid
+power train. The Macan line recorded the
+most units sold (470), followed by the 911 with
+300 units. Customers took receipt of 187 units
+of the Cayenne, while the 718 Boxster and
+Cayman sold 119 units.
+Austria: Panamera E-Hybrid model
+sales grow strongly
+model was still the Macan, with 1,516 units,
+followed by the 911 with 876. The Cayenne
+and Panamera were almost neck and neck
+in terms of units delivered, at 493 and 487,
+respectively. The 718 Boxster and Cayman
+sold a total of 249 units on the Swiss market.
+In Switzerland, Porsche delivered 3,621 new
+vehicles to customers. The most popular
+Switzerland: Cayenne and Panamera
+neck and neck
+Spain/Portugal: Panamera in second place
+On the Iberian market, Porsche exceeded its
+previous year's growth once again, with an
+increase in deliveries of nine per cent to 3,054
+vehicles. The strongest growth was achieved
+by the Panamera. The 585 new units of this
+model delivered during the year moved it
+into second place in terms of popularity after
+the Macan (1,214 units). The 718 Boxster
+and Cayman (+49 per cent to 287 units) also
+performed strongly, as did the 911 (+16 per
+cent to 432 units). And customers also
+received the keys to 536 units of the Cayenne.
+Political and economic uncertainty continued
+to dominate Italy in 2017. Nevertheless,
+Porsche was unaffected, repeating its year-on-
+year growth. With deliveries of 5,534 new
+vehicles, the brand achieved an increase of
+seven per cent. The Macan was the high-
+est-selling model, registering three per cent
+growth to 2,640 deliveries in the year. It
+was followed by the 911 with 938 deliveries
+(+3 per cent). 848 units of the Cayenne were
+sold, while mid-engine 718 Boxster and
+Cayman sports cars also performed strongly,
+with deliveries of these vehicles growing by
+59 per cent. Demand for the Panamera rose
+to 551 units.
+four per cent in 2017 to
+5,822 vehicles. As in
+the previous year, this
+equates to a new
+record. The Macan is the
+highest-selling range
+here, with 2,536 units
+representing growth
+Italy: strong growth
+Belgium/Netherlands/Luxembourg:
+Deliveries on the French market increased
+by four per cent in 2017 to 5,822 vehicles.
+As in the previous year, this equates to a new
+record. The Macan was the highest-selling
+model line, with 2,536 units also meaning
+growth of four per cent. Sales of the 911
+increased even more sharply, recording nine
+per cent growth for delivery of 1,105 new
+vehicles. The sales of the 718 Boxster and
+Cayman were roughly on a par with the
+previous year at 572 units. The Panamera
+sold 702 units in France, putting it close
+to level pegging with the Cayenne (907 units).
+Since the introduction of the new Panamera
+4 PHEV and Turbo S E-Hybrid in June and
+July 2017, more than two-thirds of the
+Panamera models delivered are powered by
+a hybrid power train.
+France: another record year
+Despite the continuing negotiations on the
+United Kingdom's exit from the European Union,
+2017 was a record year for Porsche Cars
+Great Britain. The 14,267 vehicles delivered
+equates to growth of seven per cent. Once
+again, the Macan was the most popular model,
+selling 5,854 vehicles for 27 per cent growth.
+The British public have underlined their love of
+Porsche's rear- and mid-engine sports cars.
+The two-door 911 sports car recorded deliver-
+ies of 2,245 vehicles while the 718 Boxster's
+and Cayman's total deliveries of 2,626 units
+even exceeded the figures for the Cayenne
+(2,140) for the reporting year. 1,402 units of
+the Panamera were delivered.
+United Kingdom: British love rear-and
+mid-engine sports cars
+future mobility concepts are being piloted
+at the showroom. The new Berlin Adlershof
+Porsche Centre has also opened, and is
+one of the most modern Porsche Centres
+in the world.
+21
+1+4%
+strong Panamera performance
+Porsche once again out-performed an im-
+pressive previous year in the Benelux region,
+with sales of 5,458 units for growth of two
+per cent. Sales of the Panamera rocketed from
+199 units to 1,259. The new hybrid variants
+of this model were particularly popular. Since
+the introduction of the new Panamera 4 PHEV
+and Turbo S E-Hybrid in June and July 2017,
+three-quarters of the Panamera models deliv-
+ered are powered by a hybrid power train.
+After the Macan (1,786 units delivered), the
+Panamera is the second-most popular model,
+followed by the 911 with 1,034 units.
+Customers took receipt of 850 units of the
+Cayenne, while the 718 Boxster and Cayman
+sold 529 units together.
+Comparison to prior year
+of four per cent.
+11 per cent growth
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+22
+22
+Asia-Pacific: the 718 up by 90 per cent
+From its regional head office in Singapore,
+Porsche sold 5,390 vehicles in the Asia-Pacific
+region (which includes Taiwan as a separate
+market from 1 January 2018). The Macan
+remains the best-selling model, with 2,375
+units delivered. In second place is the Cayenne,
+with 1,377 vehicles. Growth of 90 per cent
+was registered for the 718 Boxster and Cayman,
+678 of which were sold. They were followed
+closely by the Panamera, which sold 593 units.
+There were 367 sales of the 911.
+high demand for the 718 Boxster and Cayman
+Porsche delivered 2,600 cars in South Korea
+in 2017. Sales of the 718 Boxster and Cayman
+almost doubled to 780 units (+91 per cent).
+The 911 also improved by 35 per cent to 482
+vehicles delivered. South Korea's best-selling
+model though was the Cayenne, 928 of which
+were sold. Customers took receipt of 219
+units of the Macan, while the Panamera sold
+191 units.
+South Korea:
+Porsche stabilised its previous year's record
+growth in 2017, with 6,808 deliveries (2016:
+6,745 vehicles). Of these, the Panamera
+contributed 868 vehicles, or 120 per cent
+growth, while the 911 increased by nine
+per cent to 1,543 units. The 718 Boxster and
+Cayman also maintained their popularity of the
+previous year with a total of 1,374 vehicles
+sold. The best-selling model remains the
+Macan, with 2,378 units. And customers also
+received the keys to 868 units of the Cayenne.
+Central and Eastern Europe:
+Japan: stable performance
+China: up ten per cent
+Asia
+a 12 per cent increase. The major contributor
+was the new Panamera, with triple-digit
+growth resulting in a record figure of 747 vehi-
+cles delivered. The best-selling model remains
+the Macan, with 1,062 units. The iconic 911
+sports car also achieved a new annual record
+of 488 vehicles. Customers took receipt of 455
+units of the Cayenne, while the 718 Boxster
+and Cayman sold 203 units.
+In Scandinavia the positive development of
+recent years was continued in 2017 with
+record result for new Panamera
+Northern Europe:
+Russia: Macan remains popular
+Porsche supplied 4,578 new vehicles in the
+Russian market in 2017. The best-selling
+model was the Macan, its 1,923 units
+representing growth of 11 per cent. 1,703
+deliveries of the Cayenne were recorded.
+The Panamera achieved the greatest growth,
+with 633 units. And the 911's 195 units
+put it ahead of the 718 Boxster and Cayman
+(124 vehicles, +5 per cent).
+In a mixed market environment characterised
+by geopolitical risks, Porsche delivered
+6,185 vehicles to customers, registering growth
+of 11 per cent to achieve its eighth consecu-
+tive annual record. The biggest markets
+continue to be Poland (1,535 deliveries) and
+Turkey (676 deliveries). The best-selling model
+was the Macan, the 2,617 units of which
+represented growth of three per cent. In sec-
+ond place in the popularity ranking was the
+Cayenne, which sold 1,603 units. The Panamera
+came next with 1,048 vehicles - a significant
+increase. Demand for the 718 Boxster and
+Cayman models grew strongly, up 18 per cent
+to 350 vehicles. The 911 recorded delivery of
+567 units (+3 per cent).
+For the second year in a row, China is Porsche's
+biggest sales region in the world. Deliveries
+grew by ten per cent, from 65,246 vehicles
+in the previous year to 71,508 vehicles
+in 2017. The 718 Boxster and Cayman mid-
+engine sports cars registered 148 per cent
+growth to 5,998 vehicles. The Panamera sold
+6,258 units (+22 per cent), while the Cayenne
+increased its sales by 19 per cent to 26,398
+units. The 911 (including the 918 Spyder) sold
+1,674 new vehicles for a 12 per cent rise.
+The best-selling model on the Chinese market
+remains the Macan, with 31,180 units. In
+November, the first Porsche Studio was
+opened in Guangzhou, the 100th sales point
+in the People's Republic of China. The Porsche
+Studio is a digital showroom concept that
+will feature increasingly in city-centre locations
+in the future.
+Performance - Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+20
+200
+250
+of 83 per cent.
+the world in 2017,
+exceeding the record
+achieved in 2016 by
+another four per cent.
+The new Panamera has
+made a significant
+contribution here with
+some 28,000 units sold,
+a year-on-year increase
+Porsche delivered
+246,375 vehicles to
+customers around
+Germany: Macan popularity continues
+Porsche supplied 28,317 new vehicles in its
+home market in 2017. With 8,414 units and
+growth of four per cent, the Macan was once
+again the most popular model, followed by
+the 911 with 7,581 vehicles and the Cayenne
+(5,000 units). The mid-engine 718 Boxster
+and Cayman sports cars sold 3,364 units.
+Deliveries of the Panamera more than doubled
+to 3,958 units, of which 1,002 were hybrid
+vehicles. In April 2017, Porsche opened a new
+showroom format on the up-market North Sea
+holiday island of Sylt, offering a special brand
+experience. The aim of the concept is to reach
+existing and new target groups more effec-
+tively and to encounter them in their own world.
+The "Porsche on Sylt" offer includes a show-
+room with changing models on show, the
+Porsche Drive car rental option, products from
+Porsche Design and Porsche Driver's Selection,
+a vehicle advisory service and a small
+workshop. In addition, new digitalisation and
+Strong European demand for hybrid models
+On the European market, Porsche achieved a
+solid result, recording slight growth in deliver-
+ies of two per cent. A significant contribution
+to this result was made by the Panamera, new
+vehicle deliveries of which rocketed from
+3,831 in the previous year to 11,539 units in
+2017. The introduction of the new Panamera
+4 PHEV and Panamera Turbo S E-Hybrid in
+June 2017 means that now more than half of
+the Panamera models delivered are powered
+by a hybrid power train. The Macan series em-
+phasised its position as the brand's best seller
+in the year under review: the 29,575 vehicles
+delivered equates to growth of six per cent.
+Customers took receipt of 15,721 units of the
+911 and 14,547 of the Cayenne, while the
+mid-engine 718 Boxster and Cayman sold
+8,880 units in total.
+Europe
+150
+The Porsche subsidiary in Brazil once again
+exceeded its previous year's performance,
+in its third year of operation. Deliveries rose
+by 11 per cent to 1,124 vehicles. The largest
+volumes were achieved by the Macan (407
+units) followed by the Cayenne (294 units).
+Strongest growth was recorded by the
+Panamera with 72 vehicles delivered and the
+911, which sold 198 units, or 39 per cent
+more year-on-year. The 718 Boxster and
+Cayman recorded sales of 153 vehicles,
+largely on a par with the previous year.
+The Cayenne recorded 921 sales, and the
+718 Boxster and Cayman sold 333 units in all.
+sold 506 units for an increase of two per cent.
+During the reporting year, 2,921 new vehicles
+were delivered in Central and South America
+(excluding Brazil) and the Caribbean. The
+strongest market was Mexico, where 1,506
+new vehicles were sold, recording sustained
+strong demand in an otherwise volatile region.
+The Macan was once again the top-selling
+Porsche model, with 969 units sold during the
+year. Demand for the Panamera rocketed by
+156 per cent to 192 units, while the 911
+South America: 911 and Panamera
+rising stars
+In December 2017, Canada recorded the
+72nd consecutive monthly improvement on
+the previous month's delivery figures. Over
+2017 as a whole, Porsche achieved 17 per
+cent growth year-on-year, delivering a record
+8,249 vehicles for the year. The highest-sell-
+ing model remained the Macan (3,767 units),
+while the Panamera (559 units) and 911
+(1,234 units) recorded the strongest growth
+of 86 per cent and 30 per cent respectively.
+Customers took receipt of 2,079 units
+of the Cayenne, while the 718 Boxster and
+Cayman sold 610 units in total. In July,
+Porsche celebrated the opening of its first
+own branch in North America, the Porsche
+Centre North Toronto.
+Canada: 17 per cent up and 72 record
+months in a row
+Porsche delivered 55,240 vehicles to
+customers in the United States in the
+reporting year. This is the eighth year in a row
+that Porsche has beaten its previous year's
+record. The growth from 2016 to 2017 was
+two per cent. The Macan once again claimed
+top spot among Porsche's models, with
+21,429 units sold. The Panamera sold 6,731
+units, representing a hefty increase of 53 per
+cent. The 911 hit the previous year's level
+of 8,970 units (actually up one per cent). And
+customers received the keys to 13,203
+Cayenne cars. Deliveries of the 718 Boxster
+and Cayman mid-engine sports cars amounted
+to 5,087 units. In addition to demand for
+the sports cars, the US market showed great
+appreciation for the Porsche Experience
+Centres in Atlanta and in Los Angeles, which
+welcomed excellent combined visitor numbers
+of over 92,000 in 2017.
+US: new record results
+Brazil's stellar trajectory
+100
+50
+Deliveries
+and Middle East
+98,399
+Asia-Pacific, Africa
+67,714
+America
+80,262
+Europe
+Deliveries 2017
+2017
+2016
+2014 2015
+2013
+0
+237,778
+246,375
+189,849-
+225,121
+161,982
+of new vehicles
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+23
+Middle East, Africa and India: Cayenne ahead,
+Macan enjoys strong demand
+In the reporting year, Porsche delivered 6,381
+vehicles and enjoyed success despite difficult
+conditions. The best-selling model with 2,122
+units remains the Cayenne, followed by the
+Macan (1,786 units), whose figures improved
+by 50 per cent. The biggest growth was
+achieved by the Panamera, demand for which
+rocketed by 116 per cent to 742 units,
+Customers took receipt of 992 units of the
+911, while the 718 Boxster and Cayman
+mid-engine sports cars sold 739 units.
+in particular are expected to
+remain very popular.
+Demand in China will increase
+further in line with the rising
+demand for individual mobility.
+However, we anticipate a
+slight weakening in growth rates
+compared with the previous
+year. Entry-level SUV models
+In 2018 Porsche AG expects the high levels of
+deliveries and revenue to stabilise compared
+with the 2017 financial year. This expectation
+is based on Porsche's attractive product range,
+in particular the new-generation Cayenne,
+which will be introduced to all markets around
+the world in 2018, and the Panamera. Despite
+the very high investment in vehicle projects
+and innovative technologies, as well as in the
+expansion and renovation of sites, measures
+are in place to ensure that Porsche AG's lofty
+revenue requirements will continue to be met.
+These measures comprise making continual
+improvements to productivity, enforcing strict
+cost management and tapping new revenue
+sources from innovative future technologies.
+Development forecast
+further in line with the rising demand for
+Mixed fortunes on the automobile markets
+We are expecting to see differences in how the
+world's regional markets for passenger vehicles
+perform in 2018. Our plans for western Europe
+assume that market volume in 2018 will be
+slightly down on the level achieved in the year
+under review. Following a positive performance
+in recent years we expect the German passen-
+ger car market to stabilise at last year's level in
+2018. Demand for passenger cars and light
+commercial vehicles up to 6.35 tonnes will fall
+slightly in the US and in North America as a
+whole according to our forecasts. However,
+demand for models in the SUV and pick-up
+segments can be expected to remain high. In
+the largest South American market, Brazil,
+forecasts point to a significant increase in vol-
+umes in 2018 following the already strong
+performance of the past year. The passenger
+car markets of the Asia-Pacific region will
+continue to grow in 2018, but, we predict, at a
+weaker rate. Demand in China will increase
+in 2018, with somewhat higher growth than in
+the year under review. The Chinese economy
+will continue to grow at a relatively high level
+in the coming year, although our plans antici-
+pate that this growth will be less dynamic than
+in previous years.
+to announce further interest rate hikes over
+the course of the year. In Brazil, our forecasts.
+show the economy should stabilise further
+Automotive market development
+Porsche AG forecast 2018
+in 2018, and we expect the US Federal Reserve
+In our plans we have allowed for a slight
+slowdown in growth in the world economy in
+2018. Protectionist tendencies, volatility in
+the financial markets and structural deficits in
+some countries are all potential sources of
+risk, while geopolitical tensions and conflicts
+will further impact the prospects for growth.
+We therefore anticipate that both developed
+economies and emerging markets will ex-
+perience somewhat weaker levels of growth
+than in 2017. We expect the highest growth
+rates to be recorded in the emerging national
+economies of Asia.
+Possibility of lower growth
+OUTLOOK
+25
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance - Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+24
+Our forecasts indicate that economic growth
+will slow down in western Europe in 2018,
+compared with the year under review. The
+question of how to resolve structural problems,
+not to mention the uncertain outcome and
+impact of Brexit negotiations, will present major
+challenges. In Germany we expect GDP
+growth in 2018 to be lower than in the report-
+ing year. The labour market looks set to remain
+stable, continuing to support private con-
+sumption. We anticipate a continued improve-
+ment in the economic situation in the US
+North America
+Demand for passenger cars and light
+commercial vehicles will fall slightly
+in North America. Models in the SUV
+segment are expected to remain
+popular.
+Germany
+30
+Our way - management approaches in our action areas
+Stakeholder management
+Strategy and organisation
+Sustainability strategy and sustainability management
+27
+Performance - Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+26
+26
+The passenger car markets of the
+Asia-Pacific region will continue to
+grow in 2018, albeit at a lower rate.
+Asia-Pacific
+In Brazil, volumes are anticipated to
+increase noticeably again in 2018,
+after a strong improvement in the
+reporting year.
+Brazil
+The market volume for Western
+Europe will be slightly below the
+reporting year's figure.
+Western Europe
+Growth in China will persist in
+comparison with the previous year,
+albeit slightly weaker. Entry-level
+SUV models are expected to remain
+very popular.
+China
+Following the positive development
+of recent years, the German
+passenger car market will stabilise
+at the level of the previous year.
+24
+For the second time in succession, China
+was the strongest sales region; the 71,508 ve-
+hicles sold there represented an increase of
+10 per cent compared with the previous year.
+We delivered around 83 per cent more units of the
+Panamera model compared with the previous year.
+27,942
+Operating profit margin
+17.6%
+Our global workforce expanded
+by some 8 per cent.
+Employees
+29,777
+Figures relate to Porsche AG Group
+financial year 2016
+in figures
+Porsche
+The profit margin rose from 17.4 per cent
+(2016: 17.4 per cent)
+of 17.6 per cent in
+a result, the Porsche AG
+Group achieved an
+operating profit margin
+The Group's healthy
+cost base and sustained
+high profit capability
+are reflected in the key
+earnings indicators. As
+718 Boxster and Cayman sports cars sold
+382 units. The highest percentage growth was
+achieved by the Panamera, demand for which
+rocketed by 161 per cent to 128 units.
+a par with the previous year. The mid-engine
+For an eighth record year, deliveries in Australia
+and New Zealand stabilised at the previous
+year's level. The Macan was the highest-selling
+model, with 2,660 units of the total 4,871
+vehicles delivered, representing a 13 per cent
+increase. The Cayenne sold 1,224 units, while
+the 911's 477 vehicles sold put it roughly on
+stability in an eighth record year
+Australia/New Zealand:
+the reporting year
+in the previous year to 17.6 per cent.
+€23.49 bilion
+Group sales revenue
+Increase of 5 per cent compared
+Our R&D costs climbed by
+5 per cent.
+Research and development costs
+billion
+€2.32m
+Overall, we delivered 4 per cent more
+Porsche vehicles than in the previous year.
+Deliveries of new vehicles
+246,375
+Operating profit
+Operating profit rose by 7 per cent.
+billion
+€4.14
+was the Macan, with growth of
+around 2 per cent.
+The best-selling Porsche model
+Macan sales
+97,202
+Capital expenditure (vehicles business)
+grew by 19 per cent.
+billion
+Capital expenditure (TK Auto)
+€1.68
+to previous year.
+Panamera deliveries
+Occupational health and safety
+Energy and emissions during production
+Staff development
+Stakeholder relevance
+Environmentally compatible logistics
+Vehicle safety■
+Fuel consumption and vehicle emissions
+Long-term customer relationships
+Long-term
+economic stability
+■New mobility concepts
+Responsibility in the supply chain
+Digital transformation
+Compliance
+Attractive
+employer
+Resource consumption
+during production
+Social
+engagement
+Materials and sustainable materials
+Contribution to regional
+development & infrastructure
+Conservation & biodiversity
+39
+Performance - Sustainability strategy and sustainability management
+Low impact
+38
+Corporate co-determination
+Equality of opportunity and equity
+Business relevance for Porsche
+Sustainability communication &
+stakeholder dialogue
+High impact
+Medium impact
+The strategy field "sustainability in production"
+defines short-, medium- and long-term meas-
+ures. The "environment and energy efficiency
+strategy" and the company's own "environ-
+mental policy" are additional strategic guiding
+principles. With these the company is imple-
+menting a requirement of the international
+standards for environment and energy
+management, ISO 14001 and ISO 50001, to
+which Porsche's internal specifications and
+processes are orientated. The sports-car maker
+also complies with the EMAS (Eco-Manage-
+ment and Audit Scheme) standards, a volun-
+tary community environmental management
+and auditing instrument developed by the
+European Union. The Porsche site at Stuttgart-
+Zuffenhausen has been validated according
+to EMAS for more than 20 years and was also
+the first automotive industry plant in the
+world to fulfil the ISO 50001 standard. Since
+then, Porsche Leipzig GmbH, the Develop-
+ment Centre in Weissach and the external
+locations, the central parts warehouse
+in Sachsenheim and Porsche Werkzeugbau
+GmbH have all been certified as compliant
+with this standard. These locations also have
+an environment management system that
+conforms to ISO 14001 at their disposal. In
+addition to the official certifications, Porsche
+also reviews in-house compliance with
+environmental and energy laws as part of an-
+nual system and process audits (compliance
+audits). The hallmarks of these audits are
+the high standards and the hiring of external
+environment and energy auditors. The site
+results method records sites' impact on the
+environment: data and key figures rate essen-
+tial environmental aspects on a scale of high,
+medium and low relevance. From this, Porsche
+derives all necessary measures to reduce
+or eliminate possible negative impacts on
+the environment. The Environment and Energy
+steering committee works cross-depart-
+mentally. The committee assesses the pre-
+defined goals regularly and initiates
+appropriate steps.
+Porsche strives to achieve balanced environ-
+mental performance. Thus, a conscious and
+highly efficient use of water throughout
+circulation systems as well as multiple reuse
+play an important role - as does circumspect
+handling of contaminated production waste
+water. Avoiding waste, low-waste technologies
+and sustainable disposal solutions are key
+aspects of Porsche's waste management con-
+cept. The resource regulation "environmental
+protection" serves as both an internal guideline
+as well as a set of rules for suppliers, among
+other things.
+A company-wide
+environment and energy
+management policy
+continually checks all
+work processes in
+regard to ecological
+impact and irregularities
+along the entire value
+chain. Internal sets
+of rules and strategic
+guiding principles
+are the frame of refer-
+ence for the manage-
+ment of environment
+and energy.
+In general, environment and energy manage-
+ment staff are always at the disposal of all
+company stakeholders - internal and external -
+with regard to questions or suggestions
+on the topic of "environment and energy". The
+goal is open and transparent stakeholder
+dialogue. An example of this is the central
+complaints management within the environ-
+ment and construction management.
+Sustainability principle
+46
+Performance Sustainability strategy and sustainability management
+47
+EMPLOYEES & SOCIETY
+At Porsche, people are at the centre of the
+company. It assumes responsibility for its em-
+ployees and invests in their future. Continuous
+professional development and qualification
+are hallmarks of the Porsche culture. At the
+same time, key importance is attached to equal
+opportunities, diversity and co-determination
+as well as the ongoing improvement of our
+employees' worklife balance along with fair and
+performance-based remuneration. As part of
+our local and international social commitment
+in the areas of social matters, education
+and science, culture and sport, Porsche
+initiates its own projects and supports external
+partners in conducting their own important
+social activities.
+paredness, water and nature conservation and
+energy efficiency. The responsibility and the
+systematic implementation of necessary steps
+lies with the Member of the Executive Board
+for Production and Logistics, supported by the
+Environment and Energy Management depart-
+ment. The fundamental aim is that every
+Porsche employee is cognizant regarding the
+effects of his or her job on the environment.
+Every employee is called upon to observe the
+Group's guideline concerning minimisation
+of impact on the environment or even avoiding
+it entirely in the best-case scenario.
+46
+Environmentally conscious and energy-effi-
+cient activity at all sites and across all levels is
+an essential element in the day-to-day busi-
+ness. A company-wide environment and energy
+management policy continually checks all
+work processes in regard to ecological impact
+and irregularities along the entire value chain.
+Internal sets of rules and strategic guiding
+principles are the frame of reference for the
+management of environment and energy. A
+proprietary Group guideline defines standard-
+ised procedures and responsibilities within
+the Porsche Group. It supports the Group com-
+panies in the systematic investigation, ob-
+servance and checking of the regulatory envi-
+ronmental and energy requirements. The
+energy and environment management policy
+covers emissions (air/noise) and soil protection,
+dealing with contaminated sites, hazardous
+materials and waste as well as emergency pre-
+In this report, the topic of "Materials and
+sustainable raw materials" is covered in
+accordance with the rules of the Global Re-
+porting Initiative by the indicator GRI 301:
+Materials. The indicator is measured and
+reported in tonnes based on annual consump-
+tion of materials.
+Energy, emissions and resource consumption
+during production
+In accordance with the rules of the Global
+Reporting Initiative, the topic of fuel consump-
+tion and vehicle emissions is covered in this
+report by the indicator GRI 305: Emissions. The
+figures in this report that are required for this
+indicator refer, however, only to emissions that
+arise in production and administrative opera-
+tions. For that reason, the consumption and
+emission figures for all vehicle models are
+reported instead. Taking product-specific emis-
+sions into account as part of an overall re-
+cording of the company's Scope 3 emissions
+is an issue that is currently being worked on;
+reporting is planned for the next few years.
+Materials and sustainable raw materials
+Materials and sustainable raw materials are the
+building blocks of modern, future-ready
+vehicle architecture. The Porsche stakeholders
+surveyed as part of the 2017 materiality
+analysis considered this topic to be relevant
+(fourth place among all evaluations) - despite
+the company's view that it has a relatively
+small effect on the environment and society.
+The reason for the company's view is the
+relatively low number of Porsche vehicles that
+are produced.
+The long service life of Porsche vehicles, their
+high-quality workmanship and the use of
+low-wear materials are part of the Porsche
+principle. The company is taking more and
+more environmental effects of a vehicle -
+across its entire life cycle - into account, from
+the acquisition of raw materials and the
+manufacture and use through to disposal. The
+aim is to achieve a total ecological optimum.
+Electric vehicles, for example, protect the envi-
+ronment when they are being used. On the
+other hand, the impact on the environment by
+the manufacture of electric vehicles is on
+the increase due to the raw materials and pro-
+duction processes used for components
+such as traction batteries. Even if, all in all,
+every factor speaks in favour of electric driving,
+achieving optimum environmentally friendly
+vehicle manufacture remains an ongoing task
+for Porsche. That applies, naturally, to the
+selection of raw materials too. This can be seen
+in the fact that the promotion of sustainable
+materials and the consideration of a vehicle's
+service life are expressly anchored in the
+Porsche Strategy 2025. The Sustainable
+materials working group ensures that an ex-
+change of ideas occurs between departments.
+The company is also a heavy promoter of the
+issue of recycling the raw materials that have
+been extracted and processed with a high
+intensity of effort.
+Under the "Employees & Society" heading,
+Porsche covers, among other themes, the im-
+portant topics identified in the 2017 mate-
+riality analysis: "attractive employer," "staff
+development," "corporate co-determination,"
+and "occupational health and safety." In all four
+areas, Porsche has clearly defined processes
+and demarcations of responsibility as well as
+established avenues of evaluation and feedback.
+New mobility concepts
+Global climate change, scarcity of resources
+and advancing urbanisation all pose enormous
+challenges to the economy and society.
+In Porsche's 2017 materiality analysis, the
+Porsche stakeholders who are impacted
+directly or indirectly by the company's activi-
+ties assign a great deal of importance to
+"energy and emissions during production" and
+"resource consumption during production".
+According to internal assessments, Porsche's
+activities in this area tend to have less of a
+direct effect on environment and society: nev-
+ertheless, Porsche considers itself under
+obligation to maintain an uncompromising,
+sustainable company policy.
+Urbanisation, increasing prosperity, growing
+mobility around the world and - as a result -
+greater impact on the environment are trigger-
+ing an innovative and market dynamic towards
+adapting the automobile and how we use it.
+These factors are leading to a diversification of
+drive concepts to achieve both highly efficient
+and alternative drives, but also new and at-
+tractive mobility concepts. Digitalisation and
+connectivity, as well as customers' desire for
+more flexibility and sustainability, are acceler-
+ating this change. In the 2017 materiality
+analysis, the Porsche stakeholders underline
+the key importance of this transition, as do
+internal company analyses of possible effects
+on the environment, employees and society
+as well as of the economic consequences for
+the company.
+The mobility options offered to employees are
+another main focus. An interdepartmental
+project has the aim of improving the traffic sit-
+uation and the mobility of the staff at Porsche's
+different locations in the long term, thanks
+to a wide range of measures and initiatives. This
+applies particularly to the main plant in Zuffen-
+hausen, which is located in an urban area. Em-
+ployees receive, for example, a monthly subsidy
+to buy a company ticket for local public trans-
+Performance Sustainability strategy and sustainability management The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129. 45
+ENVIRONMENT & ENERGY ✓
+Sustainability principle
+Porsche views the conservation of natural re-
+sources as an entrepreneurial obligation.
+Whether in development or in production, the
+objective is to impact the environment as little
+as possible and to use energy efficiently. All
+the steps taken to this end are scrutinised on a
+continuous basis along the entire value chain,
+and improvements are made where necessary.
+The "Environment and Energy" action area con-
+stantly reviews the themes identified in the
+2017 materiality analysis: "energy and emis-
+sions during production", "environmentally
+compatible logistics" and "resource consumption
+during production". Porsche has mandated
+clearly defined processes and responsibilities
+for all its divisions. Options for feedback and
+evaluating processes have been codified.
+Porsche is developing innovative products and
+services to shape flexible and comfortable
+mobility. The features of this mobility include,
+but are not limited to, innovative solutions
+for parking, needs-driven vehicle usage, seam-
+less integration with other forms of transport
+and the best possible use of electric vehicles
+thanks to optimised charging options. Agile
+and interdisciplinary teams are developing
+models that are aligned in particular with new
+customer requirements. This development
+is underpinned by close cooperation between
+the company's different departments, an
+open information policy, as well as early pilot-
+ing and inclusion of the stakeholder groups.
+Attractive employer
+it is also firmly anchored
+in the Porsche Strategy
+2025.
+The continuous development of the corporate
+culture is exceptionally important to Porsche.
+The backdrop is defined by the strong growth
+in staff numbers in recent years, the restruc-
+turing of the automotive industry and the
+company's reorientation toward electric tech-
+nology, digitalisation and connectivity. Process
+sponsors are Porsche Chairman of the Exec-
+utive Board Oliver Blume, Porsche HR Board
+committees and decision-making bodies. The
+mood barometer is an instrument through
+which employees throughout the company are
+anonymously surveyed about topics relating
+to working with colleagues and supervisors,
+the quality of work and the provision of infor-
+mation. The detailed evaluation is followed by
+a discussion of the results involving the Works
+Council in all areas of the company, in which
+potential improvements are identified and
+corresponding measures for optimising work
+procedures and conditions are defined jointly.
+In this report, the topic of corporate co-
+determination is covered by the provisions
+of the Global Reporting Initiative found
+in GRI 402: Labour/Management Relations
+and GRI 407: Freedom of Association and
+Collective Bargaining.
+Occupational health and safety ✓
+Healthy and capable employees are indispen-
+sable for the success of the company. Stake-
+holders also attribute great importance to this
+issue in the 2017 materiality analysis.
+Porsche health management is proactively
+involved in the crossdepartmental develop-
+ment of workplace framework conditions. The
+primary aim is to safeguard the health and
+fitness of employees and therefore their abil-
+ity to work in the long term. Key elements
+include the quick reintegration of employees
+who have been ill for an extended period and
+the placement of employees with compro-
+mised performance due to health issues in
+positions suited to their capabilities. Measures
+such as systematic ergonomics assessments
+of work stations, for example, detect high
+and specific work strains and mitigate them
+through suitable technical or organisational
+measures. Work stations at Porsche are
+designed in keeping with human ergonomics
+and are based on the latest insights of
+occupational medicine. The company assidu-
+ously applies the legal and trade association
+specifications and recommendations. Further-
+more, it also offers all employees individual,
+workplace-related physiotherapeutic advisory
+and treatment services.
+Secure workplaces and employee protection
+are of utmost priority at Porsche. An organised
+and structured system for occupational health
+and safety ensures targeted and consistent
+procedures along with the implementation of
+legal provisions. This system helps to prevent
+accidents at work, occupational illnesses and
+work-related health hazards. No area of work
+at Porsche suffers significant accumulation
+of illnesses. This is also the case for operational
+activities linked to a particularly high risk of
+Performance Sustainability strategy and sustainability management
+illness. The central processes are standardised
+and regulated by the Group guideline on
+occupational safety. This guideline repre-
+sents an essential element of the company's
+compliance management system and is
+valid for all employees. The managers ensure
+that their employees are familiar with the
+specifications of this guideline and comply
+with its provisions. Specialists in occupational
+safety, Works Council members and works
+doctors are available to all employees in an ad-
+visory capacity. All employees of the company
+are represented through the legally defined
+representatives in the occupational safety
+committees in accordance with the Occupa-
+tional Safety Act.
+At the same time, there is also a multitude
+of ways for employees - be it openly or dis-
+creetly through special channels - to bring
+their suggestions, problems or complaints to
+All these joint efforts have enabled Porsche
+to achieve a significant reduction in the injury
+rate in recent years.
+49
+Employees, society, sport
+Employees
+Society
+Sport
+EMPLOYEES
+In this report, the topic of occupational health
+and safety is covered by the provisions of the
+Global Reporting Initiative found in GRI 403:
+Occupational Health and Safety. This is meas-
+ured and reported based on the following
+key figures: number of accidents, work days
+lost and cases of death, as well as the injury
+rate. A survey is currently being performed
+for Porsche AG and Porsche Leipzig GmbH;
+expansion to the Porsche AG Group is planned
+for the future.
+The basis for successful HR work is Porsche's
+continued position as an attractive employer.
+Stakeholders - i.e. people, groups and institu-
+tions directly or indirectly affected by the
+activities of a company and whose success
+they can significantly impact - attributed
+a great deal of importance to this aspect in
+the 2017 materiality analysis. According
+to internal assessments, the topic also has a
+moderate degree of impact on employees
+and society. Porsche gets particularly high
+marks for excellent general conditions, a
+strong corporate culture and co-determina-
+tion, as well as extensive options in the area of
+work-life balance. Firmly anchored in the
+Porsche HR strategy, employer attractiveness
+is one of four central areas of emphasis in
+the overarching Porsche Strategy 2025. Other
+benchmarks include the "Compliance Code"
+and the "Porsche Business Rules."
+One of the pillars of the Porsche corporate
+culture is corporate co-determination. The rel-
+evance of the topic is also underscored
+by the 2017 materiality analysis. Porsche ben-
+efits from continuous dialogue as well as open,
+direct communication across all levels of the
+organisation. For all topics affecting the staff
+and the company, the employer and the Works
+Council have traditionally worked together
+closely. Internal media inform employees of
+Porsche AG concerning the variety of options
+on offer. Moreover, the Works Council offers
+a comprehensive platform for information and
+discussion at the individual Porsche locations
+through its works meetings. In the form of
+additional informational and department-spe-
+cific events, the board members and the Works
+Council transparently provide information
+concerning current topics and developments.
+It is also established practice at Porsche to
+inform all employees and their elected rep-
+resentatives about important operational
+changes both comprehensively and in a timely
+manner. This is done in compliance with
+national laws, applicable collective bargaining
+agreements and works agreements. Adher-
+ence to this corporate practice is ensured by
+a number of means, including a Supervisory
+Board with equal representation, the Works
+Council committees, regular works meetings
+and the continuous maintenance of the works
+agreement database on the intranet.
+In this report, the topic of staff development
+is covered by the provisions of the Global
+Reporting Initiative found in GRI 404: Training
+and Education. This is measured and reported
+on based on the following key figures: the
+number of participants in training measures
+and the average training hours per employee.
+There is currently a survey under way for
+Porsche AG and Porsche Leipzig GmbH; con-
+tinuous expansion to the Porsche AG Group
+is planned for the future.
+48
+Member Andreas Haffner and Uwe Hück,
+Chairman of the Group Works Council. Drawing
+on the new culture guidelines, the future
+"Porsche Code" will comprise the four elements
+dedication, pioneering spirit, sportiness and
+family. This code will replace previous leader-
+ship guidelines.
+Porsche places great importance on worklife
+balance. Employees receive support through
+a wide variety of different measures. Six
+cooperation partners make sure that there are
+sufficient childcare places in nurseries near
+the company's sites. With the family service,
+Porsche offers free, individualised and compre-
+hensive support service for all family life situ-
+ations. Porsche also provides flexible options
+with respect to work location and working
+hours. Options agreed with the Works Council
+range from arrangements for working from
+home and flexitime aligned to the employee's
+current phase of life, through to voluntary
+periods off in the form of sabbaticals. Job
+sharing in leadership roles has also proven to
+be successful in a pilot project and is now
+being expanded within the company.
+In this report, the topic of employer attractive-
+ness is covered by the provisions of the Global
+Reporting Initiative as indicated by the flag
+GRI 401: Employment. This is measured and
+reported based on the following key figures:
+total workforce, employee structure, new hires
+and employee fluctuation and parental leave
+claims.
+Staff development ✓
+The pillars of HR work at Porsche include
+needs-based training that focuses on future
+requirements, ongoing skills acquisition, and
+options and routes for internal development.
+To be well prepared for the challenges facing
+the automotive industry, Porsche identifies
+and retains qualified and enthusiastic profes-
+sionals. In the context of the 2017 materiality
+analysis, stakeholders rate the aspect of em-
+ployee development as highly important.
+According to internal assessments, the topic
+also has a moderate degree of impact on
+employees and society. Porsche is directly in-
+volved in these positive effects and is striving
+to achieve continuous improvement in this
+area in the future as well.
+Corporate co-determination
+The foundation is formed by professional
+training as well as the support and qualification
+of students, for example through training op-
+tions for dual-studies students and the
+"Porsche Trainee Programme". Another impor-
+tant component is the permanent hiring of
+all apprentices upon passing the final exami-
+nation. Building on this, employees also
+qualification is not only a
+central component of
+the Porsche culture and
+leadership guidelines;
+for testing. Since calendar week 45 of last
+year, Porsche has been recalling the affected
+vehicles into workshops for free overhauling.
+Porsche does not develop or produce any
+diesel engines itself, but, as vehicle manufac-
+turer, accepts its full responsibility to custom-
+ers. It is of utmost priority for the company
+to fully meet customer expectations with re-
+gard to quality, integrity and service.
+have access throughout their career to a diverse
+range of programs and qualification offer-
+ings for their systematic and forward-looking
+professional development on all levels. This
+includes the Porsche Warm up introduction
+programme for all new hires, the Porsche
+development programme for the qualification
+and preparation for the possible assumption
+of management roles, and target group-
+specific qualification and talent promotion
+in the field of production. Two modular and
+internationally oriented qualification offerings
+for the management level - the Porsche
+Management Programme International for
+managers and the Porsche Advanced Manage-
+ment Programme for top management -
+extend the range of training opportunities.
+Employee support and qualification is not
+only a central component of the Porsche culture
+and leadership guidelines; it is also firmly an-
+chored in the Porsche Strategy 2025. The digital
+transformation in particular is placing new
+and significantly different demands on the
+workforce. Against the backdrop of digitalisa-
+tion, the Fit for Digit@l initiative was started
+to help establish and expand a common basis
+of knowledge and understanding. Employee
+support and qualification is also an instrument
+of strategic leadership and planning processes.
+Individual training requirements are identified
+during annual employee appraisals, and relevant
+development opportunities established on
+this basis. The comprehensive range of training
+opportunities and individual staff development
+programmes are continuously evaluated
+and optimised in consultation with the Works
+Council. In the year under review, the newly
+introduced Porsche Learning Platform estab-
+lished a digital portal for the targeted support
+of employees.
+The objective of staff development measures
+is the ongoing structured establishment and
+extension of capabilities critical to the compa-
+ny's success among all employees. One pilot
+project in the reporting year of 2017 was a
+procedure for strategy skills management. The
+core tasks and associated skills are analysed
+and compared to future tasks and skills yet to
+be acquired by means of a fit-gap analysis.
+Detected capability deficiencies can thus be
+addressed at an early stage through targeted
+re-training and further training, recruiting and
+new emphases in ongoing training.
+Employee support and
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+The Product responsibility action area covers
+the topics identified in 2017's materiality
+analysis, namely "Vehicle safety", "Fuel con-
+sumption and vehicle emissions", "Materials
+and sustainable raw materials" as well as "New
+mobility concepts". These topics are marked
+by clearly defined processes and skills as well
+as formalised and transparent evaluation pro-
+cedures.
+digitalisation are leading
+to radical change right
+throughout automobile
+construction. Porsche
+accepts this challenge
+resolutely. The company
+builds sports cars
+that combine supposed
+opposites such as
+tradition and innovation,
+performance and
+day-to-day usability,
+functionality and design
+as well as exclusivity
+and social acceptance
+Responsibility in the supply chain
+Economic success and the use of new tech-
+nologies are causing greater attention to
+be devoted to companies' supply chains. Higher
+levels of sales mean a higher number of com-
+ponents from suppliers. This topic is also fraught
+with potential ethical issues, as strongly em-
+phasised by Porsche stakeholders in the 2017
+materiality analysis. According to an internal
+company assessment, the Porsche supply chain
+has a medium impact on the environment
+and society. Porsche makes every effort to make
+the supplier chain as positive and value-adding
+as possible, both within the realm of its own
+possibilities and also in conjunction with sup-
+pliers and sub-contractors.
+When Porsche was incorporated into the
+Volkswagen Group, its procurement division
+was also largely integrated into the Group's
+organisation. Shared purchasing structures,
+processes and systems were specified
+in a cooperation agreement back in 2011.
+The majority of Porsche's procurement deci-
+sions are therefore coordinated and agreed
+upon with the Volkswagen Group. Cooperation
+between Porsche AG and the Volkswagen
+Group has also been increased on a continu-
+ous basis, with structures both expanded
+and consolidated.
+This work is based on confidential cooperation,
+shared values and strict compliance with
+the sustainability requirements defined in the
+Volkswagen Group. The concept of "sustaina-
+bility in supplier relations" and the correspond-
+ing code of conduct compel all parties to
+observe and comply with the high environ-
+mental, social and human rights standards in
+the International Chamber of Commerce's
+charter and the OECD's guidelines for long-term,
+sustainable development. The relevant key
+labour standards from the International Labour
+Organization (ILO) serve as the foundation
+for the sustainability requirements that Porsche
+In accordance with the Global Reporting Initia-
+tive (GRI), Porsche covers the topic of "long-
+term customer relations" in its disclosures on
+GRI 418: Customer Privacy. Porsche takes
+individual data privacy very seriously and re-
+spects the right to determine what is done
+with such data. Data protection is integrated -
+independently and free from external super-
+vision - into relevant company processes to en-
+sure compliance with laws and regulations.
+The company has issued its own guidelines that
+commit it to principles of data protection
+such as data economy, purpose-based collec-
+tion and confidentiality. Due to internal con-
+fidentiality guidelines, any reports received of
+data protection violations cannot be disclosed.
+helped to revise and update in 2017. All sup-
+pliers are also expected to follow the OECD's
+due diligence guidance on responsible supply
+chains of minerals from conflict-affected and
+high-risk areas. Porsche is active in this area
+in connection with the Group's responsible
+minerals initiative (RMI). These sustainability
+requirements are part of suppliers' contracts,
+the violation of which can result in reviews,
+formal statements and potentially also the ter-
+mination of business relations. Sustainability
+audits in the 2017 reporting year yielded five
+cases in which specific sustainability require-
+ments were not met. Appropriate measures
+were agreed upon with three suppliers, and
+the introduction of these measures was moni-
+tored. The other two cases were still open at
+the end of the reporting year and are still being
+evaluated.
+Audits are followed up by detailed reports and
+plans of action. Porsche is thereby fulfilling
+one of the key components of Strategy 2025 -
+in addition to numerous additional activities
+such as regular employee seminars on sustain-
+ability requirements in the supply chain as
+well as supplier workshops. Sustainability in
+the supply chain also has its own section
+in the purchasing strategy. And finally, a new
+guideline in the Volkswagen Group on sustain-
+ability in supplier management has governed
+all internal processes and areas of responsibili-
+ty since 2017. Porsche is transferring the
+requirements in this guideline into its own
+brand-specific guidelines in the spring of 2018.
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of "responsibility in the supply chain"
+in the following content-specific disclosures:
+GRI 204: Procurement Practices; GRI 308/414:
+Supplier Environmental Assessment/Supplier
+Social Assessment; GRI 408/409: Child Labor/
+Forced or Compulsory Labor; and GRI 412:
+Human Rights Assessment.
+Performance Sustainability strategy and sustainability management
+41
+Compliance
+Responsible action is based on complying with
+laws and regulations. Porsche's stakeholders
+share this view and therefore assigned a high
+level of importance to the topic "Compliance"
+in the 2017 materiality analysis.
+Porsche always conducts integrity checks
+before entering business relations with new
+suppliers. Once relations have started, moni-
+toring and development take place on a
+continuous basis and are supported by sur-
+veys, risk analyses of the suppliers' countries,
+and e-learning modules and workshops.
+Porsche has also carried out sustainability
+audits of selected suppliers since 2016.
+Adherence to the law is ensured by a compli-
+ance organisational set-up based on the
+company's business model, as well as legally
+secure processes and measures for both
+preventing violations and responding to any
+that might occur. Porsche is currently consid-
+ering seven subject areas in its compliance
+management system. To prevent legal viola-
+tions and to support employees in complying
+with laws and regulations, Porsche has estab-
+lished a compliance organisation. Its members
+include a chief compliance officer, compliance
+area managers at Porsche AG, and the manag-
+ing directors and local compliance officers
+of the Group member companies. Porsche's
+compliance programme covers a range of dif-
+ferent measures for prevention and response.
+Risk analyses are used to regularly define both
+preventive measures and necessary action
+in accordance with specific business models,
+applicable environmental conditions and
+the types of business partner relationships.
+Key preventive measures here include adopt-
+ing and communicating clear guidelines and
+providing confidential compliance advice, as
+well as regular information and training work-
+shops for managers and employees on relevant
+compliance topics. Porsche's code of conduct,
+which is binding for all managers and employ-
+ees, summarises the most important principles
+and expectations regarding lawful, ethical
+and sustainable action in the Porsche Group.
+It addresses matters such as dealing with
+conflicts of interest, combating every form
+of corruption, appropriate behaviour within the
+Group toward customers, business partners
+and public officials, and taking responsibility
+for the economy, the environment and society.
+There is also a separate guideline for each
+compliance topic - for example on combating
+corruption, dealing with conflicts of interest -
+to avoid violations of antitrust law and prevent
+money laundering.
+not mutually exclusive.
+On the contrary-
+by combining them
+we create more value
+for our stakeholders.
+Relations with all of our stakeholders are char-
+acterised by interaction and dialogue. In
+addition to classical means of communication,
+Porsche is establishing new forms of dialogue
+with customers. Apps, social media, chats and
+the overarching, personalised "My Porsche"
+customer portal not only provide information
+in quick and uncomplicated ways but also
+enhance individual interaction with the company.
+Personal contact is essential to building long-
+term customer loyalty. The company views
+constructive criticism as an opportunity to
+further enhance its products and processes.
+Porsche's worldwide customer and market
+research seeks to promptly identify customer
+expectations, particularly with respect to
+new technologies in automotive engineering
+and the use of individual mobility, interpret
+these expectations in comprehensive ways
+and thereby channel them into the early devel-
+opment stages of products and services.
+More than 200,000 questionnaires are sent
+out every year to collect data and gauge the
+mindsets of customers around the world. In a
+product quality and customer satisfaction
+forum, the Executive Board of Porsche AG
+evaluates the results and consequences with
+technical specialists as well as with represent-
+atives from the Quality Assurance, Customer
+Relations and Aftersales departments.
+59
+OUR WAY-MANAGEMENT APPROACHES
+IN OUR ACTION AREAS
+BUSINESS & CUSTOMERS
+Sustainability principle
+Satisfied customers, economic stability,
+value-generating growth and social acceptance
+are the focus of all of our business activities
+at Porsche. Corporate responsibility begins with
+our self-image of actively helping to protect
+the natural conditions for life on earth and of
+benefiting our business environment. Eco-
+nomic efficiency, environmental consciousness
+and social responsibility are not mutually
+exclusive. On the contrary - by combining them
+we create more value for our stakeholders.
+As a company, Porsche is an integral part of
+society. Ethical behaviour is therefore essential.
+Porsche embraces fair competition and acts
+not only lawfully but also legitimately. The
+company systematically combats corruption,
+respects and complies with international
+standards of human rights, and categorically
+rejects all forms of forced and child labour.
+The "Business & Customers" action area covers
+the following topics identified in the 2017
+materiality analysis: "long-term economic sta-
+bility", "long-term customer relations",
+"compliance", "responsibility in the supply chain"
+and "digital transformation". All of these topics
+feature clearly defined processes and areas of
+responsibility as well as established evaluation
+procedures.
+Economic efficiency,
+environmental con-
+sciousness and social
+responsibility are
+Economic stability and digital transformation
+The automotive industry is facing radical
+change. Electrification, digitalisation and con-
+nectivity are the cornerstones of a new era
+of individual mobility. This view is shared by
+Porsche's stakeholders, who assigned corre-
+spondingly high degrees of relevance to the
+topics of "economic stability" and "digital
+transformation" in the 2017 materiality analy-
+sis. From the company's perspective, these
+two topics are also seen as basic prerequisites
+for long-term economic success, and were
+assessed as having a medium impact on soci-
+ety and the environment.
+40
+40
+overall innovation management system sup-
+ports new ideas, expedites prototype-based
+testing of technologies and trends, and encour-
+ages Porsche's employees to take the initiative
+to shape mobility in sustainable ways.
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of "long-term economic stability" in
+its disclosures on GRI 201: Economic Perfor-
+mance. This information is measured and
+reported on the basis of the Porsche AG Group's
+financial analyses, financial data and calcula-
+tions of added value.
+Long-term customer relations
+Porsche places a premium on customer rela-
+tions and seeks to maintain and promote
+customer enthusiasm for the product worlds of
+exclusive sports cars and smart mobility.
+"Inspiring customers with a unique product and
+brand experience" is one of the four main aims
+of its Strategy 2025. The materiality analysis
+based on a stakeholder survey also underscores
+the importance of "long-term customer rela-
+tions" for the company. Although an internal as-
+sessment considers this topic to have only
+a minor impact on society and the environment,
+the strategy for the sales and marketing division
+promotes a range of measures to further
+optimise the customer journey at Porsche.
+Excellent profitability with an operating return
+on sales of at least 15 per cent is an out-
+standing feature of the Porsche corporate phi-
+losophy. At the same time, Porsche is making
+enormous investments in mastering the digital
+transformation and enhancing its own powers
+of innovation. The digital transformation affects
+all areas of the company - including internal
+processes, interaction with customers and the
+development of products and services. An
+into a single whole.
+Porsche's central compliance help desk pro-
+vides informational and advisory services
+on compliance questions and serves as a col-
+lection point for notifications from managers
+and employees. To ensure and promote lawful
+behaviour, managers and employees are given
+regular information and training on integrity
+and compliance. One of the main response
+measures was to set up an internal and external
+collection point for notifications of potential
+legal violations in connection with Porsche.
+Compliance training ✓
+43
+PRODUCT RESPONSIBILITY
+Sustainability principle
+Porsche develops high-quality, innovative
+and long-lasting products. With each new
+model generation, Porsche consistently sets
+new standards in quality, environmental
+friendliness and safety across the entire life
+cycle of all vehicles.
+Porsche's success hinges on its employees -
+their abilities, their dedication and their pas-
+sion. They identify with and embrace the val-
+ues and objectives of the company. At the end
+of the reporting period on 31 December 2017,
+Porsche AG employed 29,777 people. That
+is an increase of nearly eight per cent over the
+previous year. The company's rapid growth
+also poses some major challenges, which can
+only be met if everyone pulls together. This
+makes constructive cooperation with the Works
+Council, its committees and the IG Metall
+trade union another important factor for suc-
+cess. Collective wage and works agreements
+above and beyond the legal requirements lay
+a solid foundation for sustainable success,
+benefitting the Porsche company, employees
+and shareholders.
+Vehicle safety
+Performance Sustainability strategy and sustainability management
+Vehicle safety is Porsche's top priority. And by
+that we do not just mean the safety of our
+own products, but the safety of all road users
+in general. Porsche stakeholders - persons,
+groups and institutions who are affected direct-
+ly and indirectly by the activities of our compa-
+ny, and who can have a significant effect on
+our company's success - place a great deal of
+importance on vehicle safety. During the sus-
+tainability survey that was part of 2017's ma-
+teriality analysis, stakeholders placed this
+topic first, not least due to its economic rele-
+vance and its social importance.
+44
+In accordance with the rules of the Global
+Reporting Initiative, the topic of vehicle safety
+is covered in this report by the indicator
+GRI 416: Customer Health and Customer Safety
+Fuel consumption and vehicle emissions
+Electrification and digitalisation are leading to
+radical change right throughout automobile
+construction. Porsche accepts this challenge
+resolutely. The company builds sports cars
+that combine supposed opposites such as tra-
+dition and innovation, performance and day-
+to-day usability, functionality and design as
+well as exclusivity and social acceptance into a
+single whole. A key part is also played by fuel
+consumption and vehicle emissions - after ve-
+hicle safety, it was identified as the second-
+most important topic by the stakeholders in
+the 2017 materiality analysis. Its materiality
+to Porsche has also been confirmed within the
+company: fuel consumption and vehicle
+emissions are not only the most important topic
+with regard to business relevance, they also
+have significant ecological and social conse-
+quences. Continuous increase in efficiency,
+development of alternative drive technologies,
+lower fuel consumption and lower emissions -
+for Porsche, resource-saving and environmen-
+tally friendly mobility is a primary strategic target.
+In addition to a wide range of measures to in-
+crease efficiency - from lightweight con-
+struction and technologies for the optimisation
+of conventional combustion engines to the
+use of smart assistance systems - Porsche will
+increasingly make use of hybridisation and
+complete electrification of its model range.
+"Electromobility" and "Vehicle architecture of
+the future" are cornerstones of the Porsche
+Strategy 2025. The Mission E, as the first
+purely electric Porsche in the company's 70-
+year history, defines sports car construction
+in this category with regard to performance,
+driving dynamism and range.
+Consumption optimisation is one side of
+resource-saving mobility, reducing harmful
+emissions is the other. Modern exhaust
+after-treatment systems reduce emissions,
+regardless of the current discussion sur-
+rounding diesel engines. In reporting year 2017,
+Porsche recalled diesel Cayennes with the
+three-litre V6 engine in emission class EU6.
+Previously, internal investigations had revealed
+irregularities in the engine control software;
+these irregularities were actively reported to
+Germany's Federal Motor Transport Authority.
+Around 21,500 vehicles from construction
+years 2014 to 2017 were affected around
+Europe, of which 6,000 were in Germany. On
+18 October 2017, the authority approved
+the software update that Porsche had submitted
+Electrification and
+Vehicle safety is a decisive criterion in the
+development of innovative and modern vehicles.
+The initial elements arise during the concept
+phase and at early design phases, such as the
+design of the outer contour or the interior.
+Active and passive vehicle safety is subject to
+strict legislation. Anti-lock brakes, electronic
+stability programs and emergency braking sys-
+tems, for example, all contribute to active safety.
+Passive measures - airbags, seatbelts or
+body crumple zones - reduce the effects of an
+accident. Porsche not only meets numerous
+international legal requirements, some of our
+benchmarks exceed them - these are formal-
+ised in a requirements catalogue that the Devel-
+opment, Setup, Safety and Front/Rear End
+Systems department draws up, has agreed
+across all departments and maintains. Clearly
+delineated responsibilities and a comprehen-
+sive reporting system guarantee that the speci-
+fications are implemented. Planning, execution
+and documentation of crash tests are the
+responsibility of the Development, Setup, Safety
+and Front/Rear End Systems department.
+Acceptance is the responsibility of the Devel-
+opment Technical Conformity department.
+Within the company, managers and employees
+can confidentially report suspected illegal
+acts or serious irregularities to the compliance
+help desk. Outside the company, managers,
+employees, Porsche customers and business
+partners, public officials and other individuals
+can report legal violations anonymously via
+the ombudsman system. In both cases all
+information is carefully examined, and any vio-
+lations found are responded to appropriately
+while observing the employment and co-
+determination guidelines. This includes taking
+suitable countermeasures and sanctioning
+individual misconduct. The Executive Board of
+Porsche AG receives regular reports on actions
+taken by the compliance organisation and
+on preventive and response measures in the
+Porsche Group.
+43
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of compliance with the following disclo-
+sures: GRI 205: Anti-corruption, GRI 206:
+Anti-competitive Behavior, GRI 307: Environ-
+mental Compliance, GRI 419: Socioeconomic
+Compliance. This information is measured
+and reported in part by the number of business.
+sites audited and the number of compliance
+training events.
+Compliance training is determined by the
+compliance officers for each area, in conjunction
+with the HR department. At the time of this
+report, training has thus far taken place primar-
+ily in a classroom format. Of note is a pilot
+e-learning project in the development division's
+Technical Conformity department, covering
+regulatory guidelines, environmental protection
+issues, general compliance guidelines and
+the Porsche whistle-blower system. Plans call
+for online courses on compliance topics to
+supplement classroom training for all the com-
+pany's departments in the future.
+The foundation for this is a training strategy
+that uses risk analyses to identify target
+groups and key areas of content for compliance
+officers, and that also defines organisational
+aspects such as the number and frequency of
+events and the capacities needed. A regular
+programme of set training events for managers
+and new employees is supplemented by work-
+shops on selected topics and/or for specific
+target groups.
+One example: compliance is included in the
+workshops on corporate culture for first- and
+second-tier managers as well as for all other
+managers with technical or line management
+responsibilities. These workshops focus on
+the Porsche code of conduct and the compa-
+ny's compliance culture as well as on basic
+anti-corruption guidelines and principles of
+antitrust law. They cover not only theory but
+also practice, with group exercises on address-
+ing and solving potential compliance issues.
+Porsche managers are required to be available
+to their employees at all times for reporting
+of possible non-compliance in their areas
+of responsibility.
+New employees are familiarised with the
+company's compliance culture as part of the
+Porsche Warm Up programme. Immediately
+upon joining Porsche, they study the company's
+code of conduct and basic anti-corruption
+guidelines. They also engage in group exercis-
+es to address potential compliance issues
+and develop their own possible solutions. The
+Porsche Warm Up programme is currently
+held on a monthly basis, depending on the num-
+ber of new employees.
+Compliance training is required at Porsche.
+Analyses and results are distributed internally.
+Starting in 2018, the Porsche HR department
+is keeping records of attendance at compli-
+ance seminars and compiling individual histories
+of compliance training.
+Information for employees
+42
+Additional information about the Compliance
+department's training programme is available
+to Porsche employees on the Intranet. In addi-
+tion to relevant Group and company guidelines,
+this information includes contact persons and
+ways to report concerns either internally or
+externally along with a range of materials such
+as compliance videos, flyers, note cards and
+check lists.
+As of 14 December 2017, the Volkswagen
+Group's code of conduct also applies to Porsche.
+The new Porsche code of conduct provides
+comprehensive directions on employees' com-
+pliance responsibilities:
+as members of society: human rights; equal
+opportunity and equal treatment; product
+conformity and product safety; environmen-
+tal protection; donations, sponsorships and
+charity; communications and marketing;
+political lobbying
+as business partners: conflicts of interest;
+gifts, hospitality and invitations; prohibition
+of corruption; dealings with public officials
+and holders of political office; prohibition of
+money laundering and terrorism financing;
+accounting and financial reporting; taxes and
+customs; fair and free competition; procure-
+ment; export control; prohibition of insider
+trading
+- at the workplace: occupational safety and
+healthcare; data protection; security and
+protection of information, know-how and
+intellectual property; IT security; handing
+company assets.
+Examples that employees might face on
+the job are provided for each topic. There is
+also a self-administered test designed to
+help employees make decisions in case
+of doubt. Porsche's implementation of the
+new code of conduct includes publishing
+it on the Internet and Intranet, sending a
+digital version to all employees by email,
+adding it to training materials and distributing
+the compliance brochure to new employees
+at classroom training events.
+Porsche's code of conduct
+HR strategy
+port. What is more, the parking situation at
+the location and mobility around the plant
+grounds have been improved. Porsche also
+directs daily delivery traffic as efficiently as
+possible: this is why Logistics already makes
+use of two gas/diesel hybrid trucks and two
+natural-gas-only trucks.
+It invests in future-oriented training and talent
+management in order to provide individual,
+targeted and high-quality skills acquisition and
+further development opportunities for every
+employee. This is all the more important in a
+world undergoing ever faster change and in-
+creasing digitalisation. Porsche takes a modern
+HR approach here by way of efficient processes
+and interconnected IT systems.
+Porsche mood barometer
+The mood barometer was used again in the
+reporting year, with a company-wide employee
+survey at Porsche AG and the German subsidi-
+aries. More than 18,000 employees responded
+to questions on topics such as working to-
+gether with colleagues and superiors, work
+quality and the availability of information about
+current developments at Porsche. There were
+new questions this time on integrity and on
+collaboration within the Porsche Group. The
+results were analysed and then discussed in all
+company divisions with input from the Works
+Council. Managers and employees identified
+potential areas for improvement and defined
+specific ways to for example optimise processes
+and working conditions.
+wktwerkstat
+CO-DETERMINATION AT PORSCHE
+Career and family
+Porsche places a premium on the ability to
+balance a career and a family, and supports its
+employees with a wide range of services. For
+example, a sufficient number of childcare
+places in nurseries near the company sites are
+ensured by six partner providers. As in the
+previous year, children of employees enjoyed a
+comprehensive programme throughout the
+school summer holidays at all the sites around
+Stuttgart, including a shuttle service. Childcare
+was also available during all other school holi-
+day periods, with the exception of Christmas.
+Porsche's family service provides comprehen-
+sive individual consultation and support for
+all stages of family life. This includes consulta-
+tions for prospective parents, help in finding
+and arranging qualified care personnel for chil-
+dren and seniors, and trained support in finding
+and selecting care facilities for the elderly.
+A major future competitive advantage will be
+the ability to provide employees with the
+right skill acquisition opportunities at the right
+times and with a high level of quality. Skills
+therefore need to be defined, directed and
+managed in just as professional a manner as
+other factors in production. A systematic
+approach is therefore being created to help the
+company develop the employee skills needed
+to meet the challenges of the future. A stand-
+ardised process will define skill gaps at an
+early point in time so they can be filled through
+targeted retraining and further training,
+farsighted recruitment and new focuses in
+existing training programmes. A pilot project
+for this approach was successfully carried
+out in the reporting year and will now be put
+gradually into practice.
+Porsche is committed to making work flexible
+in terms of both location and times. Working
+from home, flexible working times in certain
+stages of life and voluntary time off in the form
+of sabbaticals are just some of the options.
+Job sharing for leadership roles has also proven
+to be successful in a pilot project and is being
+expanded to other areas of the company.
+Together with the Works Council and guided by
+the relevant works agreements, a framework
+for successfully implementing these options
+is being put into place.
+Co-determination
+Porsche AG uses a range of internal media to
+inform employees about the many options in
+this area. The Works Council also offers a com-
+prehensive platform for information and dis-
+cussion with its meetings at individual Porsche
+sites in Germany. Co-determination is highly
+valued in general at Porsche and is a key pillar
+of the company's success. This also includes
+the numerous wage and factory agreements
+arrived at in the reporting year. The Works
+Council is an important partner and driving
+force behind the traditional fair for employees
+and their families at the Zuffenhausen site,
+which welcomed more than 20,000 guests in
+2017. The 6-hour Charity Run is also the re-
+sult of an initiative by the Works Council. More
+than 3,000 employees in nearly 250 teams ran
+at the event in the reporting year, and raised
+a total of 185,000 euros for good causes.
+Equal opportunities and diversity
+The Porsche workforce is fuelled by its diversi-
+ty. Employees from more than 80 countries
+with a wide range of individual skills ensure
+that Porsche takes the lead in many ways.
+Promotion of diversity by the management is
+anchored in both the previous leadership
+guidelines and in the newly developed Porsche
+Code. Equal opportunities and equal treat-
+ment for all employees - regardless of race,
+ethnicity, nationality, religion, beliefs, political
+or trade union activity, gender, sexual orienta-
+tion, age, disability or illness - are stipulated in
+the Porsche compliance code. To consolidate
+and further expand equal opportunity and
+diversity activities, the Equal Opportunities
+department was created in January 2017. One
+important aim that Porsche continues to work
+toward consists of increasing the percentage
+of women at all levels of the company.
+Since 2012 Porsche has continuously in-
+creased the number of women at the company
+to the current level of 15.3 per cent. Over
+the same period of time the number of female
+managers has more than doubled and is cur-
+rently at nine per cent. Measurable and binding
+equal opportunities are part of target agree-
+ments for all managers at Porsche. The Porsche
+management has set specific divisional targets
+above and beyond legal requirements for
+the percentage of women promoted to man-
+agement positions. These targets are based
+on gender ratios in the upper wage groups.
+Training and further educational opportunities
+such as workshops and seminars as well as
+mentoring programmes are also offered.
+Fostering young talent is a key means of
+increasing the percentage of women at the
+company. Around half of the trainees are
+female, and 29 per cent of the internships and
+final dissertations are completed by women.
+A joint project with Stuttgart University was
+established in the reporting year to promote
+enthusiasm among female pupils and young
+women for technical occupations and careers
+at Porsche. With the TryScience at Porsche
+programme, the company offers female pupils
+as well as female students and graduate stu-
+dents in the MINT subjects (mathematics, IT,
+natural sciences and technology) at Stuttgart
+University the chance to find out about related
+careers. As in previous years, Porsche also
+participated in the Germany-wide Girls' Day
+event, giving more than 150 female pupils
+from nearby college-preparatory schools and
+other secondary schools a look behind the
+scenes at the company. In addition, Porsche
+has successfully expanded its more than
+15-year cooperation with Femtec, the interna-
+tional career platform for women in science,
+technology, engineering and mathematics. The
+highlight of 2017 was the Femtec innovation
+workshop, a practice-based project spanning
+several months that addressed the question of
+"What does a future with fully automated cars
+look like for Porsche?"
+Porsche also regularly informs female students
+and women with professional experience
+about career opportunities at women-specific
+fairs and events such as women&work, Panda
+and the Ada Lovelace Festival. At Frankfurt's
+International Motor Show (IAA) more than
+Performance Employees, society, sport
+Strategic skills management
+The Porsche Advanced Management Pro-
+gramme has passed a milestone. Following
+its successful introduction in April 2015, the
+second wave started in March 2017 with
+22 participants from Porsche AG, worldwide
+subsidiaries and Bentley. It concentrates
+on enhancing leadership skills and helping par-
+ticipants to successfully operate in global and
+volatile environments and actively guide
+Porsche's strategic course.
+is designed to support second-tier managers
+in the Porsche Group and to actively guide
+the digital transformation process. It aims to
+systematically raise the level of leadership
+skills, reinforce the requisite mindset and ex-
+pand the repertoire of methods. This new
+management programme started in December
+2017 with 50 participants.
+Because many applicants are unlikely to meet
+the general selection criteria for acceptance
+to a traineeship, Porsche offers a basic pro-
+gramme known as a preparatory year. Since
+2012, 62 young adults have completed a
+preparatory year based on the collective wage
+agreement, with 58 of them qualifying for
+a subsequent traineeship at Porsche. Given
+these successful results, the 2017 preparatory
+year was expanded and the original number
+of 12 participants increased to 20. Porsche
+also continued the integration year project for
+refugees. Fifteen young people took part, and
+almost all have been successfully integrated
+into training programmes or the job market in
+cooperation with skilled trade companies.
+Porsche also works with vocational training
+centres to offer traineeships for people with
+disabilities either at the company or in con-
+junction with it.
+55
+New training centre in Leipzig
+The new training centre that opened in Leipzig
+in 2017 reflects Porsche's investment in the
+next generation of skilled workers at the site.
+With 2,300 square metres of modern work-
+shop space and seminar rooms as well as
+innovative instructional tools, the centre offers
+the best conditions for vocational training in
+the constantly changing automotive industry.
+It stands for a new era of professional training
+that now includes electromobility, hybrid
+and connected cars, digital instructional me-
+dia, and human-robot cooperation. More than
+120 trainees were pursuing programmes
+in industrial mechanics, tool mechanics, elec-
+tro-mechanics and automotive electro-
+mechanics at the Leipzig site in 2017, and
+30 more will begin their programmes this year.
+A dual Porsche-DHBW study programme will
+also be offered for the first time in mechanical
+engineering. Training programmes in Leipzig
+have long enjoyed a close partnership with the
+VDI-GaraGe technology centre in the city's
+Plagwitz district, which prepares pupils for
+vocational training later on. Its workshop
+is designed to bring automotive technology to
+life and inspire students to apply for trainee-
+ships at Porsche.
+Employee development
+The digital transformation is placing new and
+considerably different demands on all employ-
+ees and managers. Staff in employee and
+management development as well as Works
+Council members focussed on this situation in
+the reporting year. The aim is to enable all em-
+ployees and managers to acquire and enhance
+key digital skills in structured and sustainable
+ways. Digital topics, tools and training formats
+have been added to the overall further training
+system, and innovative customised modules
+are being integrated into target-group-specific
+HR development programmes.
+NEW TRAINING CENTRE IN LEIPZIG
+99
+56
+Porsche Warm Up
+Training starts from day one at Porsche,
+with a two-day induction programme for new
+employees and managers known as the
+Porsche Warm Up. It gives participants an over-
+view of fundamental topics such as Strategy
+2025, sustainability, health management and
+the activities of the Works Council. Around
+2,000 people took part in the Warm Up pro-
+gramme in 2017.
+Trainee programme
+Following successful completion of the third
+wave of the Porsche Trainee Programme, the
+fourth wave started in October 2017 with
+ten participants. This 12-month programme
+offers talented young college graduates an
+opportunity to learn about working processes
+across departmental and divisional lines. It
+includes project and practical work in Germany
+and abroad.
+Talent development programmes
+A key part of the HR development and talent
+strategy within Strategy 2025 is to promote
+talented members of the workforce employed
+under the general wage agreement in sustain-
+able and targeted ways. For example, the
+new Porsche development programme seeks
+to enhance employees' technical and leader-
+ship skills to make them potential candidates
+for assuming management positions. This
+programme is based on the content and frame-
+work conditions of Strategy 2025, including
+digitalisation, innovation abilities, internation-
+alisation and life-long learning. The Porsche
+development programme started in November
+2017 with around 250 participants. Pro-
+grammes for specific target groups were also
+further developed in the reporting year. The
+Fit for Planning pilot project enables produc-
+tion employees to acquire the skills to become
+production, logistics or process planners.
+Analogous programmes will be launched for
+additional target groups on a needs-oriented
+basis. The development programmes for
+new talent and young professionals were also
+continued in all divisions in the reporting year.
+Programmes at management level
+Management-level training at the Porsche
+Group includes two high-quality modular
+programmes developed in collaboration with
+leading international business schools and
+tailored to current and future requirements for
+Porsche management personnel.
+Porsche launched an international manage-
+ment programme in the reporting year.
+Under the motto "A Distinctive Agility Trip for
+Porsche Leaders", this customised programme
+57
+40 young professionals were introduced to
+Porsche as an employer at an exclusive career
+day for women.
+In late May Porsche took part for the first time
+in Germany's annual Diversity Day. Under the
+motto of "Promoting equal opportunities,
+benefiting from diversity", the HR department,
+Works Council and disability representatives
+raised awareness of diversity at the company
+in Zuffenhausen. The aim was to highlight
+the value of equal opportunities and diversity
+and to expand this awareness in talks with
+co-workers. The seminar programme on diver-
+sity and respect was also further expanded.
+Targets for female members of the Supervisory
+Board, Executive Board and management
+To meet Germany's Law on Equal Participation
+by Women and Men in Leadership Positions
+in the Private Sector and Public Services,
+targets were specified for the percentage of
+women to be on the Supervisory Board, the
+Executive Board and in first-tier management
+at Porsche AG by 31 December 2021. Given
+the long terms of its members, the Porsche
+Supervisory Board confirmed the status quo
+of ten per cent as its own target.
+517
+Bietigheim
+1,513
+Ludwigsburg
+2,500
+Leipzig
+4,288
+9080 9tsls2
+St.P.C.E
+Total workforce in Germany ✓
+Compared to previous year
+2017
+2016
+26,506
+24,681
++7%
+2015
+21,745
+STAFF RESTAURANT CONCEPT
+58
+Performance - Employees, society, sport
+Sachsenheim
+The rapid expansion of digitalisation into all
+areas of automotive engineering, electro-
+mobility and smart mobility is also influencing
+vocational training in these fields. Because all
+trainees must be able to keep up with techno-
+logical advances, they are intensively prepared
+for new developments.
+487
+6,268
+When the law was passed, all of the Members
+of the Executive Board with divisional respon-
+sibilities were men, with contracts extending
+over multiple years. The Supervisory Board
+therefore decided not to adjust the Executive
+Board target for 31 December 2017, and
+confirmed the status quo of zero until 31 De-
+cember 2021. However, the Porsche Super-
+visory Board has set itself the aim of increasing
+the percentage of women on the Executive
+Board over the long term. For first- and second-
+tier management, the Supervisory Board
+specified targets of 15 per cent. The company
+thereby seeks to nearly double its status quo
+in these areas.
+Health management and occupational safety
+Healthy and capable employees are a pre-
+condition for the success of any company.
+Structured and step-by-step reintegration
+management has enabled 250 employees
+with long-term conditions to successfully
+return to work promptly in ways that safely
+accommodate their abilities.
+Porsche places a premium on preventing
+health problems. The 23rd Porsche Health
+Days were held in June and July 2017
+under the motto of "A question of posture -
+ergonomic tips for work stations". More than
+2,000 employees at seven sites attended
+and took part in electromyography tests to
+assess muscular tension.
+The Assembly department is running a pilot
+project on how everyone can increase their
+fitness for work station activities in concrete
+and effective ways. The physiotherapy team
+Pit Stop helps employees take individual pre-
+cautionary steps in their everyday routines.
+Safe places of work are given the highest
+priority at Porsche. An organised and
+structured occupational safety and health
+management system provides a targeted and
+uniform approach and ensures compliance
+with regulations. The aim is to prevent work
+injuries and conditions as well as work-related
+health hazards.
+The main processes are standardised and
+regulated by the Porsche Group's occupational
+safety guidelines. These guidelines are a key
+component of the company's compliance
+management system and apply to all employ-
+ees. Managers make sure that their staff
+members know the content and provisions.
+Occupational health specialists, Works
+Council members and company physicians
+provide additional advisory services. This
+led to a significant decrease of 12.7 per cent
+in the injury rate from 2015 to 2017. With
+5.5 accidents per million hours of work in
+2017, Porsche AG and Porsche Leipzig GmbH
+achieved its lowest accident rate ever.
+Porsche food services
+The company's growth also affects its provi-
+sion of food services for employees. The
+relevant infrastructure and offerings have been
+further expanded, and new cafeteria concepts
+developed for Zuffenhausen and Weissach.
+A total of 2.6 million meals were provided at
+Porsche sites in the reporting year.
+At the reporting date
+31 December 2017,
+Porsche employed
+26,506 people in
+Germany. This is an in-
+crease of seven per cent
+over the previous year.
+The company's rapid
+growth also poses
+Porsche major challenges,
+which can only be met
+by everyone pulling to-
+gether and collaborating
+constructively.
+Employees
+at locations in Germany
+Zuffenhausen
+10,602
+Other German
+locations 331
+The HR strategy provides the framework for
+how Porsche works with its employees. They
+are the heart of the company, and Porsche
+wants to be an outstanding employer for them
+not only now but also in the future. This ap-
+proach is based on the unique corporate culture,
+which always reflects Porsche's identity and
+tradition. The company creates ideal framework
+conditions for its highly motivated employees
+by providing innovative working environments
+that encourage high levels of performance.
+Schwarzenberg
+Of special note is the increase in the number of
+female technical trainees. In the reporting
+year, 33 per cent of the first-year trainees and
+43 per cent of the first-year students in the
+dual Porsche-DHBW programme were women.
+Weissach
+Performance Employees, society, sport
+25
+20
+19,456
+20
+15
+10
+5
+24,481
+22,401
+29,777
+27,612
+0
+2013
+2014 2015
+2016
+2017
+Performance - Employees, society, sport
+Staff ✓
+Porsche AG
+53
+62
+eight per cent over the
+previous year.
+PORSCHE VOCATIONAL TRAINING
+Digitalisation
+A key part of Strategy 2025 and therefore also
+of Porsche's HR strategy consists of digital-
+ising the company's processes. Numerous
+lean administration projects and consistent
+further development of IT systems - always in
+close cooperation with the Works Council and
+in strict compliance with the highest data
+protection and security requirements - have
+led to major successes in digitalisation
+and process optimisation. Porsche provides
+a company-wide platform called the My
+Porsche Cockpit for an array of personnel
+and company-related processes.
+Fit for Digit@l initiative
+The objective of the Fit for Digit@l initiative
+launched in 2017 is to instil and expand
+shared trans-departmental digitalisation-
+related knowledge and understanding at
+Porsche. The aim is to promote awareness and
+motivation for this transformation among
+all the employees. This includes gaining under-
+standing and knowledge of the main purposes
+and drivers of digitalisation and of the individ-
+ual action areas at Porsche, which in turn is
+intended to support sustainable development
+of a Porsche digital mindset.
+Porsche learning platform
+The Porsche learning platform introduced in
+2017 is a key part of the HR digitalisation
+initiative, and the main employee portal for
+everything related to skill acquisition opportu-
+nities both within and beyond individual
+specialties. It shows all available training cours-
+es and offers direct access to a wide range
+of attractive and flexible online options. The
+online possibilities on this newly created
+platform supplement the proven brick-and-
+mortar opportunities. The use of blended.
+learning, for example, adds a targeted dimen-
+sion to training programmes. Higher degrees
+of transparency and connectivity - including
+with subsidiary companies - raise collabora-
+tive learning to a new level. Employees can
+access their training histories, as well as shape
+their desired learning strategies in active and
+individual ways. This makes learning a self-
+determined and integrated part of everyday
+working life at Porsche - a key precondition
+for the strategic goal of lifelong learning.
+hinges on its employees
+- their abilities, their
+dedication and their
+passion. They identify
+with and embrace the
+values and objectives of
+the company. At the
+end of the reporting
+period on 31 December
+2017, Porsche employed
+29,777 people. That is
+an increase of nearly
+52
+UKA
+Porsche's success
+Attractiveness as an employer, and working
+with young talent
+World Premiere.
+The new Cayenne To
+COOPERATION WITH CODE UNIVERSITY
+Porsche corporate culture
+One of the focuses of the reporting year was to
+further develop the corporate culture. This was
+prompted in part by the large increase in new
+employees over recent years, and also by the
+company's reorientation in the digital age
+which has changed how people work together.
+Members of the Executive Board Oliver Blume
+and Andreas Haffner and the Chairman of the
+general Works Council, Uwe Hück, are the origi-
+nal and ongoing sponsors of this focus. Work-
+shops throughout the company took a bottom-
+up approach to sketch the current state of the
+Porsche corporate culture and compare it with
+a version for the future. This meant determin-
+ing the values that connect Porsche employ-
+ees, and which direction the company's culture
+must take to forge a distinct identity that
+attracts and retains employees.
+The resulting cultural guidelines were created
+containing the four elements of dedication,
+pioneering spirit, sportiness and family. These
+keywords define how employees envision
+cooperation within the company. They also
+show, however, how Porsche wants to shape
+major trends in the automotive industry.
+The resulting corporate culture guidelines
+were used to develop the Porsche Code.
+It replaces the previous leadership guidelines
+and describes the key dimensions of a shared
+understanding of leadership.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Training
+Needs-based and future-oriented training,
+on-going skills acquisition, and internal
+development opportunities are cornerstones
+of Porsche's HR policy. Over the last seventy-
+five years, vocational training has formed
+the basis for these efforts, with trainee pro-
+grammes and curricula adapted to meet
+projected advances in technology and devel-
+opments in society. The company currently
+offers formal training programmes for ten
+technical and commercial occupations, as well
+as seven programmes of study in connection
+with Baden-Württemberg Cooperative State
+University (DHBW). Two hundred young people
+began a training programme at Porsche AG
+in the financial year just ended. Forty per cent
+of the slots for technical occupations are
+reserved for applicants with a college degree.
+If successfully completed, the future-oriented
+training system will lead to trainees gaining
+a permanent employment contract. In the
+period under report, 142 trainees and DHBW
+students signed an employment contract with
+Porsche after passing their final examinations.
+Porsche is expanding its main plant in Zuffen-
+hausen, preparing to produce the Mission E
+and again increasing the size of its technical
+training programme - from the current
+number of 106 trainees to 156. In addition to
+traditional occupations in the automotive in-
+dustry, approximately half of the new trainee-
+ships will be for automotive electromechanical
+engineers and industrial electronics engineers.
+In addition, a new future-oriented discipline
+of Information Technology (Automotive IT) was
+established as a study programme in connec-
+tion with DHBW. Next year the disciplines on
+offer will also include information technology,
+and the number of places in electrical engi-
+neering will be increased.
+KU
+Porsche has consistently expanded the inter-
+national component of its training programme.
+Technical trainees have thus far been able
+to gain experience abroad in Australia, Great
+Britain and the Philippines. In the reporting
+year, Taiwan, Italy, China and the US were
+added as potential new destinations. Porsche
+has also launched an exchange programme
+with Bentley and with Volkswagen South Africa.
+Twenty-two technical trainees took part in
+the programme abroad. Another 18 trainees
+in the dual Porsche-DHBW programme were
+sent to Great Britain, Switzerland, Spain,
+France, Italy, the Czech Republic, China, Korea,
+Japan, Australia, Brazil, Canada and the US.
+They gained experience at different Porsche
+sites or with Bugatti or Bentley. Ten commer-
+cial trainees were sent to Great Britain and
+Spain respectively.
+Our strength:
+Sportiness.
+One family.
+The corporate culture guidelines and the
+Porsche Code will be further developed
+in 2018. Plans also call for leadership labs to
+help management personnel prepare for future
+challenges and internalise Porsche leadership
+culture by means of critical reflection and ex-
+ternal inspiration. The whole process is active-
+ly supported and promoted by the Executive
+Board and the employee representatives.
+People
+Porsche also maintained partnerships with key
+organisations to encourage young talent dur-
+ing the reporting year. These included Formula
+Student Germany, an international design
+competition sponsored by the Association of
+German Engineers (VDI), and Femtec, a pro-
+gramme that encourages women to study
+science and engineering. Porsche supported
+students for the first time at the World Solar
+Challenge in 2017, namely the Sonnenwagen
+team from RWTH Aachen University. Covering
+3,000 kilometres across Australia, the WSC
+is the toughest and most important emission-
+free automotive race in the world.
+Porsche:
+The basis for successful HR work continues to
+be Porsche's sustainable positioning as an
+attractive employer. Porsche supports numer-
+ous initiatives to promote young talent, and
+focused on digital talent and recruiting relat-
+ed target groups in the reporting year. In the
+high-profile employer rankings from Trendence
+and Universum, the company again received
+high marks from students in 2017. Reviews
+by young professionals have been especially
+positive. In the Young Professional survey
+conducted by Universum, for instance, Porsche
+rose in all categories and even took first place
+among engineers. Applicant figures also show
+the company's appeal as an employer, with
+more than 150,000 applications submitted to
+the Porsche Group in 2017.
+Joint projects with leading universities are
+being further expanded, with a special empha-
+sis on digitalisation. Porsche is a partner of
+the newly founded CODE University in Berlin,
+In Silicon Valley, Porsche is working together
+ㄓˊ
+54
+a private accredited technical college that
+offers programmes in software engineering,
+interaction design and product management.
+Right from the start, its students work on
+their own projects in international and inter-
+disciplinary teams in close cooperation with
+companies and organisations. The Porsche AG
+chair founded in 2013 at the Leipzig Graduate
+School of Management has been extended
+and its content adapted. Starting in 2018, it
+will focus on strategic management and entre-
+preneurship in the digital age. The Porsche
+Automotive Campus programme at Nuertingen-
+Geisling University (HfWU), which provides
+scholarships for talented young people in the
+automotive sector, has been extended for
+two years. Relations with universities in other
+countries are also being expanded on a con-
+tinuous basis. Examples include an internship
+programme at Tongji University in Shanghai
+and joint projects with the IT department at
+Babeş-Bolyai University in Cluj in Romania.
+Awarded for the 17th time in 2017, the Ferry
+Porsche Prize recognises the top A-level stu-
+dents from the state of Baden-Württemberg in
+the core subjects of mathematics, physics and
+technology. Some 212 young people received
+the coveted prize. Six of them were also given
+one-year scholarships, which were decided by
+lots drawn at the awards ceremony held at
+the Porsche Development Centre in Weissach.
+河
+Our roots:
+Pioneering spirit.
+with Stanford University on an initiative that is
+also expected to be expanded in 2018.
+Our drive:
+Dedication.
+Porsche continues as premium partner
+of the DTB
+LEIPZIG QUARTER-FINALS
+64
+Ice hockey meets basketball
+Under the motto "Turbo for talents connects",
+Porsche initiated a joint training unit for two
+junior teams from ice hockey and basketball
+at the beginning of September. At the
+invitation of the U19 ice hockey aces from the
+Bietigheim Steelers, the young athletes met
+in the ice rink in Bietigheim-Bissingen. Over
+the course of the evening, the NBBL junior
+team from the Porsche Basketball Academy
+(BBA) Ludwigsburg gained insights into the
+Steelers' training methods.
+LAURA SIEGEMUND
+40,000 euros for children in need
+Performance Employees, society, sport
+65
+In April, Porsche and the Women's Tennis
+Association (WTA) entered into a global
+partnership which will run for several years.
+Porsche will be the official and exclusive
+automobile partner of the WTA and, under the
+heading Porsche Race to Singapore, the
+new title partner for the qualifying rankings for
+the WTA Finals in Singapore. The campaign
+will run throughout the season and will
+culminate in the WTA's showcase event with
+the eight most successful singles players.
+The player who, after 57 tournaments - that
+is, after the 57th round - leads the results list
+in the Porsche Race to Singapore at the end
+of the season is not only ensured a starting
+place in the prestigious final tournament of the
+season but is also rewarded with a Porsche
+911 Carrera GTS. The first winner is the
+26-year-old Romanian Simona Halep, who
+received her winner's vehicle during the
+WTA Finals. Coming on top of the Porsche
+Tennis Grand Prix and Porsche's involvement
+in German women's tennis, the Porsche Race
+to Singapore now makes the sports-car
+maker a visible presence in tennis throughout
+the whole year.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+In its anniversary tournament, the Porsche
+Tennis Grand Prix also supported charitable
+organisations which promote the well-being
+of children throughout the world with its Aces
+for Charity campaign. Porsche donated 200
+euros for each ace. In 2017, 179 aces were
+struck on the way to the final - and Porsche
+rounded the 35,800 euros generated up to
+40,000 euros. The sum will be shared equally
+between the Agapedia Foundation and Plan
+International, both of which are charity partners
+of the Porsche Tennis Grand Prix.
+New global partnership between Porsche
+and the WTA
+arrera
+RACE TO SINGAPORE
+PORSCHE
+In April, Porsche and
+the Women's Tennis
+Association (WTA)
+entered into a global
+partnership which will
+run for several years.
+Porsche will be the
+official and exclusive
+automobile partner of
+the WTA and, under
+the heading "Porsche
+Race to Singapore", the
+new title partner for
+the qualifying rankings
+for the WTA Finals in
+Singapore.
+0
+ם
+TS
+In April, in a final filled with excitement and
+drama, Laura Siegemund fulfilled her dream:
+the Porsche Team Germany player won the
+40th Porsche Tennis Grand Prix. In the sold-
+out Porsche Arena, the local heroine beat the
+French player Kristina Mladenovic 6:1, 2:6, 7:6.
+She was presented with the keys to the
+winner's car, a 911 Carrera 4 GTS Cabriolet,
+by Porsche CEO Oliver Blume. The doubles
+winners were Raquel Atawo (US) and Jelena
+Ostapenko (Latvia). Maria Sharapova, three-
+time winner in Stuttgart, returned to the
+WTA tour amidst worldwide attention after a
+15-month ban. The American player Tracy
+Austin, who became the crowd favourite in
+1978 as a 15-year-old teenager at the first
+Porsche Tennis Grand Prix in Filderstadt, was
+the anniversary guest. The 40th edition of
+the tournament was not only a huge success
+with the public; the players, too, enjoy this
+traditional championship more than any other
+in the Premier 700 category on the WTA tour.
+In 2017, they once again voted the Stuttgart
+event the most popular tournament - for the
+ninth time since it moved to the Porsche arena
+in 2006 and for the fourth time in succession.
+40th Porsche Tennis Grand Prix
+Tennis
+PORSCHE HONOURS YOUNG ATHLETES
+The German Tennis Federation (DTB) and
+Porsche are extending their premium partner-
+ship until 2020. This cooperation, which
+chiefly comprises the support of Porsche Team
+Germany in the Fed Cup and of young players
+in the Porsche Talent Team, has existed since
+2012. An example of the successful promotion
+of top talents is Carina Witthöft, a member
+of the Porsche Talent Team up to the start of
+2016. The 22-year-old from Hamburg is about
+to enter the top 50, made her first appearance
+in the Fed Cup Team in April, and won her
+first title on the WTA Tour in Luxembourg in
+October. Julia Görges from Porsche Team
+Germany has now won her fourth title. In the
+final of the WTA Elite Trophy in Zhuhai, China,
+at the beginning of November, she beat the
+American Coco Vandeweghe 7:5, 6:1, marking
+the biggest success of her career. This means
+that the 29-year-old from Bad Oldesloe
+goes into the winter break as number 14 in
+Porsche Nacht der Talente
+150 young athletes from RB Leipzig, SV Stutt-
+garter Kickers, SG Sonnenhof Großaspach
+(football), SC Bietigheim-Bissingen Steelers
+(ice hockey) and the Porsche Basketball
+Academy Ludwigsburg came to Leipzig for
+the second "Porsche Night of Talents". The
+highlight was the award of the Turbo 2017
+prize, presented in three categories: best
+sporting development, best school achieve-
+ment and exceptional social commitment.
+TV series Tatort police commissioner Richy
+Müller was among those presenting the prizes
+to the winners. In addition, the participants
+visited the production department and got
+to know the performance of various Porsche
+models during "taxi rides" on the circuit.
+EXCLUSIVE AUTOMOBILE PARTNER OF THE WTA
+the world rankings - the best ranking so
+Porsche Golf Cup celebrates
+JULIA GÖRGES
+Porsche has continued to expand its 911
+product range by adding five GTS models.
+The 911 Carrera GTS with rear-wheel
+drive and the 911 Carrera 4 GTS with
+all-wheel drive are both available as a coupe
+and cabriolet. The 911 Targa 4 GTS with
+all-wheel drive has also joined the portfolio.
+Newly developed turbochargers for the
+3.0-litre flat-6 engine raise its performance
+to 331 kW/450 hp. The drive system has
+22 kW/30 hp more than the 911 Carrera S
+and 15 kW/20 hp more than the previous
+GTS model with a naturally aspirated engine.
+Porsche honours young athletes
+New 911 GTS models
+RESEARCH AND DEVELOPMENT
+Research and development
+67
+Performance Employees, society, sport
+near Lisbon, the starting signal was sounded
+for the Porsche Golf Circle. This is an interna-
+tional, app-based community exclusively for
+Porsche customers who are golf enthusiasts.
+The sports-car maker is thus continuing to
+develop its commitment to golf. Anyone who
+owns a Porsche can become a member of
+the Porsche golf network. The platform for it
+is an app for Android and iOS which enables
+members to come into contact with other
+participants in the community, find playing
+partners worldwide and obtain information
+about current Porsche golfing activities. In
+addition, further services are planned such as
+training tips in the form of digital golf tutorials,
+assistance on the rules and experience reports.
+From 2018, the highlights of the Porsche
+Golf Circle will be exclusive event formats all
+over the world.
+Porsche initiates a global golfing network
+Teeing off into digital worlds: in October, at the
+Founding Member Event in Penha Longa,
+More than 12,000 amateur golfers partici-
+pated worldwide in the 200-plus preliminary
+round tournaments of the Porsche Golf Cup
+2016. This meant that the record number of
+participants from the previous season was
+once again exceeded and illustrates the
+growing interest of Porsche customers in golf.
+The best 98 players from 20 nations qualified
+for the world final in May 2017 in Mallorca.
+The winner of the prestigious nations ranking
+was Team Great Britain. This exclusive amateur
+tournament series for customers has existed
+since 1988 and is organised by Porsche AG
+together with the Porsche Centres and Porsche
+distribution companies. In the year under
+review, the Porsche Golf Cup in Germany
+celebrated its 30th edition.
+its 30th edition
+In July, Porsche was, for the third time, the title partner of the prestigious European Tour tourna-
+ment, which has a prize fund of two million euros. After two years in Bad Griesbach, Bavaria,
+the tournament moved to northern Germany to the Green Eagle golf course, just outside
+Hamburg. The tournament weekend was rung in with the Porsche European Open Team Challenge,
+a golf show on the Reeperbahn, in which eight top stars of the event took part in a team com-
+petition. Over four tournament days, nearly 40,000 enthusiastic spectators followed the victory
+of Englishman Jordan Smith in the play-off against the French defending champion Alexander
+Lévy. For 24-year-old tour rookie Smith, this was his first victory on the European Tour.
+Porsche European Open in Hamburg
+PORSCHE GENERATIONS OPEN
+ww generations-open.com
+PORSCHE
+Generations Open
+JORDAN SMITH
+The innovative amateur golf tournament
+series, the Porsche Generations Open,
+was staged for the second time in Germany
+in 2017. Once again, the response to the
+three tournaments was consistently positive.
+The concept of a team competition with
+players from two generations with a minimum
+age difference of 20 years has also evoked
+international interest - Porsche Great Britain
+and Porsche Brazil adopted this format in
+the year under review.
+Porsche Generations Open
+Golf
+Porsche Team Germany
+has now won her fourth
+title. In the final of
+the WTA Elite Trophy in
+Zhuhai, China, at the
+beginning of November,
+she beat American
+Coco Vandeweghe 7:5,
+6:1, marking the biggest
+success of her career.
+Julia Görges from
+66
+MARIA SHARAPOVA
+Maria Sharapova, Porsche ambassador since 2013, won the WTA Tour tournament in Tianjin,
+China, in October. It is the 36th title won by the multiple Grand Slam winner. Angelique Kerber
+has been a brand ambassador since 2015. In October 2017, she received the Jerry Diamond
+ACES Award from the WTA. This prize is awarded to the player who makes an exemplary
+contribution off the court to promoting public interest in women's tennis. The former world
+number one earned the award, the jury said, because of her regular commitment to charity
+events and fan events around the world, as well as her numerous initiatives with children.
+Porsche brand ambassadors
+far for the winner of the Porsche Tennis Grand
+Prix 2011.
+The final round of the third young footballers' tournament organised jointly by Porsche and
+RB Leipzig, the Leipzig Quarter-Finals, was held at the beginning of August. The tournament
+registered a new record number of participants: more than 1,000 boys and girls in over
+100 teams in the age groups U11 and U14 competed for their districts in the preliminary rounds
+in June. A particularly motivating factor for the young talents is that four professionals from
+RB Leipzig each sponsor a district. The award ceremony in the Red Bull Arena, part of the
+professional team's opening to the season, was viewed by more than 21,000 spectators - an
+unforgettable moment for the young footballers.
+The reporting year saw the third staging of the
+6-hour Charity Run. Three thousand Porsche
+workers tackled the 911-metre route at the
+Zuffenhausen plant. For each lap completed,
+the company made a five-euro donation to
+social projects in the Stuttgart region. In total,
+185,000 euros were raised. The money
+was donated to the Olgäle-Stiftung (Olgäle-
+Foundation), Mobile Jugendarbeit Stuttgart
+(a youth work umbrella organisation) and
+Stuttgarter Jugendhaus gGmbH (a children's
+charity organisation), Gustav-Werner-Schule
+Zuffenhausen school, and to Kinder- und
+Jugendhospiz Stuttgart (a hospice for children
+and young people in Stuttgart). This final
+recipient has benefited from the last three
+stagings of the 6-hour Run and opened its
+doors during the reporting year. It is the first
+residential hospice for children and young
+people in Baden-Württemberg. Up to eight
+seriously ill children and young people can be
+accommodated and supported, along with
+their parents. The Olgäle-Stiftung aims to pro-
+vide the best level of care for children attend-
+ing the Olgahospital in Stuttgart. In addition
+to the medical attention they receive, it
+In May, 13 young talents from the Porsche
+Basketball Academy (BBA) visited Porsche AG's
+training centre. Trainees presented their fields
+of activity, their day-to-day training routines,
+current projects and the eight different
+technical training vocations. In addition, the
+team from the U16 Youth Basketball Federal
+League received general tips on applications
+and career choice.
+DONATIONS BY 6-HOUR CHARITY RUN
+PORSCHE
+HUGS
+completed, the company
+made a five-euro donation
+to social projects in the
+Stuttgart region. In total,
+185,000 euros were raised.
+thousand Porsche workers
+tackled the 911-metre
+route at the Zuffenhausen
+plant. For each lap
+The reporting year saw the
+third staging of the 6-hour
+Charity Run. Three
+believes creating an atmosphere in which the
+children feel at home is vital to their care. As a
+result, the charity has funded special ward
+clowns for over 15 years. They have received
+Social affairs
+61
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+Performance Employees, society, sport
+STUTTGART BALLET
+60
+One of the main focuses of Porsche China's
+social commitment is support for talented
+young artists. The company launched its
+cooperation with the Sichuan Institute for
+Fine Arts as early as 2010. So far, seven
+Porsche Art Competitions have been organ-
+ised through the Empowering the Future
+project, attracting more than 2,000 entries
+from art students. In May 2017, Porsche
+initiated the first ART021 Porsche Chinese
+Artist of the Year competition, together with
+the Shanghai Fair for Contemporary Art, as
+an extension of the programme. The aim of
+this project is to support the personal and
+artistic development of China's most innova-
+tive and pioneering young artists.
+In November, Porsche presented the Leipzig
+Opera Ball for the fifth time, donating a
+718 Cayman to be raffled for a good cause.
+The guests bought a total of 8,000 tickets at
+ten euros each. This year the proceeds from
+the raffle were donated to the Leipzig hilft
+Kindern children's charity, including the Haus
+Leben e.V. project in Leipzig. This group
+supports cancer patients and their families in
+dealing with the emotional and practical
+challenges of the disease and helps them to
+help themselves, according to its motto
+"Preventing, curing and managing cancer".
+LEIPZIG OPERA BALL
+and major concerts. The company has been
+the Global Partner of the Leipzig Gewandhaus
+Orchestra since 2011.
+In June, Porsche extended its agreement with
+the Leipzig Gewandhaus, including support
+for the much-loved Rosental Concerts as part
+of the "Klassik airleben" series of concerts
+for a further three years. To date, the sports-
+car makers commitment to the venture
+has enabled more than 60,000 people from
+Leipzig to attend these first-class musical
+events free of charge. Porsche's sponsorship
+package also includes international tours
+In July, Porsche and Stuttgart Ballet present
+the open-air "Ballett im Park" event. Porsche's
+support for these performances is now in its
+sixth year, allowing thousands of ballet fans to
+experience the cultural phenomenon at no
+cost. Last September, Porsche extended its
+agreement with Stuttgart Ballet to continue as
+main sponsor for a further three years. The
+extension of the successful cooperation be-
+tween Porsche and this leading ballet company
+comes right in time for the start of the 2017/
+2018 season, which launches with a special
+edition of its Behind the Scenes XXL series, in
+celebration of John Cranko's 90th birthday,
+at Stuttgart's Kammertheater. The sports-car
+maker has been principal sponsor of the
+Stuttgart Ballet since 2012. Furthermore,
+Porsche has donated ten million euros to fund
+the construction of the new building for the
+John Cranko Schule for young dancers.
+Culture
+mous areas.
+giving basic healthcare, early support and child
+protection to pregnant mothers and infants up
+to three years old. By the end of 2016, Porsche
+China had donated approximately RMB 60
+million (around 7.7 million euros) as part of its
+cooperation with UNICEF. The funds are assist-
+ing 915 project schools with around 310,000
+pupils, 13,300 teachers and 4,000 infants
+in seven provinces, communities and autono-
+of the country. In addition, the Integrated Early
+Childhood Development (IECD) project is
+& ETL) is now improving the quality of educa-
+tion at primary schools in the poorer parts
+Effective Teaching and Learning (METRU Plus
+Since the devastating earthquake in the
+Chinese province of Sichuan in 2008, Porsche
+China has been funding a long-term education
+project for children and young people. The
+Empowering the Future programme was
+launched in 2009 to provide education and
+integrated early development opportunities
+for disadvantaged children and young people
+in rural areas. Porsche China is currently
+working closely with UNICEF on three projects:
+Mobile Education Training and Resource Units
+(METRU) is a project that focuses on the
+development of local quality standards for
+teaching and education. METRU Plus &
+World premieres in Geneva
+BEE COLONIES AT PORSCHE LEIPZIG
+Record number of participants at Leipzig Quarter-Finals
+STIFTUNG LESEN FOUNDATION
+The world of books allows children to escape
+and join their heroes such as the Little Prince,
+and Snow White as they embark on their
+adventures. The Hohensteinschule and Silcher-
+schule schools in Zuffenhausen have set up
+an informal reading club with bean-bags and
+relaxed seating as well as a library of chil-
+dren's books, thanks to cooperation with the
+Stiftung Lesen foundation and a donation from
+Porsche. The aim of the project is to give the
+children a love of reading without the pressure
+to achieve, thus improving their language and
+reading skills. The opening ceremony was
+attended by TV and movie actor Richy Müller,
+as a guest reader.
+Talents from the Basketball Academy
+visit Porsche
+The Porsche Coaching-Mobil has been on
+the road since April - and not just with the
+five partner clubs in the Stuttgart and Leipzig
+regions. Over 3,000 children and young
+people have taken part in the 28 initiatives so
+far. The Coaching-Mobil is a trailer specially
+developed for youth training, which is fitted out
+with sporting equipment and instruments to
+measure performance data. This gives young
+talents the opportunity to evaluate their sports
+performance better and to adjust their further
+training accordingly. In addition, age-depend-
+ent reference values provide a benchmark for
+comparing results.
+Porsche Coaching-Mobil
+Porsche has commitments in many different
+sports, with particularly significant involve-
+ment in women's professional tennis and
+men's professional golf. Since competitive
+sport is not possible without comprehensive
+basic training, Porsche supports the next
+generation at its production locations. Under
+the motto "Turbo for talents", the company
+sponsors children and adolescents in foot-
+ball, basketball and ice hockey in Stuttgart
+and Leipzig. Its partner clubs are RB Leipzig,
+SG Sonnenhof Großaspach, SV Stuttgarter
+Kickers, SC Bietigheim-Bissingen Steelers and
+the Porsche Basketball Academy Ludwigs-
+burg. The aim of this cooperation is to support
+the next generation both in sports and also
+socially, and to prepare them for their future
+professional life.
+SPORT
+63
+Performance Employees, society, sport
+62
+EXMOOR PONIES AT PORSCHE LEIPZIG
+Porsche Cars North America launched the Porsche Care Network in 2011; this initiative
+organises the Porsche employees' volunteer work. The focus of these efforts is on the
+environment, family and education projects. More than 750 working hours were donated in
+2017. The projects undertaken by the employees included cleaning up a section of the
+Chattahoochee River, and planting trees at the site. In addition, they put together food
+packages for needy families and launched an education project that uses fun activities to
+teach children about how to handle money.
+In 2017, Porsche Leipzig also donated eight Exmoor ponies to two charitable associations in
+Saxony and Thuringia. The animals are frequently donated to selected charities in order to
+manage the pony population at Porsche Leipzig.
+At the beginning of May, 25 bee colonies populated with some 60,000 bees each moved in to
+the grass meadow at Porsche Leipzig's off-road test area. The 132-hectare area, in which nature
+is allowed to take its course, is now home to 1.5 million honey bees. The aim of this relocation
+is to help secure the future of the honey-bee population and thus promote environmental protec-
+tion and conservation. The diversity of flora in the off-road facility provides the best habitat for
+the bees, with hawthorn, robinia and lime trees thriving alongside many wild flowers. In addition,
+the area provides a natural paddock for some 30 Exmoor ponies and 75 wild cattle. Many other
+species such as pheasants, black kites, amphibians, brown hares, deer and bats live here too.
+The concept is unique in the automotive industry. Porsche Leipzig is ensuring sustainable,
+low-resource automobile production with a commitment to nature and the environment right
+from the word go. The plant's off-road area was once a military zone and was restored to its
+natural state in 2000.
+of old mobile telephones and small electrical appliances on their way to work. Transparent
+processes provide users with visibility and insight into the recycling chain. They can follow their
+old devices as they progress through the system. As a thank you, each participant received a
+discount coupon for use in conjunction with a purchase at one of binee's partner businesses. The
+cooperation between Porsche and binee is an example of the successful symbiosis of business
+and innovation in Leipzig.
+tee
+binee
+BINEE START-UP
+As part of the Porsche sustainability strategy,
+Porsche Leipzig has joined forces with binee,
+a local recycling start-up based in Saxony.
+Founded in 2015, this company has developed
+a recycling system that pays for old, unwanted
+electrical items and aims to reuse their com-
+ponents. This reduces the need to extract
+raw materials such as iron ore. Employees at
+Porsche Leipzig took part in a three-month
+pilot phase in which they could easily dispose
+In an effort to improve forest diversity and
+move away from pine forest monoculture,
+several thousand oak trees were planted in
+an area covering 4.6 hectares in Rutesheim,
+Weissach and Ludwigsburg. The saplings are
+replacing spruce and ash trees that have been
+destroyed by storms or fungi. Deciduous for-
+ests generate on average 800,000 litres more
+groundwater per hectare than pine forest
+monoculture, doing so every year and for
+generations to come. This action is Porsche's
+contribution to the national project of the
+Hamburg-based Trinkwasserwald e.V. environ-
+mental association. The 4.6-hectare drinking
+water forest will produce 3.68 million litres
+of clean groundwater annually. With every one
+of us requiring some 1,000 litres of drinking
+water each year, the new plantation will thus
+quench the thirst of up to 3,680 people for
+their entire lives.
+Environment
+a summer camp provided by the RB Leipzig
+football academy.
+tion) and Sächsischer Behinderten- und
+Rehabilitationssportverband (SBV - the
+Saxony Association for Disability and Rehabili-
+tation Sports). Porsche Leipzig also joined
+forces with RB Leipzig as a partner in the
+club's efforts to help young refugees, funding
+their participation in an integration pro-
+gramme. More than 30 refugee children
+took part in the activity entitled Willkommen
+Fussball (Welcome to Football), featuring
+Aktion Mensch (a German charitable organisa-
+Porsche in Leipzig has been working with the
+RB Leipzig football club on an 'Inclusive Game
+Day'. The club's Bundesliga match against
+1. FC Ingolstadt centred around a campaign
+for people suffering from disabilities, a cam-
+paign coordinated by the Bundesliga Stiftung
+(German professional football foundation),
+Porsche is supporting the Württemberg
+Football Association to enable people suffering
+from mental health disorders to take part in
+regular training sessions. This commitment to
+inclusive sport was strengthened once again
+in 2017 as Porsche trainees invited the asso-
+ciation's team for people with mental disorders
+to play a friendly match. As ever, the experi-
+ence of taking part was more important than
+the result.
+Integration through sport
+Staff taking part in the Porsche Year of Support
+once again volunteered a day of their time to
+help at the stall in 2017. In addition, Porsche
+handed over a cheque to provide extra funds to
+this operation, which is the only one of its kind
+in Germany.
+Weihnachtsmann & Co is a Stuttgart-based
+initiative that has been supporting charitable
+ventures and organisations in the city and
+its surrounding area for over 40 years. One of
+its most important sources of income is its
+annual stand at the Stuttgart Christmas Market.
+psychological training for working with sick
+children and help take the young patients'
+minds off their health concerns.
+Porsche ushered in the spring with three
+spectacular world premieres at the Geneva
+Motor Show in March. The Panamera Sport
+Turismo gives the Panamera family a new
+body version. Based on the successful sports
+saloon, the new model's unique design
+makes a new statement in the luxury segment.
+Generating up to 404 kW/550 hp, the four-
+door Sport Turismo is also more versatile
+than any other member of its class. With a
+large tailgate, low loading sill, larger luggage
+volume and 4+1 seating concept, this new
+car meets high demands for everyday usability
+and flexibility.
+Porsche was also honoured worldwide for
+sustainable construction in 2017. In China,
+the Porsche Centre Shanghai Waigao-qiao re-
+ceived the "LEED Gold" certification. In the US,
+the Porsche Experience Centre in Los Angeles
+was rated "LEED Certified".
+PANAMERA TURBO SPORT TURISMO
+With the start of the
+With the start of the "Excite! Driving Global
+Customer Culture" initiative, the company
+aims to further enhance its customer focus.
+The project is being introduced as a pilot
+project at Porsche Cars North America and
+Porsche AG in Germany. The project focusses
+on two key questions: How can the internal
+customer focus be further enhanced? And how
+can employees' proximity to customers be
+further enhanced? Understanding, knowledge
+and empathy play a central role here. Based
+on comprehensive analyses of the customer
+culture, in 2017 top management defined
+customer-orientation guidelines. Training
+and coaching for the implementation of these
+guidelines have been successfully initiated
+and will be continued and expanded through
+innovative tools in the years to come.
+In 2017, Porsche concentrated on improving
+customer service through a variety of differ-
+ent projects. In addition to strategically impor-
+tant external studies and comparisons with
+the competition, Porsche also conducts its
+own continuous measurement of customer
+satisfaction with sales and service processes.
+Real-time reporting has been set up that
+directly informs responsible parties within
+the system of customer feedback.
+Customer service further improved
+SALES
+Procurement
+Production
+Sales, production, procurement
+Sales
+75
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance Research and development
+911 CARRERA T
+"Excite! Driving Global
+Customer Culture"
+initiative, the company
+aims to further enhance
+its customer focus. The
+project is initially being
+introduced as a pilot
+project at Porsche Cars
+North America and
+Porsche AG in Germany.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Worldwide innovation: New PSCB brake for
+greater performance and sustainability
+Porsche places the highest priority on safety
+for its own products and especially for every-
+one on the roads. The company has therefore
+always devoted special attention to devel-
+oping and continuously improving its braking
+technologies. With the latest generation of the
+Cayenne, Porsche has introduced an innovative
+grey-iron brake disc that sets new standards
+worldwide in performance and sustainability.
+The Porsche Surface Coated Brake (PSCB)
+features discs with an extremely hard coating
+made of tungsten carbide along with specially
+developed pads. This new system has consid-
+erably better properties than conventional
+grey-iron brakes. In addition to unique visuals,
+these include further optimised responsive-
+ness and very high fading stability also under
+extreme conditions. As for sustainability,
+the PSCB breaks new ground with considerably
+less wear than conventional uncoated brake
+discs. Brake service lives are thereby length-
+ened by at least 30 per cent, or even more
+depending on usage. In addition to significantly
+reduced wear, the brake produces around
+90 per cent less of the usual dust. This means
+lower particulate levels and better environ-
+mental compatibility - coupled with better
+performance. Thanks to its innovative coating,
+the new brake is absolutely corrosion-free
+and shows constant friction values throughout
+its entire service life. The PSCB is standard
+in the Cayenne Turbo and an option for all other
+Cayenne models. Plans call for rolling it out to
+additional model lines.
+S&T 2017
+In October, Porsche presented the 911 Carrera T, a new take on the purist 911 T of 1968 - lower
+weight, shorter transmission ratios for the manual gearbox, and rear-wheel drive with a mechani-
+cal rear differential lock. Based on the 911 Carrera, this new model has its own visuals and
+delivers 272 kW/370 hp. The 911 Carrera T - "T" stands for Touring at Porsche - has additional
+elements not found in the 911 Carrera. These include PASM sports suspension with a 20-milli-
+metre lowered body as a standard feature, a weight-optimised Sport Chrono Package, shortened
+gear lever with a red shift diagram, and Sport-Tex seat centres. The 911 Carrera T also has op-
+tional rear-axle steering, which is not available for the 911 Carrera. All the features are designed
+to enhance sportiness and lower the weight. Sound insulation is reduced to a minimum. The
+car does not have rear seats or Porsche Communication Management (PCM), although both are
+available at no extra cost if desired. With an empty weight of 1,425 kilos, this two-seater is
+20 kilos lighter than a 911 Carrera with comparable systems.
+Less is more - the new Porsche 911 Carrera T
+of the 911 GT2 RS -
+the fastest and most
+powerful 911 of
+all time.
+provided the setting for
+the world premiere
+(United Kingdom)
+Speed in Goodwood
+The Festival of
+The technological changes brought about by
+electromobility require a wide range of new
+strategies and solutions. Major topics included
+new approaches to products and production,
+regional mobility strategies and solutions,
+and mass market access. Some 250 experts
+gave talks on the latest developments in fuel
+cell and battery research as well as charging
+technology, electricity sources and supply,
+integrated product solutions, digitalisation
+including intelligent charging infrastructure,
+and connected approaches to mobility.
+Porsche was represented by ten speakers
+at the symposium, and presented three major
+exhibits: the 919 Hybrid that won Le Mans,
+the Cayman e-volution as a "research lab on
+wheels" and the high-speed charging system
+known as Porsche Turbo Charging which cele-
+brated its premiere at the EVS30 and will be
+installed worldwide starting in autumn 2018.
+Stuttgart holds global electromobility confer-
+ence for the first time The International Elec-
+tric Vehicle Symposium & Exhibition (EVS30)
+was held for the first time in Stuttgart in
+October. As the electromobility industry's larg-
+est and leading event worldwide, it attracts
+experts from around the globe who report on
+the latest technologies, developments and
+trends. Porsche was both a sponsor and an
+exhibitor at the EVS30.
+Stuttgart hosts global electromobility
+conference for first time
+74
+Process and customer management
+CRM@Porsche is the central process and
+customer management platform for all
+affiliated subsidiaries and their dealers and is
+integrated across all sales levels. The platform
+also includes all further customer-related
+applications. To ensure successful and efficient
+management of the customer journey, the
+continuous development of CRM@Porsche is
+essential. The goal is a fully integrated back-
+end of the current and future customer eco-
+system. The platform will therefore be further
+developed technically, functionally and visually
+in the coming years. In 2017 the emphasis
+of the project CRM@Porsche 2017+ was on
+technical readiness. The focus here was
+on preparing the implementation of new pro-
+cesses, functions and applications. There are
+also plans to develop a new user experience
+that guides and supports users through the
+processes and functions.
+Porsche strengthened its digital customer
+presence yet again in 2017. With My Porsche,
+the Connect portal revised in 2016 was ex-
+panded as a personal interaction platform for
+the customer with Porsche and introduced
+in some initial markets. Customers and poten-
+tial buyers now have access to the entire
+digital and service portfolio custom-tailored to
+their individual needs using their Porsche ID.
+The range is continuously being expanded and
+already includes numerous Connect services,
+remote vehicle information, after-sales func-
+tions and smart mobility products.
+Recognition and prizes from all quarters
+Numerous international studies have confirmed
+the positive effects of the customer service
+and customer satisfaction measures. In 2017,
+Porsche came out tops in the overall rankings
+of the Automotive Performance, Execution and
+Layout Study (APEAL) quality study by the
+US market research institute J.D. Power for the
+13th straight year. Porsche thus remained
+the automobile brand with the highest attrac-
+tiveness for customers in the US. Moreover,
+the Porsche 911, Cayenne and Macan models
+also topped their respective categories. The
+survey involved more than 69,000 new car
+owners, who rated 243 models from 33 man-
+ufacturers in ten categories. Also conducted
+in the US by J.D. Power, the Initial Quality
+Study (IQS) annually surveys new car custom-
+ers regarding defects in their vehicles. With
+its repeat top ranking, the sports-car icon
+911 led the tables for the sixth year in a row
+in the "Midsize Premium Sporty Car" category.
+US customers have thus rated the legend
+from Zuffenhausen as having the best quality
+every year since 2012. The Macan took top
+honours in the "Compact Premium SUV" seg-
+ment. Since its survey debut in 2015, it has
+thus headed the category three times on the
+trot. The Porsche plant in Leipzig once again
+took gold and thus the top spot among all
+plants in Europe and Africa.
+One special feature is its adaptive roof
+spoiler-currently the only one in its segment.
+Depending on the driving situation and vehicle
+settings, the spoiler can occupy one of three
+levels and generate up to 50 kilos of additional
+downforce on the rear axle. At speeds of up
+to 170 km/h this aerodynamic guide element -
+a key system component of Porsche Active
+Aerodynamics (PAA) - remains retracted at an
+angle of minus seven degrees which reduces
+drag and thereby optimises fuel consumption.
+Above 170 km/h the roof spoiler automatically
+extends to the performance position with
+an angle of plus one degree, where it enhances
+driving stability and lateral dynamics.
+Porsche has supported more than 100 pro-
+jects as part of its charitable donations and
+CSR sponsorship activities during the report-
+ing year. The firm funds such projects as part
+of its corporate responsibility in keeping with
+its commitment to civic and social causes.
+Its support is focused on five key areas: educa-
+tion and science, culture, social affairs, sports
+and the environment.
+Education and science
+The Porsche Integration Year was repeated
+in 2017, as the sports-car maker once
+again prepared 15 young refugees for an
+apprenticeship at partner companies and
+in industries that are currently suffering
+from an acute shortage of specialist workers.
+Porsche is also supporting a range of other
+initiatives that seek to give refugees long-term
+prospects in the German labour market. It is
+one of the main backers of the social enter-
+prise Joblinge gAG Stuttgart, which helps to
+find apprenticeships for young people facing
+a difficult start. This programme supported
+80 refugees in 2017. Meanwhile, it has been
+full-speed ahead for the Berufliche Aner-
+kennung in Baden-Württemberg (Vocational
+Recognition in Baden-Württemberg) bursary
+programme during the reporting year. The
+Baden-Württemberg-Foundation project helps
+refugees to get the qualifications and training
+that they have completed abroad recognised
+without experiencing excessive red tape. As
+the only federal state in Germany to offer this
+type of assistance, Baden-Württemberg is
+supported by Porsche through the Stifter-
+verband association of German companies and
+foundations. By the end of 2017 some 500
+people from across the federal state had been
+given a bursary.
+In addition, Porsche has contributed to the
+Ausbildungscampus (education campus) initia-
+tive set up by the Burgerstiftung Stuttgart
+civic foundation. The foundation has worked
+with public bodies and representatives of
+employers to develop a model that introduces
+young people in need of support, especially
+young refugees, to work and training. The pro-
+ject now provides them with all the informa-
+tion they need, as well as support and advice,
+in one convenient location. The assistance on
+offer ranges from careers advice to help with
+applications and arranging contacts, as well as
+to guidance during training. At the same time,
+the project acts as a platform for employers,
+giving them information and advice.
+INTEGRATION PROGRAMME
+During the reporting year Porsche funded
+the expansion of the Porsche Training
+and Recruitment Centre (PTRCA) in Manila.
+For nine years, the sports-car maker has
+worked with the Salesians of Don Bosco
+religious order to train disadvantaged young
+people in the Philippines as vehicle service
+mechanics, opening the door to a potential
+subsequent career in the Porsche retail organi-
+sation. Volkswagen and Audi became partners
+in the PTRCA in 2015, when the annual
+number of young people involved was boosted
+from 36 to 145. This expansion allows the
+PTRCA to offer its participants the best prepa-
+ration for the rapidly transforming challenges
+involving the Aftersales department.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+Performance Sales, production, procurement
+79
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+78
+Dealership Sustainability Initiative
+With its Dealership Sustainability Initiative,
+Porsche supported the planning, construction
+and operation of environmentally sustainable
+Porsche Centres. One innovative example was
+the development of a photovoltaic carport
+that is now being used at Porsche dealerships
+worldwide. Specially designed for Porsche
+vehicles, the carport enables the charging
+of plug-in hybrid and electric vehicles with
+locally generated renewable energy. It also
+protects against weather conditions. The ele-
+gant support structure with integrated Porsche
+universal chargers (AC) features a roof struc-
+ture made of semi-transparent glass-glass
+photovoltaic modules. For two parking places,
+for example, they generate more than 3,000
+kilowatt-hours of energy per year - enough
+electricity for over 200 battery charges for
+a Panamera 4 E-Hybrid, which corresponds to
+an electronic range of roughly 10,000 kilo-
+metres. The photovoltaic carport celebrated
+its premiere on the North Sea island of Sylt.
+Plug-in hybrid vehicles hired out by Porsche
+Drive can be charged there. Further locations
+are already in the pipeline.
+in the US.
+In 2017, Porsche came
+tops in the overall
+rankings of the Auto-
+motive Performance,
+Execution and Layout
+Study (APEAL) quality
+study by the US market
+research institute
+J.D. Power for the 13th
+straight year. Porsche
+thus remained the
+automobile brand with
+the highest attractive-
+ness for customers
+GOLDEN STEERING WHEEL:
+PANAMERA TURBO SPORT TURISMO
+BEST CARS 2017: PANAMERA 4S
+For the 14th time, Auto Bild and Schwacke
+named their "Value Champion". The award
+compares all models sold in Germany in 13
+vehicle segments and names the vehicle with
+the most stable value in each class. With a
+value loss of just 34.7 per cent after four years,
+the Porsche Macan S Diesel again took the
+title as the most stable-valued car in Germany.
+In total, Porsche scored four class wins: in
+addition to the Macan, the 718 Cayman S PDK
+won the sports-car class, the Panamera 4S
+Diesel the luxury class and the Cayenne Diesel
+the SUV class.
+And in winning the "Golden Steering Wheel"
+from Bild am Sonntag and Auto Bild, the
+Panamera Sport Turismo was named the best
+sports car of 2017, securing one of the most
+important European automobile awards.
+The Golden Steering Wheel has been awarded
+by the publications of the Axel Springer
+publishing house since 1976 and is regarded
+as the Oscars equivalent for cars, with its
+exceptional international renown.
+award and the Porsche 911 GT2 RS with the
+Code Brown Award as the "Scariest Device
+of the Year".
+APEAL AND KELLEY BLUE BOOK: MACAN
+S.GO 6060
+In Germany, over 120,000 readers of the trade
+magazine auto motor und sport gave top hon-
+ours to Porsche 911 Carrera and the Porsche
+911 Cabrioletas in the previous year - in
+the "Best Cars 2017" rankings in the sports-
+car and convertible categories, respectively.
+The new Porsche Panamera, meanwhile, took
+victory in the luxury class in its debut year.
+Readers of sport auto named Porsche models
+best in class in four out of ten categories. The
+718 Boxster S, 911 Carrera GTS, 911 Carrera
+GTS Cabriolet and the 911 GT3 all conquered
+their respective competitors. Porsche was the
+most successful manufacturer in the survey.
+The British magazine Top Gear honoured the
+Porsche 911 GT3 with its "Engine of the Year"
+The US consumer magazine Kelley Blue Book
+handed out a total of four Brand Image Awards
+to the sports-car maker: the Porsche brand in
+the "Best Performance Luxury Brand" category,
+the Porsche Macan in "Best Resale Value -
+Luxury Compact SUV/Crossover", the Porsche
+Panamera in "Best Resale Value - High-End
+Luxury Car", and the Porsche 718 Cayman in
+"Best Resale Value - Sports Car". Readers
+of the US car magazine Car and Driver placed
+the Porsche 718 Boxster and Cayman among
+the "10 Best Cars" and the Porsche Macan
+among the "10 Best Trucks/SUVs".
+S:GO 5060
+OPZES
+SOCIETY
+This "sports car among SUVs" is meticulously
+hand-finished in the Porsche Exclusive Manu-
+faktur workshop at the Leipzig production site.
+The Macan Turbo Exclusive Performance
+Edition's unique appearance is based on the
+standard Turbo exterior package, which in-
+cludes 21-inch 911 Turbo Design wheels with
+spokes painted high-gloss black on the sides,
+LED main headlights and tinted rear lights.
+and pleasure.
+the standard lightweight alloy wheels, and are
+20 per cent stronger at the same time. This
+lower unsprung weight enables the tyres to
+trail the surface of the road better and transfer
+longitudinal and lateral forces in optimised
+form. Lower rotating masses also mean greater
+spontaneity in both acceleration and braking,
+which in turn enhances driving dynamics
+The innovative wheels weigh a total of approx-
+imately 8.5 kilos, or 20 per cent less than
+Carbon wheels: exclusive innovation
+Porsche is the world's first car manufacturer
+to offer lightweight wheels with braided
+carbon fibre. They are available as an option
+for the Porsche 911 Turbo S Exclusive Series.
+The high-tech carbon material's characteri-
+stic black colour is shown to full advantage
+under a protective clear coating.
+CARBON WHEELS
+71
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance Research and development
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+70
+911 TURBO S EXCLUSIVE SERIES
+at the Porsche Exclusive
+Manufaktur workshop in
+Zuffenhausen.
+LOBEN
+the 911 Turbo S Exclusive
+Series include its unique
+design, luxurious details
+and higher-grade
+materials. The sports car
+is finished by hand with
+meticulous craftsmanship
+Impressive features of the 911 Turbo S include
+its unique design, luxurious details and higher-
+grade materials. The sports car is finished
+by hand with meticulous craftsmanship at the
+Porsche Exclusive Manufaktur workshop
+in Zuffenhausen. In addition to producing
+limited-edition series, this in-house workshop
+specialises in personalising Porsche cars.
+Customers can choose from a large number
+of specially developed optional features.
+the 911 Turbo S Exclusive Series
+In the summer Porsche introduced the
+911 Turbo S Exclusive Series, a limited
+edition of 500 cars. The coupe generates
+446 kW/607 hp, or 27 hp more than the
+standard 911 Turbo S. Its 3.8-litre bi-turbo
+flat-6 engine with an exclusive power kit
+has a peak torque of 750 Nm that is available
+between 2,250 and 4,000 rpm. The Turbo S
+sprints from zero to 100 km/h in 2.9 seconds,
+with a peak speed of 330 km/h. Its combined
+fuel consumption, which does not differ from
+the standard model, is 9.1 l/100 km and
+corresponds to 212 g/km of CO2 emissions.
+Luxurious:
+SIG SAL
+PANAMERA TURBO S E-HYBRID
+718 CAYMAN GTS
+The 911 GT3 presented by Porsche in Geneva
+is a racing-based two-seater with systematic
+lightweight construction that is ideal for
+both motorsport and everyday use. The heart
+of the 911 GT3 - its flat-6 engine with
+368 kW/500 hp - have been completely re-
+designed by Porsche Motorsport and is already
+being used in adapted form in the 911 GT3 R,
+911 Cup car and 911 RSR. The newly con-
+ceived variable intake system made of light-
+weight synthetic material has two integrated
+resonance butterflies compared to just one
+in the predecessor model. Depending on load
+and engine speed, these open singly or simul-
+taneously to enable a considerably higher
+torque curve than before. One beneficial side
+effect consists of efficient load alteration that
+enhances fuel consumption. Both the re-
+worked chassis with rear-wheel steering and
+the systematic lightweight construction are
+designed to convert engine power into out-
+standing driving dynamics.
+six hours using a 230-volt 10-amp connection.
+With the optional 7.2-kW on-board charger
+and a 230-volt 32-amp connection instead of
+the standard 3.6-kW system, the Panamera's
+battery can be fully charged in 2.4 hours.
+S:GO 3400
+911 GT3
+The second hybrid version of the Panamera is
+the first plug-in hybrid to be positioned at
+the top of a Porsche model line, reflecting the
+great importance that the company attaches
+to electromobility. The new 500-kW/680-hp
+Panamera Turbo S E-Hybrid adds an electric
+motor to the 4-litre V8 engine from the
+Panamera Turbo. This generates overall system
+performance of 500 kW/680 hp and impres-
+sive power development with 850 Nm of
+torque available at just above idling speed.
+This in turn enables acceleration from zero to
+100 km/h in 3.4 seconds and a peak speed
+of 310 km/h. The boost strategy for this flag-
+ship Panamera model with all-wheel drive
+comes from the 918 Spyder super sports car.
+Average fuel consumption in the New European
+Driving Cycle is 2.9 l/100 km, and the fully
+electric range can reach 50 kilometres. The
+electric motor is powered by a liquid-cooled
+lithium-ion battery with an energy capacity of
+14.1 kWh. Integrated into the rear of the car,
+the high-voltage battery can be fully charged in
+The car's exclusive character is emphasised by
+design highlights created solely for this model,
+such as Carmine Red elements on the front
+spoiler, rear apron and sideblades. The "Macan
+Turbo" model designation also appears in
+Carmine red below the Porsche insignia in
+high-gloss black at the rear.
+Impressive features of
+REMOVE
+The car comes in four model versions: the
+Panamera 4 Sport Turismo, Panamera 4
+E-Hybrid Sport Turismo, Panamera 4S Sport
+Turismo and Panamera Turbo Sport Turismo.
+The new Porsche 718 GTS models
+Porsche has added the new 718 Boxster GTS
+and 718 Cayman GTS two-seaters to its
+family of mid-engine cars. A newly developed
+intake duct and an optimised turbocharger
+have increased performance to 269 kW/
+365 hp, so the 2.5-litre flat-4 engine gener-
+ates 11 kW/15 hp more output than the
+718 S model and up to 26 kW/35 hp more
+than the previous GTS models with naturally
+aspirated engines.
+PORSC
+Porsche presented the Macan Turbo Exclusive
+Performance Edition, an especially elegant
+variant of the flagship Macan model, in Octo-
+ber. This Edition model is based on the Macan
+Turbo with Performance Package, which
+has a 3.6-litre V6 turbocharged engine that
+generates 324 kW/440 hp. The car is only
+available in selected markets. Exclusive design
+features on both the exterior and interior ac-
+centuate the especially sporty character of this
+most powerful derivative in the model line.
+911 GT2 RS
+The 911 GT3's body has impressively large air
+inlets in its specially designed front end, as
+well as the model's typical air outlet in front
+of the luggage compartment lid. Forged light-
+weight metal wheels with central locking
+dominate the side view. With the body 44 mil-
+limetres broader at the wheel arches than the
+911 Carrera, the tyres leave a powerful im-
+pression. The body has also been lowered by
+25 millimetres, which accentuates the broad
+appearance. This car appeals to fans of
+high-calibre sports cars who have a strong
+predilection for understatement and classic
+driving pleasure.
+The "Touring Package" name recalls a set of
+equipment for the 911 Carrera RS from model
+year 1973. Then, too, the focus was on purist
+911 design and classic interior features. The
+new 911 GT3 with Touring Package picks up on
+and modernises this idea. In keeping with the
+character of a purist GT car, high-grade leather
+features prominently in the interior. Smooth-
+grained leather lines the steering wheel with a
+12-o'clock marker, shift lever, door-panel arm
+rests, storage compartment cover on the cen-
+tral console and door handles.
+The 911 GT3 with Touring Package joined
+the ranks of purist high-performance sports
+cars with its debut in September at the
+International Motor Show in Frankfurt am Main
+(IAA). The car only comes with a manual six-
+speed gearbox, and has a variable rear spoiler.
+Its four-litre naturally aspirated racing engine
+generates 368 kW/500 hp and develops
+460 Nm of torque. With optimal gear shifting,
+the 911 GT3 with Touring Package powers
+from zero to 100 km/h in 3.9 seconds, and
+has a peak speed of 316 km/h.
+911 GT3 with Touring Package
+Premiere at the IAA:
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+72
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance Research and development
+22
+73
+Porsche Exclusive Manufaktur refines the
+most powerful Macan
+The Cayenne has been thoroughly digitalised
+and networked. Its expanded range of perfor-
+mance from sportiness on the one hand to
+comfort on the other is due not least of all to
+the new eight-speed Tiptronic S gearbox.
+Shorter response times and sportier ratios in
+the lower gears enhance both on-road perfor-
+mance and off-road capacities. At the other
+end of the expanded range, the long-transmis-
+sion eighth gear ensures low rpm levels and
+optimises fuel consumption on leisurely drives.
+The route calculation system has also been
+optimised, thanks to simultaneous processing
+of on-board and online information. It calcu-
+lates routes both internally in PCM and online.
+PCM automatically selects the best route,
+but always starts with the one calculated first.
+The navigation system also uses the new Risk
+Radar service to process swarm data: this
+data has been gathered and transmitted anon-
+ymously by vehicles equipped with special
+sensor systems to detect conditions like fog,
+slippery driving surfaces and accidents. The
+new Cayenne can therefore help to reduce
+risks and prevent accidents.
+The further developed online navigation system
+with real-time traffic information is now even
+simpler, faster and more comprehensive. A
+central "finder" - whose icon is a magnifying
+glass in the PCM's header - makes it easy
+to search for destinations. The finder also offers
+a lot of additional information such as petrol
+prices, locations of parking garages including
+their prices and opening times, and user re-
+views of hotels and restaurants. The new Voice
+Pilot function makes it just as simple to give
+spoken commands to the navigation system.
+Porsche's voice control has again been further
+enhanced. Online speech recognition makes
+voice input more intuitive than before. For
+example, destinations can be entered without
+all the details in the address.
+Porsche Connect Plus
+Porsche has raised connectivity to a new
+level in the new Cayenne. The many different
+options are a key component of Porsche
+Connect Plus, which is standard in the new
+SUV generation. Drivers can now use Porsche
+Communication Management (PCM) to ac-
+cess Amazon Music, smart-home services
+from Nest, and Radio Plus, an intelligent
+combination of conventional and online radio
+reception. An integrated LTE-compatible
+SIM card enables the new Cayenne to be per-
+manently online, which is also a standard
+feature. In addition, Porsche has developed
+a simplified smartphone app for the main
+Connected Car functions. And Amazon Music
+subscribers can enjoy one of the most popular
+streaming services in the Cayenne directly
+via PCM. Amazon Music offers not only a wide
+range of music but also other entertainment
+services in Germany such as live audio stream-
+ing of Bundesliga football matches.
+S.GO 500
+Porsche has raised
+connectivity to a new
+level in the new
+Cayenne. The many
+different options are a
+key component of
+Porsche Connect Plus,
+which is standard in
+the new SUV generation.
+CAYENNE TURBO
+Shortly after the world premiere, Porsche
+presented the Cayenne Turbo. The new flag-
+ship of this SUV generation, it significantly
+raises the standard for sporty performance in
+its segment yet again. Its four-litre bi-turbo V8
+engine generates 404 kW/550 hp. Innovative
+technologies like the active aerodynamics
+including a roof spoiler, the controlled three-
+chamber pneumatic suspension, mixed tyres
+and a new high-performance braking system
+combine to lay the foundation for even better
+driving dynamics.
+GT2 RS is the fastest 911 of all time
+The Festival of Speed in Goodwood (United
+Kingdom) provided the setting for the world
+premiere of the 911 GT2 RS - the fastest and
+most powerful 911 of all time. The heart of
+this high-powered sports car is a bi-turbo flat-
+6 engine with 515 kW/700 hp that acceler-
+ates the 1,470-kilo two-seater with a full tank
+of fuel from zero to 100 km/h in 2.8 seconds.
+Its peak speed is 340 km/h. The 911 GT2 RS
+set a new record for road-authorised sports
+cars on the Nürburgring-Nordschleife (Nürburg-
+ring north loop) with a time of 6:47.3. As usual
+for record laps, this was measured on the
+20.6-kilometre circuit. The average speed was
+184.11 km/h.
+Of special technical note is its innovative
+lithium-ion polymer starter battery, which
+alone makes the car ten kilos lighter than
+the previous model. This new-generation line
+was launched with two newly developed
+six-cylinder petrol engines that generate
+250 kW/340 hp in the Cayenne and 324 kW/
+440 hp in the Cayenne S.
+New Cayenne celebrates world premiere
+Porsche held a spectacular event in Zuffen-
+hausen in August to present the third gen-
+eration of the Cayenne. More than 770,000
+cars in this model line have been sold since
+2002. The completely redeveloped third gen-
+eration of the SUV is more precise, elegant,
+athletic and expressive, and influenced strong-
+ly by the 911. It now offers mixed tyres and
+rear-axle steering for the first time. Despite an
+expanded range of standard equipment, it
+weighs up to 65 kilos less thanks to intelligent
+lightweight construction. Its exterior shell is
+made entirely of aluminium, as is its floorpan
+assembly, front section and nearly all of its
+chassis components.
+The GTS cars stand out in the 718 model line
+in technical but also visual terms. The new
+Sport Design front apron accentuates their
+sporty character. Their front light modules and
+bi-xenon headlights are tinted black in the
+typical GTS manner.
+Porsche Active Suspension Management
+(PASM) lowers the body by ten millimetres.
+Peak torque of up to 430 Nm enables even
+better acceleration and flexibility values.
+It is available between 1,900 and 5,000 rpm.
+Together with a Porsche double-clutch trans-
+mission (PDK) and Sport Chrono Package,
+the GTS models race from zero to 100 km/h
+in 4.1 seconds. The peak speed is 290 km/h.
+The newly opened
+training centre in
+Leipzig represents a
+far-sighted investment
+in the next generation
+of skilled employees.
+Covering 2,300 square
+metres, the new building
+provides modern
+workshops and seminar
+rooms, innovative
+training tools and thus
+the ideal infrastructure
+for vocational training.
+be used for this.
+PRE-TREATMENT PROCESS IN PAINT SHOP
+TRAINING CENTRE IN LEIPZIG
+85
+New photovoltaic systems at the Leipzig plant
+Three photovoltaic systems are currently in
+operation at the Porsche Leipzig GmbH site.
+The system in the new body shop achieves
+particularly high performance. The 15,240
+modules produce 4.2 megawatts of electricity.
+Another 0.6 megawatts are contributed by
+the system in the body shop which produces
+the Macan. The roof surfaces of the training
+centre, which was opened in April, are also
+equipped with photovoltaic modules. In full
+sunshine, the system generates a substantial
+proportion of the electricity requirement. The
+energy saving provided by the photovoltaic
+systems is therefore an important factor on the
+way towards resource-efficient production.
+In June, the Porsche 911 won first place in
+its segment for the sixth time in succession
+in the Initial Quality Study by U.S. market
+research institute J. D. Power. This makes it a
+serial winner in the "Midsize Premium Sporty
+Car" category since 2012. The Macan also
+took first place again, for the third time in
+succession. In the factory ratings for Europe/
+Africa, Porsche took first place with the Leipzig
+plant and was thus presented with the Gold
+Award. Over 77,000 private citizens took part
+in the survey, evaluating 243 models by
+33 carmakers.
+Gerd Rupp new head of Porsche
+plant in Leipzig
+On 1 July, Gerd Rupp took over the chairman-
+ship of the Executive Board of Porsche Leipzig
+GmbH. Rupp succeeded Siegfried Bülow,
+who had built up and developed the produc-
+tion site over the course of 17 years as plant
+director. Before moving to Leipzig, Rupp
+had been director of tool construction for the
+Volkswagen brand in Wolfsburg for seven
+years, and had previously worked for Audi AG
+in Ingolstadt and Barcelona. Siegfried Bülow
+retired on 1 July. He will continue to be availa-
+ble to the company as a consultant.
+Gold for the Leipzig plant
+Performance Sales, production, procurement
+of operation in the pre-treatment process for
+vehicle bodies enable a saving of around
+60,000 kilograms of chemicals (e.g. tensides,
+cleaning agents, pH regulators) per year, in
+addition to 5,500 cubic metres of fresh water.
+The procedure is applied in order to remove
+adhesions and lubricants from the bodywork
+surface in preparation for the painting process.
+PORSCHE ENGINE PLANT
+84
+WINFRIED KRETSCHMANN VISIT
+This commitment was honoured during Baden-
+Württemberg's 6th Resource Efficiency and
+Circular Economy Congress: in the presence
+of Minister President Winfried Kretschmann,
+Environment Minister Franz Untersteller pre-
+sented two certificates to Head of Production
+Albrecht Reimold. Furthermore, both measures
+were included as examples of excellence in
+the book "100 Companies for Resource Efficien-
+cy", which is being published to accompany
+the federal state project.
+The second project that Porsche submitted
+was the energy optimisation provided by
+use of drier exhaust heat in the wet chemical
+waste air purification plant in the Zuffenhausen
+paint shop. The optimisation enables the
+necessary separating agent to be heated by
+the waste heat flow from the paint drier in
+the waste air purification plant. This achieves
+electrical energy savings of 750,000 kilowatt
+hours per year, which corresponds to an
+emission of 319 tonnes of CO2.
+In Zuffenhausen, Porsche participated in the
+Federal State of Baden-Württemberg's project
+100 Companies for Resource Efficiency in
+2017. In the paint shop, the optimisation
+Efficient resource use
+a biogas component, the generous relaxation
+rooms with adjacent green spaces and
+park-like areas for employees, and the quality
+of the entire project management.
+In addition, Porsche set considerably more
+horticultural plants than is actually prescribed
+for ecological compensation. The award also
+acknowledged the future energy mix, including
+In future, the electric drives of the Mission E
+will also be produced at the new engine plant,
+as well as V8 engines. A new building will
+also be built for the central workshops in
+Zuffenhausen, which will be located on the
+premises of the former Mercedes transmission
+plant. A particular advantage here was that
+assessments of inherited liabilities and pollut-
+ants had already been drawn up in advance of
+the demolition work and that the renovation
+recommendations were not only implemented
+but also supervised by surveyors.
+Porsche plant particularly sustainable
+Porsche is setting standards in terms of
+sustainability with the expansion and renova-
+tion of its headquarters in Zuffenhausen.
+Plant 4, with the new engine plant, central
+workshops and additional office space, was
+given platinum certification by the German
+Society for Sustainable Construction (Deutsche
+Gesellschaft für nachhaltiges Bauen, DGNB)
+in October. This makes Porsche a pioneer
+in this area. The award honours economic,
+ecological, socio-cultural, functional and tech-
+nological process quality in the restructuring
+and conversion of industrial districts. At the
+pre-certification in 2015, Plant 4 had already
+been considered for gold certification, which
+was the highest award category at that time.
+Minister President praises Porsche production
+During his visit to Zuffenhausen in July,
+Minister President of Baden-Württemberg
+Winfried Kretschmann learned about the
+company's future direction with regard to
+electromobility and the associated restructur-
+ing of the Stuttgart-Zuffenhausen site. He
+praised the new engine plant as a role model.
+"The careful and far-sighted management
+of urban areas exemplifies sustainability, and
+the involvement of residents conveys transpar-
+ency. All these are important steps towards
+being a role model for climate-friendly mobility,"
+said Kretschmann.
+New training centre in Leipzig
+Porsche's success story is predominantly at-
+tributable to its highly qualified and motivated
+team. In April, the company therefore set an
+important milestone for excellent vocational
+training: the newly opened training centre in
+Leipzig represents a far-sighted investment in
+the next generation of skilled employees.
+Covering 2,300 square metres, the new build-
+ing provides modern workshops and seminar
+rooms, innovative training tools and thus
+the ideal infrastructure for vocational training.
+PHOTOVOLTAIC SYSTEMS AT LEIPZIG PLANT
+Performance Sales, production, procurement
+In July, series production of the new Panamera Sport Turismo began in the Porsche factory in
+Leipzig. Porsche has expanded the Leipzig site with a new body shop building for the Panamera
+model family. As part of the 500-million-euro investment, an in-house quality and pilot centre
+was also created to accompany the transition from prototype to series production. Porsche has
+invested more than 1.3 billion euros in the Leipzig plant from the laying of its foundation stone
+to the present day.
+In the last few years, Porsche has advanced
+diverse projects to promote environmentally
+sustainable logistics. Their implementation
+was continued in 2017 in order to achieve
+the targets set out in the new Green Logistics
+strategy. Among other things, a method was
+developed to enable comprehensive capturing
+of Porsche CO₂ emissions in transport logistics
+according to the greenhouse gas protocol
+for the first time. The calculation method will
+continue to be refined and checked for feasi-
+bility in the next few years in order to achieve
+more detailed evaluations.
+The first Baden-Württemberg industry week
+In June, Porsche participated in the first
+Baden-Württemberg industry week, organised
+by the Ministry for Economics, Labour and
+Housing. The company gave an insight into
+sports-car production as well as into the train-
+ing developments necessitated by operational
+changes. Instructors learned how trainees
+can be involved at an early stage in topics such
+as digitalisation, electromobility and smart
+mobility, and the learning methods that can
+"Green Logistics" for environmentally
+sustainable logistics
+CROSS-SITE SUSTAINABILITY PROJECTS
+87
+EJIT PILOT PROJECT
+100% elektrisch und verett
+Hier führt die Logistik der Zukun
+Da
+the eJIT research project. The partners have
+been working together on truck electrification
+since the beginning of 2016. The project
+is part of the programme "IKT III [Information
+and Communications Technology for Electro-
+mobility III]: integration of electric commercial
+vehicles into logistics, energy and mobility
+infrastructures". With this programme, the
+Federal Ministry for Economics and Energy is
+continuing its research activities into the
+commercial use of electromobility.
+Alongside Porsche Leipzig as associated
+partners, IAV GmbH, Schnellecke Logistics,
+Volkswagen Saxony and the Network of
+Automotive Suppliers are participating in
+The e-truck is charged up at the supply centre
+during the regular waiting time while being
+loaded up. The battery is charged using a
+150-kW quick charger. This enables it to be
+used in three-shift operation. The range on
+a full electrical charge is around 70 kilometres,
+and the maximum speed is 85 kilometres
+per hour. A second e-truck is currently being
+tested by Volkswagen Saxony at the Zwickau
+plant. In Zuffenhausen, the use of an e-truck
+to supply production from the nearby distribu-
+tion point is planned for 2018. This will enable
+a considerable reduction of emissions in the
+plant environment.
+The eJIT project was launched at the Leipzig
+site in June. The pilot testing, which will take
+three years, tests a truck with a purely electric
+drive in logistics traffic. Porsche is the first
+automobile manufacturer in Europe to deploy
+a motorway-suitable, fully electric 40-tonne
+vehicle. In Leipzig, more than 600 trucks arrive
+at the plant every day - the eJIT is the first
+truck with a purely electric drive to be used for
+transport between the logistics centre and
+the assembly supply centre. In a second devel-
+opment stage, the vehicle is to be highly
+automated from 2018.
+Pilot project for environmentally
+friendly logistics
+KUKA
+LEIPZIG BODY SHOP
+With this development, body building is raising
+the bar for efficient internal processes. Previ-
+ously, the energy efficiency as certified on the
+device was decisive: now, it is important that
+the device is optimally adjusted to the work
+process. This optimisation produces energy
+savings of approximately 12 per cent.
+A further example is provided by the over
+400 robots used in body building. Up to now,
+functionality and productivity had played an
+essential role for the robots deployed in
+production. In cooperation with the Fraunhofer
+Institute, Porsche examined the robots' motion
+sequences and routes: How quickly do they
+accelerate? When do they brake? How long do
+they apply the brake? When do they actually
+switch to energy-saving mode? As a result,
+the robots' processes were optimised to enable
+them to perform sequences that also maxi-
+mize energy savings. For example, the robots
+now only accelerate as fast as is necessary.
+This enables evaluation of each individual robot
+and the entire process sequence that also
+takes into consideration the energy aspect.
+The bar has been raised again for resource-
+efficient production in the planning and
+construction of the body shop in Leipzig. This
+includes numerous new, energy-efficient pro-
+duction procedures and the intelligent control
+of lighting.
+Resource-efficient body building
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+on the way towards
+resource-efficient
+production.
+energy saving is an
+important factor
+a substantial proportion
+of the electricity
+requirement. This
+In full sunshine, the
+system generates
+86
+NEW PANAMERA SPORT TURISMO
+Starting signal for the new Panamera Sport Turismo
+83
+81
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Porsche Classic expands offerings
+In addition to current vehicles, classic Porsche
+models continue to enthuse fans worldwide.
+Porsche Classic handles all vehicles whose
+production period lies more than about ten
+years in the past. This includes all aspects,
+from technical literature to the provision
+of 52,000 original parts and even complete
+vehicle restoration. New additions to the
+replacement parts assortment included the
+brake drum for the Porsche 356 A and the
+Porsche Classic Vehicle Tracking System,
+which provides an additional anti-theft
+protection measure for classic sports cars.
+For the optimal maintenance of the vehicles
+and to provide an expert point of contact for
+classic Porsche enthusiasts, the international
+dealer and service network was further ex-
+panded in 2017. Locations were added in
+Australia, Hong Kong and Norway. Customers
+and potential buyers therefore now have a
+total of 60 Porsche Classic partners world-
+wide, including three Porsche Classic Centres.
+The Porsche Classic Centres now bring to-
+gether services, auto repair and sales of classic
+sports cars under one roof for the first time.
+Porsche has thereby integrated the care and
+value preservation of modern classic and
+older classic cars in a single service concept
+that honours tradition and innovation in
+equal measure.
+PORSCHE CLASSIC CENTRE IN NORWAY
+PORSCHE
+Porsche Classic Center Son
+Collaboration project in battery recycling
+In Aftersales, Porsche is collaborating with the
+Swedish company Box of Energy. The joint
+project involves the recycling and further use
+of lithium high-voltage batteries. A prototype
+for a second-life energy storage unit is in
+progress. The unit is comprised of two used
+Panamera batteries installed in a stationary
+energy storage unit with 18 kilowatt-hours of
+capacity. Depending on market and customer
+demands, specific solutions for the storage
+of solar power generated in-house or cheap
+purchased electricity for later use will be
+developed. In conjunction with renewable
+energy sources, the project makes an impor-
+tant contribution since the need for temporary
+storage of electricity is continuing to rise.
+The use of used vehicle batteries as energy
+storage units significantly reduces waste
+and the consumption of raw materials.
+In the 2018 TÜV Report published in Novem-
+ber 2017, the 911 models from Porsche once
+again demonstrated their superior long-term
+quality. Among the six- to seven-year-old
+models as well as the eight- to nine-year-old
+and ten- to eleven-year-old models, the 911
+topped the list in each category. The 2018
+TÜV Report was based on the results of the
+main study. In the study period between July
+2016 and June 2017, the results from nearly
+nine million vehicles were evaluated.
+2018 TÜV Report: quality at Porsche
+To make day-to-day work in the Porsche
+Centres more efficient and pleasant, all After-
+sales systems were modernised in 2017. In
+the future, roughly 30 systems will be united
+in a single frontend.
+The Aftersales department also worked on
+Service Packages offering customers all-
+inclusive comprehensive services. All costs for
+maintenance or replacement of high-wear
+components, for example, would be covered
+by a single price. This would then ensure
+optimal care for the vehicle.
+The Porsche vehicles of the future will, more-
+over, be "always online". In 2017, the Aftersales
+department worked on various over-the-air
+(OTA) functions. In the future, these capabili-
+ties will enable one-click purchasing of new
+vehicle functions in the Porsche navigation
+system. Analyses and troubleshooting will also
+be possible without the customer having to
+visit a Porsche Centre.
+the requisite infrastructure and processes are
+in development. At the same time, the Sales
+department and the Volkswagen Group were
+hard at work on "intelligent home charging".
+With automatic consideration of the electricity
+price and the current electricity needs of
+all consumers in the household, the system
+enables rate-optimised charging.
+lines. In the reporting year, a clear course was
+charted for these new technologies, and
+New additions to the
+replacement parts
+assortment included the
+brake drum for the
+Porsche 356 A and the
+Porsche Classic Vehicle
+Tracking System, which
+provides an additional
+anti-theft protection
+measure for classic
+sports cars. For the
+optimal maintenance
+of the vehicles and to
+provide an expert
+point of contact for
+classic Porsche
+enthusiasts, the inter-
+national dealer and
+service network
+was further expanded
+in 2017.
+The advancing electrification of the vehicle
+models also took on a central role in the after-
+sales context. In particular, this included the
+development of a powerful charging infra-
+structure at the Porsche locations that would
+allow the recharging of vehicle batteries at
+currently unimaginable speed - independent
+of the capacity of the available connection
+course and training methods were core themes
+To ensure that vehicles could be rapidly and
+competently serviced or repaired, a compre-
+hensive training programme for the employees
+of Porsche Centres was initiated worldwide.
+The focus of the training programme was new
+technologies and systems used in the Cayenne.
+The qualification of the dealer organisation
+as well as the further development of the
+The Aftersales department also focussed on
+the market launch of the new Cayenne in
+the reporting year as well as securing the
+worldwide replacement parts supply for the
+third SUV generation. In addition to the defini-
+tion and provisioning of replacement parts,
+new digital, interactive Driver's Manuals and an
+app for customers were developed. Aftersales
+also achieved a very strong insurance rating
+for the Cayenne. New repair concepts contin-
+ued to be developed. For example, a procedure
+that enabled particularly rapid testing for
+wear on the new PSCB brake utilising a paint-
+thickness measuring device was introduced.
+This enabled more cost-effective and simulta-
+neously higher-quality service both for the
+customer and the Porsche Centre.
+Aftersales: professional service
+Virtual driving pleasure for real: Porsche and
+Microsoft plan to collaborate more closely in
+the future. At the 2017 New York International
+Auto Show, the two companies agreed to
+a six-year partnership in the field of racing
+games and electronic gaming competitions.
+In the future, sports cars from Porsche will
+have a greater presence in the racing game
+series Forza Motorsport and Forza Horizon.
+One central element of the partnership is the
+growth field of eSports - i.e. competitions
+in which players compete in virtual gaming
+contests. The kick-off for the engagement was
+the Forza Racing Championship (ForzaRC), the
+leading eSport racing series with the largest
+online racing community worldwide. Based on
+the current Xbox racing game Forza Motor-
+sport 6, in which Porsche has been involved
+with over 20 cars since 2016, the ForzaRC
+2017 season provided a motor racing champi-
+onship for all Porsche fans.
+Porsche and Microsoft
+addition to the definition
+and provisioning of
+replacement parts, new
+digital, interactive
+Driver's Manuals and
+an app for customers
+were developed.
+SUV generation. In
+The Aftersales depart-
+ment also focussed on
+the market launch of
+the new Cayenne in the
+reporting year as well
+as securing the world-
+wide replacement
+parts supply for the third
+New design for the Porsche brand presenta-
+tion: Porsche changed its corporate identity
+for the first time in roughly 20 years. The
+in-house font, colours and image presentation
+that the sports-car maker now uses in its
+communications, such as publications, cata-
+logues, ads, signs, online media and even the
+displays in its vehicles, have been fundamen-
+tally reworked. The result is a significantly
+modernized and even more emotional pres-
+entation. Porsche had been resolutely applying
+its previous corporate identity since 1996
+and with it had given the brand an unmistakable
+appearance. With the growing importance of
+digital channels, the new design effort placed
+great importance on establishing a brand
+presentation that would work online as well,
+and unmistakably stand for Porsche. In the
+future, the colour scheme will focus in the
+colour white, accompanied by four grey tones,
+black and a new, brilliant Porsche red. The
+colour Acid Green was retained as the com-
+munications colour for the E-Performance
+area. The Porsche Next in-house font was
+also redesigned.
+New corporate identity
+Given the increasing traffic load, particularly
+in built-up areas, it is important to Porsche
+in the effort to prepare dealers optimally for
+coming vehicle generations.
+80
+Performance Sales, production, procurement
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+2017
+2016
+2014 2015
+2013
+0
+255,683
+234,497
+239,618
+203,097
+165,808
+50
+82
+THE ONE-MILLIONTH 911
+Vehicles produced
+Production volume
+100
+150
+200
+250
+In the 2017 financial
+year, Porsche produced
+a total of 255,683
+vehicles. This consti-
+tutes an increase of
+about seven per cent
+compared with the
+previous year. Porsche
+produced a total of
+51,801 cars at its
+headquarters in
+Zuffenhausen. 156,439
+vehicles were manufac-
+tured in Leipzig.
+A milestone on the road towards production
+of the first purely electric sports car was
+achieved in 2017 when, following a seven-
+month application review, immission control
+approval was issued for the restructuring of
+the traditional site in Stuttgart-Zuffenhausen,
+with no reservations. The documents submit-
+ted comprised 365 files weighing around
+one tonne in total. The complex procedure in-
+cluded public involvement and determined all
+the environmental effects of the construction
+project: for example, the effects on humans,
+flora and fauna as well as on the landscape and
+on cultural assets. Over 15 environmental as-
+sessments were drawn up for air, noise, water
+protection and environmental protection. The
+authorities approved the plant extension, which
+will result in a capacity of 100,000 vehicles
+per year. The saddlery, the new engine plant
+and the vehicle assembly department can also
+be expanded. Porsche maintained on-going,
+proactive dialogue with its neighbours during
+the process.
+Approval for restructuring in Zuffenhausen
+ple now enables the assembly of all the
+sports cars on one production line - the 911,
+718 Boxster and 718 Cayman, including
+their numerous derivatives.
+On May 11, the millionth Porsche 911 came
+off the production line in Zuffenhausen: a
+Carrera S in the individual colour Irish green,
+reminiscent of the first original 911s from
+1963. The 911 remains the most strategically
+important model in the product range, and
+contributes significantly to Porsche's position
+as one of the most profitable carmakers in
+the world. A significant element of Porsche's
+success is the production site at its head-
+quarters in Zuffenhausen. All the 911 models
+are built here. An ingenious production princi-
+Production in Zuffenhausen
+In the 2017 financial year, Porsche produced
+a total of 255,683 vehicles. This constitutes
+an increase of about seven per cent compared
+with the previous year. All vehicles in the 911
+(33,820 units), 718 Boxster (12,900 units) and
+718 Cayman (5,081 units) model ranges came
+off the production line at the Zuffenhausen
+plant. Thus, Porsche produced a total of 51,801
+cars at its headquarters in Zuffenhausen. A total
+of 156,439 vehicles were manufactured at
+the Leipzig plant, amounting to around 61 per
+cent of Porsche's total production. 98,763 units
+in the Macan model range came from Leipzig,
+plus 20,071 Cayennes and 37,605 Panameras.
+5,286 units of the third-generation Cayenne
+were produced in Bratislava (Slovakia). Porsche
+produced 33,711 Cayennes at the Volkswagen
+Group's multi-brand site in Osnabrück and
+8,446 units of the 718 Cayman.
+PRODUCTION
+Performance - Sales, production, procurement
+of emissions. For this purpose, three CNG
+to make a contribution to the avoidance
+in 2017. This enabled up to 20 per cent of
+previous CO2 emissions to be saved - around
+119 tonnes of CO2 per year. The CNG gas
+trucks emit 80 per cent fewer soot particles
+and 90 per cent less carbon monoxide. They
+are also quieter. The additional deployment
+of LNG gas trucks is planned for the next few
+years, because of their greater range and
+promising technological development. The
+prerequisite for this is a comprehensive
+expansion of the LNG filling station network.
+95
+Performance - Financial analysis
+056803228
+100
+32,235
+100
+35,019
+34
+FINANCIAL POSITION
+10,809
+10,735
+783
+557
+2
+545
+10
+3,337
+2,589
+1,830
+31
+1,636
+Cash flows from operating activities amounted
+to €4,069 million in the 2017 reporting period
+following €3,864 million in the prior year. The
+material effects resulted from increased profit
+and higher depreciation, amortisation and
+write-downs on the one hand, and non-cash
+income and expenses and higher outflows
+for inventories on the other.
+There was a change in cash flows from financ-
+ing activities from €-786 million in the prior
+year to €-744 million in the current fiscal year.
+5
+10
+15
+14,326
+20
+20
+25
+€ million
+The cash flows from investing activities resulted
+in a cash outflow of €3,140 million in the
+reporting period following €2,724 million in the
+prior year. Investments in intangible assets
+(excluding capitalised development costs)
+and property, plant and equipment increased
+from €1,438 million in the prior year to
+€1,762 million in the period under review.
+Additions to capitalised development costs
+amounted to € 1,337 million following
+€1,228 million in fiscal year 2016.
+Sales revenue
+prior year.
+€23,491 million, following
+€22,318 million in the
+for the current reporting
+period amounted to
+the Porsche AG Group
+Consolidated revenue at
+€1,965 million as of 31 December 2016 to
+€2,231 million as of 31 December 2017.
+The net available liquidity of the automotive
+division - i.e., its gross liquidity less financial
+liabilities and excluding the financial services
+business in each case - improved from
+Payments made in respect of profit transfer
+and dividends resulted in a cash outflow of
+€2,371 million (prior year: € 1,904 million).
+This was partly offset by capital contributions
+amounting to €1,312 million (prior year:
+€1,076 million) made by Porsche Holding
+Stuttgart GmbH.
+96
+17,205
+77
+850
+3,687
+864
+2
+614
+Deferred tax liabilities
+Financial liabilities
+685
+2
+799
+11
+Other provisions
+10
+3,466
+Provisions for pensions and similar obligations
+37
+11,980
+43
+15,200
+Equity
+3,213
+055973
+3,669
+0
+Other liabilities
+2,599
+Other financial liabilities
+3,048
+Trade payables
+1,770
+Financial liabilities
+1,841
+119
+82
+11
+02312-2
+9,446
+26
+9,084
+699
+316
+1
+399
+29
+23,491
+22,318
+21,533
+absolute terms, the cost of sales rose by
+€935 million or 6 per cent. This slightly dis-
+proportionate increase is due to the growth
+in warranty expenses and higher research
+and development costs recognized in the in-
+come statement. The capitalisation ratio
+of revenue (prior year: 71 per cent). In
+revenue to € 16,872 million (prior year:
+€15,937 million), which represents 72 per cent
+The cost of sales increased in line with
+Consolidated revenue at the Porsche AG Group
+amounted to €23,491 million in the reporting
+period (prior year: €22,318 million). The
+Porsche AG Group sold 238,691 new vehicles
+in the past fiscal year. This corresponds to
+an increase in unit sales of 3 per cent compared
+with the prior year. The primary contribution
+to the growth in sales volume and revenue
+was made by the Panamera model line, which
+recorded an increase of 18,334 to 30,998
+new vehicles. The Macan model line main-
+tained its lead in terms of sales volume,
+with 95,540 new vehicles sold. In regional
+terms, China remained the largest market,
+with new vehicle sales totalling 70,594
+units. The European market (excluding Germany)
+recorded particularly healthy growth, with
+52,237 new vehicles sold. This corresponds
+to 7 per cent growth in unit sales.
+The Porsche AG Group's profit after tax in-
+creased by €499 million from €2,640 million
+in the corresponding prior-year period to
+€3,139 million in the current fiscal year. The
+tax rate in the reporting period was 26 per cent
+(prior year: 29 per cent).
+RESULTS OF OPERATIONS
+12
+for research and development costs amounted
+to 58 per cent (prior year: 56 per cent). The
+slightly disproportionate increase in cost of
+sales caused the gross margin to decrease
+from 29 to 28 per cent.
+2,640
+3,139
+Profit after tax
+-5
+- 1,057
+5
+17
+3,697
+0
+13
+-180
+Distribution expenses rose from €1,703 million
+to €1,883 million due to the higher volume
+of sales. Administrative expenses increased
+from €867 million to €1,041 million. In rela-
+tion to sales revenue, distribution expenses
+remained level at 8 per cent (prior year:
+at 4 per cent (prior year: 4 per cent).
+Performance - Financial analysis
+99
+98
+Operating profit
+Financial result
+gas trucks were deployed for daily transport
+Cost of sales
+Sales revenue
+€ million
+8 per cent), as did administrative expenses
+of the Porsche AG Group
+from €1,140 million to €917 million. The de-
+crease mainly results from lower expenses in
+connection with forward exchange transactions.
+Other operating income rose from € 1,206 mil-
+lion to €1,366 million. The increase is mainly
+attributable to a rise in income from the reversal
+of provisions and accruals as well as higher
+income relating to forward exchange transac-
+tions. Other operating expenses declined
+Depreciation, amortisation and impairment
+across the functions increased to €2,276 million
+compared with €2,081 million in the prior
+year. This primarily relates to the depreciation,
+amortisation and impairment of capitalised
+development costs and leased assets.
+rise in the average number of employees in
+2017 by 2,782 to 29,033.
+in personnel expenses corresponds to the
+€2,875 million to €3,200 million. The growth
+of the Porsche AG Group increased from
+The personnel expenses across all functions
+Results of operations
+17
+3,877
+-5
+-1,041
+1,366
+-8
+- 1,883
+28
+-72
+100
+23,491
+-16,872
+6,619
+%
+-4
+FY 2016
+FY 2017
+97
+SCAN
+THIS CHART
+Performance - Financial analysis
+2016 2017
+2014 2015
+2013
+0
+%
+-917
+-4
+4,144
+-1,140
+5
+1,206
+6
+-4
+-867
+-8
+- 1,703
+29
+-71
+100
+22,318
+-15,937
+6,381
+8844808 | LO
+- 1,082
+Income tax income/expense
+18
+77
+4,221
+Profit before tax
+18
+Equity and liabilities
+94
+Gross profit
+Distribution expenses
+Administrative expenses
+Other operating income
+Other operating expenses
+Other provisions
+59
+Other equity investments
+13
+4,646
+5,903
+341
+Property, plant and equipment
+Equity-accounted investments
+%
+% 31 Dec. 2016
+31 Dec. 2017
+Leased assets
+Results of operations
+Net assets
+Financial analysis
+91
+Performance Sales, production, procurement
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+90
+Even in services and non-production materi-
+als, Procurement made a significant contri-
+bution within the reporting period to achieving
+the company's aims. Due to another large
+number of infrastructure projects, investments
+in the 2017 financial year amounted to
+1,684 million euros. This development reflects
+Porsche's continued growth (2016 financial
+year: 1,695 million euros).
+As in previous years, material costs per vehicle
+were further optimised in the 2017 financial
+year. Close cooperation and early inclusion
+of economic partners in various cost and pro-
+duction workshops led to significant savings.
+In 2017, Porsche AG's material costs were
+4,985 million euros (2016 financial year:
+4,129 million euros).
+Financial position
+Procurement of production materials and
+non-production materials
+3,455
+1,417
+153
+26
+8,478
+4
+1,363
+11
+3,373
+0
+Financial services receivables
+54
+333
+12
+16
+5,116
+3,965
+6710045
+25
+8,903
+Other financial assets
+1
+1
+Sustainability workshops with suppliers
+Sustainability aspects within the supply chain
+are already important today, and will inevitably
+become more and more significant as time
+goes on. Porsche is among those companies
+that take sustainability projects and the im-
+plementation thereof into account. In order to
+intensify our exchange of sustainability-rela-
+ted ideas with suppliers, Porsche developed
+a concept for supplier workshops during the
+reporting year, organising two events. Within
+the workshops, shared approaches to imple-
+menting sustainability aspects are identified
+and possible topics are defined for future
+cooperation. Supplier audits are already being
+carried out to ensure that sustainability
+requirements are observed, which lays the
+foundation for future cooperation. In doing
+this, Porsche is implementing an additional
+measure as part of the Procurement Strategy
+2025. The observance of sustainability
+requirements will continue to be a focus of
+Porsche Procurement.
+Innovation Management
+88
+LEIPZIG TESTING TRACK
+Porsche aims to achieve a continual reduction
+in the consumption of fresh water. On the
+testing track at Leipzig, rain and well water
+will be used in future on the "dynamic surface"
+to test vehicle behaviour on wet roads.
+This will enable an average annual saving of
+2,092 cubic metres of fresh water.
+on average, by reducing the fresh air compo-
+nent in the recirculated air sections of the
+paint shop. This corresponds to an annual
+CO₂ emissions total of around 427 tonnes -
+which would enable 84 Porsche 911 Carreras
+to travel 30,000 kilometres CO2-neutrally
+each year.
+in 2017, simply by optimising the application
+technique to the vehicle body. In Leipzig,
+electricity consumption is to be reduced by
+more than 740,000 kilowatt hours per year
+The paint shop is also saving considerable
+resources. In Zuffenhausen, paint material
+amounting to almost 67,000 euros was saved
+The body building experts achieved considera-
+ble energy savings by optimising the extrac-
+tion of the smoke generated during welding.
+This enables Porsche to save almost 400,000
+kilowatt hours of electricity per year. For com-
+parison, this resource saving would enable
+45 Porsche 911 Carreras to clock up around
+30,000 CO2-neutral kilometres per year. As
+well as the ecological advantage, optimised
+plant management also achieves added value
+in the improved working conditions for
+employees on site.
+on the heat testing bench enabled a saving of
+almost 38,000 litres of fuel per year - without
+sacrificing any of the engine testing quality.
+As well as the approx. 101 tonnes of CO2
+saved annually, this also has a positive effect
+beyond direct operation: the reduction in
+consumed fuel contributes to a reduction in
+the logistics outlay in general.
+ZUFFENHAUSEN PAINT SHOP
+At the Zuffenhausen site, shortening the dura-
+tion of GT3 engine testing by 15 minutes
+also practised every day. In 2017, a wide range
+At Porsche, careful handling of the environ-
+ment and resources is not only regulated in
+numerous principles and guidelines, it is
+Porsche saves resources in diverse ways
+be optimised by fermentation of organic waste.
+at the Zuffenhausen site. In cooperation with
+a local municipal facility, the energy mix will
+Porsche is aiming at CO2-neutral production of
+its vehicles in future. A first step will be the
+production of the first purely electric vehicle -
+this is to be manufactured CO2-neutrally at the
+Zuffenhausen site from the end of the decade.
+To this end, Porsche AG and its subsidiaries
+Porsche Leipzig GmbH and Porsche Logistik
+GmbH switched to 100 per cent green elec-
+tricity at the start of 2017, thus providing
+all the production sites in Germany with an
+ecologically viable energy supply. This will be
+supplemented by the future use of biogas
+Green Logistics also means that, in future,
+new Porsche vehicles are to be transported
+by rail using green electricity to the seaports
+for shipping. The conversion to green elec-
+tricity was prepared and coordinated with the
+transport service providers in 2017. As a re-
+sult, approx. 6,194 tonnes of CO₂ will be saved
+per year in future. This corresponds to around
+three per cent of total emissions by Porsche
+AG in the area of transport in 2016.
+Tax payables
+Current liabilities
+of measures contributed to enabling Porsche
+to achieve its long-term goal of saving a million
+euros per year through the optimised and
+careful use of resources in production.
+Porsche operates in an environment that is
+shaped by rapid change. The progress of
+globalisation, demanding customers, increa-
+sed competition for time and knowledge as
+well as contrasting ways of thinking and
+working in the IT and automobile sectors are
+just some of the challenges that the company
+needs to face. In order to recognise trends
+and developments early, Porsche takes its cue
+from the supplier sector. As part of the Porsche
+Supplier Innovation Days, the aim is to tie sup-
+pliers' new concepts to the company at an
+early stage. That is why, for example, Innovation
+Management for Procurement and Develop-
+ment organises a Porsche Supplier Innovation
+Day dedicated to the topic of Alternative
+Materials and Lightweight Construction. At
+this event, selected suppliers present their
+innovative manufacturing concepts to Porsche
+experts from various specialist departments.
+For the Innovation Day on the topic of 'Well-
+being in a Porsche Vehicle', the Porsche
+departments Procurement, Development and
+Distribution contact selected suppliers and
+start-ups in advance and ask them to submit
+their developments as part of the open innova-
+tion approach. The more than 200 innovation
+ideas suggested are evaluated by interdiscipli-
+nary Porsche teams. 60 well-being innovations
+make it into the final selection and are then
+presented to Porsche experts in Weissach
+by suppliers and start-ups from all over the
+world. At the Porsche Supplier Tech Day,
+the sports-car maker is a guest at the world's
+second-largest automobile supplier, ZF Fried-
+richshafen AG. The Innovation Management
+team in the Procurement department and the
+Advance Chassis Development team organise
+presentations, specialist lectures and an
+exchange of ideas. The topic here is: What
+are the latest innovations from Porsche
+suppliers? How does Porsche put them into
+practice? The promising series of Porsche
+Supplier Innovation Days will continue to be
+expanded in the future.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 128-129.
+to guarantee a reliable
+supply of high-quality
+components.
+again increased its
+deliveries - to more
+than 246,000 vehicles.
+Procurement had its
+own contribution to
+make to the success
+and, thanks to a close
+cooperative partner-
+ship with the supplier
+industry, was able
+In reporting year 2017,
+Porsche AG once
+cooperated with third-level education insti-
+tutions such as the University of Mannheim.
+This gives Porsche employees new insights
+while also offering students a look at how
+the company works by means of excursions,
+lectures and practical work placements.
+During the reporting year, Procurement
+During the reporting year, Procurement imple-
+mented a range of projects as part of the
+strategic initiative. The exchange of ideas with
+suppliers will continue to intensify and the
+issue of sustainability within the supply chain
+will move more into focus. Furthermore,
+Procurement will expand its marketing in order
+to get students, graduates and professionals
+interested in the complex topics surrounding
+procurement.
+Porsche Strategy 2025 and global trends in
+procurement markets have given rise to
+various strategic aims for Procurement. Firstly,
+top quality at competitive terms and condi-
+tions thanks to active design of technical and
+ecological innovations. Secondly, efficiency
+across the products' entire service life. Thirdly,
+reliability due to constant availability, consis-
+tent high quality of purchased parts and stable,
+efficient goods flows. Fourthly, an increase
+in attractiveness as an employer of talented
+people and high employee satisfaction by
+creating optimum working conditions.
+Strategy 2025
+Performance Sales, production, procurement
+The outstanding motor racing season was
+another highlight of 2017. At the 24 Hours
+of Le Mans, the 919 Hybrid took Porsche's
+19th overall victory and, as early as November
+in Shanghai, the sports-car maker took its
+third World Championship title in the manu-
+facturers' ranking since 2015. The racing
+teams were able to rely on Procurement:
+shoulder to shoulder with all specialist units
+involved, Procurement was able to get
+the right partners on board to make these
+victories possible.
+The Cayenne, as a model for success, is now
+in its third generation and is being completely
+redeveloped, tangibly and visibly improved
+and perfected. The Cayenne is also compre-
+hensively digitalised and networked. Within
+the Panamera family, the new chassis version
+known as the Panamera Sport Turismo
+celebrated its premiere in the reporting year.
+With its large tailgate, low loading sill, enlar-
+ged boot volume and 4+1 seat concept,
+the new four-door vehicle fulfils high standards
+of both day-to-day usability and variability.
+For Procurement, the focus of the reporting
+year was on the production start-ups for the
+new Cayenne, the Panamera Sport Turismo
+and the 911 GT2 RS - the fastest and most
+powerful road 911. For all models, Procure-
+ment purchases a wide range of new parts
+and guides the vehicles - in tandem with the
+suppliers - to series maturity.
+Model start-ups
+At the same time, there are some tangible
+examples of digitalisation in practice and in
+day-to-day working life: Procurement has
+come up with a range of ideas for new apps,
+and has integrated new ideas into already
+functioning apps.
+The focus in 2017 was on products of key
+strategic importance and topics for optimising
+Porsche's value chain. That is why Procurement
+continued to intensify its supplier networking
+throughout the reporting year. Cooperation
+based on partnership will continue to grow
+across company boundaries in the future, and
+there will also be more strategic partnerships.
+Classic commissioning of suppliers will no lon-
+ger be the only form of cooperation. Porsche
+AG has already taken action to ensure that it
+can develop new technologies and products in
+future using smart cooperation models, and
+to ensure that they are future-ready.
+In reporting year 2017, Porsche AG once
+again increased its deliveries - to more than
+246,000 vehicles. Procurement had its own
+contribution to make to the success and,
+thanks to a close cooperative partnership with
+the supplier industry, was able to guarantee
+a reliable supply of high-quality components.
+PROCUREMENT
+89
+Motor racing
+31
+CO₂ neutrality in production
+370
+Non-current other financial liabilities decreased
+in the number of eligible employees.
+Provisions for pensions and similar obligations
+increased by €253 million, mainly due to a rise
+26 per cent at the end of the fiscal year.
+Non-current liabilities relate to financial liabili-
+ties, pension provisions, deferred income tax
+liabilities, other financial liabilities, other liabili-
+ties, and other provisions. They declined by
+€362 million to €9,084 million in comparison
+with the prior year. Non-current liabilities ex-
+pressed as a percentage of total capital
+decreased from 29 per cent in the prior year to
+By contrast, currency translation effects of
+€235 million were recognized as a decrease
+in equity.
+a capital contribution by Porsche Holding
+Stuttgart GmbH (€ 1,312 million).
+The equity of the Porsche AG Group increased
+by €3,220 million to € 15,200 million com-
+pared with the prior-year reporting date. Equi-
+ty was lifted by the profit after tax, profit
+transfer and dividends (€982 million), as well
+as revaluations from pension plans after tax
+(€ 50 million), the change in the cash flow
+hedge reserve after tax (€ 1,109 million), and
+by € 580 million. This decline relates mainly
+Cash, cash equivalents and time deposits in-
+creased by € 178 million to €3,067 million.
+Non-current and current receivables from
+financial services rose from €2,010 million to
+€2,095 million. This item mainly comprises
+receivables from finance leases and receiva-
+bles from customer and dealer financing.
+As a percentage of total assets, current assets
+amounted to 28 per cent compared with 27 per
+cent in the prior year. Inventories increased
+from €2,536 million in the prior year to €3,051
+million at the end of the reporting period.
+Deferred income tax assets amounted to €370
+million as against €879 million in the prior year.
+Non-current other financial assets increased
+by €425 million to €8,903 million. The in-
+crease was due to the marking-to-market of
+derivative financial instruments.
+Fixed assets expressed as a percentage of
+total assets increased to 41 per cent (prior
+year: 40 per cent). Intangible assets increased
+from €3,965 million to €4,646 million. The
+increase mainly relates to capitalised develop-
+ment costs. The largest additions concerned
+the Cayenne, 911, and Mission E model line.
+Property, plant and equipment increased in
+comparison with the prior year by €787 million
+to €5,903 million, primarily due to additions
+to land and buildings, furniture and fixtures, as
+well as advance payments made and assets
+under construction. These additions consist
+mainly of tools and construction work for the
+new generations of vehicles. Leased assets in-
+creased by €82 million in comparison with
+the prior year, to €3,455 million. This item con-
+tains vehicles leased to customers under
+operating leases.
+At the end of the reporting period, the
+fixed assets of the Porsche AG Group - i.e.,
+the intangible assets, property, plant and
+equipment, leased assets, equity-accounted
+investments and other financial assets -
+amounted to € 14,404 million, compared with
+€12,841 million in the previous fiscal year.
+Non-current assets increased by €1,655 million
+to €25,247 million. The increase primarily
+relates to fixed assets and other financial assets,
+while there was a decline in deferred taxes.
+Non-current assets expressed as a percentage
+of total assets amounted to 72 per cent (prior
+year: 73 per cent).
+As of 31 December 2017, the total assets of
+the Porsche AG Group stood at €35,019 mil-
+lion, 9 per cent higher than on the prior-year
+reporting date.
+Current other financial assets increased by
+€504 million to €1,841 million. The increase
+is attributable in almost equal measure to
+the clearing account with Porsche Holding
+Stuttgart GmbH and the marking-to-market
+of derivative financial instruments.
+NET ASSETS
+to the marking-to-market of derivative financial
+instruments.
+Current liabilities declined from € 10,809 million
+to € 10,735 million. Current liabilities expressed
+0
+Other financial liabilities
+Tax receivables
+Other receivables
+Other financial assets
+Financial services receivables
+Trade receivables
+Inventories
+Deferred income tax liabilities amounted to
+€614 million compared with € 864 million in
+the prior year.
+Other receivables
+Deferred tax assets
+Non-current assets
+Assets
+€ million
+of the Porsche AG Group
+Net assets
+from the marking-to-market of derivative
+financial instruments (€469 million) and a re-
+duction in the profit transfer liability to Porsche
+Holding Stuttgart GmbH (€213 million).
+Current other financial liabilities amounted to
+€2,599 million (prior year: €3,337 million).
+This was primarily due to the change resulting
+Trade payables increased to €3,048 million
+after €2,589 million in the prior year. This
+increase is attributable to higher volumes of
+investments and business.
+as a percentage of total capital decreased
+from 34 per cent in the prior year to 31 per cent
+as of 31 December 2017.
+Intangible assets
+27
+Other liabilities
+Non-current liabilities
+100
+647
+2,536
+591
+9
+022570
+51
+429
+1,841
+678
+1,337
+593
+73
+23,592
+72
+25,247
+3
+879
+28
+1
+3,051
+1
+Provisions for taxes
+82247
+390
+100
+35,019
+8,643
+28
+9,772
+Current assets
+9
+2,889
+32,235
+3,067
+1
+9
+Securities
+62
+194
+59
+Cash, cash equivalents and time deposits
+0
+0
+Vehicles
+26,427
+24,882
+21,978
+Macan
+Vehicles
+98,763
+97,177
+Supplier screening based on environmental criteria
+Proportion of screened suppliers
+718 Boxster/Cayman
+100%
+100%
+100%
+Cayenne
+Vehicles
+59,068
+86,016
+2015
+Vehicles
+2017
+2015
+Expenditure for local suppliers at main business sites ¹)
+Proportion of allocated purchasing budget spent on local suppliers
+98%
+98%
+99%
+2017
+2016
+2015
+2016
+¹) Suppliers are considered to be local if they are based in the EU.
+Zuffenhausen and Leipzig are considered the main business sites.
+Vehicles
+255,683
+71,693
+Vehicles
+33,820
+239,618
+31,648
+918 Spyder
+234,497
+31,373
+375
+Total
+911
+118
+Panamera
+Consolidated statement of financial position
+108
+107
+Performance - Financial data
+0
+0
+thereof profit attributable to non-controlling interests
+2,575
+of Porsche AG as of 31 December 2017
+4,066
+2,575
+4,066
+Total comprehensive income
+-65
+927
+40
+2016
+-495
+thereof profit attributable to shareholders
+79,700
+€ million
+31 Dec. 2016
+Vehicles
+37,605
+14,218
+15,055
+Basis of consolidation
+(GRI 102-45)
+Since 1 August 2012, Volkswagen AG has been the sole shareholder of Porsche Holding Stuttgart GmbH, which holds 100 per cent
+of the share capital in Porsche AG. Dependency agreements and profit transfer agreements exist between Porsche Holding Stuttgart
+GmbH and Porsche AG, as well as between Porsche AG and its major domestic subsidiaries. The basis of consolidation at Porsche AG
+includes a total of 111 fully consolidated companies, with 26 headquartered in Germany and 85 abroad.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+31 Dec. 2017
+Performance - Key figures
+5,116
+5,903
+3,965
+4,646
+Other equity investments
+Equity-accounted investments
+Property, plant and equipment
+Leased assets
+Assets
+119
+Intangible assets
+Vehicles
+Based outside the EU
+430
+6.9%
+100%
+6,756
+100%
+6,236
+100%
+Performance - Financial data
+115
+Key figures
+Key economic figures
+Key figures for environment and energy
+Key figures for personnel and social matters
+Key economic figures
+The key figures concerning deliveries and production relate to the Porsche Group
+(including subsidiaries).
+The key figures concerning suppliers relate to Porsche AG.
+Deliveries
+4.0%
+270
+12.7%
+980
+7,711
+-105
+41.8%
+to the state (taxes, duties)
+1,298
+16.8%
+1,106
+16.4%
+1,154
+2017
+18.5%
+76
+1.0%
+135
+2.0%
+142
+2.3%
+to the Company (reserves)
+Valued added
+to creditors (interest expense)
+2016
+2015
+Total
+73,119
+Panamera
+Vehicles
+27,942
+15,240
+17,207
+Production
+Supplier origin 20171)
+70,867
+Suppliers of production materials
+Based in the EU
+Suppliers of non-production materials
+95.1%
+Based in the EU
+1) Based on the creditor's billing address.
+4.2%
+Based outside the EU
+4.9%
+95.8%
+2017
+63,913
+Cayenne
+911
+Vehicles
+246,375
+32,197
+237,778
+32,365
+918 Spyder
+Vehicles
+7
+44
+Vehicles
+718 Boxster/Cayman
+25,114
+23,620
+225,121
+31,350
+566
+22,663
+Macan
+Vehicles
+97,202
+95,642
+80,216
+Vehicles
+1,422
+77
+877
+1,366
+-867
+- 1,041
+- 1,703
+-1,883
+6,381
+- 15,937
+22,318
+23,491
+-16,872
+6,619
+FY 2016
+FY 2017
+Operating profit
+Other operating expenses
+Other operating income
+Distribution expenses
+Administrative expenses
+Gross profit
+Cost of sales
+1,206
+-917
+-1,140
+4,144
+deferred
+current
+Income tax income/expense
+Profit before tax
+Financial result
+-439
+-254
+-144
+Sales revenue
+-68
+Interest expenses ¹)
+395
+395
+8
+4
+Interest income ¹)
+Share of profit or loss of equity-accounted investments
+3,877
+Other financial result 1)
+Profit after tax
+€ million
+Consolidated income statement
+2,719
+3
+€ million
+Operating profit (EBIT)
+4
+5
+prior year.
+of €267 million in
+comparison with the
+Operating profit
+amounted to €4,144
+million, an increase
+The return on equity after tax was 23.1 per
+cent (prior year: 23.3 per cent).
+to 28.2 per cent (prior year: 30.7 per cent).
+The healthy cost structure and the sustainably
+high earnings power of the Group are also
+reflected in the key performance indicators. The
+Porsche AG Group generated an operating
+return on sales of 17.6 per cent in the past
+financial year (prior year: 17.4 per cent). The
+pre-tax return on sales amounted to 18.0 per
+cent (prior year: 16.6 per cent). The return
+on capital, defined as the ratio of the operating
+result after tax to the average invested
+assets of the automotive division, amounted
+to higher gains from fair value measurement
+relating principally to exchange rate and interest
+rate hedging transactions that are not included
+in hedge accounting. On the other hand, there
+was a decline in interest expenses.
+The financial result amounted to €77 million
+(prior year: €-180 million). The increase in the
+financial result was due on the one hand
+an increase of €267 million in comparison
+with the prior year.
+Operating profit amounted to €4,144 million,
+2,605
+2,579
+2
+1
+4,144
+104
+Value added statement
+Consolidated statement of changes in equity
+Consolidated statement of cash flows
+Consolidated statement of financial position
+Consolidated statement of comprehensive income
+Consolidated income statement
+Financial data
+of Porsche AG for the period 1 January to 31 December 2017
+101
+100
+2017
+2015 2016
+2014
+2013
+0
+3,404
+3,877
+Performance - Financial analysis
+thereof profit attributable to shareholders
+thereof profit attributable to non-controlling interests
+-180
+Available-for-sale financial assets
+Cash flow hedges, net of tax
+Deferred taxes relating to cash flow hedges
+Cash flow hedges, before tax
+Transferred to profit or loss
+Fair value changes recognized in other comprehensive income
+Cash flow hedges
+32
+-235
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+32
+-235
+Exchange differences on translating foreign operations, before tax
+0
+32
+-235
+Transferred to profit or loss
+Fair value changes recognized in other comprehensive income
+Transferred to profit or loss
+Available-for-sale financial assets, before tax
+1,733
+119
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, net of tax
+Other comprehensive income, before tax
+Items that may be reclassified subsequently to profit or loss
+0
+Share of other comprehensive income of equity-accounted investments that
+may be reclassified subsequently to profit or loss, net of tax
+3
+-1
+Deferred taxes relating to available-for-sale financial assets
+Available-for-sale financial assets, net of tax
+Unrealized currency translation gains/losses
+4
+4
+-144
+338
+1,109
+-472
+482
+1,581
+363
+- 152
+0
+Exchange differences on translating foreign operations
+Items that will not be reclassified to profit or loss
+0
+-435
+1) The structure within the financial result has been changed. The presentation of finance costs has been replaced with
+interest income and interest expenses. Prior-year figures have been adjusted accordingly.
+- 2,370
+-2,157
+Profit transferred to Porsche Holding Stuttgart GmbH
+0
+0
+2,640
+3,139
+Performance - Financial data
+2,640
+17
+152
+- 1,074
+1,234
+- 1,057
+- 1,082
+3,697
+4,221
+3,139
+0
+370
+105
+Consolidated statement of comprehensive income
+50
+0
+Share of other comprehensive income of equity-accounted investments that will not
+be reclassified to profit or loss, net of tax
+-435
+50
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+-619
+184
+-22
+106
+72
+2,640
+3,139
+FY 2016
+FY 2017
+Pension plan remeasurements recognized in other comprehensive income
+Profit after tax
+€ million
+of Porsche AG for the period 1 January to 31 December 2017
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+2,875 42.5%
+3,455
+to employees (wages, salaries, benefits)
+Cash and cash equivalents at end of period
+2,834
+2,960
+Cash and cash equivalents at end of period
+354
+185
+Net change in cash and cash equivalents
+-5
+-59
+Effect of exchange rate changes on cash and cash equivalents
+2,960
+-786
+Cash flows from financing activities
+917
+-25
+Change in other financial liabilities
+-3,582
+-2,173
+2,707
+2,513
+- 1,904
+-2,371
+-744
+1,076
+2,834
+Total third-party borrowings
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+As of 1 January 2016
+of Porsche AG for the period 1 January to 31 December 2017
+Consolidated statement of changes in equity
+Securities, loans and time deposits
+Gross liquidity
+€ million
+Performance - Financial data
+110
+-2,296
+-2,073
+-5,458
+3,203
+3,385
+369
+425
+Net liquidity
+111
+1,312
+-2,724
+-3,140
+-1,171
+- 1,230
+81
+349
+231
+326
+Change in leased assets
+Change in other provisions
+Change in pension provisions
+405
+Change in financial services receivables
+710
+-595
+-577
+Change in receivables (excluding financial services)
+-29
+-651
+Change in inventories
+314
+-92
+Other non-cash expense/income
+−1
+Change in liabilities (excluding financial liabilities)
+Cash flows from operating activities
+- 199
+4,069
+-88
+Profit transfer and dividends
+Proceeds from issuance of bonds
+Repayment of bonds
+Capital contributions
+Cash flows from investing activities
+-96
+-91
+-17
+1
+88
+57
+-33
+-8
+- 1,228
+1,337
+- 1,438
+- 1,762
+Change in loans and time deposits
+Change in investments in securities
+Cash received from disposal of intangible assets and property, plant and equipment
+Change in equity investments
+Additions to capitalised development costs
+and property, plant and equipment
+Investments in intangible assets (excluding capitalised development costs),
+3,864
+Capital contribution
+Profit transfer and dividends
+As of 31 December 2016
+As of 1 January 2017
+1,076
+1,076
+1,076
+2,575
+0
+2,575
+32
+338
+0
+-435
+-2,370
+2,640
+0
+2,640
+2,640
+-65
+-65
+0
+32
+338
+0
+-435
+2,640
+-2,370
+-1
+-2,371
+3,200 41.5%
+72
+-235
+-235
+-235
+11,980
+11,979
+242
+305
+-1,012
+4,076
+8,933
+45
+11,980
+1
+11,979
+242
+-305
+0
+-1,012
+4,076
+8,933
+45
+40
+4
+40
+0
+Cash flow
+hedges
+Securities
+marked to
+market
+plans
+Revaluations
+from pension
+Other comprehensive income
+Accumulated
+profit
+earnings
+reserves
+Retained
+Capital
+Currency
+translation
+Subscribed
+capital
+As of 31 December 2017
+Profit transfer and dividends
+Capital contribution
+Total comprehensive income
+Profit after tax
+Other comprehensive income
+Taxes recognized in other comprehensive income
+Financial instruments pursuant to IAS 39
+Revaluations from pension plans
+Effects of currency translation
+112
+Equity-
+accounted
+investments
+184
+482
+482
+482
+0
+-619
+32
+10,700
+10,698
+32
+-619
+-619
+0
+210
+32
+-643
+0
+-577
+3,806
+7,857
+45
+interests
+equity
+non-controlling interests
+Non-controlling Group
+Equity before
+-144
+Share of profit or loss of equity-accounted investments
+-5,499
+25
+72
+72
+1,581
+1,585
+22
+-472
+-495
+-495
+50
+3
+3,373
+1,109
+927
+927
+3,139
+3,139
+3,139
+3,139
+50
+1,109
+-235
+4,066
+-235
+341
+333
+59
+591
+593
+2,536
+3,051
+23,592
+25,247
+879
+370
+31
+153
+Financial services receivables
+Trade receivables
+Inventories
+Non-current assets
+Deferred tax assets
+Other receivables
+8,478
+8,903
+1,363
+1,417
+Other financial assets
+Financial services receivables
+54
+4,066
+678
+1,312
+1,312
+-2,081
+-2,276
+-12,095
+-12,623
+- 13,665
+1,380
+21,533
+22,318
+1,231
+23,491
+1,522
+2015
+-2,124
+2016
+Depreciation and amortisation
+Other upfront expenditures
+Value added
+Cost of materials
+Sales revenue
+Other income
+Source of funds in € million
+of the Porsche AG Group from 1 January to 31 December 2017
+Value added statement
+114
+113
+Performance - Financial data
+15,200
+2017
+- 1,361
+-2,089
+-2,458
+-2,157
+-2,157
+-2,158
+45
+10,245
+5,058
+-962
+804
+15,200
+-26
+30.5%
+1,905
+2,370 35.1%
+28.0%
+2,157
+to shareholders (profit transfer)
+2015
+2016
+2017
+Appropriation of funds in € million
+6,236
+6,756
+7,711
+1,312
+647
+1,585
+1,841
+2,589
+3,048
+Trade payables
+1,830
+1,770
+Financial liabilities
+1,636
+Depreciation, amortisation and impairment losses
+Gain/loss on disposal of non-current assets
+2,276
+2,081
+Other financial liabilities
+1,841
+1,093
+77
+82
+9,446
+9,084
+316
+399
+Other provisions
+Provisions for taxes
+Non-current liabilities
+Other financial assets
+2,599
+3,337
+Other liabilities
+3,697
+4,221
+2,485
+2,834
+Income taxes paid
+Cash and cash equivalents at beginning of period
+Profit before tax
+FY 2016
+FY 2017
+€ million
+of Porsche AG for the period 1 January to 31 December 2017
+Consolidated statement of cash flows
+109
+Performance - Financial data
+32,235
+35,019
+10,809
+10,735
+557
+545
+Current liabilities
+Tax payables
+783
+850
+Other liabilities
+699
+- 1,035
+Other financial liabilities
+8,643
+35,019
+32,235
+Provisions for pensions and similar obligations
+11,980
+Equity and liabilities
+Subscribed capital
+Capital reserves
+45
+45
+10,245
+8,933
+Retained earnings
+119
+4,910
+15,200
+Equity
+1
+0
+Non-controlling interests
+11,979
+3,001
+9,772
+15,200
+Current assets
+3,067
+3,669
+3,687
+Financial liabilities
+864
+614
+Deferred tax liabilities
+685
+799
+Other provisions
+3,213
+1,337
+Other receivables
+3,466
+429
+390
+Tax receivables
+51
+194
+Securities
+62
+59
+Cash, cash equivalents and time deposits
+2,889
+Equity before non-controlling interests
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+40-43, 90-91, 119
+→ Key figures
+Responsibility in the supply chain
+418-1 Substantiated complaints concerning breaches of customer
+privacy and losses of customer data
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+201-1 Direct economic value generated and distributed
+201-4 Financial assistance received from government
+GRI 418: Customer Privacy (2016)
+Management Approach (2016)
+GRI 103:
+Long-term customer relations
+GRI 201:
+Economic Performance (2016)
+GRI 103:
+Management Approach (2016)
+Long-term economic stability
+→ Index
+→ Text
+Management Approach (2016)
+34-35
+→ Index/Text
+31-33, 40-43,46-49
+6-7, 126-127
+→ Text
+6-7
+→Text
+→ Index
+130-132, 133
+10, 17, 34, 38, 40-41, 46-47, 91,
+Text
+→ Index
+4, 10-17, 26, 133
+48-49, 52-58
+→ Index/Text
+→ Text
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+102-41 Collective bargaining agreements
+→ Key figures
+102-9 Supply chain
+102-8 Information on employees and other workers
+102-7 Scale of the organisation
+102-5 Ownership and legal form
+102-6 Markets served
+102-4 Location of operations
+102-10 Significant changes to the organisation and its supply chain
+102-3 Location of headquarters
+102-1 Name of the organisation
+Disclosure
+GRI 102:
+General Disclosures
+GRI 103:
+GRI standard
+102-2 Activities, brands, products, and services
+25, 48-49, 52-53, 59, 122-123
+102-11 Precautionary principle or approach
+102-13 Membership of associations
+18-25, 53, 93-113, 118, 122
+20-24
+→ Index
+139
+20-24
+→ Text
+→ Index/Text
+7, 18, 70-75, 128-129
+102-12 External initiatives
+139
+Online version
+Printed report
+102-40 List of stakeholder groups
+102-18 Governance structure
+102-16 Values, principles, standards, and norms of behavior
+102-14 Statement from senior decision-maker
+Omission
+GRI 204:
+41,91
+Forced or Compulsory Labor (2016)
+GRI 412:
+34, 38-39, 40-43
+→ Text
+34, 38-39, 40-43
+→ Index/Text
+→ Index
+25, 60-67,94-115,123, 135
+→ Text
+34, 38-39, 40-43
+Omission
+Online version
+Printed report
+Performance - Further information
+305-3 Other indirect (Scope 3) GHG emissions
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 305: Emissions (2016)
+Management Approach (2016)
+GRI 103:
+Fuel consumption and
+vehicle emissions
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+416-1 Assessment of the health and safety impacts of product
+and service categories
+Customer Health and Safety (2016)
+Management Approach (2016)
+GRI 416:
+GRI 103:
+Vehicle safety
+136
+→ Index
+130-132
+→ Text
+41,91,119
+This Annual and Sustainability Report has been prepared in accordance with the Global Reporting Initiative (GRI) standards on the basis
+of the Core option. Compliance with the external reporting requirements has been checked within the framework of the GRI Materiality
+Disclosures Service. All of the reported universal and topic-specific indicators included in the report are listed in the GRI Content Index
+below, and their location in the printed and online versions of the report is shown. A detailed version of the GRI Content Index is available
+in the Porsche Newsroom: www.newsroom.porsche.com/reports.
+Information
+Restricted due to
+obligation to main-
+tain confidentiality
+(for further details
+see online index)
+→ Text
+34, 38-39, 44-45
+→ Index
+→ Text
+34, 38-39, 44-45
+→ Text
+34, 38-39, 40-43
+→ Index
+→ Index
+→ Index
+→ Key figures
+42-43
+→ Index
+→ Text
+34, 38-39, 40-43
+→ Key figures
+119
+→ Index
+→ Index/Text
+→ Index/Key figures
+→ Text/Key figures
+119
+Procurement Practices (2016)
+GRI 308: Supplier Environmental
+Assessment (2016)
+GRI 409:
+130-132, 133
+133
+102-44 Key topics and concerns raised
+102-43 Approach to stakeholder engagement
+102-42 Identifying and selecting stakeholders
+All the employees of the company, with the exception of senior executives, are covered by collective wage agreements. As a member company of
+the Südwestmetall Employers' Association, Porsche AG participates actively in the social partnership between the metal and electrical industry
+in Baden-Württemberg and the IG Metall trade union. All Porsche AG employees therefore fall under its multi-employer wage agreement, while the
+company's own collective agreement covers employees of Porsche Leipzig GmbH.
+General Disclosures (2016)
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+307-1 Non-compliance with environmental laws and regulations
+419-1 Non-compliance with laws and regulations in the social
+and economic area
+206-1 Legal actions for anti-competitive behavior, anti-trust,
+and monopoly practices
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+205-1 Operations assessed for risks related to corruption
+205-2 Communication and training about anti-corruption policies
+and procedures
+308-1 New suppliers that were screened using environmental criteria
+409-1 Operations and suppliers at significant risk for incidents of
+forced or compulsory labor
+412-2 Employee training on human rights policies or procedures
+412-3 Significant investment agreements and contracts that include
+human rights clauses or that underwent human rights screening
+414-1 New suppliers that were screened using social criteria
+204-1 Proportion of spending on local suppliers
+GRI 103:
+Management Approach (2016)
+Digital transformation
+Socioeconomic Compliance (2016)
+Environmental Compliance (2016)
+GRI 419:
+Anti-competitive Behavior (2016)
+GRI 307:
+GRI 206:
+GRI 205: Anti-corruption (2016)
+GRI 103:
+Management Approach (2016)
+Compliance
+Supplier Social Assessment (2016)
+GRI 414:
+Human Rights Assessment (2016)
+102-45 Entities included in the consolidated financial statements
+139
+102-46 Defining report content and topic boundaries
+102-49 Changes in reporting
+133
+133
+133
+34, 38, 133
+→ Text
+34, 38-39
+→ Text
+31,34, 36, 38-39, 133
+→ Index
+118
+→ Text
+34-35, 38-39
+→ Text
+→ Text
+34-35
+34-35
+102-56 External assurance
+102-55 GRI content index
+102-54 Claims of reporting in accordance with the GRI Standards
+102-53 Contact point for questions regarding the report
+102-52 Reporting cycle
+102-51 Date of most recent report
+102-50 Reporting period
+102-48 Restatements of information
+102-47 List of material topics
+Service
+Cayenne Turbo
+Dr. Ing. h.c. F. Porsche AG
+7.6
+13.3
+450
+331
+911 Carrera 4 GTS Cabriolet
+8.0
+6.7
+10.4
+9.7
+420
+911 Carrera 4S Cabriolet PDK
+emissions
+Power con- CO₂-
+sumption
+Fuel con-
+sumption
+[hp]**
+output
+208
+9.0
+309
+6.8
+911 Carrera 4 GTS Cabriolet PDK
+450
+309
+911 Targa 4S PDK
+6.8
+12.6
+420
+309
+911 Targa 4S
+10.3
+331
+370
+911 Targa 4 PDK
+6.9
+12.4
+370
+272
+911 Targa 4
+7.3
+11.2
+272
+420
+12.6
+309
+450
+331
+216
+9.5
+7.4
+13.0
+450
+331
+10.9
+8.0-7.9* 9.2-9.0* 209-205*
+8.4-8.0* 9.4-9.2* 213-209*
+9.5-9.3* 11.9-11.7* 272-267*
+404
+324
+250
+not available
+180
+7.9
+6.6
+10.3
+340 11.3-11.1*
+440 11.8-11.3*
+550 16.4-16.2*
+420
+7.1
+192
+911 Carrera 4S Cabriolet
+Power
+Power
+Model
+182
+7.9
+6.5
+10.3
+8.5
+370
+911 Carrera 4 Cabriolet PDK
+Plug-in hybrids
+206
+8.9
+6.9
+12.4
+370
+272
+272
+10.4
+6.7
+911 Targa 4 GTS
+56
+。8」8|g」g」g
+17.6
+3.0
+680
+500
+Panamera Turbo S E-Hybrid Sport Turismo
+196
+66
+8.7
+11.2
+450
+331
+911 Targa 4 GTS PDK
+16.2
+2.9
+680
+500
+7.3
+Panamera Turbo S E-Hybrid Executive
+69
+397
+Disclosures
+Materiality
+Sustainable
+Empowering
+GRI
+Disclosure
+Key topics
+GRI Content Index
+911 Turbo
+130
+**Overall system performance
+128
+*Range depending on the tyre set used
+212
+9.1
+7.5
+11.8
+540
+129
+220
+9.7
+16.2
+340
+Panamera 4 E-Hybrid
+206
+8.9
+196
+combined
+[g/km]
+[l/100 km] 100 km]
+220
+462
+(combined) [kWh/
+184
+O77
+8.7
+396676
+7.6
+13.3
+450
+331
+[kW]**
+2.5
+15.9
+7.9
+2.9
+680
+500
+Panamera Turbo S E-Hybrid
+184
+8.0
+15.9
+2.6
+462
+340
+Panamera 4 E-Hybrid Sport Turismo
+208
+9.0
+15.9
+2.5
+462
+340
+Panamera 4 E-Hybrid Executive
+182
+Feb 2018
+121
+14,218
+(For details
+see p. 121)
+11,009
+12,841
+14,404
+€ million
+Fixed assets
+10,700
+11,980
+15,200
+Capital expenditure 2)
+€ million
+32,235
+35,019
+€ million
+Equity
+Total assets
+21,533
+22,318
+23,491
+29,143
+€ million
+€ million
+2,666
+€ million
+Operating result (EBIT)
+3,843
+3,864
+4,069
+€ million
+Cash flows from operating activities
+2,124
+3,099
+2,081
+€ million
+Depreciation, amortisation and impairment losses
+12,095
+12,623
+13,665
+€ million
+Cost of materials
+2,427
+2,276
+4,144
+Sales revenue
+2,605
+Vehicles
+Macan
+21,978
+24,882
+26,427
+Vehicles
+718 Boxster/Cayman
+375
+98,763
+Vehicles
+31,373
+31,648
+33,820
+Vehicles
+911
+234,497
+239,618
+255,683
+918 Spyder
+Financials
+97,177
+Cayenne
+2,875
+3,200
+€ million
+Personnel expenses
+24,481
+27,612
+29,777
+Total
+86,016
+Employees 1)
+420
+37,605
+Vehicles
+Panamera
+79,700
+71,693
+59,068
+Vehicles
+15,055
+3,877
+3,404
+Profit before tax
+Frank Scholtys, Director Corporate Communications
+Daniela Rathe, Director Politics and External Affairs
+Maximilian Steiner, Coordinator Politics and External Affairs
+Contact persons
+Dr Josef Arweck, Vice President Communications
+Sabine Schröder, Director Corporate Publishing
+www.newsroom.porsche.com/reports
+Tel. +49 711 911-0
+D-70435 Stuttgart
+Porscheplatz 1
+Tanja Deutschenbaur, Press Officer for Finance and IT
+Dr. Ing. h.c. F. Porsche AG
+Legal notice
+ppa. Nicolette Behncke, Auditor
+ppa. Heinke Richter
+PricewaterhouseCoopers GmbH
+Wirtschaftsprüfungsgesellschaft
+Frankfurt, 28 February 2018
+The auditor's report is not intended to be used
+as a basis for third parties to make (investment)
+decisions. Our responsibility is exclusively
+to Dr. Ing. h.c. F. Porsche AG. We accept no
+re-sponsibility for third parties.
+We issue this auditor's report based on the re-
+mit agreed with Dr. Ing. h.c. F. Porsche AG. The
+audit was carried out for Company purposes
+and the auditor's report is only intended for the
+information of Dr. Ing. h.c. F. Porsche AG regar-
+ding the result of the audit.
+THIS AUDITOR'S REPORT
+INTENDED PURPOSE OF
+Publisher
+Based on the auditing activities carried out and
+the verifications obtained, we are aware of
+no issues that would lead us to believe that the
+details marked with a "✔" in the Company's
+Report for the period from 01/01/2017 to
+31/12/2017 have not been drawn up in accor-
+dance with the relevant GRI Criteria in all
+significant aspects.
+Matthias Rauter, Press Officer for Human Resources and Sustainability
+Nadine Toberer, Press Officer for Sales and Marketing
+Anja Wassertheurer, Director Product and Technical Communications
+Scheufelen phoenixmotion Xenon
+Paper
+Druckstudio GmbH
+Printing
+Storming GmbH
+Porsche Newsroom App
+Meiré und Meiré
+Digital design
+Christian Weiss, Press Officer for Procurement, Production & Logistics
+Viktoria Wohlrapp, Press Officer for Sports Communications
+Meiré und Meiré
+Meiré und Meiré
+Conceptualized by
+Rolf Antrecht
+Consultation
+Mayk Wienkötter, Press Officer for Electromobility, Future Technologies and Connected Car
+Hermann-Josef Stappen, Press Officer for Technology
+Ben Weinberger, Press Officer for Macan, Cayenne and Panamera
+Elena Storm, Press Officer for Sports Cars
+Art direction and editorial design
+AUDIT OPINION
+■ Evaluation of the representation of the
+selected sustainability performance details
+■Comparison of details with the relevant
+financial reporting data
+AUDITOR'S REPORT BY THE INDEPENDENT
+AUDITOR REGARDING A BUSINESS AUDIT
+FOR THE ATTAINMENT OF LIMITED
+ASSURANCE REGARDING SUSTAINABILITY
+INFORMATION
+135
+SCAN
+THIS PAGE
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 128-129.
+Performance - Further information
+By selecting various parameters such as time period, key figure type or display type, you can generate and save
+individual comparisons in different formats.
+www.newsroom.porsche.com/charts
+Porsche Newsroom provides more information and an interactive comparison of current financial and volume data.
+2) Relates to investments in intangible assets and property,
+plant and equipment.
+To Dr. Ing. h.c. F. Porsche AG, Stuttgart
+1) As of 31 December.
+2,640
+3,139
+€ million
+Profit after tax
+3,382
+3,697
+4,221
+€ million
+2,335
+We have subjected the sustainability details
+marked with "V" in the annual report
+(hereinafter referred to as the "Report") of
+Dr. Ing. h.c. F. Porsche AG, Stuttgart (herein-
+after referred to as the "Company") for the
+period from 01/01/2017 to 31/12/2017 to
+a business audit for the attainment of limited
+assurance. Our remit refers exclusively to the
+details marked with "V".
+RESPONSIBILITY OF LEGAL
+REPRESENTATIVES
+The Company's legal representatives are re-
+sponsible for drawing up the Report in accord-
+ance with the principles referred to in the
+Sustainability Reporting Standards of the Global
+Reporting Initiative (hereinafter referred to
+as the "GRI Criteria") and for the selection of the
+details to be evaluated.
+■ Analytical evaluation of selected details in
+the report
+and supporting systems
+■ Inspection of supplementary documentation
+- Leipzig plant, Germany
+- Zuffenhausen plant, Germany
+■ Carrying out on-site visits to gain an im-
+pression of the data-capture and consolida-
+tion processes as well as the internal control
+activities with regard to the selected key
+figures:
+surveying employees with regard to the ma-
+teriality process and the creation of the
+materiality matrix, with regard to the select-
+ed management approaches and the data
+capture and consolidation of the selected key
+figures for 2016 and 2017 as well as regard-
+ing the internal control system applied to
+these processes
+■ Inspection of relevant documents and
+■ Assessment of the risk of significant incor-
+rect details appearing in the Report, taking
+the GRI Criteria as a basis
+■ Surveying employees who were involved in
+drawing up the Report regarding the
+drawing-up process, regarding the internal
+control system applied to this process
+and regarding selected details in the Report
+As part of our audit, we carried out auditing ac-
+tivities and other tasks, including the following:
+Gaining an understanding of the structure
+of the sustainability organisation and the
+inclusion of stakeholders
+In the case of a business audit to attain limited
+assurance, the auditing actions carried out
+are less comprehensive than in a business audit
+to attain reasonable assurance, meaning that
+a significantly lower level of audit assurance is
+required. Selection of the auditing actions lies
+within the auditor's professional judgement.
+We carried out our business audit in consider-
+ation of the International Standard on Assur-
+ance Engagements (ISAE) 3000 (Revised):
+"Assurance Engagements other than Audits or
+Reviews of Historical Financial Information" is-
+sued by the IAASB. We then planned and
+executed the audit in such a way that we can
+state with limited assurance that we are aware
+of no issues that would lead us to believe that
+the details marked with a "V" in the Company's
+Report for the period from 01/01/2017 to
+31/12/2017 have not been drawn up in ac-
+cordance with the relevant GRI Criteria in all
+significant aspects. This does not mean that a
+separate audit opinion is issued for each
+marked detail.
+It is our remit to submit a limited-assurance
+audit opinion based on the audit regarding the
+details in the Report that are marked with "V".
+RESPONSIBILITY OF THE AUDITOR
+Our auditing company applies the national legal
+regulations and professional notifications -
+particularly those of the occupational statute for
+auditors and chartered accountants ("BS WP/
+VBP") as well as the IDW quality assurance
+standard 1 "Requirements of quality assurance
+in auditing practice" (IDW QS 1) issued by the
+Institute of Public Auditors in Germany (Institut
+der Wirtschaftsprüfer (IDW)) - and, as a con-
+sequence, maintains a comprehensive quality
+assurance system that comprises documented
+regulations and measures with regard to com-
+pliance with professional conduct requirements,
+professional standards and decisive statutory
+and other legal requirements.
+We complied with German professional regula-
+tions regarding independence as well as
+additional professional conduct requirements.
+INDEPENDENCE AND QUALITY ASSURANCE
+OF THE AUDITING COMPANY
+This responsibility of the Company's legal rep-
+resentatives comprises the selection and
+application of suitable methods of sustainability
+reporting as well as making assumptions
+and carrying out estimates regarding individual
+sustainability details that are appropriate
+under the circumstances. Furthermore, the legal
+representatives are responsible for internal
+controls that they have deemed to be neces-
+sary in drawing up the Report and in ensuring
+that the Report is free of significantly errone-
+ous details - either intentional or unintentional.
+Vehicles
+Production
+17,207
+15,240
+GRI 103:
+Management Approach (2016)
+Occupational health and safety
+→ Key figures
+91
+→ Text
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+404-1 Average hours of training per year per employee
+404-2 Programs for upgrading employee skills and transition
+assistance programs
+Training and Education (2016)
+GRI 404:
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+403-1 Workers representation formal joint management-worker
+health and safety committees
+Management Approach (2016)
+Staff development
+GRI 401: Employment (2016)
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+401-1 New employee hires and employee turnover
+401-3 Parental leave
+GRI 103:
+Management Approach (2016)
+Attractiveness as an employer
+305-3 Other indirect (Scope 3) GHG emissions
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+306-3 Significant spills
+GRI 103:
+GRI 305: Emissions (2016)
+403-2 Types of injury and rates of injury, occupational diseases, lost days,
+and absenteeism, and number of work-related fatalities
+403-3 Workers with high incidence or high risk of diseases related
+to their occupation
+→ Text
+→ Key figures
+121
+not available
+Information
+→ Key figures
+Index/Key figures
+→ Text
+87,121
+120
+121
+→ Key figures
+4,38-39, 48-49
+82-89, 120
+34, 38-39, 46-47
+→ Text
+34, 38-39, 44-45
+GRI 403: Occupational Health
+and Safety (2016)
+→ Index/Text
+48-49,58
+48-49, 123 Index/Key figures
+→ Index
+→ Text
+GRI 103:
+Management Approach (2016)
+Environmentally compatible logistics
+GRI 306: Effluents and Waste (2016) 306-2 Waste by type and disposal method
+34, 38-39, 44-45
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+301-1 Materials used by weight or volume
+GRI 301: Materials (2016)
+Management Approach (2016)
+GRI 103:
+Material and sustainable materials
+Omission
+Online version
+New mobility concepts
+Printed report
+Key topics
+Omission
+Online version
+Printed report
+Disclosure
+Key topics
+132
+131
+Disclosure
+GRI 103:
+Management Approach (2016)
+Energy and emissions
+306-1 Water discharge by quality and destination
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+303-1 Water withdrawal by source
+GRI 303: Water (2016)
+Management Approach (2016)
+GRI 103:
+during production
+Resource consumption
+305-6 Emissions of ozone-depleting substances (ODS)
+305-7 Nitrogen oxides (NOx), sulfur oxides (SOX) and other
+significant air emissions
+305-4 GHG emissions intensity
+305-3 Other indirect (Scope 3) GHG emissions
+305-2 Energy indirect (Scope 2) GHG emissions
+305-1 Direct (Scope 1) GHG emissions
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+302-1 Energy consumption within the organisation
+302-3 Energy intensity
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 305: Emissions (2016)
+GRI 302: Energy (2016)
+Management Approach (2016)
+GRI 103:
+during production
+(For details
+→ Key figures
+About this report
+→ Key figures
+7
+Vehicles
+918 Spyder
+246,375
+32,197
+Vehicles
+911
+Vehicles
+Deliveries
+237,778
+32,365
+44
+FY 2015
+FY 2017
+Brief overview
+Porsche AG Group
+134
+133
+Performance - Further information
+see online index)
+(for further details
+FY 2016
+→ Index
+225,121
+566
+27,942
+Vehicles
+Panamera
+73,119
+70,867
+63,913
+Vehicles
+Cayenne
+31,350
+80,216
+97,202
+Vehicles
+Macan
+22,663
+23,620
+25,114
+Vehicles
+718 Boxster/Cayman
+95,642
+Not applicable
+→ Index/Text
+34
+48-49, 52-53, 59, 122-123, 135
+→ Index/Text/
+→ Text
+4,38-39, 48-49
+(For details
+→ Key figures
+87,121
+not available
+Key figures
+Information
+34, 38-39, 46-47
+Index
+46-47, 121
+→ Key figures
+46-47, 121 → Index/Key figures
+46-47, 121
+→ Key figures
+→ Text
+34, 38-39, 46-47
+→ Key figures
+121
+→ Key figures
+→ Text
+→ Index/Key figures
+→ Text
+4,38-39, 48-49
+→ Text
+4,38-39, 48-49
+of association and collective bargaining may be at risk
+407-1 Operations and suppliers in which the right to freedom
+402-1 Minimum notice periods regarding operational changes
+103-1 Explanation of the material topic and its Boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 407: Freedom of Association
+and Collective Bargaining
+GRI 402: Labor/Management
+Relations (2016)
+Management Approach (2016)
+GRI 103:
+Corporate co-determination
+Separate non-financial consolidated report
+Dr. Ing. h.c. F. Porsche AG makes use of
+the exemption provision in Sections 289b (2)
+and 315b (2) of the German Commercial
+Code ("HGB") allowing it not to issue a non-
+financial report and a non-financial con-
+solidated report and refers to the separate
+non-financial report of Volkswagen AG for
+the financial year 2017, which will be available
+on the www.volkswagenag.com website in
+German and English no later than 30 April 2018.
+Reporting standard and assurance
+(GRI 102-49, 102-54, 102-55, 102-56)
+This report and the information on Porsche's
+sustainability work were authored in accord-
+ance and compliance with the Core option
+of the Global Reporting Initiative (GRI) stand-
+ards. Previous reports used the G3.1 and
+G4 guidelines which were current for those
+points in time. The GRI Content Index at
+the end of the report shows the extent to which
+the indicators have been met and where
+they are located in the print and online versions.
+The GRI Materiality Disclosures service con-
+firmed that the GRI requirements for materiality
+disclosures were met. In addition to careful
+data collection and recording via internal
+reporting and processing systems as well
+as detailed internal consolidation and auditing
+of the information and data, an external
+audit was performed on selected content
+(materiality process, management approaches,
+key figures). These items are marked accord-
+ingly in the Report with a (✓). The auditor's
+report by the independent auditor is on
+page 136.
+This documentation represents the second
+time that Dr. Ing. h.c. F. Porsche AG has pub-
+lished a combined Annual and Sustainability
+Report. The company published its first report
+in this format for the 2016 financial year
+on 17 March 2017. The report is produced
+annually. The current report covers the
+period from 1 January 2017 to 31 December
+2017. Information from before this period is
+also included for completeness. Unless other-
+wise specified, the end date for all data is
+31 December 2017. The editorial deadline was
+in February 2018. Unless otherwise indicated, all
+information refers to Dr. Ing. h.c. F. Porsche AG.
+If content that was already reported has been
+corrected, e.g. due to changes in collection
+methods for key figures and data, this is indi-
+cated. Financial analyses as well as key figures
+and data are given in compact form at the end
+of the report and in detailed form online in the
+Porsche Newsroom (newsroom.porsche.com).
+This site also contains further information on
+Porsche's sustainability work. Management
+approaches to major topics in this report are
+contained in the section entitled "Sustainability
+strategy and management".
+Report contents and period
+(GRI 102-46, 102-48, 102-50,
+102-51, 102-52)
+see p. 121)
+→ Text/Key figures
+→ Text
+54-58
+48-49, 52, 56-57, 123
+see p.121)
+309
+6.5
+911 Carrera 4 GTS PDK
+7.6
+7.5
+7.5
+222218668
+556
+18.1
+700
+515
+7.6
+911 GT2 RS
+7.3
+19.2
+520
+383
+911 GT3 RS
+184
+8.1
+20.2
+167
+8.8
+8.8
+9.2
+290
+302
+288
+216
+216
+212
+212
+13370300
+11.8
+12.8
+13.3
+12.9
+12.7
+9.3
+9.3
+9.1
+9.1
+066622321
+8.2
+9.0
+500
+368
+911 GT3 with Touring Package
+158
+257
+718 Boxster S
+5.7
+9.0
+300
+220
+718 Boxster PDK
+6.0
+9.9
+300
+220
+718 Boxster
+6.6
+10.9
+365
+269
+718 Cayman GTS PDK
+7.0
+12.3
+350
+291
+269
+10.7
+718 Boxster S PDK
+6.9
+19.7
+500
+368
+911 GT3 manual transmission
+168
+7.4
+0750000 7500
+88N
+6829
+7.0
+12.3
+365
+269
+718 Boxster GTS
+6.0
+9.5
+350
+257
+6.5
+9.0
+205
+8.2
+Panamera 4S Sport Turismo
+190
+8.3
+6.3
+11.7
+370
+272
+911 Carrera
+243
+Panamera 4 Sport Turismo
+193
+8.5
+6.8
+11.5
+370
+272
+911 Carrera T PDK
+Panamera Sport Turismo
+215
+324
+9.5
+911 Carrera PDK
+370
+6.4
+10.1
+420
+309
+911 Carrera S PDK
+199
+8.7
+6.6
+12.2
+420
+309
+911 Carrera S
+330 10.0-9.9* 6.7-6.6* 7.9-7.8* 180-178*
+440 10.4-10.3* 6.9-6.8* 8.3-8.2* 189-187*
+550 13.1-12.9* 7.4-7.3* 9.5-9.4* 217-215*
+404
+Panamera Turbo Sport Turismo
+169
+7.4
+6.0
+9.9
+272
+365
+7.1
+370
+7.3
+330 10.0-9.9*
+243
+Panamera 4 Executive
+184
+8.1
+330 9.9-9.8*
+243
+Panamera 4
+158
+6.9
+9.8-9.7*
+330
+243
+Panamera
+168
+7.4
+Panamera
+186
+167
+13.5
+Panamera 4S
+9.0
+272
+911 Carrera T
+911
+6.3* 7.6-7.5* 173-171*
+6.5-6.4* 7.8-7.7* 177-175*
+6.7-6.6* 7.9-7.8* 180-178*
+6.8-6.7* 8.2-8.1* 186-184*
+6.9-6.8* 8.3-8.2* 189-187*
+550 12.9-12.8* 7.3-7.2* 9.4-9.3* 214-212*
+550 13.1-12.9* 7.4-7.3* 9.5-9.4* 217-215*
+404
+Panamera Turbo Executive
+404
+Panamera Turbo
+186
+8.2
+6.6
+10.9
+365
+269
+718 Boxster GTS PDK
+440 10.2-10.1*
+440 10.4-10.3*
+324
+Panamera 4S Executive
+205
+324
+7.7
+269
+6.0
+Hansjörg Schmierer*
+Manager responsible for members and finances of the IG Metall trade union, Stuttgart
+Peter Schulz*
+Diplom-Ingenieur (FH)
+Vice President of Human Resources, Management and Production
+Jordana Vogiatzi*
+Press officer for the IG Metall trade union - Stuttgart Administrative Office
+Axel Weyland*
+Member of the Works Council of Porsche Automobil Holding SE
+Head of Drivetrain Division at Porsche Engineering Services GmbH
+Member of the Group Works Council
+Member of the general Works Council of Dr. Ing. h.c. F. Porsche AG
+Head of shop stewards' committee
+Deputy chairman of the Works Council Zuffenhausen/Ludwigsburg/Sachsenheim
+Member of the SE Works Council of Porsche Automobil Holding SE
+*Employee representative
+126
+Performance - Further information
+127
+Emission and consumption information
+Werner Weresch*
+Member of the group Works Council and deputy chairman of the general Works Council
+Chairman of the Weissach Works Council
+Manfred Pache*
+Diplom Volkswirtin [Economics Graduate]
+Collective Bargaining Secretary at IG Metall
+Chairman of the Supervisory Board of Volkswagen AG
+Matthias Müller
+Chairman of the Executive Board of Volkswagen AG
+Dr rer. pol. h.c. Francisco Javier Garcia Sanz
+Betriebswirt
+Frank Witter
+Member of the Executive Board of Volkswagen AG
+with responsibility for Human Resources and Organisation
+Dr Karlheinz Blessing
+Member of the Executive Board of Volkswagen AG
+with responsibility for Human Resources and Organisation
+Dr Hans Peter Schützinger
+Member of the Board of Management of Porsche Holding GmbH
+Wolfgang von Dühren*
+Head of Sales Planning
+Antonio Girone*
+Deputy chairman of the group Works Council
+Member of the general Works Council
+Member of the Zuffenhausen/Ludwigsburg/Sachsenheim
+Member of the Works Council of Porsche Automobil Holding SE
+Works Council
+Sabine Zach*
+Model
+Power
+Power
+Fuel con-
+580
+11.8
+911 Turbo S Exclusive Series
+446
+607
+11.8
+911 Turbo Cabriolet
+397
+540
+12.1
+911 Turbo S Cabriolet
+427
+580
+12.1
+718
+718 Cayman
+718 Cayman PDK
+718 Cayman S
+911 Carrera 4 Cabriolet
+427
+Chairman of the Executive Board of Porsche Automobil Holding SE
+911 Turbo S
+Fuel con-
+CO₂
+sumption emissions
+Fuel con-
+Fuel con-
+output
+911 GT3 PDK
+[hp]
+[kW]
+sumption
+(urban)
+[l/100 km]
+sumption
+CO₂
+sumption emissions
+(extra-urban) (combined) (combined)
+[1/100 km] [l/100 km] [g/km]
+Model
+Power
+output
+Power
+[hp]
+Fuel con-
+Fuel con-
+sumption
+[kW]
+(urban)
+[l/100 km]
+sumption
+(extra-urban) (combined) (combined)
+[1/100 km] [1/100 km] [g/km]
+Diplom-Wirtschaftsingenieur
+Hans Dieter Pötsch
+Hans-Peter Porsche
+Engineer
+Fatalities
+☐ s
+SCAN
+THIS CHART
+SCAN
+THIS CHART
+2017
+2016
+2015
+177
+171
+1,708
+1,957
+165
+2,542
+0
+1) It is not possible to report on employees from temporary employment agencies and external companies, or independent contractors.
+23 Non-serious injuries resulting from minor accidents are not included in the report. Accidents not resulting in lost days (calendar days) count as minor accidents.
+3) Working days are counted as lost days (usually Mo-Fr); the day of the accident is not included (>= 1 lost calendar day).
+Injury rates 1✓
+2017
+2016
+2015
+Proportion of foreign employees 1)✓
+Lost days ³)
+2017
+1,817
+3,866
+9.5
+350
+257
+718 Cayman S PDK
+6.5
+10.7
+350
+257
+5.7
+9.0
+300
+220
+6.0
+9.9
+300
+220
+19.4
+500
+368
+1,923
+718 Cayman GTS
+2016
+Porsche AG
+Approx. 4.6
+123
+Further information
+The Supervisory Board
+Emission and consumption information
+GRI Content Index
+About this report
+Porsche in figures - brief overview
+The Supervisory Board
+of Dr. Ing. h.c. F. Porsche AG
+Dr Wolfgang Porsche
+Diplom-Kaufmann
+Chairman
+Uwe Hück*
+Deputy Chairman
+Chairman of the general and Group Works Council of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim Works Council
+Deputy chairman of the Works Council of Porsche Automobil Holding SE
+Dr Hans Michel Piëch
+Lawyer
+Dr Ferdinand Oliver Porsche
+Investment management
+Approx. 5.0
+2015
+Approx. 4.8
+2016
+Porsche Leipzig GmbH
+5.1
+6.7
+5.5
+6.2
+6.3
+6.7
+2№
+Porsche AG
+Porsche Leipzig GmbH
+12.7%
+0.7%
+12.2%
+12.0%
+0.8%
+1.0%
+1) Injury rate = Accident frequency index: provides information on frequency of accidents occurring in the workplace in relation to the total of all hours worked.
+The calculation formula is based on the number of industrial accidents x 1 million hours / hours worked.
+1) We do not report on minorities, as we are not permitted to collect this data due to personality rights.
+Donations made in € million
+Performance-Key figures
+2017
+2015
+174
+Member of the Executive Board of Volkswagen AG
+with responsibility for Procurement
+911 Carrera GTS
+1,681
+1) The published key figures for 2016 have been partially corrected.
+SCAN
+THIS CHART
+3,008
+Investments in environmental protection € millions
+2017
+2016
+1,859
+2015
+Total 1)
+39.09
+100%
+43.57
+100%
+42.73
+100%
+Waste disposal
+3,185
+1,680
+Waste for disposal
+17,121
+2) The indirect energy consumption is comprised of electrical energy, district heating and
+combined heat and power units (CHPUs).
+Energy consumption in KWh per vehicle 1)
+2017
+2016
+2015
+1) Production sites only
+SCAN
+THIS CHART
+2,485
+Volume of waste in t✓
+2017
+20161)
+2015
+Total
+22,272
+21,171
+18,802
+Waste for recycling
+20,592
+2.84
+7%
+4.36
+10%
+1) Investments at the Zuffenhausen and Weissach sites have been
+included in calculations.
+Performance-Key figures
+121
+122
+Key figures for personnel and social matters
+Unless specified otherwise, the key figures shown below concerning personnel and social matters relate in principle
+to Porsche AG and Porsche Leipzig GmbH. A detailed overview of the key figures can be found in the Porsche Newsroom:
+www.newsroom.porsche.com/reports
+Total workforce ✓
+Porsche Group (including subsidiaries)
+of which Porsche AG 2)
+of which Porsche Leipzig GmbH 2)
+Region: Germany
+Region: Europe (excluding Germany)
+Region: North America
+Region: Asia
+Other regions (Australia, Latin America)
+1) As of 2017, this figure relates to the entire Porsche AG Group.
+2) The specified employee figures are based on reports by region
+(Porsche AG = Baden-Württemberg, Porsche Leipzig GmbH = Saxony).
+27%
+1) The direct energy consumption is comprised of gas, combustible gas for manufacturing processes,
+heating oil, special energy products and fuel.
+11.54
+20.48
+7.26
+17%
+Emissions control
+6.26
+16%
+10.89
+25%
+12.82
+30%
+Remedy costs
+4.27
+11%
+7.84
+18%
+11.11
+26%
+Prevention
+25.72
+66%
+47%
+59,796
+1) The published key figures for 2015 and 2016 have been partially corrected.
+N/A
+Other sites
+Development site
+110,795
+129,975
+45,557
+142,261
+164,159
+63,522
+Direct and indirect GHG emissions in t CO₂ equivalent (Scope 1 and 2) total ✓
+Production sites
+2015
+20161)
+2017
+Emissions in t
+The calculation and reporting method has been adjusted for 2017 and future reporting periods. The previous categories "Production sites"
+(Stuttgart-Zuffenhausen and Leipzig incl. management) and "Other sites" (Weissach and Ludwigsburg) have been added.
+New categorisation in line with internal management reporting: "Production sites" (Stuttgart-Zuffenhausen and Leipzig incl.
+production-relevant external sites), "Development site" (Weissach incl. development-relevant external sites, "Other sites" (all other sites).
+A detailed overview of the key figures can be found in the Porsche Newsroom: www.newsroom.porsche.com/reports
+Key figures for environment and energy
+120
+45.01
+40.37
+0.41
+14,752
+0.28
+N/A
+3,213
+Macan
+39.25
+45,318
+49,023
+54,338
+92,602
+110,231
+6,405
+Weight of volatile organic compounds (VOC) ✓
+SOx emissions
+NOx emissions
+Other indirect GHG emissions (Scope 3) 2) 3)
+Indirect GHG emissions in t CO₂ equivalent (Scope 2)✓
+49,659
+53,928
+57,117
+Direct GHG emissions in t CO₂ equivalent (Scope 1) ✓
+31,466
+34,184
+N/A
+Employee structure ✓
+0.25
+125.29
+0.11
+2017
+2016
+2015
+Fresh water and waste water in m³✓
+2017
+20161)
+20151)
+Total 2)
+Production sites
+Development site
+Other sites
+339,200
+268,346
+59,418
+11,436
+296,873
+233,523
+N/A
+63,350
+282,369
+222.573
+911 Carrera 4 GTS
+Water consumption (drinking water)
+Volume of waste water
+644,173
+561,332
+617,752
+542,217
+587,498
+529,980
+Indirect energy consumption according to primary energy sources in MWh ✓
+Weight of dust emissions
+SCAN
+THIS CHART
+2) The calculation method has been further developed for 2017, and the key figures for 2015 and 2016
+adjusted in line with this method.
+116.93
+0.3
+110.05
+0.27
+Direct energy consumption according to primary energy sources in MWh ✓
+2017
+2016
+2015
+Total 1)
+Production sites
+Development site
+Other sites
+Fuel (in litres)
+304,111
+225,218
+62,556
+293,623
+217,104
+3,054
+1,540,403
+N/A
+64,603
+1,385,573
+265,915
+199,443
+N/A
+53,530
+1,504,843
+1) The published key figures for 2016 have been partially corrected.
+3) The emissions indicated relate only to business trips, i.e. made by train (Porsche AG only), plane and
+rental car. A method for calculating Scope 3 emissions in logistics is currently under development.
+Employees by gender
+19,312
+Male
+8.8
+8168
+7.0
+10.8
+450
+331
+911 Carrera GTS Cabriolet PDK
+7.3
+12.9
+450
+331
+911 Carrera GTS Cabriolet
+6.5
+10.2
+420
+309
+911 Carrera S Cabriolet PDK
+6.7
+12.3
+202
+420
+Macan Turbo
+7.8
+Cayenne (E3)
+201
+8.7
+6.7
+12.2
+370
+272
+911 Carrera 4
+190
+8.4
+7.4-7.2* 172-167*
+9.0-8.7* 212-204*
+6.3-6.1* 164-159*
+7.8-7.4* 9.2-8.8* 215-207*
+7.8-7.5* 9.2-8.9* 216-208*
+8.0-7.8* 9.7-9.5* 224-219*
+8.0-7.8* 9.7-9.5* 224-219*
+400 11.8-11.5*
+440 12.6-12.4*
+440 12.6-12.4*
+324
+Macan Turbo Exclusive Performance Edition
+214
+9.4
+324
+Macan Turbo Performance Package
+178
+294
+911 Carrera 4 PDK
+309
+360 11.8-11.4*
+272
+911 Carrera Cabriolet
+Accidents 2)
+8.3
+6.9
+10.7
+450
+331
+911 Carrera GTS PDK
+8.6-8.4*
+252
+185
+Macan
+212
+9.4
+7.3
+12.9
+450
+331
+370
+911 Carrera S Cabriolet
+Female
+8.5
+265
+Macan GTS
+172
+7.5
+6.2
+9.9
+370
+272
+911 Carrera Cabriolet PDK
+6.6-6.4*
+7.6-7.3*
+5.9-5.7*
+258 6.9-6.7*
+190
+Macan S Diesel
+195
+340 11.6-11.3*
+250
+Macan S
+188
+3 LO
+6.5
+272
+11.9
+10.1
+3,667
+26,506
+N/A
+N/A
+1,403
+N/A
+N/A
+Training programme participants ✓
+2017
+2016
+2015
+741
+N/A
+N/A
+868
+N/A
+N/A
+259
+N/A
+3,994
+N/A
+4,148
+24,481
+14,569
+Employees subject to wage agreements
+Employees by type of employment 2)
+370
+Employees exempt from wage agreements and executive employees
+1) As of 2017, this figure relates to the entire Porsche AG Group.
+2) Due to the equal payment and attractive framework conditions, the number of temporary
+employees has not been reported separately.
+20171)
+2016
+2015
+Employee turnover 1) ✓
+20172)
+2015
+1.20%
+0.60%
+0.60%
+29,777
+27,612
+17,549
+16,241
+11 Employee turnover is not broken down by age group, gender and region. These figures are not essential to us as they are not relevant for management.
+The key figure is also calculated without including fixed-term employment contracts, employees entering into receipt of pensions and semi-retired workers.
+21 As of 2017, this figure relates to the entire Porsche AG Group.
+Total number of participants
+2016
+Female
+17,363
+2,483
+15,753
+Number of accidents, lost days and fatalities ¹) ✓
+25,911
+18,312
+16,419
+911 Carrera 4S PDK
+Cayenne S
+204
+8.9
+6.8
+420
+309
+911 Carrera 4S
+Cayenne
+19,909
+6.3
+177
+7.7
+24,460
+2,872
+12.4
+2015
+5,317
+21,731
+21,798
+3,461
+3,458
+Male
+16,451
+17,963
+Distribution of participants by employee category
+Employees subject to wage agreements
+93.1%
+18,337
+90.7%
+2016
+20171)
+14.2%
+9.3%
+3,768
+Employees exempt from wage agreements and executive employees
+85.8%
+6.9%
+Ferry Porsche
+SWITZERLAND
+7:21
+RADO
+Porsche acquires sites
+Porsche has been operating a development
+site for SUVs in Hemmingen for 20 years.
+In May, it acquired what had previously been
+aleased site. At the same time, Porsche has
+also purchased additional workshop areas and
+offices for the Procurement department in
+Rutesheim. Both sites function as branch
+offices for the Porsche Development Centre
+in Weissach and there are plans for expansion
+at both locations in the years ahead. This
+investment sees the company preparing for
+dreams
+the requirements arising from its hybridisation
+and electrification strategy.
+14
+DMG
+4BANK
+Ferry Porsche Foundation established
+Porsche stepped up its commitment to social
+responsibility in May. The sports car manu-
+facturer has established the Ferry Porsche
+Foundation, intended primarily to support pro-
+jects in connection with education and social
+issues, as well as playing an active role in
+supporting children and young people. The
+foundation initially has ten million euros
+at its disposal, after which additional capital
+will flow into the foundation annually from
+Porsche AG's company profit. In December,
+the Porsche Executive Board decided to
+donate a further ten million euros, roughly
+doubling the foundation's funding to a total
+of 22 million euros.
+TOURNAMENT WIN FOR KAROLINA PLISKOVA
+NO
+CREATION OF THE FERRY PORSCHE FOUNDATION
+15
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+tion of Porsche at first
+hand. This slogan
+typifies the new
+110,000-square-metre
+Porsche Experience
+Centre in China, the first
+centre of its kind in Asia.
+Performance Important events
+ANDREAS RENSCHLER
+New Managing Director at Porsche Engineering
+The Weissach-based Porsche Engineering
+Group has expanded its management team:
+Peter Schäfer, previously Vice President
+Complete Vehicle Engineering/Quality Man-
+agement at Porsche AG's Development Centre,
+took up a newly created position in June as
+an additional Managing Director at the wholly
+owned subsidiary.
+PETER SCHÄFER
+GUNNAR KILIAN
+Porsche Engineering
+MARTIN SCHOELLER TOOK PORTRAIT PICTURES OF SIX PORSCHE LMP1 DRIVERS
+HILTRUD WERNER
+New appointments to the Supervisory Board
+Gunnar Kilian, Andreas Renschler and Hiltrud
+Werner were appointed to the Supervisory
+Board of Porsche AG with immediate effect in
+May. The three members of the Board of Man-
+agement of Volkswagen AG succeed Matthias
+Müller, Dr Karlheinz Blessing and Dr Francisco
+Javier Garcia Sanz, who have left the Board.
+Gunnar Kilian had been the member of the
+Board of Management of Volkswagen AG
+responsible for Human Resources and Organi-
+sation since April 2018. Andreas Renschler
+was appointed to the Board of Management of
+Volkswagen AG in February 2015, where he
+is responsible for Commercial Vehicles. Hiltrud
+Werner has been a member of the Board of
+Management of Volkswagen AG since February
+2017 and is responsible for Integrity and
+Legal Affairs.
+Dr. Wolfgang Porsche's 75th birthday
+On 10 May, Dr. Wolfgang Porsche, Chairman
+of the Porsche AG Supervisory Board, cele-
+brated his 75th birthday. The youngest son of
+Dorothea and Ferry Porsche, born in Stuttgart,
+has been a member of the Supervisory Board
+since 1978. Over the past decades he has
+played a key role in all of the company's major
+decision-making. Chairman of the Porsche AG
+Executive Board Oliver Blume offers the
+following tribute: "Wolfgang Porsche not only
+bears the name of our brand. He is also our
+much-loved role model. He has always been
+there when needed. He has been loyal to
+the company, in good times and in bad.
+That's why we are full of admiration for him.
+That's why we value him. That's why he
+deserves our full respect."
+DR. WOLFGANG PORSCHE
+Collaboration with star photographer
+Skilful photographs from the Porsche box:
+the Netherlands Photo Museum in Rotterdam
+exhibited the works of New York-based
+German photographer Martin Schoeller from
+May to September. Featured in this exhibition
+are Schoeller's portraits of six Porsche LMP1
+drivers, photos for which he has received
+many awards. The collaboration with Martin
+Schoeller as part of the "Big Heads" exhibition
+signals the start of what will be a long-term
+partnership between Porsche and the star
+photographer.
+STIFTUNG
+Experience the fascina-
+safety car at the FIA World Endurance
+Championship since April. The all-wheel drive
+911 produces 540 hp (397 kW) and can
+sprint from zero to 100 km/h in three seconds.
+Between now and 2020, Porsche will be
+supplying a total of five Porsche 911 Turbos
+to the FIA WEC for use as safety cars. Two of
+41st Porsche Tennis Grand Prix
+THE 911 TURBO USED AS FIA WEC SAFETY CAR
+Investment in start-up company Anagog
+Porsche Digital acquired a minority stake in
+the Israeli start-up Anagog in April. Founded in
+2010, the Tel Aviv-based company currently
+has around 30 employees and specialises
+in developing artificial intelligence (AI) in the
+context of mobility. Software programmed
+and patented by Anagog allows companies to
+better understand and anticipate customer
+behaviour in certain situations, resulting in
+features such as intelligent parking options. By
+investing in Anagog, Porsche is continuing to
+drive digital transformation and as a result can
+now develop and offer context-based and
+personalised services.
+ANAGOG FOUNDERS
+among those competing
+in the sixth season of the
+prestigious global
+electric racing series at
+the end of 2019.
+Formula E will provide
+the chassis as well as
+the battery. All power-
+train components,
+however, are the com-
+petitors' own designs.
+Porsche plans to be
+Julius Bar
+The 911 Turbo as a safety car
+MICHELIN
+SIPICK
+Allianz
+Qualcomm
+ABB
+70
+Julius Bär
+ABB
+A Porsche 911 Turbo has been used as the
+the vehicles accompany the race cars during
+the global championship, while three are
+based permanently in Le Mans. A further eleven
+Porsche cars are driven by the race doctors
+and safety teams.
+Experience the fascination of Porsche at first
+hand. This slogan typifies the new Porsche
+Experience Centre in China, the first centre of
+its kind in Asia. The centre, located in direct
+proximity to the Shanghai International Circuit,
+is the sixth site in the world in this format. On
+an area covering 110,000 square metres, cus-
+tomers and fans can enjoy a handling course,
+offroad track, restaurant, café, conference
+rooms and a Porsche Driver's Selection Store.
+New Experience Centre in Shanghai
+13
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Important events
+12
+911 GT3 RS ON THE NÜRBURGRING-NORDSCHLEIFE
+PORSCHE
+MOTORSPORT
+In April the new 911 GT3 RS demonstrated the full extent of its power. Porsche works driver
+Kévin Estre set a lap time for the Nürburgring (Nordschleife) of 6:56.4 minutes, the fastest
+ever time for a street-legal Porsche sports car. The Frenchman slashed 24 seconds off the
+previous fastest time recorded for the predecessor model. The time was measured around the
+20.6-kilometre lap.
+New record set for the Nordschleife
+The accelerator venture set up by Porsche
+Digital and Axel Springer Digital Ventures was
+given the name APX in April. The abbreviation
+APX represents the two partner companies
+and their common goal of supporting start-ups
+in the early stages of their business establish-
+ment and accelerating their development. APX
+invests in digital business models across
+sectors and industries, with a particular focus
+on lifestyle, mobility, travel, finance and insur-
+ance technology, media and health.
+The Fédération Internationale de l'Automobile
+(FIA) accepted Porsche's application as a
+Formula E manufacturer in April. Porsche plans
+to be among those competing in the sixth
+season of the prestigious global electric racing
+series at the end of 2019. Formula E will
+provide the chassis as well as the battery. All
+powertrain components, however, are the
+competitors' own designs. This enables Porsche
+to use its own solutions for key technologies
+such as the electric motor, inverter, brake-by-
+wire system, transmission, differential, drive-
+shafts, monocoque and the suspension
+components attached to the rear axle, as
+well as the cooling system and ECU.
+Accelerator for start-ups
+Porsche enters Formula E
+PORSCHE ENTERS FORMULA E
+Software programmed
+and patented by Anagog
+allows companies to
+better understand and
+anticipate customer
+behaviour in certain
+situations, resulting in
+features such as intelli-
+gent parking options.
+Karolina Pliskova might not have her driving
+licence yet but she already has her dream car.
+As the winner of the Porsche Tennis Grand Prix
+tournament in April, the 26-year-old Czech
+was presented with a Porsche 718 Boxster
+GTS to go her with her prize money and world
+ranking points. Pliskova faced a tough
+opponent in the American, Coco Vandeweghe,
+in a high-quality, exciting final played in
+Stuttgart's sold-out Porsche Arena
+PORSCHE
+17
+Digital charging service for electric vehicles
+Innovative charging service for plug-in and
+electric vehicles: with its Porsche Charging
+Service, Porsche launched a digital platform in
+June covering all charging-related services.
+The service searches for suitable charging
+stations and takes care of the invoicing via
+centrally stored payment details, in any country
+or currency. This eliminates the need to register
+with different providers. A free app and the
+Porsche navigation system direct customers
+to the selected charging station.
+GT4 Clubsport at the
+ADAC Rallye
+Deutschland. For
+The Porsche Cayman
+18
+MACAN
+Officer (CEO) of Porsche Financial Services
+GmbH with effect from 1 August. He succeeds
+Albert Moser who led and built up the com-
+pany for 26 years. Prior to his appointment to
+the Porsche subsidiary's Management Board
+in September 2017, Peters was responsible
+for the Controlling department of Porsche AG
+for eight years. He previously held various
+management positions both domestically and
+abroad within the Porsche Group. Albert Moser
+is thus entering well-earned retirement.
+Holger Peters took over as Chief Executive
+Porsche, the entry of a
+concept study for the
+FIA R-GT category based
+on the series-production
+GT circuit race car was a
+Changing of the guard at Porsche
+Financial Services
+in July. The Macan has been given a full make-
+over, with a revamp of the design, comfort,
+connectivity and driving dynamics. The com-
+pact SUV remains the sporty flagship of its
+segment. In keeping with Porsche's design
+DNA, the new Macan features a three-dimen-
+sional LED light panel on the rear of the
+vehicle. The most striking innovations inside
+are the new fully interconnected Porsche
+Communication Management (PCM) module
+with 11-inch touchscreen, the new-look air
+vents and also the GT sports steering wheel,
+famously associated with the 911. The PCM
+provides access to new digital functions such
+as intelligent voice control and online navi-
+gation, the latter coming as standard. The
+new-generation Macan is being built in Leipzig.
+With this decision, Porsche is laying the
+foundation for continued growth and the pro-
+duction of future models, with investment
+worth several hundred million euros earmarked
+for the Leipzig site over the coming years.
+New Macan celebrates world première
+Porsche launched its new Macan in Shanghai
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Important events
+16
+Porsche Digital acquired a stake in the US
+start-up company Miles in July. The company -
+based in Silicon Valley, California, and founded
+in 2016 is launching the first smartphone-
+based rewards programme for all forms of
+mobility. Miles has developed a digital platform
+that rewards users simply for travelling the
+way they travel every day, across various
+modes of transport. This enables users to
+collect points on all of their selected mobility
+solutions, rather than being restricted to
+one single form of transport. The additional
+use of artificial intelligence means that a cus-
+tomer's needs throughout a journey are better
+understood and anticipated. The platform
+can, for example, suggest suitable refuelling or
+recharging points, recommend where to stop
+for a break or propose transport connections.
+HOLGER PETERS
+Investment in Miles start-up
+critical test under real
+conditions.
+Rally car concept study
+BOSS
+19
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Important events
+PRODUCTION LAUNCH OF NEW MACAN
+in Hamburg, became the new CEO of Porsche
+Taiwan on 1 September 2018. He was previ-
+ously Managing Director of the Porsche Centre
+Hamburg Nord-West and Manager of New and
+Used Cars Sales at the Porsche Centre Berlin.
+PORSCHE CAYMAN GT4 CLUBSPORT
+Personnel change at Porsche Taiwan
+Mathias Busse, previously Chairman of the
+Managing Board for the Porsche Centres
+In keeping with Porsche's
+design DNA, the new
+Macan features a
+three-dimensional LED
+light panel on the rear of
+the vehicle.
+with a revamp of the
+design, comfort, con-
+nectivity and driving
+dynamics. The compact
+SUV remains the sporty
+flagship of its segment.
+The Macan has been
+given a full makeover,
+Series production of the new Macan was launched at the Leipzig site in August, with the first
+customer vehicle successfully making its way through the body shop, the paint shop and along
+the assembly line. Parts of the factory have been adapted specifically for production of the
+Macan. The vehicle shown, in the exterior colour Mamba Green Metallic, is destined for a
+Chinese customer.
+Production launch of new Macan
+A very special course car, the Porsche Cayman
+GT4 Clubsport, ran ahead of the starter field
+at the ADAC Rallye Deutschland in August.
+For Porsche, the entry of a concept study for
+the FIA R-GT category based on the near-
+production GT circuit race car is a critical test
+under real conditions. Whether this turns into
+a rally project for customers with a similar
+vehicle in the medium term will be decided at
+a later stage.
+MATHIAS BUSSE
+Angelique Kerber wins Wimbledon
+Angelique Kerber was crowned Wimbledon
+champion in July after beating Serena Williams
+in the final of the most famous tennis tourna-
+ment in the world. The Porsche brand ambas-
+sador now has three grand slam titles to her
+name, having already won the Australian Open
+and the US Open. Kerber first reached the
+Wimbledon final back in 2016, when she was
+beaten by Williams. This time, Kerber was able
+to overcome the American to win the most
+sought-after trophy in tennis. She is the first
+German player to win Wimbledon since Steffi
+Graf in 1996.
+GRAND SLAM WIN FOR ANGELIQUE KERBER
+LEM
+Jens Puttfarcken, previously Managing Director
+of Porsche Deutschland, took over at Porsche
+China and Porsche Hong Kong in July. His
+successor in the German sales organisation is
+Alexander Pollich, previously Managing
+Director of Porsche Cars Great Britain. Pollich
+has been succeeded in Great Britain by
+Marcus Eckermann, previously Managing
+Director of Porsche's sales organisation for
+Central and Eastern Europe.
+Personnel change in sales
+MARCUS ECKERMANN
+ALEXANDER POLLICH
+First electric Porsche is called the Taycan
+Porsche's first purely electric-powered car was
+officially named in June. The Mission E concept
+study, which now refers to Porsche's entire
+electrical mobility strategy, has produced the
+Taycan. The name can be roughly translated
+as "soul of a spirited young horse", in keeping
+with the leaping horse that has featured on
+the Porsche crest since 1952. This name, with
+its oriental linguistic origins, also signals
+the arrival of the first electric sports car with
+the soul of a Porsche.
+TAYCAN ELECTRIC PORSCHE
+Double victory in Le Mans
+Taycan
+The 911 goes retro: 911 Speedster Concept
+PORSCHE 911 SPEEDSTER CONCEPT
+Porsche acquired a ten per cent stake in the
+technology and electric sports car company
+Rimac Automobili in June. The Croatian com-
+pany develops and produces electric vehicle
+components and manufactures its own
+electric super sports cars. As part of its elec-
+trification efforts, Porsche is seeking a devel-
+opment partnership with Rimac. The fast-
+growing Zagreb-based company employs
+around 400 staff. Rimac's main focus is on
+high-voltage battery technology, electric
+powertrains and the development of digital
+interfaces between man and machine.
+Investment in Rimac
+With its Porsche Charg-
+ing Service, Porsche
+launched a digital plat-
+form in June covering
+all charging-related
+services. The service
+searches for suitable
+charging stations and
+takes care of the invoicing
+via centrally stored
+payment details.
+Porsche Consulting on the rise
+With the opening of two more offices in June,
+the management consultancy Porsche
+Consulting is continuing to grow. Sites in
+Berlin and Belmont (Silicon Valley, USA) will
+now join the company's seven existing offices
+worldwide. An additional 100 experts in new
+technologies and innovation have also been
+hired. Porsche Consulting is among the top ten
+management consultancies in Germany and
+supports companies with the optimisation of
+their performance and innovative capacity.
+Porsche gave itself the ideal present to mark the 70th anniversary of its sports cars in June. This
+gift is a new model that embraces purity and emotion combined with historically accurate
+execution. We are talking about the 911 Speedster Concept, a model that replicates the essence
+of the Porsche brand. The car's main focus is on a pure driving experience. The drive technology
+under the two-tone shell of the concept study is derived from the current GT models. As a
+concept study, this model offers a glimpse of a potential long-term series-production version.
+In early 2019, a special edition of the 911 Speedster will enter a limited production run of
+1,948 units.
+Porsche made history once again in Le Mans in June, winning both GTE classes in the world's
+toughest long-distance rally, the Le Mans 24 Hours, now in its 86th year. In the pro category,
+which saw six manufacturers do battle, the Porsche 911 RSR with starting number 92 was the
+first car to cross the line after 344 laps. The driver trio of Kévin Estre, Laurens Vanthoor and
+Michael Christensen held the lead for almost the entire distance and controlled the race
+on the tradition-steeped course. The sister car (number 91) driven by Richard Lietz, Frédéric
+Makowiecki and Gianmaria Bruni came in second.
+ROLEX
+24
+RO
+18
+PORSCHE WINS PRO CATEGORY AT LE MANS
+ROLEX
+ROLEX
+MARS
+WINNER
+LEM
+24 MA
+ROLEX
+ROLEX
+GFC
+LE MANS
+2419
+LE MANY
+JENS PUTTFARCKEN
+Zala
+Outlook
+PORSCHE
+Key economic figures
+Key figures
+Value added statement
+Consolidated statement of changes in equity
+Procurement
+130
+128
+126
+148
+124
+116
+Production
+108
+Sales
+106
+Sales, Production, Procurement
+94
+Research and development
+122
+150
+Key figures for environment and energy
+152
+134
+。 ཨྰཿ⌘8 ⌘╗ལྦ8 8$°£⌘ $ ༄ཎྜ £8 ¢88¥¥╗* $88$ 888888 8
+166
+146
+144
+165
+Legal notice
+Porsche AG Group - Brief overview
+About this report
+GRI Content Index
+162
+160
+Emission and consumption information
+158
+The Supervisory Board
+156
+Further information
+154
+Key figures for personnel and social matters
+Communication
+168
+Sport
+Employees, Society, Sport, Communication
+There are two volumes in front of you:
+Perspective is intended to inspire, excite and
+motivate you - to confront you, challenge you
+and familiarise you with topics and proposi-
+is committed to improving continuously and
+in the long term.
+Financial strength, innovative vehicles, custom-
+er orientation, protection of the environment
+and responsibility for employees - in all these
+areas, Porsche sets the highest standards and
+That is why Porsche combines its annual report
+with its sustainability report. The report is
+intended to send out a signal. Namely, that the
+twin themes of finances and sustainability go
+hand in hand.
+Financial success is a Porsche watchword. But
+social sustainability is too. Particularly as a
+maker of exclusive and powerful sports cars,
+Porsche sees that it has a responsibility to
+increase the company's acceptance and that
+of its products worldwide through socially
+and ecologically responsible behaviour. Respon-
+sible actions that help the company, the
+environment and society is not just what our
+customers, business partners and investors
+expect. Doing business sustainably is also
+important to our remaining competitive in our
+business environment.
+Sustainability as routine is Porsche's overarch-
+ing strategic aim. Financial success, environ-
+mental consciousness and social responsibility
+do not contradict each other as far as Porsche
+is concerned. Quite the opposite, in fact. They
+combine to form a whole that determines
+the company's behaviour.
+Performance.
+PORSCHE
+tions that a car company like Porsche needs to
+face up to in a time of dramatic shifts across
+the industrial landscape.
+Sustainability Report
+of Porsche AG
+2018
+Performance.
+THIS CHART
+SCAN
+Augmented reality makes the
+fascination of Porsche an even
+more intense experience.
+Simply download the Porsche
+Newsroom app from the App
+Store or Google Play, select the
+augmented reality function in
+the menu and look out for the
+labels SCAN THIS CHART and
+SCAN THIS PAGE. View the
+labelled tables, diagrams and
+pages on the screen of your
+smartphone or tablet - and
+bring the content to life.
+reality options
+how to use the augmented
+SCAN THIS CHART -
+Safety Car
+Annual and
+The future and how to shape it are happening
+today, because tomorrow is right in front of us.
+Continuous change is the motor of the future
+and thus also what drives Porsche to find
+solutions today for new challenges. But how
+can we keep ourselves up to speed in times
+of transformation?
+Volume two is called Performance. It contains
+all the results of fiscal year 2018. In it, you will
+find developments, summaries, explanations,
+figures - and documentation covering all
+facets of Porsche's comprehensive commit-
+ment to sustainability.
+As different as the two volumes are, they have
+one thing in common: communication on
+various levels. That is why some articles offer
+the option of augmented reality. You will find
+instructions on the pages in question, and
+no small number of surprises!
+Management approaches
+88
+84
+76
+64
+62
+50
+48
+44
+40
+38
+Sustainability strategy and sustainability management
+Outlook
+28
+Business performance
+Materiality analysis
+Strategy and organisation
+Stakeholder management
+Important events
+Letter from the Executive Board of Porsche AG
+Employees
+Society
+Financial analysis
+36
+Financial position
+In February, Porsche was
+the first carmaker to
+successfully implement and
+test blockchain technology
+Testing blockchain technology for automobiles
+Together with the Berlin-based start-up XAIN, Porsche tests the use of blockchain
+applications directly in vehicles. In February, Porsche was the first carmaker to successfully
+implement and test blockchain technology in an automobile. Transactions based on this
+technology are particularly safe and also much quicker. The functions being tested include
+locking and unlocking the vehicle via an app, as well as access authorisations set up for a defined
+period of time, and even new business models based on encrypted data logging. In this way,
+functions such as autonomous driving can be further developed and improved. XAIN was the
+winner of the first Porsche Innovation Contest held in summer 2017.
+Larger luggage compartment
+PORSCHE
+More space
+MISSION E CROSS TURISMO
+At the 88th Geneva International Motor Show
+at the beginning of March Porsche unveiled
+its Mission E Cross Turismo, a concept study
+for an electrically powered Cross Utility Vehicle
+(CUV). The highlights of this four-door Cross
+Turismo are its emotional design with striking
+off-road elements, as well as the innovative
+display and operating concept with touch-
+screen and eye-tracking control. It is the
+perfect vehicle for people with active lifestyles
+and a passion for travel and the great outdoors.
+With its 800-volt architecture, this concept
+vehicle can use the fast-charging network. It
+can also be charged by induction at a charging
+station or using the Porsche home energy
+storage system. Also making its début in
+Geneva was the new 911 GT3 RS, one of the
+most radical high-performance sports cars
+available anywhere.
+World premières in Geneva
+in an automobile. Transac-
+tions based on this technol-
+ogy are particularly safe and
+also much quicker.
+New Porsche studio opens in Beirut
+Porsche opened the world's third Porsche
+Studio in Beirut in late January. The state-of-
+the-art premises, covering an area of more
+than 300 square metres, offer customers an
+insight into the complete range of the brand's
+services. A particular highlight is the platform
+used to display the sports cars, which is
+reminiscent of a fashion show catwalk.
+PORSCHE FROM 1948 TO 2018
+T
+PORSCHE
+IMPORTANT EVENTS
+00
+S.GO 5090
+GT3RS
+Important events
+Business performance
+Porsche celebrates 70 years of sports cars
+70 years young and as pioneering, passionate
+and driven as ever - welcome to the world of
+Porsche in 2018. Worldwide celebrations to
+mark "70 years of Porsche sports cars" began
+in January with a New Year reception in the
+Porsche Museum. The anniversary events are
+geared around the 356 "No. 1" Roadster, which
+became the first car to bear the name Porsche
+in June 1948. It was with this vehicle that
+Ferry Porsche turned his sports car dream into
+reality. His vision reflected all the values that
+are synonymous with the brand today and that
+will continue to represent Porsche in the future.
+PORSCHE STUDIO BEIRUT
+Billions of euros to be invested
+in electromobility
+of demand meant that the order book was
+significantly oversubscribed.
+Net assets
+and variable interest rates on offer. A high level
+of five, seven and ten years and with both fixed
+Porsche issued a promissory note to the value
+of 280 million euros in March. This promissory
+note is structured in tranches with maturities
+Nine-digit promissory loan
+11
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Important events
+REDUCING CO2 EMISSIONS IN LOGISTICS
+10
+Porsche is getting on board the "green train",
+laying the tracks for sustainable actions. All
+transportation by rail of finished vehicles
+built in Zuffenhausen and Leipzig has been
+powered by renewable green energy since
+the beginning of the year. This means that
+Porsche's rail logistics transport is a completely
+carbon-neutral process. As a result of this
+change, Porsche will reduce the annual
+CO2 emissions of its logistics operations by
+three per cent, avoiding the generation of
+more than 6,000 tons of climate-damaging
+carbon dioxide.
+Reducing CO₂ emissions in logistics
+Marc Meurer took over as Managing Director of
+Porsche France with effect from 1 February,
+succeeding Marc Ouayoun, who has headed
+Porsche Cars Canada since the start of the
+year. Meurer was most recently employed as
+Managing Director at Audi France, having
+previously worked as a Marketing Director for
+Volkswagen France.
+Change of management at two
+sales companies
+MARC OUAYOUN
+Classic parts from a 3D printer
+"No longer available" - for collectors of rare
+classic cars, the unavailability of spare parts
+can quickly become a problem. In February
+Porsche Classic came up with a solution. Rare
+parts that are only needed in small quantities
+or only requested every now and again can
+now be manufactured using 3D printers. All
+parts that are produced this way are true
+to the original, from both a technical and a
+visual perspective.
+investment and just over three billion to cover
+development costs.
+Porsche has earmarked more than six billion
+euros for investment in plug-in hybrids and
+purely electric vehicles between now and
+2022. This follows a decision reached by the
+Supervisory Board in February, doubling the
+volume of the future package previously in
+place. Some 500 million euros of the additional
+three billion will be allocated to the develop-
+ment of Mission E variants and derivatives,
+while a billion euros will help fund the electri-
+fication and hybridisation of the existing
+product range. Several hundred euros are to
+be used to expand Porsche's sites, while some
+700 million euros has been set aside for new
+technologies, charging infrastructure and
+smart mobility. Overall, the future package is
+now worth around three billion euros in capital
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 160-161.7
+Performance - Letter from the Executive Board of Porsche AG
+MARC MEURER
+Your Executive Board
+Executive Board
+Oliver Blume
+Chairman of the
+Production and Logistics
+Albrecht Reimold
+Human Resources and
+Labour Relations
+Andreas Haffner
+Uwe-Karsten Städter
+Procurement
+makerm mains the p.pk my this duome
+Letter from the Executive Board of Porsche AG
+Consolidated statement of cash flows
+140
+Consolidated statement of financial position
+138
+Consolidated statement of comprehensive income
+136
+Consolidated income statement
+Dr. Ing. h.c. F. Porsche AG
+Financial data
+Results of operations
+Michal fluimer
+Michael Steiner
+142
+Lutz Meschke
+Deputy Chairman
+We regard digitalisation as an opportunity to tap new busi-
+ness fields. We are developing typical Porsche mobility
+concepts and using new technologies. Innovative start-ups
+are supporting us in that effort. One example is the young
+Berlin-based company XAIN, with which we are the first
+carmaker worldwide to successfully implement blockchain
+technology in the vehicle. In 2018 we also acquired inter-
+ests in the Israeli start-up Anagog, Rimac Automobil in
+Croatia and Miles in the US.
+Together with the new 911, we launched the apps "Porsche
+Road Trip" and "Porsche 360+". They can be bought and
+used by anyone - even by those who don't own their own
+Porsche. This represents our first forays into new target
+groups and new types of uses. The same applies to
+"Porsche Host", a pilot programme operated jointly with
+our sharing partner Turo in the US.
+Research and Development
+Other new additions include the GT2 RS Clubsport, the
+Macan S, the 718 T and the 911 Speedster, the latter to be
+produced in a limited run of 1948 units. At the Rennsport
+Reunion in Laguna Seca, we thrilled those assembled with
+the Porsche 935, a homage to the legendary 935/78
+known as Moby Dick. Finally, at the end of 2018 the new
+911 celebrated its world première - even faster, more
+efficient and more abundantly equipped with digital func-
+tions than ever before.
+The anniversary year also saw some prominent world
+premières: in early March, we presented an electrically
+powered cross utility vehicle concept car that will go into
+series production as the Taycan Cross Turismo. And
+with the 911 GT3 RS, a hitherto unequalled radical high-
+performance sports car debuted in Geneva that would
+shortly break the record for a street-legal Porsche sports
+car on the Nürburgring's famed Nordschleife with a time
+of 6:56.4 minutes. This was followed in July by adding the
+new Macan. The Panamera family grew by two GTS models.
+Always at the centre of events: the 356 "No. 1" Roadster,
+which became the first car to bear the name Porsche in
+June, 1948.
+With the new plant for the Taycan, we have created approx-
+imately 1,500 new jobs. Our workforce has grown in other
+locations as well, amounting to an nine per cent increase
+worldwide. Overall, 32,325 people were working at Porsche
+at the end of 2018 - more than ever before.
+This was also underscored by the decision of the Super-
+visory Board under which Porsche will invest six billion
+euros in e-mobility by 2022. The move will double the
+volume of the future package that was previously in place.
+It will now encompass some three billion euros of capital
+investments and somewhat over three billion in develop-
+ment costs. Roughly one billion of that will be invested in
+the Zuffenhausen location alone to ensure that the Taycan,
+our first purely electric Porsche sports car, can roll off
+the lines there in autumn 2019.
+Another topic that presented a lot of challenges in 2018 was
+diesel. Porsche itself has never developed and produced
+diesels. The technology has always played a relatively minor
+role for us. After a good deal of deliberation, we therefore
+decided to move forward without diesel. As a sports car
+manufacturer, we concentrate on doing what we do best:
+highly emotional gasoline engined, powerful plug-in hybrids
+and, soon, purely electric drive systems. This will enable
+us to sharpen the core of our brand and resolutely align our
+company with the mobility of the future.
+And that at a time when conditions in the industry were
+anything but ideal in 2018: The earlier-than-expected
+emissions legislation in Europe confronted the automotive
+industry with enormous challenges. Let us be clear: we
+stand unreservedly behind the agreed laws, not least be-
+cause the measured values based on the WLTP cycle are
+significantly more realistic than the NEDC cycle used previ-
+ously. However, the new regulations were introduced one
+year earlier than initially planned. The early change not only
+had a major impact on existing product cycles, but also
+led to severe bottlenecks at the test benches. As a result, we
+had to prioritize with regard to product launches. With the
+911, for example, we promptly equipped the GTS vehicles
+with particle filters. With the 992, the eighth generation of
+our icon, all new 911s are already WLTP-certified.
+But 2018 was not just a year of outstanding growth and
+success. It was also a year of grand celebrations: 80 years
+of the Zuffenhausen location, the 75th birthday for
+Wolfgang Porsche, and 70 years of Porsche sports cars.
+Among other things, we marked the anniversary of our
+brand by founding the charitable Ferry Porsche Foundation,
+which works to support education, social issues and young
+people. The anniversary was celebrated around the world.
+2018 was a successful year for Porsche. We posted in-
+creased delivery figures once again, with a four-per cent
+gain over 2017 to 256,255 vehicles. Another bright point
+We also joined a new racing series: our application for a
+place as a manufacturer in the Formula E championship was
+accepted in April of last year. In other words, at roughly the
+same as the world première the Taycan, Porsche will kick
+off its first campaign in this purely electric-powered racing
+series in late 2019. At the same time, our involvement
+in the GT class and customer racing will continue. After all,
+motor racing remains paramount for Porsche, our driver
+of innovation, efficiency and sustainability. The race track is
+our laboratory - and where we are at home.
+Dear Reader,
+Sales and Marketing
+of the Executive Board
+Detlev von Platen
+Finances and IT
+is our operating return on sales: at 16.6 per cent it once
+again exceeds our strategic objective of 15 per cent.
+Дольков
+Deller von
+2018: New record set for deliveries
+to customers in 2018. Alongside new vehicles,
+sales of pre-owned cars also reached an
+all-time high. With 23,046 units delivered
+and an increase of 21 per cent, pre-owned
+vehicles were also a popular choice among
+US customers.
+USA: Nine consecutive years of growth
+Porsche delivered 57,202 vehicles to custom-
+ers in the United States in the reporting year -
+a year-on-year increase of three per cent.
+This is the ninth year in succession that Porsche
+has beaten its previous year's record. The
+Macan once again claimed the top spot among
+Porsche's models on the US market, with
+23,504 models sold, ten per cent more than
+in 2017. Sales of the Panamera also grew
+again. Two years on from its market launch,
+8,042 units of the new model generation were
+sold during 2018. Supported by strong de-
+mand for GT models, the 911 Carrera recorded
+growth of around eight per cent in the USA,
+with 9,647 units sold. This makes the USA the
+world's strongest market for the 911. Demand
+for the Cayenne S and Cayenne Turbo, offered
+for the first time on the US market towards
+the end of the year, proved particularly strong.
+A total of 10,733 Cayennes were delivered
+North America
+As in the previous year, the Macan and
+Cayenne SUVs were once again Porsche's
+most successful products in 2018, despite
+the Macan model change. This success
+underscores the sports car manufacturer's
+strong positioning in this segment too. World-
+wide sales of the Macan totalled 86,031
+vehicles, consolidating the SUV's position as
+the number-one Porsche model. Sales of the
+Cayenne totalled 71,458, marking a twelve
+per cent increase compared with 2017.
+The proportion of hybrid models also increased
+further during the reporting year. The sporty
+E-Hybrid Panamera models proved particularly
+popular among our European customers,
+accounting for 67 per cent of all Panamera
+deliveries in Europe. At a global level, the
+Panamera E-Hybrid now accounts for 27 per
+cent of all Panamera sales, a rise of ten per-
+centage points.
+Porsche delivered 256,255 new vehicles to
+customers in 2018, more than in any previous
+financial year, and an increase of four per cent
+on the previous record set in 2017. In terms
+of models, the Panamera recorded the biggest
+percentage increase, with sales up by 38 per
+cent to 38,443 units. The 911 also performed
+well, recording a double-digit increase on
+the back of its continued appeal. Despite the
+generation change, the number of 911 models
+delivered worldwide was up ten per cent to
+35,573 units.
+Despite major challenges such as the switch
+to the new WLTP testing cycle and the petrol
+engine particle filter, as well as the move
+away from diesel in Europe, and despite the
+rise in volatility globally, 2018 was a very
+successful year for Porsche. The company's
+attractive product range and consistent cus-
+tomer focus were key factors in the renewed
+rise in global deliveries.
+29
+Canada: Renewed substantial increase
+For the third year in succession, China main-
+tained its position as the strongest individual
+market for Porsche in terms of volume.
+Year-on-year growth in China was twelve per
+cent, with sales rising to 80,108 units.
+Porsche recorded another marked increase in
+its sales in Canada in 2018. The high level of
+professionalism on offer from Porsche Centres
+and Canadian customers' enthusiasm for
+the brand contributed to a new sales record on
+what is the sports car manufacturer's sixth
+largest market. The highest-selling model was
+the Macan, with 3,960 units sold, followed
+by the Cayenne, at 2,107 units. With a year-
+on-year increase of 40 per cent, demand for
+the Panamera grew the most strongly, with
+783 units sold in Canada during the reporting
+year. Meanwhile, the 718 Boxster and
+718 Cayman also enjoyed greater popularity
+in Canada, with sales totalling 656 units and
+thus rising by eight per cent compared with
+2017. In total, Porsche sold 8,904 new vehi-
+cles on the Canadian market in 2018. This
+represents a year-on-year increase of eight per
+cent. The number of pre-owned models, sold
+after being checked by Porsche, rose by almost
+20 per cent, with 2,559 pre-owned cars
+finding their way to Canadian customers.
+189,849
+256,255 new vehicles to
+customers in 2018,
+more than in any previ-
+ous financial year, and an
+increase of four per cent
+on the previous record
+set in 2017.
+250
+Deliveries
+of new vehicles
+200
+150
+100
+50
+0
+1.8% Western Europe
+1.5% Germany
+256,255
+0
+Porsche delivered
+3.2% Global economy
+2.9% US
+compensated for the increase in financing
+Performance - Important events
+In Western Europe, the solid growth in GDP
+lost some momentum over the course of the
+year, with an increase for the year as a whole
+of 1.8 per cent (2017: +2.3 per cent). The
+ongoing Brexit negotiations also created a
+mood of uncertainty as the future shape of the
+relationship between the UK and the European
+Union remained unclear. Unemployment
+within the eurozone continued to fall, averag-
+ing 8.1 per cent (2017: 9.0 per cent). GDP
+growth in Germany remained robust in 2018,
+supported by the good situation on the labour
+market. It was, however, less dynamic than
+in 2017, at 1.5 per cent (2017:+2.5 per cent).
+The mood in the corporate sector, along with
+consumer confidence, deteriorated over the
+course of the year.
+246,375
+Growth in the US economy rose to 2.9 per cent
+(2017: +2.2 per cent), buoyed primarily by
+domestic consumer demand. The stable situa-
+tion on the labour market and inflation fore-
+casts prompted the Federal Reserve to raise
+key interest rates in a series of hikes. The US
+dollar gained in strength against the euro
+during 2018. Meanwhile, the Brazilian economy
+recorded slight growth again, expanding by
+1.4 per cent (2017: +1.1 per cent). However,
+the situation in South America's largest
+economy remained tense not least due to
+political uncertainty.
+The Chinese economy grew by 6.6 per cent in
+2018, and therefore not quite as strongly as
+in the previous year (+6.9 per cent). China's
+trade dispute with the USA resulted in the
+Chinese government expanding its programme
+of state support measures. India's economy
+continued its positive trend, with GDP up
+7.2 per cent (2017: +6.7 per cent).
+Car market
+For the first time following eight consecutive
+years of growth, the global automobile market
+experienced a dip in sales in 2018. Globally,
+82.8 million units were sold during the report-
+ing year, 1.2 per cent down on 2017 levels. The
+fall in sales can be attributed in particular to
+weaker development in the Asia-Pacific region
+and in Western Europe in the fourth quarter.
+With 14.2 million new vehicle registrations,
+sales on the Western European market were
+down 0.7 per cent on the high level recorded
+in 2017. The healthy state of the economic
+environment as a whole, positive consumer
+sentiment and low interest rates combined to
+generate a slight increase during the first half
+of 2018. The introduction of the Worldwide
+Harmonized Light-Duty Vehicles Test Proced-
+ure (WLTP) on 1 September 2018 resulted in
+lower sales, and significant falls in some cases,
+by the end of December.
+New registration figures varied from one
+major market to another. Sales in Germany, at
+3.4 million units, almost matched the previous
+year's high level (minus 0.2 per cent). Con-
+tributory factors included the good overall
+economic situation in Germany, as well as
+price discounts in the form of switching and
+scrap bonuses for older diesel models and an
+environmental bonus for electric vehicles
+(both entirely electric and plug-in hybrid
+models). The switch to the WLTP and resulting
+impact on the availability of some models
+subsequently hit the pace of growth.
+Spain (+7.0 per cent) and France (+3.0 per
+cent) continued to post above-average
+increases, as both countries benefited from
+the healthy state of their economies. In Italy,
+meanwhile, falling demand from both private
+and commercial customers impacted on
+market development (minus 3.1 per cent). On
+the UK car market, the negative trend of the
+previous year was maintained (minus 6.8 per
+cent), in part due to the uncertainty of Brexit.
+The proportion of diesel vehicles (cars) in
+Western Europe fell during the year under
+review, reaching 36.4 per cent compared
+with 44.4 per cent in 2017.
+Sales of passenger cars and light commercial
+vehicles (up to 6.35 tonnes) were, at 20.7 mil-
+lion vehicles, slightly lower (down 0.6 per cent)
+than the high level previously recorded in
+the North America region in the 2018 financial
+year. Demand on the US-American market
+amounted to 17.3 million units, which is the
+same level as 2017 (up 0.2 per cent). The
+good employment situation and the increase in
+purchasing power among consumers largely
+costs due to higher interest rates. The shift in
+demand from classic passenger cars (down
+13.1 per cent) to light commercial vehicles,
+such as SUVs and pick-up trucks (up 8.0 per
+cent), was once again evident in 2018.
+The recovery on the South American markets
+continued in the reporting year - having start-
+ed at a low level - with a 6.2 per cent increase
+in demand for passenger cars and light com-
+mercial vehicles, thereby reaching 4.5 million
+units. The major growth driver was the Brazilian
+automotive market, which stepped up the high
+growth rates recorded the year before by
+exhibiting a 13.8 per cent increase.
+Following many years of uninterrupted expan-
+sion, the market volume in the Asia-Pacific
+region declined by 2.3 per cent to 36.1 million
+units in the 2018 financial year. The main
+reason for this was the weakness of the
+Chinese passenger car market (down 4.6 per
+cent). The trade conflict between China and
+the USA was one factor that had a negative
+impact on business and consumer confidence
+in the reporting year, and in the second half
+of the year in particular, this resulted in a
+significant decrease in demand. The Indian
+market, in contrast, was able to continue
+its growth trajectory, with an increase in
+passenger car sales of 4.8 per cent.
+Economic growth
+Percentage change in GDP
+7.7%
+2.6%
+2.2%
+0.2%
+28
+0%
+2013
+2014
+2015
+2016
+2017
+2018
+6.6% China
+237,778
+In Central and Eastern Europe, a heterogeneous
+market affected by political tension, Porsche
+recorded sales of 6,259 vehicles during the
+reporting year, a rise of one per cent compared
+with 2017. The 911 and Cayenne accounted
+for the slight growth. The Cayenne was the
+number-one choice in the region, with 2,145
+units sold. This is an increase of 34 per cent
+compared with the year before. The 911 Carrera
+recorded growth of 25 per cent, with 708
+2014
+of 42 per cent, the Sport
+Turismo was another
+popular choice among
+European Panamera
+drivers.
+718 models continued to be popular, with
+deliveries totalling 2,642. This highlights the
+extent of the British love affair with mid-engine
+sports cars. There were 2,227 Cayennes sold
+in the UK during 2018.
+France: Panamera hybrid enjoys success
+Sales in France were down 16 per cent in
+2018 due to the challenges faced right across
+Europe. Porsche France delivered 4,908
+vehicles to its customers. Despite declining
+numbers, the Macan remained the most popu-
+lar Porsche model, accounting for 1,508 units.
+The Cayenne was in third place with 1,009
+units sold, an increase of eleven per cent on
+2017. The 911 also recorded a slight increase,
+with 1,122 units sold. Porsche actually record-
+ed double-digit growth in Panamera sales:
+French customers took delivery of 802 vehicles,
+14 per cent more than in 2017. The proportion
+of E-Hybrid Panamera models is gratifyingly
+high, with 81 per cent of French Panamera
+drivers opting for the plug-in hybrid model.
+Italy: Macan remains the number-one choice
+The already mentioned factors specific to
+Europe in 2018 also resulted in falling sales in
+Italy, with a dip of five per cent to 5,230 units.
+Bucking this trend was the Cayenne, which
+continued to grow in popularity. Deliveries
+totalled 1,047 units, a 23 per cent increase on
+the previous year. Porsche also experienced
+good demand for its 911 Carrera, delivering
+977 vehicles to Italian customers. This
+equates to an increase of four per cent. Italy's
+most popular model remains the Macan, with
+2,082 units sold. The Panamera was purchased
+by 579 Italian customers during the year under
+review, a rise of five per cent compared with
+2017. The hybrid models and Sport Turismo
+fared particularly well, with 67 per cent of
+Panamera customers opting for an E-Hybrid,
+and the Sport Turismo accounting for a good
+half of sales.
+Spain/Portugal: Cayenne growing in popularity
+Despite slight growth, the economies of Spain
+and Portugal have not yet made a full recovery,
+and government debt remained high in both
+countries in 2018. Overall, 2,965 Porsche
+vehicles were delivered on the Iberian market,
+down three per cent on the previous year. The
+most successful model was the Macan, with
+1,203 units. Demand for the Cayenne devel-
+oped very positively, and it was the second-
+favourite model on both markets. Porsche sold
+644 Cayennes in Spain and Portugal in 2018,
+20 per cent more than in 2017. Customers
+also took delivery of 574 Panameras, while
+sales of the 911 Carrera totalled 334. A further
+210 customers purchased 718 models.
+Switzerland: GT and Turbo 911s enjoy success
+In Switzerland, Porsche delivered 3,350 new
+vehicles to customers, which was slightly
+down from the previous year. As in 2017, the
+most popular model remained the Macan,
+accounting for 1,068 units. There were 962 of
+the iconic 911 sports car sold in Switzerland
+during the reporting year, an increase of ten
+per cent on 2017. The GT and Turbo models
+were particularly sought-after, making up
+52 per cent of deliveries. Cayenne sales totalled
+675 vehicles, 37 per cent more than in 2017.
+Sales of the Panamera totalled 459, 59 per
+cent of which were the plug-in hybrid model.
+The 718 Boxster and Cayman mid-engine
+sports cars accounted for 186 sales to Swiss
+customers, most of whom opted for one of
+the GTS models.
+Austria: Panamera E-Hybrid performs well
+Porsche once again grew its sales on the
+Austrian market, with a rise of seven per cent
+to 1,399 vehicles. The most popular car was
+the 911 Carrera, with sales of 473 units, a
+year-on-year increase of 58 per cent. Demand
+for the Cayenne also grew strongly, with sales
+to Austrian customers totalling 294. Panamera
+sales totalled 288 vehicles, up 22 per cent on
+2017 levels. Accounting for 90 per cent of
+deliveries, the E-Hybrid was more popular in
+Austrian than in any other individual Euro-
+pean market.
+Central and Eastern Europe:
+One per cent growth
+customers purchasing this model. The growth
+in mid-engine sports cars sales in Central and
+Eastern Europe also reached double figures,
+with 405 sales of the 718 Boxster and
+718 Cayman, a 16 per cent rise compared
+with 2017. With 1,919 deliveries, the Macan
+was the second most popular choice among
+customers in this region.
+Russia: Cayenne and 911 record double-digit
+growth
+very popular. In the case
+of the Panamera, hybrids
+accounted for 67 per
+cent of sales in Europe.
+Accounting for a share
+In Russia, Porsche recorded double-digit
+growth and a very successful 2018 for the 911
+and Cayenne. The company delivered 5,118
+vehicles to Russian customers, twelve per cent
+more than in 2017. The Cayenne and 911
+proved particularly popular, with deliveries of
+the SUV model up 67 per cent to 2,848 units.
+The Cayenne was Porsche's best-selling brand
+on the Russian market in 2018. In terms of
+the 911, 204 models were sold, five per cent
+more than in 2017. The Macan also remained
+a popular choice, occupying second place in
+the deliveries rankings with 1,451 units.
+Meanwhile, 506 Porsche customers opted
+for a Panamera, while 109 customers
+purchased a 718 model.
+32
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+33
+Asia
+China: Still number one
+With total deliveries of 80,108, China re-
+mained Porsche's strongest individual market
+in terms of volume, complete with double-
+digit growth. In 2018, Porsche supplied its
+Chinese customers with twelve per cent more
+units than in 2017. The Cayenne accounted
+for the largest proportion of those sales, with
+31,456 units delivered to customers in China
+and Hong Kong, marking a year-on-year
+increase of 19 per cent. It was followed by the
+Macan, with 27,386 units sold. The highest
+level of growth was recorded for the Panamera,
+with 13,964 deliveries, a climb of 123 per
+cent compared with 2017. Around one in ten
+customers opted for hybrid models, which
+account for eleven per cent of the market in
+China. The 718 Boxster and 718 Cayman also
+remained popular, with sales of 5,882 units.
+They therefore accounted for around 80 per
+cent of their segment. The further expansion
+of Porsche's dealer network in China helped to
+boost growth: a further 15 Porsche Centres
+opened their doors in the 2018 financial year,
+bringing the total number of dealers to 114.
+Japan: Cayenne drives growth
+The Porsche range continued to be appreciated
+by Japanese customers in 2018. The sports
+car manufacturer exceeded the 7,000 mark for
+delivered vehicles, growing its sales by three
+per cent compared with 2017. The Cayenne
+recorded the strongest growth, up by 85 per
+cent on 2017 with 1,192 vehicles sold. Sales
+of the Panamera were also up on 2017, rising
+by 28 per cent to 1,110 units. The two-door
+911 accounted for 1,405 units in Japan, while
+the 718 Boxster and 718 Cayman together
+accounted for 1,266. The Macan remained out
+in front, with 2,047 units being sold on the
+Japanese market.
+South Korea: A gain of almost 70 per cent
+The young Porsche subsidiary in South Korea
+significantly improved on its 2017 result
+during what was its third financial year. The
+Panamera was a particularly important factor
+in the 69 per cent growth, with a huge rise
+in deliveries to 1,968 vehicles. The top-selling
+model thereby even outperformed 2017's
+number one, the Macan, which also recorded
+significant growth with 1,118 deliveries.
+The 718 Boxster and 718 Cayman were also
+increasingly in demand among South Korean
+customers during the reporting year. Sales
+of 918 units, which is a rise of 18 per cent,
+clearly demonstrate the growing enthusiasm
+for Porsche mid-engine sports cars.
+The global economy continued to record
+robust growth during the year under review,
+albeit at a slightly reduced pace. Global gross
+domestic product (GDP) increased by 3.2 per
+cent in 2018 (2017: +3.3 per cent). Economic
+momentum in the advanced economies of the
+world and in the emerging markets was on a
+par with the previous year. With interest rates
+remaining comparatively low and higher com-
+modity prices overall compared with 2017,
+consumer prices also continued to rise across
+the world. Increasing trade distortions at an
+international level and geopolitical tensions
+generated much higher levels of uncertainty.
+Northern Europe: Market continues to grow
+The positive development of earlier years
+continued in Scandinavia and the Benelux
+countries. Deliveries grew by an average of
+three per cent to total 8,700 vehicles in 2018.
+The Cayenne was a strong driver of growth,
+accounting for 2,127 cars, an increase of
+63 per cent. This made it Porsche's top seller
+in this region for 2018. Significant gains were
+also made in terms of the 911, with 25 per
+cent growth to 1,907 units. Sales of the
+Macan totalled 1,947 vehicles, while there
+was a one per cent increase in Panamera
+deliveries, with 2,017 units sold. E-Hybrid
+vehicles accounted for a high 84 per cent of
+all Panameras sold.
+Porsche's plug-in hybrid
+vehicles again proved
+Porsche enjoyed stable demand in the UK
+during 2018. However, the move to WLTP and
+the petrol engine particle filter also affected
+the availability of certain models on the British
+market. The company also stopped selling
+diesel vehicles during the reporting year, with
+a corresponding drop in sales. Overall, Porsche
+sold 12,521 vehicles to customers in the UK
+during 2018. The 911 Carrera was the model
+with the strongest growth. Sales totalled
+2,403 units, seven per cent more than in
+2017. The most successful car remained
+the Macan, with 4,239 units sold, while the
+UK: Strong growth in 911 sales
+2015
+2016 2017
+2018
+Deliveries in 2018
+Europe
+America
+77,216
+70,461
+Asia-Pacific, Africa
+108,578
+and Middle East
+30
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 160-161.
+Performance - Important events
+SCAN
+THIS CHART
+Year-on-year comparison
++4%
+Asia-Pacific: Three models record
+South America: Stability in a
+volatile region
+Porsche was able to maintain its sales at a
+stable level in Central and South America
+(excluding Brazil) despite the volatile environ-
+ment. Sales in this region totalled 2,911
+vehicles in 2018. The highest growth was
+recorded by the Panamera, with an increase
+of 36 per cent to 262 vehicles. The Cayenne
+was Porsche's most successful model, up
+by 25 per cent to 1,150 units. Sales of the
+911 also grew, with 528 vehicles sold, four per
+cent more than in the previous year in Central
+and South America. The Regional Office based
+in Miami looks after 22 markets in total and
+45 points of sale. Mexico again accounted for
+the largest proportion of sales, with 1,486
+units sold. This market thus made a key contri-
+bution to stable sales figures for Latin America.
+Brazil: Growth nudging 30 per cent
+The Porsche subsidiary established in Brazil
+in 2015 recorded particularly strong growth
+in 2018. Deliveries on the South American
+market grew by 28 per cent on a year-on-year
+basis, to 1,444 units. The Panamera recorded
+a disproportionately high level of growth,
+with 185 vehicles being delivered, an increase
+of 157 per cent compared with 2017. Other
+models also performed well. Sales of the 718
+series totalled 275 vehicles, 80 per cent higher
+than the number of Porsche cars delivered
+in Brazil during the previous year. Demand for
+the Cayenne was up 18 per cent to 347 units.
+The 911 Carrera also fared well with Brazilian
+customers, with sales of 211 units. This
+equates to an increase of seven per cent. With
+a view to further strengthening the Porsche
+brand in Brazil, the company opened its tenth
+Porsche Centre in 2018.
+Europe
+Europe region: Slight decline, Cayenne strong
+The transition to the new WLTP cycle was one
+of the biggest challenges for the Europe region
+in 2018. An additional factor was the end of
+diesel sales from February 2018 onwards.
+There was a corresponding drop in the number
+of new vehicle sales compared with the previ-
+ous year, down by four per cent to 50,450
+(excluding Germany). The Cayenne performed
+very strongly, with Europe-wide sales in 2018
+of 13,016, an increase of 34 per cent. The
+Macan continued to be the brand's best seller
+in Europe, with 15,632 units sold. Sales in the
+911 sports car were up by eleven per cent
+to 9,090 vehicles. The mid-engine 718 Boxster
+and 718 Cayman accounted for 5,395 units.
+Porsche's plug-in hybrid vehicles again proved
+very popular. In the case of the Panamera,
+hybrids accounted for 67 per cent of sales in
+Europe. Accounting for a share of 42 per cent,
+the Sport Turismo was another popular
+choice among European Panamera drivers.
+Germany: Holding our own on our home market
+Porsche faced numerous challenges in
+Germany during 2018, particularly during
+the second half of the financial year. These
+included the move to the new WLTP cycle
+and the petrol engine particle filter, as well
+as the end of diesel sales. Nevertheless, the
+Stuttgart-based sports car manufacturer
+was able to hold its own on its home market,
+delivering 27,541 new vehicles. This equates
+to a slight year-on-year dip of three per cent.
+Given the change of generation, the sustained
+high level of demand for the 911 Carrera was
+particularly significant in 2018. With double-
+digit growth of 23 per cent and sales of
+9,309 units, this iconic sports car performed
+exceptionally strongly in what tended to be a
+weak lifecycle year in Germany, and was the
+most popular Porsche model there. In second
+place was the Macan, with 6,430 cars sold.
+Cayenne sales grew slightly, up three per cent
+to 5,133 delivered vehicles.
+225,121
+Dynamic global economy
+911 TARGA 4 GTS
+PORSCHE DESIGN TOWER
+PORSCHE 935
+More than 80,000
+Porsche enthusiasts
+attended this year's
+historic motorsport
+gathering at the Laguna
+Seca Raceway, which
+provided the perfect
+backdrop for the unveil-
+ing of the 935. The
+racing car pays tribute to
+the legendary Porsche
+935/78, which fans
+dubbed "Moby Dick" on
+account of its elongated
+shape, massive fairings
+and white base colour.
+20
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+21
+21
+PORSCHE SOUND NACHT
+PORSCHE SOUND NIGHT 2018
+PORSCHE SOUND NACHT 2018
+At the Rennsport Reunion in California in September, Porsche presented the new 935. More
+than 80,000 Porsche enthusiasts attended this historic motorsport gathering at the Laguna
+Seca Raceway, which provided the perfect backdrop for the unveiling of the 935. The racing car
+pays tribute to the legendary Porsche 935/78, which fans dubbed "Moby Dick" on account of
+its elongated shape, massive fairings and white base colour. Like its historic predecessor, most
+of the body has been replaced or supplemented by carbon-fibre composite parts (CFRP). The
+spectacular aerodynamics are a completely new development. The technology behind this racing
+car is based on the 911 GT2 RS. There will be a limited production run of 77 units.
+Foundation stone laid at Hockenheimring
+Driving in its purest form: work began in
+October on the world's seventh Porsche
+Experience Centre. At the heart of the historic
+Hockenheimring racing circuit, a state-of-
+the-art complex comprising racing tracks and
+buildings is being built on a site that covers
+160,000 square metres, with completion
+scheduled for late 2019. The main features
+will include a handling course, several driving
+dynamics areas and a large off-road course
+area covering 5,200 square metres with
+16 challenging modules.
+22
+22
+PORSCHE SOUND NAC
+The roar of engines at the Porsche Arena
+Nearly 4,000 fans gathered to attend the
+Porsche Sound Night in October and listen
+to the engines in concert, most of them in
+full voice. The ten-plus legendary racing and
+sports cars among them the 356 "No. 1"
+Roadster, the 917 and the Porsche 935/78 -
+were driven by driving royalty from the past
+and current day. The event was held in
+the Porsche Arena for the first time, marking
+"70 years of Porsche sports cars".
+New boss for Central and Eastern Europe
+With effect from October, Michael Müller will
+take over as Managing Director of the Porsche
+Central and Eastern Europe subsidiary, which
+is based in the Czech capital, Prague. He has
+held various executive positions and was
+previously Executive Director Porsche and VW
+at Volkswagen Group Saudi Arabia. More
+recently, he has been responsible for Porsche's
+Western Europe sales region.
+Two new GTS models
+Porsche added two extra-sporty models to its Panamera range in October: the Panamera GTS
+and Panamera GTS Sport Turismo, creating a unique performance package. This combines the
+power of the four-litre V8 biturbo engine (338 kW/460 hp) with an impressively dynamic chassis
+with three-chamber air suspension, not to mention specific design elements and features.
+Porsche has also expanded its portfolio of comfort and assistance systems to include a head-up
+display with various configuration options for the entire Panamera range.
+MICHAEL MÜLLER
+New lap record at the Nürburgring
+Porsche set another new record on the Nürburgring-Nordschleife in cooperation with Manthey-
+Racing in October. With Porsche test driver Lars Kern behind the wheel, the 515 kW (700 hp)
+Porsche GT2 RS MR completed a lap of the 20.6-kilometre long circuit in 6:40.3. No other
+road-legal vehicle has ever been so fast. Porsche engineers and Manthey-Racing experts had
+ensured that the sports car was specifically set up for the Nordschleife loop.
+With Porsche test driver
+Lars Kern behind the
+wheel, the 515 kW
+(700 hp) Porsche GT2
+RS MR completed a lap
+of the 20.6-kilometre
+long circuit in 6:40.3.
+EXPERIENCE CENTRE
+The return of the Porsche 935
+BRICK BUILDING, THE CURRENT-DAY PLANT 1
+Dring Part
+Dolfswagenment
+Car body parts joint venture
+A joint venture between Porsche and Schuler
+AG was given the go-ahead in September. The
+purpose of the joint venture with this world-
+leading manufacturer of automation and press
+systems is to build a Smart Press Shop. The
+idea is that the new, highly flexible press shop
+will produce complex body parts using pioneer-
+ing technologies. The focus will be on aluminium
+outer skin panels, as well as the production of
+smaller batch sizes. Through this collaboration,
+Porsche is continuing to chart the course of
+its sports car production of the future.
+New peer-to-peer car sharing programme
+The flexibility to drive a Porsche whenever
+you want, but without actually purchasing or
+leasing the vehicle: the "Porsche Host" pilot
+programme makes this possible. As of October,
+the Porsche driving experience has been
+opened up to short-term users, with the possi-
+bility of hiring a car for a period of between
+one day and one month. The vehicles on offer
+belong to Porsche customers who have been
+specially trained in how to provide the premium
+experience synonymous with Porsche. This
+peer-to-peer sharing programme has been
+developed by Porsche Digital together with its
+partner Turo.
+20
+WAUMENTED REALITY INTERFACE ILLUSTRATION IS SUBJECT TO CHANGE
+HEAD-UP DISPLAY TECHNOLOGY
+Investment in start-up company WayRay
+Porsche bought into WayRay in September as a strategic lead investor. This technology start-up
+from Zurich develops and produces holographic augmented reality head-up display technologies,
+which seamlessly integrate virtual objects into the driving experience. The collaboration between
+WayRay and Porsche forms part of the "Startup Autobahn" innovation platform and will now be
+strategically developed to actively drive forward the future-oriented technology and its potential
+areas of use in the automotive industry.
+Six-hour charity run
+Nearly 3,500 Porsche employees took part in
+the run around the site in Zuffenhausen in
+September, running laps of exactly 911 metres.
+For each lap completed, the Ferry Porsche
+Foundation made a five-euro donation to social
+projects in the Stuttgart region. After notching
+up an impressive 26,415 laps, the total
+amount raised was 195,000 euros, having
+been generously rounded up by the foundation.
+The money will go to the Olgäle foundation,
+the children's and young people's hospice
+in Stuttgart, the Gustav Werner School in
+Zuffenhausen, the Lebenshilfe disabled charity
+in Stuttgart, the Neuwirtshausschule in
+Zuffenhausen and the association "Frühstück
+für Kinder" (Breakfast for Children).
+SIX-HOUR RUN
+PORSCHE
+Porsche bought into
+WayRay in September as
+a strategic lead investor.
+This technology start-up
+from Zurich develops
+and produces holo-
+graphic augmented
+reality head-up display
+technologies.
+A diesel-free future
+At the end of September, Porsche decided to
+drop diesel models altogether. Diesel vehicles
+have traditionally played a subordinate role
+at Porsche, accounting for only twelve per cent
+of sales in 2017 and with demand waning.
+At the same time, interest in hybrid techno-
+logy is soaring. Since February 2018 Porsche
+has no longer included any diesel models in
+its portfolio.
+Greater investment in start-ups
+Opening the door to new technologies: in
+September, Porsche increased its total invest-
+ment in venture capital activities by 150 mil-
+lion euros for the next five years. The objective
+of "Porsche Ventures" is to gain access to
+trends, new technologies and business models.
+The targeted investment activities build in
+part on the company's existing start-up
+investment activities.
+80 years at Zuffenhausen
+The heart of Porsche beats in Zuffenhausen, as
+it has done for 80 years. And in September it
+was time to celebrate this anniversary. It was
+in 1938 that Ferdinand Porsche moved his
+design office into the striking brick building
+that is now Plant 1. Legendary Porsche sports
+cars have been built at the site since 1950,
+including the 356, 911, 959 and 918 Spyder.
+From 2019, the Taycan will also roll off pro-
+duction lines at Porsche's main plant. All of
+this means Porsche creating more than
+1,200 jobs, and investment of 700 million
+euros in Zuffenhausen.
+Exclusive: 911 Targa 4 GTS
+Porsche Exclusive has further refined the
+vehicle's distinct style and developed the new
+911 Targa 4 GTS Exclusive Design Edition,
+which was unveiled in October. The Targa
+takes its inspiration from the North Sea island
+of Sylt. This limited edition showcases elegant
+design elements and exclusive features.
+The all-wheel drive 911 Targa 4 GTS is the
+sportiest and most emotional model in the
+Targa model line.
+MANTHEY RACING
+RECORD
+64033
+GT2 RS MR LAP RECORD
+BB RS 3091
+Based on mileage,
+model, and vehicle
+characteristics, the tool
+calculates the amount
+that the Porsche cus-
+tomers should invest in a
+climate project to offset
+their emissions.
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+25
+PORSCHE ROAD TRIP APP
+PORSCHE IMPACT
+The new 911 GT2 RS Clubsport
+As well as the 911, the 911 GT2 RS Clubsport
+was also unveiled in Los Angeles in November.
+The 515 kW (700 hp) racing version of the
+road-legal 911 GT2 RS sports car is limited to
+200 units and can be driven at clubsport
+events as well as selected motorsport meets.
+Like the high-performance sports car, the 911
+GT2 RS also has a state-of-the-art 3.8-litre
+flat-six twin-turbo motor. Thanks to a map
+switch on the centre console, these assistance
+systems can be adjusted separately or
+switched off completely, depending on the
+driving situation.
+Puristic design, maximum driving pleasure
+With the 718 T, Porsche transferred the
+puristic design of the 911 T launched back in
+1968 to its line of two-seater sports cars in
+December. The new model in the Boxster and
+Cayman ranges combines the 220 kW
+(300 hp) turbo four-cylinder boxer engine
+with a particularly emotional Porsche driving
+experience. The high-performance character
+of the T models is emphasised by an extensive
+equipment package, which includes 20-inch
+alloy wheels, the PASM sports chassis lowered
+by 20 millimetres - which is being offered in
+combination with the 2.0-litre turbocharged
+engine for the first time in this line - the
+shortened gearshift, on which the gears are
+emblazoned in red, and the Sport Chrono
+Package. These features can only be enjoyed in
+combination with the basic engine in the 718 T.
+Since its foundation 18
+years ago, the Porsche
+factory in Leipzig has
+been one of the most
+modern and sustainable
+automobile factories in
+the world. In the years
+since 2015, for example,
+energy efficiency
+measures have saved a
+total of 9.3 gigawatt
+hours of electricity.
+911 GT2 RS CLUBSPORT
+Commitment to greater sustainability
+Porsche joined the Saxony Environmental
+Alliance in December. The members of the
+Alliance engage in voluntary environmental
+actions that are visible and set an example for
+others to follow. Since its foundation 18 years
+ago, the Porsche factory in Leipzig has been
+one of the most modern and sustainable
+automobile factories in the world. In the years
+since 2015, for example, energy efficiency
+measures have saved a total of 9.3 gigawatt
+hours of electricity. This corresponds to the
+average annual consumption of approximately
+1,900 four-person households.
+New Macan S with V6 turbo engine
+In December, Porsche expanded its range of
+compact SUVs with the addition of the
+powerful Macan S. The latest model features a
+new three-litre V6 turbocharged petrol engine
+with a gasoline particulate filter. It delivers
+260 kW (354 hp) and has a maximum torque
+of 480 Nm, representing an increase of 10 kW
+(14 hp) and 20 Nm compared with the previ-
+ous model. With the optional Sport Chrono
+Package, the new Macan S accelerates from
+zero to 100 km/h in just 5.1 seconds, an
+improvement of 0.1 of a second. The car's top
+speed is 254 km/h. The Macan S enjoys all the
+product innovations of the latest-generation
+Macan model range including a three-dimen-
+sional rear LED light panel, and the new
+fully connected Porsche Communication
+Management (PCM) system, which features
+a 10.9-inch interior touchscreen.
+Ultra-high-power charging
+It could soon be as quick to charge an electric
+vehicle as it is to fill up a vehicle with fuel
+today. This, at least, is the interim result from
+the "FastCharge" research project, in which
+Porsche is involved. A prototype for a charging
+station with an output of up to 450 kW located
+between Ulm and Augsburg was presented
+in December. A Porsche research vehicle with
+a net battery capacity of approximately
+90 kWh achieved a charging capacity of over
+400 kW, which equates to a charging time of
+less than three minutes for the first 100 km
+range. The new charging station is suitable for
+electric models of all brands with the European
+standard Type 2 variant of the widely used
+Combined Charging System (CCS), and is now
+available for use free of charge.
+26
+26
+718 T
+The new model in the
+Boxster and Cayman
+ranges combines the
+220 kW (300 hp) turbo
+four-cylinder boxer
+engine with a particularly
+emotional Porsche
+driving experience.
+New construction project in Stuttgart
+Together with Bülow AG as an investor, and its
+subsidiary, Porsche Design, the sports car
+manufacturer is planning to make its mark
+directly at the Pragsattel, an important traffic
+hub in the north of Stuttgart. Standing some
+90 metres tall, the Porsche Design Tower will
+be one of the tallest office and residential
+buildings in Stuttgart and will enrich the city-
+scape with its timeless architecture. The
+Porsche Centre with a showroom, gallery and
+workshop will occupy an area of 9,100 square
+metres. The Porsche branch in Stuttgart, which
+is currently located opposite the museum at
+Porscheplatz in Zuffenhausen, will move into its
+new home in late 2021.
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+27
+MACAN S
+Porsche Impact enables drivers to offset their
+personal CO2 footprint. Based on mileage,
+model, and vehicle characteristics, the tool
+calculates the amount that the Porsche cus-
+tomers should invest in a climate project to
+offset their emissions. The Porsche driver can
+then choose which internationally certified
+projects to support. The available schemes are
+distributed across the world and are focused
+on hydropower, wind energy and solar energy,
+as well as the protection of forests. Porsche
+Impact was launched in November with the
+world première of the new 911 and is currently
+available to customers in Germany, the UK
+and Poland as part of a pilot project.
+BUSINESS PERFORMANCE
+Offsetting carbon emissions with
+Porsche Impact
+2 Personen-all inclusive Wellnesspaket
+PANAMERA GTS AND PANAMERA GTS SPORT TURISMO
+Porsche and Hugo Boss cement partnership
+The entire Porsche Motorsport team world-
+wide will be wearing Hugo Boss, as agreed by
+Porsche and the Metzingen-based fashion
+house in November. Based on a multi-year
+cooperation agreement, and in its capacity as
+official clothing partner, Hugo Boss will equip
+both the racing teams and the workshop
+personnel with clothing, including the future
+Porsche Formula E team.
+30 years of Porsche Financial Services
+Porsche Leasing GmbH was founded on November 9, 1988. Now known as Porsche Financial
+Services, the company is one of the most successful entities within Porsche. Today, the financial
+service provider operates on 17 markets across the world and employs around 300 staff. More
+than 200,000 customers take advantage of the attractive leasing and financing services, as a
+result of which this Porsche subsidiary manages and refinances in excess of 6.5 billion euros.
+Performance Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+23
+Porsche Consulting now in Silicon Valley
+New mobility, high-performance enterprise
+and business transformation are the main
+themes occupying the minds of Porsche
+Consulting employees at their new base in
+Belmont (Silicon Valley). The office, which
+opened in November, is located next to
+Volkswagen's Electronics Research Laboratory
+and in close proximity to leading innovators
+in the IT and high-tech sectors. The aim is
+to provide clients from across the world with
+direct access to key innovation networks.
+Belmont is the ninth site to be opened by
+Porsche's consulting subsidiary since it was
+first established in 1994.
+PORSK
+S GO 4090
+The new lifestyle assistant: Porsche 360+
+Since November, Porsche has been offering a
+very special service, namely a personal life-
+style assistant available 24/7 in the form of its
+Porsche 360+ app. The aim of the app is to
+make everyday life easier, and to provide
+access to exclusive experiences. The Porsche
+360+ app bundles all relevant information in
+a dashboard format. This makes it possible to
+track and control requests and to access the
+suggestions offered by the lifestyle assistant.
+Users can also use the app to contact
+their personal assistant via messaging, email
+or phone. This offer is currently limited to
+an exclusive group of 911 customers.
+6511
+Mein 360+
+Deborttagrethenk for are Mutter
+Handgemachte 
+erior Design Accessoires
+zum Wohlfühlen
+Exidusives
+Yoga-Entspannung u
+ayurvedische Küche
+With its completely new
+interior featuring a
+10.9-inch touchscreen
+monitor, the new 911 is
+both timeless and con-
+temporary. The latest
+generation of flat-six
+turbocharged engines
+guarantees the sporty
+performance for which
+Porsche is renowned.
+With 331 kW (450 hp) in
+the S models, they are
+more powerful than ever.
+WORLD PREMIÈRE OF THE NEW 911
+Eighth generation of an icon: the new 911
+The new 911 celebrated its world première on
+the eve of the L.A. Auto Show in November.
+It continues to set the standard when it comes
+to exclusive sportiness. Unmistakably com-
+mitted to the Porsche design DNA, the new
+generation has a much more muscular look.
+With a completely new interior featuring a
+10.9-inch touchscreen monitor, the new 911
+is both timeless and contemporary. The next
+generation of flat-six turbocharged engines
+has been further developed for the typical
+sporty performance, with 331 kW (450 hp) in
+the S models. The drive efficiency has been
+increased by an improved injection process
+and a new layout for the turbochargers and
+charge air cooling system. Power is delivered
+by a newly developed eight-speed dual-clutch
+transmission. Additional highlights are the
+new assistance systems: these include Porsche
+Wet Mode to make driving on wet roads even
+safer, and Night Vision Assist with thermal
+imaging camera, as well as comprehensive
+connectivity which now also uses swarm
+intelligence.
+New digital tour guide:
+Porsche Road Trip
+The Porsche Road Trip app unveiled alongside
+the new 911 helps driving enthusiasts to
+plan, organise and navigate special trips. The
+curated routes feature recommendations for
+selected restaurants and hotels, which can
+also be booked directly via the app. Porsche
+Road Trip can also suggest places to stop
+en route, at points of interest or viewpoints
+along the way.
+24
+24
+Hotelübernachtung
+PORSCHE 360+ APP
+double-digit growth
+31
+Middle East, Africa and India: Growing demand
+for the Cayenne
+Demand for passenger cars and light
+commercial vehicles (up to 6.35
+tonnes) will fall slightly in the USA and
+in North America as a whole. However,
+demand for vehicles in the SUV and
+pick-up segments can be expected to
+remain high.
+North America
+Porsche AG forecast for 2019
+Automotive market development
+Anticipated development of Porsche AG
+Porsche is expecting to increase its delivery
+volume in the 2019 financial year in com-
+parison to the 2018 reporting year - despite
+the challenges involved in changing over to
+the new WLTP testing cycle and the petrol
+engine particulate filter, as well as the discon-
+tinuation of diesel models. The company is
+also expecting a slight increase in revenue.
+The attractive range of products that Porsche
+offers will form the basis for this - above all,
+the new generation of the 911, which is being
+rolled out in all global markets in 2019, more
+derivatives of the 718 and Cayenne, and the
+launch of the Taycan. Despite the very high
+level of investments that are still being made
+in electrification of the product range, the
+digital transformation and the expansion and
+refurbishment of the sites, the aim is to ensure
+that the high earnings target at Porsche AG
+will continue to be met. This will be achieved
+by means of measures that contribute to
+increasing efficiency, and by tapping into new
+and profitable business areas.
+In the Asia-Pacific region we expect market
+volumes in 2019 to be slightly higher than in
+the previous year. We expect demand in China
+to pick up again in 2019 having fallen during
+the past financial year. Good-value, entry-level
+SUV models in particular can be expected to
+remain very popular. The trade dispute between
+China and the USA will impact on business
+and consumer confidence, unless a solution
+emerges. As far as the Indian market is con-
+cerned, we are anticipating somewhat stronger
+growth than in 2018.
+Demand for passenger cars and light commer-
+cial vehicles (up to 6.35 tonnes) in 2019 will
+fall by a small amount in the USA and in North
+America as a whole according to our forecasts.
+However, demand for vehicles in the SUV and
+pick-up segments can be expected to remain
+high. In the largest South American market,
+Brazil, forecasts point to a significant increase
+in volumes in 2019 following the already strong
+performance of the past year. South America
+as a whole will experience moderate growth.
+automobile market, we are expecting a slight
+year-on-year fall in sales in 2019. Based on
+our forecasts, demand in Italy will rise slightly,
+while we expect it to remain stable in France
+and the UK.
+to stifle demand. With regard to the German
+of the financial and debt crisis, and continue
+Our 2019 forecasts for Western Europe indi-
+cate a market volume in line with the previous
+year. The unknown impact of Brexit will add
+to ongoing consumer uncertainty in the wake
+As far as the world's automobile markets are
+concerned, we expect to see a variety of
+developments across the different regions in
+2019. For the purpose of our planning, we are
+assuming that overall demand for new vehicles
+will remain on a par with levels of demand
+during the reporting year. Looking at the period
+from 2020 to 2023, we expect to see growing
+demand for passenger vehicles worldwide.
+Heterogeneous automotive markets
+With regard to China, we expect to see a con-
+tinuation of relatively high growth in 2019.
+Given China's trade dispute with the USA, we
+do, however, anticipate a less dynamic economy
+than in previous years. We expect the rate of
+expansion in India to remain at the same level
+as in previous years.
+Looking to the USA, we expect the economic
+situation to remain stable in 2019. However,
+we anticipate lower growth than during the
+year under review. The Federal Reserve is likely
+to raise interest rates again over the course
+of 2019. Based on our forecasts, the Brazilian
+economy will stabilise again and grow some-
+what less strongly than in 2018.
+According to our forecasts, economic growth
+in Western Europe will weaken in 2019. Struc-
+tural problems and the unknown impact of
+Brexit continue to pose major challenges.
+As far as Germany is concerned, we expect to
+see gross domestic product (GDP) rise less
+strongly in 2019 than in 2018. It is our view
+that the situation on the labour market will re-
+main stable and support private consumption.
+For the purpose of our planning, we expect
+global economic growth to slow down in
+2019. We consider protectionist tendencies,
+turbulence on the financial markets and
+structural deficits in some countries to be a
+source of risk. At the same time, growth
+prospects are being kept in check by ongoing
+geopolitical tension and conflict. We therefore
+expect economies to be less dynamic than
+in 2018, both in the advanced nations and in
+the emerging markets. The highest rates of
+growth are likely to be recorded in the emerg-
+ing economies of Asia. Our planning is also
+based on growth in the world economy during
+the period from 2020 to 2023.
+Germany
+OUTLOOK
+With regard to the German auto-
+mobile market, we are expecting a
+slightly lower volume of sales in 2019.
+China
+From its regional head office in Singapore,
+Porsche serves the Asia-Pacific region, where
+sales grew once again in 2018. Six per cent
+growth was recorded, with 2,147 vehicles
+sold. The Cayenne, Panamera and 911 all
+recorded double-digit increases. There were
+422 Cayennes sold, 86 per cent more than
+in 2017. Delivers of the Porsche 911 rose by
+51 per cent to 304 units. Customers in the
+region purchased 473 Panamera vehicles, a
+big increase of 40 per cent on 2017 levels.
+Similarly, demand for the 718 Boxster and
+718 Cayman was also high, with 357 customers
+opting for one of these two mid-engine
+models. The region's top-selling model remains
+the Macan, with 591 units sold.
+Management approaches
+Materiality analysis
+Stakeholder management
+Strategy and organisation
+Sustainability strategy and sustainability management
+37
+Performance - Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+36
+Volumes on the passenger car
+markets of the Asia-Pacific region will
+slightly exceed the previous year's
+levels.
+Asia-Pacific
+America, demand is expected to soar
+again after already climbing in 2018.
+In the largest market in South
+Brazil
+Good-value, entry-level SUV models
+in particular can be expected to
+remain very popular.
+Demand will rise somewhat again
+following a decline in 2018.
+Western Europe
+35
+The market volume for Western
+Europe will remain at the
+previous year's level.
+Performance - Important events
+Revenue increased by ten per cent in
+comparison with the previous year.
+Group sales revenue
+€ 25.8 billion
+Our global workforce grew by
+nine per cent.
+Employees
+32,325
+Despite very high levels of investment in electromobility and future
+technologies, the operating return on sales of 16.6 per cent exceeds
+the strategic target of 15 per cent.
+16.6%
+Figures relate to Porsche AG Group
+2018 financial year
+in figures
+Porsche
+twelve per cent more
+units than in 2017.
+With total deliveries of
+80,108, China remained
+Porsche's strongest
+individual market in
+terms of volume,
+complete with double-
+digit growth. In 2018,
+Porsche supplied its
+Chinese customers with
+Even in the year of generation change, Aus-
+tralian customers' love for the 911 was
+undiminished. Deliveries of the iconic sports
+car were up 28 per cent to 612 units. Sales
+of the Panamera also rose, with 138 new
+deliveries, an increase of eight per cent on
+2017. Around one in four Panamera customers
+opted for the Sport Turismo, with 30 per
+cent choosing a hybrid model. Overall, Porsche
+delivered 4,294 vehicles to the Australian
+market during the reporting year.
+Australia/New Zealand: A strong year for the
+Porsche 911
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Porsche delivered 6,438 vehicles to the
+Middle East and Africa region during 2018.
+Despite the challenging political context
+throughout the Middle East, Porsche achieved
+slight growth of one per cent. The Cayenne
+fared particularly well, with the delivery of
+2,936 units, 38 per cent up on 2017. It remains
+the most popular model on this market. Sales
+of the 911 also grew in double digits, with
+1,094 units sold. There were 1,306 deliveries
+of the Macan.
+€1.9
+billion
+Operating profit margin
+86,031
+34
+We delivered around 38 per cent more Panamera
+vehicles compared with the previous year.
+Capital expenditure (Automobile sub-group)
+Capital expenditure (vehicles business)
+grew by ten per cent.
+Panamera deliveries
+38,443
+Our R&D costs decreased
+by six per cent.
+development costs
+€2.2.
+billion
+Overall, we delivered four per cent more Porsche vehicles
+than in the previous year.
+Research and
+Delivery of new vehicles
+Macan sales
+€4.3.
+Operating profit
+The Macan was the best-selling
+Porsche model.
+The operating result grew by four per cent.
+256,255
+billion
+"Inspiring customers
+with a unique product
+and brand experience"
+is one of the four main
+aims of the Porsche
+Strategy 2025. The
+2017 materiality analy-
+sis also underscores
+the importance attached
+to "long-term customer
+relations".
+When Porsche was incorporated into the
+Volkswagen Group, its procurement division
+was also largely integrated into the Group's
+organisational structure. Shared purchasing
+structures, processes and systems were
+specified in a cooperation agreement back in
+2011. This means that Porsche's procurement
+decisions are largely coordinated and agreed
+upon with the Volkswagen Group. Cooperation
+between Porsche AG and the Group is also
+consistently being driven forward and the rele-
+vant structures expanded and strengthened.
+A supply chain based on responsibility is built
+around trust-based cooperation, shared
+values and strict compliance with the sustain-
+ability requirements defined in the Volkswagen
+Group. The concept of "sustainability in
+supplier relations" and the corresponding code
+of conduct compel all parties to observe
+and comply with the high environmental, social
+and human rights standards in the Internation-
+al Chamber of Commerce's charter and the
+OECD's guidelines for long-term, sustainable
+development. The relevant key labour stand-
+ards from the International Labour Organiza-
+tion (ILO) serve as the foundation for the
+sustainability requirements that Porsche once
+again helped to revise and update during
+the year under review. All suppliers are also
+expected to follow the OECD Due Diligence
+Guidance for Responsible Supply Chains of
+Minerals from Conflict-Affected and High-Risk
+Areas. Porsche is active in this area in the
+context of the Group's responsible minerals
+initiative (RMI) activities. These sustainability
+requirements are enshrined in supply con-
+tracts, the violation of which can result in
+reviews, formal statements and potentially also
+the termination of the business relationship.
+Sustainability audits in the 2018 reporting
+year yielded two cases in which specific sus-
+tainability requirements were not met.
+Appropriate measures were agreed upon with
+two suppliers, and the introduction of these
+measures was monitored. As at the end of the
+reporting year, one case was still open and
+being reviewed.
+relevance to the topic of "responsibility in the
+supply chain" in the 2017 materiality analysis.
+Together with its suppliers and sub-suppliers,
+Porsche makes every effort to make its
+supply chain as sustainable and value-adding
+as possible.
+Responsibility in the supply chain
+Economic success, the extension of the prod-
+uct portfolio, and the use of new technologies
+are focusing ever more attention on companies'
+supply chain. Two examples illustrating this
+development are higher delivery figures driving
+growth in supply parts, while new products
+frequently also need innovative components
+that must be procured responsibly. Porsche
+stakeholders also assigned a high level of
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of "long-term customer relations"
+through its disclosures pursuant to GRI 418:
+Customer Privacy. Porsche takes individual
+data privacy very seriously and respects every
+data subject's right to determine what is done
+with their data. Data protection is integrated -
+independently and without instruction - into
+all relevant company processes. Porsche's data
+protection system and the relevant business
+processes are consistently designed to ensure
+that the statutory requirements are upheld
+at all times. Over and above the statutory re-
+quirements, Porsche has issued its own guide-
+lines committing the company to further
+data protection principles, including data
+economy, purpose-based collection and confi-
+dentiality. A full-company programme was
+launched in order to guarantee implementation
+throughout Porsche of the new requirements
+imposed by the EU's General Data Protection
+Regulation (GDPR). This programme covers
+documentation and information obligations,
+the rights of data subjects, and data protection
+management processes. Due to internal con-
+fidentiality guidelines, any reports received on
+specific data protection violations are not
+published, however.
+Porsche always conducts integrity checks
+before entering into business relations with new
+suppliers. Once the cooperation arrangement
+is in place, monitoring and development are
+carried out on a continuous basis, supported
+by questionnaires, risk analyses of the supplier
+Particularly with regard to new vehicle tech-
+nology and mobility trends, the findings from
+the company's surveys are fed into the process
+of developing new products and services at
+an early stage. Porsche takes customer feed-
+back very seriously. In a monthly product
+quality and customer satisfaction forum, the
+Executive Board of Porsche AG evaluates the
+results and consequences of the feedback
+that it receives with developers, as well as with
+representatives from the Quality Assurance,
+Aftersales and Customer Relations depart-
+ments. The results of these efforts to look after
+and communicate with clients in cooperation
+with Porsche's trade partners are clear to see.
+For the fourteenth year in succession, Porsche
+occupied one of the top rankings in the Auto-
+motive Performance, Execution and Layout
+Study (APEAL) quality study conducted by
+the US market research institute J.D. Power
+in 2018.
+Porsche regards constructive criticism as an
+opportunity to keep on improving its products,
+services and processes. The company's global
+market research team sends out more than
+250,000 questionnaires every year in order to
+gain a better understanding of its customers
+and to identify new customer expectations in
+good time so that these can be fully interpreted.
+The "Business & Customers" action area covers
+the following topics identified in the 2017
+materiality analysis: "long-term economic
+stability", "long-term customer relations",
+"compliance", "responsibility in the supply
+chain" and "digital transformation". All of these
+topics feature clearly defined processes and
+areas of responsibility, as well as established
+evaluation procedures.
+Long-term customer relations
+Porsche sets high standards with regard to
+maintaining long-term customer relations,
+and consistently seeks to improve and develop
+its range of exclusive sports cars and mobility
+services in the interests of its customers.
+"Inspiring customers with a unique product
+and brand experience" is one of the four main
+aims of the Porsche Strategy 2025. The
+2017 materiality analysis also underscores the
+importance attached to "long-term customer
+relations". Consequently, the Sales and Market-
+ing division uses a variety of measures to
+strengthen customer satisfaction and loyalty
+over the long term and to further optimise
+the customer journey at Porsche.
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of "long-term economic stability"
+through its disclosures pursuant to GRI 201:
+Economic Performance. This information is
+measured and reported on the basis of the
+Porsche AG Group's financial analysis, financial
+data and calculations of added value.
+ment of new products and services. An inno-
+vation management system that extends
+across all of the company supports the gen-
+eration of new impetus, driving the testing of
+technologies and trends, and encouraging
+Porsche's employees to take the initiative to
+shape mobility in sustainable ways.
+50
+The company enjoys excellent profitability and
+has set itself the strategic target of a minimum
+operating return on sales of 15 per cent. At
+the same time, Porsche is making major invest-
+ments to ensure it retains its innovative capa-
+city and can embrace the digital revolution.
+Digitalisation is impacting on all areas of the
+company - from internal processes to our
+interaction with customers and the develop-
+The automotive industry is facing radical
+change across the world. Electrification, digi-
+talisation and connectivity are the hallmarks
+of a new era in individual mobility. This view
+is shared by Porsche's stakeholders who
+assigned correspondingly high degrees of rele-
+vance to the topics of "economic stability" and
+"digital transformation" in the 2017 materiality
+analysis. From the company's perspective,
+these two topics must be handled successfully
+in order to secure Porsche's long-term eco-
+nomic success.
+Economic stability and
+digital transformation
+Satisfied customers, economic stability,
+value-generating growth and social accept-
+ance are the focus of all of our business
+activities at Porsche. Corporate responsibility
+begins with our self-image of actively helping
+to protect the natural conditions for life on
+earth and of benefiting our business environ-
+ment. Economic efficiency, environmental
+consciousness and social responsibility are
+not mutually exclusive. On the contrary - by
+combining them we create more value for our
+stakeholders. As a company, Porsche is an
+integral part of society. Ethical behaviour is
+therefore essential. Porsche embraces fair
+competition and acts not only lawfully but also
+legitimately. The company systematically
+combats corruption, respects and complies
+with international standards of human rights,
+and categorically rejects all forms of forced
+and child labour.
+Performance Sustainability strategy and sustainability management
+Sustainability principle
+We strengthen relations with all of our stake-
+holders through personal interaction and open
+dialogue. New apps, expanded social media
+channels, the integration of chat functions and
+the overarching, personalised "My Porsche"
+customer portal are all simplifying and speed-
+ing up digital communications between the
+company and its customers. Yet these new
+approaches are by no means replacing personal
+contact, which will remain just as essential
+in future as Porsche fosters stable, long-term
+relationships based on trust. This is why
+Porsche supports individual support for its
+customers across the world throughout their
+customer journey, updating the technical
+systems deployed for this purpose, staging
+exclusive customer events and ensuring
+that its sales staff are given the necessary
+customer-focused training.
+51
+The Volkswagen Group's code of conduct has
+also applied to Porsche since the end of 2017.
+These guidelines set out all aspects of
+employees' responsibility for compliance:
+- as members of society: human rights; equal
+opportunity and equal treatment; product
+conformity and product safety; environmen-
+tal protection; donations, sponsorships and
+charity; communications and marketing;
+political lobbying.
+In accordance with the Global Reporting
+Initiative (GRI) standards, Porsche covers the
+topic of "responsibility in the supply chain"
+in the following content-specific disclosures:
+GRI 204: Procurement Practices, GRI 308/414:
+Supplier Environmental/Social Assessment,
+GRI 408/409: Child Labor/Forced or Compul-
+sory Labor and GRI 412: Human
+Rights Assessment.
+BUSINESS & CUSTOMERS
+There is also a self-administered test designed
+to help employees make decisions in case of
+doubt. Porsche's code of conduct is published
+on the internet and intranet. All staff are
+also sent the code of conduct by e-mail and
+informed about it during training and infor-
+mation events, and all new employees are pro-
+vided with a hard copy in the form of a brochure
+at the welcome event on their first day.
+- in the workplace: occupational safety and
+healthcare; data protection; security and
+protection of information, know-how and
+intellectual property; IT security; handling
+company assets. Illustrative examples
+that employees might face on the job are
+provided for each topic.
+- as business partners: conflicts of interest;
+gifts, hospitality and invitations; prohibition
+of corruption; dealings with public officials
+and holders of political office; prohibition of
+money laundering and terrorism financing;
+accounting and financial reporting; taxes
+and customs; fair and free competition;
+procurement; export control; prohibition of
+insider trading
+Porsche's code of conduct
+Information about the Compliance depart-
+ment's training programme is available to
+Porsche employees on the intranet. In addition
+to relevant Group and company guidelines,
+this information includes contact persons and
+ways to report concerns either internally or
+externally, along with a range of materials such
+as compliance videos, flyers, note cards and
+check lists.
+All compliance trainings at Porsche are binding.
+The amount of training undertaken by com-
+pliance officers is monitored over the course of
+the year, with the final status being reported
+to the Compliance Council and to the Executive
+Board and Supervisory Board. Since the
+beginning of 2018, employees' attendance at
+compliance seminars has been recorded in
+their continuing professional development file.
+Information for employees
+New employees are familiarised with the com-
+pany's compliance culture during the Porsche
+Warm-up event, an introductory training
+session generally held monthly. The event is
+based around the World Café, in which newly
+hired staff have the chance to look inten-
+sively at the code of conduct and basic rules
+on avoiding corruption, tackling specific cases
+before presenting their solutions to the full
+group. The compliance image film rounds off
+the event which also covers the most im-
+portant rules and expectations in relation to
+the issue of compliance.
+For example: since the relaunch of Porsche's
+programme for junior managers (PE pro-
+gramme) in 2018, compliance training has
+been available in various formats and covering
+a range of issues through classroom-based
+and online modules. Participants can also gain
+an insight into the company's compliance
+culture, management and rules, and its code of
+conduct, via an online offering. Using Skype for
+Business, participants can take a live multiple
+choice test and ask questions at the end of
+the session. Compliance issues including anti-
+corruption, anti-money laundering measures
+and antitrust law are presented by compliance
+officers during the classroom-based sessions.
+As well as presentations and case studies, some
+sessions involve group work where case studies
+are tackled with the help of a board game.
+organisational aspects such as the number
+and frequency of events and the capacities
+needed. A regular programme of set training
+events is in place for (new) managers and
+employees, as well as for junior managers
+and trainees. In addition, training courses on
+selected topics and with specific target
+groups are held.
+ducts integrity checks
+before entering into
+business relations with
+new suppliers.
+Once the cooperation ar-
+rangement is in place,
+monitoring and develop-
+ment are carried out on a
+continuous basis, sup-
+ported by question-
+naires, risk analyses of
+the supplier countries,
+and e-learning modules
+and training sessions.
+Porsche always con-
+The compliance managers deliver the training
+on the basis of a subject-specific plan, which
+uses risk analyses to identify target groups
+and key areas of content, and also defines
+The compliance officers for each area, together
+with the HR department, are responsible
+for compliance training. Most of the training
+currently being delivered takes the form of
+classroom-based sessions. In addition, web-
+based training sessions devoted to "Technical
+Compliance" and "Data Protection" were also
+available. The range of e-learning options
+is to be gradually extended to include more
+compliance issues in future.
+Compliance training
+Porsche's central compliance help desk pro-
+vides information and advice on compliance
+issues internally, providing expert answers
+to all questions from managers and employees
+alike. The help desk can also be contacted
+confidentially to report (potentially) unlawful
+actions, such as criminal acts or serious
+irregularities. Outside the company, Porsche
+managers, employees, customers and busi-
+ness partners, as well as public officials and
+other external individuals, can report legal
+violations anonymously via the ombudsman
+system. All of the information received is
+carefully examined, and any violations found
+are responded to appropriately in accordance
+with the relevant provisions of the employ-
+ment and co-determination laws. This includes
+introducing suitable countermeasures and
+sanctioning cases of individual misconduct.
+The Executive Board of Porsche AG receives
+regular reports on actions taken by the
+compliance organisation and on preventive
+and response measures implemented in
+the Porsche Group.
+binding rules, while managers and employee
+have access to confidential advice and risk-
+based training and information on relevant
+compliance issues. Ultimately, the code of
+conduct sets out the most important rules to
+be applied at Porsche in accordance with the
+company's business model. This code docu-
+ments the expectations of managers and staff
+in terms of the responsibility they must
+assume for compliance as a member of society,
+as a business partner and at the workplace.
+The rules are also set out in guidelines, cover-
+ing such areas as how to avoid corruption or
+violations of antitrust law, how to handle con-
+flicts of interest or the receipt of gifts, and how
+to prevent money laundering. To ensure and
+promote lawful behaviour over the long term,
+all managers and employees are given regular
+information and training on compliance and
+the related risks.
+Regular risk analysis is carried out to define
+areas that require action and preventive meas-
+ures. The company's business model, relevant
+environmental conditions and the relationships
+with business partners are all taken into
+account. Key preventive measures at Porsche
+include the adoption and communication of
+The company has put in place a compliance
+structure based around its business model
+to ensure that it acts lawfully, with legally
+secure processes and preventive and reactive
+measures. The Porsche compliance manage-
+ment system encompasses seven areas
+of compliance. In order to avoid any infringe-
+ments of the law and to help its employees act
+in accordance with legal and statutory provi-
+sions, Porsche has had a compliance system
+in place for many years now. This system
+includes a chief compliance officer, and com-
+pliance officers at Porsche AG and at the Group
+member companies covering every area of
+the business. The compliance programme
+encompasses a range of different preventive
+and reactive measures.
+Acting responsibly means acting in strict com-
+pliance with laws and regulations. Porsche's
+stakeholders share this view, duly assigning
+a high level of importance to the topic
+"Compliance" in the 2017 materiality analysis.
+Compliance
+countries, and e-learning modules and training
+sessions. Porsche has also been carrying
+out its own sustainability audits of selected
+suppliers since 2016. Audits are followed
+up by detailed reports and plans of action. In
+this way, and combined with a broad range of
+other activities including regular employee
+seminars on sustainability requirements in the
+supply chain and supplier workshops, the com-
+pany is putting one of the Porsche Strategy
+2025 measures into practice. Sustainability in
+the supply chain is also a separate area of ac-
+tion within the company's purchasing strategy.
+A new guideline in the Volkswagen Group on
+sustainability in supplier management has also
+governed all internal processes and areas of
+responsibility since 2017. Porsche incorporated
+the requirements defined in this guideline into
+its own brand-specific guidelines in 2018.
+MANAGEMENT APPROACHES
+OUR FIELDS OF ACTION
+(GRI 102-44, 102-46, 102-47, 103-1)
+A workshop for members of the Sustainability
+Expert Group and representatives of the
+relevant departments at Porsche was staged
+in autumn 2017, providing an opportunity
+to evaluate defined topics in terms of their
+impact on the environment, employees and
+society. Porsche pooled the results of this
+process in the form of a materiality matrix for
+2017. This illustrates the link between the
+issues that are most important to stake-
+holders and those that are most relevant to the
+company's operations. The matrix helped to
+determine the main focuses of this report and
+was also used to review the ongoing develop-
+ment of the company's sustainability strategy.
+Performance - Sustainability strategy and sustainability management
+Long-term
+economic stability
+Energy and emissions during production ■
+p. 57
+pp. 50-51
+Fuel consumption and vehicle emissions ■
+pp. 54-55
+■Long-term customer relations
+Materials and sustainable materials
+pp. 55-56
+Vehicle safety ■
+p. 54
+Medium impact
+High impact
+Stakeholder relevance
+(GRI 102-44, 102-46, 102-47, 103-1)
+Materiality matrix
+in the form of a materi-
+ality matrix. This
+illustrates the link
+between the issues that
+are most important to
+stakeholders and those
+that are most relevant
+to the company's
+operations.
+results of this process
+Porsche pooled the
+In accordance with the Global Reporting Initi-
+ative (GRI) standards, Porsche covers the
+topic of "compliance" through the following
+disclosures: GRI 205: Anti-corruption,
+GRI 206: Anti-competitive Behavior, GRI 307:
+Environmental Compliance, GRI 419: Socio-
+economic Compliance.
+Materiality analysis
+recommendations for action to further shape
+Porsche's engagement. Key areas of discussion
+included alternative drives, a reduction in
+corporate CO2 emissions, and the expansion
+of the charging infrastructure. The members
+of the Sustainability Council discussed the
+impetus around these issues at two joint
+meetings with the Porsche Executive Board
+during the reporting year, using it as the basis
+for appropriate measures. The working rela-
+tionship with the Council is to be further
+strengthened. The first significant step will
+be a joint dialogue format with representatives
+of external stakeholders in 2019. The next
+Porsche stakeholder survey is scheduled for
+autumn 2019 and will have a greater inter-
+national focus.
+the opportunities and risks during individual
+expert interviews. They presented specific
+The members of the Sustainability Council
+also had the chance to provide detailed
+feedback on sustainability at Porsche and on
+More than two thirds of those surveyed re-
+ported being "very satisfied" or "satisfied" with
+Porsche's sustainability efforts, an improve-
+ment of twelve percentage points compared
+with the previous survey. This is a clear in-
+dication that Porsche is on the right track but
+has yet to reach the home straight. The sur-
+vey respondents did not see any conflict,
+generally speaking, between sustainability and
+the manufacture of premium sports cars,
+with 89 per cent not believing there to be any
+general contradiction. More than half of
+participants (58%) stated that their impression
+of Porsche had been "hardly" or "not at all"
+affected by the diesel affair. Just under a third
+(29%) felt that their views had changed,
+however. All stakeholder groups expect open,
+honest and transparent communication on
+this matter as well as a clear response to the
+challenge of low-emission sustainable mobility.
+Since 2013, Porsche has conducted a survey
+every two years to gather the views and ex-
+pectations of its stakeholders on the subject
+of sustainability. In autumn 2017, approxi-
+mately 7,200 representatives of relevant
+stakeholders were contacted as part of an
+anonymous and international online survey.
+This was three times as many stakeholders as
+in the 2015 survey. Responses were received
+from some 950 people including customers
+(67.3%), business partners and analysts/
+investors (7.5%), politicians and public author-
+ities (4.8%), NGOs (3.0%), Porsche employees
+(2.7%), academics (2.4%) and other partici-
+pants (12.3%). The survey was also completed
+by respondents from China and the UK for
+the first time.
+(GRI 102-40, 102-42, 102-43, 102-44,
+102-46, 102-47, 102-48, 103-1)
+Staff development
+pp. 58-59
+49
+p. 50
+Environmentally
+compatible logistics
+48
+■Corporate co-determination
+p. 60
+Equality of opportunity and equity
+p. 73
+Business relevance for Porsche
+Sustainability communication &
+stakeholder dialogue
+pp. 44-45
+p. 50
+Contribution to regional
+development & infrastructure
+pp. 76-87
+Low impact
+Social
+engagement
+Conservation and biodiversity
+p. 57
+pp. 52-53
+Compliance
+p. 50
+Digital transformation
+Responsibility in the supply chain pp. 51-52
+■New mobility concepts
+p. 56
+p. 58
+Attractive
+employer
+Resource consumption
+during production
+p. 57
+p. 57
+Occupational health and safety
+pp. 60-61
+52
+another key area. An interdepartmental project
+has been launched to determine how to im-
+prove the traffic situation and the mobility of
+53
+EMPLOYEES & SOCIETY
+57
+In accordance with the Global Reporting Ini-
+tiative (GRI) standards, Porsche covers the
+topic of "energy, emissions and resource con-
+sumption during production" in the form
+of the following disclosures: GRI 302: Energy,
+GRI 303: Water, GRI 305: Emissions, GRI 306:
+Effluents and Waste.
+Generally, environment and energy manage-
+ment staff are always at the disposal of com-
+pany stakeholders - internal and external - to
+answer questions or listen to suggestions
+on the topic of "environment and energy". The
+goal is to foster open and transparent stake-
+holder dialogue. One example of this approach
+is the central complaints management system
+within the environment and construction
+management structure. Porsche's neighbours
+may contact central contact persons with any
+complaints or suggested improvements. All
+issues raised are dealt with individually. This
+system enables Porsche to react as quickly as
+possible and to incorporate suggestions into
+its long-term planning for the improvement of
+its sites.
+Porsche strives to achieve a balanced environ-
+mental performance. Using water as efficiently
+as possible, through circulation systems and
+multiple reuse, and the careful handling of
+contaminated production waste water are im-
+portant aspects in this regard. Avoiding waste,
+harnessing low-waste technologies and de-
+ploying sustainable disposal solutions are key
+elements of Porsche's waste management con-
+cept. The company's "environmental protec-
+tion" resource regulation serves as an internal
+guideline and is also binding on suppliers.
+A Group-wide environ-
+ment and energy
+management policy
+continually checks all
+work processes along
+the entire value chain
+with regard to their
+ecological impact and
+any irregularities.
+Internal sets of rules
+and strategic guiding
+principles provide
+the relevant frame
+of reference.
+as part of its annual system and process audits
+(compliance audits). These audits are based
+on high standards and involve the hiring of
+external environment and energy auditors. The
+site results method records the impact that
+a site has on the environment: data and key
+figures are used to rate essential environmental
+aspects on a scale of high, medium and low
+relevance. On this basis, Porsche can deter-
+mine all measures needed to ensure that
+potential negative impacts on the environment
+are reduced if not eliminated altogether. The
+Environment and Energy steering committee
+carries out regular progress checks on the
+pre-defined goals and initiates appropriate
+steps. The steering committee works
+cross-departmentally.
+In addition to the official certifications, Porsche
+also carries out internal reviews of compliance
+with environmental and energy legislation
+The strategy field "sustainability in production"
+in the Porsche Strategy 2025 defines short-
+term, medium-term and long-term measures.
+The "Environment and energy efficiency
+strategy" and the company's own "Environ-
+mental policy" are additional strategic guiding
+principles. In this way the company is imple-
+menting a requirement of the international
+standards for environment and energy man-
+agement, ISO 14001 and ISO 50001, around
+which Porsche's internal specifications and
+processes are based. The sports-car maker
+also complies with the EMAS (Eco-Manage-
+ment and Audit Scheme) standards, a voluntary
+community environmental management
+and auditing instrument developed by the
+European Union. The Porsche site at Stuttgart-
+Zuffenhausen has been validated according
+to EMAS for more than 20 years and was also
+the first automotive industry plant in the world
+to fulfil the ISO 50001 standard. Since then,
+Porsche Leipzig GmbH, the Research and
+Development Centre in Weissach including its
+external locations, the central parts warehouse
+in Sachsenheim and Porsche Werkzeugbau
+GmbH have all been certified as compliant
+with this standard and with the ISO 14001
+environmental management system.
+Responsibility for and the systematic imple-
+mentation of the necessary steps lies with the
+Member of the Executive Board for Production
+and Logistics, supported by the Environment
+and Energy Management department. The
+fundamental aim is that every Porsche em-
+ployee should be informed about the effects
+of his or her work on the environment. Every
+employee is called upon to observe the Group
+and company guidelines in order to minimise,
+or ideally avoid, any negative impact on
+the environment.
+soil protection, dealing with contaminated
+sites, hazardous materials and waste, as
+well as emergency preparedness, water and
+nature conservation and energy efficiency.
+The energy and environment management
+policy covers emissions (air/noise) and
+and responsibilities within the Porsche Group.
+This supports the Group companies in the
+systematic investigation, observance and
+checking of the regulatory environmental and
+energy requirements.
+Environmentally conscious and energy-efficient
+activity at all sites and across all levels is
+an essential element of Porsche's day-to-day
+business. A Group-wide environment and
+energy management policy continually checks
+all work processes along the entire value chain
+with regard to their ecological impact and
+any irregularities. Internal sets of rules and
+strategic guiding principles provide the rele-
+vant frame of reference. A dedicated Group
+guideline defines standardised procedures
+Global climate change, scarcity of resources
+and advancing urbanisation all pose enor-
+mous challenges to the economy and society.
+In Porsche's 2017 materiality analysis, the
+Porsche stakeholders who are impacted
+directly or indirectly by the company's activi-
+ties assign a great deal of importance to
+"energy and emissions during production" and
+"resource consumption during production".
+Energy, emissions and resource consumption
+during production
+for feedback and evaluating processes have
+also been firmly enshrined in the organisa-
+tional structure.
+The "Environment and Energy" action area
+constantly reviews the themes identified
+in the 2017 materiality analysis: "energy
+and emissions during production", "environ-
+mentally compatible logistics" and "resource
+consumption during production". Porsche
+has put in place clearly defined processes and
+responsibilities for all its divisions. Options
+on a continuous basis along the entire value
+chain, and improvements are made where
+necessary.
+Porsche views the conservation of natural
+resources as an entrepreneurial obligation.
+Whether in development or in production, the
+objective is to impact the environment as
+little as possible, to use energy efficiently and
+to increase the share of renewable energies.
+All the steps taken to this end are scrutinised
+Sustainability principle
+Sustainability principle
+ENVIRONMENT & ENERGY
+At Porsche, people are at the centre of the
+company. It assumes responsibility for its
+employees and invests in their future.
+Continuous professional development and
+qualification are hallmarks of the Porsche
+culture. At the same time, key importance is
+attached to equal opportunities, diversity
+and co-determination as well as the ongoing
+improvement of our employees' worklife
+balance along with fair and performance-based
+remuneration. As part of our local and inter-
+national social commitment in the areas of
+social matters, education and science, culture
+and sport, Porsche initiates its own projects
+and supports external partners in conducting
+their own important social activities.
+Attractive employer
+In this report, the topic of "staff development"
+is covered in accordance with the rules of
+the Global Reporting Initiative by the indicator
+GRI 404: Training and Education. This indicator
+is measured and reported on the basis of
+the following key figures: the number of partici-
+pants in training measures and the average
+training hours per employee. A survey is cur-
+rently being carried out for Porsche AG and
+Porsche Leipzig GmbH with an ongoing expan-
+sion to include the Porsche AG Group planned
+for the future.
+Against the background of the Porsche Strategy
+2025 and the far-reaching changes in the
+automotive industry, the structured creation
+and expansion of critical skills among all
+employees is a vital aspect of HR development
+activities. The "Strategic Skills Management"
+pilot project initiated during the previous year
+has been successfully concluded. The process
+of upscaling the project to encompass a full
+department began in 2018. The aim of stra-
+tegic skills management is to systematically
+determine the skills needed for the future and
+to introduce measures to achieve these. Based
+on current and future roles, the required skills,
+capacities, job descriptions and requirements
+are recorded. Future tasks and skills yet to
+be acquired are then compared against each
+other by means of a fit-gap analysis. Any iden-
+tified skill gaps can thus be addressed at an
+early stage through targeted re-training and
+further training, recruitment and new priorities
+in ongoing training.
+an exchange of knowledge across departments
+on all areas relating to skills, digital learning
+and blended learning. Meanwhile, the didactic
+and methodological structure of digital learn-
+ing formats is also discussed. In this way,
+synergies can be harnessed across the network
+as a whole, creating opportunities for more
+flexible and sustainable learning.
+The "Lernen@Porsche-Community" group was
+created during the development of the learning
+platform. Led by HR Development, this com-
+munity is composed of stakeholders who are
+responsible for specialist training in their par-
+ticular areas. The aim of the group is to enable
+Important cornerstones for digital learning are
+the Porsche learning platform introduced last
+year and the new media laboratory, enabling
+the departments to produce their own digital
+learning formats. HR Development and more
+than 150 trained representatives from the
+individual departments regularly update the
+platform content. The fact that there are now
+over 24,000 user profiles illustrates the extent
+to which self-managed learning is being ac-
+tively embraced by Porsche employees as they
+look to advance their skills.
+Employee support and qualification is also a
+tool used for strategic leadership and planning
+processes. Individual training requirements
+are identified during annual employee apprais-
+als, and relevant development opportunities
+established on this basis. The comprehensive
+range of training opportunities and individual
+staff development programmes are continu-
+ously being expanded and optimised in consul-
+tation with the Works Council. Here too, skills
+relating to the digital world and the digital
+mindset are crucial.
+Employee support and qualification is not only
+a central component of the Porsche culture
+and code, but is also firmly anchored in the
+Porsche Strategy 2025. The digital revolution
+in particular is placing new demands on the
+workforce. This is why it is important to foster
+shared knowledge of the various aspects of
+the digital revolution in general and of digitali-
+sation at Porsche in particular. With this in
+mind, the Fit for Digit@l initiative launched
+during the previous year was rolled out across
+the Group with significantly more content
+added. "Work and values in transition", "The
+core of digitalisation" and "Digital transfor-
+mation at Porsche" are now fixed components
+of the programme.
+Porsche also runs two modular and interna-
+tionally oriented training programmes for
+managers: the "Porsche International Manage-
+ment Programme", which has been specially
+designed for second level managers, and the
+"Porsche Advanced Management Programme"
+targeted at senior managers.
+candidates to take on management roles, and
+specific qualification and talent promotion
+measures tailored to the target group in the
+field of production.
+on electric technology,
+digitalisation and
+connectivity.
+The continuous devel-
+opment of its corporate
+culture is exceptionally
+important to Porsche,
+particularly against
+the backdrop of the
+strong growth in staff
+numbers in recent
+years, and the com-
+pany's new focus
+Staff development is founded on professional
+training as well as the support and qualifica-
+tion of students, for example through training
+options for dual-study programme students
+and the Porsche Trainee Programme. Another
+important component is the hiring on the
+basis of permanent contacts of all apprentices
+who pass their final examination. Throughout
+their careers, employees have access to a
+diverse range of programs for their systematic
+professional development on all levels. These
+include the "Porsche Warm-up" introduction
+programme for all new hires, the "Porsche
+Development Programme" to prepare
+To be optimally prepared for the challenges
+facing the automotive industry, Porsche iden-
+tifies and retains qualified and enthusiastic
+professionals and managers. The pillars of HR
+work at Porsche include needs-based training
+that focuses on future requirements, ongoing
+skills acquisition, and options and routes for
+internal development. In the 2017 materiality
+analysis, stakeholders rated the topic of
+employee development as highly important.
+Consequently, Porsche is striving to achieve
+continuous improvement in this area.
+Staff development
+In this report, the topic of "employer attrac-
+tiveness" is covered in accordance with the
+rules of the Global Reporting Initiative by
+the indicator GRI 401: Employment. This indi-
+cator is measured and reported on the basis
+of the following key figures: total workforce,
+employee structure, new hires and employee
+turnover, and parental leave claims.
+Porsche greatly strives to ensure that its staff
+can achieve a work-life balance. Employees
+receive support through a wide variety of dif-
+ferent measures. Thanks to local cooperation
+partners, sufficient childcare places are avail-
+able in nurseries located in proximity to the
+company's sites. Through its family service,
+Porsche offers free, individualised and compre-
+hensive support for all family life situations.
+Porsche also provides flexible working options
+with respect to place of work and working
+hours. Options agreed with the Works Council
+range from arrangements for working from
+home and flexitime aligned to the employee's
+current phase of life through to time off to care
+for family members. Employees may also take
+voluntary sabbaticals. Job sharing in leadership
+roles has also proven to be successful in a pilot
+project and is now being rolled out further.
+family. The Porsche code replaced the previous
+leadership guidelines during the year under
+review, and all Porsche managers are taking
+part in "leadership labs" to help implement it.
+58
+The patrons of this corporate culture are
+Porsche Chairman of the Executive Board Oliver
+Blume, Porsche HR Board Member Andreas
+Haffner and Uwe Hück, Chairman of the Group
+Works Council. These individuals embody the
+Porsche code, which draws on the new culture
+guidelines comprising the four elements of
+dedication, pioneering spirit, sportiness and
+The continuous development of its corporate
+culture is exceptionally important to Porsche,
+particularly against the backdrop of the strong
+growth in staff numbers in recent years, and
+the company's new focus on electric technolo-
+gy, digitalisation and connectivity.
+The basis for successful HR work is Porsche's
+continual positioning as an attractive employer.
+Indeed, Porsche's stakeholders attributed a
+great deal of importance to this aspect in
+the 2017 materiality analysis. Porsche scores
+particularly highly for its excellent general
+conditions, the strong corporate culture and
+co-determination, and the extensive options
+for reconciling a career and family life. Firmly
+anchored in Porsche's HR strategy, employer
+attractiveness is one of four central priorities
+enshrined in the overarching Porsche Strategy
+2025. Other benchmarks include the codes of
+conduct and the "Porsche Business Rules".
+Under the "Employees & Society" action area,
+Porsche covers, among other issues, the im-
+portant topics identified in the 2017 materia-
+lity analysis, namely "attractive employer,"
+"staff development," "corporate co-determina-
+tion," and "occupational health and safety."
+In all four areas, Porsche has clearly defined
+processes and remits in place, as well as estab-
+lished avenues of evaluation and feedback.
+Performance Sustainability strategy and sustainability management
+by more than 80 per cent and thus reduced
+congestion and emissions.
+Porsche Consulting has also optimized the
+road construction site "Am Kräherwald" in
+a cooperation with the city of Stuttgart spon-
+sored by Porsche. The aim was to significantly
+accelerate the construction project compared
+to a road section completed in 2017. The
+Porsche subsidiary introduced a new system
+for planning and controlling the construction
+Porsche had already recalled diesel Cayennes
+with the 3.0-litre V6 engine in emission class
+Euro 6 in Germany during the previous year.
+Investigations had revealed irregularities in
+the engine control software for these vehicles.
+The KBA had ordered a recall for a software
+update in order to remedy the issue. In mid-
+October 2017, the FBA approved Porsche's pro-
+posed software update for its diesel Cayenne
+with the 3.0-litre V6 engine in emission class
+Euro 6. Porsche has since recalled the vehicles
+concerned for a free software update.
+Optimising consumption is one side of
+resource-saving mobility; reducing harmful
+emissions is the other. Modern exhaust after-
+treatment systems reduce emissions, regard-
+less of the current discussion surrounding
+diesel engines. In late October 2018, Porsche
+recalled its diesel Macan with the 3.0-litre V6
+engine in emission class Euro 6 for a software
+update after irregularities were found in the
+engine control software. Germany's Federal
+Motor Transport Authority (KBA) had ordered
+a recall for a software update in July 2018 in
+order to remedy the issue. On 1 August 2018,
+the KBA approved Porsche's proposed soft-
+ware update for the Macan with the 3.0-litre
+V6 diesel engine in emission class Euro 6.
+Porsche's first all-electric model, is redefining
+sports car construction in terms of perform-
+ance, driving dynamism and range.
+- from lightweight
+construction and
+technologies for the
+optimisation of conven-
+tional combustion
+engines to the use of
+smart assistance
+systems - Porsche is
+increasingly exploiting
+hybridisation and the
+complete electrification
+of its model range.
+In addition to a wide
+range of measures to
+increase efficiency
+In addition to a wide range of measures to
+increase efficiency - from lightweight con-
+struction and technologies for the optimisation
+of conventional combustion engines to the
+use of smart assistance systems - Porsche
+is increasingly exploiting hybridisation and the
+complete electrification of its model range.
+The themes of "electromobility" and "vehicle
+architecture of the future" are cornerstones
+of the Porsche Strategy 2025. The Taycan,
+At the same time, fuel consumption and ve-
+hicle emissions have a key role to play. After
+vehicle safety, they were identified as the
+second-most important topic by stakeholders
+in the 2017 materiality analysis. Their materi-
+ality to Porsche is also evidently clear within
+the company: fuel consumption and vehicle
+emissions are key issues with regard to com-
+mercial relevance, yet they also have significant
+ecological and social consequences. Con-
+tinuous efficiency gains, the development of
+alternative drive technologies, falling fuel con-
+sumption and lower emissions - for Porsche,
+resource-saving and environmentally friendly
+mobility is a primary strategic target.
+Fuel consumption and vehicle emissions
+Electrification and digitalisation are responsible
+for radical change in automotive construction.
+For its part, Porsche is embracing this chal-
+lenge. The company builds sports cars that
+reconcile apparent contradictions: tradition
+and innovation, performance and day-to-day
+usability, functionality and design, and
+exclusivity and social acceptance.
+In accordance with the rules of the Global
+Reporting Initiative, the topic of "vehicle safety"
+is covered in this report by the indicator
+GRI 416: Customer Health and Safety.
+is therefore consistently working on the devel-
+opment of anticipatory systems. In this way,
+vehicle safety at Porsche will continue to make
+an important contribution to general road
+safety in the future.
+The ultimate vision in terms of vehicle safety is
+the general avoidance of accidents. Porsche
+improve it until it is ready for series production.
+The Porsche safety strategy defines the
+underlying requirements, not only complying
+with statutory rules across the world but also
+meeting internal company requirements. The
+latter extend beyond the minimum required
+by law and involve a significantly broader load
+case portfolio. In this way, Porsche can ensure
+that, in the event of an accident, its drivers
+and their passengers, as well as other road
+users, benefit from the high level of protection
+synonymous with Porsche.
+54
+In addition to carrying out complete vehicle
+crash tests, component tests and computer
+simulations are used during development
+to tune the complete vehicle system and its
+behaviour in an impact and continuously
+Vehicle safety is a decisive criterion from the
+outset in the development of innovative,
+state-of-the-art vehicles. Alongside accident
+prevention by fitting vehicles with ABS or
+ESP systems or automatic emergency braking
+systems - one of the main goals is to reduce
+the effect of an accident on the vehicle's
+occupants. With this in mind, during the devel-
+opment phase of a new model the deformation
+behaviour of the vehicle body is precisely
+defined for a variety of frontal, lateral and rear
+end impacts. Vehicles are also fitted with a
+smart restraint system consisting of airbags
+and seatbelts. Crash tests are used to check
+the effectiveness of the safety systems. In a
+controlled crash the impact of the entire vehicle
+slamming into an object, such as a wall, is
+investigated. Crash test dummies with sensors
+are used, which allows an evaluation of the
+possible injuries of the occupants. Specific
+biomechanical limits must be adhered to, stipu-
+lating such parameters as maximum accel-
+eration or deceleration of the head.
+Vehicle safety is of the utmost importance to
+Porsche, with the safety of the vehicle's occu-
+pants being the top priority. In addition,
+making sure that other road users are also kept
+safe is another key aim. For their part, Porsche
+stakeholders place a great deal of importance
+on vehicle safety. During the sustainability
+survey conducted as part of 2017's materiality
+analysis, stakeholders ranked this topic in first
+place, not least due to its economic relevance
+and social importance.
+Vehicle safety
+The Product responsibility action area covers
+the topics identified in 2017's materiality
+analysis, namely "Vehicle safety", "Fuel con-
+sumption and vehicle emissions", "Materials
+and sustainable raw materials" and "New
+mobility concepts". Clearly defined processes
+and skills are in place for these topics, along-
+side transparent evaluation procedures.
+Porsche develops high-quality, innovative and
+long-lasting products. With each new model
+generation, Porsche consistently sets new
+standards in quality, environmental friendli-
+ness and safety across the entire life cycle of
+all vehicles.
+Sustainability principle
+PRODUCT RESPONSIBILITY
+During the reporting year, the KBA issued
+Porsche with recall notices for the Cayenne
+4.2-litre V8 diesel (Euro 5 and Euro 6) and
+Panamera 4.0-litre V8 diesel (Euro 6). As soon
+site, which accelerated the construction time
+as the technical solution has been approved,
+vehicle owners will be contacted accordingly
+by their Porsche dealers.
+of February 2018 Porsche no longer included
+any diesel models in its portfolio. The company
+made the decision in September 2018 to no
+longer offer any diesel models.
+In order to make mobility fit for the future and
+make smart cities a reality, Porsche also
+combines attractive mobility offers, technical
+expertise and digital solutions. In the year
+under review, Porsche and the PTV Group, the
+world market leader in the development of
+intelligent software solutions and integrated
+traffic concepts, examined measures for the
+liquefaction and relocation of traffic in the
+Ludwigsburg model area. These included inno-
+vative approaches such as a change in traffic
+management, a shift to public transport or the
+strengthening of inner-city cycling.
+delivery traffic as efficiently as possible which
+is why Logistics is already making use of
+three natural-gas trucks, one e-hybrid truck
+and two electric trucks.
+56
+local public transport costs. In addition, the
+availability of parking at the plant, and mobility
+around the site grounds have also been signifi-
+cantly improved. Porsche manages the daily
+is located in an urban area. The employees
+based there receive a monthly subsidy towards
+staff at Porsche's sites around the world for
+the long term. The project is particularly rele-
+vant to the main plant in Zuffenhausen, which
+Stakeholder survey
+The mobility options offered to employees are
+Porsche is developing innovative products and
+services to shape flexible and comfortable
+mobility. These include innovative parking
+solutions, needs-driven vehicle usage, seam-
+less integration with other forms of transport
+and the best possible use of electric vehicles
+thanks to optimised charging options. Agile
+and interdisciplinary teams are developing
+models that take their lead from customers'
+latest requirements. This development is
+underpinned by close cooperation between
+the company's different departments and an
+open information policy, as well as by early
+piloting and stakeholder involvement.
+Urbanisation, increasing prosperity, a world-
+wide increase in mobility and the associated
+higher environmental pollution trigger innova-
+tion and market dynamics for the adaptation
+of the automobile and its use. These factors
+are leading to a diversification of drive con-
+cepts in a move towards highly efficient, alter-
+native concepts. At the same time, however,
+more and more new and attractive mobility
+concepts are also being researched and devel-
+oped. Digitalisation and connectivity, as well
+as customers' desire for more flexibility and
+sustainability, are accelerating this change. In
+the 2017 materiality analysis, Porsche stake-
+holders underlined the huge significance of
+this turnaround.
+New mobility concepts
+In this report, the topic of "Materials and sus-
+tainable raw materials" is covered in accord-
+ance with the rules of the Global Reporting
+Initiative by the indicator GRI 301: Materials.
+The indicator is measured and reported in
+terms of the annual consumption of materials.
+at an early stage in the project award process.
+Measures are also in place to raise project
+managers' awareness of ecological issues even
+further. The company is also a heavy promoter
+of the recycling of raw materials, the extraction
+and processing of which required a high level
+of effort.
+pre-development phase and taken into account
+Performance Sustainability strategy and sustainability management The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161. 55
+Optimal and environmentally compliant vehicle
+production is an ongoing task for Porsche.
+This naturally also applies to the selection of
+sustainable materials and consideration of life
+cycles. The company has been scrutinising
+both of these areas as part of its 2025 strategy.
+Consequently, environmental aspects are
+already being given greater weighting in the
+Electric vehicles, for example, do not cause
+environmental damage when they are being
+driven, which helps to improve air quality in
+built-up areas. Conversely, however, the en-
+vironmental impact of the manufacturing pro-
+cess is on the increase as a result of the raw
+materials and production processes used for
+components such as traction batteries. To-
+gether with its suppliers, Porsche is therefore
+working to make improvements to the battery
+manufacturing process in order to conserve
+resources, cut the energy density further and
+improve performance. Against this back-
+ground, the Battery Recycling Working Group
+was set up during the year under review in
+order to tackle the key questions of what hap-
+pens to old batteries once they are no longer
+fit for use. Information and project findings
+from the relevant departments are being ana-
+lysed, and the Working Group is submitting
+recommendations to the Porsche Group which
+are then being put into practice. A pilot project
+is running in parallel in the Aftersales depart-
+ment, as part of which used traction batteries
+are being recycled for use as energy stores as
+part of a second life concept. In this way,
+resources can be conserved and sustainability
+enhanced.
+The long service life of Porsche vehicles, their
+high-quality workmanship and the use of low-
+wear materials all form part and parcel of the
+Porsche principle. The company is focusing to
+an ever greater extent on the environmental
+effects of a vehicle across its entire life cycle,
+from the acquisition of raw materials and the
+vehicle's manufacture and use through to its
+disposal. The aim is to achieve a total eco-
+logical optimum.
+Materials and sustainable materials
+Materials and sustainable raw materials are
+the building blocks of modern, future-ready
+vehicle architecture. The Porsche stakeholders
+surveyed as part of the 2017 materiality
+analysis also assigned a high level of relevance
+to this issue.
+this indicator refer, however, solely to emis-
+sions that arise in production and adminis-
+trative operations. For this reason, the
+consumption and emission figures for all
+vehicle models are reported instead.
+In accordance with the rules of the Global
+Reporting Initiative, the topic of fuel consump-
+tion and vehicle emissions is covered in this
+report by the indicator GRI 305: Emissions.
+The figures in this report that are required for
+Porsche consistently aligns its product range
+with its customers' wishes and strives to
+achieve technological leadership. Demand for
+diesel vehicles is falling. Traditionally, the
+diesel segment has been less important to
+Porsche, accounting for just 12 per cent of
+business in 2017. At the same time, interest
+in hybrid models is soaring. As far as the
+Panamera is concerned, 63 per cent of the
+vehicles delivered in Europe are hybrids. As
+MATERIALITY ANALYSIS
+I
+|
+Decent work and
+economic growth
+8 M
+Gender equality
+5 9
+Zero hunger
+SSS
+2
+Reduced inequalities
+10 <>
+Affordable and
+clean energy
+7 %
+Quality education
+4
+No poverty
+t
+1
+and infrastructure
+Industry, innovation
+Clean water and
+sanitation
+6 7
+Good health and
+well-being
+11
+3 W
+Sustainable cities
+and communities
+Responsible consumption
+and production
+External stakeholder dialogue is based
+on trust which is at the heart of any
+long-term relationship between Porsche
+and its dialogue partners. Credible exchange
+with the stakeholders must be geared to-
+wards the long term and be nurtured on an
+ongoing basis.
+102-47, 102-48)
+(GRI 102-40, 102-43, 102-44,
+External dialogue
+Porsche is particularly concerned with foster-
+ing and consistently building on a process
+of exchange with its stakeholders. The com-
+pany is aware that its business activities
+impact on the interests of many different
+groups. The expectations of these groups
+must be taken into consideration when dealing
+with central issues. The open and transparent
+exchange of information and arguments lays
+the foundation for mutual understanding and
+social acceptance. At the same time, this
+dialogue provides the company with important
+suggestions and new impetus. Once again
+during the reporting year Porsche continued
+to pursue its goal of engaging in exchange
+that benefits all stakeholders, stepping up
+its dialogue activities to improve stakeholder
+relations. Porsche's first Sustainability
+Days promoted proactive exchange with
+employees. Working relationships at the heart
+of initiatives, associations and working groups
+dedicated to entrepreneurial sustainability
+were advanced further. Since 2018, for
+example, Porsche has been supporting the
+competence platform "nachhaltig.digital"
+in order to be intensively involved in the link-
+up between the two themes, sustainability
+and digitalisation.
+Stakeholder communication and dialogue
+(GRI 102-40, 102-42, 102-43,
+102-44, 102-46)
+STAKEHOLDER MANAGEMENT
+Start-ups/
+partnerships
+43
+Performance - Sustainability strategy and sustainability management
+42
+Partnerships for
+the goals
+17 ®
+Peace, justice and strong
+institutions
+16 ▾
+Life on land
+15-
+Life below water
+14
+Climate
+action
+13
+12 GO
+This takes place via a diverse range of com-
+munication channels and event formats.
+The most important sources of information
+for thought leaders, decision makers and
+customers include the Porsche magazine
+Christophorus, published in twelve languages
+around the world, the online newsroom with
+its Twitter and Instagram channels, the
+web-based TV channel 9:11 Magazin and the
+Porsche website. The community newspaper
+"targa Nachrichten für die Nachbarn"
+("targa", the residents' journal), launched in
+2015, keeps local residents who live in
+proximity to Porsche's sites up to date with
+the latest news. Information letters are also
+used to keep stakeholders informed on, for
+example, plans for future construction work.
+The United Nations' goals for
+sustainable development
+SUSTAINABLE
+DEVELOPMENT
+In order to implement sustainable action in
+daily practice and to achieve even more
+stringent implementation in the company,
+Porsche is working on a "Group Sustainability
+Directive". The Directive will contain binding
+rules on organisational processes, topic
+management, project implementation and
+communication of all sustainability topics.
+all strategic considerations and aims are
+structured around these four areas.
+All activities relating to sustainability, and
+- Employees & Society
+Energy
+Environment &
+PORSCHE
+Employees &
+Society
+- Environment & Energy
+- Product Responsibility
+40
+40
+Assuming responsibility
+for society and the
+environment does not
+run counter to our aims
+of efficiency and eco-
+nomic success. Sustain-
+ability is therefore a key
+cross-cutting issue
+in the Porsche Strategy
+2025.
+the Porsche Sustainability Index is to combine
+economically successful action with social
+commitment and simultaneous reduction in
+the company's environmental impact. The aim
+for the sustainability index is to be recorded
+half-yearly in future, and compared against the
+targets set. In this way, Porsche can consis-
+tently develop its commitment to sustainability.
+- Business & Customers
+Assuming responsibility for society and the
+environment does not run counter to our
+aims of efficiency and economic success.
+Sustainability is therefore a key cross-cutting
+issue in the Porsche Strategy 2025.
+Responsibility for this lies directly with the
+Chairman of the Management Board. Our aim
+is very clear: Porsche wants to be the most
+sustainable sports car manufacturer in the
+premium segment. Consequently, the issue of
+sustainability is firmly embedded throughout
+the company and broken down into four core
+action areas:
+(GRI 102-46)
+Sustainability is a top priority for Porsche. We
+consider it our entrepreneurial duty to make
+sure that our actions benefit the environment
+and society. Our stakeholders also expect
+Porsche to strive for economic, social and eco-
+logical goals equally. This gives sustainability
+a central significance for Porsche when it
+comes to safeguarding its competitiveness.
+STRATEGY AND ORGANISATION
+Product
+Responsibility
+Business &
+Customers
+Porsche Strategy 2025
+Sustainability action areas
+Sustainability is implemented on a Group-wide
+basis. Porsche has therefore incorporated fur-
+ther relevant subsidiaries into its Sustainability
+Expert Group. Each part of the business is also
+represented by employees in this Expert Group
+which is responsible for implementation of
+the cross-cutting strategy on sustainability.
+GOALS
+In order to reduce the complexity of sustain-
+able actions while also improving measurability
+and control, the company developed the
+Porsche Sustainability Index during the year
+under review. This Index defines sustainability
+aspects using key figures and also depicts
+the key indicators of value-creating growth and
+environmental footprint. Based on the classic
+sustainability dimensions of economic, eco-
+logical and social issues, the index is based on
+the Porsche value chain. The central goal of
+41
+The company is actively involved in a range of
+networks and is committed to sustainability
+initiatives. Through these collaborations,
+Porsche is supporting the transfer of knowl-
+edge for innovative and future-oriented
+approaches shaped around sustainability.
+to make a real difference.
+its internal and external
+stakeholders are im-
+portant to Porsche.
+With this in mind, in
+2017 stakeholders
+were surveyed on what
+they regarded as the
+most relevant SDGs for
+Porsche. Seven goals
+were identified, and are
+now areas in which the
+company is using its
+sustainability activities
+The expectations of
+SDG 17 - Partnerships for the goals
+Sustainable mobility solutions and a livable
+world for the future can only be created by
+working together. This is why a process of per-
+manent exchange with stakeholders and the
+strengthening of partnerships are two of the
+main goals of Porsche's sustainability strategy.
+In 2019, Porsche's first fully electric sports
+car, the Taycan, is due to leave the production
+line in Zuffenhausen. The production process
+for this model is carbon neutral. Meanwhile,
+the company is consistently cutting levels of
+CO₂ emissions from its own fleet. As its devel-
+opment of hybrid and electric models gathers
+pace, Porsche is making an important con-
+tribution to global climate protection and to
+improving air quality in cities.
+Porsche is embracing the challenge of pushing
+technological boundaries, reducing fuel
+consumption and developing innovative drive
+systems. The conservation of raw materials
+and energy is another huge priority. The com-
+pany now uses 100 per cent green energy to
+supply the power needed for production.
+SDG 13 - Climate action
+As well as consistently working to create en-
+vironmentally sound products that use fewer
+resources, Porsche is also constantly develop-
+ing efficient, environmentally compatible
+production processes. The economic, eco-
+logical, sociocultural, functional and technical
+process qualities all play a central role. Mean-
+while, the company sees it as just as important
+that internationally accepted rules governing
+health and safety and environmental protec-
+tion are upheld. Ethical considerations and
+standards take precedence along the entire
+Porsche supply chain as the overriding sus-
+tainability requirements.
+SDG 12-Responsible consumption
+and production
+SDG 11 - Sustainable cities and communities
+Sports car production at the main plant in
+Zuffenhausen is located in a mixed-use zone,
+surrounded by residential areas. Consequently,
+the company is directly confronted with the
+challenges posed by increasing urbanisation.
+This is another reason why Porsche feels a
+sense of duty to actively contribute to the sus-
+tainable development of cities by providing
+smart solutions. Resource-efficient production
+processes and products, as well as techno-
+logical and social innovation, are the key factors
+for the company in this regard.
+electric vehicles, permanently working to find
+innovative solutions, and trialling digital
+technologies and future trends, the company
+is playing an instrumental role in this field.
+Porsche is synonymous with innovative prod-
+ucts and services, and the theme of mobility
+of the future is a top priority. By expanding
+a high-performance charging infrastructure for
+SDG 9 - Industry, innovation and
+infrastructure
+SDG 8 - Decent work and economic growth
+Creating jobs and respecting human rights
+along the entire supply chain are prerequisites
+for value-creating, sustainable growth.
+Porsche not only assumes responsibility for
+its employees and invests in their future. It
+also imposes strict, internationally recognised
+standards on its suppliers in the area of social
+and human rights. In this way, Porsche
+supports humane working conditions while
+categorically rejecting any form of forced or
+child labour.
+For Porsche, education is the key to sustainable
+development. This is why the company offers
+its trainees and staff an exceptionally diverse
+programme of vocational and professional
+training, giving every single employee the
+opportunity to engage in systematic training
+tailored to their needs. Internationally too,
+Porsche is heavily committed to education and
+science, not least through its Porsche Training
+and Recruitment Centers in Manila and South
+Africa, and its Mobile Education Training
+and Resource Units (METRU), a joint project
+with UNICEF.
+SDG 4 - Quality education
+The expectations of its internal and external
+stakeholders are important to Porsche. With
+this in mind, in 2017 stakeholders were
+surveyed on what they regarded as the most
+relevant SDGs for Porsche. Seven goals were
+identified, and are now areas in which the
+company is using its sustainability activities
+to make a real difference:
+The SDGs are primarily aimed at states and
+governments, yet Porsche too wants to
+counter the depletion of natural resources and
+climate change and have a positive impact
+on social development. The company is focus-
+ing on those issues that its own business
+model and related value creation processes
+can materially influence.
+In autumn 2015 the General Assembly of
+the United Nations adopted its seventeen
+Sustainable Development Goals (SDGs). The
+SDGs are at the heart of the 2030 Agenda
+for Sustainable Development, the aim of which
+is to reconcile economic progress, social
+justice and environmental compatibility.
+Sustainable Development Goals
+Performance - Sustainability strategy and sustainability management
+Stakeholder surveys are carried out every
+two years as part of a systematic process
+to learn about relevant groups' views and
+expectations in relation to the issue of sustain-
+ability. In 2017 around 7,200 stakeholders
+from Germany, China and the UK were invited
+to complete an online survey. The respondents
+included customers, business partners,
+representatives from authorities, associations,
+trade unions and non-governmental orga-
+nisations, and politicians, scientists and
+sustainability experts. The issues identified
+provide the basis for sustainability aspects
+which are closely linked to other aspects of
+the corporate strategy.
+Porsche highly values direct feedback from
+its interest groups. Through a dedicated e-mail
+address (sustainability@porsche.com), the
+company offers stakeholders a way of contact-
+ing the responsible department directly.
+Porsche also seeks to address stakeholders
+personally. Regular dialogue events have
+been held across Porsche sites since 2016.
+These events give local residents a chance
+to raise specific questions with the experts
+directly. Porsche held two events in 2018
+designed to update its neighbours on the
+state of building work at its sites. More than
+500 members of the public took up this
+opportunity to learn about the projects, ask
+questions, make suggestions or express
+their opinions.
+Meanwhile, the Porsche Sustainability Council
+was established back in 2016, marking a key
+step forwards in terms of greater stakeholder
+dialogue. This Council has been an important
+source of ideas and impetus ever since. It is
+composed of internationally renowned repre-
+sentatives from the scientific and public com-
+munities. Its current members are: Prof. Sonja
+Peterson, Prof. Lucia Reisch, Prof. Maximilian
+Gege, Prof. Ortwin Renn and Prof. Klaus Töpfer.
+the Expert Group is being expanded on an on-
+going basis.
+The Sustainability Expert Group is responsible
+for developing the content of sustainability
+activities and submitting appropriate propos-
+als to the Executive Board. It brings together
+members from all departments and meets
+four times per year. The standing members of
+the Expert Group represent all of the relevant
+specialist departments in the company, where
+they act as multipliers for sustainability topics.
+During the reporting year the Group was
+extended to include representatives from the
+relevant German subsidiaries. In order to
+further reduce the complexity of sustainability
+management within the Porsche Group,
+The sustainability team of the Policy and
+External Relations department acts as
+an interface for all aspects of sustainability
+within the business. It is responsible for the
+coordination of all sustainability activities,
+implementation of the sustainability strategy
+and reporting, as well as integration with
+the Volkswagen Group's encompassing sus-
+tainability activities. Additionally, it organises
+internal and external communications and the
+continual expansion of stakeholder dialogue.
+The Executive Board of Porsche AG acts as
+the highest authority on sustainability,
+meeting regularly as the Sustainability Board
+and setting the company's basic strategic
+direction. It also decides on the realisation of
+far-reaching sustainability measures and
+lighthouse projects.
+A transparent internal structure with defined
+roles and responsibilities allows sustainability
+topics to be handled rigorously and effectively
+throughout the business.
+(GRI 102-46, 103-1)
+Sustainability organisation
+Sustainability Team
+Interface for relevant topics
+|
+I
+|
+||
+Performance Sustainability strategy and sustainability management
+I
+I
+I
+45
+Performance - Sustainability strategy and sustainability management
+Cultural
+institutions
+Sustainability
+experts/networks
+The Porsche Sustainability Council was con-
+vened on two occasions in 2018, on one
+occasion sitting together with the Porsche AG
+Executive Board. The members of the Council
+were given greater involvement in processes
+relevant to management during the year under
+review, including during discussion of strategic
+initiatives
+sustainability management and the intensifi-
+cation of stakeholder dialogue. Both of these
+areas have been consistently taken forward.
+Cooperation with the Council is to be stepped
+up even further in 2019.
+on sustainability, meeting
+regularly as the Sustainability
+EXTERNAL
+|
+Sustainability Council
+Source of advice and impetus
+|
+I
+I
+I
+I
+|
+|
+Performance - Sustainability strategy and sustainability management
+46
+46
+INTERNAL
+Provide representatives for Sustainability Expert Group and inform them about
+current topics, provide data for reporting
+Specialist departments and committees
+Develop strategic aims and statements on sustainability
+Define indicators and lighthouse projects
+Set content of reporting
+Sustainability Expert Group
+Sustainability Board = Porsche Executive Board
+Set direction for sustainability
+Commission reporting
+Porsche Strategy 2025
+Sustainability management
+Board and setting the
+company's basic strategic
+direction.
+A transparent internal
+structure with defined roles
+and responsibilities allows
+sustainability topics to
+be handled rigorously and
+effectively throughout the
+business. The Executive
+Board of Porsche AG acts
+as the highest authority
+Student
+Universities/
+colleges
+44
+Chambers of Industry
+IG Metall (indus-
+trial union)
+employers' association)
+Südwestmetall
+(Baden-Württemberg
+Employees
+Works
+Council
+Volkswagen
+Group
+Residents at site
+locations
+Porsche
+Clubs
+drivers
+Individual Porsche
+The most important internal and external stakeholders for the company,
+established on the basis of internal analysis.
+(GRI 102-40, 102-42, 102-43, 102-44)
+Our stakeholders
+At Porsche all staff and their elected repre-
+sentatives are informed comprehensively
+and in good time of any major operational
+changes. Adherence to this corporate practice
+is ensured in several different ways, including
+by means of a Supervisory Board with equal
+representation, the Works Council committees,
+regular works meetings and the continuous
+maintenance of the works agreement database
+on the intranet.
+The company always encourages its employees
+to contribute their own ideas through its
+internal ideas and innovation management
+set-up. Complaints and personal concerns are
+treated in confidence where requested.
+Porsche has an ombudsman system to handle
+anonymous complaints and reports on any
+illegal behaviour in relation to the company.
+of the subject within the company and to build
+on employees' role as knowledge multipliers
+in the outside world.
+During the year under review two Porsche
+sites organised a week dedicated to the topic
+of sustainability. Featuring an interactive
+experiential world and various expert talks, this
+initiative helped to further raise awareness of
+sustainability issues among Porsche staff.
+Employees made numerous new suggestions
+on how the company could improve its every-
+day sustainability even further. These pro-
+posals are now being carefully considered in
+the relevant departments and will be followed
+up. Internal stakeholder dialogue on sustain-
+ability issues is to be extended further still in
+future in order to promote understanding
+(GRI 102-40, 102-43, 102-44, 102-47)
+Direct dialogue is an essential component of
+Porsche's corporate culture. Employees have
+a wide range of opportunities to contribute
+their own concerns and have broad access to
+transparent interaction channels and infor-
+mation, for example through the employee
+magazine, local site newsletters, the in-house
+TV channel and also the intranet, for up-to-
+the-minute news. Since 2017, employees have
+been able to download an app to access the
+Porsche intranet on their own devices. Regular
+works and departmental meetings, employee
+information events and specific topic and
+innovation weeks also form part of the diverse
+programme of internal communications.
+Internal dialogue
+Cooperating in networks and engaging in
+sustainability initiatives and working groups
+also form part of Porsche's stakeholder
+dialogue as it works to drive forward ecologi-
+cal, economic and social issues. Against
+this background, Porsche has been a member
+of the Bundesdeutscher Arbeitskreis für Um-
+weltbewusstes Management e.V. (B.A.U.M. -
+German Environmental Management
+Association) since 2016. In 2017, Porsche
+joined the German Business Ethics Network
+(DNWE) and became a signatory to the state
+of Baden-Württemberg's WIN! charter for
+sustainable business, marking its commitment
+to entrepreneurial responsibility. Since 2018,
+Porsche has also been one of the cooperation
+partners involved in the "nachhaltig.digital"
+competence platform. The aim of the joint
+project on the part of B.A.U.M. e.V. and the
+German Federal Environmental Foundation
+(DBU) is to make digitalisation a tool for
+future-proof, sustainable development. The
+company also engages in dialogue with
+local politicians through an inter-municipal
+working group.
+& Commerce/
+Chambers of Skilled
+Trades & Crafts
+Verband der Auto-
+mobilindustrie e.V.
+(German Association
+of the Automotive
+Industry (VDA))
+State ministries/
+Federal ministries
+State Parliaments/
+Federal Parliament
+EU institutions
+Sport associations/sport
+clubs
+Politicians & authorities
+Social initiatives
+Schools
+Science
+Suppliers
+Partners in society
+47
+Environment &
+Energy
+Business partners
+Porsche Centres
+PORSCHE
+Product
+Responsibility
+Business &
+Customers
+Customers & residents
+Local/city administra-
+tions at site locations
+Internal
+Kraftfahrtbundesamt
+(German Federal Motor/
+Transport Authority)
+Trade unions / associations
+Employees &
+Society
+59
+Performance Sustainability strategy and sustainability management
+Porsche consistently aligns its product range
+with its customers' wishes and with state-of-
+the-art technology. On this basis, it is stepping
+up its activities in relation to hybrid technol-
+ogy and electric vehicles, and no longer offers
+any diesel models. The company is embracing
+its responsibility for rebuilding any loss of
+trust and credibility by means of solid actions.
+Overall, the 2017 survey respondents listed
+"vehicle safety", "fuel consumption and vehicle
+emissions" and "long-term customer relation-
+ships" as their priorities.
+The Porsche Code
+replaces the previous
+management guidelines.
+It was enhanced and
+developed in 2018.
+The objective is to link
+the Porsche Code to
+all the HR processes.
+Porsche corporate culture
+The significant increase in employee numbers
+and the digital transformation are crucially
+changing how we work together. The initiative
+launched in 2017 to strengthen Porsche's
+corporate culture is therefore being given prior-
+ity. Chairman of the Executive Board Oliver
+Blume and HR Board Member Andreas Haffner,
+as well as the chairman of the Works Council,
+Uwe Hück, have been involved in the project
+from the beginning. They are sponsoring
+various campaigns, thus emphasising the
+importance of this topic for Porsche.
+The culture guideline defined in the previous
+year, with its four dimensions "dedication",
+"sportiness", "pioneering spirit" and "family",
+continued to be actively pursued and com-
+municated into the company in 2018. A
+Porsche culture film was created in the spirit
+of the new guideline: employees were actively
+involved in this, too, and played the lead roles
+in the film.
+The Porsche Code replaces the previous man-
+agement guidelines. It was enhanced and
+developed in 2018. The objective is to link the
+Porsche Code to all the HR processes. Key to
+this are what are known as Management Labs.
+In the labs, managers prepare themselves for
+future challenges. By means of critical reflec-
+tion and external inspiration, they also inter-
+nalise the Porsche management culture in the
+long term. All disciplinary managers are to
+take part in a Management Lab in 2018 and
+2019 as part of this initiative.
+LIVE
+PASSIONATELY.
+THINK OUTSIDE
+THE BOX.
+LOOK INTO THE
+FUTURE
+Another focus in the year under review was
+on addressing candidates for the manufacture
+of the Taycan electric sports car at the
+Zuffenhausen site, where a further 1,500
+skilled workers are being hired. Social media
+is predominantly used for communication
+with the applicants. Personnel marketing has
+significantly expanded its activities in this
+area. Since 2017, a chatbot run by artificial
+intelligence has been used on Facebook, for
+which the company has also received an HR
+Excellence Award in the category "HR tech and
+data". The existing social media portfolio was
+expanded this year to include Instagram.
+This enables young target groups in particular
+to gain authentic insights into working life
+a Porsche.
+WITH COURAGE
+Porsche mood barometer
+HERZBLUT
+KNOW WHERE YOU
+COME FROM.
+STAY
+HUNGRY.
+PIONIERGEIST MENSCH SPORTLICHKEIT
+RESPECT
+EACH OTHER.
+ONE FAMILY
+In 2018, all employees of Porsche AG and its
+German subsidiaries were asked to give an
+assessment of their current work situation
+using a mood barometer. More than 21,000
+people voluntarily participated in the online
+survey. The contents concerned topics such
+as cooperation, quality of work and integrity.
+After the questionnaires were evaluated, the
+results in the respective corporate unit were
+discussed in detail, with the involvement of the
+Works Council. Managers and employees iden-
+tify potential for improvement and jointly
+define specific measures in order to optimise
+processes or working conditions, for example.
+Integrity at Porsche
+At Porsche, integrity comes first - because
+acting responsibly, resolutely and from
+personal conviction in accordance with ethical
+principles is the prerequisite for honest and
+respectful cooperation, which constitutes
+the basis of the Porsche culture.
+A high value is placed on integrity at Porsche,
+as a fixed component of our strategic guide-
+lines. The bottom-up development of a culture
+guideline was initiated as early as 2016, and
+included integrity as a central value. In the
+year under review, the topic was also anchored
+in the management guideline, which was
+likewise developed by the employees and
+managers. Acting with integrity is also indis-
+pensable in retail, which is why it was included.
+in the Porsche service standards as the
+highest value.
+PORSCHE CODE
+the campaign was already awarded the
+"HR Excellence Award 2018".
+Porsche is specifically targeting young appli-
+cants with a new, modern campaign: high-
+quality black and white pictures of employees
+convey an authentic impression of the working
+world at the sports car manufacturer. At the
+same time, central messages of the Porsche
+corporate culture - such as practicality,
+collegiality, innovation - are conveyed to
+the outside world. Soon after it was launched,
+However, the support of young talents begins
+even before university. For the last 18 years,
+the best high-school leavers of their year in
+Baden-Württemberg have been awarded the
+Ferry Porsche Prize in the main subjects
+mathematics, physics and technology. In 2018,
+the coveted award was presented to 221
+young people. Six of them additionally received
+a one-year scholarship. The scholars are
+selected by drawing lots during the annual
+award ceremony in Porsche's Research and
+Development Centre.
+end of 2019.
+22,401
+20
+20
+15
+10
+LO
+5
+29,777
+27,612
+32,325
+0
+2014
+2015
+2016 2017 2018
+64
+INNOVATION AREAS
+Performance - Employees, Society, Sport, Communication
+Employer attractiveness and encouraging
+young talents
+Porsche's long-term positioning as an attractive
+employer is the basis for its successful HR
+work. To maintain this, the company supports
+numerous young talent initiatives, cooperates
+with universities and implements various
+communication measures. And this has brought
+success: in 2018, Porsche again occupied top
+positions among students in relevant employer
+rankings. The evaluations in the Universum
+Student Survey were particularly successful,
+with Porsche earning two first-place rankings
+for the first time, among both engineers and
+economists. Porsche's strong employer at-
+tractiveness is also demonstrated by the rising
+number of applicants: the Porsche Group
+received more than 160,000 applications in
+the year under review.
+To promote young professional talents, Porsche
+relies on its partnership with relevant uni-
+versities and organisations - such as "Formula
+Student Germany", an international design
+competition sponsored by the Association of
+German Engineers (VDI).
+Cooperation with renowned universities is
+being further expanded, with a specific focus
+on the topic of digitalisation. The cooperation
+with the newly founded CODE University in
+Berlin, initiated in 2017, was brought to life
+this year by the implementation of the first
+joint projects. In an "Open Innovation Contest",
+student teams from the HHL Leipzig Graduate
+School of Management and CODE University
+Berlin jointly address questions on the topic
+of "New Work at Porsche". The format connects
+students at the partner universities even more
+closely with the Porsche experts and is part
+of the university campaign.
+OPEN INNOVATION CONTEST
+The latter also comprises a new scholarship
+programme for IT students at RWTH Aachen
+University, which Porsche launched together
+with the university to start in the winter
+semester 2018/19. Each year, 15 students on
+IT BSc and IT MSc courses will be sponsored.
+The Porsche IT scholarships are awarded
+through the RWTH education fund and include
+a special framework programme in addition
+to financial support. In addition to specialist
+events, general support programmes by the
+education fund, such as networking events,
+further training possibilities and social events,
+are on the agenda.
+International university contacts are also care-
+fully maintained and continually developed.
+Examples include the internship programmes
+with Tongji University in Shanghai (China) and
+Massachusetts Institute of Technology in
+Cambridge, near Boston (USA), as well as the
+cooperation with the IT chair at Babes-Bolyai
+University in Cluj (Romania).
+Performance - Employees, Society, Sport, Communication
+25
+TAKE
+88
+The vocational training of severely disabled
+candidates has been exemplary. Currently,
+23 persons with a disability are completing
+training or a dual study programme with
+Porsche. If training in the company is not pos-
+sible on the grounds of individual restrictions,
+the cooperative training model applies: the
+young people complete the theoretical part of
+their training at a vocational training centre
+which is appropriate to their individual support
+needs. For the practical part of the training,
+they are deployed to the extent of their possi-
+bilities in the various departments of the
+company. Internship placements for young
+people with a disability are also enabled
+individually in cooperation with various voca-
+tional training centres.
+In the 2017/2018 school year, Porsche
+launched a new project in vocational training,
+known as the after-school learning centre.
+On two mornings of every week, the Porsche
+training workshop was turned into a classroom
+for technology classes for years five to ten.
+The secondary school pupils were taught by
+their own technology teacher according to the
+curriculum and depending on the topic, the
+trainers and training supervisors then gave the
+pupils insights into the Porsche world. In total,
+around 170 school pupils were welcomed in
+this capacity here in the last school year. The
+project is being continued on the same scale
+in the current school year.
+Performance - Employees, Society, Sport, Communication
+At the Leipzig site,
+Porsche was again very
+heavily involved in the
+vocational orientation
+and promotion of MINT
+professions in 2018. In
+cooperation with the VDI
+(Association of German
+Engineers) Garage, the
+Porsche school work-
+shop in Leipzig Plagwitz
+offers the chance to
+experience technology.
+At the Leipzig site, Porsche was again very
+heavily involved in the vocational orientation
+and promotion of MINT professions in 2018.
+In cooperation with the VDI (Association
+of German Engineers) GaraGe, the Porsche
+school workshop in Leipzig Plagwitz offers
+the chance to experience technology. The
+intention is to inspire schoolchildren to train
+in a technical profession. At the Leipzig site,
+Porsche recruits around 30 per cent of each
+training year from participants of the courses
+in the VDI Garage. The range offered by the
+Porsche pupils' workshop was expanded in
+2018 to include the topics of electromobility
+and Connected Car.
+In the last two years, Porsche was the main
+sponsor of the school competition on entre-
+preneurship, "Jugend gründet". The aim of
+the competition is for young people to gain a
+feeling for entrepreneurial thought and action
+in order to use this in future as entrepreneurs
+and intrapreneurs. Since 2018, the national
+final has taken place in the Porsche training
+centre in Zuffenhausen. The Porsche special
+"Digital Future" prize was also successfully
+implemented. With this award, Porsche under-
+lines the importance of digital transformation
+for society. In the year under review, the prize
+was awarded to three schoolgirls from Mühl-
+dorf. They had applied with a business plan for
+their business idea "sign language aid". The
+concept aims to help deaf and dumb people to
+communicate better with other people. The
+solution they thought up was a headset with
+an integrated camera which could recognise
+and directly translate sign language.
+69
+Staff development
+Within Strategy 2025, the majority of the
+strategy areas are devoted to the challenges
+and opportunities of digitalisation. The digital
+transformation places new, or at least signifi-
+cantly altered, requirements on all employees
+and managers. The work of personnel and
+management development therefore essen-
+tially consisted of tasks concerning digital
+transformation in the year under review. The
+aim is to build and develop digital com-
+petencies that are crucial to company success
+in all employees and managers in a structured
+and long-term way. The high-quality and
+comprehensive range of training opportunities
+and individual and target group-specific staff
+development programmes are continuously
+being expanded and optimised in consultation
+with the Works Council.
+Porsche Warm Up
+them were successfully integrated into the
+training and job market in cooperation with
+handicraft businesses.
+Qualification and interdepartmental exchange
+begin on the first day at Porsche: during
+the Porsche Warm Up, new employees are
+given comprehensive information about fun-
+damental topics. During the two-day event,
+they get to know the Porsche Strategy 2025
+and the integrity and compliance principles,
+among other things. They are also informed
+about equal opportunities and the services
+offered by the Works Council. In 2018, around
+1,845 employees participated in the Porsche
+Warm Up and 48 in the Porsche Warm Up
+International.
+In the year under review, Porsche expanded the
+existing seminar range to include formats
+which are specifically geared towards special-
+ist shift workers. A total of six seminars were
+devised, including "Fit for internal application"
+and "Personal development". The positive
+feedback from the participants has confirmed
+the great interest and relevance of an offering
+for skilled workers who work in shifts.
+International trainee programme
+Following the successful completion of the
+fourth wave of the trainee programme, a
+further round with ten participants started in
+October 2018. The international programme
+lasts twelve months. In the project work,
+the graduates get to know the work processes
+of various divisions, main departments and
+departments.
+Porsche development programme
+In the Porsche development programme,
+employees are qualified professionally and
+personally for a possible assumption of mana-
+gerial tasks. The contents of the programme
+are strictly orientated towards Strategy 2025:
+digitalisation, innovative strength, internation-
+alisation and lifelong learning are central ele-
+ments. The Porsche development programme
+was launched in January 2018, with around
+250 employees from Porsche AG and 17
+participants from the subsidiaries. A second
+wave began in December 2018.
+Programmes at management level
+Porsche is preparing managers for the
+challenges of the future with customised
+qualification offers. Among other things,
+two high-quality modular programmes have
+been developed with internationally leading
+business schools. In the year under review,
+50 participants completed the newly created
+"Porsche International Management
+Programme" under the banner of: "A distint-
+ive agility trip for Porsche leaders". The
+programme is tailored to the special require-
+ments of second-tier managers. They are
+to shape the digital transformation process in
+the company even more actively. The focal
+points are therefore the systematic develop-
+ment of leadership competencies, the
+strengthening of the required mindset and the
+expansion o the methodological repertoire.
+The "Porsche Advanced Management
+Programme" focuses on the development of
+leadership competencies. These are necessary
+in order to be able to act successfully in a
+global and volatile environment and to actively
+control Porsche's strategic direction. The sec-
+ond wave was successfully completed in June
+2018 with 22 participants from Porsche AG,
+the worldwide Group subsidiaries and Bentley.
+Among other things, two
+high-quality modular
+programmes have been
+developed with interna-
+tionally leading business
+schools. In the year
+under review, 50 partici-
+pants completed the
+newly created "Porsche
+International Manage-
+ment Programme"
+under the banner of:
+"A distinctive agility trip
+for Porsche leaders".
+Seminars for shift workers
+Porsche has also successfully continued the
+integration year for refugees. 15 young people
+took part in the project, and almost all of
+Since many applicants have no prospect of
+a training place according to the general
+selection criteria, Porsche relies on an entry
+qualification, which is known as the Year of
+Support. Since 2012, 85 young adults have
+completed a Year of Support on the basis of
+the collective wage agreement. 91 per cent
+of them were able to qualify for a subsequent
+training at Porsche. Because of its great
+success, the Year of Support was continued,
+and the original number of participants was
+raised from 15 to 20 in both 2017 and 2018.
+Also in 2018, a digital printing robot was
+installed and put into operation together with
+Production. The trainees use it to learn the
+programming and optimisation of the param-
+eters in order to ensure flawlessly high-quality
+printing. In the run-up to production of the
+Taycan, pilot training courses on the operating
+principle of 3D printing, 3D scanning and
+the assembly of the e-drive for the Taycan
+were also conducted.
+FIGHT
+FAIR.
+As well as the strategic guidelines, structural
+conditions were created in 2018 to raise
+awareness of the topic. Similarly to the topic
+of compliance, integrity is also implemented as
+a function in the steering committee and
+responsible committees. Regular reporting to
+the Executive Board is also planned.
+Internal communication measures have been
+initiated in order to sensitise the workforce
+to the topic of integrity. Integrity in working
+life is also actively addressed in the annual
+employee survey. Should there be any notable
+findings in connection with the question of
+acting with integrity in the company organisa-
+tion, optimisation measures will be initiated,
+with the involvement of HR and the responsi-
+ble managers.
+Integrity is also discussed within the existing
+personnel development programmes. To
+enable dialogue events on the values and
+culture of the company to be established in
+every corporate unit, Personnel Development
+has created an additional format to qualify
+employees appropriately. In addition, all disci-
+plinary managers are reminded during an
+in-person event to introduce their employees
+to the topic of integrity, to be a role model for
+integrity, and to create an environment in
+which every employee can speak their mind
+openly and honestly.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 160-161.
+67
+66
+Training
+The pillars of Porsche's personnel policy
+include needs-based training that focuses on
+future requirements, ongoing skills acquisition,
+and internal development. The Porsche voca-
+tional training has been the basis of this for
+76 years. Learning contents and training places
+are adapted predictively to technological
+progress and social development. At the
+Zuffenhausen site, the company currently
+offers 200 training places in ten technical and
+commercial training professions, as well as
+eight degree programmes in cooperation with
+the Baden-Württemberg Cooperative State
+University (DHBW).
+At its headquarters in Zuffenhausen, Porsche
+is preparing for the manufacture of the Taycan
+and has again increased the number of tech-
+nical training places in the year under review,
+from 106 to 156. Training is offered in the
+following fields: auto mechanics with a focus
+on passenger car technology, auto mechanics
+with a focus on system and high-voltage
+technology, warehouse logistics specialists,
+body and vehicle construction mechanics,
+automotive painters, vehicle interior designers,
+industrial mechanics for automobile con-
+struction, and electronics engineers for
+operating technology.
+There were also 34 dual study places provided
+in 2018. The degree courses IT, IT Automotive
+and Digital Business Management were
+established. The degree course in electrical
+engineering is now offered with two speciali-
+sations: vehicle electronics and mechatronic
+systems, as well as vehicle electronics and
+embedded IT. In the course of electromobility
+and the progressive digitalisation of all areas
+TRAINEES, ZUFFENHAUSEN
+68
+of automobile construction, around 50 per cent
+of places are now filled in the IT and electrical
+engineering courses.
+In 2018, as in the previous year, ten industrial
+salespersons started their training. In the
+commercial field, the trainees are prepared for
+the new working world from the very first day.
+Paper-based processes are virtually entirely
+replaced by digital applications.
+Part of the future-orientated training com-
+prises the promise to take on all graduates of
+the vocational training and the dual study
+programme as permanent employees. Thus, in
+the financial year under review, 159 trainees
+and DHBW students started a permanent job
+after successfully completing their studies.
+The internationalisation of the vocational
+training is an important milestone in order to
+qualify young, highly motivated talents
+further and to prepare them for the work-
+place of the future. The foreign postings
+encourage intercultural exchange, aid person-
+ality development and increase the flexibility
+and mobility of the trainees. In the year under
+review, 30 technical trainees, ten commercial
+trainees and 33 dual students gathered
+professional experience abroad. The postings
+lasted from two weeks to four months. The
+focus in 2018 was on expanding the foreign
+postings in the context of the "Synergy and
+Integration Project" by the brand group Luxus
+und Sport, consisting of Porsche, Bentley and
+Bugatti. The rotation programme between
+these brands was developed further: at Porsche
+and Bentley, 20 exchange programmes took
+place in the context of technical vocational
+training. In addition, 16 dual study programme
+students spent several weeks at Bentley
+and Bugatti.
+All technical trainees learn the current manu-
+facturing and vehicle technologies in order to
+prepare them optimally for their profession.
+For this reason, their training deals with topics
+such as e-mobility, hybrid technology, driver
+assist systems, digital learning media and
+Industry 4.0. A good example of how these
+innovations are integrated into the training is
+the Learning Factory 4.0. Developed by train-
+ers and set up together with trainees, the
+Learning Factory offers system-based manual
+Pors
+TRAINEES, LEIPZIG
+Ausbildungszentrum
+training centre
+workplaces, control technology and a robot
+cell. A driverless carrier system and a light-
+weight robot are also planned for the future.
+In the Learning Factory, the trainees experience
+how to handle digital manufacturing techno-
+logies in training courses, while they assemble
+a 911 model, for example, at a scale of 1:10.
+They also gather initial experience of series
+processes, communication channels, trouble-
+shooting, quality aspects and the evaluation
+of data, which they will meet again later when
+manufacturing the Taycan.
+RESPONSIBILITY.
+24,481
+onto the market at the
+driver of jobs is the
+Taycan, which will come
+Performance - Employees, Society, Sport, Communication
+Porsche is supporting young people in Leipzig, too: each year, more than 1,500 young people
+attend the Porsche pupils' workshop in the VDI GaraGe, a technology centre in the Plagwitz dis-
+trict. Under the supervision of a Porsche senior trainer, they learn the basics of vehicle mechanics
+and electronics in various courses. The programmes are intended to arouse interest in technical
+vocations and, at the same time, to contribute towards university and vocational orientation.
+Technology workshop in VDI GaraGe
+VDI GARAGE
+76
+FERRY PORSCHE FOUNDATION
+young artistic talents.
+Since the earthquake in Wenchuan in 2008,
+Porsche China has been securing long-term
+educational opportunities for children and
+young people from this region. In 2009, this
+commitment was given a name: "Empowering
+the Future". Since then, it has developed into a
+comprehensive, multi-layered CSR programme,
+including the following: Mobile Educational
+Training and Resource Units (METRU),
+Integrated Early Childhood Development and
+METRU Plus & Effective Teaching and
+Learning. The aim is to improve children's early
+development and to encourage promising
+Porsche China gets fit for the future
+PCNA also supports the American Cancer
+Society, the Automobile Hall of Fame, the lib-
+eral private Ogelthorpe University in Atlanta,
+Stanford University and the Woodruff Arts
+Centre, one of the world's largest centres for
+the visual and performing arts.
+Porsche is internationally positioned as a
+company. For this reason, the sports car
+manufacturer also shows social commitment
+abroad, for example in the USA. Porsche
+Cars North America (PCNA), headquartered
+in Atlanta, took the "70 years of Porsche
+sports cars" anniversary as an opportunity to
+support various campaigns for the 70th anni-
+versary of the UN Human Rights Charta. On
+10 December 1948 in Paris, the UN General
+Assembly announced the Universal Declaration
+of Human Rights. This is regarded as one of
+the most significant achievements of the post-
+war period. As part of its sponsorship of the
+National Center for Civil and Human Rights in
+Atlanta, PCNA supported 70 events, pro-
+grammes and tours on the topic of human
+rights in the anniversary year. Thanks to this
+support, for example, the centre was able to
+waive the entry fee for visitors on 10 Decem-
+ber, Human Rights Day. In addition, 750
+schoolchildren from the region were invited
+on this day.
+77
+Porsche Cars North America:
+diverse commitment
+Talent Company for schoolchildren
+INTEGRATION YEAR
+How are young people and young refugees
+successfully brought into training and work?
+How do companies obtain the necessary
+information and support when they want to
+train and hire refugees? The Bürgerstiftung
+Stuttgart civic foundation opened an educa-
+tion campus in the Cannstatter Carré in 2016.
+The City is providing the premises. The special
+thing about this campus is that the usual
+rigid separation of responsibilities does not
+apply here. The employment agency, the job
+centre, the advice centres of the social welfare
+and youth welfare offices, independent
+sponsors, the Chamber of Industry and
+Commerce and the Chamber of Crafts in the
+Stuttgart region are represented on the
+campus side by side. The young people receive
+advice about vocational orientation; they can
+learn German, make contact with sponsors or
+create an application portfolio. Porsche con-
+tinued to financially support the Bürgerstiftung
+Stuttgart's project in the year under review.
+is supported by Porsche through the Stifter-
+verband association of German companies and
+foundations.
+Porsche is also supporting a range of other
+initiatives which offer refugees good prospects
+in the German labour market. For example,
+the company is one of the main backers of
+Joblinge gAG Stuttgart. This charitable initia-
+tive helps young people with a difficult start
+inlife to find apprenticeships. The Berufliche
+Anerkennung in Baden-Württemberg (Voca-
+tional Recognition in Baden-Württemberg)
+bursary programme, organised by the
+Baden-Württemberg Foundation, helps
+refugees to get the qualifications and training
+that they have completed abroad recognised
+without experiencing excessive red tape.
+As the only federal state in Germany to offer
+this type of assistance, Baden-Württemberg
+In 2018, as part of the Porsche year of inte-
+gration, the sports car manufacturer is once
+again preparing 15 young refugees for
+vocational training. After successfully com-
+pleting this development measure, they
+will be offered trainee positions in partner
+companies in industries suffering from a
+shortage of skilled labour.
+Opportunities for refugees
+Education and science
+WUNSCH
+HE
+ties on at the company sites
+in Stuttgart, Weissach and
+Leipzig. There are also
+projects at the international
+sites, where the foundation
+supports projects in
+science, research and
+training as well as school-
+ing and education.
+On the occasion of the 70th
+anniversary of the sports
+car brand, the company has
+created the Ferry Porsche
+Foundation. The foundation
+will primarily focus activi-
+At the beginning of 2018, a special offering
+was launched at the Rilke secondary school in
+Stuttgart-Rot: the Talent Company. This
+provides a specialist room with computer
+equipment, modern presentation technology
+and a lounge area. Here, schoolchildren are
+offered vocational orientation, contact with
+regional companies and internship placements.
+The emphasis is on the strengths and talents
+of the pupils, while school grades play only
+a secondary role. The initiative was started by
+the Strahlemann Foundation from Heppenheim,
+in Hesse. One of the foundation's aims is to
+offer young people opportunities and to form
+synergetic links between industry and
+school. Porsche supported the foundation in
+setting up the Talent Company. The patron is
+Dr. Susanne Eisenmann, Minister of Education
+and the Arts for Baden-Württemberg. There
+are 25 further locations across Germany.
+Culture
+"Jugend musiziert"
+As well as its commitment to education,
+Porsche also supports numerous cultural
+topics, such as, for example, the federal com-
+petition "Jugend musiziert". Since its founda-
+tion in 1963, this competition has developed
+into the most important sponsorship project
+for young musicians in Germany. Just under a
+million children and young people have parti-
+cipated in the musical competition in the last
+55 years. For many of them, winning "Jugend
+musiziert" was the first step towards a
+successful career in music.
+79
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance - Employees, Society, Sport, Communication
+78
+In 2017, Porsche China started a cooperation
+with ART021, a leading trade fair for contem-
+porary Chinese art: together, they announced
+the "Young Chinese Artist of the Year" (YAOY)
+competition. Its objective is to find the most
+innovative and pioneering young artists in
+China. They are given financial support to con-
+tinue along their artistic path. Wu Junyong was
+one of the winners of the first YAOY. In May
+2018, Porsche China and ART021 devoted a
+special new media art exhibition to him in
+Beijing. In November 2018, Porsche China and
+the Cc Foundation opened an exhibition at
+the "2018 ART021 Shanghai Contemporary Art
+Fair" as part of the "Porsche 2019 Young
+Chinese Artist of the Year" press conference.
+All three YAOY prize-winners of 2017 - Wu
+Junyong, together with Yao Qingmei and
+Zhang Ding presented their latest work here.
+Porsche China promotes talented artists
+One of the main focuses of Porsche China's
+cultural commitment is support for talented
+young artists. The company launched a co-
+operation with the Sichuan Fine Arts Institute
+back in 2010. Within the CSR programme
+"Empowering the Future", seven Porsche art
+competitions have been organised so far, with
+participation by more than 2,000 art students.
+In October 2018, Porsche
+presented the Leipzig
+Opera Ball for the sixth
+time. Among the highlights
+of this social event is a
+raffle, the proceeds from
+which are donated to a
+good cause.
+MAIN PRIZE: 718 BOXSTER
+13/10/18
+ČESKO
+MAHOL
+Opernhall
+LEIPZIG OPERA BALL
+In the year under review, the proceeds from
+the raffle were donated, among others, to the
+"Leipzig helps children" foundation and the
+"großstadtKINDER - Theatrium" association.
+In this Leipzig institution, children and young
+people put on theatre projects with peda-
+gogical guidance. An important component of
+the work is connecting the educational mission
+with artistic aspirations. Another part of the
+raffle proceeds went to the "Wolfsträne" asso-
+ciation, in which qualified therapists support
+children and young people who have lost one
+or both parents, or siblings. The "Bemmchen"
+association, which works towards offering a
+healthy breakfast for schoolchildren, was
+another recipient of a donation from the opera
+ball raffle. Particularly in socially deprived parts
+of the city, children and young people do
+not always start their school day optimally
+nourished. In order to change this, the associa-
+tion provides a breakfast which the children
+can eat together before lessons begin. The
+objective of this commitment is to create
+equal opportunities.
+A partnership of many years also exists with
+another institution in Leipzig: in October 2018,
+Porsche presented the Leipzig Opera Ball for
+the sixth time. Among the highlights of this
+social event is a raffle, the proceeds from
+which are donated to a good cause. Porsche
+donates the attractive main prize - this year, a
+718 Boxster in GT Silver Metallic with a red
+hood and leather interior in the same colour.
+Opera Ball with large raffle
+of the Stuttgart ballet for
+22 years.
+In July 2018, Porsche
+presented the open-air
+event "Ballet in the Park"
+for the seventh time; this
+was also a farewell to
+Reid Anderson, who had
+been artistic director
+Porsche was the principal
+sponsor of the free
+concerts for the fifth time
+and offered classical music
+lovers from the region
+the opportunity to enjoy
+the excellent Leipzig
+Gewandhaus Orchestra live.
+only the concerts in the Gewandhaus in Leipzig,
+but also the orchestra's international tours.
+Music is at the centre of Porsche's cultural
+commitment in Leipzig: 70,000 visitors
+flocked to the "Klassik airleben" summer con-
+certs in Rosental, Leipzig, in the year under
+review. Porsche was the principal sponsor of
+the free concerts for the fifth time and offered
+classical music lovers from the region the
+opportunity to enjoy the excellent Leipzig
+Gewandhaus Orchestra live. Porsche has been
+a Global Partner since 2011 and supports not
+Klassik airleben
+The Stuttgart ballet ensemble has an excellent
+international reputation. Porsche has been
+the principal sponsor of the Stuttgart Ballet
+since 2012. Porsche is also giving financial
+support to the new building for the John
+Cranko School for young ballet dancers. In July
+2018, Porsche presented the open-air event
+"Ballet in the Park" for the seventh time; this
+was also a farewell to Reid Anderson, who had
+been artistic director of the Stuttgart Ballet
+for 22 years. Thousands of ballet fans were
+able to enjoy a free performance by the world-
+famous ensemble from the state capital of
+Baden-Württemberg.
+Stuttgart "Ballet in the Park"
+STUTTGART "BALLET IN THE PARK"
+HEN GL
+WOLFGANG
+75
+HER
+The foundation initially has ten million euros
+at its disposal. A further ten million euros will
+follow in a second step, after which additional
+capital will flow into the foundation annually
+from Porsche AG's company profit. With this
+initiative, the company is enhancing its social
+activities in the long term.
+Society
+Sport
+Communication
+EMPLOYEES
+It is the people at Porsche that make the
+company so successful - with their expertise,
+their commitment and their passion. They
+affirm the values and aims of the company
+without reservation.
+The number of employees at Porsche AG
+exceeded the 30,000 mark for the first time in
+the year under review. On the reporting date,
+31 December 2018, the company counted
+32,325 employees, nine per cent more than at
+the end of the previous year. A significant driver
+of jobs is the Taycan, which will come onto the
+market at the end of 2019. For the production
+and assembly of Porsche's future electric
+sports car alone, 1,500 new employees are
+being hired at the Zuffenhausen site.
+The company's rapid growth presents Porsche
+with big challenges, which can only be mas-
+tered if everyone involved pulls together. This
+means that constructive cooperation with the
+Works Council, its committees and IG Metall
+are another important success factor. Collect-
+ive bargaining agreements and works agree-
+ments form the stable foundation for Porsche's
+long-term success, benefiting employees and
+shareholders in equal measure.
+Personnel strategy and
+innovation management
+Employees are at the centre of our personnel
+strategy. This describes "what we do" in order
+to remain an outstanding employer. The per-
+sonnel strategy is supplemented by the culture
+guideline, which explains "who we are".
+In order to prepare its employees individually
+for the workplace of the future, Porsche is
+investing in future-orientated expertise and
+talent management. Performance-boosting
+working environments and innovative working
+methods and tools create the ideal conditions
+for modern teamwork in both factory and
+office. In addition, efficient processes and net-
+worked IT solutions form the basis for modern
+personnel work in the digital workplace.
+The established strategic process is sup-
+ported by innovation management in the
+HR and Social Policy department. Relevant
+search fields are identified by means of scout-
+ing, trend analyses and new technologies.
+Innovation initiatives are piloted in an iterative
+process and then incorporated into the
+personnel strategy. New working methods and
+environments, such as design thinking work-
+shops or innovation areas, also enhance the
+innovative strength in the entire company.
+Digitalisation of personnel processes
+The company-wide platform "My Porsche
+Cockpit" was expanded further in the year
+under review. This enables continuous and
+constant optimisation of personnel and com-
+pany processes. The most important factors
+are the networking, integration and automation
+of processes, which always occur in close
+coordination with the employee representation
+and under strict compliance with the data
+privacy and data security requirements. For
+example, each employee can manage their
+own personal data, such as additional qualifi-
+cations obtained outside Porsche, using
+"My Porsche Cockpit".
+The fully integrated digital application and
+staffing process has been further developed
+in the year under review. This significantly
+reduces both the administrative burden and
+the processing times. In addition, the system-
+related prerequisites for the digitalisation
+of numerous other personnel processes have
+been created.
+Comprehensive connectivity of all Group
+companies to the integrated HR IT system
+landscape is an essential part of the personnel
+strategy. An important milestone was reached
+with the piloting of SAP SuccessFactors at
+the first international Group companies and a
+clear roll-out plan.
+Process management and optimisation
+The employees are actively involved in the
+continuous optimisation of personnel pro-
+cesses. New methods and formats such as
+creative workshops, for example, were success-
+fully tested in the year under review. In addi-
+tion, the digital process management tool was
+further enhanced: in the HR and Social Policy
+department, the respective process owner can
+now change and maintain processes directly
+in the system.
+Successful ideas management
+In the year under review, Porsche ideas man-
+agement continued to offer employees the
+chance to participate in company affairs
+beyond their own area of activity. Shorter pro-
+cessing times and the new "idea of the month/
+year" campaign are making this programme
+even more attractive: around 3,000 ideas to
+improve efficiency were proposed in 2018.
+New ideas can now be submitted digitally in
+the production areas as well.
+The number of employ-
+ees at Porsche AG
+exceeded the 30,000
+mark for the first time in
+the year under review.
+On the reporting date,
+31 December 2018, the
+company counted
+32,325 employees,
+nine per cent more than
+at the end of the previ-
+ous year. A significant
+Employees
+Porsche
+Employees
+Strategic competency management
+With Strategy 2025, Porsche is preparing for
+the future. The digital transformation with
+its new technologies and processes, as well
+as the aspiration to build environmentally
+sustainable vehicles, lead in some cases to
+entirely new products. This means that the
+continuous and structured establishment and
+development of success-critical competencies
+is a mandatory aim of personnel development
+for all employees.
+Employees, Society, Sport, Communication
+Performance Sustainability strategy and sustainability management
+The company has also created the Ferry
+Porsche Foundation on the occasion of the
+sports car brand's 70th anniversary. The
+foundation will primarily focus activities on the
+company sites in Stuttgart, Weissach and
+Leipzig. There are also projects at the interna-
+tional sites, where the foundation supports
+projects in science, research and training as
+well as schooling and education. Alongside
+this, it supports initiatives in the areas of
+culture and environmental conservation and
+helps socially deprived people. Support for
+children and young people is at the centre of
+the foundation's work. Porsche plans increas-
+ingly to create its own programmes within
+the framework of the foundation.
+As a successful company, Porsche feels an
+obligation to society as a whole. The sports car
+manufacturer accepts social responsibility,
+particularly at its plant locations. In 2018
+alone, Porsche has supported more than 100
+individual projects from the areas of education
+and science, culture, social affairs, sport
+and environment, through donations and CSR
+sponsorship activities.
+SOCIETY
+Performance - Employees, Society, Sport, Communication
+24,681
+2016
++9%
+26,506
+2017
+28,764
+Corporate co-determination
+One of the pillars of Porsche's corporate culture
+is corporate co-determination. The relevance
+of the topic was also highlighted by the 2017
+materiality analysis. Porsche benefits from con-
+tinuous dialogue as well as open, direct com-
+munication across all levels of the organisation.
+The employer and the Works Council have trad-
+itionally worked together closely on all issues
+affecting the staff and the company. Internal
+media keep employees of Porsche AG up to
+date on current issues. In addition, the Works
+Council offers a comprehensive information
+and discussion platform with its works meet-
+ings, which take place at the individual Porsche
+locations in Germany. In additional information
+and specific departmental events, the mem-
+bers of the Board of Management and the
+Works Council report transparently on current
+topics and developments. It is also established
+practice at Porsche to inform all employees
+and their elected representatives about impor-
+tant operational changes, doing so compre-
+hensively and in a timely manner. This is done
+in compliance with national laws, applicable
+collective bargaining agreements and works
+agreements. Adherence to this corporate
+practice is ensured in a number of other ways,
+including through a Supervisory Board with
+equal representation, the Works Council com-
+mittees, and the works agreement database
+on the intranet.
+At the same time, there are numerous ways for
+employees to bring their suggestions, problems
+or complaints to the attention of committees
+and decision-making bodies, be it openly or
+discreetly through special channels. The mood
+barometer involves an anonymous survey
+of employees throughout the company about
+topics relating to the working relationship
+with colleagues and supervisors, the quality of
+work and the provision of information. A de-
+tailed evaluation of the results is followed by a
+discussion involving the Works Council in all
+areas of the company. Potential improvements
+are identified and measures to optimise work
+procedures and conditions are agreed on.
+In this report, the topic of "corporate co-deter-
+mination" is covered in accordance with
+the rules of the Global Reporting Initiative by
+the indicator GRI 402: Labor/Management
+Relations and GRI 407: Freedom of Association
+and Collective Bargaining.
+Occupational health and safety
+Porsche's most important resource is its moti-
+vated and capable workforce. Porsche health
+management has a key role to play in ensuring
+that the company can continue to develop,
+produce and sell exclusive vehicles in the fu-
+ture too. Alongside the well-established tools
+to secure productivity at the development
+and production sites, new occupational health
+promotion measures are now also available to
+certain areas. Porsche employees may also
+arrange to have a thorough medical check-up
+and obtain medical advice on any health
+issues. This voluntary health check is carried
+out by qualified doctors during working hours.
+The Porsche health management system also
+includes courses on nutrition, mental health
+strategies and effective self-management.
+Employees can also access individual physio-
+therapy advice at the workplace.
+Occupational safety is a top priority for Porsche
+and its employees. An organised and struc-
+tured system for occupational health and
+safety ensures a uniform approach and the
+implementation of legal provisions. This system
+helps to prevent accidents at work and occu-
+pational illnesses as far as possible.
+The central processes are standardised and
+regulated by the Group guideline on occupa-
+tional safety. This guideline represents an
+essential element of the company's compliance
+management system and applies to all employ-
+ees. The managers ensure that their employees
+are familiar and comply with the provisions of
+this guideline. Specialists in occupational safe-
+ty, Works Council members and works doctors
+are available to all employees in an advisory
+capacity. All staff members are also represent-
+ed through the legally defined representatives
+in the occupational safety committees in
+accordance with the Occupational Safety Act.
+Safety experts design work stations, equip-
+ment and installations with the focus on
+prevention and safety. In order to guarantee
+the highest possible level of safety for all
+project partners working on construction and
+installation sites, the occupational safety team
+has been extended to include construction
+site experts, thereby exceeding the statutory
+requirements. These experts monitor compli-
+ance with the safety standards, which are
+permanently being updated.
+Thanks to the joint dedication, the injury rate
+has been significantly reduced in recent
+years. With a current rate of 5.8 accidents per
+million working hours, Porsche AG and Porsche
+Leipzig GmbH are at the same level as in
+previous years.
+Occupational safety is a
+top priority for Porsche
+and its employees.
+An organised and struc-
+tured system for occu-
+pational health and
+safety ensures a uniform
+approach and the imple-
+mentation of legal
+provisions. This system
+helps to prevent acci-
+dents at work and
+occupational illnesses
+as far as possible.
+In this report, the topic of "occupational health
+and safety" is covered in accordance with
+the rules of the Global Reporting Initiative
+by the indicator GRI 403: Occupational Health
+and Safety. This indicator is measured and
+reported on the basis of the following key
+figures: number of accidents, work days lost
+and cases of death, as well as injury rate. The
+key figures are currently being gathered for
+Porsche AG and Porsche Leipzig GmbH with
+an expansion to include the Porsche AG Group
+planned for the future.
+60
+61
+Within the context of strategic competency
+management, a systematic procedure was
+developed for this: today's core tasks and
+competencies are recorded using Fit-Gap
+analysis and compared with future tasks and
+the abilities which will be necessary for them.
+Any skill gaps identified in this way can be
+addressed at an early stage through targeted
+re-training and further training, proactive
+recruitment and new priorities in ongoing train-
+ing. The pilot project, launched in 2017, was
+successfully rolled out in one department with
+300 participants and 54 workshops in 2018.
+The percentage of female trainees underwent
+a positive development - reaching 29 per cent
+in the year under review. In the dual study
+programmes, the proportion of female stu-
+dents was 43 per cent. It remains a challenge
+to find young women for technical or engineer-
+ing and IT degree courses. Various activities
+have been conducted in order to obtain more
+applications from suitable candidates in
+the next few years. For example, Girls' Day
+has been taking place within the vocation
+training programme for many years. Its aim is
+to get young women interested in technical
+professions at an early stage. Girls' Day was
+realigned this year under the motto "#Digital-
+&TecChallenge". 90 girls took the opportunity
+to sample the training of the future in Zuffen-
+hausen. A further 40 schoolgirls received
+exciting insights into the working world of
+Porsche at the Leipzig and Bietigheim-
+Bissingen sites. In addition, the first Digital
+Day for Girls took place within the vocational
+training to encourage young women to take
+a dual study programme in one of the IT degree
+courses on offer - and it was successful.
+Alles Digital
+As a highlight, a "Code
+Camp" is being offered
+this year for the first
+time, together with the
+"Code + Design Initia-
+tive". Here, young future
+programmers can
+expand their knowledge
+in exciting projects.
+With the exception of
+the Christmas holidays,
+the children are also
+supervised during the
+remaining school
+holidays.
+Equal opportunities and diversity
+The Porsche workforce is characterised by
+its diversity: employees from more than 80
+nations, with the most diverse personal skills,
+ensure that Porsche is so successful today.
+It is anchored in the culture guideline, and the
+Porsche Code derived from it, that managers
+should actively promote diversity. In addition,
+equal opportunities and equal treatment for
+all employees are prescribed in the Porsche
+code of conduct. In order to support managers
+and employees at all levels in implementing
+equal opportunities and diversity, dialogue
+platforms and training components are being
+continually developed.
+In June 2018, Porsche participated in the
+German Diversity Day for the second time.
+Under the banner of "Everyone is individual.
+As a group, we are diverse. Together, we are
+successful", the HR department, the Group
+Works Council and the representative body for
+the severely disabled showcase diversity at
+twelve sites around Stuttgart. This exemplifies
+the contribution that each individual can
+make to equal opportunities and diversity. The
+event also offers numerous possibilities for
+dialogue. In various training components - for
+example, in the context of the Porsche Young
+Professional Development or the Porsche
+Management Labs - opportunities, challenges
+and options for action in handling diversity
+are treated in depth.
+For their special commitment to the inclusion
+of people with severe disabilities, Porsche
+already received the "Disability-friendly
+employer" award given by the Youth and Social
+Policy municipal association in 2017. In the
+year under review, the internal inclusion meas-
+ures were further promoted under the leader-
+ship of the inclusion officer, and cooperation
+arrangements were developed. During the "Day
+of Persons with Disabilities", a "sensitisation
+guided tour" was offered together with the
+Porsche Museum for managers from all areas
+of the company. The tour gave management
+an impression of life with a physical disability,
+for example by using a wheelchair, blindfolds
+or headphones. The active change of pers-
+pective resulting from this encourages the
+understanding of managers for colleagues
+with disabilities. The Porsche employees were
+also invited to take part in the sensitisation
+tours by the museum. This enables inclusion to
+be promoted in the long term.
+An important aim towards which Porsche is
+continuously working remains the increase
+in the percentage of women at all company
+levels. Since 2012, Porsche has significantly
+increased the percentage of women in the
+company to around 16 per cent. During the
+same period, the number of women in
+managerial positions almost trebled. The
+percentage of women in management is
+around ten per cent.
+Guaranteeing measurable and binding equal
+opportunities is a fixed component of the
+target agreements which are concluded indi-
+vidually with all the managers. For the promo-
+tion of women in management, as well as in
+the collective agreement areas, Porsche has
+set itself targets which go beyond the legal
+requirements. Qualification and further training
+measures, as well as mentoring offers, support
+female employees in their career planning.
+In increasing the percentage of women, the
+promotion of young talent also plays an impor-
+tant role for Porsche. Thus, in 2018, half the
+trainees were female, and the proportion
+of women among the interns and thesis appli-
+cants was 28 per cent. In order to win female
+young talented professionals for Porsche,
+the cooperation with Femtec, an international
+career platform for women in IT, engineering
+and natural sciences, which has existed for
+over 15 years, was successfully enhanced. In
+the year under review, two excursions took
+place which provided insights into the working
+world at Porsche at the Weissach and Zuffen-
+hausen sites. In addition, the company is
+involved in the Femtec Alumnae network, for
+example in the context of the festivities for the
+tenth anniversary of Femtec. At the Alumnae
+LIVE 2018 conference, Porsche organised a
+workshop on the topic "The transformation of
+Porsche into a software company".
+At trade fairs and during formats specially for
+women, the company regularly gives infor-
+mation about entry opportunities. In 2018, for
+example, Porsche was present at "WoMen-
+Power", the "Future day for female students"
+at RWTH Aachen University and at the "Ladies
+Lounge" as part of Formula Student Germany
+2018. In addition, the cooperation with
+the University of Stuttgart, concluded in
+2017, was continued successfully. The event
+"TryScience at Porsche" gives interested
+schoolgirls, female students and PhD students
+at the University of Stuttgart insights into
+possible professions in the company which are
+based on MINT (mathematics, IT, natural
+sciences and technology) subjects. In the year
+under review, Porsche was also the host of
+PANDA Automotive, a network event for women
+who are already experienced managers or
+aspire to a management position.
+Targets for the percentage of women in
+the Supervisory Board, Executive Board
+and management
+C<>DE
+As part of the implementation of the law on
+the equal participation of women and men in
+management positions in the private economy,
+the following target figures for the percentage
+of women in the Supervisory Board, Executive
+Board and upper management levels by
+31 December 2021 apply to Porsche AG: with
+a view to the long-term commitments of its
+members, the Porsche Supervisory Board has
+confirmed the status quo of ten per cent as
+a target figure for the Supervisory Board. At
+the time of the resolution, the Executive Board
+positions for all departments were occupied
+exclusively by men; the respective contractual
+periods extend over several years. For this
+reason, the target figure for the Executive
+Board was set at the status quo (0%). However,
+Porsche's Supervisory Board has set itself the
+target of increasing the percentage of women
+on the Executive Board in the long term. For
+the first and second management level beneath
+the Executive Board, the target figure is
+15 per cent, which means that Porsche AG is
+aiming for almost double the status quo.
+A motivated and capable workforce is Porsche's
+most important resource. In order to maintain
+employees' physical fitness so that they
+can continue to develop, produce and sell
+exclusive, sporty cars today and in the future,
+Porsche health management supports the
+workforce with various measures to promote
+health and prevent illness.
+Employees may also arrange to have a thorough
+medical check-up and obtain medical advice
+on any health issues. This health check is
+carried out by specially qualified doctors. It is
+voluntary and takes place during working
+hours. After a very successful pilot phase, the
+roll-out was launched in the year under review.
+This means that an essential aspect of health
+provision for employees is supported within
+the company. If necessary, physiotherapists
+also advise employees directly at the work-
+place. Porsche's health management pursues a
+holistic approach. Courses on optimal
+nutrition, mental strategies or effective
+self-management are therefore also offered.
+The protection of the employee has top priority
+for Porsche. An organised and structured
+system for occupational health and safety
+guarantees a targeted and uniform approach
+and ensures the implementation of legal
+provisions. This system helps to prevent acci-
+dents at work and occupational illnesses as
+far as possible. The central processes of
+22
+72
+Performance - Employees, Society, Sport, Communication
+73
+occupational safety are standardised and
+regulated by a Group guideline. This guideline
+is an essential element of the company's
+compliance management system and applies
+to all Porsche employees. It is the managers'
+responsibility that employees know the
+provisions of the guideline and comply with its
+directives. Specialists in occupational safety,
+Works Council members and company
+physicians are available to all employees in an
+advisory capacity with regard to occupational
+safety. All staff members are also represented
+through the legally defined representatives
+in committees in accordance with the
+Occupational Safety Act.
+In addition, the company employs qualified
+safety engineers who concentrate on preventa-
+tive measures for accident protection. The
+design of workstations, machines and equip-
+ment is orientated towards the applicable
+safety requirements. In order to guarantee the
+best possible safety standard for all partners
+involved during building and modernisation
+projects, the occupational safety team has
+been expanded beyond the legal requirements
+to include building site experts. These experts
+monitor compliance with the safety standards
+at the building and assembly sites and
+continue to develop them.
+Thanks to a collective commitment, the injury
+rate has been significantly reduced in recent
+years. With a current rate of 5.8 accidents per
+million working hours, Porsche AG and Porsche
+Leipzig GmbH are at the same level as in
+Porsche Gastronomy
+Occupational health and safety
+Porsche Gastronomy is an important compo-
+nent of the corporate culture, which is also
+reflected in employer attractiveness. With 14
+company canteens and 15 self-service shops
+at the German sites, Porsche Gastronomy pro-
+vides healthy, varied and diverse meals for all
+employees. In the year under review, more than
+3.7 million meals were served in the canteens.
+HOCKETSE
+The Works Council is also an important part-
+ner and driving force in the organisation and
+implementation of the traditional Hocketse
+for employees and their families at the Zuffen-
+hausen site. In 2018, more than 16,000
+guests attended the family festival in and
+around the main plant. The 6-hour run in
+Zuffenhausen was also initiated by the Works
+Council. A distance of 911 metres is run here
+on the plant premises. For every lap completed,
+five euros are donated to charitable organi-
+sations from Stuttgart and Zuffenhausen.
+Performance - Employees, Society, Sport, Communication
+FIT FOR DIGIT@L
+70
+FIT FOR DIG
+BASICS
+DIE TREIBER DER
+DIGITALEN
+TRANSFORMATION
+DER KERN DER
+DIGITALISIERUNG
+WAS BEDEUTET
+DIGITALISIERUNG
+Balancing work and family plays an important
+role for Porsche. There are numerous offers
+which can be used in the context of agree-
+ments made jointly with the Works Council.
+For example, at the various Porsche sites, child-
+care places are offered in nurseries in coopera-
+tion with local cooperation partners. In addi-
+tion, children of employees are supervised at
+the sites around Stuttgart throughout the
+summer holidays - including a shuttle service.
+As a highlight, a "Code Camp" is being offered
+this year for the first time, together with the
+"Code + Design Initiative". Here, young future
+programmers can expand their knowledge
+in exciting projects. With the exception of the
+Christmas holidays, the children are also super-
+vised during the remaining school holidays.
+With Strategy 2025,
+Porsche is preparing for
+the future. The digital
+transformation with its
+new technologies and
+processes, as well as the
+aspiration to build
+environmentally sus-
+tainable vehicles, lead in
+some cases to entirely
+new products.
+Fix für Digit
+On the basis of the learning platform, the
+"Lernen@Porsche-Community" was created in
+the year under review. This steadily growing
+group is managed by personnel development
+and currently consists of more than 50 con-
+tact persons who are responsible for specialist
+qualification in prescribed areas. The aim of
+the community is to exchange views across
+the departments on the topics of qualifica-
+tion, digital learning and blended learning. This
+creates networks which use positive, sustain-
+able synergy effects and develop joint training
+formats - for example, by an intensive ex-
+change of views on the didactic and methodo-
+logical development of digital learning formats.
+In September, over 3,500 employees partici-
+pated in the run and collected a total of
+195,000 euros for charitable causes.
+The Porsche learning platform is the central
+basis for all further training topics at Porsche.
+Employees can find the entire range of quali-
+fications offered and can learn autonomously
+here. Together with personnel development
+and more than 150 trained representatives
+from different departments, the offer on the
+platform is regularly expanded. An essential
+precondition for the creation of digital learning
+contents is the introduction of a media labora-
+tory with which the departments can develop
+digital learning formats simply and autono-
+mously. More than 24,000 active user profiles
+confirm the success of the concept.
+of digital transformation at Porsche. These
+areas are derived from Strategy 2025 and
+encompass products and services, customers
+and retail, company and processes, and
+people and culture.
+"Fit for Digit@l" concentrates on three areas.
+Firstly, on the core of digitalisation and its
+effects on the automotive industry and its
+employees. Secondly, on the drivers of the
+digital transformation - for example, new
+technologies, business models and mobility
+concepts. And thirdly, on the fields of action
+The knowledge campaign "Fit for Digit@l",
+successfully launched the previous year, was
+further developed in 2018 in the Porsche
+Group. The aim is to convey knowledge relat-
+ing to digitalisation to all Porsche employees.
+As well as digital learning tools, diverse events
+offer the possibility of actively helping to shape
+the digital transformation.
+The digital transformation places new and sig-
+nificantly altered requirements on the work-
+force. It is therefore important to sensitise and
+motivate all employees for the transformation.
+Knowledge campaign "Fit for digit@l"
+significantly expanded
+Through its family service, Porsche offers free,
+individualised and comprehensive advice and
+support for all family life situations. The offer
+ranges from advice for prospective parents to
+the selection and arrangement of qualified
+carers for children and seniors. The company
+also offers professional support in the search
+for and selection of appropriate care institu-
+tions for family members.
+This commitment to reconciling career and
+family was honoured in detail in the year
+under review by the magazine ELTERN: in a
+nationwide survey, Porsche was awarded the
+highest grade as one of the "Best companies
+for families".
+Porsche also provides flexible working options
+with respect to place of work and working
+hours. Home office, life phase-orientated flexi-
+ble working hours and a voluntary personal
+sabbatical are just a few examples of this.
+Job-sharing in management functions has also
+proven successful in a pilot project and is
+now offered throughout the company as a
+possible option.
+CODE CAMP
+Co-determination
+The workforce is informed about the various of-
+fers for employees via Porsche AG's various in-
+ternal media. In addition, the Works Council
+offers a comprehensive platform for infor-
+mation and discussion in its regular works
+meetings at the German Porsche locations.
+Co-determination is valued highly at Porsche
+and is an important pillar of business success.
+This also includes the numerous collective
+wage agreements and works agreements
+which were agreed between the company
+parties in the year under review.
+Porsche learning platform, media laboratory
+and learning community
+In May, the largest Porsche company canteen
+to date was successfully put into operation
+at the development site in Weissach. Up to
+3,400 meals are served here each day.
+Regional products such as vegetables and local
+butchers' products are regularly on the menu.
+Two further company canteens are planned for
+the production site in Zuffenhausen.
+Porsche Gastronomy also planned the catering
+for numerous events with up to 25,000
+guests in the year under review, treating local
+guests to culinary delicacies - for example,
+at the Porsche Tennis Grand Prix and the
+Porsche Hocketse.
+The company's rapid
+growth presents
+Porsche with big chal-
+lenges, which can only
+be mastered if everyone
+involved pulls together.
+This means that con-
+structive cooperation
+with the Works Council,
+its committees and
+71
+2018
+Compared to previous year
+Total workforce in Germany
+Leipzig
+4,392
+Ludwigsburg
+2,971
+6,866
+Weissach
+Bietigheim
+951
+611
+Sachsenheim
+489
+Work and family
+Schwarzenberg
+757
+IG Metall are another
+important success
+factor.
+at locations in Germany
+Zuffenhausen
+11,727
+Employees
+PORSCHE GASTRONOMY
+WEISSACH CANTEEN
+74
+Other German locations
+previous years.
+85
+a benchmark for comparing results.
+Performance - Employees, Society, Sport, Communication
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 160-161.
+Successful partnerships and a heart for the
+next generation of tennis players
+PORSCHE TEAM GERMANY
+As premium partner of the German Tennis
+Federation (DTB), Porsche has been bringing a
+new impetus into German women's tennis
+since 2012. And with success: Porsche Team
+Germany has attracted attention with victories
+in the Fed Cup, Julia Görges has entered the
+top ten of the world rankings for the first time
+in her career and, in Angelique Kerber, Germany
+now has its first Wimbledon ladies' champion
+in 22 years, since Steffi Graf. Youth develop-
+ment is close to Porsche's heart in tennis, as
+well: in the Porsche Talent Team, promising
+sportswomen are supported professionally on
+their way to higher goals. The successes of the
+top players supported by Porsche give them
+an additional incentive.
+Three of these players, whose class and
+personality stand out both on and off the
+court, present Porsche as brand ambassadors:
+Maria Sharapova, Angelique Kerber and, as
+of 2018, Julia Görges. The most successful in
+her sport in 2018 is Angelique Kerber: the
+Kiel-born tennis player started the season in
+January with victory in Sydney and celebrated
+the greatest success of her career in July
+with victory at Wimbledon.
+84
+Angelique Kerber: from Wimbledon to the Porsche Museum
+Porsche Team Germany
+has attracted attention
+with victories in the Fed
+Cup, Julia Görges has
+entered the top ten of
+the world rankings for
+the first time in her
+career and, in Angelique
+Kerber, Germany now
+has its first Wimbledon
+ladies' champion in 22
+years, since Steffi Graf.
+As well as the Porsche Tennis Grand Prix, part-
+nerships with the Women's Tennis Association
+(WTA) and the German Tennis Federation
+(DTB) are further important pillars of the com-
+pany's commitment. In addition, in 2018
+Porsche is enhancing its presence as the
+exclusive automobile partner of significant
+WTA tournaments across the globe - in New
+Haven and San José (USA), Tokyo (Japan),
+St. Petersburg (Russia) and Monterrey (Mexico).
+In the year under review, Porsche has also been
+the title partner of the "Porsche Race to
+Singapore", the official qualifying rankings for
+the prestigious WTA Finals in the Asian metro-
+polis. As the highest-scoring competitor,
+Simona Halep from Romania not only secured
+a starting place in the tournament for the eight
+most successful players of the season, but
+was also rewarded for her consistently strong
+performances with a Porsche 718 Boxster
+GTS. In 2019, the WTA Finals in Singapore will
+move to Shenzhen, China. Porsche will continue
+its successful cooperation with the WTA as the
+title partner of the "Porsche Race to Shenzhen",
+and as the official and exclusive automobile
+partner to the WTA and the WTA Finals.
+She captured the most attractive winner's
+trophy in global women's tennis by winning
+7:6, 6:4 in a high-quality and exciting final
+against the strong CoCo Vandeweghe from the
+USA. "I am proud and happy to have finally
+won this great tournament," she said, before
+Dr. Wolfgang Porsche, Chairman of the Super-
+visory Board of Porsche AG, handed her the
+winner's trophy. With a view to the 718 Boxster
+GTS, she has now long since decided to get
+serious about obtaining her driving licence.
+"There is no better motivation than this car."
+SAMI KHEDIRA
+Karolina Pliskova wins the Porsche Tennis
+Grand Prix
+Women's tennis
+PORSCHE TENNIS GRAND PRIX
+Junior players interact with professionals
+Under the motto "Meet your role model",
+young talents have the opportunity to get to
+know their idols from the professional teams
+of their respective sport. The professionals
+give the youngsters lots of important tips as to
+how they can continue to improve in all the
+relevant areas and motivate themselves in the
+long term. In the final round, junior tennis player
+Alexandra Vecic meets her role model, Julia
+Görges. During the preparations for the Fed
+Cup match between Germany and the Czech
+Republic in Stuttgart, the German world-class
+tennis player is taking a lot of time for the
+young talent.
+YOUTH TOURNAMENT "LEIPZIG QUARTER-FINAL"
+Leipzig for a further three years. The focus of
+the cooperation is on supporting children from
+socially disadvantaged families. At the youth
+tournament, junior teams in the age groups
+U11 and U14 have been competing since
+2015; the teams form themselves and each
+represent one of four districts in Leipzig. More
+than 3,400 children have already taken part in
+the tournament between 2014 and 2018.
+The Porsche Coaching Bank is also part of the
+partnership. This is where spectators can
+follow the games in the stadium directly from
+the edge of the playing field. In addition, the
+sports car manufacturer enables the running
+children to stand on the turf next to their idols.
+Porsche also selects the best junior team from
+the "Red Bulls" each year as a Porsche Talent
+Team and supports the club's talent scouting
+days with the "RB Leipzig Kaderschmiede".
+Porsche Juge
+"Leipzig Quarter-Finals" very popular
+Turbo für Porsche will remain the youth partner of RB
+PORSCHE NIGHT OF TALENTS
+The Coaching-Mobil -
+a trailer with sports
+equipment and instru-
+ments to measure
+performance data -
+d
+FEED
+When on tour around the globe, the best
+tennis players in the world occasionally lack
+the time for things that are a matter of course
+for their peers for example, getting a
+driving licence. That's how it came about that
+the Czech player Karolina Pliskova has been
+the proud owner of a dream car since winning
+the Porsche Tennis Grand Prix 2018, but had
+to use the services of Porsche Chairman of the
+Executive Board Oliver Blume in order to have
+the crimson 718 Boxster GTS driven to the
+presentation ceremony at the Centre Court of
+the sold-out Porsche arena.
+was specially developed
+for youth training.
+Authenticity and high-quality standards,
+coupled with maximum target group orienta-
+tion - these have laid the cornerstones for
+the success of public relations by Porsche. A
+clear communications strategy, carefully con-
+sidered structures with systematic planning
+and consistent implementation have paid off:
+Porsche Communication was declared the
+"Econ Awardee of the Year 2018" in Econ
+Forum's renowned company rankings.
+Social affairs
+PLANTING CAMPAIGN BY THE TRINKWASSERWALD ASSOCIATION IN LEIPZIG AND WEISSACH
+conjunction with a purchase at one of binee's
+partner businesses. The cooperation between
+Porsche and binee is an example of the
+successful symbiosis of business and inno-
+vation in Leipzig.
+Easy disposal of small electronic devices
+As part of the sustainability strategy, Porsche
+is working together with the Saxony-based
+start-up binee in Leipzig. Founded in 2015,
+this company has developed a recycling
+system that pays for old, unwanted electrical
+items and aims to reuse their components.
+This reduces the need to extract raw materials
+such as iron ore. Porsche employees have the
+possibility of easily disposing of their mobile
+phones and small electronic devices. Transpar-
+ent processes give users insight into the
+recycling chain. As a thank-you, each partici-
+pant receives a discount coupon for use in
+PORSCHE SAFARI
+18!
+Mobil
+CHOA
+The aim of this relocation is
+to help secure the future of
+the honey bee population
+and thus promote environ-
+mental protection and
+conservation.
+in the area covering 132
+hectares in which nature is
+allowed to take its course.
+three million bees now live
+50 colonies totalling around
+Under the name "Porsche Safari", the sports car manufacturer initiated a project for environ-
+mental education on its off-road site in Leipzig in the summer of 2018. In the summer holidays,
+more than 300 children and young people explored the diverse flora and fauna of the factory
+premises along a four-kilometre trail. In addition, interactive stations and a viewing platform
+were set up at the beginning of the year. The project is a cooperation between Porsche and the
+alluvial forest station in Leipzig which, as a recognised sponsor of independent youth welfare,
+is in charge of environmental education.
+As in the previous year, Porsche moved a further 1.5 million honey bees onto its factory premises
+in Leipzig in April 2018. Fifty colonies totalling around three million bees now live in the area
+covering 132 hectares in which nature is allowed to take its course. The aim of this relocation is
+to help secure the future of the honey bee population and thus promote environmental protection
+and conservation. The honey can be purchased in the Porsche shop at the Leipzig plant under
+the name "Turbienchen". The diversity of flora in the off-road site provides the best habitat for the
+bees, with hawthorn, robinia and lime trees thriving alongside many wild flowers. In addition, the
+area provides a natural paddock for some 30 Exmoor ponies and 75 wild cattle. Many other spe-
+cies such as pheasants, black kites, frogs, brown hares, deer and bats live here too. The concept is
+unique in the automotive industry. From the beginning, Porsche Leipzig has ensured sustainable,
+low-resource automobile production with a commitment to nature and the environment. The
+plant's off-road site was once a military zone and was restored to nature by Porsche in 2000.
+Bees and safari at Porsche Leipzig
+In the heart of the Leipzig Neuseenland, a heavily storm-damaged larch wood is being trans-
+formed into a mixed woodland with Porsche's help. A total of 18,000 sessile oaks, beeches
+and native bushes are being planted on an area totalling three hectares. This improves the
+ground quality and increases drinking water generation by around 2.4 million litres per year.
+For comparison: a person consumes around 1,000 litres of drinking water per year.
+In the year under review, Porsche took part in the planting campaign by the Trinkwasserwald
+association in Leipzig and Weissach for the third time. Seventy Porsche employees in Weissach
+planted 700 sessile oaks during a "Social Day". The site is located near to the Neuenbühl
+industrial area. A total of 5,000 trees are being planted here on 1.4 hectares of forest soil, thus
+generating 1.2 million litres of clean ground water per year.
+Drinking water forest: Porsche involved in reforestation
+For 1,000 years, dry stone walls have been part of the landscape along the Neckar. The growing
+pressure of civilisation at the beginning of the 1960s destroyed many of these walls in the
+Stuttgart region, and with them the basis of life for animals and plants. Porsche supports the
+NatureLife-International foundation, which has a long-term project promoting the restoration
+of dry stone walls. Dry stone walls are being restored or rebuilt, for example, between the two
+Porsche sites of Bietigheim-Bissingen and Sachsenheim. Now rare plant species, such as iris and
+vineyard quince, are being resettled there.
+Dry stone walls for rare plants and animals
+BINEE START-UP
+82
+82
+Performance - Employees, Society, Sport, Communication
+Porsche Coaching-Mobil
+PORSCHE YOUTH DEVELOPMENT
+Karolina
+Pliskova
+Winner
+2018
+Turbo für Talente.
+Porsche Jugendförderung.
+The professional footballer and world champion
+Sami Khedira, who grew up in Stuttgart, is
+the new ambassador of Porsche youth devel-
+opment. He will give training tips and take part
+in "Turbo for talents" events. From his own
+experience, he knows that professional youth
+development must also include school and
+social components, which is another reason
+why Khedira is a role model for all ambitious
+talents. At his first appearance as part of the
+partnership in the "Talent barn", the ice rink
+of the junior team of SC Bietigheim-Bissingen
+Steelers, Khedira is already getting to know
+some young players from the partner clubs. He
+also goes through the Porsche Coaching-Mobil
+so that the young people can use his perfor-
+mance data to benchmark their own.
+Sami Khedira
+Ambassador of youth development:
+Porsche Nacht der Talente 2018
+Porsche supports the
+NatureLife-International
+foundation, which has
+a long-term project
+promoting the restoration
+of dry stone walls.
+SV Stuttgarter Kickers, SG Sonnenhof Groß-
+aspach (football), SC Bietigheim-Bissingen
+Steelers (ice hockey) and the Porsche Basket-
+ball Akademie Ludwigsburg came to Zuffen-
+hausen for the third "Porsche Night of Talents".
+The highlight was the award of the Turbo 2018
+prize, presented in three categories: best
+sporting development, best school achieve-
+ment and exceptional social commitment. The
+prize: a subsidy towards getting a driving
+licence. In addition, the participants can visit
+the Porsche factory and compete against each
+other in a sporting contest in race simulators.
+Porsche Jugendrorderung.
+SCHE
+SV Stuttgarter Kickers, SC Bietigheim-Bissingen Steelers and the Porsche Basketball-Akademie
+Ludwigsburg.
+Since competitive sport is not possible without comprehensive basic training, Porsche supports
+children and adolescents in football, basketball and ice hockey in Stuttgart and Leipzig, under
+the motto "Turbo for talents". Partner clubs are RB Leipzig, SG Sonnenhof Großaspach,
+Turbo for talents
+Youth support
+Porsche is involved in sport in various ways. As
+well as its activities in professional women's
+tennis and professional men's golf, the company
+supports junior players through various coop-
+erations. The objective is to support the young
+people both in terms of sport and socially,
+and thus to prepare them for their future
+professional life.
+SPORT
+83
+Porsche honours young athletes
+150 young athletes from RB Leipzig,
+Many great sportsmen and women love to share the enjoyment of their success with all those
+who have accompanied and supported them along the way. Angelique Kerber is no exception.
+She was immediately enthusiastic about the idea of holding her first press conference in
+Germany as the new Wimbledon champion with Porsche as the host in the Porsche Museum.
+After all, as a brand ambassador and two-time winner of the Porsche Tennis Grand Prix, she has
+a very special relationship with the Stuttgart sports car manufacturer.
+Levi's
+as well. Porsche is supporting both the "Green
+Classroom" project and the training of orchard
+educators.
+supported by Porsche is called "Lese-Heimat"
+and aims to impart enjoyment of the German
+language to refugee children. It is organised by
+the city library, the "Kinder fördern - Zukunft
+stiften" foundation ("Support children to enable
+a future") and the "Leseohren" association,
+which was founded in 2002 in Stuttgart. This
+charitable association procures trained reading
+sponsors for nurseries, schools and municipal
+libraries. The objective: to get children into
+reading books, regardless of their background.
+The association trains and supervises over
+500 voluntary sponsors who regularly read at
+daycare centres, district libraries, schools and
+other sponsors in the Stuttgart urban area.
+Another project to encourage reading which is
+In cooperation with "Stiftung Lesen" (the
+Reading Foundation), the company is support-
+ing the establishment of reading clubs for
+children: In the year under review, five new
+reading clubs were opened at the Porsche
+locations Ludwigsburg, Weissach, Sachsenheim
+and Leipzig. In Zuffenhausen, Porsche's main
+location, there are two reading clubs founded
+in 2017. Children meet here after school to
+read, play or work with different media.
+They are supervised by pedagogically trained
+supervisors. There are over 1,000 reading
+club supervisors across Germany, who receive
+ongoing further training. This ensures the
+growth and further development of the reading
+clubs, which now number over 460.
+Reading makes you smart
+READING CLUB
+This department's responsibilities also in-
+clude providing adequate information to
+journalists, politics and the public in crisis
+situations, averting any potential damage to
+the company's image.
+PORSC
+be invested in the planned new building of a
+refuge house for abused children in Leipzig's
+neighbouring city Halle/Saale.
+At the Porsche Leipzig benefit football tourna-
+ment in 2018, 30 company teams from
+regional firms competed for the coveted chal-
+lenge cup and for a good cause. The total
+entry money, amounting to 15,000 euros, was
+donated to the Leipzig association "Minilöwen"
+and the foundation "A Place for Children".
+The promotional association "Minilöwen" for
+premature and sick newborn babies aims to
+provide optimal care for the infants. Two special
+devices for lung replacement therapy are to
+be purchased with the donation money. The
+foundation "A Place for Children" helps affected
+adolescents to process traumatic experiences
+such as violence, neglect or abuse. The pro-
+ceeds from the benefit tournament will
+Football challenge for children
+CHARITY RUN
+par
+BE
+At the Porsche Tennis Grand Prix, Porsche
+offers the best female tennis players in the
+world an exclusive stage and the spectators a
+top-class sporting experience. However, the
+sports car manufacturer also fulfils its social
+responsibility at this event. With its "Aces for
+charity" campaign, Porsche has supported
+charitable campaigns for many years during its
+traditional tournament. The company donates
+100 euros for each ace. This time, the players
+achieved 263 aces - and Porsche generously
+rounded up the donated sum to 30,000 euros.
+The amount is donated in equal parts to the
+tournament's charity partners: the Agapedia
+Foundation, which is involved in various pro-
+jects for the support of needy and distressed
+children, the Olgäle Foundation and the asso-
+ciation to support the Stuttgart hospice.
+Aces for charity
+Lyssclub
+PORSCHE
+For the Porsche staff in Zuffenhausen, social commitment is a point of pride: over 3,500
+employees took part in a charity run in September 2018. At the fourth edition of the Porsche
+6-hour charity run, the main plant once again had to negotiate a 911-metre circuit. For each
+lap completed, the Ferry Porsche Foundation made a five-euro donation to social projects in the
+Stuttgart region. After an impressive 26,415 laps, six charitable organisations from Stuttgart
+and Zuffenhausen were able to share the donation amount, which had been generously topped up
+by the Foundation to 195,000 euros: the Olgäle Foundation, the Stuttgart Hospice for Children
+and Young People, the Gustav-Werner school in Zuffenhausen, Lebenshilfe Stuttgart (a counsel-
+ling service), the Neuwirtshausschule school in Zuffenhausen and "Breakfast for children".
+Charity Run staged for the fourth time
+231 runners started at the
+"911 Track Run" in the
+Porsche Experience Centre
+in Shanghai. For each
+participant who completed
+the 9.11-kilometre route,
+Porsche China donated
+around 115 euros
+(911 RMB).
+ACES FOR CHARITY
+Porsche China supports UNICEF
+In China, too, the Porsche team ran for a good
+cause in June on the occasion of the anni-
+In an orchard at Greutterwald in Zuffenhausen,
+children from five primary school classes study
+nature throughout the year. The "Green Class-
+room" concept aims to make schoolchildren
+aware of how to treat nature responsibly out-
+side the classroom. The Streuobst-Pädagogen
+("Orchard Educators") association from Weil
+in Schönbuch is involved in environmental
+education and aims to promote an understand-
+ing of the connections between the ecosystem
+and orchards as a cultural asset - for adults,
+Orchards a cultural asset
+THE "GREEN CLASSROOM" CONCEPT
+VIBES
+Since the beginning of August, recycled paper
+has been used to print out documents in
+Porsche offices. This not only reduces costs
+but also improves our ecological balance, since
+the used-paper product pollutes the environ-
+ment far less than conventional printing paper.
+Among other things, over 70 per cent less water
+and energy is consumed during production,
+and around 50 per cent less CO2 is emitted.
+Use of recycled paper
+For Porsche, thinking and acting sustainably
+is far more than just a social obligation.
+Sustainability is part of the sports car manu-
+facturer's self-image; it is a firmly integrated
+component of the strategy and is regarded
+as an important success factor. In order to
+underscore the relevance of this topic for all
+the company divisions, a Sustainability Week
+was organised in Zuffenhausen and Leipzig.
+In an interactive experience world and with the
+aid of expert lectures, the employees received
+comprehensive information about possibilities
+of avoiding waste, reducing emissions, con-
+serving resources and enhancing efficiency.
+Sustainability Weeks to educate
+Environment
+G
+81
+80
+In 2018, Porsche continued to support the
+Sporthilfe Sachsen foundation for youth
+development with a donation. This foundation
+promotes junior competitive sport in the state
+of Saxony in the "Talents for the Olympics"
+project, as well as the Saxony squad of the
+Olympic and Paralympics teams. More than
+300 athletes have received support so far.
+Porsche also supported the Olympia Nachwuchs
+foundation in 2018. Each year, it offers 40
+sportsmen and women financial security
+during preparation and qualification for the
+Olympic Games so that they can continue to
+combine school, training or studies with sport
+at the highest level.
+Financial help for junior sportsmen
+and women
+Porsche continued to support the Württem-
+berg football club in the year under review.
+The donation allows people with a mental
+disability to participate in regular training. The
+highlight of the cooperation was an exciting
+football match between Porsche trainees and
+the "People with mental impairment" state
+selection.
+Training despite handicap
+Sport
+In addition, Porsche China activated a further
+pillar of the CSR strategy 2025 in the year
+under review and launched the "Porsche China
+Dealer CSR Fund" for dealers and investment
+partners. This charitable fund was provided
+with around 250,000 euros (two million RMB)
+at the start. It is intended to encourage dealers
+to develop ideas for social commitment
+together with employees, customers and the
+local public, which can then be push-started
+with fund money. In the first round, six projects
+were selected which benefit children in rural
+areas, in particular.
+versary "70 years of Porsche sports cars" and
+the ten-year existence of CSR involvement:
+231 runners started at the "911 Track Run"
+in the Porsche Experience Centre in Shanghai.
+For each participant who completed the
+9.11-kilometre route, Porsche China donated
+around 115 euros (911 RMB). This resulted in
+a total sum of over 25,000 euros for UNICEF.
+Porsche China is a long-term sponsor of
+UNICEF and its initiatives, which improve the
+educational opportunities of children in remote
+parts of China.
+Performance - Employees, Society, Sport, Communication
+Numerous journalists from press, radio and television took the opportunity to talk to her in the
+Porsche Museum so soon after her triumph and to hear her recount her fantastic week at
+Wimbledon. "Winning Wimbledon was my dream even as a child. I still can't believe that I have
+actually now done it," said Angelique Kerber, who was quite surprised at the great media interest
+in the Porsche Museum: "I had not expected such a reception."
+In the year under review, five
+new reading clubs were
+opened at the Porsche
+locations Ludwigsburg,
+Weissach, Sachsenheim and
+Leipzig. In Zuffenhausen,
+Porsche's main location,
+there are two reading clubs
+founded in 2017. Children
+meet here after school
+to read, play or work with
+different media.
+Golf
+PHO
+STO
+CHRI
+45286
+K
+ANNIVERSARY BOOK
+SPORTWAGEN
+PORSCHE
+PORSC
+70 JAHRE
+RUS
+The anniversary of the brand also attracted
+plenty of attention in the media: several
+thousand articles with a total audience of 337
+million contacts were published in relation to
+the topic. The high-profile world tour of the
+historical Porsche 356 "Number 1" alone was
+seen by an audience of eight million contacts.
+Double takel
+in L.A
+Sleepless
+THE MAGAZINE CHRISTOPHORUS
+ANVA
+Forgotten Time
+of the conference was offered; international
+media reporting reached an audience of
+around 16 million contacts.
+Thanks to a new, even more dialogue-oriented
+event format, and the invitation of business
+journalists from the key Porsche markets,
+around 100 journalists attended the annual
+press conference in the year under review in
+order to obtain extensive first-hand infor-
+mation about the 2017 financial year and the
+company's future direction. A livestream
+The annual press conference held by Porsche
+in March traditionally aims to present the
+key figures and the business performance from
+the preceding year. At the same time, it pro-
+vides an outlook for the financial year that has
+now started.
+Business results
+Porsche celebrates an anniversary
+2018 was dominated by the celebration of the
+brand anniversary "70 years of Porsche sports
+cars". The public relations and press depart-
+ment successfully made use of this occasion:
+17 books and ten special supplements were
+published in connection with the special birth-
+day. Worldwide, around 40 events and activi-
+ties were organised. The Porsche Museum also
+organised a six-month special exhibition.
+by the large number of
+new products that were
+launched, the communi-
+cation of which was
+successfully accompa-
+nied by the public
+relations and press
+department. In 2018,
+Porsche staged four
+trade fair and world
+premières, along with
+ten media driving events
+in which more than
+1,200 media represent-
+atives from all over the
+world took part.
+Christophorus - the magazine with tradition
+Christophorus is the long-established journal-
+istic flagship of customer communication by
+Porsche. Founded in 1952, the magazine has
+been delighting customers and fans with
+absorbing reports, in-depth essays and inter-
+esting information about the Porsche brand
+and its products for more than six-and-a-half
+decades now. Christophorus appeared five
+times, with a total print run of 600,000 copies
+per issue, in the year under review. In addition,
+all content in the twelve different language
+versions is also available online.
+Once again, the magazine won numerous prizes
+in the year under review. Issue 385 alone was
+voted "Best of Best" at the Automotive Brand
+Contest, winning silver at the Best of Content
+Marketing competition (BCM) and snapping
+up the Communicator Award with its web-
+based version. Issue 387 received the Fox
+Award; the website and app scored silver at
+the Pearl Award.
+the Christophorus Edition
+New series of books:
+A local site newsletter that appears every
+14 days supplements the extensive range of
+internal information offered by Carrera. The
+newsletters are distributed to the employees
+at the company sites in Zuffenhausen, Weissach
+and Leipzig in three regional editions. The print
+run totals around 8,500 copies. Along with
+company news relevant for all sites, the inner
+section also covers topics specific to the
+respective site. As is the case for Carrera
+Magazin, the editorial team also posts addi-
+tional, augmented reality content and links
+to related articles in the intranet by means of
+the Carrera Mobile app.
+This service has also won awards: in 2018,
+Carrera Magazin won awards at the Auto-
+motive Brand Contest and as a part of inte-
+grated communication by Porsche - was also
+honoured at the Best of Content Marketing
+and Econ Award. Moreover, the magazine also
+successfully took part in the Communicator
+Awards and the Fox Finance Awards.
+The online and mobile services are also joined
+by a printed Carrera Magazin, which appears
+four times a year with a print run of just under
+32,000 copies - with one featuring a special
+format, Carrera Wissen (Carrera Knowledge).
+Each issue focuses on a key topic. In 2018,
+these were the topics of Quality, 70 years of
+Porsche sports cars and Porsche Culture.
+Carrera Wissen took an in-depth look at the
+topic of digitalisation in the year under review.
+The Carrera Mobile app has also been used
+for incorporating augmented reality content,
+with audio reports having been added at the
+end of 2018. Access to the internal Porsche
+job market and a digital Message Board for
+private classified ads complete the app's range
+of functions.
+The Carrera media family is used as the
+communication channel for this. The intranet
+Carrera Online, its app version Carrera Mobile,
+and Carrera TV employee television are used
+to keep the workforce at the company and its
+subsidiaries up to date on news relating to
+important developments and events at Porsche.
+Among other things, this includes news about
+new products, strategic decisions and internal
+news, as well as topics related to service or
+explanations of complex processes. The edito-
+rial team publishes up to three new articles
+every day, which are supplemented by photo.
+galleries or videos.
+"Internal before external" - this is the motto
+of internal communication at Porsche. It aims
+to provide the workforce with all news relevant
+for them promptly, and well before external
+media pick up the topics.
+Informed employees
+#3
+Porsche Sportwagen
+Ongoing content-related and conceptual
+changes to the magazine were made in 2018.
+Issue 385, titled Fast Forward and released
+for the 70 years of Porsche sports cars cele-
+bration, directed an exclusive focus on topics
+related to the future. The editorial team also
+blazed new trails at the launch of the new
+Porsche 911: immediately following the world
+première in Los Angeles at the end of Novem-
+ber, Christophorus showcased the eighth
+model generation of the iconic sports car - in
+its first-ever issue dedicated to one and the
+same topic. All content focused exclusively on
+the 911.
+70 Jahre
+nicht genug
+Perfekt ist
+Carrera
+91
+Performance - Employees, Society, Sport, Communication
+90
+RUS
+STO
+CHRI
+PHO
+CHRISTOPHORUS ONLINE
+#2
+Porsche expanded its range of publications
+in 2018 by adding new product lines. This is
+why there is now a series of books titled
+Christophorus Edition. These are aimed at lov-
+ers of the sports car brand from Zuffenhausen
+who also show a passion for cultural, social
+and economic topic areas.
+The year under review
+was also characterised
+of the media reports struck a negative tone.
+PLUS
+CROSSTURISMO
+BUTO
+PORSCHE
+auto
+Auto
+ODORT
+trend.
+sportscars AUTOMOVIL
+THOMAS
+AHRE
+AUF
+SPEED
+cation activities in equal
+measure.
+ding to media enquiries
+This applies to respon-
+about all Porsche topics.
+The public relations and
+press department
+provides external and
+internal stakeholders
+with the latest compre-
+hensive information
+THE YEAR
+PORSCHE COVER
+88
+edition
+Porsche
+Automabwoche
+ECON AWARDEE OF THE YEAR 2018
+and proactive communi-
+911 GT3RS
+Pre-Cher OLIVER OLUME
+The Porsche Newsroom is the central contact
+point for journalists, online multipliers and
+stakeholders at the brand. It is gaining more
+and more significance within communication.
+The Newsroom is an online magazine with
+1.1 billion contacts. The reaction to the deci-
+sion by Porsche ranged largely from positive
+to neutral in the media. Only nine per cent
+Porsche also demonstrated how critical topics
+can be successfully communicated with its
+decision to discontinue diesel technology: the
+media response to this topic was overwhelm-
+ing, with more than 34,000 articles and social
+media posts, and an audience of almost
+Moreover, the public relations and press
+department attended 65 motor sports events
+and organised four media workshops in the
+year under review. Added to this were events
+like the Porsche Sound Night, organised by the
+Porsche Museum. The event not only thrilled
+the audience of around 4,000 in attendance at
+the Porsche Arena, but also internet users from
+all over the world: the Instagram story posted
+by the Porsche Museum was viewed almost
+930,000 times, and recorded more than
+340,000 page impressions.
+PREMIÈRE OF THE CROSS TURISMO
+PORSCHE SOUND NIGHT
+This achievement was clearly outdone in
+November by the world première of the
+eighth model generation of the 911 in Los
+Angeles. 620 articles subsequently appeared
+in the media, and there were 11,800 social
+media posts, which reached an audience of
+224 million contacts. With a media coverage
+of 34 per cent, the world première and the
+trade fair appearance of the new 911 in Los
+Angeles also made an impression when com-
+pared to other brands. The Californian motor
+show also provided the backdrop for the
+company to launch its new full-video format
+Porsche NewsTV: The livestream that it broad-
+cast from the world première of the 911
+was viewed 2.4 million times.
+While celebrating the joint première of the
+Cross Turismo and the 911 GT3 RS in Geneva,
+135 interviews were organised. 810 articles
+were published worldwide which were viewed
+by just under 100 million contacts in total
+worldwide. The launch of the two new models
+in Beijing resulted in additional reporting
+involving around 1,700 articles, which reached
+just under 40 million contacts. And the
+première of the new Macan in Shanghai gener-
+ated a huge international resonance, with the
+36 interviews and 285 articles published
+reaching an audience of 68 million contacts.
+The year under review was also characterised
+by the large number of new models that were
+launched and which were successfully
+accompanied by the Product Communication
+department: in 2018, Porsche staged four
+trade fair and world premières, along with ten
+media driving events in which more than
+1,200 media representatives from all over the
+world took part.
+The product is at the centre
+89
+Newsroom
+Performance - Employees, Society, Sport, Communication
+The public relations channels used by Porsche
+on Twitter reached 1.6 million followers in
+the year under review, which is around 33 per
+cent more than in 2017. The number of im-
+pressions also crossed the 60 million mark.
+The Newsroom's Instagram channel boasted
+around 238,000 followers at the end of the
+year under review, or 84.5 per cent more than
+the previous year. The total number of impres-
+sions on our Instagram account amounted
+to 70.8 million.
+In order to address a broad range of target
+groups, public relations makes use of a large
+number of communication channels. Direct
+communication with an audience interested
+in the brand and product by means of social
+media channels is assuming an increasingly
+important role. Very strong growth was
+recorded here.
+Communication using social media
+BACK TO TAPE
+The Porsche Newsroom
+is the central contact
+point for journalists,
+online multipliers and
+stakeholders at the
+brand. It is gaining more
+and more significance
+within communication.
+The Newsroom is an
+online magazine with a
+wide range of content,
+and which provides both
+a central social media
+hub and a research tool
+for journalists.
+NEWSROOM
+The Newsroom was again the recipient of
+numerous awards in the year under review.
+The "Back to Tape" format conceived in coop-
+eration with the music journalist Niko Hüls,
+which generated 500 social media posts, more
+than 40 media reports and was viewed by
+around 83 million people, was awarded not
+just one, but several prizes. The video docu-
+mentation released in the Newsroom and on
+YouTube in April was awarded the German
+Prize for Online Communication in the "Influ-
+encer Communication" category, the Econ
+Special Award and the Digital Communication
+Award in the "Film and Video" category, and
+the silver Annual Multimedia Award in the
+"Content Marketing" category.
+The increasing significance of the Porsche
+Newsroom as a communication channel is
+demonstrated by the growth in the number of
+hits it recorded over the course of the year
+under review. While 211,400 page impres-
+sions were counted in January, this figures had
+reached more than 385,200 in December
+2018. In a year-on-year comparison, the page
+impressions increased from 2.4 million (2017)
+to 3.7 million in 2018.
+Porsche publishes news, facts, interviews and
+background reports here every day. Around
+570 articles were published in the year under
+review. The texts, photos and infographics are
+available to download - as are videos, which
+are pooled centrally in the new NewsTV area.
+The digital agenda setting practised with the
+Newsroom is systematically pursued on social
+media as well, using Instagram and Twitter.
+Along with German and English, the content
+available from the Newsroom has also been
+offered in Chinese and Russian since 2018.
+a wide range of content, and which provides
+both a central social media hub and a research
+tool for journalists.
+The Porsche Profile on the DriveTribe web plat-
+form also recorded positive growth, attaining
+22.2 million page impressions and 585,800
+followers. This was an increase of 55.8 per
+cent in comparison to the year before. All social
+media channels maintained by the public
+relations and press department arrived at a
+cumulative 193 million impressions and
+2.6 million followers in the year under review.
+The collectors' edition of Christophorus in an
+XL format kicked off the series, which com-
+bined the best articles, reports and portraits
+from past issues - supplemented by previous-
+ly unpublished photos, an exclusive interview
+with the Chairman of the Supervisory Board,
+Dr. Wolfgang Porsche, and a 100-minute
+documentation about the eventful history of
+the sports car brand on DVD.
+From April to October, the Porsche Coach-
+ing-Mobil was out and about almost every
+weekend. This resulted in 28 events and 47
+days of deployment - not just at the five part-
+ner clubs in the Stuttgart and Leipzig regions.
+More than 4,000 children and young people
+took part in the activities. The Coaching-Mobil
+- a trailer with sports equipment and instru-
+ments to measure performance data - was
+specially developed for youth training. This
+gives young talents the opportunity to evalu-
+ate their sports performance better and to ad-
+just their further training accordingly. In addi-
+tion, age-dependent reference values provide
+all, the Porsche 911 - the brand's icon - takes
+centre stage in many of the works, which range
+from different styles of painting to sculpture,
+and also include digital art.
+The charging process can be managed and
+monitored via Porsche Communication
+Management (PCM), and remotely using the
+Porsche Connect app. Porsche Connect can
+also be used to find and filter charging stations
+and set them as a navigation destination. The
+new Porsche Charging Service allows cross-
+provider access to public charging stations -
+without requiring additional registration with
+the relevant provider. This is billed directly
+via the Porsche ID account.
+The new Cayenne
+E-Hybrid combines the
+best driving dynamics in
+its class with maximum
+efficiency. Its three-litre
+V6 engine (250 kW/
+340 hp) and an electric
+engine (100 kW/136 hp)
+combine to generate a
+system power of
+340 kW (462 hp).
+Hemmingen and Rutesheim become
+Porsche sites
+During the year under review Porsche acquired
+the previously leased sites for the two branch
+offices of the research and development
+centre in Hemmingen and Rutesheim. There
+are plans for expansion at both sites in the
+coming years. This investment forms part of
+the company's preparations for its hybridi-
+sation and electrification strategy.
+Porsche has already been operating its Sport
+Utility Vehicle development centre in
+Hemmingen for 20 years. The growing impor-
+tance of the SUV is also clearly evident from
+the development of the site. What began
+as a single building with 200 employees has
+grown into a site covering 27,000 square
+metres with 600 staff. The fourth generation
+of the Cayenne is set to play a major role in
+Porsche's long-term e-mobility strategy. As
+well as the Cayenne, Hemmingen is also home
+to the Macan. The Rutesheim site was first
+opened in 2015. The workshop area of some
+7,000 square metres is used to prepare vehi-
+cles from all of the model series for test drives.
+911 GT3 R
+a 230-volt 10-amp outlet within 7.8 hours. If
+the optional 7.2-kilowatt on-board charger
+and a 230-volt connection with 32 amps are
+used as an alternative to the standard
+3.6-kilowatt charger, the battery will be fully
+recharged in just 2.3 hours.
+Porsche has designed a
+new customer sports
+racing car for the world-
+wide GT3 series: the
+911 GT3 R will be lining
+up on the grid from
+2019 onwards. This 911
+race car, developed on
+the basis of the 911 GT3
+RS production model,
+delivers up to 404 KW
+(550 hp).
+Powering the new 911 GT3 R is a four-litre
+flat-six boxer engine, which is largely identical
+to the high-performance production engine
+in the 911 GT3 RS. Direct petrol injection,
+which operates at pressures up to 200 bar,
+and variable valve timing technology ensure a
+particularly efficient use of fuel. The normally
+aspirated engine also offers significantly better
+driveability and a broader usable rev range
+compared with its predecessor. The engine
+response is more precise due to six throttle.
+butterflies. Power from the rear engine is
+transferred to the 310 mm-wide rear wheels
+via a Porsche sequential six-speed constant-
+mesh gearbox with an electronic shift actuator
+for particularly fast and precise gear changes.
+The clutch is electro-hydraulically controlled,
+which eliminates the need for the clutch pedal
+and assists quick race starts. The 911's typical
+weight distribution ensures excellent traction
+and braking performance. The spectacular
+aerodynamics of the 911 GT3 R are also remi-
+niscent of the road car.
+The braking system has been further modified
+to offer even better stiffness and more precise
+control of the ABS. On the front axle, six-piston
+aluminium monobloc racing brake callipers
+combined with ventilated and grooved steel
+brake discs with a diameter of 390 millimetres
+ensure outstanding braking performance.
+Fitted at the rear axle are four-piston callipers
+and discs measuring 370 millimetres.
+The development process also focused heavily
+on the safety features of the GT3 R. In order
+to improve pit stop performance, the 120-litre
+FT3 safety fuel cell can now be refilled from
+the left or the right depending on the circuit
+layout. The doors and the side windows can be
+removed. The new racing bucket seat affords
+drivers even better protection in the event of a
+collision. The seats are now bolted at six points.
+In combination with the adjustable pedal box,
+the driver's centre of gravity is optimised and
+offers increased safety in the event of an im-
+pact. In addition, the driver is protected thanks
+to a side impact element positioned in the
+driver's door, which consists of a carbon-fibre
+Kevlar aluminium construction with energy-
+absorbing plastic foam.
+For the first time the 911 GT3 R is fitted with
+air-conditioning. This ensures ideal interior
+cooling and, thanks to the direct connection
+to the seat and driver's helmet, enables par-
+ticularly efficient cooling of the driver, which
+in turn helps maintain concentration and con-
+sistent performance throughout the race.
+98
+Performance Research and development
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+99
+2018. This commitment has brought rewards:
+Porsche made the front cover on more than
+70 different media outlets.
+The public relations and press department
+provides external and internal stakeholders
+with the latest comprehensive information
+about all Porsche topics. This applies to
+responding to media enquiries and proactive
+communication activities in equal measure.
+The company issued more than 400 press
+releases and oversaw around 600 interviews in
+The new 911 GT3 R customer sports race car
+Porsche has designed a new customer sports
+racing car for the worldwide GT3 series: the
+911 GT3 R will be lining up on the grid from
+2019 onwards. This 911 race car, developed
+on the basis of the 911 GT3 RS production
+model, delivers up to 404 kW (550 hp). It
+boasts a high level of aerodynamic efficiency,
+improved handling and further optimised safety
+features. The roof, front cover and fairing, wheel
+arches, doors, side and tail sections as well
+as the rear cover and interior trim are made of
+carbon-fibre composite material (CFRP) and
+all of the windows are polycarbonate.
+to make a key contribution to value-creating
+company growth.
+high-voltage battery is fully charged from
+The new Cayenne E-Hybrid combines the
+best driving dynamics in its class with maxi-
+mum efficiency. Its three-litre V6 engine
+(250 kW/340 hp) and an electric motor
+(100 kW/136 hp) combine to generate a
+system power of 340 kW (462 hp). The maxi-
+mum torque of 700 Nm is already available
+just above idling speed, with a boost strategy
+to match that of the 918 Spyder supercar.
+This ensures that the electric engine can be
+used in all the standard Sport Chrono Package's
+driving modes for an additional performance
+boost. The Cayenne's plug-in hybrid drive
+accelerates the car from zero to 100 kilometres
+per hour in five seconds and hits a top speed
+of 253 km/h. The new Cayenne E-Hybrid can
+drive up to a distance of 44 kilometres and
+speed of 135 km/h on electricity alone. With
+the launch of the hybrid variant, Porsche is
+expanding its range of comfort and assist-
+ance systems for the entire Cayenne series,
+with additional options such as the new
+head-up display, massage seats and 22-inch
+alloy wheels.
+The Porsche Artbook was launched at the end
+of 2018. The first book in this series presents
+20 international artists who have exhibited
+enormous creativity in their interpretations of
+the sports cars from Zuffenhausen. Above
+The 911 Turbo is used as the safety car at the
+FIA World Endurance Championship. Porsche
+is providing five 911 Turbos between now
+and 2020. Two of the cars accompany the race
+cars during the global championship, while
+three are based permanently in Le Mans. A
+further eleven Porsche cars are driven by the
+race doctors, safety teams and other officials.
+In total, 16 Porsche sports cars from different
+model ranges are deployed in a variety of
+functions during the FIA WEC.
+Safety cars and support vehicles for
+the FIA WEC
+The race director sends the safety car out
+onto the course in the event of a caution period
+during which the field needs to be brought
+together. For its part, the 911 Turbo is the
+perfect vehicle for the job, achieving speeds
+of up to 320 km/h thanks to its 3.8-litre six-
+cylinder engine. Meanwhile, the Sport Chrono
+Package, fitted as standard, ensures optimum
+mid-acceleration. The all-wheel drive 911
+produces 540 hp (397 kW) and can sprint
+from zero to 100 km/h in just three seconds.
+From a technical perspective, the safety car
+is predominantly built to the series standard.
+Racing-specific adjustments, such as the
+roof-mounted light bar and the radio for com-
+municating with the race director, are add-ons.
+The car's braking system and chassis are also
+optimised for the track. The matt black design
+with bright red stripes takes its inspiration
+THE 911 TURBO AS SAFETY CAR
+919 Hybrid Evo sets record lap times
+Porsche has chalked up a new course record
+at Spa-Francorchamps with an Evo version
+of the Le Mans-winning 919 Hybrid. Porsche
+works driver Neel Jani from Switzerland
+recorded a lap time of 1:41.770 minutes over
+the 7.004-kilometre grand prix circuit, shaving
+0.783 seconds off the previous fastest time
+set by Great Britain's Lewis Hamilton in a
+Mercedes F1 W07 Hybrid. Jani clocked a top
+speed of 359 km/h during his record-breaking
+lap with an average speed of 245.61 km/h.
+The 919 is powered by a compact two-litre
+V4 turbo charged engine and two different
+energy recovery systems - braking energy
+from the front axle combined with exhaust
+energy. The combustion engine drives the rear
+axle while the electric motor boosts the front
+axle to accelerate the car with all-wheel drive.
+At the same time, the 919 allows energy from
+the exhaust system that otherwise would
+pass unused in to the atmosphere to be recu-
+perated. The electrical energy generated by
+the front brakes and the exhaust system is
+temporarily stored in a liquid-cooled lithium
+ion battery.
+The WEC efficiency regulations limited the
+energy from fuel per lap by using a fuel
+flow meter. At the 2017 world championship
+race in Spa, in the Porsche 919 Hybrid's
+final season, the car was permitted to use
+1.784 kilograms/2.464 litres of petrol per lap.
+This took the V4 combustion engine's output
+to around 500 hp. Freed from this restriction,
+and equipped with updated software but
+running the regular race fuel (E20, containing
+20 per cent bioethanol), the 919 Hybrid Evo
+delivers 720 hp. The amount of energy from
+the two recovery systems that could be used
+in Spa 2017 was set at precisely 6.37 mega-
+joules per lap. This was well below the sys-
+tems' potential. On his record lap, Neel Jani
+enjoyed a full boost of 8.49 megajoules - the
+output increased by ten per cent to 440 hp.
+In late June, Timo Bernhard, at the wheel of
+the 919 Hybrid Evo, lapped the 20.832-kilo-
+metre Nürburgring Nordschleife race circuit
+in 5:19.55 minutes, with an average speed of
+233.8 km/h. In so doing, Bernhard beat the
+previous lap record, set by Stefan Bellof, by
+51.58 seconds. Bellof's 6:11.13 record had
+stood for 35 years and 31 days. His average
+speed during his record-breaking lap had been
+in excess of 200 km/h.
+While the combustion engine's performance
+shows a moderate five kW (7 hp) improvement
+on its predecessor to 250 kW (340 hp), the
+performance of the electric engine is now over
+43 per cent higher at 100 kW (136 hp).
+Battery capacity has improved significantly in
+the Cayenne E-Hybrid, along with the elec-
+tric-power range and the boost reserves: in
+comparison to the previous model, capacity
+has been increased about 30 per cent from
+10.8 to 14.1 kWh. The fluid-cooled battery,
+stored beneath the loading floor in the
+rear of the car, consists of eight cell modules
+with 13 prismatic lithium ion cells each. The
+New 911 GT3 RS sets new record time
+through the 'Green Hell'
+Another fastest ever time for a street-legal
+Porsche sports car was set by works driver
+Kévin Estre, once again on the Nürburgring
+(Nordschleife), the most challenging racing
+circuit in the world. Driving the new 520 hp
+GT3 RS, the Frenchman recorded a lap time of
+6:56.4, slashing some 24 seconds off the
+best time achieved with the previous GT3 RS
+model. Sharing driving duties with Estre was
+Porsche development driver Lars Kern. After
+the 918 Spyder and 911 GT2 RS, the new GT3
+RS is now the third production Porsche sports
+car with a notarised lap time of less than seven
+minutes on the race track formerly known
+as the Green Hell. The time was measured
+around the 20.6-kilometre lap.
+S:GO 5000
+Porsche works driver
+Neel Jani from Switzer-
+land recorded a lap time
+of 1:41.770 minutes
+over the 7.004 kilometre
+grand prix circuit,
+shaving 0.783 seconds
+off the previous fastest
+time set by Great
+Britain's Lewis Hamilton
+in a Mercedes F1 W07
+Hybrid. Jani clocked a
+top speed of 359 km/h
+during his record-break-
+ing lap with an average
+speed of 245.61 km/h.
+96
+919 HYBRID EVO
+Performance Research and development
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+97
+THE PLUG-IN HYBRID CAYENNE
+The plug-in hybrid Cayenne
+GT3 RS
+of the communication, allow public relations
+from the Porsche crest of the works race cars.
+Its outstanding reputation is a key factor in
+the success of Porsche. Boosting the public
+prestige of the company, the brand and its
+products, increasing social acceptance and
+achieving increased awareness of what
+Porsche has to offer are key tasks for commu-
+nication activities.
+Zehn Millionen Euro für Ferry-P
+Stiftung
+Performance - Employees, Society, Sport, Communication
+WISSEN
+92
+UNG
+DIGI
+Carrera
+Eine Kultur
+Carrera
+Moreover, Porsche also seeks personal con-
+tact. This is why regular dialogue events have
+been held at the company's sites since 2016.
+This gives local residents the opportunity
+to discuss their current concerns directly with
+the experts from Porsche. Porsche issued
+invitations to these events in Zuffenhausen
+twice in the year under review, and used
+the occasion to provide information about
+the progress of building activities, and gave
+detailed answers to questions asked. More
+than 500 interested citizens took advantage
+of each opportunity to communicate directly
+with Porsche and obtain information directly
+from the source.
+Porsche has significantly intensified its dia-
+logue with the local residents at the company's
+sites in Zuffenhausen, Weissach and Leipzig
+since 2015. Among other things, this includes
+the community paper targa Nachrichten für
+die Nachbarn (targa - the residents' journal),
+through which the company informs local
+residents about current developments. When
+necessary, they are also kept up to date about
+any relevant events, such as upcoming
+building activities, by letter.
+To good neighbours
+The format has met with a very positive
+response: since being launched, its number
+of views on the Porsche online and social
+media channels has reached more than
+6.5 million. The magazine has meanwhile
+bagged numerous awards in 2018, these
+included the renowned Best of Content
+Marketing competition (BCM) in gold, and
+the gold Econ Award as well. In Cannes, the
+format was awarded the silver prize in the
+Web TV category.
+Porsche in Motion: 9:11 Magazin
+The web TV format 9:11 Magazin launched in
+early 2017 turns the cameras on the brand.
+Exactly nine minutes and eleven seconds are
+all that is needed to arouse emotions, explain
+technological developments and share illu-
+minating insights into the history, present and
+future of Porsche. People and their personal
+stories relating to Porsche form the focus
+of the exclusive reports. The film magazine is
+aimed at journalists, social media multipliers,
+TV and online editorial teams, and fans of the
+brand. Five episodes were produced in German
+and English in 2018. A Chinese version has
+also been integrated into Porsche China's
+online communication.
+More content on Patrick Dempory
+LO
+S.GO 227H
+9:11 MAGAZINE
+More titles in the Christophorus Edition will
+follow in 2019, such as Reader No. 1 - Food
+for Thought a collection of essays by
+renowned authors on topical issues such as
+identity, transformation and digitalisation.
+Each article will be illustrated with a work by
+an internationally famous artist.
+Porsche expanded its
+range of publications in
+2018 by adding new
+product lines. This is
+why there is now a
+series of books titled
+Christophorus Edition.
+These are aimed at
+lovers of the sports car
+brand from Zuffenhausen
+who also show a passion
+for cultural, social and
+economic topic areas.
+9:11 Magazi
+CARRERA ONLINE
+9:11
+für uns alle
+93
+COMMUNICATION
+87
+Performance - Employees, Society, Sport, Communication
+Zehn Millionen Euro für
+Ferry-Porsche-Stiftung
+ANGELIQUE KERBER
+86
+The Porsche Golf Circle,
+an international and
+app-based community
+exclusively for Porsche
+customers who are golf
+enthusiasts, already has
+over 1,600 members in
+its first year.
+The Porsche Golf Circle, an international and app-based community exclusively for Porsche
+customers who are golf enthusiasts, already has over 1,600 members in its first year. The
+platform for it is an app for Android and iOS through which users come into contact with other
+participants, find playing partners worldwide or can get information about the latest Porsche
+golfing activities. In addition, there are training tips in the form of digital golf tutorials, help with
+the rules and personal reports. Highlights of the Porsche Golf Circle are exclusive event formats.
+In 2018, among other events, they attended the Porsche European Open in Hamburg and the
+Ryder Cup in Paris. In November, 80 Porsche customers from all over the world celebrated the
+Golf Circle's first birthday on Tenerife.
+Porsche Golf Circle grows
+PORSCHE EUROPEAN OPEN IN HAMBURG
+The innovative amateur golf tournament series
+Porsche Generations Open was staged for
+the third time in Germany in 2018. Once
+again, the response was positive and shows
+that the concept of a team competition with
+players from two generations with a minimum
+age difference of 20 years evokes interna-
+tional interest.
+Porsche Generations Open goes into
+its third year
+Professional public relations make an impres-
+sion on the media and ensure that Porsche is
+viewed positively - as a company, as a brand,
+and as a product. This publicity work provides
+information transparently using the latest
+tools, and provides the respective target group
+with the right, and best-quality, content.
+Operational excellence, which is reflected in
+the high levels of effectiveness and efficiency
+Porsche Golf Cup grows again
+More than 15,000 amateur golfers took part
+in 217 preliminary rounds tournaments of the
+Porsche Golf Cup 2017 in its 30th edition.
+Once more, this broke the previous season's
+record for participation. This underlines the
+growing interest of Porsche customers in golf.
+The best 80 players from 20 nations qualified
+for the world final in May 2018 in Mallorca.
+The winner of the prestigious nations ranking
+was Team Russia. This exclusive amateur
+tournament series for customers has existed
+since 1988 and is organised by Porsche
+together with the distribution companies and
+Porsche Centres.
+World premières in Geneva: Mission E Cross
+Turismo and 911 GT3 RS
+RESEARCH AND DEVELOPMENT
+The highlights of this Taycan-inspired deriva-
+tive are its emotional design with striking
+off-road elements, as well as the innovative
+display and operating concept with touch-
+screen and eye-tracking control. Measuring
+4.95 metres in length, the four-door Cross
+Turismo has all-wheel drive and an 800-volt
+architecture. Its battery can be charged using
+the fast-charging network as well as via in-
+duction at a charging station or using the
+Porsche home energy storage system. It has
+a driving range of more than 500 kilometres
+(NEDC). Two synchronous motors (PSM) with a
+system output of more than 600 hp (440 kW)
+allow the Mission E Cross Turismo to accel-
+erate to 100 km/h in less than 3.5 seconds
+and to reach a speed of 200 km/h in under
+12 seconds. This level of continuous power is
+also unmatched by any other electric vehicle:
+multiple accelerations are possible in direct
+succession without any loss of performance.
+Research and development
+At the 88th International Motor Show in Geneva
+in March, two Porsche models celebrated their
+world première: the new 911 GT3 RS and the
+Mission E Cross Turismo - a concept study for
+an electrically powered Cross Utility Vehicle
+(CUV). This all-rounder is perfect for people
+with active lifestyles and a passion for travel,
+sport and the great outdoors. The flexible
+interior will accommodate any type of sports
+equipment, while modern load-carrying sys-
+tems are the perfect solution for transporting
+surf boards and bikes. In October the Porsche
+Supervisory Board confirmed series produc-
+tion of the Mission E Cross Turismo.
+MISSION E CROSS TURISMO
+Porsche European Open in Hamburg
+In July, Porsche was the title partner of this
+prestigious European Tour tournament, which
+has a prize fund of two million euros, for the
+fourth time. Play took place on the Porsche-
+Nord course of the Green Eagle Golf Courses.
+The tournament week began with the "Porsche
+Urban Golf Challenge" on the Spielbudenplatz in
+the heart of St. Pauli, Hamburg. In this show
+event, international stars such as Patrick Reed,
+Bryson DeChambeau, Pat Perez (all USA) and
+Charl Schwartzel (South Africa) promoted the
+Porsche European Open. In midsummer tem-
+peratures, over 39,000 spectators watched a
+strong display by top international players on
+the four tournament days. As in previous years,
+the winner, Richard McEvoy (England), was a
+professional who until that time had not yet
+won a tournament on the tour. Just as surpris-
+ing was the German amateur Allen John: the
+30-year-old who appeared in the first German
+Bundesliga for the men's team of the St. Leon-
+Rot golf club won the gold medal in golf at
+the Olympic Games for the aurally impaired in
+Samsun, Turkey in 2017. He slipped into the
+field of the Porsche European Open with a wild
+card and went on to share second place.
+The new 911 GT3 RS is currently Porsche's
+most powerful road-legal high-performance
+sports car. Its naturally aspirated four-litre
+engine develops 520 hp (383 kW), and revs
+up to 9,000 rpm. As with the heart of the
+new GT model, the chassis has also been taken
+straight from the world of motor sport, with
+uncompromising precision and the added
+extra of rear-axle steering. The 911 GT3 RS
+accelerates from zero to 100 km/h in 3.2 sec-
+onds and has a top speed of 312 km/h.
+At the Leipzig production location, a total of
+129,446 vehicles of the Macan (93,953) and
+Panamera (35,493 units) model ranges were
+built. Added to this were 79,111 units of the
+third generation of the Cayenne. The model is
+produced at the Bratislava site (Slovakia). In
+addition, the first pre-series Taycan rolled off
+the production line (240 units) in Zuffenhausen.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+115
+PRODUCTION
+"No longer available" - for collectors of rare
+classic cars, the unavailability of spare
+parts can quickly become a problem. In the
+worst case scenario, it can mean decommis-
+sioning. The sports car manufacturer is coming
+to the rescue: Porsche Classic manufactures
+extremely rare parts that are only needed in
+small quantities using 3D printers. All spare
+parts that are produced this way are true
+to the original, from both a technical and a
+visual perspective.
+In the 2018 financial year, Porsche produced a
+total of 268,691 sports cars, representing a
+gain of roughly five per cent over the previous
+year. The vehicles were from the model ranges
+911, 718, Macan, Cayenne and Panamera.
+The sports cars from the 911 (36,236 units),
+718 Boxster (12,515 units) and 718 Cayman
+(6,379 units) model ranges are manufactured
+in Zuffenhausen. In addition, a further 4,764
+units of the 718 Cayman were produced at the
+multi-brand facility in Osnabrück.
+In 2018, Porsche successfully managed four
+production runs for new models: Cayenne,
+911 GT3 RS, Macan and the eight generation
+of the iconic 911 sports car.
+The sports cars from
+The 911 remains the heart of the product
+line-up and plays a significant part in making
+Porsche one of the most profitable carmakers
+in the world. The venerable main plant in
+Stuttgart-Zuffenhausen is another key compo-
+nent in the company's success. With 250 units
+rolling off the line each day, the plant is pro-
+ducing more vehicles than ever before. A clever
+control and production principle allows the
+assembly of all two-door sports cars - the
+911, 718 Boxster and 718 Cayman - on one
+production line. Thanks to the highly flexible
+production system, many customer customi-
+zation wishes can be fulfilled at Zuffenhausen
+as part of the series production process.
+In the reporting year, one particular challenge
+was not simply to build the numerous model
+variants of the 718 and 911 model lines,
+but also to ramp up production of the eighth
+generation of the 911 as well. As a result, the
+still-available variants of the predecessor
+generation such as the 911 Turbo and the
+911 GT models - were being assembled in
+parallel with the new 911 models of type 992.
+the 911 (36,236 units),
+718 Boxster (12,515
+units) and 718 Cayman
+(6,379 units) model
+ranges are manufac-
+tured in Zuffenhausen.
+In addition, a further
+4,764 units of the
+718 Cayman were
+produced at the
+multi-brand facility
+in Osnabrück.
+PRODUCTION IN ZUFFENHAUSEN
+116
+Production volume
+Vehicles
+for historic models
+PRODUCTION IN ZUFFENHAUSEN
+250
+SPORTSCAR TOGETHER DAY
+The one-of-a-kind 911
+Turbo of Type 993 was
+built on the basis of an
+original body-in-white.
+The extraordinary nature
+of its creation is
+matched only by its
+appearance: visually, the
+classic car in Golden
+Yellow Metallic draws on
+the design of the 911
+Turbo S Exclusive Series
+of the Type 991.
+To mark the "70 Years of Porsche Sports Cars" anniversary, customers and fans of the brand were
+invited to join together and celebrate the fascination of Porsche in early June 2018. "Sportscar
+Together Day" events were held at the brand's sales locations all around the world. One highlight
+was the "Sportscar Together Day" at Cannstatter Wasen in Stuttgart, in which more than 40,000
+Porsche fans took part - including US actor Patrick Dempsey, "Urban Outlaw" Magnus Walker,
+Le Mans winner Marc Lieb and race engineer Norbert Singer.
+203,097
+"Sportscar Together Day"
+events were held at the
+brand's sales locations
+all around the world.
+One highlight was the
+"Sportscar Together Day"
+at Cannstatter Wasen
+in Stuttgart, at which
+more than 40,000
+Porsche fans joined in
+the festivities.
+SPORTSCAR TOGETHER DAY
+AvD-Oldtimer-Grand-Prix:
+Porsche Classic celebrates an anniversary
+In August 2018, Porsche Classic celebrated
+70 years of living sports car history at the
+AvD-Oldtimer-Grand-Prix on the Nürburgring.
+Standing in for the successes of the classics
+from Zuffenhausen, another anniversary was
+also in the spotlight: the 30-year anniversary
+of the 964 generation of the 911. Motor racing
+fans were delighted by the participation of
+Derek Bell, the five-time overall winner of the
+24 Hours of Le Mans. He started in a 911
+from 1965 in the "Gentlemen Drivers" class.
+In addition, for the first time the Oldtimer-
+Grand-Prix held two races in the current
+Porsche Carrera Cup Deutschland.
+Porsche at the Techno Classica with a new
+stand concept
+In the reporting year, Porsche Classic appeared
+at the Techno Classica with a new stand
+concept, many product highlights and special
+vehicles. Spread over more than 1,500 square
+metres, the brand celebrated two anniversa-
+ries in one fell swoop: 70 years of Porsche
+sports cars and 30 years of the Porsche 911
+Type 964. The brand presentation focussed on
+genuine parts, new services and restorations.
+The visitors had the chance to see for
+themselves the quality of Porsche Classic
+works restorations in the impressive form of a
+completely restored Porsche 959 and the
+body-in-white of a Porsche 356. Moreover,
+13 Porsche Classic Partners from seven
+European countries exhibited cars for sale and
+provided information about their services.
+"Project Gold": 911 classics made of
+Genuine Parts
+Highly attractive collector's item: Porsche
+Classic built the last 911 Turbo with an
+air-cooled engine - 20 years after the end of
+series production. The one-of-a-kind 911
+Turbo of Type 993 was built on the basis of an
+original body-in-white. The extraordinary
+nature of its creation is matched only by its
+appearance: visually, the classic car in Golden
+Yellow Metallic draws on the design of the
+911 Turbo S Exclusive Series of the Type 991.
+The black wheels feature design lines in golden
+yellow, the seats and interior are black with
+golden yellow appliqués. The body features
+the characteristic side air intakes of the Type
+993 Turbo S, which were also available as an
+option for the 911 Turbo in 1998. The 331 kW
+(450 hp) sports car classic celebrated its
+world première at the Porsche Rennsport
+Reunion in Laguna Seca (USA) on 27 Septem-
+ber 2018. On 27 October 2018, the one-off
+classic, which can only be driven on private
+circuits, fetched USD 3.1 million in a RM
+Sotheby's auction at the Porsche Experience
+Centre in Atlanta. The proceeds benefit the
+charitable Ferry Porsche Foundation.
+PROJECT GOLD
+114
+Performance - Sales, Production, Procurement
+PROJECT GOLD
+3D printer provides spare parts
+200
+Porsche is hiring 1,200 new employees for
+production of the Taycan. They have to be
+acquired, qualified and integrated into the
+workforce. A further 300 employees will be
+added with the start of production of the
+Mission E-based model, the Cross Turismo.
+100
+118
+PRODUCTION IN ZUFFENHAUSEN
+Under the heading
+Porsche Production 4.0,
+the company is estab-
+lishing a networked,
+transparent and modern
+production apparatus.
+One of the many
+innovations being
+introduced with the
+production start of the
+new electric Porsche
+is the Flexi-Line.
+PRODUCTION IN LEIPZIG: MACAN
+PRODUCTION IN LEIPZIG
+Among the noteworthy events at the Porsche
+Leipzig location was the production start of
+the new Macan, which was enhanced across
+the board in terms of design, comfort, connec-
+tivity and driving dynamics. The first unit rolled
+off the line in Leipzig in August. Introduced in
+2014, with over 86,000 deliveries per year the
+Macan has since become the most popular
+model in the Porsche product range.
+Plug-in hybrids increasingly popular
+Porsche ceased building vehicles with diesel
+powertrains in February of 2018. Previously,
+they had been assembled at the Leipzig and
+Bratislava plants - with diesel engines
+manufactured by the group. In September
+2018, Porsche announced the official end
+of the diesel versions of the Macan, Cayenne
+and Panamera. At the same time, hybrid
+models have become ever more popular.
+SUSTAINABILITY
+Zero Impact Factory
+01
+Porsche has firmly anchored its commitment
+to sustainability in its production strategy,
+pursuing its Zero Impact Factory objective. The
+initiative is based on the environmentally con-
+scious goal of achieving vehicle production -
+including the entire value creation chain - with
+no environmental footprint. The Zero Impact
+Factory is a comprehensive concept encom-
+passing numerous measures.
+In logistics, too, sustainable planning and
+control were further advanced in the reporting.
+year as part of the Green Logistics strategy.
+The strategic approach is characterized by
+across-the-board optimization. To minimize
+the effects on the environment and ensure
+that logistics processes are as sustainable as
+possible, further measures and potential
+improvements were identified, assessed and
+implemented in 2018. In the process, Porsche
+focussed on the fields of transport, storage
+and energy consciousness.
+In view of the increasing traffic volume in urban
+areas, Porsche is also committed to playing
+a significant role in avoiding emissions. In the
+transport department, for example, additional
+models were added during the reporting
+year to the electric fleet already in use. At the
+Zuffenhausen plant, a new electric lorry and
+an additional e-hybrid one were put into service.
+Furthermore, a new, electrically powered
+transporter was used for courier trips between.
+the locations. Through the use of these elec-
+trically powered vehicles, the company is able
+to save 71 tonnes of CO2 per year. With these
+measures, Porsche is demonstrating its com-
+mitment to further minimising the emissions
+generated in logistics.
+In the transport department, packaging and
+filling capacities were reduced, which in turn
+reduced the transport volume. This not only
+reduced costs, but also led to reduced annual
+CO2 emissions: 22 tonnes CO₂ at the
+Zuffenhausen site and 26 tonnes of CO2 at
+the Leipzig site.
+Porsche was able to achieve further improve-
+ments in terms of sustainability in the
+transport of new vehicles. For example, models
+destined for export are transported to the sea-
+ports by train. As rail freight traffic is operated
+solely with green electricity, logistics has been
+able to save 6,194 tonnes of CO2₂ per year.
+Performance - Sales, Production, Procurement
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+119
+"Sportscar Together Day" worldwide
+Green Logistics
+for the electric motors for the Taycan is
+located in the immediate vicinity. Chassis
+production and the in-house saddlery also
+moved into new spaces in the reporting year:
+modern methods of material analysis and
+efficient processing enable Porsche to work
+responsibly with leather and better accom-
+modate individual customer wishes.
+For the V8 combustion engines used in the
+Panamera and Cayenne model ranges,
+Porsche has established an engine production
+facility in Zuffenhausen. The production facility
+Engine construction, chassis production,
+saddlery
+50
+268,691
+255,683
+239,618
+234,497
+0
+2014
+2015 2016
+2017
+2018
+SCAN
+THIS CHART
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 160-161.
+Performance - Sales, Production, Procurement
+117
+Investment in the future: Taycan
+production facility
+In addition to the traditional two-door sports
+car models, the main plant is abuzz with the
+transition to the era of e-mobility. In the
+reporting year, preparations for the production
+start of the first all-electric drive sports car
+from Porsche were proceeding full steam
+ahead. The new production facilities for the
+Taycan at the main plant are being erected
+during ongoing operations.
+The shift toward e-mobility is associated with
+total investments to the tune of six billion
+euros through 2022. Of that, some 700 million
+euros will go exclusively to the construction of
+the Taycan production facilities in Zuffenhausen.
+And it is not just the main plant's existing
+bodyshop that will be expanded. There will
+also be a new paint shop, an electric motor and
+component production facility and a new
+assembly plant.
+Under the heading Porsche Production 4.0, the
+company is establishing a networked, trans-
+parent and modern production apparatus. One
+of the many innovations being introduced
+with the production start of the new electric
+Porsche is the Flexi-Line, in which the vehicles
+are guided through the production process
+by driverless automated guided vehicle (AGV)
+systems. The systems operate without the
+hall's double floor, which the traditional
+assembly line, with its sliding plates, requires.
+With the Flexi-Line, Porsche combines the
+advantages of the classic assembly line princi-
+ple with the advantages of flexible assembly.
+This makes it possible not only to set up the
+buildings much more variably than previously,
+but also the production steps. That benefits
+the ergonomics of the work stations as well as
+the quality of the product and profitability.
+Porsche is the first carmaker to employ this
+groundbreaking production technology.
+PRODUCTION IN ZUFFENHAUSEN
+150
+113
+Historic Plant 1 in Zuffenhausen re-opened for
+customers in 2018. Porsche Exclusive opened
+factory collection and customer consultation
+services in the historical brick building in
+summer 2018. Plant 1 has continued to unite
+tradition and the future down the ages: in
+112
+Alongside the new 911, the Porsche 911 GT2
+RS Clubsport also celebrated its world première
+at the Los Angeles Auto Show. Production of
+this car, which can be driven at clubsport
+events as well as selected motor racing meets,
+is limited to 200 units. The technology of
+the 515 kW (700 hp) strong racing car from
+Weissach is based on the high-performance
+sports car 911 GT2 RS - as is the case with
+the 935 presented a few weeks earlier. Both
+vehicles share the drive with the road equiva-
+lent: a state-of-the-art 3.8-litre six-cylinder
+boxer engine with biturbo charging. Power is
+transferred to the rear-mounted engine via a
+seven-speed Porsche dual-clutch transmission
+(PDK) with rigid gearbox suspension at the
+310-millimetre-wide rear axle. As with all other
+racing versions of the 911, the driver changes
+gears via ergonomically positioned shift pad-
+dles on the steering wheel. The positioning of
+the engine behind the rear axle ensures
+excellent traction and braking performance.
+Six-piston aluminium monobloc racing calli-
+pers on the front axle in combination with
+internally ventilated and grooved steel brake
+discs with a 390-millimetre diameter provide
+excellent deceleration at the front axle. The
+rear axle is fitted with four-piston callipers and
+380-millimetre discs.
+World première of the Porsche 911 GT2 RS
+Clubsport
+103
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Research and development
+to support. These are located right across
+the world and are focused on wind energy,
+hydropower and solar energy as well as the
+protection of forests.
+Porsche Impact is an emissions calculator,
+which works out the financial contributions
+that Porsche drivers can pay to offset their
+carbon footprint. Drivers can choose which
+internationally certified climate projects
+Just like the road-legal 911 GT2 RS, the
+1,390-kilogram Clubsport version is equipped
+with PSM (Porsche Stability Management)
+including traction control as well as an anti-
+lock braking system (ABS). Thanks to a map
+switch on the centre console, these assis-
+tance systems can be adjusted separately or
+switched off completely, depending on the
+driving situation. The carbon steering wheel
+and the colour display behind it in the 911 GT2
+RS Clubsport are taken from the 911 GT3 R
+of model year 2019. A massive roll cage in
+combination with a racing bucket seat and
+six-point belts ensures maximum safety. Air
+conditioning provides optimal cooling of
+the interior.
+The Porsche 360+ with its central feature, a
+personal lifestyle assistant, aims to take the
+Porsche experience beyond the car itself and is
+available to drivers 24/7. The aim is to make
+everyday life easier, and to provide access to
+exclusive experiences.
+PORSCHE 360+ APP
+102
+The eighth generation of
+this Porsche icon con-
+tinues to set the standard
+in exclusive sports car
+design: unmistakably
+committed to the Porsche
+design DNA, with a much
+more muscular look, and a
+completely new interior
+featuring a 10.9-inch
+touchscreen monitor, the
+new 911 is both timeless
+and contemporary.
+THE NEW PORSCHE 911
+In a world first, Porsche has developed wet
+mode, included as standard. This function
+detects water on the road, prepares the con-
+trol systems accordingly and warns the driver,
+who can then set up the vehicle for a parti-
+cular emphasis on safety by simply pushing
+a button or using the mode switch on the
+steering wheel (Sport Chrono Package). The
+camera-based warning and brake assist sys-
+tem, also fitted as standard, detects the risk
+of collision with other vehicles, pedestrians
+or cyclists, and initiates a warning or emergency
+braking if necessary. Night Vision Assist with
+a thermal imaging camera is optionally availa-
+ble for the 911 for the first time. The adaptive
+cruise control option includes automatic
+distance control, stop-and-go function and
+reversible occupant protection.
+be operated quickly and without distraction
+thanks to the new architecture. Located
+underneath this screen is a compact switch
+unit with five buttons for direct access to
+important vehicle functions. In terms of digi-
+talisation, the 911 takes the next step into
+the future with permanent connectivity as well
+as new functions and services. The standard
+PCM module features include online navigation
+based on swarm data as well as Porsche
+Connect Plus.
+The completely new interior is characterised
+by the clean, straight lines of the dashboard
+with recessed instruments. The 911 models
+from the 1970s provided the inspiration here.
+Alongside the central rev counter - typical
+for Porsche - two thin, frameless freeform
+displays supply information to the driver. The
+centre Porsche Communication Management
+(PCM) screen is now 10.9 inches, and can
+New digital tools
+With the launch of the new 911, Porsche is
+also unveiling three exclusive digital tools.
+Porsche Road Trip helps driving enthusiasts to
+plan, organise and navigate trips that are just
+that little bit special. The curated routes
+feature exclusive recommendations for restau-
+rants and hotels, while points of interest or
+viewpoints are highlighted en route.
+The exterior has been redesigned and under-
+lines the performance leap of the new 911.
+Above the large wheels with 20" diameter at
+the front and 21" diameter at the rear, there
+are significantly wider wheel arches. The rear
+end is now the same width across all models,
+highlighting the slimline centre section. At
+the front, the body is 45 mm wider. The flush
+integration of the electric pop-out handles
+in the doors emphasises the smooth, tapered
+side contour. Between the new LED head-
+lights, a bonnet with a pronounced recess
+evokes the design of early 911 generations.
+The rear is dominated on all models by the sig-
+nificantly wider, variable-position rear spoiler
+and the seamless, elegant light bar. With the
+exception of the front and rear sections, the
+entire outer skin is now made from aluminium.
+911 GT2 RS CLUBSPORT
+Porsche has expanded its range of compact
+SUVS with the addition of the powerful
+Macan S. The new model from the sports car
+manufacturer features a three-litre V6 turbo-
+charged petrol engine. It delivers 260 kW
+(354 hp) and has a maximum torque of
+480 Nm, an increase of 10 kW (14 hp) and
+20 Nm compared with the previous model.
+With the optional Sport Chrono Package, the
+new Macan S accelerates from zero to
+100 km/h in just 5.1 seconds, an improve-
+ment of 0.1 of a second. The car's top speed
+is 254 km/h. Using the central turbo layout,
+the turbocharger is located in the inner V; this
+results in short exhaust gas paths between
+the combustion chambers and the turbo-
+charger, ensuring outstanding and immediate
+responsiveness. The new twin-scroll turbo-
+charger provides high torque at low engine
+speeds. With twin-scroll technology, the ex-
+haust gas flows are continuously fed to the
+turbine wheel as separate streams, significantly
+reducing any charge cycle disadvantages.
+The refined combustion chamber geometry
+with a central injector promotes efficient fuel
+mixture formation. In addition to the increase
+in the power output per litre, from 113 to
+118 hp, the emissions have also been reduced.
+Fuel consumption (NEDC-correlated) is
+8.9 l/100 km.
+Traditionally, "T" stands for "Touring" in Porsche
+models, and is synonymous with driving pleas-
+ure in its purest form. The 718 T will be most
+at home on winding country roads, offering the
+joy of dynamic driving as its ultimate goal.
+The two-seater accommodates this philosophy
+through a pared down range of features. These
+include black door pulls in the door panels,
+as well as sports seats with electric two-way
+adjustment, black Sport-Tex centre sections,
+and the embroidered "718" logo on the head-
+rests. The Porsche Communication Manage-
+ment (PCM) module has also been replaced by
+a large storage compartment, though buyers
+who do not wish to forgo the entertainment
+system may order it at no extra charge. Put
+together, these measures balance out the
+additional weight of the newly added gasoline
+particulate filter (GPF).
+ranges combines the 220 kW (300 PS) turbo.
+four-cylinder boxer engine with a particularly
+emotional Porsche driving experience. The
+high-performance character of the T models is
+emphasised by an extensive equipment pack-
+age, which includes 20-inch alloy wheels, the
+PASM sports chassis lowered by 20 millime-
+tres - which is being offered in combination
+with the 2.0-litre turbocharged engine for the
+first time in this line - the shortened gearshift,
+on which the gears are emblazoned in red,
+and the Sport Chrono Package. These features
+can only be enjoyed in combination with the
+basic engine in the 718 T. Porsche is offering
+the 718 T with six-speed gearbox and Porsche
+Torque Vectoring (PTV), including mechanical
+rear axle differential locking. Porsche dual-
+clutch transmission (PDK) is also available as
+an option.
+With the 718 T, Porsche has transferred the
+puristic design of the 911 T launched back in
+1968 to its line of two-seater sports cars.
+The new model in the Boxster and Cayman
+Puristic design: 718T
+718 T
+5-606227
+MACAN S
+New Macan S
+on the brake master
+cylinder via a shortened
+lever arm.
+Macan S, and the driver
+will notice this most
+A lot of detailed work
+has also gone into the
+brakes of the new
+a 10.9-inch interior touchscreen.
+A lot of detailed work has also gone into the
+brakes of the new Macan S, and the driver will
+notice this most of all in the form of a changed
+pedal feel. The pedal in question weighs
+around 300 g less than the previous steel part,
+and acts on the brake master cylinder via a
+shortened lever arm. This results in a more
+immediate brake response, and the driver can
+also feel a very precise pressure point thanks
+to the firm connection. The even more sporty
+approach in the new Macan S is reflected in
+the larger front brake discs, with disc diameter
+increased by 10 mm to 360 mm, and disc
+thickness up by 2 mm to 36 mm. The new
+brake pads are copper-free. The Macan S can
+be fitted with the optional Porsche Ceramic
+Composite Brake (PCCB). The Macan S also
+benefits from all the innovations introduced
+during the latest facelift, including a three-
+dimensional rear LED lightbar, and the new
+fully connected Porsche Communication
+Management (PCM) system, which features
+again as part of this model's facelift. On the
+front axle, spring forks made from aluminium
+replace the previous steel components.
+The new alloy construction is more rigid and
+reduces unsprung mass, making the steering
+on the Macan more precise and improving
+ride comfort. Newly tuned sway bars also
+ensure more neutral handling.
+Mobil T
+As distinctively sporty as ever, the Macan's
+chassis features staggered tyres and Porsche
+Traction Management (PTM) all-wheel drive,
+and has been overhauled and optimised once
+of all in the form of a
+changed pedal feel.
+The pedal in question
+weighs around 300 g
+less than the previous
+steel part, and acts
+The next generation of flat-six turbocharged
+engines has been further developed and is
+more powerful than ever before, delivering
+331 kW (450 hp) in the S models. This is an
+increase of 22 kW (30 hp) compared with
+the predecessor model. Both 911 models beat
+the four-second mark for acceleration from
+zero to 100 km/h: the rear-wheel-drive Coupé
+needs 3.7 seconds and the 911 Carrera 4S
+with all-wheel drive just 3.6 seconds. This
+makes both cars 0.4 seconds faster than their
+predecessor. This advantage is increased by
+a further 0.2 seconds with the optional Sport
+Chrono Package. The top speeds are now
+308 km/h (911 Carrera S) and 306 km/h for
+the all-wheel-drive version.
+continues to set the standard in exclusive
+sports car design: unmistakably committed to
+the Porsche design DNA, with a much more
+muscular look, and a completely new interior
+featuring a 10.9-inch touchscreen monitor,
+the new 911 is both timeless and contempo-
+rary. Intelligent control and chassis elements
+as well as innovative assistance systems
+combine the superior, uncompromising dyna-
+mism for which the classic rear-engine sports
+car is renowned with the demands of the
+digital world.
+As part of a spectacular event in Los Angeles,
+Porsche presented the latest generation 911.
+The eighth generation of this Porsche icon
+New exclusive Porsche 935
+The Cayman GT4 Clubsport is powered by
+a 283 kW (385 hp) 3.8-litre flat-six boxer
+engine. The vehicle features Porsche dual-
+clutch transmission (PDK) with shift paddles
+on the steering wheel. To cope with the rigours
+of rallying, full underbody protection has been
+fitted. An energy-absorbing foam element,
+as used in WRC cars, has been mounted in
+the doors.
+Concept study: Cayman GT4 Clubsport
+Fans were given a real treat at the ADAC Rallye
+Deutschland when a very special course car,
+the Porsche Cayman GT4 Clubsport, drove out
+ahead of the starter field. For Porsche, the entry
+of a concept study for the FIA R-GT category
+based on the series-production GT circuit race
+car was a critical test under real conditions.
+CAYMAN GT4 CLUBSPORT
+The optimised chassis showcases Macan's
+exceptional status as a sports car in the
+compact SUV segment. The fine tuning en-
+sures greater neutrality with the same level of
+driving stability and even greater comfort.
+Newly developed tyres with improved perfor-
+mance characteristics allow for even better
+lateral dynamics and create an even more
+enjoyable driving experience.
+The list of options designed to enhance con-
+venience has been extended to include a traffic
+jam assistant, an air ioniser and a heated
+windscreen. The new traffic assist system uses
+adaptive cruise control to allow the vehicle
+to travel at speeds of up to 60 km/h for a more
+pleasant and relaxing drive. As well as being
+able to accelerate and brake semi-automati-
+cally, the system helps the driver to stay in
+lane in traffic jams and poor-flowing traffic.
+The Macan also comes fully interconnected
+as standard thanks to the Connect Plus
+module. This includes the Voice Pilot intelligent
+voice control, real-time traffic information, a
+connection to the Here Cloud with up-to-the-
+minute swarm-based traffic data, and the new
+Offroad Precision app, which documents and
+analyses the offroad experience.
+New Macan celebrates world premiere
+Porsche launched its new Macan in Shanghai.
+This compact SUV, which has enjoyed great
+success since 2014, has been given a full
+makeover, specifically as regards design, com-
+fort, connectivity and driving dynamics.
+The Macan remains the sporty flagship of its
+segment. In keeping with Porsche's design
+DNA, the new model features a three-dimen-
+sional LED light panel on the rear of the vehicle.
+LED technology will also be incorporated as
+standard into the newly designed main head-
+lights. The most striking innovations inside
+are the new fully interconnected Porsche
+Communication Management (PCM) module
+with 10.9-inch touchscreen, the new-look air
+vents and also the GT sports steering wheel,
+famously associated with the 911. The PCM
+provides access to new digital functions such
+as intelligent voice control and online naviga-
+tion, the latter coming as standard.
+Porsche presented its new 935 model at the
+Rennsport Reunion in 2018. Around 80,000
+Porsche enthusiasts attended this historic
+motorsport gathering at the Laguna Seca
+Raceway in the USA, which provided the per-
+fect backdrop for the unveiling of the 935.
+The new 515 kW (700 hp) racing car has been
+styled to look like its legendary predecessor,
+the 935/78. The fact that the vehicle has not
+been homologated means that the engineers
+and designers were not bound by the usual
+regulations and could give free rein to their
+creativity. There will be a limited production
+run of 77 units.
+1949-2018
+PORSCHE
+911 SPEEDSTER CONCEPT
+The broad body of the concept car has been
+borrowed from the 911 Carrera 4 Cabriolet,
+although the concept's wings, front bonnet
+and rear cover are made of lightweight carbon-
+fibre composite material. The chassis has been
+borrowed from the 911 GT3. The GT develop-
+ers also contributed the exhaust system with
+titanium tailpipes and the powertrain, which
+includes a six-speed manual transmission.
+This similarly applies to the centrepiece of this
+strictly limited special model: the Speedster
+Concept's flat-six boxer engine, which delivers
+over 500 hp and revs up to 9,000 rpm.
+All body components as well as the entire
+technology of both the 911 Speedster
+Concept cars are identical. This includes the
+shortened window frames with their lowered
+cowl top panels and the smaller side windows
+as well as the carbon-fibre rear bonnet with
+the double-bubble cover behind the seats.
+Both cars come with a lightweight Tonneau
+cover, fitted by Tenax buttons, instead of a
+convertible soft top.
+The Speedster is the first car to be offered
+with the new Heritage Design packages. This
+accessory line by Porsche Exclusive allows
+for an even higher degree of customisation.
+In addition to the eye-catching paintwork,
+21-inch centre lock wheels are another visual
+highlight on both axles of this latest concept
+study. Their cross-spoke wheel design draws
+on the look of current-day Porsche racing cars
+such as the 911 RSR and the GT3 R, while
+the tinted daytime running lights also take their
+inspiration from current motor sport trends.
+These are red in this case to complement the
+car's paintwork. The two "Talbot"-shaped
+exterior mirrors as well as the fuel tank cap -
+centrally positioned on the bonnet - are
+designed in a gleaming black chrome and plat-
+inum. The interior features partly perforated
+black leather with red accents.
+Porsche marked the 70th anniversary of its
+sports cars in a particularly apt way: the 911
+Speedster Concept is a road-ready study of an
+open-top and particularly exciting sports car.
+Sure to please the purists, the 911 Speedster
+Concept reflects the Porsche brand essence
+with precise clarity, placing the pure driving
+experience at its heart. The heritage model of
+the 911 Speedster Concept was unveiled to
+the public at the official "70 years of Porsche
+sports cars" celebrations in Zuffenhausen. In
+October the company then decided to produce
+a strictly limited run of just 1,948 units of the
+open-top two-seater in 2019.
+The Speedster Concept: open-top, pure and
+with over 500 hp
+PORSCHE
+The technology behind this racing car
+designed for club sport events and private
+racetrack training is based on the high-
+performance 911 GT2 RS sports car. Like its
+historic predecessor, most of the body has
+been replaced or supplemented by carbon-
+fibre composite parts (CFRP). With its stream-
+lined extended rear, the 935 is 4.87 metres
+long. The width of the exclusive clubsport
+racer measures 2.03 metres.
+The spectacular aerodynamics are a com-
+pletely new development and a nod to the
+Porsche 935/78 Le Mans race car, which fans
+dubbed "Moby Dick" on account of its elon-
+gated shape, massive fairings and white base
+colour. The distinctive wheel arch air vents on
+the front fairings, which also feature on the
+GT3 customer sports vehicle 911 GT3 R,
+increase downforce at the front axle.
+Measuring 1,909 millimetres in width by
+400 millimetres in depth, the rear wing
+lends aerodynamic balance.
+Many details of the exterior are a salute to
+winning vehicles from the company's motor
+racing history: the aerodynamically capped
+rims echo those of the 935/78, with the LED
+rear lights on the rear wing endplates adopted
+from the 919 Hybrid LMP1 race car. The side
+mirrors hail from the current Le Mans-winning
+911 RSR, with the exposed titanium tailpipes
+modelled on the Porsche 908 from 1968.
+The new Porsche 911: stronger, faster
+The GTS also features one highlight that is
+new to the entire Panamera range - the
+head-up display. Configured by the driver,
+this display projects all relevant driving infor-
+mation directly into the driver's line of sight
+in full colour.
+Compared with their predecessor, the new
+Panamera GTS models' standard equipment
+package has been significantly upgraded in a
+number of areas. The Sport Design package
+with a new black front end, black trim at the
+bottom of the rear, and a variety of darker ac-
+cents highlights the more athletic appearance.
+The GTS models are equipped with 20-inch
+Panamera Design alloy wheels as standard.
+The interior features hallmark elements of
+black Alcantara and anodised aluminium. The
+standard package also includes a heated multi-
+function sports steering wheel with gearshift
+paddles and Alcantara trim, and the Connect
+Plus module offering a wide range of digital
+services. With the optional GTS Interior pack-
+age, drivers can customise their vehicle with
+various design elements, such as a rev counter,
+designer seams, and GTS logos in the contrast-
+ing shades of Carmine Red or Chalk.
+diameter at the front, 365 millimetres at the
+rear) deliver exceptional deceleration.
+Designed to reflect the sporting prowess of
+the Panamera GTS models, the chassis systems
+are impressively dynamic. The adaptive air
+suspension with three-chamber technology
+is fitted as standard, which results in flexible
+control and optimum spring rate spread. The
+sports chassis in the two GTS models has been
+lowered by ten millimetres, while the Porsche
+Active Suspension Management (PASM)
+function has been adapted for an even sportier
+calibration. The result is outstanding lateral
+dynamics. Large brakes (390 millimetres in
+Porsche added two extra-sporty models to its
+Panamera range during the reporting year:
+the Panamera GTS and, for the first time, the
+Panamera GTS Sport Turismo - with a large
+boot lid, low loading sill, increased luggage
+compartment volume and 4+1 seating config-
+uration. At the heart of both of the new
+Panamera GTS models is a four-litre V8 engine
+with 338 kW (460 hp) of output and maxi-
+mum torque of 620 Nm, cultivating an emo-
+tional sound and driving experience when
+combined with the standard sports exhaust
+system. The twin-turbo engine, which features
+a gasoline particulate filter, outperforms its
+predecessor by 15 kW (20 hp) and 100 Nm,
+accelerating the Panamera GTS and Panamera
+GTS Sport Turismo from zero to 100 km/h
+in 4.1 seconds as it works in conjunction with
+the standard Sport Chrono Package. The
+two models achieve a top speed of 292 and
+289 km/h respectively. There are no interrup-
+tions in tractive force as power is transmitted
+to the Porsche Traction Management (PTM)
+all-wheel drive system by the eight-speed
+PDK dual clutch gearbox.
+Two new GTS models: two athletes join the
+Porsche Panamera family
+PANAMERA GTS AND PANAMERA GTS SPORT TURISMO
+101
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Research and development
+NEW EXCLUSIVE PORSCHE 935
+MACAN
+100
+Like the road-legal 911 GT2 RS, the
+1,380-kilogram 935 is equipped with PSM
+(Porsche Stability Management) including
+traction control as well as an anti-lock braking
+system (ABS). Thanks to a map switch on
+the centre console, these assistance systems
+can be adjusted separately or switched off
+completely, depending on the driving situation.
+The new 935 is powered by a state-of-the-art
+3.8-litre six-cylinder twin-turbo boxer engine,
+which is largely identical to the high-perfor-
+mance standard unit in the road-legal 911
+GT2 RS. Power is transferred to the rear-
+mounted engine via a seven-speed Porsche
+dual-clutch transmission (PDK) with rigid gear-
+box suspension at the 310-millimetre-wide
+rear axle. As with the GT road models of the
+911, the driver changes gears via conveniently
+positioned shift paddles on the steering wheel.
+The 911's typical weight distribution ensures
+excellent traction and braking performance.
+Six-piston aluminium monobloc racing calli-
+pers on the front axle in combination with
+internally ventilated and grooved steel brake
+discs with a 380-millimetre diameter provide
+excellent deceleration values at the front axle.
+The rear axle is fitted with four-piston calli-
+pers and 355-millimetre discs.
+These references are carried through to the
+cockpit. The knob on the gearshift lever has a
+laminated wood design and is reminiscent of
+racers such as the 917, the 909 Bergspyder
+and the Carrera GT super sports car. The car-
+bon steering wheel and colour display are
+taken over by the 935 from the 911 GT3 R of
+model year 2019. A massive safety cage in
+combination with a racing bucket seat and six-
+point belts ensures maximum safety. A second
+seat on the passenger side is available as an
+optional extra. Air conditioning provides opti-
+mal cooling of the interior.
+The exterior of the Porsche 718 T is character-
+ised by its muscular appearance. With
+20-inch alloy wheels painted in high-gloss
+titanium grey, combined with the PASM sports
+chassis with 20-millimetre lowered body, it
+simply looks outstanding on the road. Agate
+grey mirror shells and "718 Boxster T" or
+"718 Cayman T" logos on the sides identify
+the particular model, which can also be
+distinguished from the rear by the centrally
+positioned sports exhaust with black, chrome-
+plated twin tailpipes. In terms of exterior
+colours, buyers can choose from black, Indian
+Red, Racing Yellow and white, as well as
+the metallic colours Carrara White, Deep Black
+and GT Silver. Porsche is also offering Lava
+Orange and Miami Blue as special colours.
+Performance - Sales, Production, Procurement
+104
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Some 800 invited guests celebrated the grand opening of the new Porsche Centre in Hamburg in
+July 2018. It is among the most modern sales locations worldwide. At the Lübecker Tor junction,
+Porsche is exhibiting the entire model range as well as all products and services associated with
+the brand. The 10,900-square metre grounds include a roughly 2,100-square metre showroom
+for up to 50 new and used vehicles. The workshop area is equipped with 25 lifting platforms.
+There are twelve charging pedestals for customer vehicles in front of the centre, with fast charg-
+ing pedestals to be added in 2019. In the customer consultation area, a Customer Concierge
+is supported by a technology expert who can advise customers on questions of digitalisation and
+connectivity. Also new is the "Valet Parking Service".
+New Porsche Centre in Hamburg
+PORSCHE EXPERIENCE CENTRE HOCKENHEIM
+Spontaneously appearing right where the
+people are - this is the basic concept behind
+the sales pop-up format. The Porsche brand
+pops up briefly at a hot-spot or place with a
+whole new type of customer potential. The
+sales pop-ups are operated by the local
+Porsche Centres. The company has developed
+a modular equipment concept for the innova-
+tive marketing format. This makes it possible
+for the different locations to use the concept in
+a market-appropriate manner regardless of
+size - be it indoors or under the open sky. The
+focus is the quality of the experience: the idea
+is for customers, prospective customers and
+random passers-by to feel as comfortable as
+possible. Blumenau - an up-and-coming
+major city in the south of Brazil - was the first
+place to host a Porsche Sales pop-up between
+mid-October and the end of December 2018.
+Over a space of 225 square metres, the
+centrally situated pop-up offered space for
+two exhibition vehicles, a configuration area
+and a lounge. The second Sales pop-up -
+dubbed "La Mer" - opened on one of the most
+popular beaches in Dubai at the end of October
+2018. Through to mid-January 2019, Porsche
+showcased a constantly changing line-up of
+sports car models beneath the open sky. The
+exhibition space was surrounded by a large
+lounge area.
+Sales pop-up: new sales concept
+11
+111
+At the Lübecker Tor
+junction, Porsche is
+exhibiting the entire
+model range as well as
+all products and services
+associated with the
+brand. The 10,900-
+square metre grounds
+include a roughly
+2,100-square metre
+showroom for up to 50
+new and used vehicles.
+PORSCHE STUDIO BEIRUT
+PORSCHE CHARGING SERVICE
+Performance Sales, Production, Procurement
+110
+in July 2018.
+East since January 2018,
+and the "Porsche Studio
+Cape Town" was opened
+in China, four further
+locations were added
+in 2018. The "Porsche
+Studio Beirut" has
+ensured a stronger
+presence in the Middle
+After being launched in
+2017 with "Porsche in
+Sylt" and the "Porsche
+Studio Guangzhou"
+PORSCHE STUDIO BEIRUT
+PORSCHE STUDIO MAILAND
+PORSCHE
+Factory collection in Zuffenhausen
+As part of a collaboration
+with Google, Porsche has
+developed an augmented
+reality app that shows
+the Mission E. Different
+viewing modes allow the
+user to discover the
+brand's first all-electric
+sports car digitally.
+Drive
+to the main production plant in Zuffenhausen,
+as well as the audio guide for the museum.
+A digital assistant answers questions.
+In July and August of 2018, a pair of VR glasses
+transported visitors to the Porsche Museum
+back to the year 1948 and the village of
+Gmünd, Austria. That is where the first Porsche
+workshop was established 70 years ago. The
+workshop and the surrounding areas were
+reconstructed with painstaking attention to
+detail as an virtual landscape experience. The
+VR experience is the latest building block in
+the digital experience concept in Zuffenhausen.
+Also new is the Porscheplatz app: it is available
+for free in German and English versions for
+Android and Apple devices and includes all
+information, activities and services relating
+VR glasses and Porscheplatz app
+A virtual experience of the technology of
+tomorrow today - augmented reality makes it
+possible: as part of a collaboration with Google,
+Porsche has developed an augmented reality
+app that shows the Mission E. Different
+viewing modes allow the user to discover the
+brand's first all-electric sports car digitally.
+The app is for AR-capable smartphones with
+the Android and iOS operating systems from
+Google and Apple respectively, and is free
+to download and use.
+Drive
+Other Porsche Experience Centres
+Experience the fascination of Porsche at first
+hand. This slogan typifies the new Porsche
+Experience Centre in China, the first centre of
+its kind in Asia. The centre, located in direct
+proximity to the Shanghai International Circuit,
+is the sixth such site in the world. The
+110,000-square metre grounds offer custom-
+ers and fans a handling track, an offroad
+course, a restaurant, a café, conference facili-
+ties and a Porsche Driver's Selection Store.
+The grand opening was celebrated by some
+300 invited guests in April 2018. The seventh
+customer experience centre from Porsche is
+now in the works: the groundbreaking cere-
+mony in the heart of the Hockenheimring was
+held in October 2018. Over the next two years,
+the roughly 160,000-square metre section
+of the grounds will see the construction of a
+modern building complex, a handling track,
+various driving dynamics tracks and an offroad
+course. The new Experience Centre is slated
+to begin operations in late 2019. Porsche is
+implementing the project together with
+Emodrom GmbH, which is responsible for the
+strategic development of the Hockenheimring.
+Explore
+AUGMENTED REALITY APP
+Brake
+Starten Sie eine Probefahrt in Augmented Reality
+The "Porsche Passport" allows customers to
+sign up for a monthly subscription. It enables
+frequent vehicle changes, unlimited mileage
+and on-demand access to up to 22 different
+Porsche models. The pilot program started
+in 2017 and will continue to be rolled out in
+successive steps.
+Pilot programme in the USA: Porsche starts
+peer-to-peer sharing programme
+Imagine having the opportunity to drive a
+Porsche when and as needed without having
+to buy or lease it - this is exactly what the
+"Host" pilot programme launched by the sports
+car manufacturer in the USA in 2018 makes
+possible. "Host" arranges short-term use
+of privately owned Porsche vehicles. After the
+introduction of the "Porsche Passport" sub-
+scription model, this peer-to-peer service is
+the next step toward new mobility concepts.
+The pilot programme also draws in customers
+of other brands, allowing them to get a taste
+of the sporty driving experience offered by the
+Porsche brand.
+1938 Professor Ferdinand Porsche and his
+design office moved from central Stuttgart to
+the building in Zuffenhausen. Since the early
+1950s, the plant has served the sports car
+manufacturer as its central administrative hub
+- surrounded by the factory halls in which
+Porsche builds its two-door sports cars. With
+the start of production of the Taycan, Porsche
+will begin the next chapter in its company
+history at the Zuffenhausen location in 2019.
+at historic Plant 1
+Mission E via augmented reality
+Expansion of the worldwide sales network
+The Porsche Studios are dedicated to creating
+a comprehensive brand experience. With
+this innovative sales format, the sports car
+manufacturer is addressing new target groups
+directly in their urban living environments.
+In centrally located spaces, Porsche is show-
+casing its complete range of services. The
+focus is on the personal encounter and the
+emotional brand experience. After being
+launched in 2017 with "Porsche in Sylt" and
+the "Porsche Studio Guangzhou" in China, four
+further locations were added in 2018. The
+"Porsche Studio Beirut" has ensured a stronger
+presence in the Middle East since January
+2018, and the "Porsche Studio Cape Town"
+was opened in July 2018. The special highlight
+of both locations is the platform used to show-
+case the sports cars, which is reminiscent
+of the fashion industry. Sounds and fragrances
+augment the visual experience and activate
+all the senses. In Cape Town there is also a
+spacious lounge area with a café. Fascinating
+sports cars and exclusive lifestyle products
+under a single roof - this enticing combination
+has been offered by Porsche and its subsidiary
+Porsche Design in Milan since June 2018.
+Centrally located in the fashion capital, the
+Porsche Studio in Milan is the first in which
+both Porsche vehicles and the complete collec-
+tion from Porsche Design are being presented
+together. A month later, the second Porsche
+Studio in China opened in Ningbo. It is situated
+amid high-class residential properties and in
+the immediate vicinity of the most important
+shopping mall in the new city centre.
+A revised feedback system establishes the
+prerequisites necessary for service and work-
+shop employees to work in an efficient and
+customer-oriented manner, even in times of
+rapid growth and technological change.
+In close collaboration with the other Sales
+departments and Development, Porsche has
+forged ahead with the series production-
+readiness of the charging technology to enable
+fast and convenient charging at home as
+well. The use of various "over-the-air" (OTA)
+services, which vehicles can use to receive
+software updates and the like wirelessly, have
+also been prepared. To optimise the mainte-
+nance and repair work on all models, Porsche
+launched a pilot project for the use of aug-
+mented reality in the workshop. In the future, a
+tablet computer will visualise complex repair
+procedures step-by-step on a real vehicle that
+is actually present: in the vehicle image cap-
+tured by the tablet camera, the system will use
+augmented reality to display, for example,
+where a part being searched for is located, or
+how a screw connection should be unfastened.
+PANAMERA
+CAYENNE
+MACAN
+718 CAYMAN
+In the "Automotive Performance, Execution
+and Layout Study" (APEAL) by the US market
+research company J.D. Power, the Cayenne
+took first place in the "Midsize Premium SUV"
+category in 2018 for the second year in a row.
+In another J.D. Power survey, the "Sales
+Satisfaction Index" (SSI), the company was
+named the "Best Brand". Both studies were
+based on representative surveys of new
+vehicle owners. The news magazine U.S. News
+& World Report put Porsche in first place in its
+list of "Top 10 Best Luxury Car Brands". The
+brand led the best-vehicle rankings with five
+first-place honours: with the 911 in the
+"Luxury Sports Car" and "Luxury Convertibles"
+categories and the Cayenne in the "Luxury
+Crossover SUVs", "Hybrid SUVs", and "2-Row
+and 3-Row SUVs" categories. The assessment
+of the vehicles and brands was based on study
+data and the perceptions of experts in the
+automotive industry. The US motor racing
+magazine Autocar named the 718 Boxster the
+best convertible of the year in 2018. The
+911 GT3 bested ten competitors and headed
+up the list of "Best Hardcore Sports Cars".
+Porsche scored another first place with the
+911 Carrera in the best sports cars ranking.
+The 911 GT2 RS took the "Motor Week
+Driver's Choice Award 2018" in the "Best
+Dream Machine" category.
+Numerous trade magazines and independent
+studies in the US and the UK have confirmed
+the positive impact of the customer service
+measures. The US consumer magazine
+Kelley Blue Book, for instance, handed Porsche
+multiple awards in the reporting year: in
+addition to the "Brand Image Award - Best
+Performance Luxury Brand", the company was
+also named the "Best Resale Value - Luxury
+Brand". Moreover, the 911, Macan, Panamera
+and 718 Cayman models each took top hon-
+ours for best resale value in their respective
+segments. The 718 Boxster received the "Best
+Buy Award" in the "Performance Car" category.
+And the Panamera won the "5-Year Cost to
+Own Award - High-End Luxury Car". Readers
+of the US car magazine Car and Driver selected
+the 718 Boxster and the 718 Cayman among
+their ten best cars.
+Recognition and awards
+In Germany, readers of the trade magazine
+auto motor und sport voted the 911 Carrera
+and the 911 Cabriolet into first place in the
+sports car and convertible categories of
+In the reporting year, Porsche concentrated on
+enhancing its customer orientation around
+the world. As part of the initiative, the company
+launched a series of measures to make pro-
+cesses, programmes, tasks and functions
+more customer-focussed. Employees were
+also encouraged to give greater consideration
+to the topic of customer orientation. One
+example of that is the "Excite! - Empowering
+Customer Centricity" initiative, which was
+launched as a pilot project across the entire
+sales organisation of Porsche Cars North
+America in 2018. In workshops and coaching
+sessions, employees, investors and executive
+managers were prepared to commit to a
+strategic objective: to delight customers with
+an unmatched product and brand experience -
+as defined in the Porsche Strategy 2025. This
+goal is achieved through a resolute focus on
+the wishes and needs of the customer. Fulfill-
+ing those wishes and needs is the principal
+aim the "moment of truth" - each time per-
+sonal contact is made with the customer. The
+programme will be launched successively in
+further markets - in each case tailored to the
+specific requirements. There will also be
+measures put in place to anchor customer
+orientation in the company culture.
+Customer orientation and customer satisfac-
+tion are two of the core objectives of the
+Porsche Strategy 2025. They are key prerequi-
+sites for value-creating growth. Porsche
+continuously measures the satisfaction of
+more than 250,000 customers annually
+through sales and service processes. Addition-
+ally, independent external studies are also
+used to enable comparisons with competitors.
+The result of these surveys are continually
+analysed by a team of experts from Sales,
+Aftersales, Marketing, Customer Relations and
+Product Quality. When necessary, the internal
+Customer Satisfaction Steering Committee,
+which includes the Board of Management,
+sets forth measures to improve quality. Porsche
+regularly conveys to its employees how
+important satisfied customers are to the com-
+pany - in the context of theme days, among
+other occasions.
+High customer satisfaction
+SALES
+PORSCHE
+Production
+Procurement
+Sales, Production, Procurement
+Sales
+105
+"Excite!" initiative
+the "Best Cars 2018" list for the second year
+running. The Panamera again took top honours
+in the luxury class.
+For the 15th time, Auto Bild and vehicle
+rating firm Schwacke declared their "value
+champions". In 13 vehicle segments, the sales
+prices of all used cars sold in Germany were
+compared and the model that best retained its
+value determined in each segment. With a
+depreciation of just 33.5 per cent within the
+first four years, the 911 GT3 won the title as
+the car with the best value retention in Germany
+in 2018. In total, Porsche scored three class
+wins: in addition to the 911, the Panamera 4
+won in the luxury class and the Macan Turbo
+PDK in the SUV class. The 911 was also
+successful in the TÜV Report for used cars.
+It became the first vehicle ever to emerge as
+the overall victor in all five age classes.
+718 BOXSTER
+The Aftersales department also undertook
+intensive preparations for the market launch
+of the Taycan and the associated charging
+infrastructure in the reporting year. Repair pro-
+cedures were developed, spare parts defined
+and new logistics concepts promoted for
+the electrically powered sports car. Porsche
+has also developed solutions for the safe ship-
+ments and proper storage of the Taycan bat-
+teries. Moreover, workshop personnel world-
+wide will be familiarised with the innovative
+technologies of the electric vehicle on the basis
+of newly developed qualification concepts.
+Aftersales: professional service
+With the Porsche Charging Service, the sports
+car manufacturer has offered an online plat-
+form since June 2018 that covers all charging
+procedures for plug-in hybrid and electric
+vehicles. The innovative service searches for
+suitable charging stations and takes care of
+the invoicing by using centrally stored payment
+details, in any country or currency. This obvi-
+ates the need to register with all the different
+providers. A free app and the Porsche naviga-
+tion system direct customers to the selected
+charging pedestal. Using the app, information
+concerning the location and availability of
+charging pedestals as well as the price of one
+charging process can be called up in real time.
+At the charging pedestal, identification is
+carried out either by using a QR code with the
+app, or with the Porsche ID Card, which users
+receive free of charge after registering for
+the service.
+Digital charging service for electric vehicles
+As preparations for the production start of the
+Taycan are under way at the main production
+plant in Zuffenhausen, Porsche is preparing its
+worldwide dealer organisation for the estab-
+lishment of a charging infrastructure. In June
+2018, the first fast charging park with Porsche
+Turbo Charging started operation at the
+Berlin-Adlershof site. With its 800-volt tech-
+nology developed by Porsche Engineering,
+the system enables extremely fast charging of
+electric vehicles. A modular Flexbox system
+also factors in the available input voltage, visi-
+tor frequency and space constraints. Economic
+viability and user-friendly design are brought
+together in a well-conceived charging solution
+that will help e-mobility gain acceptance.
+The module range also includes a Charge Box,
+which is used when the available mains con-
+nection is not powerful enough. In addition to
+the power unit, the box contains an additional
+buffer battery. This buffer battery is charged
+when no vehicle is using the charging pedestal
+- a process that can also be carried out at
+the dealer's using a solar power system. The
+storage battery makes it possible to provide
+the customer with high output for a fast
+charging procedure in spite of a weak grid.
+Training for the use of the new charging
+technology for the installation partners of the
+international dealer organisation has been
+under way since 2018. The foundations for a
+charging infrastructure in the Porsche dealer
+organisation have already been in place since
+the introduction of the first plug-in hybrid
+models in 2013. It is now possible to build on
+that experience. Since the decision to move
+forward with series production of the Taycan,
+the existing knowledge base is being expanded
+systematically.
+Porsche Turbo Charging
+Charging infrastructure for
+fast charging park with
+Porsche Turbo Charging
+started operation at
+the Berlin-Adlershof site.
+With its 800-volt
+technology developed
+by Porsche Engineering,
+the system enables
+extremely fast charging
+of electric vehicles.
+In June 2018, the first
+109
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance Sales, Production, Procurement
+S.GT 9912
+In addition to the
+"Brand Image Award-
+Best Performance
+Luxury Brand", the
+company also received
+the "Best Resale Value -
+Luxury Brand" award.
+S.GO 6021
+108
+911 GT3
+Performance Research and development
+911
+Depreciation, amortization and impairment
+across the functions increased to € 2,567 mil-
+lion compared with € 2,276 million in the
+prior year. This primarily relates to the depre-
+ciation, amortization and impairment of
+capitalized development costs and property,
+plant and equipment.
+-429
+84
+0
+93
+Tax payables 1)
+850
+3
+1,087
+Other liabilities
+12,017
+3,060
+3,441
+Other financial assets ¹)
+3,048
+8
+3,134
+Trade payables
+1,770
+6
+9
+2,215
+31
+31
+for the current reporting
+period amounted to
+€25,784 million, following
+the Porsche AG Group
+Consolidated revenue at
+The net available liquidity of the Automobile
+sub-group-i.e., its gross liquidity less finan-
+cial liabilities and excluding the financial ser-
+vices business in each case - improved from
+€ 2,231 million as of 31 December 2017 to
+€ 2,306 million as of 31 December 2018.
+€ 1,312 million) made by Porsche Holding
+Stuttgart GmbH.
+Payments made in respect of profit transfer
+and dividends resulted in a cash outflow of
+€2,157 million (prior year: € 2,371 million).
+This was partly offset by capital contributions
+amounting to € 1,208 million (prior year:
+There was a change in cash flows from financ-
+ing activities from € -744 million in the prior
+year to € -606 million in the current fiscal year.
+resulted in a cash outflow of € 3,566 million in
+the reporting period following €3,140 million
+in the prior year. Investments in intangible
+assets (excluding capitalized development
+costs) and property, plant and equipment in-
+creased from € 1,762 million in the previous
+year to € 2,093 million in the period under
+review. Additions to capitalized development
+costs amounted to € 1,064 million following
+€ 1,337 million in fiscal year 2017.
+10,735
+The cash flows from investing activities
+FINANCIAL POSITION
+127
+Performance - Financial analysis
+819 lololololololo
+100
+35,019
+100
+38,159
+Cash flows from operating activities amounted
+to € 3,845 million in the 2018 reporting period
+following € 4,069 million in the prior year.
+The material effects resulted from increased
+profit and higher depreciation, amortization
+and write-downs on the one hand, and higher
+income tax payments, non-cash income and
+expenses and higher outflows for inventories
+on the other.
+€ 23,491 million in the
+prior year.
+Financial liabilities
+5
+3,466
+0220
+10
+3,828
+650
+Deferred tax liabilities
+Financial liabilities
+778
+Other provisions
+799
+10
+Provisions for pensions and similar obligations
+43
+15,200
+43
+16,477
+Equity
+Equity and Liabilities
+126
+3,792
+1,841
+614
+0221
+1,951
+82
+0
+96
+26
+9,084
+110
+26
+3,687
+9,665
+399
+1
+402
+0
+119
+1
+215
+11
+1
+1) The prior-year figures were restated.
+25
+€ million
+-
+Income tax income/expense
+17
+4,046
+18
+4,552
+-1
+-98
+- 1,434
+1
+18
+4,144
+17
+4,289
+-4
+-917
+3
+-675
+263
+5
+6
+-4
+in the average number of employees during
+the year by 2,058 to 31,091.
+The personnel expenses across all functions of
+the Porsche AG Group increased from € 3,200
+million to € 3,613 million. The growth in
+personnel expenses is primarily due to the rise
+Distribution expenses rose from € 1,856 mil-
+lion to € 1,901 million due to the higher unit
+sales. Administrative expenses also increased
+slightly, from € 1,028 million to € 1,103 mil-
+lion. In relation to sales revenue, distribution
+expenses decreased slightly to 7 per cent
+(prior year: 8 per cent), while administrative
+expenses remained level at 4 per cent (prior
+year: 4 per cent).
+€ 1,941 million or 12 per cent. This slightly
+disproportionate increase is due to higher
+research and development costs recognized
+in the income statement. The capitalization
+ratio for research and development costs
+amounted to 49 per cent (prior year: 58 per
+cent). The slightly disproportionate increase
+in cost of sales caused the gross margin to
+decrease from 29 to 28 per cent.
+In absolute terms, the cost of sales rose by
+€ 16,688 million), which represents 72 per
+cent of sales revenue (prior year: 71 per cent).
+revenue to € 18,629 million (prior year:
+The cost of sales increased in line with
+-1,030
+Consolidated revenue at the Porsche AG Group
+amounted to € 25,784 million in the reporting
+period (prior year: € 23,491 million). The
+Porsche AG Group sold 243,054 new vehicles
+in the past fiscal year. This corresponds to an
+increase in unit sales of 2 per cent compared
+with the prior year. The primary contribution
+to the growth in sales volume and revenue
+was made by the Cayenne model line, which
+recorded an increase of 13,440 to 70,146
+new vehicles. The Macan remains the best-
+selling model line, with 82,244 new vehicles
+sold. However, a change of model caused
+unit sales to decrease by 13,296 new vehicles
+in the fiscal year. In regional terms, China
+remained the largest market, with new vehicle
+sales totaling 79,370 units. Unit sales grew by
+12 per cent there in the fiscal year. In addition,
+the North American market recorded growth
+this year, with unit sales of 66,801. This corre-
+sponds to 3 per cent growth in unit sales.
+RESULTS OF OPERATIONS
+1) The prior-year figures were restated due to the initial application of new accounting standards "IFRS 9 - Financial Instruments"
+and "IFRS 15 - Revenue from Contracts with Customers".
+13
+13
+3,016
+12
+3,118
+Profit after tax
+The Porsche AG Group's profit after tax in-
+creased by € 102 million from € 3,016 million
+in the corresponding prior-year period to
+€3,118 million in the current fiscal year. The
+tax rate in the reporting period was 32 per
+cent (prior year: 25 per cent).
+Sales revenue
+1,142
+813
+in%
+2018
+129
+SCAN
+THIS CHART
+Performance - Financial analysis
+2015 2016 2017 2018
+2014
+0
+20171)
+21,533
+23,491
+25,784
+128
+5
+10
+15
+17,205
+20
+22,318
+3
+in %
+100
+-4
+- 1,028
+- 4
+- 1,103
+-8
+-1,856
+-7
+- 1,901
+25,784
+29
+28
+7,155
+-71
+-16,688
+- 72
+18,629
+100
+23,491
+6,803
+Current liabilities
+Other provisions
+Provisions for taxes
+17
+5,903
+18
+6,928
+Property, plant and equipment
+Equity-accounted investments
+13
+4,646
+13
+368
+4,929
+in% Dec. 31, 2017
+Dec. 31, 2018
+Results of operations
+Financial position
+Net assets
+Financial analysis
+123
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+in %
+Performance - Sales, Production, Procurement
+1
+1
+22
+8,398
+Other financial assets
+4
+1,417
+5
+1,656
+Financial services receivables
+341
+10
+10
+3,776
+Leased assets
+0
+59
+0
+98
+Other equity investments
+3,455
+8,903
+122
+Sustainability rating
+PRODUCTION IN LEIPZIG
+parts storage systems.
+to conventional small-
+120
+AUTOMATED SMALL-PARTS STORAGE SYSTEM
+Since late November, Porsche has offered
+customers its Porsche Impact emissions
+calculator. This enables customers to monitor
+and offset their mileage- and vehicle-specific
+CO₂ footprint. Based on their yearly mileage,
+the customer determines their corresponding
+CO2 output level. At the same time, the
+customer receives information concerning the
+financial contribution with which they can
+offset their CO₂ emissions. Porsche Impact
+is also used in-house: since the end of Novem-
+ber 2018, all CO2 emissions of the entire
+company fleet have been offset. The effort
+covers almost 6,100 vehicles - including the
+motor racing models. For a Cayenne company
+car of the current model line with a yearly
+mileage of 15,000 kilometres, for example, the
+total comes to 62.70 euros per year.
+Avoid, reduce, offset: keeping CO₂ emissions
+in mind at all times
+CLIMATE-NEUTRAL TRANSPORT TO SHIPPING PORTS
+Performance - Sales, Production, Procurement
+At Porsche, responsible environmental conduct
+and use of resources is firmly anchored in
+the corporate strategy and regulated through
+guidelines. In 2018, a variety of measures
+were implemented with a view to promoting a
+responsible approach to these issues. Further-
+more, activities in the area of environmental
+protection also yield economic benefits. One
+concrete example of this is shortened hot tests
+on test benches, which result in fuel savings.
+The optimisation of test benches and systems
+itself makes a valuable contribution to re-
+ducing emissions. One example has been the
+retrofitting of an exhaust gas removal system
+for welding fumes generated during servicing
+with new, controllable fans. The new technology
+enables continuous operation with just half
+the energy required previously. This amounts
+to savings of over 441,000 kWh per year at
+the same maximum extraction level. And it is
+not just the environment that benefits from
+the optimised system - it also improves work-
+ing conditions at the location.
+For the storage of parts
+and vehicles, Porsche
+Leipzig has employed
+resource-conserving
+procedures and sys-
+tems. One example of
+this is the automated
+small-parts storage
+system installed at the
+Leipzig plant in 2018,
+with some 54,000
+spaces for storage
+containers. Through
+energy-saving shuttle
+technology, annual
+CO₂ emissions are
+reduced by 40 per cent
+(676 tonnes) compared
+For the production of the 911, 718 Boxster
+and Cayman, Macan, Cayenne and Panamera,
+Porsche has been using 100 per cent green
+energy from renewable sources for the past two
+years. A biogas power plant at the Zuffenhausen
+location will be added to the environmentally
+friendly portfolio. The municipal plant will
+generate electricity from the fermentation of
+bio-waste, optimising the energy mix.
+production of vehicles. The Taycan will show
+the way forward: production of the model at
+the Zuffenhausen location will be completely
+CO2-neutral.
+Porsche is aiming to achieve CO2-neutral
+CO2-neutrality in production
+is accessible to all Porsche employees via the
+learning platform and takes roughly 30 min-
+utes. Moreover, the training course also
+promotes transparency with regard to current
+projects in the field of sustainable logistics.
+To more firmly entrench this comprehensive
+approach, a Green Logistics training program
+was developed. The goal of the training
+programme is to foster a greater understand-
+ing of sustainable logistics processes among
+the workforce. The web-based application
+For the storage of parts and vehicles, Porsche
+Leipzig has employed resource-conserving
+procedures and systems. One example of this
+is the automated small-parts storage system
+installed at the Leipzig plant in 2018, with
+some 54,000 spaces for storage containers.
+Through energy-saving shuttle technology,
+annual CO₂ emissions are reduced by 40 per
+cent (676 tonnes) compared to conventional
+small-parts storage systems. Through improved
+lorry capacity utilisation, delivery frequencies
+can be substantially reduced, resulting in further
+CO₂ reduction potential.
+Porsche saves resources in many ways
+Porsche Procurement strictly enforces supplier
+compliance with all requirements in relation
+to sustainability. In the reporting year, a
+concept was developed to ensure aspects of
+sustainability are already incorporated and
+factored into the tendering process. In addition
+to the existing contract award ratings for
+quality, development and logistics, Porsche
+will also soon introduce a sustainability rating
+for all suppliers. The business partners have
+already been informed of this new requirement.
+This additional step will allow potential risks in
+the supply chain to be avoided before deciding
+which business partner to choose. Suppliers
+that fail to adequately fulfil the sustainability
+requirements will be asked to implement
+pro-active improvement measures to ensure
+they remain in the running as potential
+business partners.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+PROCUREMENT
+Workshops on the subject of sustainability
+Sustainability plays a very important role in
+the supply chain as well - and its importance
+continues to grow. Procurement has been
+grappling with all aspects of the subject quite
+intensively for some time now, and has imple-
+mented multiple strategic projects in the field.
+For example, in the reporting year, Porsche
+developed a new concept for supplier work-
+shops to further intensify the exchange with
+business partners on the topic of sustainability.
+Working together, approaches to implement-
+ing different aspects of sustainability were
+identified and potential areas for further collab-
+oration defined. Supplier audits to ensure
+compliance with sustainability requirements
+are already being carried out. They are the
+foundation for long-term partnerships.
+At "Porsche Supplier Tech Day", the sports car
+manufacturer was a guest at the home of
+the world's second-largest automotive sup-
+plier, ZF Friedrichshafen AG. The Innovation
+Management team at Procurement and
+Chassis Pre-Development invited participants
+to attend presentations and technical talks
+and share experiences. Subject: What are the
+latest innovations by the Porsche suppliers
+and how can Porsche implement them? The
+highly promising series of "Porsche Supplier
+Innovation Days" will be expanded further
+in the future.
+at the Development Centre in Weissach.
+In the run-up to Innovation Day as well, which
+was dedicated to the theme of "well-being in
+a Porsche vehicle", the Procurement, Develop-
+ment and Sales departments contacted a
+targeted group of suppliers and start-ups and
+asked them to submit their new developments
+as part of an open innovation approach. The
+more than 200 innovation ideas that were
+submitted were evaluated by interdisciplinary
+teams at Porsche. Ultimately 60 "well-being
+innovations" were selected for presentation by
+suppliers and start-ups from around the world
+The "Porsche Supplier Innovation Days" provide
+the framework for integrating groundbreaking
+concepts from suppliers into the company's
+operations as quickly as possible. The Procure-
+ment and Development Innovation Manage-
+ment team invited suppliers to engage with
+the theme of "alternative materials and light-
+weight construction" in the reporting year:
+selected suppliers presented their innovative
+production concepts to Porsche experts from
+a variety of specialist disciplines.
+Porsche operates in an environment that is
+shaped by rapid change. The advance of globali-
+sation, demanding customers, intensified
+competition for time and knowledge, opposing
+modes of thinking and working in the IT and
+automotive industries are just a few of the
+challenges facing the company. To identify
+trends and developments in good time, Porsche
+also continually sources new ideas from the
+supplier sector.
+Innovation management
+In 2018, Porsche once
+again increased the
+number of new vehicle
+deliveries to a total of
+more than 256,255
+vehicles. Procurement
+made a significant
+contribution to this
+success: based on a very
+close partnership
+relationship with the
+supplier industry, it
+ensured a reliable supply
+of high-quality compo-
+nents for the long term.
+121
+ing year. The exchange of information with
+suppliers was further intensified and the com-
+mitment to sustainability more firmly anchored
+in the supply chain. Procurement marketing
+was also expanded in order to generate interest
+in the complex field among students, recent
+graduates and professionals. This included
+collaborations with universities such as the
+University of Mannheim. The practice allows
+Porsche employees to gain new insights into
+specific topics, while students get a better
+sense of the company's work through excur-
+sions, presentations and practical experience.
+Procurement derives four strategic objectives
+from the Porsche Strategy 2025 and global
+trends in the markets. First: top quality at
+competitive conditions by means of pro-active
+design of technical and environmental inno-
+vations. Second: efficiency throughout the
+entire service life of the products. Third: relia-
+bility based on continuous availability and
+consistently high quality of purchased parts as
+well as stable, efficient flows of goods. Fourth:
+increasing attractiveness as an employer for
+talented young prospects, and ensuring high
+job satisfaction among the workforce by
+creating optimal working conditions.
+For Procurement, the production start-ups of
+the new 911 and the Macan successor were
+the main focus in the reporting year. Prepara-
+tions for making a start on e-mobility with the
+Taycan in 2019 were also well under way.
+Procurement also purchased a multitude of
+parts for all new products and led the vehicles
+- hand-in-glove with Development, Quality
+Assurance, Production and suppliers - to
+production maturity. Beyond the ongoing
+improvements to the vehicles, increasing digi-
+talisation and connectivity also played an
+important role. This resulted in new tasks for
+the Procurement department.
+Strategy 2025
+Model start-ups
+In 2018, the material outlays of Porsche AG
+amounted to 4,201 million euros (financial
+year 2017: 4,985 million euros). Procurement
+also played a substantial role in helping the
+company meet its objectives in terms of ser-
+vices and non-production materials as well.
+In terms of investments, their volume totalled
+1,858 million euros in the year under review.
+The growth compared to financial year 2017
+(1,684 million euros) was due primarily to the
+large number of infrastructure projects geared
+toward securing continued growth and future
+competitiveness of the company.
+As in recent years, material cost per vehicle
+was further optimised in the reporting year.
+Drawing on the strength of close cooperative
+relationships, Porsche involved its business
+partners in the optimisation process at an
+early stage by holding product and cost work-
+shops. This approach allowed substantial
+improvements to be achieved.
+Procurement of production material and
+non-production material
+For the future, Porsche aims to make greater
+use of strategic partnerships. As part of that
+shift, conventional contracts will no longer
+be the only form of collaboration with suppliers.
+Porsche will also secure sustainable access
+to innovative technologies and products by
+means of new, intelligent partnership models
+that are already in the works. Digitalisation
+also played a major role in the reporting year.
+Procurement pursued innovative ideas to create
+a series of new apps that were ultimately used
+across different departments.
+In 2018, Porsche once again increased the
+number of new vehicle deliveries to a total
+of 256,255 vehicles. Procurement made a
+significant contribution to this success: based
+on a very close partnership relationship with
+the supplier industry, it ensured a reliable
+supply of high-quality components for the
+long term. In the reporting year, Procurement
+focussed particularly on strategically impor-
+tant products and topics relating to optimising
+the value chain. The supplier network was
+able to be further intensified and collaboration
+across company boundaries increased.
+As part of the strategic initiative, Procurement
+implemented a series of projects in the report-
+25
+125
+0
+€ 581 million to € 9,665 million in comparison
+with the prior year. As of the end of the fiscal
+year, non-current liabilities expressed as a
+percentage of total capital remained level with
+Non-current liabilities relate to financial liabi-
+lities, pension provisions, deferred income
+tax liabilities, other financial liabilities, other
+liabilities, and other provisions. They rose by
+The equity of the Porsche AG Group increased
+by € 1,277 million to € 16,477 million com-
+pared with the prior-year reporting date, and
+includes an offsetting effect in the total
+amount of € 7 million due to the initial applica-
+tion of new accounting standards IFRS 9 and
+IFRS 15. The profit after tax, remeasurements
+from pension plans net of tax, profit transfer
+and dividends of € 785 million together with
+currency translation differences of € 68 million
+and a capital contribution by Porsche Holding
+Stuttgart GmbH amounting to € 1,208 million
+generated increases in equity. By contrast,
+the € 782 million change in the hedge reserve
+after tax was recognized as a decrease
+in equity.
+Cash, cash equivalents and time deposits
+decreased by € 432 million year on year to
+€ 2,635 million.
+financial services rose from € 2,095 million to
+€2,386 million. This item mainly comprises
+receivables from finance leases and receiva-
+bles from customer and dealer financing.
+Non-current and current receivables from
+As a percentage of total assets, current assets
+amounted to 29 per cent compared with
+28 per cent in the prior year. Inventories
+increased from € 3,051 million in the prior
+year to € 3,889 million at the end of the
+reporting period.
+Deferred income tax assets amounted to
+€ 730 million as against € 370 million in the
+prior year.
+the prior-year figure of 26 per cent.
+Non-current other financial assets decreased
+by € 505 million to € 8,398 million. The de-
+crease was due to the marking-to-market of
+derivative financial instruments.
+At the end of the reporting period, the fixed
+assets of the Porsche AG Group - i.e., the
+intangible assets, property, plant and equip-
+ment, leased assets, equity-accounted
+investments and other financial assets -
+amounted to € 16,099 million, compared with
+€ 14,404 million in the previous fiscal year.
+Non-current assets increased by € 1,761 mil-
+lion to € 27,008 million. The increase primarily
+related to fixed assets and deferred taxes,
+while other financial assets in particular saw a
+decline. Non-current assets expressed as a
+percentage of total assets amounted to 71 per
+cent (prior year: 72 per cent).
+As of 31 December 2018, the total assets
+of the Porsche AG Group stood at € 38,159
+million, 9 per cent higher than on the prior-
+year reporting date.
+NET ASSETS
+100
+35,019
+100
+38,159
+Fixed assets expressed as a percentage of
+total assets increased to 42 per cent (prior
+year: 41 per cent). Intangible assets increased
+from € 4,646 million to € 4,929 million. The
+increase relates on the one hand to capitalized
+development costs, with the largest additions
+concerning the 911 and Taycan model lines. On
+the other hand, additions to acquired licenses
+and advanced payments made also caused an
+increase. Property, plant and equipment
+increased in comparison with the prior year by
+€ 1,025 million to € 6,928 million, primarily
+due to additions to land and buildings, furni-
+ture and fixtures, as well as advance payments
+made and assets under construction. These
+additions consist mainly of tools and construc-
+tion work for the new generations of vehicles.
+Leased assets increased by € 321 million in
+comparison with the prior year, to € 3,776
+million. This item contains vehicles leased to
+customers under operating leases.
+28
+Provisions for pensions and similar obligations
+increased by € 326 million, mainly due to a
+Non-current other financial liabilities recorded
+growth of € 96 million. This increase relates
+mainly to the marking-to-market of derivative
+financial instruments.
+Other liabilities
+Non-current liabilities
+Other financial liabilities
+Financial services receivables
+Trade receivables
+Inventories
+Other receivables
+Deferred tax assets
+Non-current assets
+Intangible assets
+Assets
+rise in the number of eligible employees.
+€ million
+Net assets
+Current other financial liabilities amounted to
+€ 3,441 million (prior year: € 3,060 million).
+This was primarily due to the change resulting
+from the marking-to-market of derivative
+financial instruments (€ 159 million) and a
+€ 133 million increase in the profit transfer
+liability to Porsche Holding Stuttgart GmbH.
+Trade payables increased to € 3,134 million
+after € 3,048 million in the previous year.
+This increase is attributable to higher volumes
+of investments and business.
+Non-current and current financial liabilities
+rose from € 5,457 million to € 6,043 million.
+The increase primarily resulted from refinanc-
+ing the financial services business in the form
+of asset-backed securities and bank loans.
+at 31 per cent as of the end of the fiscal year.
+Current liabilities increased from € 10,735
+million to € 12,017 million, while expressed
+as a percentage of total capital they remained
+unchanged against 31 December 2017,
+€ 650 million compared with € 614 million
+in the prior year.
+Deferred income tax liabilities amounted to
+of the Porsche AG Group
+9,772
+29
+11,151
+468
+Other receivables
+2,292
+Other financial assets
+730
+759
+10
+3,889
+Tax receivables
+72
+71
+27,008
+1
+370
+2
+730
+1
+153
+25,247
+81
+022670
+3,051
+593
+Current assets
+9
+3,067
+7
+2,635
+Cash, cash equivalents and time deposits
+0
+1
+9
+0225700
+62
+1
+297
+Securities
+51
+429
+1
+1,841
+678
+Other operating income decreased from
+€ 1,142 million to € 813 million. This was
+primarily due to changes in the presentation
+of gains on currency hedges. From 2018
+onwards these are recognized in sales revenue
+due to the initial application of IFRS 9. Other
+operating expenses declined from € 917 mil-
+Current other financial assets increased by
+€ 451 million to € 2,292 million. The increase
+mainly relates to the clearing account with
+Porsche Holding Stuttgart GmbH, receivables
+from loans to VW Group companies, and
+receivables from allocations to the consolidat-
+ed VAT group in the amount of € 569 million.
+By contrast, the marking-to-market of deriva-
+tive financial instruments resulted in a
+decrease of € 150 million.
+of losses on currency hedges.
+Cash flow hedges (OCI II), before tax
+Deferred taxes relating to cash flow hedges (OCI II)
+Cash flow hedges (OCI II), net of tax
+Fair value valuation of securities and receivables (debt instruments) that may be
+reclassified to profit or loss
+Fair value changes recognized in other comprehensive income
+Transferred to profit or loss
+Fair value valuation of securities and receivables (debt instruments) that may be
+reclassified to profit or loss, before tax
+Deferred taxes relating to fair value evaluation of securities and receivables (debt instruments)
+recognized on other comprehensive income
+Fair value valuation of securities and receivables (debt instruments) that may be
+reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that may be
+reclassified subsequently to profit or loss, net of tax
+Items that may be reclassified subsequently to profit or loss
+Other comprehensive income, before tax
+Other comprehensive income, net of tax
+Total comprehensive income
+thereof profit attributable to shareholders
+Deferred taxes relating to other comprehensive income
+thereof profit attributable to non-controlling interests
+11 The prior-year figures were restated due to the initial application of new accounting standard
+"IFRS 9 - Financial Instruments".
+Performance - Financial data
+2018
+20171)
+3,118
+3,016
+Transferred to profit or loss (OCI II)
+Fair value changes recognized in other comprehensive income (OCI II)
+Cash flow hedges (OCI I), net of tax
+Deferred taxes relating to cash flow hedges (OCI I)
+-2,157
+Performance - Financial data
+137
+138
+Consolidated statement of comprehensive income
+of Porsche AG for the period 1 January to 31 December 2018
+€ million
+Profit after tax
+Pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+46
+Fair value valuation of other participations and securities (equity instruments) that will not be
+reclassified to profit or loss, net of tax
+Items that will not be reclassified to profit or loss
+Exchange differences on translating foreign operations
+Unrealized currency translation gains/losses
+Transferred to profit or loss
+Exchange differences on translating foreign operations, before tax
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+Hedging
+Fair value changes recognized in other comprehensive income (OCI I)
+Transferred to profit or loss (OCI I)
+Cash flow hedges (OCI I), before tax
+Share of other comprehensive income of equity-accounted investments that will not be
+reclassified to profit or loss, net of tax
+2,290
+72
+34
+137
+143
+-41
+- 337
+96
+0
+-0
+-787
+997
+- 1,107
+1,596
+354
+-546
+-753
+1,050
+2,365
+4,066
+2,360
+4,066
+5
+0
+139
+lion to € 675 million. As with other operating
+income, the decrease in other operating
+expenses is due to changes in the presentation
+- 480
+184
+137
+-664
+-22
+50
+3
+°s
+0
+0
+34
+53
+68
+0
+0
+68
+- 12
+-235
+-235
+- 283
+1,771
+-458
+- 152
+-741
+1,619
+223
+-483
+-518
+1,136
+68
+0
+-235
+3,016
+4,289
+4,144
+3,877
+3,404
+0
+2014
+2015 2016 2017 2018
+132
+Performance - Financial analysis
+133
+Financial data
+Consolidated income statement
+Consolidated statement of comprehensive income
+Consolidated statement of financial position
+Consolidated statement of cash flows
+Consolidated statement of changes in equity
+Value added statement
+136
+Consolidated income statement
+of Porsche AG for the period 1 January to 31 December 2018
+€ million
+Sales revenue
+Cost of sales
+1
+2
+2,719
+3
+Results of operations
+5
+of the Porsche AG Group
+€ million
+Sales revenue
+Cost of sales
+Gross profit
+Distribution expenses
+Administrative expenses
+Other operating income
+Other operating expenses
+Operating profit
+Financial result
+Profit before tax
+Gross profit
+130
+131
+Operating profit amounted to € 4,289 million,
+an increase of € 145 million in comparison
+with the previous year.
+The financial result amounted to € 263 million
+(prior year: €-98 million). The increase in
+the financial result was due on the one hand
+to higher gains from fair value measurement
+relating principally to exchange rate and inter-
+est rate hedging transactions that are not
+included in hedge accounting. On the other
+hand, the financial result was boosted by shift-
+ing recognition of the fair value component
+of currency hedges from the financial result to
+the operating result in fiscal year 2018 (initial
+application of IFRS 9 - Financial Instruments).
+The healthy cost structure and the sustainably
+high earnings power of the Group are also
+reflected in the key performance indicators.
+The Porsche AG Group generated an operating
+return on sales of 16.6 per cent in the past
+financial year (previous year: 17.6 per cent). The
+pre-tax return on sales amounted to 17.7 per
+cent (previous year: 17.2 per cent). The return
+on capital, defined as the ratio of the operating
+result after tax to the average invested assets
+of the Automobile sub-group, amounted to
+24.5 per cent (previous year: 28.2 per cent).
+The return on equity after tax was 19.7 per
+cent (previous year: 22.2 per cent).
+Operating profit
+amounted to € 4,289
+million, an increase
+of € 145 million in
+comparison with the
+previous year.
+5
+Operating profit (EBIT)
+€ million
+Performance - Financial analysis
+Distribution expenses
+4
+Other operating income
+- 675
+-917
+4,289
+4,144
+3
+4
+408
+395
+-92
+-68
+263
+1,142
+-98
+4,046
+- 1,434
+- 1,030
+1,427
+- 1,234
+-7
+204
+3,118
+Administrative expenses
+3,016
+3,113
+4,552
+813
+-56
+-1,856
+- 1,028
+Other operating expenses
+Interest income
+Interest expenses
+Other financial result
+Financial result
+Profit before tax
+Income tax income/expense
+Current
+Deferred
+Profit after tax
+thereof profit attributable to non-controlling interests
+thereof profit attributable to shareholders
+- 18,629
+- 1,901
+- 1,103
+6,803
+Operating profit
+7,155
+23,491
+-16,688
+Profit transferred to Porsche Holding Stuttgart GmbH
+Share of profit or loss of equity-accounted investments
+20171)
+2018
+11 The prior-year figures were restated due to the initial application of new accounting standards
+"IFRS 9 - Financial Instruments" and "IFRS 15 - Revenue from Contracts with Customers".
+25,784
+7.84
+Prevention
+11%
+4.27
+18%
+25%
+2.94
+Remedy costs
+25.73
+10.89
+16%
+6.26
+7%
+64%
+Key figures for personnel and social matters
+66%
+20.48
+47%
+1) Investments made at the Stuttgart-Zuffenhausen, Weissach and Leipzig
+sites are factored into the calculation.
+Performance - Key figures
+153
+154
+Unless specified otherwise, the key figures shown below concerning personnel and social matters relate in principle
+to Porsche AG and Porsche Leipzig GmbH. A detailed overview of the key figures can be found in the Porsche Newsroom:
+www.newsroom.porsche.com/reports
+of which Porsche AG 2)
+18%
+Total workforce 1)
+Porsche Group (including subsidiaries)
+25.72
+7.12
+1,581
+10%
+2016
+of which Porsche Leipzig GmbH 2)
+23,154
+22,788
+21,171
+21,573
+21,088
+19,312
+1,690
+1,859
+SCAN
+THIS CHART
+2,485
+Investments in environmental protection € millions
+2018
+Emissions control
+2017
+3,008
+Total 1)
+40.42
+100%
+39.09
+100%
+43.57
+100%
+Waste disposal
+4.63
+11%
+2.84
+7%
+4.36
+2016
+Region: Germany
+Total number of participants
+Region: North America
+28,764
+26,506
+N/A
+1,494
+1,403
+N/A
+Training programme participants
+2018 ¹)
+2017
+2016
+814
+741
+N/A
+974
+3,994
+868
+279
+40,920
+19,909
+21,798
+259
+N/A
+Female
+7,809
+3,458
+3,461
+Male
+33,111
+16,451
+20171)
+N/A
+Region: Europe (excluding Germany)
+4,148
+2) Employee turnover is not broken down by age group, gender and region. These figures are not essential to us as they are not relevant for management.
+The key figure is also calculated without including fixed-term employment contracts, employees entering into receipt of pensions and semi-retired workers.
+Region: Asia
+Other regions (Australia, Latin America)
+1) As of 2017, this figure relates to the entire Porsche AG Group.
+2) The specified employee figures are based on reports by region
+(Porsche AG = Baden-Württemberg, Porsche Leipzig GmbH = Saxony).
+Employee structure 1)
+Employees by gender
+Female
+Male
+Employees by type of employment 2)
+Employees subject to wage agreements
+Employees exempt from wage agreements and executive employees
+1) As of 2017, this figure relates to the entire Porsche AG Group.
+2) Due to the equal payment and attractive framework conditions, the number of temporary
+employees has not been reported separately.
+4,252
+Proportion of foreign employees 1)
+2017
+2016
+Employee turnover 1) 2)
+2018
+2017
+2016
+1,30%
+1,20%
+0,60%
+1) As of 2017, this figure relates to the entire Porsche AG Group.
+32,325
+19,032
+29,777
+17,549
+27,612
+16,241
+2018
+2018
+152
+644,173
+561,332
+63,522
+164,159
+Production sites
+45,548
+45,557
+129,975
+Development site
+14,500
+14,752
+N/A
+Other sites
+3,155
+3,213
+34,184
+63,203
+Direct GHG emissions in t CO2 equivalent (Scope 1)
+57,117
+53,928
+Indirect GHG emissions in t CO2 equivalent (Scope 2)
+6,342
+6,405
+110,231
+Other indirect GHG emissions (Scope 3) 1) 2)
+58.491
+54,338
+49,023
+NOx emissions 3)
+38.96
+39.25
+45.01
+56,862
+Direct energy consumption according to primary energy sources in MWh 1)
+Direct and indirect GHG emissions in t CO₂ equivalent
+Total
+2017
+Cayenne
+Vehicles
+79,111
+59,068
+71,693
+Supplier screening based on environmental criteria
+Proportion of screened suppliers
+100%
+100%
+100%
+Panamera
+Taycan 1)
+1) Pre-production vehicles.
+Vehicles
+35,493
+2016
+37,605
+Vehicles
+240
+Basis of consolidation
+(GRI 102-45)
+Since 1 August 2012, Volkswagen AG has been the sole shareholder of Porsche Holding Stuttgart GmbH, which holds 100 per cent
+of the share capital in Porsche AG. Dependency agreements and profit transfer agreements exist between Porsche Holding Stuttgart
+GmbH and Porsche AG, as well as between Porsche AG and its major domestic subsidiaries. The basis of consolidation at Porsche AG
+includes a total of 111 fully consolidated companies, with 26 headquartered in Germany and 85 abroad.
+150
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance-Key figures
+151
+18,337
+Key figures for environment and energy
+The calculation and reporting method was subject to ongoing development in 2018.
+A detailed description of the key figures can be found in the Porsche Newsroom:
+https://newsroom.porsche.com/reports
+Emissions in t
+2018
+14,218
+617,752
+542,217
+2018
+SOx emissions
+59,418
+N/A
+Other sites
+12,114
+11,436
+63,350
+1) Indirect energy consumption comprises electrical energy, district heating,
+CHP plants and PV arrays.
+Energy consumption in KWh per vehicle 1)
+2018
+2017
+2016
+1) Production sites only
+SCAN
+THIS CHART
+64,424
+2,607
+2) The emissions indicated relate only to business trips, i.e. made by train (Porsche AG only),
+plane and rental car.
+3) The NOx emissions shown here refer exclusively to production processes,
+and not to Porsche vehicles.
+Fresh water and waste water in m³
+Water consumption (drinking water)
+Volume of waste water
+Volume of waste in t
+Total
+Waste for recycling
+Waste for disposal
+1) The published key figures for 2017 have been partially corrected.
+SCAN
+THIS CHART
+2018
+2017
+2016
+684,832
+606,175
+1) The calculation method has been further developed for 2017, and the key figures for
+2016 adjusted in line with this method.
+2017
+Development site
+339,200
+268,346
+0.41
+0.41
+2016
+Weight of volatile organic compounds (VOC)
+124.33
+Weight of dust emissions
+0.12
+125.29
+0.11
+0.28
+116.93
+0.3
+Total
+Production sites
+Development site
+Other sites
+296,873
+233,523
+Fuel (in litres)
+306,692
+229,354
+61,926
+1,649
+1,552,452
+304,111
+225,218
+62,556
+3,054
+1,540,403
+293,623
+217,104
+N/A
+64,603
+1,385,573
+Indirect energy consumption according to primary energy sources in MWh ¹)
+2018
+2017
+2016
+Total
+Production sites
+353,726
+277,188
+1) The direct energy consumption is comprised of gas, combustible gas for manufacturing processes,
+heating oil, special energy products and fuel.
+Distribution of participants by employee category
+Departmental Manager of Human Resources, Management and Production
+85.4%
+153
+730
+370
+27,008
+25,247
+3,889
+3,051
+759
+593
+730
+678
+Other financial assets
+2,292
+1,841
+125
+Other receivables
+429
+Tax receivables
+81
+51
+Securities
+297
+62
+Cash, cash equivalents and time deposits
+2,635
+3,067
+Current assets
+11,151
+9,772
+38,159
+468
+35,019
+Financial services receivables
+Inventories
+140
+Consolidated statement of financial position
+of Porsche AG as of 31 December 2018
+€ million
+31 Dec. 2018
+31 Dec. 2017
+Assets
+Intangible assets
+Property, plant and equipment
+Leased assets
+Equity-accounted investments
+Other equity investments
+4,929
+4,646
+6,928
+Trade receivables
+5,903
+3,455
+368
+341
+98
+59
+Financial services receivables
+Other financial assets
+1,656
+1,417
+8,398
+8,903
+Other receivables
+Deferred tax assets
+Non-current assets
+3,776
+141
+Equity and Liabilities
+Capital reserves
+Provisions for taxes
+Other provisions
+Financial liabilities
+Trade payables
+Other financial assets ¹)
+Other liabilities
+Tax payables ¹)
+Current liabilities
+402
+399
+9,665
+9,084
+96
+82
+1,951
+1,841
+Non-current liabilities
+2,215
+3,134
+3,048
+3,441
+3,060
+1,087
+850
+93
+84
+12,017
+10,735
+1) The prior-year figures were restated.
+38,159
+35,019
+97,177
+1,770
+Subscribed capital
+Other liabilities
+215
+45
+11,453
+45
+10,245
+Retained earnings 1
+Other reserves 1)
+4,876
+97
+4,023
+887
+Equity before non-controlling interests
+16,471
+15,200
+Non-controlling interests
+6
+0
+119
+Equity
+15,200
+Provisions for pensions and similar obligations
+3,792
+3,466
+Other provisions
+778
+799
+Deferred tax liabilities
+650
+614
+Financial liabilities
+3,828
+3,687
+Other financial liabilities
+16,477
+Employees subject to wage agreements
+159
+158
+1,957
+1
+☐ s
+SCAN
+THIS CHART
+1) It is not possible to report on employees from temporary employment agencies and external companies, or independent contractors.
+2) Non-serious injuries resulting from minor accidents are not included in the report. Accidents not resulting in lost days (calendar days) count as minor accidents.
+3) Working days are counted as lost days (usually Mo-Fr); the day of the accident is not included (≥ 1 lost calendar day).
+Injury rates¹)
+2018
+2017
+2016
+2018
+2017
+2016
+Porsche AG
+Porsche Leipzig GmbH
+12.9%
+0.6%
+1,708
+0
+12.7%
+0.7%
+0.8%
+1) We do not report on minorities, as we are not permitted to collect this data due to personality rights.
+Porsche AG
+Porsche Leipzig GmbH
+5.8
+5.9
+5.1
+5.5
+6.7
+6.3
+1) Injury rate = Accident frequency index: provides information on frequency of accidents occurring in the workplace in relation to the total of all hours worked.
+The calculation formula is based on the number of industrial accidents x 1 million hours / hours worked.
+Donations made in € million
+1) Of this, external donations totalling 22 million euros in foundation assets for
+the Ferry Porsche Foundation, which was established in 2018.
+Performance - Key figures
+12.2%
+20181)
+0
+1,923
+93.1%
+90.7%
+Employees exempt from wage agreements and executive employees
+14.6%
+6.9%
+9.3%
+1) Increase in the participant numbers due to the launch of a digital learning platform,
+and the intensification of digital learning modules.
+2018
+2017
+2016
+SCAN
+THIS CHART
+5,944
+26,381
+5,317
+24,460
+Fatalities
+2,872
+17,363
+2018
+2017
+2016
+Accidents 2)
+202
+177
+171
+28,220
+25,911
+18,312
+4,105
+3,866
+Lost days 3)
+2,578
+Number of accidents, lost days and fatalities 1)
+Performance -Further information
+2017
+Approx. 27.5
+Member of the Executive Board of Volkswagen AG
+with responsibility for "Integrity and Legal"
+Dr Hans-Peter Schützinger
+Member of the Board of Management of Porsche Holding GmbH
+Peter Schulz*¹)
+Wolfgang von Dühren*
+Head of Sales Planning at Dr. Ing. h.c. F. Porsche AG
+Antonio Girone*
+Deputy chairman of the Group Works Council and
+Member of the General Works Council of Dr. Ing. h.c. F. Porsche AG
+Member of the Zuffenhausen/Ludwigsburg/Sachsenheim Works Council
+Sabine Zach*
+Collective Bargaining Secretary at IG Metall
+District management Berlin - Brandenburg - Saxony
+Hiltrud Dorothea Werner
+Manfred Pache*
+Member of the Weissach Works Council
+Hansjörg Schmierer*
+Manager responsible for members and finances of the IG Metall trade union, Stuttgart
+Jordana Vogiatzi*
+Press officer for the IG Metall trade union - Stuttgart Administrative Office
+Axel Weyland*
+Head of Drivetrain Division at Porsche Engineering Services GmbH
+Werner Weresch*
+Deputy chairman of the Group Works Council and
+Member of the General Works Council of Dr. Ing. h.c. F. Porsche AG
+Head of shop stewards' committee
+Deputy chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim Works Council
+1) Until 30 November 2018
+*Employee representative
+Member of the Group Works Council of Dr. Ing. h.c. F. Porsche AG
+2016
+Member of the Executive Board of Volkswagen AG
+with responsibility for "Finances and IT"
+with responsibility for "Truck & Bus"
+Approx. 4.8
+Approx. 5.0
+155
+Further information
+The Supervisory Board
+Emission and consumption information
+GRI Content Index
+About this report
+Porsche AG Group - Brief overview
+The Supervisory Board
+of Dr. Ing. h.c. F. Porsche AG
+on 31 December 2018
+Dr Wolfgang Porsche
+Diplom-Kaufmann
+Chairman
+Frank Witter
+Uwe Hück*
+Chairman of the General and Group Works Council of Dr. Ing. h.c. F. Porsche AG
+Chairman of the Zuffenhausen/Ludwigsburg/Sachsenheim Works Council
+Deputy Chairman of the Works Council of Porsche Automobil Holding SE
+Dr Hans Michel Piëch
+Lawyer
+Dr Ferdinand Oliver Porsche
+Investment management
+Hans-Peter Porsche
+Engineer
+Hans Dieter Pötsch
+Diplom-Wirtschaftsingenieur
+Chairman of the Executive Board of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+Gunnar Kilian
+Member of the Executive Board of Volkswagen AG
+with responsibility for "Human Resources"
+Andreas Renschler
+Member of the Executive Board of Volkswagen AG
+Deputy Chairman
+98,763
+Performance - Financial data
+Vehicles
+Disposal of equity instruments
+Capital increases/ decreases
+45
+8,933
+3,064
+242
+-305
+0
+0
+1
+11,980
+50
+-50
+45
+8,933
+3,114
+242
+-305
+-50
+0
+0
+Total comprehensive income
+1
+Other comprehensive income, net of tax
+Balance at 1 Jan. 2017
+1) The prior-year figures were restated due to the initial application of new accounting standard
+"IFRS 9 - Financial Instruments".
+142
+Performance - Financial data
+143
+€ million
+Consolidated statement of changes in equity
+of Porsche AG for the period 1 January to 31 December 2018
+Hedging
+Subscribed
+capital
+Capital reserves
+Retained earnings
+Currency
+translation
+Cash flow hedges Deferred costs of
+(OCI I)
+hedging (OCI II)
+Equity and debt
+instruments
+Other reserves
+Equity-accounted Non-controlling
+investments
+interests
+Total equity
+Unadjusted balance at 1 Jan. 2017
+Changes in accounting policy to reflect IFRS 9
+Profit after tax
+11,980
+3,016
+0
+46
+0
+0
+15,200
+Unadjusted balance at 1 Jan. 2018
+45
+10,245
+4,096
+804
+3
+0
+0
+15,200
+Changes in accounting policy to reflect IFRS 9
+-77
+27
+46
+0
+Balance at 1 Jan. 2018
+45
+10,245
+831
+4,023
+10,245
+45
+3,016
+50
+-235
+1,136
+96
+0
+0
+1,050
+3,066
+-235
+3,385
+1,136
+0
+0
+4,066
+1,312
+1,312
+Profit transfer and dividends payment
+-2,157
+-2,158
+Other changes
+As of 31 December 2017
+96
+425
+775
+Securities, loans and time deposits
+Gross liquidity
+25
+Share of profit or loss of equity-accounted investments
+4
+4
+-214
+83
+- 851
+-651
+505
+-577
+504
+710
+371
+326
+81
+349
+940
+- 1,230
+- 239
+-199
+Cash flows from operating activities
+46
+2,276
+2,567
+- 1,093
+93,953
+Consolidated statement of cash flows
+of Porsche AG for the period 1 January to 31 December 2018
+€ million
+2018
+20171)
+Cash and cash equivalents at beginning of period
+Profit before tax
+2,960
+2,834
+4,552
+3,845
+4,046
+Depreciation, amortization and impairment losses
+Gain/loss on disposal of non-current assets
+Other non-cash expense/income
+Change in inventories
+Change in receivables (excluding financial services)
+Change in liabilities (excluding financial liabilities)
+Change in pension provisions
+Change in other provisions
+Change in leased assets
+Change in financial services receivables
+- 1,531
+Income taxes paid
+4,019
+4,069
+and property, plant and equipment
+-3,140
+1,208
+1,312
+- 2,157
+-2,371
+2,727
+2,513
+- 2,422
+-2,173
+38
+-606
+-25
+-744
+2
+-59
+-327
+185
+2,635
+2,960
+Cash and cash equivalents at end of period
+2,635
+2,960
+-3,566
+Cash and cash equivalents at end of period
+Net change in cash and cash equivalents
+Effect of exchange rate changes on cash and cash equivalents
+Additions to capitalized development costs
+Change in equity investments
+Cash received from disposal of intangible assets and property, plant and equipment
+Change in investments in securities
+- 2,093
+-1,762
+1,064
+- 1,337
+-71
+-8
+Investments in intangible assets (excluding capitalized development costs),
+10
+-237
+1
+Change in loans and time deposits
+- 111
+-91
+Cash flows from investing activities
+Capital contributions
+Profit transfer and dividends
+Proceeds from issuance of bonds
+Repayment of bonds
+Change in other financial liabilities
+Cash flows from financing activities
+57
+831
+3,410
+0
+Vehicles
+911
+Vehicles
+256,255
+35,573
+246,375
+918 Spyder
+Vehicles
+32,197
+7
+237,778
+32,365
+44
+718 Boxster/Cayman
+Vehicles
+24,750
+25,114
+23,620
+Macan
+Vehicles
+86,031
+97,202
+95,642
+Cayenne
+71,458
+Total
+2016
+2017
+2018
+449
+6.2%
+270
+4.0%
+8,341
+100%
+7,191
+100%
+6,756
+100%
+63,913
+Valued added
+Performance - Financial data
+147
+Key figures
+Key economic figures
+Key figures for environment and energy
+Key figures for personnel and social matters
+Key economic figures
+The key figures concerning deliveries and production relate to the Porsche Group
+(including subsidiaries).
+The key figures concerning suppliers relate to Porsche AG.
+Deliveries
+1) The prior-year figures were restated due to the initial application of new accounting
+standards "IFRS 9 - Financial Instruments" and "IFRS 15 - Revenue from Contracts
+with Customers".
+10.1%
+70,867
+Vehicles
+1) Suppliers are considered to be local if they are based in the EU.
+Zuffenhausen and Leipzig are considered the main business sites.
+Total
+Vehicles
+268,691
+255,683
+239,618
+2018
+2017
+2016
+911
+Vehicles
+36,236
+33,820
+31,648
+718 Boxster/Cayman
+Vehicles
+23,658
+26,427
+24,882
+46
+Macan
+2016
+2017
+2018
+98%
+38,443
+27,942
+15,240
+Production
+Supplier origin 20181)
+Suppliers of production materials
+95.8%
+Based in the EU
+Suppliers of non-production materials
+98.1%
+Panamera
+Based in the EU
+4.2%
+Based outside the EU
+1.9%
+Based outside the EU
+2018
+2017
+2016
+Expenditure for local suppliers at main business sites ¹)
+Proportion of allocated purchasing budget spent on local suppliers
+97%
+98%
+1) Based on the creditor's billing address.
+842
+Vehicles
+15,193
+1,208
+1,208
+-2,290
+-2,290
+0
+1
+45
+11,453
+4,876
+75
+313
+-291
+16,477
+144
+Performance - Financial data
+145
+146
+Value added statement
+of Porsche AG for the period 1 January to 31 December 2018
+Source of funds in € million
+Sales revenue
+Other income
+Other changes
+Profit transfer and dividends payment
+Capital increases/ decreases
+Disposal of equity instruments
+0
+to the Company (reserves)
+Profit after tax
+3,113
+5
+3,118
+Other comprehensive income, net of tax
+34
+68
+-518
+Cost of materials
+-337
+0
+-753
+Total comprehensive income
+3,147
+68
+-518
+-337
+0
+5
+2,365
+0
+Depreciation and amortisation
+Other upfront expenditures
+Value added
+As of 31 December 2018
+20171)
+30.0%
+2,370
+35.1%
+to employees (wages, salaries, benefits)
+3,613 43.3%
+3,200 44.5%
+2,875
+42.5%
+to the state (taxes, duties)
+1,473
+2,157
+17.7%
+18.1%
+1,106
+16.4%
+to creditors (interest expense)
+123
+1.5%
+87
+1.2%
+2018
+2.0%
+1,298
+2,290 27.4%
+135
+20171)
+2016
+2016
+25,784
+823
+23,491
+942
+22,318
+1,231
+- 15,658
+-12,623
+-2,567
+-2,276
+-13,665
+-41
+-2,081
+to shareholders (profit transfer)
+Appropriation of funds in € million
+6,756
+2018
+8,341
+-2,089
+- 1,301
+7,191
+(combined) [kWh/
+6.5
+210
+9.2
+7.1
+[g/km]
+[1/100 km] 100 km]
+combined
+8.5
+[kW]**
+8.2
+7.9
+6.2
+emissions
+sumption
+sumption
+[hp]**
+output
+187
+194
+6.3
+181
+7.1
+340
+210
+Power con- CO₂-
+205
+Panamera Turbo S E-Hybrid Executive
+8.9
+7.9
+10.7
+450
+331
+680
+500
+Panamera Turbo S E-Hybrid
+911 Carrera S
+911
+Panamera 4 E-Hybrid Sport Turismo
+340
+Panamera 4 E-Hybrid Executive
+195
+8.5
+6.5
+340
+Panamera 4 E-Hybrid
+9.2
+Fuel con-
+7.9
+Power
+180
+7.9
+6.2
+186
+8.1
+6.3
+204
+8.9
+185
+8.1
+7.5
+7.3
+35
+NN
+9.5
+11.3
+354
+260
+245
+180
+Macan S
+500
+Cayenne
+7.1
+9.2
+210
+Model
+180
+7.9
+6.2
+Plug-in hybrids
+186
+8.1
+6.3
+194
+8.5
+Power
+6.5
+193
+62
+9.2
+7.1
+8.5
+6.5
+9.4-8.9* 11.4-11.3* 261-258*
+550 15.3-14.8*
+404
+Cayenne Turbo
+210
+680
+Materiality
+Disclosures
+Porsche AG
+911 Carrera S Cabriolet
+7.2
+12.3
+450
+331
+911 Targa 4 GTS PDK
+207
+9.1
+7.2
+12.3
+450
+331
+911 Carrera 4 GTS Cabriolet PDK
+203
+8.9
+7.2
+11.7
+450
+331
+911 Carrera 4 GTS PDK
+**Overall system performance
+202
+9.1
+207
+Panamera
+Panamera GTS
+6.2
+GRI
+GRI Content Index
+162
+161
+Performance -Further information
+242
+10.6
+8.2
+14.6
+8.8
+460
+Panamera GTS Sport Turismo
+Panamera Sport Turismo
+All models are listed that were available as freely configurable new vehicles at the time of going to press (February 2019).
+All figures for consumption can be found at www.porsche.com
+235
+10.3
+|00|
+7.8
+14.6
+460
+338
+338
+911 Carrera 4S
+7.5
+450
+74
+74
+16.0
+3.3
+16.0
+3.3
+66-64*
+462 2.9-2.8* 16.2-16.1*
+462 2.7-2.6* 16.1-16.0* 62-61*
+62-60*
+462 2.7-2.6* 16.1-16.0*
+222333
+33
+680
+500
+Panamera Turbo S E-Hybrid Sport Turismo
+206
+9.0
+7.8
+11.1
+450
+331
+3.3
+18.1
+76
+331
+331
+911 Carrera GTS Cabriolet PDK
+*Range depending on the tyre set used
+201
+8.8
+7.4
+11.2
+450
+331
+911 Carrera GTS PDK
+11.2
+207
+7.8
+11.1
+450
+331
+911 Carrera 4S Cabriolet
+208
+9.1
+7.6
+11.6
+450
+9.0
+Macan
+Macan
+€ million
+8.1
+Tanja Deutschenbaur, Press Officer for Finance and IT
+Frank Scholtys, Director Corporate Communications
+Maximilian Steiner, Coordinator for Sustainability and Stakeholder Management
+Daniela Rathe, Director Politics and External Affairs
+Contact persons
+Sabine Schröder, Director Corporate Publishing
+Dr Josef Arweck, Vice President Communications
+D-70435 Stuttgart
+Tel.: +49 711 911-0
+Porscheplatz 1
+Dr. Ing. h.c. F. Porsche AG
+Publisher
+Legal notice
+167
+SCAN
+THIS PAGE
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 160-161.
+Performance -Further information
+By selecting various parameters such as time period, key figure type or display type, you can generate and save
+individual comparisons in different formats.
+www.newsroom.porsche.com/charts
+Porsche Newsroom provides more information and an interactive comparison of current financial and volume data.
+of new accounting standard "IFRS 9 - Financial Instruments".
+4) The prior-year figures (FY 2017) were restated due to the initial application
+3) Relates to investments in intangible assets and property, plant and equipment.
+Matthias Rauter, Press Officer for Human Resources and Social Affairs
+Nadescha Vornehm, Press Officer for Sales and Marketing
+Jörg Walz, Press Officer for Production, Logistics, Procurement and Sustainability
+Markus Rothermel, Press Officer for Sports Communications
+Fedrigoni Symbol Matt Plus
+Paper
+Druckstudio GmbH
+Printing
+C3 Creative Code and Content GmbH
+Interactive key performance indicator tool
+Storming GmbH
+Porsche Newsroom App
+Meiré und Meiré
+Art direction, editorial and digital design
+2) As of 31 December.
+Meiré und Meiré
+Conceptualized by
+Jan Waschek, Corporate Publishing
+Alexandra Schubert, Corporate Publishing
+Coordination and text
+Mayk Wienkötter, Press Officer for Electromobility, Future Technologies and Connected Car
+Hermann-Josef Stappen, Press Officer for Technology
+Ben Weinberger, Press Officer for Macan, Cayenne and Panamera
+Jonas Bierschneider, PR Specialist for the 718
+Holger Eckhardt, Press Officer for the 911
+Anja Wassertheurer, Director Product and Technical Communications
+Rolf Antrecht
+www.newsroom.porsche.com/reports
+1) Pre-production vehicles.
+3,016
+€ million
+Cost of materials
+2,666
+3,099
+3,157
+€ million
+Capital expenditure 3)
+12,841
+14,404
+16,099
+€ million
+Fixed assets
+11,980
+15,200
+16,477
+€ million
+32,235
+35,019
+38,159
+This report has been prepared in accordance with the Global Reporting Initiative (GRI) standards on the basis of the "Core" option.
+The report was submitted to the GRI services team for implementation of the GRI Materiality Disclosures Service. The description of
+the "materiality-related disclosures" (102-40 to 102-49) was confirmed as correct. A detailed version of the GRI Content Index is
+available in the Porsche Newsroom: www.newsroom.porsche.de/reports
+160
+15,658
+13,665
+12,623
+Depreciation, amortization and impairment losses
+3,118
+€ million
+Profit after tax4)
+3,697
+4,046
+4,552
+€ million
+Profit before tax 4)
+3,877
+4,144
+2,640
+4,289
+Operating result (EBIT)
+3,864
+4,069
+3,845
+€ million
+Cash flows from operating activities
+2,081
+2,276
+2,567
+€ million
+€ million
+186
+FSC
+MIX
+718 Boxster T
+10.8
+300
+220
+718 Boxster PDK
+11.3
+300
+220
+718 Boxster
+12.0
+365
+269
+718 Cayman GTS PDK
+12.8
+365
+269
+718 Cayman GTS
+11.8
+350
+257
+718 Cayman S PDK
+220
+300
+11.3
+718 Boxster T PDK
+6.2
+223215-532321515
+666671916666NON6
+12.0
+365
+269
+718 Boxster GTS PDK
+12.8
+365
+269
+12.7
+718 Boxster GTS
+350
+257
+718 Boxster S PDK
+12.7
+350
+257
+718 Boxster S
+10.8
+300
+220
+11.8
+www.c.org
+350
+718 Cayman S
+Fuel con-
+Power
+Power
+output
+Model
+(extra-urban) (combined) (combined)
+[1/100 km] [1/100 km] [g/km]
+[1/100 km]
+(urban)
+emissions
+sumption
+sumption
+sumption
+CO₂
+Fuel con-
+Fuel con-
+Fuel con-
+Power
+[hp]
+Power
+output
+[kW]
+Model
+Emission and consumption information
+FSC*
+Papier aus verantwor
+tungsvollen Quellen
+Fuel con-
+Fuel con-
+[hp]
+sumption
+10.8
+300
+220
+718 Cayman T PDK
+11.3
+300
+220
+718 Cayman T
+10.8
+300
+257
+220
+300
+220
+718 Cayman PDK
+718 Cayman
+718
+CO₂
+sumption emissions
+(extra-urban) (combined) (combined)
+[1/100 km] [l/100 km] [g/km]
+[I/100 km]
+(urban)
+[kW]
+sumption
+11.3
+GRI standard
+180
+Feb 2019
+→ Text
+44, 48-49, 57
+→ Key figures
+153
+→ Key figures
+→ Key figures
+→ Key figures
+121, 153
+not available
+Information
+→ Key figures
+119-121, 153
+Index/Key figures
+→ Key figures
+152
+153
+→ Key figures
+116-121, 152
+→ Text
+44, 48-49, 57
+→ Text
+44, 48-49, 54-56
+57, 153
+57, 153
+→ Key figures
+Index/Key figures
+→ Key figures
+Index
+44, 48-49,57
+Omission
+Online version
+Printed report
+→ Index
+→ Index/Text
+44,60
+→ Text
+44, 48-49, 58-61
+→ Text
+64-75
+GRI 403: Occupational Health
+and Safety (2016)
+→ Text/Key figures
+→ Text
+44, 48-49, 58-61
+→ Key figures
+→ Text/Key figures
+58-61, 64-75, 154-155
+→ Text
+44, 48-49, 58-61
+→ Key figures
+121, 153
+→ Text
+58-61,64-75,155
+44, 48-49, 58-61
+403-2 Types of injury and rates of injury, occupational diseases, lost days,
+and absenteeism, and number of work-related fatalities
+403-3 Workers with high incidence or high risk of diseases related
+to their occupation
+GRI 103:
+Management Approach (2016)
+GRI 306: Effluents and Waste (2016) 306-2 Waste by type and disposal method
+306-1 Water discharge by quality and destination
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+303-1 Water withdrawal by source
+GRI 303: Water (2016)
+Management Approach (2016)
+GRI 103:
+during production
+Resource consumption
+305-6 Emissions of ozone-depleting substances (ODS)
+305-7 Nitrogen oxides (NOx), sulfur oxides (SOX) and other
+significant air emissions
+305-4 GHG emissions intensity
+305-3 Other indirect GHG emissions (Scope 3)
+305-2 Energy indirect GHG emissions (Scope 2)
+305-1 Direct GHG emissions (Scope 1)
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+302-1 Energy consumption within the organisation
+302-3 Energy intensity
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 305: Emissions (2016)
+GRI 302: Energy (2016)
+Management Approach (2016)
+GRI 103:
+during production
+Energy and emissions
+Environmentally compatible logistics
+GRI 103:
+Management Approach (2016)
+GRI 305: Emissions (2016)
+306-3 Significant spills
+Occupational health and safety
+Disclosure
+of association and collective bargaining may be at risk
+402-1 Minimum notice periods regarding operational changes
+407-1 Operations and suppliers in which the right to freedom
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 407: Freedom of Association
+and Collective Bargaining
+GRI 402: Labor/Management
+Relations (2016)
+Management Approach (2016)
+GRI 103:
+Corporate co-determination
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+403-1 Workers representation formal joint management-worker
+health and safety committees
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+404-1 Average hours of training per year per employee
+404-2 Programs for upgrading employee skills and transition
+assistance programs
+Training and Education (2016)
+GRI 404:
+Management Approach (2016)
+GRI 103:
+Staff development
+GRI 401: Employment (2016)
+GRI 103:
+Management Approach (2016)
+Attractiveness as an employer
+305-3 Other indirect GHG emissions (Scope 3)
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+401-1 New employee hires and employee turnover
+401-3 Parental leave
+Management Approach (2016)
+→ Text
+58-61, 155 Index/Key figures
+79,111
+Units
+Cayenne
+97,177
+98,763
+93,953
+Units
+Macan
+24,882
+26,427
+23,658
+Units
+718 Boxster/Cayman
+31,648
+33,820
+36,236
+Units
+911
+239,618
+255,683
+268,691
+59,068
+71,693
+Panamera
+Taycan ")
+22,318
+Disclosure
+23,491
+25,784
+€ million
+Sales revenue
+Financials
+2,875
+27,612
+29,777
+3,200
+Units
+3,613
+Personnel expenses
+32,325
+number
+Employees 2)
+240
+Units
+14,218
+37,605
+35,493
+Units
+€ million
+→ Index
+Production
+27,942
+256,255
+Units
+Deliveries
+2016
+2017
+2018
+Brief overview
+Porsche AG Group
+166
+165
+Performance -Further information
+Separate non-financial consolidated report
+Dr. Ing. h.c. F. Porsche AG makes use of the
+exemption provision in Sections 289b (2) and
+315b (2) of the German Commercial Code
+("HGB") allowing it not to issue a non-financial
+report and a non-financial consolidated
+report, and refers to the separate non-financial
+report of Volkswagen AG for the financial
+year 2018, which will be available on the
+www.volkswagenag.com website in German
+and English from 30 April 2019.
+Reporting standard and assurance
+(GRI 102-49, 102-54, 102-55, 102-56)
+This report and the information on Porsche's
+commitment to sustainability have been
+authored in accordance and compliance with
+the Core option of the Global Reporting
+Initiative (GRI) standards for sustainability
+reporting. Previous reports used the G3.1 and
+G4 guidelines which were current for those
+points at the time. The GRI Content Index at
+the end of the report shows the extent to
+which the indicators have been met and where
+they are located in the print and online ver-
+sions. The GRI Materiality Disclosures Service
+confirmed that the GRI requirements for
+materiality disclosures have been met. The
+information and key figures were not the
+subject of a full external audit in 2018.
+This documentation represents the third time
+that Dr. Ing. h.c. F. Porsche AG has published
+a combined Annual and Sustainability Report.
+The company published its first report in this
+format for the 2016 financial year on 17 March
+2017. The report is produced annually. This
+report covers the period from 1 January 2018
+to 31 December 2018. Information dating
+from before this period is also included for
+completeness. Unless otherwise specified,
+the reporting date is 31 December 2018. The
+editorial deadline was in February 2019.
+Unless otherwise indicated, all information
+refers to Dr. Ing. h.c. F. Porsche AG. If content
+that had been previously published has since
+been corrected, for example due to changes
+in collection methods for key figures and data,
+this is indicated. Financial analyses as well
+as key figures and data are given in compact
+form at the end of the report and in detailed
+form online in the Porsche Newsroom
+(newsroom.porsche.com). This site also con-
+tains further information on Porsche's sustain-
+ability work. Management approaches to
+major topics in this report are contained
+in the section entitled "Sustainability strategy
+and management".
+Report contents and period
+(GRI 102-46, 102-48, 102-50,
+102-51, 102-52)
+About this report
+not available
+(For details
+see p. 153)
+Information
+(For details
+see p. 153)
+→ Index/Text
+58-61,73-74
+911
+Units
+35,573
+918 Spyder
+38,443
+Units
+Panamera
+70,867
+63,913
+71,458
+Units
+Cayenne
+95,642
+97,202
+15,240
+86,031
+Macan
+23,620
+25,114
+24,750
+Units
+718 Boxster/Cayman
+44
+237,778
+32,365
+246,375
+32,197
+7
+Units
+Units
+GRI 103:
+57, 153
+→ Key figures
+→ Text
+44-45, 48-49
+→ Text
+→ Text
+44-45
+44-45
+102-56 External assurance
+102-55 GRI content index
+102-54 Claims of reporting in accordance with the GRI Standards
+102-53 Contact point for questions regarding the report
+102-52 Reporting cycle
+102-51 Date of most recent report
+102-50 Reporting period
+102-49 Changes in reporting
+102-48 Restatements of information
+102-47 List of material topics
+102-46 Defining report content and topic boundaries
+102-45 Entities included in the consolidated financial statements
+102-44 Key topics and concerns raised
+102-43 Approach to stakeholder engagement
+102-42 Identifying and selecting stakeholders
+All the employees of the company, with the exception of senior executives, are covered by collective wage agreements. As a member company of
+the Südwestmetall Employers' Association, Porsche AG participates actively in the social partnership between the metal and electrical industry
+in Baden-Württemberg and the IG Metall trade union. All Porsche AG employees therefore fall under its multi-employer wage agreement, while the
+company's own collective agreement covers employees of Porsche Leipzig GmbH.
+150
+→ Index
+41, 44, 46, 48-49,165
+→ Text
+418-1 Substantiated complaints concerning breaches of customer
+privacy and losses of customer data
+GRI 418: Customer Privacy (2016)
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+201-1 Direct economic value generated and distributed
+201-4 Financial assistance received from government
+GRI 103:
+Management Approach (2016)
+Long-term customer relations
+GRI 201:
+Economic Performance (2016)
+GRI 103:
+Management Approach (2016)
+Long-term economic stability
+Disclosure
+→ Index
+Key topics
+162-165
+162
+168
+165
+165
+165
+165
+48, 165
+→ Text
+48-49
+165
+Responsibility in the supply chain
+→ Text
+40-43, 50-53, 57-61
+6-7, 158-159
+44-45
+102-12 External initiatives
+102-11 Precautionary principle or approach
+102-10 Significant changes to the organisation and its supply chain
+102-9 Supply chain
+102-8 Information on employees and other workers
+102-7 Scale of the organisation
+102-6 Markets served
+102-5 Ownership and legal form
+102-4 Location of operations
+102-3 Location of headquarters
+102-2 Activities, brands, products, and services
+102-1 Name of the organisation
+General Disclosures (2016)
+GRI 102:
+General Disclosures
+Foundation (2016)
+GRI 101:
+Omission
+Online version
+Printed report
+Service
+102-13 Membership of associations
+102-14 Statement from senior decision-maker
+102-16 Values, principles, standards, and norms of behavior
+New mobility concepts
+Equity
+6-7
+→Text
+→ Index
+10, 11, 14, 17, 23, 24, 27, 44, 48,
+50-52, 57, 66, 68–69, 76–87,
+108-111, 114, 123, 162-165
+→ Text
+→ Index
+4, 10-27, 36, 165
+58-61,64-74
+→ Index/Text
+51-52, 122-123, 151
+→Index
+→ Key figures
+→ Key figures
+28-35, 65, 125-145, 150, 154
+30-34
+→ Index
+168
+30-34
+→Text
+→ Index/Text
+7,28,96-105, 160-161
+168
+102-41 Collective bargaining agreements
+102-40 List of stakeholder groups
+35, 58-61, 64-65, 75, 154-155
+GRI 103:
+Management Approach (2016)
+GRI 204:
+102-18 Governance structure
+GRI 408: Child Labor (2016)
+GRI 409:
+→ Text
+44, 48-49, 54-56
+→ Text
+44, 48-49, 50-53
+→ Index
+→ Index
+→ Key figures
+52-53
+→ Index
+→ Text
+44, 48-49, 50-53
+→ Key figures
+151
+→ Index
+→ Index/Text
+51-52, 123
+→ Index/Text
+51-52, 123
+→ Text/Key figures
+51-52, 123,151
+→ Index/Key figures
+54
+→ Text
+44, 48-49, 54-56
+→ Text
+122, 151
+Total assets
+Procurement Practices (2016)
+GRI 308: Supplier Environmental
+Assessment (2016)
+→ Text
+44, 48-49, 54-56
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+301-1 Materials used by weight or volume
+GRI 301: Materials (2016)
+Management Approach (2016)
+GRI 103:
+Material and sustainable materials
+151
+Key topics
+Online version
+Disclosure
+Key topics
+164
+163
+(For details
+see p. 153)
+→ Key figures
+121, 153
+not available
+Information
+Omission
+→ Text
+Printed report
+Restricted due to
+obligation to main-
+tain confidentiality
+(for further details
+GRI 103:
+Digital transformation
+Socioeconomic Compliance (2016)
+307-1 Non-compliance with environmental laws and regulations
+419-1 Non-compliance with laws and regulations in the social
+and economic area
+206-1 Legal actions for anti-competitive behavior, anti-trust,
+and monopoly practices
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+205-1 Operations assessed for risks related to corruption
+205-2 Communication and training about anti-corruption policies
+and procedures
+412-2 Employee training on human rights policies or procedures
+412-3 Significant investment agreements and contracts that include
+human rights clauses or that underwent human rights screening
+414-1 New suppliers that were screened using social criteria
+409-1 Operations and suppliers at significant risk for incidents of
+forced or compulsory labor
+408-1 Operations and suppliers at significant risk for incidents of
+child labor
+308-1 New suppliers that were screened using environmental criteria
+Management Approach (2016)
+204-1 Proportion of spending on local suppliers
+Environmental Compliance (2016)
+GRI 419:
+GRI 206:
+GRI 205: Anti-corruption (2016)
+GRI 103:
+Management Approach (2016)
+Compliance
+Supplier Social Assessment (2016)
+see online index)
+Human Rights Assessment (2016)
+GRI 414:
+Forced or Compulsory Labor (2016)
+GRI 412:
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+Vehicle safety
+Anti-competitive Behavior (2016)
+GRI 307:
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+44, 48-49, 50-53
+→ Text
+44, 48-49, 50-53
+→ Index
+→ Index
+35,126-147,155, 167
+44, 48-49, 50-53
+Omission
+Online version
+Printed report
+Performance -Further information
+→ Text
+Management Approach (2016)
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+GRI 103:
+103-1 Explanation of the material topic and its boundary
+103-2 The management approach and its components
+103-3 Evaluation of the management approach
+416-1 Assessment of the health and safety impacts of product
+and service categories
+GRI 305: Emissions (2016)
+GRI 103:
+Management Approach (2016)
+Fuel consumption and
+vehicle emissions
+Customer Health and Safety (2016)
+GRI 416:
+305-3 Other indirect GHG emissions (Scope 3)
+Eun Hätten
+of the Executive Board
+Finance and IT
+Deputy Chairman
+Lutz Meschke
+вишит
+раг
+Michael fleines
+Detlev von Platen
+Deller
+Dotte van Toh Shives Dune
+Albrecht Reimold
+Production and Logistics
+Uwe-Karsten Städter
+Procurement
+Michael Steiner
+Research and Development
+Sales and Marketing
+Anders,
+Porsche is committed to innovation. Many of the technol-
+ogies found in our production vehicles have their origins
+in motorsport. Last year proved to be one of the most
+successful in our motor racing history. In GT sport we won
+every title in the World Endurance Championship (WEC).
+We also secured overall victories in the North American
+IMSA racing series and triumphed in the highly competitive
+Intercontinental GT Challenge. In addition, we made our
+debut in the Formula E series last autumn with the Porsche
+99X Electric - and immediately made it onto the podium
+in the first race.
+Human Resources
+7
+Letter from the Executive Board of Porsche AG
+The Executive Board
+of Porsche AG
+Porsche has only remained Porsche because it has
+constantly embraced change.
+All of the things that were important in 2019 still apply
+as we embark on a new decade: Porsche is continuing to
+develop. We are linking our past to the future with our
+models. At the same time, the transformation of the auto-
+motive industry represents a challenge. We are thinking in
+terms of opportunities here. Together with our employees,
+we are continuously driving this transformation forward
+in a positive sense.
+Porsche embraces its social responsibility. We support a
+wide range of charitable initiatives in the fields of culture,
+sport, education and science, the environment and various
+social projects. We do this primarily at our company
+locations. Whether improving the prospects of children
+and young people or supporting disadvantaged people,
+solidarity literally extends beyond our factory gates.
+combined heat and power plants - powered by biogas,
+which we obtain from residual materials and waste
+products. All of these measures are important steps to-
+wards our aim of becoming a zero-impact company across
+all value-added processes. At the same time, we adhere
+to a clear principle that firstly involves avoiding a negative
+impact, then reducing it and only then offsetting it.
+Andreas Haffner
+Sustainability is a central pillar of the Porsche strategy.
+Here we are aware of every aspect of our corporate respon-
+sibility: economic, environmental and social. One good
+example is the Taycan factory, with which we have made
+the entire main factory in Zuffenhausen carbon-neutral. The
+new buildings are energy-efficient, while the power comes
+from regenerative sources. We generate the heat in our own
+Letter from the Executive Board of Porsche AG
+Our employees have made this success possible - with
+passion, a pioneering spirit and strong power play in
+relation to new models. These include the 911 Cabriolet,
+the Cayenne Coupé, the 911 Speedster, the 935, the
+718 Spyder, 718 Cayman GT4, the Macan Turbo and the
+Taycan Turbo, Turbo S and 4S. The Taycan completes
+our range of three different drive systems. We are pursuing
+a clear product strategy: emotional petrol models, dynamic
+plug-in hybrids and innovative electric sports cars.
+Operating results are equally positive. Deliveries have
+reached their highest point, 10 per cent higher than the
+previous year at more than 280,000 vehicles. Sales
+have also risen by 11 per cent to 28.52 billion euros. The
+operating income before special items was 4.40 billion
+euros, an increase of three per cent on the previous year.
+The year 2019 marked the dawning of a new era for Porsche.
+At the start of September we unveiled the Taycan, our first
+fully electric sports car and the result of many years of
+strategic development work. We created around 2,000 new
+jobs for our sixth model and launched a comprehensive
+training offensive. We have invested in our Zuffenhausen
+site and commissioned a new production line, creating
+a factory within a factory that is consistently geared
+towards sustainability.
+Dear Reader,
+Chairman of the
+Executive Board
+Oliver Blume
+Our Porsche Strategy 2025 is taking hold. It is the basis
+for our company's activities. Important decisions have
+already been taken in 2019 to set the course for the future
+development of the company. Furthermore, over the past
+two years we have been making good progress with an
+income programme aimed at ensuring the future economic
+stability of Porsche. It involves intelligent ideas that bolster
+our income. For instance, we are employing more digital
+methods, reducing our variety of versions, using more
+carry-over parts and developing new business ideas. We
+are confident that we will also be able to achieve the target
+yield of 15 per cent with these measures in the future.
+202 Legal notice
+Innovative Mobility
+Reliable Partner
+Go to Zero
+The Supervisory Board
+Emission and consumption information
+GRI Content Index
+85 Action areas
+77 Stakeholder management
+External stakeholder dialogue
+Internal stakeholder dialogue
+Stakeholder survey and materiality
+65 Sustainability management
+Sustainability strategy
+Porsche Sustainability Index
+Sustainability organisation
+Sustainable Development Goals
+Procurement
+Production
+139 Sales, Production, Procurement
+Sales
+Business performance
+Outlook
+99 Employees, Society,
+09 Important events
+07
+FSC C014405
+responsible sources
+Paper from
+MIX
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.8
+FSC
+Letter from the Executive Board of Porsche AG
+Porsche AG Group - Brief overview
+Independent Practitioner's Report
+Sports, Communications
+129 Research and development
+Vehicles
+Technology
+190 Further information
+Key figures for personnel and
+social matters
+Key figures for environment
+and energy
+Key economic figures
+182 Key figures
+Consolidated statement of changes in equity
+Value added statement
+Consolidated statement of financial position
+Consolidated statement of cash flows
+Employees
+Society
+comprehensive income
+Financial position
+Results of operations
+Net assets
+Consolidated income statement
+168 Financial data
+158 Financial analysis
+Communications
+Sports
+Consolidated statement of
+Important events
+50 years of the Porsche 917
+Porsche is a pioneer of sustainable
+mobility. Sustainability is in our DNA.
+Our sustainability strategy is guided
+by a clear set of key figures and
+pursues measurable goals. Take the
+all-electric Taycan, for example:
+an emotionally appealing sports car
+that blends tradition and the future.
+agreements by the end of the year.
+risen to 30,000 by the time of the IAA in
+September, resulting in 10,000 purchase
+The electrifying Porsche Taycan
+Even before its world premiere in September
+2019, the Porsche Taycan was already in great
+demand. In an announcement at the Geneva
+Motor Show, Porsche revealed that the car had
+attracted over 20,000 serious prospective
+customers by March 2019. This number had
+14 exhibits, including 10 917s boasting a
+combined 5,507 kW (7,490 PS).
+15 September 2019 and featured a total of
+50 Years of the 917" ran from 14 May to
+the Porsche Museum. "Colours of Speed -
+ever made to its original condition - just as it
+was when first unveiled. When restoring sports
+cars from the company's historic collection,
+the museum always places great importance
+on retaining original materials and accounting
+for the relevant history of its exhibits. Add-
+itional events to mark this occasion included
+a comprehensive special exhibition at
+The Porsche 917 marked its golden anniver-
+sary in 2019, 50 years after this most famous
+racing car of all time debuted at the Geneva
+Motor Show on 12 March 1969. Porsche
+enjoyed great success with the 917, winning,
+amongst others, the 1970 and 1971 24 Hours
+of Le Mans. The Porsche Museum celebrated
+this landmark by restoring the first 917
+16
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+MANFRED BRÄUNL
+Important events
+New CEO for Porsche Middle East
+Manfred Bräunl was appointed CEO of Porsche
+Middle East and Africa Free Zone Establish-
+ment (FZE) effective 1 March 2019. Previously,
+Bräunl spent five years as Vice President
+Marketing at Porsche China Motors. Addition-
+ally, he was the Global Head of Marketing at
+Maserati in Modena, Italy, and previously occu-
+pied senior management positions at BMW.
+Bräunl's predecessor Deesch Papke assumed
+the position of Group Managing Director at
+Audi Volkswagen Middle East (AVME). Papke
+had managed the Dubai-based subsidiary
+since 2015 as well as between 2005
+and 2010.
+In February 2019, the Supervisory Board of
+Porsche AG decided to manufacture the
+next generation of the Macan as a fully elec-
+tric series. This will be the first all-electric
+compact SUV from Porsche and is due to roll
+off the assembly line at the start of the 2020s.
+The development represents a further expan-
+sion of the Porsche range in the field of
+electromobility following the Taycan and
+Taycan Cross Turismo.
+Gulf
+20
+FEELONE
+20 years of the Porsche 911 GT3
+natureOffice.com | DE-137-711254
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Cayenne
+Cepend
+CALVONEET
+Profit sharing at Porsche: after record revenue,
+profits and deliveries in the financial year 2018,
+a special bonus of up to 9,700 euros before
+tax was paid to employees of the sports car
+manufacturer. This reward was issued in recog-
+nition of the extraordinary dedication and
+commitment of all staff at Porsche. The bonus
+itself was paid in two parts: 9,000 euros were
+paid to the Porsche workforce as a perform-
+ance bonus for the financial year 2018, while
+700 euros were set aside as a special contri-
+bution to the Porsche VarioRente pension
+scheme or a personal pension fund.
+9,700-euro bonus
+Get electrified: the next Macan generation
+19
+Porsche is investing more
+than 600 million euros to up-
+grade its factory in Leipzig.
+This will allow the company
+to set an important course
+for the future of its Saxony
+site and the production of
+upcoming models.
+Laying new foundations in Leipzig
+The factory's fifth expansion project is now
+underway: Porsche is investing more than
+600 million euros to upgrade its factory in
+Leipzig, with the foundation stone for a new
+body shop boasting a total area of 75,500
+square metres having been laid on 12 March
+2019. This will allow the company to set an
+important course for the future of its Saxony
+site and the production of upcoming models.
+The new generation of the Macan, which
+will be a fully electric series, is set to be manu-
+factured there from the start of the 2020s.
+20 YEARS OF THE 911 GT3
+the world premiere of the Cayenne Coupé.
+Boasting particularly dynamic contours and
+new technical details, it has a very athletic
+appearance. Highlights include a sharper design
+with a totally unique rear end, an adaptive rear
+spoiler, a rear bench with the characteristics
+of two individual seats and two roof concepts:
+the standard panoramic fixed glass roof and
+the optional carbon roof. The roof line falls
+away much more steeply to the rear, making
+this car appear even more dynamic and
+positioning it as the sportiest-looking model
+in the segment.
+Porsche extended the third generation of its
+successful SUV range in late March 2019 with
+Cayenne Coupé extends SUV line
+The unveiling of the first Porsche 911 GT3 at
+the Geneva Motor Show in March 1999 was
+the start of a new era for discerning sports car
+drivers. Like no other 911, the GT3 embodied
+the hallmarks of Porsche Motorsport. Devel-
+oped by two-time World Rally Championship
+winner Walter Röhrl, race engineer Roland
+Kussmaul and the Porsche Motorsport spe-
+cialists from Weissach, it brought racetrack
+agility to the road. Since then, this high-
+performance road-legal sports car has become
+even faster, more precise and more dynamic
+with every generation - and with a naturally
+aspirated engine, manual transmission and
+rear-wheel drive, it remains the most popular
+Porsche 911 among purists.
+LEIPZIG FACTORY
+LPL 1905
+DEVELOPMENT DATA FOR PORSCHE MISSION E CROSS TURISMO MADE AVAILABLE TO COMPETITION ENTRANTS
+15
+911 Cabriolet with high-tech top
+Porsche kicked off the new year by introducing
+the new 911 Cabriolet as the latest open-top
+iteration in a decades-long tradition. Though it
+shares the modern styling of the Coupé, its
+convertible design is unmistakably that of a
+Porsche 911. The high-tech top, which boasts
+integrated panel bow magnesium elements
+that reliably prevent the roof from inflating
+at high speeds, can be opened or closed while
+driving at up to 50 km/h. The new roof
+hydraulics cut the opening time to around
+12 seconds.
+The focus during its
+development was on the
+sustainable use of raw
+materials - in addition to
+improved driving dynamics
+and faster lap times.
+was on the sustainable use of raw materials -
+in addition to improved handling and faster lap
+times. As the first series-produced racing car,
+it features body parts made from an organic
+fibre composite. The natural fibre mix featured
+in the driver's door, passenger door and the
+rear wing - which consists primarily of agricul-
+tural residue such as flax and hemp fibres -
+boasts similar properties to carbon fibre in
+terms of its weight and stiffness.
+Three years after the debut of the first Cayman
+GT4 Clubsport, Porsche unveiled its successor
+in early January 2019. The new 718 Cayman
+GT4 Clubsport is a further development of the
+successful model from Weissach. For the
+first time, this mid-engine production racing
+car is available in two variants as standard:
+the "Trackday model" is pitched at ambitious
+amateur racing drivers, while the "Competition"
+model is intended for national and international
+events. The focus during its development
+718 Cayman GT4 Clubsport featuring
+organic fibre body parts
+718 CAYMAN GT4 CLUBSPORT
+Walter Röhrl inducted into FIA Hall of Fame
+The legendary German racer Walter Röhrl
+received a huge honour on 30 January 2019,
+becoming the first rally driver and non-Formula
+One world champion to be inducted into
+the FIA Hall of Fame. The ceremony took place
+at the headquarters of the Fédération
+Internationale de l'Automobile (FIA) in Paris.
+Born in Regensburg, Bavaria, Röhrl began his
+rally career in 1968 driving private cars.
+He became a works driver in 1972, instantly
+establishing himself among the world's elite.
+Röhrl won the Monte Carlo Rally four times
+in total, driving four different marques, and
+was world rally champion twice. He entered
+the 1981 German Rally Championship in a
+Porsche 924 and drove a Porsche 911 in the
+world championship race in San Remo that
+year. It was also during the 1980s that he began
+assisting with the development of Porsche
+sports cars, starting with the all-wheel drive
+Porsche 911 Carrera 4 (type 964). High-
+lights of Röhrl's involvement with development
+and fine-tuning included the Porsche 959,
+Carrera GT and 918 Spyder supercars. In addi-
+tion, Röhrl has been active around the world
+as a Porsche brand ambassador since 1993.
+11
+On 30 January 2019, Walter
+Röhrl became the first rally
+driver and non-Formula
+One world champion to be
+inducted into the FIA Hall
+of Fame. Initially selected
+as a works driver in 1972,
+the Regensburg-born racer
+began assisting with the
+development of Porsche
+sports cars in the 1980s.
+He has also served as a
+Porsche brand ambassador
+for many years.
+Investment in US start-up "Urgent.ly"
+GT4
+Mobil 1
+MICHELIN
+sport
+IMPORTANT EVENTS
+The figures for fuel consumption, energy consumption and CO, emissions are found on pages 193-194.
+In January 2019 Porsche acquired a stake in
+the US start-up "Urgent.ly", which describes
+itself as the world's leading platform for mobil-
+ity and roadside assistance. The total invest-
+ment round amounted to 21 million dollars
+(18.5 million euros), with "BMW i Ventures"
+among others also acquiring shares in "Urgent.ly"
+in addition to Porsche Ventures. "Urgent.ly's"
+platform supports roadside assistance services
+in North America, Europe and Asia. It uses
+artificial intelligence and geolocation to con-
+nect drivers, service providers and automotive
+manufacturers in real time, thereby coordinat-
+ing the best and fastest possible help. More
+than half of all roadside assistance providers in
+the US are linked to the platform, which serves
+around 45,000 connected vehicles.
+Business performance
+Outlook
+911 CABRIOLET
+SHOV 913
+THE PORSCHE MACAN IS A TRUE LEIPZIG PRODUCT
+To mark the Mobile World Congress (MWC)
+in Barcelona, Porsche invited developers from
+around the world to work on future digital
+mobility solutions. The second edition of the
+"Porsche Next Ol" developer competition began
+on 26 February 2019 in the form of another
+open innovation competition for digital
+development organised in collaboration with
+Berlin-based tech start-up "High Mobility".
+Participants were able to work with the devel-
+opment data of the Porsche Mission E Cross
+Turismo electric study. They were invited to
+pitch applications relating to sports cars of
+the future. Porsche is particularly seeking apps
+that are relevant for customers in the three
+phases of the driving experience: home,
+driving and arrival. Submissions may involve
+such aspects as the connected home, the
+charging process, on-the-move productivity
+and smooth arrival at the airport.
+Developer competition with Mission E
+Cross Turismo data
+The "Porsche inFlow" launched by Porsche and
+Munich-based mobility and fintech company
+"Cluno" in late February 2019 offers exclusive
+and flexible use of various Porsche models
+in Germany at a monthly package price. All
+processing steps, from booking and contract
+conclusion through to car management, are
+performed digitally using the Cluno app. This
+represents a further expansion of Porsche's
+portfolio of innovative mobility concepts.
+Flexible mobility solution: "Porsche inFlow"
+Testing autonomous driving in the workshop
+Porsche is testing autonomous driving for
+workshops, and for this project, the sports car
+manufacturer is working with the start-up
+"Kopernikus Automotive" to install a test field
+on the company's premises in Ludwigsburg.
+The fresh-faced outfit from Berlin specialises
+in technology for self-driven cars. The aim of
+the joint project is to enable cars to drive from
+their parking space to the lifting platform
+and back again in a fully autonomous process.
+This should enable staff to save time by auto-
+matically manoeuvring the sports cars to the
+correct position in the workshop using a tablet.
+This test project, which is part of a collabor-
+ation within the "Startup Autobahn" innovation
+platform, has been initiated by the Silicon
+Valley technology centre Plug and Play for the
+Stuttgart location. Porsche has partnered
+with the platform since 2017 for the purpose
+of networking with innovative start-ups from
+around the world.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+A
+Mobil 1
+GTZRS Clubsport
+Porsche 911 GT2 RS Clubsport was driven on a racetrack in front of the public for the first time.
+At the wheel of the car with 515 kW (700 PS) was the Porsche brand ambassador Mark Webber.
+The Australian thrilled the home crowds at the famous Mount Panorama Circuit.
+Motor racing fans attending the opening round of the 2019 Intercontinental GT Challenge
+in Bathurst, Australia, on 2 February 2019 witnessed a very special premiere as the
+Racetrack debut for the 911 GT2 RS Clubsport
+12
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Important events
+2
+print production
+рем
+Ferry Porsche, 1969
+carbon neutral
+Pioneering spirit.
+Annual and Sustainability Report
+of Porsche AG
+2019
+R-
+RAPIAL
+NFC YUELLESS
+OUTSIDE
+Π
+T
+About this report
+Report design
+OFOR
+Report contents and period
+"If one does not fail at times,
+then one has not challenged
+himself."
+Responsible interaction with people, the
+environment and wider society right along the
+value-added chain - from suppliers to the
+recycling of products - is of fundamental
+importance to Porsche and is firmly rooted in
+its core. The company also ensured minimal
+ecological impact with the design of the
+current Business and Sustainability Report:
+not only is the cover partly composed of
+residual materials from organic products
+featured in food manufacturing and other
+processes, the paper is FSC-certified and the
+CO2 emissions generated during printing
+have been reduced or offset.
+Oliver Blume, 2019
+to remain Porsche because it
+has always adapted."
+Pioneering spirit.
+English from 30 April 2020.
+"Porsche has only been able
+Separate non-financial consolidated report
+Dr. Ing. h.c. F. Porsche AG makes use of the
+exemption provision in sections 289b(2) and
+315b(2) of the German Commercial Code
+(HGB), allowing it not to issue a non-financial
+report and a non-financial consolidated
+report, and refers to the separate non-financial
+report of Volkswagen AG for the financial
+year 2019, which will be available on the
+www.volkswagen.com website in German and
+This report was prepared in accordance with
+the Core option of the GRI Standards. The
+GRI Content Index at the end of the report lists
+the information that has been reported on
+and the locations where this can be found in
+the print and online versions. Within the
+scope of the Materiality Disclosures Service,
+GRI Services has reviewed whether the
+GRI Content Index is clearly structured and
+whether the information specified for
+GRI 102-40 to 102-49 corresponds to the
+respective sections of the report. In addition
+to careful data collection and recording via
+internal reporting and processing systems, as
+well as detailed internal consolidation and
+inspection of the information and data con-
+tained therein, a business audit pursuant to
+ISEA 3000 (Revised) was conducted to obtain
+limited assurance against the relevant criteria
+and requirements of the GRI Standards. The
+information reviewed is marked accordingly in
+the report (V). The statement from the inde-
+pendent auditor is featured on page 201.
+→ GRI 102-49
+Reporting standard and assurance
+This documentation represents the fourth
+time that Dr. Ing. h.c. F. Porsche AG has pub-
+lished the Annual and Sustainability Report
+in combined format. The company published
+its first report in this format for the financial
+year 2016 on 17 March 2017. The report is
+published annually. This report covers the
+period from 1 January 2019 to 31 December
+2019. Information dating from before this
+period is also included for completeness.
+Unless otherwise specified, the reporting
+date is 31 December 2019. The editorial
+deadline was in February 2020. Unless other-
+wise indicated, all information refers to
+Dr. Ing. h.c. F. Porsche AG. If content that had
+been previously published has since been
+corrected - for example, due to changes in
+collection methods for key figures and data -
+this is indicated. Financial analyses as well as
+key figures and data are given in compact
+form at the end of the report and in detailed
+form online in the Porsche Newsroom
+(newsroom.porsche.com). This site also con-
+tains further information on Porsche as a
+company and its sustainability work. Manage-
+ment approaches to major topics in this
+report are contained in the section entitled
+"Action areas".
+→ GRI 102-46, 102-48
+79-82,87
+GRI 418: Customer Privacy (2016)
+This report was prepared in accordance with the Core option of the GRI Standards. The report was available to the GRI Services
+Team for the performance of the GRI Materiality Disclosures Service, which confirmed the correct presentation of the materiality-
+related disclosures (102-40 to 102-49). The service was performed on the German language version of the report.
+A detailed version of the GRI Content Index is available in the Porsche Newsroom: www.newsroom.porsche.com/reports.
+→ Online index
+62, 159-180, 188, 200
+GRI standards
+The management approach and its components
+Evaluation of the management approach
+Direct economic value generated and distributed
+Financial assistance received from government
+103-2
+201-1
+Long-term customer relations
+GRI 201: Economic Performance
+(2016)
+103-3
+GRI 103: Management Approach
+(2016)
+Explanation of the material topic and its boundary
+GRI 101 Foundation (2016)
+201-4
+General Disclosures
+102-8
+Organizational profile
+103-2
+GRI 103: Management Approach
+(2016)
+Explanation of the material topic and its boundary
+103-1
+103-1
+Scale of the organization
+102-7
+102-6 Markets served
+102-5
+Ownership and legal form
+Location of headquarters
+102-4 Location of operations
+102-3
+102-2 Activities, brands, products, and services
+Name of the organization
+102-1
+GRI 102 General Disclosures (2016)
+Economic stability
+10.6
+Page
+8.2
+14.7
+550
+404
+Panamera Turbo Executive
+238
+10.4
+8.1
+14.4
+550
+404
+Panamera Turbo
+242
+10.6
+8.2
+10.6
+242
+Panamera Turbo Sport Turismo
+404
+GRI standards
+Material topics
+Feb 2020
+Service
+Disclosures
+Dr. Ing. h.c. F. Porsche AG
+GRI
+Materiality
+Omission/comment
+GRI Content Index
+194
+Further information
+243
+103-3
+8.3
+14.7
+550
+195
+The management approach and its components
+Evaluation of the management approach
+and Safety (2016)
+418-1
+→ Online index
+79-82,89-90
+The management approach and its components
+Evaluation of the management approach
+Other indirect (Scope 3) GHG emissions
+305-3
+GRI 305: Emissions (2016)
+→ Online index
+95-96, 155-156, 184
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+3, 11-54,202
+91-93, 101-116
+55-62, 102, 159-180, 183, 187
+91-93, 101-116, 187-188
+Explanation of the material topic and its boundary
+103-1
+New mobility concepts
+186
+→ Online key figures
+→ Online index
+→ Online index
+→ Online key figures
+91-92
+→ Online key figures
+75, 91, 101-116, 187-188
+79-82,91
+Explanation of the material topic and its boundary
+The management approach and its components
+Evaluation of the management approach
+New employee hires and employee turnover
+Parental leave
+401-1
+401-3
+→ Online index
+GRI 401: Employment (2016)
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+79
+103-1
+→ Online index
+Attractive employer
+7-8
+79-82,87-88
+183
+57-61
+→ Online key figures
+79-82,88
+The management approach and its components
+Evaluation of the management approach
+Assessment of the health and safety impacts of product
+and service categories
+14.6
+416-1
+GRI 416: Customer Health
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+Omission/comment
+Page
+Explanation of the material topic and its boundary
+103-1
+Vehicle safety
+→ Online index
+Proprietary information
+Substantiated complaints concerning breaches of customer
+privacy and losses of customer data
+88
+Alternative drive systems and
+vehicle emissions
+103-1
+Explanation of the material topic and its boundary
+186
+→ Online index
+Other indirect (Scope 3) GHG emissions
+305-3
+GRI 305: Emissions (2016)
+→ Online index
+202
+57-61
+→ Online index
+79-82,88-89
+The management approach and its components
+Evaluation of the management approach
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+→ Online index
+202
+8, 55-64, 193-194
+460
+11.0-10.9*
+Panamera GTS Sport Turismo
+303
+13.2
+9.8
+19.0
+520
+383
+911 GT3 RS
+317
+13.8
+9.9
+20.6
+510
+375
+911 Speedster
+combined
+[g/km]
+Taycan
+Macan PA
+Macan
+Macan GTS
+490
+360
+Taycan 4S with Performance battery Plus
+185
+8.1
+7.3
+9.5
+100 km]
+245
+0
+24.6
+435
+320
+Taycan 4S
+Macan Turbo
+Macan S
+180
+25.6
+[kWh/
+CO₂
+emissions
+8.9
+7.2
+11.7
+450
+331
+911 Carrera 4 GTS PDK
+202
+8.8
+7.5
+11.2
+450
+331
+911 Carrera GTS Cabriolet PDK
+BEV
+201
+203
+Model
+911 Carrera 4 GTS Cabriolet PDK
+331
+Power con-
+sumption
+Power
+[PS]**
+output
+Power
+207
+9.1
+7.2
+[kW]**
+12.3
+331
+911 Targa 4 GTS PDK
+207
+9.1
+7.2
+12.3
+450
+450
+338
+0
+380
+*Range depending on the tyre set used.
+**Overall system performance.
+199-197*
+8.7-8.6*
+8.8-8.7*
+7.3-7.2*
+6.9
+7.1
+10.8
+10.9
+440
+324
+Panamera 4S Executive
+440
+324
+Panamera 4S
+11.4-11.3*
+330
+243
+Panamera 4 Sport Turismo
+201-200*
+8.3
+191-190*
+8.5
+235
+10.3
+7.8
+14.6
+460
+338
+Panamera GTS
+7.1
+Current consumption values can be found at https://www.porsche.com/germany/verbrauchsinformationen/
+8.7-8.6*
+7.4-7.3*
+67, 73-74, 87, 91, 97
+93-95, 111
+440
+324
+Panamera 4S Sport Turismo
+196-194*
+199-198*
+280
+11.3
+243
+204
+8.9
+7.5
+11.3
+354
+260
+0
+26.0
+625
+460
+Taycan Turbo
+218
+9.6
+8.0
+12.1
+Taycan Turbo S
+460
+625
+26.9
+Panamera 4 Executive
+194-192*
+8.4
+6.9
+11.1-11.0*
+330
+243
+330
+Panamera 4
+224
+9.8
+8.4
+12.2
+440
+324
+0
+Panamera (G2)
+→ Online index
+76, 91-92, 101-116, 187-188
+103-1
+185
+305-6
+Emissions of ozone-depleting substances (ODS)
+→ Online key figures
+305-7
+Nitrogen oxides (NOx), sulfur oxides (SOX), and other significant
+186
+air emissions
+Further information
+198
+199
+Porsche AG Group
+Brief overview
+FY 2019
+FY 2018
+GHG emissions intensity
+305-4
+GRI 305: Emissions (2016)
+→ Online key figures
+95-96, 156
+79-82,97
+→ Online key figures
+79-82,97-98
+97, 185
+→ Online key figures
+→ Online key figures
+FY 2017
+186
+305-2 Energy indirect (Scope 2) GHG emissions
+186
+→ Online key figures
+→ Online index
+305-3
+Other indirect (Scope 3) GHG emissions
+186
+→ Online key figures
+95-96, 156, 184
+Deliveries
+280,800
+→ Online index
+186
+→ Online key figures
+98, 186
+Waste by type and disposal method
+Significant spills
+306-3
+306-2
+GRI 306: Effluents and Waste (2016)
+Water discharge by quality and destination
+306-1
+→ Online index
+93, 115-116
+→ Online key figures
+Other indirect (Scope 3) GHG emissions
+305-3
+→ Online key figures
+→ Online index
+→ Online key figures
+98, 186
+256,255
+246,375
+911
+Units
+34,800
+35,573
+32,204¹)
+Units
+718 Boxster/Cayman
+20,467
+Explanation of the material topic and its boundary
+8.8
+Conservation and biodiversity
+79-82, 93-95
+→ Online index
+→ Online key figures
+Units
+GRI 305: Emissions (2016)
+→ Online index
+→ Online index
+103-2
+The management approach and its components
+79-82,95-96
+103-3
+Evaluation of the management approach
+GRI 204: Procurement Practices
+(2016)
+204-1
+Proportion of spending on local suppliers
+184
+→ Online index
+308-1
+GRI 308: Supplier Environmental
+Assessment (2016)
+New suppliers that were screened using environmental criteria
+308-2 Negative environmental impacts in the supply chain and
+actions taken
+95-96, 156, 184
+→ Online index
+GRI 103: Management Approach
+(2016)
+Explanation of the material topic and its boundary
+103-1
+Responsibility in the supply chain
+→ Online index
+GRI 103: Management Approach
+(2016)
+103-2
+The management approach and its components
+79-82,98
+103-3
+Evaluation of the management approach
+95-96, 156, 184
+93-95, 103
+GRI 304: Biodiversity (2016)
+304-3
+Habitats protected or restored
+→ Online key figures
+→ Online index
+Proprietary information
+→ Online index
+→ Online index
+→ Online key figures
+95-96
+408-1
+Operations and suppliers at significant risk for incidents of
+child labor
+GRI 302: Energy (2016)
+Explanation of the material topic and its boundary
+The management approach and its components
+Evaluation of the management approach
+302-1 Energy consumption within the organization
+302-3 Energy intensity
+305-1 Direct (Scope 1) GHG emissions
+GRI 409: Forced or Compulsory Labor 409-1
+(2016)
+GRI 414: Supplier Social
+412-2
+412-3
+Employee training on human rights policies or procedures
+Significant investment agreements and contracts that include
+human rights clauses or that underwent human rights screening
+414-1 New suppliers that were screened using social criteria
+414-2
+Negative social impacts in the supply chain and actions taken
+Explanation of the material topic and its boundary
+Evaluation of the management approach
+Operations and suppliers at significant risk for incidents of
+forced or compulsory labor
+95-96, 156, 184
+→ Online index
+95-96
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+103-1
+95-96, 156, 184
+→ Online index
+GRI 412: Human Rights
+Assessment (2016)
+Assessment (2016)
+Sustainable materials
+103-1
+GRI 408: Child Labor (2016)
+GRI 103: Management Approach
+The management approach and its components
+(2016)
+103-3
+GRI 301: Materials (2016)
+301-1
+Materials used by weight or volume
+Energy and emissions during
+production
+103-2
+Equal opportunities and diversity
+24,750
+→ Online index
+102-12 External initiatives
+102-11 Precautionary principle or approach
+102-10 Significant changes to the organization and its supply chain
+102-9 Supply chain
+Information on employees and other workers
+→ Online index
+→ Online index
+93
+Operations and suppliers in which the right to freedom of
+association and collective bargaining may be at risk
+Collective Bargaining (2016)
+407-1
+GRI 407: Freedom of Association and
+Minimum notice periods regarding operational changes
+402-1
+GRI 402: Labor/Management
+Relations (2016)
+102-13 Membership of associations
+Strategy
+102-14 Statement from senior decision-maker
+Ethics and integrity
+102-47 List of material topics
+102-46 Defining report content and topic boundaries
+102-45 Entities included in the consolidated financial statements
+Reporting practice
+102-44 Key topics and concerns raised
+102-43 Approach to stakeholder engagement
+102-42 Identifying and selecting stakeholders
+79-82,93
+102-41 Collective bargaining agreements
+Stakeholder engagement
+102-21 Consulting stakeholders on economic, environmental, and social topics
+102-20 Executive-level responsibility for economic, environmental, and social topics
+102-19 Delegating authority
+102-18 Governance structure
+Governance
+102-16 Values, principles, standards, and norms of behavior
+102-17 Mechanisms for advice and concerns about ethics
+102-40 List of stakeholder groups
+102-48 Restatements of information
+The management approach and its components
+Evaluation of the management approach
+(2016)
+→ Online key figures
+91-92
+→ Online key figures
+79-82,91-92
+Explanation of the material topic and its boundary
+The management approach and its components
+Evaluation of the management approach
+New employee hires and employee turnover
+Parental leave
+401-3
+GRI 401: Employment (2016)
+401-1
+79-82
+71-72
+71-72
+7-8, 71-72, 191-192
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+Staff development
+103-1
+GRI 103: Management Approach
+(2016)
+103-2
+103-2
+GRI 103: Management Approach
+Explanation of the material topic and its boundary
+103-1
+Corporate co-determination
+101-116
+→ Online key figures
+103-3
+92, 109, 187-188
+Explanation of the material topic and its boundary
+The management approach and its components
+Evaluation of the management approach
+Average hours of training per year per employee
+Programs for upgrading employee skills and transition
+assistance programs
+404-2
+GRI 404: Training and Education
+(2016)
+404-1
+→ Online index
+103-3
+79-81
+93
+79-80
+71, 79-81,83
+79-83
+79-82,92
+93, 115-116, 188
+102-49 Changes in reporting
+183
+Legal actions for anti-competitive behavior, anti-trust, and
+monopoly practices
+Communication and training about anti-corruption policies
+and procedures
+GRI 419: Socioeconomic Compliance 419-1
+(2016)
+307-1
+GRI 307: Environmental Compliance
+(2016)
+206-1
+GRI 206: Anti-competitive Behavior
+(2016)
+205-2
+GRI 205: Anti-corruption (2016)
+Operations assessed for risks related to corruption
+205-1
+The management approach and its components
+Evaluation of the management approach
+103-3
+103-2
+GRI 103: Management Approach
+(2016)
+Non-compliance with environmental laws and regulations
+Non-compliance with laws and regulations in the social and
+economic area
+Omission/comment
+Page
+Page
+Water withdrawal by source
+303-1
+GRI 303: Water (2016)
+→ Online index
+79-82,98
+The management approach and its components
+Evaluation of the management approach
+103-3
+Explanation of the material topic and its boundary
+103-2
+79-82,93
+Explanation of the material topic and its boundary
+103-1
+Resource consumption during
+production
+GRI standards
+Material topics
+Omission/comment
+GRI 103: Management Approach
+(2016)
+102-50 Reporting period
+103-1
+Types of injury and rates of injury, occupational diseases, lost
+days, and absenteeism, and number of work-related fatalities
+Workers with high incidence or high risk of diseases related
+to their occupation
+195-198
+102-55 GRI content index
+3,195
+102-54 Claims of reporting in accordance with the GRI Standards
+202
+102-53 Contact point for questions regarding the report
+102-52 Reporting cycle
+3
+3
+102-51 Date of most recent report
+3
+3
+3,81
+73,81-82
+3,81-82
+102-56 External assurance
+3,201
+Further information
+196
+Workers representation in formal joint management-worker
+health and safety committees
+Evaluation of the management approach
+The management approach and its components
+Explanation of the material topic and its boundary
+403-3
+403-2
+GRI 403: Occupational Health
+and Safety (2016)
+Compliance and integrity
+403-1
+103-2
+GRI 103: Management Approach
+(2016)
+103-1
+Occupational health and safety
+GRI standards
+Material topics
+197
+103-3
+7.4
+59,418
+450
+1.90%
+2017
+2018
+2017
+2018
+2019✔
+Total workforce
+20192) ▼
+Employee turnover ¹)
+A detailed description of the key figures can be found in the Porsche Newsroom: https://newsroom.porsche.com/reports.
+Unless specified otherwise, the listed key figures relate to the Porsche AG Group (including subsidiaries).
+Key figures for personnel and social matters
+187
+186
+Key figures
+2) Reduced total investment in environmental protection measures as a result of new or upgraded production facilities in the preceding years.
+1) Investments made at the Stuttgart-Zuffenhausen, Weissach and Leipzig sites are factored into the calculation.
+66%
+64% 25,716,000
+66% 25,730,000
+11%
+1.30%
+7% 4,266,000
+1.20%
+Training programme participants
+1,494
+1,581
+Male
+Region: Europe (excluding Germany)
+26,506
+28,764
+31,690
+Female
+Total number of participants
+Region: Germany
+4,148
+4,252
+4,260
+29,777
+17,549
+19,032
+21,371
+32,325
+35,429
+of which Porsche Leipzig GmbH 1)
+of which Porsche AG ¹)
+Total
+11 Porsche's reporting on employee turnover is not broken down by age group, gender and region: this data is not of a material nature for the company, as it is not relevant
+for control. The reported figure does not include temporary employment contracts, retirements and partial retirements.
+2) Significant increase resulting from Group member companies.
+6% 2,943,000
+2,070,000
+23,453,000
+100%
+7%
+16%
+2018
+2019 V
+644,173
+561,332
+684,832
+606,175
+694,992
+603,759
+2017
+2018
+2019
+1) Energy consumption relates to the production sites.
+2017
+2018
+2019
+Waste for disposal
+CO2 emissions in t per car ¹)
+Waste for recycling
+Total
+1) The indirect energy consumption is comprised of electrical energy (featuring 100 per cent natural energy since 1 January 2019), distance heating, block heating
+stations and photovoltaic installations.
+11,436
+12,114
+12,344
+Other sites
+2017
+23,995
+23,154
+22,220
+18% 6,265,000
+100% 39,092,000
+11% 2,845,000
+100% 40,427,000
+12% 4,635,000
+16% 7,119,000
+5,847,000
+35,640,0002)
+4,270,000
+Prevention
+Remedy costs
+Emissions control
+239
+Waste disposal
+1,403
+Total 1)
+2017
+2018
+2019
+Investments in environmental protection in €
+239
+1,690
+1,581
+1,775
+22,788
+21,088
+21,573
+246
+Volume of waste in t
+Region: North America
+814
+2017
+2018
+2019
+Proportion of foreign employees ¹)
+1) Due to the equal payment and attractive framework conditions, the number of temporary employees has not been reported separately.
+3) Missed working days resulting from accidents reported in the reporting period are counted as lost days (usually Monday to Friday); the day of the accident is not
+included (≥ one lost calendar day).
+1) The key figures do not report data on employees from temporary employment agencies, third-party companies and independent contractors.
+2) List only includes accidents that were reported. Non-serious injuries resulting from minor accidents are not included in the report. Accidents not resulting in lost days
+(calendar days) count as minor accidents.
+25,911
+3,866
+28,220
+4,105
+31,075
+4,354
+Employees exempt from wage agreements and executive employees
+Employees subject to wage agreements
+Employees by type of employment ¹)
+1,708
+0
+0
+2
+Fatalities
+5,317
+24,460
+5,944
+26,381
+28,979
+6,450
+Injury rates ¹)
+Male
+2019 V
+2017
+Approx. 4.8
+Approx. 27.5
+Approx. 4.6
+20171)
+20181)2)
+2019
+Donations made in € million
+1) We do not report on minorities, as we are not permitted to collect this data due to personality rights.
+1) Injury rate = accident frequency index: provides information on how frequently reported accidents have occurred within the company relative to the total of all hours
+worked. The calculation formula used as the basis is the number of reported work-related accidents times one million hours, divided by actual hours worked.
+0.7%
+6.7
+5.1
+5.8
+5.9
+6.1
+4.6
+Porsche Leipzig GmbH
+Porsche AG
+12.7%
+12.9%
+0.6%
+13.7%
+0.6%
+Porsche Leipzig GmbH
+Porsche AG
+2018
+Female
+2,578
+2,556
+20,056
+19,909
+40,920
+107,294
+201710
+201812)
+20192)
+11 The key figures relate to Porsche AG and Porsche Leipzig GmbH.
+1) The employee figures presented correspond to reporting by regions within Germany (Porsche AG = Baden-Württemberg, Porsche Leipzig GmbH = Saxony).
+Employees exempt from wage agreements and executive employees
+259
+279
+303
+Other regions (Australia, Latin America)
+Employees subject to wage agreements
+868
+974
+1,021
+Region: Asia
+Distribution of participants by employee category
+741
+7,809
+3,458
+87,238
+33,111
+Lost days 3)
+177
+202
+218
+Accidents 2)
+2017
+2018
+2019 V
+Employees by gender
+Employee structure
+834
+2017
+2019✓
+Number of accidents, lost days and fatalities ¹)
+2) The considerable increase in the number of participants is due to the introduction of the digital learning platform in 2018 and the intensification of digital
+learning modules.
+6.9%
+14.6%
+12.7%
+93.1%
+85.4%
+87.3%
+16,451
+2018
+1) The key figures relate to Porsche AG.
+339,200
+268,346
+380,428
+301,608
+66,476
+Total
+Production material suppliers with positive S rating in 2019 ✓
+2017
+2018
+2019
+Production ¹)
+1) Suppliers are considered to be local if they are based in the EU. Zuffenhausen and Leipzig are considered the main business sites.
+97.5%
+2017
+2018
+2019
+Based outside the EU
+1%
+Based outside the EU
+4%
+Proportion of allocated purchasing budget spent on local suppliers
+Expenditure for local suppliers at main business sites 1)
+1) Based on the creditor's billing address.
+Based in the EU
+99%
+Suppliers of non-production materials
+911
+Based in the EU
+718 Boxster/Cayman
+Vehicles
+59,068
+79,111
+95,293
+Vehicles
+Cayenne
+98,763
+93,953
+89,744
+Vehicles
+26,427
+23,658
+19,263
+Vehicles
+33,820
+36,236
+37,585
+Vehicles
+Number of suppliers of production material with positive S rating: 979 of 1,228
+255,683
+268,691
+274,463
+Macan
+96%
+Suppliers of production materials
+1) Including the 918 Spyder.
+718 Boxster/Cayman
+911
+246,375
+256,255
+280,800
+Vehicles
+Total
+2017
+2018
+2019
+Deliveries
+Supplier origin 20191)
+A detailed description of the key figures can be found in the Porsche Newsroom: https://newsroom.porsche.com/reports.
+The key figures concerning deliveries and production relate to the Porsche Group (including subsidiaries).
+The key supplier figures relate exclusively to Porsche AG.
+Key economic figures
+183
+Key figures for personnel and social matters
+Key figures for environment and energy
+Key economic figures
+Key figures
+25,114
+Macan
+Vehicles
+34,800
+35,573
+813
+Vehicles
+Taycan
+27,942
+38,443
+32,721
+Vehicles
+Panamera
+63,913
+71,458
+Panamera
+92,055
+Cayenne
+97,202
+86,031
+99,944
+Vehicles
+25,114
+24,750
+20,467
+Vehicles
+32,2041)
+Vehicles
+353,726
+277,188
+64,424
+Vehicles
+35,493
+1) Significant drop in indirect GHG emissions as a result of switching to power drawn from renewable energy sources.
+62,556
+61,926
+64,437
+Development site
+304,111
+225,218
+229,354
+306,692
+327,119
+248,820
+Production sites
+Total
+39.25
+0.41
+0.41
+0.45
+SOx emissions
+38.96
+42.67
+NOx emissions ³)
+Significant air emissions in t
+2017
+2018
+Other sites
+Fuel 2)
+2019
+1,757
+12,105
+Development site
+Production sites
+Total
+Water consumption (drinking water)
+Volume of waste water
+2017
+2018
+2019 V
+Indirect energy consumption according to primary energy sources in MWh¹)
+Fresh water and waste water in m³
+0.11
+125.29
+124.33
+0.12
+0.14
+Weight of dust emissions
+115.40
+Weight of volatile organic compounds (VOC) ✓
+1) The direct energy consumption is comprised of gas, combustible gas for manufacturing processes, heating oil, special energy products and fuel.
+2) Conversion factor from litres to MWh: petrol ± 8.72 kWh/l; diesel ± 9.91 kWh/l.
+3) The reported NOx emissions refer exclusively to production processes, not to Porsche vehicles.
+2) The reported emissions figures refer to business travel, i.e. local rail transport, rental cars and planes.
+3,054
+13,283
+13,763
+1,649
+Direct energy consumption according to primary energy sources in MWh 1
+54,338
+58,491
+Other sites
+Development site
+Production sites
+Direct and indirect GHG emissions in t of CO2 equivalent
+Total ✓
+Emissions in t of CO2 equivalent and significant air emissions in t
+Listed key figures relate to Porsche AG and Porsche Leipzig GmbH. The categorisation of "production sites" (Zuffenhausen and Leipzig
+including production-related external sites), "development sites" (Weissach including development-related external sites) and "other sites"
+(all additional sites) corresponds to the internal reporting relevant for control. A detailed description of the key figures can be found in
+the Porsche Newsroom: https://newsroom.porsche.com/reports.
+Key figures for environment and energy
+185
+184
+98%
+97%
+979
+Key figures
+Volkswagen AG has been the sole shareholder in Porsche Holding Stuttgart GmbH - which holds 100 per cent of the shares in
+Porsche AG - since 1 August 2012. There are control and profit transfer agreements in place between Porsche Holding Stuttgart
+GmbH and Porsche AG, as well as between Porsche AG and its major domestic subsidiaries. The group of companies consolidated
+under Porsche AG comprises a total of 110 fully consolidated companies, of which 27 have their headquarters in Germany and
+83 in a foreign country.
+Basis of consolidation
+→GRI 102-45
+1) As of financial year 2019, figures do not include pre-production vehicles.
+240
+1,386
+Vehicles
+Taycan
+37,605
+2019 V
+2018
+2017
+57,685
+64,513
+Other indirect (Scope 3) GHG emissions 2)
+Other indirect GHG emissions in t of CO2 equivalent
+6,405
+6,342
+1,418
+Indirect (Scope 2) GHG emissions 1)✓
+57,117
+56,862
+56,267
+31,192
+Direct (Scope 1) GHG emissions ✔
+3,155
+1,150
+14,752
+14,500
+14,412
+45,557
+45,548
+42,123
+63,522
+63,203
+3,213
+2) Of this, external donations totalling 22 million euros in foundation assets for the Ferry Porsche Foundation, which was established in 2018.
+Key figures
+188
+400
+294
+718 Boxster GTS 4.0
+62-60*
+2.7-2.6*
+16.1 16.0*
+462
+340
+Panamera 4 E-Hybrid
+195
+8.5
+6.5
+12.0
+365
+269
+718 Boxster GTS PDK
+Panamera (G2)
+210
+9.2
+7.1
+12.8
+15.4
+365
+8.1
+246
+500
+Panamera Turbo S E-Hybrid
+66-64*
+2.9-2.8*
+16.2-16.1*
+462
+340
+Panamera 4 E-Hybrid Sport Turismo
+249
+10.9
+8.1
+15.6
+420
+309
+718 Spyder
+62-61*
+2.7-2.6*
+16.1 16.0*
+462
+340
+Panamera 4 E-Hybrid Executive
+10.8
+269
+718 Boxster GTS
+194
+718 Boxster T PDK
+187
+8.2
+6.3
+11.3
+300
+220
+718 Boxster T
+180
+7.9
+6.2
+10.8
+300
+220
+718 Boxster PDK
+Model
+186
+8.1
+6.3
+11.3
+300
+220
+300
+10.8
+6.2
+8.5
+6.5
+11.8
+350
+257
+718 Boxster S PDK
+210
+9.2
+7.1
+12.7
+680
+350
+718 Boxster S
+CO₂
+emissions
+combined
+[g/km]
+[1/100 km]
+(combined)
+Fuel con-
+sumption
+Power con-
+sumption
+[kWh/
+100 km]
+Power
+[PS]**
+Power
+output
+[kW]**
+181
+7.9
+257
+220
+16.0
+74
+18.5 17.6*
+462
+340
+Cayenne Turbo S E-Hybrid Coupé
+208
+9.1
+7.6
+11.6
+450
+331
+911 (991 II)
+911 Carrera 4S Cabriolet
+911 Carrera S Cabriolet
+Cayenne Turbo S E-Hybrid
+206
+9.0
+7.8
+11.1
+450
+331
+911 Carrera 4S
+3.2-3.1*
+Cayenne E-Hybrid Coupé
+74-70*
+462
+331
+911 Carrera GTS PDK
+207
+9.0
+7.8
+11.1
+450
+331
+90-85*
+3.9-3.7*
+19.6-18.7*
+680
+500
+90-85*
+3.9-3.7*
+19.6-18.7*
+680
+500
+75-72*
+3.2-3.1*
+18.7-17.7*
+340
+205
+8.9
+7.9
+911 Carrera 4
+76
+3.3
+18.1
+680
+500
+Panamera Turbo S E-Hybrid Sport Turismo
+206
+9.0
+7.7
+11.2
+385
+283
+911 Carrera
+74
+3.3
+16.0
+680
+500
+Panamera Turbo S E-Hybrid Executive
+911 (992)
+283
+385
+13.2
+6.8
+10.7
+450
+331
+911 Carrera S
+Cayenne E-Hybrid
+211
+9.2
+6.9
+13.2
+385
+3.3
+283
+Cayenne (E3)
+210
+9.2
+7.9
+11.4
+385
+283
+911 Carrera Cabriolet
+210
+9.2
+911 Carrera 4 Cabriolet
+718 Boxster
+Plug-in hybrids
+249
+Fuel con-
+Fuel con-
+Fuel con-
+Power
+Power
+Model
+Emission and consumption information
+193
+192
+Further information
+191
+District management Berlin - Brandenburg - Saxony
+Trade Union Secretary of IG Metall
+Sabine Zach
+Vice President Sales Europe Porsche AG
+Barbara Vollert
+Director of Members and Finances of IG Metall Stuttgart
+Jordana Vogiatzi
+Member of the General and Group Works Councils of Porsche AG
+Chairman of the Works Council Weissach
+Carsten Schumacher
+CO₂
+Member of the Group Works Council of Porsche AG
+output
+sumption
+718
+emissions
+(combined)
+[g/km]
+CO₂
+Fuel con-
+sumption
+(combined)
+[1/100 km]
+Fuel con-
+sumption
+(extra-urban)
+[1/100 km]
+sumption
+(urban)
+[I/100 km]
+[kW]
+[PS]
+output
+Fuel con-
+Power
+Power
+Model
+(combined)
+[g/km]
+emissions
+[1/100 km]
+sumption
+(combined)
+sumption
+(extra-urban)
+[1/100 km]
+[1/100 km]
+(urban)
+[kW]
+[PS]
+Chairman of the Works Council Porsche Leipzig
+Knut Lofski
+Trade Union Secretary of IG Metall Stuttgart
+Member of the Board of Management of Porsche Holding GmbH
+Dr Hans Peter Schützinger
+Member of the Board of Management of Familie Porsche AG Beteiligungsgesellschaft
+Dr Ferdinand Oliver Porsche
+Engineer
+Hans-Peter Porsche
+Lawyer
+Dr Hans Michel Piëch
+Chairman of the Supervisory Board
+Diplom-Kaufmann
+Dr Wolfgang Porsche
+Shareholders
+on 31 December 2019
+of Porsche AG
+The Supervisory Board
+Independent Practitioner's Report
+Porsche AG Group - Brief overview
+GRI Content Index
+Emission and consumption information
+The Supervisory Board
+Further information
+Hans Dieter Pötsch
+Chairman of the Executive Board of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+Hiltrud Werner
+Member of the Executive Board of Volkswagen AG
+Functional Responsibility Integrity and Legal
+Björn Kallis
+Member of the Group Works Council of Porsche AG
+Member of the Works Council Zuffenhausen
+Akan Isik
+Head of International VIP & Special Sales Porsche AG
+Wolfgang von Dühren
+Member of the General and Group Works Councils of Porsche AG
+Member of the Works Council Zuffenhausen
+Harald Buck
+Chairman of the General and Group Works Councils of Porsche AG
+718 Cayman
+Chairman of the Works Council Zuffenhausen/Ludwigsburg/Sachsenheim
+Werner Weresch
+Employee representatives
+CEO Traton SE
+Brand Group Truck & Bus
+Member of the Executive Board of Volkswagen AG
+Andreas Renschler
+Member of the Executive Board of Volkswagen AG
+Functional Responsibility Human Resources
+Gunnar Kilian
+Member of the Executive Board of Volkswagen AG
+Functional Responsibility Finance and IT
+Frank Witter
+Deputy Chairman of the Supervisory Board
+718 Cayman PDK
+220
+300
+718 Cayman GTS
+261-258*
+261-258*
+216-212*
+9.4-9.2*
+11.4-11.3*
+11.4-11.3*
+8.2-8.0*
+9.4-8.9*
+9.4-9.0*
+11.5-11.4*
+15.3-14.8*
+15.3-14.8*
+550
+404
+550
+404
+440
+324
+215-211*
+9.4-9.2*
+210-207*
+215-212*
+9.4-9.3*
+8.0-7.9*
+8.1-8.0*
+11.5-11.3*
+440
+324
+11.7-11.6*
+269
+365
+12.8
+7.1
+10.9
+8.1
+15.6
+420
+309
+718 Cayman GT4
+246
+10.8
+8.1
+15.4
+340
+400
+718 Cayman GTS 4.0
+194
+8.5
+6.5
+12.0
+365
+269
+718 Cayman GTS PDK
+210
+9.2
+294
+11.2
+250
+7.9-7.8*
+718 Cayman T PDK
+Cayenne Coupé
+Cayenne S
+Cayenne
+Cayenne (E3)
+186
+8.1
+6.3
+11.3
+300
+220
+718 Cayman T
+180
+7.9
+6.2
+10.8
+300
+220
+186
+8.1
+6.2
+11.3
+220
+300
+10.8
+6.2
+11.4 11.3*
+340
+250
+Cayenne Turbo Coupé
+193
+8.5
+6.5
+11.8
+350
+257
+9.2-9.1*
+718 Cayman S PDK
+210
+9.2
+7.1
+12.7
+350
+257
+718 Cayman S
+Cayenne S Coupé
+180
+7.9
+Cayenne Turbo
+Macan
+103-1
+99,944
+€ million
+Cash flows from operating activities
+2,276
+2,567
+3,044
+€ million
+Depreciation, amortization and impairment losses
+13,665
+14,8445)
+15,956
+€ million
+Cost of materials
+3,099
+3,157
+2,993
+€ million
+Investment 4)
+14,404
+16,099
+17,982
+€ million
+15,200
+16,477
+17,428
+€ million
+35,019
+38,159
+42,366
+€ million
+4,486
+Fixed assets
+3,845
+€ million
+200
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Further information
+www.newsroom.porsche.com/charts
+Porsche Newsroom provides more information and an interactive comparison of current financial and volume data.
+By selecting various parameters such as time period, key figure type or display type, you can generate and save
+individual comparisons in different formats.
+6) The prior-year figures (FY 2017) were restated due to the initial application of new accounting standard "IFRS 9 - Financial Instruments".
+5) Prior year was adjusted.
+4) Relates to investments in intangible assets and property, plant and equipment without additions to right of use assets according to the new accounting standard
+"IFRS 16 - Leases".
+3) As of 31 December.
+23 From FY 2019 onwards without pre-production vehicles.
+1) Including the 918 Spyder.
+3,016
+3,118
+2,801
+€ million
+Profit after tax 6)
+4,046
+4,552
+4,054
+€ million
+Profit before tax 6)
+4,144
+4,289
+4,397
+€ million
+Operating profit (EBIT) before special items
+4,144
+4,289
+3,862
+Operating profit (EBIT)
+Equity
+4,069
+23,491
+23,658
+19,263
+Units
+718 Boxster/Cayman
+33,820
+36,236
+37,585
+Units
+911
+255,683
+268,691
+274,463
+Units
+Production 2)
+26,427
+813
+Taycan
+27,942
+38,443
+32,721
+Units
+Panamera
+63,913
+71,458
+92,055
+Units
+Cayenne
+97,202
+86,031
+Total assets
+Units
+Macan
+Units
+Units
+28,518
+€ million
+Sales revenue
+Financials
+29,777
+3,200
+32,325
+3,613
+4,003
+€ million
+Personnel expenses
+35,429
+number
+Employees 3)
+240
+1,386
+25,784
+Taycan
+Units
+89,744
+93,953
+98,763
+Units
+95,293
+Cayenne
+59,068
+Panamera
+Units
+31,192
+35,493
+37,605
+79,111
+Markus Rothermel, Spokesperson Sports Communications
+Ben Weinberger, Spokesperson Macan, Cayenne and Panamera
+Mayk Wienkötter, Spokesperson E-Mobility and Model Line Taycan
+Viktoria Wohlrapp, Spokesperson Formula E
+Hermann-Josef Stappen, Spokesperson Technology Communications
+Elena Storm, Spokesperson 911 and 718
+Anja Wassertheurer, Director Product, Technical and Motorsport Communications
+Holger Eckhardt, Spokesperson GT Sports Cars and GT Customer Sport
+Oliver Hilger, Spokesperson GT Works Motorsport
+Peter Gräve, Spokesperson Group Production, Brand Group and Strategy
+Jörg Walz, Spokesperson Procurement and Sustainability
+Dr Sebastian Rudolph, Vice President Communications, Sustainability and Politics
+Christian Weiss, Deputy Director Corporate Communications, Spokesperson Production and Logistics
+Tanja Deutschenbaur, Spokesperson Finance and IT
+Frank Scholtys, Director Corporate Communications
+Maximilian Steiner, Coordinator Sustainability and Stakeholder Management
+Daniela Rathe, Director Politics and External Relations
+Contact persons
+Coordination and text
+Matthias Rauter, Spokesperson Human Resources and Social Affairs
+Nadescha Vornehm, Spokesperson Sales and Marketing
+Sabrina Damme, Press Officer Corporate Communications
+Printing
+Siham Schahadat, copyedit24
+Conceptualized by
+Meiré und Meiré
+Art Direction
+Meiré und Meiré
+Druckerei Vogl GmbH & Co. KG
+Paper
+Lessebo Design Smooth Bright
+Römerturm JUPP ECH ÖKO
+Römerturm CRUSH CORN
+www.newsroom.porsche.com/reports
+15
+Dr. Ing. h.c. F. Porsche AG
+Porscheplatz 1, D-70435 Stuttgart
+Tel.: +49 711 911-0
+www.newsroom.com/reports
+Proofreading
+D-70435 Stuttgart
+Dr. Ing. h.c. F. Porsche AG, Rutesheim
+■Inspection of additional documents and
+related systems
+Publisher
+Responsibilities of the Executive Directors
+The executive directors of the Company are
+responsible for the preparation of the Report
+in accordance with the principles stated in
+the Sustainability Reporting Standards of the
+Global Reporting Initiative (hereinafter:
+"GRI-Criteria") and for the selection of the
+disclosures to be evaluated.
+Independence and Quality Control of the
+Audit Firm
+We have complied with the German profes-
+sional provisions regarding independence
+as well as other ethical requirements.
+Our audit firm applies the national legal
+requirements and professional standards - in
+particular the Professional Code for German
+Public Auditors and German Chartered Auditors
+("Berufssatzung für Wirtschaftsprüfer und
+vereidigte Buchprüfer": "BS WP/vBP") as well
+as the Standard on Quality Control 1 published
+by the Institut der Wirtschaftsprüfer (Institute
+of Public Auditors in Germany; IDW): Require-
+ments to quality control for audit firms (IDW
+Qualitätssicherungsstandard 1: Anforderungen
+an die Qualitätssicherung in der Wirtschafts-
+prüferpraxis - IDW QS 1) - and accordingly
+maintains a comprehensive system of quality
+control including documented policies and
+procedures regarding compliance with ethical
+requirements, professional standards and
+applicable legal and regulatory requirements.
+Practitioner's Responsibility
+Our responsibility is to express a limited assur-
+ance conclusion on the disclosures denoted
+with "V" in the Report based on the assurance
+engagement we have performed.
+Within the scope of our engagement we did
+not perform an audit on external sources of
+information or expert opinions, referred to in
+the Report.
+We conducted our assurance engagement in
+accordance with the International Standard
+on Assurance Engagements (ISAE) 3000
+(Revised): Assurance Engagements other than
+Audits or Reviews of Historical Financial Infor-
+mation, issued by the IAASB. This Standard
+requires that we plan and perform the assur-
+ance engagement to allow us to conclude with
+limited assurance that nothing has come to
+our attention that causes us to believe that the
+disclosures denoted with "" in the Company's
+Report for the period from 1 January 2019 to
+31 December 2019 has not been prepared, in
+all material aspects, in accordance with the
+relevant GRI-Criteria.
+In a limited assurance engagement, the assur-
+ance procedures are less in extent than for a
+reasonable assurance engagement and there-
+fore a substantially lower level of assurance is
+obtained. The assurance procedures selected
+depend on the practitioner's judgment.
+Within the scope of our assurance engage-
+ment, we performed amongst others the
+following assurance procedures and further
+activities:
+■ Obtaining an understanding of the structure
+of the sustainability organization and of
+the stakeholder engagement
+■ Inquiries of personnel involved in the
+preparation of the Report regarding the
+preparation process, the internal control
+system relating to this process and
+selected disclosures in the Report
+■ Identification of the likely risks of material
+misstatement of the Report under considera-
+tion of the GRI-Criteria
+Dr. Ing. h.c. F. Porsche AG
+Porscheplatz 1
+■ Inspection of relevant documents and inquir-
+ies of personnel regarding the materiality
+process and the preparation of the materiality
+matrix, the selected management approach-
+es as well as the data collection and consoli-
+dation processes of the selected indicators
+as well as the internal control system relating
+to these processes
+- Dr. Ing. h.c. F. Porsche AG, Stuttgart
+- Porsche Leipzig GmbH, Leipzig
+To Dr. Ing. h.c. F. Porsche AG, Stuttgart
+We have performed a limited assurance
+engagement on the disclosures denoted
+with "V" in the Annual and Sustainability
+Report of Dr. Ing. h.c. F. Porsche AG, Stuttgart
+(hereinafter: "the Company"), for the period
+from 1 January 2019 to 31 December 2019
+(hereinafter: "Report"). Our engagement in
+this context relates solely to the disclosures
+denoted with the symbol "V".
+■ Analytical evaluation of selected disclosures
+in the Report
+■ Evaluation of the presentation of the selected
+disclosures regarding sustainability
+performance
+Assurance Conclusion
+Based on the assurance procedures performed
+and assurance evidence obtained, nothing
+has come to our attention that causes us to
+believe that the disclosures denoted with "V"
+in the Company's Report for the period from
+1 January 2019 to 31 December 2019 have
+not been prepared, in all material aspects,
+in accordance with the relevant GRI-Criteria.
+Intended Use of the Assurance Report
+We issue this report on the basis of the
+engagement agreed with the Company. The
+assurance engagement has been performed
+for purposes of the Company and the report
+is solely intended to inform the Company as to
+the results of the assurance engagement. The
+report is not intended to provide third parties
+with support in making (financial) decisions.
+Our responsibility lies solely toward the
+Company. We do not assume any responsibility
+towards third parties.
+Frankfurt, 28 February 2020
+PricewaterhouseCoopers GmbH
+Wirtschaftsprüfungsgesellschaft
+Nicolette Behncke, Wirtschaftsprüferin
+(German Public Auditor)
+ppa. Mirjam Kolmar
+1) PricewaterhouseCoopers GmbH has performed a
+limited assurance engagement on the German version
+of the Annual and Sustainability Report 2019 of
+Dr. Ing. h.c. F. Porsche AG and issued an independent
+assurance report in German language, which is
+authoritative. The following text is a translation of the
+independent assurance report.
+Legal notice
+■Evaluation of the implementation of central
+management requirements, processes and
+specifications regarding data collection
+through on-site visits at selected sites of
+the Company:
+This responsibility of Company's executive
+directors includes the selection and applica-
+tion of appropriate methods of sustainability
+reporting as well as making assumptions
+and estimates related to individual sustain-
+ability disclosures, which are reasonable in
+the circumstances. Furthermore, the executive
+directors are responsible for such internal
+control as they have considered necessary to
+enable the preparation of a Report that is free
+from material misstatement whether due
+to fraud or error.
+Independent Practitioner's Report on a
+Limited Assurance Engagement on
+Sustainability Information ¹)
+Conclusion of administrative
+offence proceedings
+50 years of the Porsche 914
+27
+50 YEARS OF THE PORSCHE 914
+Porsche acquired a majority stake in
+Pforzheim-based software company Cetitec.
+With this move, the sports car manufacturer
+has responded to the ever-increasing import-
+ance and growing complexity of software and
+electronics in cars. Cetitec was spun off from
+Karlsruhe-based K2L GmbH in 2012 and
+currently employs around 100 staff, specialis-
+ing in platform software development in
+the automotive sector. Porsche and Cetitec
+already enjoy a long-standing partnership.
+Investment in Cetitec
+its 50th anniversary.
+a German manufacturer,
+the iconic Porsche 914
+enjoyed a special Porsche
+Museum exhibition to mark
+as the first series-produced
+mid-engine sports car from
+With the Porsche 914 turning 50 in 2019,
+Porsche celebrated this 1970s icon via a
+series of dedicated events. Originally launched
+in 1969 as the first series-produced mid-
+engine sports car from a German manufacturer,
+it was the subject of a major summer retro-
+spective at the Porsche Museum featuring
+12 spectacular exhibits. Porsche Classic also
+paid tribute to the 914 at classic car fairs
+and events throughout the year.
+Originally launched in 1969
+20 years of the Porsche product line
+STUTICORI
+PORSCHE
+48
+In May 2019, Porsche brought the 911
+Speedster to the road. This open-top two-
+seater combines the demands of a puristic,
+driver-oriented car with motorsport
+technology suitable for everyday use. The
+911 R and 911 GT3 served as the basis
+for development. A 375 kW (510 PS)
+four-litre naturally aspirated boxer engine
+delivers an emotive sound experience in the
+cockpit and the six-speed GT transmission
+is shifted manually. Visually, the new
+Speedster establishes a bridge to its own
+history - to the forebear of all Porsche sports
+cars, the 356 "No. 1" Roadster from 1948.
+The limited-edition new 911 Speedster is
+also reminiscent of this car. Production
+of a run of exactly 1,948 units began in mid
+2019 at the main plant in Zuffenhausen and
+continued to year's end. As a concept car,
+the 911 Speedster celebrated its world pre-
+miere in 2018 at the 70 Years of Porsche
+Sports Cars ceremony.
+Limited-edition 911 Speedster
+24
+24
+In May 1999, Porsche introduced an innova-
+tive structure for its car projects: product
+line organisation. It has long been regarded
+throughout the industry as a model of efficien-
+cy and flexibility. The product line coordinates
+a car family over its entire life cycle - from
+concept through to development, production,
+sales, production support and the end of
+production. What makes this approach special
+is that each product line operates like a com-
+pany within a company, with each reporting
+directly to the Chair of the Executive Board.
+The concept set a precedent, as Volkswagen
+also introduced product line organisation in
+2016; other companies have also adopted this
+principle. Maintaining efficient organisation
+along the value chain is a key success factor
+for Porsche.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+88 TO 902
+In May, the Stuttgart Public Prosecutor's
+Office comprehensively ends its administrative
+offence proceedings against Porsche in con-
+nection with deviations from regulatory
+requirements for certain cars by issuing a fine
+notice. The notice provided for a fine totalling
+535 million euros, consisting of a penalty in the
+amount of four million euros for negligent breach
+of duty by Porsche AG and a levy on economic
+benefits in the amount of 531 million euros.
+The amount of the levy share depends largely
+on the profitability of the company.
+PORSCHE
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+Porsche wins all GT titles
+Porsche works drivers Michael Christensen
+and Kévin Estre took the drivers' world crown
+at the FIA World Endurance Championship.
+This successful Danish and French duo shared
+driving duties in the no. 92 Porsche 911 RSR
+with Belgian Laurens Vanthoor at the final
+race of the season from 15 to 16 June 2019,
+scoring enough points in the 24 Hours of
+Le Mans to clinch the title. Porsche had already
+claimed the manufacturers' championship
+prior to the endurance classic. The Project 1
+customer squad won the GTE Am class while
+also claiming the drivers' and team champion-
+ship titles. Now with 108 class wins, Porsche
+has cemented its position as the most
+successful manufacturer in the history
+of Le Mans.
+108 class wins, Porsche
+has cemented its position
+as the most successful
+manufacturer in the history
+of Le Mans.
+The Project 1 customer
+squad won the GTE Am class
+while also claiming the
+drivers' and team champion-
+ship titles. Now with
+258
+CHOPARD
+PRO
+efficient aerodynamics, a full GT chassis and
+powerful brakes.
+NEW INFRASTRUCTURE IN WEISSACH
+The 718 family gained two members in mid
+June 2019 with the new 718 Spyder and
+the 718 Cayman GT4 - a pair of particularly
+emotive and powerful models. Their puristic
+character appeals to sports car enthusiasts
+who delight in unadulterated driving pleasure,
+appreciate a high level of agility and enjoy
+feeling the thrill of raw driving power. The
+perfectly balanced mid-engine layout offers all
+of this. For the first time ever, the open-top
+718 Spyder and the hardtop 718 Cayman GT4
+share the same technical base. This includes
+the newly developed four-litre, six-cylinder
+naturally aspirated engine, together with a
+six-speed manual gearbox. The boxer engine
+generates 309 kW (420 PS) in both models.
+While the GT4 represents the entry-level
+GT road car from Porsche, the Spyder lends
+itself to all kinds of curves. Both rely on highly
+28
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Important events
+lanes for entering and exiting the site and large
+signs above the lanes to direct traffic.
+New infrastructure at the Development Centre
+Following a construction period of 22 months,
+the north entrance of the Porsche Develop-
+ment Centre Weissach entered into operation
+on 4 June 2019. Covering 1,300 square
+metres across two storeys, this new building
+houses factory security, the visitor reception
+and the ID office under a single roof. It ensures
+easier access to the centre, particularly for
+suppliers and visitors. Access to the Develop-
+ment Centre is also easier thanks to three
+Porsche AG did not file appeal against the
+fine notice for negligent breach of duty.
+The procedure against Porsche AG was there-
+fore concluded. This represents another
+important step towards the resolution of the
+diesel issue.
+breaches of supervisory duties occurred in a
+department of the division for development
+several levels below the Executive Board in
+the exhaust gas-related testing of vehicles in
+relation to their regulatory conformity. Accord-
+ing to the Stuttgart Public Prosecutor's Office,
+the violations of supervisory duties were
+contributory to partial deviations of Porsche
+vehicles from regulatory requirements in
+the period from 2009.
+According to the investigation results of the
+Stuttgart Public Prosecutor's Office, negligent
+718 Spyder and 718 Cayman GT4
+MARTINI
+Important events
+Porsche has expanded its one-make motor-
+sport series to include a virtual world cham-
+pionship: Porsche Esports Supercup. The term
+"Supercup" refers to the highest category
+of the one-make cup family, underscoring the
+internationality and relevance of this online.
+race series organised by the sports car manu-
+facturer together with iRacing. Its real-life
+equivalent has provided the battleground for
+the best drivers of the Porsche 911 GT3 Cup
+for the past 25 years. A total of 40 "sim racers"
+who successfully made their way through
+the global qualifying process competed in a
+series of 10 online races, with the first held
+on 13 April 2019 at the virtual version of Barber
+Motorsports Park in Alabama (US). The final
+contest took place on 28 September 2019 at
+the Monza circuit in Italy, with Josh Rogers
+(Australia) being crowned as the overall winner.
+The purse of the championship totalled
+100,000 dollars.
+PRESS PLANT FOR BODY PARTS
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+PU
+21
+21
+in the process. Construction began in the
+second half of 2019 and the press plant is set
+to commence operations in 2021.
+Porsche and Schuler AG have chosen Halle an
+der Saale as the site for their joint press plant,
+which is to be built on a 13-hectare premises in
+the immediate catchment area of the Porsche
+Leipzig factory. The sports car manufacturer
+and the Göppingen-based forming specialist
+aim to incorporate greater flexibility and digital-
+isation into the production of car body parts.
+Their joint venture, Smart Press Shop GmbH &
+Co. KG, is investing more than 100 million
+euros in this project and creating 100 jobs
+New press plant in Halle an der Saale
+MATERIALS FEATURED IN THE HERITAGE DESIGN PACKAGE
+Porsche has traditionally relied on trains for
+its logistics in Europe. Since April 2019,
+the sports car manufacturer has also been
+using rail transport for its transcontinental
+logistics. This change means that certain
+cars intended for the Chinese market will be
+exported via the New Silk Road. Thanks to
+the 20-day journey by rail, the car logistics
+process is up to three weeks shorter than
+with maritime freight.
+CAR SHIPMENTS TO CHINA BY RAIL
+Cooperation with Tongji University, Shanghai
+With a new Chair of Intelligent Vehicle Con-
+cepts, several research projects on urbanisa-
+tion trends in China, and other initiatives,
+Porsche and Tongji University in Shanghai have
+expressed a desire to strengthen their cooper-
+ation in the future. This saw both parties sign a
+memorandum of understanding on 17 April
+2019. The driving force behind the partnership
+with Tongji University to date has been the
+subsidiary Porsche Engineering, which was set
+up to enable the engineering company and
+the School of Automotive Studies to cooperate
+on topics from the fields of science, research,
+theory, testing equipment and practice.
+The 911 Speedster
+featuring the Heritage
+Design package introduces
+the lifestyle dimension,
+including the most emotion-
+ally appealing concepts
+with a link to history.
+The 911 Speedster with Heritage Design
+package as showcased in mid April 2019 at
+the New York Auto Show offered an initial
+outlook of the Porsche Heritage Design strategy.
+This approach was brought into being by
+Porsche Exclusive Manufaktur and the Style
+Porsche design department, with the partners
+reinterpreting exclusive 911 models featuring
+iconographic elements from Porsche cars
+dating from the 1950s through to the 1980s.
+Equipped with cutting-edge sports car
+technology, these special models introduce
+the lifestyle dimension - boasting particularly
+emotive concepts and references to history
+within Porsche's product strategy. Additional
+special models will follow at certain intervals
+and in limited numbers. Selected elements
+from the corresponding decades will also be
+available as options for 911 models as part
+of Heritage Design packages.
+Porsche Heritage Design strategy
+CHINA RAILWAY Express
+expre
+Ⓡ火中欧班列
+China deliveries on track
+PORSCHE ESPORTS SUPERCUP
+Important events
+222
+Porsche Esports Supercup: the first virtual
+one-make cup
+Porsche has added a virtual
+world championship to its
+family of one-make cups,
+with the Porsche Esports
+Supercup open to the
+globe's best sim racers.
+Original owner's manuals reprinted
+Reprints of more than 700 original owner's
+manuals were issued by Porsche Classic.
+starting in April 2019. This ensures access
+to first-hand documentation for virtually all
+early models, starting with the 356 from the
+model year 1952 right through to the 911
+(type 996). The documents are now available
+for order and delivery from all Porsche Centres
+worldwide. In addition, a selection of the
+technical literature can be ordered directly
+from the Porsche Classic online shop. The
+documents for older classic Porsche cars in
+particular include not only the owner's
+manual itself, but also extensive technical
+information, settings and practical tips.
+11 Carrera 4S
+HE
+PETRA
+KVITOVA
+15
+15
+➤211
+51
+22
+TENNIS GRAND PRIX
+TURKIS
+AIRLIN
+PETRA KVITOVA
+SM4215
+ANETT
+KONTAVEIT
+It was seventh time lucky for Czech star Petra
+Kvitova in April as she won the Porsche Tennis
+Grand Prix in front of a sell-out crowd of
+4,400 at the Porsche Arena in Stuttgart. She
+defeated Estonia's Anett Kontaveit in an enter-
+taining final, picking up not only prize money
+and ranking points, but also a Porsche 911
+Carrera 4S Cabriolet.
+42nd Porsche Tennis Grand Prix
+In April 2009, Porsche entered a new market
+segment with the unveiling of the Panamera -
+its first grand tourer. This model combines
+typical sports car performance with the luxury
+and versatility of a touring saloon like no
+other car in the automotive luxury class. As
+a technology leader for innovations that
+have since been adopted in further models,
+the Panamera has made quite the mark
+on the brand's journey over the last 10 years
+and exceeded all expectations, with over
+235,000 models delivered to date.
+10 years of the Porsche Panamera
+PORSCHE
+PORSCHE 935 (2019)
+S.PY 718
+In preparation for future developments in mobil-
+ity, the Porsche Development Centre Weissach
+launched operations at one of the most cut-
+ting-edge drive-testing facilities in the automo-
+tive industry at the end of June 2019. The facility
+features test benches for conventional, hybrid
+and electric drives, underlining the sports car
+manufacturer's role as a pioneer in the develop-
+ment of highly efficient engines.
+CCCE
+PORSCHE
+Michael Kirsch has been CEO of Porsche
+Japan since 1 August 2019. His predecessor
+Toshiyuki Shimegi had managed the Tokyo-
+based subsidiary since 2014, contributing
+significantly to Porsche's substantial growth in
+Japan over recent years. Kirsch had previously
+served as CEO of Porsche Korea for three
+years, achieving substantial success in areas
+such as car sales, and was formerly Chief
+Operating Officer at Porsche China.
+New CEO at Porsche Japan
+36
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Important events
+911 Carrera Coupé and Cabriolet
+Porsche has expanded its eighth-generation
+range with the 911 Carrera. This new sports
+car, which was launched as a coupe and
+cabriolet, is the entry-level 911 model and
+generates 283 kW (385 PS) - 11 kW (15 PS)
+more than its predecessor - from its three-
+litre, six-cylinder boxer engine with twin-turbo
+charging. It retains the premium-quality
+standard features of the 911 Carrera S
+virtually unchanged.
+كل
+The new 911 Carrera, which
+was launched as a coupé and
+cabriolet, delivers 283 kW
+(385 PS) via its biturbo
+three-litre six-cylinder
+boxer engine.
+Quality management fit for electromobility
+and digitalisation
+New drive testing facility in Weissach
+SUV 911
+35
+PORSCHE IS CREATING OVER 2,000 ADDITIONAL JOBS TO HANDLE THE TAYCAN
+Taycan: employee qualification drive
+Electromobility is a real job creator at Porsche,
+with the company establishing some 1,500
+additional positions by the end of 2019 to
+handle the company's first all-electric sports
+car in Zuffenhausen - the Taycan. By the
+second quarter of 2020, a total of 2,000
+positions will have been created, as the manu-
+facturing capacities have been increased to
+accommodate the high demand. The demand-
+ing recruiting process was accompanied by
+one of the largest qualification drives in
+Porsche's history. This saw employees involved
+in Taycan production receiving tailored training
+courses lasting up to six months, thus ensur-
+ing compliance with typical Porsche quality
+standards from the very start.
+at the site of what will become a new Porsche
+Centre. This is the world's first pilot project
+featuring a new building in the new corporate
+architecture, with the structure at Dortmund
+Airport set for completion by the end of 2020.
+A prototype was previously opened in March
+2019 in Palm Springs, California. Under the
+heading "Destination Porsche", the corporate
+architecture is intended to turn Porsche
+Centres all over the world into centralised
+meeting points for the Porsche Community.
+Porsche and investor Hülpert Automobile
+teamed up in Dortmund in late July 2019 for
+the symbolic ground-breaking ceremony
+New technologies require new ways of think-
+ing and working, not least in quality manage-
+ment. In summer 2019, Porsche created
+an extensive new qualification programme and
+adapted its processes in preparation for its
+entry into electromobility. Further drivers are
+digitalisation and smart mobility; alongside
+emotion, appearance and function, the aspects
+of content and software quality are also grow-
+ing in importance.
+PORSC
+Porsche Digital opens second US site
+In early August 2019, Porsche Digital opened
+its second US site in Atlanta, thus extending
+the company's business portfolio for North
+America. Business experts, designers and soft-
+ware engineers develop and optimise new
+digital business models at this site. In addition
+to the "My Porsche" customer portal, this
+team is working on a central e-commerce
+platform and digital services. In Atlanta,
+Porsche Digital is using the facilities at the
+head office of Porsche Cars North America.
+The second US-based office is located in
+San José in Silicon Valley. There are plans to
+expand the Porsche Digital workforce in the
+US to as many as 45 employees during 2020.
+A wholly owned Porsche subsidiary, that now
+operates six sites worldwide.
+40
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Important events
+39
+CAYENNE TURBO S E-HYBRID
+PORSCHE EXCLUSIVELY USES ITS GREEN BOND TO FINANCE SUSTAINABLE PROJECTS
+Investment in Israeli start-up "TriEye"
+Porsche made a strategic investment in August
+with the acquisition of a minority stake in
+Israeli start-up "TriEye". This newly established
+company has developed a sensor technology
+for short-wave infrared. It enhances safety
+in vehicles fitted with assistance systems or
+autonomous driving functions by improving
+the ability to see in darkness and in weather
+conditions where visibility is poor, such as
+dust, fog or rain. The company's unique semi-
+conductor design, which features technology
+registered for patent, makes it possible to
+manufacture corresponding cameras at a frac-
+tion of their current cost.
+The Cayenne Turbo S E-Hyb-
+rid and the Cayenne Turbo S
+E-Hybrid Coupé are the
+new top models in their
+respective series. Their sys-
+tem output of 500 kW
+(680 PS) and maximum
+system torque of 900 Nm
+enable them to accelerate
+from zero to 100 km/h in
+3.8 seconds and reach
+a top speed of 295 km/h.
+Cayenne: three new plug-in hybrid models
+The Cayenne Turbo S E-Hybrid and the
+Cayenne Turbo S E-Hybrid Coupé are the new
+flagship cars in the model series. The system
+output of 500 kW (680 PS) and maximum
+system torque of 900 Nm enable acceleration.
+from zero to 100 km/h in 3.8 seconds and a top
+speed of 295 km/h. A variety of innovative
+chassis systems, most of which are featured
+as standard, enable a perfect combination
+of sports car agility, long-distance comfort
+and off-road capability. On top of this, the
+hybrid range from Porsche now includes the
+new Cayenne E-Hybrid Coupé boasting a
+system output of 340 kW (462 PS), torque
+of 700 Nm and an electric range of up to
+43 kilometres.
+Porsche issues record-setting green bond
+Porsche AG issued the largest green bonded
+loan to date in August 2019 in the amount
+of one billion euros. It was the first transaction
+of its kind by a car manufacturer, with the funds
+being used exclusively to finance sustainable
+projects. Porsche issued the green bonded
+loan in tranches with maturities of five, seven
+and 10 years, and offered fixed and variable
+interest rates. The huge demand resulted in
+the original order book volume having to be in-
+creased. Porsche succeeded in issuing this
+bonded loan with extremely attractive condi-
+tions, reflecting investors' firm trust in the
+long-term development of the company.
+bond with extremely attract-
+ive conditions. The high level
+of demand reflects investors'
+trust in the company.
+Porsche has issued its green
+"Technical Certificate" for Porsche classics
+Porsche Classic has introduced the "Technical
+Certificate", which is the first detailed documen-
+tation for all classic models from the brand.
+The certificate serves as an orientation aid for
+customers when assessing the technical con-
+dition of a car. While it does not replace any
+inspection reports, it is a sensible addition to
+car documentation that can help preserve
+value and promote longevity. It also involves
+comprehensive testing for the purpose of
+identifying technical weaknesses. The
+"Technical Certificate" is available from all
+18 Porsche Classic partners in Germany.
+The figures for fuel consumption, energy consumption and CO, emissions are found on pages 193-194.
+PORSCHE
+37
+MISSION E STARS IN ANIMATED FILM FROM PLAYMOBIL
+MICHAEL KIRSCH
+Porsche Mission E hits the big screen
+The Porsche Mission E sports car played a
+key role in the Playmobil animated family film,
+which celebrated its German premiere in
+Munich in early August. This concept car
+was the prototype for the Taycan, which was
+launched in September. To mark the release
+of the film, which sees secret agent Rex Dasher
+driving a white Mission E, Playmobil released
+a matching playset and its first remote-con-
+trolled Porsche. The two companies have been
+jointly developing playsets and collaborating in
+the field of marketing since 2014.
+New corporate architecture
+Legendary cars in action at Solitude Revival
+The Porsche Museum attended the "Solitude
+Revival" showcase in late July 2019 with a fleet
+of legendary cars. Held on this former race-
+track close to Stuttgart, the event took place a
+mere 15 kilometres south-west from the main
+Porsche plant in Zuffenhausen. Porsche's
+entrants included a 550 A Spyder from 1956,
+which had also been driven by Hans Herrmann
+at the Solitude track that same year, and the
+356 B Carrera GTL Abarth (1961) with rally
+legend Walter Röhrl at the wheel. As a nod to
+the first formula race held at this historic track,
+the 1960 718 Formula 2 that John Surtees
+took to second place in the 1960 Solitude
+Grand Prix was also in attendance. The
+Porsche 804 (1962) in which Don Gurney won
+the Formula One race two years later was
+entrusted to Neel Jani at the 2019 event. Jani's
+former teammate Marc Lieb was on the track
+in the 1970 917 KH featuring the Gulf team
+livery, sharing driving duties with motorsport
+icon Hans-Joachim Stuck.
+911 CARRERA
+33
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194
+CHELIN
+MICHELIN
+the famous Hill Climb in the Taycan. And last
+but not least, works driver Neel Jani took the
+wheel in the Taycan at the final race of the
+ABB FIA Formula E Championship in New York
+(13-14 July).
+In July, a camouflaged Taycan made three
+appearances on three continents in a period
+of three weeks. The tour started on the
+demanding handling course at the Porsche
+Experience Centre (PEC) in Shanghai, where
+Chinese racing driver Li Chao demonstrated
+just what the new model is capable of. Porsche
+then celebrated its first all-electric entry at
+the Goodwood Festival of Speed (4-7 July) in
+the UK, with Mark Webber completing
+Taycan: Porsche Triple Demo Runs
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+31
+Porsche Engineering
+a series of exclusive race track events from
+July 2019 onwards. The remaining cars are set
+to be delivered in the first quarter of 2020.
+the new 935 during the Rennsport
+Reunion historic motorsport event at Laguna
+Seca Raceway in California. Produced in a
+small series of 77 units in 2019, this 515 kW
+(700 PS) racing car features a body that
+recalls the legendary Porsche 935/78.
+44 customers received their Porsche 935s,
+some featuring highly customised designs, at
+In September 2018, Porsche presented
+Exclusive customer events
+on with the company in an advisory capacity.
+New management at Porsche Engineering
+Change at the top: Peter Schäfer became Chair
+of the Management Board of Porsche Engineer-
+ing on 1 July 2019. The move was sparked by the
+retirement of his predecessor Malte Radmann,
+who had been Chair of the Management Board
+of the Weissach-based international engineering
+services provider since 2009 and significantly
+shaped the successful growth of the company.
+Despite his retirement, Radmann stayed
+of 77 units in 2019, the
+515 kW (700 PS) Porsche
+935 recalls the legendary
+935/78.
+Produced in a small series
+MICHELIN
+Allia
+PETER SCHÄFER
+Renovated test tracks at
+Nardò Technical Center
+START
+The new 911 RSR enjoyed its world premiere
+in July 2019 at the Goodwood Festival of
+Speed. Porsche entrusted the model with
+defending its FIA World Endurance Champion-
+ship title. This racing car complies with the FIA
+GTE regulations and represents a completely
+new development. Hailing from Weissach and
+boasting improvements in all areas, it was
+the replacement for the successful 911 RSR
+that took Porsche to a whole host of endur-
+ance racing victories in 2019, including the
+manufacturers' and drivers' titles, the 24 Hours
+of Le Mans in France and the IMSA races at
+Sebring and Road Atlanta (Petit Le Mans).
+Festival of Speed
+World premiere at Goodwood
+WORLD PREMIERE OF 911 RSR AT GOODWOOD FESTIVAL OF SPEED
+Mobil
+The opening of the renovated 12.6-kilometre
+circular high-speed track and dynamic plat-
+form at the Nardò Technical Center in Italy
+took place on 11 July 2019. This testing ground
+has been operated by the international engin-
+eering services provider Porsche Engineering
+Group GmbH since 2012. The renovation works
+with a total investment volume of 35 million
+euros lasted seven months and are part of the
+strategic development of the facility, which
+aims to ensure that customers are always pro-
+vided with perfect conditions for testing
+the cars of tomorrow. Alongside the complex
+asphalting of the renowned circular track, an
+innovative guard rail system specifically devel-
+oped by Porsche Engineering for high-speed
+testing activities in Nardò was also installed.
+MICHELIN
+CHOPARD
+at the Porsche Centre in Hamburg since July
+2019, thus making four locations in Germany.
+With the opening of an additional location in
+Tokyo, Japan, in December, Porsche has also
+taken the service to Asia. Started in Germany
+in 2014, Porsche Drive offers customers
+the opportunity to rent current Porsche models.
+The premium car rental service is also available
+in France, Switzerland and North America.
+Porsche has expanded its premium car rental
+service Porsche Drive, which has been offered
+Expansion of premium car rental
+911
+SORSCHE
+367
+T
+CHOPARD
+obil
+Back-seat VR entertainment with holoride
+At the Startup Autobahn "Expo Day" in Stuttgart
+on 16 July 2019, the sports car manufacturer
+teamed up with the start-up holoride to
+show possible future entertainment options
+for Porsche passengers. For this concept, a
+VR headset with sensors is linked to the car
+so that virtual content can be synchronised
+with driving movements in real time, resulting
+in a highly immersive experience that delivers
+a practical benefit as well: it significantly
+reduces the symptoms of motion sickness.
+In the future, the system will evaluate naviga-
+tion data for a variety of purposes - such
+as adapting the length of a VR game to the
+calculated duration of the journey. The tech-
+nology can also be used for additional inte-
+grated offerings for passengers such as films
+and virtual conferences.
+Latin America: stability in a volatile region
+In Latin America (excluding Brazil), Porsche
+was able to keep deliveries stable in spite of
+the volatile economic climate. A total of 2,925
+vehicles were delivered throughout the region.
+At 20 per cent, the Cayenne recorded the
+strongest growth and was also the most suc-
+cessful model, with 1,382 vehicles handed
+over to customers. It was followed by the
+Macan with 17 per cent growth and 757 deliv-
+eries. Porsche delivered 467 of the 911 to
+customers in Mexico, Central and South
+America. There were 216 vehicles in the case
+of the 718 Boxster and 718 Cayman and
+103 vehicles for the Panamera. The largest
+markets in the region continued to be Mexico,
+Chile and Puerto Rico, representing 66 per cent
+of the region with 1,938 vehicles delivered.
++10%
+Year-on-year comparison
+Brazil: growth of almost 30 per cent
+Porsche's subsidiary in Brazil had a particularly
+strong year. All model ranges were growing.
+Deliveries rose again by 28 per cent to 1,849 in
+the year under review. The Cayenne was a par-
+ticularly strong performer with 575 vehicles
+and an increase of 66 per cent. For the Macan,
+a total of 495 vehicles were delivered, repre-
+senting an increase of 16 per cent. Other mod-
+el series also produced impressive figures:
+Porsche delivered 352 vehicles of the 718
+model series, corresponding to 28 per cent
+more than in the previous year. The demand for
+the 911 increased by 13 per cent to 238
+vehicles. Last but not least, the Panamera was
+also well received by Brazilian customers with
+189 units and an increase of two per cent.
+115,939
+Europe
+Asia-Pacific, Africa
+and Middle East
+75,367
+Important events
+Europe region (Germany excluded): strong
+increase in deliveries
+Italy: Macan remains most popular model
+In Italy, Porsche increased the number of its
+deliveries by 28 per cent to 6,710 vehicles in
+2019. The Cayenne in particular enjoyed
+strong growth of 52 per cent to 1,596 vehicles.
+The Macan remains the most popular model in
+Italy. 2,917 units of this model were handed
+over to customers (an increase of 40 per cent).
+Demand for the 911 also remained strong:
+1,177 vehicles were delivered. This corres-
+ponds to an increase of 20 per cent. A total of
+541 Italian customers opted for a Panamera.
+479 buyers received their 718-series mid-
+engine sports car. 79 per cent of Panamera
+customers chose the E-Hybrid. 54 per cent,
+Germany: an increase of 15 per cent
+Porsche delivered a total of 31,618 vehicles in
+its domestic market, representing an increase
+of 15 per cent compared with the previous
+year. The increase for the Macan was particu-
+larly strong at 40 per cent to 9,027 vehicles.
+The sports car icon 911 followed in second
+place with 8,300 units. The Cayenne achieved
+particularly strong growth of 39 per cent to
+7,124 vehicles. The Panamera was handed
+over to German customers a total of 3,403
+times. A total of 3,081 units of 718 Boxster
+and 718 Cayman models were handed over to
+customers.
+United Kingdom: significant growth
+In 2019, the United Kingdom was Porsche's
+fourth-largest market. Deliveries to British
+customers in 2019 rose by 23 per cent to
+15,365 vehicles. The 911 sports car icon
+achieved growth of 22 per cent, with 2,936
+units delivered to customers. The Macan re-
+mained the most successful model with 4,988
+vehicles delivered (an increase of 18 per cent).
+This was followed by the Cayenne with 4,070
+units, representing an increase of 83 per cent.
+The 718 models also remained popular,
+with 2,422 units of the mid-engine sports
+car handed over to customers. A total
+of 949 Panamera vehicles were delivered.
+France: Panamera with 80 per cent
+hybrid share
+America
+In France, deliveries rose by 17 per cent in
+2019. Porsche delivered a total of 5,756 vehi-
+cles to customers. At 1,912 units, the Macan
+was again the most popular model, represent-
+ing a 27 per cent increase over the previous
+year. This was followed by the Cayenne with
+1,539 vehicles delivered (an increase of 53
+per cent). The 911 again achieved growth of
+eight per cent to 1,217 vehicles. Among the
+four-door sports cars, the E-Hybrid versions
+were particularly popular. In the case of the
+Cayenne, 62 per cent opted for a hybrid, while
+for the Panamera this figure was 80 per cent.
+In Europe (excluding
+Germany), Porsche
+achieved particularly
+substantial growth
+In Europe, Porsche achieved particularly high
+growth in 2019: a total of 57,876 vehicles
+were delivered. This represents an increase of
+15 per cent compared with the best result so
+far of the previous year. The Cayenne was a
+strong performer here with 18,025 vehicles
+handed over to customers, corresponding to
+an increase of 38 per cent compared with
+2018. The Macan remained the most success-
+ful model with 19,807 vehicles delivered,
+representing an increase of 27 per cent. The
+number of Porsche 911 models handed over
+to customers rose by six per cent to 9,603
+units. A total of 5,549 Panamera vehicles were
+delivered. Of this, 38 per cent was accounted
+for by the Sport Turismo. There were 4,892
+deliveries of the 718 Boxster and 718 Cayman
+mid-engine sports cars. The plug-in hybrid
+vehicles were again especially popular.
+89,494
+In the reporting year,
+Porsche delivered
+Deliveries in 2019
+280,800 cars worldwide
+- this all-time record
+represented a 10 per
+cent increase on 2018.
+On top of this, the
+61,568 total cars
+in 2019: a total of
+57,876 cars were
+delivered by the company,
+corresponding to a
+year-on-year increase of
+15 per cent. Porsche
+delivered 31,618 cars
+in its home market
+of Germany (also up
+15 per cent). Here,
+the Macan enjoyed a
+stunning 40 per cent
+increase to 9,027 units.
+130 Taycan units that
+have already been
+delivered.
+handed over to custom-
+ers in the United States
+marked an eight per cent
+increase on the previous
+year. This includes
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+Deliveries
+of new vehicles
+256,255
+246,375
+250
+237,778
+225,121
+200
+150
+100
+50
+0
+280,800
+2015
+2016
+2017 2018 2019
+Europe
+or more than half, were delivered as a Sport
+Turismo. The proportion of the E-Hybrid
+Cayenne models has doubled from 16 per cent
+in 2018 to 32 per cent in 2019.
+58
+The number of Porsche vehicles delivered in
+Spain and Portugal in 2019 amounted to
+3,542 vehicles, representing growth of
+19 per cent compared with the previous year.
+The most successful model was the Macan
+with 1,379 vehicles delivered, an increase of
+15 per cent. Demand for the Cayenne was ex-
+tremely positive, making it the most popular
+model in Portugal and the second most popu-
+lar model in Spain. A total of 1,055 vehicles of
+this model and thus 64 per cent more than
+in 2018 were handed over to customers. The
+Panamera was delivered 509 times, and the
+911 422 times. There were 177 deliveries of
+the 718 models.
+SUCCESSFUL START IN FORMULA E
+Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+52
+62
+53
+Porsche expands sales pop-up concept
+Porsche has expanded sales efforts through
+the use of flexible sales pop-ups. Taiwan was
+the first market to feature the sales pop-up
+as a rolling concept. This time-limited outlet
+has operated in the busy centre of Taipei since
+early October 2019 under the name "Porsche
+NOW". In addition to the exhibited cars, visitors
+were able to sample the Porsche Drivers
+Selection, Exclusive Manufaktur Parts, Virtual
+Reality experiences and the private Configur-
+ation Lounge. Porsche has been using sales
+pop-ups since 2018, and the basic concept is
+made available to its local sales companies
+and therefore also the local dealers. Sales pop-
+ups are installed in high-traffic locations,
+flexibly and at short notice, in order to interact
+even more directly with the customer and to
+access new target groups.
+Porsche becomes core member of
+value alliance
+At Porsche, economic success and social
+responsibility go hand in hand, so the company
+always makes a conscious effort to always
+take on a leading role in areas such as sustain-
+ability. Together with the Volkswagen Group,
+Porsche has been a core member of the
+value balancing alliance e.V., headquartered in
+Frankfurt am Main, since 2019 - the first
+car manufacturer to do so. The objective of
+this alliance, which crosses several industries,
+is to develop a standard that makes value
+propositions of companies visible in a human,
+social and financial regard and that assesses
+the consequences for society and the
+environment.
+Porsche Studio opens in Taiwan
+Taoyuan - Taiwan's aviation capital - is now
+home to an additional Porsche Studio, which
+opened in December 2019. The first of its
+kind in this market, and the fifth in Asia, it
+is located in the Taoyuan Art Plaza, an artistic
+neighbourhood where extraordinary works
+meet local art collectors. The sports car manu-
+facturer had already opened Porsche Studios
+in Bangkok, Thailand, in March and in Seoul,
+South Korea, in June, making a total of nine
+Porsche Studios around the world. They are
+part of the Future Retail strategy of Porsche
+with their locations in city centres and at
+urban hotspots.
+New brand ambassadors: Jörg Bergmeister
+and Timo Bernhard
+Two successful motorsport enthusiasts as
+Porsche brand ambassadors: Timo Bernhard,
+Le Mans overall winner and two-time world
+champion, and "Mister 911", Jörg Bergmeister,
+both took up their new roles right after ending
+their careers as works drivers. During their
+extremely long careers as Porsche works
+drivers and with various racing cars, the two
+raked in countless podium finishes for
+the brand, thus playing a key role in shaping
+the public perception of Porsche. Jörg
+Bergmeister's successes include victories at
+the major endurance classics Le Mans, Daytona,
+Sebring, Nürburgring, Petit Le Mans and Spa.
+Timo Bernhard is the only works driver to
+date who, over the course of his long career,
+became a champion in all categories of the
+Porsche pyramid - even winning the world
+championship in the 919 Hybrid.
+Porsche wins all titles in Intercontinental
+GT Challenge
+Porsche has won the manufacturers' title for
+the first time in the Intercontinental GT
+Challenge. In November, at the final round of
+the world's most important championship
+for GT3 sports cars, the Porsche 911 GT3 R
+from Frikadelli Racing stormed to victory in
+Kyalami (South Africa). In a turbulent nine-hour
+race, works driver Nick Tandy (United King-
+dom) and Porsche Young Professionals Dennis
+Olsen (Norway) and Mathieu Jaminet (France)
+dominated the action in the crucial moments.
+Porsche earned the crucial points via the
+third-place finish recorded by the GPX Racing
+squad and its drivers Kévin Estre (France),
+Michael Christensen (Denmark) and Richard
+Lietz (Austria). The Stuttgart-based sports car
+manufacturer also took the drivers' champion-
+ship: Dennis Olsen secured the crown with
+his second victory of the season after winning
+the opening round at Bathurst in Australia.
+Firm commitment to GT sport and Formula E
+The 2019 motorsport year was one of the
+most victorious in the history of the company,
+with titles in three of the world's most im-
+portant GT racing series, many other victories
+in championships and individual events, and a
+productive start in Formula E. Porsche will
+power ahead with its GT offensive in the 2020
+season, when it will once again enter four
+works cars at the 24 Hours of Le Mans. In
+North America, the new 911 RSR that enjoyed
+such a successful start in the WEC will also
+be battling for the title from 2020. The squad
+is made up of 18 works drivers, two Young
+Professionals and two Porsche Juniors. The
+company traditionally develops young drivers
+in-house and systematically trains new talents
+to become pro racers. Porsche also provides
+intensive support to its customer teams.
+Adfeder
+JAN
+BOSS
+dafone
+Fantasy starship design with Lucasfilm
+Designers from Porsche and Lucasfilm Ltd.
+joined forces to develop a fantasy starship
+design that unites the design DNAs of the two
+brands. Two months in the design studios in
+Weissach and San Francisco saw the teams
+working together to create the first ideas and
+prototypes and concluded with a concrete
+concept: a fantasy starship called the Tri-Wing
+S-91x Pegasus Starfighter. The fine details
+of this 1.5-metre-long model were presented
+at the premiere of Star Wars: The Rise of
+Skywalker in Los Angeles in December.
+JOINT PROJECT: DESIGNERS FROM PORSCHE AND LUCASFILM DEVELOP FANTASY STARSHIP
+51
+PORSCHE
+LOT
+Mobil
+HOLGER GERRMANN
+Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+50
+Strategic partnership with SAP
+Porsche and SAP entered into a strategic
+partnership in October 2019. The sports car
+manufacturer has successfully used products
+from the Walldorf-based software company
+for several decades now. With both partners
+looking to benefit even more from the expertise
+and experience of the other in future, the two
+companies aim to jointly develop new solutions
+for the digital transformation. This strategic
+partnership focuses on data-driven business
+models, artificial intelligence and an end-
+to-end process-driven architecture. It is not
+just about developing new ideas, however:
+existing projects will also be integrated into
+the collaboration.
+Digitalised car sales on the German market
+In late October 2019, the company teamed
+up with the 88 German Porsche Centres to
+open its own digital sales channel for immedi-
+ately available new and pre-owned cars. The
+sports car manufacturer will develop this into
+a marketplace for Porsche-specific mobility
+products and services. Customers can now
+perform the most important steps for car
+purchase and leasing online - whenever and
+wherever. Only customer authentication
+and the final conclusion of the contract will
+initially still take place at the Porsche Centre.
+Investment in Israeli start-up Tactile Mobility
+Porsche has intensified its collaboration with
+technology company Tactile Mobility through
+a minority investment. Based in Haifa, Israel,
+this company is a leader in the field of tactile
+data. In addition to Porsche, Union Tech
+Ventures and existing investors are participat-
+ing in the current investment round. Tactile
+data simulates a sense of touch, with an
+algorithm helping to process the data provided
+by various sensors. Beyond these measure-
+ments, the Tactile Mobility method helps
+collect additional information on the condition
+of vehicles and roads. It is set for integration
+into series production cars from the early
+2020s. It also has potential for aspects such
+B
+as predictive servicing and the optimisation
+of battery management.
+Spain/Portugal: high growth rate for
+the Cayenne
+Sebastian Rudolph named Vice President
+Communications, Sustainability and Politics
+Dr Sebastian Rudolph became Vice President of
+Communications at Porsche effective 1 Novem-
+ber 2019, with two additional fields taking
+on greater importance at the same time: rela-
+tionships with policymakers and associations
+as well as the topic of sustainability will
+now be given the same level of attention as
+traditional public and press relations work.
+Accordingly, the division now bears the title of
+Communications, Sustainability and Politics.
+Tradition, innovation, pioneering spirit, passion:
+as the interface between the company and
+the public, these are the values with which
+communications accompanies the transform-
+ation of Porsche, as characterised by the
+Taycan. The fully electric sports car marks the
+beginning of a new era for Porsche - it unites
+the history of the brand with its future and
+defines the company as a pioneer of sustain-
+able mobility.
+Rudolph came to Porsche from industrial
+service provider Bilfinger, where he was in
+charge of the Corporate Communications &
+Public Affairs division. Prior to that, he spent
+more than six years as head of communica-
+tions at the Federal Ministry of Transport and
+Digital Infrastructure (formerly the Federal
+Ministry of Transport, Construction and Urban
+Development). After earning his PhD in politi-
+cal science, he began his professional journey
+with seven years as a TV journalist for ARD,
+Bayerischer Rundfunk and n-tv.
+Insurance packages for electromobility
+The Taycan has also heralded a new era for
+Porsche Financial Services: it now offers
+services for electric vehicles in addition to the
+established insurance for motor vehicles.
+The "Porsche CarPolicy" has been expanded to
+incorporate the "Taycan Policy", which includes
+special cover for batteries and charging sta-
+tions. With a view to the Taycan launch, the
+digital insurance package "Porsche Shield" has
+also been expanded - now "E-Cover" can be
+booked to include additional insurance com-
+ponents to an existing car insurance policy.
+This makes it easier for customers to switch
+to an e-performance model. "E-Cover" is not
+only available for the new Taycan, but also
+for the plug-in hybrid models of the Cayenne
+and Panamera model series. Based in
+Bietigheim-Bissingen, Porsche Financial
+Services is a wholly owned subsidiary of
+the sports car manufacturer.
+Porsche on the podium: second place at
+Formula E debut
+Porsche made a successful start to its debut
+season in Formula E, with German works driver
+André Lotterer powering his way to second
+place at the first race of the 2019-20 ABB FIA
+Formula E Championship in Diriyah. Overall, this
+marked an encouraging debut for Porsche in
+the fully electric race series. Having immediate-
+ly challenged the front runners with its race
+pace, the company gave itself much to build on
+at upcoming contests throughout 2020.
+Porsche was further buoyed by the Formula E
+Fanboost, with Lotterer voted into the top five
+on both days and thus receiving 100 kilojoules
+of additional energy in each race.
+First and second at third WEC race
+Porsche expanded its overall lead with first-
+and second-place finishes at round three of
+the FIA World Endurance Championship
+(WEC) in mid November 2019. Reigning world
+champions Kévin Estre (France) and Michael
+Christensen (Denmark) started on pole in the
+new Porsche 911 RSR, finishing second in
+the four-hour race at Shanghai International
+Circuit in November 2019 to retain the top
+spot in the drivers' standings. Italy's Gianmaria
+Bruni and Austria's Richard Lietz crossed
+the finish line in third place in their 911 RSR.
+When the winning Ferrari was subsequently
+disqualified, the Porsche GT Team was ultim-
+ately rewarded with first and second place.
+anje everything
+36
+SEBASTIAN RUDOLPH
+O
+BOSS
+HUGO 3035
+2016
+2017
+2018
+2019
+6.2% China
+2.6% Global economy
+2.3% US
+1.2% Western Europe
+0.5% Germany
+56
+Following a minor dip in 2018, the volume of
+the passenger car market in the Asia-Pacific
+region experienced a notable six per cent drop
+in 2019 as it recorded 34.0 million vehicles.
+This was primarily driven by falling demand in
+China and India.
+The trade war with the US placed particular
+strain on the Chinese market, which shrank by
+6.4 per cent in the reporting year. Sales in
+India dropped by nearly 12 per cent over the
+second and third quarters of 2019. In Japan,
+the passenger car market volume fell by
+2.4 per cent.
+2015
+2019: deliveries up by 10 per cent
+In the year under review, Porsche delivered
+280,800 vehicles worldwide - the most ever.
+The growth rate compared with 2018 was
+10 per cent. The Cayenne, with an increase of
+29 per cent to 92,055 cars, was the greatest
+contributor to this growth. Approximately
+15 per cent was contributed by the Coupé
+version launched in 2019. The Macan re-
+mained the most popular model with 99,944
+vehicles delivered to customers. This corres-
+ponds to an increase of 16 per cent. The suc-
+cess of both models also highlights Porsche's
+strong position in this segment. 34,800 cus-
+tomers took delivery of their 911 models, and
+32,721 Panamera vehicles were handed over
+to customers. 20,467 customers received
+their mid-engine sports car 718 Boxster or
+718 Cayman.
+The Taycan also already contributed to
+Porsche's success with its start of production
+in September 2019. The launch market was
+the United States with 130 cars handed over
+to customers in 2019. The Taycan will be
+launched in Germany, China and worldwide
+from the beginning of 2020.
+The E-Hybrid models were popular for the
+Cayenne and Panamera. Approximately
+26 per cent were delivered in this variant in the
+case of the Panamera and 17 per cent for the
+Cayenne. Particulary in Europe, many custom-
+ers opted for a hybrid model. The share in this
+region (Germany excluded) is 60 per cent for
+the Panamera and 30 per cent for the Cayenne,
+of which the E-Hybrid was not available before
+autumn 2019.
+57
+China remains the highest-volume market for
+Porsche with a total of 86,752 vehicles de-
+livered there. This represents an increase of
+eight per cent compared with the previous year.
+America
+US: 10th successive year of growth
+A total of 61,568 vehicles were handed over to
+customers in the United States in the year under
+review. This represents an increase of eight
+per cent compared with 2018. The previous
+year's figure was exceeded for the 10th time
+in succession and includes 130 Taycans that
+were delivered to customers. The most suc-
+cessful model in the US was again the Macan
+with 22,667 deliveries. This was followed by
+the Cayenne, which was handed over to cus-
+tomers 19,001 times. With an increase of
+77 per cent, it achieved a large increase in de-
+liveries in the US. A total of 6,625 Panamera
+vehicles and 9,265 Porsche 911 vehicles were
+handed over to customers. A total of 3,880
+vehicles of the 718 Boxster and 718 Cayman
+were delivered in the US. Alongside the new
+vehicles, Porsche Approved sales also achieved
+a new record level. With more than 25,100
+deliveries and an increase of nine per cent,
+pre-owned vehicles also enjoyed a high degree
+of popularity among American customers as
+well as new vehicles.
+Canada: again sixth biggest market
+In 2019, Porsche was able to deliver 9,025
+new vehicles in Canada, an increase of one
+per cent over 2018. The Macan remained the
+most successful model with 3,487 vehicles
+sold. With growth of 49 per cent compared
+with the previous year, the demand for the
+Cayenne increased most strongly. 3,129
+vehicles of this model were handed over to
+Canadian customers. This was followed by the
+911 with 1,414 units representing an increase
+of one per cent. A total of 609 Panamera
+vehicles were handed over to customers. 386
+vehicles were delivered in the case of the
+718 Boxster and 718 Cayman models. The
+number of "Porsche Approved" vehicles
+increased by nine per cent -2,796 Porsche
+vehicles were handed over to customers.
+From a sales point of view, 2019 was extremely
+successful for Porsche. The sports car manu-
+facturer was again able to significantly
+increase the number of deliveries worldwide
+despite economic and political uncertainties.
+Key factors were the attractive product
+range and the brand's strong appeal.
+49
+2014
+0%
+PORSCHE
+PORSCHE
+BUSINESS PERFORMANCE
+Dynamic global economy
+The global economy continued to record
+robust growth in 2019, albeit at a slightly
+reduced pace. Global gross domestic product
+(GDP) increased by 2.6 per cent (previously
+3.2 per cent). Economic momentum in the
+advanced economies of the world and in the
+emerging markets was below the previous
+year. Interest rates remained low, while global
+energy, commodity and consumer prices all
+fell compared to 2018. Increasing trade
+distortions at an international level, such as
+the conflict between the US and China,
+combined with ongoing geopolitical tensions
+to generate much higher levels of economic
+uncertainty.
+In Western Europe, growth in GDP slowed over
+the course of the year to 1.2 per cent (previ-
+ously 1.8 per cent) and the rate of change fell
+in almost all countries across Northern and
+Southern Europe. The ongoing Brexit negoti-
+ations also created a mood of uncertainty as
+the future shape of the relationship between
+the UK and the European Union remained un-
+clear. Unemployment fell within the eurozone,
+averaging 7.5 per cent (previously 8.1 per
+cent), although the rates in Greece and Spain
+remained considerably higher. GDP continued
+to grow in Germany in 2019, buoyed by the
+good situation on the labour market. It was
+noticeably less dynamic than the year before,
+however, at 0.5 per cent (previously 1.5 per
+cent). The mood in the corporate sector, along
+with consumer confidence, continued to
+deteriorate over the course of the year.
+Growth in the US economy fell to 2.3 per cent
+(previously 2.9 per cent) and was supported
+primarily by domestic consumer demand.
+Unemployment was at 3.7 per cent (previously
+3.9 per cent). The Federal Reserve cut key in-
+terest rates in response to global uncertainty,
+thus moving away from its previous tightened
+monetary policy coupled with relatively stable
+inflation. The US dollar gained in strength
+against the euro during 2019. In Canada,
+growth fell to 1.6 per cent (previously 2.0 per
+cent). While the Brazilian economy again
+recorded slight growth, expanding by 1.1 per
+cent (previously 1.3 per cent), the situation in
+South America's largest economy remained
+tense due to political uncertainty.
+China's economy once more enjoyed signifi-
+cant growth in 2019 at a level of 6.2 per cent
+(previously 6.6 per cent). In light of its trade
+policy disagreements with the US, the
+country continued its programme of state
+support measures. India's GDP grew by 4.8 per
+cent (previously 6.8 per cent), while Japan
+recorded growth of 1.1 per cent (previously
+0.3 per cent).
+Car market
+2019 was the second consecutive year in
+which the global automotive market
+contracted relative to the previous year's
+figures. In the reporting year, the market fell
+by four per cent to 79.6 million vehicles.
+While there was a minor uptick in new regis-
+trations in Europe, the markets in the Middle
+East, North America, South America and
+Asia-Pacific all shrank.
+In Western Europe, the car market grew by
+0.6 per cent in 2019 to 14.4 million vehicles.
+Growth figures varied from one major market
+to another, with Germany enjoying a five
+per cent upturn in new registrations that saw
+it reach 3.6 million vehicles. In addition to the
+robust labour market and higher commercial
+demand, sales support in the form of a
+scrapping bonus also had a positive impact.
+France enjoyed a 1.6 per cent increase on the
+previous year, while Italy stagnated and Spain
+recorded a significant drop of 4.7 per cent.
+On the UK car market, the negative trend of
+previous years continued - albeit at a milder
+level (down 2.4 per cent). In Western Europe,
+the proportion of diesel vehicles fell to 32 per
+cent in 2019 (previously 36.4 per cent).
+2013
+In the North America region, sales of passen-
+ger cars and light commercial vehicles (up to
+6.35 tonnes) dropped by 2.3 per cent to
+20.2 million vehicles in the reporting year. The
+market volume in the US alone was also be-
+low that of the previous year, shrinking 1.6 per
+cent to 17.0 million units. The shift in demand
+from classic passenger cars (down 10.1 per
+cent) to light commercial vehicles, such as
+SUVS and pick-up trucks (up 2.6 per cent),
+was once again evident in the reporting year.
+Canada's automobile market continued the
+downward trend that began in 2018, experi-
+encing a 4.3 per cent drop in the reporting
+year. On the South American markets, the
+volume of newly registered passenger cars and
+light commercial vehicles was down five per
+cent at 4.3 million units in 2019. However,
+demand for automobiles in Brazil continued to
+recover with a high growth rate of 7.7 per cent.
+continued to record
+robust growth in 2019,
+albeit at a slightly
+reduced pace. Global
+gross domestic product
+(GDP) increased by
+2.6 per cent (previously
+3.2 per cent). In Western
+Europe, growth slowed
+over the course of the
+year to 1.2 per cent
+(previously 1.8 per cent).
+GDP continued to grow
+in Germany but was
+noticeably less dynamic
+than the year before, at
+0.5 per cent (previously
+1.5 per cent).
+55
+Economic growth
+Percentage change in GDP
+Important events
+7.7%
+2.6%
+2.2%
+0.2%
+The global economy
+40
+Tradition, innovation, pion-
+eering spirit, passion:
+these are the values through
+which Porsche communi-
+cates the transformation
+of the company, as charac-
+terised by the Taycan.
+Porsche wins all titles at the IMSA Weather-
+Tech SportsCar Championship
+TAYCAN ON THE NÜRBURGRING NORTH LOOP
+WE
+911 RSR
+Important events
+CHOPARD
+bil
+192
+Dan
+MICHELIN
+At the IMSA WeatherTech SportsCar Cham-
+pionship, the Porsche GT Team came away
+with wins for manufacturer, driver and team.
+In the final race of the season at Road Atlanta
+(US) in mid October 2019, the two Porsche
+911 RSRs featuring the Coca-Cola livery
+finished fifth and sixth. This marked the 50th
+and final works outing for the successful
+GT car from Stuttgart, which won six of the
+11 rounds on the 2019 IMSA calendar.
+The Porsche works drivers Earl Bamber (New
+Zealand) and Laurens Vanthoor (Belgium)
+won the drivers' crown, with the team title
+going to the squad behind the no. 912 Porsche
+911 RSR. In the GTD class, the Pfaff Motor-
+sports customer team finished on the podium
+with the no. 9 Porsche 911 GT3 R.
+92
+ROL
+36
+CHOPARD
+Mobil
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+42
+99X Electric is Porsche's Formula E entry
+Porsche's presentation of the 99X Electric on
+28 August represented a further milestone
+on the path towards its works entry in the
+2019-20 ABB FIA Formula E Championship.
+The company took a novel approach to this
+premiere, choosing a live video game as the
+virtual platform and including an international
+gaming community using the streaming
+service Twitch. Drivers André Lotterer and
+Neel Jani rounded off the event with the
+unveiling of the new racing car.
+HEUER
+ANSYS
+e
+FORMULA-E
+TAG Heuer
+TAG
+The new Porsche 911 RSR (2019 model year)
+enjoyed a perfect start by securing first- and
+second-place finishes at its debut race in early
+September. At the season-opening round
+of the FIA World Endurance Championship in
+Silverstone, Italy's Gianmaria Bruni and
+Austria's Richard Lietz crossed the finish line
+first in the no. 91 car. Reigning world cham-
+pions Michael Christensen (Denmark) and
+Kévin Estre (France) claimed second place in
+the no. 92 sister car. This double triumph was
+powered by perfect tactics from the world
+champion team, strong driving performances,
+swift pit stops and a reliable car.
+First and second for 911 RSR on debut
+at Silverstone
+Taycan takes North Loop record
+Porsche set a new standard for four-door
+all-electric sports cars at the Nürburgring
+North Loop on 26 August 2019, with test
+driver Lars Kern taking a pre-series Taycan
+around this legendary track in a mere seven
+minutes and 42 seconds. This remarkable
+lap time, which covered the 20.6-kilometre
+course typically used for record attempts,
+underlines the Taycan's racetrack pedigree
+- which even the series model features.
+41
+Switzerland: Macan still popular
+Porsche delivered 3,722 vehicles in Switzer-
+land last year and thus rose by 11 per cent
+compared with the previous year. The most
+popular model was again the Macan with
+1,415 vehicles. This corresponds to an in-
+crease of 32 per cent. A total of 897 Cayenne
+vehicles were delivered, representing a 33 per
+cent increase over the previous year. Of these,
+33 per cent were plug-in hybrid models. Porsche
+Switzerland delivered 854 vehicles of the
+911 sports car icon. 315 customers received
+a Panamera. Porsche handed over 241 of the
+718 Boxster and 718 Cayman mid-engine
+sports cars to its Swiss customers, which rep-
+resents a significant increase of 30 per cent.
+Central and Eastern Europe: tenth consecutive
+year of growth
+In the year under review, Porsche delivered
+7,024 vehicles to customers in Central and
+Eastern Europe. This corresponds to an in-
+crease of 12 per cent. It is the tenth consecu-
+tive year of growth in the region. The most
+popular model in Central and Eastern Europe is
+the Cayenne with 2,587 units, representing an
+increase of 21 per cent. The Macan achieved
+growth of 33 per cent. A total of 2,550 cus-
+tomers opted for this model. The Panamera
+was delivered 873 times, while 684 units of
+the 911 and 330 units of the mid-engine
+sports cars 718 Boxster and 718 Cayman
+were handed over to customers.
+Russia: Cayenne and Macan achieve
+double-digit growth
+In Russia, Porsche also had a very successful
+year. In 2019, 6,023 vehicles were delivered
+to Russian customers - 18 per cent more than
+in the previous year. The Cayenne was particu-
+larly in demand with 3,666 units, representing
+an increase of 29 per cent. The Macan's share
+increased by 12 per cent with 1,622 vehicles.
+A total of 455 customers chose a Panamera.
+Of the 911 models, 204 vehicles were
+delivered. Some 76 customers received their
+718 Boxster or 718 Cayman.
+Northern Europe (including Benelux and
+Austria): E-Hybrids particularly in demand
+In 2019, 9,734 vehicles were delivered in this
+market area, 1,376 in Austria alone. The
+strongest growth was recorded by the Macan
+with 3,024 units representing an increase of
+40 per cent. Deliveries of the Cayenne also in-
+creased: 2,615 vehicles were handed over to
+customers. This corresponds to an increase of
+eight per cent. With 2,109 units, the Porsche
+911 deliveries accounted for a strong 22 per
+cent of total sales in the market area. A total of
+1,275 Panamera vehicles and 711 vehicles
+of the 718 Boxster and Cayman models were
+delivered. The share of E-Hybrid models is
+unusually high. For the Cayenne it is 58 per
+cent and 70 per cent for the Panamera. At
+53 per cent, the Sport Turismo version of the
+Panamera was particularly popular.
+Asia
+China: remains highest-volume market
+In 2019, China remained Porsche's high-
+est-volume single market. A total of 86,752
+vehicles were delivered, representing
+growth of eight per cent. The largest share was
+attributable to the Macan, of which 34,619
+vehicles were delivered to customers. This
+corresponds to an increase of 26 per cent. A
+total of 32,683 Cayenne vehicles and 13,170
+Panamera vehicles were delivered to customers
+(an increase of four per cent). The two-door
+sports cars were also well received by custom-
+ers. 4,866 vehicles of the 718 Boxster and
+718 Cayman models were delivered. A total of
+1,414 units of the 911 were delivered.
+Innovative drives are in
+great demand on a
+number of markets,
+with 80 per cent of
+Panamera customers in
+France and 79 per cent
+in Italy opting for an
+E-Hybrid. One-third of
+Cayenne customers in
+Switzerland also chose
+TAGH
+a plug-in hybrid model.
+The proportion of
+E-Hybrid models was
+high across Northern
+Europe, Benelux
+and Austria, accounting
+for 58 per cent of
+Cayenne units and
+per cent of
+Panamera cars.
+59
+Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+60
+FERDINAND PIËCH (LEFT) AND FERRY PORSCHE
+Porsche mourns Ferdinand Piëch
+Ferdinand Piëch, a former member of the
+Porsche AG Supervisory Board, died on
+25 August 2019 at the age of 82. Oliver Blume
+paid tribute to this outstanding engineer and
+manager, noting how his love of cars, his con-
+stant desire to promote technical progress
+and his ability to seize the ideal moment saw
+him put in years of remarkable service as an
+engineering expert at Porsche. Piëch also took
+a number of key strategic decisions that laid
+the groundwork for the company's successful
+development.
+TAG Heuer partners up with Porsche
+Formula E team
+TAG Heuer and Porsche announced a long-term
+Formula E cooperation in late August 2019,
+with the Swiss luxury watchmaker being
+named Title and Timing Partner. The Porsche
+works entry in the 2019-20 ABB FIA Formula
+E Championship will bear the name TAG Heuer
+Porsche Formula E Team. Both brands can
+look back on a proud history of shared success
+in the world of motorsport. One highlight
+for Porsche is the TAG Turbo made by Porsche,
+which powered Formula One cars in the
+1980s while taking two Constructors' World
+Championships in 1984 and 1985 as well as
+three Drivers' World Championships from
+1984 to 1986.
+Macan Turbo is the new flagship model
+The new Macan Turbo now sits atop the
+Porsche compact SUV model range. This
+extensively reworked top model features a
+new 2.9-litre, six-cylinder, biturbo engine
+delivering 324 kW (440 PS), equating to 10
+per cent more power output than its prede-
+cessor with 20 per cent less displacement.
+With the optional Sport Chrono package, the
+car can go from zero to 100 km/h in 4.3 sec-
+onds - three-10ths faster than before. Top
+speed is 270 km/h - an increase of 4 km/h.
+Braking performance has also been improved:
+the optimised chassis of the new Macan Turbo
+features the powerful Porsche Surface Coated
+Brake (PSCB) as standard.
+70
+1
+LOTTE TAYCAN
+Punctual production start for Porsche Taycan
+On 9 September 2019, Porsche celebrated the
+opening of the new production facility for the
+Taycan in Zuffenhausen. The event, following a
+construction period of less than 48 months,
+was attended by guests from politics, business
+and the media. Customer cars are assembled
+in a factory of the future - flexibly, net-
+worked and using 4.0 production technology.
+It is a further step towards the zero-impact
+factory, which is free from any negative
+environmental impact. "We have a level of
+responsibility to the environment and society.
+Production of the Taycan is already carbon-
+neutral. At our main plant in Zuffenhausen,
+which is the heart of the brand, we combine
+our heritage with the future," explained Oliver
+Blume, Chairman of the Executive Board of
+Porsche AG. This new Porsche plant reflects
+the brand's tradition while also sending a clear
+signal about its new directions, as demon-
+strated by the production of the pioneering
+Taycan in the legendary surroundings of
+Zuffenhausen.
+MACAN TURBO
+A TOTAL OF EIGHT NEW CARS AT THE IAA IN FRANKFURT
+Important events
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+48
+DZZ
+CowCola
+MICHELIN
+CHOPARD
+Six-hour run raises 200,000 euros for Ferry
+Porsche Foundation
+On 14 September 2019, some 3,200 Porsche
+employees took part in the fifth edition of the
+six-hour run at the company's Zuffenhausen
+facility. Porsche donated five euros per com-
+pleted lap and generously rounded up the final
+total to 200,000 euros. The Porsche Six-hour
+run is a relay event, with employees forming
+teams and running laps at the company's main
+plant in Zuffenhausen on a special course
+measuring exactly 911 metres - as a nod to
+the iconic Porsche 911 sports car. Since
+its inception in 2015, this event has already
+raised 935,000 euros for good causes.
+S
+911 RSR IN COCA-COLA DESIGN
+PORSCHE
+Holger Gerrmann took over as CEO of Porsche
+Korea on 16 September 2019. Gerrmann had
+formerly spent two years as Financial Director
+at Porsche Design following nine years as
+Financial Director at Porsche Cars Great Britain
+and the Porsche Retail Group. A law graduate,
+he has also previously served in Porsche's
+financial department and as assistant to the
+CEO of Porsche AG.
+Porsche rounded off the
+IMSA WeatherTech Sports-
+Car Championship with a
+bang by decorating its cars
+in a Coca-Cola livery for
+the final race of the season.
+The works team of the
+sports car manufacturer
+joined forces with the global
+drinks giant for the 10-hour
+Petit Le Mans race at
+Road Atlanta (US) in mid
+September 2019.
+Extended partnership with Polyphony
+Digital Inc.
+Porsche and the Japanese video games devel-
+opment studio Polyphony Digital Inc. have
+furthered their collaboration. During the Inter-
+national Motor Show (IAA), the partners
+announced the launch of two new cars - the
+Taycan Turbo S and the design study 917
+Living Legend in the Gran Turismo Sport
+video game developed exclusively for the Play-
+Station 4 console. Porsche designers are also
+developing a study as part of the Vision Gran
+Turismo project, which will be realised as a
+virtually drivable car and is set for release by
+the end of 2020. Polyphony Digital Inc. is a
+subsidiary of Sony Interactive Entertainment.
+PORSCHE
+PORSCHE
+PORSCHE AND BOEING TO COLLABORATE IN THE PREMIUM URBAN AIR MOBILITY MARKET
+Cooperation with Boeing for urban air mobility
+Porsche and Boeing have signed a memo-
+randum of understanding to tap into the
+premium urban air mobility (UAM) market. This
+partnership will see both companies leverage
+their unique market strengths and insights to
+study the future of premium urban air mobility
+vehicles. Additionally - together with Aurora
+Flight Sciences, a subsidiary of Boeing - they
+are developing a concept for a fully electric
+vehicle boasting vertical take-off and landing.
+Engineers from both companies, as well as
+the Porsche subsidiaries Porsche Engineering
+Services GmbH and Studio F.A. Porsche,
+will implement and test a prototype.
+Hockenheimring Porsche Experience Centre
+now open
+Porsche opened its seventh Porsche Experience
+Centre (PEC) worldwide at the Hockenheim-
+ring as part of a "Sportscar Together Day" on
+12 and 13 October 2019. Covering an area of
+around 170,000 square metres, the premises
+at the heart of the racetrack is a new hub
+for customers and fans from all over Europe. It
+boasts a Customer Experience Centre, hand-
+ling course, driving dynamics areas and an
+off-road track. The opening weekend attracted
+around 70,000 visitors, 9,000 of whom arrived
+in their own Porsche cars. The eighth Porsche
+Experience Centre, which is being built along-
+side the racetrack in Franciacorta (Italy), will
+be the largest PEC to date. Under the steward-
+ship of Porsche Italia, the renovation of the
+circuit and the construction of the new cus-
+tomer centre began in the reporting year. The
+opening is planned for early 2021.
+Spectacular cooperation of two global brands
+Porsche ended the IMSA WeatherTech Sports-
+Car Championship with a bang by decorating
+its cars in a Coca-Cola livery for the final race
+of the season. The works team of the sports
+car manufacturer joined forces with the global
+drinks giant for the 10-hour Petit Le Mans
+race at Road Atlanta (US) in mid September
+2019. The two Porsche 911 RSRS lined up on
+the grid sporting the red background and
+white lettering of the American beverage com-
+pany. In this way, the two companies honoured
+their shared successes throughout motor-
+sport history and added a special highlight to
+conclude the 50th anniversary year of the
+International Motor Sports Association (IMSA).
+Porsche racing cars featuring Coca-Cola
+designs have enjoyed an illustrious history in
+the North American motorsport scene dating
+back to the 1980s.
+MACAN
+New CEO at Porsche Korea
+Porsche increases stake in Rimac
+In early September 2019, Porsche increased
+its stake in the technology and sports car
+company Rimac Automobili to 15.5 per cent.
+Croatia-based Rimac develops and manu-
+factures electromobility components and
+also produces electrically powered supercars
+in-house. Porsche initiated a development
+partnership with the company in the wider
+context of its electromobility campaign and,
+in June 2018, acquired a 10 per cent
+shareholding in Rimac.
+Andreas Scheuer, Federal Minister of Transport
+and Digital Infrastructure, was there in
+person: "Electromobility is creating around
+1,500 new jobs in carbon-neutral production
+here in Zuffenhausen. Porsche is therefore
+making an important statement about electric
+driving and German engineering." Winfried
+Kretschmann, Minister-President of Baden-
+Württemberg, added: "The Porsche Taycan
+shows that the mobility revolution is taking
+place right here, right now in Baden-Württem-
+berg." Fritz Kuhn, Mayor of Stuttgart, welcomed
+Porsche's investment as a major positive for
+the city: "Where others just talk, Porsche acts."
+TAYCAN ENJOYS SIMULTANEOUS WORLD PREMIERE IN CHINA, EUROPE AND NORTH AMERICA
+Porsche Taycan world premiere
+Porsche presented its first all-electric sports
+car to the public in early September 2019
+with a spectacular world premiere which took
+place simultaneously in North America, China
+and Europe. The Taycan links the brand's
+heritage to its future. This four-door sports
+saloon is a unique package, combining typical
+Porsche performance and connectivity with
+everyday usability. At the same time, highly
+advanced production methods and the features
+of the Taycan set new standards in the fields
+of sustainability and digitalisation. The first two
+models are the Taycan Turbo S and Taycan
+Turbo. They are at the cutting edge of Porsche
+E-Performance and are amongst the most
+powerful production models offered by the
+sports car manufacturer. The Taycan 4S was
+subsequently introduced as the third version
+of this sports saloon in mid October. The first
+derivative to be added will be the Taycan Cross
+Turismo, pegged for late 2020.
+The three continents featured in the simultan-
+eous world premiere are the most important
+sales markets for this new electric sports car.
+The venues also represent three approaches
+to sustainable energy management: Niagara
+Falls on the border between the US state of
+New York and the Canadian province of Ontario
+represents hydropower. The solar farm in
+Neuhardenberg near Berlin represents solar
+power. And the wind farm on Pingtan Island,
+around 150 kilometres from the Chinese
+city of Fuzhou in the province of Fujian, repre-
+sents wind power. This unique triple event
+was broadcast worldwide via live stream on
+NewsTV.porsche.com.
+"We have a level of responsi-
+bility to the environment and
+society. Production of the
+Taycan is already carbon-
+neutral. At our main plant in
+Zuffenhausen, which is the
+heart of the brand, we com-
+bine our heritage with the
+future," said Oliver Blume.
+45
+46
+Important events
+Spectacular simultaneous
+world premiere in North
+America, China and Europe:
+in early September 2019,
+Porsche wowed the world
+with its first all-electric
+sports car. The Taycan links
+the brand's heritage to its
+future.
+46
+As part of the Taycan media presentation in
+Oslo, Aksel Lund Svindal - the successful
+Norwegian ski racer - was announced as the
+new Porsche brand ambassador. The excep-
+tional sportsman and athlete with two Olympic
+victories, five world championships and two
+overall world cup wins represents not only
+sporting performance at the highest level, but
+also endurance, hard work and driven perform-
+ance. Svindal is beloved, down to earth and
+a huge fan of Porsche. He has also been a
+passionate advocate for sustainability and
+the environment since the end of his athletic
+career, which makes him a perfect brand
+ambassador for Porsche and its values.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Aksel Lund Svindal becomes Porsche
+brand ambassador
+The Taycan redefines
+Porsche while embodying all
+the brand values established
+through 70 years of sports
+car construction.
+911 Carrera 4 Cabriolet with 283 kW
+(385 PS) extending the product range of the
+model series. Other highlights included three
+new hybrid models in the Cayenne series:
+the Cayenne E-Hybrid Coupé with a system
+output of 340 kW (462 PS) plus the Cayenne
+Turbo S E-Hybrid as Cayenne and Cayenne
+Coupé featuring 500 kW (680 PS). The flag-
+ship model of the compact SUV line, the
+Macan Turbo, also made its motor show debut.
+In addition, Porsche presented the company's
+entry for the ABB FIA Formula E Championship
+starting in November 2019: the Porsche
+99X Electric.
+New additions to the 911 family were also
+announced at the start of the IAA, with the
+all-wheel drive 911 Carrera 4 Coupé and
+The new cars at the IAA reflected Porsche's
+product strategy, which focuses on three drive
+technologies: highly emotive petrol engines,
+powerful plug-in hybrids and all-electric drives.
+Eight new cars at the IAA in Frankfurt
+Porsche presented a total of eight new cars
+at the 68th International Motor Show (IAA)
+in Frankfurt am Main, Germany. The focus
+was on the debut of the brand's first all-elec-
+tric sports car models, the Taycan Turbo
+and Turbo S. "The Taycan redefines Porsche,"
+said Oliver Blume, Chair of the Executive Board
+of Porsche AG. "Our goal was to usher in the
+era of electromobility for Porsche with the
+sportiest, most innovative and most emotion-
+ally charged of cars. The Taycan embodies all
+our values and the experience we have gained
+from more than 70 years of manufacturing
+sports cars." At the time the IAA was held,
+30,000 prospective customers has expressed
+their concrete interest in the Taycan. Of those,
+10,000 had already resulted in purchase
+agreements by the end of 2019.
+A
+TAYCAN
+DER NEUE
+from operating activities.
+New vehicle deliveries
+Overall, 10 per cent more Porsche vehicles were
+delivered than in the previous year.
+99,944
+280,800
+Cash flows
+Operating return on sales before special items
+demonstrates healthy cost structure and lasting
+high profitability.
+Macan deliveries
+The global workforce grew by 10 per cent.
+recording growth of 16 per cent.
+35.429
+Employees
+€4.40
+15.4%
+Operating profit:
+The Macan was the best-selling Porsche model,
+billion
+South Korea: the Cayenne is the most
+popular model
+Porsche AG Group
+before special items.
+Japan: 911 extremely popular
+Porsche delivered 7,085 vehicles in Japan in
+the year under review, marking the 10 consec-
+utive years increase and highest number on
+record. Compared with the previous year, this
+corresponds to an increase of one per cent. The
+strongest growth was achieved with the 911.
+A total of 1,766 vehicles of the sports car icon
+were delivered - 26 per cent more than in the
+previous year. The Macan also contributed to
+growth with 2,232 units handed over to cus-
+tomers, an increase of nine per cent. A total of
+1,049 Panamera vehicles were delivered, and
+almost as many Cayennes with 1,041 units.
+Some 997 Japanese customers took delivery
+of their 718-series mid-engine sports car.
+Taiwan: Macan with strongest growth
+The market in Taiwan grew by 10 per cent in
+2019 to 3,732 vehicles delivered. The Macan
+recorded the strongest growth with 51 per
+cent more than in the previous year and a total
+of 1,475 vehicles handed over to customers.
+It almost caught up with the Cayenne which,
+with 1,556 units, remained the most popular
+model in Taiwan. Some 255 customers
+received their 718 Boxster or 718 Cayman
+and 250 their 911. A total of 196 customers
+took delivery of their Panamera.
+In South Korea, Porsche almost maintained its
+number of vehicles delivered in 2019, with a
+total of 4,288 vehicles delivered. Significant
+growth was achieved by the Cayenne, of which
+2,332 vehicles were handed over to custom-
+ers. Other popular models in South Korea were
+the Panamera (1,124 vehicles), 718 Boxster
+and 718 Cayman (together 731 vehicles) and
+the iconic 911 sports car (100 vehicles).
+Asia-Pacific: strongest market growth
+The Asia-Pacific region that Porsche supports
+from Singapore was the highest-growth
+market for the sports car manufacturer in the
+previous year also thanks to the integration
+of New Zealand, which was previously part
+of the Australian sales organisation. Deliveries
+increased by 41 per cent to 3,025 vehicles.
+The Cayenne recorded the strongest growth at
+154 per cent and 1,070 vehicles. The Macan
+also achieved a high growth rate: 1,090
+vehicles and thus 84 per cent more than in the
+previous year were handed over to customers.
+The 911 also recorded a solid 16 per cent in-
+crease, with 352 vehicles delivered. Customers
+received 312 vehicles of the Panamera and
+201 vehicles of the 718 series.
+€4.49
+Middle East, Africa and India: Macan with
+strong growth in demand
+based in Dubai supports the brand's operations
+across 21 countries with 22 importers and
+65 retail facilities spread across the Gulf
+Cooperation Council (GCC) countries, Levant,
+India and Africa. Accounting for 22 per cent of
+total regional sales, South Africa was the larg-
+est market for Porsche Middle East and Africa
+in 2019. The GCC countries remained a key
+contributor representing a 58 per cent share of
+new car deliveries.
+Australia: slight decrease due to
+structural change
+Despite organisational decoupling from New
+Zealand, the Australian sales region remains a
+high-volume market for Porsche with a slight
+decline of three per cent due to the separation.
+A total of 4,166 vehicles were delivered. This
+result was achieved in a challenging Australian
+automotive market, with the overall market
+declining around eight per cent in 2019. The
+Cayenne recorded growth of 14 per cent with
+an increase to 1,352 vehicles. The highest-
+volume model remains the Macan, which was
+chosen by 2,009 customers. The 911 was
+again popular: 508 vehicles were handed over
+to customers. 246 vehicles from the 718 series
+were delivered and 51 Panamera vehicles.
+In 2019, China again
+boasted the highest
+volume of any individual
+Porsche market as it
+recorded 86,752 total
+cars (up eight per cent).
+The Porsche market
+with the highest level of
+growth was the Asia-
+Pacific region after
+allocating Australia
+there, which recorded a
+41 per cent increase to
+3,025 cars - and a
+154 per cent increase in
+demand for the Cayenne
+(to 1,070 units).
+Fiscal year 2019
+in figures
+In the Middle East, Africa and India region,
+6,891 vehicles were delivered in the reporting
+year, with Porsche achieving growth of seven
+per cent despite continuing challenges for
+the regional automotive industry. The Macan
+was a particularly strong performer in the
+region with 2,278 new car deliveries and a
+growth of 74 per cent compared to the previ-
+ous year, whilst the Cayenne maintained its
+position as the best-selling model with 2,785
+vehicles sold to customers. Although the
+eighth generation of the iconic Porsche 911
+was only introduced to the region mid-way
+through the year, sales surpassed previous
+year's deliveries. Porsche's regional office
+billion
+INNOVATIVE STRENGTH
+FINANCIAL PERFORMANCE
+VALUE FOR CUSTOMER
+billion
+8 1
+Decent work and
+economic growth
+9
+Industry, innovation
+and infrastructure
+10 ệ
+Reduced inequalities
+11A
+Sustainable cities
+and communities
+12 co
+Q
+Responsible consumption
+and production
+15 ✔
+Life on land
+13
+clean energy
+Climate action
+Peace, justice and strong
+institutions
+14
+Life below water
+17Ⓡ
+Partnerships for
+the goals
+73
+Sustainability management
+74
+Sustainability
+in figures
+> 10 %
+own electric power generation for vehicle production
+50%
+One of every two Porsche vehicles
+will be electric by 2025
+CARBON-
+NEUTRAL
+16 ▾
+Carbon-neutral production
+Affordable and
+Clean water and
+sanitation
+While the SDGs are primarily aimed at states
+and governments, Porsche also wants to
+counter the ongoing depletion of natural
+resources and climate change and have a
+positive impact on social development.
+The company is focusing on those issues
+that its own business model and related value
+creation processes can materially influence.
+Taking into account internal and external
+sources, there are seven SDGs for which
+Porsche is using its sustainability activities
+to make a real difference:
+SDG 4 - Quality education
+For Porsche, education is the key to sustainable
+development. This is why the company offers
+its trainees and staff an exceptionally diverse
+programme of vocational and professional
+training, giving all employees the opportunity
+to engage in systematic training tailored to
+their needs. Porsche is committed to the field
+of education and science in a variety of
+ways, particularly at its company sites and on
+an international level. Examples include the
+regional Ferry Porsche Educates initiative in
+Stuttgart and Leipzig as well as the interna-
+tional Porsche Aftersales Vocational Education
+(PAVE) programme, which promotes the
+needs-based implementation and expansion
+of local vocational education for Porsche
+dealer organisations worldwide.
+SDG 8 - Decent work and economic growth
+Creating jobs and respecting human rights
+along the entire supply chain are prerequisites
+for value-creating, sustainable growth.
+Porsche not only assumes responsibility for its
+employees and invests in their future, it also
+imposes strict, internationally recognised
+standards on its suppliers in the area of social
+and human rights. In this way, Porsche
+supports humane working conditions while
+categorically rejecting any form of forced or
+child labour.
+SDG 9 - Industry, innovation and
+infrastructure
+Porsche is synonymous with innovative
+products and services. By expanding a
+high-performance charging infrastructure
+for electric vehicles, permanently working
+to find innovative solutions, and trialling
+digital technologies and future trends, the
+company is playing an instrumental role in
+this field. As more can be achieved by
+working together, Porsche and its partners
+organised the "Mobility for a better world"
+competition in the reporting year to identify
+ideas and technologies for sustainable
+future mobility.
+SDG 11 - Sustainable cities and communities
+Sports car production at the main plant in
+Zuffenhausen is located in a mixed-use zone,
+surrounded by residential areas. Consequently,
+the company is directly confronted with the
+challenges posed by increasing urbanisation.
+This is another reason why Porsche feels a
+sense of duty to actively contribute to the
+sustainable development of cities by providing
+smart solutions. Resource-efficient production
+processes and products, as well as techno-
+logical and social innovation, are the key factors
+for the company in this regard.
+SDG 12-Responsible consumption
+and production
+As well as consistently working to create envir-
+onmentally sound products that use fewer
+resources, Porsche is also constantly develop-
+ing efficient, environmentally compatible
+production processes. Economic, ecological,
+sociocultural, functional and technical process
+qualities all play a central role. Meanwhile,
+the company sees it as equally important that
+internationally accepted rules governing health
+and safety and environmental protection
+are upheld. Ethical considerations and stand-
+ards take precedence along the entire Porsche
+supply chain as the overriding sustainability
+requirements.
+SDG 13-Climate action
+Porsche is embracing the challenge of pushing
+technological boundaries, reducing fuel
+consumption and developing innovative drive
+systems. The conservation of raw materials
+and energy is another huge priority. The
+company now uses 100 per cent green energy
+to supply the power needed for production.
+Porsche's first fully electric sports car, the
+Taycan, is being produced in Zuffenhausen as
+part of a completely carbon-neutral process.
+Meanwhile, the company is consistently
+cutting levels of CO2 emissions from its own
+fleet and offsetting those from its vehicle
+pool. As its development of electric models
+Porsche wants to counter
+the ongoing depletion of
+natural resources and
+climate change and have
+a positive impact on
+social development. The
+company is focusing on
+those issues that its own
+business model and
+related value creation
+processes can materially
+influence.
+7
+gathers pace, Porsche is contributing to
+global climate protection and to improving air
+quality in cities.
+SUSTAINABLE
+DEVELOPMENT
+GOALS
+The United Nations' goals for
+sustainable development
+3 Wo
+Good health and
+well-being
+1
+No poverty
+4
+Quality education
+2
+Zero hunger
+5 *
+Gender equality
+6호
+SDG 17 - Partnerships for the goals
+Sustainable mobility solutions and a liveable
+world for the future can only be created by
+working together. This is why a process of
+permanent exchange with stakeholders and
+the strengthening of partnerships are two
+of the main goals of Porsche's sustainability
+strategy. The company is actively involved in a
+range of networks and is committed to sus-
+tainability initiatives. Through these collabor-
+ations, Porsche is supporting the transfer of
+knowledge for innovative and future-oriented
+approaches shaped around sustainability.
+of the Taycan
+>70%
+of all Porsche vehicles ever built are still on the road
+79
+opportunity to learn about the project, ask
+questions, make suggestions or express
+their opinions.
+Porsche highly values direct feedback from
+its interest groups and views one-to-one talks
+as an effective tool for gaining fresh inspira-
+tion. Through a dedicated email address
+(sustainability@porsche.com), the sports car
+manufacturer offers stakeholders a way of con-
+tacting the responsible department directly.
+The stakeholder survey is carried out every
+two years as part of a systematic process
+to learn about groups' views and expectations
+in relation to the issue of sustainability. The
+issues identified in the online survey provide
+the basis for this sustainability report and for
+sustainability aspects which are closely linked
+to other aspects of the corporate strategy.
+Cooperating in networks and engaging in sus-
+tainability initiatives and working groups also
+form part of Porsche's stakeholder dialogue as
+this works to drive forward economic, ecological
+and social issues. Porsche participates in a
+wide variety of specialist bodies - for example,
+the sports car manufacturer is a founder
+member of the Bündnis für Luftreinhaltung clean
+air alliance, a member of the Urban Mobility
+Platform and an active participant in the indus-
+try dialogue on the German national action
+plan for business and human rights. It has also
+been a member of the German Environmental
+Management Association (B.A.U.M.) since
+2016. In 2017, the company joined the German
+Business Ethics Network (DNWE) and became
+a signatory to the state of Baden-Württem-
+berg's WIN! charter for sustainable business,
+marking its commitment to entrepreneurial
+responsibility. Since 2018, Porsche has also
+been one of the cooperation partners involved
+in the nachhaltig.digital competence platform.
+The aim of the joint project of B.A.U.M. and
+the German Federal Environmental Foundation
+(DBU) is to use digitalisation as a tool for
+future-proof sustainable development.
+Another approach involves engaging in dia-
+logue as part of activities within economic and
+political associations. This enables the com-
+pany to represent its interests and those of its
+employees while also contributing relevant
+expertise. All company activities in this area
+abide by the principles of openness, transpar-
+ency and responsibility as well as the currently
+applicable statutory provisions. It goes with-
+out saying that Porsche remains neutral in its
+dealings with political parties and interest
+groups. The following list features a selection
+of associations and groups of which Porsche
+is a member:
+- German Association of the Automotive
+Industry (VDA)
+- The Industry Association of
+Baden-Württemberg (LVI)
+- Südwestmetall (Baden-Württemberg
+employers' association for the metal and
+electrical industry)
+Chamber of Commerce and Industry of the
+Stuttgart Region (IHK)
+- Society for the Advancement of the
+Kiel Institute for the World Economy
+- American Chamber of Commerce in
+Germany (AmCham Germany)
+Internal stakeholder dialogue
+→ GRI 102-40, 102-42, 102-43, 102-44
+Centrally coordinated, open and transparent
+internal dialogue is an essential component
+of Porsche's corporate culture. Employees
+have a wide range of opportunities to raise
+their own concerns and use direct interaction
+channels to keep themselves informed about
+sustainability-related topics. Potential sources
+of information include the local site newsletters
+and the in-house TV channel, while the
+intranet also provides up-to-the-minute news.
+In addition, an entire edition of the Carrera
+employee magazine published during
+the reporting year was dedicated to current
+sustainability topics at Porsche. Regular works
+and departmental meetings, employee
+information events and specific topic and
+innovation weeks also form part of the diverse
+programme of internal communications.
+Our stakeholders
+held at its Zuffenhausen site in Stuttgart to
+update its neighbours on the status of the
+construction work taking place there. Around
+300 members of the public took up this
+→ GRI 102-40, 102-42, 102-43, 102-44
+as determined by internal analyses.
+RESIDENTS AND
+COMMUNITIES
+NGOS/NON-PROFIT
+ORGANISATIONS
+EMPLOYEES
+PORSCHE
+MEDIA
+SCIENTIFIC
+COMMUNITY AND
+EXPERTS
+COMPETITORS
+CUSTOMERS AND
+BUSINESS PARTNERS
+POLICYMAKERS AND
+ASSOCIATIONS
+INVESTORS AND
+ANALYSTS
+Stakeholder management
+لكا
+80
+The most important company stakeholders (internal and external)
+Porsche also seeks to address stakeholders
+personally through multi-stakeholder events
+such as the regular dialogue summits held at
+the company sites. Since 2016, this has given
+local residents the chance to raise specific
+questions directly with the experts. During the
+reporting year, the company used an event
+TV channel 9:11 Magazin and the company
+website. The community newspaper targa -
+Nachrichten für die Nachbarn, which was
+launched in 2015, keeps local residents who
+live in proximity to Porsche's sites up to date
+with the latest news. Information letters are
+also used to keep neighbours abreast of issues
+such as plans for future construction work.
+The most important sources of information for
+thought leaders, decision makers and customers
+include the Porsche magazine Christophorus,
+which is published in 13 languages around the
+world, the online newsroom with its Twitter
+and Instagram channels, the Web-based
++9.6%
+<1%
+€200,000
+raised for good causes thanks to the six-hour employee run (3,200 runners)
+staff turnover rate at Porsche
+9
+5 GENERATIONS
+290 MEASURES
+staff increase in 2019
+work at Porsche
+TWO THOUSAND
+Ø 38 YEARS
+average age of employees
+- 44%
+چی
+decrease in absolute CO2 emissions
+(scope 1 and 2) since 2014 at
+implemented to increase resource efficiency in production since 2014
+→ GRI 102-40, 102-42, 102-43, 102-44
+An exchange that is beneficial for all sides
+must be based on trust. This is the core value
+of any long-term relationship between Porsche
+and its external dialogue partners. Credible
+exchange with the stakeholders must be geared
+towards the long term and be nurtured on an
+ongoing basis. Porsche considers it important
+for people to talk to one another, not over one
+another, so that they can understand other
+perspectives, break down barriers and develop
+long-term partnerships. This takes place via a
+diverse range of communication channels and
+dialogue formats.
+External stakeholder dialogue
+Stakeholder communication and dialogue
+→ GRI 102-42, 102-43, 102-44
+Porsche's business activities have an impact
+on the interests of many people across the
+world. The company is particularly concerned
+with conducting and consistently building
+on a process of proactive exchange with its
+stakeholders. For Porsche, an open and trans-
+parent exchange of information and opinions
+lays the foundation for mutual understanding
+and social acceptance. With its holistic ap-
+proach to stakeholder management, Porsche
+aims to systematically ascertain the expec-
+tations of individual stakeholders and use this
+feedback for critical reflection on strategic
+planning processes. This procedure is divided
+into internal and external dialogue depending
+on the target group in question.
+STAKEHOLDER MANAGEMENT
+EO
+chatfi st
+In autumn 2015, the General Assembly of the
+United Nations adopted its 17 Sustainable
+Development Goals (SDGs). The SDGs are at
+the heart of the 2030 Agenda for Sustainable
+Development, the aim of which is to reconcile
+economic progress, social justice and envir-
+onmental compatibility.
+IN YOUR
+HANDS
+Porsche is a part of society. Engages
+in open dialogue. Ensures trust and
+acceptance. Generates revenue. Shapes
+innovations. Creates investments and
+excellence. Ensures well-being, work
+and training for young people.
+Stakeholder management
+External stakeholder dialogue
+Internal stakeholder dialogue
+Stakeholder survey and materiality
+76
+Sustainability management
+the Stuttgart-Zuffenhausen location
+Taycan as a job driver: 2,000 new employees
+THE
+FUTURE
+→ GRI 102-47
+Sustainable Development Goals
+72
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+Important events
+64
+Sustainability management
+Sustainability strategy
+Porsche Sustainability Index
+Sustainability organisation
+Sustainable Development Goals
+Porsche stands for visions. Sets
+standards. Also in terms of sustain-
+ability. Across the entire value chain
+and on all levels of its corporate
+activities. Porsche is shaping the
+future of the sports car.
+The figures for fuel consumption, energy consumption and CO, emissions are found on pages 193-194.
+SUSTAINABILITY MANAGEMENT
+Porsche revised its sustainability strategy in
+the reporting year 2019 with a focus on its
+long-term objective of achieving value-creating
+growth for economic values and social
+responsibility while simultaneously reducing
+the environmental impact of the company.
+It is taking action across the entire value chain
+to improve sustainability within its corporate
+activities on all levels. The Porsche Sustain-
+ability Index also defines clear goals to be
+reached by 2025.
+Sustainability strategy
+Every year, more resources are consumed than
+can be reproduced naturally. The global popu-
+lation will stand at more than eight billion by
+2030, with the middle-class income group set
+to rise by a further two billion during this period.
+This points to constant growth in demand
+for resources at a time when worldwide reserves
+of raw materials are becoming increasingly
+scarce.
+Global competition for resources and the
+impact of climate change may result in monu-
+mental changes to the market. Due to stricter
+political regulations, the defining trend of
+digitalisation, ever more frequent shifts in con-
+sumer demand, and changing perspectives
+and requirements on the part of various stake-
+holder groups in relation to sustainable
+economic activities, companies are being
+confronted by entirely new economic condi-
+tions. Simply put, the automotive industry
+is facing the biggest changes and challenges in
+its history.
+63
+For Porsche, these challenges also present
+new possibilities in terms of design and innov-
+ation. Through the development of ground-
+breaking products, technologies and services
+that consume fewer resources and raw mater-
+ials, the sports car manufacturer is looking to
+establish future-proof solutions together with
+its suppliers, employees and customers. In
+this way, Porsche ensures that its operations
+are environmentally and socially compatible
+while also contributing to its own economic
+success.
+INNOVATIVE MOBILITY
+RELIABLE PARTNER
+GO TO ZERO
+These new strategic action areas underline
+Porsche's holistic commitment to corporate
+sustainability. In this context, the indirect
+impact of business activities - in the supply
+chain, for example - is as much a point of focus
+as the direct impact of commercial operations.
+Porsche thus acknowledges that its responsi-
+bility extends right along the entire value chain.
+The ultimate goal of Porsche's sustainability
+strategy is for the company to continuously
+reduce its negative environmental impact
+while further reinforcing its positive influence
+on society. Porsche's clearly defined corporate
+vision demands that it becomes the most
+sustainable brand for exclusive and sporting
+mobility.
+These new strategic
+action areas underline
+Porsche's holistic
+commitment to cor-
+porate sustainability.
+In this context, the
+indirect impact of
+business activities -
+in the supply chain,
+for example - is as
+much a point of focus
+as the direct impact
+of commercial oper-
+ations. Porsche thus
+acknowledges that its
+responsibility extends
+right along the entire
+value chain.
+67
+10
+INNOVATIVE
+MOBILITY
+ORSC
+RELIABLE
+PARTNER
+GO TO ZERO
+69
+This goal forms the core of the company's new
+sustainability strategy. As part of this drive,
+the strategic action areas that provide the
+framework for key issues of corporate sustain-
+ability have also been revised. Porsche's
+sustainability activities are now structured in
+the following three areas:
+In Japan, however, we continue to anticipate
+weak economic growth.
+According to our forecasts, economic growth for
+2020 in Western Europe will be slightly weaker
+than in the reporting year.
+Looking to Brazil, the largest economy in South
+America, 2020 is predicted to deliver somewhat
+more dynamic growth than the reporting year.
+Revenue: an increase of 11 per cent in
+comparison with the previous year.
+86,752
+Deliveries in China
+China was Porsche's strongest market, growing by
+eight per cent on the previous year.
+61
+Important events
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+62
+OUTLOOK
+For the purpose of our planning, we expect
+global economic growth in 2020 to continue
+on the level of the previous year. We consider
+protectionist tendencies, turbulence on the
+financial markets and structural deficits in
+some countries to be a source of risk. At the
+same time, growth prospects are being
+kept in check by ongoing geopolitical conflicts.
+We therefore expect advanced nations and
+emerging markets to demonstrate a similar
+dynamic to 2019. The highest rates of growth
+are likely to be recorded in the emerging
+economies of Asia.
+We are also anticipating continued growth in
+the world economy during the period from
+2021 to 2024.
+According to our forecasts, economic growth
+for 2020 in Western Europe will be slightly
+weaker than in the reporting year. Structural
+problems and the unknown impact of Brexit
+continue to pose major challenges. As far as
+Germany is concerned, we predict that gross
+domestic product (GDP) will rise less strongly
+in 2020. The situation on the labour market
+is forecast to remain stable and support
+private consumption.
+We are expecting stable economic conditions
+in the US for 2020, although GDP growth is
+forecast to be lower than in the reporting year.
+The Federal Reserve may also reduce key in-
+terest rates further in 2020. Economic growth
+in Canada is anticipated to remain essentially
+steady. Looking to Brazil, the largest economy
+in South America, 2020 is predicted to deliver
+somewhat more dynamic growth than the
+reporting year.
+With regard to China, we expect 2020 to
+feature a continuation of relatively high growth
+but a less dynamic economy than in previous
+years. A temporary agreement with the US on
+matters of trade and fiscal measures taken by
+the government may provide a stabilising
+effect. We predict that the rate of expansion in
+India will remain at the same level as in previ-
+ous years. In Japan, however, we continue to
+anticipate weak economic growth.
+Heterogeneous automotive markets
+As far as the world's automobile markets are
+concerned, we expect to see a variety of
+developments across the different regions
+in 2020. According to our forecasts, the
+overall global demand volume for new vehicles
+will be comparable to that recorded in the
+reporting year. Looking at the period from
+2021 to 2024, we anticipate growing demand
+for passenger vehicles worldwide. In 2020,
+the volume of the passenger car market in
+Western Europe is predicted to be noticeably
+below the level achieved in the reporting year.
+The unknown impact of Brexit may well add
+to ongoing consumer uncertainty and continue
+to stifle demand. Following positive overall
+growth in the German passenger car market
+over recent years, 2020 is forecast to feature a
+markedly lower level of demand than the
+previous year. The British and Italian markets
+are expected to demonstrate moderately
+weaker demand. In France and Spain, we are
+predicting considerably lower demand than in
+the reporting year.
+Demand for passenger cars and light commer-
+cial vehicles (up to 6.35 tonnes) in 2020 will
+fall by a small amount in the US and in North
+America as a whole according to our forecasts.
+However, demand for vehicles in the SUV and
+pick-up segments can be expected to remain
+high. In Canada, the number of newly regis-
+tered vehicles is also forecast to be slightly
+below that of 2019. Given their dependence
+on global demand for commodities, the South
+American passenger car and light commercial
+vehicle markets are highly influenced by the
+development of the global economy. For 2020,
+we are predicting moderate growth in new
+registrations in South America compared with
+the previous year. Following increased demand
+in 2019, Brazil is set to see further tangible
+growth in this regard during 2020.
+JAPAN
+With regard to China, 2020 is expected to
+feature a continuation of relatively high growth
+but a less dynamic economy than in previous
+years.
+CHINA
+WESTERN EUROPE
+Germany is predicted to record a low level of
+GDP growth in 2020.
+GERMANY
+69
+BRAZIL
+NORTH AMERICA
+Development of the world economy
+2020 forecasts by Porsche AG
+The development of car
+markets around the
+world will be influenced
+by regional conditions.
+According to our
+forecasts, the global
+demand volume for new
+vehicles in 2020 will
+be comparable to that
+recorded in 2019.
+Looking at the period
+from 2021 to 2024,
+we expect growing
+demand for passenger
+vehicles worldwide.
+the world economy over
+the coming years.
+Porsche anticipates
+continued growth in
+In the Asia-Pacific region, we believe that
+market volumes in 2020 will remain at the
+level of the previous year. We also expect
+demand in China to pick up again slightly, with
+good-value, entry-level SUV models in par-
+ticular predicted to remain very popular. The
+trade dispute between China and the US will
+continue to impact on business and consumer
+confidence, unless a solution emerges. As
+far as the Indian market is concerned, we are
+anticipating a slight drop on the previous year.
+Japan is expected to witness a considerable
+fall in market volume in 2020.
+Economic conditions in the United States are
+forecast to be stable in 2020, although GDP
+growth may be lower than in the reporting year.
+€28.52 DAD
+Porsche Sustainability Index ✓
+Porsche developed its sustainability index in
+an effort to devise a tool for collectively meas-
+uring all of its key sustainability requirements.
+It was inspired to act by a series of cross-
+sector benchmark and best-practice analyses.
+At the behest of the Porsche Executive Board
+and with the support of the Porsche Sustain-
+ability Council, the index was subsequently
+defined via internal interdepartmental work-
+shops and expert discussions in a process
+coordinated by the core sustainability team.
+Porsche will continue to record the
+development of the index's key figures.
+CO2 EMISSIONS - PRODUCTS
+Reduction of emissions through vehicle
+electrification, expanded use of green
+electricity and the development of reuse
+and recycling concepts.
+Sustainability management
+70
+Sustainability organisation
+→ GRI 102-43
+Sustainability is embedded as a core interdis-
+ciplinary topic in the Porsche Strategy 2025
+Plus. The Chairman of the Executive Board
+is directly responsible for this topic, with ad-
+ditional support from the Executive Board for
+Production and Logistics.
+Porsche's sustainability organisation is imple-
+mented across the entire Group. A transparent
+internal structure with defined roles and
+responsibilities enables sustainability topics
+to be handled consistently and effectively
+throughout the business. In order to further
+reinforce the topic of sustainability, establish
+it more firmly in day-to-day operations and
+ensure that it is implemented more strictly,
+Porsche approved the Group Guideline on Sus-
+tainability during the course of the reporting
+year. This contains binding regulations
+pertaining to organisational processes, topic
+management, project implementation and
+the communication of all sustainability-related
+topics.
+The Executive Board of Porsche AG acts as the
+highest authority on sustainability, meeting
+regularly as the Sustainability Board and setting
+the company's fundamental strategic direction.
+It also decides on the realisation of far-
+reaching sustainability measures and light-
+house projects.
+The core team dedicated to sustainability
+within the Policy and External Relations
+department acts as an interface for all aspects
+of sustainability within the business. It is
+responsible for the coordination of all sustain-
+ability activities and projects, implementation
+of the strategy, and management of the sus-
+tainability committees. The team also ensures
+integration with the Volkswagen Group's sus-
+tainability activities and reporting. Additionally,
+it organises internal and external communi-
+cations and the continual expansion of stake-
+holder dialogue.
+The Sustainability Expert Group is responsible
+for developing the content of sustainability
+activities and submitting appropriate proposals
+to the Executive Board. It brings together
+members from all departments and meets four
+times per year. The permanent members of
+the Expert Group represent all of the relevant
+specialist departments in the company, where
+they act as multipliers. Group-wide collabor-
+ation within the Sustainability Expert Group
+was intensified in the reporting year through
+the inclusion of further representatives from
+the relevant subsidiaries. In addition, employees
+responsible for implementing the interdiscip-
+linary sustainability strategy are delegated to
+the Expert Group by each company depart-
+ment. In order to further reduce the complexity
+of sustainability management within the
+Porsche Group, the Expert Group is expanding
+on an ongoing basis and playing a more sub-
+stantial role within the organisational structure.
+Porsche established its own Sustainability
+Council back in 2016, marking a key step for-
+ward in terms of expanding and enhancing
+corporate stakeholder dialogue. The Porsche
+Sustainability Council has been an important
+source of ideas and impetus for the Executive
+Board and the entire company ever since.
+It is composed of internationally renowned
+representatives from the scientific and public
+communities. The current members of the
+Porsche Sustainability Council are Prof. Sonja
+Peterson, Prof. Lucia Reisch, Prof. Maximilian
+Gege, Prof. Ortwin Renn and Prof. Klaus Töpfer.
+In the reporting year, the Sustainability Council
+held two consolidated meetings with the
+Porsche Executive Board. It also met twice
+with the Sustainability Council Coordination
+Office and technical experts and had a con-
+sultative meeting with the members of the
+Volkswagen Group Sustainability Council. Indi-
+vidual members of the Council were also given
+greater involvement in processes relevant
+to management, such as the verification of the
+Porsche Sustainability Index and the develop-
+ment of strategic sustainability management.
+The Liveable City of the Future project estab-
+lished by the Council also helped intensify
+stakeholder dialogue on the topic of future
+urban mobility. Cooperation with the Council is
+to be further expanded in 2020.
+PORSCHE SUSTAINABILITY COUNCIL
+A transparent internal
+structure with defined
+roles and responsibilities
+allows sustainability
+topics to be handled
+rigorously and effectively
+throughout the business.
+The Executive Board
+of Porsche AG acts as the
+highest authority on
+sustainability, meeting
+regularly as the Sustain-
+ability Board and setting
+the company's
+fundamental strategic
+direction.
+Global expansion of specialist training
+centres and job profiles, improvement of
+the effectiveness of projects funded,
+high level of satisfaction with Porsche's
+sustainability performance according to
+the stakeholder survey.
+71
+PORSCHE EXECUTIVE BOARD AS SUSTAINABILITY COUNCIL
+SUSTAINABILITY COUNCIL
+Set strategic direction
+for sustainability
+SUSTAINABILITY EXPERT GROUP
+SUSTAINABILITY TEAM
+Develop strategic aims and statements on sustainability
+Define indicators and lighthouse projects
+Interface for relevant topics
+Management of the sustainability strategy
+Organisation of the committees
+Reporting
+SPECIALIST DEPARTMENTS AND COMMITTEES
+Sustainability management
+Provide representatives for Sustainability Expert Group
+Inform them about sectional strategies and current topics
+Provide data for reporting
+INTERNAL
+Source of advice and impetus
+EXTERNAL
+Sustainability organisation - overview
+SOCIAL COMMITMENT
+Top placement in customer satisfaction
+studies for both sales and service.
+Maintenance of vehicle longevity through
+the expansion of replacement parts
+inventory for Porsche Classic vehicles.
+VALUE FOR CUSTOMER
+The activities of the Porsche Sustainability
+Index are focused on three topics within each
+respective action area, which represent
+the central challenges for Porsche in terms
+of ensuring corporate sustainability both
+along the value chain and throughout the
+product life cycle. All topics comprise strategic
+and representative parameters that reflect a
+quantifiable part of Porsche's sustainability
+activities. In this way, different key figures with
+various units are offset against each other in
+the sustainability index.
+What method does Porsche use in this regard?
+The status per key figure is calculated based
+on the change between the current value and
+the value in the baseline year 2018. The key
+figures are thus standardised and weighted
+equally, and are totalled for each action area
+with the respective status ultimately ex-
+pressed on a scale from zero to 100. Porsche is
+striving for 100 per cent achievement in all
+three action areas by the year 2025. This is
+also the target for the Porsche Sustainability
+Index as a whole, which is calculated as the
+average of the different action areas, with target
+achievement of all three areas given equal
+weight. This ensures that any negative results
+in a particular action area cannot be offset by
+better outcomes recorded elsewhere.
+The Porsche Sustainability Index reinforces the
+core objective of its business sustainability
+strategy: achieving value-creating economic
+and social growth while simultaneously
+reducing the environmental impact of the
+company.
+Status in the 2019 reporting year
+During the reporting period, major gains were
+achieved in the action area Innovative Mobility.
+In addition to other factors, several top
+placements in customer satisfaction surveys
+contributed to the high target achievement
+level of 34 per cent. The decline in the action
+area Go to Zero can be attributed to the fact
+that the measures implemented in 2019
+to reduce CO2 emissions over the product life
+cycle have a more medium-term impact. These
+measures include, for example, the market
+launch of the fully electric Taycan and the
+requirement for suppliers to produce high-
+voltage batteries using electricity generated
+from renewable sources.
+Targets for 2025 - overview ✓
+INNOVATIVE MOBILITY
+RELIABLE PARTNER
+GO TO ZERO
+D»
+INNOVATIVE STRENGTH
+Promotion of innovation projects,
+increase of patent applications and
+expansion of the active customer base to
+new services (e.g. in mobility and
+connected-car services).
+SUPPLY CHAIN TRANSPARENCY
+Introduction of the "sustainability rating"
+for all production material suppliers as a
+binding criterion for awarding contracts
+and an expansion of the suppliers eligible
+for awarding contracts in accordance
+with Porsche sustainability requirements.
+CO2 EMISSIONS - SUPPLY CHAIN
+Reduction of emissions through the
+use of fewer CO2-intensive materials,
+raw materials and the manufacturing
+processes of suppliers.
+Improvements of the Porsche Sustainability Index in 2019 compared to the baseline year 2018
+13%
+FINANCIAL PERFORMANCE
+CO2 EMISSIONS - SUPPLY CHAIN
+CO2 EMISSIONS - COMPANY
+CO2 EMISSIONS - PRODUCTS
+SUPPLY CHAIN TRANSPARENCY
+ATTRACTIVE EMPLOYER
+SOCIAL COMMITMENT
+GO TO ZERO
+RELIABLE PARTNER
+INNOVATIVE MOBILITY
+-9%
+Porsche has defined suitably forward-looking
+goals based on the new action areas of
+Innovative Mobility, Reliable Partner and Go to
+Zero featuring a number of specific milestones.
+The company uses the Porsche Sustainability
+Index to set itself ambitious targets for the
+action areas, which must be reached by 2025.
+13%
+CO2 EMISSIONS - COMPANY
+Improvement of energy efficiency and
+transition of electricity and heating
+supply to renewable energies at Porsche
+locations. Reduction of emissions caused
+by business activities, for example for
+employee mobility and travel.
+High level of employee satisfaction, top
+placement in employer ratings and
+increase the proportion of women in
+management positions.
+ATTRACTIVE EMPLOYER
+> 21% return on investment
+≥ 15% return on sales,
+Top figures for revenue and profit:
+34%
+75
+Porsche AG
+"As a customer, I think Porsche's most important contribution to sustain-
+ability is the ongoing hybridisation and electrification of its cars - as well
+as the enhancement of existing petrol engines."
+In accordance with the Global Reporting
+Initiative Standards, information provided
+on the topic of "sustainable materials"
+contributes to the reporting requirements
+of GRI 301: Materials.
+Energy and emissions during production ✓
+Environmentally conscious and energy-
+efficient activity at all sites and across all levels
+is an essential element of Porsche's day-to-
+day business. A Group-wide environment and
+energy management policy continually checks
+all work processes along the entire value
+chain with regard to their ecological impact
+and any irregularities. Internal sets of rules
+and strategic guiding principles provide the
+relevant frame of reference. A dedicated Group
+guideline defines standardised procedures
+and responsibilities within the Porsche Group.
+This supports the Group companies in the
+systematic investigation, observance and
+checking of the regulatory environmental and
+energy requirements. Porsche's clear
+objective is a zero-impact factory, featuring
+production without any negative impact on
+the environment.
+The energy and environment management
+policy covers emissions (air/noise) and
+soil protection, dealing with contaminated
+sites, hazardous materials and waste, water
+and nature conservation, and energy and
+resource efficiency. Responsibility for, and the
+systematic implementation of, the necessary
+steps lies with the Executive Board for
+Production and Logistics, supported by the
+Environment and Energy Management depart-
+ment. The fundamental aim is that every
+Porsche employee should be informed about
+the effects of his or her work on the environ-
+ment. Every employee is called upon to
+observe the Group and company guidelines in
+order to minimise, or ideally avoid, any nega-
+tive impact on the environment.
+Within the scope of the Porsche Strategy
+2025 Plus, the strategy field of sustainability
+in production defines short-term, medium-
+term and long-term measures. The environ-
+ment and energy efficiency strategy and
+the company's own environmental policy are
+additional strategic guiding principles. In
+this way the company is implementing a
+requirement of the international standards for
+environmental and energy management,
+ISO 14001 and ISO 50001, around which
+Porsche's internal specifications and process-
+es are based. At its Zuffenhausen site, the
+sports car maker also complies with Eco-
+Management and Audit Scheme (EMAS)
+standards a voluntary community environ-
+mental management and auditing instrument
+developed by the European Union. Porsche
+Zuffenhausen has been validated according to
+EMAS for more than 20 years, and has fulfilled
+the ISO 50001 standard since 2011. Since
+then, Porsche Leipzig GmbH, the Research and
+Development Centre in Weissach including its
+external locations, the central parts warehouse
+in Sachsenheim and Porsche Werkzeugbau
+GmbH have all been certified as compliant
+with this standard and with the ISO 14001
+environmental management system.
+In addition to the official certifications, Porsche
+also carries out internal reviews of compliance
+with environmental and energy legislation
+as part of its annual system and process audits.
+These audits are based on high standards and
+involve the hiring of external environment
+and energy auditors. The site results method
+records the impact that a site has on the env-
+ironment: data and key figures are used to rate
+essential environmental aspects on a scale of
+high, medium and low relevance. On this basis,
+Porsche can determine all measures needed
+to ensure that potential negative impacts on
+the environment are reduced if not avoided
+altogether. The Environment and Energy steer-
+ing committee carries out regular progress
+checks on the predefined goals and initiates
+appropriate steps. The steering committee
+works cross-departmentally.
+Given the expansion of production, constant
+growth in employee numbers and comprehen-
+sive building work undertaken at the sites,
+Porsche's energy consumption is now higher
+than in previous years. By switching to power
+drawn from renewable energy sources, how-
+ever, the company has succeeded in reducing
+on-site CO₂ emissions per vehicle produced.
+In accordance with the Global Reporting Ini-
+tiative Standards, information provided
+on the topic of "energy and emissions during
+production" in this report contributes to the
+reporting requirements of GRI 302: Energy and
+GRI 305: Emissions. These are measured using
+the direct and indirect energy consumption
+values as well as the direct and indirect green-
+house gas emissions.
+Resource consumption during production ✓
+Porsche strives to achieve a balanced environ-
+mental performance. Important aspects in
+this regard are the use of water as efficiently as
+possible through circulation systems and
+multiple reuse and the careful handling of con-
+taminated production waste water. Avoiding
+waste, harnessing low-waste technologies and
+deploying sustainable disposal solutions are
+key elements of Porsche's waste management
+concept. The company's environmental protec-
+tion resource regulation serves as an internal
+guideline and is also binding on suppliers.
+In Logistics, too, sustainable planning and con-
+trol were further advanced in 2019 as part
+of the green logistics strategy. The strategic
+approach is characterised by across-the-board
+optimisation. To minimise the effects on the
+environment and ensure that logistics processes
+are as sustainable as possible, further measures
+and potential improvements were identified,
+assessed and implemented in the reporting year.
+Logistics is already using three natural gas
+trucks, one hybrid truck and two electric trucks
+as a result. A new small parts warehouse has
+also entered operation at the Leipzig site,
+featuring innovative shuttle technology that
+cuts its energy consumption by 50 per cent
+compared to conventional facilities. In 2019
+further environmentally friendly measures in the
+area of vehicle transport were also introduced.
+The completed sports cars are transported
+away from the Zuffenhausen site in a newly
+developed long truck featuring a larger capacity
+as part of an innovative process that saves over
+2,000 journeys per year.
+this promotes the shared development of
+alternatives to ecologically or socially incom-
+patible production processes and materials.
+In accordance with the Global Reporting Initia-
+tive Standards, information provided on
+the topic of "resource consumption during
+production" contributes to the reporting
+requirements of GRI 303: Water, GRI 305:
+Emissions and GRI 306: Effluents and Waste.
+The data is measured using the water con-
+sumption, the direct and indirect greenhouse
+gas emissions and the amount of effluents
+and waste.
+Generally, environmental and energy manage-
+ment staff are always at the disposal of internal
+and external company stakeholders to answer
+questions or listen to suggestions on the topic
+of environment and energy. The goal is to foster
+open and transparent dialogue. One example
+of this approach is the central complaints
+management system within the environment
+and construction management structure.
+Porsche's neighbours may contact central con-
+tact persons with any complaints or suggested
+improvements. All issues raised are dealt with
+individually. This system enables Porsche to
+react as quickly as possible and to incorporate
+suggestions into its long-term planning for the
+improvement of its sites.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "conservation and biodiversity"
+contributes to the reporting requirements of
+GRI 304: Biodiversity.
+97
+Go to Zero
+98
+Employees, Society, Sports, Communications
+Employees
+Society
+Sports
+Communications
+At Porsche, we embody the idea of
+holding each other in high regard.
+But our solidarity goes beyond the
+factory walls: for us, economic
+success and social responsibility are
+inextricably linked.
+QBX O
+Conservation and biodiversity ✓
+Porsche is committed to helping preserve bio-
+diversity. These efforts are focused on the
+fundamental goals of conservation and land-
+scape maintenance supporting nature and
+landscapes in populated and unpopulated areas
+so that biological diversity, effective and func-
+tioning ecosystems, and the diversity, character,
+beauty and recreational value of nature and
+landscapes are safeguarded in the long term.
+In addition to the ongoing development of tech-
+nical solutions and the search for alternative
+materials, Porsche is intensifying efforts to
+sensitise its employees and suppliers to aspects
+of sustainability. Across the entire value chain,
+In order to manufacture the most environmen-
+tally friendly products possible, the relevant
+environmental aspects play a key role even in
+pre-development - for example, during the
+testing of renewable raw materials for interior
+trim and load-bearing components or as part
+of the project award process. In selected assem-
+blies of the Porsche Taycan, renewable raw
+materials are already being used as standard for
+load-bearing assemblies in the interior. This
+further reduces the environmental impact and
+also the weight.
+Electric cars do not cause environmental dam-
+age when they are being driven, which helps
+to improve air quality in built-up areas. The
+existing ecological impact involved in the pro-
+duction phase of electric cars, which results
+from the raw materials and production process-
+es used, may be reduced even further in the
+future. Porsche therefore works continuously
+with its suppliers to achieve improvements in
+battery manufacture - for example, by using
+power drawn from renewable energy sources
+during the production of battery cells. It aims to
+reduce the deployment of the raw materials
+used in the traction battery while increasing
+the energy density and performance. Module-
+level repair concepts for performing necessary
+repair work on the traction battery can also help
+conserve resources. Porsche teams up with
+the Volkswagen Group and partners to enhance
+existing recycling procedures and to ensure
+that even more raw materials can be returned to
+circulation in the future. At the same time, the
+company is working on a pilot project in which
+used traction batteries are recycled as station-
+ary energy stores as part of a second-life
+concept following the end of the electric car
+life cycle. This represents another significant
+contribution to the conservation of resources.
+be taken with the involvement of HR and the
+respective managers.
+93
+Reliable Partner
+94
+The topic of integrity is a key component of
+the personnel development programmes and
+was further expanded in 2019. Dialogue
+events relating to Porsche's values and culture
+have also been established in the corporate
+units to sensitise employees to matters of in-
+tegrity. In addition, classroom-based sessions
+are used to remind managers of the crucial
+importance of this topic. These individuals
+must serve as role models, generate awareness
+among staff and create a working environment
+in which each employee can speak their mind
+openly and honestly.
+Integrity management was expanded in almost
+all areas of the company during the reporting
+year. One example is the recruiting process,
+in which aspects of integrity are brought up
+during candidate interviews. New employees
+are also sensitised to the topic of integrity
+in the course of the introductory events. On
+top of this, the company has also set about
+establishing a multiplier network that facilitates
+the exchange of existing integrity initiatives
+and thus helps identify interfaces and oppor-
+tunities for synergy.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "compliance and integrity"
+contributes to the reporting requirements of
+GRI 205: Anti-corruption, GRI 206: Anti-
+competitive Behavior, GRI 307: Environmental
+Compliance and GRI 419: Socioeconomic
+Compliance.
+Responsibility in the supply chain ✓
+Economic success, the extension of the prod-
+uct portfolio and the use of new technologies
+are focusing ever more attention on the
+supply chain of companies. Two examples that
+illustrate this development are the higher
+delivery figures driving growth in supply parts
+and the responsible procurement of innovative
+components. Together with its suppliers and
+sub-suppliers, Porsche makes every effort
+to ensure its supply chain features maximum
+sustainability and added value.
+When Porsche was incorporated into the
+Volkswagen Group, much of its Procurement
+division was integrated into the Group's organ-
+isational structure, and the existing structures
+and processes were adapted accordingly. This
+means that Porsche's procurement decisions
+are largely coordinated and agreed upon with
+the Volkswagen Group.
+Trust-based cooperation between Porsche
+and its suppliers is based on shared values
+and strict compliance with the sustainability
+requirements defined in the Volkswagen Group.
+The concept of sustainability in supplier rela-
+tions and the code of conduct updated in
+the reporting year compel all parties to observe
+and comply with the high environmental,
+social and human rights standards in the
+International Chamber of Commerce's charter
+and the OECD's guidelines for long-term,
+sustainable development.
+The relevant key labour standards from the
+International Labour Organization (ILO) serve
+as the foundation for the sustainability
+requirements. All suppliers are also expected
+to follow the OECD Due Diligence Guidance
+for Responsible Supply Chains of Minerals
+from Conflict-Affected and High-Risk Areas.
+Porsche is active in this area in the context
+of the Group's Responsible Minerals Initiative
+activities. These sustainability requirements
+are enshrined in supply contracts, the violation
+of which can result in reviews, formal state-
+ments and, if necessary, the termination of the
+business relationship.
+Porsche always conducts integrity checks
+before entering into business relations with
+new suppliers. Following the introduction
+of the sustainability rating (S rating) in July
+2019, sustainability is now a binding award
+criterion for all suppliers of production material
+and in the context of general procurement.
+This means that sustainability is handled on
+the same level as costs, quality, technological
+expertise and logistics within the award
+process. Risks in the fields of social affairs,
+environment and compliance are audited -
+including ethically correct behaviour.
+Suppliers must first complete a self-disclosure
+process addressing defined sustainability
+criteria and featuring a standardised question-
+naire that is well established in the automotive
+industry. If the results of this self-disclosure
+are unsatisfactory, then an on-site check
+takes place. This second step is carried out by
+an independent sustainability auditor. Should
+the audit continue to return problematic find-
+ings, this results in a negative assessment of
+the supplier. Porsche then works together with
+the supplier to establish a corrective action
+plan for ensuring the prompt elimination of
+the identified risks. The implementation of the
+relevant measures is subject to centralised
+monitoring. The suppliers in question will not
+be considered during the award process until
+they have ensured compliance with the
+sustainability requirements. In the reporting
+year, 432 employees from the Porsche Pro-
+curement department received instruction
+on the S rating as part of a mandatory training
+module aimed at anchoring sustainability
+within operational procurement processes.
+A digital learning module also enables
+employees from other company departments
+to inform themselves about the concept and
+the monitoring options afforded by the
+S rating.
+In the reporting year, the Volkswagen Group
+defined high-risk raw materials and succes-
+sively analysed these over the course of
+multiple projects. Porsche is undertaking
+analysis of two of the identified high-risk raw
+materials in close collaboration with selected
+suppliers. In this way, the entire supply chain
+is traced all the way back to the origin of
+the raw materials. All intermediary suppliers
+involved are also identified in order to enable
+early detection of human rights risks and to
+take measures accordingly. In addition, new
+approaches are continuously being developed
+within the Group for the purpose of guarantee-
+ing responsible raw materials procurement.
+Porsche is well aware of its supply chain
+responsibilities and thus rejects child labour,
+forced labour and compulsory labour as
+well as all forms of modern slavery and human
+trafficking. A transparent certificate of origin
+and contractually binding sustainability
+requirements are important steps in ensuring
+fair competition and preventing exploitation
+linked to raw materials.
+The long service life of Porsche sports cars,
+their high-quality workmanship and the use of
+low-wear materials are all part and parcel of
+the Porsche principle. The company focuses on
+the environmental effects of its cars at every
+step across their entire life cycle - from the
+acquisition of raw materials through to manu-
+facture, use and disposal.
+Sustainable materials and the consideration of
+environmental effects are the building blocks
+of modern, future-ready vehicle architecture and
+are also reflected in the company strategy.
+Sustainable materials
+The action area Go to Zero reflects the
+company's approach to the following topics
+identified in the 2019 materiality analysis:
+sustainable materials, energy and emissions
+during production, resource consumption
+during production and conservation
+and biodiversity.
+a car's useful life. When it comes to future
+production, Porsche pursues the vision of a
+zero-impact factory. This means that company
+production processes must have no negative
+impact on the environment wherever possible.
+Associated measures include continuously
+reducing resource consumption and waste,
+closing cycles and establishing technologies
+of the future.
+Along the entire value chain, Porsche works
+to continuously reduce the environmental
+impact of all products and corporate activ-
+ities. As part of the Volkswagen Group,
+the company has also committed to the two
+degrees Celsius target of the Paris Agree-
+ment. In this way, Porsche not only considers
+the emissions resulting directly from car
+use but also those generated throughout the
+entire life cycle of each car - from material
+procurement to recycling. The goal is to close
+material cycles and return used raw materials
+to a production process after the end of
+"The company stands for innovation, quality and exploring new horizons.
+This philosophy provides the basis for maintaining high levels of customer
+satisfaction, safeguarding existing jobs and retaining a competitive
+advantage in the long term."
+GO TO ZERO
+96
+95
+In accordance with the Global Reporting
+Initiative Standards, information provided
+on the topic of "responsibility in the supply
+chain" contributes to the reporting require-
+ments of GRI 204: Procurement Practices,
+GRI 308/414: Supplier Environmental/Social
+Assessment, GRI 408/409: Child Labor/
+Forced or Compulsory Labor and GRI 412:
+Human Rights Assessment.
+A guideline established in 2017 by the
+Volkswagen Group to address sustainability
+within supplier management governs internal
+processes and responsibilities throughout
+the entire Group. Porsche applied the corres-
+ponding requirements in the reporting year
+through the adoption of its own brand-specific
+sustainability guideline, thereby also promoting
+the implementation of the sustainability
+requirements within its own supply chain.
+into individually configured interior fittings.
+These measures are intended to deliver com-
+plete transparency within the value chain.
+As part of the Volkswagen Group, the company
+is an active participant in the industry dialogue
+on the German federal government's national
+action plan for business and human rights.
+These talks are aimed at safeguarding humane
+working conditions right across the supply
+chain. Via the Volkswagen Group, Porsche is
+also a member of the World Economic Forum's
+Global Battery Alliance. Featuring public and
+private partners along the entire battery supply
+chain, the Global Battery Alliance strives to
+ensure social and ecological sustainability
+throughout the whole value chain of the raw
+materials used in batteries. Within the scope
+of its sustainability requirements for suppliers,
+Porsche also demands that its battery cell
+suppliers only use power drawn from renew-
+able energy sources for the production of
+batteries. Porsche derived a number of innov-
+ations from this initiative during the reporting
+year, including technological approaches to
+identify the origin of materials. This helped the
+company launch its first-ever pilot project
+featuring blockchain technology. Porsche uses
+this digital technology to enable full-scale
+traceability within its supply chain, such as for
+leather cockpit parts. The pilots specifically
+address the origin and processing of the nat-
+ural product, which is then subject to further
+processing at the Porsche saddlery and turned
+Reliable Partner
+An established catalogue of internal communi-
+cation measures has been deployed in order
+to progressively sensitise the workforce to the
+topic of integrity. This is subject to regular
+improvements. Behavioural integrity within the
+company organisation is also featured as a topic
+in the annual Porsche employee survey, known
+as the mood barometer. In the event of any
+notable findings, the causes for these will be
+identified, and suitable measures may also
+"A powerful brand like Porsche can change social norms. The company
+must live up to its responsibility as an industry leader, motivate other
+manufacturers and appeal to customers' emotions by linking sustain-
+ability to driving pleasure, fun and the future."
+"Porsche needs to remain aware of its responsibility and be open to
+unconventional ideas without losing sight of its brand heritage."
+pp. 88-89
+and vehicle emissions
+Alternative drive systems
+p. 88
+Vehicle
+safety
+Conservation and biodiversity
+p. 98
+Low impact
+pp. 87-88
+Long-term customer relations
+p. 98
+Resource consumption during production
+pp. 97-98
+Energy and emissions during production
+→ GRI 102-44, 102-46, 102-47
+Economic stability
+Staff development
+p. 92
+Materiality matrix ✓
+company values, the
+Strategy 2025 Plus,
+the risks and oppor-
+tunities for the company,
+and its corporate goals.
+ongoing development
+of the company's
+sustainability strategy.
+In this report, Porsche
+refers to all topics
+resulting from the
+The resulting findings
+will be used for the
+The materiality matrix links the results of the
+stakeholder survey with the views of the
+Sustainability Expert Group expressed during
+the workshop. It establishes a correlation
+between the direct impact that the business
+activities have on the environment, employees
+and society (x-axis) and their relevance for
+stakeholders (y-axis). As a third dimension to
+this analysis, Porsche rated the relevance
+of the 18 key topics to the company's business
+and illustrated the results of the assessment
+in differently sized, circular ideograms. The de-
+gree of business relevance of the individual
+topics is shown by means of four levels: none,
+low, medium and high.
+A workshop for members of the Sustainability
+Expert Group and representatives of the rele-
+vant departments at Porsche was held during
+the autumn of 2019. In the course of a multi-
+stage process, this workshop evaluated the
+impact of Porsche's business activities on the
+environment, employees and society in terms
+of the 18 defined topics. The importance of
+this topic to the business activity of a sports
+car manufacturer was also assessed during the
+workshop. During the reporting year, Porsche
+pooled the results in a materiality matrix, iden-
+tified the most important issues and illustrated
+how these were linked. The resulting findings
+will be used for the ongoing development of
+the company's sustainability strategy. In this
+report, Porsche refers to all topics resulting
+from the company values, the Strategy 2025
+Plus, the risks and opportunities for the com-
+pany, and its corporate goals.
+The next Porsche stakeholder survey is sched-
+uled for 2021 and will be expanded to cover
+additional markets.
+issues with the Porsche Executive Board, using
+these talks as the basis for determining appro-
+priate measures. Cooperation with the Council
+is to be stepped up even further in the future.
+During individual expert interviews, members
+of the Sustainability Council also had the
+chance to provide detailed feedback on sus-
+tainability at Porsche, as well as on the potential
+opportunities and risks. They presented
+specific recommendations for action to further
+shape Porsche's engagement. Key areas
+of discussion included new mobility options,
+alternative drive systems and vehicle emis-
+sions, and stakeholder dialogue. During the
+reporting year, the members of the Sustainabil-
+ity Council discussed their ideas on these
+As well as completing a topic evaluation, the
+Porsche stakeholders demonstrated in their
+answers to the additional questions that they
+perceived climate and environmental impacts,
+changing mobility needs and the scarcity of
+energy and resources to be the greatest chal-
+lenges facing the company both now and in
+the near future. These views are also reflected
+in the degree of relevance attributed to the
+topic by the stakeholders. The surveyed stake-
+holders also confirmed the view that there is
+no conflict in principle between sustainability
+and the manufacture of premium sports cars,
+with 81 per cent of respondents confirming
+that they do not see these aims as generally
+contradictory.
+In coordination with internal and external ex-
+perts, relevant sustainability aspects within
+the three action areas of Innovative Mobility,
+Reliable Partner and Go to Zero were identified
+prior to the online survey, and 18 key topics
+were put to a vote.
+Since 2013, Porsche has conducted a survey
+every two years to gather the views and ex-
+pectations of its stakeholders on the subject of
+sustainability and future challenges. In autumn
+2019, various stakeholders were invited to
+evaluate Porsche's sustainability activities for
+the third time as part of an anonymous and
+international online survey. A total of 1,459
+people from Europe and China completed the
+survey, with around 79 per cent of responses
+coming from European markets and approxi-
+mately 21 per cent from China. Alongside
+customers, business partners, analysts/inves-
+tors, politicians and representatives of public
+authorities, media outlets, and representatives
+from NGOs and academia, this survey was the
+first to feature Porsche employees on a wider
+scale. Owing to the large number of employee
+responses, the internal and external stakehold-
+ers were assessed using a 50:50 weighting.
+Furthermore, the responses from external
+stakeholder groups were weighted equally.
+→ GRI 102-40, 102-43, 102-44, 102-46,
+102-47, 102-48
+Stakeholder survey and materiality ✓
+Representative from academia and NGOs
+Relevance for stakeholders
+p. 87
+Attractive employer
+p. 91
+Representative from academia and NGOs
+Business partner
+"Emissions-free mobility, full-scale closed-loop recycling and humane
+working conditions can only be ensured when manufacturers and
+suppliers stand shoulder to shoulder. Given its strong public image,
+Porsche should aim to be more of a pioneer than ever."
+83
+"In the future, Porsche should serve as a role model by demonstrating that
+ecological, social and financial goals can continue to be met even in the
+manufacture of premium products."
+Porsche stakeholders comment on what they believe to be the main contributions that the company should
+make in respect of sustainability:
+Stakeholder statements
+82
+Stakeholder management
+81
+Business relevance
+High impact
+Medium impact
+pp. 91-92
+Equal opportunities and
+diversity
+and safety
+p. 93
+Occupational health
+Social commitment
+pp. 117-120
+Corporate co-determination
+p. 93
+Stakeholder dialogue
+pp. 79-82
+Media representative
+Impact on the environment, employees and society
+p. 97
+New mobility
+options
+pp. 89-90
+Responsibility
+in the supply
+chain
+pp. 95-96
+Compliance and integrity
+pp. 93-95
+Sustainable materials
+Integrity means acting responsibly, resolutely
+and with personal conviction in accordance with
+ethical principles. As a fixed component of the
+strategic guidelines of Porsche, a high value is
+placed on integrity within the scope of collab-
+oration. Acting with integrity is also indispens-
+able in retail, which is why it has been anchored
+in the Porsche service standards as the highest
+value. This high awareness of integrity is
+reflected in its successful implementation in
+the responsible committees and steering
+committees. Regular reporting to the Executive
+Board was also introduced in the reporting year.
+→ GRI 102-43, 102-44
+There is also a self-administered test designed
+to help employees make decisions in case of
+doubt. Porsche's code of conduct is implement-
+ed in a variety of ways, such as being published
+on the Internet and intranet, presented during
+training and information events, and addressed
+in the relevant digital learning module. All new
+employees are also provided with a hard copy
+in the form of a brochure at the welcome event
+on their first day.
+Vehicle safety is a decisive criterion from the
+outset in the development of innovative,
+state-of-the-art vehicles. Alongside accident
+prevention - for example by fitting cars
+with ABS, ESP and automatic emergency
+braking systems - one of the main goals is to
+reduce the effect of an accident on the car's
+occupants. With this in mind, during the
+development phase of a new model the defor-
+mation behaviour of the car body is precisely
+defined for a variety of frontal, lateral and rear-
+end impacts. Cars are also fitted with a smart
+restraint system consisting of airbags and seat
+belts. Crash tests are used to check the effec-
+tiveness of the safety systems. In a controlled
+crash, the impact of the entire vehicle slam-
+ming into an object, such as a wall, is investi-
+gated. Crash-test dummies with sensors
+are used, which enables the evaluation of
+the possible injuries of the occupants. Specific
+biomechanical limits must be adhered to,
+stipulating such parameters as maximum
+acceleration or deceleration of the head.
+In addition to carrying out complete vehicle
+crash tests, component tests and computer
+simulations are used during development
+to tune the complete vehicle system and its
+behaviour in an impact and continuously
+improve it until it is ready for series production.
+The Porsche safety strategy defines the un-
+derlying guidelines, not only complying with
+statutory rules across the world but also
+meeting internal company requirements. The
+latter extend beyond the minimum required
+by law and involve a significantly broader load
+case portfolio. In this way, Porsche can ensure
+that, in the event of an accident, its drivers
+and their passengers, as well as other road
+users, benefit from the high level of protection
+synonymous with Porsche.
+The ultimate vision for the topic of vehicle
+safety is the general avoidance of accidents.
+Porsche is therefore consistently working
+on the development of anticipatory systems.
+As a result, vehicle safety at Porsche will
+continue to make an important contribution
+to general road safety in the future.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "vehicle safety" contributes
+to the reporting requirements of GRI 416:
+Customer Health and Safety.
+Alternative drive systems and
+vehicle emissions
+Porsche aims to continuously reduce green-
+house gas emissions across its entire value
+chain. The use phase of cars will have by
+far the largest impact on greenhouse gas
+emissions for the foreseeable future, which is
+why particular attention is being paid to the
+hybridisation and electrification of the product
+portfolio, the improvement of petrol engines
+and the use of carbon-neutral fuels. Continu-
+ous efficiency gains, the development of alter-
+native drive technologies, the use of renewable
+energy sources and lower pollutant emissions
+- for Porsche, resource-saving and environ-
+mentally friendly mobility is a primary strategic
+target. The themes of electromobility and
+vehicle architecture of the future are corner-
+stones of the Porsche Strategy 2025 Plus.
+Porsche's drive strategy aims to meet this
+objective, with the company adopting a
+three-pronged approach to drive concepts in
+the medium to long term. Porsche will simul-
+taneously market cars with optimised petrol
+engines, powerful hybrid drives and all-electric
+sports cars. By 2025, electric drive is to be
+featured in 50 per cent of all new Porsche cars
+sold. Porsche will be investing more than six
+billion euros in electromobility by 2022 so as
+to further increase the proportion of electric
+cars in the long term.
+In the reporting year, Porsche's all-electric
+Taycan redefined sports car construction in
+terms of performance, driving dynamics
+and range while also representing a major
+step towards the decarbonisation of private
+transport. With over 20,000 prospective
+customers, the car already enjoys great popu-
+larity. The technological heart of the Taycan
+is its 800 V architecture, which enables a
+sporty driving performance and short charging
+times. In addition, the relevant performance
+level can be reached multiple times in succes-
+sion. Given the charging output of as much
+as 270 kW, five minutes of recharging equates
+to a range of up to 100 kilometres in accord-
+ance with the WLTP measuring procedure. The
+Taycan boasts a maximum recuperation out-
+put of up to 265 kW and a maximum range of
+up to 450 kilometres according to WLTP.
+Based on the same platform and featuring a
+flat-bottom battery, the Taycan Cross Turismo
+will be unveiled in late 2020 as the first
+derivative. And the next generation of compact
+SUVs under the Macan label will also be
+all-electric.
+The ability of electromobility to make a break-
+through depends on a needs-based, access-
+ible and available charging infrastructure as
+87
+Innovative Mobility
+88
+well as on a customer-friendly charging pro-
+cess. Porsche is therefore adopting a holistic
+approach, working continuously on upgrading
+charging technologies and charging infra-
+structure. Using new products and services, it
+is looking to turn charging into a personalised
+customer experience that is both fast and
+attractive. The IONITY joint venture in which
+Porsche holds a stake is powering the expan-
+sion of a fast-charging infrastructure with
+350 kW charging stations throughout Europe.
+This campaign aims to have over 400 charging
+parks enter operation by the end of 2020.
+For home charging purposes, Porsche has
+designed a wall box boasting an output of up
+to 11 kW, thus enabling customers to fully
+charge the Taycan overnight. When it comes
+to charging while on the move, the Porsche
+Charging Service offers users access to over
+100,000 charging points in Europe plus the
+option of central billing.
+Vehicle safety is of the utmost importance to
+Porsche, with the safety of the vehicle's
+occupants being the top priority. In addition,
+making sure that other road users are also
+kept safe is another key aim.
+Alongside electrification, Porsche is also
+pursuing further options beyond efficiency
+measures to reduce CO2 emissions in the use
+phase of petrol cars and to render this phase
+almost entirely carbon-neutral. One of the
+key technologies in this context is reFuels,
+which is the name given to synthetic liquid
+fuels that can be produced solely from hydro-
+gen recovered via renewable energy and
+from carbon dioxide drawn from the ambient
+air - or from organic and other forms of waste.
+As reFuels can be deployed in the entire exist-
+ing fleet, their use results in a wide-ranging
+and immediate reduction in CO2. In collabora-
+tion with its partners from science, industry
+and politics, the company is working inten-
+sively to develop these alternative fuels for
+series production. For example, Porsche is
+participating in the reFuels - rethinking fuels
+project, which forms part of the strategic
+dialogue for the automotive industry in
+Baden-Württemberg, which was initiated
+by the respective state government.
+The Porsche range has been diesel-free since
+February 2018, and the company plays an
+active role within the Group in tackling nitro-
+gen oxide pollution in German cities. Prior to
+Porsche's decision to stop marketing diesel
+cars, Germany's Federal Motor Transport
+Authority (KBA) ordered a recall of certain
+models for the purpose of performing software
+updates after irregularities were found in the
+engine control software.
+In 2017, Porsche recalled the Cayenne
+3.0-litre V6 diesel (Euro 6) in Germany as a
+result of individual technical properties of the
+engine control software. By mid October of
+that year, the KBA had approved Porsche's
+proposed software update. Porsche has since
+recalled the cars concerned for a free soft-
+ware update, and around 96 per cent of those
+affected in Germany have already been
+processed accordingly.
+The KBA ordered a recall of the Macan
+3.0-litre V6 diesel (Euro 6) in July 2018 for a
+corresponding update. On 1 August 2018,
+it approved Porsche's proposed solution. Since
+Porsche began this recall in October 2018,
+around 87 per cent of the affected cars in
+Germany have already received this free soft-
+ware update.
+In addition, the KBA issued Porsche with
+recall notices for the Cayenne 4.2-litre V8
+diesel (Euro 5 and Euro 6) and the Panamera
+4.0-litre V8 diesel (Euro 6). It approved
+Porsche's proposed software update for the
+Panamera 4.0-litre V8 diesel (Euro 6) in
+August 2019, and the recall process began
+in November 2019. The KBA approvals for
+the software update for the Cayenne 4.2-litre
+V8 diesel (Euro 5 and Euro 6) are expected
+to be issued in the first quarter of 2020.
+As soon as the technical solutions have been
+approved, vehicle owners will be contacted
+accordingly by their Porsche dealers and the
+recall action will commence in the first half
+of 2020.
+At the National Diesel Forum, Porsche also
+confirmed its willingness to create voluntary
+software updates for the Cayenne and
+Panamera (184 kW and 221 kW) 3.0-litre V6
+diesels (Euro 5). Approval for this voluntary
+software update is expected in the first quarter
+of 2020, with the voluntary service campaign
+set to launch thereafter.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "alternative drive systems" and
+"vehicle emissions" contributes to the report-
+ing requirements of GRI 305: Emissions.
+However, the figures in this report that are
+required for this indicator refer solely to
+emissions that come from production and
+administrative operations. For this reason,
+the consumption and emissions figures for all
+car models are reported instead.
+New mobility options
+Urbanisation, increasing prosperity, growing
+global demand for mobility and the associated
+higher environmental pollution trigger innov-
+ation and market dynamics for the adaptation of
+the car and its use. These factors are
+leading to the diversification of drive concepts
+in a move towards highly efficient, alternative
+options, as well as towards innovative, flexible
+and needs-driven car usage models. Digitalisa-
+tion, connectivity and customers' desire for
+more flexibility and sustainability are acceler-
+ating this change.
+In order to make individual mobility sustain-
+able and to turn smart cities into a reality,
+Porsche is developing innovative products
+and services to shape flexible and convenient
+mobility. These include pioneering parking
+solutions (such as intelligent parking space
+searches and convenient, ticketless car park
+usage, etc.), needs-driven car usage (such
+as flexible usage models and premium rental at
+Porsche hotspots), seamless integration with
+other forms of transport and the best possible
+use of electric cars thanks to optimised
+charging services and products (for charging
+at home and in public places). Agile inter-
+disciplinary teams are developing concepts
+that take their lead from customers' latest
+requirements and putting them into action.
+This development is underpinned by close
+cooperation between the company's different
+departments, an open information policy,
+early piloting in different markets and stake-
+holder involvement.
+Another key area involves Porsche's corporate
+mobility management options, which aim
+to ensure sustainable mobility behaviour on
+the part of employees. Interdepartmental
+projects have seen Porsche develop compre-
+hensive measures at its sites in order to
+reduce the environmental and social impact
+of employees' mobility behaviour. The project
+is particularly relevant to the main plant in
+Zuffenhausen, which is located in an urban
+area. The employees based there and at the
+development site in Weissach receive a
+monthly subsidy for the company ticket for
+local public transport and the Job-Ticket
+offered by railway provider Deutsche Bahn.
+In addition, the Porsche plant ID card serves
+as a ticket for business travel on the local
+S-Bahn train route between the Weilimdorf
+and Zuffenhausen sites in Stuttgart. Porsche
+was also the first employer in the Stuttgart
+region to enables its staff to use the company
+ID card as a free public transport ticket when
+air pollution alerts are in effect.
+In the reporting year, Porsche established
+a work bike programme, and offers attractive
+benefits for employees when purchasing a
+bicycle. The company also engaged in particu-
+lar efforts to expand the bike parking spaces
+as well as the shower and changing facilities at
+its Zuffenhausen site. A dedicated carpooling
+app also helps employees to set up carpools
+for travelling to work and on business. Drivers
+and passengers can enter their departure
+location, destination and desired departure
+time, with the app then combining these
+requests to generate a personal itinerary.
+In addition, the availability of parking at the
+plant and mobility around the site grounds are
+being continuously optimised. Considerable
+improvements have already been achieved
+through the installation of a digital, stationary
+parking and information system as well as
+through the launch of the Porsche parking
+space app, which displays free parking spaces
+with pinpoint accuracy. The company has also
+successfully reduced the amount of traffic
+between the plants by further expanding the
+frequent bus shuttle routes.
+Porsche contributes to the achievement of the
+UN's long-term climate goals and strives to
+ensure the ongoing decarbonisation of private
+transport. Through its new electrification
+strategy and the continuous intensification of
+company activities relating to the global indus-
+trialisation of synthetically produced and
+climate-neutral fuel, Porsche is aiming to posi-
+tion itself as a technology leader in this regard.
+Vehicle safety
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "long-term customer relations"
+corresponds to the reporting requirements of
+GRI 418: Customer Privacy. Porsche gives high
+priority to individual data privacy and the right
+of data subjects to determine what is done
+with their data. The Porsche Data Protection
+Management System establishes the frame-
+work conditions and the foundations for
+Porsche's data protection strategy. The right
+of data subjects to determine what is done
+with their data is thus permanently anchored
+by Porsche within its organisation. In addition,
+the company issues global guiding principles
+for ensuring modern data protection as a safe-
+guard for, and a driver of, the digital transform-
+ation. In this way, data protection is integrated
+- independently and without instruction - into
+all relevant company processes. Porsche's data
+protection system and the relevant business
+processes are consistently designed to ensure
+that the statutory requirements are upheld
+at all times. Over and above the statutory
+requirements, Porsche has issued its own
+guidelines committing the company to further
+data protection principles, including data
+economy, purpose-based collection and confi-
+dentiality. Due to internal confidentiality
+guidelines, however, any reports received on
+specific data protection violations are
+not published.
+In committees that meet regularly, Porsche AG
+and representatives of the sales subsidiaries
+vote on measures relating to consistent
+communication for ensuring long-term cus-
+tomer relations. At the Product and Customer
+Satisfaction Forum executive body, which
+meets every month, the responsible depart-
+ments report on current and global develop-
+ments concerning product quality and
+customer satisfaction.
+Integrity
+"It is important to authentically promote the concept of sustainability both
+internally and externally so that employees can adopt a sustainable
+approach to topics and processes. Porsche should remain true to itself in
+this regard and go its own way."
+Customer
+Stakeholder management
+Employee
+Customer
+84
+Action areas
+Innovative Mobility
+Reliable Partner
+Go to Zero
+Fulfilling corporate responsibility.
+Keeping sustainability in mind at all
+times. Pursuing clear objectives.
+Growing by creating value. Acting.
+with responsibility towards society
+and the environment. Operating.
+comprehensively. Innovative Mobility.
+Reliable Partner. Go to Zero.
+S.GO 163E
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+INNOVATIVE MOBILITY
+Porsche shapes the mobility of tomorrow with
+innovative products, pioneering technologies
+and attractive services. Questioning the
+status quo is part of the company's identity
+and continuously ensures its future viability.
+The sports car manufacturer has set itself the
+demanding task of maintaining its customer
+relationships, furthering the allure of the
+brand and delivering a sporty driving experi-
+ence, all while promoting environmentally
+friendly, resource-saving mobility. Porsche
+incorporates buyers, suppliers, service
+providers and its own workforce as part of
+these efforts. Honest collaboration with
+customers and partners creates trust, which
+in turn generates financial stability as well
+as the long-term retention and expansion of
+jobs - providing a boost to the regional and
+global economy alike. Porsche is all but
+unrivalled when it comes to power, dynamics
+and the appeal of individual mobility. This is
+further reinforced by the essential features
+of modern vehicle architecture, such as fuel
+efficiency, reduced emissions and light-
+weight construction. With the action area
+Innovative Mobility, the company unites
+pioneering, sustainable mobility with typical
+Porsche performance.
+The action area Innovative Mobility covers
+the following topics identified in the 2019
+materiality analysis: economic stability,
+long-term customer relations, vehicle safety,
+alternative drive systems, vehicle emissions
+and new mobility offerings.
+Economic stability
+To prepare for the launch of the Porsche
+Taycan, "Customer Interaction" provided
+customers with advice on all aspects of
+electromobility. This campaign also helped
+support the dealer network in handling all
+technical and non-technical queries relating
+to the electrification of the product portfolio.
+In the reporting year, the specially developed
+training options within the Road to Taycan pro-
+gramme prepared Porsche dealers to answer
+Direct contact in retail is a key element in
+generating customer satisfaction. Against
+this backdrop, the ongoing qualification
+of employees at the Porsche Centres takes on
+fundamental significance. The excite! pro-
+gramme specifically trains employees from
+the Porsche Centres, sales subsidiaries and
+Porsche AG to transform all contact with
+customers into a unique experience. This pro-
+gramme has been introduced to great effect
+in six markets with around 5,500 employees
+from over 220 Porsche Centres.
+Thanks to digitalisation, the focus is now on the
+customer more than ever. Future technologies
+enable a more intensive and, above all, more
+interactive experience of the world of Porsche.
+Depending on the market, customers are
+offered a range of innovative communication
+channels such as apps, social media, live chats
+and messenger services that ensure easier
+and faster digital communication between
+them and the company. All these communica-
+tion options are pooled on the My Porsche
+customer portal and the customer relationship
+management system in a user-friendly manner.
+Personal dialogue with customers is a key
+element in the maintenance of long-term
+customer relations. Queries sent directly to
+Porsche are answered as quickly as possible
+by a team of highly qualified specialists. In
+the reporting year 2019, around 141,000 cus-
+tomer inquiries were processed at Porsche AG
+and the global sales subsidiaries alone. Over
+the same period, the international Customer
+Interaction Centre additionally answered
+around 665,000 questions on topics relating
+to all aspects of Porsche.
+these can be taken into account during the
+product development process. Porsche
+also obtains regular feedback from its cus-
+tomers for the purpose of making ongoing
+improvements to existing cars and services.
+The company developed the Porsche Advisors
+Club in collaboration with Porsche drivers,
+thus offering the latter the chance to submit
+their opinions and suggestions on cars and
+concepts at any time, or upon specific develop-
+mental milestones being reached.
+The sports car manufacturer sets great store
+by asking customers early and often about
+their requirements in relation to future car
+generations and mobility services so that
+Charging stations for private electric cars as
+well as Porsche company and leasing cars
+are available to employees and visitors alike.
+The charging infrastructure within the plants
+is also being continually enhanced. To enable
+the cars to undertake carbon-neutral local
+journeys, the charging stations are supplied
+with 100 per cent certified green electricity.
+Porsche intends to significantly increase
+the proportion of electric-drive and hybrid-
+drive cars within the fleet of company
+and leasing cars.
+In the field of customer relations, Porsche sets
+high standards with regard to maintaining
+long-term customer satisfaction and loyalty.
+"Inspiring customers with a unique product
+and brand experience" is therefore one of the
+four main aims of the Porsche Strategy 2025
+Plus. A diverse collection of measures that
+are presented to customers as a uniform
+package help ensure that this objective is
+met. Consequently, the Sales and Marketing
+division uses a variety of measures to
+strengthen customer satisfaction and loyalty
+over the long term and to further optimise
+the customer journey at Porsche.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "economic stability" contributes
+to the reporting requirements of GRI 201:
+Economic Performance. This information is
+measured and reported on the basis of the
+Porsche AG Group's financial analysis, financial
+data and calculations of added value.
+At the same time, Porsche is making major
+investments to ensure it retains its innova-
+tive capacity and can embrace the digital
+revolution. Digitalisation impacts all areas of
+the company - from internal processes to the
+interaction with customers to the develop-
+ment of new products and services. An innov-
+ation management system that extends across
+all of the company supports the generation
+of new impetus, driving the testing of technol-
+ogies and trends and encouraging Porsche's
+employees to take the initiative to shape
+mobility in sustainable ways.
+the first to be issued by an automotive manu-
+facturer. Over 100 institutional investors,
+including banks, pension funds and insurance
+providers, are participating in the scheme.
+the largest of its kind to date and
+The company enjoys excellent profitability and
+has set itself the strategic target of a mini-
+mum operating return on sales of 15 per cent.
+Porsche took a new approach to the refinan-
+cing of sustainable projects in the reporting year
+by posting a green bonded loan of one billion
+euros
+Social and ecological sustainability does not
+run counter to corporate success but in fact
+contributes to this goal. Long-term economic
+success is likewise a fundamental requirement
+for effective sustainable operations.
+Long-term customer relations ✓
+Further measures to reduce traffic and actively
+shape sustainable employee mobility are
+also planned.
+car-related questions and general inquiries
+concerning electromobility and corresponding
+services. Running for over 18 months and
+featuring digital training modules and media
+as well as classroom-based training, Road to
+Taycan ensured that all sales advisers world-
+wide had been professionally prepared for the
+Taycan by the end of the reporting year 2019.
+89
+→ GRI 102-41
+One of the key pillars of Porsche's corporate
+culture is corporate co-determination. Porsche
+benefits from continuous dialogue, even on
+critical issues, as well as open, direct commu-
+nication across all levels of the organisation.
+The employer and the Works Council have
+traditionally engaged in a continuous exchange
+on all issues affecting the staff and the com-
+pany. There are numerous ways for employees
+to bring their suggestions, problems or
+complaints to the attention of committees
+and decision-making bodies, be it openly or
+discreetly through special channels.
+The exceptional role played by corporate
+co-determination is also reflected in the age
+of digitalisation. Employee representation at
+Porsche is incorporated early in the design
+process to ensure optimum and lawful cover-
+age of areas with essential relevance to
+corporate co-determination, such as the intro-
+duction of IT systems that can monitor the
+behaviour or performance of employees, data
+protection measures and regulations pertaining
+to electronic communication media. Close
+cooperation between the employee represent-
+atives and the company itself is also crucial to
+the process of identifying corporate solutions
+for the new digital working environment.
+Internal media keep staff up to date on current
+issues additionally and particularly from the
+perspective of employees and their elected
+representatives. In addition, the Works Council
+offers employees a platform for comprehen-
+sive information and open discussion with its
+works meetings, which take place at the
+individual Porsche sites in Germany. It is also
+established practice at Porsche to inform
+employees and their elected representatives
+about important operational changes, doing
+so in as timely and comprehensive a manner
+as possible. This is done in compliance with
+national laws, applicable collective bargaining
+agreements and works agreements. Adher-
+ence to this corporate practice is ensured in
+a number of other ways, including through
+a supervisory board with equal representation,
+the Works Council committees and the
+works agreement database on the intranet.
+All company employees are covered by collec-
+tive wage agreements and works agreements.
+At Porsche, it is the respective role based on
+the remuneration framework agreement that
+is used to determine equitable and fair pay.
+An additional package agreed in relation to
+the future labour market combines a variety of
+working time regulations such as flexitime,
+voluntary sabbaticals and care leave. As a
+member company of the Südwestmetall
+employers' association, the company also
+participates actively in the social partnership
+between the metal and electrical industry
+and the IG Metall trade union.
+In accordance with the Global Reporting
+Initiative Standards, information provided on
+the topic of "corporate co-determination"
+in this report contributes to the reporting
+requirements of GRI 402: Labor/Management
+Relations and GRI 407: Freedom of Association
+and Collective Bargaining.
+Occupational health and safety ✓
+A motivated and capable workforce is Porsche's
+most important resource. Porsche health
+management has a key role to play in ensuring
+that the company can continue to develop,
+produce and sell exclusive cars in the future,
+too. Alongside the occupational healthcare
+provided to employees at the various sites,
+new occupational health promotion measures
+are now also available to certain areas. For
+example, Porsche employees may also arrange
+to have a thorough medical check-up and
+obtain preventive medical advice on any health
+issues. This voluntary health check is carried
+out by qualified doctors during working hours.
+The Porsche health management system
+also includes courses on optimum nutrition,
+relaxation techniques and effective self-
+management. Employees can also access indi-
+vidual physiotherapy advice at the workplace.
+Occupational safety is a top priority for Porsche
+and its employees. An organised and struc-
+tured system for occupational health and safety
+ensures a uniform approach and the implemen-
+tation of legal provisions. This system helps
+to prevent accidents at work and occupational
+illnesses as far as possible.
+The central processes are standardised and
+regulated by the Group guideline on occupa-
+tional safety. This guideline represents an
+essential element of the company's compli-
+ance management system and applies to all
+employees. The managers ensure that their
+employees are familiar with and comply with
+the provisions of this guideline. Specialists
+in occupational safety and works doctors are
+available to all employees in an advisory cap-
+acity. All staff members are also represented
+through the legally defined representatives
+in the occupational safety committees in
+accordance with the Occupational Safety Act.
+Safety experts design workstations, equipment
+and installations with the focus on prevention
+and safety. The observation and monitoring
+of construction and installation sites by special
+construction site experts exceeds the
+statutory requirements, with the safety
+standards being permanently updated in
+the process.
+Compliance and integrity
+Compliance with applicable laws and acting
+with integrity are essential to responsible
+operations. The relevant guiding principles
+present integrity as an internal attitude, while
+compliance is framed as conforming to rules.
+Compliance
+The company has put in place a compliance
+structure based around its business model
+to ensure that it acts lawfully, with legally
+secure processes and preventive and reactive
+measures. The Porsche compliance manage-
+ment system encompasses six areas of
+compliance, such as anti-corruption measures
+and money laundering prevention. In order
+to avoid any infringements of the law and to
+help its employees act in accordance with
+legal and statutory provisions, Porsche has had
+a compliance system in place for many years
+now. This system includes a chief compliance
+officer, compliance officers at Porsche AG and
+local compliance officers at the Group member
+companies. The compliance programme
+encompasses a range of different preventive
+and reactive measures.
+- Illustrative examples that employees might
+face on the job are provided for each topic
+in the workplace: occupational safety
+and healthcare; data protection; security and
+protection of information, knowledge and
+intellectual property; IT security; handling
+company assets
+In accordance with the Global Reporting
+Initiative Standards, information provided
+on the topic of "new mobility options"
+contributes to the reporting requirements
+of GRI 305: Emissions.
+- as business partners - conflicts of interest;
+gifts, hospitality and invitations; prohibition of
+corruption; dealings with public officials and
+holders of political office; prohibition of money
+laundering and terrorism financing; account-
+ing and financial reporting; taxes and cus-
+toms; fair and free competition; procurement;
+export control; prohibition of insider trading
+- as members of society - human rights; equal
+opportunity and equal treatment; product
+conformity and product safety; environmental
+protection; donations, sponsorships and
+charity; communication and marketing;
+political lobbying
+The code of conduct was updated in 2019 to
+reflect the requirements of the Group guideline
+on compliance management. This code sets
+out all aspects of employees' responsibility for
+compliance:
+Porsche employees can find further infor-
+mation on the courses offered by the compli-
+ance officers on the intranet. In addition to
+relevant Group and company guidelines, this
+information includes contact persons and
+ways to report concerns either internally or
+externally, along with a range of materials
+such as compliance videos, flyers, notecards
+and brochures.
+Corporate co-determination
+All compliance training at Porsche is com-
+pulsory. The amount of training undertaken by
+compliance officers is monitored over the
+course of the year, with the final status being
+reported to the Compliance Council, the
+Executive Board and the Supervisory Board.
+Since 2018, attendance at compliance
+seminars has been recorded in compliance
+employees' training file.
+For example, since the relaunch of Porsche's
+programme for junior managers in 2019,
+compliance training has been available in
+various formats, covering a range of issues
+through classroom-based and online modules.
+Participants can also gain an insight into the
+company's compliance culture, management
+and rules, including the code of conduct, via
+an online offering. As part of the presentation
+via Skype for Business, participants can get
+involved in a live multiple-choice session. The
+speaker can use the voting results to provide
+qualitative feedback and respond to any unans-
+wered questions at the end. All compliance
+issues - including anti-corruption measures,
+money laundering prevention and antitrust law
+- are presented by compliance officers during
+the classroom-based sessions. As well as
+presentations and case studies, there are also
+workshop sessions involving group work where
+case studies and dilemmas are tackled with
+the help of a board game.
+The compliance managers deliver the training
+on the basis of a subject-specific plan, which
+uses risk analyses to identify target groups and
+key areas of content, and also defines organ-
+isational aspects such as the number and
+frequency of events and the capacities need-
+ed. A regular programme of set training events
+is in place for (new) managers and employees,
+as well as for junior managers and trainees.
+In addition, training courses are held on current
+or relevant topics, for the benefit of areas
+faced by specific risks, or on request.
+The compliance officers for each area, together
+with the HR department, are responsible
+for compliance training. Most of the training
+currently being delivered takes the form of
+classroom-based sessions. In addition, digital
+learning modules on mandatory topics such
+as the code of conduct and voluntary options
+such as data protection are also available.
+The range of digital learning modules is to be
+gradually extended to include more compli-
+ance issues in the future.
+Porsche's central compliance help desk offers
+information and advice on compliance issues
+internally, providing expert answers to all
+questions from managers and employees alike.
+The help desk can also be contacted confiden-
+tially to report (possible) breaches of the rules,
+such as criminal acts or serious irregularities.
+Outside the company, Porsche managers,
+employees, customers and business partners,
+as well as public officials and other external
+individuals, can report legal violations anonym-
+ously to two ombudspersons. All of the
+information received is carefully examined
+according to the requirements of data protec-
+tion law, and any violations found are respond-
+ed to appropriately in line with the relevant
+provisions of employment and co-determin-
+ation laws. This includes introducing suitable
+countermeasures and sanctioning cases of
+individual misconduct. The Executive Board of
+Porsche AG receives regular reports on actions
+taken by the compliance organisation and on
+preventive and reactive measures implement-
+ed in the Porsche Group.
+also set out in guidelines, covering such areas
+as how to avoid corruption or violations of anti-
+trust law, how to handle conflicts of interest
+or the receipt of gifts, and how to prevent
+money laundering. To ensure and promote law-
+ful behaviour over the long term, all managers
+and employees are given regular information
+and training tailored to the specific risks and
+target groups.
+Regular risk analysis is carried out to define
+areas that require action and preventive meas-
+ures. The company's business model, relevant
+environmental conditions and the relationships
+with business partners are all taken into
+account. Key preventive measures at Porsche
+include the adoption and communication of
+binding rules, while managers and employees
+have access to confidential advice as well
+as training and information on relevant compli-
+ance issues. Ultimately, the code of conduct
+sets out the most important rules to be applied
+at Porsche in accordance with the company's
+business model. This code documents the
+expectations of managers and staff in terms of
+the responsibility they must assume for com-
+pliance as a member of society, as a business
+partner and at the workplace. The rules are
+New employees are familiarised with the com-
+pany's compliance culture during the Porsche
+Warm-Up event, an introductory training ses-
+sion generally held monthly. The event is based
+around the World Café, in which newly hired
+staff have the chance to look intensively at the
+code of conduct and basic rules on avoiding
+corruption, tackling specific cases before
+presenting their solutions to the full group.
+In addition, the compliance image film and a
+presentation of the most important require-
+ments and expectations for employees round
+off the introduction to the topic of compliance.
+92
+In accordance with the Global Reporting Initia-
+tive Standards, information provided on
+the topic of "occupational health and safety"
+contributes to the reporting requirements
+of GRI 403: Occupational Health and Safety.
+This is measured on the basis of the following
+key figures: number of accidents, workdays
+lost and cases of death, as well as injury rate.
+The key figures are currently being gathered
+for Porsche AG and Porsche Leipzig GmbH
+with an expansion to include the Porsche AG
+Group planned for the future.
+91
+In accordance with the Global Reporting Initia-
+tive Standards, information provided on the
+topic of attractive employer in this report
+contributes to the reporting requirements
+of GRI 401: Employment. This is measured and
+reported on the basis of the following key
+figures: total workforce, employee structure,
+new hires and employee turnover, and parental
+leave claims.
+parental leave. Porsche then helps these indi-
+viduals make a smooth return to work, also
+informing them during their parental leave of
+further qualifications that could simplify the
+process of returning to work. The reporting
+year saw a total of 1,322 (2018: 1,205)
+employees taking parental leave, of which
+243 (2018: 253) were women and 1,079
+(2018: 952) were men.
+part-time. In addition, many opt to take
+Porsche considers employees' individual needs
+and promotes flexible working options with
+respect to workplace and working hours,
+thereby ensuring maximum flexibility whatever
+the situation. As a result, a works agreement
+has been put in place to enable mobile work-
+ing. This grants employees the flexibility to
+decide where and to a certain extent when they
+complete their tasks away from the Porsche
+operating sites. Further options range from
+flexitime aligned to the employee's current
+phase of life through to care leave that enables
+them to support family members. Employees
+may also take voluntary sabbaticals or work
+Porsche strives to ensure that its staff can
+achieve a work-life balance. Employees receive
+support through a wide variety of different
+measures and options. In this way, local coop-
+eration partners ensure that sufficient child-
+care places are available in nurseries close to
+the company's sites. In addition, employees'
+children can take part in a series of summer
+events covering the entire school holiday period.
+On top of this, the Porsche family service pro-
+vides free personal advice and support relating
+to all aspects of family life. A collaboration
+with DHL also saw package delivery stations
+come into operation in the reporting year at
+the Weissach and Zuffenhausen sites, making
+The continuous development of its corporate
+culture is exceptionally important to Porsche,
+particularly against the backdrop of the strong
+growth in staff numbers in recent years and
+the company's realignment in response to the
+digital transformation. Following the intro-
+duction of the Porsche code - which draws
+on the new culture guidelines comprising the
+four elements of dedication, pioneering spirit,
+sportiness and family - a series of dialogue
+events labelled "leadership labs" were held
+during the reporting year with the objective of
+developing and enhancing this code. These
+were attended by over 1,500 managers - from
+foremen to members of the Executive Board -
+who developed a common understanding of
+leadership over the course of the workshops.
+Equal opportunities and diversity
+Safeguarding and promoting equal oppor-
+tunities and diversity is highly important to
+Porsche and is therefore anchored as a
+corporate principle. The company takes it as
+a given that all people should be offered the
+same chances and rejects all forms of dis-
+crimination. It is committed to diversity, takes
+an active approach to inclusion and creates
+an environment that promotes everyone's
+individuality in the interests of the company.
+As a member of the wider Group, Porsche has
+also signed up to the applicable standards
+for promoting and safeguarding diversity and
+equal opportunities within Volkswagen AG's
+Together4 Integrity change programme.
+The basis for successful HR work is Porsche's
+continual positioning as an attractive employer.
+Firmly anchored in Porsche's HR strategy,
+employer attractiveness is one of four central
+priorities enshrined in the overarching Porsche
+Strategy 2025 Plus. The benchmarks in this
+regard include five defined strategic fields as
+well as the corporate guidelines.
+With the action area Reliable Partner,
+Porsche covers topics identified in the 2019
+materiality analysis such as attractive
+employer, equal opportunities and diversity,
+staff development, corporate co-determin-
+ation, occupational health and safety,
+compliance and integrity and responsibility
+in the supply chain.
+Sustainability is firmly embedded in the public
+consciousness and has developed into a
+defining element of competitiveness. Porsche
+sees it as a corporate duty to take the inter-
+ests of its stakeholders into account: after
+all, environmentally and socially compatible
+actions can only be ensured by working
+together. It is a key plank of the company
+philosophy that Porsche demonstrates integ-
+rity and responsibility as an employer and
+business partner. At Porsche, the focus is
+on people - not only in terms of its employees,
+but also the wider society of which it forms
+a part. Ethical behaviour is therefore of para-
+mount importance. The company promotes
+diversity and equal opportunities, is system-
+atically opposed to corruption, and advocates
+for the upholding of internationally recog-
+nised human rights.
+RELIABLE PARTNER
+Reliable Partner
+Innovative Mobility
+90
+Attractive employer ✓
+By adding their signature to the "Charta der
+Vielfalt" (diversity charter) in the reporting
+year, the Executive Board and employee repre-
+sentatives clearly demonstrated their appreci-
+ation for the importance and added value of
+equal opportunities and diversity within the
+workforce and wider society. Respectful, toler-
+ant interaction and a positive approach to a
+wide range of perspectives - such as different
+skills, experiences and viewpoints - both target
+the achievement of maximum productivity,
+competitiveness, innovative capacity, creativ-
+ity and efficiency. At Porsche, employees are
+chosen, appointed and promoted on the basis
+of their qualifications and abilities.
+it much easier for employees to collect or
+drop off their parcels and save valuable time in
+the process. These stations are, of course, also
+available to all other DHL customers.
+A core success factor for promoting a corres-
+ponding corporate culture is to engage in
+sensitisation across the company, thereby
+creating awareness of the importance and
+added value of equal opportunities and diver-
+sity both at management level and within
+the overall workforce. The most senior levels
+of management should serve as a particular
+In accordance with the Global Reporting Initia-
+tive Standards, information provided on the
+topic of "staff development" contributes to the
+reporting requirements of GRI 404: Training
+and Education. This is measured and reported
+on the basis of the following key figures: the
+number of participants in training measures
+and the average training hours per employee.
+the workforce with the topic of high voltage in
+a legally sound manner while communicating
+basic knowledge of high-voltage applications
+and the fundamentals of electromobility.
+This departmental and HR development joint
+project won the Comenius EduMedia Award.
+Against the background of the Porsche Strategy
+2025 Plus and the far-reaching changes in
+the automotive industry, the structured cre-
+ation and expansion of future-oriented skills
+among all employees is a vital aspect of HR
+development activities. The strategic skills
+management methodology has been devel-
+oped accordingly. Based on current and antici-
+pated future roles, the required skills, job
+descriptions and requirements are qualitatively
+and quantitatively recorded and compared
+with one another in a systematic process. Any
+identified skill gaps can thus be addressed at
+an early stage through targeted retraining and
+further training, recruitment and new priorities
+in ongoing training. Strategic skills manage-
+ment enjoyed a successful roll-out in the tech-
+nical development of Porsche AG during the
+reporting year and was transferred to regular
+operations. It is set to be implemented in all
+areas of Porsche AG from 2020.
+The Porsche learning platform is also increas-
+ingly being used for qualification projects
+with a broader scope. For example, the digital
+learning module "High voltage instruction -
+vehicle technology basics" introduced at the
+start of the reporting year is intended for all
+employees of Porsche AG and its German
+subsidiaries. This module aims to familiarise
+The comprehensive range of training oppor-
+tunities is continuously being expanded and
+optimised. Here, too, skills relating to the digital
+world and the digital mindset are crucial. In
+2019, Porsche began realigning the content
+and didactics of its management training
+options while also expanding the existing
+training portfolio for all employees to include
+new courses featuring the blended learning
+approach, such as working in virtual teams.
+In this process, the annual qualification and
+development appraisal represent the key
+foundation for individual qualification and
+development planning. Core resources for digi-
+tal learning are the Porsche learning platform
+introduced in 2017 and the media laboratory
+opened the following year. These enable the
+departments to design and produce their own
+digital learning formats with the help of HR
+development. The fact that there are now over
+26,000 active user profiles illustrates how
+intensively employees use the platform and
+engage in self-managed learning to actively
+advance their skills.
+Employee support and qualification is not only
+a central component of the Porsche culture
+and code but also firmly anchored in the
+Porsche Strategy 2025 Plus. The digital revo-
+lution in particular is placing new demands on
+the workforce. With this in mind, the Fit for
+Digit@l initiative launched in 2017 was rolled
+out at a series of additional company sites.
+In the reporting year, the primary focus was on
+the communication of external trends and the
+acquisition of in-depth knowledge within the
+Porsche action areas as part of the digitalisation
+strategy. The high level of interest across
+the workforce is reflected in the more than
+12,800 completed digital learning modules on
+topics such as agile working at Porsche and
+automated driving as well as the 500-plus
+attendees at seminars and workshops on the
+digital transformation at Porsche.
+end, the Fit for the Shop Floor induction pro-
+gramme was introduced in the reporting year
+for first-level operational managers. The
+Porsche Professional Programme for newly
+appointed managers from the second report-
+ing level has complemented the existing
+modular and international management quali-
+fication options since 2019.
+To be optimally prepared for the challenges
+posed by the digital transformation, Porsche
+identifies and retains qualified professionals
+and managers. Key pillars of HR development
+at Porsche include training that focuses on
+future requirements, ongoing skills acquisi-
+tion, and options and routes for internal
+development.
+Staff development is founded on professional
+training as well as the support and qualifi-
+cation of students - for example, through
+dual-study programmes or the Porsche Trainee
+Programme. Another important component
+is hiring all apprentices who pass their final
+examination on permanent contracts. Through-
+out their careers, employees have access to
+a diverse range of programmes for their sys-
+tematic professional development on all levels.
+These include the Warm-Up introduction
+programme, the Porsche Development Pro-
+gramme to prepare candidates to take on
+management roles, and specific qualification
+and talent promotion measures tailored to the
+target group in the field of production. To this
+In accordance with the Global Reporting Initia-
+tive Standards, information provided on the
+topic of equal opportunities and diversity
+contributes to the reporting requirements of
+GRI 401: Employment. This is measured
+and reported on the basis of the following key
+figures: total workforce, employee structure,
+new hires and employee turnover, and parental
+leave claims.
+The Equal Opportunities department, which
+is anchored in the area of HR development
+and talent strategy, serves as a catalyst and
+expert partner for the long-term implementa-
+tion and safeguarding of equal opportunities
+and diversity.
+of management positions occupied by women
+in accordance with equal opportunities.
+Leadership labs, diversity cockpits and special
+tools for identifying, implementing and
+expanding diversity are used to qualify and
+sensitise the management to dealing with a
+wide range of perspectives.
+to have a positive influence on the behaviour
+of the workforce. Equal opportunities and
+diversity are promoted to ensure heterogeneity
+on all decision-making levels - for example,
+in terms of gender, age, skills, experience, inter-
+nationality and other similar aspects. The
+importance of this topic is reflected in the equal
+opportunities target agreement that entered
+into force in 2013, is linked to the awarding of
+bonuses, and aims to boost the proportion
+point of focus, using their status as role models
+Staff development
+in figures
+the museum and plant. On top of this, the
+Porsche AG
+Diversity 2019
+At trade fairs and during formats specially for
+women, the company regularly gives infor-
+mation about entry opportunities. In 2019,
+Porsche attended events such as "women&-
+work", Europe's leading trade fair for women in
+business, the "Future Day for Female Students"
+at RWTH Aachen University and the "Ladies
+Lounge" at Formula Student Germany. Porsche
+also took part in "PANDA Tech & <Software />",
+a network and recruiting event for women
+who are already experienced managers or as-
+pire to a management position. The company
+also made its debut at STICKS & STONES, the
+largest LGBT careers fair in Europe. In addition
+to outlining the various ways to join its team,
+Porsche also demonstrated how it implements
+and supports diversity within its ranks.
+"Femtec Innovation Workshop" gave 35 female
+students enrolled on MINT study courses the
+chance to optimise development processes in
+car body production and present their results
+to an audience drawn from the department
+and the HR team.
+In increasing the percentage of women, the
+promotion of young talent also plays an import-
+ant role for Porsche. Thus, in 2019, 31 per
+cent of trainees and DHBW students were
+female, and the proportion of women among
+the interns and thesis applicants was also
+27 per cent. In order to win female talented
+professionals for Porsche, the existing cooper-
+ation with Femtec, an international career
+platform for women in IT, engineering and nat-
+ural sciences, was successfully enhanced. In
+the reporting year, various excursions provided
+insights into the working world at Porsche.
+At "Stuttgart Culture Day", for example, attend-
+ees were able to enjoy presentations on the
+topics of corporate culture and construction
+management before embarking on a tour of
+A number of training modules offer an in-depth
+look at opportunities, challenges and courses
+of action when addressing the topic of diversity,
+encompassing management and employees
+alike. The specially developed "perspectives
+check", a digital learning tool on the Porsche
+learning platform, helps managers identify and
+expand the range of perspectives within their
+team while deploying these to best effect.
+An employee game has also been developed:
+known as the "team check", it promotes equal
+opportunities and diversity within teams by
+encouraging employees to reflect on individual
+attitudes and behaviour in relation to these
+topics. Equal opportunities and diversity
+are also featured in the Porsche onboarding
+process as part of the "Warm-Up" intro-
+ductory event.
+Guaranteeing measurable and binding equal
+opportunities is a fixed component of the
+target agreements which are concluded indi-
+vidually with all the managers. For the promo-
+tion of women in management, as well as
+Equal opportunities and diversity
+The Porsche women's network was estab-
+lished in the reporting year and met with an
+enthusiastic response from the workforce.
+Some 600 women use this platform to provide
+mutual support and boost the female per-
+spective within all processes at the company.
+This new network format is overseen by
+Director of Research and Development Michael
+Steiner. Another programme in this area is
+the Women Business Lunch, which facilitates
+networking among first- and second-level
+female managers.
+A "sensitisation guided tour" was offered to-
+gether with the Porsche Museum for managers
+and employees from all areas of the company.
+The tour gave an impression of life with a
+physical disability, for example by using a
+wheelchair, blindfolds or headphones. The ac-
+tive change of perspective resulting from this
+encourages sensitivity and understanding
+towards colleagues with disabilities. This en-
+ables inclusion to be promoted in the long term.
+An important aim towards which Porsche is
+continuously working remains the increase in
+the percentage of women at all company
+levels. Since 2012, Porsche has increased
+the percentage of women in the company to
+15.5 per cent. During the same period, the
+number of women in managerial positions has
+more than tripled. The percentage of women
+in management is now around 11 per cent.
+The Porsche workforce is characterised by its
+diversity: employees from more than 80 nations
+and five generations, with the most diverse
+individual skills, ensure that Porsche is so suc-
+cessful today. It is anchored in the culture
+guideline, and the Porsche Code derived from
+it, that managers should actively promote
+diversity. In addition, equal opportunities and
+equal treatment for all employees are pre-
+scribed in the Porsche code of conduct. In
+order to support managers and employees at
+all levels in implementing equal opportunities
+and diversity, dialogue platforms and training
+components are being continually developed.
+True to the concept of "Everyone is individual.
+As a group, we are diverse. Together, we are
+successful", the company kicked off the 3rd
+Porsche Diversity Days event in May. In an
+interactive exhibition entitled "Perspektiven-
+vielfalt@Porsche", employees were able to
+experience the added value of diversity and
+the importance of different perspectives - not
+least as a key driver of commercial success.
+The exhibition also raised awareness of uncon-
+scious prejudice. In the presence of Annette
+Widmann-Mauz (Minister of State in the
+Federal Chancellery and Federal Government
+Commissioner for Migration, Refugees and
+Integration), Chairman of the Executive Board
+Oliver Blume, Member of the Executive Board
+for Human Resources Andreas Haffner and
+Chairman of the Works Council Werner
+Weresch signed the diversity charter and thus
+committed Porsche to establishing a working
+environment free from prejudice. This event
+was only the first in a series that toured various
+Porsche sites from May to September 2019
+and provided ample opportunities for engaging
+in dialogue.
+>80
+in the collective agreement areas, Porsche has
+set itself targets which go beyond the legal
+requirements. Qualification and further training
+measures, as well as mentoring offers, support
+female employees in their career planning.
+О
+От
+60%
+young women and men in support year
+and integration year
+112
+generations within the company
+29
+5
+proportion of women in management since 2012
+Porsche training and recruitment centres for young
+people in Manila, Cape Town and Puebla
+different countries work at Porsche
+3
+> 120
++100%
+different degrees and qualifications
+> 500
+proportion of women in training programmes
+31%
+of staff includes Generations Y and Z
+markets served by Porsche worldwide
+Employees, Society, Sports, Communications
+Integrity management was expanded in almost
+all areas at Porsche during 2019. One typical
+example is the recruiting process: not only are
+aspects of integrity discussed during inter-
+views with applicants, new employees are also
+sensitised to the topic in the course of the in-
+troductory events. On top of this, the company
+has also set about establishing a multiplier
+network that facilitates the exchange of exist-
+ing integrity initiatives and thus helps identify
+synergies and interfaces.
+2017
+Employees ✓
+the company.
+cooperation is the basis
+of the Porsche culture
+and is therefore a fixed
+component of the
+strategic guidelines of
+Honest and respectful
+in the process.
+Porsche also provides flexible working options
+with respect to place of work and working
+hours. Mobile working, life-phase-oriented
+flexible working hours and a voluntary personal
+sabbatical are just a few examples of this.
+A collaboration with DHL also saw package
+delivery stations enter operation in 2019 at
+the Weissach and Zuffenhausen sites, making
+it much easier for employees to collect or
+drop off their parcels and save valuable time
+This commitment to reconciling career and
+family was again honoured in the reporting
+year by the magazine ELTERN: following
+a survey conducted across Germany, Porsche
+was honoured as one of the "Best companies
+for families".
+at locations in Germany
+Through its family service, Porsche offers free,
+individualised and comprehensive advice
+and support for all family life situations. This
+ranges from advice for prospective parents
+to the selection and arrangement of qualified
+carers for children and seniors. The company
+also offers professional support in the search
+for and selection of appropriate care institu-
+tions for family members.
+Work and family
+Integrity is also a fixed component of the ex-
+isting personnel development programmes
+and was further expanded in 2019. As a result,
+dialogue events relating to Porsche's values
+and culture are also conducted in the corpor-
+ate units to sensitise employees to matters
+of integrity. In addition, classroom-based
+sessions are used to inform disciplinary man-
+agers of the crucial importance of this topic.
+These individuals must serve as role models,
+generate awareness among staff and create a
+working environment in which each employee
+can speak their mind openly and honestly.
+In order to inform the workforce of the high
+importance of integrity and to ensure ongoing
+sensitisation to this topic, Porsche makes
+use of a well-established catalogue of internal
+communication measures that is constantly
+being upgraded. A key tool in assessing behav-
+ioural integrity at Porsche is the annual
+employee survey - the aforementioned mood
+barometer. In the event that any notable find-
+ings raise doubts in relation to behavioural
+integrity, the causes are identified accordingly.
+If necessary, corresponding measures are then
+taken with the involvement of HR and the
+respective manager.
+Integrity means taking responsible and up-
+standing actions in accordance with ethical
+principles. It represents the prerequisite
+for honest and respectful cooperation, which
+constitutes the basis of the Porsche culture
+and is a fixed component of our strategic
+guidelines. Acting with integrity is also indis-
+pensable in retail, which is why it was included
+in the Porsche service standards as the high-
+est value. The crucial relevance of the issue
+of integrity is further demonstrated by the fact
+that it has been successfully implemented
+in the responsible committees and steering
+committees. Regular reporting to the Execu-
+tive Board was also established in 2019.
+Integrity
+EDUCATION
+HABITS
+110
+Balancing work and family plays an important
+role for Porsche. There are numerous offers
+which can be used in the context of agree-
+ments made jointly with the Works Council.
+For example, at the various Porsche sites,
+childcare places are offered in nurseries in
+cooperation with local partners. In addition,
+children of employees are supervised at the
+sites around Stuttgart throughout the summer
+holidays including a shuttle service. A
+"Code Camp" was offered for the second time
+in 2019, together with the "Code + Design
+Initiative". Here, young future programmers
+can expand their knowledge in exciting pro-
+jects. With the exception of the Christmas
+break, the children are also supervised during
+the remaining school holidays.
+26,506
+Zuffenhausen
+13,999
+Other German
+locations 629
++10%
+28,764
+2018
+31,690
+2019 ✓
+Compared to previous year
+Total workforce in Germany
+111
+Leipzig
+4,402
+Bietigheim
+1,165
+586
+6,995
+Weissach
+Sachsenheim
+475
+Schwarzenberg
+Ludwigsburg
+3,439
+ATTITUDE
+117
+KNOWLEDGE
+Asse für Charity.
+"Aces for Charity" sees
+Porsche donate 100 euros
+for every ace served during
+the week-long tournament,
+with the world's top players
+racking up a remarkable
+212 in 2019.
+"ACES FOR CHARITY" CHARITY TOURNAMENT AT THE LEIPZIGER RASEN CUP
+The second institution, the Arbeiter-
+Samariter-Bund Regionalverband Leipzig, is a
+special volunteer ambulance service which
+enables terminally ill patients to fulfil their
+last wish - such as a trip to the seaside or the
+stadium of their favourite football team.
+Funds from the 2019 event were split equally
+and given to two regional institutions. The
+first of these, "Mitteldeutsche Kinderkrebs-
+forschung", supports medical research
+projects tackling cancer in children and young
+people. This foundation has helped establish
+childhood cancer centres in Dresden, Leipzig,
+Halle, Magdeburg and Jena, each providing
+comprehensive top-quality care to young
+patients.
+new name: the "Leipziger Rasen Cup". The
+event held at "soccerworld" at the Alte Messe
+welcomed 28 company teams from outfits
+such as Dell Technologies, Sachsenmilch and
+the University Hospital of Leipzig. First place
+went to Debeka Sachsen AG. With each team
+paying 500 euros to enter, this 14th edition
+of the tournament raised some 14,000 euros
+in donations.
+Porsche Leipzig benefit football tournament
+kicked off on 8 September 2019 under a
+Leipziger Rasen Cup
+Around 3,200 employees
+took part in the six-hour
+charity run. Porsche donated
+five euros per completed
+lap and rounded up the final
+total to 200,000 euros.
+PORSCH
+German TV star and Porsche brand am-
+bassador Richy Müller joined actress
+Melanie Marschke for the all-important
+tombola draw. One of the initiatives supported
+by this charity campaign in 2019 was the
+"Grünau moves!" project at Heizhaus Leipzig
+youth centre. Offering free dance, sports
+and nutrition courses, it encourages school-
+age children to be more active and adopt a
+healthier lifestyle.
+Star prize in tombola at Leipzig Opera Ball
+Porsche has served as a presenter at the
+Leipzig Opera Ball since 2013. When this key
+social event celebrated its 25th anniversary
+on 26 October 2019, the company maintained
+its tradition of providing a sports car as the
+star prize for the tombola. Last year, it was
+a Macan and thus the second time a car
+"made in Leipzig". The Leipzig Opera Ball is
+focused on supporting the greater good, with
+all proceeds being donated to associations
+in the Leipzig region that work with children
+and young people. The funds from the
+2019 tombola alone reached 85,700 euros:
+Porsche then generously rounded up this
+amount to 100,000 euros before it was
+gratefully received by the local children's
+foundation "Leipzig hilft Kindern", which is led
+by Dr Claudia Nerius. "Every euro benefits
+children and young people who need our help.
+Charitable organisations are welcome to
+submit their projects to our foundation all year
+round," said Nerius.
+PORSCHE SIX-HOUR CHARITY RUN
+PORSCHE
+At the fifth edition of the six-hour run
+on 14 September 2019, around 3,200
+Porsche AG employees completed thousands
+of laps of the 911-metre course at the main
+plant in Zuffenhausen. Porsche donated five
+euros per lap and generously rounded up
+the final total to 200,000 euros. The sports
+car manufacturer organises this charity relay
+run for the benefit of the Ferry Porsche
+Foundation. Since its inception in 2015, the
+event has already raised 935,000 euros for
+good causes (2018: 195,000 euros, 2017:
+185,000 euros, 2016: 180,000 euros,
+2015: 175,000 euros).
+LSV
+bw
+PORSCHE
+TENNIS GRAND PRIX
+TURKI
+AIRLIN
+11
+Employees, Society, Sports, Communications
+The second project focuses on reducing plastic
+waste, particularly in the deeper regions of the
+oceans where experts estimate that around
+70 per cent of such waste is to be found. Low
+temperatures and a lack of UV light in these
+regions mean that the waste is broken down
+extremely slowly, resulting in serious adverse
+effects on the health of people and animals.
+Porsche's donation supports six diving spots
+for the targeted removal of waste, helping to
+eliminate an estimated 250 to 300 kilograms
+of plastic. In addition, the data collected in
+the process is vital to ongoing research.
+the project and stand to gain at every step along
+the way, from the planting and care of trees
+through to the monitoring of measures.
+The tree-planting project addresses the poten-
+tial measures that individuals can take to
+minimise their negative impact on the world.
+Local communities are closely involved in
+Porsche also takes action on an international
+level, as shown by the Dealer CSR Fund
+launched by Porsche China in 2019. This fund
+is intended to support local projects across
+China that are submitted by Porsche dealers
+and implemented in collaboration with char-
+itable organisations. Beneficiaries in 2019
+included the "Million Tree Project" and the
+"Deep-sea Waste Monitoring and Cleaning
+Programme".
+International
+118
+Charity run in Zuffenhausen
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+ACES FOR CHARITY
+"Aces for Charity" sees Porsche donate
+100 euros for every ace served during the
+week-long tournament. After the world's
+top players sent down some 212 aces during
+the 2019 event, Porsche generously rounded
+up the final sum to 30,000 euros. Andreas
+Haffner, Member of the Executive Board for
+Human Resources at Porsche AG, visited
+centre court on finals day to hand out the
+cheques. Both partners were represented
+by well-known charity ambassadors at the
+Porsche Arena, with former Germany player
+Kevin Kuranyi appearing on behalf of Agapedia
+and three-time wrestling world champion
+Frank Stäbler for LSV BW.
+At the Porsche Tennis Grand Prix, the company
+serves up top-class tennis while also raising
+money for a range of good causes through its
+long-established "Aces for Charity" campaign.
+The funds from the 2019 edition of the
+tournament in late April were donated to the
+Agapedia Foundation, which was created by
+former footballer Jürgen Klinsmann for the
+benefit of children in need, and the Landes-
+sportverband Baden-Württemberg (LSV BW)
+sports association for its Integration through
+Sport project.
+Porsc
+Aces for Charity
+PREMIER
+WTA
+Employees, Society, Sports, Communications
+Porsche works in close cooperation with
+universities in a number of fields, offering
+targeted support for academic training
+through the funding of foundation chairs.
+These efforts led to the establishment of the
+"Dr. Ing. h.c. F. Porsche AG Chair of Strategic
+Management and Digital Entrepreneurship" at
+the HHL Leipzig Graduate School of Manage-
+ment in July 2013. At Esslingen University
+of Applied Sciences, the company supports
+teaching, research and continuing academic
+development in the field of modularisation
+in vehicle development.
+Funding of foundation chairs
+Since 2011, the company has promoted the
+Porsche Junior social project aimed at im-
+proving young people's opportunities on the
+job market by helping them acquire practical
+experience through pre-vocational training.
+In 2019, Porsche also lent its support to the
+Joblinge programme that provided training
+places to around 700 disadvantaged young
+people from the Stuttgart region.
+Occupational health and safety
+31 December 2021.
+Porsche's Supervisory
+Board has set itself
+the target of increasing
+the percentage of
+women on the Executive
+Board in the long term.
+For the first and second
+management levels
+beneath the Executive
+Board, the target
+percentage of women
+set by Porsche AG
+is 15 per cent by
+As part of the implementation of the law on
+the equal participation of women and men
+in management positions in the private econ-
+omy, the following target figures for the per-
+centage of women in the Supervisory Board,
+Executive Board and upper management levels
+by 31 December 2021 have been defined for
+Porsche AG: given the long-term commit-
+ments of its members, the Porsche Supervisory
+Board has confirmed the status quo of 10
+per cent as a target figure. At the time of the
+resolution, the Executive Board positions for
+all departments were occupied exclusively by
+men; the respective contractual periods
+extend over several years. For this reason, the
+target figure for the Executive Board was set
+at the status quo (zero per cent). However,
+Porsche's Supervisory Board has set itself the
+target of increasing the percentage of women
+on the Executive Board in the long term. For
+the first and second management level be-
+neath the Executive Board, the target percent-
+age of women set by Porsche AG is 15 per
+cent by 31 December 2021.
+the Supervisory Board, Executive Board
+and management
+Targets for the percentage of women in
+114
+The most important resource of the company
+is a motivated and effective workforce. All
+health-related programmes fall under the
+remit of health management, including aspects
+such as statutory occupational safety, in-
+house emergency services, physiotherapy and
+occupational health promotion. Health man-
+agement offers a variety of options to promote
+the long-term health of employees while they
+develop, produce and sell exclusive sports cars
+well into the future.
+Employees, Society, Sports, Communications
+immeasurable criteria that are still relevant
+AND MANY MORE
+HOBBIES
+VALUES
+ABILITY
+EXPERIENCE
+PERSONALITY
+113
+SEXUAL ORIENTATION
+For example, employees may arrange to have
+a thorough medical check-up and obtain
+medical advice on any health issues. This
+health check is carried out by doctors qualified
+in preventive medicine. It is voluntary and
+takes place during working hours. In this way,
+Porsche once again demonstrates how ser-
+iously it takes the health of its workforce while
+also supporting a key aspect of employee
+health prevention. If necessary, physiother-
+apists also advise employees directly at the
+workplace. Their focus is on prevention, aiming
+to eliminate ergonomically unsuitable behav-
+ioural patterns at an early stage and stop
+health problems even occurring in the first
+place. Porsche's health management pursues
+a holistic approach. Courses on health
+as nutrition, physical activity and mental
+strategies.
+Youth and training support
+Donations
+For Porsche, economic success and social
+responsibility are inextricably linked. As such,
+the company makes social responsibility
+a priority most notably at its various sites.
+Through its donations, CSR sponsoring and
+cultural sponsoring activities, the Porsche
+Group supported over 75 individual projects
+in a wide range of areas during 2019. Further
+donations were also made to the Ferry
+Porsche Foundation.
+SOCIETY
+116
+Employees, Society, Sports, Communications
+115
+promotion therefore include such aspects
+A GLIMPSE OF PORSCHE TRAINING
+As our hard-working and successful employees
+deserve an outstanding range of catering
+options, Porsche Gastronomy represents an
+important element of the corporate culture.
+In the reporting year, it underwent further ex-
+pansion to include an integrated sustainability
+concept encompassing the aspects of meal
+planning, food purchasing and sustainable
+packaging solutions. Single-use plastics have
+also been eliminated and the amount of energy
+used on catering has been reduced. Success-
+ful progress was recorded in all areas during
+2019, with Porsche becoming the first
+major catering service in Germany to only use
+cleaning agents that are 100 per cent bio-
+degradable. This move lessens the impact on
+the environment and significantly reduces the
+potential hazards for employees when handling
+cleaning agents. The economic deployment of
+cleaning agents also helps conserve resources.
+Porsche Gastronomy
+Health management
+takes a targeted ap-
+proach to fostering
+Porsche's most import-
+ant resource: motivated
+and high-performing
+employees.
+DANIEL MAUSS, HEAD OF HEALTH MANAGEMENT, AND BRAND AMBASSADOR JULIA GÖRGES FIRE
+THE OFFICIAL STARTER'S GUN FOR THE PORSCHE CHECK-UP FOR ALL
+Water
+In times of demographic change and a rapidly
+evolving working environment, it is more
+important than ever to focus on the health
+of the workforce. Dr Daniel Mauss, Head
+of Health Management at Porsche AG, has
+developed an early warning system intended
+to prevent chronic illnesses caused by
+excessive psychosocial stress. Named the
+"Allostatic Load Index", it uses a mere five
+variables to determine an indicator value
+for stress-related health problems. This prac-
+tical index was awarded the 2019 Innovation
+Prize by the VDBW association for company
+doctors in Germany.
+Protection of employee health takes top
+priority for Porsche. An organised and struc-
+tured system for occupational health and
+safety guarantees a targeted and uniform
+approach and supports the implementation
+of legal provisions. This system helps to
+prevent accidents at work and occupational
+illnesses as far as possible. The central
+processes of occupational safety are stand-
+ardised and regulated by a Group guideline
+that applies to all Porsche employees.
+Occupational safety is an essential element
+of the compliance management system. It is
+the managers' responsibility that employees
+know and comply with the provisions of the
+guideline. Specialists in occupational safety
+and company physicians are available in an
+advisory capacity with regard to occupational
+safety. All staff members are represented
+through the legally defined representatives in
+committees in accordance with the Occupa-
+tional Safety Act. Porsche employs qualified
+safety engineers and occupational health
+professionals who concentrate on preventive
+measures for accident and health protection.
+The design of workstations, machines and
+equipment is oriented towards the applicable
+high safety and ergonomic requirements.
+Training measures for employees and
+managers serve to sensitise the entire organ-
+isation, thus promoting constant improve-
+ments in occupational safety while prevent-
+ing accidents.
+In all that the Porsche Gastronomy does, it
+never takes the eyes off its core role: serving
+up a rich variety of healthy hot meals to
+Porsche employees across as many as three
+shifts every day - and providing snacks at all
+company sites. On top of this, Porsche
+Gastronomy once again ensured high-quality
+catering for guests and customers at a range
+of events in 2019 including the "Car Summit"
+at the Porsche Museum, the opening of the
+Taycan factory in Zuffenhausen, the "Night of
+Champions" at the Development Centre and
+the family day in Leipzig.
+INTERNATIONAL TRAINEE PROGRAMME
+10
+In 2019, all employees of Porsche AG and its
+subsidiaries were again asked to give an
+assessment of their current work situation
+using a mood barometer. More than 83 per
+cent of Porsche Group employees voluntarily
+participated in the online survey. The mood
+index at Porsche AG has improved by a further
+1.5 per cent on top of what was already an
+extremely positive result for 2018. It is
+particularly pleasing to note that 93 per cent
+of employees view Porsche as a very attractive
+employer. After the questionnaires have been
+evaluated, the results in the respective
+corporate unit are discussed in detail. Man-
+agers and employees identify potential for im-
+provement and jointly define specific measures
+in order to optimise processes or working
+conditions, for example.
+learning platform, comprising digital learning
+modules, learning videos and webinars - a
+threefold increase on 2018. Even classic
+non-digital qualification formats expanded by
+over 30 per cent during the reporting period,
+while qualification training addressing future-
+oriented topics grew by more than 45 per cent
+during the year.
+FIT FOR DIGIT@L: PORSCHE MANAGERS AT THE INTERACTIVE BEACON CHALLENGE
+More than 400 hours' worth of virtual learning
+resources are now available on the Porsche
+The platform is also increasingly being used
+for qualification projects with a broad scope.
+For example, the digital learning module "High
+voltage instruction - vehicle technology
+basics" introduced at the start of the year is
+intended for all employees of Porsche AG and
+its German subsidiaries. This departmental
+and HR development joint project has been
+honoured with the ComeniusEduMedia Award.
+Core resources for digital learning are the
+Porsche learning platform introduced in late
+2017 and the media laboratory opened in
+the reporting year. HR development and repre-
+sentatives from the various departments and
+subsidiaries are constantly expanding the
+scope of this platform. The fact that there are
+now over 30,000 active user profiles illustrates
+how Porsche Group employees use the plat-
+form, engaging in self-managed learning to
+actively advance their skills.
+Porsche learning platform, media laboratory
+and learning community
+The digital transformation places new and
+significantly altered requirements on the
+workforce. It is therefore important to sensi-
+tise and motivate all employees for the trans-
+formation, encouraging them to help shape
+the change. The "Fit for digit@l" knowledge
+campaign, which started in 2017, focused on
+two key areas in 2019. Firstly, the range of
+content was expanded as the variety of activ-
+ities involved in Mission D, innovation manage-
+ment and the action areas of Strategy 2025
+Plus featured many tangible examples of
+digitalisation at Porsche. Short videos, digital
+learning modules and brief presentations were
+used to communicate specific aspects of
+added value and use cases that help give a
+face to the company's digital transformation.
+Secondly, new face-to-face training sessions
+supported by digital elements were introduced
+to the knowledge campaign in the flipped
+classroom format. While these resources are
+primarily intended for employees from
+Production, especially as part of the Taycan
+qualification drive, the 2019 Porsche Manage-
+ment Conference saw managers take part
+in an interactive beacon challenge to measure
+their knowledge of digitalisation. These
+wide-ranging activities have enjoyed a positive
+reception even outside of the company, with
+the HR Excellence Award nomination in the
+category of Change Management serving as
+further testament to the sheer innovativeness
+and effectiveness of this Porsche initiative.
+Knowledge campaign "Fit for digit@l"
+significantly expanded
+Porsche introduced mobile working in 2019:
+this model offers even greater choice than
+working from home, as it enables flexible
+working hours at flexible locations for the bene-
+fit of the company and employees alike.
+Aimed at achieving even greater compatibility
+between work and personal lifestyles, it
+has been very well received in areas where
+mobile working is a feasible option.
+Mobile working
+Within the scope of "Together4Integrity@
+Porsche", the integrity and compliance
+initiative of the Volkswagen Group, the HR
+Compliance division shares responsibility for
+implementing specific measures in various
+HR processes at all Porsche Group companies
+worldwide by the end of 2025.
+In addition to establishing worldwide HR com-
+pliance reporting and corresponding effective-
+ness monitoring, HR Compliance assumes
+the role of a personnel coordinator and serves
+as the interface to the whistleblower system
+in Human Resources and Social Affairs. As data
+protection coordinator for the department,
+HR Compliance also ensures greater implemen-
+tation of and sensitisation to employee data
+protection with regard to HR processes
+and tools.
+The new corporate unit HR Compliance, which
+was created in the reporting year, is tasked
+with ensuring that compliance is sustainably
+established within strategic and operational
+HR work as well as providing corresponding
+guidance. HR Compliance is entrusted with
+systematically promoting and furthering com-
+pliance and integrity in Porsche's personnel
+tools, measures and processes. It is also
+responsible for advising, informing, sensitising
+and qualifying HR employees, particularly
+within operational HR.
+HR Compliance organisation
+Fit and healthy with the Porsche job bike
+In providing a quality company bike, Porsche
+promotes the health of its employees, pro-
+tects the environment, expands its corporate
+mobility options and boosts its role as an
+attractive employer. Employees have been able
+to enjoy the benefits of this company bike
+since April 2019, also profiting from tax relief
+and attractive terms by paying directly from
+their gross salary. Eligible employees can
+obtain up to two (e-)bikes for unlimited use
+through the Porsche job bike programme.
+The "Lernen@Porsche-Community" group has
+evolved into an established discussion plat-
+form boasting 400-plus members. Regular
+community meetings focus on trends and
+case studies for promoting sustainable learn-
+ing, new functions on the Porsche learning
+platform and expert insight into the various
+qualification projects at the different depart-
+ments. This open and interdepartmental
+exchange on aspects of best practice is al-
+ready establishing synergies that will be used
+for subsequent qualification programmes.
+The digital transform-
+ation places new and
+significantly altered
+requirements on the
+workforce. It is therefore
+important to sensitise
+and motivate all
+employees for the
+transformation, encour-
+aging them to play an
+active role in shaping
+the change.
+in the AutoVision category "Internal Communi-
+cation, Human Resources" in 2019. In addition,
+the campaign has received a total of three
+honours from the Art Directors Club Germany.
+As Porsche's employer branding campaign
+shows, behind the exclusive products is
+an approachable employer that values factors
+such as camaraderie and work-life balance.
+While high-quality black and white pictures of
+employees convey an authentic impression
+of the working environment, central messages
+of the Porsche corporate culture - such as
+practicality, collegiality and innovation - are
+conveyed to the outside world. Not only was
+this campaign recognised with the audience
+award for "Best Cultural Fit Campaign" at the
+Trendence Awards, it also won the Grand Prix
+award for Best Film and the OttoCar award
+However, the support of young talents begins
+even before university. For the last 19 years,
+the best high-school leavers of their year in
+Baden-Württemberg have been awarded the
+Ferry Porsche Prize in the main subjects
+of mathematics and physics/technology. In
+2019, the coveted award was presented to
+220 young people. Six of them additionally
+received a one-year scholarship. The scholars
+are selected by drawing lots during the
+annual award ceremony at the Research and
+Development Centre in Weissach.
+support programmes from the education fund
+such as networking events and further training
+possibilities are on the agenda. International
+university contacts are also carefully main-
+tained and continually developed: examples
+include the cooperation with the IT chair at
+Babes-Bolyai University in Cluj (Romania).
+WITH ITS EMPLOYER BRANDING CAMPAIGN, PORSCHE SHOWS ITS EMPLOYER BRAND TO BE DOWN
+TO EARTH AND APPROACHABLE
+TROER
+The latter also comprises the scholarship
+programme for IT students at RWTH Aachen
+University, which each year sponsors 15 stu-
+dents on Information Technology, Media
+Informatics, Software Systems Engineering
+and Data Science courses. The Porsche IT
+scholarships are awarded through the RWTH
+education fund and include a special frame-
+work programme in addition to financial
+support. Alongside specialist events, general
+This new remuneration system for the top
+management group comprises fixed and
+variable components. Fixed basic remuner-
+ation is regularly checked and adjusted if
+necessary. Two-fifths of variable remuneration
+consists of an annual bonus with a one-year
+assessment period, while three-fifths comes
+from a long-term incentive (LTI) known as a
+performance share plan covering the following
+three years. Where the annual bonus is based
+on results in the relevant financial year, the
+performance share plan LTI - which is linked
+to the performance of virtual preference
+shares in the Volkswagen Group over the ensu-
+ing three years has a multi-year future
+assessment period.
+Porsche is also stepping up its collaboration
+with CODE University in Berlin through a num-
+ber of shared projects. As a result, CODE Uni-
+versity students are currently tackling issues
+relating to the topic of "Machine learning using
+location-specific data". This format connects
+students even more closely with the Porsche
+experts and is part of the university campaign.
+To promote young professional talents, Porsche
+relies on its partnership with relevant univer-
+sities and organisations. A good example of
+this is "Formula Student Germany", an inter-
+national design competition sponsored by the
+Association of German Engineers (VDI).
+Porsche's long-term positioning as an attrac-
+tive employer is the basis for its successful
+HR work. To maintain this, the company
+supports numerous young talent initiatives,
+cooperates with universities and implements
+various communication measures. And this
+has brought success: in 2019, Porsche again
+occupied top positions among students in
+relevant employer rankings. The Universum
+Student Survey saw Porsche named the most
+attractive company in the automotive industry
+and the most attractive employer for engineers
+in 2019. And in Glassdoor's employer ranking,
+which is based on employee ratings, Porsche
+took top spot among leading employers
+for the first time. Porsche's strong employer
+attractiveness is also demonstrated by the
+rising number of applicants: the Porsche Group
+received more than 190,000 applications
+in 2019.
+Employer attractiveness and encouraging
+young talents
+104
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Employees, Society, Sports, Communications
+103
+Cooperation with renowned universities is
+being further expanded, with a specific focus
+on the topic of digitalisation. This year, Porsche
+became a partner of the Business Information
+Technology study course at Karlsruhe Institute
+of Technology (KIT). The newly established
+partner network aims to ensure the close
+interaction of theory and practice in a study
+setting, with Business Information Technology
+students from KIT receiving exclusive insights
+into typical tasks and fields of activity pertain-
+ing to business IT specialists at Porsche.
+The remuneration system for the top manage-
+ment group at Porsche was reworked as of
+1 January 2019. This move, which coincided
+with the standardisation of the remuneration
+system for brand Executive Board members
+and the top management group at the
+Volkswagen Group, aims to ensure suitable
+and attractive remuneration on a national and
+international level. Criteria include the tasks
+of the individual members of the top manage-
+ment group, economic conditions, success
+and the future prospects of the company. Also
+relevant is the appropriateness of the remu-
+neration based on the respective peer group
+and the remuneration structure.
+New remuneration system for top
+management group
+Porsche ideas management saw the introduc-
+tion of a continuous digital process throughout
+the company in the reporting year, enabling
+nearly twice as many ideas to be submitted
+compared with the previous year. This also led
+to an increase in the number of employees
+contributing to the success of Porsche beyond
+their own range of duties. In addition, the
+quality of the ideas rose while the processing
+time fell. Further foundations were also laid for
+the coming financial year by means of a more
+flexible regulation incorporating new target
+groups into Porsche ideas management with
+attractive framework conditions.
+25
+24,481
+Employees
+Porsche AG Group
+101
+At Porsche, our focus
+is on people. That's
+why we're sticking to
+our existing personnel
+strategy - especially
+in an age characterised
+by enormous change
+within the automotive
+industry and ever-
+advancing digital
+transformation.
+The initiative extends far beyond needs-based
+workplace design, however, and is ultimately
+a holistic concept for shaping the future of
+work and collaboration. Qualifying employees
+to prepare them for modern working methods
+such as agile project work thus represents
+another crucial component of this concept, as
+does the adaptation of roles, structures and
+responsibilities in order to ensure the neces-
+sary freedom to take decisions and act accord-
+ingly. In addition, increasingly optimised and
+digitised workflows plus the use of artificial in-
+telligence and process automation will make
+a considerable contribution to further reducing
+the proportion of repetitive tasks. This helps
+create extra headroom for tackling relevant
+future plans in a more intensive manner.
+A key strategic goal within the Personnel
+Strategy 2025 Plus is to further enhance the
+working environments at Porsche, which is
+the motivation behind the interdepartmental
+initiative "New working environments". This
+sees employees being actively integrated into
+the process of establishing future-oriented
+workplace surroundings in which they
+can adopt an activity-based approach to
+their work.
+20
+New working environments
+In the reporting year, the personnel strategy
+was adapted to meet the changing framework
+conditions and was systematically enhanced -
+resulting in the Personnel Strategy 2025 Plus.
+As regards content, strategically relevant
+issues are tackled on the basis of five clearly
+defined and needs-focused action areas. These
+strategic fields not only address personnel-
+related focal points, they are also directly linked
+The working world is already changing fast -
+and the pace of change will only increase over
+the coming years. In light of this, the role of
+HR must and will undergo fundamental adjust-
+ment. Managing the increasing level of com-
+plexity and making the right decisions even in
+the face of growing uncertainty are more crucial
+than ever to the clout and success of an organ-
+isation. In order to avoid being overtaken by
+change, it is necessary to specifically identify
+new developments at an early stage by means
+of systematic trend scouting. Major trends such
+as digitalisation are powering paradigm shifts
+and spurring change in the working world. These
+trends flow into the established tools of innov-
+ation management and personnel strategy, where
+they undergo further structured processing.
+Personnel strategy and innovation
+management
+The company's growth presents Porsche with
+big challenges, which can only be mastered
+if everyone involved pulls together. This means
+that constructive cooperation with the Works
+Council, its committees and IG Metall are
+another important success factor. Collective
+bargaining agreements and works agreements
+form the stable foundation for Porsche's
+long-term success, benefiting employees and
+shareholders in equal measure.
+On the reporting date, 31 December 2019, the
+company counted 35,429 employees, 9.6 per
+cent more than at the end of the previous year.
+A significant driver of jobs is the Taycan, which
+celebrated its world premiere in September
+2019. During the reporting year, Porsche took
+the high level of demand as its cue to hire
+a further 500 staff for the production of this
+electric sports car at its Zuffenhausen site -
+in addition to the 1,500 new recruits that had
+already been announced.
+At Porsche, our focus is on people. That's why
+we're sticking to our existing personnel
+strategy in an age characterised by enormous
+change within the automotive industry and
+ever-advancing digital transformation.
+EMPLOYEES
+to overarching interdisciplinary strategies on
+a company level.
+Another focus in the reporting year was on
+addressing candidates for the manufacture of
+the Taycan electric sports car at the Zuffen-
+hausen site. Communication with applicants is
+predominantly based around social media, an
+area in which personnel marketing has signifi-
+cantly expanded its activities. On Facebook
+and Instagram, which are particularly relevant
+to younger target groups, employees offer in-
+sights into their working lives and reach a wide
+audience. Porsche has also recorded a large
+increase in Instagram followers through its
+cooperation with the influencer Jean Pierre
+Kraemer ("JP Performance").
+20
+With the CSR campaign "Porsche Do Dream",
+Porsche Korea aims to open doors for disad-
+vantaged children and young people so as
+Porsche ideas management
+In the reporting year, the company-wide "My
+Porsche Cockpit" portal was again expanded to
+include various new digital processes such as
+making digital claims for a particular employee
+bonus. This portal is now available for Porsche
+employees to use on their mobile devices. The
+company continues to pursue an end-to-end
+digital process for job postings and place-
+ments, involving the digitalisation and integra-
+tion of all steps from personnel requisition, job
+search and application through to master data
+transfer upon appointment. Alongside this,
+Porsche is proceeding with the introduction of
+SAP Success Factors as its standard HR IT
+application across the Group. This cloud-based
+personnel information system opens the door
+to a wide variety of new options in HR, such
+as quicker access to personnel information,
+greater transparency of data-based decisions
+and the implementation of full-scale talent
+management. And the use of HR analytics
+and new technologies, including artificial intel-
+ligence and process automation, will help
+ensure efficient HR work in the digital age over
+the long term.
+Digital personnel processes are key to enabling
+the continuous optimisation of processes.
+This relates not only to efficiency, such as
+through networking, integration and automa-
+tion, but also to standardisation and ensuring
+adherence to regulations. The digitalisation
+of personnel processes always takes place in
+close cooperation with employee representa-
+tives and in strict compliance with require-
+ments pertaining to data protection and
+data security.
+Digitalisation of personnel processes
+102
+Employees, Society, Sports, Communications
+2019
+15
+2017 2018
+2015
+0
+35,429 V
+32,325
+27,612
+29,777
+5
+2016
+109
+Porsche corporate culture
+In order to incorporate the entire workforce as
+multipliers for the topic of leadership and
+culture, a team dialogue on culture and values
+was also conducted in every corporate unit.
+The entire workforce was therefore divided
+into its respective teams, enabling employees
+to critically assess their own team's approach
+to culture and identify the cultural values
+that need to be reinforced within the team.
+Expansion of the range of further
+Qualification and interdepartmental exchange
+begin on the first day at Porsche, with the
+Porsche Warm-Up serving to welcome all new
+employees. During the two-day event, fresh
+recruits are familiarised with aspects such as
+the Porsche strategy as well as the main core
+and support processes. They are also informed
+about topics such as equal opportunities,
+integrity and compliance principles. Porsche
+Warm-Up International, which gives new
+employees at the international subsidiaries
+an in-depth chance to discover Porsche in
+Leipzig and Zuffenhausen, also promotes the
+establishment of an international network.
+In the reporting year, a total of around 2,500
+employees participated in the Porsche
+Warm-Up - a 25 per cent increase on 2018.
+Porsche Warm-Up
+As Porsche upgrades its Strategy 2025 to
+Strategy 2025 Plus, the focus continues to be
+on addressing the challenges of the digital
+transformation. In the reporting year, this once
+more proved a key influence on the thrust
+and work of personnel and management
+development. The aim is to build and develop
+competencies that are crucial to company
+success in all employees and managers in a
+structured and sustainable way. The high-
+quality and comprehensive range of training
+opportunities and individual and target-group-
+specific staff development programmes was
+again continuously expanded and optimised in
+consultation with the Works Council in 2019.
+Staff development
+INTERNATIONAL WARM-UP IN LEIPZIG
+PORSCHE
+108
+Employees, Society, Sports, Communications
+MEMBER OF THE EXECUTIVE BOARD FOR HUMAN RESOURCES ANDREAS HAFFNER PRESENTS THE
+SPECIAL "DIGITAL FUTURE" PRIZE FROM PORSCHE
+PORSCH
+Peche Send2019
+Digitale Zukunft
+on
+hsen Idee
+ins
+training options
+The reporting year saw Porsche upgrade its
+existing range of seminars to include extra
+topics and formats, all with the aim of provid-
+ing optimum support to employees going
+about their day-to-day tasks. Successful col-
+laboration in virtual teams, time management
+and work organisation were among the key
+themes. The company is also increasingly inte-
+grating blended learning formats alongside
+classic face-to-face sessions. This targeted
+expansion will continue in 2020 with the
+addition of options including mindfulness and
+effective self-management.
+International trainee programme
+Following the successful completion of the
+fourth wave of the trainee programme,
+a new trainee group started this 12-month
+international project in October 2019.
+Fit for the Shop Floor
+Porsche mood barometer
+to long term.
+company in the medium
+required across the entire
+cations set to be required across the entire
+company in the medium to long term. In this
+method, interdisciplinary teams record current
+tasks and skills before using a fit-gap analysis
+with future tasks so as to pinpoint the neces-
+sary skills that must be acquired. Any identi-
+fied skill gaps can thus be addressed at an
+early stage through targeted retraining and
+further training, forward-looking recruitment
+and new priorities in ongoing training. This
+method was introduced throughout research
+and development in 2018 before being trans-
+ferred to regular operations a year later. Over
+300 employees have already participated in
+specific qualification programmes on topics
+such as electrification and mechatronics.
+Porsche extended the roll-out to three add-
+itional departments (Production, Procurement,
+and Finance & IT) in the reporting year and
+aims to compile its first company-wide skills
+atlas by the end of 2020.
+means of systematically identifying the qualifi- using this method to
+systematically identify the
+qualifications set to be
+management - Porsche is
+www.Jugend gründer
+Strategic competency
+Strategic competency management
+In an effort to ensure a lasting legacy, alumni
+events were held during the reporting year
+for all former participants on the management
+programme from the first and second report-
+ing levels. As well as providing a forum for
+discussing the latest issues and strategically
+relevant topics, these gatherings are an
+important platform for engaging in an
+exchange and further boosting interdepart-
+mental collaboration.
+The Porsche International Management
+Programme is tailored to the special require-
+ments of experienced managers on the second
+reporting level. Under the banner of "A distinc-
+tive agility trip for Porsche leaders", the focal
+points are the systematic development of
+leadership competencies, the strengthening of
+the required mindset and the expansion of
+the methodological repertoire for shaping the
+transformation.
+Programmes at management level
+Porsche is preparing managers for the
+challenges of the future with customised
+qualification offers and programmes. The
+reporting year witnessed the launch of the
+Porsche Professional Programme, which helps
+new managers from the second reporting
+level be more effective in tackling their new
+roles and responsibilities. In keeping with
+the concept of "Imagine, Deliver and Lead",
+participants complete three modules offering
+a range of stimuli and tools for the successful
+implementation of Strategy 2025 Plus.
+In the Porsche development programme,
+employees are qualified professionally and
+personally for assuming managerial tasks
+in the future. The wide-ranging content of
+the programme includes digitalisation, innova-
+tive strength, internationalisation and lifelong
+learning. The Porsche development pro-
+gramme was launched in January 2018, with
+its current wave featuring around 250
+employees from Porsche AG and 25 partici-
+pants from the subsidiaries.
+Porsche development programme
+The new Fit for the Shop Floor qualification
+programme was introduced in the reporting
+year for first-level operational managers.
+This programme features a modular structure
+and is supported by an accompanying digital
+learning module. Over the course of 12
+months, participants systematically complete
+10 qualification modules as they expand
+their specialist and interdisciplinary skills.
+Particular emphasis is placed on employee
+management, integrity and Porsche culture.
+The basic modules can also be complemented
+by additional qualification options. A total of
+100 foremen from Production and Logistics
+have joined this programme since it was
+launched in July 2019, and the company is
+already planning to incorporate foremen
+from other departments.
+The transformation of the automotive industry
+poses a raft of new challenges, even for
+Porsche. This has led to the introduction of
+strategic competency management as a
+is the basis for its
+successful HR work.
+This includes needs-
+based training that
+focuses on future
+requirements, ongoing
+skills acquisition and
+internal development.
+Porsche's long-term
+positioning as an
+attractive employer
+amazo
+branden
+The percentage of female trainees remained
+high in 2019 at 29 per cent. In the dual study
+programmes, the proportion of female
+students even reached 44 per cent. In order to
+obtain more applications from suitable female
+candidates in the next few years, Girls' Day
+was once again held at the training centre
+in 2019.
+In 2019, 21 technical trainees, 16 commercial
+trainees and 29 DHBW students gathered
+professional experience abroad. The postings
+lasted from two weeks to four months. There
+were five rotation assignments in technical
+vocational training between Porsche and
+Bentley, plus international assignments at
+Porsche Centre Great Britain and at Nardò
+Technical Centre. Once again, one trainee from
+the subsidiary Porsche Cars Australia was
+taken on at the Porsche AG training centre in
+order to gain insight into the German training
+system. A further 21 DHBW students under-
+took their international practical placement
+on-site at Bugatti, Bentley and Lamborghini.
+Porsche also expanded its collaboration with
+VW Slovakia and saw the brands engage in
+their first-ever exchange programme: this pilot
+gave DHBW students from Bratislava the
+chance to complete their practical phase at
+the Zuffenhausen plant.
+The internationalisation of vocational training
+also continued apace. This represents an
+important means of further qualifying young,
+highly motivated talents undergoing vocational
+training, thereby preparing them for the
+workplace of the future. The foreign postings
+encourage intercultural exchange, aid person-
+ality development and increase participants'
+flexibility and mobility.
+106
+Employees, Society, Sports, Communications
+105
+Part of the future-oriented training comprises
+the promise to take on all graduates of the
+vocational training and the dual study pro-
+gramme as permanent employees. Thus, in
+the reporting year, 190 trainees and DHBW
+students started a permanent job after
+successfully completing their studies.
+Another highlight was the filming of a series of
+videos by influencer Jean Pierre Kraemer ("JP
+Performance") at the training centre. These
+videos were uploaded to YouTube in early April
+and have since racked up over one million views,
+further boosting the appeal of vocational train-
+ing at Porsche. This positive impact was
+also reflected by the huge spike in subscribers
+to our HR marketing channel on Instagram
+(@porschecareers) and by the applicant statis-
+tics drawn from this year's recruitment activities.
+A number of 106 young people began techni-
+cal training in 2019, including auto mechanics
+with a focus on passenger car technology,
+auto mechanics with a focus on system and
+high-voltage technology, warehouse logistics
+specialists, body and vehicle construction
+mechanics, automotive painters, vehicle inte-
+rior designers, industrial mechanics for auto-
+mobile construction, and electronics engineers
+for operating technology. The number of dual
+study places remained unchanged at 34.
+As a response to ever-increasing digitalisation
+across all areas of automobile construction and
+electromobility, around 70 per cent of places
+are now on study courses with strong links to
+IT and electrical engineering. In addition to
+the existing focus on information technology
+and automotive information technology, the
+portfolio of IT-related study courses has been
+expanded to include the aspects of mobile
+informatics and IT security. Nine industrial
+salespersons also started their training in
+2019. In the commercial field, the trainees are
+prepared for the new working world and learn
+digitised applications from the very first day.
+As part of the digitalisation drive and the devel-
+opment of new learning methods, the com-
+pany has teamed up with the vocational school
+Wilhelm-Maybach-Schule. In the pilot phase
+of this collaboration, first-year trainees study-
+ing to become auto mechanics were equipped
+with Porsche tablet PCs. Both the teaching at
+the school and the transfer of knowledge at
+the training centre have been adapted to suit
+the various digital learning methods.
+Electromobility and the issue of new car tech-
+nologies in general have long formed key
+aspects of vocational training, which involves
+targeted preparation of trainees in these areas.
+an additional 327 interested employees. Given
+the high level of demand throughout the
+company, a two-day short course has also
+been offered since June 2019.
+LEADERSHIP LABS TO DEVELOP COMMON UNDERSTANDING OF LEADERSHIP
+In the reporting year, the Porsche Taycan be-
+came the company's first all-electric car to
+enter series production. This marks the dawn
+of a new era - and one requiring intensive
+preparation, most notably for the Taycan pro-
+duction staff. As a result, the vocational training
+unit organised a four-day Taycan training
+course as part of the qualification drive for this
+first-ever fully electric Porsche. The qualifica-
+tion centre is housed in two lightweight
+construction halls covering over 2,500 square
+metres, with the four-day face-to-face course
+providing comprehensive knowledge of the
+Taycan itself and the company's electromobility
+strategy. Going back to the historical roots
+of the company, these interactive workshops
+help participants discover how Porsche has
+come to enter the field of electromobility.
+Topics such as sustainability, charging infra-
+structure and charging services are discussed
+in an in-depth and open manner. Participants
+are also treated to a detailed look at all of the
+Taycan's technical features and functions. The
+training focuses on establishing a tangible and
+emotional link between the participants and
+the course content. Some 2,210 employees
+have been qualified since training began in
+February of the reporting year, including
+1,355 front-line workers, 528 trainees and
+The pillars of Porsche's personnel policy in-
+clude needs-based training that focuses on
+future requirements, ongoing skills acquisition
+and internal development. Porsche vocational
+training provides the basis for this. Learning
+contents and training places are adapted
+predictively to technological progress and
+social development.
+Training
+At the Zuffenhausen site, the company currently
+offers 150 training places in 10 technical and
+commercial training professions, as well as
+eight degree programmes in cooperation with
+the Baden-Württemberg Cooperative State
+University (DHBW).
+The significant increase in employee numbers
+and the digital transformation are crucially
+changing how we work together. The initiative
+launched back in 2017 to strengthen Porsche's
+corporate culture is therefore being continually
+expanded. As a result, the Porsche code was
+anchored in the relevant HR processes such as
+recruiting, HR development and target agree-
+ment during the reporting year. Key to this was
+the first wave of leadership labs, which saw
+1,500 managers - from foremen to members
+of the Executive Board - attend 1.5-day work-
+shops to develop a common understanding
+of leadership based on the Porsche code. The
+second wave will target individual leadership
+behaviour and is already at the planning stage.
+In July, Porsche held an InfoNight event at its
+training centre with the aim of encouraging
+young people to undertake training or dual study
+at the company. The event also marked the start
+of applications for the training and study places
+to be filled in 2020. Attendees were given the
+chance to experience the typical feel of training
+at Porsche while having all their questions an-
+swered in relation to training and dual study.
+TO DATE, MORE THAN 2,000 PORSCHE EMPLOYEES HAVE COMPLETED TAYCAN TRAINING
+NGEL
+TANA
+135
+inbeis
+SCHE
+At Porsche's Leipzig site, the company was
+again very heavily involved in the vocational
+orientation and promotion of MINT professions
+in 2019. In cooperation with the VDI (Associ-
+ation of German Engineers) Garage, the Porsche
+school workshop in Leipzig Plagwitz offers
+schoolchildren the chance to experience tech-
+nology and inspires them to train in a technical
+profession. At its Leipzig site, Porsche recruits
+around 10 per cent of each training year from
+participants of the courses in the VDI Garage.
+The range of courses offered by the Porsche
+pupils' workshop was expanded back in 2018
+to include the topics of electromobility and
+connected car.
+In the last two years, Porsche was the main
+sponsor of the school entrepreneurship
+competition "Jugend gründet". The aim of the
+competition is for school pupils and trainees
+to gain a feel for entrepreneurial thought and
+action in order to use this in future as entre-
+preneurs and intrapreneurs. Since 2018, the
+national final has taken place in the training
+centre in Zuffenhausen. Porsche's special
+"Digital Future" prize also enjoyed a successful
+launch: the internal Porsche jury awarded first
+place to the "Blind Play" business idea received
+from six female school pupils under the
+team name "InteCreate". A plug-in for popular
+video games, their concept enables visually
+impaired people to play games on an equal
+footing with others thanks to a coordinated
+series of unique and easily distinguishable
+audio signals.
+107
+response from trainees and DHBW students to
+date, the company plans to continue the pro-
+gramme into 2020 with an expanded scope.
+2
+In 2018, the Porsche vocational training unit
+teamed up with the Works Council, the youth
+and trainee representatives, and Porsche
+health management to draft the new "Azubi fit"
+health programme for its trainees and DHBW
+students. This duly entered into operation
+in 2019, aimed at improving health-related
+behaviour among young people and motivating
+them to adopt a healthy lifestyle. The core
+aspects are physical activity, nutrition, mental
+fitness and prevention: alongside a fitness
+challenge, the programme addresses topics
+such as ergonomic work, healthy sleep, careful
+handling of personal resources and a healthy
+approach to digital media. Specialists are also
+ready and waiting to share their expertise.
+Given the very open, enthusiastic and grateful
+The after-school learning centre project was
+also continued. On two mornings of every
+week, pupils in years five to 10 at three partner
+schools attended technology classes taught
+by a dedicated teacher for the first time. Drawn
+from two integrated schools and an inter-
+mediate secondary school, the youngsters
+were provided with curriculum-based teaching
+featuring a direct link to Porsche. The teacher
+also received subject-specific support from
+various trainees and master trainers. A further
+focal point is vocational orientation, which
+aims to encourage more young people to enter
+technical vocational training: the teaching
+workshop helps pupils experience the reality of
+training in the eight technical occupations in
+which Porsche offers traineeships.
+people with a disability are also enabled indi-
+vidually in cooperation with various vocational
+training centres.
+The vocational training of severely disabled
+candidates has been exemplary. Currently, 22
+persons with a disability are completing train-
+ing or a dual study programme with Porsche.
+If training in the company is not possible on
+the grounds of corresponding restrictions,
+the cooperative training model applies: the
+young people complete the theoretical part of
+their training at a vocational training centre
+which is appropriate to their individual support
+needs. For the practical part of the training,
+they are then deployed to the extent of their
+possibilities in the various departments of the
+company. Internship placements for young
+Since many applicants have no prospect of a
+training place according to the general selec-
+tion criteria, Porsche relies on an entry qualifi-
+cation known as the Year of Support. A number
+of 18 young adults completed a Year of Support
+in 2019, 14 of whom were able to qualify for
+subsequent training at Porsche. Porsche has
+also successfully continued the integration year
+for refugees. The project featured 11 young
+people, of whom almost all were successfully
+integrated into the training and job market
+in cooperation with handicraft businesses or
+have gone on to attend secondary school.
+Responses were provided by vocational train-
+ing representatives and by employees from the
+various departments, who also offered detailed
+insights into the world of work after training.
+This year's event was also the first at which
+attendees were able to receive pointers on
+crafting the perfect application, as a dedicated
+presentation and four hands-on information
+stands provided full details on the application
+process plus a valuable range of insider tips.
+EXPERIENCING TECHNOLOGY IN THE PORSCHE PUPILS' WORKSHOP IN LEIPZIG
+to improve their opportunities and prospects.
+The programme not only includes the "Porsche
+Dream Up" scholarship programme supporting
+bright young talents in the fields of art and
+sport, but also the "Dream Playground" drive to
+establish playing facilities inside buildings.
+This latter campaign, which spurred the con-
+struction of two indoor playgrounds at Korean
+primary schools in 2019, is a response to
+the high levels of fine dust pollution that pre-
+vent outdoor play in many places throughout
+the country.
+The guest performance by Leipzig Gewand-
+haus Orchestra at the Liederhalle Stuttgart
+concert hall on 24 October 2019 was open
+to all, with Porsche streaming the event live
+to the Dorotheen Quarter using two Panamera
+cars that were fitted with Burmester sound
+systems. Guests at the Sansibar restaurant
+were also able to listen to the concert
+through Burmester systems. The programme
+was led by Gewandhaus conductor Andris
+Nelsons and featured pieces from Gustav
+Mahler, Robert Schumann, Richard Wagner
+and Felix Mendelssohn.
+CSR sponsoring
+"KLASSIK AIRLEBEN" OPEN-AIR CONCERT
+120
+Employees, Society, Sports, Communications
+119
+CHAMPIONS' BREAKFAST WITH HANDOVER OF CHEQUES
+The Ferry Porsche Foundation also launched the
+Ferry Porsche Challenge in 2019. This cam-
+paign has been established to promote social
+commitment at Porsche's various sites and
+honour those who undertake volunteer work,
+with the foundation insisting on sustainable,
+innovative and creative concepts. Around 600
+associations and institutions have submitted
+their applications and must meet the key fund-
+ing criteria of charitable status, local ties to
+Stuttgart or the Leipzig region, and a project
+focus within one of the five funding areas. After
+selecting the winners, the foundation will award
+100,000 euros each to three first-place finish-
+ers, 50,000 euros each to six runners-up and
+25,000 euros each to 10 third-place entrants
+in 2020. In addition, every project nominated
+for the final will receive at least 5,000 euros in
+funding and all nominated finalists will also
+be eligible for the special prize of 75,000 euros.
+environmental education projects, for ensuring
+inclusion in sport and for the education of
+children and young people affected by social
+and health-related disadvantages. In addition
+to education and science, the foundation also
+provides support in the fields of sport, culture,
+the environment and social issues. Its new
+education initiative is also based around these
+focal points and is aimed at helping young
+talents from different backgrounds, spreading
+knowledge, and providing socially disad-
+vantaged individuals with better access to
+qualification and training programmes.
+The "Ferry Porsche bildet" initiative sees the
+foundation provide approximately one million
+euros for gifted students at schools in
+disadvantaged areas around Stuttgart for
+The Ferry Porsche Foundation has also made a
+statement with its own dedicated campaigns,
+not least in donating the 200,000 euros
+raised by the 2019 six-hour run to half a
+dozen charitable organisations and associ-
+ations recognising them as "champions of
+everyday life". A sum of 33,333 euros each
+was awarded to the Olgäle Foundation
+for sick Children, the Stuttgart Hospice for
+Children and Young People, the Gustav Werner
+School in Zuffenhausen, the Neuwirtshaus
+School in Zuffenhausen, the Frühstück für
+Kinder association that provides breakfasts to
+schoolchildren, and the Lebenshilfe Stuttgart
+organisation for the mentally disabled.
+Not only does this foundation support projects
+in the fields of science, research, training and
+education, it also promotes cultural and
+environmental initiatives while aiding people
+in challenging social situations.
+The Ferry Porsche
+Foundation focuses on
+social responsibility in a
+wide variety of ways,
+centred on assisting
+children and young people,
+especially in and around
+the company's factory sites.
+Ferry Porsche Foundation
+Established in 2018, the Ferry Porsche Founda-
+tion also focuses on social responsibility in a
+wide variety of ways. Its activities are centred
+on assisting children and young people, espe-
+cially in and around the company's factory sites.
+On top of this, 4,000 trainees and school pupils
+in years 10 and up from all over Germany
+submitted their start-up proposals to the
+"Jugend gründet" entrepreneurship competition
+in 2019. Since 2016, Porsche has been the
+main sponsor of this business plan and simula-
+tion contest organised by the Steinbeis Innov-
+ation Center for Business Development at
+Pforzheim University. Porsche also awarded its
+special "Digital Future" prize for the second time
+at this event, honouring the InteCreate team
+comprising six female school pupils whose
+video game plug-in enables people with visual
+impairments to be part of the gamer com-
+munity. As part of their reward, the successful
+entrants were invited to the Porsche Digital
+Lab in Berlin.
+Cultural sponsoring
+Sixth edition of open-air concert series
+On 28 and 29 June 2019, Leipzig
+Gewandhaus Orchestra played a number
+of excerpts from major operas as part of
+the "Klassik airleben" summer concert series.
+Over 60,000 guests were treated to a free
+open-air classical music experience in the
+city's Rosental park. The event was dedicated
+entirely to Italian opera, with Gewandhaus
+conductor Andris Nelsons leading the
+orchestra through a variety of arias, duets
+and orchestral works by Verdi, Puccini
+and Rossini in its final event of the season.
+Soprano Kristine Opolais and baritone Thomas
+Hampson took on solo parts from works in-
+cluding La traviata ("The Fallen Woman") and
+Il barbiere di Siviglia ("The Barber of Seville").
+This marked the sixth open-air event pre-
+sented by Porsche under the "Klassik airleben"
+banner, with the sports car manufacturer
+having served as a Global Partner of the
+Gewandhaus Orchestra since 2011.
+As part of its CSR sponsoring activities in 2019,
+Porsche assisted the Code+Design initiative
+aimed at encouraging young people to enter
+digital technologies and professions. Its code
+camps are conducted across Germany for
+50 to 150 young people at a time with the
+goal of raising interest in the field of program-
+ming. In addition to the hosting of a code
+camp in Stuttgart, the reporting year also saw
+the company support the 19th Stuttgart
+International Symposium on Automotive and
+Engine Technology: as one of the largest and
+most important specialist conferences for
+vehicle and engine technology in Europe, it is
+attended by around 1,000 experts each year.
+Stuttgart Ballet showpiece
+On 20 and 21 July 2019, Porsche and the
+Stuttgart Ballet teamed up for the showpiece
+event Ballet in the Park. The performances
+from the opera house were broadcast live on
+a big screen at the Oberer Schlossgarten in
+central Stuttgart, giving thousands of ballet
+fans the chance to follow along free of charge.
+Viewers were treated to the Stuttgart Ballet's
+"Shades of White" evening on the Saturday,
+while the Sunday featured a matinee perform-
+ance by the John Cranko School. Porsche has
+been the main sponsor of the Stuttgart Ballet
+since 2012 and has now collaborated on eight
+editions of Ballet in the Park. The company
+provided 10 million euros towards the rebuild-
+ing of the John Cranko School, thereby ensur-
+ing long-term support for future generations
+of ballet dancers.
+Leipzig Gewandhaus Orchestra
+Latvian conductor Andris Nelsons also paid a
+visit to Porsche's Leipzig factory on 14 January
+2019 after all, rhythm and harmony are
+crucial to the fields of music and automotive
+manufacturing alike. Following a tour of the
+assembly department led by Gerd Rupp, Chair-
+man of the Executive Board at Porsche Leipzig
+GmbH, Nelsons enjoyed a thrilling ride around
+the factory's very own FIA-certified circuit in a
+Porsche Panamera Turbo S E-Hybrid.
+more progressive,
+athletic and emotional.
+The new Cayenne Coupé
+includes all the technical
+highlights of the current
+Cayenne, but has a
+more dynamic design
+and new technical
+details that position it as
+PORSCHE CAYENNE COUPÉ
+SC01562
+The Cayenne Turbo S E-Hybrid Coupé followed
+in August as the new flagship model. Its system
+output of 500 kW (680 PS) and maximum
+system torque of 900 Nm enable it to acceler-
+ate from zero to 100 km/h in 3.8 seconds
+and to reach a top speed of 295 km/h. On top
+of this, the hybrid range from Porsche now
+includes the new Cayenne E-Hybrid Coupé
+boasting a system output of 340 kW (462 PS),
+torque of 700 Nm and an electric range of up
+to 43 kilometres.
+In May 2019, Porsche unveiled the Cayenne S
+Coupé as a further variant featuring a 2.9-litre
+V6 engine with biturbo charging and 324 kW
+(440 PS). Its maximum torque of 550 Nm
+guarantees powerful acceleration. The SUV
+coupe accelerates from a standing start to
+100 km/h in 5.0 seconds in combination with
+the standard Sport Chrono package. This
+figure drops to 4.9 seconds with the three
+optional lightweight sports packages. Top
+speed is 263 km/h.
+Two high-performance engines were available
+to begin with at market launch. Featuring
+a six-cylinder turbocharged engine and
+3.0-litre displacement, the Cayenne Coupé
+delivers 250 kW (340 PS) and a maximum
+torque of 450 Nm. The Sport Chrono package
+fitted in series-production cars achieves the
+standard sprint from zero to 100 km/h in 6.0
+seconds, with the optional lightweight sports
+packages cutting this figure to 5.9 seconds.
+Top speed is 243 km/h. With a four-litre V8
+engine featuring biturbo charging, 404 kW
+(550 PS) and maximum torque of 770 Nm,
+the Cayenne Turbo Coupé goes from zero to
+100 km/h in 3.9 seconds from a standing
+start and has a top speed of 286 km/h.
+In March 2019, an even sportier car was
+added to the third generation of the success-
+ful Cayenne range - the Cayenne Coupé.
+It includes all the technical highlights of the
+current Cayenne, but has a more dynamic
+design and new technical details that position
+it as more progressive, athletic and emotional.
+Highlights include a sharper design with a
+totally unique rear end, an adaptive rear spoil-
+er, a rear bench with the characteristics of two
+individual seats and two roof concepts: the
+standard panoramic fixed-glass roof and the
+optional carbon roof.
+With its adaptive roof spoiler, the current
+Cayenne Turbo was the first SUV to feature
+this type of active aerodynamics. The new
+Cayenne Coupé continues to lead the way
+Cayenne Coupé
+Striking appearance: the Porsche
+Both cabriolets rely on a 2,981 cm³ charged
+six-cylinder boxer engine with 331 kW
+(450 PS) at 6,500 rpm and 530 Nm torque
+For the first time, the Porsche Active Suspen-
+sion Management (PASM) sport chassis is
+available for the 911 Cabriolet. The springs
+featured in this are harder and shorter, the
+front and rear anti-roll bars are more rigid and
+the overall chassis has been lowered by 10
+millimetres. These adjustments give the 911
+a more neutral feel on the road, with better
+weight distribution.
+between 2,300 and 5,000 rpm. Power trans-
+mission is handled by an 8-speed dual-
+clutch gearbox. The 911 Carrera S accelerates
+from zero to 100 km/h in 3.9 seconds (with
+optional Sport Chrono package: 3.7 seconds)
+and can reach a speed of up to 306 km/h.
+The 911 Carrera 4S attains a top speed of
+304 km/h and goes from zero to 100 km/h
+in 3.8 seconds (with optional Sport Chrono
+package: 3.6 seconds).
+in this respect: on each Cayenne Coupé,
+a fixed roof spoiler is combined with a new
+adaptive rear spoiler as part of Porsche Active
+Aerodynamics (PAA). The spoiler is harmoni-
+ously integrated into the model's silhouette
+and extends by 135 millimetres at speeds
+at or greater than 90 km/h, increasing the
+contact pressure on the rear axle while PAA
+simultaneously enhances efficiency.
+131
+power of 375 kW (510 PS) at 8,400 rpm, the
+911 Speedster accelerates from zero to
+100 km/h in 4.0 seconds and reaches a top
+speed of 310 km/h. Befitting its status as a
+driver's car, Porsche only offers the 911 with
+a manual six-speed sports gearbox. The GT
+philosophy behind the new Speedster is also
+reflected in its chassis. With its sporty rear-
+axle steering and dynamic engine mounts, the
+chassis is based on the technology of the
+911 GT3 and 911 R. Control systems such as
+Porsche Torque Vectoring (PTV), Porsche
+Stability Management (PSM) and PASM with
+sports tuning including lowering by 25 milli-
+metres - have been precisely adapted to the
+new requirements.
+PORSCHE CAYENNE COUPÉ
+The new 718 Spyder is a puristic machine for
+driving pleasure with a lightweight convertible
+top that can cope with high speeds. It con-
+tinues the history of such famous roadsters
+as the Porsche 550 Spyder and the 718 RS
+60 Spyder. Open or closed, it thrills with a
+captivating silhouette. The top is suitable for
+everyday use and can be stowed away under
+the boot lid in just a few steps. Unlike the GT4,
+the 718 Spyder has a rear spoiler that raises
+automatically at 120 km/h. Thanks to
+Among the striking features of the
+718 Cayman GT4 is the comprehensively
+improved aerodynamics package. It produces
+up to 50 per cent more downforce without
+adversely affecting drag - proof of outstanding
+efficiency. The aerodynamics of both models
+benefit enormously from the newly designed
+single-chamber arch rear silencer: this creates
+space in the rear section for a functional
+diffuser, which accounts for a good 30 per
+cent of the downforce on the rear axle in the
+718 Cayman GT4. The fixed rear wing is also
+marked by its greater efficiency, producing
+around 20 per cent more downforce than its
+predecessor. This corresponds to an additional
+12 kilograms of downforce at 200 km/h.
+The front section, which is optimised in the GT
+style, maintains aerodynamic balance with a
+large front spoiler lip and air curtains.
+304 km/h. Each accelerates from zero to
+100 km/h in 4.4 seconds, and engine speed
+maxes out at 8,000 rpm.
+In June, Porsche unveiled the new 718 Spyder
+and the 718 Cayman GT4 - a pair of par-
+ticularly emotive and powerful flagship models
+at the very top of the line-up. At the heart of
+both models is the new four-litre six-cylinder
+boxer engine. The naturally aspirated engine
+is based on the same family as the turbo-
+charged engines in the current 911 Carrera
+series. This new high-revving unit generates
+309 kW (420 PS) - 35 PS more than in
+the previous GT4. The third generation of the
+Spyder has 45 PS more than its predecessor.
+Peak torque of 420 Nm arrives between
+5,000 and 6,800 rpm. Both sports cars are
+equipped with manual gearboxes and are
+capable of breaking the 300 km/h barrier: the
+718 Spyder has a top speed of 301 km/h,
+while the 718 Cayman GT4 can reach
+High performance: the Porsche 718 Spyder
+and 718 Cayman GT4
+SVM 1948
+The Porsche 911
+Speedster combines the
+demands of a puristic,
+driver-oriented car with
+motorsport technology
+suitable for everyday
+use. Visually, it estab-
+lishes a bridge to its own
+history - to the forebear
+of all Porsche sports
+cars, the 356 "No. 1"
+Roadster from 1948.
+Opening up: the Porsche 911 Cabriolet
+Porsche unveiled the new 911 Cabriolet to the
+public in early January 2019. This open-top
+911 was available as the 911 Carrera S with
+rear-wheel drive and as the 911 Carrera 4S
+with all-wheel drive upon its release. The new
+version of the iconic sports car includes all
+the innovative features of the coupé, along with
+cabriolet-specific advanced features such as
+new hydraulics which get the fully automatic
+soft top opened and closed more quickly than
+ever. This top, which boasts structurally inte-
+grated panel bow magnesium elements that
+reliably prevent the roof from raising at high
+speeds, can be opened or closed while driv-
+ing at up to 50 km/h. The new roof hydraulics
+cut the opening time to around 12 seconds,
+while an electrically extendable wind deflector
+takes the edge off the breeze at the back.
+The heart of the Speedster is adopted from the
+911 GT3. The naturally aspirated six-cylinder
+boxer engine with four-litre displacement peak
+A weight-saving roof structure replaces the
+basic tonneau cover of the concept car, with
+the convertible top taking no effort to operate.
+Lightweight design also dictates other body
+components of the Speedster. The carbon-
+fibre composite bonnet - which weighs in two
+kilograms lighter than on the 911 GT3 - and
+the carbon-fibre composite wings originate
+from the 911 R. And while the front apron was
+borrowed from the GT3, the front spoiler lip
+is a completely new development. Instead of
+the Talbot mirrors used on the concept car,
+the production version of the new Speedster
+features electrically adjustable and heated
+Sport Design exterior mirrors. The extending,
+aerodynamically tuned rear spoiler and rear
+apron have been drawn from the 911 GT3
+Touring for the Speedster.
+This new Speedster combines the demand of
+a puristic, driver-oriented car with motorsport
+technology suitable for everyday use. Many
+of its details are based on the 911 R (2016)
+and 911 GT3. Through its characteristic
+lightweight convertible top compartment lid
+featuring "double-bubble" streamliners, the
+Speedster establishes a visual bridge to its
+own history to the forebear of all Porsche
+sports cars, the 356 "No. 1" Roadster from
+1948. The limited-edition new 911 Speedster
+is also reminiscent of this car. Production
+of a run of exactly 1,948 units began in mid
+2019 at the main plant in Zuffenhausen.
+Limited-edition Porsche 911 Speedster
+with 375 kW (510 PS)
+132
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+Research and development
+PORSCHE 911 CABRIOLET
+NEW 718 CAYMAN GT4 CLUBSPORT FEATURING ORGANIC FIBRE BODY PARTS
+133
+As the basic variant, the "Trackday" is aimed
+at amateur drivers who want to take part in
+private racetrack and Clubsport events
+without major effort or outlay. The non-road-
+homologated car can be serviced at all
+Porsche Centres. The "Competition" model
+features a raft of details relevant for racing,
+among them three-stage adjustable shock
+absorbers, an adjustable brake balance
+system, an integrated air jack system and
+the quick-release racing steering wheel from
+RUS
+Formula E
+Team
+PHO
+Porsche
+STO
+TAG H
+provides transparency with regard to import-
+ant upcoming events such as construction
+plans. If necessary, the local residents can
+also be addressed by letter, and there are also
+regular dialogue events.
+CHRI
+The community newspaper targa – Nachrichten
+für die Nachbarn is geared towards residents
+of the three locations of the company,
+Zuffenhausen, Weissach and Leipzig, and
+In the reporting year, the customer magazine
+was honoured with the German Design Award
+2019, the 25th Communication Award, the
+Automotive Brand Contest and the OttoCar
+2019. The Christophorus Edition - a book
+series for sports car enthusiasts interested in
+cultural and societal topics - has supple-
+mented the magazine since the end of 2018.
+With eight million impressions and 589,000
+followers, the Porsche profile on the Drive Tribe
+Internet platform also continues to demon-
+strate significant success. In 2019, all social
+medial outlets together resulted in 214 million
+impressions and nearly three million followers.
+Since 1952, the multi-award-winning maga-
+zine Christophorus has been geared towards
+customers and fans of the brand and is
+currently issued quarterly in 13 different
+languages. In addition to the print version with
+a global run of 600,000 copies, an online
+version is also available in all languages.
+Team
+Formula
+Porsche
+Inside Ethe
+Porsche addresses its employees via the
+Carrera media family, which appears on the
+company intranet as Carrera Online, in an app
+for smartphones and tablets as Carrera Mobil
+and in video form as Carrera TV. Each day, the
+editorial office published up to three articles
+on current events from the world of Porsche. In
+addition, the Internal Communications depart-
+ment publishes the Carrera local site news-
+papers around once per month in three local
+editions (print run: 7,600 copies). The Carrera
+magazine is published four times per year (print
+run: 35,000 copies). In 2019, Carrera garnered
+three Fox Awards, the Astrid Award, the
+Mercury Excellence Award, the German Design
+Award and the Automotive Brand Contest.
+Informed neighbours
+and employees: the
+community newspaper
+targa is geared towards
+residents of the differ-
+ent locations of the
+company. The Carrera
+media family provides
+relevant news and infor-
+mation to employees.
+PORSCHE NEWSROOM
+Powering the 718 Cayman GT4 Clubsport is
+a 3.8-litre six-cylinder boxer engine with
+313 kW (425 PS). Compared to its predeces-
+sor, this represents a 29 kW (40 PS) increase
+in performance. Power is transferred to the
+rear wheels via a Porsche dual-clutch 6-speed
+gearbox with six gears and mechanical
+rear-axle differential lock. At 1,320 kilograms,
+the 718 Cayman GT4 Clubsport is a real
+lightweight and comes with a welded-in safety
+cage, a racing bucket seat and a six-point
+harness as standard.
+The focus during its development was on the
+sustainable use of raw materials - in addition
+to improved handling and faster lap times.
+As the first series-produced racing car, it fea-
+tures body parts made from an organic fibre
+composite. The natural fibre mix featured
+in the driver and co-driver doors and the rear
+wing - are made of an organic fibre mix,
+which are sourced primarily from agricultural
+by-products such as flax or hemp fibres and
+feature similar properties to carbon fibre in
+terms of weight and stiffness.
+as standard: the "Trackday" model is pitched at
+ambitious amateur racing drivers, while the
+"Competition" model is intended for national
+and international events.
+Three years after the debut of the first Cayman
+GT4 Clubsport, Porsche unveiled its succes-
+sor. For the first time, this mid-engine produc-
+tion racing car is available in two variants
+New Porsche 718 Cayman GT4 Clubsport
+with organic-fibre body parts
+For Porsche, the last year was all about the
+Taycan, the fully electric sports car that
+signalled the beginning of a new era for the
+sports car manufacturer. There were also a
+number of additional important introductions.
+RESEARCH AND DEVELOPMENT
+the functional diffuser, it is the first model in
+the Boxster family to generate aerodynamic
+downforce on the rear axle.
+Change is occurring at breakneck.
+pace and the Porsche Research
+and Development team gives
+it a structure. It fuses the brand's
+traditional roots with future
+technologies, creating fascinating
+and emotionally appealing products
+like the new Taycan.
+Technology
+Research and development
+Vehicles
+128
+CARRERA ONLINE
+Employees, Society, Sports, Communications
+127
+the 911 GT3 R.
+Both feature a high-performance GT chassis
+with superior cornering dynamics. The Porsche
+Research and development
+Active Suspension Management (PASM)
+damping system with 30 millimetres lower
+suspension lowers the centre of gravity and
+improves lateral dynamics. Porsche Torque
+Vectoring (PTV) and a mechanical rear
+differential lock further enhance longitudinal
+and lateral dynamics, cornering performance
+and driving pleasure. The GT4 also comes with
+the option of a "Clubsport" package, which
+includes a rear steel roll bar, a handheld fire
+extinguisher and a six-point harness on the
+driver's side.
+Special limited-edition
+In combination with the specially designed
+Porsche Active Suspension Management
+(PASM) electronic damper control, the chassis
+- which has been lowered by 15 millimetres -
+provides even greater lateral dynamics. The
+optional adaptive air suspension lowers the
+chassis a further 10 millimetres. Together
+with the standard 20-inch RS Spyder Design
+wheels and the impressive brake system, the
+new Macan GTS makes an impression with
+the agility and suddenness of a true sports car.
+The Porsche Surface Coated Brake (PSCB)
+with tungsten carbide coating and the Porsche
+Ceramic Composite Brake (PCCB) are available
+as options. The new Macan GTS also under-
+scores its unique sportiness with numerous
+striking chassis elements which, true to the
+GTS style, are painted black or darkened.
+New Porsche GTS model: the sportiest Macan
+Porsche has supplemented the Macan line
+with an emphatically sporty model: the new
+Macan GTS was launched with a powerful
+engine, performance-oriented chassis, char-
+acteristic design and upgraded equipment.
+The 2.9-litre V6 biturbo engine delivers
+280 kW (380 PS) - 15 kW (20 PS) more
+than its predecessor. Combined with the
+newly calibrated dual-clutch gearbox PDK
+and the optional Sport Chrono package, the
+Macan GTS sprints from zero to 100 km/h
+in 4.7 seconds - making it three-10ths faster
+than before. It has a top speed of 261 km/h.
+Porsche celebrated the 10th anniversary of
+the Panamera with a special model. The
+Panamera 10 Years Edition features particu-
+larly extensive standard equipment in terms
+of comfort and the chassis, and has also been
+enhanced with exclusive design highlights.
+For example, the new 21-inch Panamera Sport
+Design wheels in satin-gloss White Gold
+Metallic and the "Panamera 10" logo on the front
+doors, also in White Gold Metallic, are exclu-
+sive to the special edition models. The anni-
+versary logo can also be found in the interior
+on the front-passenger trim panel and on the
+door entry guards. The interior is designed in
+black partial leather, with decorative stitching
+in White Gold creating a particularly
+high-quality impression.
+Special anniversary model: Porsche Panamera
+10 Years Edition
+PANAMERA 10 YEARS EDITION
+model featuring a racing
+design: the Porsche
+718 Cayman GT4 Sports
+Cup Edition, which was
+designed by the sports
+car manufacturer together
+with the experts from
+Style Porsche and the
+Porsche Exclusive
+Manufaktur.
+Panamera
+As with the 911 Carrera 4S models, the im-
+proved performance of the 911 Carrera 4
+models is down to enhanced front-axle drive.
+The clutch and differential unit is now water-
+cooled and features reinforced clutch plates
+to increase durability and load capacity.
+Increased actuating torques at the clutch
+improve the latter's adjustment accuracy and
+thus the capability of the driven front axle.
+The enhanced front-axle drive with Porsche
+Traction Management (PTM) promotes
+increased traction for all road conditions.
+Featuring an eight-speed dual-clutch gearbox
+(PDK), the 911 Carrera 4 Coupé accelerates
+from zero to 100 km/h in 4.2 seconds. The
+911 Carrera 4 Cabriolet completes the sprint
+in 4.4 seconds, with the optional Sport Chrono
+package shaving a further 0.2 seconds off this
+time. All acceleration values are thus 0.1 sec-
+onds better than in the predecessor. Top speed
+is 291 km/h for the all-wheel drive Coupé and
+289 km/h for the all-wheel drive Cabriolet.
+450 Nm is available across a broad speed
+range from 1,950 to 5,000 rpm, thereby
+boosting both performance and everyday
+suitability.
+The Coupé and Cabriolet models were added
+to the eighth-generation 911 Carrera 4 range
+in September 2019. Like the rear-wheel drive
+911 Carrera models, the new 911 Carrera 4
+Coupé and 911 Carrera 4 Cabriolet are
+powered by a biturbo three-litre six-cylinder
+boxer engine that generates 283 kW (385 PS)
+New addition: the 911 Carrera with
+all-wheel drive
+136
+PORSCHE
+Exclusive special model: 718 Cayman GT4
+Cup Edition
+To mark the 15th anniversary of the customer
+and Clubsport series "Porsche Sports Cup"
+Germany, Porsche offered a special limited-
+edition model featuring a racing design.
+Designated the 718 Cayman GT4 Sports
+Cup Edition, it was only available for a brief
+period. The sporty and exclusive model cele-
+brated its debut at the "Sportscar Together
+Day" held at the Hockenheimring on 12 and
+13 October 2019. This spectacular event for
+Porsche fans celebrated both the opening
+of the new Porsche Experience Centre
+Hockenheimring and the season finale of
+the Porsche Sports Cup.
+End of production: the last 991-generation
+Porsche 911 rolls off the production line
+At Porsche, our focus is on people.
+For us, enthusiastic customers
+and job security are what matters.
+We collaborate at eye level with all
+partners. The Taycan factory is a
+commitment to the long-standing
+location Zuffenhausen, which is home
+to the heart and soul of the brand.
+Procurement
+Production
+Sales, Production, Procurement
+Sales
+138
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Research and development
+718 CAYMAN GT4 CUP EDITION
+137
+PORSCHE CARRERA 4
+Right on time for the 70th birthday of Porsche
+sports cars, the 911 Speedster - introduced
+as a concept car in 2018 and available from
+2019 - embodied the original virtues of the
+company: lightweight construction, efficiency,
+purism and driving pleasure. Each of these vir-
+tues were represented by the 4.0-litre 375 kW
+(510 PS) engine, the six-speed manual gear-
+box and a high-performance sports chassis.
+The two-seater was not only the last derivative
+of the 991 generation but also, in 2019, was
+the last of the model series to be produced.
+Like its forbear and prototype - the Porsche
+356 "No. 1" Roadster of 1948 - it will become
+an ambassador of the rolling museum.
+In summer 2017, the most powerful and fast-
+est 911 with racing technology to date - the
+911 GT2 RS took its 515 kW (700 PS) to
+the streets. Its naturally aspirated counterpart
+followed a few months later in the form of the
+911 GT3 RS with racing chassis and 4.0-litre
+engine delivering 382 kW (520 PS).
+The first active aerodynamics of the 911 Turbo
+and the introduction of turbo engines with
+particulate filters for the 911 Carrera models
+continued the eruption of innovations in the
+991 generation. Further highlights came in
+2013 with the exclusively equipped 50th-
+anniversary edition limited to 1,963 models; the
+911 R with aspirated engine (368 kW/500 PS)
+in 2016; and the sportily trimmed 911 T, the
+high-performance 911 GT3 sports car with
+touring package and the one millionth 911
+in 2017. That same year, Porsche Exclusive
+Manufaktur introduced the 911 Turbo S
+Exclusive Series.
+CORSCHE
+One of the biggest upgrades in the history of
+the 911 was unveiled in 2011: for the 991,
+nearly 90 per cent of all components were
+newly constructed or underwent significant
+development. Thanks to the lightweight body
+in the novel aluminium-and-steel composite
+construction, this iteration of the 911 weighed
+less than its predecessor for the first time. The
+chassis with a wheelbase 100 millimetres
+longer and new Porsche Dynamic Chassis
+Control (PDCC) roll stabilisation as an option -
+set new standards in terms of driving dynam-
+ics. In spring 2012, the cabriolet followed
+up with another innovation: when closed, the
+panel bow top with magnesium elements gave
+the roof the curvature of a coupé to an extent
+not seen before. The silhouette remained intact
+even at high speeds. The introduction of
+the new 911 Targa in late 2012 was equally
+impressive: just like the legendary original, the
+new Targa model featured the wide panel in
+place of the B-pillars. But now, at the push
+of a button, the front part of the roof could be
+automatically moved and placed in the rear.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+718 SPYDER AND 718 CAYMAN GT4
+Research and development
+The profile of the different driving modes
+essentially follows the same philosophy as in
+other Porsche model series. This is supple-
+mented by special settings which enable opti-
+mum use of the purely electric drive. Four
+driving modes are available: "Range", "Normal",
+"Sport" and "Sport Plus". In addition, individual
+systems can be configured as required in
+"Individual" mode.
+The lithium-ion battery is installed underneath
+the load compartment floor and has a cap-
+acity of 14.1 kWh. The high-voltage battery
+can be fully charged within 2.4 hours via the
+standard 7.2 kW on-board AC charger when
+using a 400-volt connection with a 16-amp
+fuse. Charging takes six hours from a conven-
+tional domestic socket with a rating of
+230 volts and 10 amps.
+Like all Porsche plug-in hybrids, the new top-
+of-the-range model in the Cayenne family
+is also one of the sportiest cars in the premium
+segment. In the Cayenne Turbo S E-Hybrid
+models, the electric motor is located between
+the V8 engine and the eight-speed Tiptronic S
+gearbox. The two motors are interconnected
+via a separating clutch inside the hybrid
+module. In "E-Power" driving mode, the electric
+motor can single-handedly propel the car up
+to a maximum speed of 135 km/h. It can also
+be used in the other modes for an additional
+power boost. These modes can be selected via
+the standard Sport Chrono package ("Hybrid",
+"Auto", "Sport" and "Sport Plus"). Porsche has
+taken this boost strategy from the 918 Spyder
+supercar.
+In at the top: Porsche Cayenne Turbo S
+E-Hybrid and Turbo S E-Hybrid Coupé
+In late August 2019, the Cayenne Turbo S
+E-Hybrid and the Turbo S E-Hybrid Coupé
+were introduced as the new top models in
+the Cayenne series. They draw their system
+output of 500 kW (680 PS) from the intelli-
+gent interaction of a four-litre V8 engine
+(404 kW/550 PS) and an electric motor inte-
+grated into the eight-speed Tiptronic S gear-
+box (100 kW/136 PS). The maximum system
+torque of 900 Nm is already available just
+above the idling speed. Both models acceler-
+ate from zero to 100 km/h in 3.8 seconds and
+reach a top speed of 295 km/h. This excep-
+tional performance is matched by a high level
+of efficiency: the Cayenne Turbo S E-Hybrid
+and Turbo S E-Hybrid Coupé can drive for up
+to 40 kilometres with zero emissions.
+The average NEDC consumption is 3.9 to
+3.7 l/100 km (fuel) and 19.6 to 18.7 kWh/
+100 km (electric).
+134
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+TAG Heue
+CAYENNE TURBO S E-HYBRID
+133
+a further 0.2 seconds off the sprint. Combined
+fuel consumption (NEDC-correlated) of the
+Coupé is 9.0 1/100 km, while the Cabriolet
+records 9.2 1/100 km. The driving dynamics
+set-up includes 235/40 ZR tyres on 19-inch
+alloy wheels on the front axle. The rear axle
+features 20-inch wheels with 295/35 ZR
+tyres. Deceleration is provided on both axles
+by 330-millimetre brake discs with black
+monobloc four-piston fixed callipers.
+As with the 911 Carrera S, the engine, chassis
+and brakes are designed for exclusive sporti-
+ness. The 3.0-litre six-cylinder boxer engine of
+the 911 Carrera generates power largely
+through the smaller wheel diameters of the
+turbines and compressors that feature in
+the new turbochargers. Power transmission is
+handled by the new eight-speed dual-clutch
+gearbox (PDK). This enables the 911 Carrera
+Coupé to accelerate from zero to 100 km/h in
+4.2 seconds, with a top speed of 293 km/h.
+The optional Sport Chrono package shaves
+Entry-level models: Porsche 911 Carrera
+Coupé and 911 Carrera Cabriolet
+Porsche expanded its eighth-generation range
+with the 911 Carrera at the end of July 2019.
+This new sports car, which was launched as a
+coupé and cabriolet, generates 283 kW
+(385 PS) from its 3.0-litre six-cylinder boxer
+engine with biturbo charging. The Carrera
+is the entry-level 911 model and delivers
+11 kW (15 PS) more than its predecessor.
+S.GO 4107
+911 CARRERA COUPÉ
+The new element of the overall package are
+the ultra-high-performance (UHP) tyres
+which are designed for the 718 Spyder and
+which make the 718 Cayman GT4 fly on the
+Nürburgring Nordschleife, setting new records:
+its lap time on this legendary 20.6-kilometre
+racetrack was over 10 seconds faster than
+its predecessor.
+911 SPEEDSTER
+Porsche Macan Turbo: flagship model with
+higher output and lower consumption
+The Porsche Macan Turbo has taken over the
+top spot among compact SUV sports cars.
+The new six-cylinder biturbo engine -
+which Porsche already uses for the Cayenne
+and Panamera models - delivers 324 kW
+(440 PS), equating to 10 per cent more power
+output than its predecessor with 20 per cent
+less displacement. With the optional Sport
+Chrono package, the car can go from zero to
+100 km/h in 4.3 seconds - three-10ths
+faster than before. Top speed is 270 km/h -
+an increase of 4 km/h.
+The 2.9-litre engine delivers 29 kW (40 PS)
+more than the 3.6-litre six-cylinder turbo in
+its predecessor plus maximum torque
+of 550 Nm between 1,800 and 5,600 rpm.
+Power transmission is provided by the
+seven-speed dual-clutch gearbox (PDK) and
+Porsche Traction Management (PTM)
+all-wheel drive. NEDC consumption stands
+at 9.8 1/100 km.
+The new Macan Turbo comes with the Porsche
+Surface Coated Brake (PSCB) as standard to
+match the excellent driving dynamics. Optional
+height-adjustable air suspension with opti-
+mised rolling pistons and new shock absorber
+hydraulics, Porsche Torque Vectoring Plus
+(PTV Plus) and the Porsche Ceramic Compos-
+ite Brake (PCCB) are available for a further in-
+crease in dynamics. The 20-inch Macan Turbo
+wheels come as standard.
+Porsche uses a centrally networked control
+system for the Taycan chassis. Integrated
+Porsche 4D Chassis Control analyses and syn-
+chronises all chassis systems in real time. The
+innovative chassis systems include adaptive
+air suspension with three-chamber technology
+featuring Porsche Active Suspension Manage-
+ment (PASM) electronic damper control and
+the Porsche Dynamic Chassis Control Sport
+(PDCC Sport) electromechanical roll stabilisa-
+tion system featuring Porsche Torque Vectoring
+Plus (PTV Plus). The all-wheel drive control
+with two electric motors and the recuperation
+system are unique. At up to 265 kW, the
+potential recuperation power is significantly
+higher than that of competitors. Driving tests
+have shown that around 90 per cent of
+everyday braking is performed by the electric
+motors alone without the hydraulic wheel
+brakes being activated.
+second gear features a long gear ratio to
+ensure high efficiency and equally high power
+reserves - even at very high speeds.
+The Porsche Taycan links
+the brand's heritage to
+its future. This four-door
+sports saloon is a unique
+package, combining
+performance and con-
+nectivity with everyday
+usability.
+The two-speed gearbox installed on the rear
+axle is an innovation developed by Porsche.
+First gear gives the Taycan even more
+acceleration from a standing start, while
+All three Taycan models feature two excep-
+tionally efficient electric motors, one on the
+front axle and one on the rear axle, thus
+making the cars all-wheel drive. Both the range
+and the continuous power of the drive benefit
+from the high efficiency of the permanently
+excited synchronous machines. The gearbox
+and pulse-controlled inverter are each com-
+bined into a compact drive module. The mod-
+ules have the highest power density (kW per
+litre of package space) of all electric power
+trains currently on the market. A special feature
+of the electric motors is the hairpin winding
+of the stator coils. This technology makes it
+possible to incorporate more copper in the sta-
+tor, increasing power output and torque while
+maintaining the same component volume.
+The role of the Taycan as a technology leader is
+reflected in almost every detail, even including
+the interior. All user interfaces have been
+completely redesigned for the Taycan. The
+number of traditional hardware controls, such
+as switches and buttons, has been greatly
+reduced. Instead, control is intelligent and
+intuitive via touch operation or the voice
+control function that responds to the com-
+mand "Hey Porsche". With the Taycan, Porsche
+offers an entirely leather-free interior for
+the first time. Interiors made from innovative
+recycled materials underscore the sustainable
+concept of this electric sports car. "Foot
+garages"-recesses in the battery in the rear
+footwell - ensure sitting comfort in the
+rear and enable the low vehicle height typical
+of sports cars.
+particular advantage for Taycan drivers on
+the road: in just over five minutes, the battery
+can be recharged using direct current (DC)
+from the high-power charging network for a
+range of up to 100 kilometres (according to
+WLTP). The charging time for 5 to 80 per cent
+SoC (state of charge) is 22.5 minutes for
+charging under ideal conditions and the maxi-
+mum charging power (peak) is up to 270 kW.
+The overall capacity of the Performance
+Battery Plus is 93.4 kWh. Taycan drivers can
+comfortably charge their cars with up to
+11 kW of alternating current (AC) at home.
+With its clean, puristic design, the Taycan
+signals the beginning of a new era. And with
+a Cd value from 0.22, the aerodynamically
+optimised basic shape makes a decisive con-
+tribution to low energy consumption and
+thus long range.
+The Taycan is the first production car with
+a system voltage of 800 volts instead of the
+usual 400 volts for electric models. This is a
+The Taycan 4S is available with two battery
+sizes: the Performance Battery generates up
+to 390 kW (530 PS), while the Performance
+Battery Plus delivers up to 420 kW (571 PS).
+A single-deck Performance Battery with a
+total capacity of 79.2 kWh is standard, while
+the two-deck Performance Battery Plus (total
+capacity 93.4 kWh) - familiar from the Taycan
+Turbo S and Taycan Turbo - is available as an
+option. Power output and range vary accord-
+ingly. With the Performance Battery, the
+Taycan 4S generates up to 390 kW (530 PS)
+overboost power; equipped with the Perform-
+ance Battery Plus, it delivers up to 420 kW
+(571 PS). Both variants of the Taycan 4S
+accelerate from zero to 100 km/h in 4.0 sec-
+onds. Top speed is also 250 km/h in both
+cases. The range is up to 407 kilometres with
+the Performance Battery, extending as high
+as 463 kilometres with the Performance
+Battery Plus (in accordance with WLTP in each
+case). Maximum charging power (peak) is
+225 kW (Performance Battery) and 270 kW
+(Performance Battery Plus).
+The flagship Turbo S version of the Taycan
+generates up to 560 kW (761 PS) overboost
+power in combination with Launch Control,
+and the Taycan Turbo up to 500 kW (680 PS).
+The Taycan Turbo S accelerates from zero
+to 100 km/h in 2.8 seconds, while the Taycan
+Turbo completes this sprint in 3.2 seconds.
+In terms of range, the Turbo S can cover up to
+412 kilometres and the Turbo as much as
+450 kilometres (according to WLTP in each
+case). The top speed of both all-wheel drive
+models is 260 km/h.
+powerful production models currently offered
+by the sports car manufacturer. The Taycan 4S
+was subsequently introduced as the third
+version of this sports saloon in mid October
+2019. In late 2020, the company plans
+to unveil the Taycan Cross Turismo as the
+first derivative.
+Porsche presented its first all-electric sports
+car - the Taycan - in September 2019, thus
+marking the start of a new era for the company
+and the continued expansion of its offering in
+terms of electromobility. This four-door sports
+saloon is a unique package, combining typical
+Porsche performance and connectivity with
+everyday usability. The first models in the new
+series are the Taycan Turbo S and Taycan
+Turbo. They are at the cutting edge of Porsche
+E-Performance and are among the most
+Porsche Taycan: sustainably redesigned
+sports car
+MACAN TURBO
+The Cayenne Turbo S
+E-Hybrid and the
+Cayenne Turbo S
+E-Hybrid Coupé are the
+new flagship cars in the
+model series. The drive
+combines with a variety
+of innovative chassis
+systems, most featured
+as standard, to enable a
+perfect blend of sports
+car agility, long-distance
+comfort and off-road
+capability.
+135
+Inside E: the
+at 6,500 rpm. The maximum torque of
+PHO
+Golf
+HUCE TO H
+PORS
+RACE TO SH
+ANGELIQUE KERBER
+MARIA SHARAPOVA
+123
+Porsche European Open in Hamburg
+Maria Sharapova, Angelique Kerber and Julia
+Görges are a trio of world-class players and
+the faces of Porsche's successful commitment
+to women's tennis. Boasting class and charac-
+ter both on and off the court, they represent
+Porsche and its philosophy around the world as
+brand ambassadors.
+powering the development of women's tennis
+PORSCHE RACE TO SHENZHEN
+a premium partner of the DTB since 2012,
+In addition to this global partnership with the
+WTA and the Porsche Tennis Grand Prix, the
+company's close cooperation with the German
+Tennis Federation (DTB) represents another
+key pillar of its successful involvement in
+the world of women's tennis. Porsche has been
+Through its partnership with the WTA,
+Porsche is the title partner of the Porsche
+Race to Shenzhen and the exclusive auto-
+motive partner of both the WTA and the WTA
+Finals. The sports car manufacturer is further
+expanding its role as exclusive automotive
+partner of key WTA tournaments around the
+world - supported by the respective markets
+and Porsche Centres, its appearances in 2019
+included St Petersburg (Russia), Dubai (UAE),
+Monterrey (Mexico), Birmingham (UK), San
+Jose (US), Cincinnati (US) and Linz (Austria).
+Bigger and better: successful partnerships
+with the WTA and DTB
+in Germany to a series of international triumphs
+including Angelique Kerber's singles victory at
+Wimbledon in 2018. These fantastic results
+also serve as extra encouragement for budding
+junior players throughout the country. Inspired
+by Porsche's successful nurturing of young
+motorsport talent, the Porsche Talent Team
+offers professional support to help the next
+generation fulfil their potential. And as young
+players always need role models to look up to,
+Porsche is establishing the necessary frame-
+work to support tomorrow's role models today.
+Star players, the new Taycan and a thrilling
+battle Porsche was the title partner of this
+prestigious European Tour event for the fifth
+time in September 2019, offering a fantastic
+brand experience to a crowd of over 39,000 as
+they enjoyed top-quality golf in Hamburg. In
+an exciting finale at the Porsche Nord Course
+run by Green Eagle Golf Courses, England's
+Paul Casey topped the leader board ahead of
+home favourite Bernd Ritthammer.
+"As a fan of sports cars, I felt very much at
+home this week, and it certainly helped me. It
+really is a very special win," he said. Like Casey,
+the top US trio of Xander Schauffele, Patrick
+Reed and Matt Kuchar took their chance
+during the week of the tournament to escape
+the confines of this demanding course and
+make use of the many opportunities to experi-
+ence Porsche sports cars up close in and
+around Hamburg.
+"The third Porsche European Open at the
+Green Eagle Golf Courses venue was in many
+ways a very special tournament for us. We've
+seen world-class golf over the extremely chal-
+lenging Porsche Nord Course and everything
+peaked with a spectacular weekend that
+included a record attendance, lovely weather
+and an enthralling battle for the title," said
+Andreas Haffner, Member of the Executive
+Board responsible for Human Resources at
+Porsche AG. "The event also enabled us
+to deliver an intensive brand experience, even
+away from the course."
+Since 1 November, Dr Sebastian Rudolph
+has been Vice President Communications at
+Porsche and, with his assumption of the
+position, two fields will take on greater import-
+ance: the topic of sustainability as well as
+relationships with policymakers and associ-
+ations now have the same level of importance
+as traditional public and press relations work.
+The name of the division is also being expanded
+accordingly; it now bears the title of Commu-
+nications, Sustainability and Politics.
+The tasks of a professional communications
+department are wide-ranging: it informs
+the public and employees about the company,
+while at the same time maintaining positive
+relationships with stakeholders and multipliers.
+Additionally, it establishes a reputation, in-
+creases the value of the brand and fosters
+acceptance for the company and its products.
+COMMUNICATIONS
+124
+Employees, Society, Sports, Communications
+PORSCHE EUROPEAN OPEN IN HAMBURG
+JULIA GÖRGES
+Porsche Golf Circle hits new heights
+The Porsche Golf Circle, an international
+app-based community reserved for golf-loving
+Porsche customers, continued to expand
+rapidly in its second year and now boasts
+3,000 registered members. Not only does the
+Porsche Golf Circle enable members to interact
+with like-minded individuals across the globe
+and visit the editorial section for fascinating
+insights relating to golf, Porsche and the
+company's activities in the golfing world, it
+also organises a host of exclusive events.
+In 2019, community members travelled to the
+Porsche brand's Stuttgart home, marvelled at
+the spectacular city state of Singapore and
+enjoyed a behind-the-scenes look at a profes-
+sional tournament - the Porsche European
+Open in Hamburg.
+The Porsche Generations Open, an innovative
+competition for amateur golfers, returned for
+its fourth edition in 2019. Having originated in
+Germany, this concept of a team event featur-
+ing players from two different generations
+with an age gap of at least 20 years has been
+an international hit.
+Porsche Generations Open
+Porsche Golf Cup celebrates first hole-in-one
+Porsche's exclusive series of amateur tourna-
+ments for customers was peppered with
+highlights in 2019. The top 80 male and
+female golfers from 20 countries successfully
+qualified for the sixth World Final in Mallorca,
+representing the very best of the 17,647
+starters who entered a total of 261 qualifica-
+tion tournaments. These record entry figures
+further underline Porsche customers' real
+passion for golf. In addition, Italy's Marco Leoni
+recorded a hole-in-one at the last hole of
+the World Final in May. Not only was this the
+first of its kind in the history of the event, it
+happened at the very hole that qualified for a
+special bonus prize - a Porsche 911 Carrera S.
+South Korea were ultimately crowned the
+winners of the World Trophy event in Mallorca.
+Established in 1988, the Porsche Golf Cup
+is organised by Porsche AG together with
+the Porsche Centres and the Porsche sales
+subsidiaries.
+Porsche Golf Cup World Final 2019
+Hole in One
+MARCO LEONI
+Porsche also offered golfing experiences in the
+heart of Hamburg with the Porsche Urban Golf
+Challenge at Spielbudenplatz square in the
+St Pauli district, providing plenty of thrills and
+spills to kick off the tournament. The Porsche
+Urban Golf Club at the Strand Pauli beach club
+also helped get the crowds in the mood for
+golf in the weeks leading up to the event.
+Additional pro tournament partnerships
+Porsche has served as automotive partner at
+events on the Asian Tour and the European
+Tour since 2019, presenting the brand at the
+SMBC Singapore Open, the Omega European
+Masters in Crans-Montana, Switzerland,
+and the Mutuactivos Open de España in Madrid.
+This commitment to golf emphasises the
+brand's international outlook and its relevance
+to the markets.
+Alongside the golfing elite, another star of the
+Porsche European Open 2019 was the new
+Porsche Taycan Turbo. Only one day after
+enjoying its world premiere, it was unveiled as
+the hole-in-one prize at the 17th tee of the
+Porsche Nord Course to the delight of players
+and spectators alike. Also in attendance were
+members of the Porsche Golf Circle and the
+South Korea team that won the World Trophy
+of the Porsche Golf Cup. Their participation in
+a variety of events including the Porsche
+European Pro-Am tournament underlined the
+close links between Porsche's activities in the
+world of golf.
+"We'd like to warmly congratulate Ashleigh
+Barty on winning the Porsche Race to
+Shenzhen. Her prize of the athletic Cayenne
+Coupé is the fitting reward for her magnificent
+tennis performances this season," said Detlev
+von Platen, Member of the Executive Board
+responsible for Sales and Marketing at
+Porsche AG. "The WTA Finals in China are
+another highlight in our successful partner-
+ship with the WTA and the perfect finale to
+a fantastic tennis year."
+The world premiere of the Taycan was the
+emotional climax of the reporting year. On
+4 September 2019, Porsche introduced
+its first all-electric sports car, with the prem-
+iere taking place on three continents at
+the same time. Each of the three premiere
+locations symbolised a renewable energy
+source, and therefore also the natural energy
+with which the Taycan can be powered:
+Niagara Falls in Canada represented hydro-
+power, a wind turbine installation on the
+Chinese island of Pingtan represented wind
+power, and the solar installation in Neuharden-
+berg, near Berlin, represented solar power.
+The Porsche Race to Shenzhen was won by
+Ashleigh Barty of Australia in 2019. By head-
+ing the Porsche ranking, the world number one
+secured her place at the first edition of the
+WTA Finals to be held in the Chinese high-tech
+city of Shenzhen. This exclusive event is
+reserved for the eight most successful singles
+and doubles players of the season. Top-ranked
+Barty also received a Porsche Cayenne Coupé
+in honour of her achievement.
+Porsche Race to Shenzhen: Ashleigh Barty
+wins Cayenne Coupé
+Sports funding in the Leipzig region
+Cayenne with trailer was specially developed
+for youth support, featuring sporting equip-
+ment and training modules for measuring
+individual performance through play. In this
+way, young talents can better assess their
+sporting capabilities and adapt their approach
+to training accordingly. Age-specific reference
+values also make the results easy to compare.
+The Porsche Coaching Mobile was in action
+across Germany almost every weekend from
+April to October 2019. Its 34 days of appear-
+ances extended far beyond the five partner
+clubs in the Stuttgart and Leipzig regions, with
+nearly 4,000 children and young people taking
+part in the various events.
+Another attraction at the ADM Youth Days is
+the Porsche Coaching Mobile: this Porsche
+The ADM Youth Days event run by Stuttgarter
+Kickers gives around 1,200 children the
+chance to participate in an exciting football
+tournament and a wide range of additional
+activities. With support from Porsche, this
+tournament welcomes over 100 youth teams
+from across the region in four age groups.
+Sports funding in the Stuttgart region
+For a number of years, Porsche has supported
+children and young people in the Stuttgart
+area at its partner clubs SG Sonnenhof
+Grossaspach (football), SV Stuttgarter Kickers
+(football) and SC Bietigheim-Bissingen
+Steelers (ice hockey), as well as at the Porsche
+Basketball Academy in Ludwigsburg. This
+collaboration aims to provide the next gener-
+ation with sporting and social support through
+shared experiences while also preparing
+them for their subsequent work life.
+TURBO FOR TALENTS
+Porsche and the football club RB Leipzig have
+worked together in the field of youth support
+since 2014, encouraging children and young
+people to participate in team sports while
+nurturing their individual potential. This collab-
+oration also makes it easier for children from
+socially disadvantaged families to access team
+sports and professional competition.
+in the sports sponsor-
+ship strategy.
+Beyond the professional arena, another key
+pillar of the sports sponsorship strategy is to
+introduce young people to the social benefits
+of sport. Porsche therefore supports youth
+sport at its Stuttgart and Leipzig production
+sites as part of its wide-ranging Turbo for
+Talents programme. In addition to high-quali-
+ty sports training, this programme also pro-
+motes the social and personal development of
+children and young people.
+Sami Khedira has been an ambassador for
+Porsche's youth support programme since
+2018. A 2014 World Cup winner who played
+a number of seasons for VfB Stuttgart,
+Khedira makes appearances at a variety of
+events and provides important tips to help
+young players maintain the right attitude
+and behaviour both on and off the pitch.
+of Porsche's activities in the field, with the
+company having established the Porsche Golf
+Cup in Germany over 30 years ago. The
+international growth of this exclusive series
+of amateur tournaments for customers has
+demonstrated the relevance of golf to the
+target group, inspiring a move into the men's
+pro game with the Porsche European Open.
+As a manufacturer of sports cars, Porsche
+maintains close links to the sporting world
+with its products and its involvement in motor-
+sport. Furthermore, its diverse and sustain-
+able commitment in this area is anchored in
+the sports sponsorship strategy. The
+company has promoted women's tennis since
+1978, when it became a title partner at the
+inaugural Porsche Tennis Grand Prix in Filder-
+stadt, Germany. Its involvement in tennis
+has grown from strength to strength around
+the world. Golf is also a traditional focus
+SPORTS
+RUS
+As a manufacturer of
+sports cars, Porsche
+maintains close links to
+the sporting world with
+its products and its
+involvement in motor-
+sport. Furthermore, its
+diverse and sustainable
+commitment to other
+sports is anchored
+The Leipzig Quarter-Finals is a popular youth
+football tournament that has been run by
+Porsche and RB Leipzig since 2015. This event
+welcomes U11 and U14 youth teams each
+representing one of four Leipzig city districts.
+Over 1,000 children and young people again
+took part in the 2019 edition of this popular
+tournament, with the winning teams afforded
+the rare honour of receiving their trophies
+during the half-time break of a Bundesliga
+match at the Red Bull Arena - cheered on by
+thousands of fans. Regional football clubs
+also benefit from the "Leipzig Quarter-Finals":
+in August 2019, four regional clubs once
+again received donations from Porsche as a
+thank you for hosting the preliminary rounds
+of this tournament in May. SG Olympia 1896
+Leipzig, SV Lokomotive Engelsdorf, Leipziger
+Sport-Club 1901 and TSV Böhlitz-Ehrenberg
+1990 were each awarded 2,000 euros to-
+wards their youth programmes.
+A further aspect of this partnership with RB
+Leipzig is the Porsche Coaching Bench, which
+gives families with football-loving children
+the chance to experience live matches right on
+the touchline. The sports car manufacturer
+recruits children aged between five and 10 to
+accompany their heroes out on to the pitch.
+At the home match against TSG Hoffenheim on
+7 December 2019, one of these 11 young
+football fans was the 911th. Having served
+as a mascot since the start of this campaign,
+number 911 was allowed to pick out their
+favourite RB Leipzig player and also received
+a football signed by the whole team. At the
+RB Leipzig training ground events, Porsche
+helps the Bundesliga team spot upcoming
+talents. Additionally at the football camp run
+by the RB Leipzig Football School, junior
+players can show off their skills and have lots.
+of fun learning more about the game. Porsche
+supports socially disadvantaged children
+by paying the entrance fee on their behalf. On
+top of this, the inclusion camp at the football
+school helps children with and without
+disabilities learn from and with one another.
+122
+Employees, Society, Sports, Communications
+121
+Porsche has sponsored the Porsche Tennis
+Grand Prix since 1978 and took over as event
+organiser in 2002. This tournament at the
+Porsche Arena in Stuttgart has developed into
+a WTA Tour showpiece. The players them-
+selves have voted it the world's best tourna-
+ment in its category no fewer than 10 times,
+with its most recent triumph coming in the
+reporting year.
+Two players from Porsche Team Germany also
+had reason to celebrate on finals day, as
+Mona Barthel and Anna-Lena Friedsam took
+a shock 2-6, 6-3, 10-6 victory in the
+doubles tournament over the highly favoured
+Czech-Russian pairing of Lucie Safarova
+and Anastasia Pavlyuchenkova. Remarkably,
+this was the first time they had ever competed
+together quite a successful debut.
+Board Oliver Blume presented the champion
+with the keys to her 911 Carrera 4S Cabriolet,
+she added with a wink: "This car is a wonder-
+ful bonus."
+"I love playing in front of this amazing crowd,
+and I'm overjoyed to have finally won this fan-
+tastic tournament," said Kvitova after taking
+match point. And as Chairman of the Executive
+The crowd at the Porsche Arena surely had her
+remarkable recovery on their minds as they
+saluted the achievement of this 29-year-old,
+one of the most popular players on the WTA
+Tour, with a standing ovation lasting several
+minutes. Estonia's Anett Kontaveit proved a
+worthy opponent, with the favourite forced to
+draw on all her experience as she recorded a
+6-3, 7-6 victory that saw her fulfil her dream
+of winning the Porsche Tennis Grand Prix.
+Petra Kvitova wins Porsche Tennis Grand Prix
+It was seventh time lucky for Czech star Petra
+Kvitova as she won the Porsche Tennis Grand
+Prix in front of a sell-out crowd of 4,400 at the
+Porsche Arena on 28 April 2019. Kvitova was
+rewarded with a Porsche 911 Carrera 4S
+Cabriolet for this latest triumph in her highly
+successful career, having previously won the
+prestigious singles title at Wimbledon in 2011
+and 2014, along with a total of six Fed Cup
+crowns as part of the Czech Republic team.
+While Kvitova has experienced a great many
+sporting highlights, she sustained career-
+threatening injuries to her dominant left hand
+during a knife attack in her flat in Prostejov on
+20 December 2016. Following four hours
+of surgery and six months of not being able to
+use her hand, she made her way back to the
+top. "After an experience like that, every match
+I can play is like a gift," said Kvitova.
+Tennis
+LEIPZIG QUARTER-FINALS
+City pro-
+Porpl
+PETRA KVITOVA
+Each year, the best of RB Leipzig's youth
+teams is also crowned the Porsche Talent
+Team, with the U19 outfit taking this title in
+2019.
+Porsche extended its successful global part-
+nership with the Women's Tennis Association
+(WTA) in 2019, remaining the title partner
+of the Porsche Race to Shenzhen - the official
+qualification ranking for the WTA Finals.
+Players can collect ranking points at a total of
+56 tournaments throughout the season
+(52 WTA events plus four Grand Slams). In a
+nod to Porsche's motorsport background,
+every tournament is symbolised with its own
+pit board. The partnership ensures that the
+company maintains a year-round presence on
+the global WTA tour.
+Тауса
+In the reporting year, selected junior players
+at the partner clubs received the 2019 Turbo
+Awards. These honours were bestowed on
+12 young talents from the four clubs
+whose outstanding sporting development,
+educational performance and social commit-
+ment ensure that they already serve as role
+models for their peers. Alongside sporting
+performance, significant emphasis is therefore
+placed on balancing sports training and
+schoolwork as well as social responsibilities
+within the club. As a special bonus, the
+winners also received a driving safety training
+course or a grant towards the cost of a
+driving licence.
+More than 600 representatives of the media
+experienced the event in person, and
+7.6 million people were also watching via live
+stream. International news coverage was
+correspondingly significant: in total, there were
+more than 1,500 reports with a total reach
+The Heritage and Porsche Museum depart-
+ment is tasked with historical communication,
+the goal of which is to lead the tradition of
+the brand into the future in an authentic and
+lively way - via exhibitions in the museum in
+Zuffenhausen, for example. Porsche also uses
+its historical sports cars around the world as
+brand ambassadors on wheels. The collection
+consists of more than 650 cars, and the
+museum also is home to the company archives.
+As the memory of Porsche, it preserves all im-
+portant information with economic, technical,
+social or cultural relevance to Porsche AG.
+At the annual press conference in mid March,
+Porsche presented positive key figures for
+2018, with some 100 representatives of the
+international media on hand. Porsche also
+broadcast this event live on the Internet. The
+resulting news coverage had a global reach
+of some 26.3 million.
+50 YEARS OF THE 917
+THE AUTOMOBILI PININFARINA PAVILION
+128
+0917
+GOODWOOD FESTIVAL OF SPEED
+EMU KOREAN FACES DAVOR
+8745334
+125
+TITLE PAGES OF PRESS ARTICLES ON THE TAYCAN (PRINT, ONLINE)
+Kia XCoed gegen VW T-Roc
+DESAFIO SUV ELECTRICOS Meer la pesa comprar Meretes EXC Audr
+PORSCHE TAY CAN
+Genesis G70
+Employees, Society, Sports, Communications
+126
+There were several anniversaries during the
+reporting year: the multi-time Le Mans winner
+917 and the 914 - the first mid-engine series
+sports car celebrated 50 years of existence. A
+new era began for discerning sports car drivers
+with the introduction of the first Porsche 911
+GT3 20 years ago. And it has been 10 years
+since the Panamera made its way to the
+market. The museum celebrated the milestone
+anniversaries of the historic vehicles with,
+among other things, special exhibitions.
+STO
+PRESENTATION OF THE TAYCAN TO THE PRESS
+CHRI
+CHRISTOPHORUS ONLINE
+Online portal: the
+Porsche Newsroom is
+the central news and
+research source for
+interested journalists,
+online multipliers
+and stakeholders.
+9:11 MAGAZINE
+optimised for the racetrack
+Hungry for every curve and
+Social media is becoming increasingly import-
+ant as a means of communication. During
+the reporting year, the Twitter account of
+Porsche's PR department had some 1.8 million
+followers (an increase of 12.5 per cent compared
+to 2018) and 65 million impressions (up eight
+per cent). On Instagram, Porsche communicators
+reached some 525,000 followers (up 125 per
+cent), and the number of impressions increased
+by 99.2 per cent to a total of 141 million.
+The 9:11 magazine brought home three OttoCar
+awards from the AutoVision festival in 2019,
+with prizes in the categories for reporting, online
+videos and motorsport. The 9:11 magazine is a
+video series which portrays the Porsche brand
+in online videos with running times of 9 minutes
+and 11 seconds. Additionally, online journalists
+and bloggers can use the videos or footage
+for their own channels.
+Porsche's own media once again received
+numerous awards in 2019: the Porsche
+Newsroom earned the top prize in the Digital
+category of the Automotive Brand Contest,
+and Porsche newsTV also received accolades.
+The video and live-stream channel of the
+Porsche Newsroom received top honours in
+the Website & Channel category. Additionally,
+the reporting year also featured the OttoCar
+and the Delphin trophy in the Web TV category
+of the Cannes Corporate Media & TV Awards.
+newsroom
+Additionally, the digital agenda setting is
+flanked by the far-reaching social media chan-
+nels - and with great success: since the start
+of the Porsche Newsroom in 2014, the num-
+ber of page impressions has increased more
+than eightfold, having most recently reached
+some 5.5 million.
+the brand.
+Communicators at Porsche make use of a wide
+range of modern instruments and channels,
+thereby reaching all stakeholders quickly and
+efficiently. The Porsche Newsroom has devel-
+oped into a central point of contact for media
+representatives who are interested in topics
+related to Porsche. There are now five different
+languages available: German, English, Chinese,
+Spanish and Russian. The online magazine
+offers up-to-date information, data, reports
+and background reports on a daily basis.
+Photos, infographics and videos round off the
+broad-spectrum offer, making the Newsroom
+a helpful research instrument for both
+journalists and bloggers as well as fans of
+Leus RX
+CONTACTOS New X3 Serie 1 Toyota Camry
+optimised for the
+Porsche
+motor
+Sport
+Auto Tay be auto
+PRIMERA PLEZA
+Porsche
+Taycan
+CAR AND DRIVER
+Tradition and future:
+with the 99X Electric
+(above), Porsche got off
+to a successful start
+in Formula E. The multi-
+time Le Mans winner
+917 (right and below)
+celebrates its 50-year
+anniversary.
+fabren wir
+Espectacular gen
+PRESENTATION OF THE 99X ELECTRIC
+In addition to the Taycan, the company
+launched a series of other new models during
+the reporting year - from the 911 Cabriolet
+and Cayenne Coupé, 911 Speedster,
+718 Spyder and GT4, to the new Macan Turbo.
+Coordinated communications measures were
+taken for each new introduction, including
+not only premiere events and appearances
+at exhibitions, but also workshops and driving
+shows as well as press materials with all of
+the technical specifications.
+Porsche's first all-elec-
+tric sports car: the world
+premiere of the Taycan
+was the emotional
+climax of the reporting
+year and marks the
+beginning of a new era.
+ELECTRIFIED
+of 191 million.
+Taycan
+The opening of the new Taycan production
+facility also stands out, with numerous repre-
+sentatives from the worlds of politics and
+society were on hand for the event in Zuffen-
+hausen on 9 September 2019. Media
+resonance was significant here as well.
+For Porsche motorsports, 2019 was a very
+successful year: first- and second-place
+finishes at the 24 Hours of Le Mans and the
+successful start in Formula E were spectacu-
+lar highlights. In their first race, the Porsche
+works team took the 99X Electric racing car
+straight to a second-place finish. Along the
+way, the brand's communications experts
+accompanied a total of 30 race events and
+issued some 340 press releases.
+TopGear
+Porsche ran an intensive media campaign for
+the Taycan during the lead-up to the premiere:
+media representatives were on hand for
+vehicle testing and learned more about the
+electric-drive concept as part of technology
+workshops, for example.
+VS TESLA
+TAY BAN
+Opel Corsa im ersten Test
+drivan
+SIGO SABE
+HAS PORSCHE CREATED AN
+ELECTRIC CAR WITH SOUL?
+the driver's EV
+Taycan:
+War frer alles bes
+Erster Test auto
+WER IST DER BESTE? turbo
+O DESPORTIVO
+Sicherheit, Verbrauch 100% ELETRICO
+und Fahrspaß:
+Diese Autos sind top
+AUSTRALIA'S CAR MAGAZINE
+0179E
+Weltexklusiv:
+auto Sa
+wheels
+71
+27,008
+70
+2
+4,013
+730
+3
+1,355
+0
+125
+0
+29,707
+5
+22
+8,398
+20
+8,350
+5
+1,656
+1,841
+Financial services receivables
+0
+98
+0
+10
+146
+Other equity investments
+179
+3,889
+468
+842
+2,635
+1
+8
+3,511
+Cash, cash equivalents and time deposits
+Current assets
+1
+297
+1
+451
+Securities
+0
+81
+0
+95
+Tax receivables
+1
+1
+490
+6
+2,292
+6
+2,415
+2
+730
+3
+842
+2
+759
+2
+10
+368
+These successful innovation tools from the
+Procurement department will be further
+expanded in the future. Its focus for the year
+2020 will be on scouting new partners. In
+this way, Procurement will be able to establish
+further suitable collaborations and help a
+wide variety of innovations find their way
+to Porsche.
+298
+-The "Start-up Autobahn" format enables
+fast, collaborative testing of new technolo-
+gies with fresh-faced companies in the
+automotive sector. Since late 2019, Innova-
+tion Management in this format has led
+these efforts together with additional partners.
+- Under the stewardship of the Procurement
+department, Innovation Management
+successfully conducted two Open Innovation
+formats within the scope of the digital
+developer competition "Porsche NEXT OI".
+"NEXT OI" is an innovation platform that is
+available 24/7 to start-ups and suppliers
+around the world for the purpose of
+developing digital applications. Similar "Open
+Innovation" formats are also being promoted
+for production-related aspects such as
+driverless transport systems.
+- At each of the Porsche Supplier Tech Days,
+one of the company's suppliers presents
+its innovative portfolio and selected pre-
+development projects.
+-The Porsche Supplier Innovation Day pro-
+vides the framework for integrating ground-
+breaking concepts from suppliers into the
+company's operations at an early stage. In
+this way, suppliers can submit and pitch new
+concepts and innovative ideas relating to a
+specific topic.
+Here are the tools at a glance:
+In response to changing framework conditions
+in the automotive industry and ever-shorten-
+ing innovation cycles, Innovation Management
+has refreshed the concepts behind its various
+tools and processes over the last few years so
+as to remain a preferred partner for start-ups
+and suppliers.
+Innovation Management
+718 CAYMAN GT4
+In 2019, Porsche once
+again increased the
+number of new cars
+delivered to a total of
+more than 280,800
+vehicles. The Procure-
+ment department made
+an important contribu-
+tion to this success: on
+the basis of close
+partnership with indus-
+try suppliers, it ensured
+the reliable supply of
+high-quality compo-
+nents for the long term.
+In 2019, Procurement also took the opportu-
+nity to realign its strategy and build on the
+existing Porsche Strategy 2025. This includes
+new goals that have been collectively crafted
+by the departmental management. Procure-
+ment's strategy focuses on five areas: software
+as a product, flexible organisation, shaping
+products and services, operational excellence,
+and culture and expertise. It is also aimed at
+intensifying cooperation between the different
+departments and brands. Employees were
+selected for the new strategy teams at a series
+of pitch days: over 70 candidates were invited
+to deliver a three-minute pitch, with the top
+20 making the cut.
+Porsche Strategy 2025 Plus
+The Taycan, which represented Porsche's entry
+into the all-electric field, played a key role in
+the reporting year. Series production began in
+September 2019 at a dedicated new factory.
+The new technologies and processes that
+are integral to electromobility have taken the
+company in entirely new directions in a number
+of areas. For the production of the Taycan,
+Porsche works with 350 suppliers from a
+number of different countries, who deliver over
+15,000 purchased parts in total. Among the
+trailblazing innovations are 800 V technology,
+battery capacity of up to 93.4 kWh and elec-
+tric drives featuring permanent synchronous
+motors and dual-clutch gearboxes. For
+Porsche, ensuring effective cooperation with
+all partners and identifying suitable new part-
+ners who share its commitment to sustainable
+operations is key to fostering innovations,
+introducing these to series production and
+further enhancing them.
+718 Cayman GT4 Clubsport also made their
+production debuts. The Cayenne Coupé,
+Macan Turbo and Macan GTS all enjoyed suc-
+cessful start-ups. Procurement also purchased
+a multitude of parts for all products and
+worked hand in hand with Development,
+Quality Assurance, Production and suppliers
+to ready the cars for series production.
+The Procurement department focused its
+efforts on a number of production start-ups
+throughout the reporting year, with the
+Taycan an obvious priority. Not only was
+production of the new 911 ramped up, but
+the 911 Cabriolet was added to the 911 Coupé,
+the 911 Carrera and Carrera 4 were added
+to the 911 Carrera S and 911 Carrera 4S.
+The 911 Speedster, 911 GT2 RS Clubsport,
+718 Spyder, 718 Cayman GT4 and
+"Sustainability rating" for suppliers
+Since 1 July 2019, the Volkswagen Group has
+used a sustainability rating for suppliers (of
+production and non-production materials) as
+a binding award criterion in the procurement
+process. In addition to the existing ratings for
+quality, development and logistics, the evalu-
+ation now extends to aspects of sustainability
+such as the attitude of business partners with
+regard to risks involving human rights, envir-
+onmental protection, ethics and corruption.
+Orders will only be awarded to, and work will
+only be done with, suppliers who act sustainably
+Model start-ups
+In 2019, Porsche's material outlay amounted
+to 4,345 million euros (financial year 2018:
+4,201 million euros). Procurement also
+played a decisive role in helping the company
+meet its objectives in terms of services and
+non-production material. The total invest-
+ment volume in the reporting year amounted
+to 1,992 million euros. The increase on
+2018 (1,858 million euros) was due primarily
+to large infrastructure projects, which
+additionally reflects Porsche's policy of con-
+tinued and sustainable growth to ensure
+the future competitiveness of the company.
+Procurement continuously optimised the
+material cost per car throughout the report-
+ing year, with Porsche involving its strategic
+partners in the process at an early stage as
+part of their trust-based collaboration.
+This approach made it possible to achieve
+improvements.
+Procurement of production material and
+non-production material
+In 2019, Porsche had another successful
+financial year. A total of 280,800 cars were
+delivered by the company, representing an
+increase of 10 per cent on the previous year.
+The Procurement department made a sig-
+nificant contribution to this success, working
+in very close partnership with suppliers to
+ensure a reliable supply of high-quality com-
+ponents for the long term. Alongside multiple
+model start-ups, the production launch of
+the Taycan was a key challenge in the report-
+ing year. After all, this first all-electric sports
+car from Porsche represented uncharted
+territory for the company in a number of
+respects. Procurement also explored a num-
+ber of options for optimising value chains,
+intensifying its networking efforts with
+suppliers and identifying new partners.
+The changing framework conditions in the
+automotive industry, the pressure to inno-
+vate and the ever-shortening development
+cycles have triggered a new understanding
+of roles within Procurement. In keeping
+with the corporate strategy, the sports car
+manufacturer is constantly on the lookout
+for new inspirations and solutions. These are
+then developed at an early stage in tandem
+with suppliers, start-ups and partners. The
+Porsche Procurement department takes
+Group-wide proactive approach to inno-
+vation management encompassing all the
+brands. The company engages in close
+cooperation with its strategic stakeholders
+to ensure early detection of trends and
+developments.
+PROCUREMENT
+154
+GENERATOR IN CHP PLANT
+of the electrical energy,
+thereby expanding the
+environmentally friendly
+energy mix at the site.
+They boast an overall
+efficiency of more than
+83 per cent.
+The highly efficient
+combined heat and
+power plant plants next
+to the production and
+office buildings provide
+heat and a portion
+Sales, Production, Procurement
+A GLIMPSE OF THE TAYCAN ASSEMBLY PROCESS
+153
+7
+155
+1
+Sales, Production, Procurement
+and meet the sustainability requirements of
+Porsche. The "sustainability rating" is under-
+going a step-by-step roll-out across all brands
+and regions. Suppliers must first complete a
+self-disclosure process addressing defined
+sustainability criteria and featuring a stand-
+ardised questionnaire that is well established
+in the automotive industry. If the results of the
+self-disclosure are unsatisfactory, an on-site
+check of the production site ensues, which is
+carried out by an independent sustainability
+auditor. Should the audit result in sustain-
+ability risks being observed, this results in a
+negative assessment of the supplier and to the
+exclusion for future awards. The supplier can
+improve its sustainability performance at any
+time in order to fulfil the sustainability require-
+ments and to qualify for future nominations.
+Equity-accounted investments
+10
+3,776
+9
+3,829
+18
+6,928
+20
+8,624
+13
+4,929
+12
+5,085
+SALES TEAM PUTS LEATHER TO THE TEST
+in %
+Dec. 31, 2019
+Results of operations
+Financial position
+Net assets
+Financial analysis
+156
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+Given the technological change within the
+automotive industry as well as the increasing
+complexity and highly dynamic nature of all
+processes, it is necessary to make adjustments
+to risk management. This is a significant
+challenge for small and medium-sized compa-
+nies in particular. Together with suppliers,
+the flexibility of the supply chain needs to be
+increased in order to address the increasingly
+dynamic nature. Additionally, the robustness
+of all partners must be ensured in order to take
+on the changes taking place in the sector.
+So-called supply chain risk management
+is implemented by Procurement in all supply
+chains with the goal of ensuring a reliable
+supply of production and non-production
+materials, as over two-thirds of value creation
+takes place at external partners.
+Risk management
+potential sustainability risks within the supply
+chains. This technology enables transparency
+to be increased along the entire value chain.
+The digital technology was tested using the
+example of leather cockpit parts, with the
+pilot project comprising the origin and pro-
+cessing of the natural leather product through
+to Porsche's own saddlery. This enabled
+comprehensive transparency to be generated
+regarding the value-creation partners involved
+and the potential supply chain risks. Following
+the successful conclusion of the pilot project,
+the procedure is set to undergo an initial
+practical test in collaboration with selected
+partners.
+For the first time, blockchain technology was
+used to conduct a pilot project for identifying
+Together with suppliers, the Procurement
+department continuously analyses selected
+supply chains all the way back to the origin of
+the raw materials to identify all intermediary
+suppliers involved as well as to detect human
+rights risks and take measures accordingly.
+To this end, a number of workshops were held
+with tier 1 suppliers in 2019, with efforts fo-
+cused on pinpointing the key sources of emis-
+sions and potential areas for reducing CO2
+emissions along the supply chain as well as the
+creation of transparency in the entire value
+chain. The participants worked together to de-
+fine objectives, road maps and measures that
+would lead to improvements with regard to
+sustainability, as well as establish mechanisms
+to monitor the progress.
+Supply chain transparency
+in % Dec. 31, 2018
+12,659
+2
+11,151
+5
+2,118
+0
+96
+0
+129
+26
+9,665
+32
+13,639
+1
+402
+1
+1,951
+492
+399
+657
+10
+3,644
+13
+5,375
+Financial liabilities ¹)
+650
+2
+681
+Deferred tax liabilities
+2
+778
+1
+2
+5
+5
+160
+Financial analysis
+100
+38,159
+100
+42,366
+31
+12,017
+27
+11,299
+0
+93
+0
+2,239
+72
+1,087
+3
+1,077
+9
+3,441
+8
+3,082
+8
+3,134
+6
+2,582
+6
+2,215
+3
+30
+996
+10
+instruments.
+Current other financial liabilities amounted to
+€ 3,082 million (prior year: € 3,441 million).
+The decline primarily relates to the € 492 million
+decrease in the liability for transferring profit
+after taxes to Porsche Holding Stuttgart GmbH.
+This was offset by a € 138 million increase in
+the market-to-market of derivative financial
+Trade payables decreased to € 2,582 million
+from € 3,134 million in the previous year due to
+payment processing in line with standard busi-
+ness practice.
+Non-current and current financial liabilities rose
+from € 5,859 million to € 7,614 million. The
+primary reasons for the increase were twofold.
+Firstly, a € 1,000 million bond was placed in
+August 2019. The tranches maturing were refi-
+nanced by means of existing bonds in the
+amount of € 339 million. Secondly, it was neces-
+sary to recognize € 910 million in lease liabilities
+in connection with the right-of-use assets rec-
+ognized in property, plant and equipment due to
+the initial application of IFRS 16. There was also
+growth in refinancing the financial services
+business in the form of asset-backed securities
+and bank loans.
+Current liabilities decreased from € 12,017 mil-
+lion to € 11,299 million, while expressed as a
+percentage of total capital they decreased from
+31 per cent to 27 per cent as of the end of the
+past fiscal year.
+Deferred income tax liabilities amounted to
+€ 681 million compared with € 650 million in
+the prior year.
+Non-current other financial liabilities recorded
+growth of € 258 million. This increase relates
+mainly to the market-to-market of derivative
+financial instruments.
+Provisions for pensions and similar obligations
+increased by € 1,646 million. This was due
+primarily to actuarial adjustments of present
+values amounting to € 1,230 million. There was
+also a significant rise in the number of eligible
+employees.
+Non-current liabilities relate to pension provi-
+sions, other provisions, deferred tax liabilities,
+other financial liabilities, and other liabilities.
+They rose by €3,974 million to € 13,639 million
+in comparison with the prior year. Non-current
+liabilities expressed as a percentage of total
+capital increased from 26 per cent in the prior
+year to 32 per cent at the end of the fiscal
+year. Non-current financial liabilities rose by
+€ 1,731 million.
+By contrast, the € 866 million remeasurement
+from pension plans net of tax, the € 528 million
+change after tax in the hedge reserve, and the
+€ 19 million acquisition of non-controlling inter-
+ests generated decreases in equity.
+The equity of the Porsche AG Group increased
+by € 951 million to € 17,428 million compared
+with the prior-year reporting date. The profit
+after tax, profit transfer and dividends of € 999
+million together with currency translation
+differences of € 92 million and a capital contri-
+bution by Porsche Holding Stuttgart GmbH
+amounting to € 1,273 million generated
+increases in equity.
+Cash, cash equivalents and time deposits in-
+creased by € 876 million year-on-year to
+€ 3,511 million.
+Current other financial assets increased by
+€ 123 million to € 2,415 million. The increase
+mainly relates to the clearing account with
+Porsche Holding Stuttgart GmbH and receivables
+from loans to VW Group companies in the
+amount of € 261 million. By contrast, the mark-
+ing-to-market of derivative financial instruments
+resulted in a decrease of € 148 million.
+Net assets
+Non-current and current receivables from
+financial services rose from € 2,386 million to
+€ 2,683 million. This item mainly comprises
+receivables from finance leases and receivables
+from customer and dealer financing.
+€ 1,355 million as against € 730 million in
+the prior year.
+Deferred income tax assets amounted to
+Non-current other financial assets decreased by
+€ 48 million to € 8,350 million. The decrease
+was due to the marking-to-market of derivative
+financial instruments.
+Fixed assets expressed as a percentage of total
+assets amounted to 42 per cent (prior year:
+42 per cent). Intangible assets increased from
+€ 4,929 million to € 5,085 million. The increase
+mainly resulted from additions to acquired
+licenses and advance payments made. Property,
+plant and equipment increased by € 1,696 million
+year-on-year to € 8,624 million, which was
+due primarily to additions and reclassifications
+relating to advance payments made and assets
+under construction and to buildings and land,
+right-of-use assets relating to buildings and
+land due to the initial application of IFRS 16,
+technical equipment and machinery, and other
+equipment, furniture and fixtures. The additions
+not relating to IFRS 16 consist mainly of pro-
+duction systems, tools and construction work
+for the new generations of vehicles. By contrast,
+the launch of production for the new Taycan
+series caused a decline in advance payments
+made and assets under construction due to the
+reclassification as property, plant and equip-
+ment subject to wear and tear. Leased assets in-
+creased by € 53 million in comparison with the
+prior year, to € 3,829 million. This item contains
+vehicles leased to customers under operating
+leases.
+At the end of the reporting period, the fixed
+assets of the Porsche AG Group - i.e. the intan-
+gible assets, property, plant and equipment,
+leased assets, equity-accounted investments
+and other financial assets - amounted to
+€ 17,982 million, compared with € 16,099 mil-
+lion in the previous fiscal year. Of this increase,
+a substantial amount (€ 902 million) is attribut-
+able to right-of-use assets that must be recog-
+nized for the first time on initial application
+of new accounting standard IFRS 16 - Leases.
+The effect of transitioning to IFRS 16 amounted
+to € 831 million.
+Non-current assets increased by € 2,699 million
+to € 29,707 million. The increase relates mainly
+to fixed assets and to deferred tax assets.
+Non-current assets expressed as a percentage
+of total assets amounted to 70 per cent (prior
+year: 71 per cent).
+As of 31 December 2019, the total assets of
+the Porsche AG Group stood at € 42,366 million,
+11 per cent higher than on the prior-year
+reporting date.
+NET ASSETS
+100
+38,159
+100
+42,366
+29
+As a percentage of total assets, current assets
+amounted to 30 per cent compared with
+29 per cent in the prior year. Inventories increased
+from € 3,889 million in the prior year to € 4,013
+million at the end of the reporting period.
+Other provisions
+of the Porsche AG Group
+Assets
+3,792
+13
+5,438
+Provisions for pensions and similar obligations
+43
+16,477
+41
+17,428
+Equity and Liabilities
+Equity
+159
+1) The prior-year figures were restated.
+Current liabilities
+Tax payables
+€ million
+Other liabilities
+Trade payables
+Financial liabilities
+Other provisions
+Provisions for taxes
+Other financial liabilities ¹)
+Other liabilities
+Non-current liabilities
+Other receivables
+Other financial assets
+Financial services receivables
+Trade receivables
+Inventories
+Other financial assets
+Other receivables
+Deferred tax assets
+Non-current assets
+Property, plant and equipment
+Leased assets
+Intangible assets
+Other financial assets
+Taycan.
+PORSCHE PRODUCTION 4.0: DRIVERLESS TRANSPORT SYSTEMS IN TAYCAN ASSEMBLY
+Porsche's factory of the
+future concept contains
+the metropolis.
+the Taoyuan Art Plaza, an art district of
+fifth Porsche Studio in Asia - located in
+Porsche Studio Taoyuan in December - the
+the brand in a whole new way. Then came the
+The company continued expanding its global
+network of Porsche Studios in 2019, opening
+the Porsche Studio Bangkok in Thailand in
+March 2019. It offers customers and fans of
+the brand new possibilities to interact with
+Porsche and invites visitors to stay for a while
+with its atmosphere that has the feel of a
+boutique. The Porsche Studio Cheongdam
+followed in June, which is located directly in
+the vibrant Gangnam district of Seoul, South
+Korea, and stands out with its futuristic
+showroom concept. The Porsche Studio unites
+tradition and innovation, and invites Porsche
+customers as well as fans to experience
+New Porsche Studios in Asia
+144
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+The new Porsche Studios take advantage of
+different digital elements and large screens to
+address customers. In a relaxing atmosphere,
+fans of the brand can dive into the world
+of "E-Performance", for example. Visitors can
+customise cars in the "Porsche Exclusive
+Manufaktur" and they can learn a lot about the
+history of Porsche across more than seven
+decades on the "Heritage Wall". Additionally, the
+locations can be used to host events geared
+towards specific target groups. The Porsche
+Studios are an important pillar of the "Future
+Retail" strategy with their presence at the
+centre of vibrant cities in order to reach new
+target groups.
+Sales, Production, Procurement
+ONLINE CAR SALES
+1773134
+Customers can perform the most important
+steps for car purchase and leasing online -
+whenever and wherever. Only customer
+authentication and the final conclusion of the
+contract will still initially take place at the
+Porsche Centre. The final conclusion of the
+contract at the dealer can then be taken care
+of much more quickly and simply.
+Nowadays, it is a matter of course that cus-
+tomers navigate between the digital world and
+the world of physical retail. In October 2019,
+Porsche teamed up with the 88 German
+Porsche Centres to open a new digital sales
+channel as a virtual marketplace for immedi-
+ately available new and pre-owned cars. It will
+also include additional Porsche products and
+services in the future, with the launch in
+Germany being followed by Europe-wide roll-
+out in 2020.
+PORSCHE
+Online car sales
+and job roles, which ends
+in a seamless experience
+for the customer.
+"Destination Porsche"
+goes far beyond pure
+architecture: physical
+space is united with the
+digital world. This results
+in new IT processes
+"DESTINATION PORSCHE" PROTOTYPE IN PALM SPRINGS
+143
+PORSCHEPLATZ AT THE PALM SPRINGS PROTOTYPE
+PORSCHE SALES POP-UP IN TAIPEI
+Sales pop-up: Porsche NOW
+range of needs of its customers with the fitting
+offer, the company develops various new
+mobility concepts.
+Porsche pursues the vision of being the most
+successful brand for sporting and exclusive
+mobility. In order to account for the diverse
+Expansion of mobility services
+146
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Sales, Production, Procurement
+NEW PORSCHE EXPERIENCE CENTRE, HOCKENHEIMRING
+by Porsche", the sports car manufacturer has
+created a live-event format for young, urban
+target groups in metropolises around the
+world. Following Berlin in 2018 and Amster-
+dam, the Netherlands, in May 2019, the format
+also launched in Tokyo, Japan, in November
+2019. "SCOPES driven by Porsche" stands for
+a pioneering spirit, innovative design and the
+coming together of a creative community.
+Over a period of more than two weeks, Porsche
+presents itself at an extraordinary location that
+represents the culture of the respective city.
+In doing so, the sports car brand acts as a
+curator: young, creative companies and part-
+ners put on exhibitions, panels, debates and
+workshops and present themselves through
+art, technology, live music or fashion. The
+mixture and the direction are determined in
+the respective cities by the characteristics
+of the people who design the content. Also
+included are brand-typical topics such as
+innovation and design that are organised by
+Porsche experts.
+A place for encounters, knowledge and per-
+sonal interaction: with "SCOPES driven
+Sales pop-ups and
+studios are a modern
+possibility for reaching
+out to existing cus-
+tomers and for quickly
+introducing new target
+groups to the brand in
+attractive and market-
+specific ways.
+SCOPES as an urban event format
+With "SCOPES driven by
+Porsche", the sports
+145
+PORSCHE STUDIO TAOYUAN
+New Porsche Experience Centre
+Porsche opened its seventh "Porsche
+Experience Centre" (PEC) worldwide at the
+Hockenheimring as part of a "Sportscar
+Together Day" in mid October 2019. Covering
+an area of around 170,000 square metres,
+the premises at the heart of the racetrack is a
+new hub for customers and fans from all over
+Europe. It includes a Customer Experience
+Centre, handling course, driving dynamics
+areas and an off-road track. The festivities of
+the opening weekend attracted around
+70,000 visitors, 9,000 of whom arrived in
+their own Porsche cars. The eighth Porsche
+Experience Centre is being built alongside
+the racetrack in Franciacorta, Italy. Porsche
+Italia began renovating the circuit and building
+the customer centre in 2019. The opening
+is planned for early 2021.
+PEC HHR SPORTSCAR TOGETHER DAY
+"SCOPES" IN BERLIN
+Porsche has experienced increasing interest
+from dealers around the world in these new
+retail formats. Sales pop-ups and studios are a
+modern possibility for reaching out to existing
+customers and for quickly introducing new
+target groups to the brand in attractive and
+market-specific ways - and ultimately to make
+contact with these new target groups. This also
+leads to the opening of new markets. The com-
+pany makes the fundamental concept available,
+and the dealers implement it in their markets
+with a targeted thematic focus. This ensures a
+high degree of relevance for the brand with the
+respective target groups while also ensuring
+brand recognition.
+In Taiwan, Porsche NOW is used as a rolling con-
+cept at multiple locations, the first of which is
+the Xinyi district in Taipei since October 2019.
+"Porsche NOW" will be there for a limited time at
+a well-known shopping centre and stands out
+with its modern and cosy atmosphere. In
+addition to the exhibited cars, visitors there are
+able to experience virtual-reality applications
+and the private configuration lounge. After Taipei,
+the sales pop-up will make a two-year journey
+around to the other major cities of Taiwan.
+With its temporary nature, the Porsche sales
+pop-up is another of the new sales formats
+through which the Porsche offer is brought
+closer to the urban lifestyle of customers and
+new target groups. A total of five locations.
+were opened in 2019 under the core concept
+of "Porsche NOW" and "NOW" is a call to
+seize the moment.
+car manufacturer has
+created a live-event
+format for young, urban
+target groups in metrop-
+olises around the world.
+"Porsche Passport" offers an extremely flexible
+vehicle subscription. Following its debut
+The development expands upon the tried-and-
+tested architecture of today, which means that
+the changes can be implemented effectively -
+both for new builds as well as when transform-
+ing the existing dealer network of 850 Porsche
+Centres around the world over the coming
+decade. In addition to the Porsche Centre as
+the primary format, other sales and contact
+points will be added in the future that make
+the brand more and more an experience.
+A prototype of this approach was ceremoni-
+ously inaugurated in March 2019 in Palm
+Springs, California (USA), followed by the
+world's first conversion of a Porsche Centre in
+Hangzhou, China, in December 2019. The next
+step involves the first new-build pilot project
+in Dortmund, Germany, which will be complet-
+ed by the end of 2020.
+911 GT3 RS
+The all-electric Taycan also won awards in
+the year of its debut, having been crowned the
+"best premium electric car" in 2019 by the
+British motorsport magazine Autocar. Porsche
+also took a top spot with the 718 Boxster in
+the ranking of the "top 10 best convertibles
+and cabriolets". The Porsche 911 GT3 man-
+aged to secure the number-one spot in the
+ranking for the "top 10 best hardcore cars in
+2019". The category for "sports car of the year"
+was topped by the 911 Carrera in 2019. In
+the category of the "top 10 best grand tourers
+of 2019", the Panamera left all other cars in
+the dust.
+Porsche was also ranked number one by news
+magazine U.S. News & World Report, with the
+718 Boxster in the categories of "Luxury Sports
+Car" and "Luxury Convertibles". The magazine
+evaluates vehicles and brands based on data
+from studies and expert analyses from the
+automotive industry.
+in this regard: the sports car brand took first
+place in the "Sales Satisfaction Index" (SSI),
+which is also determined each year by J.D.
+Power in the United States. The "SSI" assesses
+the level of satisfaction of new-vehicle pur-
+chasers with their purchase. Representative
+surveys of new-vehicle owners serve as the
+basis, in which purchasers and those who
+chose not to make a purchase share their
+experiences with dealers. Porsche also took
+top brand honours in this year's "Customer
+Satisfaction Index" (CSI) of J.D. Power in the
+category of aftersales.
+In the "Automotive Performance, Execution
+and Layout Study" (APEAL) of the renowned
+US market research company J.D. Power,
+Porsche took the top spot in the overall evalu-
+ation. The study determines the attractiveness
+of vehicles on the US market and conducts
+surveys once a year of people who purchased
+new vehicles. Porsche managed several wins
+the best resale value as well. The Porsche
+718 Boxster and the 718 Cayman were named
+among the 10 best vehicles in a reader survey
+conducted by the US magazine Car and Driver,
+with the 718, 911, Macan and Cayenne model
+series also receiving "Editor's Choice" awards.
+In 2019, Popular Mechanics - a US magazine
+for science and technology - recognised the
+Porsche 911 with the "Automotive Excellence
+Award" in the "Redesign of the Year" category.
+The US automotive magazine Motorweek
+named the Panamera the "Best Dream Machine".
+awards in their respective categories for
+The Macan and Panamera models also received
+Porsche customers are extremely satisfied -
+this is regularly confirmed by numerous tech-
+nical magazines and independent studies
+from the United States, the United Kingdom
+and Germany, and it also demonstrates the
+success of the optimisation programme for
+customer service. In 2019, the well-known US
+advice magazine Kelley Blue Book bestowed
+several awards upon the sports car brand, with
+Porsche claiming not only the "Brand Image
+Award for Best Performance Luxury Brand", but
+also the awards for "Best Resale Value for a
+Luxury Brand" and "Best Car Styling for a Luxury
+Brand". In addition, the company also managed
+to crack the "10 Most Awarded Brands".
+TAYCAN 4S
+Recognition and awards
+SHXX 718
+141
+MACAN GTS
+PANAMERA 4S EXECUTIVE
+718 BOXSTER
+A focus on customers and customer satisfac-
+tion are significant requirements of sustainable
+growth, which makes them an integral part of
+the Porsche Strategy 2025 Plus. To this end, the
+company regularly surveys more than 250,000
+customers regarding their satisfaction. Addi-
+tionally, independent third-party studies also
+offer analysis - carried out, for example, by
+market research institutes that assess Porsche
+also compared with its competitors. A team
+from the Sales, Aftersales, Marketing, Customer
+Relations and Product Quality departments
+evaluates all results. If necessary, the steering
+committee for customer satisfaction - which
+also includes the Executive Board - takes
+measures aimed at improving quality. Porsche
+continuously communicates to all employees
+the importance of customer satisfaction, for
+instance as part of days dedicated to the topic.
+High levels of customer satisfaction
+SALES
+a variety of measures at
+all sites for achieving the
+goal of the zero-impact
+factory - namely,
+production without any
+negative impact on the
+environment. The new
+factory in Zuffenhausen
+represents a decisive
+step in this direction: it
+hosts the carbon-neutral
+production of the
+In the "Automotive
+Performance, Execution
+and Layout Study"
+(APEAL) of J.D. Power,
+Porsche took the top
+spot in the overall
+evaluation.
+"Destination Porsche" goes far beyond pure
+architecture: physical space is united with the
+digital world. This results in new IT processes
+and job roles, which ends in a seamless experi-
+ence for the customer. All visitors are offered
+individual opportunities to be a part of the
+brand from prospective buyers to existing
+customers. The Porsche Centre becomes a
+place of inspiration, communication, experi-
+ences and participation.
+In Germany, more than
+100,000 readers of auto
+motor und sport voted
+the 911 and Panamera
+model ranges into
+S.TA 5
+of customers and the constantly changing
+competitive environment. Vehicles are pre-
+sented in an expanded thematic environment
+with flexible hospitality and experience offers.
+"Destination Porsche". This concept is the
+sports car manufacturer's response to the
+challenges that arise from future expectations
+The year 2019 marked the beginning of the
+transformation of the "corporate architecture"
+of the Porsche Centres around the world -
+from the well-known appearance of the
+past 20 years to the advanced concept of
+Global sales network
+An additional option is Porsche Destination
+Charging, which offers charging solutions at
+numerous selected premium locations such as
+hotels, golf courses and restaurants. This
+service is free of charge for Porsche custom-
+ers. Expansion is scheduled to increase the
+worldwide charging stations to 1,800 by the
+end of 2020.
+charging networks of Electrify America and
+Electrify Canada.
+CHARGING OFFERS FOR AT HOME
+In the public sector, electric cars in Europe can
+already use the Porsche Charging Service at
+more than 100,000 public charging stations,
+with more being added on an ongoing basis.
+The offer also includes fast-charging stations
+with an output of up to 350 kW from IONITY,
+the joint venture of the car manufacturers of
+the BMW Group, Daimler AG, Ford Motor Com-
+pany and the Volkswagen Group with Porsche
+and Audi. Some 400 fast-charging stations
+are expected to be operational by the end of
+2020. Using the Porsche Charging Service
+app, Taycan drivers can charge their vehicles
+at a particularly low price. In the United States
+and Canada, customers can use the fast-
+Charging offers for electric cars
+the top spot of the "Best
+Cars of 2019" in three
+categories.
+PUBLIC CHARGING VIA THE JOINT VENTURE IONITY
+Sustainable energy generation
+Porsche is already using photovoltaics at many
+locations to produce electricity from solar
+radiation. The Shams Dubai Initiative is one
+example of how renewable sources of energy
+can also be used to charge electric vehicles.
+Together with the company TerraStruc, Porsche
+Middle East and Africa (PME) constructed
+a photovoltaic installation for its headquarters
+in Dubai. Each year, it can produce up to
+478,500 kWh of electricity, thereby covering
+some 60 per cent of PME's energy needs, and
+the charging stations for electric vehicles are
+also connected.
+More than 30,000 employees from Sales and
+Aftersales care for customers around the
+world. To account for the high degree of exper-
+tise in the field of electromobility required,
+they received comprehensive knowledge via
+in-person training sessions and online courses
+as part of a broad scope qualification initiative.
+The main topics included dealing with char-
+ging installations for electric vehicles as well
+as digital services and additional vehicle func-
+tions as part of Porsche Smart Mobility. In
+2019, some 140 employees became qualified
+high-voltage experts and underwent succes-
+sive preparation for their new tasks in the
+workshops. In consideration of the increasing
+complexity of advice due to electromobility,
+smart mobility and digitalisation, Porsche
+defined 12 new job roles in retail.
+Taycan preparation in the retail organisation
+Professional service and maintenance for
+customer vehicles is one of the core services
+provided by Porsche. With its first plug-in
+hybrid in 2013, the retail organisation laid the
+foundation for electromobility. However, the
+launch of the first all-electric Porsche was one
+of the greatest challenges of recent years.
+The intense preparation efforts of Porsche and
+its dealers included, for example, the develop-
+ment of fast-charging infrastructure with
+800-volt technology that was set up at many
+Porsche Centres in 54 markets. At the same
+time, this makes a significant contribution
+to the expansion of the public charging infra-
+structure. The objective is to install some
+1,000 charging points by the end of 2020.
+Each dealer will invest more than a quarter of
+a million euros by the end of 2020 in the
+expansion of the charging infrastructure as
+well as hardware.
+142
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Sales, Production, Procurement
+The Porsche 911 was the overall winner of the
+Autobild TÜV-Report 2019, a publication
+that is considered one of the most important
+sources of advice for drivers and pre-owned-
+vehicle buyers. In the current ranking of the
+technical inspection association, Porsche
+secured the top spot with the lowest rate of
+severe defaults in all vehicle age groups. The
+911 made it to the top position for the first
+time in all vehicle age groups.
+In Germany, more than 100,000 readers of
+auto motor und sport voted the 911 and
+Panamera model ranges into the top spot of the
+"Best Cars of 2019" in three categories. The 911
+was victorious in the category for "sports cars"
+as in the previous year, and the 911 Cabrio and
+911 Targa also won in the category for "converti-
+bles". The Panamera once again was honoured
+at the top of the "luxury-class" category.
+911 CARRERA CABRIOLET
+IONITY
+in Atlanta in late 2017, the service has been
+available in four other cities in the United
+States and Canada since September 2019:
+Las Vegas, Phoenix, San Diego and Toronto.
+Using an app, customers can switch vehicles
+flexibly to meet their needs, with a selection
+of up to 20 different models. The vehicle is
+delivered to any location within the contractual
+territory and handed over personally by
+the concierge.
+Porsche offers its customers ideal solutions
+for charging their sports car with hybrid or
+all-electric drive. Analyses show that around
+80 per cent of charging takes place at home.
+Porsche offers several intelligent charging
+solutions for this purpose. All Taycan models
+are delivered with Mobile Charger Connect
+as standard, with a charging power of up to
+11 kW (or 9.6 kW for the United States). To
+this end, the Porsche Charging Dock is availa-
+ble upon request to be installed on the wall
+or on an existing charging station, and the
+Porsche compact charging station is available
+for free-standing installation. As an option,
+Porsche also offers the Home Energy Manager,
+which optimises charging with regard to
+output, time and costs. In particular, it controls
+and manages the charging performance in
+such a way that the home grid is not over-
+loaded during charging. The Porsche partners
+and/or the cooperating service workshops
+analyse the individual customer circumstances
+and offer advice on the right equipment.
+Additional services such as the flexible use of
+pre-owned vehicles at a fixed monthly package
+price were piloted in the reporting year.
+The new electric motor and component
+production areas, which house Porsche's
+first-ever series production of electric drives,
+are located in the immediate vicinity of
+the traditional engine factory where all of the
+Volkswagen Group's V8 combustion engines
+are manufactured. This new facility handles
+the production of the electric motors plus
+Instead of a traditional fixed production line,
+the assembly process for the Taycan features
+a flexi-line with driverless transport systems
+that move independently from station to
+station. As specific driverless transport sys-
+tems can be flexibly removed from and
+returned to the production line, this delivers
+numerous benefits such as easier implemen-
+tation of individual customer requests.
+Boasting 62,000 square metres of production,
+logistics, testing and employee recreation
+areas spread across four storeys, the building
+complex in Zuffenhausen measures 38 metres
+from foundations to roof.
+The rigid yet lightweight material-mix bodies
+with 100 per cent aluminium exterior are
+produced in the 30-metre-high body shop.
+From there, they are delivered to the paint
+shop, for which the company took an exem-
+plary approach to environmental protection
+and energy efficiency when planning the
+building. For example, the body driers are
+heated via direct heating in the individual pro-
+cess steps, and the exhaust air from the
+driers is cleaned together with the exhaust air
+from the paint booths. The top floor houses
+automated process areas such as the immer-
+sion baths for cathodic dip coating and the
+paint booths. Manual workstations are located
+on the ground floor, and the accessible layout
+promotes communication and interaction
+among colleagues.
+This building project comprised a number of
+large individual projects: a new body shop,
+a new paint shop, a factory extension for the
+production of electric motors and components,
+a new car assembly area and the approximately
+900-metre-long conveyor technology that
+connects the paint shop to the final assembly.
+The new buildings feature a gross floor area of
+170,000 square metres, making this the
+largest construction project since the Zuffen-
+hausen plant was first established.
+Zuffenhausen represents the brand's heart
+and soul, with the new factory located there
+acknowledging Porsche's history while
+clearly pointing to the future. Over 700 million
+of the six billion euros that Porsche is set to
+invest in electromobility by 2022 have been
+dedicated to the construction of the new
+production facilities. If the body shop that
+entered into service with the launch of
+the eighth-generation 911 is also included,
+this figure rose to around one billion euros.
+The Taycan is being assembled in a so-called
+factory of the future - flexible, networked and
+with pioneering production technology. The
+company describes this as Porsche Production
+4.0, featuring the comprehensive and inter-
+linked implementation of smart, lean and
+green aspects through modern production
+methods. In addition to transparency and
+networking (smart), Porsche Production 4.0 is
+characterised by its responsible and efficient
+use of resources (lean) as well as by eco-
+logical factors (green). People remain at the
+heart of production, with modern technologies
+lightening their load and supporting them
+in their work.
+A factory of the future
+150
+Sales, Production, Procurement
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+QUALITY ASSURANCE IN THE TAYCAN BODY SHOP
+*Production figures from 2019 without pre-production vehicles;
+including pre-production vehicles until 2018.
+2017 2018
+2016
+2015
+D11
+0
+50
+50
+100
+150
+2019
+200
+151
+the assembly of the gearbox and axles: these
+combine to form the drive units for the
+all-electric four-door all-wheel drive sports
+car. The building also features efficient
+logistics with modern storage technology.
+Driverless transport systems are additionally
+used for automated material provision.
+ing Council (DGNB) bestowed its platinum
+certificate the highest possible - on the new
+engine plant in Zuffenhausen. This prestigious
+honour, which is reserved for particularly sus-
+tainable industrial sites, was subsequently
+granted to the 427-hectare Leipzig factory in
+2019. The evaluation process featured 167
+criteria in 28 categories: in addition to envir-
+onmental protection, biodiversity and energy
+life cycle assessments, the DGNB also consid-
+ered the handling of resources, the design of
+the site, the impact on urban climate and in-
+frastructure, ecological construction monitor-
+ing, life cycle costs and value stability, and the
+corresponding planning and processes. The
+DGNB was particularly impressed by aspects
+such as the energy management life cycle as-
+sessment and the site's capacity for change.
+The premium car rental service "Porsche Drive"
+offers customers the ability to rent Porsche
+cars from all six model series - for a few hours
+and up to 28 days. Upon request, the car
+can be delivered and picked up. With the
+expansion into further cities, the range of the
+offer has increased significantly to a total of
+19 locations in Germany, the United States,
+Canada, Switzerland and France. Additionally,
+the first Porsche Drive location in Asia opened
+in December 2019 in Tokyo, Japan. In addition
+to "Passport" and "Drive", Porsche has intro-
+duced Porsche Host in the United States
+in collaboration with car-sharing platform
+provider Turo. Since October 2018, private
+individuals have been able to use the Turo
+peer-to-peer sharing platform for short-term
+access to Porsche vehicles of other private
+individuals.
+Back in 2017, the German Sustainable Build-
+Platinum award from the German Sustainable
+Building Council
+013
+D10
+The green roofs on all the new buildings cover
+some 42,000 square metres, ensuring a lower
+degree of sealing than at the former industrial
+facility. Measuring 900 metres, the longest
+green roof is located on top of the new trans-
+port bridge that connects the paint shop in
+the west to the assembly building in the east.
+As the new factory is located at the northern
+edge of Stuttgart's dense city centre, the
+building height is limited to 38 metres in order
+to ensure that fresh air from the north can still
+reach the heart of the city. The construction
+trench therefore extended 25 metres under-
+ground, with 240,000 cubic metres of earth
+being moved to make way for the multistorey
+assembly building.
+Porsche has hugely expanded the scope of
+several sustainability requirements issued
+by the city of Stuttgart. For example, the
+material from the demolished former halls was
+immediately processed on-site and reused
+for the new buildings.
+CATHODIC DIP COATING IN THE NEW PAINT SHOP
+The new energy-efficient buildings go far
+beyond the minimum statutory requirements,
+requiring 15 per cent less energy on average
+than the previous construction standard.
+The use of waste heat in the paint shop also
+helps save even more energy.
+Porsche has signed up to the climate goals
+agreed in Paris in December 2015 and takes
+responsibility for reducing environmentally
+harmful emissions. As its aims extend far
+beyond mere decarbonisation, the vision of the
+zero-impact factory includes 12 action areas:
+environmental management and organisation,
+technology and processes, perception of the
+factory, efficient water use, planning, energy
+efficiency and climate protection, resource and
+material efficiency, pollutants, soil, logistics,
+biodiversity and operational disruptions.
+Porsche's factory of the future concept con-
+tains a variety of measures at all sites for
+achieving the goal of the zero-impact factory
+- namely, production without any negative im-
+pact on the environment. The new production
+facilities at the Zuffenhausen plant represent
+a particularly decisive step in this direction,
+hosting the carbon-neutral production of
+the Taycan and helping Porsche set new stand-
+ards in terms of ecological sustainability. For
+example, Porsche has reduced CO2 emissions
+at the production sites by 75 per cent per
+car produced since 2014. Additionally, the
+sports car manufacturer lowered the energy
+and water consumption in its facilities by
+20 per cent per car produced. It also slashed
+its use of solvents by a third during this period.
+In addition, the increasing use of electric
+logistics vehicles and rail transport powered by
+green electricity helps reduce CO2 emissions
+in logistics.
+STEPS TOWARDS THE ZERO-IMPACT
+FACTORY
+152
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 193-194.
+Sales, Production, Procurement
+Leipzig to produce axles for electric cars
+In April 2019, Porsche Leipzig GmbH decided
+in favour of integrated axle assembly at its
+facility in Saxony for the production of the
+upcoming all-electric Macan. The factory had
+previously outsourced this work step to a
+system supplier that continues to assist with
+the current Panamera and Macan models.
+The in-house manufacturing of axles for elec-
+tric cars will make on-site production even
+more flexible and efficient. On top of this,
+Porsche Leipzig will also create over 100 high-
+skilled jobs.
+Porsche's Leipzig factory continues to record
+positive growth, and in 2019 the company
+set an important course for the future of this
+site in Saxony and the production of new
+models. Over 600 million euros are being in-
+vested in the ongoing expansion of this facility,
+with the foundation stone for a new body
+shop boasting a total area of 75,500 square
+metres having been laid on 12 March 2019.
+This new factory extension gave Porsche the
+opportunity to produce all-electric cars on
+the existing production line alongside petrol
+and hybrid models, starting with the next
+generation of the Macan. As a fully electric car
+based on Premium Platform Electric (PPE)
+architecture, the new Macan is set to be
+produced in Leipzig from the early 2020s.
+This factory within a factory was constructed
+in the middle of a city, within a very small
+area and at a blistering pace. One of the key
+logistical feats involved coordinating the
+construction site traffic so as not to impede
+the ongoing production of the two-door
+sports cars. Another decisive factor behind
+the smooth implementation of the project
+was the intensive open dialogue with author-
+ities and neighbours, who were kept informed
+at all times throughout the entire project.
+Since 2017, the company has exclusively used
+electricity from renewable energy sources.
+The new factory for the Taycan in Zuffenhausen
+also used certified biogas as an energy source
+for heat and power. The highly efficient com-
+bined heat and power plant (CHP) plants next
+to the production and office buildings provide
+heat and a portion of the electrical energy,
+thereby expanding the environmentally friendly
+energy mix at the site. They boast an overall
+efficiency of more than 83 per cent and are
+most effective when operated in the vicinity of
+a constant heat demand such as at a paint
+shop, where the immersion baths and drying
+areas require a continuous supply of process
+heat. Around 90 per cent of the generated heat
+is intended for supplying heat and hot water
+to the production and office buildings. These
+new CHP plants are operated exclusively using
+certified biogas drawn from organic waste
+and residue. In the future, Porsche will also use
+biogas generated from waste by the city of
+Stuttgart.
+234,497
+PRODUCTION IN LEIPZIG
+250
+Schottenka
+Sales, Production, Procurement
+PORSCHE HERITAGE DESIGN STRATEGY
+147
+CURRENT PORSCHE MODEL RANGE
+The Heritage Design
+models take the brand
+values into the future.
+At the same time,
+the project brings back
+iconic looks from various
+epochs that shaped
+Porsche vehicles.
+The focus is on special colours and materials
+that, in addition to special paintwork and foil
+graphics, shape the appearance of the special
+models. For this, the designers sought inspir-
+ation from the old colour and equipment cards,
+museum cars and design elements from
+various other decades. The textile materials in
+the interior play a significant role. Key stylistic
+elements cord velvet and patterns like
+houndstooth, pasha or tartan, for example -
+are redesigned with modern materials for the
+special models as well as thoroughly tested
+and produced.
+shaped Porsche vehicles.
+In 2019, Porsche Exclusive Manufaktur began
+working together with the Style Porsche de-
+sign department on an extraordinary concept.
+Within the framework of the Heritage Design
+strategy, the partners reinterpret exclusive
+911 models featuring iconographic elements
+from Porsche cars dating from the 1950s
+through to the 1980s. Equipped with cut-
+ting-edge sports car technology, these special
+models introduce the lifestyle dimension -
+boasting particularly emotive concepts and
+references to history within Porsche's product
+strategy. Last year, the 911 Speedster with
+Heritage Design package offered an initial
+outlook. Additional special models are to fol-
+low at certain intervals and in limited numbers.
+Selected elements from the corresponding
+decades will also be available as options for
+911 models as part of Heritage Design
+packages. The Heritage Design models take
+the brand values into the future and comple-
+ment today's hybrid and electric vehicles,
+where the main focus is on technical innov-
+ations. At the same time, the project brings
+back iconic looks from various epochs that
+Tartan
+Porsche Engineering Services GmbH and
+Studio F.A. Porsche, will implement and test
+a prototype.
+and landing vehicle. Engineers from both
+a concept for a fully electric vertical take-off
+Porsche and Boeing signed a memorandum
+of understanding to explore the premium
+urban air mobility (UAM) market. This partner-
+ship will see both companies leverage their
+unique market strengths and insights to study
+the future of premium urban air mobility
+vehicles. As part of the collaboration, an inter-
+national team is dealing with various aspects
+of urban air mobility, including analysing
+the market potential for premium products
+and determining possible areas of application.
+Boeing, Porsche and Aurora Flight Sciences,
+a subsidiary of Boeing, are also developing
+Cooperation with Boeing
+M. 650
+150
+239,618
+Porsche Passport offers
+an extremely flexible
+vehicle subscription.
+Using an app, customers
+can switch vehicles
+flexibly to meet their
+needs, with a selection
+of up to 20 different
+models.
+PORSCHE PASSPORT
+companies, as well as the Porsche subsidiaries
+Tous
+Sta
+Porsche Heritage Design strategy
+Thi Shound, c'est-4-dire af
+res (haut des portes
+vert 
+clair et jaune 
+nou
+274,463*
+Schote
+Production volume
+Vehicles
+149
+MATRIMONY IN TAYCAN ASSEMBLY: ELECTRIC DRIVE AND BODY ARE JOINED TOGETHER
+045
+The core challenge in the reporting year was
+the commissioning of the new factory for the
+Taycan during regular production. This was
+opened as scheduled on 9 September 2019,
+which meant that fewer than 48 months
+separated the presentation of the Mission E
+concept car in September 2015, the world
+premiere of the Taycan production model in
+early September 2019 and the start of series
+production a few days afterwards.
+The company's main plant in Zuffenhausen
+produced around 250 cars every day - more
+than ever before. A sophisticated control
+and production principle enables the assem-
+bly of all two-door sports cars - including
+the 911, 718 Boxster and 718 Cayman model
+series - on a single production line. This
+highly flexible system ensures that many
+individual customer requests can be realised
+within the scope of series production.
+PRODUCTION IN ZUFFENHAUSEN
+In 2019, Porsche once
+again increased produc-
+tion, with a total of
+274,463 vehicles made.
+One core challenge
+was the commissioning
+of the new factory for
+the Taycan.
+In 2019, Porsche successfully managed
+numerous production runs for new models:
+Taycan, 911 Cabriolet, 911 Carrera S,
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 193-194.
+148
+911 Carrera 4S, 911 Carrera, Carrera S, 911
+Speedster, 911 GT2 RS Clubsport, 718 Spyder,
+718 Cayman GT4, 718 Cayman GT4 Club-
+sport, Cayenne Coupé, Macan Turbo and
+Macan GTS.
+255,683
+PRODUCTION
+In financial year 2019, Porsche produced
+a total of 274,463 vehicles, representing an
+increase of roughly three per cent over the
+previous year.
+268,691
+At the Leipzig production site, a total of
+120.936 vehicles of the Macan (89,744 units)
+and Panamera (31,192 units) model ranges
+were built. A total of 95,293 units of the
+Cayenne were also produced at the Bratislava
+multi-brand site (Slovakia).
+A total of 53,719 sports cars from the 911
+(37,585 units), 718 Boxster (9,642 units)
+and 718 Cayman (9,621 units) model ranges
+were manufactured in Zuffenhausen, as well
+as 1,386 units from the Taycan range. In add-
+ition, a further 3,129 units of the 718 Cayman
+were produced at the Volkswagen facility
+in Osnabrück.
+Appropriation of funds in € million
+- 14,844
+-13,665
+-2,567
+-2,276
+-2,128
+8,218
+- 15,956
+-855
+-1,301
+8,341
+7,191
+-3,044
+27.4%
+2018
+20172)
+to shareholders (profit transfer)
+1,802
+21.9%
+2,290
+2,157
+30.0%
+to employees (wages, salaries, benefits)
+48.7%
+942
+4,003
+2019
+23,491
+19
+828
+-19
+3,613 43.3%
+Other changes
+Balance at 31 Dec. 2019
+45
+12,726
+4,991
+167
+-487
+0
+5
+17,428
+25,784
+823
+177
+178
+179
+Value added statement
+of Porsche AG for the period 1 January to 31 December 2019
+Source of funds in € million
+Sales revenue
+Other income
+Cost of materials
+Depreciation and amortisation
+Other upfront expenditures
+Value added
+2019
+2018¹)
+20172)
+28,518
+Financial data
+3,200
+-76
+to the state (taxes, duties)
+-332
+Cash flow hedges (OCI II), net of tax
+Deferred taxes relating to cash flow hedges (OCI II)
+Cash flow hedges (OCI II), before tax
+Transferred to profit or loss (OCI II)
+Cash flow hedges (OCI I), net of tax
+223
+141
+Deferred taxes relating to cash flow hedges (OCI I)
+-741
+-473
+Cash flow hedges (OCI I), before tax
+180
+-458
+-283
+-397
+Fair value changes recognized in other comprehensive income (OCI I)
+68
+92
+Exchange differences on translating foreign operations, net of tax
+Hedging
+Deferred taxes relating to exchange differences on translating foreign operations
+68
+92
+Exchange differences on translating foreign operations, before tax
+-0
+-17
+Transferred to profit or loss (OCI I)
+Financial data
+2) The prior-year figures were restated due to the initial application of new accounting standards "IFRS 9 - Financial Instruments" and "IFRS 15 - Revenue from
+Contracts with Customers".
+1) 2018 was adjusted.
+1,311
+15.9%
+1,473
+17.7%
+1,298
+18.1%
+to creditors (interest expense)
+136
+1.7%
+123
+1.5%
+87
+1.2%
+to the company (reserves)
+966
+11.8%
+842
+10.1%
+449
+6.2%
+Value added
+8,218
+100%
+8,341
+100%
+7,191
+100%
+44.5%
+Capital transactions involving a change in ownership interest
+Cash flow hedges Deferred costs of
+(OCI I)
+-1,798
+Unadjusted balance at 1 Jan. 2018
+Changes in accounting policy to reflect IFRS 9
+Balance at 1 Jan. 2018
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+Disposal of equity instruments
+Capital increases/decreases
+Profit transfer and dividends payment
+Other changes
+Balance at 31 Dec. 2018
+Balance at Jan. 1, 2019
+interests
+Profit after tax
+Total comprehensive income
+45
+10,245
+4,096
+804
+-77
+27
+46
+45
+10,245
+4,019
+831
+Other comprehensive income, net of tax
+46
+Total equity
+Equity and debt
+instruments
+516
+-327
+Cash and cash equivalents at end of period
+3,174
+2,635
+Cash and cash equivalents at end of period
+Securities, loans and time deposits
+Gross liquidity
+3,174
+2,635
+1,360
+775
+4,534
+3,410
+Equity-accounted Non-controlling
+investments
+175
+176
+Consolidated statement of changes in equity
+of Porsche AG for the period 1 January to 31 December 2019
+€ million
+Other reserves
+Hedging
+Subscribed
+capital
+Capital reserves
+Retained earnings
+Currency
+translation
+0
+hedging (OCI II)
+Financial data
+- 1,802
+3,113
+68
+75
+2,796
+-866
+92
+1,930
+92
+1122
+313
+-291
+6
+16,477
+5
+4,876
+2,801
+-196
+0
+- 1,302
+-332
+-196
+5
+1,499
+Disposal of equity instruments
+Capital increases/decreases
+1,273
+1,273
+Profit transfer and dividends payment
+-332
+34
+3,147
+11,453
+16,477
+-518
+-337
+68
+-518
+-337
+1,208
+-2,290
+0
+15,200
+0
+-7
+0
+45
+15,193
+3,118
+-753
+2,365
+1,208
+-2,290
+0
+45
+11,453
+4,876
+75
+313
+-291
+5
+Transferred to profit or loss
+Consolidated statement of comprehensive income
+92
+-675
+4
+-1,173
+3
+813
+3
+846
+-4
+- 1,103
+-3
+- 1,029
+-7
+-3
+- 1,901
+28
+7,155
+25
+-72
+- 18,629
+-75
+-21,256
+7,262
+100
+25,784
+100
+28,518
+in %
+-2,044
+2018
+3,862
+4,289
+18
+4,552
+16
+4,589
+17
+4,289
+15
+4,397
+2
+-535
+12
+3,118
+14
+10
+-6
+-1,434
+-1,253
+18
+4,552
+14
+4,054
+1
+263
+0
+192
+17
+2,801
+in%
+2019
+163
+23,491
+25,784
+161
+€ million
+Sales revenue
+5
+10
+15
+20
+25
+prior year.
+€25,784 million in the
+21,533
+€28,518 million, following
+Consolidated revenue at
+the Porsche AG Group
+The net available liquidity of the automotive
+division - i.e. its gross liquidity less financial
+liabilities and excluding the financial services
+division in each case - declined from € 2,306
+million as of 31 December 2018 to € 1,785
+million as of 31 December 2019.
+€ 1,208 million) made by Porsche Holding
+Stuttgart GmbH.
+This was partly offset by capital contributions
+amounting to € 1,273 million (prior year:
+€ 2,294 million (prior year: € 2,157 million).
+Payments made in respect of profit transfer
+and dividends resulted in a cash outflow of
+Cash flows from financing activities amounted
+to € -353 million in the current fiscal year
+after € -606 million in the prior year.
+outflows from investments in loans and
+time deposits amounted to € 427 million
+(previous year: € 111 million).
+€ 1,064 million in fiscal year 2018. The cash
+The cash flows from investing activities result-
+ed in a cash outflow of € 3,617 million in the
+reporting period following € 3,566 million in
+the prior year. Investments in intangible assets
+(excluding capitalized development costs)
+and property, plant and equipment decreased
+from € 2,093 million in the previous year
+to € 2,044 million in the period under review.
+Additions to capitalized development costs
+amounted to € 949 million following
+Cash flows from operating activities amounted
+to € 4,486 million in the 2019 reporting
+period following € 3,845 million in the prior
+year. The material effects resulted from higher
+depreciation, amortization and write-downs,
+lower outflows for inventories and a decrease
+in profit before tax.
+FINANCIAL POSITION
+for the current reporting
+period amounted to
+0
+2015
+Financial analysis
+Special items Diesel issue
+Operating profit before special items
+Profit before tax before special items
+Profit after tax
+Income tax income/expense
+Profit before tax
+Financial result
+Operating profit
+Other operating expenses
+Distribution expenses
+Administrative expenses
+Other operating income
+Cost of sales
+Gross profit
+Sales revenue
+€ million
+of the Porsche AG Group
+Results of operations
+The operating return
+on sales before special
+items amounts to
+15.4 per cent and is thus
+above the strategic
+target of 15 per cent.
+Other operating income rose from € 813 mil-
+lion to € 846 million. The increase was due
+primarily to income from instruments used in
+currency hedges. Other operating expenses
+declined from € 675 million to € 628 million
+before special items. Not adjusted for special
+items, they increased to € 1,173 million.
+The special items for the diesel issue relate to
+the € 535 million fine imposed in the admin-
+istrative offense proceedings instigated by the
+public prosecutor's office in Stuttgart.
+Depreciation, amortization and impairment
+across the functions increased to € 3,044 mil-
+lion compared with € 2,567 million in the prior
+year. This primarily relates to the depreciation,
+amortization and impairment of capitalized
+development costs and property, plant and
+equipment. Depreciation of the right-of-use
+assets recognized in accordance with IFRS 16
+was included for the first time in the fiscal year.
+This amounted to € 96 million.
+the average number of employees during the
+year by 2,919 to 34,010.
+Distribution expenses rose from € 1,901 mil-
+lion to € 2,044 million due to the higher unit
+sales. Administrative expenses also declined,
+from € 1,103 million to € 1,029 million. In
+relation to sales revenue, distribution expenses
+remained level at 7 per cent (prior year: 7 per
+cent), while administrative expenses decreased
+slightly to 3 per cent (prior year: 4 per cent).
+The personnel expenses across all functions of
+the Porsche AG Group increased from € 3,613
+million to € 4,003 million. The growth in per-
+sonnel expenses is primarily due to the rise in
+lion), which represents 75 per cent of sales
+revenue (prior year: 72 per cent). In absolute
+terms, the cost of sales rose by € 2,627 million
+or 14 per cent. This slightly disproportionate
+increase is due on the one hand to higher
+research and development costs recognized
+in the income statement. The capitalization
+ratio for research and development costs
+amounted to 44 per cent (prior year: 49 per
+cent). On the other hand, mix and volume
+improvements were partly offset by negative
+currency effects and cost increases. This
+caused the gross margin to decrease from
+28 per cent to 25 per cent.
+to € 21,256 million (prior year: € 18,629 mil-
+The cost of sales increased in line with revenue
+Consolidated revenue at the Porsche AG Group
+amounted to € 28,518 million in the reporting
+period (prior year: € 25,784 million). The
+Porsche AG group sold 268,363 new vehicles
+in the past fiscal year. This corresponds to an
+increase in unit sales of 10 per cent compared
+with the prior year. The primary contribution
+to the growth in sales volume and revenue was
+made by the Cayenne model line, which re-
+corded an increase of 22,318 to 92,464 new
+vehicles. The Macan remains the bestselling
+model line, with 94,388 new vehicles sold - up
+12,144 on the prior-year figure. In regional
+terms, China remained the largest market, with
+new vehicle sales totalling 87,644 units. Unit
+sales grew by 10 per cent there in the fiscal
+year. In addition, the European market (exclud-
+ing Germany) recorded particularly strong
+growth this year, with unit sales of 58,505.
+This corresponds to 24 per cent growth in unit
+sales. In Germany, unit sales increased by
+23 per cent to 22,878 new vehicles.
+The Porsche AG Group's profit after tax de-
+creased by € 317 million from € 3,118 million
+in the corresponding prior-year period to
+€2,801 million in the current fiscal year. The
+tax rate in the reporting period was 31 per cent
+(prior year: 32 per cent).
+RESULTS OF OPERATIONS
+162
+2016 2017 2018 2019
+28,518
+Financial analysis
+68
+164
+The financial result amounted to € 192 million
+(prior year: € 263 million). The decline in the
+financial result was mainly caused by the € 83
+million write-down on the equity-accounted
+investment in Bertrandt AG. The interest ex-
+pense on the lease liability in accordance with
+IFRS 16 was included in the financial result
+for the first time. This amounted to € 29 million.
+5
+2,796
+15
+2,801
+-1,427
+-1,268
+-1,434
+-1,253
+4,552
+4,054
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+thereof profit attributable to shareholders
+Profit after tax
+3,118
+3,113
+5
+Deferred
+Income tax income/expense
+Profit before tax
+263
+192
+Financial result
+-56
+-75
+Other financial result
+-92
+-148
+Interest expenses
+408
+Current
+416
+-1,798
+Financial data
+Unrealized currency translation gains/losses
+Foreign exchange differences
+34
+-866
+0
+-0
+Items that will not be reclassified to profit or loss
+Share of other comprehensive income of equity-accounted investments that will not be
+reclassified to profit or loss, net of tax
+34
+-866
+-12
+364
+-2,290
+46
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+Fair value valuation of other participations and securities (equity instruments) that will not be
+reclassified to profit or loss, net of tax
+3,118
+2,801
+2018
+2019
+Pension plan remeasurements recognized in other comprehensive income
+Profit after tax
+€ million
+of Porsche AG for the period 1 January to 31 December 2019
+Consolidated statement of comprehensive income
+171
+170
+-1,230
+Interest income
+3
+-1
+Consolidated statement of financial position
+Net change in cash and cash equivalents
+Consolidated income statement
+Financial data
+166
+Financial analysis
+*Not adjusted for special items.
+2016 2017 2018 2019
+2015
+0
+3,877
+4,144
+Consolidated statement of cash flows
+4,289
+1
+165
+2
+3
+3,404
+4
+Operating profit (EBIT)
+€ million
+5
+million to € 4,397
+million.
+The operating profit
+before special items
+increased by € 108
+The healthy cost structure and the sustainably
+high earnings power of the group are also
+reflected in the key performance indicators.
+The Porsche AG Group generated an operating
+return on sales of 15.4 per cent before special
+items (13.5 per cent not adjusted for special
+items) in the past financial year (previous year:
+16.6 per cent). The pre-tax return on sales
+amounted to 16.1 per cent before special
+items and 14.2 per cent not adjusted for spe-
+cial items (previous year: 17.7 per cent).
+The return on capital, defined as the ratio of
+the operating result after tax to the average
+invested assets of the automotive division,
+amounted to 21.2 per cent before special
+items and 18.5 per cent not adjusted for spe-
+cial items (previous year: 24.5 per cent).
+The return on equity after tax was 16.5 per
+cent (previous year: 19.7 per cent).
+Profit before tax amounted to € 4,589 million
+before special items and € 4,054 million not
+adjusted for special items (previous year:
+€ 4,552 million).
+4,397*
+Consolidated statement of changes in equity
+Value added statement
+169
+Share of profit or loss of equity-accounted investments
+4,289
+3,862
+Operating profit
+-675
+-1,173
+Other operating expenses
+813
+846
+-1,103
+- 1,029
+-1,901
+-2,044
+7,155
+7,262
+- 18,629
+-21,256
+25,784
+28,518
+Distribution expenses
+Administrative expenses
+Other operating income
+Cost of sales
+Gross profit
+Sales revenue
+2018
+2019
+€ million
+of Porsche AG for the period 1 January to 31 December 2019
+Consolidated income statement
+Operating profit amounted to € 3,862 million.
+Adjusted for special items, it increased by
+€ 108 million to € 4,397 million.
+2
+1) The prior year figures were restated.
+Effect of exchange rate changes on cash and cash equivalents
+451
+Securities
+81
+95
+Tax receivables
+468
+490
+Other receivables
+2,292
+2,415
+Other financial assets
+730
+842
+759
+297
+842
+4,013
+27,008
+29,707
+730
+1,355
+125
+179
+Financial services receivables
+Trade receivables
+Inventories
+Non-current assets
+Deferred tax assets
+Other receivables
+8,398
+3,889
+8,350
+Cash, cash equivalents and time deposits
+2,635
+3,792
+5,438
+Provisions for pensions and similar obligations
+16,477
+17,428
+Equity
+6
+5
+Non-controlling interests
+16,471
+17,423
+Equity before non-controlling interests
+97
+-339
+3,511
+Other reserves
+4,991
+Retained earnings
+11,453
+12,726
+45
+45
+Capital reserves
+Subscribed capital
+Equity and Liabilities
+38,159
+42,366
+11,151
+12,659
+Current assets
+4,876
+Other provisions
+1,656
+Other financial assets
+0
+-787
+-436
+-0
+Financial data
+thereof profit attributable to non-controlling interests
+thereof profit attributable to shareholders
+Total comprehensive income
+Other comprehensive income, net of tax
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, before tax
+Items that may be reclassified subsequently to profit or loss
+Share of other comprehensive income of equity-accounted investments that may be reclassified
+subsequently to profit or loss, net of tax
+Fair value valuation of securities and receivables (debt instruments) that may be reclassified
+to profit or loss, net of tax
+Deferred taxes relating to fair value evaluation of securities and receivables (debt instruments)
+recognized on other comprehensive income
+-1,890
+Fair value valuation of securities and receivables (debt instruments) that may be reclassified
+to profit or loss, before tax
+Fair value changes recognized in other comprehensive income
+Fair value valuation of securities and receivables (debt instruments) that may be reclassified
+to profit or loss
+-337
+-196
+143
+83
+-480
+-279
+184
+401
+-664
+-680
+Fair value changes recognized in other comprehensive income (OCI II)
+-518
+Transferred to profit or loss
+1,841
+588
+-1,302
+-753
+Financial services receivables
+98
+146
+368
+298
+3,776
+3,829
+6,928
+8,624
+4,929
+5,085
+Other equity investments
+Equity-accounted investments
+Property, plant and equipment
+Leased assets
+-1,107
+354
+Intangible assets
+Dec. 31, 2018
+Dec. 31, 2019
+€ million
+of Porsche AG as of 31 December 2019
+Consolidated statement of financial position
+23
+173
+172
+5
+5
+2,360
+1,494
+2,365
+1,499
+Assets
+996
+22,318
+Deferred tax liabilities
+2,727
+-2,422
+Change in other financial liabilities
+723
+38
+Repayments of lease liabilities.
+-77
+Cash flows from financing activities
+-353
+-606
+-239
+-266
+Change in financial services receivables
+-940
+-807
+-2,369
+81
+Change in leased assets
+Change in other provisions
+371
+417
+Change in pension provisions
+504
+-456
+Change in liabilities (excluding financial liabilities)
+-505
+-372
+Change in receivables (excluding financial services)
+-851
+-86
+Change in inventories
+378
+-214
+Repayment of bonds
+1,208
+778
+4,486
+3,845
+Investments in intangible assets (excluding capitalized development costs), and property,
+plant and equipment
+-2,044
+-2,093
+Additions to capitalized development costs
+-949
+-1,064
+Change in equity investments
+-65
+-71
+Cash received from disposal of intangible assets and property, plant and equipment
+-2,157
+13
+Change in investments in securities
+-146
+-237
+Change in loans and time deposits
+-427
+-111
+Cash flows from investing activities
+-3,617
+-3,566
+Profit transfer and dividends
+Capital transactions with non-controlling interest shareholders
+Proceeds from issuance of bonds
+Cash flows from operating activities
+1,273
+-2,294
+-19
+2,410
+10
+-127
+Capital contributions
+4
+3,441
+3,082
+3,134
+2,582
+2,215
+2,239
+1,951
+2,118
+96
+129
+Other liabilities
+Other financial assets
+Trade payables
+Financial liabilities
+1,077
+Other provisions
+9,665
+Non-current liabilities
+402
+492
+Other liabilities
+399
+657
+Other financial liabilities 1)
+3,644
+5,375
+Financial liabilities ¹)
+650
+Other non-cash expense/income
+681
+Provisions for taxes
+1,087
+13,639
+Current liabilities
+Share of profit or loss of equity-accounted investments
+Tax payables
+46
+10
+Gain/loss on disposal of non-current assets
+2,567
+3,044
+-1,531
+-1,310
+Income taxes paid
+4,552
+4,054
+Profit before tax
+2,960
+2,635
+Depreciation, amortization and impairment losses
+2018
+93
+Cash and cash equivalents at beginning of period
+11,299
+12,017
+7
+38,159
+42,366
+174
+Consolidated statement of cash flows
+of Porsche AG for the period 1 January to 31 December 2019
+€ million
+2019
+Financial data
+72
+a tribute to this motorsport legend, Porsche
+has designed a very special 911 Carrera 4S
+(Type 992), the Belgian Legend Edition.
+The 75 units were only available for sale in
+Belgium. Jacques Bernard "Jacky" Ickx is one
+of the most successful drivers ever to race
+and by far the best all-rounder, with victories
+in Formula 1, Formula 2, the world sportscar
+championship, touring cars, the CanAm series
+in the United States and long-distance rallies
+to his name. In the 1970s and 1980s he
+notched up many wins for Porsche, taking top
+honours at the 24 Hours of Le Mans six times.
+In 1983 Ickx suggested to Helmuth Bott,
+the Executive Board Member for Develop-
+ment at the time, that Porsche should enter
+the Paris Dakar rally. One year later he was
+part of the team and Porsche had won the
+event. To the engineers who worked with him
+for almost ten years in Weissach, Ickx is a
+legend. He was also personally involved in the
+design of the Legend Edition, together with
+experts from Style Porsche and the Belgian
+Porsche importer D'leteren.
+10
+In a tribute to this motor-
+sport legend, Porsche has
+designed a very special
+911 Carrera 4S (Type 992),
+the Belgian Legend Edition.
+Marc Rieẞ appointed as COO of
+Porsche Financial
+his 75th birthday on 1 January 2020. In
+Marc Rieß, 43, took over as Chief Operating
+Officer (COO) of Porsche Financial Services
+in February. Rießẞ previously spent eight years
+as Chief Financial Officer (CFO) of Porsche
+Financial Services in the United States and
+Canada since 2012, where he was responsible
+for risk management and controlling. He has
+been with the company since 2003, working
+in various different management positions
+at Porsche Financial Services, whose port-
+folio comprises close to 250,000 leasing and
+finance contracts with a volume of around
+7.4 billion euros worldwide. The total number
+of contracts and size of the portfolio have
+almost doubled over the past five years. The
+previous Chief Operating Officer, Jörg Pape,
+has taken up the position of CEO at
+Volkswagen Financial Services Brazil.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+PORSCHE
+TIB Sealer GTS
+S&KY 718
+Pure driving pleasure: The new GTS models
+Two new 718-GTS 4.0 models are a good
+reason to look forward to spring with
+the 718 Cayman GTS 4.0 and 718 Boxster
+GTS 4.0 due to be launched later this year.
+These new two-seaters have four-litre
+six-cylinder flat engines. The new-generation
+GTS strikes a noteworthy balance between
+a taut, sports setup and everyday comfort.
+The standard Porsche Active Suspension
+Management (PASM) sports suspension con-
+tributes to this, as does the 20 millimetre drop
+in ride height and Porsche Torque Vectoring
+(PTV) with mechanical rear differential lock.
+PORSCHE CLASSICS GATHER AT PORSCHE PLATZ AT THE ZUFFENHAUSEN SITE
+Taycan at the Miami Super Bowl
+Belgian racing driver Jacky Ickx celebrated
+The Super Bowl is the annual championship
+game of the National Football League (NFL)
+and the sporting event of the year in the
+United States. For the first time since 1997,
+Porsche featured in a TV advertisement
+on 2 February, the day of the Super Bowl in
+Miami. And the main character in this com-
+mercial was the Taycan. Entitled "The Heist",
+the ad was based around a car chase in-
+volving nine classic Porsche sports cars from
+the Porsche Museum. Germany's Black Forest,
+the city of Heidelberg and beautiful timber-
+framed architecture of Heppenheim all
+provided the backdrop. An extended cut is
+available to view on Porsche NewsTV and
+the Porsche YouTube channel.
+MARC RIESS
+Tribute to Jacky Ickx: 911 special
+edition (Type 992)
+When grappling with the impact of the coronavirus pan-
+demic, Porsche pursued a clear strategy. All necessary
+steps were initiated systematically. The workforce was
+actively involved. At the height of the crisis Oliver Blume
+delivered a weekly video message with the latest updates
+on the situation. The internal Carrera media carried daily
+information too. Communication has always been a core
+function at Porsche, and continues in this role. As Oliver
+Blume says, "Everyone in the business needs to be on the
+ball. Information, education and transparency are key."
+Through these efforts, Porsche has succeeded in winning
+its employees' confidence and navigating the business
+safely through the crisis. The focus has always been on
+health and safety at the workplace. Looking back, every-
+one knows and understands the rules about maintaining
+distance, hand-washing and face coverings, as well as
+the difference between an FFP2 mask and a face shield.
+It was not easy, suddenly having to keep 1.5 metres
+away from colleagues. However everybody understood
+how important it was for them all to do their bit. Success
+requires teamwork.
+911 CARRERA 4S "BELGIAN LEGEND EDITION" WITH MOTOR RACING LEGEND JACKY ICKX
+Instructions were clear, as employees were told to work
+remotely where possible. Meetings were held online and
+business trips were cancelled. Only the most essential
+journeys were permitted. Anyone returning on a flight from
+abroad was required to quarantine at home for two weeks
+as a precaution. The approach was one of safety first - no
+compromises.
+Porsche Charging Service: More than
+135,000 charging points in 20 countries
+To coincide with the delivery of the first Taycan
+vehicles in Europe, Porsche has been involved
+in setting up a high-performance charging
+network: the Porsche Charging Service gives
+customers access to more than 135,000 AC
+and DC charging points in 20 countries.
+This service is included for Taycan customers
+for the first three years. There are a further
+2,000 AC charging points provided by Porsche
+Destination Charging at selected hotels, golf
+courses and marinas in 20 different countries.
+Porsche customers can charge their vehicle
+here at no cost. Meanwhile, the entire Porsche
+dealer network is also being equipped with
+800-volt fast-charging stations. Along
+Europe's motorways and main traffic routes,
+the joint venture IONITY maintains more than
+400 fast-charging parks. The joint venture was
+established by the Volkswagen Group with
+the Audi und Porsche brands, the BMW Group,
+Mercedes Benz AG, Ford Motor Company
+and Hyundai Motor Group. Taycan drivers can
+charge their vehicles through the Porsche
+Charging Service app at a particularly favour-
+able rate of 0.33 euros per kilowatt hour
+across the board, which is significantly lower
+than the walk-up rate. Thanks to the 800 V
+technology installed at the IONITY charging
+stations, the Taycan can charge at its full
+potential of up to 270 kW.
+On 21 March 2020, it became necessary to stop produc-
+tion because of shortages in global supply chains. The
+lines would not move for a further six weeks. However,
+on 4 May 2020 Porsche restarted its production facilities
+and barely four weeks later was back to working at its
+normal capacity. In the USA, around half of all dealerships
+had to shut their doors temporarily in March and April. All
+dealership operations has already closed in February in
+China. Nevertheless, demand in the biggest sales market
+recovered rapidly from April onwards. By the beginning of
+summer, sales in China were almost back at the previous
+year's level. Operations in Japan and South Korea also grew.
+The development of key Asian markets continued on a
+positive track for the rest of the year. During the crisis,
+a start-up that was co-operating with Porsche encountered
+financial difficulties. Porsche took over the company to
+keep the business going and secure jobs.
+ENKER
+DB SCHENER
+We Keep Eur
+AIRLIFT FOR PERSONAL PROTECTIVE EQUIPMENT (PPE)
+The crisis management activities actually pushed some
+trends and developments to a new, higher level ready
+for the future. For example, it suddenly became possible
+to stream the annual press conference online. When
+the Geneva International Motor Show was cancelled at the
+beginning of March, Oliver Blume and Porsche Brand
+ORSCHE
+Ambassador Mark Webber introduced the 911 Turbo S in
+an English-language web press conference broadcast on
+Porsche News TV. The broadcast went out simultaneously
+in Chinese. And starting in February, sales in China moved
+onto the WeChat platform. In short: digitalisation has
+received a massive boost.
+Porsche and Corona
+7
+IMPORTANT EVENTS
+Business Performance
+Outlook
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+IMPORTANT EVENTS
+PORSCHE
+EXCLUSIVE MANUFACTUR
+The same applies to collaboration with politics and society.
+Standing shoulder-to-shoulder during the crisis was an
+important experience. Consultants from subsidiaries Porsche
+Consulting and management and IT consultancy MHP
+supported the crisis teams at the state governments in
+Baden-Württemberg and Saxony. Porsche organized the
+supply chains for the delivery of Personal Protective Equip-
+ment from China. Hundreds of millions of articles flowed
+through these channels. With up to six cargo flights each
+week at the busiest time, Porsche worked with its logistics
+partners DB Schenker and Lufthansa Cargo. Background:
+the issue was that the two state governments did not have
+the necessary procurement organisations of their own
+to purchase the volume of protective personal equipment
+needed. Porsche gladly came to the rescue, as Oliver Blume
+explained in an interview, "From day one, we have not seen
+Porsche in isolation as a business entity, but have also
+considered our role and responsibility within society. What
+can we do for people who are in need of emergency assis-
+tance? How can we support the countries and regions in
+which we are represented? We focus on a fundamental per-
+spective: we are there for people in times of crisis too."
+To coincide with the
+delivery of the first
+Taycan vehicles in
+Europe, Porsche has
+been involved in
+MICHELIN
+FANATEC
+Mark Anstötz heads Porsche Centre
+Berlin-Adlershof
+PORSCHE CONSULTING INNOVATION LAB IN BERLIN
+Porsche invests in US audio specialist
+DSP Concepts
+The Taycan's unique Porsche sound signature
+is based on software developed by DSP Con-
+cepts, an audio specialist from Silicon Valley.
+Porsche Ventures invested in DSP Concepts,
+Inc.in February with Taiwania Capital leading
+the financing round. DSP Concepts specialises
+in software and algorithms for audio signals.
+Its "TalkTo" software, for example, provides
+reliable voice control functions even in condi-
+tions with loud background noise. The rich
+Porsche engine sound is renowned the world
+over. Using technology from DSP Concepts,
+the engineers at Porsche have succeeded in
+designing a fully electric Taycan that sounds
+like only a Porsche can sound.
+The rich Porsche engine
+sound is renowned the world
+over. Using technology from
+DSP Concepts, the engineers
+at Porsche have succeeded
+in designing a fully electric
+Taycan that sounds like only
+a Porsche can sound.
+PORSCHE TAG HEUER ESPORTS SUPERCUP
+16
+TAG Heuer joins Porsche Esports Supercup
+as title sponsor
+TAG Heuer is a Swiss avant-garde watch
+brand with 160 years of tradition and
+historical ties to motor racing. Since March,
+TAG Heuer has been the title sponsor of the
+Porsche Esports Supercup virtual racing
+series. The winner of the new Porsche
+TAG Heuer Esports Supercup will take home
+200,000 US dollars. Porsche has been
+cooperating with this Swiss watch brand in
+Formula E since the 2019/2020 season.
+PORSCHE
+www
+SQY 911
+Virtual world product launch: The new
+911 Turbo S
+After the 90th International Motor Show in
+Geneva was cancelled at the beginning
+of March, Porsche unveiled its 911 Turbo S
+(Type 992) at a digital press conference held
+in English and Chinese. CEO Oliver Blume,
+joined by ex-Formula 1 driver and Porsche
+brand ambassador Mark Webber, presented
+the new top-of-the-range 911 model. The
+latest design is more powerful, more dynamic
+and more comfortable to drive than ever,
+and available as a coupé or cabriolet.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Board of Management also regularly convening special
+meetings. Together they discussed hundreds of questions,
+such as where to store disinfectant for use by the work-
+force, how to rearrange servings in the factory canteens,
+how to restart our plants following the halt to production,
+and how to organise a return to working in the office for
+our staff.
+NNO
+VATION
+LAB
+Porsche Consulting
+Sales grow by 17.4 per cent to 203.1 million
+euros: Porsche Consulting presented its
+new record results for 2019 in mid-February.
+The new Future Lab in the Berlin city office
+literally looks to the future. Companies work
+with Porsche consultants in the Innovation
+Lab to rapidly develop new products, services,
+business models and strategies. Porsche
+Consulting opened three new offices during
+the year under review (in Beijing, Paris and
+Frankfurt) and employs 670 people at twelve
+locations across the world.
+Porsche Consulting: Record sales and three
+new locations
+70
+Mark Anstötz, 33, was promoted in February
+from the position of sales manager at the
+Porsche branch in Hamburg to head up the
+Porsche Centre Berlin-Adlershof. He is
+now part of the management team led by
+Tobias Roch, who is in overall charge of the
+Porsche Centres in Berlin. With a publicly
+accessible 800-volt fast charging point and
+25-metre photovoltaic pylon, the Berlin-
+Adlershof site is one of the most modern and
+sustainable Porsche locations in the world.
+IONITY
+(p)
+DYNAMIC ORDER PICKING: ENERGY-EFFICIENT SHUTTLE TECHNOLOGY FOR WAREHOUSE TRANSPORTATION
+Breeze Technologies wins sustainability
+ideas competition
+The Hamburg-based start-up Breeze Tech-
+nologies was the winner of Porsche's "Mobility
+for a better world" ideas competition at the
+end of January. Founded in 2017 by Robert
+Heinecke and Sascha Kuntze, the start-up
+impressed the judging panel and the public
+with its forward-looking environmental sensor
+technology and analysis software. The Breeze
+Technologies team are focusing on low-cost
+air quality sensors. Using artificial intelligence,
+Breeze identifies local sources of emissions
+and recommends efficient and specific
+measures for clean air. The panel considered
+more than 150 projects, with prize money
+of 20,000 euros. Awards went to Phantasma
+Labs (Berlin), Ducktrain (Aachen) and Liight
+(Madrid). Néng (New Zealand), Third Space
+Auto (Finland) and Charger Next Door and
+IUPETIR, both from Berlin, all qualified for
+the final.
+Porsche Ventures invests in Nitrobox
+start-up
+Porsche Ventures is the venture capital arm
+of Porsche. In February, it invested in the
+Hamburg-based software start-up Nitrobox
+GmbH, which helps companies to centralise
+and flexibly manage their financial processes.
+New digital products and services can then
+be brought to market more quickly while
+keeping costs down. Nitrobox supports the
+order-to-cash process for new business
+models: billing for car sharing, "functions
+on demand", digital parking tickets and charg-
+ing services can be fully automated using
+the start-up's platform. Nitrobox GmbH
+received a seven-figure investment, with the
+"NeueCapital Partners" fund from Silicon
+Valley also acquiring a stake in the start-up.
+the creation of a high-
+performance charging
+network.
+VDA Logistics Award goes to Porsche Leipzig
+In early February, the German Association of
+the Automotive Industry (VDA) presented
+Porsche Leipzig GmbH with the VDA Logistics
+Award 2020. Porsche's concept was based
+on smart planning tools, highly automated
+processes and energy-efficient storage and
+order-picking technology. The panel's verdict
+was as follows: "Strongly integrated, with
+smart automation and maximum reliability
+and efficiency, the concept offers innovation
+potential for the plant, the automotive in-
+dustry and logistics in other industries." With
+a saving of 3,500 tonnes of CO2 per year,
+Porsche is setting standards in the conserva-
+tion of resources. At the heart of the auto-
+mated small parts warehouse are 90 carts
+that feed and empty all of the small load
+carriers in two aisles. A fully automatic robot
+is used for the loading process. This innova-
+tion supports the high level of variation in
+production, cuts costs and makes workplaces
+more ergonomic.
+PORSCHE CHARGING SERVICE
+Important events
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+13
+Porsche went electric back in 1900
+20 years of the Retro Classics motor show in
+Stuttgart 120 years of electric mobility
+from Porsche. 120 years? An exhibition at the
+Porsche Museum in late February revealed
+why the history of Porsche had an electric
+start. In 1900, Ferdinand Porsche built his
+Lohner Porsche "Semper Vivus" ("Always
+Alive"). His aim was to mitigate the disadvan-
+tages of battery weight and range of earlier
+versions. A faithful replica of his design, the
+world's first, fully functioning hybrid vehicle,
+was presented by Porsche 120 years later.
+PORSCHE
+K 45.286
+12
+Chairman of the Executive Board
+GROUP PHOTO GLOBAL PANDEMIC STYLE: THE BOARD MEMBERS ALL TESTED NEGATIVE FOR COVID-19 BEFORE HAVING THIS PHOTOGRAPH TAKEN
+"MORE THAN EVER, WHAT IS
+NEEDED TODAY IS A COMMIT-
+MENT TO SOCIETY AND OUR
+FELLOW HUMAN BEINGS.
+LOOKING OUT FOR EACH OTHER
+AND TAKING RESPONSIBILITY,
+JUST LIKE IN A FAMILY. THESE
+VALUES APPLY BEYOND THE
+FACTORY GATES."
+Results of operations
+180 FINANCIAL DATA
+Consolidated Income Statement
+Consolidated Statement of Comprehensive Income
+Consolidated Statement of Financial Position
+Consolidated Statement of Cash Flows
+Consolidated Statement of Changes in Equity
+Value added statement
+194 NON-FINANCIAL KEY FIGURES
+Environmental and energy key figures
+Personnel and social key figures
+208 FURTHER INFORMATION
+The Supervisory Board
+Emission and consumption information
+GRI Content Index
+Porsche AG Group - Brief overview
+221 LEGAL NOTICE
+Financial position
+About this report
+To make the text easier to read, all references
+are to the masculine form. This formulation
+explicitly includes all gender identities.
+Report contents and period
+→ GRI 102-46, 102-48
+This documentation represents the fifth time
+that Dr. Ing. h.c. F. Porsche AG has published
+a combined Annual and Sustainability Report.
+The company published its first report in this
+format for the 2016 financial year on 17 March
+2017. The report is produced annually. This
+report covers the period from 1 January 2020
+to 31 December 2020. Information dating
+from before this period is also included for
+completeness. Unless otherwise specified, the
+reporting date is 31 December 2020. The
+editorial deadline was in February 2021. Unless
+otherwise indicated, all information refers
+to Dr. Ing. h.c. F. Porsche AG. If content that
+had been previously published has since
+been corrected, for example due to changes in
+collection methods for key figures and data,
+this is indicated. Financial analyses as well
+as key figures and data are given in compact
+form at the end of the report and in detailed
+form online in the Porsche Newsroom
+newsroom.porsche.com. This site also con-
+tains further information on Porsche and
+on the company's commitment to sustaina-
+bility. Management approaches to major topics
+in this report are contained in the section
+entitled "Reporting areas".
+Reporting standard and assurance
+→ GRI 102-49
+This report has been prepared in accordance
+with the Global Reporting Initiative (GRI)
+standards "Core" option. The GRI Content Index
+at the end of the report provides details on
+the reported disclosures and lists where they
+are located in the print and online versions.
+Within the scope of the Materiality Disclosures
+Service, GRI Services has reviewed whether
+the GRI Content Index is clearly structured
+and whether the information specified for
+GRI 102-40 to 102-49 corresponds to the
+respective sections of the Report. A business
+audit to obtain limited assurance against
+the relevant criteria and requirements of the
+GRI Standards is conducted every two years.
+Based on this cycle, this Report does not
+include a business audit of the non-financial
+information and content.
+Non-financial report
+Dr. Ing. h.c. F. Porsche AG makes use of the
+exemption provision in Sections 289b (2)
+and 315b (2) of the German Commercial
+Code ("HGB") allowing it not to issue a non-
+financial report and a non-financial consoli-
+dated report, and refers to the separate
+non-financial report of Volkswagen AG for
+the financial year 2020, which will be available
+on the www.volkswagenag.com website
+in German and English from 16 March 2021.
+Report design
+Basis of consolidation
+Net assets
+Procurement
+HE
+Courage.
+Annual and Sustainability Report
+of Porsche AG
+2020
+OOT ONE JOR
+04 LETTER FROM THE EXECUTIVE BOARD OF PORSCHE AG
+06 PORSCHE AND CORONAVIRUS
+08 IMPORTANT EVENTS
+Business Performance
+Outlook
+60 PORSCHE STRATEGY 2030
+64 SUSTAINABILITY MANAGEMENT
+Sustainability strategy
+170 FINANCIAL ANALYSIS
+Sustainability organisation
+Sustainable Development Goals
+80 REPORTING AREAS
+Innovative Mobility
+Reliable Partner
+Go to Zero
+106 EMPLOYEES, SOCIETY,
+SPORTS AND COMMUNICATIONS
+Employees
+Society
+Sports
+Communications
+138 RESEARCH AND DEVELOPMENT
+148 SALES, PRODUCTION AND PROCUREMENT
+Sales
+Production
+Memberships and networks
+Stakeholder survey and materiality
+Oliver Blume,
+→ GRI 102-45
+a total of 113 fully consolidated companies,
+with 29 headquartered in Germany and
+84 abroad.
+Human Resources
+Uwe-Karsten Städter
+Procurement
+The year 2020 was a very challenging year. The coronavirus
+pandemic has severely tested human co-existence.
+Meanwhile, the global economy was subjected to a stress
+test. Porsche too was affected. We were forced to halt
+production for six weeks in the spring, and our dealership
+operations also had to temporarily close.
+Our response to these challenges was rapid, flexible and
+pragmatic. We introduced targeted measures to protect
+our workforce. And we engaged in systematic crisis
+management, successfully shoring up our liquidity and
+stabilising our results. In this way we steered Porsche
+strategically and robustly through the crisis.
+With good results. With deliveries of new vehicles total-
+ling 272,162, we were a mere three per cent down on
+the record figure set in 2019. Our company remains highly
+profitable. Operating profit: 4.2 billion euros. Return on
+sales: 14.6 per cent. Figures that are unmatched in our
+sector. Figures that represent a great success for our entire
+team. In a difficult environment, that team has remained
+united, shown fighting spirit, and been dedicated to the
+task at hand.
+This success is founded on our fresh and attractive product
+range. 911 Turbo, 911 Targa, 718 GTS - thoroughbred
+sports cars, and the stuff of our customers' dreams. Then
+there are our attractive best-sellers: the Cayenne and
+the Macan. Not forgetting our powerful Gran Turismo,
+the Panamera.
+Our electric mobility strategy has also provided a strong
+tailwind, noticeably gaining momentum in 2020. In Europe,
+one third of our new deliveries were already electrified,
+with an equal split between all-electric and hybrid vehicles.
+This figure will rise to 50 per cent by 2025. What this shows
+is that our electrification strategy is taking hold.
+Our success is driven by our innovative power. The techno-
+logical strength that has always set Porsche apart has been
+concentrated in the Taycan, our first all-electric sports car.
+Its innovative 800-volt architecture already has a proven
+track record, used in our winning race cars at Le Mans.
+This architecture means that it is not only fast on the road,
+but also quick to recharge. In a further success story,
+the Taycan was voted the most innovative vehicle in the
+world in 2020. Internationally, it has picked up more
+than 50 awards - more than any other Porsche model has
+ever achieved in the space of one year.
+Porsche is clearly committed to the goals of the Paris
+Agreement, and is a trailblazer in this area. We are pursuing
+a consistent electrification and sustainability strategy.
+And we are setting ourselves ambitious decarbonisation
+targets, including in comparison with the rest of the indus-
+try. Porsche is also setting new standards in sustainable
+production.
+Our original plant in Zuffenhausen has been CO2-neutral
+since 2020, with the Leipzig plant following suit in
+January 2021. This is also where the all-electric Macan will
+come off the production line in future. This underlines
+our credentials as a sustainable mobility pioneer. Our goal
+is ambitious: Porsche will be completely CO2-neutral as
+early as 2030.
+We see ourselves as a partner in society and embrace the
+responsibilities that this involves - towards the environment,
+social issues and the economy. Porsche has, for example,
+supported countless social activities in 2020, the year of
+coronavirus. These have all been targeted and well coordi-
+nated, with a significantly increased volume of donations.
+and a voluntary commitment from many employees.
+In addition, we supported the state governments of Baden-
+Württemberg and Saxony in the procurement of Personal
+Protective Equipment and made our expertise available
+to the crisis teams. Porsche has also been involved in many
+aid activities with an international aspect. This has greatly
+advanced our understanding of sustainability and carries us
+into the future.
+And we are also investing in our employees. Employees
+who work hard every day to inspire our customers - with
+pioneering spirit and passion. Last year, we signed works
+agreements to secure jobs at our locations until 2030,
+sending out a clear signal of our future intentions. Our team
+is highly motivated. With that team, we are successfully
+shaping the future of sustainable mobility.
+The new Porsche Strategy 2030 shows us the way forward.
+This also applies to the further expansion of our digital
+capabilities: we are systematically stepping up the efficiency,
+precision and quality of our processes. Making us even faster
+and even more flexible. We are undertaking considerable
+efforts to succeed in our goals: between now and 2025,
+Porsche will be investing 15 billion euros in electromobility,
+sustainable production and digitalisation. This is money
+well spent, not least because it will strengthen our com-
+mercial success and profitability in the long term. Even in
+an age of transformation, we remain as focused as ever
+on our strategic return target of 15 per cent.
+Andreas Haffner
+In 2020, Porsche showed impressively: our business model
+is robust and flexible. Our brand has never had such a
+positive appeal. Strategically, we remain firmly on course.
+Sustainability, innovation and digitalisation will determine
+our future path. We are also strongly and profitably posi-
+tioned for the future. Our good performance in terms of
+return and capital value allows us to look to that future with
+confidence: we will embrace our opportunities with
+self-confidence and a down-to-earth approach.
+4
+Letter from the Executive Board of Porsche AG The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+5
+6
+PORSCHE AND CORONAVIRUS:
+FACING THE CRISIS WITH DETERMINATION AS A TEAM
+Around the world, 2020 was a challenging year. The corona-
+virus crisis tested social cohesion to the limit. Pressure
+mounted on many business models, and global growth
+weakened markedly. At Porsche, production was forced to
+take a six-week break. Nevertheless, we successfully steered
+our company through the crisis and weathered the storm.
+Our people made the difference, coupled with innovative
+products, profitability and high levels of investment in the
+future. Even more, the crisis revealed Porsche's true under-
+standing of sustainability: a holistic view encompassing
+ecology, social factors and economy. Running your business
+at a profit gives it the strength it needs to face challenges.
+To take a current example, Porsche has been funding not-for-
+profit initiatives for many years. In spring 2020, the company
+donated an additional five million euros to specific corona-
+virus relief measures. Porsche also doubled its donations of
+groceries to food banks in the regions around our sites.
+What people outside the company rarely saw, however, was
+the teamwork that went on inside. Porsche's response to
+the crisis was managed systematically and with a sense of
+responsibility. The Board of Management reacted at a very
+early stage to the worrying news from China. An expert
+group was convened to assess the situation around the
+clock as events unfolded. Porsche also established an inter-
+disciplinary crisis team. Representatives from departments
+including Health Management, HR and Social Affairs, Pro-
+duction and Logistics, Research and Development, Finance
+and IT, as well as Sales and Marketing, joined forces in
+a situation room. The crisis team met each day, with the
+Ab jetzt gilt: möglichst eine
+Taycanbreite Abstand halten.
+Bester Zusamalt funktioniert auch aut sicher Enterung Bite asht weiterhin magichet
+1,5 min dan alle geund bleiben. Vielen Dank daw when suche colle Start!
+#achtetaufeinander
+PORSCHE EMPLOYER CAMPAIGN "ACHTET AUFEINANDER"
+The Executive Board of
+Dr. Ing. h.c. F. Porsche AG
+Volkswagen AG holds 100 per cent of the
+share capital of Porsche Holding Stuttgart
+GmbH and is therefore the ultimate parent
+company of the Porsche AG Group. A control
+and profit transfer agreement has been in
+place between Volkswagen AG and Porsche
+Holding Stuttgart GmbH since the 2013
+financial year. Porsche AG's subscribed
+capital is wholly owned by Porsche Holding
+Stuttgart GmbH. Dependency agreements
+and profit transfer agreements are in place
+between Porsche Holding Stuttgart GmbH
+and Porsche AG, and also between Porsche AG
+and its principal German subsidiaries. The
+basis of consolidation at Porsche AG includes
+techers,
+Research and Development
+Courage.
+"Only those who have the
+courage to break new ground
+will enjoy future success."
+Oliver Blume
+"I am of the opinion that sports
+cars actually foreshadow
+innovations, and that this was
+true in the past as it will be in
+the future."
+Ferry Porsche
+klimaneutral
+Printprodukt
+MIX
+Paper from
+responsible sources
+natureOffice.com | DE-137-711254
+FSC
+www.fsc.org
+Lutz Meschke
+Deputy Chairman of
+the Executive Board
+Finance and IT
+FSC® C014405
+Dear Reader,
+SIGT 3992
+рем
+Albrecht Reimold
+Production and Logistics
+Shiver Dune
+Oliver Blume
+Chairman of the
+Executive Board
+Deller von
+bloh.
+Detlev von Platen
+Sales and Marketing
+раг виши
+Michal Gleiner daz
+Michael Steiner
+LETTER FROM THE EXECUTIVE BOARD OF PORSCHE AG
+72 STAKEHOLDER MANAGEMENT
+Stakeholder management tools
+Dialogue with politics
+277,188
+2019 2020
+3,174
+1,518
+1,360
+5,862
+4,534
+- 1,802
+1,273
+-2,294
+-19
+3,222
+2,410
+-2,550
+-2,369
+282
+723
+-102
+-77
+78
+-353
+188
+Financial data
+189
+Consolidated Statement of Changes in Equity
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2020
+€ million
+Subscribed
+capital
+4,344
+Cash and cash equivalents at end of period
+Securities, loans and time deposits
+Gross liquidity
+3,174
+4,344
+13
+Change in investments in securities
+-300
+-146
+Change in loans and time deposits
+51
+-427
+Cash flows from investing activities
+-3,019
+-3,617
+Capital contributions
+1,028
+Capital
+Profit transfer and dividends
+Proceeds from issuance of bonds
+Repayment of bonds
+Change in other financial liabilities
+Repayments of lease liabilities.
+Cash flows from financing activities
+Effect of exchange rate changes on cash and cash equivalents
+-29
+23
+Net change in cash and cash equivalents
+1,199
+516
+Cash and cash equivalents at end of period
+Capital transactions with noncontrolling interest shareholders
+48
+Retained
+earnings
+92
+1,930
+122
+-332
+-196
+92
+-332
+-196
+0
+6
+5
+16,477
+2,801
+0
+5
+- 1,302
+1,499
+1,273
+1,273
+- 1,798
+-17
+-1,802
+-19
+45
+12,726
+4,991
+45
+-866
+2,796
+-291
+313
+Other reserves
+Hedging
+Currency
+translation
+Cash flow hedges Deferred costs of
+(OCI I)
+hedging (OCI II)
+Equity and debt
+instruments
+Equity-accounted Non-controlling
+investments
+interests
+Total equity
+Balance at January 1, 2019
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+reserves
+Disposal of equity instruments
+Profit transfer and dividends payment
+Capital transactions involving a change in ownership interest
+Other changes
+Balance at December 31, 2019
+Balance at January 1, 2020
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+45
+11,453
+4,876
+75
+Capital contribution
+12,726
+Cash received from disposal of intangible assets and property, plant and equipment
+-46
+13,639
+111
+129
+1,849
+2,118
+2,657
+2,239
+Trade payables
+Other financial assets
+Other liabilities
+2,335
+2,582
+2,959
+3,082
+1,331
+1,077
+Tax payables
+Current liabilities
+43
+72
+11,285
+11,299
+45,491
+42,366
+186
+13,982
+492
+473
+657
+Equity before non-controlling interests
+20,219
+17,423
+Non-controlling interests
+5
+5
+Equity
+20,224
+17,428
+Provisions for pensions and similar obligations
+5,932
+5,438
+Financial data
+Other provisions
+996
+Deferred tax liabilities
+685
+681
+Financial liabilities
+5,668
+5,375
+Other financial assets
+Other liabilities
+Non-current liabilities
+Provisions for taxes
+Other provisions
+Financial liabilities
+285
+939
+-65
+187
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2020
+-134
+-456
+Change in pension provisions
+Change in other provisions
+Change in leased assets
+Change in financial services receivables
+493
+417
+-299
+378
+-945
+-807
+-987
+-266
+4,140
+4,486
+Cash flows from operating activities
+Investments in intangible assets (excluding capitalized development costs),
+and property, plant and equipment
+- 1,547
+-2,044
+Additions to capitalized development costs
+-1,225
+-949
+Change in equity investments
+Change in liabilities (excluding financial liabilities)
+-372
+-734
+Change in receivables (excluding financial services)
+€ million
+2020
+2019
+Cash and cash equivalents at beginning of period
+3,174
+2,635
+Profit before tax
+4,397
+4,054
+Income taxes paid
+-837
+-1,310
+Consolidated Statement of Cash Flows
+Depreciation, amortization and impairment losses
+Gain/loss on disposal of non-current assets
+3,044
+49
+10
+Share of profit or loss of equity-accounted investments
+15
+7
+Other non-cash expense/income
+-13
+-127
+Change in inventories
+-223
+-86
+3,357
+-339
+4,991
+10
+Heating oil
+Specialist energy products 1)
+Other sites
+Gas
+Heating oil
+Specialist energy products 1)
+340,327
+327,119
+266,375
+248,820
+306,692
+229,354
+1) Since the 2019 financial year, Porsche has only purchased renewable energy.
+204,868
+150,101
+166,359
+149,130
+30,000
+n/s
+56,936
+65,505
+31,697
+n/s
+61,943
+n/s
+4,571
+1,214
+Gas
+Development sites
+Special energy products 1)
+Heating oil
+Freiberg, Asperg, Weilimdorf, Ludwigsburg) correspond to the categories used in internal reporting relevant for control.
+Indirect energy consumption by primary energy source in MWh
+2020
+2019
+2018
+Total
+Production sites
+Electrical energy ¹)
+District heating
+CHP plants and PV arrays
+Development sites
+Electrical energy 1)
+District heating
+1,052
+Weissach CHP plant
+2020
+2019
+2018
+Other sites
+Electrical energy ¹)
+District heating
+Total
+Production sites
+Gas
+Of which biogas
+Combustible gas for manufacturing processes
+Of which biogas
+Direct energy consumption by primary energy source in MWh
+The categories of "production sites" (Stuttgart-Zuffenhausen and Leipzig including production-related external sites), "development sites"
+(Weissach including development-related external sites) and "other sites" (Korntal-Münchingen,
+0
+0
+Fuel 2)
+246,818
+Biogas as combustible gas for manufacturing processes
+196
+31,697
+4,571
+Heating oil
+55,738
+Gas
+25,239
+Combustible gas for manufacturing
+processes
+Direct energy con-
+sumption by produc-
+tion site in 2020
+149,130
+Biogas
+3
+2
+1
+0
+2014
+2015
+2016
+372,023
+380,428
+353,726
+294,317
+301,608
+3,008
+3,185
+13,763
+12,105
+61,427
+61,222
+64,437
+61,926
+Energy consumption in kWh/vehicle 1)
+64,292
+61,283
+205
+0
+145
+643
+0
+0
+1,641
+0
+1,757
+4
+3,757
+1,637
+1,748
+1,627
+4
+9
+22
+0
+0
+0
+10,884
+1,649
+3,162
+The key figures listed refer to Porsche AG and Porsche Leipzig GmbH.
+195
+-465
+5
+20,224
+1,028
+-1,864
+190
+Financial data
+191
+192
+Value added statement
+of Porsche AG for the period 1 January to 31 December 2020
+Source of funds in € million
+2020
+2019
+2018
+Sales revenue
+Other income
+28,695
+709
+28,518
+25,784
+828
+823
+Cost of materials
+-16,661
+-15,956
+- 14,844
+757
+-173
+6,302
+13,754
+3,172
+-340
+-340
+ggs s
+-19
+-487
+17,428
+-19
+-487
+5
+17,428
+4
+3,166
+Depreciation, amortization and impairment losses
+776
+776
+467
+22
+3,633
+1,028
+-1,860
+Disposal of equity instruments
+Capital contribution
+Profit transfer and dividends payment
+Capital transactions involving a change in ownership interest
+Other changes
+Balance at December 31, 2020
+45
+22
+Environmental and energy figures
+-3,357
+-2,567
+to creditors (interest expense)
+138
+1.6%
+136
+1.7%
+123
+1.5%
+to the company (reserves)
+Value added
+1,292
+15.1%
+966
+11.8%
+842
+10.1%
+8,568
+100%
+8,218
+100%
+8,341
+100%
+Financial data
+193
+Non-financial key figures
+Environmental and energy key figures
+Personnel and social key figures
+194
+17.7%
+1,473
+15.9%
+1,311
+Other upfront expenditures
+-818
+-2,128
+-855
+Value added
+8,568
+8,218
+8,341
+Appropriation of funds in € million
+2020
+2019
+2018
+-3,044
+to shareholders (profit transfer)
+to employees (wages, salaries, benefits)
+4,230
+49.4%
+1,802
+4,003 48.7%
+21.9%
+2,290
+27.4%
+3,613
+43.3%
+to the state (taxes, duties)
+1,044
+12.2%
+1,864 21.7%
+118
+Other reserves
+4,991
+1,418
+1,315
+Indirect GHG emissions in t of CO2 equivalent (Scope 2)
+298
+323
+298
+Other sites
+13,523
+13,906
+13,192
+Development sites
+750
+43,041
+42,038
+12,166
+Production sites
+56,862
+56,267
+25,656
+Direct GHG emissions in t of CO2 equivalent (Scope 1)
+839
+851
+3,155
+1,150
+1,060
+6,342
+Production sites
+1
+85
+239
+58,491
+74,157
+28,753
+SOx emissions
+Other sites
+Development sites
+Production sites
+NOx emissions 4)
+Significant air emissions in t of
+Rental cars
+Air
+Other sites
+Rail 3)
+Other indirect GHG emissions (Scope 3)1)
+Other indirect GHG emissions in t of CO2 equivalent
+2,857
+827
+762
+977
+506
+552
+500
+Other sites
+Development sites
+2,508
+Porsche's vehicle fleet 2)
+246
+14,500
+13,744
+9,249
+8,493
+12,114
+12,344
+11,326
+13,550
+13,275
+12,857
+443
+537
+1,228
+50,431
+52,664
+52,295
+64,424
+66,476
+66,380
+24,767
+28,201
+34,422
+30,097
+26,589
+30,719
+222,324
+229,176
+9,019
+2,833
+3,095
+3,095
+Development sites
+1000
+45,548
+42,123
+12,167
+Production sites
+1,009
+63,203
+57,685
+26,971
+Direct and indirect GHG emissions in t of CO2 equivalent
+Total
+Direct and indirect greenhouse gas emissions in kg/vehicle 1)
+14,412
+2018
+2020
+Emissions in t of CO2 equivalent and significant air emissions in t
+198
+197
+Non-financial key figures
+1) The energy consumption stated relates solely to Porsche production sites.
+2018 2019 2020
+2017
+2,485
+2,607
+2,763
+2,952
+2019
+Financial Data
+239
+9,644
+0
+Ozone-depleting substances 5)
+0
+0
+0
+Other sites
+0.74
+0.81
+0.02
+0.03
+0.04
+Development sites
+0,8
+0.1
+0.11
+0.18
+Production sites
+0.12
+0.14
+0.22
+Weight of dust emissions
+0
+0
+0
+Other sites
+0
+0
+1) The reported emissions up to the 2018 reporting year relate exclusively to business travel, i.e. local train travel, rental cars and flights. With effect from the 2019
+reporting year, the stated value also includes emissions from Porsche's own fleet.
+9.0
+2018
+Non-financial key figures
+1) The reported VOC emissions relate exclusively to Porsche's production sites.
+2017
+2015 2016
+2014
+0
+63,203
+57,685
+26,971
+22
+0,2
+no data
+0,4
+2019
+2020
+Total direct and indirect GHG emissions in t of CO2 equivalent
+5) During the stipulated reporting period there were no emissions of substances included in Annexes A, B, C or E to the Montreal Protocol on Substances that Deplete
+the Ozone Layer.
+4) The NOx emissions shown here refer exclusively to production processes, and not to Porsche vehicles.
+3) Emissions are generally only produced from local travel, as 100% use is made of green electricity for long-distance travel.
+2) The reported emissions refer exclusively to Porsche's own vehicles at the production sites.
+0,6
+0.59
+0.66
+0.65
+0.64
+2018
+4,936
+0
+Development sites
+6.68
+1) The reported direct and indirect greenhouse gas emissions relate exclusively to Porsche's production sites.
+30.53
+33.81
+26.2
+2018 2019 2020
+38.96
+2017
+2016
+2014 2015
+42.67
+33.06
+0
+8,550
+13,701
+15,415
+69
+49,921
+50,774
+8,402
+20
+38
+0
+250
+no data
+8.62
+8.21
+0.18
+0.23
+0.98
+119.33
+115.4
+105.29
+Production sites
+119.33
+115.4
+105.29
+Weight of volatile organic compounds (VOC)
+0
+0
+0
+0
+Other sites
+0.09
+0.06
+Development sites
+VOC emissions in kg/vehicle ¹)
+0.32
+0.36
+0.18
+Production sites
+0.41
+0.45
+0.24
+0.22
+0.09
+Consolidated Income Statement
+Consolidated Statement of Comprehensive Income
+Consolidated Statement of Financial Position
+Deferred taxes relating to other comprehensive income
+-335
+588
+467
+-1,302
+3,633
+1,499
+3,629
+1,494
+4
+5
+Financial data
+185
+Consolidated Statement of Financial Position
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft as of December 31, 2020
+€ million
+Dec. 31, 2020
+Dec. 31, 2019
+Assets
+Intangible assets
+Property, plant and equipment
+Leased assets
+Equity-accounted investments
+Other equity investments
+5,437
+5,085
+- 1,890
+802
+thereof profit attributable to non-controlling interests
+thereof profit attributable to shareholders
+-492
+-680
+Transferred to profit or loss (OCI II)
+521
+401
+Cash flow hedges (OCI II), before tax
+29
+-279
+-7
+83
+22
+-196
+8,695
+Deferred taxes relating to cash flow hedges (OCI II)
+Fair value valuation of debt instruments that may be reclassified to profit or loss
+Fair value changes recognized in other comprehensive income
+Transferred to profit or loss
+Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax
+Deferred taxes relating to fair value valuation of debt instruments recognized in
+other comprehensive income
+Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that may be
+reclassified subsequently to profit or loss, net of tax
+-0
+Items that may be reclassified subsequently to profit or loss
+458
+-0
+-436
+Other comprehensive income, before tax
+Other comprehensive income, net of tax
+Total comprehensive income
+Cash flow hedges (OCI II), net of tax
+Fair value changes recognized in other comprehensive income (OCI II)
+8,624
+3,829
+2,415
+Other receivables
+606
+490
+Tax receivables
+163
+95
+Securities
+755
+451
+Cash, cash equivalents and time deposits
+4,500
+3,511
+Current assets
+15,096
+12,659
+45,491
+42,366
+Equity and Liabilities
+Subscribed capital
+Capital reserves
+Retained earnings
+45
+13,754
+6,302
+45
+12,726
+2,761
+Other financial assets
+842
+1,122
+167
+298
+217
+146
+Financial services receivables
+Other financial assets
+2,414
+1,841
+8,870
+8,350
+Other receivables
+Deferred tax assets
+3,614
+Non-current assets
+Trade receivables
+Financial services receivables
+164
+179
+817
+1.355
+30,395
+29,707
+4,108
+4,013
+1,081
+842
+Inventories
+-332
+776
+Cash flow hedges (OCI I), net of tax
+Interest income
+406
+416
+Interest expenses
+-129
+-148
+Other financial result
+-47
+-75
+Financial result
+220
+192
+Profit before tax
+Income tax income/expense
+Current
+Deferred
+Profit after tax
+thereof profit attributable to shareholders
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+4,397
+4,054
+-1,231
+-1,253
+-998
+- 1,268
+-1
+-10
+Share of profit or loss of equity-accounted investments
+3,862
+Consolidated Statement of Cash Flows
+Consolidated Statement of Changes in Equity
+Value added statement
+182
+Consolidated Income Statement
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2020
+€ million
+2020
+2019
+Sales revenue
+Cost of sales
+Gross profit
+-233
+Distribution expenses
+Administrative expenses
+Other operating income
+28,518
+-21,256
+7,262
+-1,881
+-2,044
+-1,095
+-1,029
+953
+846
+Other operating expenses
+-897
+-1,173
+Operating profit
+4,177
+28,695
+-21,598
+7,097
+15
+3,166
+2,801
+Foreign exchange differences
+Unrealized currency translation gains/losses
+-340
+92
+Transferred to profit or loss
+0
+Exchange differences on translating foreign operations, before tax
+-340
+92
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+-340
+-0
+-866
+92
+Fair value changes recognized in other comprehensive income (OCI I)
+1,391
+-397
+Transferred to profit or loss (OCI I)
+-283
+-76
+Cash flow hedges (OCI I), before tax
+1,108
+-473
+Deferred taxes relating to cash flow hedges (OCI I)
+- 332
+141
+Hedging
+199
+9
+-0
+3,162
+2,796
+4
+5
+-1,860
+- 1,798
+Financial data
+183
+184
+Consolidated Statement of Comprehensive Income
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2020
+€ million
+1
+Profit after tax
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that will not be reclassified
+to profit or loss, net of tax
+Items that will not be reclassified to profit or loss
+2020
+2019
+3,166
+2,801
+-1,230
+4
+364
+10
+-866
+Pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in
+other comprehensive income
+1) The category of special energy products comprises bought-in energy products such as refrigeration or compressed air.
+2) Conversion factor from litres to MWh: petrol = 8.72 kWh/l; diesel 9.91 kWh/I.
+17.5%
+95-96
+350
+12.9
+7.6
+9.6
+218
+G
+[kW]**
+consumption consumption
+[kWh/100 km] combined
+CO₂emissions Energy
+combined efficiency
+[g/km]
+class
+Emission
+standard
+718 Boxster S PDK
+257
+350
+12.4
+7.0
+8.8
+200
+257
+G
+[HP]**
+Power
+220
+300
+11.8
+7.0
+8.8
+200
+G
+Model
+220
+300
+10.9
+6.5
+8.1
+185
+F
+Power
+output
+Power
+Fuel
+718 Boxster S
+[1/100 km]
+294
+G
+Panamera (G2 II)
+718 Spyder PDK
+309
+420
+13.7
+8.1
+10.2
+232
+G
+Panamera 4 E-Hybrid
+340
+462
+17.5-17.0*
+Panamera 4 E-Hybrid Sport Turismo
+340
+462
+249
+718 Boxster GTS 4.0
+10.9
+15.0
+400
+14.7
+8.5
+10.8
+246
+G
+718 Boxster GTS 4.0 PDK
+294
+400
+13.0
+7.6
+9.6
+219
+G
+718 Spyder
+309
+420
+8.5
+718 Boxster T PDK
+718 Boxster T
+Plug-in hybrids
+404
+550
+718 Cayman GTS 4.0 PDK
+294
+400
+13.0
+7.6
+9.6
+219
+G
+Cayenne Turbo Coupé
+404
+550
+15.5
+15.5
+9.1
+9.3
+9.3
+9.4-9.2* 215-210*
+9.5-9.4* 217-214*
+9.8-9.7* 223-220*
+9.9-9.7*
+11.4-11.2*
+11.4-11.2*
+D
+Cayenne Turbo
+D
+G
+10.8
+718 Cayman S PDK
+257
+350
+12.3
+7
+8.8
+200
+G
+Cayenne GTS Coupé
+338
+460
+15.3-14.9*
+718 Cayman GTS 4.0
+294
+400
+14.7
+8.5
+246
+D
+225-222*
+260-255*
+D
+G
+718 Boxster
+220
+300
+11.8
+6.9
+8.7
+199
+G
+718 Boxster PDK
+220
+300
+10.6
+6.6
+8.1
+185
+F
+232
+10.2
+8.1
+13.7
+F
+260-256*
+F
+11.6
+11.6
+264
+264
+F
+F
+718 Cayman GT4
+18.2-17.5*
+309
+15.0
+8.5
+10.9
+249
+G
+718 Cayman GT4 PDK
+309
+420
+420
+2.2-2.1*
+2.3-2.2*
+49-47*
+51-49*
+A+
+A+
+911 Carrera S
+331
+450
+12.9
+7.7
+9.6
+220
+G
+911 Carrera 4S (MT)
+331
+450
+14.8
+7.4
+10.1
+231
+G
+Cayenne (E3)
+EU6 AP
+331
+A+
+2.8
+22.8
+2.8
+63
+A+
+EU6 AP
+911 Carrera S (MT)
+331
+450
+14.5
+7.3
+10.0
+227
+G
+Panamera Turbo S E-Hybrid Executive
+515
+700
+22.7
+63
+450
+13.1
+7.8
+223
+G
+Cayenne Turbo S E-Hybrid
+911 Carrera 4S Cabriolet (MT)
+331
+450
+14.9
+7.5
+10.2
+234
+G
+Cayenne Turbo S E-Hybrid Coupé
+500
+500
+462 22.0-21.6*
+22.4-22.0*
+680 23.3-22.8*
+680 23.5-23.0*
+2.5-2.4*
+2.6-2.5*
+3.3-3.2*
+3.3-3.2*
+58-56*
+A+
+9.9
+7.9
+13.1
+450
+9.7
+222
+G
+Cayenne E-Hybrid
+340
+911 Carrera S Cabriolet (MT)
+331
+450
+700
+14.7
+10.1
+230
+G
+Cayenne E-Hybrid Coupé
+340
+462
+911 Carrera S Cabriolet
+331
+7.4
+8.3-8.2*
+8.0-7.8*
+8.2-7.9*
+9.1
+515
+F
+560
+18.1-17.4*
+2.2-2.0*
+51-47*
+A+
+EU6 AP
+911 Carrera 4
+283
+385
+12.6
+7.8
+9.6
+218
+G
+Panamera 4S E-Hybrid Sport Turismo
+412
+560
+412
+19.3-17.4*
+Panamera 4S E-Hybrid
+215
+EU6 AP
+EU6 AP
+911 (992)
+Panamera 4 E-Hybrid Executive
+340
+462
+18.0 17.4*
+2.2
+51-49*
+A+
+EU6 AP
+911 Carrera
+283
+385
+12.9
+7.4
+9.4
+G
+911 Carrera Cabriolet
+283
+385
+221
+F
+Panamera Turbo S E-Hybrid
+515
+700
+21.8
+2.7
+62
+A+
+EU6 AP
+911 Targa 4
+283
+385
+12.8
+8.0
+9.8
+223
+9.7
+8.0
+12.7
+385
+12.9
+7.6
+9.6
+218
+G
+Panamera 4S E-Hybrid Executive
+412
+560
+Panamera Turbo S E-Hybrid Sport Turismo
+19.5-17.6*
+52-49*
+A+
+EU6 AP
+53-50*
+A+
+EU6 AP
+911 Carrera 4 Cabriolet
+283
+2.2-2.1*
+2.3-2.2*
+15.3-14.7*
+460
+338
+Porsche AG
+Accidents 2)
+1,733
+0
+2,556
+202
+2,578
+0
+191
+188
+163
+Lost days³)
+Fatalities
+Porsche Leipzig GmbH
+1,440
+2,362
+1,987
+0
+2
+Fatalities
+0
+Lost days ³)
+214
+28.8
+28.3
+20.3
+Other Group companies
+13.9
+20.8
+no data
+1) The figures reported for the 2018 financial year relate exclusively to Porsche AG and Porsche Leipzig GmbH.
+Non-financial key figures
+205
+206
+Number of accidents, lost days and fatalities¹)
+2020
+2019
+2018
+Total
+Accidents 2)
+218
+Accidents 2)
+Lost days ³)
+Fatalities
+Percentage spend with local suppliers by Porsche AG at main places of business ¹)
+Porsche AG
+Porsche Leipzig GmbH
+6.1
+4
+6.1
+5.8
+2020
+4.6
+5.9
+1) Injury rate = accident frequency index: provides information on how frequently reported accidents have occurred within the company relative to the total hours
+worked. The calculation formula used is the number of reported work-related accidents multiplied by one million hours, divided by the number of hours worked.
+2019
+Donations made in € million
+20201)
+2019
+2018 2)3)
+1) Of which, donations totalling 2 million euros in foundation assets for the Ferry Porsche Foundation.
+2) The figure stated relates solely to Porsche AG.
+Registered office
+outside the EU
+1.0%
+96.0%
+Registered office
+in the EU
+2018
+23
+30
+39
+293
+0
+194
+0
+591
+0
+1) Porsche does not make a distinction according to gender or between employees and workers who are not employees but whose work and/or workplace is controlled
+by the organisation, and does not show the individual categories for work-related injuries (level of detail not material).
+Porsche Leipzig GmbH
+Percentage breakdown of origin of suppliers to Porsche AG in 2020 ¹)
+Registered office
+outside the EU
+Suppliers of
+production materials
+2) Porsche only reports accidents that were officially recorded. Non-serious injuries (minor accidents) are not reported. Accidents that do not result in lost days (calen-
+dar days) are classed as minor accidents.
+3) Missed working days resulting from accidents reported in the reporting period are counted as lost days (usually Monday to Friday); the day of the accident itself is
+not included (>= 1 lost calendar day).
+1) Based on creditor's billing address.
+Injury rate ¹)
+2020
+2019
+4.0%
+3) Of which, donations totalling 22 million euros in foundation assets for the Ferry Porsche Foundation.
+19.0
+20.2
+19.0
+no data
+15.9
+21.6
+20.3
+17.4
+23.3
+19.7
+Male
+1,240
+1,047
+948
+Porsche Leipzig GmbH
+10.4
+11.7
+23.3
+No. of returned employees still employed after 12 months 2)
+7.3
+Other Group companies
+20.0
+11.3
+952
+Total
+1,434
+1,095
+1,119
+Female
+244
+48
+171
+Porsche AG
+Porsche Leipzig GmbH
+Other Group companies
+Male
+Porsche AG
+17.2
+22.4
+23.7
+17.2
+9.7
+22.6
+no data
+Porsche AG
+Porsche Leipzig GmbH
+17.0
+23.5
+20.7
+10.1
+11.8
+23.0
+Other Group companies
+8.1
+21.7
+no data
+Employees exempt from wage agreements and executive employees
+19.9
+20.6
+19.1
+Porsche AG
+21.1
+21.8
+15.5
+2018¹)
+Total
+1,454
+1,037
+875
+1) The figures reported for the 2018 financial year relate exclusively to Porsche AG and Porsche Leipzig GmbH.
+Female
+Male
+236
+1,218
+20.3
+190
+847
+726
+1) The total number of employees entitled to parental leave cannot be determined because employees are not obliged to report a birth.
+The year for which the parental leave is recorded is the year in which the period of leave begins.
+2) Due to the relatively long duration of parental leave or as a result of leave commencing late in the respective reporting year, not all employees have returned by the
+time of data collection. The return to work and retention rate cannot be calculated on an annual basis as employees who returned in a given year did not necessarily
+also begin their parental leave in that same calendar year.
+Average no. of training hours per participant by employee category
+Employees subject to wage agreements
+2020
+2019
+149
+EU6 AP
+approx. 21
+approx. 27.5
+CO₂
+emissions
+combined
+Energy
+efficiency class
+718
+718 Cayman
+718 Cayman PDK
+718 Cayman T
+718 Cayman T PDK
+718 Cayman S
+220
+300
+11.8
+6.9
+8.7
+199
+G
+220
+Fuel
+consumption
+combined
+[1/100 km] [g/km]
+300
+Fuel
+consumption
+extra-urban
+[1/100 km]
+[kW]
+CO₂
+Energy
+Model
+Power
+Power
+Fuel
+consumption
+urban
+consumption
+extra-urban
+consumption
+combined
+[1/100 km]
+[1/100 km]
+[1/100 km]
+emissions
+combined
+[g/km]
+efficiency class
+output
+[HP]
+consumption
+urban
+[1/100 km]
+10.6
+6.6
+8.1
+G
+Cayenne (E3)
+Cayenne
+Cayenne Coupé
+Cayenne S
+Cayenne S Coupé
+Cayenne GTS
+250
+340 11.5-11.2*
+8.2-8.1*
+250
+340 11.7-11.4*
+324
+440
+324
+440
+12.8
+12.8
+218
+9.6
+7.5
+13.0
+185
+F
+220
+300
+11.8
+6.9
+8.7
+200
+Fuel
+G
+300
+10.8
+6.5
+8.1
+185
+F
+257
+350
+220
+approx. 4.6
+Fuel
+Power
+[HP]
+GRI Content Index
+Porsche AG Group - Brief overview
+The Supervisory Board
+of Porsche AG
+on 31 December 2020
+Shareholders
+Dr Wolfgang Porsche
+Diplom-Kaufmann
+Chairman of the Supervisory Board
+Dr Hans Michel Piëch
+Lawyer in private practice
+Hans-Peter Porsche
+Engineer
+Dr Ferdinand Oliver Porsche
+Member of the Board of Management of
+Familie Porsche AG Beteiligungsgesellschaft
+Dr Hans Peter Schützinger
+Member of the Board of Management of Porsche Holding GmbH
+Hans Dieter Pötsch
+Emission and consumption information
+Chairman of the Board of Management of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+The Supervisory Board
+207
+2018
+Suppliers of
+non-production
+materials
+1) Local suppliers are defined as suppliers with their registered office in the EU. The main places of business are Stuttgart-Zuffenhausen and Leipzig.
+Percentage breakdown of S-rating of suppliers of production materials to Porsche AG in 2020
+Non-financial key figures
+0.3%
+S-rating under review
+8.7%
+No S-rating
+S-rating of suppliers
+for production
+materials in 2020
+91.0%
+Positive S-rating
+97.4%
+97.5%
+97.0%
+99.0%
+Registered office
+in the EU
+Further information
+Hiltrud Werner
+Member of the Board of Management of Volkswagen AG
+Integrity and Legal division
+Gunnar Kilian
+Carsten Schumacher
+Chairman of the Works Council Weissach
+Member of the General and Group Works Councils of Porsche AG
+Jordana Vogiatzi
+Manager responsible for members and finances
+of the IG Metall Union, Stuttgart
+Sabine Zach
+Trade Union Secretary of IG Metall
+District management Berlin - Brandenburg - Saxony
+210
+0 1964H
+S.TA 5130E
+212
+Emission and consumption information
+Model
+Power
+output
+[kW]
+Member of the Group Works Council of Porsche AG
+Chairman of the Works Council Porsche Leipzig
+Knut Lofski
+Member of the Board of Management IG Metall
+Member of the Board of Management Volkswagen AG
+Human Resources
+Jürgen Rittersberger
+Head of Group Strategy and General Secretary Volkswagen AG
+Dr Christian Dahlheim
+Director Group Sales Volkswagen AG
+Employee representatives
+Werner Weresch
+Deputy Chairman of the Supervisory Board
+Fuel
+Chairman of the Works Council Zuffenhausen/Ludwigsburg/Sachsenheim
+Chairman of the General and Group Works Councils of Porsche AG
+Member of the Works Council Zuffenhausen
+Member of the General and Group Works Councils of Porsche AG
+Wolfgang von Dühren
+International VIP and Special Sales Porsche AG
+Barbara Frenkel
+Vice President Sales Region Europe Porsche AG
+Akan Isik
+Member of the Works Council Zuffenhausen
+Member of the Group Works Council of Porsche AG
+Björn Kallis
+Harald Buck
+60-58*
+A+
+EU6 AP
+94-95
+403-9
+Work-related injuries
+GRI 404: Training and Education (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Average hours of training per year per employee
+404-1
+404-2
+Programs for upgrading employee skills and transition assistance programs
+Porsche does not make a distinction
+between employees and workers who
+are not employees but whose work
+and/or workplace is controlled by the
+organization.
+Porsche does not make a distinction
+between employees and workers who
+are not employees but whose work
+206 and/or workplace is controlled by the
+organization, and does not show the
+individual categories for work-related
+injuries (level of detail not material).
+90-93
+205
+92-93
+Diversity of governance bodies and employees
+GRI 405: Diversity and Equal Opportunity (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+405-1
+91-92
+Workers covered by an occupational health and safety management system
+91-92
+403-8
+Prevention and mitigation of occupational health and safety impacts directly linked
+by business relationships
+94-95
+94-95
+403-2
+403-3
+Hazard identification, risk assessment, and incident investigation
+Occupational health services
+94-95
+94-95
+403-4
+Worker participation, consultation, and communication on occupational health
+and safety
+94-95
+403-5
+Worker training on occupational health and safety
+94-95
+403-6
+Promotion of worker health
+94-95
+403-7
+94-95
+GRI 407: Freedom of Association and Collective Bargaining (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+407-1
+90-94
+95-98
+→ Online GRI index
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+414-1
+414-2
+GRI 414: Supplier Social Assessment (2016)
+New suppliers that were screened using social criteria
+Negative social impacts in the supply chain and actions taken
+GRI 415: Public Policy (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+415-1
+Political contributions
+GRI 416: Customer Health and Safety (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+416-1
+GRI 418: Customer Privacy (2016)
+97-98
+207
+97-98
+Significant investment agreements and contracts that include human rights clauses
+or that underwent human rights screening
+412-3
+→ Online GRI index
+95-98
+Operations and suppliers in which the right to freedom of association and collective
+bargaining may be at risk
+→ Online GRI index
+GRI 408: Child Labor (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+408-1
+Operations and suppliers at significant risk for incidents of child labor
+GRI 409: Forced or Compulsory Labor (2016)
+95-98
+→ Online GRI index
+93
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor
+95-98
+→ Online GRI index
+GRI 412: Human Rights Assessment (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+95-98
+412-2
+Employee training on human rights policies or procedures
+95-98
+76
+93
+Page
+306-3
+93
+74-75
+Online GRI index
+68,74-75,78
+74-75,78-79
+2,78-79
+70, 78-79
+2,78
+221
+Management of significant waste-related impacts
+Waste generated
+306-4 Waste diverted from disposal
+306-5 Waste directed to disposal
+GRI 307: Environmental Compliance (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+307-1 Non-compliance with environmental laws and regulations
+GRI 308: Supplier Environmental Assessment (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+308-1
+74-75,78
+308-2
+306-2
+306-1
+Direct (Scope 1) GHG emissions
+305-2 Energy indirect (Scope 2) GHG emissions
+305-3
+Other indirect (Scope 3) GHG emissions
+305-4
+GHG emissions intensity
+305-5
+Reduction of GHG emissions
+305-6
+Emissions of ozone-depleting substances (ODS)
+305-7 Nitrogen oxides (NOx), sulfur oxides (SOX) and other significant air emissions
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+4-5, 68-69, 210-211
+68-69
+68-69
+74-79
+GRI 306: Waste (2020)
+Waste generation and significant waste-related impacts
+New suppliers that were screened using environmental criteria
+Negative environmental impacts in the supply chain and actions taken
+GRI 401: Employment (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+95-96, 102
+→ Online GRI index
+97-98
+207
+97-98
+90-96
+204
+204
+215
+216
+Material topics
+GRI 402: Labor/Management Relations (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+402-1
+Minimum notice periods regarding operational changes
+GRI 403: Occupational Health and Safety (2018)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+403-1
+Occupational health and safety management system
+201
+201
+201
+102-103
+401-1
+401-3
+New employee hires and employee turnover
+Parental leave
+2,214
+214-216
+Further information
+103-104
+103-104
+Omission/comment
+101-103
+198-199
+198
+199
+198-199
+198
+198
+102-103
+102-103
+198-199
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+305-1
+76
+Assessment of the health and safety impacts of product and service categories
+42,366
+38,159
+€ million
+20,224
+17,428
+16,477
+€ million
+18,130
+17,982
+16,099
+Investment 3)
+€ million
+2,772
+2,993
+3,157
+Cost of materials
+€ million
+45,491
+16,661
+€ million
+Equity
+1,386
+240
+Employees 2)
+Number
+36,359
+Personnel expenses
+€ million
+4,230
+35,429
+4,003
+32,325
+3,613
+Financials
+Sales revenue
+€ million
+28,695
+28,518
+25,784
+Total assets
+Fixed assets
+15,956
+14,8444)
+Depreciation, amortization and impairment losses
+4,054
+4,552
+Profit after tax
+€ million
+3,166
+2,801
+3,118
+11 From FY 2019 onwards without pre-production vehicles.
+2) As of 31 December.
+3) Relates to investment in intangible assets and property, plant and equipment without additions to right of use assets according to the new accounting standard
+IFRS 16-Leases.
+4) FY 2018 has been adjusted.
+Porsche Newsroom provides more information and an interactive comparison of our current financial and volume data.
+By selecting various parameters such as time period, indicator type or display type, you can generate and save individual
+comparisons in different formats.
+7 www.newsroom.porsche.com/charts
+218
+Further information
+219
+4,397
+€ million
+Profit before tax
+4,289
+€ million
+3,357
+3,044
+2,567
+Cash flows from operating activities
+€ million
+4,140
+4,486
+29,450
+3,845
+€ million
+4,177
+3,862
+4,289
+Operating profit (EBIT) before special items
+€ million
+4,177
+4,397
+Operating profit (EBIT)
+84-85
+Units
+35,493
+280,800
+256,255
+911
+Units
+34,328
+34,800
+35,573
+718 Boxster/Cayman
+Units
+21,784
+20,467
+24,750
+Macan
+Units
+78,124
+99,944
+86,031
+272,162
+Cayenne
+Units
+FY 2018
+84-85
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+418-1
+83-84
+Substantiated complaints concerning breaches of customer privacy and losses
+of customer data
+83-84
+→ Online GRI index
+GRI 419: Socioeconomic Compliance (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+419-1
+95-98
+Non-compliance with laws and regulations in the social and economic area
+→ Online GRI index
+Further information
+217
+Porsche AG Group
+Brief overview
+FY 2020
+FY 2019
+Deliveries
+Units
+92,860
+92,055
+22,655
+19,263
+23,658
+Macan
+Units
+78,490
+89,744
+93,953
+Cayenne
+Units
+82,137
+95,293
+79,111
+Panamera
+Units
+21,832
+31,192
+Units
+718 Boxster/Cayman
+36,236
+37,585
+71,458
+Panamera
+Units
+25,051
+32,721
+38,443
+Taycan
+Units
+Taycan
+20,015
+Production 1)
+Units
+263,236
+274,463
+268,691
+911
+Units
+28,672
+813
+1,079
+GRI 305: Emissions (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+EU6 AX
+D
+Taycan 4S with Performance battery Plus
+360
+490
+27.0
+0
+A+
+EU6 AX
+D
+Taycan Turbo
+460
+625
+28.0
+0
+A+
+EU6 AX
+A+
+Panamera 4S
+0
+435
+243
+330
+11.4-11.2*
+7.8-7.5*
+8.8-8.6*
+8.8-8.7*
+9.0-8.9*
+Panamera 4 Executive
+243
+330
+11.3-11.0*
+7.6-7.4*
+9.0-8.9*
+201-197*
+202-199*
+205-202*
+205-202*
+D
+Taycan
+D
+Taycan 4S
+320
+26.2
+324
+440
+11.6-11.3*
+11.9-11.6*
+Panamera GTS
+353
+480
+15.4
+Panamera GTS Sport Turismo
+353
+480
+15.5-15.4*
+Panamera Turbo S
+463
+630 14.9-14.8*
+Panamera Turbo S Sport Turismo
+463
+Panamera Turbo S Executive
+463
+630
+440
+324
+Panamera 4S Executive
+D
+7.5-7.4*
+9.0-8.8*
+205-201*
+D
+Taycan Turbo S
+460
+625
+28.5
+Panamera 4 Sport Turismo
+0
+EU6 AX
+Panamera 4S Sport Turismo
+324
+440
+11.7-11.5*
+7.7-7.6*
+9.2-9.1*
+210-207*
+A+
+630 15.0-14.9*
+15.1-15.0*
+7.3-7.1*
+330
+911 Targa 4S
+331
+450
+13.3
+8.0
+9.9
+227
+G
+911 Turbo
+427
+580
+15.3
+8.7
+11.1
+254
+G
+BEV
+G
+911 Turbo Cabriolet
+235
+7.6
+75-72*
+76-73*
+A+
+A+
+EU6 AP
+EU6 AP
+911 Carrera 4S Cabriolet
+331
+450
+13.3
+7.9
+9.9
+225
+G
+911 Targa 4S (MT)
+331
+450
+15.0
+10.3
+427
+580
+15.2
+output
+Power
+[HP]
+[kW]
+Power
+consumption
+[kWh/100 km]
+CO₂ emissions
+combined
+Energy
+efficiency
+Emission
+standard
+[g/km]
+class
+Panamera (G2 II)
+Panamera
+243
+330
+11.4-11.1*
+7.5-7.0*
+Panamera 4
+243
+Power
+G
+257
+11.3
+8.9
+11.3
+257
+G
+911 Turbo S
+478
+650
+15.5
+11.6-11.4*
+8.6
+254
+G
+Model
+911 Turbo S Cabriolet
+478
+650
+15.9
+8.6
+11.1
+304-3 Habitats protected or restored
+7.6-7.5*
+9.1-9.0*
+8.2-8.0* 10.9-10.7*
+8.5-8.3* 11.1-10.9*
+8.5-8.4* 10.8-10.7*
+8.8-8.7* 11.1-11.0*
+8.7-8.5* 11.0-10.9*
+D
+102-49 Changes in reporting
+102-50 Reporting period
+102-51 Date of most recent report
+102-52 Reporting cycle
+102-53 Contact point for questions regarding the report
+102-54 Claims of reporting in accordance with the GRI Standards
+102-55 GRI content index
+102-56 External assurance
+Page
+Omission/comment
+221
+5,50-63,212-213
+221
+52-58
+52-58
+50-58, 109, 172-193, 202-207
+90-98, 108-119, 202-206
+97-98, 168-169,207
+6-49, 168-169,207
+100-104
+102-48 Restatements of information
+76, 120-127
+102-47 List of material topics
+102-45 Entities included in the consolidated financial statements
+102-13 Membership of associations
+Strategy
+102-14 Statement from senior decision-maker
+Ethics and integrity
+102-16 Values, principles, standards, and norms of behavior
+102-17 Mechanisms for advice and concerns about ethics
+Leadership
+102-18 Governance structure
+102-19 Delegating authority
+102-20 Executive-level responsibility for economic, environmental, and social topics
+102-21 Consulting stakeholders on economic, environmental, and social topics
+Stakeholder engagement
+102-40 List of stakeholder groups
+102-41 Collective bargaining agreements
+102-42 Identifying and selecting stakeholders
+102-43 Approach to stakeholder engagement
+102-44 Key topics and concerns raised
+Reporting practice
+102-46 Defining report content and topic Boundaries
+76
+66-71,95-98
+95-96
+→ Online GRI index
+197
+303-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Interactions with water as a shared resource
+102-103
+102-103
+303-2
+Management of water discharge-related impacts
+102-103
+303-3
+Water withdrawal
+303-4
+Water discharge
+200
+200
+303-5
+Water consumption
+200
+GRI 304: Biodiversity (2016)
+101-102
+196-197
+100
+200
+For reasons of confidentiality, Porsche does
+not publish the required information.
+95-96
+→ Online GRI index
+→ Online GRI index
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices
+GRI 301: Materials (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+301-1
+Materials used by weight or volume
+GRI 302: Energy (2016)
+102-12 External initiatives
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+302-1
+302-3 Energy intensity
+GRI 303: Water and Effluents (2018)
+97-98
+207
+Omission/comment
+Porsche reports comprehensive financial
+key figures and the economic value
+distributed.
+→ Online GRI index
+→ Online GRI index
+95-96
+Energy consumption within the organization
+208-205*
+102-11 Precautionary principle or approach
+102-9 Supply chain
+204
+D
+280
+380
+12.1
+8.0
+9.6
+218
+324
+440
+11.7
+8.3
+9.6
+218
+Current consumption values can be found at https://www.porsche.com/germany/verbrauchsinformationen/
+Further information
+213
+8.9
+214
+7.5
+354
+249-244*
+253-248*
+247-245*
+253-251*
+251-249*
+F
+F
+*Range depending on the tyre set used.
+**Overall system performance.
+E
+Macan PA
+Macan
+Macan S
+Macan GTS
+Macan Turbo
+180
+245
+9.5
+7.4
+8.2
+186
+D
+260
+11.4
+GRI Content Index
+GRI
+MATERIALITY
+DISCLOSURES SERVICE
+Organizational profile
+Name of the organization
+Activities, brands, products, and services
+102-1
+102-2
+102-3
+Location of headquarters
+102-4
+Location of operations
+102-5
+Ownership and legal form
+102-6
+Markets served
+102-7
+Scale of the organization
+102-8
+Information on employees and other workers
+GRI 102 General Disclosures (2016)
+GRI 101 Foundation (2016)
+General Disclosures
+GRI standards
+2021
+Material topics
+Page
+GRI 201: Economic Performance (2016)
+201-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Direct economic value generated and distributed
+82-83
+172-193
+102-10 Significant changes to the organization and its supply chain
+201-4
+This report has been prepared in accordance with the Global Reporting Initiative (GRI) standards on the basis of the "Core" option. The
+report was submitted to the GRI services team for implementation of the GRI Materiality Disclosures Service. The description of the
+"materiality-related disclosures" (102-40 to 102-49) was confirmed as correct. A detailed version of the GRI Content Index is available in
+the Porsche Newsroom: www.newsroom.porsche.com/reports
+GRI 204: Procurement Practices (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+204-1 Proportion of spending on local suppliers
+GRI 205: Anti-corruption (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+205-1 Operations assessed for risks related to corruption
+205-2
+Communication and training about anti-corruption policies and procedures
+GRI 206: Anti-competitive Behavior (2016)
+Financial assistance received from government
+1,242
+911 Carrera 4S
+Male
+13,740
+Copper
+Material consumption
+in 2020 in t
+Hazardous waste
+Non-hazardous waste
+Non-production-specific waste
+Metallic waste
+Waste for removal
+Hazardous waste
+Non-hazardous waste
+Non-production-specific waste
+23
+61
+25
+336
+457
+376
+1
+15
+53
+74
+99
+98
+2
+2
+Plastics
+98,873
+63,955
+Others
+1) The water consumption stated relates solely to Porsche production sites.
+743
+1,058
+972
+3
+3.26
+3.32
+3.05
+3.07
+3.14
+2.73
+Non-production-specific waste
+Other sites
+2
+3
+5
+434
+637
+554
+Waste for recycling
+2
+1
+0
+2014 2015 2016 2017
+2018
+2019
+2020
+16
+29
+0
+0
+35,429
+32,235
+Of which Porsche AG
+22,290
+21,371
+19,032
+Of which Porsche Leipzig GmbH
+4,194
+4,260
+4,252
+Of which other Group companies
+9,875
+9,798
+9,041
+Region: Germany
+32,661
+31,690
+28,764
+1,565
+1,581
+1,494
+Region: North America
+819
+834
+814
+36,359
+Total
+Porsche AG Group
+2018
+10
+0
+1) Recycling and disposal of the reported hazardous and non-hazardous waste are exclusively carried out by external disposal companies.
+Total volume of waste in t
+215,507
+2020
+Steel/cast iron
+2019
+136,429
+Alloys
+2018
+Non-financial key figures
+0
+20,787
+23,154
+201
+202
+Personnel and social key figures
+Unless otherwise stated, the reported key figures refer to the Porsche AG Group (including its subsidiaries).
+Total workforce
+2020
+2019
+2018
+Employees by age structure in %
+2020
+2019
+23,995
+Region: Asia
+58
+Non-hazardous waste
+Development sites
+Water recirculation 2)
+Total
+579,832
+4,926
+553,267
+18,088
+549,875
+111,857
+9,619
+128,437
+123,706
+13,288
+11,251
+Waste for recycling
+Hazardous waste
+Non-hazardous waste
+Non-production-specific waste
+Metallic waste
+Waste for removal
+4,080
+5,183
+4,096
+5,394
+7,365
+7,225
+298
+Production sites
+Other sites
+8,929
+Of which ground water
+200
+Water intake and recirculation in m³
+2020
+2019
+2018
+Waste by location, type and disposal method in t¹)
+2020
+2019
+2018
+Water intake ¹)
+Total
+20,787
+341
+23,995
+Total
+710,237
+694,992
+684,832
+Production sites
+13,556
+16,202
+15.320
+Of which water from third parties
+701,308
+690,066
+666,744
+23,154
+18
+437
+2,674
+7,156
+7,834
+1) Porsche only draws fresh water (≤1000 mg/l total dissolved solids (TDS)) from areas with no water stress.
+2) Porsche only feeds fresh water (≤1000 mg/l total dissolved solids (TDS)) into areas with no water stress.
+Waste for recycling
+Hazardous waste
+1,686
+986
+814
+Non-hazardous waste
+1,160
+1,666
+1,868
+Water consumption in m³/vehicle 1)
+Non-production-specific waste
+57
+176
+Metallic waste
+3,130
+3,196
+191
+3,401
+Waste for removal
+3.82
+4
+Hazardous waste
+6,797
+Development sites
+11,251
+13,288
+2,989
+577,026
+603,759
+606,175
+Hazardous waste
+630
+346
+377
+Production sites
+Development sites
+Other sites
+491,679
+3,027
+509,098
+Non-hazardous waste
+90
+241
+183
+75,728
+81,373
+84,743
+Non-production-specific waste
+37
+52
+13
+9,619
+510,181
+1,055
+Region: Europe (excluding Germany)
+974
+Employees subject to wage agreements
+85.0%
+87.3%
+85.4%
+Employees exempt from wage agreements and executive employees
+15.0%
+12.7%
+14.6%
+Newly hired employees by region, gender and age group
+2020
+2019
+2018
+1) Significant increase in the participant numbers due to the launch of a digital learning platform in 2018, and the greater take-up of digital learning modules.
+2) The figures reported for the 2018 financial year relate exclusively to Porsche AG and Porsche Leipzig GmbH.
+No. of newly hired employees by region
+Region: Germany
+Region: Europe (excluding Germany)
+Region: North America
+Region: Asia
+2,221
+96
+3,684
+127
+3,746
+158
+Total no. of training programme participants
+78
+36
+Percentage breakdown of participants by employee category
+33,111
+87,238
+101,530
+In the case of employees in production who are covered by the reduction of working hours under the "Labour Market of the Future" works agreement, the reduced
+working time as agreed will be deemed to represent full-time employment. There are no seasonal variations in the size of the workforce.
+Non-financial key figures
+203
+204
+Employee turnover in %1)
+2020
+1,021
+2018
+No. of training programme participants
+2020
+2019 11
+2018 112)
+35
+No. of employees who left the company
+1.9%
+1.3%
+Total
+125,297
+107,294
+40,920
+¹) Porsche's reporting on employee turnover is not broken down by age group, gender and religion as this data is not of a material nature for the company and is not rele-
+vant for control purposes. The reported figure does not include temporary employment contracts, retirements or partial retirement arrangements.
+Female
+23,767
+20,056
+7,809
+Male
+2.1%
+2) Definition of full-time employee: Full-time employees are all employees with a contractually agreed weekly working time of at least 35 hours.
+93
+148
+107,294
+40,920
+Parental leave and return to the workplace
+No. of employees who took parental leave 1)
+Total
+Female
+2020
+2019
+2018
+Average number of training hours per participant
+2020
+2019
+2018¹)
+Total
+15.9
+21.6
+20.8
+1,523
+281
+1,322
+243
+1,205
+253
+Female
+15.7
+21.7
+23.3
+125,297
+112
+71
+94
+Other regions (Australia, Latin America)
+16
+20
+40
+2020
+No. of newly hired employees by gender
+Female
+453
+679
+1,041
+2019
+Male
+57
+2,051
+3,086
+No. of newly hired employees by age group
+<30 years
+1,259
+2,034
+2,116
+2018
+30-50 years
+1,151
+1,819
+1,899
+> 50 years
+3,245
+1) Due to equal pay and attractive framework conditions, Porsche does not report the number of temporary employees separately.
+2019
+4,354
+81.9%
+81.8%
+81.6%
+Employees by type of employment ¹)
+Full-time employees 2)
+18.1%
+Female
+Employees in 2020
+by gender
+81.9%
+Male
+20.9%
+<30 years
+20.9%
+22.9%
+23.1%
+61.6%
+60.1%
+59.3%
+4,105
+17.0%
+17.6%
+22.6%
+23.9%
+22.9%
+57.7%
+56.4%
+Male
+18.4%
+18.2%
+18.1%
+Other regions (Australia, Latin America)
+259
+303
+279
+Employees by gender
+<30 years
+30-50 years
+50 years
+Porsche AG
+<30 years
+30-50 years
+>50 years
+Porsche Leipzig GmbH
+<30 years
+30-50 years
+55.8%
+>50 years
+2019
+2018
+No. of employees by gender
+Female
+6,588
+6,450
+Male
+29,771
+28,979
+5,944
+26,381
+Percentage breakdown of employees by gender
+Female
+2020
+19.8%
+17.5%
+21.3%
+0.0%
+0.0%
+15.6%
+25.8%
+26.7%
+84.4%
+74.2%
+19.7%
+6.3%
+6.5%
+6.7%
+93.7%
+93.5%
+93.3%
+34,010
+33,512
+Of which trainees
+Part-time employees
+Employees subject to wage agreements
+798
+2,349
+31,816
+853
+1,917
+31,075
+903
+1,631
+28,220
+Employees exempt from wage agreements and executive employees
+4,410
+0.0%
+Male
+73,3%
+Percentage breakdown by gender
+10.2%
+19.1%
+18.7%
+76.6%
+Female
+71.2%
+13.2%
+9.7%
+10.1%
+Employees in 2020 by
+age structure
+61.6%
+30-50 years
+No. of employees returning after parental leave 2)
+71.2%
+Percentage breakdown of executive employees by age and gender
+>50 years
+> 50 years
+30,694
+<30 years
+2018
+2019
+30-50 years
+Breakdown by age
+2018
+2019
+2020
+2020
+Peter Gräve, Spokesperson VW Group Affairs, Corporate Strategy and Procurement
+Stefan Mayr-Uhlmann, Spokesperson Finance, Digital and IT
+Holger Eckhardt, Spokesperson GT and Customer Motorsports, Esports
+Anja Wassertheurer, Director Corporate and Product Communications
+Frank Scholtys, Director Communications Strategy and Reputation (acting)
+Maximilian Steiner, Coordinator Sustainability and Stakeholder Management
+Daniela Rathe, Director Politics and Society
+Viktoria Wohlrapp, Spokesperson Formula E and Brand Ambassador
+Markus Rothermel, Spokesperson Sports Communications
+Thomas Hagg, Director Event and Sports Communications
+Publisher
+Dr Sebastian Rudolph, Vice President Communications, Sustainability and Politics
+Tel. +49 711 911-0
+D-70435 Stuttgart
+Dr. Ing. h.c. F. Porsche AG
+Legal notice
+Legal notice
+220
+Matthias Rauter, Spokesperson Human Resources and Social Affairs
+Contact persons
+Nadescha Vornehm, Spokesperson Sales and Marketing
+Hermann-Josef Stappen, Spokesperson Research and Development, Technology Communications
+Elena Storm, Manager Product and Technology Communications, Spokesperson Innovation Communications
+Christian Weiss, Spokesperson Production and Crisis Communications
+www.newsroom.porsche.com/reports
+Römerturm EXTRACT FLINT
+Lessebo Design Smooth Bright
+Römerturm JUPP ECH ÖKO
+Paper
+Printing
+Meiré und Meiré
+Art Direction
+Meiré und Meiré
+Druckerei Vogl GmbH & Co KG
+Siham Schahadat, copyedit24
+Proofreading
+Sabrina Damme, Press Specialist Corporate Communications
+Project management
+Ben Weinberger, Spokesperson Macan, Cayenne and Panamera
+Nadine Toberer, Spokesperson Design, Lifestyle and Brand Communications
+221
+Oliver Hilger, Spokesperson Sports Cars Model Lines 911 and 718
+Conceptualized by
+50
+PORSCH
+CHE
+50
+23
+Exclusive paintwork, gold-coloured "targa" lettering, and a white film wrap in the historic
+design - voilà, the 911 Targa 4S Heritage Design Edition is here! Porsche presented
+this special model in June. It is a designer piece adorned with quotes from the 1950s and
+early 1960s, and spear-shaped motorsport decals on the front wings, a motif from the early
+days of Porsche motorsport. The Heritage Design models are synonymous with lifestyle.
+Porsche will be launching four special models at intervals and in limited production runs:
+iconic 911 models with features from the 1950s to the 1980s.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+60
+Lifestyle icons: The 911 Targa 4S Heritage Design Edition
+50
+to the outdoor measuring track and wait for
+nightfall. In future, the new facility will allow
+"night-time" measurements to be taken in the
+light tunnel at any time of day and in the dry.
+50
+24
+24
+"BEHIND THE SCENES"
+Racing drivers have a never-ending supply of
+tales to tell. As far as Gérard Larrousse is
+concerned, these two are particularly notable:
+in 1969, he and Hans Herrmann missed out
+on victory at Le Mans - in the closest race
+for the chequered flag of all time - by 120
+metres! In 1970 he came third in the Tour de
+France. On 23 May 2020, Gérard Larrousse
+turned 80 and shared a third and a fourth
+anecdote: in 1968, behind the wheel of his
+Renault Alpine 1300, he was the greatest
+rival of Porsche works driver Vic Elford at the
+Monte Carlo Rally, the latter driving his 911 T.
+It was only when spectators began throwing
+snow on the road that Gérard lost control
+of the car and had to drop out. But Larrousse
+had the last laugh. When Porsche engineer
+Peter Falk asked Elford, a Brit, who the best
+Frenchman was, he replied: Larrousse! Falk
+brought him to Porsche. Elford and Larrousse
+won the 12 Hours of Sebring in 1971 with
+the 917, and the 1,000-kilometre race at the
+Nürburgring with the 908/03 Spyder.
+Gérard Larrousse, the fastest Frenchman,
+turns 80
+For all those who cannot bear to wait until they
+take delivery of their Porsche at the factory
+gate: since May, the "My Porsche" online
+platform has been providing a glimpse behind
+the scenes, letting customers take a look
+behind the scenes at real-life production in
+Zuffenhausen. Step by step, they can follow
+the construction of the very car that they
+themselves have configured. For the two-
+door 911 and 718 sports cars, Porsche has
+already installed video cameras at several
+points and connected them to the production
+software. New vehicle customers from the
+USA, Canada, Germany, the UK, Switzerland,
+Spain, France, Australia and Taiwan can
+already take advantage of this new offering,
+while customers across the pond also have
+the option of using "Porsche Track Your
+Dream" to track their vehicle's precise loca-
+tion on its journey from Zuffenhausen to
+the dealer in the United States. "My Porsche"
+is the central customer portal for vehicle
+owners and pools all of the offers and services
+for their individual vehicle.
+Track the production of your very own
+Porsche online!
+PORSCHE
+50
+Shell
+26
+Remembering designer Hans Mezger
+Hans Mezger was an engine designer and
+inventor of the world-famous Mezger engine.
+He died on 10 June at the age of 90. Porsche
+has Mezger to thank for the air-cooled flat-
+six engine in the 911, the TAG turbo and
+the overall design of the 917 and its twelve-
+cylinder power unit. Mezger's journey to
+Porsche exemplifies just how strong the pull
+of a brand can be and how Porsche makes
+the best better in an inspiring environment.
+Mechanical engineering graduate Hans
+Mezger from Ottmarsheim near Ludwigsburg
+was 27 when he found himself with 28 job
+offers on the table in the midst of Germany's
+economic miracle. "Porsche wasn't one of
+them. But I wanted to go to Porsche!" And he
+did. Influenced by the pioneering spirit of
+Porsche Drive now known as Porsche
+Drive Rental
+"PORSCHE IMPACT": CALCULATING AND OFFSETTING A VEHICLE'S SPECIFIC CO₂ FOOTPRINT
+1.
+Projects
+Project Selection
+11
+Emissions Estimator
+Actively offset your emissions with Porsche Impact.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212 213
+LE MANS 1970 WITH THE 917 KH
+S.CA 8866
+26
+Porsche is expanding its development centre
+in Weissach, adding a new test bench for
+the development of headlights. The plans in-
+clude the creation of a 100-metre long tarmac
+light tunnel, an analysis and testing area, and
+a new light measurement laboratory. The
+facility is scheduled to come on line in 2022.
+The existing light assessment track measures
+30 metres. To carry out some of their measure-
+ments, the engineers currently have to go
+ENGINEERING LEGEND HANS MEZGER
+too. "Sim" is short for "simulation" and refers
+to video gaming. The virtual edition of the
+24 Hours of Le Mans on 13 and 14 June end-
+ed with a victory for the newly established
+Porsche Esports team. The sim racing drivers
+were Nick Tandy (United Kingdom), Ayhancan
+Güven (Turkey), Joshua Rogers (Australia)
+and Tommy Østgaard (Norway). The 2020
+season of the Porsche TAG Heuer Esports
+Supercup was won by Sebastian Job from
+Team Red Bull Racing Esport. This global
+Esports championship will be staged for the
+third time in 2021.
+Le Mans goes virtual: Esports team victorious
+Porsche has enjoyed success in sim racing
+Porsche commemorated its Le Mans triumph
+from 50 years ago with an exhibition on
+14 June and presented the red and white win-
+ning car, a 917 KH, at the Porsche Museum.
+Drivers Hans Herrmann and Richard Attwood
+took the first overall victory for Porsche in the
+24 Hours of Le Mans on 14 June 1970. After
+343 laps and 4,607.811 kilometres. Gérard
+Larrousse and Willy Kauhsen came second in
+the Martini Porsche 917 LH, and Rudi Lins
+and Helmut Marko in the Porsche 908/02
+finished third. Since then, Porsche has notched
+up 19 overall victories and 108 class wins
+at Le Mans. It is the most successful manufac-
+turer in Le Mans' almost 100-year history.
+50 years after victory at Le Mans
+engine, which was to become world-famous,
+took charge of the newly created racing
+car design department in 1965 and built the
+Ollon-Villars-Bergspyder in the space of
+24 days, shortly followed by the 910. In the
+early 1980s, Mezger was commissioned by
+McLaren to design a completely new Formula
+1 turbo engine that would produce more
+than 1,000 hp on the track. The result was
+that he virtually made Niki Lauda the world
+champion in 1984 followed by Alain Prost in
+1985/86. It is easy to imagine Mezger as a
+happy person: his own engine design would
+accompany him as he drove his 911 Carrera
+3.0 for many years to come.
+a Ferry Porsche, he developed the Mezger
+An SUV duo, with sporting chassis set-up and
+exclusive equipment in the GTS tradition
+Porsche presented two new, high-performance
+Cayenne models in mid-June: the Cayenne GTS
+and Cayenne GTS Coupé. They are powered
+by a four-litre twin-turbo V8 engine producing
+338 kW (460 hp). Both models, with the
+Sport Chrono Package, can sprint from zero
+to 100 km/h in 4.5 seconds. Top speed:
+270 km/h.
+Headlight expertise: Porsche builds new
+light tunnel
+Pop-up stores: The "Porsche NOW" concept
+Cars go where customers like to go, to the
+shopping centre. In mid-May, Porsche and
+the Hahn Group joined forces to open a pop-up
+store south of Stuttgart in Breuningerland
+Sindelfingen: under the name "Porsche NOW",
+retail partner the Hahn Group presented and
+sold Porsche sports cars up until the end
+of the year. "Porsche NOW" is a flexible retail
+concept designed for short-term use. It was
+created with busy city centres and shopping
+malls in mind, and is intended to appeal
+to new target groups. Retail formats of the
+future will mean Porsche delivering the basic
+concept, and the worldwide sales companies
+and dealers implementing it. Another pop-up
+shop was opened in Tokyo in July.
+Larga
+Nürburgring in 1968, alongside Jack Brabham
+and Jochen Rindt in the Brabham Repco.
+But Kurt Ahrens then decided against a career
+in Formula 1, opting instead to take care of
+the family business. From then on he only
+raced at weekends and celebrated successes
+as a Porsche works driver: in 1969, he secured
+victory with Joseph Siffert in the Porsche 917
+over the 1,000 km Zeltweg race in Austria.
+He also topped the podium with Vic Elford
+in the Porsche 908/03 in the 1,000 kilometre
+race at the Nürburgring. And he still partici-
+pates in events at the Porsche Museum to
+On 19 April, Porsche paid tribute to a very
+special man as Kurt Ahrens celebrated his
+80th birthday. The story of racing driver
+Kurt "Kurti" Ahrens from Braunschweig is as
+if borrowed from the 1955 Heinz Rühmann
+film "Wenn der Vater mit dem Sohne", a film
+about following in a father's footsteps. Kurti
+is the son of racing driver Kurt Ahrens, who
+took his son with him to the track and soon
+had him racing too. By the age of 28 Kurt
+Ahrens was a racer in his own right. He made
+his debut at the German Grand Prix on the
+Works driver Kurt Ahrens celebrates
+80th birthday
+19
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Important events
+Special payment: Porsche says thank you
+This year, Porsche has once again rewarded
+its employees with a voluntary bonus payment
+to enable them to share in the company's
+economic success over the past financial
+year. The decision by the Executive Board and
+Works Council was made before the outbreak
+of the coronavirus crisis. Porsche paid out
+a bonus of 9,000 euros in recognition of the
+workforce's particular dedication. Employees
+received a further 700 euros in the form of
+a contribution to their Porsche VarioRente
+pension plan or an individual plan. The com-
+pany called on the employees to use some
+of the money to support charitable organisa-
+tions and foundations such as the Ferry
+Porsche Foundation. Together, the members
+of the Executive Board donated half a million
+euros in a private capacity.
+The new podcast series
+entitled "Next Visions"
+launched in April expands
+the Porsche subject
+platform. Each episode
+brings together two thought
+leaders to discuss broad
+social, economic and ethical
+issues.
+Issues of the future: "Next Visions" podcast
+What does authentic leadership look like in
+a technology-driven age? How does the
+way that cities are designed influence our
+personality? To what extent is our autonomy
+limited by artificial intelligence? What can
+business strategists learn from artists?
+The new podcast series "Next Visions" was
+added to Porsche's subject platform in April.
+Each episode brings together two thought
+leaders to discuss broad social, economic and
+ethical issues. The series kicked off with Ebru
+Koksal, former CEO of Galatasaray Istanbul
+football club, and Herminia Ibarra, Professor
+of Organisational Behaviour at London Busi-
+ness School. To conclude the first season,
+co-founder of the IT company winningminds,
+Maria Kolitsida, debated with Sophie Kleber,
+Head of Spaces at Google.
+this day.
+THE "NEXT VISIONS" RECORDINGS TOOK PLACE IN THE CONTEXT OF THE "HOUSE OF BEAUTIFUL BUSINESS"
+HOUSE OF
+PORSCHE
+GOOD EAR
+C
+SHELL
+CIRCLE
+PERFECT
+CIRCLE
+Sir Richard Attwood secured his place in the history books on 14 June 1970 when, behind
+the wheel of the legendary Porsche 917 KH from Porsche Salzburg, he and his co-driver
+Hans Herrmann won the first of 19 overall victories for Porsche at the 24 Hours of Le Mans race.
+Sir Richard celebrated his 80th birthday in April. The Brit remains one of the most successful
+works drivers in Porsche history, and has remained loyal to the company throughout his life,
+taking part in events in the Porsche Museum and appearing at high-profile classic car events
+across the world.
+Richard Attwood, Porsche hero in Le Mans, celebrates his 80th birthday
+BEAUTIFUL BUSINESS
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213
+100 KM ADAC RENNEI
+VIC ELFORD (2ND FROM RIGHT) (1970)
+For the first time Porsche presented a new
+model to the global public using its own
+web TV format: brand ambassadors Maria
+Sharapova and Jörg Bergmeister unveiled the
+new 911 Targa in mid-May. The Coupé and
+Cabriolet models were followed by the all-
+wheel drive 911 Targa 4 and 911 Targa 4S, a
+third option from the new generation of 911.
+A striking feature remains the fully automatic
+roof system with its characteristically wide
+roll bar, a movable roof section above the front
+seats and a wraparound rear window. Both
+models are powered by a three litre twin-turbo
+flat-six engine. Back in 1965, the 911 Targa
+2.0 set the tone for a new class of sports car
+and paved the way for a new, independent
+concept: as a vehicle with a removable roof.
+Online global première: 911 Targa on Porsche
+web TV
+21
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+OPENING OF POP-UP STORE IN SINDELFINGEN
+NO
+Important events
+In July 2020, Porsche Drive became the new
+umbrella brand for Porsche mobility services
+worldwide. The premium rental service is
+now called Porsche Drive Rental. It has been
+expanded to ten domestic locations in the
+reporting year, including the Porsche Centres
+in Dortmund, Düsseldorf, Cologne, Leipzig,
+Munich Olympiapark and Saarbrücken. Porsche
+Drive Rental offers flexible rental of current
+Porsche sports cars for periods from as little
+as three hours up to 28 days. In August, the
+company added the Porsche Drive Abo flexi-
+ble subscription model to its offering for
+customers in Germany. This allows vehicles to
+be rented on the basis of a monthly package
+price (excluding fuel costs), subject to a mini-
+mum term of six months. The range of vehi-
+cles includes young "Porsche Approved" used
+cars from various model series. The transac-
+tions are concluded directly through the
+Porsche Centres. In future, this type of deal
+will also be available through the online sales
+channel. Porsche Drive Abo followed the
+one-year pilot project Porsche inFlow offered
+in conjunction with Porsche Digital GmbH.
+A love of cars can take drivers down many
+roads, but when that road leads to Zuffen-
+hausen, people are still telling stories like
+Ottmar Domnick's 70 years later. On 26 May
+1950, the 43-year-old specialist in neurology
+and psychiatry took delivery of his 356 in
+Fish Silver Grey with commission number
+5001. It was his dearest wish to be the first
+Porsche customer in Germany. The mechan-
+ic Herbert Linge remembers the day well:
+"Domnick celebrated the handover. But he had
+been dropping in every day before that anyway
+to see how far we were with the work on his
+car." 70 years later, about 20 customers a
+day drive their new car out of the gates. That
+makes around 2,500 customers a year in
+Zuffenhausen, and 3,000 in Leipzig. Seren-
+dipity and an unbreakable love of cars meant
+that, in the 70th year of ex-works collection,
+the very first Taycan was also received in
+person in Zuffenhausen. More about that in
+70 years' time!
+WINNERS OF THE 1,000 KM RACE AT THE NÜRBURGRING: KURT AHRENS (2ND FROM LEFT) AND
+70 years of collection ex-works
+like this one iconic Speedcat, bringing authen-
+The sporting goods supplier from Herzogen-
+aurach advertises with the slogan "Puma -
+the fastest sports brand in the world". In April,
+Puma elegantly backed up this slogan with its
+launch of a collection inspired by the Porsche
+911 Turbo. The "Porsche Legacy Collection"
+combines Puma design with elements from
+the automotive sector. A T-shirt features vari-
+ous elements from the world of motor racing.
+There are two pairs of trainers in the collection,
+Puma launches "Porsche Legacy Collection"
+on the market
+FIRST NEW CAR COLLECTED AT PORSCHE IN ZUFFENHAUSEN
+20
+"PORSCHE LEGACY COLLECTION"
+world of motor racing.
+A T-shirt features various
+elements from the
+Puma design featuring
+automotive elements.
+tic racing design to the streets.
+The next generation of the
+Macan, which will be fully
+electric, is to be manufac-
+tured in Leipzig. Three differ-
+ent drive technologies can
+now be produced on one
+assembly line: petrol engines,
+hybrids and electric drive
+systems.
+On 26 May 1950, the
+43-year-old specialist in
+neurology and psychiatry
+took delivery of his 356
+in Fish Silver Grey with
+commission number 5001.
+It was his dearest wish
+to be the first Porsche
+customer in Germany.
+The Porsche plant in Leipzig is on the way
+to becoming the electric vehicles plant.
+Porsche's initial assessment of the construc-
+tion work in July was positive. Preparations
+are in progress across the entire site for the
+launch of electromobility. This marks the
+fifth expansion of the plant since the initial
+ground-breaking ceremony in 2000. Porsche
+is investing more than 600 million euros in
+the production of entirely electric vehicles.
+The next generation of the Macan, which
+will be fully electric, is to be manufactured in
+Leipzig. Three different drive technologies
+can now be produced on one assembly line:
+petrol engines, hybrids and electric
+drive systems.
+173 TRAINEES JOIN PORSCHE
+In September, 143 young people started their
+training in Zuffenhausen: 110 in industrial
+and technical professions and 33 as students
+of the Baden-Württemberg Cooperative State
+University. A further 30 trainees embarked
+on their careers in Leipzig. Andreas Haffner,
+Member of the Executive Board for Human
+Resources, "Porsche and the entire auto-
+motive industry are undergoing tremendous
+upheaval. In the coming years, the industry
+will change more than it has done in the last
+50 years. Actively helping to shape this
+change is certainly a great challenge and
+motivation for our new Porsche employees."
+The company guarantees these young people
+a permanent employment contract upon
+successful completion of their training.
+173 new trainees in September
+Andreas Haffner, Member of
+the Executive Board for Human
+Resources, "Porsche and the
+entire automotive industry
+are undergoing tremendous
+upheaval. In the coming years,
+the industry will change more
+than it has done in the last
+50 years. Actively helping to
+shape this change is certainly
+a great challenge and moti-
+vation for our new Porsche
+employees."
+PORSCHE YOUTH DEVELOPMENT PROGRAMME "TURBO FOR TALENTS"
+Porsche Jugendförderung.
+Turbo für Talente.
+34
+The British world-class golfer Paul Casey has
+been a Porsche brand ambassador since
+the autumn. He made his first appearance at
+the US Open in September. Casey has been
+ranked among the world's top golfers for
+almost two decades, having been as high as
+world number three. He has also played in
+the victorious Ryder Cup team three times.
+Casey won his 19th professional tour title at
+the 2019 Porsche European Open. Porsche
+has been supporting the event in the capa-
+city of title sponsor since 2015 and is also
+involved in other international tournaments.
+Paul Casey is Porsche's first brand ambassador
+from the world of golf.
+Porsche sponsors youth development at
+Borussia Mönchengladbach
+Porsche has been a partner of Borussia
+Mönchengladbach since the start of the
+2020/2021 Bundesliga football season in
+September. The sports car manufacturer
+sponsors youth development. The renowned
+academy for young players is now known as
+the "Porsche Foal Stable". Porsche's Turbo
+for Talents youth support programme will fea-
+ture on advertising hoardings at home games
+at Borussia Park. In addition to promoting
+young up-and-coming talent, the programme
+is also about instilling values and social skills
+on and off the pitch. Elsewhere in football,
+Porsche already supports RB Leipzig, Stutt-
+garter Kickers and SG Sonnenhof
+Großaspach.
+World-class golfer Paul Casey becomes
+brand ambassador
+be at the forefront of devel-
+opment."
+and have the opportunity to
+continue to grow and to
+Kretschmer: "In Saxony,
+we are very well positioned
+in the field of e-mobility
+In early September, Michael Kretschmer,
+Minister President of the Free State of Saxony,
+visited the Porsche site in Leipzig to see how
+the plant expansion was progressing. During
+his visit he pledged his support for the transi-
+tion to climate-friendly mobility. Kretschmer:
+"In Saxony, we are very well positioned in the
+field of e-mobility and have the opportunity
+to continue to grow and to be at the forefront
+of development."
+Minister President Kretschmer visits
+Leipzig plant
+MINISTER PRESIDENT OF SAXONY VISITS PORSCHE PLANT IN LEIPZIG
+33
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Important events
+PAUL CASEY
+Pilot project to research eFuels
+Porsche unveiled its commitment to synthetic
+fuels (eFuels) in September. This area of
+activity includes a pilot project launched
+jointly with Siemens Energy and a number of
+international companies: the world's first
+integrated and commercial large-scale plant
+in Chile is scheduled to produce near climate-
+neutral eFuels from 2022. Porsche will be
+the main customer. eFuels are produced from
+carbon dioxide and water using renewable
+energy. In terms of their basic properties, they
+are no different from petroleum-based fuels.
+Using eFuels can help make an important
+contribution to climate protection: with eFuels,
+vehicles with combustion engines can poten-
+tially be made climate-neutral.
+Porsche Ausbildung
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Fifth plant expansion in Leipzig
+Shell
+PORSCHE
+Q
+23
+DUNLOP
+36
+PORSCHE 718 CAYMAN GT4 CLUBSPORT MR WITH BODY COMPONENTS MADE FROM RENEWABLE RAW MATERIALS
+420 WELFT
+Important events
+H&R
+DUNLOP
+Two generations of Porsche drivers also met
+in person for the first time: Hans Herrmann
+was the first overall winner in 1970 (together
+with Richard Attwood), while Timo Bernhard
+won the race in 2017 behind the wheel of the
+919 Hybrid. Porsche Motorsport presented a
+919 Hybrid to the Automobile Club de l'Ouest
+(ACO). It will be put on display in the perma-
+nent exhibition at the "Musée des 24 Heures
+du Mans", which has included a 917 LH among
+its exhibits since 1972.
+The 24 Hours of Le Mans was postponed
+from June to September this year due to the
+global pandemic. Porsche, however, took
+the opportunity to mark the 50th anniversary
+of its first overall victory at Le Mans, doing
+so on 14 June at the Porsche Museum and
+on 19 September in Le Mans itself, where
+it showed off the winning car from 1970 and
+five other Porsche sports cars that went
+on to win Le Mans in subsequent years.
+Hans Herrmann and Timo Bernhard meet in
+Le Mans
+Body parts made from renewable raw
+materials
+Since early 2019, Porsche
+has been manufacturing the
+doors and rear wing of the
+small series racing vehicle
+out of a natural-fibre mix,
+sourced primarily from
+renewable raw materials. The
+vehicle that raced at the
+Nürburgring also had its front
+and rear apron, front spoiler,
+front and rear lid as well as
+the mudguards and diffuser
+including the aerodynamic
+fins made using this regen-
+erative material.
+At the finale of Europe's largest innovation
+platform "Startup Autobahn" in September,
+over 30 start-ups from all over the world
+presented their mobility of the future ideas
+online. Porsche was involved in five projects,
+making experienced mentors available to
+the founders. The Carbon Block sustainability
+project set up by the Berlin start-up Circular-
+Tree, which Porsche helped to establish, also
+won the Global Innovation Award from the
+American accelerator Plug and Play. The
+blockchain application developed by the pro-
+ject makes greenhouse gas emissions from
+supply chains transparent. Meanwhile, the app
+developed by Circularise (Netherlands) can
+be used to trace the individual plastic content
+of a product part. ClimaCell (USA) adopts a
+"weather of things" approach and uses several
+hundred million sensors to do so. Monk from
+France speeds up the return and inspection
+of rental cars and lease returns. The Hi.Auto
+application from Israel is working on audio-
+visual speech recognition. In addition to
+the microphone, a video camera records lip
+movements. Porsche has been a Startup
+Autobahn partner since the start of 2017.
+Startup Autobahn: Mobility ideas from
+across the world
+35
+#PassionDunlop
+At the end of August, Porsche launched its
+"9:11" podcast series. In the first episode,
+CEO Oliver Blume and journalist and entre-
+preneur Kai Diekmann talked about corona-
+virus and its consequences for public life,
+society and business. Every month the pod-
+cast tackles topics from the world of business,
+society and sport. The podcast is hosted by
+Sebastian Rudolph, Vice President Communi-
+cations, Sustainability and Politics at Porsche.
+An English-language version has also been
+available since November, with the name
+"The Porsche Podcast". All episodes are avail-
+able at newsroom.porsche.de/podcasts.
+The Porsche 718 Cayman GT4 Clubsport MR
+tackled this year's Nürburgring 24hour race
+in September featuring a complete body kit
+made of natural-fibre composite materials
+for the first time. Since early 2019, Porsche
+has been manufacturing the doors and rear
+wing of the small series racing vehicle out
+of a natural-fibre mix, sourced primarily from
+renewable raw materials. The vehicle that
+raced at the Nürburgring also had its front
+and rear apron, front spoiler, front and rear lid
+as well as the mudguards and diffuser includ-
+ing the aerodynamic fins made using this
+regenerative material. In terms of weight and
+stiffness, the recyclable natural-fibre com-
+posite materials of non-structural compo-
+nents share properties similar to carbon-fibre
+composites (CFRP) and meet the same high
+safety and quality standards Natural-fibre
+composites can also be manufactured more
+economically and with less energy. The
+718 Cayman GT4 Clubsport MR faced a tough
+test on the Nürburgring but finished in second
+place in the alternative engine class.
+is the first loyalty programme of its kind for
+e-mobility in Europe. The company is based
+in Frankfurt am Main.
+BOSS
+PORSCHE
+MICHELIN
+TO DRIVE ELECTRIC
+TART
+At the end of July, the company presented
+six Porsche 911s in the rainbow colours of red,
+orange, yellow, green, blue and violet to mark
+Christopher Street Day (CSD). In front of the
+Porsche Museum, the company demonstrated
+its commitment to the values of diversity, toler-
+ance and respect. A rainbow flag was flown
+from the factory mast. Porsche stands
+for open cooperation and active diversity.
+The motto of this year's CSD was "Diversity
+needs support". Porsche HR Board Member
+Andreas Haffner explained, "We demand and
+promote equal opportunities and want to
+enable everyone at Porsche to contribute as
+they are regardless of gender, ethnic origin,
+religion, disability, age or sexual orientation."
+In 2017, Porsche set up its Equal Opportunities
+and Diversity department to raise awareness
+of diverse teams.
+Porsche fleet in rainbow colours to mark CSD
+It traced the complete story from today's
+electric innovation to the pioneering spirit
+that has flourished in Zuffenhausen for more
+than 70 years.
+as part of the "Start to Drive Electric" range.
+The exhibition focused on relevant electro-
+mobility topics such as range and battery
+power, infrastructure and charging technology.
+An electromobility pioneer
+The special exhibition "Porsche - An electro-
+mobility pioneer" was staged from July to
+November at the Volkswagen Group Forum in
+Unter den Linden, Berlin. Porsche showcased
+its first fully electric sports car, the Taycan,
+mid-July, and the company celebrated with
+the market launch of the new 911 Turbo
+Coupé and Cabriolet. Both are more powerful,
+even faster and even more individual, and
+both models dip under the magic three second
+0-100 km/h mark with a time of 2.8 seconds.
+Options such as the Sports and Lightweight
+Design packages, sports chassis and sports
+exhaust system are available for the 911 Turbo
+for the first time. Since 1975, the 911 Turbo
+has been synonymous with top performance.
+Each generation has continued to live up
+to the claim of being a global benchmark for
+high-performance sports cars. The latest
+generation of the two-plus-two seater is more
+than twice as powerful as the original Turbo,
+which was powered by a three-litre flat six.
+The 911 Turbo has, however, consistently
+retained its fundamental characteristics.
+SPORTY ELECTRIC MOBILITY AT PORSCHE
+From zero to a hundred in 2.8 seconds:
+911 Turbo Coupé and Cabriolet
+The Porsche Turbo was 45 years old in
+29
+Important events
+ASSEMBLY LINE AT THE PORSCHE FACTORY IN LEIPZIG: THREE DIFFERENT DRIVE SYSTEMS WILL BE BUILT HERE IN FUTURE
+28
+In July, Porsche acquired serva transport
+systems GmbH, a technology start-up based
+in Rosenheim, Germany. Serva offers driver-
+less transport systems. Intelligent software
+and transport robots are used to automate
+logistics, for example in production of the
+Taycan, for which Serva systems have auto-
+mated the logistics of the assembly line.
+The start-up found itself facing financial diffi-
+culties as a result of the pandemic. In order
+to safeguard business operations and secure
+jobs, Porsche initially transferred the com-
+pany to Porsche Ventures, its in-house invest-
+ment and holding structure. On 1 August, the
+newly created serva GmbH became a Porsche
+subsidiary.
+Porsche acquires a stake in serva transport
+systems
+The online emissions cal-
+culator lets drivers calculate
+and offset their vehicle's
+specific CO₂ footprint. They
+can choose to support a
+range of international climate
+projects run by offsetting
+partner, South Pole. These
+projects range from protec-
+ting forests in North America
+and Australia to energy
+generation from hydro-
+electric and wind power in
+Vietnam and China.
+"9:11" Podcast: News from business,
+society and sport
+In June, Porsche expanded its "Porsche Impact"
+service. Using the "Porsche Impact" online
+calculator, customers can calculate and then
+offset the specific CO2 footprint of their own
+vehicle by supporting international climate
+projects. These projects range from protect-
+ing forests in North America and Australia
+to energy generation from hydroelectric and
+wind power in Vietnam and China. Around
+45,000 tonnes of carbon dioxide were offset
+in this way during the pilot period from
+December 2018 to April 2020. The Porsche
+fleet also contributed to this. However, at
+Porsche, avoiding and reducing CO2 emissions
+take precedence over offsetting. After
+Germany, the UK, Poland and the USA, this
+service is now available in 15 other countries:
+China, Canada, Singapore, Brunei, Cambodia,
+French Polynesia, Indonesia, Malaysia, New
+Caledonia, New Zealand, Sri Lanka, Thailand,
+Vietnam, Mongolia and the Philippines.
+29
+"We demand and promote
+equal opportunities and
+want to enable everyone at
+Porsche to contribute
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+CHRISTOPHER STREET DAY 2020 AT PORSCHE AG
+for their online purchases. These credits
+can then be redeemed for services including
+charging of electric vehicles, free trips with
+public e-scooters and car-sharing. Alterna-
+tively, customers can also donate their
+collected "kilometres" to support certified
+climate protection projects. In addition to
+collecting "kilometre" credits customers
+can make them available for others. &Charge
+offers so-called Wall boxes on its market-
+place. The concept is unique in Europe.
+&Charge is currently available in Germany,
+Austria, Belgium and the Netherlands. Since
+its inception, a large number of cooperating
+companies have signed up to the initiative -
+including more than 600 e-commerce part-
+ners and eleven mobility providers. &Charge
+Porsche Digital successfully spun off its
+&Charge platform in August. &Charge enables
+customers to accumulate "kilometre" credits
+as they are - regardless
+of gender, ethnic origin,
+religion, disability, age or
+sexual orientation."
+&Charge boosts e-mobility
+with its much sharper appearance, can
+be ordered as sports saloon, Sport Turismo
+or Executive with lengthened wheelbase.
+The Panamera 4S E-Hybrid with completely
+new drive train developing 412 kW (560 hp)
+rounds off the plug-in hybrid offering. The
+all-electric range is up to 30 per cent greater
+than for conventional hybrids, now extending
+to up to 54 km.
+At the end of August Porsche unveiled its
+new, revamped Panamera. The new model,
+More power and a sharper look for the
+new Panamera
+S GO 607E
+ORSCHE
+wwwww
+9:11. Porsche. Podcast.
+CO₂ offsetting: "Porsche Impact" extended to
+further markets
+"9:11" PODCAST - KAI DIEKMANN, OLIVER BLUME AND SEBASTIAN RUDOLPH
+Dokan
+31
+140
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+POR
+Mobil
+axelectric
+Important events
+BOSS
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Artificial intelligence detects
+background noise
+Porsche Digital has expanded its product
+portfolio to include the digital assistant
+"Sounce". This software can detect background
+noise, for example, during vehicle component
+tests. The underlying technology uses deep
+learning methods. The assistant documents
+errors in precise detail and simplifies root
+cause analysis. This takes the strain off devel-
+opment engineers, improves quality and cuts
+costs. "Sounce" is a collaboration between
+Porsche Digital and the development depart-
+ment of Porsche AG. The product is available in
+the form of a Software-as-a-Service (SaaS).
+ARTIFICIAL INTELLIGENCE DETECTS BACKGROUND NOISE
+The Executive Board at Porsche AG gave the
+green light for the development of an LMDh
+prototype in December. Porsche Motorsport
+received the order to build a vehicle based
+on future regulations. From 2023, the LMDh
+cars will make up a new top class in the FIA
+World Endurance Championship (WEC)
+and the North American IMSA WeatherTech
+SportsCar Championship. Both champion-
+ships are hugely significant for the Stuttgart
+sports car manufacturer. Porsche very much
+welcomed the introduction of the new class
+for hybrid prototypes. The racing cars, which
+tip the scales at around 1,000 kilograms,
+are powered by a hybrid system with an out-
+put of 500 kW (680 hp). "Endurance racing
+is part of our brand's DNA," explained Oliver
+Blume, CEO at Porsche AG. The new LMDh
+category will allow Porsche to fight for overall
+victories with a hybrid system at the Le Mans,
+Daytona and Sebring classics - without
+breaking the bank. LMDh stands for Le Mans
+Daytona Hybrid.
+Green light for LMDh prototype
+Even more spectacular: The new 911 GT3 Cup
+In December, Porsche presented the latest
+generation of the world's best-selling racing
+car: the new 911 GT3 Cup. This vehicle is also
+designed to run on synthetic fuels, enabling
+a significant reduction in CO2. The new
+GT3 Cup features a turbocharged body and
+puts out 510 hp. Depending on the respec-
+tive track profile, lap times are expected to
+improve by a good one per cent. From the
+start of the 2021 season, it will compete in
+the Porsche Mobil 1 Supercup as well as in
+the national Porsche Carrera Cups in Germany,
+France, Asia and the Benelux - and for the
+first time also in North America. The first 911
+Cup car was presented in 1990. Since then,
+five further generations have followed and a
+total of 4,251 units have been produced.
+Drive housing from a 3D printer
+In December, Porsche produced a complete
+housing for an electric drive using a 3D printer
+for the first time. In so doing, the engineers
+behind this development proved their point,
+namely that the additive laser melting process
+can also be used for relatively large, highly
+stressed components of an electric sports
+car. The alloy housing passed all of the quality
+and load tests. It weighs less and cuts the
+overall weight of the drive by around ten per
+cent. At the same time, the rigidity in heavily
+loaded areas is doubled, with considerably
+reduced assembly time. The optimised e-drive
+would be ideal for use in a super sports car
+with a low production run. Especially for spe-
+cial and small series as well as for motorsport,
+this production technology is an attractive
+prospect both technically and economically.
+Newly printed pistons with an innovative
+design have previously passed their acid test
+in the 911 GT2 RS high-performance
+sports car.
+New customers through online sales
+Being able to order a Porsche while sitting at
+home on the sofa - following its online
+presence on the German market, Porsche also
+activated this service in December for cus-
+tomers in Spain, Portugal, Switzerland, Italy,
+France, Poland, Slovenia and Estonia. The UK
+and further markets are set to be added in
+2021. E-commerce offers huge potential. In
+Italy, 40 per cent of online shoppers are new
+customers. In addition to the rollout in Europe
+and activities in the United States, custom-
+ers in China have also been able to buy used
+vehicles from Porsche dealers via WeChat
+since autumn. Porsche China offers lifestyle
+products and online driving experiences
+via its new Porsche flagship store on Tmall,
+China's largest B2C online marketplace.
+E-commerce offers huge
+potential. In Italy, 40 per cent
+of online shoppers are new
+customers.
+PORSCHE CAR CONFIGURATOR: DESIGNING THE KEY POUCH
+Warming up for the 2021 racing season
+With its first virtual "Night of Champions" on
+12 December, Porsche began the warm-up
+for the 2021 racing season. Porsche Motor-
+sport Director Fritz Enzinger declared his
+support for continued participation in ABB
+FIA Formula E: "We firmly believe in the excel-
+lent stage and the unique concept. We use
+purely electric formula racing for consistent
+development work and to build on our exper-
+tise in battery electric drives." The TAG Heuer
+Porsche Formula E team will start the new
+season with works drivers André Lotterer
+(Germany, car number 36) and Pascal Wehrlein
+(Germany, car number 99) in the Porsche
+99X Electric. The backup drivers, both from
+Switzerland, are Simona de Silvestro and Neel
+Jani. In the FIA World Endurance Champion-
+ship (WEC), Porsche continues to field two
+911 RSR with around 515 hp. The two cars
+will compete in all six races with a slightly
+different driver team in cooperation with
+Manthey Racing. In the number 91 car, Italian
+Gianmaria Bruni and Austrian Richard Lietz
+will again take turns behind the wheel. In the
+sister car, with number 92, the 2016 World
+Endurance Champion Neel Jani will drive
+alongside Kévin Estre from France.
+DBWT
+PORESC
+WALTER LECHNER
+MICHELIN
+48
+EFUELS PILOT PROJECT
+PORSCH
+Racing driver Walter Lechner has died
+Porsche racing driver Walter Lechner passed
+away on 8 December 2020 at the age of
+71. The Austrian from Faistenau in the Salz-
+kammergut region had been a valued member
+of the Porsche family since 1985. Lechner
+gained his maiden victory at the Österreich-
+ring when racing for the first time at the
+wheel of a private Porsche 956. During his
+successful career spanning more than two
+decades, the racing driver won two titles in
+the Interserie driving Group C vehicles from
+Porsche and also contested the 24 Hours of
+Le Mans. After hanging up his racing helmet
+in 1996 aged 47, Walter Lechner established
+a successful motorsport company. Today,
+Lechner Racing is managed by his sons Robert
+and Walter Jnr. With a total of eleven team
+titles, Lechner Racing is the most successful
+team in the history of the Porsche Mobil
+46
+1 Supercup.
+Creation of site fire service in Zuffenhausen
+The main plant in Zuffenhausen is to be given
+a site fire service, as announced by Porsche
+in mid-December. This marks the company's
+response to the huge expansion of its main
+site over recent years. The goal is to make
+a further, significant improvement to the pro-
+tection of employees, buildings and facilities.
+Another reason is the increased use of high-
+voltage components. The firefighters are
+specially trained for emergency operations
+of this kind. The plan is for the new site fire
+brigade to reach squadron strength (six fire
+fighters) while on duty. 35 full-time fire-
+fighters are to be employed. By 2023, the
+Zuffenhausen plant will have its own fire
+station in a central location. Until then, an
+interim building will be used as a fire station.
+To date, the Stuttgart professional fire brigade
+has been responsible for the Zuffenhausen
+plant. Porsche's Weissach and Leipzig sites
+have each already had their own fire service
+for several years.
+Funding for eFuels pilot project
+At the beginning of December, the German
+Federal Government announced funding of
+around eight million euros for the eFuels pilot
+project in Chile. Together with Siemens Energy
+and a number of international companies,
+Porsche AG is developing and implementing
+synthetic, virtually climate-neutral fuels
+(eFuels). The Haru Oni Pilot Plant in the prov-
+ince of Magallanes takes advantage of the
+excellent wind conditions in southern Chile
+to produce climate-neutral fuel using green
+wind power. Siemens Energy is receiving
+the funding as part of the national hydrogen
+strategy. During the pilot phase, the plan is
+for around 130,000 litres of eFuels to be
+produced per year from 2022 onwards. Pro-
+duction is then to be increased to 550 million
+litres by 2026. As the main buyer of the fuel,
+Porsche wants to use eFuels in motorsport,
+in its Porsche Experience Centres and, poten-
+tially, also in production sports cars. The
+company is investing around 20 million euros
+in the project. eFuels are easy to use and are
+suitable for combustion engines as well as
+plug-in hybrids. They also make use of the
+existing filling station network. By investing in
+the world's first commercial integrated eFuels
+plant, Porsche is supporting the development
+of alternative fuels. eFuels are a sensible
+addition to electromobility and make a further
+contribution to climate protection.
+TAG
+HEUER
+By investing in the world's
+first commercial integrated
+eFuels plant, Porsche is
+supporting the development
+of alternative fuels. eFuels
+are a sensible addition
+to electromobility and make
+a further contribution to
+climate protection.
+shifted into reverse gear,
+with a negative growth
+rate of minus 4 per cent
+(2019: +2.6 per cent).
+The global coronavirus
+pandemic and resulting
+impact on supply and
+demand were the key
+contributory factors. GDP
+in Western Europe was
+down 7.2 per cent (2019:
++1.3 per cent). In Germany,
+consumer and business
+confidence picked up
+gradually over the course
+of the year. However,
+economic output for 2020
+was down by 5.3 per cent
+(2019: +0.6 per cent).
+Since December, the Porsche Car Configurator
+has been offering individuality down to the
+smallest detail. The colours of the vehicle key,
+key case, floor mats and on-board folder
+can be selected in real time on the configura-
+tor according to the customer's tastes and
+personal preferences. In 2021, it will also be
+possible to select the colour for logos and
+lettering. The Porsche Exclusive Manufaktur
+wants to offer customers maximum scope for
+design and personalisation. The customers
+can become the designers. The Manufaktur
+also produces limited small series and editions.
+High-quality materials are combined with
+the latest manufacturing techniques to create
+a coherent overall concept.
+2016
+Mobil
+2015
+2014
+-3.6% US
+-4.0% Global economy
+2.3% China
+Important events
+0%
+Percentage change in GDP
+Economic growth
+50
+50
+The global economy
+a drop of 6.5 per cent to 19.9 million vehicles,
+and the Japanese market witnessed a
+decrease in demand of 11.2 per cent, to
+3.8 million cars.
+The latest from the Porsche Exclusive
+Manufaktur
+In North America, the sales of passenger
+vehicles and light commercial vehicles (up to
+6.35 tons) decreased by 15.9 per cent to
+17.1 million units. The US market also con-
+tracted by 14.5 per cent to 14.6 million units.
+Here, the drop affected the passenger vehicle
+segment more severely (-26.8 per cent)
+than light commercial vehicles, which includes
+pick-ups (-9.8 per cent). The reduction in
+new registrations in Canada was even more
+marked at -19.7 per cent. In Mexico the
+market shrank by 28.0 per cent, while there
+was a similar picture in Brazil (-26.7 per cent).
+The passenger vehicle market in the Asia
+Pacific region amounted to 30.9 million units
+in the reporting year, 9.6 per cent below the
+previous year's total. Here, China recorded
+In 2020, the global automobile market shrank
+compared with the previous year for the
+third year in a row. The contraction during the
+reporting year amounted to 15.2 per cent,
+resulting in a total of 67.7 million new cars.
+Total new car registrations in Western Europe
+fell by almost a quarter (-24.5 per cent) com-
+pared with the previous year, to 10.9 million
+vehicles. The negative impact of the spread of
+Performance of car markets
+a fall of 11.1 per cent (2019: -2.1 per cent).
+The Chinese economy was exposed to the
+negative impact of the pandemic earlier in
+2020 than other countries but subsequently
+benefited from a relatively low number of new
+infections as the year went on. GDP recorded
+a net increase of 2.3 per cent (2019: +6.1 per
+cent). In Japan, economic output for 2020 fell
+by 5.4 per cent (2019: +0.3 per cent).
+but at a much higher rate than before, with
+US economic output for 2020 was down by
+3.6 per cent (2019: +2.2 per cent), with a
+doubling in the unemployment rate to more
+than 8 per cent. In neighbouring Canada, GDP
+decreased by 5.7 per cent (2019: +1.9 per
+cent), while the fall in Mexico was 9.0 per
+cent (2019: 0). Brazil's economy shrank by
+4.6 per cent (2019: +1.4 per cent). In Argen-
+tina, the economy continued to contract,
+GDP in Western Europe was down 7.2 per
+cent (2019: +1.3 per cent). In addition to
+the impact of the pandemic, the uncertainty
+surrounding Brexit was a further negative
+factor as the UK negotiated its exit from the
+European Union (EU). In Germany, consumer
+and business confidence picked up gradually
+over the course of the year. However, eco-
+nomic output for 2020 was down by 5.3 per
+cent (2019: +0.6 per cent). GDP in the econ-
+omies of Central and Eastern Europe also
+fell considerably in the reporting year, down
+by 3.7 per cent (2019: +2.5 per cent). The
+situation in Russia was much the same, with
+a fall of 4.1 per cent (2019: +1.3 per cent).
+The robust growth of earlier years came to
+an abrupt halt in 2020. The global economy
+shifted into reverse gear, with a negative
+growth rate of minus 4 per cent (2019:
++2.6 per cent). The global coronavirus
+pandemic and resulting impact on supply and
+demand were the key contributory factors.
+The average rate of growth in gross domestic
+product (GDP) was well down on the previous
+year in both the developed economies and
+the emerging markets. Governments and
+central banks across the world responded
+with fiscal and monetary policy measures,
+and interest rates fell even further. On
+average, consumer prices rose more slowly
+worldwide than in 2019.
+Global economy in reverse gear
+BUSINESS PERFORMANCE
+49
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+25
+Important events
+GRAPHIC OF THE LMDH PROTOTYPE
+coronavirus could be felt in all countries in this
+region from March 2020 onwards. New regis-
+trations remained in negative territory despite
+the recovery that took effect in the second
+half of the year. With sales of 2.9 million units,
+a drop of 19.1 per cent, Germany performed
+somewhat better than the UK (-29.4 per cent),
+France (-25.4 per cent), Italy (-27.9 per cent)
+and Spain (-32.1 per cent).
+45
+Important events
+PERFECTLY RESTORED TARGA
+Porsche Museum will be integrating a selection
+a later stage for fans to admire up close: the
+A selection of studies will be on display at
+A book entitled "Porsche Unseen" has also been
+published by the Delius Klasing publishing house.
+to 2019 in a series of articles. The 9:11 Magazine
+web TV format has also dedicated an episode
+to selected studies. Porsche Chief Designer
+Michael Mauer examined the connection between
+the studies and the current production models.
+previously been kept under lock and key. In this
+way, the company is offering an exclusive insight
+into its design process - from the very first
+drawing to the finished model ready for series
+production. The Porsche Newsroom has pre-
+sented 15 different cars from the period 2005
+"Porsche Unseen": Unreleased concept cars
+In November, under the title "Porsche Unseen",
+Porsche published design studies that had
+41
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+40
+40
+Porsche and the Brazilian aircraft manufac-
+turer Embraer presented an exclusive new
+pairing in early November: Customers who opt
+for a special edition Embraer Phenom 300E
+business jet can now also purchase a match-
+ing customised Porsche 911 Turbo S. This
+is a strictly limited offer for just 10 units. The
+cooperation between the two brands bears
+the name "Duet". Porsche and Embraer offer
+their customers all over the world exclusive
+products that can be personalised and en-
+hanced in almost limitless ways. "As part of
+our cooperation, we are using the know-how
+of both brands to jointly develop a one-of-a-
+kind duo of a sports car and jet that appeals
+to both customer groups," commented
+Alexander Fabig, Head of Individualisation and
+Classic at Porsche.
+"Porsche cooperates with aircraft manufac-
+turer Embraer
+DR. KJELL GRUNER
+into its exhibition in 2021.
+Detlev von Platen, Member
+of the Executive Board
+for Sales and Marketing of
+Porsche AG, praised the
+appointment: "Porsche Cars
+North America could not
+be in better hands."
+TEN YEARS OF HYBRID PRODUCTION AT PORSCHE'S LEIPZIG PLANT
+hybrid
+Ten years of hybrid production in Leipzig
+The first hybrid Porsche rolled off the produc-
+tion line in Leipzig in 2010. It was a Cayenne
+S Hybrid. Porsche was to become a pioneer
+in the introduction of innovative technologies.
+One year later, production of the Panamera S
+Hybrid was launched, also in Leipzig. In total,
+the plant has built more than 75,000 of
+these hybrid models to date.
+in the introduction of innova-
+tive technologies.
+a Cayenne S Hybrid. Porsche
+was to become a pioneer
+The first hybrid Porsche
+rolled off the production line
+in Leipzig in 2010. It was
+A service for employees with cancer
+Since October, Porsche employees who have
+cancer have been able to take part in the
+OncoCure programme at the Robert Bosch
+Hospital (RBCT) in Stuttgart and obtain a
+second opinion. Where appropriate, genetic
+analysis will also be carried out. On this basis,
+cancer patients can be given an individual
+therapy recommendation in accordance with
+the latest scientific standards. This offer
+forms part of the comprehensive Porsche
+health management service. "The health of
+our employees is very important to us. That's
+why we provide employees affected by cancer
+with professional support and pay the costs
+of advice and diagnostic care at the Robert
+Bosch Hospital," explains Andreas Haffner,
+Member of the Executive Board for Human
+Resources and Social Affairs at Porsche AG.
+Aaron C. Arena takes over as Managing
+Director of Porsche Centre at Stuttgart Airport
+With effect from 1 October, Aaron C. Arena
+took over the management of the Porsche
+Centre at Stuttgart Airport. The sales expert
+was the sales manager in overall charge of
+new cars at the Audi dealership in Stuttgart
+from 2009 to 2018. Most recently, he
+managed the Audi Centre in Kempten. The
+location at the airport and the Porsche Centre
+Stuttgart form part of Porsche Niederlassung
+Stuttgart GmbH.
+ARCHITECTURAL HIGHLIGHT: THE FUTURE PORSCHE DESIGN TOWER
+Stuttgart to get a Porsche Design Tower
+In October, representatives from Porsche,
+Porsche Design and property developer
+Bülow AG laid the symbolic foundation stone
+for the Porsche Design Tower and Porsche
+Centre in Stuttgart. It is the first joint project
+involving these three partners. The project is
+being built on a site measuring 8,500 square
+meters directly at the Pragsattel, an impor-
+tant traffic hub in the city of Stuttgart. With
+its height of around 90 metres, the Porsche
+Design Tower will be one of the tallest build-
+ings in Stuttgart and, together with the
+Porsche Centre, will form a striking architec-
+tural feature. The design of the new structure
+will take its inspiration from the Destination
+Porsche concept that is used for all Porsche
+Centres across the world. The plan is for
+Porsche's Stuttgart branch to relocate from
+Zuffenhausen to the Pragsattel in the middle
+of 2022.
+Sustainable acquisition of raw materials
+Porsche joined the "Responsible Mica Initia-
+tive" (RMI) cross-industry coalition in October.
+Mica are mineral mica pigments. They are
+used in a range of industrial and cosmetic
+products and also in car paint. The coalition
+of international companies and non-govern-
+mental organisations founded in 2017 aims
+to ensure that the raw material mica is han-
+dled transparently and sustainably, thereby
+improving the living conditions of people
+in the extraction areas, for example through
+fair working conditions, health and safety
+measures and a minimum wage. Porsche rep-
+resents the Volkswagen Group in the RMI.
+AARON C. ARENA
+The figures for fuel consumption, energy consumption and CO, emissions are found on pages 212-213.
+2017
+Kjell Gruner heads Porsche Cars North America
+Dr. Kjell Gruner has been President and CEO of
+Porsche Cars North America since November.
+Detlev von Platen, Member of the Executive
+Board for Sales and Marketing of Porsche AG,
+praised the appointment: "Porsche Cars North
+America could not be in better hands." As
+head of marketing, Kjell Gruner had, he said,
+made a notable contribution to shaping the
+global development of the Porsche brand,
+most recently with the exceptional launch of
+the Porsche Taycan. As a long-time Porsche
+colleague and brand professional, his experi-
+ence would be extremely valuable in North
+America. Gruner moved to Boston Consulting
+Group in the United States after his studies,
+before joining Porsche in 1999. He now suc-
+ceeds Klaus Zellmer, who will take up the
+role of member of the Board of Management
+of the Volkswagen Passenger Cars brand in
+Wolfsburg with responsibility for Sales, Market-
+ing and After Sales. Executive Board Member
+von Platen added: "We sincerely thank Klaus
+for the outstanding performance he's led in the
+North American market, with successive years
+of growth and the innovative programmes."
+Lutz Meschke becomes Chairman of the
+Supervisory Board of the HHL
+Porsche announced in November that Lutz
+Meschke would be taking up the position
+of Chairman of the Supervisory Board of
+the Leipzig Graduate School of Management
+(HHL) with effect from 1 January 2021.
+Meschke is Deputy Chairman of the Executive
+Board and Member of the Executive Board
+Important events
+44
+Porsche invests in Berlin start-up VAHA
+Porsche Ventures invested in the Berlin-
+based company VAHA in late November. This
+start-up makes interactive exercise mirrors
+for use during home workouts or relaxation
+sessions. Artificial intelligence analyses every
+movement in the mirror's field of vision so
+that real-time corrections can be imple-
+mented. The tool currently offers more than
+500 workouts on demand, from cardio and
+strength workouts to yoga. Alternatively, live
+courses can also be booked together with
+other participants, or even one-on-one per-
+sonal training sessions. Porsche Ventures had
+already invested in the American start-up
+Playbook back in October. Playbook operates
+a digital fitness platform.
+In November, the Porsche Taycan entered the
+Guinness World Records™ for the longest
+drift with an electric vehicle. The world record
+was set at the Porsche Experience Centre
+(PEC) Hockenheimring. Porsche instructor
+Dennis Retera drove 210 laps on the 200
+metre-long drift circle without the front
+wheels ever pointing in the same direction as
+the curve. After 55 minutes the sideways
+expert had covered the classic marathon dis-
+tance of 42.171 kilometres. The vehicle's
+average speed was 46 km/h. The record was
+achieved with the rear-wheel drive version
+of the Taycan.
+Taycan drifts into the record books
+53-year-old Targa perfectly restored
+The first Porsche 911 S Targa delivered in
+Germany is back on the road 53 years on and
+after extensive workshop restoration. The
+rare soft-window version with a soft rear win-
+dow instead of a glass pane was delivered
+by the sports car manufacturer to the Porsche
+dealer Hülpert in Dortmund in January 1967.
+Today, the car is owned by a collector and
+Porsche enthusiast who tracked the Targa
+down in the United States, locating it under
+a plastic tarpaulin in an unlocked garage. It is
+said to have been sitting there for 40 years
+and was in a terrible condition. The work car-
+ried out by the experts from Porsche Classic in
+Zuffenhausen was correspondingly complex
+and took more than three years. Now, however,
+the Targa is as good as new, complete with
+charming patina. After 1,000 hours of work on
+the vehicle's body, it was hand-painted in Polo
+Red. Because the car is also intended to be
+driven, a paint protection film with a light matt
+finish was also applied.
+In November, the Porsche
+Taycan entered the Guinness
+World Records™ for the
+longest drift with an electric
+vehicle.
+PORSCHE TAYCAN
+The decision on the location of the ninth
+Porsche Experience Centre (PEC) was made
+in November. It will be built in Japan in the
+Chiba prefecture neighbouring Tokyo, with
+the opening scheduled for 2021. The new PEC
+Tokyo will be equipped with a circuit track,
+a dynamics area and an off-road track. The
+2.1 km circuit track reproduces famous
+corners from racetracks around the world,
+such as the Karussell ("Carousel") from the
+Nürburgring in Germany and the Laguna Seca
+corkscrew in the United States. A specific
+feature of PEC Tokyo will be its undulating
+3D track to take advantage of the natural
+topography. The building and interior will be
+designed in a Japanese style.
+Porsche Experience Centre to be opened
+in Tokyo
+A 911 Carrera S for Gijs van Lennep
+Racing driver Gijs van Lennep was presented
+with a 911 Carrera S built specially for him in
+mid-November. The car was Porsche Nether-
+lands' tribute to the driver, whose career is
+closely interwoven with Porsche. The most
+eye-catching element of this special 911 is
+Gijs van Lennep's fingerprint on the bonnet.
+Gijs van Lennep was one of the best racing
+drivers in the world. He won the 24 Hours of
+Le Mans twice, driving a Porsche 911 with
+Helmut Marko in 1971 and then with Jacky
+Ickx in a 936 in 1976. He also scored points
+in Formula One, and was European Formula
+5000 champion in 1972. In 1973, together
+with Herbert Müller, van Lennep won the
+Targa Florio in a 911 Carrera RSR. The race
+was the last staging of the legendary Sicilian
+road race and formed part of the sports car
+world championship. In 1999, van Lennep
+was voted the best Dutch racing driver of the
+twentieth century.
+Double victory for the GT team at the WEC
+The Porsche GT Team ended the season at the
+sports car World Endurance Championship
+(WEC) in November in Bahrain with a double
+victory. Porsche secured the runner-up spot
+in the constructor's championship ranking in
+the GTE PRO category, behind Aston Martin.
+Private Porsche GT teams were successful in
+many race series: Rowe Racing's first place
+in the 24-hour race at Spa-Francorchamps
+in October and the SSR Performance team's
+overall victory in the ADAC GT Masters in
+November were both outstanding results.
+GTLM class: Seven victories in seven years
+The North American IMSA series was brought
+to an end with the double victory of the Porsche
+911 RSR at the 12 Hours of Sebring race in
+November. The results in this class speak for
+themselves, with seven victories in seven years
+in the IMSA series and five wins in the North
+American Endurance Cup.
+PORSCHE 911 RSR CELEBRATES DOUBLE SUECCESS IN BAHRAIN
+43
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+André Lotterer writes Formula E history
+In their debut season racing in the ABB FIA
+Formula E championship in 2019/2020, the
+TAG Heuer Porsche Formula E team began
+writing Formula E history from their very first
+race in Diriyah in Saudi-Arabia: André Lotterer,
+driving a Porsche 99X Electric, claimed
+second spot in November. He went on to gain
+two more podium finishes, as well as one pole
+position, and finished in the points a further
+six times. No rookie team has achieved a
+podium finish in their first race since the
+inaugural season in 2014/2015.
+for Finance and IT at Porsche AG. He has sat
+on the Supervisory Board of the HHL since
+2013. Since then, Porsche AG has supported
+the Chair of Strategic Management and
+Digital Entrepreneurship at Leipzig Graduate
+School of Management (HHL). Porsche
+Leipzig has also been a Premium Partner of
+SpinLab, the HHL accelerator, since 2016.
+LUTZ MESCHKE
+PORSCHE
+Porsche, MHP and Munich Re found the
+"FlexFactory"
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Porsche, its management and IT consulting
+subsidiary MHP, along with the insurance
+group Munich Re, founded a joint venture,
+The Objective of the
+"FlexFactory": to bring
+innovation and new
+variants onto the market
+more quickly, more
+efficiently and with less
+upfront investment.
+PEDALESEATLE
+Jens Brücker takes over from Christian Friedl
+in Zuffenhausen
+Jens Brücker took over as the head of
+Porsche's main factory in Zuffenhausen in
+the middle of November. Brücker succeeds
+Christian Friedl, who will manage the Seat
+plant in Martorell near Barcelona as of
+1 January, 2021, after 20 years at Porsche.
+Brücker was previously responsible for man-
+aging the Volkswagen plant in South Africa
+where he spent more than four years, and
+before that he was employed by Daimler AG.
+PORSCHE 99X ELETRIC
+Important events
+the "FlexFactory", in November. FlexFactory
+serves as a consultancy and business enabler
+for more flexible and cost-efficient small
+series production based on digital processes.
+The objective is to bring innovation and new
+variants onto the market more quickly, more
+efficiently and with less upfront investment.
+2018
+€4.1
+2020
+2020 financial year
+in China by the start
+of the summer. Porsche
+delivered a total of
+88,968 vehicles there
+in the year as a whole.
+as the previous year
+China was undisputedly
+the largest single market
+for Porsche. This was
+in spite of almost all
+dealerships being closed
+in February. However,
+demand picked up again
+rapidly afterwards.
+Deliveries had almost
+reached the same level
+Once again in 2020,
+Porsche handed over 4,243 vehicles to
+customers in Australia last year, equivalent
+to a year-on-year increase of two per cent.
+This was a remarkable result considering the
+strict coronavirus measures in the country.
+The Macan was again the model with the
+highest volume and saw growth of seven per
+cent to 2,158 vehicles. The Cayenne
+achieved an increase of two per cent, with
+1,385 vehicles delivered. The 911 was in
+third place with deliveries of 431 sports cars.
+246 mid-engine 718 models were handed
+over. Additionally, 23 customers took delivery
+of their Panamera. The sales launch of the
+Taycan in Australia will take place in 2021.
+Australia: Two percent growth
+In the Middle East and Africa region, Porsche
+recorded 6,202 new car sales and enjoyed
+an encouraging post-lockdown upturn with
+the best second-half retail numbers in five
+years. The Cayenne maintained its position as
+the best-selling model with 2,788 deliveries.
+It was followed by the Macan with 1,880
+vehicles. Despite challenging conditions, the
+Taycan was successfully launched in several
+markets in the final months of the year. A
+total of 948 units of the 911 were delivered.
+The 718 Boxster and 718 Cayman put in a
+good performance, with growth of seven per
+cent and 391 vehicles delivered. Accounting
+for 21 per cent of total regional sales, the
+United Arab Emirates was the largest market
+for Porsche Middle East and Africa in 2020,
+closely followed by South Africa. The GCC
+countries remained a key contributor repre-
+senting a 62 percent share of new deliveries.
+Middle East, Africa and India: Best second
+half result in five years
+Asia-Pacific: Macan most popular
+The single Porsche market with the strongest
+growth was South Korea. The sports car
+manufacturer delivered 83 per cent more ve-
+hicles in 2020 compared with the previous year.
+This represents an absolute total of 7,850
+vehicles. There were considerable increases
+in the model lines. The model with the high-
+est volume was the Cayenne with 3,768
+vehicles (plus 62 per cent compared with 2019),
+followed by the Panamera with 1,686 vehi-
+cles (an increase of 50 per cent). The 911
+also enjoyed significant growth with a total
+of 1,151 units. There were 486 deliveries of
+the 718 Boxster and 718 Cayman. A total
+of 711 units of the Macan were delivered.
+48 customers in South Korea took delivery
+of the Taycan, which was delivered for the
+first time shortly before the end of the year.
+strongest growth
+South Korea: Single market with the
+56
+in figures
+Taiwan: Defying the global trend
+Porsche was able to grow by four per cent in
+Taiwan last year. The sports car manufacturer
+handed over a total of 3,868 vehicles to
+customers in the country - a new sales record
+in this market. The most popular model re-
+mained the Cayenne with 1,893 vehicles. Its
+deliveries increased by 22 per cent in compari-
+son to 2019. A total of 1,126 customers took
+delivery of their Macan. The two-door sports
+cars also experienced strong growth: 340 cus-
+tomers received the 718 models, equivalent
+a year-on-year increase of 33 per cent. A total
+of 298 Porsche 911 models were delivered,
+representing an increase of 19 per cent.
+Furthermore, 146 customers took delivery of
+their Panamera and 65 customers were
+able to get behind the wheel of their Taycan
+for the first time.
+In 2020, China was undisputedly the largest
+single market for Porsche. This was in spite
+of almost all dealerships being closed in
+February. However, demand picked up again
+rapidly afterwards. Deliveries had almost
+reached the same level as the previous year
+in China by the start of the summer. Porsche
+delivered a total of 88,968 vehicles there
+in the year as a whole. This represents an in-
+crease of three per cent compared with 2019.
+The largest share was accounted for by the
+Cayenne with 35,791 vehicles (plus ten per
+cent). This was followed by the Macan, of
+which 28,710 vehicles were handed over to
+customers. 13,325 Panamera vehicles were
+delivered. The strongest growth was achieved
+by the two-door sports cars: 7,304 vehicles
+from the 718 Boxster and 718 Cayman series
+were delivered - a plus of 50 per cent. In
+the case of the 911, the increase was even
+70 per cent with a total of 2,398 vehicles.
+The Taycan achieved 1,440 deliveries right
+from the start in China.
+China: Undisputed leader
+Asia
+55
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Important events
+54
+in its first year, already
+in third place with
+9,714 vehicles.
+In the European region
+(excluding Germany),
+sales remained compa-
+ratively stable. Porsche
+delivered 55,580
+vehicles. The Cayenne
+was the most popular
+with 17,444 vehicles.
+13,050 Macan vehicles
+were handed over to
+customers. Taycan was,
+CAYENNE GTS COUPÉ
+(including Benelux and Austria):
+Taycan with a share of almost 31 per cent
+Porsche delivered a total of 11,650 vehicles
+to the Northern European region in 2020.
+This represents an all-time high and a strong
+increase of 20 per cent compared with the
+prior-year period. 1,389 vehicles were
+delivered to Austria in the reporting year.
+Within Northern Europe, Taycan made a
+significant contribution, with a total of 3,604
+vehicles delivered to customers. This is
+equivalent to a share of almost 31 per cent
+and makes the Taycan the strongest model
+line. Northern Europe was therefore also the
+second-largest global market for the first
+fully electric Porsche in 2020. The two-door
+sports cars enjoyed the strongest growth
+in the overall market region. A total of 838
+vehicles of the 718 Boxster and 718 Cayman
+were delivered - an increase of 18 per cent.
+The Porsche 911 accounted for 2,315 vehicle
+deliveries - the sports car icon therefore
+saw an increase of ten per cent. A total of
+2,786 Cayenne vehicles were handed over to
+customers, which is a plus of seven per cent.
+1,537 Macan were delivered, along with
+570 Panamera. The Plug-in Hybrid versions
+of Cayenne and Panamera also achieved
+impressive shares within Northern Europe
+in 2020. Whilst 81 per cent of all Cayenne
+were delivered in the E-Hybrid version,
+for Panamera the share was even higher at
+85 per cent.
+Northern Europe
+Russia: Cayenne with a 65 per cent share
+Porsche delivered a total of 5,711 vehicles to
+Russia last year. 65 per cent of these - an
+all-time high - were Cayenne vehicles: 3,756
+units. The model therefore saw an increase
+of two per cent. The Macan was in second
+place with 1,177 vehicles. The Panamera fol-
+lowed with 300 units delivered. The Porsche
+911 was delivered to 229 customers, equiva-
+lent to growth of twelve per cent compared
+with 2019. 156 customers chose the Taycan,
+which was only delivered from December
+onwards. The 718 Boxster and 718 Cayman
+mid-engine sports cars were sold 93 times.
+This represents an increase of 22 per cent
+compared with 2019.
+In the year under review, Porsche delivered
+6,571 vehicles to customers in Central and
+Eastern Europe. Sales of the two-door sports
+cars enjoyed considerable growth: a total of
+857 units of the 911 were delivered - a plus
+of 25 per cent compared with the previous
+year. There were 406 vehicles delivered in the
+case of the 718 Boxster and 718 Cayman,
+equivalent to an increase of 23 per cent. The
+Cayenne was the model delivered most fre-
+quently with 2,408 units. The Macan followed
+in second place with 1,475 deliveries. The
+Taycan was in third place: 971 units were
+delivered to customers. This is equivalent to
+almost 15 per cent of all Porsche deliveries
+in Central and Eastern Europe. A total of
+454 Panamera vehicles were handed over
+to customers.
+Japan: 911 drives the highest-ever sales
+Porsche deliveries in Japan grew by one per
+cent in the previous year - a stable result
+in a difficult global environment. The com-
+pany delivered a total of 7,141 vehicles to its
+customers. The highest-volume model was
+again the Porsche 911. 1,795 units of the
+Porsche icon were delivered. It was followed
+by the Macan with 1,765 vehicles. The Cayenne
+was in third place - 1,498 vehicles were
+handed over to customers - representing a
+growth of 44 per cent compared with 2019. The
+718 Boxster and 718 Cayman were delivered
+1,416 times. 640 Panamera vehicles were
+delivered. The sales launch of the Taycan in
+Japan will take place in 2021.
+Porsche AG Group
+Cash flows
+from operating activities.
+Sales of Porsche sports cars in North America began in September 1950. In Atlanta, company
+founder Prof. Dr. Ing. h.c. Ferdinand Porsche and the automobile importer Maximilian Hoffman
+agreed to join forces, and Hoffman duly took delivery of two 356 Coupés in the autumn
+of the same year. This first delivery from Zuffenhausen laid the foundation for a success story.
+In 1984, Porsche Cars North America, Porsche's first sales company of its own, opened in
+Reno, Nevada; since 1998, it has been based in Atlanta, Georgia. Sales in the United States
+in 2019 reached an all-time high of 61,568 vehicles. Following the world première of the
+all-electric Taycan in September 2019, the first deliveries worldwide crossed the Atlantic in
+December to US customers.
+57
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+electric vehicles.
+of deliveries to Europe were
+33%
+This figure rose slightly year-on-year.
+Sales revenue
+billion
+€28.7.tem
+on 2019, which was a record year.
+The stable result was just three per cent down
+Deliveries of new vehicles
+272,162
+Operating profit (EBIT)
+€4.2 bilion
+a success.
+billion
+36,359
+Number of employees
+Global workforce grew by 3 per cent.
+€4.4...
+billion
+Central and Eastern Europe: 911 and 718
+with significant sales growth
+Profit before tax
+Important events
+14.6%
+Operating return on sales
+Demonstrates healthy cost structure and
+long-term high profitability
+20,015
+Taycan deliveries
+The launch of the new all-electric sports car was
+This figure grew by more than eight per cent
+year-on-year.
+2019
+Porsche delivered a total of 3,510 vehicles
+in Switzerland over the course of last year.
+This is equivalent to a decrease of six per cent
+compared with 2019. With 492 Taycans deliv-
+ered, the new electric vehicle achieved a
+14 per cent share of the market right from the
+start. With 1,081 units, the Macan was once
+again the most popular model series among
+Swiss customers. This was followed by the
+iconic 911 sports car with 798 deliveries. The
+best-selling 911 was the high-performance
+911 Turbo S Coupé. 748 Cayenne vehicles
+were delivered, and 232 vehicles from the
+718 Boxster/718 Cayman model series were
+handed over to Swiss customers. A total of
+159 Panamera vehicles were delivered. The
+Sport Turismo variant accounted for 65 per
+cent of these. This is the highest share of this
+derivative in all Porsche markets.
+A total of 2,965 Porsche vehicles were deliv-
+ered in Spain and Portugal in 2020 - a de-
+crease of 16 per cent compared with the previ-
+ous year. Both countries were hit particularly
+hard by the coronavirus pandemic. The
+Cayenne was most successful with 977 units
+delivered. 878 Macan vehicles were received
+by customers. The Taycan reached an honour-
+able third place with 361 vehicles, even
+though the public charging infrastructure in
+the two markets is still limited. 327 custom-
+ers decided to purchase the 911 model series
+and 243 customers chose the Panamera.
+179 units of the 718 models were delivered.
+2017
+2016
+272,162
+280,800
+0
+50
+100
+150
+200
+237,778
+250
+246,375
+256,255
+of new vehicles
+2018
+Deliveries
+Porsche profited opera-
+tively from its strong
+global organisation in
+2020: the sports car
+manufacturer delivered
+a total of 272,162
+vehicles over the course
+of the year. The stable
+result is just three per
+cent below the figure
+for the record year 2019
+and exceeds the sales
+achieved in 2018 by just
+under 16,000 vehicles.
+S.GO 4009
+THE CURRENT PORSCHE PRODUCT RANGE
+5.00 3201
+Steady demand in the coronavirus year 2020
+Due to the coronavirus crisis, 2020 was a
+very challenging year for the Porsche sales
+organisation. Many dealerships worldwide
+had to close temporarily in the spring.
+At the end of the year, there was a renewed
+lockdown in some markets. Demand recov-
+ered noticeably over the course of the year
+in other countries, and in some cases,
+there was even year-on-year growth. It was
+therefore possible to partly make up for
+the downward trends in the first quarter.
+This meant that the performance of Porsche
+was therefore a robust overall one in terms
+of the delivery results.
+overall: 121,641 vehicles were delivered
+there, equivalent to an increase of four
+per cent compared with the same period in
+the previous year.
+The E-Hybrid Cayenne and Panamera models
+were again in high demand. Around a quarter
+of the Cayenne and Panamera vehicles world-
+wide were delivered as this variant. Globally,
+10 per cent of all Porsche cars delivered are
+now Plug-In Hybrids. A total of 17 per cent
+of all new vehicles now have an electric drive;
+this share is even around one third in Europe.
+The highest-volume Porsche market remains
+China with 88,968 vehicles delivered - an
+increase of three per cent compared with 2019.
+The Asia-Pacific, Africa and Middle East
+region also continued to develop positively
+The Cayenne enjoyed the highest demand
+worldwide, with 92,860 units delivered
+and an increase of one per cent compared
+with the previous year. A third of the vehicles
+delivered were the Coupé model. The
+two-door sports cars were also very popular
+with customers. A total of 21,784 units of
+the 718 models were delivered - six per cent
+more than in the previous year. The sports
+car icon Porsche 911 was handed over to
+customers 34,328 times. 78,124 Macan
+vehicles were delivered, along with 25,051
+Panamera vehicles.
+A total of 20,015 Taycan cars were delivered
+in 2020 - in spite of the production shut-
+down. However, the vehicle's positive
+momentum could be maintained by means
+of flexible measures, for example for market
+premieres. Most Taycan cars were delivered
+to the US, equivalent to 4,414 vehicles.
+The company had started deliveries of the
+first all-electric Porsche in December 2019.
+The second-strongest Taycan market was
+the Northern Europe region including Benelux
+and Austria, accounting for 3,604 vehicles,
+followed by Germany with 3,294 units. How-
+ever, Taycan sales only started over the
+course of 2020 in most markets.
+Porsche profited operatively from its strong
+global organisation in 2020: the sports car
+manufacturer delivered a total of 272,162
+vehicles over the course of the year. The
+stable result is just three per cent below the
+figure for the record year 2019 and exceeds
+the sales achieved in 2018 by just under
+16,000 vehicles. This means that the year
+under review is the second most successful
+in the company's history - in spite of the
+coronavirus crisis. A young and attractive
+product range, the successful launch of
+the all-electric Porsche Taycan and the power-
+ful charisma of the brand provide the
+foundation for this success.
+2020 - Robust result for deliveries
+51
+-7.2% Western Europe
+-5.3% Germany
+5.60130
+2019 2020
+Deliveries in 2020
+Europe
+Spain/Portugal: Taycan in third place
+Porsche delivered 5,815 vehicles in Italy last
+year 13 per cent less than in 2019. The
+figure also includes 372 Taycan vehicles.
+The bestselling model was again the Macan
+with 2,195 units. 1,391 Cayenne vehicles
+were delivered. The sports car icon 911 saw
+an increase in deliveries: 1,213 vehicles and
+therefore three per cent more than in the
+previous year were delivered to customers.
+371 customers received their 718 Boxster
+or 718 Cayman, and 273 customers took
+delivery of their Panamera.
+Italy: 911 with increase
+In France, a total of 5,088 vehicles were
+handed over to customers, twelve per cent
+less than in the previous year. The Cayenne
+was the bestselling model with 2,282 vehi-
+cles, which is an increase of 48 per cent.
+The remaining vehicles ranked as follows: the
+911 with 832 vehicles, Macan with 800 vehi-
+cles, Taycan with 579 vehicles, the 718 model
+series with 331 vehicles and Panamera with
+264 vehicles, 46 per cent of which were
+handed over as a Sport Turismo variant. The
+share of electric cars among all deliveries
+was at around 60 per cent in 2020. France
+has the highest E-Hybrid share of all Porsche
+markets. It is 46 per cent across all models.
+The top values of 95 per cent for the Panamera
+and 93 per cent for the Cayenne overwhelm-
+ingly accounted for this.
+France: Highest E-Hybrid share of all
+Porsche markets
+in particular contributed to this result:
+3,179 units of the all-electric Porsche were
+delivered. This made it the second most pop-
+ular Porsche model in the United Kingdom.
+The Macan was again in first place with
+3,907 vehicles. A total of 3,096 Cayenne
+vehicles were delivered. The 911 was handed
+over to customers 2,052 times, while 1,483
+units of the 718 Boxster and 718 Cayman
+and 553 Panamera models were delivered.
+The considerable increase for the Taycan
+United Kingdom: Taycan in second place
+British customers are loyal to Porsche. This
+was also shown by the year 2020: a total
+of 14,270 vehicles were delivered. It is the
+second best sales result in the history
+of the market - despite the challenges due
+to Brexit. That is seven per cent less than
+2019 - a comparatively moderate decrease.
+Porsche delivered 26,152 vehicles in its home
+market. This represents a decline of 17 per
+cent compared with the previous year. There
+was a high level of demand for the Taycan with
+3,294 units delivered. The Porsche 911 was
+the bestseller with 7,351 vehicles. The Macan
+was in second place with 5,620 vehicles.
+This was followed by the Cayenne, of which
+5,243 units were delivered. 2,842 customers
+received their 718 Boxster or 718 Cayman,
+and 1,802 customers took delivery of their
+Panamera. 702 of these were Sport Turismo
+models - a share of 39 per cent. The E-Hybrid
+shares were also high: 59 per cent for the
+Panamera, 39 per cent for the Cayenne.
+Germany: A 911 and Taycan year
+Europe region: Most successful Taycan market
+In the European region (excluding Germany),
+sales remained comparatively stable. Porsche
+delivered 55,580 vehicles in total here. This
+represented a decrease of only four per cent
+compared with the previous year. The Cayenne
+was the most popular with 17,444 vehicles.
+13,050 Macan vehicles were handed over to
+customers. Taycan was, in its first year, al-
+ready in third place with 9,714 vehicles. This
+was followed by the 911 with 8,623 vehicles.
+There were 3,933 deliveries of the 718
+mid-engine sports cars. A total of 2,816 cus-
+tomers took delivery of their Panamera. The
+E-Hybrid models were again very popular in
+this region: the share was 64 per cent for the
+Panamera and 52 per cent for the Cayenne.
+Europe
+The figures for Brazil were very good in 2020
+in spite of the coronavirus crisis: Porsche
+was able to deliver 35 per cent more vehicles
+there than in the previous year. The total deliv-
+eries were 2,487 units. All models showed
+increases, apart from the Panamera with 126
+vehicles. The 911 was the most successful
+model with 774 vehicles. This was followed by
+the Cayenne (649 vehicles - plus 13 per cent),
+Macan (508 vehicles - plus three per cent)
+as well as the 718 models (426 vehicles -
+plus 21 per cent). The first four Taycan vehicles
+were delivered to customers at the end
+of 2020.
+Brazil: Record 911 sales
+Latin America: High E-Hybrid share
+Porsche delivered 2,446 vehicles in Latin
+America (excluding Brazil) last year. This rep-
+resents a decrease of 16 per cent compared
+with 2019. The most successful vehicle in the
+reporting year was the Cayenne with 1,101
+units, while 575 Macan cars were handed
+over to customers. 441 Porsche 911, 195
+units of the 718 Boxster and 718 Cayman,
+and 75 Panamera vehicles were also delivered.
+Electric mobility is popular among Porsche
+customers in Latin America: the deliveries
+included 59 Taycans. In addition, the share of
+E-Hybrid models was also high: 43 per cent
+of the Panamera models and 23 per cent of
+the Cayenne vehicles were E-Hybrid models.
+Canada: Seventh-largest market
+Porsche delivered 7,402 vehicles in Canada
+last year - a decrease of 18 per cent. The
+Macan was most successful with 2,483 vehi-
+cles. This was followed by the Cayenne with
+2,342 vehicles. 914 customers took delivery
+of their Porsche 911. For the Taycan, there
+were 844 customers. 551 units of the 718
+models were delivered; this is equivalent to
+growth of 43 per cent compared with 2019.
+268 Panamera cars completed the deliveries
+in Canada. 28 per cent of these had an
+E-Hybrid drive.
+United States: Second-largest Porsche market
+In the United States, around half of the Porsche
+dealerships were forced to close temporarily
+due to the coronavirus pandemic in March
+and April. However, the sales figures already
+recovered in May and June. This develop-
+ment continued to accelerate in the third and
+fourth quarters. In the end, the company
+was therefore able to hand over 57,294 vehi-
+cles to customers in the reporting year. This
+represents a decrease of seven per cent com-
+pared with 2019. As a result, the US remains
+the second-largest Porsche market by far.
+4,414 Taycan models were among the vehi-
+cles delivered. After Europe, the US therefore
+accounts for the second-highest number
+of deliveries of the first all-electric sports car
+from Porsche. The most successful model
+in the US was again the Macan, with a total
+of 18,631 vehicles delivered. The Cayenne
+almost matched this with 18,092 vehicles.
+The 911 was delivered to a total of 8,840
+customers. The Panamera was delivered
+3,870 times, while the 718 Boxster and
+718 Cayman accounted for 3,447 units
+in total.
+80,892
+America
+69,629
+Asiea-Pacific, Africa
+121,641
+and Middle East
+Switzerland: 14 per cent Taycan
+52
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+Important events
+Year-on-year comparison
+-3%
+53
+America
+62
+70 years of Porsche in the United States
+In the Asia-Pacific sales region, Porsche
+handed over a total of 2,529 vehicles to cus-
+tomers in 2020. This represents a decrease
+of 16 per cent compared to 2019. The
+Macan was the most popular in this region,
+with a total of 907 vehicles delivered. It was
+followed by the Cayenne with 866 vehicles.
+The 911 (364 vehicles) and the 718 model
+series (207 vehicles) both saw growth - with
+an increase of three per cent in each case.
+160 Panamera vehicles were delivered.
+25 units of the Taycan were delivered. This
+model was handed over to customers for
+the first time at the end of 2020.
+GOALS
+at the core. With its strategy fields, Porsche
+is meeting global risks head-on while simul-
+taneously embracing new opportunities
+to influence and innovate, in collaboration with
+its suppliers, employees and customers,
+across the entire value chain of the business.
+Porsche organises its sustainability activities
+on the basis of the following six strategy fields:
+expectations for the company are always
+CO
+CIRCULAR ECONOMY
+DIVERSITY
+PARTNER-TO-SOCIETY
+SUPPLY CHAIN RESPONSIBILITY
+GOVERNANCE & TRANSPARENCY
+Progress on this journey is subject to regular
+evaluation and the strategy is continually
+updated to secure the best possible outcomes.
+Porsche also engages actively with its internal
+and external stakeholders as well as with
+recognised experts such as the members of
+the Porsche Sustainability Council.
+With ambitious aims, the Porsche Sustaina-
+bility Strategy 2030 is measured against
+scientific findings and external expectations
+that create the framework for effective action.
+The company is also drawing on its inherent
+values and the brand's calling to be a bold
+and visionary pioneer of sustainable mobility.
+Porsche seeks to shape its future responsibly
+and successfully, with and for society.
+DECARBONISATION
+The impact of business activity and of society's
+a consistent focus for Porsche's activities.
+The new Porsche sustainability Strategy 2030
+identifies the principal challenges for the
+company in six strategy fields that are key
+to the sports car manufacturer's sustainable
+development. These action areas provide
+62
+The "Digitalisation" cross-cutting strategy
+focuses on building up the company's own
+digital skills and involving strategic partners
+in order to accelerate change. Shortening
+the time-to-market for products and business
+models, an open-platform strategy, and the
+use of artificial intelligence and data-driven
+optimisations should make a major contribu-
+tion to the business result.
+The "Organisation" cross-cutting strategy
+relates to the future, organisational alignment
+of Porsche. The goal is to tackle today's fields
+of activity as effectively and efficiently as
+possible. We define the strategic value crea-
+tion fields that we will work on within our
+own organisation in the future and that will
+be covered in the context of strategic partner-
+ships or by external suppliers. We want to
+establish Porsche as an innovation leader in
+the areas that matter most to us.
+The focus of the "Transformation" cross-
+cutting strategy is on people. The aim is to
+provide new ways and methods of working
+and to empower employees to face future
+challenges. Leadership has a central role
+to play in this regard: informing employees
+about changes at an early stage, involving
+them in the relevant processes, and moti-
+vating them to drive the change forward
+together. This new form of leadership inspires
+employees to act with entrepreneurial spirit
+and is geared towards a long-term vision
+and goals.
+"THE VIEW INTO THE FUTURE
+IS ALWAYS TINGED WITH
+UNCERTAINTY. THAT'S EXACTLY
+WHY IT'S IMPORTANT FOR
+THE STRATEGY TO GUIDE US
+AND CONNECT THE MAJOR
+ISSUES TO SPECIFIC COMPANY
+AIMS. THE STRATEGY 2030
+PROVIDES AN EXCELLENT BASIS
+FOR THIS. WE ARE MOVING IN
+A CLEAR DIRECTION, WE HAVE
+THE TOOLS WE NEED, AND
+WE KNOW TO BE FLEXIBLE.
+WE MUST TAKE THE FUTURE
+INTO OUR OWN HANDS."
+Oliver Blume,
+Chairman of the Executive Board
+PORSCHE
+rategy 2030
+2
+SUSTAINABILITY MANAGEMENT
+Sustainability strategy
+Sustainability organisation
+SUSTAINABILITY MANAGEMENT
+In the reporting year, Porsche approved its
+Strategy 2030, further developing its stra-
+tegic focus on sustainability. The company is
+reviewing the entire value chain with a view
+to improving sustainability at all levels of its
+commercial activities, against the backdrop
+of global challenges. With the sustainability
+focus of Strategy 2030, Porsche is pursuing
+its long-term objective of achieving meaning-
+ful growth in economic benefit and social
+responsibility while reducing the ecological
+footprint of its business.
+Sustainability strategy
+Businesses are key participants in society.
+Commercial activities have a diverse range
+of social, economic and ecological impacts.
+As employers and economic actors, however,
+companies also depend on the acceptance
+and well-being of society. The coronavirus
+pandemic made this dependency particularly
+tangible during the reporting year. Society
+rightly demands that businesses meet their
+obligations and are accountable and put
+their power behind universal concerns.
+Every year more resources are consumed
+around the world than can be naturally
+produced. The planet's population will
+grow to over eight billion people by 2030.
+Companies are operating in a new economic
+context shaped by global competition for
+resources, the threat of climate change, politi-
+cal upheaval and the global consequences
+of the pandemic, rampant consumer demand,
+and the changing views and standards of a
+range of interest groups in relation to sustain-
+able development. The automotive industry
+is especially affected by this. It is facing major
+change and new challenges.
+The new strategy fields
+underscore Porsche's
+commitment to focusing
+on sustainability in its
+entirety. Indirect effects
+of the company's busi-
+ness activities, including
+in the supply chain,
+are given the same level
+of attention as direct,
+operational impacts.
+In this way, Porsche is
+living up to its responsi-
+bility along the company's
+entire value chain.
+Strategy areas in Porsche's Sustainability Strategy 2030
+ENVIRONMENT, SOCIETY AND RESPONSIBLE COMPANY MANAGEMENT
+CO2
+Sustainability is anchored as a central cross-
+cutting issue in the Porsche Strategy 2030.
+The Chairman of the Executive Board is
+directly responsible for this topic, with addi-
+tional support from the Member of the
+Executive Board for Production and Logistics
+and the Member of the Executive Board for
+Procurement.
+Porsche's sustainability organisation is imple-
+mented across the entire Group. A transparent
+internal structure with defined roles and
+responsibilities allows sustainability topics to
+be handled consistently and effectively
+throughout the business. This is underpinned
+by the "Group Sustainability Directive". The
+Directive contains binding rules on organisa-
+tional processes, topic management, project
+implementation, and communication of
+all sustainability topics.
+The Executive Board of Porsche AG acts as
+the highest authority on sustainability. It regu-
+larly meets in the context of Board Strategy
+Workshops and sets the fundamental strategic
+direction as well as specific targets for sus-
+tainability. It also decides on the realisation of
+far-reaching sustainability measures and light-
+house projects.
+During the reporting year, a new "Sustainability"
+department was created within the "General
+Secretary and Corporate Development" divi-
+sion with responsibility for the sustainability
+strategy, its implementation and its continued
+development. The department is also respon-
+sible for carrying out sustainability projects and
+managing the company's sustainability bodies.
+In line with the Volkswagen Group Sustaina-
+bility Guidelines, the "Sustainability" depart-
+ment is the interface with the Volkswagen
+Group, where it represents the Porsche
+brand's sustainability management.
+In addition, the "Politics and Society" depart-
+ment of the "Communications, Sustainability
+and Politics" division is responsible for
+internal and external sustainability communi-
+cations, non-financial reporting and the
+ongoing reinforcement of stakeholder dialogue
+and collaboration in sustainability networks.
+The Office of the Sustainability Council and
+the project management for all activities
+relating to the Value Balancing Alliance are
+also firmly embedded here.
+As a cross-departmental entity the Environ-
+ment and Sustainability steering committee
+sets and consolidates the direction and
+content of the environment and sustainability
+strategy in preparation for its subsequent
+adoption by the Environment and Sustainabil-
+ity Steering Group and the Executive Board.
+The steering committee comprises repre-
+sentatives of all departments with relevance
+to sustainability. It focuses on matters
+relating to the environment and sustainability
+strategy, including decisions on the roadmap
+and objectives. The Environment and Sustain-
+ability steering committee also forms working
+groups to prepare, evaluate and refine topics,
+projects and initiatives relating to sustaina-
+bility. It generally holds bimonthly meetings
+and reports regularly to the Steering Group
+above it.
+The Environment and Sustainability Steering
+Group is the ultimate instance in Porsche
+at which the focus and direction of the envi-
+ronment and sustainability strategy can be
+established in preparation for adoption by the
+Executive Board. The Steering Group is com-
+posed of the heads of the main divisions
+and can be expanded flexibly as required. It is
+concerned with all topics conducive to the
+development and creation of the environment
+and sustainability strategy, and commissions
+the Environment and Sustainability steering
+committee to prepare and agree topics,
+projects and initiatives relating to sustainabil-
+ity. The division of roles and responsibilities
+among the members of the Steering Group
+and participants in the topic areas is governed
+for both the Steering Group and the steering
+committee in accordance with the Porsche
+Group Sustainability Guidelines. The Environ-
+ment and Sustainability Steering Group
+meets once each quarter and provides regular
+reports to the Executive Board.
+PORSCHE SUSTAINABILITY COUNCIL
+The Porsche Sustainability Council is a
+group that advises the company's Executive
+Board and top management. The Council
+is composed of independent experts from
+the worlds of business, science, politics and
+civic society. Since being founded in 2016,
+it has been an effective contributor to and
+critical partner in Porsche's credible, stra-
+tegic approach to sustainability, through
+its ideas, regular consultations and its
+own projects.
+The Sustainability Council convened at the
+end of 2020 is composed of the following
+members: Prof. Lucia Reisch, Prof. Sonja
+Peterson, Prof. Maximilian Gege, Prof. Ortwin
+Renn and Prof. Klaus Töpfer. The Council
+members are independent and not bound by
+instructions. The Executive Board has given
+the Council far-reaching rights to informa-
+tion and consultation, as well as rights
+of initiative.
+1
+In the reporting year, the Sustainability
+Council held two consolidated meetings with
+the Porsche Executive Board. The core topics
+of discussion included the handling of the
+coronavirus crisis, decarbonisation and the
+creation of resilient and sustainable supply
+chains. The Porsche Sustainability Council
+also met twice with the Sustainability
+Council Office and held one meeting with
+the Volkswagen Group Sustainability Council.
+Alongside regular conference calls, mem-
+bers of the Council were closely involved in
+further development of the sustainability
+strategy and deepening of the stakeholder
+dialogue.
+The Sustainability Council will be further
+strengthened in 2021, growing from five to
+six members, in response to the constantly
+increasing global challenge and rising
+importance of sustainability.
+An overview of sustainability organisation
+PORSCHE EXECUTIVE BOARD
+→ GRI 102-43
+The "Products" cross-cutting strategy focuses
+on the customer requirements of the future,
+consistently aligning product strategy with
+digital, networked and innovative products
+and services. In addition to the core business,
+individual mobility solutions and financial
+services should also contribute to corporate
+profitability.
+Sustainability organisation
+Sustainability management
+DECARBONISATION
+Consistent reduction in CO2 emissions throughout
+the value chain
+CIRCULAR ECONOMY
+Efficient, circular use of resources at all levels
+of the value chain
+133
+DIVERSITY
+Equal opportunities and diversity in all
+areas of employment
+>
+PARTNER-TO-SOCIETY
+A commitment to society wherever Porsche is active
+SUPPLY CHAIN
+RESPONSIBILITY
+Protection for human rights, good working conditions and
+responsible processes throughout the supply chain
+GOVERNANCE &
+TRANSPARENCY
+Transparent and responsible company management and
+unconditional compliance
+66
+66
+*The chapters in the Sustainability section of this report are organised according to the reporting areas "Innovative Mobility",
+"Reliable Partner" and "Go to Zero" in line with the previous reporting period. Due to the new strategic direction undertaken
+in the reporting year, Porsche is in a process of transformation that will also shape the form of future sustainability reporting.
+67
+The "Sustainability" cross-cutting strategy
+defines and focuses on specific priorities
+for sustainability at Porsche. These extend
+from ecological and social aspects to respon-
+sible corporate governance. Decarbonisation
+and maintaining a circular economy along
+the entire value chain are key. We are also
+pushing for sustainability in the supply chain
+and strengthening our social commitment
+with the aim of empowering and educating
+members of society.
+The cross-sectional "Customer" strategy fo-
+cuses on the relationship with our customers.
+Premium customer experiences should fur-
+ther boost customer loyalty and attract new
+audiences to the Porsche brand. Omni-chan-
+nel sales and the development of a strong
+Porsche community are designed to connect
+customers with the brand online and in the
+physical world.
+The second foundation stone is the Volks-
+wagen Group's "Together4 Integrity" (T41)
+programme, which aims to bolster the Group's
+integrity and compliance across all brands
+and companies. These are of equal importance
+to such factors as sales, earnings, product
+quality or employer attractiveness as long-
+term strategic and operational performance
+indicators.
+The second stage followed in 2019 with a
+further sharpening of the strategy, and with
+Porsche focusing even more closely on current
+trends. These included growing urbanisation,
+artificial intelligence, automated driving and
+the rising importance of data protection
+and data security. The Strategy 2025 Plus
+involved the further development of the exist-
+ing strategic aims. In particular, the cross-
+cutting issues of product, sustainability and
+innovation were to be tackled to an even
+greater extent across the different functions.
+A view into the future
+Now, in the form of its Strategy 2030, the
+company is taking the next step. Preparations
+are based around this question: How will the
+world of sports car and exclusive mobility
+develop in future?
+Porsche has used three scenarios to move
+closer to the next decade, and thought its
+ideas through to their logical conclusion.
+In the "Digital Frontiers" scenario, even more
+areas of life will be digitalised. Health, edu-
+cation and shopping: more and more of the
+things we do every day are happening in the
+virtual world. Digital ecosystems with prod-
+ucts and services are vying for customers.
+Privacy and personalisation are becoming in-
+creasingly important. Trust is becoming the
+critical currency. Companies that succeed
+in building trusting networks with a strong
+brand will be the winners in this world.
+The "Equilibrium Race" scenario highlights
+how climate change is changing people's
+views and values. "Zero waste" is becoming
+the guiding principle in all that we do. The
+trailblazers are the companies with the most
+sustainable technology. Individual mobility
+is becoming less important. Alongside public
+transport, numerous mobility services are
+gaining a foothold, especially in urban areas.
+The third scenario, "Game of Cities", models
+life in megacities. There were already more
+than 38 of these cities in 2019, and their
+number is rising. This fragmented world of
+sprawling cities developing at different rates
+presents us with major challenges, not least
+dense traffic flows and an environmental
+impacts. Individual space is becoming more
+valuable. Mobility must be reorganised.
+Using the scenario technique, Porsche can
+prepare for the most diverse challenges of
+the future.
+Mission 2030
+"In the beginning, I looked around and could
+not find quite the car I dreamed of. So I decided
+to build it myself."
+With this quote, trailblazer Ferry Porsche set
+the tone for the future. It is now more than
+70 years since he built the 356 and created
+the Porsche sports car brand. Since then, his
+words have lost none of their appeal. Quite
+the opposite, in fact. His quote perfectly
+describes the mission with which the company
+is shaping its future.
+Vision 2030
+The company's new vision carries Ferry
+Porsche's mindset into the future. Porsche -
+A brand for those who follow their dreams.
+This explicitly includes the employees.
+Chairman of the Executive Board Oliver Blume
+adds, "Porsche epitomises freedom and inde-
+pendence and the inner drive to achieve
+goals. To this day, nothing has changed in that
+regard. At Porsche, we want to help our cus-
+tomers realise their lifelong dreams."
+Goals 2030
+Porsche has defined its goals for the four
+stakeholder groups: customers, society,
+employees and investors. In keeping with this
+vision, the company aims to be the most
+recognised brand and one that particularly
+excites its customers.
+Sustainability is now an even bigger priority.
+Porsche assumes responsibility for society
+and is striving to become carbon-neutral as
+soon as possible, across the entire value chain.
+2016: At a time of huge technological up-
+heaval, Chairman of the Executive Board
+Oliver Blume presented the Strategy 2025,
+with its focus on the sports car of the future.
+The key themes were electrification, digi-
+talisation and innovation. One outstanding
+result is the Taycan. Porsche's first all-electric
+sports car highlights the extent to which
+product strategy is geared towards electro-
+mobility. The Taycan is produced in the new
+factory in Zuffenhausen in a CO2-neutral pro-
+cess. This marks a first in Porsche's history
+and underscores the company's commitment
+to the Paris climate goals.
+The company's successful future depends
+on happy employees. The company wants to
+keep on being an outstanding employer.
+Porsche is facing up to the major financial
+challenges of the present day. The company
+is investing heavily in such areas as innova-
+tion, digitalisation and training. Despite this
+necessary financial effort, Porsche is sticking
+to its strategic target of a return on sales
+of 15 per cent.
+The path to the new strategy
+Why? The world is changing at breakneck
+speed. It is becoming more digital, more con-
+nected and also more volatile. The automotive
+sector is undergoing a complete transforma-
+tion. Digitalisation and new technologies are
+affecting almost all areas of life and every
+economic sector. This is inevitably changing
+markets and what customers need. Working
+environments are growing ever more com-
+plex. At the same time, new ways of thinking
+and new processes are developing in a range
+of areas, driven by climate change.
+OUTLOOK
+World economy en route to recovery
+Our planning is based on the assumption that
+global economic output will recover on the
+whole this year. We believe that the effects of
+the pandemic can be stemmed sustainably
+in 2021. The anticipated level of growth will
+probably not be sufficient to return the
+country to its 2019 GDP level, however. We
+consider protectionist tendencies, potential
+turbulence on the financial markets and
+structural deficits in some countries to be
+a source of risk. At the same time, growth
+prospects are being kept in check by ongoing
+geopolitical tension and conflict. Nevertheless,
+we believe that both developed economies
+and emerging markets will register positive
+movements in economic output.
+According to our forecasts, economic growth
+in Western Europe will strengthen signifi-
+cantly in 2021. This will also be true for
+Germany. Similarly, we anticipate growth in
+Central and Eastern Europe, but on the basis
+of surveys expect only a moderate expansion
+in the Russian economy. For the United
+States we forecast that unemployment will
+fall but remain high. Overall, the economy
+there should improve considerably. We also
+anticipate a rise in economic output in neigh-
+bouring Canada and Mexico. Our forecast for
+the Brazilian economy is for a strong growth
+rate. Meanwhile, in Argentina we do not expect
+any improvement in the economic situation
+following three years of declining GDP. Our
+calculations show that the Chinese economy
+will continue to grow at a relatively fast pace
+in 2021. In Japan we expect economic
+output to increase a little.
+Positive growth of car markets
+According to our forecasts, demand in the
+world's passenger car markets will increase
+overall in 2021. This is based on the assump-
+tion that the pandemic can be contained
+on a lasting basis. We anticipate that new
+registrations in Western Europe will rise sig-
+nificantly in 2021. This will be the case for
+all of the major markets, i.e. Germany, the UK,
+Italy, Spain and France. Passenger car mar-
+kets in Central and Eastern Europe will also
+record notable growth, we believe.
+We expect that demand in the markets for
+passenger vehicles and light commercial
+vehicles (up to 6.35 tons) in North America
+and the United States in particular will
+increase considerably compared with the
+previous year. Furthermore, the highest
+demand is expected for vehicles in the SUV
+and pick-up segments. We also expect sales
+to increase in Canada and Brazil.
+Passenger car markets in the Asia Pacific
+region are expected to be noticeably above
+the previous year's level in 2021. We antici-
+pate that demand in China will also clearly
+exceed the previous year's figure. Good-value,
+entry-level SUV models in particular can be
+expected to remain very popular. The market
+in Japan is also expected to improve slightly
+in 2021 on the whole.
+According to our fore-
+casts, demand for
+passenger vehicles is set
+to rise across all of the
+major markets this year.
+As far as Europe is
+concerned, this relates
+to Germany, the UK,
+Italy and France, and it
+also applies to the
+USA and China. This is
+contingent on a
+sustained improvement
+in the situation with
+regard to the pandemic.
+58
+The figures for fuel consumption, energy consumption and CO,₂ emissions are found on pages 212-213.
+51376
+PORSCHE STRATEGY 2030
+Porsche - A brand for those who follow
+their dreams
+A strategy leads to success when it is recali-
+brated over and over, and flexibly adapted
+to new parameters. In this way, a strategy,
+and its common thread, can be continuously
+developed. And that is exactly what we have
+done: Strategy 2030 replaced Strategy 2025
+Plus at the end of the financial year.
+Porsche is looking ahead. We are embracing
+the huge challenges as opportunities.
+We are proactively shaping our future. And
+the new Strategy 2030 is a clear expression
+of this mindset.
+PORSCHE SUSTAINABILITY COUNCIL
+Mission 2030
+Photo: Ferry Porsche (left) with his son Ferdinand Alexander
+SUSTAINABILITY
+DIGITALISATION
+ORGANISATION
+TRANSFORMATION
+Inspiring brand &
+Exciting products &
+customer experience
+services
+Sustainability in
+the whole value
+network
+Digitally enabled
+company, ecosystems
+Effective execution &
+balanced exploration
+partnering
+STRATEGY HOUSE
+PROFITABILITY PROGRAM
+TOGETHER4INTEGRITY
+Transformation
+driving change
+Six cross-cutting strategies
+Customer, products, sustainability, digitalisa-
+tion, organisation and transformation: these
+are the six cross-cutting elements that make
+up the Porsche Strategy 2030. These topics
+are managed by cross-functional teams in
+close collaboration with the Executive Board.
+They form the centre of the Porsche strategy
+house and feed into the corporate goals. The
+results programme provides the foundation.
+Porsche uses this to increase efficiencies and
+to tap into additional sources of income.
+PRODUCTS
+"In the beginning, I looked around
+and could not find quite the car |
+dreamed of. So I decided to build it
+myself."
+CUSTOMER
+CORPORATE STRATEGY
+Goals 2030
+CUSTOMER
+Lead in customer desirability
+Brand perception #1
+Customer excitement #1
+Drive change for a sustainable world
+CO, net neutral value chain
+ESG rating in best class
+SOCIETY
+PORSCHE
+60
+The figures for fuel consumption, energy consumption and CO,₂ emissions are found on pages 212-213.
+K72
+EMPLOYEE
+Be the top employer of choice
+Employee fascination > 85%
+Attractive employer Top 3
+Preserve high profitability
+Return on Sales ≥ 15%
+Return on Investment ≥21%
+INVESTOR
+Mission | Vision | Targets
+Overall responsibility for sustainability
+Sustainable Development Goals
+Sets sustainability priorities
+and strategic focus
+as well as feature articles on sustainability in
+the Carrera Magazine keep employees up to
+date with the latest developments. Regular
+works and departmental meetings, employee
+information events, and specific topic and in-
+novation weeks also form part of the diverse
+programme of internal communications.
+Porsche seeks to establish personal contact
+through stakeholder engagement events,
+such as the regular Neighbourhood Dialogues
+that take part at the company's sites. Since
+2016, these have given local residents the
+opportunity to raise specific issues with the
+experts directly. Unfortunately the extensive
+restrictions implemented as a result of the
+coronavirus pandemic have meant that the
+events planned for the reporting year have not
+been able to take place as normal. In response,
+Porsche has ramped up its online dialogue
+with key groups to obtain direct feedback
+and suggestions. Through a dedicated email
+address sustainability@porsche.com, the
+sports car manufacturer offers stakeholders
+a way of contacting the responsible depart-
+ment directly.
+At Porsche, an open,
+transparent exchange
+of information and
+reasoned debate lay the
+foundation for mutual
+understanding and
+acceptance. Stakeholder
+management at Porsche
+takes a 360-degree
+approach that aims to
+systematically record
+the expectations of each
+stakeholder group and
+use this feedback as
+the basis for critical
+reflection on the strategic
+planning processes.
+VALUE BALANCING ALLIANCE
+In November 2019, Porsche became the
+first automobile manufacturer to join
+the Value Balancing Alliance. The objec-
+tive of the group is to develop a standar-
+dised way of measuring and evaluating
+in money terms the impact of companies'
+business activities on the environment
+and society. The new methodology is
+being produced in collaboration with the
+other members BASF, BMW, Bosch,
+Deutsche Bank, Kering, LafargeHolcim,
+Mitsubishi Chemical, Novartis, Otto,
+Volkswagen, SAP, Schaeffler and SK, as
+well as partners including the OECD
+and the European Commission.
+The value of a business is not simply a
+function of the financial value it creates,
+but also incorporates its ecological and
+social value. Porsche is seeking to make
+its sustainability activities even more
+effective and to improve how sustaina-
+bility is integrated across its decision-
+making processes. In joining the alliance,
+Porsche is also undertaking to pilot the
+methodology within its own organisation.
+With support from the Volkswagen Group,
+Porsche is assuming a leading role across
+all of the Group's brands as a core member
+of the Value Balancing Alliance.
+value
+balancing
+alliance
+Our stakeholders
+→ GRI 102-40, 102-42, 102-43, 102-44
+The most important company stakeholders (internal and external)
+as determined by internal analyses.
+RESIDENTS AND
+COMMUNITIES
+NGOS/NON-PROFIT
+ORGANISATIONS
+EMPLOYEES
+The most important sources of information
+for thought leaders, decision makers and
+customers include the Porsche magazine
+Christophorus, published in 13 languages
+around the world, the Newsroom with its
+Twitter and Instagram channels, the web-
+based TV channel 9:11 Magazine and the
+Porsche website. During the reporting year,
+the 9:11 podcast was added to this exten-
+sive range of channels, with both a German
+and an English-language version. Porsche's
+employees also have many ways of contribut-
+ing their own thoughts and ideas, as well
+as opportunities for interacting directly with
+technical managers. All internal communi-
+cations are published in digital and printed
+formats through the Carrera media. A separate
+sustainability-focused Info World section
+on the Carrera Online pages on the intranet
+POLICYMAKERS AND
+ASSOCIATIONS
+An exchange that is beneficial for all sides
+must be based on trust. This is the core value
+of any long-term relationship between Porsche
+and its dialogue partners. Credible exchange
+with our stakeholders must be geared towards
+the long term and be nurtured on an ongoing
+basis. Porsche believes it is important for
+people to talk to one another, not over one
+another. The company's approach seeks
+to understand, to break down barriers and to
+foster long-term partnerships. It does this
+through a range of communication channels
+and formats for dialogue with both internal
+and external audiences.
+conditions and parameters that are important
+to the business.
+SCHE
+NEXT
+VISIONS
+CHANGE THE GAME
+PORSCHE
+MOBILITY FOR A WORLD
+NT
+VISIONS
+CHA THE GAME
+CREATE ORROW
+CIDE
+PO
+HE
+NEXT
+VISIONS
+CHANGE THE GAME
+CREATE TOMORROW
+ROF SCHE
+EO
+STAKEHOLDER MANAGEMENT
+→ GRI 102-40, 102-42, 102-43, 102-44
+Porsche's business activities touch on the
+interests of many people around the world.
+Proactive engagement with stakeholder
+groups is particularly important to the com-
+pany, and Porsche seeks to continually
+expand this dialogue. At Porsche, an open,
+transparent exchange of information and
+reasoned debate lay the foundation for mutual
+understanding and acceptance. Stakeholder
+management at Porsche takes a 360-degree
+approach that aims to systematically record
+the expectations of each stakeholder group
+and use this feedback as the basis for critical
+reflection on the strategic planning pro-
+cesses. By taking account of the interests
+and perspectives of various stakeholder
+groups, the company can quickly identify key
+social trends and incorporate these in its
+commercial decision-making. Looking out-
+wards, the two-way sharing of information
+can reveal what scope for action Porsche sees
+in current challenges, and articulates the
+Stakeholder management tools
+Stakeholder survey and materiality
+PORSCHE
+SCIENTIFIC
+COMMUNITY AND
+EXPERTS
+As a matter of course, Porsche remains impar-
+tial in its dealings with political parties and
+interest groups. The company does not donate
+to political parties. During the reporting year,
+it incurred no expenditure related to support-
+ing party events, advertising in publications
+affiliated with parties, or external lobbying
+agencies or services.
+Memberships and networks
+Cooperating in networks and engaging in sus-
+tainability initiatives and working groups also
+forms part of Porsche's stakeholder dialogue as
+it works to drive forward economic, ecological
+and social issues. Porsche participates across
+a broad spectrum of areas.
+ENVIRONMENT AND
+SUSTAINABILITY STEERING GROUP
+Mobilität
+For example, the sports car manufacturer is
+a founder member of the "Bündnis für Luft-
+reinhaltung" clean air alliance, a member of
+the "Plattform Urbane Mobilität" and an active
+participant in the industry dialogue on the
+German "National Action Plan for Business and
+Human Rights".
+B.A.U.M.
+It has also been a member of the "German
+Environmental Management Association"
+(B.A.U.M.) since 2016. In 2017, the company
+joined the German "Business Ethics Network"
+(DNWE) and became a signatory to the state
+of Baden-Württemberg's "WIN! charter" for
+sustainable business, marking its commitment
+to entrepreneurial responsibility. Since 2018,
+Porsche has also been one of the cooperation
+partners involved in the "nachhaltig.digital"
+competence platform.
+dno
+we
+ZENTRUM FÜR
+WIRTSCHAFTSETHIK
+DEUTSCHES NETZWERK
+WIRTSCHAFTSETH
+The aim of the joint project on the part of
+B.A.U.M. and the "German Federal Environ-
+mental Foundation" (DBU) is to use digitalisa-
+tion as a tool for future-proof, sustainable
+development. Together with the Volkswagen
+Group, Porsche was the first automobile
+manufacturer to become a core member of
+the Value Balancing Alliance, doing so at the
+end of 2019. During the reporting year, the
+company also joined the "Responsible Mica
+Initiative" (RMI). This cross-industry coalition
+campaigns for transparency and improved
+working conditions in mica mining.
+76
+REINVENTION
+PORSCHE
+Porsche's activities are directed at promoting
+a Europe that is harmonious, sustainable
+and internationally competitive. The single
+European market, cross-border trade, worker
+freedoms and the sharing of knowledge are
+fundamental conditions for competitiveness.
+Porsche supports the objectives of the Paris
+Agreement and welcomes the European Green
+Deal as a key framework for the future. The
+company supports free, fair, sustainable and
+rules-based international trading relationships
+that protect human rights and promote pros-
+perity, employment and growth.
+MEDIA
+- American Chamber of Commerce in
+Germany e. V. (AmCham Germany)
+- Leipzig Chamber of Commerce and
+Industry (IHK)
+COMPETITORS
+CUSTOMERS AND
+BUSINESS PARTNERS
+INVESTORS AND
+ANALYSTS
+لكا
+74
+Stakeholder management
+75
+Dialogue with politics
+Porsche operates in a complex and heavily
+regulated field. Its commercial decisions are
+influenced by numerous requirements, and
+the decision-making process must assess and
+take account of consequences for stakehold-
+ers. It is necessary to engage in transparent
+and proactive dialogue with governments,
+parliaments, authorities, associations, insti-
+tutions and representatives of civic society
+through political lobbying to contribute
+to the environment in which the company
+undertakes its commercial activities.
+The "Politics and Society" department coordi-
+nates all political topics that are relevant to
+Porsche. It does this at all levels, whether local,
+regional, national or international. It is also
+responsible for the company's political lobby-
+ing. The Politics team works with associations
+and is in contact with a range of NGOs, and
+business, civic society and political represent-
+atives. Its activities include the organisation
+of and support for visits by politicians and
+political events, as well as providing regular
+updates on political topics and developments
+to the Executive Board.
+Porsche's political activities are coordinated
+with those of the Volkswagen Group to ensure
+a joined-up approach and consistent commu-
+nications in dialogue with partners. Porsche
+also sits on the Volkswagen Group "Public
+Affairs" steering committee, which reports
+regularly to the Group Board of Management.
+Principles such as integrity, openness and
+verifiability, as well as guidelines on contact
+with politicians are set out in the Group-wide
+policy. The policy also regulates the political
+lobbying process. Accordingly, just like all of
+the brands, foreign markets and divisions that
+undertake political lobbying in the Volkswagen
+Group, the people responsible for politics at
+Porsche provide information to Group Public
+Affairs about their activities. Activities encom-
+passing business and political organisations
+also respect the principles of openness, verifi-
+ability and responsibility, and are carried out in
+compliance with competition law, anti-trust
+and all other legislation.
+Porsche does not have representative offices
+in Berlin, Brussels or elsewhere in the world.
+The list below provides a selection of the
+company's memberships of business and
+political organisations and associations:
+- German Association of the Automotive
+Industry (VDA)
+- Industry Association of Baden-Württem-
+berg (LVI)
+- Südwestmetall (Baden-Württemberg
+employers' association for the metal and
+electrical industry)
+- Chamber of Commerce and Industry of
+the Stuttgart Region (IHK)
+Society for the Advancement of the Kiel
+Institute for the World Economy
+Memberships and networks
+Plattform
+Urbane
+71
+The United Nations Sustainable Development
+Goals (SDGs) form the core of the 2030 Agenda
+for Sustainable Development. The 17 global
+sustainability goals that have been defined are
+intended to reconcile economic progress with
+social justice and environmental compatibility.
+Porsche takes its responsibility seriously to
+counter the depletion of natural resources and
+climate change and make a positive impact on
+social development. The company is commit-
+ted to the SDGs and is focusing its activities
+for sustainable development on the key topics
+that can make a tangible contribution through
+its own business model and associated value
+creation processes.
+Taking account of internal and external sources,
+there are seven SDGs to which Porsche can
+make a significant difference through its sus-
+tainability activities.
+SDG 4 - Quality education
+For Porsche, education is a key to sustainable
+development. This is why the company offers
+its trainees and staff a diverse programme
+of vocational and professional training, All
+employees have access to systematic further
+development opportunities based on their
+needs. At its company sites as well as on the
+international stage, Porsche is also committed
+to a range of educational and scientific pro-
+jects, including regional schemes in Stuttgart
+and Leipzig with the "Ferry Porsche educates"
+initiative, as well as the international "Porsche
+Aftersales Vocational Education" (PAVE) pro-
+gramme, which aims to provide and expand
+local vocational education for Porsche's sales
+organisations as required around the world.
+SDG 8 - Decent work and economic growth
+Porsche creates high quality jobs to create
+value and achieve sustainable growth, and
+affirms its commitment to observing and pro-
+tecting human rights beyond the factory gates
+and throughout the supply chain. The sports
+car manufacturer therefore not only assumes
+responsibility for its employees and invests
+in their future. It also sets high, internationally
+recognised standards for social and human
+rights that must be met by its suppliers. In
+this way, Porsche provides effective support
+to the protection of humane working condi-
+tions and categorically rejects all forms of
+modern slavery, such as forced, mandatory
+and child labour.
+SDG 9 - Industry, innovation and infrastructure
+Porsche is synonymous with innovative prod-
+ucts and services. By expanding a high-perfor-
+mance charging infrastructure for electric
+vehicles, permanently working to find innova-
+Porsche accepts its
+responsibility for
+tive solutions, and trialling digital technologies tackling the depletion
+of valuable resources,
+acting to stop climate
+change, and making
+and future trends, the company is playing an
+instrumental role in sustainable development.
+The Taycan, Porsche's first fully electric sports
+car, illustrates the mobility revolution. The
+new plant constructed for production of the
+Taycan in the company's traditional main
+Zuffenhausen works is also a good example.
+Here, Porsche has upgraded the entire site
+to make it CO₂ neutral.
+SDG 11 - Sustainable cities and communities
+The sports car production at the main plant in
+Stuttgart-Zuffenhausen is located in a mixed-
+use zone, surrounded by residential areas.
+Consequently, the company is directly con-
+fronted with the challenges posed by increas-
+ing urbanisation of the planet. This is another
+reason why Porsche feels a sense of duty to
+actively contribute to the sustainable develop-
+ment of cities by providing smart solutions.
+Resource-efficient production processes and
+products, as well as technological and social
+innovation, are the key factors for the company
+in this regard. Porsche is putting all its energy
+into mobility that is fit for the future and is
+including forward-looking concepts such as
+sharing, rental and leasing concepts in its
+portfolio to make urban mobility more flexible.
+SDG 12-Responsible consumption
+and production
+Porsche not only works non-stop on products
+that are more environmentally and resource-
+friendly, but also undertakes to make its man-
+ufacturing processes as efficient as possible
+and sparing on the environment. The ecologi-
+cal and social quality of processes is equally
+as important as the economic, functional and
+technical qualities. The company places the
+utmost value on compliance with international
+rules on employee, health and environmental
+protection. For this reason, ethical perspec-
+tives and standards are also written into the
+sustainability requirements that apply to
+the Porsche supply chain.
+SDG 13 - Climate action
+Climate change is one of the most pressing
+issues of our time. Porsche is embracing
+the challenge of pushing technological bound-
+aries, reducing fuel consumption and devel-
+oping innovative drive systems. The company
+is aiming for total decarbonisation and
+CO2 neutrality, in this way making a contribu-
+tion to the achievment of the UN climate goals.
+Throughout the value chain, Porsche follows
+the principle of avoid, then reduce, then offset.
+→ GRI 102-47
+a positive contribution
+to social development.
+Sustainable Development Goals
+Sustainability management
+STAKEHOLDER MANAGEMENT
+Stakeholder management tools
+Dialogue with politics
+ENVIRONMENT AND SUSTAINABILITY
+STEERING COMMITTEE
+Devises strategic content on
+sustainability and consolidates approach
+across all departments
+SUBJECT-SPECIFIC
+WORKING GROUPS
+Devise strategic content
+Source of advice and impetus
+SUSTAINABILITY
+DEPARTMENT
+POLITICS AND SOCIETY
+DEPARTMENT
+Interface to VW sustainability
+management
+Manages sustainability strategy
+and committees
+Implements sustainability projects
+Manages sustainability communication
+and stakeholder dialogue
+Responsible for stakeholder management
+Interface to Porsche Sustainability Council
+68
+69
+The conservation of raw materials and
+energy is another huge priority. For example,
+the sports car manufacturer already obtains
+100 per cent of its production electricity
+requirement from renewable sources and is
+also pushing ahead with additional climate
+protection projects at its individual sites.
+Porsche continually reduces the CO₂ emis-
+sions of its own car fleet and offsets the
+CO₂ emissions of its vehicle pool. As its devel-
+opment of electric models gathers pace,
+Porsche is not only making a contribution to
+global climate protection but is also helping
+to improve air quality in cities.
+and implement specific programmes
+SUSTAINABLE
+DEVELOPMENT
+Zero hunger
+5 9
+Gender equality
+8 M
+Decent work and
+economic growth
+11A
+Sustainable cities
+and communities
+14 M
+Life below water
+15 €
+Life on land
+16▾
+17 *
+Partnerships for
+the goals
+70
+SDG 17 - Partnerships for the goals
+Sustainable mobility solutions and a future
+world that is worth living in can only be
+created by working together. This is why a
+process of permanent exchange with stake-
+holders and the strengthening of partnerships
+form the essential basis of Porsche's sustain-
+ability strategy. The company is active in
+a number of networks including the German
+Environmental Management Association
+(B.A.U.M.) and the German Business Ethics
+Network (DNWE), and also engages in
+cross-industry sustainability initiatives such
+as the Value Balancing Alliance. Through
+this cooperation, Porsche supports know-
+ledge transfer for innovative and relevant
+approaches from the perspective of sustaina-
+bility and ensures that the needs of its own
+stakeholders are embedded and represented
+within the sustainability strategy.
+Sustainability management
+2
+Climate action
+Peace, justice and strong
+institutions
+Reduced inequalities
+13
+Good health and
+well-being
+67
+The United Nations' goals for
+sustainable development
+9
+Industry, innovation
+and infrastructure
+12 Q
+Responsible consumption
+and production
+Clean water and
+sanitation
+No poverty
+10 →
+1 ที.ซี.ที
+clean energy
+Affordable and
+3
+Quality education
+7 %
+4
+Strategic skills management continued to be
+rolled out across further areas of Porsche AG
+in 2020. Targeted monitoring of skills acqui-
+sition will be used to evaluate the effective-
+ness of measures and direct the programme
+in the long term. In 2020, the "Skills Group"
+concept involving representatives from
+specialist departments, the Works Council
+and HR was piloted in the area of technical
+development.
+Strategic skills management
+Against the backdrop of the Porsche Strategy
+and the far-reaching changes in the auto-
+motive industry, the structured creation and
+expansion of future-oriented skills among
+all employees is a vital aspect of HR develop-
+ment. The strategic skills management
+approach was developed in response to this.
+Based on current and anticipated future roles,
+skills, job functions and requirements are
+assessed and matched in qualitative and
+quantitative terms through a systematic
+process. Any identified skill gaps can thus be
+addressed at an early stage, for example
+through targeted re-training and further
+training, recruitment and new priorities in
+ongoing training.
+expansion of the training on offer and the
+switch from in-person to live online sessions,
+Porsche made sure that its employees were
+fit for digitalisation. In addition to communi-
+cating current trends, the main focus in
+the reporting year was on in-depth technical
+training in Porsche's areas of activity as part
+of the company's digitalisation strategy
+(Mission D). During the "Digital Days 2020",
+specialist presentations given by digital
+strategy project managers were offered via
+Microsoft Teams for a whole week. With
+over 2,000 people signing up, a larger target
+group was reached than would have been.
+achieved using a traditional format. A virtual
+exhibition was also developed in the 3D envi-
+ronment "Porsche Spaces", giving employees
+the opportunity to explore the digital trans-
+formation at Porsche virtually. With over
+5,000 installations, this exhibition also met
+with great interest and will continue to be
+available in 2021.
+Due to changes in ways of working as a result
+of the pandemic, both digital technologies
+and virtual collaboration gained importance
+in 2020. The knowledge campaign "Fit for
+Digit@l" launched in 2017 provided an
+excellent basis for this. Through a targeted
+ATTENDANCES OF THE "DIGITAL DAYS 2020"
+Approx. 2,000
+also used here. Tools such as the Transfer app
+have also been used to help anchor the course
+content permanently in practice through
+stimuli and microtasks.
+In addition to these programmes, the content
+of the training courses offered to employees
+and managers has been expanded, with
+a clear shift towards a virtual or blended
+learning model, in other words a combination
+of in-person components and e-learning.
+New training courses were developed and
+launched for managers on topics including
+Leadership and Digital Transformation,
+Leading Innovation Teams and Inspiring
+Communication. What they all have in com-
+mon is that they achieve sustainable learning
+outcomes through a modular blended learn-
+ing approach combined with transfer tasks.
+In addition, participants can be supported
+by leadership coaches during their transfer
+phases. Topics such as mindfulness and
+effective self-leadership, and conflict man-
+agement specifically during project work or
+when working in virtual teams are examples
+of the new material available to all employees.
+Virtual or blended learning methods are
+Porsche's development programme for
+employees with management potential con-
+tinued during the reporting year. All of the
+modules were converted to an online format,
+including the innovation workshop and the
+corporate planning game.
+Staff development at Porsche is founded on
+a diverse range of vocational training oppor-
+tunities. A wide range of training courses in
+commercial and technical professions, a dual
+study programme and the "Porsche Trainee
+Programme" ensure that young employees
+are given the best start possible. Another im-
+portant component is the hiring on the basis
+of permanent contacts of all apprentices
+who pass their final examination. Throughout
+their careers, employees have access to a
+diverse range of programmes for their system-
+atic professional development on all levels.
+In response to Covid-19, the "Warm Up" in-
+troduction programme was arranged in hybrid
+form for the first time, combining in-person
+sessions with a virtual live broadcast. This
+meant that all new employees were able to
+take part. The "Fit for the Shop Floor" induc-
+tion programme launched back in 2019 for
+first-level operational managers was further
+established in 2020, and the first participants
+successfully completed the full programme
+during the reporting year.
+for this programme to ensure that it could
+continue while retaining the same aims and
+level of quality.
+For second-level managers, the Porsche Pro-
+fessional Programme, in place since 2019,
+supplements the modular and international
+management qualifications available. Imple-
+mentation of the modules was also adapted
+EDUCATION AND TRAINING
+"HRQ!", a customised qualification programme
+for employees in the HR department, was
+launched during the reporting year. The
+programme is designed to help participants
+gain awareness of how their own role can
+change in the course of digitalisation. It also
+aims to systematically develop and expand
+the required skillsets. The twelve-month
+programme includes various modules in
+virtual and face-to-face formats, as well as
+a specific project from the HR department.
+Digital learning
+Open communication channels
+Porsche offers its employees numerous ways
+of making suggestions, reporting problems
+or registering complaints with committees
+and decision-making bodies. One example
+includes the union ombudsman structure.
+of employees was designed and tried out
+in selected areas. The method focuses on
+regular, structured dialogue between
+employees and line managers in relation to
+each individual's training needs and options
+for development as well as targets. The
+Porsche Skills Areas, which describe clusters
+Regulated occupational safety processes
+Occupational safety is a top priority for
+Porsche and its employees. An organised and
+structured system for occupational health
+and safety ensures a uniform approach and
+the implementation of legal provisions.
+This system helps to prevent accidents at
+work and occupational illnesses as far
+as possible.
+OCCUPATIONAL HEALTH AND SAFETY
+The protection of employee health is a core
+responsibility for any company. It is also a
+basic prerequisite for ensuring a motivated
+and capable workforce. Porsche's occupa-
+tional health and safety management plays a
+key role in ensuring that the company can
+continue to develop, produce and sell exclu-
+sive cars in the future.
+PARTICIPATIONS IN
+In addition, the Works Council keeps employees
+fully updated about its works meetings at
+each of Porsche's sites in Germany and thus
+provides an open platform for discussion.
+The coronavirus pandemic during the report-
+ing year meant that no works meetings could
+take place. Communication with the work-
+force continued through the intranet, by video
+and by letter and e-mail, however.
+Co-determination in the workplace continues
+to play an important role in the new digital
+era. The primary aim here is to cover all
+mandatory areas requiring co-determination
+by law to ensure compliance. Examples
+include the introduction of IT systems that
+are capable of monitoring employee behav-
+iours or performance, or data protection
+measures and rules on the use of electronic
+media for communication. Porsche's employee
+representatives are always involved at an
+early stage in the process design. Close
+collaboration between the company and
+employee representatives is also vital when
+it comes to research into operating solutions
+for the new digital world of work. Internal
+media are used to inform employees about
+current topics, especially from the perspec-
+tive of the employees and their elected
+representatives.
+It is also possible to talk directly to indi-
+vidual members of the Works Council at any
+time. Alongside the Works Council, there
+are also interest groups for employees with
+severe disabilities and representation for
+young workers and trainees. Both of these
+bodies are closely integrated with the Works
+Council and involved in its decision-making
+processes.
+"Qualification and Development Appraisals",
+a new approach for short to medium-term
+qualification and further development
+93
+92
+Porsche has in place collective agreements
+on wages and conditions that apply to all full-
+time and part-time employees. Transparent
+remuneration is ensured on the basis of the
+applicable pay framework agreement. An
+additional "Labour Market of the Future"
+package has been agreed, which brings to-
+gether numerous working time regulations.
+These include flexible working hours, volun-
+tary personal sabbaticals and care leave..
+Porsche AG, as a member company of the
+employer association Südwestmetall, is part
+of the actively promoted social partnership
+between the metal and electronics industry
+and the IG Metall trade union.
+Works Councils and collective agreements
+Porsche's main site is in Germany. This means
+that it is required by law to engage in collec-
+tive co-determination. The company has
+been proactive in meeting this obligation for
+decades, and has positive experience in this
+area. For Porsche, it is natural for employees
+and their legal representatives to be informed
+about any significant changes as soon as
+possible and in as much detail as possible,
+whether these changes relate to operational
+workflows or the organisation of the company.
+This is done in compliance with national laws,
+applicable collective bargaining agreements
+and works agreements, including beyond
+Germany's borders. The foundations for this
+work are laid by, for example, the Supervisory
+Board with equal representation, the Works
+Council committees, a range of communi-
+cation formats and the works agreement
+database on the intranet.
+One of the key pillars of Porsche's corporate
+culture is corporate co-determination.
+There is regular dialogue between employer
+and employees, including on critical issues.
+Open and direct communication across all
+hierarchical levels is a long-standing tradition
+at Porsche. It provides the basis for excep-
+tionally constructive cooperation.
+CORPORATE CO-DETERMINATION
+→ GRI 102-41
+of professional and interdisciplinary skills,
+have been defined as an instrument to guide
+the appraisals. These areas are defined and
+applied taking account of the findings from
+strategic skills management.
+Reporting areas
+> 125,000
+Reporting areas
+Training and education during the
+Covid-19 pandemic
+- Training skills are embedded locally,
+ensuring that the programme has a
+broad and long-term effect.
+- Regional Porsche dealers gain access
+to the best-trained employees.
+-Young people receive high-quality
+training that gives them the best
+opportunities for the future thanks to
+the direct involvement of the dealer
+organisations.
+27
+Dialeg
+Porschel
+The activities in the area of initial voca-
+tional training contribute to PAVE having
+a far-reaching positive impact on society.
+In China, for example, PAVE activities
+have resulted in the implementation of an
+entire vocational training programme at
+national level. Meanwhile, in South Africa,
+the Department of Education is currently
+being assisted as it incorporates future-
+oriented e-mobility skills into the national
+curriculum.
+The foundation stone for PAVE was laid
+more than ten years ago in the Philip-
+pines: the first school cooperation pro-
+ject was set up in Manila in cooperation
+with the Don Bosco Technical Institute
+and local importer PGA Cars Inc. Since
+then, PAVE has steadily developed into a
+global programme with bases in Asia,
+South Africa and Mexico. Given that local
+schools and the Porsche dealer organisa-
+tions are involved, PAVE creates multiple-
+win situations:
+PAVE PORSCHE AFTERSALES VOCATIONAL EDUCATION
+It is very important to Porsche that its
+employees are actively involved in processes
+and that their opinions, views and criticism
+are all listened to. The company conducts an
+annual survey, the mood barometer, to inves-
+tigate satisfaction levels among employees
+and thus also to determine its attractiveness
+as an employer within the company itself.
+Porsche is also interested in employees'
+views of the company's integrity and on the
+cooperation with the VW Group. The results
+from the barometer are used to identify
+potential areas for improvement and to pro-
+vide managers with information on areas
+requiring attention in their organisational unit.
+As part of a defined follow-up process, the
+management team introduces appropriate
+measures in dialogue with their employees
+and with support from the mood barometer
+team. The team provides a range of tools,
+including the method toolbox for example.
+The aim is to secure the long-term imple-
+mentation of the measures derived from the
+organisational units. More than 17,400
+Porsche AG employees took part in the survey
+for the 2020 mood barometer, which corre-
+sponds to a participation rate of 81 per cent.
+The resulting mood index - one of the key
+indicators provided by the barometer - was
+80.3 out of a possible 100 index points for
+the reporting year, slightly up on the previous
+year's level (2019: 79.5 points).
+Mood barometer measures employee
+satisfaction levels
+Porsche's high level of attractiveness as an
+employer is also demonstrated by the con-
+sistently high number of applicants: in 2020
+the Group received more than 143,000
+applications in response to over 3,400 adver-
+tised vacancies. Once again during the year
+under review, Porsche was ranked as a top
+employer by students in relevant employer
+surveys. In the "Universum Student Survey",
+Porsche was repeatedly named the most
+attractive company in the automotive indus-
+try and the most attractive employer for
+engineers in 2020. Porsche also achieved top
+results in the Trendence Institute's annual
+student survey, recording its best overall
+result from both rankings since 2006.
+The central processes are standardised and
+regulated by the Group guideline on occu-
+pational safety. Since occupational safety is
+regulated in law in Germany, the Group
+guideline represents a major element of the
+Porsche compliance management system.
+It applies to the whole workforce. The man-
+agers ensure that their employees are familiar
+and comply with the provisions of this guide-
+line. Specialists in occupational safety, Works
+Council members and works doctors are
+available to all employees in an advisory
+capacity. All staff members are also represent-
+ed through their legally defined representa-
+tives in the occupational safety committees
+in accordance with the Occupational Safety
+Act. The Group guideline is currently being
+updated. It will be extended to include
+provisions on health protection to form the
+basis for a certifiable occupational safety
+management system.
+JOB ADVERTISEMENTS
+The Porsche Aftersales Vocational Edu-
+cation (PAVE) programme trains highly
+qualified employees from Porsche's
+worldwide dealership organisations and
+other Volkswagen Group brands. Training
+for disadvantaged young adults is a
+particular focus of the programme.
+The pillars of HR development include, in
+particular, training that focuses on future
+requirements, ongoing skills acquisition,
+and options and routes for internal develop-
+ment. The coronavirus pandemic resulted
+in training and education courses being
+provided through online offers during the
+reporting year. The qualification portfolio
+was realigned accordingly, and face-to-face
+formats were adapted to e-learning.
+90
+91
+Digitalisation is visibly transforming our lives
+and our work, and Porsche and its employees
+are no exception. New technologies and dif-
+ferent ways of working mean that knowledge
+dates faster than ever before, with the result
+that activities and the skills needed to per-
+form them are permanently changing. Porsche
+provides its experts and managers with
+the skills they need to keep pace with the
+challenges posed by change.
+STAFF DEVELOPMENT
+In future, the "diversity climate" factor is to
+be surveyed as a key strategy indicator to
+enable the effectiveness of culture-promoting
+measures at Porsche to be measured.
+Managers have a key role to play in raising
+awareness of the importance and added
+value of equal opportunities and diversity in
+management and the workforce more gener-
+ally. As part of the Group initiative "Together
+for Integrity", the opportunities and chall-
+enges of equal opportunities and diversity
+were presented to managers in order to raise.
+their awareness of the issues at stake. A digi-
+tal "Diversity Toolbox" is available to them in
+their day-to-day work and management roles,
+and provides an overview of the relevant
+indicators. In response to the coronavirus
+pandemic, training and events were moved
+online in 2020. In the online formats, man-
+agers and employees have the opportunity
+to experience diversity of perspective in
+all its dimensions and to question traditional
+patterns of thinking and behaviour.
+Targeted promotion of diversity
+As a matter of principle, Porsche selects,
+hires and promotes its employees according
+to their qualifications and skills. In keeping
+with the gender quota required by law,
+the sports car manufacturer has set itself
+the target of increasing the proportion of
+women at the first and second management
+levels below the Executive Board to 15 per
+cent by the end of 2021. To achieve this,
+increasing the proportion of women at all
+management levels as well as in the pool of
+young employees has been made a binding
+target for all managers. In order to be able
+to measure gender diversity at Porsche, the
+company participated in the Frauen-Karriere-
+Index, a management tool for the advance-
+ment of women in business, for the first time
+in 2019 and was duly named Newcomer of
+the Year.
+In the event of breach of the principles of
+equal opportunities and equal treatment,
+Porsche has an impartial whistleblower
+system in place, via which any incidents
+can be investigated and appropriate
+measures taken.
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+99 NATIONALITIES WORK AT PORSCHE
+By adding their signature to the "Charta der
+Vielfalt" (Diversity Charter) in 2019, the
+Executive Board and Works Council set out in
+writing their commitment to diversity as part
+of Porsche culture. The Equal Opportunities
+department is responsible for the long-term
+implementation and securing of equality and
+diversity at Porsche. It serves as a catalyst and
+expert partner in the area of "HR development
+and talent strategy".
+Diversity as a corporate principle
+Safeguarding and promoting diversity and
+equal opportunities are hugely important to
+Porsche, and are enshrined as a corporate
+principle in all that it does. The company takes
+it as a given that all people should be given
+the same chances, and it rejects all forms of
+discrimination. The aim is to ensure that all
+employees can fulfil their individual potential.
+Respectful, tolerant interaction and a positive
+approach to a wide range of views - such as
+different skills, experiences and viewpoints -
+contribute to the achievement of maximum
+productivity, competitiveness, innovative
+capacity, creativity and efficiency.
+SHARE OF WOMEN IN APPRENTICESHIP
+928%
+Porsche is actively committed to diversity and
+inclusion at the workplace and creates an
+environment that promotes everyone's individ-
+uality in the interests of the company. The
+company firmly believes that diversity of views
+drives innovation and is thus a key factor in
+success. Active diversity management creates
+new ideas, a better understanding of the
+market and a more attractive employer.
+EQUAL OPPORTUNITIES AND DIVERSITY
+Porsche has set itself the goal of further con-
+solidating diversity of views in the company
+by 2030 by means of an ambitious, measurable
+increase in the number of mixed teams
+throughout the organisation. The basis for this
+is the strengthening of a mindset among all
+employees that is conducive to diversity. This
+involves creating an awareness of the positive
+effects of and challenges posed by diversity.
+At the same time, this approach promotes a
+corporate culture that perceives the diversity
+of all employees as an advantage and compet-
+itive factor for the company - regardless of
+gender, nationality, ethnic origin, religion, disa-
+bility, age, sexual orientation or identity.
+Safe and humane working conditions are
+particularly important in respect of the chal-
+lenge of a more quickly moving and demand-
+ing working environment, brought about
+by automation and the digital revolution. The
+Occupational Safety department is open to
+receiving queries from employees. In addition,
+it regularly tours workplaces with managers
+who have local responsibilities and provides
+support for risk assessments and standard
+operating procedures.
+As a company that campaigns for diversity
+and equal opportunities, Porsche maintains
+respect for internationally recognised human
+rights as a matter of course. This is the case
+both at its own sites and throughout the
+supply chain. The company rejects child
+labour, forced labour and compulsory labour
+as well as all forms of modern slavery. Porsche
+develops and manufactures its products
+exclusively with respect for all legal obliga-
+tions of the European Union. The relevant
+conventions such as the labour and social
+standards of the ILO and the OECD guidelines
+for multinational companies are upheld.
+On the basis of the Occupational Safety Act,
+works physicians advise on the design of
+healthy and ergonomic workplaces. They pro-
+vide employees with advice and carry out
+preventive checks. In addition, they support
+the first aid organisation and help with the
+reintroduction of employees to the workplace
+after illness.
+Information about the Compliance depart-
+ment's training programme is available to
+Porsche employees on the intranet. In addi-
+tion to relevant Group and company guide-
+lines, this information includes contact
+persons and ways to report concerns either
+internally or externally, along with a range
+of materials such as compliance videos, flyers,
+note cards and brochures.
+Upholding human rights
+Promoting integrity
+Integrity means taking responsible and up-
+standing actions in accordance with ethical
+principles. As a central plank of the Porsche
+strategy, it represents the prerequisite for
+cooperation among employees. Acting with
+integrity is also indispensable in retail, which
+is why it was embedded in the Porsche
+service standards as the highest value. The
+high level of attention paid to integrity is also
+evident from the addition during the year
+under review of reporting on integrity topics
+to the Supervisory Board alongside the regu-
+lar reporting to the Executive Board.
+An established catalogue of internal commu-
+nication measures is used to raise awareness
+of the topic among the workforce on an
+ongoing basis. This effort has been further
+refined in 2020, for example by raising
+awareness for the interdisciplinary multiplier
+network "Culture, Brand & Integrity". A poll
+on conduct with integrity within the corpo-
+rate organisation is carried out annually
+as part of the Porsche "Mood Barometer"
+employee survey. Where cause for concern
+arises, the origins are investigated and any
+suitable measures are introduced in collabo-
+ration with HR and the relevant managers.
+Integrity is a fixed part of the personal devel-
+opment programme and was expanded
+in 2020 through a range of learning tools.
+This was done by deepening the already
+established dialogue events on the values
+and culture of Porsche in the organisational
+units.
+RESPONSIBILITY IN THE SUPPLY CHAIN
+Economic success, the extension of the prod-
+uct portfolio, and the use of new techno-
+logies are focusing ever more attention on
+the Porsche supply chain. Two examples to
+illustrate this are the higher delivery figures
+driving growth in supply parts and the pro-
+curement of innovative components. Porsche
+makes every effort to ensure that its supply
+chain is as resilient as possible by adopting a
+responsible and cautious approach.
+During Porsche's integration in the Volkswagen
+Group, much of its Procurement division was
+integrated into the Group's organisational
+structure and the existing structures and pro-
+cesses were adapted accordingly. This means
+that Porsche's procurement decisions are
+largely coordinated and agreed upon with
+the Volkswagen Group.
+Demanding sustainability from suppliers
+Trust-based cooperation between Porsche
+and its suppliers is based on shared values
+and strict compliance with the sustainability
+requirements defined in the Volkswagen
+Group. The concept of sustainability in supplier
+relations and the corresponding code of
+conduct compel all parties to observe and
+comply with the high environmental, social
+and human rights standards in the Interna-
+tional Chamber of Commerce's charter
+and the OECD's guidelines for long-term,
+sustainable development.
+The relevant key labour standards from the
+International Labour Organization (ILO) serve
+as the foundation for the sustainability re-
+quirements. All suppliers are also expected
+to follow the OECD Due Diligence Guidance
+for Responsible Supply Chains of Minerals
+from Conflict-Affected and High-Risk Areas.
+Porsche is active here in the context of the
+Volkswagen Group's Responsible Minerals
+Initiative and the Responsible Mica Initiative.
+These sustainability requirements are en-
+shrined in supply contracts, the violation of
+which can result in reviews, formal state-
+ments and potentially also the termination of
+the business relationship.
+RESPONSIBLE MICA INITIATIVE
+The Responsible Mica Initiative (RMI)
+was founded in Paris in 2017, with
+the aim of developing global standards
+for the mining of mica. The intention
+is to address safety issues, as well as
+fair working conditions and wages.
+Companies that join the Responsible
+Mica Initiative commit to implementing
+these standards. The initiative is sup-
+ported by a range of representatives
+from the paint, pigment, textile and
+cosmetics industries. The human rights
+organisation Terre des Hommes is a
+founding member.
+Mica is used as a raw material in many
+industrial and cosmetic products. As an
+automobile manufacturer that uses
+mica, Porsche also contributes to the
+worldwide consumption of this raw
+material. The company therefore joined
+the RMI in the reporting year in order
+to campaign for more transparency and
+better working conditions in relation
+to the mining of mica as part of this
+cross-industry association of internation-
+al companies and non-governmental
+organisations. Through specific projects
+in the mining regions, Porsche is aiming
+to significantly improve the living condi-
+tions of local people.
+RESPONSIBLE
+MICA INITIATIVE
+Implementation of sustainability requirements
+Sustainability is a core component of Porsche's
+contract awards. The company has an in-
+house team that evaluates its suppliers'
+sustainability performance as part of the
+tendering process.
+Porsche always conducts integrity checks
+before entering into business relations with
+new suppliers. Since the introduction of
+the Sustainability Rating (S-Rating) scheme
+in 2019, sustainability has been a manda-
+tory award criterion for general risk-based
+procurement processes. When awarding
+contracts, sustainability is placed on an equal
+footing with other criteria such as cost,
+quality, technological capabilities and logis-
+tics. The company's checks include verification
+of social and environmental risks, as well as
+compliance including ethical conduct.
+APPLICATIONS
+97
+Reporting areas
+96
+Porsche uses new technologies to increase
+transparency in certain complex supply
+chains and reduce the risks of raw-material
+procurement. Since 2020 the company
+has been engaged in a pilot project in collab-
+oration with a start-up that uses artificial
+intelligence to comprehensively screen sup-
+pliers. The permanent monitoring of freely
+available internet sources including social
+media provides timely indications of possible
+breaches by the suppliers. This technical
+solution provides an early warning of poten-
+tial sustainability violations in the deeper
+supply chains.
+During the reporting year, the Volkswagen
+Group conducted several projects in which
+"high-risk" raw materials were analysed in
+turn. Porsche is working in close cooperation
+with selected suppliers to verify two of the
+identified high-risk materials. In this way, the
+entire supply chain is followed back to the
+origin of the raw material and all intermediate
+suppliers are identified to allow human rights
+risks to be detected at an early stage and
+measures to be introduced. Within the Group,
+existing approaches and targets are conti-
+nually refined to guarantee the responsible
+procurement of raw materials.
+course of the year, with the final status being
+reported to the Compliance Council and to
+the Executive Board and Supervisory Board.
+Since 2018, compliance employees' attend-
+ance at compliance seminars has been
+recorded in their continuing professional
+development file.
+a tailored plan of measures with the supplier.
+The deficiencies are then rectified on the
+basis of this plan. Where the approach is not
+effective, Porsche will issue punitive measures.
+Responsible procurement of raw materials
+Porsche also works on upholding human
+rights in its raw materials supply chains. The
+company works closely with its immediate
+suppliers and demands clarification of the
+origin of materials that are potentially bound
+up in human rights violations such as child,
+forced or mandatory labour as well as all
+forms of modern slavery and people traffi-
+cking. The disclosures required include infor-
+mation on the working conditions for those
+involved in the extraction of raw materials
+such as cobalt, mica and natural rubber. Since
+these processes are extremely complex given
+the depth of the supply chains, which can
+extend to more than eight levels, Porsche
+takes a risk-based approach.
+All of Porsche's procurement staff are required
+to take mandatory training in the S-Rating
+scheme in order to embed sustainability in
+the operating procurement processes. An
+e-learning module also allows employees in
+other departments to find out about the
+concept and management options provided
+by S-Rating.
+In total, 1,780 suppliers submitted a survey
+in the reporting year. More than 400 suppliers
+were able to improve their sustainability
+performance thanks to relevant measures in
+2020. Porsche's sustainability requirements
+are already met by over 90 per cent of the
+suppliers that submit an offer in relation to
+a contract.
+As a first step, suppliers must submit a self-
+declaration on defined sustainability criteria
+using a standardised questionnaire that
+has become established in the automotive
+industry. If the results of the questionnaire
+are not satisfactory, a second on-site inspec-
+tion is carried out by an independent sustain-
+ability auditor. Any concerns that are raised
+during the audit will result in a negative
+evaluation of the supplier. In collaboration
+with the supplier, a Corrective Action Plan is
+initiated with the aim of quickly remedying
+the risks that have been found. Implementa-
+tion of any measures is subject to central
+verification. The affected suppliers are not
+considered for further contracts until the
+sustainability requirements are met.
+IMPROVEMENTS AGREED WITH
+OF SUPPLIERS OF PRODUCTION MATERIALS
+WITH A NEGATIVE S-RATING
+100%
+Any human rights violations identified during
+on-site visits will result in the agreement of
+compliance officers is monitored over the
+All compliance training at Porsche is binding.
+The amount of training undertaken by
+New employees are familiarised with the
+company's compliance culture during the
+Porsche Warm-up event, an introductory
+training session generally held monthly. The
+event is based around the World Café, in
+which newly hired staff have the opportunity
+to look in depth at the code of conduct and
+basic rules on avoiding corruption. This intro-
+duction to compliance at Porsche is comple-
+mented by an in-house compliance image
+video and the presentation of the most im-
+portant rules and expectations for employees.
+As a result of the pandemic, the 2020-edition
+of the in-person event was moved partially
+online and the World Café was replaced by a
+multiple-choice session.
+The company has put in place a compliance
+structure based around its business model
+to ensure that it acts lawfully, with legally
+secure processes and preventive and reactive
+measures. Porsche's compliance manage-
+ment system currently encompasses six are-
+as of compliance, including anti-corruption
+and anti-money laundering measures. In order
+to avoid any infringements of the law and
+to help its employees act in accordance with
+legal and statutory provisions, Porsche has
+had a compliance system in place for many
+Established compliance structure
+The point of compliance is to avoid penalties,
+fines, claims for damages or other legal con-
+sequences for the company or its employees.
+In addition, compliance contributes to pro-
+tecting the company's good reputation and
+therefore helps to avoid loss of trust, including
+among customers and partners.
+COMPLIANCE AND INTEGRITY
+Compliance with applicable laws and acting
+with integrity are essential to responsible
+operations. Porsche promotes integrity as a
+key personal attitude for employees and
+compliance is framed as conforming to rules.
+In 2019, the conduct principles were updated
+in accordance with the Group guidelines on
+compliance management. These guidelines
+set out all aspects of employees' responsibility
+for compliance:
+Support during the coronavirus pandemic
+Porsche's risk mitigation organisation dealt in
+detail with the coronavirus pandemic during
+the reporting year. It agreed all of the meas-
+ures required to protect employee health. In
+addition to providing information to affected
+internal departments, this also included
+communication with public authorities. A
+telephone help desk and central mailbox are
+used by employees as a point of contact for all
+queries relating to coronavirus. Employees en-
+gaged in administration activities were
+able to work remotely for their own protection.
+To avoid risks to other companies' employees
+at Porsche sites as much as possible, Porsche
+stipulates detailed rules of conduct. These
+apply in particular to construction sites, but
+also to the procurement and assembly of
+machinery and equipment.
+years now. This system includes a chief
+compliance officer, and compliance officers
+at Porsche AG and at the Group member
+companies covering every area of the busi-
+ness. The compliance programme encom-
+passes a range of different preventive and
+reactive measures, while regular risk analysis
+is carried out to define areas that require
+action and preventive measures. The compa-
+ny's business model, relevant environmental
+conditions and the relationships with busi-
+ness partners are all taken into account. Key
+preventive measures at Porsche include the
+adoption and communication of binding rules,
+and the provision of confidential advice.
+Ultimately, the code of conduct sets out the
+most important rules to be applied at Porsche
+in accordance with the company's business
+model. This code documents the expecta-
+tions of managers and staff in terms of the
+responsibility they must assume for compli-
+ance as a member of society, as a business
+partner and at the workplace. The rules are
+also set out in guidelines, covering such areas
+as how to avoid corruption or violations of
+antitrust law, how to handle conflicts of inter-
+est or the receipt of gifts, and how to prevent
+money laundering. To ensure and promote
+lawful behaviour over the long term, all
+managers and employees are given regular
+targeted information and training on compli-
+ance and the related risks.
+least once a year. This ensures that they are
+kept up to date on specific hazards and rules
+of conduct. The intranet also contains a
+broad range of information and education on
+health and safety at the workplace.
+Employee integration
+Porsche has a specific occupational reinte-
+gration management for restoring employees'
+capabilities after longer periods of illness.
+The affected employees are accompanied
+through a phased reintroduction to the work-
+place to assist them as they get back to
+work. The company also provides social care
+for those with psychosocial concerns.
+The Health Management division is responsi-
+ble for all health promotion activities, struc-
+tures and processes. Various departments
+are responsible for providing medical care at
+work. Occupational medicine plays a key
+role in the Works Health Management as a
+preventive discipline. The roles of works
+doctors include analysis of the effects of work
+on employees, as well as the promotion of
+employee health and capabilities and support
+for the company, the employer, in planning
+for healthy working conditions. The depart-
+ment also has emergency paramedics who
+provide acute and emergency healthcare
+in the factory.
+Preventive health management
+Health management encompasses all of the
+topics that contribute to the health of
+employees. In addition to safety systems and
+provision of local medical care for employees
+at work at the sites, there are additional
+services for preventive health promotion
+activities in the workplace. Porsche Health
+Management offers courses on healthy
+eating, relaxation techniques and effective
+self management. Employees can also
+access individual physiotherapy advice at
+the workplace.
+In the event of accidents at work, the causes
+are analysed in detail and measures imple-
+mented in the form of action plans to avoid
+future accidents. The occurrence of accidents
+in the workplace at Porsche and in its organi-
+sational units is measured using the injury
+rate (occupational accident index) and re-
+ported monthly. Annual limits are set with the
+aim of registering continual improvement in
+the safety of employees at the workplace.
+86.1
+All employees are represented in occupational
+safety committees by statutory representa-
+tion. The site-specific occupational safety
+committees meet four times each year. All
+employees receive information on occupa-
+tional safety and health protection topics at
+Workplaces, machinery and equipment are
+designed with input from safety engineers
+with the aim of preventing accidents and
+risks to health. Construction and installation
+sites are monitored and supported by special
+construction experts beyond what is required
+by law. Safety standards are subject to
+ongoing refinement as part of this process.
+Porsche's central compliance help desk pro-
+vides information and advice on compliance
+issues internally, providing expert answers to
+all questions from managers and employees
+alike. In addition, information about potential
+violations of rules and laws can be passed
+to the internal whistleblower function acting
+as the interface to the whistleblowing system.
+Outside the company, Porsche managers,
+employees, customers and business partners,
+as well as public officials and other external
+individuals, can report legal violations anony-
+mously via two ombudsmen. All reports are
+investigated with care and with due consider-
+ation of the applicable data protection rules,
+and any violations found are responded to
+appropriately in accordance with the relevant
+provisions of the employment and co-deter-
+mination laws. This includes introducing
+suitable countermeasures and sanctioning
+cases of individual misconduct. The Executive
+Board of Porsche AG receives regular reports
+on actions taken by the compliance organisa-
+tion and on preventive and response meas-
+ures implemented in the Porsche Group.
+The effectiveness of the compliance manage-
+ment system is audited by the specialist
+department as part of the GRC process and in
+rotation by the Internal Audit department.
+For example: since the relaunch of Porsche's
+programme for junior managers (PE pro-
+gramme), compliance training has been avail-
+able in various formats and covering a range
+of issues through classroom-based and on-
+line modules. Participants can also gain an in-
+sight into the company's compliance culture,
+management and rules, and its code of con-
+duct, via the virtual module. The in-person
+training, and events forced online due to the
+pandemic, cover compliance topics such as
+anti-corruption, anti-money laundering and
+anti-trust law, and include presentations from
+the relevant compliance managers. As well as
+presentations and case studies, there are also
+workshop sessions and group work in which
+practical situations and dilemmas are tackled.
+The compliance managers deliver the training
+on the basis of a subject-specific plan, which
+uses risk analyses to identify target groups
+and key areas of content, and also defines
+organisational aspects such as the number
+and frequency of events and the capacities
+needed. A regular programme of set training
+events is in place for (new) managers and
+employees, as well as for junior managers and
+trainees. Training is also provided on current
+topics with specific specialist departments
+or on request.
+In collaboration with HR, responsibility with
+carrying out compliance training lies with
+the managers of the compliance areas. In
+2020 a number of in-person and virtual train-
+ing events were held, including mandatory
+e-learning modules such as on the code of
+conduct and the topic of data protection.
+The range of e-learning options is to be grad-
+ually extended to include more compliance
+issues in future.
+Compliance training mainly online in 2020
+95
+Reporting areas
+A key emphasis of compliance communica-
+tion in 2020 was the publication of updated
+contact details for the whistleblower system.
+In addition, a guide to submission of relevant
+information on possible compliance breaches
+was published. An intranet article, explainer
+video and an FAQ allowed employees to find
+out all they need to know.
+94
+EMPLOYEES RECEIVED ANTI-CORRUPTION
+TRAINING IN 2020
+Approx. 6,000
+- at the workplace: occupational safety and
+healthcare; data protection; security and
+protection of information, know-how and
+intellectual property; IT security; handling
+company assets.
+- as business partners: conflicts of interest;
+gifts, hospitality and invitations; prohibition
+of corruption; dealings with public officials
+and holders of political office; prohibition of
+money laundering and terrorism financing;
+accounting and financial reporting; taxes
+and customs; fair and free competition;
+procurement; export control; prohibition
+of insider trading
+- as members of society: human rights; equal
+opportunity and equal treatment; product
+conformity and product safety; environ-
+mental protection; donations, sponsorships
+and charity; communications and market-
+ing; political lobbying.
+Code of conduct for employees
+The code of conduct for employees was up-
+dated in 2020, in accordance with the terms
+of the Group guidelines on compliance
+management and the whistleblower system.
+These guidelines set out all aspects of
+employees' responsibility for compliance:
+In addition, the code of conduct for business
+partners has been updated in line with the
+Group guideline on the whistleblower system
+and published on the internet. The guideline
+governs Porsche's expectations of its busi-
+ness partners for compliance with applicable
+laws. Acknowledgement of principles of ethi-
+cal conduct and expectations for acting sus-
+tainably are also enshrined in this binding
+document.
+> 143,000
+3,400
+INJURY RATE AT PORSCHE AG
+Further options range from flexitime aligned
+to the employee's current phase of life through
+to care leave to support family members.
+Employees may also take voluntary sabbati-
+cals and have the option of working part-
+time. Many employees decide to take parental
+leave. Porsche then helps these individuals
+make a smooth return to work, also informing
+them during their parental leave of further
+qualifications that could simplify the process
+of returning to work. The reporting year saw a
+In 2020, Porsche was awarded "Prime"
+status for the first time by the sustaina-
+bility rating agency ISS ESG for the first
+time, which means the sports car manu-
+facturer is ranked among the best in its
+sector. ISS ESG assesses sustainability
+performance on the basis of more than
+100 standardised, industry-specific indi-
+cators covering the environment, social
+factors and company leadership. Each
+year, over 800 different indicators are
+analysed at in excess of 8,000 compa-
+SUSTAINABILITY PERFORMANCE RECOGNISED WITH "PRIME" STATUS
+The sports car manufacturer firmly believes
+that digitalisation will be a major factor in
+securing the long-term, sustainable future of
+the business. It is a mega trend that encom-
+passes enormous opportunities and potential
+from the capture and connectivity of informa-
+tion. Digital processes allow data to be ex-
+changed and analysed more quickly, helping
+to make better decisions more quickly. In
+addition, digitalisation opens up the prospect
+of more flexible forms of work that are better
+tailored for individual needs ("new work"),
+so that employees can become more environ-
+mentally and socially compatible. These op-
+tions include remote working opportunities
+for office workers as well as instruments
+from the Porsche Production 4.0 tool kit,
+such as the Production app, which supplies
+master foremen and planners in Zuffenhausen
+with precisely the overview they need
+to see the stage of production they are
+currently at.
+Porsche is also making major investments
+in its innovative capacity and the digital trans-
+formation. Digitalisation impacts all areas of the
+company from internal processes to the
+interaction with customers and the develop-
+ment of new products and services.
+Investment in digitalisation
+TARGET FOR SHARE OF SUSTAINABLE
+REFINANCING BY 2030
+50% to 100% ↑
+The company has obtained "Clean Transpor-
+tation" certification from the Climate Bond
+Initiative (CBI) for the composition of this
+portfolio of green projects. This has been car-
+ried out in accordance with the Green Bond
+Principles of the International Capital Market
+Association (ICMA) and was verified by the
+rating agency ISS ESG. ISS ESG and CBI con-
+firmed that the funds had been used correctly
+and completely for the project portfolio in
+the scope of a post-issuance certification
+carried out in September 2020. The refi-
+nanced green project portfolio supports the
+United Nations Sustainable Development
+Goals (SDGs), notably target 9.4 (reduce CO₂
+emissions through clean technologies) and
+11.2 (provide access to sustainable transport
+systems). In its automotive operations,
+Porsche's objective is to increase the share
+of sustainable refinancing from its current
+level of around 50 per cent to 100 per cent
+by 2030.
+The industry's first "Green Schuldschein"
+The transition to climate-neutral products
+and forms of production that feature a
+more closed-loop approach will have a key
+impact on business and competitiveness
+in the future. As part of the European Union's
+"Sustainable Finance Strategy", more and
+more capital will be directed into sustainable
+investments. Financial products that
+are used to pursue sustainable objectives
+form part of this trend. Porsche already
+embarked on a new path in August 2019,
+with the refinancing of sustainable projects.
+The sports car maker is the first automotive
+manufacturer to offer a "Green Schuldschein"
+(bonded loan), with the one billion euro
+transaction being the largest to date. With the
+aim of refinancing its portfolio of projects,
+Porsche has earmarked the funds raised for
+the development of the fully electric Taycan,
+along with investments in modern, energy-
+efficient production buildings and facilities
+that will be used exclusively for manufacturing
+and developing battery-powered vehicles.
+GREEN SCHULDSCHEIN BOND LOAN
+1 bn.
+nies around the world using information
+in the public domain and direct dialogue
+with the businesses themselves.
+Porsche has excellent profitability. It has set
+itself the strategic target of achieving a mini-
+mum operating return on sales of 15 per cent
+and an operating return on investment of
+at least 21 per cent. Even with high levels of
+investment in e-mobility, the sports car
+manufacturer is positive that its continual
+improvements to productivity and processes,
+plus strict cost management, will ensure that it
+continues to meet the future profit targets
+that it has set for itself. Porsche's company
+management is focused on always main-
+taining a flexible and scalable organisational
+structure and cost structure. Therefore,
+in shaping its product portfolio, Porsche
+attaches great importance to consistently
+prioritising and protecting the business
+cases of strategic projects and plans in the
+scope of defined budgets. The company
+measures and reports on the success of its
+measures through financial data and value
+creation calculations.
+Effective, sustainable activity is a fundamen-
+tal prerequisite for the economic success
+of a business. Only those that enjoy econom-
+ic success have the means to intercede on
+behalf of the environment and society - that
+is why Porsche builds on economic stability
+and value-creating growth.
+ECONOMIC STABILITY
+The reporting area Innovative Mobility
+covers the following topics identified in the
+materiality analysis: economic stability,
+long-term customer relations, vehicle safety,
+alternative drive systems and vehicle emis-
+sions, and new mobility offerings.
+Porsche shapes the mobility of tomorrow
+with innovative products, pioneering tech-
+nologies and attractive services. Regularly
+questioning the status quo is part of the
+company's identity and continuously ensures
+its future viability. The sports car manufac-
+turer has set itself the demanding task of
+maintaining its customer relationships, fur-
+thering the allure of the brand and delivering
+a sporty driving experience, all while pro-
+moting environmentally friendly, resource-
+saving mobility. Porsche also expects the
+same standards from its own employees,
+as well as from its suppliers and service pro-
+viders. Honest collaboration with customers
+and partners creates trust, which in turn
+generates economic stability as well as the
+long-term retention and expansion of jobs -
+providing a boost to the regional and global
+economy alike. Porsche is all but unrivalled
+when it comes to power, dynamics and the
+appeal of individual mobility. This is further
+reinforced by the essential features of
+modern vehicle architecture, such as fuel
+efficiency, reduced emissions and light-
+weight construction. With the action area
+Innovative Mobility, the company unites
+pioneering and sustainable mobility with
+Porsche's renowned performance.
+INNOVATIVE MOBILITY
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-2
+STA5133E
+SHASISE
+S-TA 5132E
+LA
+S.TA 5130E
+Securing high profitability
+Corporate
+Responsibility
+RATED BY
+ISS ESG▸
+Introduction of digital products
+The reporting year saw the conclusion of the
+"Road to Taycan" qualification programme,
+which prepared all Porsche Centre staff for
+the introduction of electro-mobility, seam-
+lessly transitioning to training for the market
+launch of the Porsche Taycan. More than
+3,000 employees in the European distribution
+organisation took part in training events over
+several days to educate them fully about the
+first all-electric sports car from the Porsche
+stable. All other employees in the global
+dealership organisation participated in local
+events. A comprehensive package of qualifi-
+cations was enhanced to cement skills in
+STAFF OF THE EUROPEAN DEALERSHIP
+NETWORKS TRAINED FOR INTRODUCTION
+OF THE TAYCAN
+> 3,000
+Each month, an Executive Board committee
+receives a report on the latest developments
+in product quality and customer satisfaction,
+both at Porsche AG and in the international
+sales subsidiaries. This committee is com-
+plemented by regular coordination between
+Sales and Marketing and international
+representatives.
+Making use of customer feedback
+The Porsche Customer Information app
+makes an important contribution to shedding
+light on what drives customer satisfaction.
+It provides information on wishes, values and
+facts about customers in the four largest
+markets. The app summarises customer
+feedback from many sources and adds infor-
+mation about social trends. From the Execu-
+tive Board to the shop floor, everyone who
+needs this information can access it on their
+company smart phone. For example, at every
+phase of the production process it is possible
+to check whether a product or individual
+feature is meeting customer requirements
+and whether it might need to be adapted
+to reflect international customers' wishes.
+CUSTOMER INQUIRIES HANDLED
+Approx. 725,000
+179,000 questions. The international
+Customer Interaction Centre worked its way
+through some 725,000 queries in the same
+period, informing customers about topics
+including smart mobility, Porsche Connect
+and even arranging museum visits and vehicle
+configurations.
+83
+82
+82
+Despite all of the online advances, a personal
+conversation with customers remains an
+important, vital component of Porsche's dia-
+logue with its clientèle. Around the world,
+a team of customer service representatives
+works to provide customers with full and
+detailed responses to their queries as quickly
+as possible. During the reporting year, the
+global sales organisation handled around
+Goodwill cases are also supported by a data-
+driven application. Customer and vehicle data
+are analysed and presented to provide dealers
+and importers with the knowledge they need
+on which to base their goodwill decisions. As
+a result, customers receive personal attention
+that aims to retain customers with the best
+long-term service.
+The new "Behind the Scence" function gives
+Porsche customers an exclusive look at the
+sports car manufacturer's production facility
+in Zuffenhausen, following the construction
+of a Porsche step by step. This offer lets
+customers build an individual relationship
+with the brand and company, from the com-
+fort of their own screen, using digital devices
+at any time of day. Once the features have
+completed a successful pilot phase they
+will be rolled out in other countries where
+My Porsche is available. The Porsche brand
+website also offers a live chat function in
+more than ten of its markets. The service
+helps customers as they configure their new
+vehicle and answers questions about Porsche
+in an interactive format. The activities are
+enhanced by the creation of a digital market-
+place for all Porsche products to give the
+customer a comprehensive, on-brand digital
+world to experience.
+Porsche has significantly increased its efforts
+in expanding the "My Porsche" customer
+portal and has extended the portal's range to
+more than 900,000 Porsche ID users around
+the world. A range of new functions were
+implemented during the reporting year. These
+include options to book events, such as
+dealer events, service appointments and also
+the option to provide vehicle check videos,
+allowing the customer to view the servicing
+at the dealership online.
+To ensure customers can be reached around
+the clock, whatever their location, the "Sales
+and Marketing" division has increased its
+expansion of digital contact points in recent
+years. This has proved to be beneficial,
+especially during the coronavirus pandemic,
+as it has allowed Porsche to keep in touch
+with its customers.
+Extension of digital customer care
+a tailored offer across the entire life cycle of
+their vehicle. Porsche can do this thanks to a
+refined customer relationship management
+system that extends throughout the whole
+customer relationship.
+LONG-TERM CUSTOMER RELATIONS
+High levels of customer satisfaction and close
+customer relationships have always played a
+vital role for Porsche as a provider of exclusive
+sports cars and services. The more differenti-
+ated the range of services and products on
+offer, the more important it is to address each
+customer as an individual and provide them
+of the German Startups Association and
+participation in the Baden-Württemberg
+Strategy Dialogue.
+This platform allows for specific sharing of
+information with other companies, promotion
+Porsche also promotes digitalisation and inno-
+vation in the scope of public and industry-
+wide initiatives, such as the Innovation Round-
+table www.innovationroundtable.com.
+ISS ESG stated that its assessment of
+the Porsche's sustainability performance
+was particularly positive in the areas
+"Staff and Suppliers", "Society and Prod-
+uct Responsibility" and "Environmental
+Management". Above-average results
+were also confirmed in the industry-
+specific fields "Product and Data Security",
+"Sustainability Standards in the Supply
+Chain", "Alternative Drives" and "Life Cycle
+Analyses". For its assessments in the
+automotive industry, ISS ESG focuses
+particularly strongly on the company's
+strategy for alternative drives, especially
+all-electric vehicles. With the Taycan and
+the all-electric successor to the Macan,
+as well as its further electrification strategy,
+Porsche is ideally placed for the future
+in this area. The company believes this
+independent external assessment is an
+important instrument and source of input
+for the continuous improvement of its
+sustainability performance.
+Porsche is supporting a broad spectrum of
+digitalisation approaches, including those
+brought to it from outside the company. The
+aim is to provide financial support to the best
+solutions that can be developed in the market
+or internally, so that they grow and realise
+their potential. This is why Porsche invests in
+start-ups that take an entrepreneurial ap-
+proach to sustainability. In doing so, the com-
+pany also seeks a financial value contribution
+and a reduction of costs of innovation. One
+example is "Miles" www.getmiles.com,
+a concept supporting rewards for mobility
+miles. Porsche Ventures is providing growth
+funding for a business with a concept that
+unifies city planning and traffic data flows
+across all forms of mobility. An app recognis-
+es whether a user is walking, cycling, travel-
+ling by bus, in their own car or using a Lyft
+or Uber service provider, and rewards them
+with miles according to how environmentally
+friendly the journey is.
+Prime
+5.E.RYKOFF & CO.
+electro-mobility with the aim of ensuring
+Porsche customers receive professional advice
+that addresses their needs.
+Go to Zero
+REPORTING AREAS
+Innovative Mobility
+Conservation and biodiversity
+pp. 83-84
+Low impact
+Long-term customer relations
+pp. 102-103
+Resource consumption during production
+pp. 101-102
+Energy and emissions during production
+→ GRI 102-44, 102-46, 102-47
+Materiality matrix
+Relevance for stakeholders
+pp. 103-104
+company's sustainability
+strategy. In this report,
+Porsche refers to all
+topics resulting from the
+company values, the
+Strategy 2030, the risks
+and opportunities for
+the company, and its
+corporate goals.
+The next Porsche stakeholder survey is sched-
+uled for 2021 and will be expanded to cover
+additional markets.
+The materiality matrix links the results of the
+stakeholder survey with the views of the
+Sustainability Expert Group expressed during
+the workshop. It establishes a correlation
+between the direct impact that the business
+activities have on the environment, employees
+and society (x-axis) and their relevance for
+stakeholders (y-axis). As a third dimension to
+this analysis, Porsche rated the relevance of
+the 18 key topics to the company's business
+and illustrated the results of the assessment
+in differently sized, circular ideograms. The
+degree of business relevance of the individual
+topics is shown by means of four levels: none,
+low, medium and high.
+A workshop with representatives of the rele-
+vant departments at Porsche was held during
+the autumn of 2019 to assess the company's
+own impact in detail. In a process covering
+multiple steps, the workshop evaluated the
+impact of Porsche's business activities on the
+environment, employees and society in terms
+of the 18 defined topics. The importance of
+this topic to the business activity of a sports
+car manufacturer was also assessed. Porsche
+pooled the results in a materiality matrix be-
+fore the start of the reporting year, identifying
+the most important issues and illustrating
+how these were linked. The resulting findings
+will be used for the ongoing development of
+the company's sustainability strategy. In this
+report, Porsche refers to all topics resulting
+from the company values, the Strategy 2030,
+the risks and opportunities for the company,
+and its corporate goals.
+at two joint meetings with the Porsche Execu-
+tive Board during the reporting year.
+The members of Porsche's Sustainability
+Advisory Committee also had the chance to
+provide detailed feedback on current sus-
+tainability topics at Porsche, considering the
+potential opportunities and risks. They pre-
+sented specific recommendations for action
+to further shape Porsche's engagement. Areas
+of importance for the committee included
+new mobility options, alternative drive sys-
+tems and vehicle emissions, and stakeholder
+dialogue. The members of the Sustainability
+Council discussed their ideas on these issues
+As well as completing a topic evaluation, the
+Porsche stakeholders demonstrated in their
+answers to the additional questions that they
+perceived climate and environmental impacts,
+changing mobility needs and the scarcity of
+energy and resources to be the greatest chal-
+lenges facing the company both now and in
+the near future. These views are also reflected
+in the degree of relevance attributed to the
+topic by the stakeholders and in the strategic
+action areas of the Porsche Strategy 2030.
+The surveyed stakeholders also confirmed
+the view that there is no conflict in principle
+between sustainability and the manufacture
+of premium sports cars, with 81 per cent
+not believing there to be any incompatibility.
+In consultation with internal and external ex-
+perts, relevant sustainability aspects within
+the three reporting areas of Innovative Mobility,
+Reliable Partner and Go to Zero were identified
+prior to the online survey, and 18 key topics
+were put to a vote.
+Since 2013, Porsche has asked its stakehold-
+ers about their views and expectations on
+sustainability and future challenges every other
+year. In autumn 2019, various stakeholders
+were invited to evaluate the company's
+sustainability activities for the third time
+as part of an anonymous and international
+online survey. In total, 1,459 people from
+Europe and China responded. Around 79 per
+cent of the responses came from European
+markets and around 21 per cent from China.
+Alongside customers, business partners,
+analysts/investors, politicians and represent-
+atives of public authorities, media outlets,
+and representatives from NGOs and academia,
+this survey was the first to feature Porsche
+employees on a wider scale. Owing to the large
+number of employee responses, the internal
+and external stakeholders were assessed
+using a 50:50 weighting. The responses from
+external stakeholder groups were also
+weighted equally.
+→ GRI 102-40, 102-43, 102-44, 102-46,
+102-47, 102-48
+Stakeholder survey and materiality
+total of 1,523 (2019: 1,322) employees tak-
+ing parental leave, of which 281 (2019:243)
+were women and 1,242 (2019: 1,079) men.
+The resulting findings will
+be used for the ongoing
+development of the
+Social commitment
+pp. 120-127
+Corporate co-determination
+pp. 93-94
+Stakeholder dialogue.
+79
+Business relevance
+High impact
+Medium impact
+pp. 91-92
+Equal opportunities and
+diversity
+pp. 94-95
+and safety
+Occupational health
+Compliance and integrity
+pp. 95-96
+Attractive employer
+in the
+supply chain
+pp. 97-98
+Responsibility
+New mobility
+options
+pp. 87-88
+pp. 100
+Sustainable materials
+Economic stability
+pp. 82-83
+Staff development
+pp. 92-93
+pp. 85-87
+and vehicle emissions
+Alternative drive systems
+Vehicle
+safety
+pp. 84-85
+Stakeholder management
+78
+Impact on the environment, employees and society
+pp. 74-79
+Reliable Partner
+The coronavirus pandemic meant that plans
+for training activities for the global market
+introduction of the new Porsche Panamera in
+August 2020 had to be rethought. The prod-
+uct training, which was originally planned
+as an in-person event, was moved entirely
+online and successfully delivered interna-
+tionally. Building on this, a qualification con-
+cept was produced to support local Porsche
+companies in planning and implementing
+local in-person events.
+pp. 90-91
+Porsche takes data protection very seriously,
+and the right of customers to determine what
+is done with their data has utmost priority
+for the company. The management of data
+protection is organised globally and carried out
+centrally within the organisation. Porsche's
+aim is that all products are developed with
+data protection in mind and designed from the
+outset in a way that ensures customers can
+trust that their data is safe.
+in the reporting year, the sustainable mobility
+Further development of mobility services
+Thanks to the positive response to measures
+NEW "CAMPUS AND EMPLOYEE
+MOBILITY" INITIATIVE LAUNCHED
+The impact of the measures on the targets
+that have been set is assessed through
+employee surveys and traffic flow analyses.
+The company is witnessing a continual
+improvement in the modal split - the distri-
+bution of traffic across a range of transport
+options as well as in the total volume
+of traffic.
+work and on business trips. The aim is to
+add flexibility to transport offers. Finding a
+car parking space at the company's sites
+has also been improved with the installation
+of a fixed digital parking guidance and infor-
+mation system.
+The company has also developed its own
+car-sharing app to promote multiple
+occupancy of vehicles travelling to and from
+88
+87
+86
+Since 2015, measures have been implement-
+ed specifically to take account of mobility
+offers at the Porsche sites. For example,
+employees received a monthly subsidy for a
+local-transport season ticket targeting
+commuters as well as for the Deutsche Bahn
+"Job-Ticket". Moreover, travellers on the S-Bahn
+light rail link between the company's Weilim-
+dorf and Zuffenhausen sites in Stuttgart
+can present their Porsche works ID card in
+lieu of a travel ticket when on company busi-
+ness. Frequent shuttle buses run back and
+forth between the sites for all other work trips
+in order to reduce the amount of individual
+traffic. In addition, since 2019 Porsche has
+operated a cycling scheme for employees, of-
+fering attractive subsidised purchase options.
+Managing mobility at Porsche sites
+Another priority is the expansion of a sus-
+tainable range of mobility options at Porsche
+sites in the context of site mobility manage-
+ment. The objective is to lessen the environ-
+mental and social impact of the workforce's
+use of mobility solutions on the way to and
+from work and when travelling for business.
+offer has been further strengthened at
+Porsche sites and the "Campus and Employee
+Mobility" initiative has been launched. All
+activities for staff mobility are coordinated
+centrally and a plan of measures proposes
+step-by-step development of mobility options.
+Alongside additional schemes to reduce traf-
+fic, there are also plans to implement electric
+micro-mobility pilots such as the offer of
+e-scooters and e-bikes at Zuffenhausen and
+the introduction of a company-wide mobility
+dashboard (for visualising the mobility offer
+in real time).
+Porsche uses a number of tools for fine ad-
+justment in order to continue optimising ex-
+isting and new mobility services. These in-
+clude offsetting local CO2 emissions of the
+Porsche Drive fleet through the Porsche Im-
+pact offsetting service www.porsche.
+com/germany/aboutporsche/responsibility/
+porscheimpact and promoting increased
+take-up of digital processes to further reduce
+the ecological footprint.
+Porsche Impact
+markets and stakeholder involvement. Syner-
+gies within the Group are exploited consist-
+ently in the development and operation of
+services.
+The Mobility Services department works as
+part of the Porsche AG digital product organi-
+sation in close cooperation with Porsche
+Digital GmbH, Porsche Financial Services,
+Porsche Consulting, external cooperation
+partners and many other interfaces within the
+company on concepts for and the operation
+of new mobility solutions, to keep pace with
+changing requirements. Agile, interdiscipli-
+nary teams develop concepts that are
+focused primarily on new customer require-
+ments and implement these on their own
+account. This development is underpinned by
+tight integration between the company's dif-
+ferent departments and an open information
+policy, as well as by early piloting in various
+Targeted collaboration
+The vehicle fleet dedicated to flexible usage
+models is being consistently expanded
+with new electric cars. Access to new tech-
+nologies is allowing Porsche to support
+the process of transformation towards sus-
+tainable mobility. This also includes studies
+into airborne mobility. An international
+team is working on a range of aspects of
+urban air mobility.
+Porsche is developing innovative products
+and services for flexible mobility that meet
+people's needs with the aim of creating
+sustainable personal mobility solutions and
+making smart cities a reality. These include
+demand-oriented car usage options (for
+example flexible usage models and premium
+rental) and the seamless integration of cars
+with other forms of transport. Other pioneer-
+ing solutions are intended to simplify parking
+(such as an intelligent system to locate
+parking spaces, and easy-to-use paperless
+car park ticketing). These reduce the traffic
+caused by drivers looking for parking spaces
+and ensure that the available parking facili-
+ties are used more efficiently.
+is therefore working on services that make
+urban mobility more flexible and more con-
+venient. In cities, mobility is gaining impor-
+tance as one of the most relevant areas in
+which quality of life can be improved, and city
+planners are becoming key stakeholders for
+the automotive industry. Measures that help
+to mitigate existing challenges such as
+congestion, CO2 and noise emissions, wasted
+time and lack of parking are moving up the
+priority list. City councils and providers of
+new mobility solutions need to work in close
+collaboration to shape urban mobility.
+Personal mobility in the smart cityy
+Mobility today means so much more than
+simply moving from A to B. Customers'
+expectations for mobility services range
+from the provision of new hardware concepts
+to digital services that enable movement.
+Owning your own car in an urban environment
+is becoming increasingly challenging. Porsche
+PIONEERING SOLUTIONS MAKE
+PARKING SIMPLER
+location finder
+P Parking
+PORSCHE CUSTOMERS CAN OFFSET THEIR
+PERSONAL CO₂ EMISSIONS
+As part of the expansion of sustainability and
+alternative forms of mobility, Porsche is also
+promoting the electrification of its motorised
+site traffic. An internal network of charging
+points is being extended, powered by certi-
+fied green electricity, while new electric vehi-
+cles are being added to the fleet of company
+and leased vehicles all the time.
+IONITY
+IONITY
+to a certain extent, when they perform their
+work for Porsche if their role can be carried
+out remotely.
+Customer privacy
+Porsche also takes account of its employees'
+individual needs and promotes flexible work-
+ing options with regard to workplace and
+working hours, giving staff the utmost flexi-
+bility in their lives. A works agreement is in
+place guaranteeing the right to mobile work-
+ing. This was expanded during the reporting
+year in response to the coronavirus crisis.
+The permitted timeframe for working hours
+was extended, and interns and student
+employees are now also included in its scope.
+Employees are free to decide where and,
+Porsche strives to ensure that its staff can
+achieve a work-life balance. Employees re-
+ceive support from a wide variety of different
+measures and options. Local cooperation
+partners ensure that sufficient childcare
+places are available in nurseries close to the
+company's sites, for example. In addition,
+employees' children can take part in a series
+of summer activities covering the entire school
+holiday period. Through its family service,
+Porsche offers free, individually tailored advice
+and support on all aspects of family life.
+Work/life balance
+What Porsche is particularly looking for is
+new employees who want to actively shape
+the future of mobility and thus drive social
+change. The company attracts young,
+talented new employees through measures
+such as the "Bad Days" employer branding
+campaign launched in the reporting year
+on the issue of error culture, as well as
+partnership-based tie-ups with relevant uni-
+versities and organisations, such as in the
+context of the "Formula Student Germany"
+programme. For these new recruits, a sense
+of purpose over and above monetary incen-
+tives is particularly important to a successful
+employment relationship.
+The Recruiting and HR Marketing team sup-
+ports the individual departments throughout
+the recruitment process.
+rotation across different areas of the company.
+One of the central goals of the Strategy 2030
+is to be an attractive and reliable employer.
+For Porsche, this means, above all, keeping its
+promises as an employer to its employees
+and turning them into a tangible reality in
+everyday working life. It would also be impos-
+sible to be regarded as a top employer by
+talented candidates on the labour market
+without a high degree of credibility. This is the
+only way Porsche can attract the best staff
+and retain them long term. In order to recruit
+experienced and creative IT and digitalisation
+experts in the fields of the future, the sports
+car manufacturer is constantly stepping
+up its efforts. One such measure was the
+creation of a new recruiting unit during
+the reporting year. Over the coming years, a
+particular priority will be to expand Porsche's
+internal job market, with higher levels of staff
+Against the backdrop of the recent growth in
+the workforce and the process of digitalisa-
+tion, it is particularly important to Porsche that
+it continues to develop its corporate culture
+on an ongoing basis. This was the reason for
+the introduction of the Porsche Code, which,
+drawing on the culture guidelines, encom-
+passes the four elements of dedication, pio-
+neering spirit, sportiness and family.
+Corporate culture and being an attractive
+employer
+Our strength:
+Sportiness
+Porsche:
+One family
+Our roots:
+Pioneering spirit
+People
+Our engine:
+Passion
+One of Porsche's central goals is to be an
+attractive and reliable employer. What this
+means, first and foremost, is consistently
+focusing on the workforce and assuming
+responsibility as an employer. Being an attrac-
+tive employer is therefore a core aspect of
+the sports car manufacturer's HR strategy.
+Alongside the themes of customer, society
+and investor, it is one of the four central priori-
+ties enshrined in the overarching Porsche
+Strategy 2030.
+ATTRACTIVE EMPLOYER
+in its materiality analysis. These include:
+attractive employer, equal opportunities
+and diversity, staff development, corporate
+co-determination, occupational health
+and safety, compliance and integrity, and
+responsibility in the supply chain.
+Through its "Reliable Partner" reporting area,
+Porsche covers key topics identified
+it forms a part. It is therefore essential
+to Porsche that it behaves ethically. The
+company stands for diversity and equal
+opportunities, takes systematic action
+to tackle corruption and campaigns for the
+upholding of internationally recognised
+human rights.
+Sustainability is becoming increasingly
+embedded in the public consciousness
+and has become a defining element
+of competitiveness. Porsche sees it as
+its corporate duty to take the interests
+of its stakeholders into account. After all,
+environmentally and socially compatible
+actions can only be achieved by working
+together. Ensuring that Porsche demon-
+strates integrity and responsibility as both
+an employer and a business partner forms
+a key pillar of the company's philosophy.
+At Porsche, the focus is on people - not just
+employees but also wider society, of which
+RELIABLE PARTNER
+S.TA 5150
+19
+NEW MOBILITY SERVICES
+Rising global prosperity and the ensuing in-
+crease in demand for mobility have focused
+even greater attention on the environmental
+impact of personal transport. Climate change
+and the shortage of certain resources are
+creating impetus for innovation and a market
+for adapting the car and the way in which
+it is used. Both the diversification of drive
+concepts to develop more efficient and alter-
+native options, as well as innovative flexible
+models for car use are the result. Digitalisation
+and connectivity, as well as customers' desire
+for more flexibility and sustainability, are
+accelerating this change.
+URBAN MOBILITY MADE MORE
+CONVENIENT AND MORE FLEXIBLE
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Approval was granted by the KBA for software
+updates in respect of the Cayenne 4.2-litre
+V8 diesel (Euro 5 and Euro 6) in January 2020
+(Euro 5) and July 2020 (Euro 6). The owners
+of the vehicles have been contacted by the
+responsible Porsche partners and the recall
+campaign has been launched. So far some
+66 per cent of the Cayenne 4.2-litre V8 diesel
+(Euro 5) models in Germany and 58 per cent
+of the Cayenne 4.2-litre V8 diesel (Euro 6)
+models have been updated.
+F
+CO₂
+AVOID
+And with its electrification strategy, Porsche
+is also striving to become a technology leader
+with the aim of decarbonising individual
+transport.
+Aim: Decarbonisation and CO₂ neutrality
+Porsche is exceeding its statutory require-
+ments for the reduction of CO2 emissions.
+The sports car manufacturer is working
+constantly to achieve CO2 neutrality and thus
+is playing its part in reaching the UN climate
+goals. Thanks to optimisation measures,
+Porsche is steadily avoiding and reducing the
+CO₂ emissions throughout the value chain.
+Unavoidable emissions are provisionally offset
+using internationally accepted standards.
+OF ALL NEW PORSCHE VEHICLES SOLD TO BE
+ELECTRIC BY 2025
+> 50%
+ALTERNATIVE DRIVE SYSTEMS AND
+VEHICLE EMISSIONS
+Advancing climate change means that the
+global automotive industry has a duty to
+develop vehicles and drive systems that sig-
+nificantly reduce the Earth's CO2 footprint.
+Porsche aims to consistently reduce green-
+house gas emissions across its entire value
+chain and throughout the whole life cycle
+of the cars it produces. The concerted elec-
+trification and hybridisation of the product
+portfolio form part of these efforts. In addi-
+tion, the company is pressing ahead with
+the development of synthetic and climate-
+neutral fuels.
+In each case, the procedure to follow is
+described by the Porsche safety strategy.
+International compliance with the relevant
+laws and all internal requirements defines
+the Porsche safety standard.
+The targets in relation to the protection of vehicle
+occupants are derived from both the global
+legal standards for vehicle safety and numer-
+ous voluntary undertakings, as well as a range
+of internal requirements (the vehicle safety
+checklist). These guarantee a fundamental
+standard of safety that represents the state
+of the art. This general level of protection
+is ensured irrespective of market or model.
+Constant monitoring of global legislation,
+forecasts of new requirements and field
+observations from Porsche's team of accident
+investigators and analysts provide the basis
+for this.
+Responsibility for the functional targets being
+met lies with the corresponding specialist
+department within product development.
+The relevant project coordinator for vehicle
+safety monitors the overall product maturity
+tracking, while final approval of the function
+is given by the responsible head of the
+specialist area.
+Alongside accident prevention - by fitting
+vehicles with ABS or ESP systems or auto-
+matic emergency braking systems - the main
+goal is to reduce the effect of an accident
+on the vehicle's occupants. With this in mind,
+the deformation behaviour of the vehicle body
+is precisely defined for a variety of frontal,
+lateral and rear end impacts during the devel-
+opment phase of a new model. Vehicles are
+also fitted with a smart restraint system
+consisting of airbags and seatbelts. In addi-
+tion to simulations, the effectiveness of
+safety systems is also verified using crash
+testing. In a controlled crash the impact of
+the entire vehicle slamming into an object,
+such as a wall, is investigated. Crash test
+dummies with sensors are used, which allows
+an evaluation of the possible injuries to the
+occupants. Specific biomechanical limits
+are adhered to, stipulating such parameters
+as maximum acceleration or deceleration
+of the head.
+Safety as a pillar of vehicle development
+Vehicle safety is a decisive criterion from
+the outset in the development of vehicles.
+Development work in the area of vehicle
+safety focuses on functions and systems.
+Everyone who is responsible for the safety of
+individual vehicle components and systems
+collaborates in a central function. With regard
+to "front protection" for example, the relevant
+experts come together to focus on the struc-
+ture and aggregate design in terms of energy
+management and deceleration characteristic,
+as well as system development, restraint
+systems and primary safety components
+including components such as airbags and
+seatbelts. All of the necessary development
+tools such as simulations, component trials,
+system and full vehicle testing are also
+brought together.. The functional properties
+are further tuned in multiple iterations on
+the basis of simulations and testing, and
+improved and refined constantly in pursuit
+of the defined objective until they are ready
+for series production.
+The requirements and approaches to vehicle
+safety are discussed and agreed in several
+functional corporate working groups. The
+Safety working group comprising safety
+officers for all of the brands meets regularly.
+Porsche's response to vehicle safety extends
+far beyond meeting the legal requirements.
+The company's focus is always on providing
+optimum protection for its customers on
+the road. There are high expectations of the
+safety standards and protection capabilities
+of Porsche cars. As a result, vehicle safety
+is embedded within the sports car brand.
+Vehicle safety at Porsche encompasses front,
+side and rear protection, roof and door stability,
+interior and component safety, as well as
+protection of pedestrians, cyclists and motor-
+cyclists. One particularly topical issue is the
+concept of autonomous or highly automated
+driving and driver assistance systems, which
+will make the roads even safer.
+Vehicle safety that exceeds legal
+requirements
+Vehicle safety is of the utmost importance to
+Porsche, with the safety of the vehicle's
+occupants being the top priority. In addition,
+making sure that other road users are also
+kept safe is another crucial aim.
+VEHICLE SAFETY
+Due to internal confidentiality guidelines, no
+reports on specific data protection actions
+are published.
+The Group Data Protection Officer (DPO) is
+supported by a dedicated team and other
+interdisciplinary data protection coordinators.
+As a spokesperson for the brand, the Group
+DPO is a member of the Group Steering Group
+on Data Protection. The objective of the Steer-
+ing Group is to ensure uniform application
+of the statutory data protection requirements
+across all brands, and to exploit synergies
+from cooperation within the Group. The Group
+DPO also engages with various associations
+and specialist working groups.
+Data protection organisation and strategy
+Porsche firmly believes that effective and
+evident protection of personal data is essential
+for maintaining the brand's high reputation,
+guaranteeing product safety, enabling new
+business models and thus minimising and pro-
+fessionally managing risk. Thus, the Porsche
+data protection strategy pursues the mission of
+"Privacy, driving digitalisation!" and is embed-
+ded within the strategic field "Digital Security
+& Privacy" as part of the Strategy 2030.
+In addition, Porsche voluntarily announced in
+the scope of the National Diesel Forum that
+it would produce voluntary software updates
+for Euro 5 3.0-litre V6 diesel Cayenne and
+Panamera models (184 kW and 221 kW).
+The KBA approved this voluntary software
+update in January 2020. The voluntary service
+campaign was published immediately in the
+market and made available to customers
+as a free software update.
+The data protection management system
+that the "Group Data Protection" department
+has developed in accordance with inte-
+rnational standards (ISO/IDW) creates the
+basis for legally compliant and appropriate
+handling of personal data. The system is
+regularly verified in line with the ICS standards
+and further developed in a "plan-do-check-
+act" process. This approach verifies that
+the design of the compliance processes is
+appropriate and effective. At the same time,
+new data protection requirements can
+be updated in each process to maintain
+compliance.
+Operation of the management system is de-
+signed in particular to ensure the customers'
+rights as data subjects are upheld. Parti-
+cularly in the context of the European Union's
+General Data Protection Regulation (GDPR),
+customers, in the capacity of data subjects,
+are able to assert their rights to obtain
+information from the Group Data Protection
+Officer though an information process,
+enabling them to find out what personal data
+the company holds on them, for example.
+The management system also implements all
+requests to delete or correct personal infor-
+mation, and objections to data processing.
+The data protection incident process ensures
+that data protection incidents that present a
+risk to a customer are quickly investigated and
+the customer is provided with clear informa-
+tion about what has happened.
+REDUCE
+As the use phase of cars will continue to
+have by far the largest impact on greenhouse
+gas emissions for the foreseeable future,
+particular attention is being paid to the elec-
+trification and hybridisation of the product
+portfolio, the improvement of petrol engines
+and the future use of carbon-neutral fuels.
+Continuous efficiency gains, the development
+of alternative drive technologies in combina-
+tion with the use of renewable energy sources
+and lower pollutant emissions - for Porsche,
+resource-saving and environmentally friendly
+mobility is a primary strategic target.
+Highest level of protection
+The Decarbonisation Index is Porsche's most
+meaningful instrument for measuring pro-
+gress across all divisions. The index measures
+average emissions of CO2 and CO2 equiva-
+lents (referred to together as CO₂e) through-
+out the life of the Porsche product portfolio
+and reports these in tons per vehicle. It
+includes both direct and indirect CO₂e emis-
+sions of production sites (scope 1 and 2)
+as well as all additional upstream and down-
+stream CO₂e emissions of the vehicle life
+cycle, from raw material extraction to usage
+and the ultimate recycling of the retired vehi-
+cle (scope 3). As a strategic KPI, the index
+provides a transparent means of tracking the
+company's overall progress to becoming a
+CO2-neutral enterprise.
+In July 2018, the KBA ordered cars of the
+type Macan 3.0-litre V6 diesel (Euro 6) to un-
+dergo a similar update. The proposed Porsche
+software update received official approval
+on 1 August 2018. These vehicles have been
+accepted back into workshops for a free soft-
+ware update since October 2018. Currently
+around 98 per cent of the vehicles registered
+in Germany have been updated.
+As of February 2018 Porsche no longer in-
+cludes any diesel models in its portfolio.
+Together with other parts of the Group, the
+company is also actively committed to bring-
+ing down nitrogen oxide levels in German
+cities. Before Porsche's decision to stop sell-
+ing diesel-powered vehicles, the Federal
+Motor Transport Authority (KBA) had ordered
+a recall measure to update the software in
+certain vehicle types owing to irregularities in
+the engine management software. The rele-
+vant recall for all affected Porsche diesel cars
+was launched.. In 2017, Porsche Cayenne
+3.0-litre V6 diesel cars in the Euro 6 emis-
+sions class were recalled in Germany due to
+individual technical characteristics of the
+engine management software. In mid-October
+2017, the KBA approved the software update
+proposed by Porsche. Porsche has since
+recalled the vehicles concerned for a free
+software update. More than 99 per cent of
+the affected vehicles in Germany have now
+been updated.
+Porsche has adopted a decarbonisation pro-
+gramme with specific measures. It is built
+around three major principles that also reflect
+the company's priorities. In first place are
+measures to avoid or reduce CO2 emissions.
+Second come measures that seek to switch
+the energy sources used throughout the value
+chain to less CO2-intensive or renewable
+energies. Finally, unavoidable CO₂ emissions
+will be offset by climate protection projects
+that meet the most stringent international
+standards.
+Diesel
+to develop the world's first integrated, com-
+mercial large-scale plant to manufacture
+synthetic, climate-neutral fuels. The plant is
+being constructed according to the principles
+of environmental and social compatibility.
+The pilot phase will involve the production of
+some 130,000 litres of e-fuels by 2022. In
+the second phase, capacity will be increased
+to around 55 million litres by 2024 and 550
+million litres per year in 2026. Porsche is the
+main buyer of the green fuel manufactured by
+the pilot plant using electric power generated
+by the wind. The conditions for wind genera-
+tion at the project site in Chile are excellent
+and among the best in the world, with ex-
+traordinarily consistent and powerful winds.
+In collaboration with Siemens Energy and a
+number of international businesses, Porsche
+developed a pilot project in Chile during
+the reporting year. The aim of the project is
+The e-fuels could also be used to reduce the
+CO₂ footprint of existing Porsche models,
+which are renowned for their long useful lives.
+Together with partners in science and in-
+dustry, the company is working to develop
+industrial production of these alternative
+fuels. Porsche is seeking the best locations
+around the world to exploit renewable energy
+sources and guarantee that these new fuels
+will be competitive. For example, in Baden-
+Württemberg the sports car manufacturer
+has helped get the "e-fuels - rethinking fuel"
+project off the ground as part of the "Auto-
+motive Industry Strategy Dialogue in
+Baden-Württemberg" initiated by the state
+government.
+In addition to the prioritised electrification
+strategy, Porsche is also exploring ways of
+reducing CO₂ emissions to make petrol-
+engine and hybrid cars more climate friendly
+in certain areas, with efficiency measures that
+allow the use phase to be almost completely
+CO₂ neutral. Here, Porsche is focusing on
+e-fuels. These are synthetic, liquid fuels that
+are produced exclusively from hydrogen
+obtained using renewable power sources and
+carbon dioxide extracted from the air.
+Alternative fuels
+To make the breakthrough, e-mobility needs
+an accessible, available charging infra-
+structure that meets demand and provides
+a customer-friendly charging process.
+Porsche is pursuing a holistic approach and
+is continuing to work on refining charging
+technologies and developing the charging
+infrastructure. The aim is to offer new prod-
+ucts and services to turn charging into a
+personal customer experience that is fast
+and attractive. Through the joint venture
+IONITY, a network of 350 kW fast charging
+pedestals is being expanded throughout
+Europe. The plan is to have 400 charging
+stations up and running. At home, Porsche
+customers can top up the Taycan's batteries.
+overnight using a Porsche-developed wall
+box providing up to 22 kW. And on the road,
+the Porsche Charging Service provides users
+with access to more than 100,000 charging
+points across Europe with the possibility
+of central billing.
+In addition, the KBA issued Porsche with
+recall notices for the Cayenne 4.2-litre V8
+diesel (Euro 5 and Euro 6) and Panamera
+4.0-litre V8 diesel (Euro 6). Porsche's
+proposed software update for the Panamera
+4.0-litre V8 diesel (Euro 6) was approved by
+the KBA in August 2019. The recall campaign
+started in November 2019 and the software
+update has already been applied to around
+93 per cent of the affected vehicles.
+CO2-neutral
+During the reporting year, Porsche celebrated
+the successful introduction of the all-electric
+Taycan. An internationally renowned jury
+voted it the world's most innovative car in
+2020. Despite the fact that Porsche Centres
+were forced to shut their doors for several
+weeks, 20,015 units of the new Taycan were
+delivered in the reporting year. The techno-
+logical backbone of the Taycan is its 800-volt
+architecture, which gives the car its sporting
+driving performance and fast charging times.
+In addition, the car can deliver its power again
+and again as required. Charging capacity
+is up to 270 kW. This means that within five
+minutes the vehicle can be recharged with
+enough power to drive up to 100 km (WLTP).
+The Taycan's maximum recuperation power
+is up to 265 kW and the Taycan 4S has a top
+range of 464 km (WLTP). And production
+of the electric sports car at the main plant in
+Zuffenhausen (Stuttgart) is CO2-neutral.
+The next model to cross the starting line will
+be the first derivative of the Taycan, the
+Cross Turismo. The next generation of the
+Macan compact SUV will also feature an
+electric drivetrain, making it Porsche's
+second all-electric range.
+15 billion euros in the electrification, digitali-
+sation and sustainable production of vehicles,
+consistently expanding its electro mobility
+offer. The aim is for 50 per cent of all new
+Porsche vehicles to be electric by 2025.
+PRODUCTION OF THE TAYCAN
+Until 2025, Porsche will invest some
+INVESTMENT IN ELECTRIFICATION,
+DIGITALISATION AND SUSTAINABLE PRODUCTION
+OF VEHICLES UNTIL 2025
+bn.
+15
+~
+The Porsche drive strategy is based on a tri-
+umvirate: emotive combustion, powerful hy-
+brids and high-performance e-mobility. The
+company will market cars with optimised
+petrol engines and powerful hybrid drives, as
+well as all-electric sports cars in parallel. For
+example, the plug-in hybrids of the Panamera
+and Cayenne ranges will be developed for
+performance, with an improved electric range
+of more than 80 km. The iconic 911 sports
+car also offers prospects for sporting hybridi-
+sation, as already experienced in motorsports.
+Drive strategy based on three pillars
+85
+84
+Eurotrailers are used at the Zuffenhausen site,
+thus saving more than 3,500 trips each year,
+or around ten per cent of CO2. The trips saved
+by the use of these vehicles would create
+a traffic jam of around 58 kilometres if the
+lorries were parked end to end.
+The waste water that is generated from pro-
+duction is pretreated in the company's own
+water treatment plant in order to remove
+or reduce pollutants. Waste water from the
+paint shops and washing lines, washing
+stations and vehicle leak test systems is pre-
+treated using waste water treatment equip-
+ment that has been approved or notified
+ticulates and as much as 100 per cent of
+sulphur oxides. The Group currently operates
+two ships transporting a mixture of models.
+These can carry up to 4,800 vehicles.
+in accordance with water legislation. The
+effluents are regularly analysed and monitored
+in accordance with the requirements of the
+authorities.
+Green logistics strategy
+LESS TRIPS
+During the reporting year, Porsche's logistics
+transportation used six natural gas HGVS,
+one hybrid HGV and one all-electric HGV. The
+range of LNG HGVs is 600 to 800 kilometres,
+so they can therefore be used for long-range
+trips. The local infrastructure for these is ex-
+cellent, with three LNG stations located close
+to the Zuffenhausen plant.
+3,500
+CO₂ SAVINGS
+The Volkswagen Group is one of the first auto-
+mobile manufacturers in the world to use
+low-emissions LNG vessels to ship finished
+vehicles, on its route from Emden to North
+America. This achieves substantial reductions
+in emissions compared with traditional
+methods: up to 25 per cent of CO2, 30 per cent
+of nitrogen oxides, up to 60 per cent of par-
+Porsche uses long trailers for inbound logis-
+tics (deliveries of materials) and outbound
+logistics (delivery of finished vehicles). A long
+trailer can hold eight vehicles rather than the
+usual average of six or seven, irrespective
+of how they are loaded. This allows an annual
+saving of up to 2,000 HGV trips, correspond-
+ing to 19 tons of CO2. Since 2018, all rail
+transportation of finished vehicles from the
+loading stations at Kornwestheim and Leipzig
+to the ports of Emden and Bremerhaven has
+used renewable power. This means that these
+journeys are completely climate-neutral.
+- 10%
+Throughout the entire value chain, the com-
+pany's logistics operations exploit potential
+to reduce CO2 in order to contribute actively to
+the aims of the Paris Climate Agreement.
+Porsche therefore has adopted sustainability
+as a number-one priority area for logistics.
+A range of measures and potential options
+have been identified and implemented as part
+of the Green Logistics strategy to efficiently
+reduce emissions and the impact on the
+environment.
+All water pollutants produced at Porsche are
+transported, filled into containers, stored
+or reused on site, in all hazard classes. The
+company has effectively reduced the risk
+of production interruptions when handling
+water-polluting substances by raising aware-
+ness among employees, fitting technical
+protective devices to the production systems
+and by installing binding-agent stations at
+outdoor locations.
+4 kg
+Porsche's process facilities such as vehicle
+leak testing equipment, washing equipment
+and parts washing equipment operate largely
+in a closed-loop system. In both paint shops,
+cascade rinsing is used to recycle water,
+and bath treatment helps to extend life in
+pretreatment and in dip coating. The cooling
+systems at Zuffenhausen are mostly closed
+loops. Porsche has installed water-saving
+fittings in its bathrooms.
+The strategy forms part of Porsche's environ-
+ment management, which has been certified
+across the company in accordance with
+the environmental management standards
+ISO 14001 and EMAS (at the Zuffenhausen
+site). Employee participation in these efforts
+is essential. Awareness of the relevant issues
+is raised by means of various measures, in-
+cluding an e-learning module, and employees
+pursue firmly anchored goals. More than
+300 individual measures have been imple-
+mented since 2015.
+A bespoke strategy allows systematic ap-
+proaches to ensure the targets the company
+has set for itself are reached. Key aspects
+include the targeted reductions in the five
+core areas of energy, CO₂, waste, water and
+VOC per vehicle, which should be cut by
+45 per cent in the period from 2014 to 2025.
+Using water as efficiently as possible, through
+circulation systems and multiple reuse, and
+the careful handling of contaminated pro-
+duction waste water are important aspects
+in this regard. Avoiding waste, harnessing
+low-waste technologies and deploying sus-
+tainable disposal solutions are key elements
+of Porsche's waste management concept.
+The company's "environmental protection"
+resource regulation serves as an internal
+guideline and is also binding on suppliers.
+CONSERVATION AND BIODIVERSITY
+Objective: environmentally neutral production
+Porsche's aim for production that does not
+impact the environment is built on various
+action areas. These include efficient use of
+resources and materials, as well as topics
+such as pollutants and climate protection.
+The "Zero Impact Factory" is based on a total
+of twelve action areas, including resource,
+material and energy efficiency, and efficient
+water usage. Other topics such as technology
+and processes, and logistics, also affect the
+company's use of resources.
+Since 2010, the Zuffenhausen site has only
+used water from the communal water supply.
+Treatment of the plant water source to
+provide its own drinking water supply was
+not economically viable and was stopped.
+All Porsche sites are located away from water
+stressed areas.
+Responsible use of natural resources has a
+positive effect on the environment in addition
+to reducing costs. Therefore, Porsche is
+investing in switching its traditional lighting
+systems to energy-saving LED lights, in
+demand-driven ventilation systems in the
+bodyshop, in recycling heat produced by
+the paintshop and in electromechanical pro-
+duction technologies rather than hydraulic
+work processes. This final example achieves
+an annual saving of more than 100,000 kWh
+just in the riveting process at the bodyshop
+in Zuffenhausen.
+Waste management
+Porsche's waste management system is based
+on a closed-loop system. Its aim is to avoid
+waste and return materials to the loop in order
+to protect natural resources. All waste at
+Porsche is separated for collection on the
+basis of the ISO 14001 certified environ-
+mental management system. Wherever waste
+is produced, labelled bins or containers are
+provided for each type of waste. In addition
+to avoiding waste, Porsche also pursues the
+aim of increasing the amount of material
+contained within waste that it can reuse or
+repurpose. This includes material and thermal
+recycling processes to reuse materials and
+the energy that they store.
+Water and effluents
+Climate change is resulting in increasing
+periods of drought, even in Germany. Pro-
+active, responsible management of water is
+therefore an essential instrument in the
+effort to make careful use of this resource.
+Porsche is continuously reducing its water
+consumption and production of effluents,
+thereby lessening the environmental impact
+in terms of drinking water and groundwater
+shortages. Since 2014, the company has
+already reduced its fresh-water consumption
+per vehicle produced by more than 13 per cent.
+0-13.1%
+FRESH WATER CONSUMPTION PER VEHICLE
+PRODUCED SINCE 2014
+WASTE VOLUME FOR DISPOSAL PER
+VEHICLE PRODUCED
+As part of the ecosystem, biodiversity is vital
+for human life. Protecting diversity of species
+is therefore far more than simply nature
+conservation; alongside climate change it is
+one of the biggest global challenges of our
+time. Porsche recognises this situation and is
+actively committed to preserving biodiversity
+at its sites.
+We are a family,
+In order to better evaluate and manage the
+diversity of species at its production sites,
+the sports car manufacturer uses an innova-
+tive biodiversity tool developed by Volkswagen
+Group researchers. Starting in 2021, Porsche
+will be one of the first brands in the Volkswagen
+Group to study its Zuffenhausen site accord-
+ing to defined biodiversity criteria. The in-
+vestigation will evaluate four areas: surface
+management, external impact, internal impact
+and local factors.
+also benefits the environment.
+ENVIRONMENTAL CONSERVATION
+We are passionate and
+understand our origins.
+We work with all our might,
+including for the environment.
+PORSCHE
+MANAGEMENT
+we look after each other and
+take responsibility - for our
+environment too.
+our pioneering spirit
+COMPLIANCE
+We are committed to
+sportsmanship and doing
+our best, always with
+104
+EMPLOYEES, SOCIETY, SPORTS AND COMMUNICATIONS
+Humans are consuming a significantly larger
+proportion of resources than the Earth can
+sustain. Industrial companies also bear a
+large amount of the responsibility for more
+sustainable manufacturing and reducing
+the consumption of raw materials. Porsche
+pursues the vision of a "Zero Impact Factory"
+with production that has no negative impact
+on the environment.
+Sports
+Society
+Employees
+a sense of fair play.
+We look courageously to
+the future and think laterally-
+ENVIRONMENTAL OBJECTIVES
+The company is also committed to protecting
+biodiversity around the Porsche Development
+Centre in Weissach. Even bigger conserva-
+tion measures on site are in the pipeline.
+Experts in landscape design and conservation
+collaborated with the company on the devel-
+opment of a guideline that recommends
+specific actions for future planting and crea-
+tion of green spaces. Special attention has
+been paid to the particular requirements of
+protected species of wild bee. The aim of the
+renaturisation efforts is to create a wildlife
+corridor leading to local natural resources and
+species outside the Development Centre.
+In the future, the company will increase its
+use of environmental principles and natural
+concepts. Its approach will take account
+of both ecological aspects and the importance
+for diversity, and the required maintenance
+effort. For example, highly diverse wild-flower
+meadows will be cut just one to three times
+a year, and will require significantly less
+maintenance than grass lawns. Among the
+additional benefits of a natural environment
+within the company's premises are improve-
+ments in employee health and well-being
+thanks to an attractive workplace and higher
+scores in the scope of building certification
+by the Germany Sustainable Building Council
+(DGNB).
+102
+Reporting areas
+103
+NEW GUIDELINES TO PROTECT THE ENVIRONMENT
+Sustainable concept for protection of
+honey bees
+In the scope of its commitment to nature and
+species conservation at the Zuffenhausen
+site, the company introduced 13 bee colonies,
+each with some 50,000 bees, to a naturally
+grown fruit orchard located within the perim-
+eter during the reporting year. As a result,
+a total of 650,000 honey bees made a new
+home in the natural area situated between
+a staff car park and the Taycan assembly fac-
+tory. Germany's bee population is considered
+to be at risk; more than half of the 560 native
+types of bee are in danger of dying out.
+$650,000
+HONEY BEES AT STUTTGART-
+ZUFFENHAUSEN SITE
+During the reporting year, Porsche
+adopted a new Environment and Energy
+Policy thereby underlining the company's
+clear commitment to meeting its eco-
+logical responsibilities.
+Transparent guidelines run through the
+four action areas environmental protec-
+tion, environmental targets, management
+and compliance. These allow the environ-
+mental impact of business operations
+to be measured and targets to be set
+with annual progress reports.
+Porsche is working across the entire value
+chain to continually reduce the environ-
+mental impact of its products and activities.
+The company is extremely keen to take a
+holistic approach. In addition to emissions
+from its production, it also evaluates the
+entire vehicle life cycle, from extraction of
+raw materials through to recycling. This
+reinforces the view that environmental con-
+servation is a task for the whole company.
+As well as conserving resources, compliance
+with legislation and the company's voluntary
+commitments are top priorities, and are
+guaranteed by its environmental and energy
+management system.
+The main plant in Zuffenhausen near Stuttgart
+is the second Porsche site to get its own bee
+colonies. Since 2017, some three million
+honey bees have occupied the offroad area
+of the Leipzig plant, which has been returned
+to nature.
+The life of the honey bee also forms part of
+the Porsche Safari environmental education
+programme, which is delivered in collabora-
+tion with the Auwald Leipzig educational
+organisation. Between March and October,
+school classes and children with their families
+can take a tour of the Porsche Leipzig offroad
+track and discover everything there is to
+know about its fauna and flora.
+Porsche's sustainable meadow concept at its
+Leipzig site is unique within the automotive
+industry. In addition to honey bees, the sports
+car manufacturer also introduced Exmoor
+ponies and wild oxen to the offroad site in
+2002. A natural area of 132 hectares is now
+home to many more wild animals.
+Evaluating and managing biodiversity
+Porsche's conservation efforts are focused
+on its sites and their immediate environment.
+The company's objective is to protect the
+occupied and unoccupied natural landscape
+and to minimise its own environmental foot-
+print. Porsche pays particular attention
+to maintaining biological diversity, allowing
+nature to operate and find its own balance,
+and securing the future capacity of nature
+and the landscape to recover.
+RESOURCE CONSUMPTION DURING
+PRODUCTION
+Porsche is working across the entire value
+chain to continually reduce its environmental
+impact. This applies to all products and oper-
+ational activities. As part of the Volkswagen
+Group, the company is committed to the
+1.5 °C limit imposed by the Paris Agreement
+on climate change. In its calculations, Porsche
+includes the direct emissions from vehicle
+usage as well as the entire vehicle life cycle,
+from material extraction to recycling. Its aim
+is to reuse materials and return raw materials
+salvaged at the end of the vehicle's life to
+a production process. Porsche is pursuing
+the vision of a "Zero Impact Factory" for its
+production of the future. The objective of
+this vision is that commercial production
+processes should have no effect on the envi-
+ronment, where possible. The use of resources
+and production of waste will be continually
+reduced, with the introduction of recycling
+processes and future technologies.
+The Porsche Environment and Energy Man-
+agement team are the point of contact
+for queries, suggestions and concerns about
+environmental issues expressed by both
+internal and external stakeholders. The com-
+pany's aim is to maintain an open and trans-
+parent channel for stakeholder dialogue.
+An example for this is the central complaints
+management function in the Politics and
+Society and Environment and Construction
+Management departments. Porsche's neigh-
+SUSTAINABLE MATERIALS
+The long service life of Porsche sports cars,
+their precise workmanship and the use
+of high-quality materials are written into
+Porsche's DNA. The company takes account
+of the environmental effects of its vehicles
+across the entire life cycle, from the acquisi-
+tion of raw materials and the vehicle's
+manufacture and use through to its disposal.
+Relevant environmental impacts will be
+more tightly integrated into the development
+processes of future vehicles as key variables
+for decision making.
+More efficient use of resources
+There are limited supplies of many of the raw
+materials used in car making and their extrac-
+tion sometimes has a direct effect on the
+environment. Porsche therefore takes care to
+maximise the efficiency of its use of materi-
+als, and to develop and use more eco-friendly
+alternatives where possible.
+Sustainable raw materials, recycled materials
+in vehicles and environmentally friendly ex-
+traction or procurement of materials all help
+reduce the negative impact of the company's
+use of materials. Alongside these approaches,
+Porsche also works on developing lightweight
+construction techniques. By using less mate-
+rial the sports car manufacturer can reduce
+weight, not to mention energy consumption
+and emissions.
+In collaboration with the Volkswagen Group
+and other partners, Porsche is refining re-
+cycling processes to keep even more raw
+materials within the closed loop in the future.
+A pilot project is running in which used traction
+batteries are being recycled for use as energy
+stores as part of a second life concept.
+On the road, electric vehicles also help save
+the environment and make a contribution
+The reporting area "Go to Zero" reflects
+the company's response to the topics
+identified in the Materiality Analysis: sus-
+tainable materials, energy and emissions
+during production, resource consumption
+during production, and conservation and
+biodiversity.
+to improving air quality in population centres.
+Given the raw materials and production pro-
+cesses involved, the environmental impact
+of electric vehicles is front-loaded, occurring
+primarily in the manufacturing phase. In the
+future it will be possible to reduce this impact
+further. Porsche and its suppliers are contin-
+ually collaborating to achieve improvements
+in battery production, for example by using
+electricity from renewable sources when
+manufacturing battery cells. The amount of
+raw material used in traction batteries can
+also be reduced further and the energy density
+and power intensity increased. Concepts
+allowing modular repairs, should any be
+required in the traction battery, can also help
+conserve resources.
+The concept of the "circular economy" is
+securely embedded as an action area in the
+company's sustainability strategy, as it seeks
+to make more efficient use of resources. In
+the reporting year, an interdisciplinary Circu-
+lar Economy Working Group was formed
+to manage the response to this topic with a
+focus on sustainable materials, end-of-life
+concepts for HV batteries in vehicles and the
+circular economy at Porsche's sites. It is
+connected to the company's existing sustain-
+ability committees.
+Environmental aspects play an increasingly
+important role in the pre-development phase
+in order to minimise products' environmental
+impact. For example, research is carried
+out into the use of sustainable raw materials
+and recycled materials for interior upholstery
+and support components or when awarding
+projects.
+USE OF MICROFIBRE MATERIAL WITH
+Approx.70%
+LOWER EMISSIONS OF CO₂ EQUIVALENTS
+COMPARED WITH TRADITIONAL MATERIALS
+The company is already making use of sus-
+tainable materials, for example in the interior
+of the Porsche Taycan. Large areas of the
+vehicle's door coverings are made using natu-
+ral fibres to reduce CO2 in manufacturing,
+and the lightweight construction of the mat-
+erial significantly reduces the weight of the
+components. The floor coverings use recycled
+"Econyl" yarn, which is made from materials
+like fishing nets that can no longer be used.
+Leather finishes are made using "OLEA" club
+leather, manufactured using plant-based
+tannins made from olive leaf extract. For those
+who do not want any leather in the vehicle's
+interior, the microfibre "Race-Tex" is utilised
+instead. In the Taycan this can be made
+partially from recycled polyester fibres.
+Sustainability in product development
+GO TO ZERO
+PORSCHE
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Additionally, the company was involved in
+In October 2020 Porsche joined the Respon-
+sible Mica Initiative. This cross-industry
+association of international companies and
+non-governmental organisations is committed
+to transparency and improved working con-
+ditions in relation to the mining of mica.
+Mica is used as a raw material in many indus-
+trial and cosmetic products. As an automo-
+bile manufacturer that uses mica in its paints,
+Porsche also contributes to the worldwide
+consumption of this raw material. Porsche
+represents the Volkswagen Group in the
+Responsible Mica Initiative.
+Communications
+Along with the Volkswagen Group, the com-
+pany is actively engaged in industry dialogue
+on the German federal government's National
+Action Plan for Business and Human Right.
+The aim of this dialogue is to guarantee human
+working conditions from one end of the supply
+chain to the other. Via the Volkswagen Group,
+Porsche is also a member of the World Eco-
+nomic Forum's Global Battery Alliance.
+Featuring public and private partners along
+the entire battery supply chain, the Global
+Battery Alliance strives to ensure social and
+ecological sustainability throughout the
+whole value chain of the raw materials used
+in batteries.
+the development of a blockchain pilot appli-
+cation together with its suppliers BASF and
+Motherson, with the aim of making green-
+house gas emissions in supply chains trace-
+able. On the basis of "smart contracts", which
+are made available to the companies involved
+in the process, the CO2 emissions generated
+by individual components are passed on
+digitally along the entire supply chain. This
+means that the CO2 footprint of a product
+can be quantified in a standardised way.
+Porsche is also doing more to raise awareness
+of sustainability in the supply chain among
+its employees and suppliers, staging events
+dedicated to this issue. These included a vir-
+tual "Supplier TechDay" during the reporting
+year. The aim of the event, focusing on sus-
+tainable materials, was to identify potential
+for the use of more environmentally friendly
+materials in future models and to inform
+suppliers about Porsche's sustainability goals.
+More than 20 companies in total presented
+their technologies in the focus areas of alu-
+minium components, recycled or renewable
+raw materials, and sustainable interior con-
+cepts, the most promising of which are being
+followed up internally.
++
+CONSISTENT USE OF RENEWABLE
+ENERGY IN PRODUCTION OF
+HV BATTERY CELLS
+CO₂ emissions and sustainable materials in
+the supply chain
+Based on a hotspot analysis, Porsche held
+numerous workshops with suppliers from
+relevant industries in the reporting year to
+coordinate and pursue targets and measures
+to reduce CO2 emissions and encourage use
+of sustainable materials. The biggest driver
+of CO2 emissions in the supply chain for elec-
+tric vehicles is the HV battery cells. For this
+reason, Porsche has consistently made the
+use of renewable energies for the production
+of HV battery cells a contractual requirement.
+98
+POR
+The use of this recycled material results
+in a 70 per cent smaller footprint of
+CO₂ equivalents in production, compared
+with traditional materials.
+bours may contact central contact persons
+with any complaints or suggested improve-
+ments. This system enables the company
+to respond quickly when required and to
+incorporate suggestions into its long-term
+planning for the improvement of its sites.
+A SECOND LIFE FOR TRACTION BATTERIES
+will be key to the long-term and sustain-
+able reuse of old batteries. To achieve
+this, the company is also developing
+innovative systems to test and measure
+the quality of used batteries, so that
+only suitable batteries are selected for
+the process. In addition, comprehensive
+concepts for returning used batteries
+from Porsche Centres throughout the
+European Union are being developed.
+Depending on the findings of the pilot
+project, concepts for other regions of the
+world will be analysed and evaluated in
+order to implement tailored second-life
+concepts in cooperation with importers
+in the key Porsche markets. The Second
+Life strategy for HV batteries makes
+an important contribution to conserving
+resources and giving sustainable support
+to the energy revolution.
+In line with the Porsche strategy, short,
+medium and long-term measures have been
+defined for environment and energy manage-
+ment. The environment and energy efficiency
+strategy and the company's own environ-
+mental policy are additional strategic guiding
+principles. In this way the company is imple-
+menting a requirement of the international
+standards for environment and energy man-
+agement, ISO 14001 and ISO 50001, around
+which Porsche's internal specifications and
+processes are based.
+For over 20 years, the Zuffenhausen plant has
+enjoyed validation under the Eco-Management
+and Audit Scheme (EMAS). In addition,
+since 2011 it has been compliant with the
+ISO 50001 energy management standard.
+Porsche Leipzig GmbH, the Research and
+Development Centre in Weissach including
+its external locations, the central parts
+warehouse in Sachsenheim and Porsche
+Werkzeugbau GmbH have also all been certi-
+fied as compliant with this standard and
+with the ISO 14001 environmental manage-
+ment system.
+As well as the official certification programmes,
+Porsche carries out annual system and
+process audits to ensure that all applicable
+environmental and energy legislation is
+observed and adhered to across the company.
+These audits are based on high standards
+and involve the hiring of external environment
+and energy auditors. The Environment and
+Sustainability steering group regularly evalu-
+ates the targets that have been set.
+Porsche records the environmental impact
+at its Zuffenhausen site using a system for
+recording and evaluation of environmental
+aspects (SEBU). All relevant environmental
+impacts in the air and effluents, energy con-
+sumption and waste volumes are evaluated.
+100
+Reporting areas
+Certified environment and energy
+management
+101
+Energy consumption at Porsche has risen in
+recent years. This can be attributed to ex-
+panded production, comprehensive construc-
+tion activities and a growing workforce. At the
+same time, the specific CO2 output per vehicle
+produced has been reduced by switching to
+renewable energy sources and biogas.
+-26.5%
+ENERGY CONSUMPTION PER VEHICLE
+PRODUCED SINCE 2014
+Since 2017, the electricity used by Porsche
+in Zuffenhausen has been generated exclu-
+sively from renewable sources. With the
+opening of the new Taycan factory, certified
+biogas has been added to the energy mix for
+generation of power and heating. The highly
+efficient CHP plant located adjacent to
+production and office buildings provides
+heating and a portion of the electrical energy
+required and complements the site's eco-
+friendly energy supply. These systems have
+achieved overall efficiency of more than
+83 per cent. The new, energy-efficient build-
+ings in Zuffenhausen clearly exceed the
+statutory requirements. They use on average
+15 per cent less energy than the previous
+construction standard.
+Environmental compliance
+Environmental protection is one of the six
+compliance topics at Porsche. It represents
+the objective of adhering to all regulations
+pertaining to environmental and energy
+legislation. These include European regula-
+tions and directives, federal and state require-
+ments within Germany, as well as local by-
+laws. Officers appointed within the Environ-
+ment and Energy Management department
+follow all of the relevant legal developments,
+evaluating their impact on the company
+and informing the affected areas. During the
+reporting period, there were no known
+breaches of environmental legislation at the
+Porsche sites.
+Complaints management
+Use of renewables
+CO2 EMISSIONS PER VEHICLE PRODUCED
+SINCE 2014
+-93%
+measures, with support from the Environ-
+ment and Energy Management department.
+Among its targets in the area of energy, the
+company is aiming to reduce energy consump-
+tion and CO2 emissions by 45 per cent per
+vehicle between 2014 and 2025. In addition,
+the sites at Weissach and Leipzig should
+start CO2-neutral operation from 2021,
+following in the footsteps of Zuffenhausen.
+ENERGY AND EMISSIONS DURING
+PRODUCTION
+Porsche is committed to the UN climate
+targets agreed in Paris in 2015. The sports
+car manufacturer takes responsibility for
+reducing energy consumption and emissions.
+Alongside its strategy of vehicle electri-
+fication, it is also constantly striving to de-
+carbonise its products and business processes
+throughout the life cycle. In addition to
+CO₂ emissions caused by vehicles on the
+road, Porsche also focuses on emissions
+in the supply chain.
+Major steps towards CO₂ neutrality
+Internal regulations and key strategic pillars
+set out Porsche's route for environmental pro-
+tection. The Group "Environment and Energy
+Management" guideline defines a standard-
+ised approach and responsibilities within the
+company. This supports the Group companies
+Д
+Customer returns vehicle with defective battery
+to the Porsche Centre.
+PORSCHE
+Battery is replaced in the Porsche Centre and
+picked up by the second-life service provider.
+Second-life service provider ships battery back
+to France for testing.
+Recycled
+Second-life
+reuse
+Depending on test results, modules are
+- integrated into stationary energy stores or
+-professionally recycled.
+in the systematic investigation, observance
+and checking of the regulatory environmental
+and energy requirements. Porsche's objective
+is clear: the "Zero Impact Factory", in which
+production has no negative effect on the
+environment. At the Zuffenhausen main plant
+in Stuttgart, the factory created for the
+all-electric Taycan is the first milestone in
+this plan. As part of its plant expansion, the
+company has optimised the entire site, which
+is now fully CO2 neutral.
+The new buildings are energy-efficient, while
+the power comes from renewable sources.
+On-site CHP generates most of the heat
+requirement using biogas obtained from
+unwanted materials and waste.
+The Executive Board member for Production
+and Logistics is responsible for ensuring
+systematic implementation of the required
+In the scope of its Second Life strategy,
+Porsche is engaged in a pilot project to
+revitalise used traction batteries. At the
+end of their useful life in the vehicle,
+the batteries will be dismantled and the
+individual modules reused for stationary
+energy stores. In addition to technical
+feasibility and development of proto-
+types, the scalability of the project for
+implementation as a series solution
+EMPLOYEES
+SKIT
+6,762
+WORKING FOR PORSCHE IS FUN
+Learning platform and media laboratory
+In 2020, the Porsche learning platform and
+media lab remained the central contact
+points for digital learning, enabling depart-
+ments to independently design and produce
+digital learning formats with the support
+of HR development. Greater use has been
+made of this offering during the Covid-19
+pandemic. The qualification portfolio, com-
+prising offerings from Porsche AG and its
+subsidiaries, grew strongly this year. Particular
+support was given to virtual formats that
+support self-directed and remote learning.
+For example, "Financial Processes at Porsche",
+a digital learning module aimed at all
+Porsche AG employees, was introduced to
+raise awareness of tax-related issues. In col-
+laboration with the specialist departments
+and HR development, "Al@Porsche" was cre-
+ated as a further digital offering to introduce
+employees to the potential uses of artificial
+intelligence. Together with the "Fit for Digit@l"
+quiz app, this offering was awarded the
+"Comenius-EduMedia-Award". Another exciting
+experiment was the design of a themed week
+as part of the Corporate Learning Commu-
+nity's Massive Open Online Course (MOOC)
+2020. An interdisciplinary team of qualifi-
+cation experts came together to discuss rel-
+evant questions concerning the Porsche
+Learning Lab, doing so in a virtual format and
+in an open exchange with numerous external
+HR experts.
+Cooperation projects with universities
+When it comes to promoting young talent,
+Porsche continues to back partnership-based
+cooperation with relevant higher education
+institutions and organisations. Examples in-
+clude its cooperation with "Formula Student
+Germany" and the partnership with the busi-
+ness information systems and industrial
+engineering courses at the Karlsruhe Institute
+of Technology (KIT). The existing cooperation
+agreements with CODE University in Berlin
+and the Leipzig Graduate School of Manage-
+ment (HHL) were extended in 2020. The
+cooperation in place with these universities
+aims to ensure that, during courses of study,
+science and practice are closely interlinked in
+the context of digitalisation. This also includes
+the scholarship programme for computer
+science students at RWTH Aachen University.
+Every year, 15 students from the computer
+science, media informatics, software systems
+engineering and data science courses receive
+a scholarship. International university con-
+tacts are also permanently being expanded.
+One such example is the cooperation with
+the IT chair at Babes-Bolyai University in
+Cluj (Romania).
+KIT KARLSRUHE
+Korace
+Exclusive partnership with top universities
+Porsche's "Executive Leadership Garage"
+qualification programme was launched during
+the reporting year. This builds on a research
+and transfer programme run by Leuphana
+University Lüneburg with academics from
+Stanford University as exchange partners.
+Porsche AG is a founding member of the pro-
+gramme. Its aim is to bring together executives
+from national and international companies.
+It also strives to familiarise participants with
+the latest scientific findings and methods
+in dealing with digital transformation. This is
+achieved by combining the latest scientific
+findings from Silicon Valley, convincing busi-
+ness models from innovative start-ups and
+the participating executives' own experiences.
+The programme consists of several modules
+that can be attended independently of each
+other. They include, for example, the "Inside
+Silicon Valley" module on the campus of
+Stanford University. Other modules focus on
+topics such as "Artificial Intelligence and
+its impact on leadership", "Data literacy and
+the critical examination of data and informa-
+tion" and "Digital change and the successful
+implementation of complex transformation
+projects".
+19
+EISENARN
+Once again in 2020, all employees of
+Porsche AG and its subsidiaries were asked
+to give an assessment of their current work
+situation using a mood barometer. More than
+82 per cent of employees in the Porsche Group
+voluntarily took part in the survey, which took
+the form of an online questionnaire. The mood
+index at Porsche AG once again improved
+by 0.8 percentage points compared with the
+already very good results in 2019. It was
+particularly gratifying that 93 per cent of staff
+expressed the view that Porsche was a very at-
+tractive employer. After the questionnaires
+are evaluated, the results are discussed in detail
+within the respective organisation unit.
+Managers and employees identify potential
+for improvement and jointly define specific
+measures in order to optimise processes or
+working conditions, for example.
+Porsche mood barometer
+FORMULA STUDENT TEAM FROM KIT VISITS PORSCHE
+KOEPTEM
+HAKRO KSF
+ing
+113
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Employees, Society, Sports and Communications
+INCREASING NUMBERS OF WOMEN IN TECHNICAL JOBS
+112
+DIVERSITY AT PORSCHE
+427
+In the course of implementing the law for the
+equal participation of women and men in
+management positions in the private sector,
+the following targets for the proportion of
+women on the Supervisory Board and Execu-
+tive Board as well as the top management
+levels have been set for Porsche AG with a
+deadline of 31 December 2021: against
+the backdrop of the long-term commitments
+of its members, the Supervisory Board has
+confirmed the status quo of ten per cent as
+its target figure. At the time of this decision
+being made, the Executive Board positions for
+all departments are occupied exclusively by
+men with the respective contractual periods
+extending over several years. For this reason,
+the status quo (zero per cent) was set as the
+target for the Board. However, Porsche's
+Supervisory Board has set itself the target of
+increasing the percentage of women over the
+long term. With regard to the first and sec-
+ond management levels below the Executive
+Board, Porsche AG has set a target of 15 per
+cent by 31 December 2021.
+Targets for the percentage of women in the
+Supervisory Board, Board of Management
+and management
+During the virtual Pride Run,
+members of the Porsche
+family set a sign:
+wearing coloured shirts, they
+covered kilometre after
+kilometre on their own choice
+of running routes in a
+display of solidarity with the
+rainbow community.
+in with Christopher Street Day (CSD), Porsche
+has sent a clear signal of acceptance and
+trust for one another around the theme of
+"Diversity needs support". Every year at the
+end of July, millions of people around the
+world stand up for the rights of gay, lesbian,
+bisexual and transgender people, taking a
+stand against discrimination. Porsche also
+got involved in 2020 with a range of different
+activities. Andreas Haffner, Member of the
+Executive Board for Human Resources,
+was the sponsor of this initiative. He is also
+a sponsor of the Proud@Porsche network.
+As a visible sign of acceptance and inclusion
+of the LGBT*IQ community, a rainbow flag
+was hoisted on the factory flagpole over the
+CSD weekend. Passers-by at Porscheplatz
+could also marvel at a mobile rainbow, as six
+brightly coloured 911s adorned the forecourt
+of the Porsche Museum. During the virtual
+Pride Run, members of the Porsche family
+set a sign: wearing coloured shirts, they
+covered kilometre after kilometre on their
+own choice of running routes in a display of
+solidarity with the rainbow community.
+A clear signal on Christopher Street Day
+In the interests of a colourful society: to tie
+PORSCHE CELEBRATES CHRISTOPHER STREET DAY
+The attractiveness of
+Porsche as an employer
+Diversity Challenge with Sami Khedira
+World Cup winner Sami Khedira challenged
+the Porsche workforce to a Diversity Team
+Challenge on the occasion of the 8th
+German Diversity Day. Around 32,000 em-
+ployees at the German sites were invited
+to take part in a digital quiz on diversity and
+inclusion in randomly selected teams
+of four. The aim was to raise employee
+awareness of the huge potential of working
+teams that are as diverse as possible. The
+aim was also to show that each person, with
+their individual abilities and perspectives
+on life, is important for joint success.
+Sami Khedira led by example with his own
+team. The 33-year-old has been playing
+international football for many years and is
+an ambassador for Porsche's youth develop-
+ment programme "Turbo for Talents". The
+footballer's background makes him uniquely
+placed to stand for diversity and equal
+opportunities.
+is not only confirmed
+by graduates, but also by
+Porsche staff.
+Alles Digital?
+674
+Other sites in Germany
+Zuffenhausen
+15,181
+at sites in Germany
+Employees
+116
+Key themes in Porsche's
+corporate culture are
+conveyed to the outside
+world, including being
+down to earth, loyal and
+innovative.
+20 years of the Ferry Porsche Prize
+Supporting young talent does not just
+begin at university. For the last 20 years,
+the best high-school leavers of the year
+in Baden-Württemberg have been awarded
+the Ferry Porsche Prize in the core subjects
+of mathematics, physics and technology.
+In 2020, 232 young people received the cov-
+eted award. Following a prize draw, six of
+them were awarded an additional one-year
+scholarship. The Ferry Porsche Prize is awarded
+jointly with the Ministry of Culture, Youth
+and Sport at StepStone in Baden-Württem-
+berg. The intended aim is to increase the at-
+tractiveness of STEM subjects and encourage
+young people to study engineering.
+ing social media channels at the same time,
+and is accompanied by advertisements
+and editorial contributions in print media. It
+makes people curious and gives potential
+applicants the opportunity to find out more
+about what it is like to work for Porsche.
+are not necessarily expected. The campaign
+runs across all of Porsche's personnel market-
+With its employer branding campaign, Porsche
+has been demonstrating since autumn 2018
+that behind the exclusive products lies an ap-
+proachable employer. High-quality black and
+white pictures of employees give an authentic
+impression of the working world at the sports
+car manufacturer. Key themes in Porsche's
+corporate culture are conveyed to the outside
+world, including being down to earth, loyal
+and innovative. The story was developed further
+during 2020. Under the heading "Bad days"
+employees tell their stories, warts and all, ex-
+plaining that their journey to mobility of
+the future is not always an easy one. Just like
+everywhere else, employees at Porsche also
+experience bad days, with difficult decisions
+to be made or seemingly insurmountable
+hurdles to overcome. These difficult days reveal
+more about a job than the easy times. And
+they also help Porsche employees to grow
+from their own mistakes. In an authentic way,
+the new employer branding campaign illus-
+trates the culture of mistakes at Porsche, pro-
+viding unusual insights into situations that
+Down-to-earth, approachable - and not
+always perfect
+45286
+K
+20 YEARS OF THE FERRY PORSCHE PRIZE
+115
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Employees, Society, Sports and Communications
+FIT FOR DIGIT@L
+114
+In 2020, Porsche again scored very highly
+among students in relevant employer rankings.
+In the "Universum Student Survey", Porsche
+was repeatedly named the most attractive
+company in the automotive industry and the
+most attractive employer for engineers in
+2020. Porsche also achieved top results in
+the Trendence Institute's annual student survey,
+recording its best overall result from both
+rankings since 2006. The attractiveness of
+Porsche as an employer is not only confirmed
+by graduates, but also by Porsche staff.
+The sports car manufacturer came first in the
+Glassdoor Ranking for 2019/2020 and fourth
+at StepStone. Porsche's high level of
+attractiveness as an employer is also demon-
+strated by the consistently high number of
+applicants. Its staff turnover rate remains well
+below one per cent.
+Porsche remains a highly regarded employer
+BASICS
+FIT FORD
+DIE TREIBER DER
+DIGITALEN
+TRANSFORMATION
+DER KERN DER
+DIGITALISIERUNG
+WAS BEDEUTET
+DIGITALISIERUNG?
+Fit für Digit
+AL
+CORDY
+OPGRAD
+Porsche successfully completed the largest
+recruitment drive in its history in 2020.
+Since the start of the recruitment process in
+November 2018, around 2,000 new employ-
+ees have been hired for the production of the
+Taycan in Zuffenhausen. In addition, a further
+500 new colleagues have been hired for other
+direct production areas in the reporting year.
+Through a large number of applicant days,
+Human Resources and Production gave inter-
+ested specialists the opportunity to find out
+about job opportunities at Porsche during
+personal discussions. Another important
+measure for the ramp-up of Taycan production
+is the Group's cooperation with Audi in
+Neckarsulm. Under a fixed-term two-year
+agreement, around 400 Audi employees have
+been transferred to Porsche since June 2020.
+109
+Employees, Society, Sports and Communications
+2020
+2018 2019
+2017
+2016
+0
+35,429
+36,359
+27,612
+29,777
+32,325
+5
+10
+15
+108
+EXECUTIVE BOARD MEMBER ANDREAS HAFFNER (LEFT) AND OLIVER BLUME (CENTRE) WITH THE EMERGENCY RESPONSE ORGANISATION
+C
+PORSCHE
+Employees
+Porsche AG Group
+"DESPITE ALL THE CHANGES
+THERE IS ONE THING WE
+CAN SURE OF ABOUT THE
+FUTURE: AT PORSCHE,
+PEOPLE ARE AT THE CENTRE
+OF THE COMPANY."
+20
+25
+Crisis management in response to Covid-19
+The Porsche Corporate Security unit manages
+the sports car manufacturer's emergency
+response organisation (GAO), together with
+Porsche health management. In response
+to the Covid-19 outbreak, the Corporate
+Security function is currently in continuous
+operation. As Porsche's crisis team, the
+GAO comprises the GAO managers from
+the German sites, representatives from
+Human Resources, the Works Council,
+Communications, Production, Development
+and Finance. Since the start of the coronavirus
+pandemic, the crisis team has been meeting
+several times a week, and over the past few
+months has made hundreds of decisions
+and implemented the related measures.
+These have included updated travel guidelines,
+the early recall of staff on overseas assign-
+ments, dealing with suspected or confirmed
+Covid-19 cases, general hygiene and behav-
+ioural measures, guidelines for meetings,
+dealing with suppliers travelling from risk
+areas, and much more. A hotline and a central
+mailbox provide employees with a point
+of contact for questions about coronavirus at
+any time of day or night.
+Andreas Haffner,
+Porsche is well aware of its challenges in the
+supply chain and rejects child labour, forced
+labour and compulsory labour as well as
+all forms of modern slavery and human traf-
+ficking. A transparent certificate of origin
+and contractually binding sustainability
+requirements are important steps in ensuring
+fair competition and preventing exploitation
+linked to raw materials.
+Member of the Executive Board -
+Human Resources
+Porsche health management takes the strain
+During the reporting year, Porsche's health
+management was the central point of contact
+and main advisory body for all issues relating
+to the coronavirus pandemic. As part of
+Porsche's emergency response organisation,
+the health management unit was monitoring
+the development of the pandemic from the
+beginning of the year, with appropriate meas-
+ures being developed and implemented in
+response. The primary goal was and remains
+to protect the health of the Porsche work-
+force-through comprehensive communica-
+tions and specific instructions for action,
+relating to work in production and adminis-
+tration for example. Covid-19 testing centres
+have also been set up at the Zuffenhausen
+and Weissach sites to enable employees with
+relevant symptoms to access a test quickly
+and easily. In addition, health management
+has added an important component to its
+attractive range of services: since autumn
+2020, Porsche AG employees with a cancer
+diagnosis have been able to obtain an inde-
+pendent second opinion free of charge at the
+Robert Bosch Centre for Tumour Diseases
+(RBCT). Where appropriate, genetic analysis
+will also be carried out. On this basis, cancer
+patients can be given an individual therapy
+recommendation in accordance with the latest
+scientific standards. The RBCT is based at
+the Robert Bosch Hospital (RBK) in Stuttgart,
+a world-leading establishment in cancer
+diagnostics and therapy with its OncoCure
+programme.
+OK
+ONCOCURE PROGRAMME
+Taycan recruitment completed
+Electrification, digitalisation, decarbonisa-
+tion - the transformation of the automobile
+industry is also challenging Porsche.
+Against this backdrop, it was important for
+the Executive Board and full Works Council
+of Porsche AG to agree on the "Tradition.
+Transformation. Tomorrow" package of meas-
+ures in 2020. The measures, which are
+far-reaching and forward-looking, aim to
+make sustainable improvements to the com-
+pany's competitiveness. The agreement
+covers a ten-year period. Its main priority is
+to secure the long-term future of the core
+workforce. The measures agreed to increase
+flexibility and productivity, as well as to
+secure the company's results, will be key
+factors in the future viability of Porsche.
+Securing a plant's future
+Expansion of Porsche "JobRad" scheme
+Twelve subsidiaries now offer the "Porsche
+Job Rad" scheme to employees. This is an
+attractive and tax-efficient company bike
+scheme for staff. Since February 2020,
+the employees of Porsche Lizenz- und Handels-
+gesellschaft mbH have also been able to use
+the scheme, which was originally launched
+by Porsche back in April 2019. More than
+4,500 bikes have been made available during
+this time, with demand from across all
+employee groups. Employees who cover more
+than half of their commute to work each
+month by company bike were able to apply for
+an employer subsidy for a "Porsche JobRad"
+bike for the first time in the reporting year.
+The internal mobility survey conducted in
+February 2020 also showed that cycling is
+increasingly the preferred form of transport
+for the commute to work. This figure has actu-
+ally tripled compared with 2015. In this way,
+Porsche employees are helping to reduce
+their carbon footprint simply through their
+daily commute.
+111
+Employees, Society, Sports and Communications
+110
+platform.
+A digital training
+assistant gives employees
+suggestions for relevant
+training courses on the
+Porsche internal learning
+The other 50 per cent is based on a long-
+term incentive in the form of a three-year
+performance share plan (based on the last
+three financial years including the year under
+review). The annual bonus is generally based
+on the operating return on sales and operating
+return on investment recorded by the Porsche
+Group and/or Porsche brand. The long-term
+incentive is linked to the (steady state) devel-
+opment of virtual preferred shares of the
+Volkswagen Group over the last three years.
+This multi-year assessment basis takes into
+account both positive and negative devel
+opments.
+With effect from 1 January 2020, Porsche
+made changes to its remuneration system for
+its (senior) managers. The changes were
+made in connection with the standardisation
+of the remuneration system for management
+throughout the Volkswagen Group and forms
+part of the group strategy "TOGETHER -
+Strategy 2025". The aim is to offer a level of
+remuneration that is appropriate and attractive
+by national and international standards. The
+remuneration criteria are the individual staff
+member's remit and the company's economic
+situation, performance and outlook. Porsche's
+new remuneration system is made up of fixed
+and variable components. 50 per cent of the
+variable remuneration consists of an annual
+bonus based on a one-year assessment period.
+New remuneration system for
+(senior) management
+To enable even more colleagues to participate
+in Porsche Ideas Management (PIDM), the
+PIDM target group has been extended. This
+means that temporary and contract workers,
+trainees, interns and student employees,
+as well as employees of other German Group
+companies, can now also submit their ideas.
+With the complete digitalisation and user-
+oriented optimisation of the PIDM workflow,
+the "My Porsche Cockpit" provides all of the
+information needed by those submitting
+ideas, managers, reviewers and those respon-
+sible for implementing the ideas in one place.
+474
+Porsche Ideas Management (PIDM)
+on everyone's lips, and Al applications are
+also increasingly being used in Porsche Human
+Resources. This is based on the transparent
+and responsible handling of new technologies,
+with the aim of enabling a positive customer
+experience and creating scope for value-add-
+ing activities. A good example of this is the
+Porsche Employee Assistant - a chatbot for
+employees that is available around the clock
+to discuss HR issues in particular. This is a
+valuable tool, especially during the pandemic,
+for answering frequently asked questions
+about Covid-19, current business travel regu-
+lations or mobile working. There are plans
+for the chatbot to be further expanded into a
+digital "personal assistant", which would be
+able to hold conversations, carry out actions
+and also respond to voice input. With the help
+of HR predictive analytics, Porsche is also
+looking into the future, using data patterns to
+try to identify trends. For example, a pilot
+project has investigated the future possibility
+of being able to predict the monthly health
+status at Porsche. Meanwhile, a digital training
+assistant could suggest relevant training
+seminars to employees on the internal Porsche
+learning platform, similar to personalised
+product recommendations on online shopping
+portals in the consumer environment.
+Artificial intelligence in Human Resources
+The term artificial intelligence (AI) is currently
+In our increasingly complex world, the demands.
+on human resources work are also growing.
+For this reason, the Human Resources
+department at Porsche AG was reorganised in
+the 2020 financial year to ensure that it is fit
+for its future role. The main focus was on the
+changing needs of internal and external
+customers. Specifically, this relates to
+employees, managers and job applicants.
+Greater specialisation in HR consulting will
+further increase the quality of service and
+advice provided to employees. Additionally, the
+HR Business Partners now support managers
+even more comprehensively with regard to
+leadership issues, change processes and organ-
+isational matters. There is also a special area
+for executive support, talent development,
+international mobility and support for the
+subsidiaries. The recruitment process has been
+redesigned with the recruitment unit now
+responsible for all internal and external appli-
+cation processes from start to finish, i.e.
+from the relevant department first requesting
+that a position be filled to looking after the
+successful candidate on their first day. The
+steering functions and competence centres,
+for example in the areas of HR Strategy and
+Innovations, HR and Social Policy or HR Devel-
+opment, have also been given a more precisely
+defined profile. The reorganisation process
+additionally involved analysing all HR processes
+and giving these a new description
+where necessary.
+and Social Affairs
+Reorganisation of Human Resources
+EMPLOYER CAMPAIGN: "ACHTET AUFEINANDER"
+von 1.5 m zwischen euch und buren Kollegen. Wir wünschen euch allen einen tollen Start!
+#achtetaufeinander
+Wir wissen, dats es schwierig ist. Doch unser wichtigstes Feature seid ihr Deshalb achtet bitte stets auf einen Mindestabstand
+Bitte selber Abstand halten. Bleibt gesund!
+Solange euer Arbeitsplatz kein ACC besitzt:
+R
+1,5 m
+Since autumn 2020,
+Porsche AG employees
+with a cancer diagnosis
+have been able to obtain
+an independent second
+opinion free of charge at
+the Robert Bosch Centre
+for Tumour Diseases
+(RBCT).
+IT TEAM DEVELOPS CRISIS CHAT BOT
+Weissach
+Protection of human rights
+Year-on-year comparison
+117
++3%
+Leipzig
+4,340
+Ludwigsburg
+3,504
+1,185
+541 Bietigheim
+Total workforce in Germany
+Schwarzenberg
+Sachsenheim
+28,764
+2018
+31,690
+2019
+High approval ratings in the in-house mood
+barometer, a staff turnover rate of well below
+one per cent for years and top rankings in a
+wide range of employer league tables: Porsche AG
+continues to be an attractive employer from
+many perspectives. Thanks to a close working
+relationship between employers and employ-
+ees, Porsche has succeeded time and again in
+positioning itself as a sustainable and reliable
+employer to its employees, who currently total
+36,359 (as of 31 December 2020). This is
+impressively underlined by the "Securing a
+Plant's Future 2020" plans for the companies
+of Porsche AG. With a realignment in the
+reporting year, the HR and Social Policy depart-
+ment is also laying the foundation for shaping
+change even more intensively in the age of
+digitalisation. A key task here is to work to-
+gether with the other departments under the
+theme of "Restructuring, not expansion" to
+identify future needs and to qualify the
+Porsche workforce for the challenges ahead.
+32,661
+2020
+Employees, Society, Sports and Communications
+Chairman of the Executive Board
+Oliver Blume,
+"COLLABORATING IN OUR
+SOCIETY IS MORE IMPORTANT
+THAN EVER. INDUSTRY,
+POLITICS AND SOCIETY:
+TOGETHER WE BEAT THE
+CORONAVIRUS CRISIS.
+PORSCHE TAKES ITS SOCIAL
+RESPONSIBILITY SERIOUSLY.
+THIS IS ONE OF OUR
+FUNDAMENTAL PRINCIPLES
+AND REFLECTS OUR
+UNDERSTANDING OF
+SUSTAINABILITY."
+30 infusers, which are used as dosing pumps
+for the continuous injection of medication.
+There were 143 young people who started
+their careers at Porsche in 2020 as appren-
+tices or dual students. As in previous years,
+these new members of the Porsche family
+will be given a permanent employment con-
+tract on the successful completion of their
+training and studies. Training was another
+area that was strongly impacted by Covid-19
+during the year under review. Technical
+vocational training, which focuses on teach-
+ing manual skills, relies particularly heavily
+on direct interaction between trainees and
+instructors in the workshop and training room.
+After detailed planning, the training centre
+was able to resume regular operations by the
+end of April, despite the pandemic. The spe-
+cially developed digital teaching and learning
+offer was supplemented by additional mod-
+ules for teaching at the vocational schools
+and training at the training centre. The use of
+tablets and e-learning was also continuously
+expanded. Consequently, the Open Day at
+the training centre also took the form of a
+digital InfoNight this year. And the traditional
+"getting-to-know-you" days for the new
+training year, which usually take place off-site,
+were also swiftly moved to the training centre
+and held in a new Covid-safe format.
+As part of its relief measures, the sports car
+manufacturer also made an immediate donation
+of more than 210,000 euros to the Stiftung
+Evangelische Altenheimat. Some 580 elderly
+people in five care homes in Stuttgart
+and two additional sites in the Ludwigsburg
+area were provided with urgently required
+Personal Protective Equipment as a result.
+safeguarded the running of 41 homes for
+children and young people in Stuttgart.
+PORSCHE SUPPORTS CARITASVERBAND FÜR STUTTGART'S DISABILITY CHARITY
+D
+Porsche launched a flagship project in Leipzig
+Hospitals and its staff ensure that people
+receive medical care. In order to cope with the
+enormous challenges posed by coronavirus,
+Porsche set up a lagship project worth
+1.3 million euros for the benefit of Stuttgart
+hospitals: Stuttgart Hospital received an
+emergency aid donation of 810,000 euros.
+This money was used to purchase 20 anaes-
+thetic machines, 21 ventilators and additional
+endoscopes for intubation for the Katharinen-
+hospital, the Bad Cannstatt Hospital and
+Germany's largest children's hospital, the Olga-
+hospital. The funding was also used to buy
+laboratory equipment for the detection of
+coronavirus in DNA samples. Porsche donated
+a further 500,000 euros to the Marienhospital
+in Stuttgart. This emergency funding enabled
+the hospital to buy a mobile x-ray machine,
+along with 15,000 FFP2 face masks and
+100,000 premium-grade surgical masks. The
+donation also funded the purchase of
+too, donating close to one million euros to
+social and medical institutions. Of this amount,
+526,000 euros went to the University Hospital,
+For their part, the international subsidiaries
+also simply got on with supporting their local
+organisations on a voluntary basis. A few ex-
+amples: Porsche Italia, together with the Italian
+dealer network, donated 1.3 million euros
+to Caritas Italiana as part of the "Uniti per
+tional stocks of protective masks and face
+shields. In total, Porsche supported 19 institu-
+tions and social work associations in Leipzig,
+including the Johanniter-Unfall-Hilfe accident
+support organisation, the German Red Cross
+(DRK), the Diakonie social welfare organisation,
+the children's clinic at the University Hospital
+Leipzig (Stiftung Kinderklinik Universitäts-
+klinikum Leipzig) and Herbie e.V.
+Approximately 30,000 euros was given to
+charitable organisations in Schwarzenberg,
+with the money being invested in urgently
+needed Personal Protective Equipment. The
+recipients in this case were the DRK, the
+Diakonische Werk social welfare organisation,
+the Lebenshilfe charity and the local food bank.
+Meanwhile, through digital networking, Porsche
+has also been taking a stand against lone-
+liness and isolation. The company donated
+125,000 euros to a project organised by
+the Federal Association of Protestant Aid for
+the Disabled. Almost 50 institutions in
+Baden-Württemberg and Saxony were given
+digital devices, as well as the necessary soft-
+ware and basic digital skills training. In this
+way, people with disabilities were able to
+connect online and continue to participate in
+society despite the restrictions on meeting
+up in person.
+Meanwhile, the subsidiaries have also been
+getting involved in efforts to tackle Covid-19.
+Porsche Consulting and MHP, for example,
+contributed their comprehensive consulting
+expertise to support the state governments'
+crisis teams in Baden-Württemberg and
+Saxony.
+The sales company Porsche Deutschland sup-
+ported the DRK Stuttgart and the Wohlfahrts-
+werk Stuttgart with donations and the delivery
+of supplies in the region. To take just one
+example, Porsche sports cars were used to
+deliver meals to care facilities and to drop off
+protective clothing and masks. Before Christ-
+mas, Porsche Deutschland made a further
+50,000 euros donation to the global corona-
+virus emergency assistance organisation
+Aktion Deutschland Hilft e.V.
+a donation of 110,000 euros to fund PPE
+during the pandemic. This donation
+EUR
+BW Bank
+Fünfhundertsechsundavaniglausend
+sechshundert dreundfünfeig
+Universitálsklinikum Leipzig
+which used the money to purchase eleven
+ventilators, two blood gas analysers and addi-
+Another project supported by Porsche during
+the year under review aims to protect children
+and young people. The Stuttgarter Jugend-
+haus gGmbH umbrella organisation received
+Employees, Society, Sports and Communications
+The "Gute(r)Dinge" emergency aid fund, set
+up by the Bürgerstiftung Stuttgart civic foun-
+dation, was one such project to receive
+funding from Porsche. The donations were
+aimed at helping people without a home in
+the Stuttgart region. Among the initiatives
+that benefited from support were a project to
+deliver food and personal hygiene items to
+homeless people by cargo bike, as well as
+providing hot meals.
+Porsche Gastronomy launches sustainability
+campaign
+Porsche Gastronomy supports Porsche's sus-
+tainability strategy and is increasingly focus-
+ing on regional and seasonal ingredients.
+In this context, ten employee canteens were
+successfully certified according to the
+Baden-Württemberg Quality Mark (QZBW) in
+2020. From now on, they will display the
+"Taste the South" quality mark. The next goal
+is certification "level 2" with an even higher
+proportion of regionally produced ingredients.
+At the same time, Porsche Gastronomy has
+declared war on food waste: as part of a pro-
+ject in cooperation with United Against Waste
+e.V., the amount of food waste was analysed
+and measures to avoid waste devised. As a
+result, food waste has already been reduced
+by around 30 per cent. Across all canteen
+operations, this equates to almost 0.7 tonnes
+per day. In addition, Porsche Gastronomy
+was the first mass catering operation to switch
+all of its cleaning supplies to sustainable and
+biodegradable products. The environmental
+impact is significantly reduced but the clean-
+ing effect remains the same. Another advantage
+is that hazards during cleaning activities are
+also significantly reduced.
+PORSCHE SITE FIRE SERVICE
+TRAINEES EMBARK ON WORKING LIFE AT PORSCHE
+118
+PORSCHE
+WERKFEUERWEHR
+1/46-1
+BB
+MF 213
+Porsche Ausbildung
+Creation of site fire service in Zuffenhausen
+In order to further strengthen the company's
+emergency response, the Executive Board
+decided during the year under review to es-
+tablish a site fire service at its Zuffenhausen
+factory. Corporate Security was given the
+task of setting up the fire service, with a total
+of 35 full-time firefighters. By having its
+own fire service, Porsche is responding to the
+expansion of the plant in Zuffenhausen to
+accommodate production of the all-electric
+Taycan and the resulting increase in the num-
+ber of high-voltage components. Response
+times would be reduced in the event of an
+emergency, and the company's own experts
+would be available immediately and with local
+knowledge.
+Chief electrician
+Porsche also supported the Caritasverband
+für Stuttgart e.V.'s disability charity to the
+tune of 70,000 euros. The money was used
+to buy equipment that was urgently needed
+to prevent the spread of coronavirus at the
+Caritas housing complex, which is home to
+around 170 residents and staff, in Zuffenhausen.
+Given the increasing electrification of the
+Porsche model range as well as of buildings
+and facilities, a chief electrician (GvEFK)
+was appointed for the company in August
+2020. As the central point of contact,
+the GVEFK is responsible for all internal and
+external topics relating to electrical safety.
+The GVEFK's remit is to establish a legally
+compliant organisation for electrical safety
+(vehicles, buildings and facilities) and to
+establish safe processes and standards
+Accident index remains stable
+Occupational safety remains another focus
+of health management. In 2020, the accident
+index was maintained at the previous
+year's level. Extensive training and awareness-
+raising as well as the implementation of
+sustainable measures are having the desired
+effect. There was a decrease in the severity
+of accidents compared with 2019, with a fall
+of 29 per cent. Accident severity is
+measured by the number of working days
+lost after an occupational accident. This
+figure also underlines the strong effort being
+made across all departments to improve
+health and safety.
+Porsche Gastronomy was
+the first mass catering
+operation to switch
+all of its cleaning supplies
+to sustainable and bio-
+degradable products.
+526.653,-
+Leipzig
+0.05.2020
+Poriche AG
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+119
+SOCIETY
+With a diverse range of commitments to its
+name, Porsche strives to be a valued and
+responsible partner to society. The company
+actively supports socially disadvantaged
+groups, promotes culture and sports at its
+site locations, and is heavily involved in the
+spheres of education, environmental protec-
+tion and biodiversity. In response to the
+huge impact of the coronavirus crisis on the
+more vulnerable sections of society, Porsche
+has significantly increased its support. Last
+year the company made donations to some
+200 individual projects in a range of areas,
+while also engaging in CSR sponsorship and
+cultural sponsorship activities. Porsche also
+made further donations to the charitable
+Ferry Porsche Foundation.
+Emergency measures to tackle coronavirus
+Porsche has introduced wide-ranging measures
+in response to the coronavirus crisis, primarily
+in the regions in which it is based. Funding was
+boosted by a further five million euros, and
+grocery donations to food banks were more
+than doubled, targeting help at people suffe-
+ring hardship as a result of the crisis. The
+company also supported numerous local aid
+organisations in their response to the pande-
+mic, such as with the purchase of Personal
+Protective Equipment (PPE) or targeted cam-
+paigns to mitigate the effects of the pandemic.
+wherever electrical current flows. The aim is
+to anchor awareness of electrical safety in
+the organisation on a long-term basis. On the
+basis of the statutory provisions and the re-
+quirements defined in state and professional
+association guidelines, as well as the regula-
+tions of the electrotechnical standard-setter
+VDE, the action required by Porsche is defined
+and measures rolled out accordingly, across
+all sites. The GvEFK is a staff function within
+Corporate Safety and manages more than
+1,200 electrical specialists.
+0000323456789/
+121
+OLA
+As part of the "Aces for Charity" campaign
+at the Porsche Tennis Grand Prix, the company
+donated 50 euros for every ace hit during
+the "German Ladies' Series presented
+by Porsche". The German Tennis Federation
+launched this tournament series last year
+with the help of Porsche when tournaments
+were put on hold worldwide due to Covid-19.
+The players served a total of 385 aces -
+and Porsche generously rounded up the dona-
+ted sum to 20,000 euros. This amount was
+split equally between two causes: the Agapedia
+Foundation, which runs various support
+projects for children who are in need or facing
+hardship, and the Baden-Württemberg
+Sports Federation, where the money was used
+in the "Integration through sports"
+federal programme.
+Porsche Junior improves the
+prospects of young people
+in the labour market.
+This social welfare project
+gives young people oppor-
+tunities to gain important
+practical experience before
+starting a traineeship.
+International commitments
+Porsche and its national organisations are
+involved in projects all over the world. Porsche
+China, for example, once again launched the
+"Dealer CSR Fund" in 2020, supporting local
+projects throughout China. The project
+proposals are submitted by Porsche dealers
+and implemented in collaboration with non-
+profit organisations. In 2020, Porsche China
+supported the "Mini Libraries & Reading
+Space in Rural Schools" project and the "Care
+for Kids - Anti Kidnapping Educational"
+programme.
+Through its CSR campaign "Porsche Do
+Dream", Porsche Korea aims to open up new
+opportunities and prospects to disadvan-
+taged children and young people. One part of
+this programme is "Porsche Dream-up", a
+scholarship initiative for particularly talented
+young people in the fields of art and sports.
+"Dream Playground" creates play opportuni-
+ties inside buildings. The background to
+this is that heavy fine dust pollution in many
+areas of Korea prevents children from playing
+outdoors. Six indoor playgrounds have already
+been built at Korean primary schools. Other
+projects under this initiative include "Porsche
+Dream Circle" for environmental education
+in schools, "Urban Bees Seoul", a honeybee
+project for greater biodiversity in Seoul,
+"Seoul Bike X Art Collaboration", an art project
+for bike sharing in Seoul City, and aid projects
+for families and artists who have been disad-
+vantaged by the Corona crisis.
+Porsche Latin America has been working with
+the charitable organisation "Un Techo" since
+2012. This Latin American non-governmental
+organisation works to help socially vulnerable
+families in marginalised neighbourhoods, pro-
+vides housing in areas of extreme poverty and
+also offers educational programmes. The do-
+nation made in the reporting year will be used
+to fund at least 50 houses in 14 Latin Ameri-
+can countries.
+CSR sponsorship
+Funding of foundation chairs
+Porsche also supports academic education
+through donations and works together with
+institutions of higher education. To take an
+example, the "Dr. Ing. h.c. F. Porsche AG Chair
+of Strategic Management and Digital Entre-
+preneurship" was created in July 2013 at the
+HHL Leipzig Graduate School of Manage-
+ment. By the end of 2020 more than 2,500
+students had already benefited from the
+courses, seminars and projects on offer. The
+company also supports teaching, research
+and continuing academic development in the
+field of modularisation in vehicle development
+at Esslingen University of Applied Sciences.
+Start-up contest for school pupils and
+trainees
+"Jugend gründet" is a business plan and simu-
+lation contest organised by the Steinbeis
+Innovation Centre for Business Development
+at Pforzheim University Last year, more than
+4,100 trainees and school pupils from year
+10 and above from all over Germany submitted
+their start-up proposals. Porsche has been
+the main sponsor of the contest since 2016
+and also awarded its special "Digital Future"
+prize for the second time in 2020. Three
+school pupils from a high school in Achern
+won over the judging panel with their
+"E-ChargeNets GmbH" start-up. This e-char-
+ging and billing concept uses public energy
+sources, such as street lamps, as charging
+stations for private e-vehicles. The winners'
+prize was a visit to Porsche Digital in Berlin.
+BORSCHE
+DREAM CIRCLE
+Through its CSR campaign
+"Porsche Do Dream"
+Porsche Korea aims to open
+up new opportunities and
+prospects to disadvantaged
+children and young people.
+122
+PORSCHE KOREA OPENS THE FIRST "PORSCHE DREAM CIRCLE" AT PRIMARY SCHOOL
+Employees, Society, Sports and Communications
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+123
+Youth development in sports
+Supporting young people in sports is a funda-
+mental element of Porsche's philosophy of
+social responsibility. For many years now, the
+company has been supporting youth work
+in sports clubs within the context of its wider
+"Turbo for Talents" initiative. One particular
+focus is how to balance school, sports and
+working life. The programme also promotes
+social aspects and the teaching of values
+such as team spirit, fairness, passion and
+respect as well as the development of perso-
+nalities. The Germany-wide CSR programme
+focuses on the Porsche site locations of
+Stuttgart and Leipzig. Since September, Porsche
+has also been involved in youth development
+work at Borussia Mönchengladbach.
+Stuttgart region
+In the Stuttgart region, Porsche has been
+supporting children and young people at its
+partner clubs SC Bietigheim-Bissingen
+Steelers (ice hockey), SV Stuttgarter Kickers,
+SG Sonnenhof Großaspach (football) and
+the Porsche Basketball Academy Ludwigsburg
+for several years.
+organisation
+Back to work as a training
+P
+Aces for charity
+PORSCHE
+The "Garage" training initiative is based at
+the Technology Centre for Young People in
+the Plagwitz district of Leipzig, and is used
+by more than 80,000 children and young
+people every year. Porsche's Technology
+Workshop, featuring a 911 Turbo, forms part
+of the Centre. Using the car as a real-life
+example, a Porsche employee introduces the
+young people to the world of automotive
+technology. Porsche Leipzig has been involved
+in the "GaraGe" project for 20 years now.
+Ripartire" campaign. More than 30,000 fami-
+lies received food vouchers and 5,000 school-
+age children were given devices to help
+with remote learning. Porsche Iberica stepped
+in to help people particularly affected by
+the crisis, providing food and meals. Meals
+were prepared in the Porsche canteen in
+Madrid and served to the elderly or donated
+to the non-profit organisation FESBAL.
+Porsche Cars North America (PCNA) auctioned
+off the last 911 (type 991) to be built, raising
+500,000 US dollars during a seven-day online
+auction. The Porsche subsidiary then doubled
+the amount to one million dollars before dona-
+ting the money to United Way Worldwide, an
+organisation that actively provides Covid-19
+assistance in the US.
+North American food banks were unable to
+meet the increased demand triggered by the
+pandemic. The Goodr Initiative responded to
+this problem, supporting families in need with
+pop-up grocery shops. PCNA supported this
+initiative at the Porsche sites in Atlanta
+and Los Angeles. Approximately 1,000 families
+benefited as a result.
+120
+PORSCHE SUPPORTS UNIVERSITY HOSPITAL LEIPZIG
+Employees, Society, Sports and Communications
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Further donations
+Children and young people
+Porsche trainees have shown exceptional
+commitment to a good cause. Last year, they
+presented the Förderkreis krebskranke Kinder
+Stuttgart e.V., a children's cancer charity, with
+a cheque for 10,000 euros. The money was
+the proceeds of a raffle held by the trainees
+during their Christmas party at the Porsche
+training centre. The Youth and Trainee Council
+(JAV) and the Works Council have been
+organising the raffle for the benefit of the
+cancer charity for many years now.
+The Leseohren association aims to instil a love
+of language and reading in children. Almost
+600 reading mentors volunteer in Stuttgart's
+childcare centres, libraries and schools. Read-
+ing a story aloud helps children to develop
+a range of skills. The coronavirus crisis sparked
+many offers of online support for children and
+young people as they worked on their reading
+at home. Porsche played its part by making
+a donation to help with this online provision.
+The company is also involved with the
+German Road Safety Association in Baden-
+Württemberg, providing cycling proficiency
+training at all of the primary schools in the
+state. Traffic safety training, delivered at trai-
+ning centres or by trainers who visit schools,
+plays a key role in keeping children safe
+when out and about on the roads.
+LO0503017
+"A smile for company children with other
+strengths" (Lukas) is Porsche's own initiative.
+The aim is to help employees' children with
+serious mental or physical disabilities who
+require special support. Porsche helps to fund
+integrative kindergartens as well as care
+centres and all-day nurseries that provide
+childcare for employees' children.
+"ACES FOR CHARITY" CAMPAIGN
+Youth and training support
+GERMAN
+SERIES
+LADIES
+DIB
+BY
+Versmold
+PRESENTED
+Porsche Junior improves the prospects of
+young people in the labour market. This
+social welfare project gives young people
+opportunities to gain important practical
+experience before starting a traineeship.
+Porsche has been supporting this project
+since 2011 and donated 30,000 euros
+during the reporting year. The sports car
+manufacturer also supports the Joblinge
+programme, which provided approximately
+700 disadvantaged young people from
+the Stuttgart region with a place on a trai-
+ning scheme.
+Porsche also contributed 30,000 euros to
+the Stuttgart training campus, a learning
+and advice centre that brings together all of
+the institutions involved in the training
+process in order to help refugees and other
+young people with support needs find a
+route into working life. As well as helping
+the young people to apply for a job, the
+campus also provides mentoring, extra tuition
+and language classes.
+HE
+Selection process digitalised and optimised
+The entire process for selecting future
+apprentices and DHBW students was made
+even more transparent and easier to follow
+in 2020, with efficiencies made by moving
+more of the processes online. This optimisa-
+tion ensures that Porsche will continue to find
+exactly the right young people for its needs
+in the future. After all, recruiting for Porsche
+vocational training does not simply mean
+selecting the best. It is about selecting those
+applicants who are the best fit for the sports
+car manufacturer, in other words, the young
+people who excel in how they behave at
+school, how they perform in core subjects such
+as mathematics and German, how they score
+in the recruitment test, and how they come
+across in the subsequent interview. As far as
+the technical occupations are concerned,
+85 per cent are young people with a lower sec-
+ondary school or intermediate school leaving
+certificate. They stand out thanks to their
+capacity to learn and motivation, but also on
+the basis of their technical skills and character.
+The aim is to keep them in the company for
+a long time after they have successfully com-
+pleted their training and to develop them
+further in their professions. In order to achieve
+this aim in the future, the selection process
+has been optimised once again, taking all of
+these aspects into account.
+THE PORSCHE 911 TARGA 4S HERITAGE DESIGN EDITION CELEBRATED ITS DIGITAL WORLD PREMIÈRE IN THE "9:11 MAGAZINE"
+Leipzig region
+a very credible ambassador for Porsche team
+spirit. He is able to pass on his experience and
+his team leadership qualities within the
+Porsche family and shares his passion for sports
+cars with young drivers, journalists, customers
+and fans all over the world. With specific
+regard to the grassroots of his sports, he has
+gained new perspectives from the collabo-
+ration with Germany's U21 national coach
+Stefan Kuntz from the German Football Asso-
+ciation (DFB). A report on this tie-up across
+sports was broadcast in May 2020 during the
+ARD channel's Sportschau programme. The
+two-time Le Mans winner and World Endurance
+Champion has also been a mentor for young
+drivers in the Porsche Talent Pool since 2020.
+endurance racers of all time, Timo Bernhard is
+129
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Employees, Society, Sports and Communications
+128
+Two former Porsche works drivers also
+perform the role of brand ambassador: GT
+specialist and development driver Jörg
+Bergmeister and the two-time Le Mans winner
+Timo Bernhard. As one of the most successful
+Brand ambassadors for the sports car
+manufacturer in 2020 also included German
+rally driver Walter Röhrl, Australian World
+Endurance Champion Mark Webber, and two-
+time Norwegian Olympic champion Aksel
+Lund Svindal, as well as actor Richy Müller
+and musician Udo Lindenberg, all of whom
+featured in Porsche's corporate and product
+communications.
+In 2020, Paul Casey became the first am-
+bassador from the world of golf to join
+the Porsche family. Tennis superstar Maria
+Sharapova is another brand ambassador,
+alongside the two best German players on
+the women's tour over recent years,
+Angelique Kerber and Julia Görges. From the
+world of football, Sami Khedira, a member
+of Germany's World Cup-winning side, is an
+ambassador for Porsche youth development.
+Forming part of the Porsche family, Porsche's
+brand ambassadors are selected strategi-
+cally and appear in targeted internal and ex-
+ternal PR and marketing communications.
+They lend a personal touch and give a special
+profile to the company's unique products
+and to the company as a whole. Their involve-
+ment in events heightens the attendees'
+experience and boosts coverage in the media
+and public domain.
+BRAND AMBASSADORS
+PORSCHE EXTENDS TITLE SPONSORSHIP DEAL
+FOR THE PORSCHE EUROPEAN OPEN
+World-class British
+golfer Paul Casey teed
+off at the US Open in
+September, the second
+major of the year, as a
+Porsche brand ambassa-
+dor for the first time.
+BRAND AMBASSADOR PAUL CASEY
+it happen" golf campaign. The campaign pro-
+vides a credible illustration of how dreams
+can come true - even as a child, the 43-year-
+old wanted to become a professional golfer
+and drive a Porsche.
+World-class British golfer Paul Casey com-
+peted as a Porsche brand ambassador for
+the first time at the US Open in September,
+the second major tournament of the year.
+The Englishman is the first brand ambassador
+from the world of golf. He has been among
+the world's top players for almost two dec-
+ades, climbing as high as number three in the
+world rankings, most recently featuring as a
+regular in the top 20, and has won the Ryder
+Cup three times. Casey won his 19th profes-
+sional title at the Porsche European Open
+2019, which Porsche has supported as title
+sponsor since 2015. Casey thrilled the fans
+attending the tournament in Hamburg with a
+performance that was characterised by his
+infectious passion for the event. For example,
+he spent an entertaining evening with mem-
+bers of the Porsche Golf Circle Community
+during the week-long competition. Casey has
+had the Porsche logo displayed on his bag
+since the US Open and, alongside the Taycan,
+was the main face of the international "Make
+As part of its partnership with the European
+Tour, however, Porsche was involved in the
+newly created UK Swing with six consecutive
+tournaments in the UK and the "Golf for
+Good" charity initiative during the year under
+review. In the autumn, Porsche reaffirmed
+its commitment to golf, extending its title
+sponsorship of the Porsche European Open
+for a further three years until 2023. From 3
+to 6 June 2021, world-class golfers will once
+again tee off on the Porsche North Course
+at the Green Eagle Golf Courses just outside
+Hamburg.
+Golf is another sports with a long tradition
+at Porsche. More than 30 years ago, the com-
+pany launched the Porsche Golf Cup for its
+customers in Germany. The international
+growth of this exclusive series of amateur
+tournaments demonstrated just how popular
+golf is among the target group and also
+inspired Porsche to become involved with
+men's professional golf, as title partner in
+the Porsche European Open. After Porsche
+revived the prestigious European Open in
+2015, the sixth edition of the traditional
+tournament of the European Tour and the fourth
+in the Hamburg metropolitan region was
+cancelled this year due to the pandemic.
+Likewise, the Porsche Golf Cup could not be
+held this season.
+Golf
+GOERGES BIDS FAREWELL TO PLAYING CAREER
+Porsche and the DTB also announced the
+extension of their successful cooperation in
+December. This partnership, which has been
+in place since 2012, includes support for
+Porsche Team Germany in the Billie Jean
+King Cup (formerly the Fed Cup) as well as
+for the new generation of female players
+in the Porsche Talent Team and Porsche Junior
+Team. The faces of Porsche's successful
+commitment to women's tennis are
+Angelique Kerber, as well as Julia Görges
+and Maria Sharapova, who both retired from
+the women's tour in 2020. These women
+are known for their class and personality on
+and off the court, and represent Porsche
+and its philosophy as brand ambassadors on
+the global stage.
+The reporting year also saw the first staging
+of a new tournament series in Germany.
+As part of its long-standing partnership
+with the German Tennis Federation (DTB),
+Porsche supported the "German Ladies'
+Series presented by Porsche". This tournament
+series, which was held over several weeks
+due to the worldwide tournament hiatus
+caused by Covid-19, helped a large number
+of German professionals to gain matchplay
+experience and to continue to pursue their
+profession. Also featuring in the draws were
+numerous players from the DTB junior teams,
+the Porsche Talent Team and the Porsche
+Junior Team as well as three members of the
+Porsche Team Germany: Laura Siegemund,
+Anna-Lena Friedsam and Mona Barthel.
+"The fact that Porsche is now also playing
+a major role in this new tournament series
+as part of its long-standing partnership
+with the DTB and its involvement with the
+national German tennis centres in Stuttgart
+and Kamen demonstrates the company's
+sustained commitment to German women's
+tennis and to supporting up-and-coming
+players. Particularly now, in such challenging
+times, this close cooperation with our partner
+is so important," explained Barbara Rittner,
+Head of Women's Tennis at the German
+Tennis Federation. The excellent tie-up be-
+tween sports and social commitment was
+also demonstrated by the "Aces for Charity"
+initiative, as a result of which Porsche donat-
+ed a total of 20,000 euros to social causes.
+PORSCHE EXTENDS PREMIUM PARTNERSHIP WITH DTB
+field go hand-in-hand
+at Porsche.
+Social commitment and
+activities on the sports
+Porsche has been involved in women's tennis
+since 1978, when it became the title partner
+of the Porsche Tennis Grand Prix during its
+first staging in Filderstadt, before also taking
+on the role of tournament promoter in 2002.
+Since then, the company has expanded its
+involvement in tennis considerably worldwide.
+In addition to its own WTA tournament
+held at the Porsche Arena in Stuttgart, the
+premium manufacturer has supported
+other WTA tournaments in the capacity of
+automobile partner in recent years and
+is the title sponsor of the "Porsche Race to
+Shenzhen", the official season-long race
+to qualify for the WTA Finals. Due to the
+coronavirus crisis, the Porsche Tennis Grand
+Prix and the Porsche-sponsored WTA Finals
+tournament in Shenzhen had to be cancelled
+for the first time in their history. Despite
+the difficult year, Porsche was present at four
+WTA tournaments during 2020, albeit with-
+out any spectators in two cases, namely the
+Western & Southern Open in New York and
+the tournament in Linz, Austria. In this way,
+the company has once again underlined how
+relevant tennis is.
+Tennis
+Jörg Bergmeister is another brand ambassador
+with the ultimate level of driving expertise.
+Part of his role is to support the development
+of future production sports cars. He is a
+test and development driver for the 911 series,
+applying his knowledge from 20 successful
+years in professional racing to new vehicle
+projects. Bergmeister also spends time at the
+track as part of the Porsche Racing Experience
+and gives customers driving training sessions
+in various vehicle models. The sustainability of
+the Porsche motorsport experience is par-
+ticularly evident when dealing with new chal-
+lenges. For their part, Jörg Bergmeister and
+Timo Bernhard demonstrated genuine team
+spirit even during the coronavirus crisis: Both
+stepped in again as works drivers and com-
+peted for Porsche Motorsport during individ-
+ual endurance races in the second half of the
+year.
+Endurance world champion Mark Webber also
+has several years of motorsport experience
+at Porsche behind him. The charming and
+eloquent Australian represented the company
+at the press driving event for the 718 model
+series in Estoril (Portugal) in 2020, familiar-
+ising journalists with the finer points of Porsche
+sports car technologies. The former Formula
+1 driver demonstrated his versatility as a
+presenter and introduced the new Porsche
+911 Turbo S at the first virtual world
+product launch in early March. As part of the
+#GetCreativeWithPorsche campaign initiated
+by Porsche, he shared everyday tips for keep-
+ing fit at home.
+Walter Röhrl is considered a genius on wheels.
+This rallying legend has been a Porsche brand
+ambassador across the world since 1993 and
+embodies the company's ideals like few
+angie.kerber
+BRAND AMBASSADORS SHOW SOLIDARITY
+@sami khedirab
+ulagoerges
+@asvindal
+Some of the Porsche
+brand ambassadors
+demonstrated their
+sense of family
+and social responsibility
+in a joint film made in
+late March.
+Some of the Porsche brand ambassadors
+demonstrated their sense of family and
+social responsibility in a joint film made in late
+March: Sharapova, Webber, Kerber, Khedira,
+Görges, Svindal and friend of the brand
+Patrick Dempsey appealed for solidarity in
+the fight against the coronavirus. The film
+generated a great deal of attention on social
+media around the world.
+young players. A native of Stuttgart, Khedira
+is a fitting brand ambassador even outside
+the "Turbo for Talents" initiative, not least
+thanks to his social commitment, for which
+he, like Richy Müller, received the Order
+of Merit of the State of Baden-Württemberg.
+In 2020 the footballer, who was part of
+Germany's World Cup-winning team, talked
+about his love of the 911 and his daily routine
+in Porsche's Christophorus magazine.
+Alongside Porsche employees, he took part
+in the Diversity Team Challenge, an online
+quiz dedicated to equal opportunities and
+diversity at Porsche.
+aussiegt
+Sami Khedira has been an ambassador for
+Porsche youth development since 2018,
+sharing his wealth of experience as a profes-
+sional sportsman with up-and-coming
+Meanwhile, a second brand ambassador from
+the world of tennis announced her retirement
+from competition in October, namely Julia
+Görges. In an interview with Tennis Magazin
+before her retirement, she shared her serving
+tips. She also shared insights from her life on
+the tour in an interview in Electrified Magazin,
+in which she also spoke about her interest in
+sustainability issues.
+eating. At the end of the year, the Russian
+was the first English-speaking guest on the
+new "9:11" podcast.
+RICHY MÜLLER
+PORSCHE
+@mariasharapova
+The actor Richy Müller also helped to raise
+the spirits of Porsche employees in a home
+video during the pandemic, demonstrating
+how he makes good use of his time during
+lockdown. To mark the debut of the new 911
+Targa 4S, Müller was a guest at the Porsche
+Museum in July with his brown Targa from the
+Tatort TV series, providing a striking contrast
+between the latest version and one of its
+most famous predecessors. Most recently,
+Müller, who received the Order of Merit of
+the State of Baden-Württemberg in 2017
+for his commitment to social causes, was a
+guest at the Theatrium in Leipzig. This non-
+profit initiative of großstadtKINDER e.V.
+offers children and young people meaningful
+leisure activities. During an acting workshop,
+he introduced the young people to the art
+of making a good film and divulged a few
+secrets about the life of a TV detective.
+in Kenya, had to be put on hold for the time
+being due to the current situation. As a result,
+the Udo Lindenberg Foundation focused on
+its own social projects such as a food pro-
+gramme initiated by the "St. Joseph House of
+Hope Foundation" to ensure that the people
+in St. Joseph are supplied with the most
+necessary basic foodstuffs.
+advice to #stayathome. Many joint projects,
+such as the training and workshop project
+German rock legend Udo Lindenberg has
+always been a Porsche fan and has even gone
+as far as writing songs in his Panamera. He
+explained his affinity for the Porsche work-
+force in an interview for the Carrera media,
+reporting on his personal experiences of lock-
+down with helpful hints and tips on how to
+prevent boredom setting in when following
+am See (Austria) at the beginning of February,
+he also demonstrated the art of skijoring in
+his quintessentially laid-back, Norwegian man-
+ner. The likeable Norwegian and two-time
+Olympic champion embodies the brand values
+of the Stuttgart-based sports car manufac-
+turer with his relaxed, understated style.
+When success meets appreciation: as one of
+the best alpine ski racers in the world, Aksel
+Lund Svindal's familiarity with straights and
+corners also gives him the necessary feel for
+driving sports cars safely, and not just on
+snow and ice. At the première of the Taycan
+4S in Levi (Finland), Svindal demonstrated his
+driving skills and at the GP Ice Race in Zell
+his many years of experience to product pres-
+entations. Thanks to his ability to explain
+driving behaviour at the limit precisely and
+simply, he is always a welcome discussion
+partner for journalists and customers alike. At
+the press driving event for the new 911 Turbo
+at the Hockenheimring, Röhrl built an elegant
+and credible bridge to the previous generations
+without losing the connection to the new
+911 Turbo (type 992).
+reference, he is able to successfully contribute UDO LINDENBERG
+JÖRG BERGMEISTER
+$7750
+WALTER RÖHRL
+MARK WEBBER
+others. Particularly when presenting products
+with a link to a race track or with a historical
+Maria Sharapova retired from tennis in
+March 2020. A five-time Grand Slam cham-
+pion and three-time winner of the Porsche
+Tennis Grand Prix, she is one of the sport's
+superstars. Sharapova has remained loyal to
+the Porsche brand and, together with Jörg
+Bergmeister, was the face of the virtual
+911 Targa launch. Like Mark Webber she was
+also involved in #GetCreativeWithPorsche,
+sharing her favourite recipes for healthy
+130
+Social commitment and activities in the
+sporting arena go hand in hand at Porsche.
+The company's diverse and sustainable
+commitment to sports is also anchored in its
+sports sponsorship strategy. The company
+uses various platforms for traditional brand
+communication and for special experiences.
+Porsche has, for example, been the organiser
+of the Porsche Tennis Grand Prix since 2002
+and the title sponsor of the Porsche European
+Open since 2015. In this way, the company
+brings annual sporting highlights to tennis
+and golf fans and the Stuttgart and Hamburg
+regions.
+127
+The School's new home is an impressive
+tiered structure over ten floors. It is big enough
+to accommodate and train up to 150 young
+dancers in the future.
+One month earlier, the new building housing
+the John Cranko School was completed.
+The School has been attracting exceptional
+ballet talent from all over the world for
+decades. Porsche provided significant sup-
+port for the project with a donation of ten
+million euros. The funding was provided
+through a foundation that the sports car
+manufacturer established in 2013 together
+with the city of Stuttgart.
+1,000 vehicles, more than 2,000 people were
+able to enjoy the première from the comfort
+of their cars. Another 250 people were able to
+watch from deck chairs. In this way, the
+Stuttgart Ballet remained true to its motto of
+"Ballet for all".
+S.TA 5130
+PARTNERSHIP WITH STUTTGART BALLETT EXTENDED
+Porsche extended its commitment as the
+principal sponsor of the Stuttgart Ballet in
+June 2020. The new contract runs until 2023
+and also includes the presentation of the
+"Ballet in the Park" cultural event. Due to the
+pandemic, the Stuttgart Ballet and the sports
+car manufacturer joined forces to create
+an alternative to the cancelled open-air event
+"Ballet in the Park": on 25 July, the première
+of the ballet evening "RESPONSE I", supported
+by Porsche, was performed in the opera
+house in front of a socially distanced audience
+of 249 people. The performance was also
+broadcast live and with free admission on the
+"BW-Bank Kulturwasen" big screen in
+Cannstatt. With parking spaces for around
+Stuttgart Ballet
+ing on the impressive 144 square metre screen.
+With more than 2,400 attendees, "Roadmo-
+vies" proved to be a successful format.
+One of the programme highlights was a
+stream of the best bits of the popular open-
+air concerts held in the Rosental
+featuring the Leipzig Gewandhaus Orchestra
+from recent years. These concerts also had
+to be cancelled in 2020 due to coronavirus.
+The drive-in cinema provided safe entertain-
+ment in a special atmosphere. Porsche has
+been a partner of the Gewandhaus Orchestra
+since 2011, focusing on the "Klassik airleben"
+open-air concert events since 2014.
+Event cancellations and the closure of leisure
+attractions dominated 2020. Porsche Leipzig
+found a fitting response. "Roadmovies" was
+the name given to a new event format in the
+customer centre - a drive-in cinema on the
+stage normally reserved for sports cars. There
+were no issues with maintaining social dis-
+tance, and room for 200 vehicles at each show-
+Open-air cinema and classical concerts
+in Leipzig
+Porsche and the Leipzig Opera have launched
+a joint partnership: looking ahead to summer
+2022, the cultural institution is inviting Wagner
+lovers from all over the world to its "Wagner
+22" festival. All of the German composer's
+operas will be performed in the space of
+the three-week event. Joint planning for this
+major celebration has already begun, and
+Porsche is supporting the event as the title
+sponsor. The aim is to make culture accessible
+to everyone and to create unforgettable
+musical experiences in the heart of Leipzig's
+city centre. The partnership with Porsche
+enables Wagner fans and anyone with an in-
+terest in opera to attend the performances
+free of charge: organisers plan to broadcast
+two of the operas in the Augustusplatz
+square.
+"Wagner 22" festival
+Cultural sponsorship
+In addition to promoting talent, successfully
+combining sports, school and leisure time
+is another important issue for both partners.
+This has already been successfully imple-
+mented for several years at the Mönchen-
+gladbach boarding school, the "Porsche Foal
+Stable". Joint courses for the professional
+training of talented young players are also
+planned. The programme covers aspects inclu-
+ding social media, how to apply for jobs,
+and child protection as well as the prevention
+of doping, racism and gambling addiction.
+The new partnership with Borussia Mönchen-
+gladbach at the start of the 2020/2021
+season means that Porsche youth sponsor-
+ship will also be represented in the west
+of Germany for the first time. In this way, the
+premium manufacturer is aiming to expand
+its social commitment across regional
+boundaries. At Borussia, Porsche sponsors
+the youth programme and lends its name
+to the renowned "Foal Stable" boarding school
+for young talent. In addition, Porsche's youth
+sponsorship programme "Turbo for Talents"
+features on advertising boards at the Bundes-
+liga home games of the first division club.
+West region
+The company ensures that Leipzig fans, social
+institutions and employees can all get invol-
+ved too, with ticket allocations and cam-
+paigns. On the Porsche Coaching Bench,
+families and their football-mad children can
+support their team at every Bundesliga home
+match directly from the sidelines. The profes-
+sional players are also regular guests at Meet
+& Greet events and share their knowledge
+with the young fans. Children between the
+ages of five and ten also have the chance
+to be a Porsche match mascot and enter the
+stadium alongside their heroes at home games.
+Every year for the past six years, the best
+young team from the "Red Bulls" has been
+crowned the Porsche Talent Team. In 2020,
+the U17s were delighted to win this title. The
+award honours young players for outstanding
+academic and sporting achievements and for
+their team spirit.
+inclusion and integration: at the football
+school's inclusive camp, children with and
+without disabilities or migration backgrounds
+learn from and with each other.
+BORUSSIA YOUTH PLAYERS WITH BUNDESLIGA STAR PATRICK HERRMANN
+Pors he Jugendförderung.
+Tue für Talente.
+in cooperation with the Berufsbildungswerk
+Leipzig (BBW) vocational training centre,
+Porsche and RB Leipzig are committed to
+In September 2020, twelve talented and
+dedicated young athletes were honoured with
+the Porsche Turbo Awards. At the awards
+ceremony in the Porsche Museum, these
+talented youngsters from local partner clubs
+were honoured in three categories. The award
+winners were recognised for their sporting
+and academic excellence during the past
+season and for their commitment and exemp-
+lary conduct within their teams and clubs.
+a fun environment. Working together and
+Porsche expanded its commitment to
+Bundesliga football club RB Leipzig in 2020.
+As a strategic partner of the club's youth
+section, the sports car manufacturer is now
+also the sleeve sponsor for the jerseys
+worn by the U15 to U19 teams. Porsche
+has been supporting the youth work of the
+"Red Bulls" since 2014. Through this addi-
+tional youth sponsorship, the company wants
+to continue to be an active trailblazer for
+up-and-coming talent.
+PORSCHE
+124
+Employees, Society, Sports and Communications
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+125
+PROJECT MANAGER NORA LOGES AND BEE-KEEPER FRANK GEGGUS
+Biodiversity at the Porsche factory in Leipzig
+Last year saw a new addition to the Porsche
+safari on the Leipzig factory premises with
+a "Bat Night". School classes, children and
+families have been enjoying safari trips to the
+premises since 2018. The 132-hectare
+natural area is home to 75 wild oxen and
+30 Exmoor ponies as well as numerous wild
+animals such as pheasants, black kites,
+roe deer, brown hares, bats and amphibians.
+Three million honey bees have also been
+living on the nature reserve since 2017. Visitors
+who take part in the Porsche Safari learn a
+lot about the native flora and fauna along an
+approximately four-kilometre-long hiking
+trail, accompanied by environmental educators
+from the cooperation partner Auwaldstation
+Leipzig. These discovery tours have already
+attracted approximately 1,200 participants
+over the past three years.
+Biodiversity
+Employees, Society, Sports and Communications
+TURBIENCHEN: SWEET NECTAR FROM PORSCHE
+3M
+132 Hekta
+9.0
+Turbienchen.
+126
+"FERRY PORSCHE CHALLENGE"
+of the company to
+nature and species
+conservation.
+This measure reflects
+the commitment
+SPORTS
+63 bee colonies at Porsche sites
+More than 3.5 million honey bees live at
+Porsche's sites. In May 2020, 13 colonies
+were introduced to the Zuffenhausen site, each
+with a population of around 50,000 bees.
+The measure forms part of the company's
+commitment to nature and species conser-
+vation. At Porsche's Leipzig plant, a total
+of 50 bee colonies have occupied the wilder-
+ness of the offroad area since 2017. The
+honey produced by the Porsche colonies is
+sold under the name "Turbienchen" at the
+employee shops at both sites, in the Porsche
+Museum and at the Porsche Shop in Leipzig.
+Chairman of the Ferry Porsche Foundation
+Dr Sebastian Rudolph,
+FOR OTHERS, VOLUNTEERING,
+REALISING PROJECTS
+SUSTAINABLY. THESE ARE
+THE VALUES THAT FERRY
+PORSCHE, WHOSE NAME WE
+BEAR, EMBODIES."
+"WE SUPPORT PEOPLE WHO
+NEED OUR HELP. IN A FIGURATIVE
+SENSE, THE FERRY PORSCHE
+CHALLENGE IS A BRIDGE THAT
+MAKES LIFE MORE WORTH
+LIVING. FOR US, IT'S ABOUT
+CREATING SOCIAL IMPETUS:
+TAKING RESPONSIBILITY
+FERRY PORSCHE FOUNDATION SUPPORTS
+EVERYDAY HEROES
+The foundation is also active internationally:
+in cooperation with SOS Children's Villages,
+it set up a digital education project in
+São Paulo (Brazil) and also provided support
+there in the form of basic food and personal
+hygiene items.
+The Ferry Porsche Challenge was held for the
+first time. This non-profit fundraising compe-
+tition supported 70 sustainable projects,
+creative ideas and new initiatives with a total
+of 1.5 million euros - 500,000 euros more
+than originally planned. Around 600 projects
+in the Stuttgart and Leipzig area had applied
+for funding. The "Ferry Porsche Challenge
+2021" launched in November under the motto
+"Making schools digital". This time, it is aimed
+at digital projects from schools in Baden-
+Württemberg and Saxony, for which an amount
+of one million euros has been earmarked.
+Three new activities of the Foundation:
+As part of its cultural sponsorship at the
+company's factory locations, it has been
+supporting a scholarship programme at the
+John Cranko School since last year.
+one million euros, as it did in 2019, in support
+of gifted students at schools in the Stuttgart
+area, for environmental education projects,
+for inclusion in sports and for the education of
+children and young people with social and
+health-related disadvantages. The objectives
+are to promote young talent, to share knowl-
+edge and to give socially disadvantaged
+people access to qualifications and training
+opportunities.
+In keeping with the motto "Ferry Porsche
+educates", the Foundation provided around
+Even in such a turbulent year as 2020, the
+Ferry Porsche Foundation was able to make an
+important contribution to the community and
+assume social responsibility through its own
+programmes and sponsorships. Despite not
+being able to hold its usual 6-hour race, the
+Foundation was still able to support six "every-
+day heroes" in the form of charitable institutions
+and associations by donating a total of 200,000
+euros. The Olgäle Foundation for Sick Children,
+the Stuttgart Children's and Youth Hospice,
+the Gustav Werner School in Zuffenhausen, the
+Neuwirtshaus School in Zuffenhausen, the
+Frühstück für Kinder Association that provides
+breakfasts to schoolchildren, and the Leben-
+shilfe Stuttgart organisation were once again
+delighted to receive donations of 33,333 euros
+each. In December, in honour of the 111th
+anniversary of the birth of Prof. Ferdinand
+"Ferry" Porsche, the Foundation donated
+5,000 euros to 111 food banks in Germany,
+making a total donation of 550,000 euros.
+The Ferry Porsche Foundation, established in
+2018, also focuses on a broad range of social
+responsibilities. Its main focus is support for
+children and young people, mainly in and
+around the company's factory sites, where the
+foundation supports projects in science,
+research, training, schooling and education.
+It also supports initiatives in the areas of
+culture and environmental conservation and
+helps people who find themselves in social
+need.
+Ferry Porsche Foundation
+PORSCHE SAFARI 2020
+Employees, Society, Sports and Communications The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Angelique Kerber had her tennis season cut
+short too, in her case by injuries and the
+pandemic. The three-time Grand Slam winner
+spent some time in the Porsche Newsroom
+divulging how she prepares for tournaments
+and her motivation techniques. She also
+presented awards to the winners of Porsche
+Germany's marketing prize as part of a
+digital ceremony.
+COMMUNICATIONS
+B
+а
+0
+DIRECT COMMUNICATIONS VIA SOCIAL MEDIA IS BECOMING INCREASINGLY IMPORTANT
+First-hand information
+The Porsche Newsroom is a central informa-
+tion platform that serves journalists from
+across the globe as the first point of contact
+for news about the company and its products.
+In addition, the public at large are increasingly
+using the newsroom.porsche.com
+website to get information first-hand.
+During the Covid-19 crisis, the newsroom's
+editorial team created added value with their
+#GetCreativeWithPorsche lockdown cam-
+paign. Well-known experts contributed their
+hints and inspiration on how to get through
+lockdown. For example, Porsche Chief Designer
+Michael Mauer shared how to draw a 911.
+Brand ambassadors also got in on the act
+with Mark Webber providing workout advice
+and Maria Sharapova gave tips on healthy
+eating. And champion sim racer Max Benecke
+revealed the challenges of virtual motorsports.
+The Porsche Newsroom published 713 articles
+in the year under review. More than 6.1 mil-
+lion page impressions were clocked up by
+3.4 million visitors in total. The information
+was offered in versions for ten different markets:
+US, China, Germany, Russia, Switzerland,
+France, Spain, Latin America, Australia and
+International.
+The Porsche Newsroom
+published 713 articles in
+the year under review.
+More than 6.1 million
+page impressions were
+clocked up by 3.4 million
+visitors in total.
+Targeted communication
+Direct communications through social media
+are becoming increasingly important.
+Far-reaching profiles on Twitter, Instagram
+and Drivetribe all contribute to the success of
+Porsche's communications. Porsche regis-
+tered 1.2 million followers on its Newsroom
+channel on Instagram during the year under
+review, achieving some 150 million impres-
+sions. The company recorded 36.4 million
+impressions through Drivetribe. Twitter contri-
+buted 590,000 followers with 17.3 million
+impressions. Across all of its social media
+channels in 2020, Porsche achieved a total of
+288 million impressions and had some three
+million followers.
+Launched in November 2018, the Porsche
+NewsTV web channel also enjoys high
+numbers of views for its attractive and inform-
+ative video streams. The platform brings
+together exclusive video content from the
+sports car manufacturer for journalists, blog-
+gers and the online community. A Content
+Delivery Network (CDN) is used to ensure
+that the videos are distributed quickly around
+the world. At the end of August, the new
+Panamera celebrated its world première on
+NewsTV. The bilingual broadcast in
+German and English reached approaching
+100,000 viewers.
+The web video series "DANCE - inspired by
+Porsche" was honoured with the International
+Communicators Award of the Academy of
+Interactive & Visual Arts in two categories
+during the year under review. The format won
+both the Award of Excellence and the Award
+of Distinction. The video series featuring
+global ballet star Friedemann Vogel focused
+on the fascinating power of dynamic move-
+ment, both in dance and when driving a
+Porsche sports car.
+Clouds Mead
+AUGMENTED REALITY
+Employees, Society, Sports and Communications
+THE PORSCHE NEWSROOM IS THE CENTRAL INFORMATION PLATFORM FOR JOURNALISTS
+AND THE PUBLIC ALIKE
+131
+135
+STOY 911
+CHR
+ST
+PHO
+R
+CH
+CHR
+S
+PHO
+R
+134
+PHO
+Kathy
+Professor
+Porsche
+Resolute digitalisation
+The year under review presented exceptional
+challenges for Porsche Communications.
+The coronavirus crisis rewrote the rules of the
+game. The first major events were already
+being cancelled in late February. Then, govern-
+ment public health measures to prevent the
+spread of Covid-19 brought motor shows and
+press driving events to a complete halt.
+Porsche's communication experts came up
+with innovative solutions in this "new normal",
+quickly developing a range of new digital
+formats.
+The world première of the 911 Turbo S,
+for example, took place not at the Geneva
+International Motor Show as planned, but
+online, as a virtual event. With great success.
+More than 5.4 million viewers followed the
+live broadcast of the première on the web.
+Over 900 press articles have been published
+about the new top-of-the-range 911 model.
+Porsche's corporate communications were
+also affected by the pandemic. The annual
+press conference scheduled for 20 March had
+to be moved online at short notice. To great
+acclaim as it turned out, with more than
+5,250 international journalists logging in to
+the live stream with Oliver Blume (Chairman
+of the Executive Board) and his deputy
+Lutz Meschke (Member of the Executive Board
+for Finance and IT). Over the following days,
+the video notched up 1.6 million views. There
+were more than 100 press articles around the
+world covering the content of the presentation.
+Porsche's communication
+experts came up with
+innovative solutions in this
+"new normal", quickly
+developing a range of new
+digital formats.
+Innovative communication concept
+Press events around the planned world
+premières of the new Porsche 911 Targa and
+Porsche 911 Targa 4S "Heritage Design
+Edition" also had to be cancelled. Instead,
+Porsche developed an innovative integrated
+communication concept in their place.
+This makes much greater use of digital con-
+tent, alongside the traditional measures.
+Three new episodes were commissioned as
+part of the well-established "9:11 Magazine"
+web TV format. The three-part show provided
+additional information as well as content with
+emotional appeal for editorials and reporting.
+More than 120,000 viewers worldwide fol-
+lowed the online presentation of the two 911
+models via a range of channels.
+It was not until mid-June that the first live
+driving event could take place again. Automo-
+tive journalists took the Cayenne GTS and
+Cayenne GTS Coupé for a spin around Zuffen-
+hausen. One month later, experts from the
+media were able to test the 911 Targa 4, the
+911 Targa 4S and the 911 Targa 4S "Heritage
+Design Edition" on the tarmac outside Stuttgart.
+In September, Porsche issued an invitation to
+the Bilster Berg circuit in Bad Driburg. At
+the event, accredited experts from the media
+were given a more detailed look at the devel-
+opment of the second-generation Panamera.
+They were able to drive the Panamera,
+Panamera 4, Panamera 4S E-Hybrid, Panamera
+GTS and Panamera Turbo S variants.
+Employees, Society, Sports and Communications
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+133
+Live digital format
+Twelve months after the world première of
+the Taycan, a new live digital format "Talk
+Electric" was launched in September. In con-
+versation with an expert motor journalist,
+a Porsche specialist presented the technical
+details and future prospects for the company's
+first all-electric sports car. In an interview,
+Executive Board Member for Development
+Michael Steiner explained the contribution
+made by synthetic fuels to the sustainable
+decarbonisation of vehicles with combustion
+engines. Another edition of "Talk Electric"
+focused on the topics of range and charging.
+Journalists participated in the live show
+online, asking their questions through a chat
+function.
+Race
+The "Talk Electric" interviews were all record-
+ed and presented at a digital press confer-
+ence for the Taycan Regional Tour in Germany
+at the end of September. The tour took in
+the Hockenheimring, Munich, Leipzig and
+Hamburg. Regional media experts in each loca-
+tion were given the chance to try out the
+innovative Porsche electric sports cars for
+themselves.
+TAYCAN REGIONAL TOUR IN HOCKENHEIM
+Porsche is also systemati-
+cally making its product
+presentations more
+sustainable. Now, it uses
+Augmented Reality
+technology to present its
+technologies in fine detail
+in a virtual environment.
+FUTURE LAE
+S. PP 1736E
+The cooperation venture makes it easier for
+children from socially disadvantaged families
+to access sports. Porsche pays their fees for
+attending the RB Leipzig Football School. At
+the football camps, girls and boys can show
+off their skills and learn a lot about football in
+5.POSE
+Augmented Reality
+Porsche is also systematically making its
+product presentations more sustainable:
+at driving events, it has been common until
+now to demonstrate technical components
+such as engines and transmissions. These all
+had to be transported to the event. Recently,
+the communications division launched a pilot
+project with the aim of reducing the carbon
+footprint of its events. Now, it uses Augmented
+Reality (AR) technology to present its tech-
+nologies in fine detail in a virtual environment.
+Smart phone apps render the associated
+animations in real time. As a result, the actual
+components no longer need to be transported
+and the carbon emissions associated with
+these events can be significantly reduced.
+At the same time, by means of AR technology
+journalists can create even more enticing
+and interesting audiovisual content.
+For example, they can use their smart phone
+camera to record video of the Porsche
+Taycan. An app on the phone enables an
+AR layer and adds graphics that show key
+information such as vehicle specifications.
+It is even possible to place the electric sports
+car virtually in a completely different environ-
+ment, such as on race track or cruising
+down the strip. Another function is the trans-
+parency mode: A transparent clone of the
+vehicle is displayed next to the actual car,
+allowing the viewer to see inside and examine
+the technology under the skin, such as the
+drivetrain or chassis.
+09:11
+porsche newsroom o
+2004 13
+164
+In late October/early November, the company
+invited selected journalists to the Hocken-
+heimring, where the 911 Turbo Coupé and
+Cabriolet were presented. At the same time,
+the 718 Cayman GT4 and 718 Spider, two
+models from the 718 series that feature the
+Porsche Doppelkupplung (PDK) transmission,
+were introduced. Later that month, towards
+the end of November, Porsche welcomed
+members of the press to an event in the Munich
+area. Three hybrid versions from the next
+generation Panamera series were put under the
+lens: the Panamera 4 E-Hybrid, the Panamera
+4S E-Hybrid and the Panamera Turbo S
+E-Hybrid.
+CHRI
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+PHO
+The Carrera Magazine has a print run of
+35,000 copies stretching over 60 pages
+in each issue, published four times a year.
+Each issue is dedicated to a specific topic.
+While the first quarter's edition in 2020 was
+still an automotive-focused issue around
+the topic "Turbo", by the time August had
+come around the magazine was concentrating
+on the coronavirus and its impact on the
+company. Other areas of interest included the
+Weissach Development Centre and the
+new Porsche Strategy 2030.
+The Carrera publications regularly win
+awards. The panel behind the "German Brand
+Award 2020" recognised the Carrera
+Magazine with a silver medal for its "Digitali-
+sation" issue.
+ROADS
+TO
+Taycan
+AWARD-WINNING: "ROADS TO TAYCAN"
+Prize-winning publications
+Other Porsche media projects also won
+plaudits during the year under review. The
+Porsche Annual and Sustainability Report
+2019, the Porsche Art Book and the
+Porsche 911 Design Book were all awarded
+a German Design Award.
+The Annual and Sustainability Report 2019
+also won the Red Dot Awards "Best of the
+Best" top prize. In addition, the League of
+American Communications Professionals
+(LACP) listed the publication at number 4
+in its Top 100 Reports worldwide. The Inter-
+national Creative Media Award (ICMA) silver
+medal in the "Annual Report Print" category
+also went to the Annual and Sustainability
+Report 2019.
+The "Roads to Taycan" book was honoured
+with the "Best of Best" award in the
+Corporate Publishing category. This lavishly
+designed photobook accompanied the
+commercial release of Porsche's first entirely
+electric sports car.
+Today's Porsche Communications division is
+well established for the future, both internally
+and externally. A cross-media ecosystem of
+mutually complementary digital channels and
+printed media makes a major contribution in
+this regard. This diverse range of publications
+has proven its worth during the coronavirus
+crisis. It will now be further expanded. Capti-
+vating stories beautifully told combine with
+highly informative content to successfully
+convey the company's authentic voice to the
+world at large, thus cementing Porsche's
+reputation for the long term.
+136
+STO
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+137
+50
+50
+SG0159E
+132
+THE CARS ARE AT THE CENTRE OF PORSCHE'S COMMUNICATIONS: THE TAYCAN AT THE MEDIA DRIVE IN MUNICH
+In 2020, Porsche unveiled many new models
+in international markets. The first major press
+driving event took place in February. The
+Estoril circuit in Portugal was the backdrop
+as the company presented its new Macan
+GTS, 718 Boxster GTS 4.0 and Cayman GTS
+4.0 models. Around 250 journalists from
+around the world put the vehicles through
+extensive tests.
+Product communication plays a significant
+role, especially as part of the introduction
+of new models. To generate high public
+awareness in anticipation of the commercial
+launch, new products are presented to inter-
+national media in advance, at motor shows
+and the company's own premières. Automotive
+journalists get to experience new models up
+close, putting them through their paces at
+driving events. Technology workshops allow
+the sports car manufacturer to present its
+latest innovations.
+Focus on the product
+During the year under review, Porsche Com-
+munications published just under 450 press
+releases. Globally, the company successfully
+placed its products and stories on 95 front
+pages. This earned Porsche a PR value of
+1.377 billion euros. The PR value reflects the
+added value of effective communication work.
+Credibility creates confidence
+Authenticity and transparency improve the
+company's credibility and create a basis of
+confidence for open dialogue with stakeholders.
+Internally, this is reflected in a corporate
+culture that values openness, responsibility
+and mutual admiration. Externally, the excel-
+lent quality of the operational communication
+activities means that the information
+published by Porsche is highly regarded.
+Authenticity and trans-
+parency improve the
+company's credibility
+and create a basis
+of confidence for open
+dialogue with stake-
+holders.
+Sustainability is a fundamental pillar of the
+Porsche strategy. Consequently, it also plays
+an outstanding role in communications. It
+contributes significantly to Porsche's excellent
+reputation. The division organises the dialogue
+with stakeholders, the exchange of informa-
+tion through networks and the integration of
+the Porsche Sustainability Council, which
+comprises renowned independent experts.
+At Porsche, global communication is strate-
+gically managed and operationally imple-
+mented through the Communications,
+Sustainability and Politics division. This is
+where the company's diverse communication
+measures are designed, pooled, harmonised
+and tailored to the relevant target groups,
+markets and channels. Measures address all
+internal and external stakeholders, from the
+media and politicians, to interest groups,
+society and Porsche employees.
+Cementing a credible reputation
+Reputation is key to Porsche's long-term
+business success, and communication
+provides the central foundation. It reinforces
+the public image and social acceptance of
+the brand, the company and its products. And
+thus creates meaning and value. Given the
+importance of communication, the sports car
+manufacturer introduced a reputation
+analysis in 2020, to measure progress.
+During the year under review, there were
+seven editions of the four-page Carrera site
+newspaper, with 5,800 printed copies.
+This provided employees in Zuffenhausen,
+Weissach and Leipzig with specific local
+information. An eight-page special edition
+was dedicated to the coronavirus pandemic.
+Up to four multimedia articles a day are pub-
+lished by the Carrera Online editorial team.
+These keep the company's employees, as well
+as staff at the subsidiaries, fully up to date.
+The latest news, video articles from Carrera
+TV and a range of other services complete
+the offering. Carrera TV produces up to three
+new video packages each week. In addition,
+the Executive Board make video presenta-
+tions when circumstances require. Extra AR
+content and audio features can be accessed
+via the Carrera mobile app.
+Employees, Society, Sports and Communications
+The digital information offering has been
+enhanced by a special Carrera app for smart
+phones, featuring push notifications. This
+app provided fast, easy-to-access information
+about news that affected the company, in
+particular on the impact of the coronavirus
+crisis on Porsche and its workers. In addition,
+a chatbot was provided to answer frequently
+asked questions on the topic.
+RUS
+Carrera media: A functional eco system
+The Chairman of the Executive Board person-
+ally provided information to the workforce:
+Oliver Blume addressed employees directly in
+numerous video messages broadcast via
+Carrera Online. He spoke about the Executive
+Board's key decisions and latest develop-
+ments in response to the coronavirus crisis.
+Ikone
+Meilenstein
+Balance
+Pioniergeist
+Putole pyel
+IKOUG
+PORSCHE CHRISTOPHORUS
+Sustainable print format
+Porsche's flagship communication is Christo-
+phorus. The magazine has a long-standing
+tradition, engaging Porsche customers and in-
+terested members of the public since 1952.
+The four editions published in the year under
+review appeared in 13 languages with a global
+print run of 600,000 copies per edition.
+Porsche also publishes the magazine content
+online, in all of the available languages. The
+web version at christophorus.porsche.com
+includes additional photography alongside the
+articles from the print magazine.
+Sustainability plays a key role in the magazine's
+production. Christophorus is printed on
+FSC-certified paper using the latest processes.
+A combined heat and power (CHP) source
+ensures that up to 52 per cent less CO2 is
+emitted compared with traditional printing
+processes.
+During the reporting year, Christophorus was
+recognised with several awards. Issue 391
+took the "German Design Award 2020" in the
+"Excellent Communications Design Editorial"
+category. With issue 393, Porsche not only
+won gold and silver in the "Best of Content
+Marketing Award 2020", but was also named
+the winner of the "German Brand Award".
+Finally, the XL Special Christophorus Edition
+"The People Issue" won the "Automotive
+Brand Contest".
+Basic
+397
+Enhanced with online video
+blogla
+A central role in this communication is played
+by the internal Carrera media. Whether in
+digital formats on the intranet or in printed
+publications, the Carrera formats foster an
+identity and ensure the utmost transparency.
+For example, Carrera Online gave employees
+early warning that Porsche would have to
+pause production because of the pandemic.
+Workers were then kept up to date on subse-
+quent developments by a live ticker that
+scrolled across the intranet pages. The ticker
+was viewed 88,600 times.
+mutually complementary
+digital channels and
+printed media makes a
+major contribution in
+this regard.
+is well established for
+the future, both internally
+and externally. A cross-
+media ecosystem of
+Porsche Communications
+Porsche Communications had already intro-
+duced two other podcasts previously: since
+July 2019, the company has been providing
+insights from the world's first purely electric
+racing series with the Formula E podcast
+"Inside E". And in April 2020 it launched
+"Next Visions", a podcast that explores the
+futuristic visions of inspiring personalities
+from within Porsche's own ranks as well as
+from the wider world.
+Instilling confidence in Porsche's people
+Porsche's internal communications also
+adapted quickly and professionally to the
+challenges of the "new normal" from the
+start of the coronavirus pandemic. Especially
+in times of crisis, it is vital to keep providing
+employees with up-to-date and clear infor-
+mation. At Porsche, internal communication
+comes first. Any events, developments
+and decisions that are relevant for the com-
+pany are, where possible, communicated
+to the workforce before the general public.
+This builds confidence.
+Innovative podcasts
+As in the previous year, "9:11" won a number of
+prizes again in 2020. Two video articles were
+honoured with the "Best of Content Award
+2020". The gold medal went to "Freedom to
+the power of 911", while silver was won by an
+article explaining the innovative hairpin tech-
+nology in the Porsche Taycan's electric motor.
+Prizes in the "Automotive Brand Contest
+2020" went to the "Taycan", "The motorsports
+gene", "911 and the tides", as well as "Free-
+dom to the power of 911" again. The German
+Art Directors Club also announced two awards
+for the "9:11 Magazine".
+a particular theme. The topics given the
+multimedia treatment range from highlights
+of the past through to Porsche of the future.
+Journalists and online distributors are wel-
+come to use the content in their own media.
+"9:11" has a deep commitment to journalistic
+story-telling. Each edition is based around
+The "9:11" digital video channel is the multi-
+media partner to Christophorus. The online
+magazine show provides exactly nine minutes
+and eleven seconds of captivating audio
+and video footage featuring people's love of
+all things Porsche.
+Porsche made a logical addition to its digital
+communications in the year under review,
+with the launch of its new podcast format
+"9:11" at the end of August. In this show, the
+sports car manufacturer provides a monthly
+update on interesting topics from the world of
+business, society and sports. In the opening
+episode, Oliver Blume (Chairman of the
+Executive Board) spoke to journalist and
+entrepreneur Kai Diekmann about the corona-
+virus and its impact. Subsequent episodes
+discussed topics such as the mythology of the
+Le Mans race, design and e-racing. An English
+version of the podcast made its debut in
+November. Detlev von Platen (Executive
+Board Member for Sales and Marketing)
+kicked off the first episode chatting with
+tennis superstar and entrepreneur
+Maria Sharapova about successful brands.
+911 Turbo S
+ENGINE POWER 478 kW/650 hp
+ACCELERATION 0-100 km/h in 2.7 s
+TOP SPEED 330 km/h
+ACCELERATION 0-100 km/h in 4.5 s
+ENGINE POWER 294 kW/400 hp
+TOP SPEED 293 km/h
+MARCH
+>
+setting new standards.
+718 Boxster GTS 4.0
+The 911 top model is
+718 models.
+JANUARY
+TOP SPEED 293 km/h
+ACCELERATION 0-100 km/h in 4.5 s
+ENGINE POWER 294 kW/400 hp
+718 Cayman GTS 4.0
+Two distinctly sporting and exclusive
+Driving pleasure for all the senses:
+16 JANUARY 2020
+The figures for fuel consumption, energy consumption and CO, emissions are found on pages 212 213
+S.QT 911
+RESEARCH AND DEVELOPMENT
+911 Turbo S Cabriolet
+3 MARCH 2020
+ENGINE POWER 478 kW/650 hp
+3D printing is currently a particularly attractive
+option for special and small series as well as
+for motorsport - from both an economic and
+a technical perspective. Since May 2020,
+Porsche has also been offering a bodyform
+full bucket seat individually produced by 3D
+printing for the 911 and 718 models. Porsche
+Classic has plastic, steel and alloy parts
+reproduced using additive processes, thus
+closing delivery gaps affecting its classic cars.
+TOP SPEED 330 km/h
+THE FLEET OF PORSCHE DRIVE - RENTAL
+The highly flexible vehicle subscription service
+in North America is now known as "Porsche
+Drive - Multi-Vehicle Subscription". The service
+is currently available in five cities in the USA
+and Canada: Atlanta, Los Angeles, Phoenix,
+San Diego and Toronto. Using an app, cus-
+tomers can change their vehicle as required
+with a choice of up to 20 different models.
+The sports car can be delivered to any location
+within the contractual territory and is per-
+sonally handed over by a concierge. The
+monthly fee includes all running costs with
+the exception of fuel.
+Porsche is continuously expanding its flexible
+mobility services in response to changing
+customer wishes and the trend towards digital
+and individual choice. In order to improve the
+recognisability of its global mobility services
+even further, the sports car manufacturer
+has bundled these under the new umbrella
+brand "Porsche Drive". The premium car
+rental service "Porsche Drive - Rental" allows
+customers to rent current Porsche cars for
+anything from a few hours to up to 28 days. If
+required, the vehicle can also be delivered and
+collected. The 911, 718 Boxster, 718 Cayman,
+Panamera, Macan and Cayenne model series
+are currently available for hire from 28 loca-
+tions in Germany, France, Canada, Russia,
+Switzerland and the USA. At some locations
+in Germany, France, Canada and Switzerland,
+the all-electric Taycan sports car is already
+available, offering elegant and flexible access
+to electric mobility. Other countries and
+locations are due to follow. In terms of German
+locations, Dortmund, Düsseldorf, Cologne,
+Leipzig, Munich Olympiapark and Saarbrücken
+were added as "Porsche Drive Rental" loca-
+tions in 2020.
+Expansion of mobility services
+155
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Sales, Production and Procurement
+154
+MOBILITY OF THE FUTURE WILL BE BASED ON DIGITAL NETWORKING AND INTELLIGENCE
+With generational change in our society
+comes a change in people's values. The grow-
+ing importance of intangibles is just one
+example. For many people, having time to enjoy
+their lives and the ability to make their own
+plans are more important than owning con-
+sumer goods. Status symbols are still impor-
+tant but traditional preferences are evolving.
+In order to create innovative mobility offers,
+Porsche is intensively engaging with this type
+of trend.
+Advancing digitalisation also shows how
+much different areas of life can be connected
+up to one another. This has an impact on
+mobility, which will focus less on individual
+products in future and, instead, be the result
+of a networked and overarching ecosystem.
+The boundaries between hardware, software
+and services are becoming increasingly
+blurred. More and more customers appreciate
+being able to book mobility at the touch of
+a button.
+Porsche is responding to new mobility require-
+ments with innovative concepts. These are
+based, for example, on changes in vehicle use
+as well as urbanisation and sustainability. It
+is already the case that more than half of the
+world's population live in cities. The reason
+for this is the economic might of cities. Experts
+expect this development to continue. In par-
+allel, the transport infrastructure is increasingly
+being exhausted, parking spaces are in short
+supply and congestion and air pollution are on
+the rise. The portfolio of mobility providers is
+therefore changing.
+Mobility of the future
+tracks around the world, such as the Nürburg-
+ring's "Carousel" and the "Corkscrew" at
+Laguna Seca in the USA. While other PECS
+have flat tracks, the Tokyo PEC circuit will
+have elevation changes due to the natural
+topography of the local area, making it that
+little bit different.
+At the end of 2020 the company announced
+its plans for the ninth Porsche Experience
+Centre. It will be built in the Japanese prefec-
+ture of Chiba near Tokyo. The PEC Tokyo will
+feature a racing circuit, a driving dynamics
+area, an off-road track and other driving expe-
+riences. The design for the 2.1-kilometre cir-
+cuit is based on famous bends from race
+The Porsche Experience Centres (PEC) are
+also places where the brand community
+can meet up and experience the brand for
+themselves. Construction work is at an
+advanced stage on the eighth PEC, which is
+being built in Italy - around 75 kilometres
+east of Milan - at the "Autodromo di Francia-
+corta" on a site covering around 60 hectares
+and incorporating the fully renovated
+2,619-metre race track. The opening is sched-
+uled for 2021. Forming the centrepiece will
+be a brand new building with huge expanses
+of glass and the "Agora" - a 2,400 square
+metre multi-purpose area with spectacular,
+cantilevered architecture. The facility also
+includes an off-road track where customers
+can take driving courses with varying degrees
+of difficulty. An area of 30,000 square metres
+has been earmarked for safety and car han-
+dling courses, including a "kick plate" track,
+a circuit and a handling track with a low grip
+surface. A simulation lab will offer virtual
+reality driving experiences with all of the classic
+and new Porsche models on the most famous
+racing tracks in the world. Customers will also
+be able to take delivery of their new Porsche
+at the PEC Franciacorta.
+Porsche Experience Centre
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+153
+Retail concepts of the future
+New retail formats complement classic sales.
+"Be where I am" is the increasingly common
+demand from customers nowadays. In response
+to these changing customer requests,
+Porsche is implementing innovative sales
+formats in city centres. These include the
+Porsche Studios, which are primarily located
+in bustling city centre locations, such as
+shopping centres. The studios focus on deliv-
+ering a special product and brand experience,
+but also a high-quality visit. In Hsinchu,
+the "Silicon Valley of Taiwan", the company
+opened its twelfth Porsche Studio in
+October 2020.
+Pop-up venues are another example of the
+new approach to sales. These are a temporary
+sales format that can be flexibly tailored to
+the market conditions on the ground. From
+May until the end of the year, the first "Porsche
+NOW" pop-up store in Germany was located
+in Sindelfingen near Stuttgart together with a
+local dealer. "Porsche NOW Tokyo" followed
+in Japan in July. The sales pop-ups are hosted
+by specially trained experts who are on hand
+to provide advice and drum up enthusiasm for
+the brand. The target group is people who
+are not necessarily familiar with the automotive
+sector and Porsche products, but who are
+drawn to other aspects of the brand - such
+as design, technology and sustainability.
+PORS
+In order to improve the
+recognisability of its
+global mobility services
+even further, the sports
+car manufacturer has
+bundled these under the
+new umbrella brand
+"Porsche Drive".
+PORSCHE STUDIO IN HSINCHU (TAIWAN)
+RONI
+148
+SALES POP-UP STORE IN SINDELFINGEN (GERMANY)
+The specialist teams in Event Marketing have
+also developed creative event platforms, such
+as SCOPES driven by Porsche. Artists, musi-
+cians and fashion experts organise two-week
+cultural events in major cities, as has already
+happened in Amsterdam (Netherlands) and
+Tokyo (Japan). This format brings people who
+previously had no contact with the brand into
+the world of Porsche. Plans to continue with
+this approach in 2020 had to be put on hold
+as a result of coronavirus.
+ARTIST'S IMPRESSION OF PORSCHE EXPERIENCE CENTRE FRANCIACORTA (ITALY)
+SCOPES DRIVEN BY PORSCHE
+Sales, Production and Procurement
+In the US, Porsche also offers its "Porsche
+Drive Single-Vehicle Subscription" service:
+users opt for a specific Porsche model and
+take out a monthly subscription to the new
+vehicle. In Germany, the programme is called
+"Porsche Drive Abo". Nearly new "Porsche
+Approved" cars from various model series are
+available. In the case of both programmes,
+the monthly fee depends on the model, but
+also includes all running costs with the excep-
+tion of fuel.
+Porsche is also working on innovative parking
+services in many countries. The first such
+service was "Parken Plus", which launched in
+Germany in 2017. A new app that simplifies
+many of the processes was introduced in
+2020. The Porsche ID Card gives customers
+contactless access to around 300 car parks
+throughout Germany. They no longer need to
+take a paper ticket or to pay at the machine -
+the parking process starts and ends automati-
+cally. All customers need to do in most of the
+participating car parks is briefly hold up their
+Porsche ID Card when entering the car park.
+CRYSTAL ERODED
+PORSCHE
+PORSCHE
+911 CARRERA 4 (TYP 964) BY TEDDY SANTIS
+it in order to remain
+relevant and desirable
+in the future.
+to constantly develop
+It is therefore essential
+Experts believe that the
+importance of the
+Porsche brand will only
+increase in future.
+last year.
+In order to familiarise Porsche's 35,000 em-
+ployees with these brand values and the
+brand mission statement, a web-based appli-
+cation has been available since 2020: the
+Digital Brand Academy. The application uses
+game-play and augmented reality to explain
+what the Porsche brand stands for. Users also
+have the chance to get hands-on, by taking a
+virtual ride in the Porsche Taycan for example.
+3D scenes, videos and interactive elements
+are interwoven to create a start-to-finish
+experience, creating a completely new form
+of brand training. The Digital Brand Academy
+was recognised with two Red Dot Awards
+A strong brand is the essential foundation for
+Porsche's continued success. In fact, experts
+believe that the importance of brand will only
+increase in future. It is therefore essential
+to constantly develop the Porsche brand in
+order to remain relevant and desirable in the
+future. This also includes placing the brand
+in areas where Porsche has not been suffi-
+ciently represented so far. The brand values
+are the guiding principles: Porsche is synony-
+mous with a combination of pioneering spirit
+and tradition, but also with performance
+and sustainability. Also relevant to the Porsche
+brand are its combination of exclusivity and
+social acceptance, and of design and function.
+Brand cooperation projects expanded
+157
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Sales, Production and Procurement
+FAST-CHARGING PARK AT THE CUSTOMER CENTRE OF PORSCHE LEIPZIG
+156
+USING THE "PARKEN PLUS" APP
+In addition to the car park service, the "Parken
+Plus" app also offers advantages when using
+on-street parking: users can buy a parking
+ticket via their smartphone and keep track of
+how much time is left on that ticket, a service
+currently available in 250 German cities. They
+also receive a 15-minute warning that the
+ticket is about to expire. The parking time can
+then easily be extended while on the move,
+again using the "Parken Plus" app. A further
+advantage is that the app only charges for the
+parking time that was actually used via the
+start-stop function. This makes parking less
+stressful and more cost-effective for app
+users, regardless of manufacturer. In 70 cities,
+users can also access free short-term parking
+tickets, which are perfect for a quick trip like
+popping to the baker's for example.
+At the end of 2020, the USA joined Germany
+in having this type of parking service. The
+"Parking Plus" service allows users to reserve
+parking spaces at more than 4,000 locations.
+in more than 35 states across the USA in ad-
+vance via the "Porsche Parking Plus" app.
+Detailed illustrated parking information is
+available for each parking option. Users can
+tailor their search for a parking space accord-
+ing to their specific needs, thanks to different
+search options. The app even provides model-
+specific car park recommendations for the
+individual Porsche model series. These rec-
+ommendations are based on feedback from
+other "Parking Plus" users.
+After making a reservation, users simply need
+to scan or present their digital parking ticket
+on site using contactless technology. Digital
+pre-booking and paying in advance means
+they can drive to their destination without the
+worry of having to find somewhere to park.
+If there are any delays en route, however, the
+reserved time can be extended at many
+locations. As in Germany, this service is not
+tied to one manufacturer.
+Parking made simple
+Charging infrastructure for
+Porsche sports cars
+energy sources.
+The company offers various solutions for
+home garages too, such as the Porsche
+Mobile Charger Connect with a charging
+power of up to 11 kW (or 9.6 kW in the case
+of the USA). The Porsche Charging Dock
+for mounting on a wall or on an existing pillar
+and the Porsche Compact Charging Pillar for
+free-standing installation are also available on
+request. The Home Energy Manager (HEM)
+is another optional feature. This smart control
+centre, which must be fitted by an electrician,
+is connected to the house's mains network to
+ensure smooth and convenient charging at
+home. The Home Energy Manager optimises
+the charging process from the perspective of
+power, time and cost. It also offers protection
+against overloading the house's mains network
+(blackout protection) by reducing the vehi-
+cle's charging power as needed in the event
+of an impending overload, thus preventing
+the home distribution board from tripping.
+Together with an external partner, Porsche also
+offers related services: the Porsche Charging
+Pre-Check (online) and the Porsche Home
+Check for checking and planning the situa-
+tion in the house, all the way through to the
+installation and commissioning of the
+charging technology.
+PORS
+ZUM STARTEN
+(c.
+Porsche offers its customers an optimal solu-
+tion for charging their hybrid or fully electric
+sports cars at locations that are important to
+them. The "Porsche Charging Service" gives
+Taycan customers access to a high-perfor-
+mance charging network with more than
+135,000 AC and DC charging points in
+20 European countries and additional charging
+options in China, the USA and Canada. This
+network includes fast-charging stations from
+the partner networks IONITY and Electrify
+America, as well as a fast-charging infrastruc-
+ture with "Porsche Turbo Charging" stations
+with 800-volt technology at many dealers in
+54 markets. "Porsche Destination Charging"
+now provides around 2,000 AC charging
+points in more than 20 countries, for example
+at hotels, golf courses and marinas. In Leipzig,
+Porsche opened Europe's most efficient
+charging park in February 2020. This is pow-
+ered entirely by electricity from renewable
+911
+152
+Since summer 2020, the online sales channel
+has also been available to customers in Spain,
+Portugal and Switzerland. Italy and France
+followed in November, as did Poland, Slovenia
+and Estonia. Starting in autumn 2020, cus-
+tomers in China and the USA have also been
+able to buy Porsche products online. In order
+to connect its activities even further, Porsche
+will be expanding its digital vehicle sales
+to create a comprehensive marketplace for
+Porsche products and services.
+CUSTOMERS IN THE PORSCHE CENTRE
+CAYENNE GTS
+Porsche also achieved first place as the best
+brand in the "Sales Satisfaction Index" (SSI) for
+the USA. This index is also compiled by J.D.
+Power and reflects satisfaction levels among
+new car buyers during the purchasing pro-
+cess. Buyers of new cars and those customers
+who subsequently make no purchase are
+surveyed on their experiences with the author-
+ised dealers.
+In the "Automotive Performance, Execution
+and Layout Study" (APEAL) conducted by
+renowned US market research company
+J.D. Power, Porsche was ranked in first place
+in the overall rating and in the luxury seg-
+ment. The APEAL study looks at the attrac-
+tiveness of vehicles on the US market. For
+this purpose, a survey of new car customers
+is conducted once a year. On this basis,
+Porsche was found to be the most attractive
+automotive brand to customers in the USA.
+The Taycan won two categories at the
+World Car Awards. It was named "World
+Performance Car of the Year 2020"
+and "World Luxury Car of the Year 2020".
+The well-known US automotive advice maga-
+zine Kelley Blue Book awarded the sports car
+brand its "Best Resale Value - Luxury Brand"
+prize in 2020. Meanwhile, the Macan,
+Panamera and Cayenne models received the
+award for best resale value in their respective
+categories.
+Recognition and awards
+"AS A RESULT OF DIGITALISA-
+TION, CUMSTOMERS ARE
+INCREASINGLY USED TO AN
+ECOSYSTEM OF CONNECTED
+OFFERS. IT IS ALSO UP
+TO US TO COME UP WITH
+AN EXCLUSIVE MOBILITY
+EXPERIENCE FROM ONE
+SINGLE SOURCE. THAT'S
+WHY WE ARE CONSISTENT-
+LY EXPANDING OUR NEW
+MOBILITY OFFERS, FOR
+EXAMPLE."
+Numerous trade magazines and independent
+studies including in the USA, Great Britain
+and Germany - confirm Porsche's very high
+level of customer satisfaction, thereby prov-
+ing the success of the customer satisfaction
+programmes used by the company.
+At Porsche, people are at the centre of the
+company. Inspiring customers and offering
+secure jobs is what drives the company for-
+ward. The Sales department also works on
+this basis, collaborating on an equal footing
+with its partners in the trade. Every new
+sports car that Porsche delivers worldwide is
+an expression of this approach.
+High customer satisfaction
+CUSTOMER AT THE HANDOVER OF THE KEYS
+Porsche extended its new car warranty
+worldwide by three months if the warranty
+period ended between 1 March and 31 May
+2020 in response to the restrictions on the
+operation of many Porsche Centres. Customers
+who purchased a "Porsche Approved" war-
+ranty after the new car warranty also benefited.
+The crisis forced the expansion of tie-in
+online sales activities. Porsche had already
+put procedures in place for this before 2020.
+Virtual purchase consultations via live video,
+contactless test drives and digital marketing
+campaigns on social media channels have
+shaped the customer experience in a positive
+sense despite social distancing.
+Sports car enthusiasts the world over dream
+of owning a Porsche. It is the job of the Sales
+department to make that dream reality. This
+is done by making the products and services
+that are quintessentially Porsche irresistible
+to customers and by creating unique experi-
+ences around the Porsche brand. In 2020,
+the coronavirus pandemic brought many chal-
+lenges for Porsche Sales. In February, most
+of the dealer organisation in China closed down
+for around three weeks. While the situation
+there gradually eased from March onwards,
+the infection rate in Europe and other world
+regions only increased. Porsche Centres in
+many markets were closed for about six weeks.
+In the USA, too, around half of Porsche's
+locations had to close temporarily at the peak
+of the lockdown in the spring.
+SALES
+216080R01
+The pistons from the
+3D printer can also
+withstand the highest
+demands. They survived
+a test programme over
+a simulated 24 hours
+on a high-speed track
+at 250 km/h without
+suffering any damage.
+146
+Patents as the basis of innovation
+Patents form the basis for the long-term and
+safe use of innovative developments. How-
+ever, patent law is in a state of flux: in the past,
+Porsche's main focus was on classic auto-
+motive technology - from chassis development
+to the combustion engine. Now, topics such
+as e-mobility, connectivity, autonomous driving
+and digitalisation are becoming increasingly
+important. Patents of relevance to today's
+vehicle components are therefore no longer
+held exclusively by traditional car manufac-
+turers, but also by companies from the fields
+of electronics and mobile communications.
+Artificial intelligence (AI) methods are also
+growing ever more significant.
+The Porsche "Property rights and licences"
+department in Weissach has adapted accord-
+ingly and, among other measures, has added
+experts in Al to its ranks. The department
+carries out the foundational work for modern
+patent protection: in itself, software - a central
+component of today's vehicles - is not classed
+as an invention and therefore cannot be pro-
+tected by patent. This changes when funda-
+mental concepts of a technical application
+are controlled by a new computer program.
+In other words, if software makes a technical
+contribution to solving a problem, it may be
+protected under patent law.
+For example: Porsche has applied for a com-
+prehensive patent for the calibration of
+control units with the help of Al. Sensors
+record the data of the device to be controlled
+- such as parameters for the shifting pro-
+cesses of a PDK transmission or for knocking
+noises in the engine - and transfer these to
+algorithms for evaluation. The Al process now
+independently searches for the optimal
+control unit setting by making adjustments to
+the transmission tuning or the ignition timing.
+It records when a gear change has become
+smoother or a combustion process has taken
+place without knocking, for example, and
+stores the corresponding setting value for opti-
+misation of the processes. Where developers
+previously had to rely on a laborious trial-and-
+error method, this technology achieves the
+optimal value independently and more quickly
+with the help of "Al-enhanced learning". The
+method can also be applied in other technical
+fields. For patent lawyers, the concept of
+"technicity" is key. Because the technicity
+required under German and European patent
+law is applicable in this case, this type of
+method can be protected in a similar way to
+classic inventions in automotive engineering.
+Technologies "Made in Weissach"
+The Weissach Development Centre is the
+beating heart of innovation at Porsche. It is
+the company's think tank. From the initial
+sketch to the finished prototype, vehicles
+have been developed, tested and prepared for
+series production here since 1971 with short
+paths between the individual specialist areas.
+Design, model construction and first proto-
+types, testing of aerodynamics, acoustics and
+electronics, development of drive systems,
+steering systems and chassis, safety tests and
+trials, its own test track as well as Porsche's
+motorsport department - EZW brings together
+all of these elements. The sports car manu-
+facturer relies on traditional craftsmanship as
+well as state-of-the-art technology. Just
+under 6,800 people are employed at the site,
+around 80 per cent of whom work in develop-
+ment. These employees are shaping change
+for Porsche, combining the brand's traditional
+genes with the technologies of tomorrow,
+and creating new inspirational and emotive
+products time and time again.
+150
+THE WEISSACH DEVELOPMENT CENTRE
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+147
+SALES, PRODUCTION AND PROCUREMENT
+Sales
+Production
+Procurement
+Research and development
+Surveys show time and
+again that what Porsche
+customers want more
+than ever is to be able
+to experience the brand
+with all their senses.
+MD AX 50
+Member of the Executive Board -
+Digital offerings complement the physical
+dealerships. The online sales channel
+launched in Germany in October 2019 focuses
+on new and used vehicles with immediate
+availability. Here, customers and dealers are
+experiencing online vehicle sales for the
+first time. Particularly at the height of the lock-
+down, the online sales channel more than
+proved its worth, also thanks to additional
+marketing activities. Demand increased, espe-
+cially in spring 2020 - among both the
+existing customer base and a very large number
+of new customers. This also reflects the
+high level of trust in the brand. Between the
+beginning of April and the beginning of May
+2020, around 370 orders across all price
+categories were placed via the German online
+sales channel. The number of hits on
+Porsche's own website increased by around
+50 per cent per month in the reporting year
+compared with 2019 levels.
+In this vein, the company opened its first pilot
+of a converted dealership in Hangzhou
+(China) in May 2020. The first completely new
+building opened in Dortmund (Germany) in
+December. Over the course of the next decade,
+the dealership concept will be rolled out as a
+central meeting point for the Porsche com-
+munity at 850 existing Porsche Centres around
+the world.
+The new retail concept "Destination Porsche"
+strengthens this community mentality.
+ONLINE VEHICLE SALES
+177894
+The Porsche Centres are important corner-
+stones in this regard. Many customers view
+their personal interaction with dealership
+staff as a core Porsche competence. Surveys
+show time and again that what Porsche
+customers want more than ever is to be able
+to experience the brand with all their senses.
+At the same time, contact with other members
+of the Porsche community plays an
+outstanding role.
+Worldwide sales network
+Porsche Sales is constantly responding to
+changing developments and trends by flexibly
+adapting its retail landscape. The aim is always
+to ensure a seamless customer journey
+between the digital world and physical retail.
+PORSCHE CENTRE AT DORTMUND AIRPORT (GERMANY)
+For the 17th time, Auto Bild and Schwacke
+chose their "Value champions". All models
+sold in Germany were compared in 13 vehicle
+segments to find the passenger car with the
+most stable value in each class. Overall, Porsche
+scored two class wins: in addition to the
+911 Carrera S in the sports car category, the
+Panamera 4 came out on top in the luxury class.
+Readers of the German magazine Auto Zeitung
+voted the 911 the winner of the "Auto Trophy",
+while Connect magazine awarded the Porsche
+Taycan its innovation prize. The Taycan was
+also named the most innovative model of 2020
+by the Center of Automotive Management
+(CAM), an independent, scientific institute for
+empirical automotive and mobility research.
+In total, the Porsche Taycan won prestigious
+awards in 17 different countries.
+for the best design innovation of 2020.
+Another award went to the Porsche Taycan.
+It won the "Car Connectivity Award" in
+the readers' poll in the category "Connected
+E Cars".
+In the auto motor und sport readers' poll, the
+new 911 Turbo received the "Autonis Award"
+The judging panel for the "Chinese Car of the
+Year" named the Taycan as the "Green Car
+of the Year". Porsche also secured the title of
+"Performance Car of the Year" in China with
+the 911, and it cleaned up at the "Sport Auto
+Awards" too. Readers voted vehicles from the
+sports car manufacturer the winner in a total
+of seven categories. The Taycan Turbo S
+did especially well: in the category of saloons
+over 100,000 euros, it beat the competition
+hands down, regardless of engine type.
+S.PL 43
+The British magazine
+Top Gear awarded the
+Taycan two titles:
+"Car of the Year 2020"
+and "Game Changer of
+the Year 2020".
+911 TARGA
+PANAMERA 4 EXECUTIVE
+Sales and Marketing
+TAYCAN 4S
+S.GO 283E
+911 GT3 RS
+Porsche was also ranked in first place in the
+category of "Best Luxury Brand" by the
+current affairs magazine U.S. News & World
+Report. The rating of vehicles and brands was
+based on study data and the opinions of
+experts from the automotive industry. The US
+motorsport magazine Autocar voted the fully
+electric Taycan the best premium e-car and
+the "Game Changer 2020". Porsche was also
+ranked in first place for the 911 in the "Top
+10 Best Sports Cars" category, while the
+Porsche 911 GT3 secured the top position in
+the "Top 10 Best Hardcore Sports Cars 2020"
+ranking. In the "Top 10 Best Grand Tourers
+2020" category, the Panamera left the com-
+petition in its wake.
+Sales, Production and Procurement
+Detlev von Platen,
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+In Germany, more than 100,000 readers
+of the trade magazine auto, motor und sport
+voted the 911 into first place in two cat-
+egories in the "Best Cars 2020" ranking: as in
+the previous year, the 911 came in first in
+the "Sports Cars" category. In the "Cabriolets"
+category, the 911 Cabrio or 911 Targa
+triumphed.
+As far as the "Golden Classic" award as voted
+for by readers of the classic car magazine
+Motor Klassik was concerned, two models
+shared the title "Classic of the Future": in
+the "Electric cars" category, the Taycan was
+voted number one, while the 911 Cabrio
+took the honours in the "Cabrios" category.
+The Taycan was also a big winner at the
+"Golden Steering Wheel" awards organised by
+Bild am Sonntag and Auto Bild. It was voted
+"Best Sports Car 2020" by the editorial team
+and the 14-member judging panel. The read-
+ers also awarded it the title of "Most Beautiful
+Car of the Year".
+The jury of the "German Car of the Year" award
+named the Taycan as the "German Car of the
+Year 2020".
+The British magazine Top Gear awarded the
+Taycan two titles: "Car of the Year 2020" and
+"Game Changer of the Year 2020".
+151
+The prototype of the complete alloy housing
+of an e-drive has also been produced using
+3D printing. It weighs less than a convention-
+ally cast component and reduces the total
+weight of the drive by around ten per cent.
+Special structures, which are only possible
+thanks to 3D printing, also double the rigidity
+in heavily loaded areas. Another advantage
+of additive manufacturing: numerous func-
+tions and components can be integrated. This
+significantly reduces the assembly effort
+and brings direct advantages in terms of part
+quality.
+ERODED 911 (TYP 992) BY DANIEL ARSHAM
+AIMÉ LEON DORE
+20 OCTOBER 2020
+Three more Panamera to
+complete the portfolio.
+911 Turbo
+ENGINE POWER 427 kW/580 hp
+ACCELERATION 0-100 km/h in 2.8s
+TOP SPEED 320 km/h
+JULY
+Cayenne GTS Coupé
+ENGINE POWER 338 kW/460 hp
+ACCELERATION 0-100 km/h in 4.5s
+TOP SPEED 270 km/h
+911 Turbo Cabriolet
+ENGINE POWER 427 kW/580 hp
+ACCELERATION 0-100 km/h in 2.9s
+TOP SPEED 320 km/h
+AUGUST
+26 AUGUST 2020
+Saloon, Sport Turismo, Executive:
+Even greater variety.
+ACCELERATION 0-100 km/h in 4.4s
+Panamera 4 E-Hybrid Sport Turismo
+ENGINE POWER 340 kW/462 hp
+TOP SPEED 280 km/h
+Panamera 4 E-Hybrid
+ENGINE POWER 340 kW/462 hp
+ACCELERATION 0-100 km/h in 4.4 s
+TOP SPEED 300 km/h
+ACCELERATION 0-100 km/h in 3.9 s
+for 45 years.
+ENGINE POWER 353 kW/480 hp
+OCTOBER
+Panamera Turbo S E-Hybrid
+ENGINE POWER 515 kW/700 hp
+ACCELERATION 0-100 km/h in 3.2 s
+TOP SPEED 315 km/h
+TOP SPEED 315 km/h
+ACCELERATION 0-100 km/h in 3.1 s
+ENGINE POWER 463 kW/630 hp
+Panamera Turbo S
+Panamera GTS
+TOP SPEED 280 km/h
+A legendary sports car
+TOP SPEED 270 km/h
+18 MAY 2020
+The new generation of sportscar
+with its striking and innovative
+roof system.
+911 Targa 4
+ENGINE POWER 283 kW/385 hp
+ACCELERATION 0-100 km/h in 4.4 s
+TOP SPEED 289 km/h
+MAY
+STEV 911
+911 Targa 4S
+ENGINE POWER 331 kW/450 hp
+ACCELERATION 0-100 km/h in 3.8s/4.4s (PDK/MT)
+TOP SPEED 304 km/h
+JUNE
+2 JUNE 2020
+With historical quotes:
+ACCELERATION 0-100 km/h in 4.8s
+ENGINE POWER 338 kW/460 hp
+Cayenne GTS
+50
+TOP SPEED 304 km/h
+ACCELERATION 0-100 km/h in 3.8s/4.4s (PDK/MT)
+16 JULY 2020
+ENGINE POWER 331 kW/450 hp
+sports tuning.
+SUV duo with
+12 JUNE 2020
+the Heritage Design strategy.
+collector's items from
+The first of a total of four
+911 Targa 4S "Heritage Design Edition"
+Aimé Leon Dore Porsche 911 Carrera 4
+Teddy Santis, founder and creative director of
+the on-trend New York fashion label Aimé
+Leon Dore (ALD), has restored a 911 Carrera
+4 (type 964) in collaboration with Porsche.
+The one-of-a-kind vehicle was created after
+months of design work, for which Santis
+made research visits to places such as the
+Porsche Museum and the 911 production
+in Stuttgart, to find inspiration. The car was
+unveiled during the ALD fashion show at
+New York Fashion Week in early February 2020
+and was subsequently put on display at the
+Jeffrey Deitch Gallery in New York until 9 Feb-
+ruary 2020. The focal point of the car's res-
+toration is a fully customised interior featuring
+Schott sunflower leather and Loro Piana
+houndstooth fabric. Aimé Leon Dore used the
+same materials in the design house's 2020
+autumn-winter collection.
+Panamera 4S
+ACCELERATION 0-100 km/h in 4.3s
+144
+TAYCAN TURBO S
+PANAMERA 4 E-HYBRID
+Research and development
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+145
+3D PRINTING
+3D printing
+The development of innovative vehicle tech-
+nologies repeatedly results in the creation
+of new production methods. Various vehicle
+components, such as for small or special
+series for example, could be produced using
+3D printers in future. The experts working
+at the Weissach Development Centre firmly
+believe that this will be the case, and have
+good arguments to back up their conviction.
+These include pistons produced using the
+3D metal printer for the high-performance en-
+gine in the 911 GT2 RS. The highlight of the
+pilot project: the pistons have been designed
+with an integrated cooling channel, which
+cannot be produced using conventional meth-
+ods. This channel reduces the temperature
+load on the pistons. Another advantage: com-
+pared with series-production forged pistons,
+the weight is reduced by at least ten per cent.
+This increases engine speed and thus the
+power by up to 22 kW (30 hp). The pistons
+from the 3D printer can also withstand the
+highest demands. They survived a test pro-
+gramme over a simulated 24 hours on a high-
+speed track at 250 km/h without suffering
+any damage. This corresponds to a distance
+of 6,000 kilometres. They were also subjected
+to 135 hours under full load as well as
+25 hours of towing load at a range of speeds.
+Porsche has been implementing this project
+together with its partners Mahle, Trumpf and
+Carl Zeiss.
+159
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Sales, Production and Procurement
+158
+EXCLUS
+Daniel Arsham Crystal Eroded Porsche 911
+In collaboration with Porsche, New York artist
+Daniel Arsham has transformed a 911 Carrera
+4S (992) into a fully functional, driving work
+of art. As an artist, Arsham is synonymous
+with multidisciplinary projects, combining art,
+architecture and performance. In his work,
+he always asks himself what an iconic product
+might look like in 1,000 years' time, placing
+his faith in the growth of something timeless,
+like precious stones, rather than in decay.
+Porsche presented the Art Car to customers
+and fans at various events in Asia in 2020.
+The one-off piece was put on show for the first
+time in the Porsche Studio Seoul (South Korea)
+before being exhibited in China, including
+at the Chengdu Motor Show as well as in
+Shanghai and Beijing. Two pop-up galleries in
+Japan were also used to display the work of art.
+Porsche 911 stars in Hollywood blockbuster
+"Bad Boys For Life"
+"Bad Boys For Life", the third film in the globally
+successful action series, premiered in Holly-
+wood in January 2020. In the film, detective
+Mike Lowrey, played by Will Smith, drives a
+Porsche 911 Carrera 4S as he pursues crimi-
+nals in Miami. The film also stars Martin
+Lawrence. Hollywood legend Jerry Bruckheimer
+produced the 124-minute blockbuster,
+released by Sony Pictures Entertainment. The
+official film première took place on 15 January
+on Hollywood Boulevard in Los Angeles, and
+involved the two stars arriving on the red car-
+pet in a Porsche 911 Cabrio. To the cheers
+of watching fans, Will Smith parked the vehi-
+cle next to the original car from "Bad Boys"
+(1995), the Porsche 964 Turbo 3.6. The film
+has grossed 426.5 million US dollars, making
+the third instalment the most successful film
+of the series by far.
+Taycan Turbo S in “Gran Turismo Sport"
+The Taycan Turbo S has featured in the "Gran
+Turismo Sport" game since 2020. This is
+the result of Porsche's extended collaboration
+with the Japanese video game development
+studio Polyphony Digital Inc., which is a
+subsidiary of Sony Interactive Entertainment.
+The "917 Living Legend" design study and
+the "Vision Gran Turismo" are currently in the
+works. Gamers have been able to drive Porsche
+vehicles in "Gran Turismo Sport" since as
+far back as 2017.
+Vehicle design and chronograph
+Porsche Heritage Design
+A highly contemporary 911 with quotes from
+the 1950s and early 1960s: as the first in a
+total of four collector's items from the Heritage
+Design strategy, Porsche has presented its
+911 Targa 4S Heritage Design Edition. Histori-
+cal design elements in the exterior and inte-
+rior have been reinterpreted and combined
+with state-of-the-art technology in an exclu-
+sive special model from the Porsche Exclusive
+Manufaktur. In keeping with the internal mod-
+el series number, only 992 units will be
+made.
+The efficient and ecological production of the
+electricity needed for the electrolysis is
+crucial for the overall environmental balance
+of eFuels. Ideally, it should be generated in
+regions of the world with good climate condi-
+tions for green power generation. Wind tur-
+bines in South America, for example, can gen-
+erate approximately four times more energy
+than equivalent installations in Germany.
+Against this backdrop, Porsche is developing
+and implementing a pilot project in Chile
+together with Siemens Energy and a number
+of international companies. The aim is to
+create the world's first integrated and com-
+mercial large-scale plant for the production
+of eFuels. Ideally, methanol synthesis should
+take place directly on site, as transporting
+electricity across continents always involves
+very high losses. The resulting methanol
+or the fuel obtained from it can, however,
+be transported by ocean-going tankers
+to European refineries at comparatively low
+cost, with the refineries then producing the
+finished fuel.
+To tie in with the introduction of the special
+model, selected interior elements are available
+for all current 911 models as part of a Heritage
+Design package.
+Two-tone leather interiors
+In collaboration with the designers from the
+Development Centre in Weissach, the
+Porsche Exclusive Manufaktur has designed a
+new interior look for the Porsche 911. The
+concept was unveiled in April 2020. The two-
+tone leather interior is available in Bordeaux
+Red/Chalk, Black/Slate Grey, Slate Grey/
+Island Green and Graphite Blue/Mojave Beige.
+The many decorative seams are finished in the
+respective contrasting colour, as is the cross
+stitching on the steering wheel, creating an in-
+novative, unified concept. Other fine
+details include the "Porsche Exclusive Manu-
+faktur" embossing on the lid of the storage
+compartment in the centre console, the em-
+bossed Porsche crest on the headrests and the
+"Race Tex" seatbelt outlet panels on the
+coupés.
+Personalised Porsche chronograph
+Since 2020, Porsche Design has been offering
+customers customised chronograph designs,
+initially offering this option in Germany, the
+UK and the USA. In this way the company is
+transferring the successful concept of the
+Porsche Exclusive Manufaktur from the street
+to the wrist. The materials and colours of the
+wristwatch as well as the types of leather and
+the yarn used in the decorative stitching of
+these custom-built timepieces have their roots
+in vehicle production. Customers can create
+a highly personalised chronograph, both visually
+and technically: the colour of the (titanium)
+case and dial, the material and colour of the
+bracelet, and the design and colour of the
+rotor of the automatic mechanism are all freely
+selectable. There are about 1.5 million possible
+different combinations - no other watch
+brand or car manufacturer can currently offer
+as many. The timepieces are made in the
+company's own watch factory in Switzerland.
+PORSCHE
+heritage
+THE 911 TARGA 4S WITH HERITAGE DESIGN BADGE
+100
+Porsche Design is designing matching time-
+pieces exclusively for owners of the Heritage
+Design vehicles. The first of these was the 911
+Targa 4S Heritage Design Edition Chrono-
+graph. This timepiece combines classic design
+features, materials and performance charac-
+teristics of the 911 Targa 4S Heritage Design
+Edition, extending the concept of the sports
+car to the owner's wrist. The automatic chron-
+ograph is powered by the Porsche Design
+maximum-precision WERK 01.100 with COSC
+certification. The watch has the titanium case
+typical of Porsche Design and, just like the car,
+is limited to 992 pieces.
+ENGINE POWER 324 kW/440 hp
+natural gas. The process route envisaged by
+Porsche will convert the eMethanol into
+petrol using the methanol-to-gasoline (MTG)
+process and then refine the fuel into a
+standard-compliant petrol.
+The key argument for eFuels: they can help
+reduce the amount of CO2 emitted from fossil
+fuels that enters the earth's atmosphere.
+For eFuels, normal water (H2O) is first split into
+the gases hydrogen (H2) and oxygen (O2) by
+means of electrolysis. In the next step, the
+hydrogen is converted into methanol (CH3OH)
+in a methanol synthesis process using carbon
+dioxide (CO2) extracted from the air.
+TOP SPEED 295 km/h
+Panamera 4
+ENGINE POWER 243 kW/330 hp
+ACCELERATION 0-100 km/h in 5.3s
+TOP SPEED 268 km/h
+12 DECEMBER 2020
+Racing culture in its purest form.
+911 GT3 Cup
+ENGINE POWER 375 kW/510 hp
+TOP SPEED 300 km/h
+DECEMBER
+Panamera 4S E-Hybrid
+ENGINE POWER 412 kW/560 hp
+ACCELERATION 0-100 km/h in 3.7s
+TOP SPEED 298 km/h
+STARTO
+PHOTO
+GALLERY
+The figures rfuel consumption, energy consumption and CO₂ emissions are found on pages 212-213.
+RESEARCH AND DEVELOPMENT
+Driving cutting-edge technology to the limit
+through innovation: a speciality that Porsche
+is passionate about. The company offers the
+sportiest vehicles in their respective segments
+and sets important benchmarks in other
+areas too - from alternative drives to digitally
+assisted production processes. Some current
+examples from the reporting year help to
+illustrate this.
+Electric motors based on know-how
+from Weissach
+From 2025, Porsche will be selling half of all
+its vehicles with e-drives - both fully and
+partially electric. Porsche vehicles typically
+tend to be driven for a very long time. Around
+70 per cent of all Porsche cars ever built still
+exist. This is one of the reasons why the com-
+pany announced in 2020 that it was to get
+involved in the process of researching and
+industrialising synthetic fuels. Since such fuels
+are produced with the help of electrical energy
+from renewable sources, they are referred to
+as eFuels. Porsche is targeting the develop-
+ment of eFuels that comply with current fuel
+standards. These can therefore be used in all
+combustion engines - in current models
+as well as in the brand's classics and in motor-
+sport. A major advantage compared with
+hydrogen, for example, is that eFuels can be
+distributed via the existing filling station
+network.
+eFuels for combustion engines
+With a total of 515 kW (700 hp) and 870 New-
+ton metres of torque, the Panamera Turbo S
+E-Hybrid is the most powerful model in the
+range. These figures are based on the com-
+bination of a four-litre V8 biturbo engine with
+420 kW (571 hp) and the electric engine
+with 100 kW (136 hp). The result is excep-
+tional driving performance: in combination
+with the standard Sport Chrono Package, the
+Panamera Turbo S E-Hybrid manages the
+sprint from zero to 100 km/h in 3.2 seconds
+-0.2 seconds quicker than its predecessor,
+and puts in a top speed of 315 km/h - an
+increase of 5 km/h.
+The electric motor is integrated into the
+Tiptronic S eight-gear automatic gearbox in
+the plug-in hybrid models of the Cayenne
+and into the eight-speed dual-clutch trans-
+mission (PDK) in the Panamera. With 100 kW
+(136 hp) and 400 Newton metres of torque,
+the Panamera Turbo S E-Hybrid can reach a
+purely electric top speed of 140 km/h. The
+combustion engine takes over when the power
+demand increases or when switching to the
+driving modes "Sport" or "Sport Plus". In addi-
+tion, the full recuperation power is available
+at all times. This means that the E-Charge
+mode is now more efficient than before. In the
+"Sport" and "Sport Plus" performance modes,
+the battery is always charged to a minimum
+level to provide sufficient boost for dynamic
+driving. This is now achieved even more effec-
+tively with a higher, reproducible charging
+power.
+The batteries for electric drives are constantly
+being developed. The recently unveiled
+Cayenne and Panamera models with hybrid
+drive have also benefited from the advances
+being made. The gross capacity of the liquid-
+cooled lithium-ion battery is now 17.9 kWh
+compared with the previous 14.1 kWh.
+As a result, the purely electric range has been
+increased by up to 30 per cent. The new
+Panamera Turbo S E-Hybrid can now run for
+up to 50 kilometres, while the Cayenne
+E-Hybrid reaches up to 48 kilometres (WLTP
+EAER City in both cases).
+Hybrid models with new battery and
+greater range
+The eMethanol produced in this way can be
+used in many industrial processes as a
+"green substitute" for conventional methanol,
+which is normally extracted from crude oil or
+Member of the Executive Board -
+Research and Development
+"ELECTROMOBILITY IS A
+COMPLETELY INSPIRING AND
+CONVINCING TECHNOLOGY.
+BUT IN ISOLATION, IT IS MOVING
+US FORWARD IN SUSTAINABILITY
+TERMS LESS QUICKLY THAN
+WE WOULD LIKE. THAT'S WHY
+WE ARE ALSO COMMITTED TO
+EFUELS, INCLUDING IN RELATION
+TO ITS POTENTIAL APPLICATION
+IN MOTORSPORT."
+Porsche has a tradition of constantly breaking
+new ground in drive train development. Its
+electric motors are no different. In-house
+developments optimise the performance of
+the brand's electrically powered sports cars
+and improve their efficiency. The permanently
+excited synchronous motors of the Taycan
+are highly efficient due to a range of individual
+measures. For example, the magnetic fields
+have been optimised. Each motor is also fitted
+with a cooling water jacket around the stator.
+This immovable part of the electric motor, in
+turn, is not wrapped in insulated copper wire
+with a standard, round cross-section. In the
+Taycan, the wire has a rectangular cross-sec-
+tion, which is why the coils can be extremely
+close together. This technology is called
+"hairpin": the wires are bent and their shape
+- before they are inserted into the stator's
+laminated core is reminiscent of that of
+hairpins. The open ends are welded together
+using a laser beam. The result is a compact
+and comparatively lightweight electric motor
+with improved heat dissipation and optimised
+efficiency. This gives a higher range and
+guarantees permanently high performance.
+ELECTRIC MOTOR
+Porsche's technology laboratory is motorsport
+― including for its series-production vehicles.
+Insights from LMP1 hybrid systems, for ex-
+ample, provide a strong foundation on which
+to develop the brand's electric vehicles.
+The Porsche 919 Hybrid won the 24 Hours of
+Le Mans three times from 2015 to 2017.
+It already uses the 800-volt technology that
+was subsequently brought to series production
+in the form of the Taycan. This voltage level
+offers several advantages: it creates a drive
+with a high continuous power output and
+reduces the charging time. Reduced cable
+cross-sections also reduce the weight of the
+car. The "Porsche E-Performance Powertrain"
+from the Porsche 99X racing car that com-
+peted in the ABB FIA Formula E Champion-
+ship also built on experience gained in LMP1.
+The all-electric Porsche Taycan is setting
+standards in innovation. The Taycan has
+already won 50 international awards, predom-
+inantly in its main markets of Germany, China,
+the US and the UK. To take one example, the
+AutomotiveINNOVATIONS Report produced
+by the Center of Automotive Management
+(CAM) named the electric sports car the most
+significant innovator on the global automotive
+market in July 2020 with a total of 27 different
+innovations to its name. The scientists at
+CAM classed 13 of these innovations as world
+firsts, including the 800-volt architecture,
+the two-speed transmission on the rear axle,
+the high recuperation power of up to 265 kW
+and the best cw value in the segment
+(from 0.22).
+Porsche's strategy has three pillars: dynamic
+electric drives, efficient plug-in hybrids and
+emotive combustion engines. Despite all the
+differences, each of these pillars has one
+thing in common, the Porsche sporting tradi-
+tion, which allows our customers to fulfil
+their dreams regardless of the powertrain.
+Michael Steiner,
+ACCELERATION 0-100 km/h in 2.8s
+Further measures to inspire customers
+19
+20
+3,614
+8
+3,829
+9
+Equity-accounted investments
+167
+0
+298
+1
+Other equity investments
+217
+1
+8,624
+146
+Financial services receivables
+2,414
+5
+1,841
+5
+8,870
+20
+8,350
+20
+164
+0
+179
+0
+0
+8,695
+12
+5,085
+Uwe-Karsten Städter,
+Member of the Executive Board -
+Procurement
+S-rating gets a positive verdict
+Sustainability as a strategic corporate goal
+plays a central role in procurement. This is
+reflected in the Code of Conduct applicable
+to all direct Porsche suppliers. This sets out
+the principles for legally compliant, sustainable
+and responsible business conduct in relation
+to compliance, social affairs and the environ-
+ment. Since July 2019, sustainability has
+been a binding criterion when awarding con-
+tracts to any Porsche supplier of production
+materials. This is guaranteed via the "S-rating",
+with S standing for sustainability. Suppliers
+must comply with the requirements of the
+S-rating in order to continue working with
+Porsche. The sports car manufacturer supports
+its partners and advises them on the
+implementation of appropriate sustainability
+measures.
+Identification of sustainability risks using
+Al and blockchain
+For the purposes of procurement, sustainability
+has to be considered in its entirety. This is
+why Porsche is also committed to transparency
+in the supply chains of its subcontractors
+and raw material suppliers. To date, this has
+required a great deal of research and docu-
+mentation. Over 3,000 parts are used in every
+Porsche vehicle produced. The supply chains
+comprise many small parts and are globally
+networked. Some sub-supply chains com-
+prise up to eight upstream stages.
+Against this background, Porsche began
+testing new technologies such as blockchain
+and artificial intelligence (AI) in supply chain
+analysis during the reporting year. These
+digital solutions are designed to identify sus-
+tainability risks more quickly and efficiently.
+For example, Al software used by Porsche to
+screen local media helps to identify potential
+violations of sustainability principles at an
+early stage.
+In addition, a blockchain pilot application
+was developed together with suppliers BASF
+and Motherson. The algorithm can be used
+to identify the origin of greenhouse gas emis-
+sions in supply chains. On the basis of "smart
+contracts", which are made available to the
+companies involved in the process, the CO2
+emissions generated by individual compo-
+nents are passed on digitally along the entire
+supply chain. This enables the CO2 footprint
+of a product to be quantified in a standard-
+ised way.
+Porsche began testing
+new technologies such
+as blockchain and arti-
+ficial intelligence (AI) in
+supply chain analysis
+during the reporting year.
+These digital solutions
+are designed to identify
+sustainability risks more
+quickly and efficiently.
+By 2020, more than 90 per cent of suppliers
+had already met the sustainability require-
+ments for production materials. "Linking our
+contract award process to sustainability
+criteria sends out a strong signal," commented
+Uwe-Karsten Städter.
+PORSCHE EMBRACES ITS SOCIAL RESPONSIBILITY: UWE-KARSTEN STÄDTER PRESENTS A
+DONATION TO THE CARITASVERBAND FÜR STUTTGART DISABILITY CHARITY
+Sales, Production and Procurement
+Sustainable raw material extraction
+Porsche took another step towards sustainable
+supply chain management by joining the
+cross-industry "Responsible Mica Initiative"
+(RMI). This cross-industry association of in-
+ternational companies and non-governmental
+organisations, founded in 2017, is committed
+to transparency and improved working condi-
+tions in relation to the mining of mica. Mica is
+used as a raw material in many industrial and
+cosmetic products, and at Porsche is used in
+paints.
+Porsche represents the Volkswagen Group in
+the RMI. Through internal analysis of selected
+paint supply chains up to raw material extrac-
+tion, Porsche has identified potential risks
+for sustainability in relation to the mining of
+mica. Together with its suppliers, the com-
+pany is committed to transparent and sustain-
+able handling of the raw material. The aim of
+the projects, based in the major Indian mining
+regions of Jharkand and Bihar, is to improve
+the living and working conditions of the local
+people - particularly by means of fair working
+conditions, occupational safety and minimum
+wages.
+International scouting with innovative
+suppliers
+The transformation of the automotive indus-
+try is in full swing. Procurement is actively
+helping to shape this process, identifying new
+and innovative companies for Porsche to work
+with. Through international supplier scouting,
+the innovation management team at Porsche
+works with embassies and consulates to
+contact prospective partners. For the second
+time, Porsche carried out a scouting campaign
+in neighbouring France. A total of 89 French
+companies - including numerous start-ups
+- took part in a virtual pitch in October that
+had been organised in cooperation with the
+French consulate in Düsseldorf. The partici-
+pants came from a variety of fields, including
+e-mobility, battery technology, production
+4.0 and 3D design. Both sides benefited from
+the event, with around half of the companies
+being invited to further talks. Following
+scouting sessions with the consulates of
+France, Canada, Israel, Finland and Taiwan, this
+format is to be expanded further over the
+coming years.
+169
+Financial analysis
+Net assets
+Financial position
+Results of operations
+Dec. 31, 2020
+in%
+Dec. 31, 2019
+in%
+5,437
+12
+817
+2
+1,355
+3
+451
+1
+Cash, cash equivalents and time deposits
+4,500
+10
+3,511
+8
+Current assets
+15,096
+33
+12,659
+30
+45,491
+100
+42,366
+100
+NET ASSETS
+As of December 31, 2020, the total assets of
+the Porsche AG group stood at € 45,491 mil-
+lion, 7 per cent higher than on the prior-year
+reporting date.
+Non-current assets increased by € 688 million
+to € 30,395 million. The increase primarily
+relates to financial services receivables and
+other financial assets, while deferred taxes
+decreased. Non-current assets expressed as
+a percentage of total assets amounted to
+67 per cent (prior year: 70 per cent).
+At the end of the reporting period, the fixed
+assets of the Porsche AG group - i.e., the
+intangible assets, property, plant and equip-
+ment, leased assets, investments accounted
+for using the equity method and other finan-
+cial assets - amounted to € 18,130 million,
+compared with € 17,982 million in the
+prior year.
+Fixed assets expressed as a percentage of
+total assets amounted to 40 per cent (prior
+year: 42 per cent). Intangible assets increased
+from € 5,085 million to € 5,437 million. The
+increase is partly attributable to capitalized
+development costs, with the largest addi-
+tions relating to the Macan, Panamera and
+911 series. Additions to acquired right-of-
+use assets and emission rights as well as to
+other acquired intangible assets also led
+to an increase. Property, plant and equipment
+increased year on year by € 71 million to
+€ 8,695 million. The increase is primarily due
+to additions to buildings and land as well
+as advance payments made and assets under
+construction, while other equipment, furni-
+ture and fixtures decreased. Compared
+with the prior year, leased assets decreased
+by € 215 million to € 3,614 million. This item
+contains vehicles leased to customers under
+operating leases.
+Non-current other financial assets increased
+by € 520 million to € 8,870 million. The
+increase largely results from marking deriva-
+tive financial instruments to market.
+Deferred income tax assets amounted to
+€ 817 million compared with € 1,355 million
+in the prior year.
+As a percentage of total assets, current
+assets amounted to 33 per cent compared
+with 30 per cent in the prior year. Inventories
+increased from € 4,013 million in the prior
+year to € 4,108 million at the end of the
+reporting period.
+Non-current and current receivables from
+financial services rose from € 2,683 million
+to € 3,536 million. The receivables mainly
+stem from finance leases and customer and
+dealer financing.
+Current other financial assets increased by
+€ 346 million to € 2,761 million. The in-
+crease mainly relates to the clearing account
+with Porsche Holding Stuttgart GmbH of
+€ 239 million and the € 103 million increase
+from marking derivative financial instru-
+ments to market.
+Cash, cash equivalents and time deposits
+increased year on year by € 989 million to
+€ 4,500 million.
+2
+"LINKING OUR CONTRACT
+AWARD PROCESS TO SUSTA-
+INABILITY CRITERIA SENDS
+OUT A STRONG SIGNAL."
+755
+0
+30,395
+67
+29,707
+70
+4,108
+9
+4,013
+10
+1,081
+2
+842
+2
+1,122
+3
+842
+2
+2,761
+6
+2,415
+6
+Other receivables
+606
+1
+490
+1
+Tax receivables
+163
+0
+95
+Securities
+The equity of the Porsche AG group increased
+by €2,796 million to € 20,224 million
+compared with the prior-year reporting date.
+The profit after tax, profit transfer and
+dividends totalling € 1,302 million as well
+as the remeasurement from pension plans
+net of tax and the € 806 million change after
+tax in the hedge reserve, together with the
+capital contribution by Porsche Holding
+Stuttgart GmbH of € 1,028 million contrib-
+uted to the increase in equity.
+Porsche fulfilled its commitment to society in
+many areas during the coronavirus crisis. In
+particular, the Procurement team contributed
+its comprehensive supply chain expertise.
+Porsche organised the delivery of PPE
+from China for the federal states of Baden-
+Württemberg and Saxony free of charge,
+working in collaboration with DB Schenker
+and Lufthansa Cargo. Up to six cargo planes
+per week were flying from China to Germany
+between March and May. The total value of
+the deliveries coordinated by Porsche was in
+the hundreds of millions of euros.
+During the pandemic, Porsche supported the
+supply chains through a range of measures:
+"We don't abandon our partners in a crisis,"
+stressed Uwe-Karsten Städter, Executive
+Board Member responsible for procurement.
+The company shared its own protocols for
+Covid-safe workplaces with its suppliers.
+Porsche employees also worked on site with
+partners to tighten up their processes. The
+company also helped out financially, offering
+some suppliers extended payment terms.
+In addition, development costs and tools were
+paid for earlier than contractually agreed.
+Porsche took over one supplier: the company
+serva transport system GmbH, based in
+Rosenheim, Germany. This supplier of driver-
+less transport systems had run into financial
+difficulties due to the crisis.
+PORSCHE
+ESS
+Virtual trade fair stand in Beijing
+The coronavirus crisis forced Porsche to adapt
+its approach to trade fairs last year. At the
+Beijing International Automobile Exhibition in
+September, the biggest automobile fair in
+the People's Republic of China, the company
+had a digital presence in addition to its
+physical stand. The highlight of the trade fair
+was the world première of the new Panamera.
+The digital technology used to create the trade
+fair stand originates in the computer gaming
+industry and supports effortless, intuitive
+access. Chinese users felt equally at home
+with it as Porsche fans from across the world.
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+161
+PRODUCTION
+2020 was an exceptional year in many res-
+pects. Total production was 263,236 vehic-
+les, which corresponds to a decrease of
+4.1 per cent compared with the previous year.
+At the Zuffenhausen site, the production of
+all vehicles was completely carbon-neutral
+for the first time.
+All vehicles of the 911 (28,672 units),
+718 Boxster (12,569 units) and 718 Cayman
+(6,376 units) model series rolled off the
+production line at the main plant.
+3,710 units of the 718 Cayman were also
+produced at the Volkswagen plant in
+Osnabrück.
+In the first full year of production, 29,450
+units of the Taycan were manufactured -
+976 of which were assembled at the Leipzig
+Porsche plant as part of a temporary measure
+to provide the workforce with training in
+the context of BEV readiness.
+Total production in Leipzig was 101,298
+vehicles, with 78,490 units of the Macan
+model series and 21,832 Panamera being
+built in Saxony.
+Sales, Production and Procurement
+At the Volkswagen Group's multi-brand site
+Crisis management and the restart
+The central challenge in the reporting year
+was the global coronavirus crisis. Porsche
+suspended production for an initial period
+of two weeks on 21 March. This was the
+company's response to bottlenecks in global
+supply chains such that normal production
+operations were no longer possible. Ultimately,
+production had to be halted at both plants
+for a total of six weeks. On 4 May, the sports
+car manufacturer launched its orderly restart
+with specific plans for each trade and each
+site. Specific protective measures were intro-
+duced in advance to guarantee the utmost
+safety for the workforce and to return to the
+assembly line step by step.
+At the Zuffenhausen site,
+the production of all
+vehicles was completely
+carbon-neutral for the
+first time.
+Infection protection "made by Porsche"
+Production also played a very important role
+in company-wide infection protection:
+In July, Porsche Werkzeugbau started pro-
+ducing its own protective face masks for all
+Porsche locations, with Porsche Logistik
+GmbH taking care of distribution. The facility
+in Schwarzenberg can produce up to 80,000
+masks a day. Only materials from Germany
+are used. A distribution centre was set up in
+the central parts warehouse of Porsche AG
+in Sachsenheim. From here, the masks and
+other protective equipment, such as disin-
+fectant, are distributed to the sites. Porsche's
+central construction, environmental and
+energy management department ensured
+that the process was closed loop: used worn
+masks must not be disposed of in general
+waste; a waste disposal concept has been
+developed and implemented for all sites.
+PRODUCTION IN ZUFFENHAUSEN: CATHODIC DIP COATING
+Production volume
+Vehicles
+274,463*
+268,691
+263,236*
+255,683
+250
+239,618
+in Bratislava (Slovakia), 82,137 units of the
+Cayenne model series were produced.
+VIRTUAL APPEARANCE AT THE MOTOR SHOW IN BEIJING
+160
+MACAN
+Watching the production of your own
+Porsche
+Porsche customers can now ramp up the
+anticipation as they wait to take delivery of
+their purchase: the new "Behind the Scenes"
+feature of the "My Porsche" online platform
+offers an exclusive look into the production
+operations of the sports car manufacturer
+in Zuffenhausen. They can follow the construc-
+tion of a Porsche step by step. For the two-
+door 911 and 718 sports cars, Porsche has
+already installed cameras at two relevant
+stations and connected them to the production
+software. Further camera locations will follow.
+"My Porsche" is the central customer portal
+for vehicle owners. It bundles all of the offers
+and services related to the individual vehicle.
+"Porsche Track Your Dream"
+Customers in the USA can even follow their
+vehicle's journey from production in Zuffen-
+hausen to delivery on the other side of the
+Atlantic. "Porsche Track Your Dream" is the
+name of the service developed by Porsche
+Digital Inc. for this market. It is also integrat-
+ed into the "My Porsche" online platform.
+It is currently available for individually ordered
+911s, with plans to extend it to the Taycan
+too. Customers can follow the Porsche sports
+cars as they pass through 14 milestones,
+including the creation of the order, the last
+opportunity for vehicle changes, intermediate
+production statuses, the start of shipping,
+arrival in the USA and finally at the Porsche
+dealer. Background information is available
+for every step, and a clock counts down the
+miles and days.
+NEW FUNCTIONS IN THE ROADS APP
+OHEMFON
+51
+80
+RO
+60
+D
+VIA "BEHIND THE SCENES" CUSTOMERS CAN FOLLOW THE PROCESS OF BUILDING A PORSCHE
+New functions for "ROADS by Porsche"
+The free "ROADS by Porsche" app, developed
+by Porsche itself, brings together a global
+community of passionate drivers to discover
+and share the most beautiful driving routes
+in the world. Additional functions have been
+available since August 2020. Users can,
+for example, now access detailed information
+about the air quality on their route. ROADS
+uses a simple traffic light system to display
+the current pollution level on the route being
+driven. Drivers can then decide whether or
+not to drive with open windows. They can also
+use the best stopping points from an air
+quality perspective. In addition, the app offers
+its users the option of organising group
+trips. In this way, passionate drivers can find
+like-minded people via the app. Existing
+groups can gain new members. "ROADS by
+Porsche" was launched in 2019 and now
+has more than 100,000 community members
+from over 60 different countries.
+The Taycan VR Experience
+Thanks to virtual reality, the Porsche Taycan
+can be experienced digitally in the show-
+rooms of the Porsche Centres. With the Taycan
+VR Experience application, customers
+can discover the electric sports car for them-
+selves car inside and out using a virtual reality
+headset. What they see is very close to the
+real thing. By wearing the headset, users can
+trace the outlines of the new model and thus
+experience its typical Porsche design lan-
+guage. A superimposed airflow simulates the
+aerodynamics of the Taycan. The exterior
+paintwork can be individually selected. The
+"Taycan VR Experience" is a fun and revolu-
+tionary development in virtual reality applica-
+tions for the retail sector. The next stage
+will be virtual vehicle configuration, something
+that Porsche's marketing team is working
+on tirelessly and which is due to be rolled out
+soon in the Porsche Centres.
+PECIAL FEATURE
+718 CAYMAN
+CW-WERT
+0.25
+TAYCAN VR EXPERIENCE
+The "Taycan VR Experience"
+is a fun and revolutionary
+development in virtual
+reality applications for the
+retail sector. The next
+stage will be virtual vehicle
+configuration.
+PORSCHE
+200
+150
+100
+50
+Porsche opens Europe's most powerful fast-
+charge park
+In spring, Porsche launched a new charging
+park by the name of "Porsche Turbo Charging"
+at its production site in Saxony. A total of
+twelve 350 kW (DC) fast charging points and
+four 22 kW (AC) charging points are available
+at the plant's customer centre - around the
+clock, seven days a week, and for customers
+of all automotive brands. The total capacity
+of the charging park with its six internal fast
+charging points is 7 MW. At the time, Porsche
+Leipzig thus boasted Europe's most powerful
+fast-charging park, powered entirely by
+electricity from renewable energy sources.
+F
+PORSCHE TURBO CHARGING PARK IN LEIPZIG
+Local politicians visit Leipzig plant
+Tour replaces topping-out ceremony: Covid-19
+meant that the official topping-out ceremony
+for the new bodyshop in Leipzig had to be
+cancelled. Instead, Leipzig's Mayor Burkhard
+Jung was able to visit the site for himself
+and be shown the latest developments: all
+construction measures are on schedule and
+the external structure has been completed
+for the new bodyshop for the next generation
+of the Macan, which will be fully electric.
+The next step will be the plant construction
+inside the building, taking up a total area
+of 75,500 square metres. During his visit the
+Mayor commented: "Porsche in Leipzig has
+grown from an assembly plant to a technology
+leader for the entire European automotive
+sector. We are setting the benchmark for the
+drive technologies of the future here in
+Leipzig."
+In September, Michael Kretschmer, Minister
+President of the Free State of Saxony, also
+visited the site to see how the fifth plant
+expansion was progressing. "In Leipzig, Porsche
+has set the course for the mobility of tomor-
+row," he said. "In addition to digitalisation,
+climate-friendly engines are particularly im-
+portant. In Saxony, we are very well posi-
+tioned in the field of e-mobility and have the
+opportunity to continue to grow and to be
+at the forefront of development. Saxony will
+consistently support the transition to
+climate-friendly mobility."
+Porsche Leipzig shapes up for e-mobility
+Porsche is investing a total of more than
+600 million euros in its production plant in
+Saxony, setting an important course for
+the future. The annual plant shutdown in the
+summer of 2020 was used to expand the
+assembly line. Specifically, the sports car
+manufacturer is now able to produce cars
+with three different types of drive technology
+on one line in Leipzig: petrol, hybrid and
+pure electric vehicles. For Porsche, this means
+maximum flexibility in production. With a
+view to the BEV readiness of the Leipzig
+Porsche plant, 1,000 Taycan vehicles were
+also assembled there as part of a temporary
+measure to provide the workforce with train-
+ing. In this way, the company is already
+preparing itself as well as it possibly can for
+the next generation of the Macan.
+Porsche celebrated
+ten years of hybrid
+production in October
+2020. This milestone
+demonstrates how
+well the concept of
+e-mobility is embedded
+in Leipzig.
+166
+PRODUCTION IN LEIPZIG: ASSEMBLY LINE
+TEN YEARS OF HYBRID PRODUCTION IN LEIPZIG
+PRODUCTION IN LEIPZIG: A PANAMERA IN THE BODYSHOP
+Sales, Production and Procurement
+LPL 530 E
+Ten years of hybrid production
+Porsche celebrated ten years of hybrid produc-
+tion in October. This milestone demonstrates
+how well the concept of e-mobility is embed-
+ded in Leipzig: It was in 2010 that Porsche's
+first hybrid vehicle, a Cayenne S Hybrid, rolled
+off the production line in Saxony. Porsche
+thus became a trailblazer in the introduction
+of innovative technologies and at the same
+time opened a new chapter in the history of
+the Leipzig plant. Porsche is fully committed
+to e-performance. To date, the Leipzig
+plant has produced more than 75,000 hybrid
+Cayenne and Panamera vehicles (2010 to
+2017).
+"By integrating hybrid vehicles into the exist-
+ing production line, the Leipzig site demon-
+strated maximum flexibility," explained
+Albrecht Reimold, Member of the Executive
+Board for Production and Logistics at
+Porsche AG.
+"We are progressing consistently along the
+path of integration. By expanding the plant
+again, we are making it possible to manufac-
+ture petrol, hybrid and pure electric vehicles on
+one single line in the future. We are thus
+preparing our site in the best possible way for
+the mobility and customer requirements of
+the future."
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+167
+PROCUREMENT
+The coronavirus pandemic had a significant
+impact on Porsche's supply chains in 2020.
+Production stoppages at its suppliers present-
+ed the sports car manufacturer with extraor-
+dinary challenges in terms of procuring parts.
+Traditionally, procurement plays an important
+role in the company, with external partners
+accounting for around 80 per cent of Porsche's
+value creation. Most of these are included
+in the group of series suppliers, comprising
+more than 1,300 partners. Around half of
+Porsche's suppliers are based abroad. More
+than a third of these operations had to tempo-
+rarily shut down their production during the
+first wave of the pandemic.
+The Procurement department reacted quickly
+to the first signs of coronavirus spreading
+across the world in January, setting up an inter-
+disciplinary task force to deal with the global
+pandemic. The goal was to provide the best
+possible support to suppliers - particularly in
+countries hit hardest by coronavirus, namely
+China, Spain and Italy.
+Digital media
+During the first wave of the pandemic, up to
+100 staff members worked together in daily
+telephone conferences to coordinate their
+actions across departments and the Group as
+a whole. In addition to procurement staff,
+employees working in requirements and capa-
+city management, plant scheduling and
+logistics, and finance all attended these meet-
+ings, exchanging information with suppliers
+on an ongoing basis. In this way, Porsche
+maintained a daily overview of the parts supply
+pipelines and the situation with regard
+to its most critical partners. During this phase,
+the company made greater use of virtual
+conferences and digital media to help process
+and exchange comprehensive information.
+Shoulder to shoulder through the crisis
+Porsche halted its vehicle production on
+21 March 2021 in response to the disruption
+affecting its supply chains. Some partners
+had been ordered by the authorities to close
+down their production, particularly in Italy
+and Spain. Intensive communication between
+buyers and suppliers played an important
+part in the subsequent ramp-up of Porsche
+production. On 3 May, the Italian government
+lifted restrictions. Just one day later, Porsche
+was again being supplied with important
+components. Combination indicators, axle
+components and brake callipers made in Italy
+arrived at the Zuffenhausen and Leipzig plants.
+Consequently, on 4 May, the sports car
+manufacturer was able to restart production.
+168
+BOARD MEMBER UWE-KARSTEN STÄDTER AND PROCURERS FROM THE PORSCHE TASKFORCE
+TAKE DELIVERY OF PPE FROM CHINA AT STUTTGART AIRPORT
+165
+Social commitment
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+PRODUCTION IN ZUFFENHAUSEN: FINAL ASSEMBLY OF THE PORSCHE TAYCAN
+0
+2016
+2017
+2018 2019 2020
+* Production figures from 2019 exclude pre-series vehicles;
+figures up to 2018 include pre-series
+162
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 212-213.
+Sales, Production and Procurement
+163
+Production in Zuffenhausen
+At the main plant in Zuffenhausen, an average
+of around 400 vehicles rolled off the
+production line every day - more than ever
+before thanks to the Taycan. A sophisticated
+control and production principle allows the
+assembly of all two-door sports cars -
+the 911, 718 Boxster and 718 Cayman -
+on one production line. Highly individual
+customer wishes are integrated directly into
+series production thanks to the flexible
+production system. Put simply, no two vehicles
+are exactly the same. This also applies to the
+Taycan, which is produced in its own factory
+within the factory - and without a classic
+assembly line.
+"THANKS TO THE FLEXI-LINE,
+WE ARE THE FIRST CAR
+MANUFACTURER TO USE
+DRIVERLESS TRANSPORT
+SYSTEMS IN CONTINUOUS
+FLOW IN SERIES PRODUC-
+TION. SO PORSCHE IS
+WAVING GOODBYE TO THE
+TRADITIONAL ASSEMBLY
+LINE."
+First full year of production for
+the Taycan
+2020 marked the first full year of production
+for the first all-electric Porsche, which has
+been manufactured at the company's main
+site since 9 September 2019. After the world
+première last year, it was clear, however,
+that this electric sports car would exceed
+customer expectations. The number of units
+produced by the end of the reporting year
+totalled 29,450.
+Albrecht Reimold,
+Member of the Executive Board -
+Production and Logistics
+DR NICOLE HOFFMEISTER-KRAUT AND ALBRECHT REIMOLD
+164
+PRODUCTION IN ZUFFENHAUSEN
+PORSCHE LEIPZIG
+Economics Minister visits main plant
+In July, Baden-Württemberg's Minister of
+Economic Affairs, Dr Nicole Hoffmeister-Kraut,
+visited the Taycan production plant in a
+Covid-safe tour. Together with Production
+Director Albrecht Reimold, the Minister
+visited the Taycan assembly line and discussed
+the future-proof redevelopment of the
+site in Zuffenhausen with its long tradition of
+automotive production. The talks also
+focused on sustainability aspects, which will
+feature even more strongly in future vehicle
+production. Dr. Nicole Hoffmeister-Kraut was
+impressed by the modern and innovative
+production methods on show. She also praised
+the strategy of anchoring sustainability as
+an essential pillar of corporate management,
+with carbon-neutral production of the first
+entirely electric sports car.
+Production in Leipzig
+Around 550 vehicles from the Macan and
+Panamera model series were produced on
+a daily basis at the Porsche plant in Leipzig.
+Meanwhile, the site is also shaping up for
+e-mobility. The decision to produce the next
+generation of the Macan as an all-electric
+variant in Leipzig means that Porsche is
+investing around 600 million euros in its site
+in Saxony. With this latest plant expansion,
+the company is creating the possibility of
+producing fully electric vehicles on the existing
+production line alongside petrol and hybrid
+models in future.
+Leipzig plant receives VDA Logistics Award
+2020
+In February, the German Association of the
+Automotive Industry (VDA) presented
+Porsche Leipzig GmbH with the VDA Logistics
+Award 2020. The Saxony plant had impressed
+the expert panel with its logistics concept
+that relies on smart planning, highly automated
+processes, and energy-efficient warehousing
+and order-picking technology. With its high
+level of flexibility and scalability, it also takes
+account of the challenges inherent in the
+automotive industry.
+"Porsche's logistics concept for supplying
+the Leipzig plant provides great impetus
+for the logistics of the future: highly integrated,
+intelligently automated, trimmed for maxi-
+mum reliability and efficiency. It demonstrates
+innovation potential for the Leipzig plant,
+the automotive industry and also logistics in
+other sectors," enthused Prof. Dr Wolfgang
+Stölzle, Chairman of the VDA Logistics Award
+judging panel and Managing Director of the
+Institute for Supply Chain Management at the
+University of St Gallen.
+The concept is based on a planning tool that
+optimises incoming delivery flows and makes
+best possible use of the available storage
+capacities. In this way, it forms the basis for
+an automated small-parts warehouse with
+energy-efficient shuttle technology, a patent-
+pending dynamic order picking system and
+several driverless transport vehicles. The new
+concept is also setting standards in conser-
+vation: with a total saving of 3,500 tonnes
+of CO2 per year, it makes an important contri-
+bution to Porsche's sustainability strategy.
+Sales, Production and Procurement
+Currency translation, on the other hand,
+reduced equity by € 340 million.
+Other financial assets
+year. Non-current liabilities expressed as a
+percentage of total capital decreased from
+32 per cent in the prior year to 31 per cent
+at the end of the fiscal year.
+25
+7,262
+25
+Distribution expenses
+-1,881
+-2,044
+-7
+Administrative expenses
+-1,095
+4
+-1,029
+-3
+Non-current liabilities relate to pension
+provisions, other provisions, deferred tax
+liabilities, other financial liabilities, and other
+liabilities. They rose by € 343 million to
+€ 13,982 million compared with the prior
+7,097
+953
+846
+3
+Other operating expenses
+-897
+3
+-1,173
+4
+Operating profit
+4,177
+15
+3,862
+14
+Financial result
+4
+-75
+-21,256
+-75
+RESULTS OF OPERATIONS
+The Porsche AG group's profit after tax in-
+creased by € 365 million from € 2,801 million
+in the corresponding prior-year period to
+€ 3,166 million in the current fiscal year. The
+tax rate in the reporting period was 28 per
+cent (prior year: 31 per cent).
+Consolidated revenue in the Porsche AG
+group amounted to € 28,695 million in the
+reporting period (prior year: € 28,518 million).
+The Porsche AG group sold 264,989 new
+vehicles in the past fiscal year. This corre-
+sponds to a 4 per cent decrease in unit sales
+compared with the prior year.
+The Cayenne is the bestselling series with
+88,261 vehicles sold, followed by the
+Macan with 77,575 vehicles, which was the
+series hit the hardest by the drop in sales
+with 19,189 fewer vehicles sold. The Taycan
+was mostly able to compensate for the drop
+in sales with 22,221 vehicles sold coupled
+with the 3,631 increase in sales of the
+718 series. In regional terms, China is still
+the largest market and, with vehicles sold
+totalling 87,730 units, remained at the prior-
+year level. The European and German markets
+witnessed a particularly strong decline in
+the fiscal year. In Europe, sales decreased by
+10 per cent to 55,085 vehicles. Sales in
+Germany fell the most in relative terms, by
+16 per cent, to 23,321 vehicles sold.
+Cost of sales increased slightly to € 21,598
+million (prior year: € 21,256 million), which
+unchanged on the prior year represents
+75 per cent of sales revenue (prior year:
+75 per cent). In absolute terms, cost of sales
+rose by € 342 million or 2 per cent. The
+increase in cost of sales with a simultaneous
+decrease in unit sales is primarily due to
+changes in the product and region mix as well
+as expenses related to factory construction
+and personnel growth for the Taycan series.
+The capitalization ratio for research and
+development costs amounted to 55 per cent
+(prior year: 44 per cent). The gross margin
+remains constant at 25 per cent (prior year:
+25 per cent).
+Following the decline in sales as well as the
+decrease in marketing events as a result of
+the coronavirus crisis, distribution expenses
+fell from € 2,044 million to € 1,881 million.
+Administrative expenses rose from € 1,029
+million to € 1,095 million. In proportion to
+sales revenue, distribution expenses remained
+unchanged at 7 per cent (prior year: 7 per
+cent), while administrative expenses
+increased to 4 per cent (prior year: 3 per
+cent) primarily due to higher costs in the
+area of digitalization.
+Personnel expenses across all functions of
+the Porsche AG group increased from € 4,003
+million to € 4,230 million. The increase in
+personnel expenses is mainly driven by the
+rise in the average number of employees
+during the year by 2,009 to 36,019.
+Depreciation, amortization and write-downs
+across the various functions increased to
+€3,357 million compared with € 3,044 million
+in the prior year. The increase mainly relates
+to the depreciation of rightof- use assets,
+capitalized development costs and property,
+plant and equipment.
+Other operating income rose from € 846 mil-
+lion to € 953 million. The increase is largely
+due to the € 85 million rise in income from
+instruments used in currency hedges as
+part of hedge accounting. Other operating
+income decreased from € 1,173 million to
+€ 897 million. In the prior year, this item had
+contained special items for the diesel issue,
+specifically a € 535 million fine imposed
+in the administrative offense proceedings
+instigated by the public prosecutor's office
+in Stuttgart. Adjusted for these special items,
+other operating expenses mainly increased
+due to the € 135 million rise in expenses
+from foreign exchange gains.
+The operating return
+on sales is 14.6 per cent,
+which is within the
+strategic target band.
+Results of operations
+of the Porsche AG Group
+€ million
+Sales revenue
+2020
+in%
+2019
+in %
+28,695
+100
+28,518
+100
+Cost of sales
+Gross profit
+-21,598
+220
+0
+192
+0
+Profit before tax amounted to € 4,397 million
+(prior year: € 4,054 million after special
+items, € 4,589 million before special items).
+The healthy cost structure and the sustainably
+high earnings power of the Porsche AG group
+are also reflected in the key performance
+indicators. Despite the challenges posed by
+the coronavirus crisis, the Porsche AG group
+generated an operating return on sales
+of 14.6 per cent (prior year: 13.5 per cent
+before special items, 15.4 per cent after
+special items) in the past fiscal year, mainly
+due to countermeasures and cost discipline
+being introduced as an early stage as well
+as an excellent market performance in the
+second half of the year. The pre-tax return on
+sales amounted to 15.3 per cent (prior year:
+14.2 per cent after special items, 16.1 per
+cent before special items). The return on
+capital, defined as the ratio of the operating
+result after tax to the average invested assets
+of the automotive division, amounted to
+18.1 per cent (prior year: 18.5 per cent after
+special items, 21.2 per cent before special
+items). The return on equity after tax was
+16.8 per cent (prior year: 16.5 per cent).
+The coronavirus crisis
+has had a major impact
+on economic activity
+around the world.
+Nevertheless, operating
+income amounted
+to 4,177 million euros.
+This compares with
+4,397 million euros
+(before special items)
+in the previous year,
+or 3,862 million euros
+after special items.
+5
+Operating profit (EBIT)
+of the Porsche AG Group in € million
+4,397*
+4,289
+4,144
+4,177
+3,877
+4
+3
+2
+1
+178
+0
+2016
+2017 2018 2019
+2020
+*before special items: 4,397 after
+special items: 3,862
+Financial analysis
+179
+The financial result amounted to € 220 million
+(prior year: € 192 million). In the reporting
+year, writedowns of € 115 million (prior year:
+€ 83 million) were recognized on the invest-
+ment in Bertrandt AG accounted for using
+the equity method. This was counterbalanced
+by higher income from the measurement of
+financial instruments.
+175
+€ 220 million from the prioryear profit of
+€ 4,397 million).
+up by € 315 million from the prior-year
+4,397
+15
+4,054
+14
+-1,231
+-1,253
+-4
+3,166
+11
+2,801
+10
+-535
+-2
+4,177
+15
+4,397
+15
+4,397
+15
+4,589
+16
+Profit before tax
+Income tax income/expense
+Profit after tax
+Special items Diesel issue
+Operating profit before special items
+Profit before tax before special items
+176
+177
+Financial analysis
+Operating profit amounts to € 4,177 million,
+profit of € 3,862 million (adjusted for special
+items in the prior year profit was down by
+Financial analysis
+Other operating income
+2017 2018 2019
+Provisions for pensions and similar obligations
+5,932
+Other provisions
+939
+Deferred tax liabilities
+685
+Financial liabilities
+5,668
+285
+32221
+5,438
+13
+996
+41
+2
+2
+5,375
+13
+657
+1
+473
+1
+492
+1
+13,982
+31
+13,639
+32
+681
+17,428
+44
+20,224
+Provisions for pensions and similar obligations
+increased by € 494 million. The increase is
+primarily attributable to the rise in the number
+of eligible employees.
+Non-current other financial liabilities decrea-
+sed by € 372 million. Of this decrease,
+€ 321 million relates to marking derivative
+financial instruments to market.
+Deferred income tax liabilities amounted to
+€ 685 million compared with € 681 million in
+the prior year.
+Current liabilities decreased slightly from
+€ 11,299 million to € 11,285 million, which
+expressed as a percentage of total capital
+is equivalent to a decrease from 27 per cent
+to 25 per cent as of the end of the past
+fiscal year.
+Non-current and current financial liabilities
+increased from € 7,614 million to € 8,325
+million. This increase largely relates to the
+refinancing of the financial services business
+in the form of asset-backed securities
+transactions.
+Current other financial liabilities amounted to
+€2,959 million (prior year: € 3,082 million).
+The decrease primarily relates to the
+€ 255 million decrease in marking derivative
+financial instruments to market. On the other
+hand, liabilities from the profit and loss
+transfer agreement and tax allocations with
+Porsche Holding Stuttgart GmbH increased
+by € 355 million.
+Net assets
+of the Porsche AG Group
+€ million
+Assets
+Intangible assets
+Property, plant and equipment
+Leased assets
+2020
+Inventories
+Trade receivables
+Financial services receivables
+Other financial assets
+Other liabilities
+Non-current liabilities
+Provisions for taxes
+Other provisions
+Tax payables
+Current liabilities
+172
+Equity and Liabilities
+Equity
+111
+0
+Other financial assets
+Other receivables
+Deferred tax assets
+Non-current assets
+0
+45,491
+100
+42,366
+100
+Financial analysis
+173
+Sales revenue
+of the Porsche AG Group in € million
+28,518 28,695
+25,784
+25
+23,491
+22,318
+FINANCIAL POSITION
+Cash flows from operating activities amount-
+ed to € 4,140 million in the 2020 reporting
+period following € 4,486 million in the prior
+year. The material effects resulted from the
+higher profit before tax, lower income tax pay-
+ments as well as higher depreciation, amorti-
+zation and write-downs and, on the other
+hand, higher outflows from other provisions,
+financial services receivables and in invento-
+ries.
+The cash flows from investing activities re-
+sulted in a cash outflow of € 3,019 million in
+the reporting period following € 3,617 million
+in the prior year. Investments in intangible as-
+sets (excluding capitalized development
+costs) and property, plant and equipment de-
+creased from € 2,044 million in the prior year
+to € 1,547 million in the current reporting
+period. Additions to capitalized development
+costs amounted to € 1,225 million following
+€ 949 million in fiscal year 2019. Cash in-
+flows form the change in loans and time de-
+posits amounted to € 51 million (prior year:
+cash outflows of € 427 million), with invest-
+ments in securities resulting in cash outflows
+of € 300 million (prior year: € 146 million).
+Cash flows from financing activities saw a
+positive change to € 78 million in the current
+fiscal year after negative € 353 million in the
+prior year. Payments made in respect of profit
+transfer and dividends resulted in a cash out-
+flow of € 1,802 million (prior year: € 2,294
+million). By contrast, capital contributions
+made by Porsche Holding Stuttgart resulted
+in a cash inflow of € 1,028 million (prior year:
+€ 1,273 million).
+The net available liquidity of the automotive
+division - i.e., its gross liquidity less financial
+liabilities and excluding the financial services
+division in each case - improved from €
+1,785 million as of December 31, 2019 to €
+2,961 million as of December 31, 2020.
+Porsche AG Group
+in the previous year.
+20
+15
+10
+5
+174
+0
+2016
+129
+27
+11,299
+sales rose to 28,695
+million euros in the
+reporting period, from
+28,518 million euros
+25
+1,849
+4
+2,118
+5
+Financial liabilities
+6
+2,239
+5
+Trade payables
+2,335
+5
+2,582
+6
+Other financial assets
+2,657
+43
+0
+72
+0
+3
+2,959
+3
+1,077
+1,331
+Other liabilities
+8
+3,082
+7
+11,285
+→ GRI 102-45
+Volkswagen AG holds 100 per cent of the share
+capital of Porsche Holding Stuttgart GmbH
+and is therefore the ultimate parent com-
+pany of the Porsche AG Group. A control and
+profit transfer agreement has been in place
+between Volkswagen AG and Porsche Holding
+Stuttgart GmbH since the 2013 financial
+year. Porsche AG's subscribed capital is wholly
+owned by Porsche Holding Stuttgart GmbH.
+Control and profit transfer agreements are in
+place between Porsche Holding Stuttgart GmbH
+and Porsche AG, and also between Porsche AG
+and its principal German subsidiaries. The basis
+of consolidation at Porsche AG includes a total
+of 113 fully consolidated companies, with
+Basis of consolidation
+TCFD index
+Responsibility.
+7 www.volkswagenag.com website in German
+and English from 15 March 2022.
+"We assume responsibility. For
+sustainable activity, for secure.
+jobs and for society. Active.
+practice, trust and commitment
+are what set Porsche apart."
+Oliver Blume, 2021
+28 headquartered in Germany and 85 abroad.
+Dr. Ing. h.c. F. Porsche AG makes use of the
+exemption provision in Sections 289b (2) and
+315b (2) of the German Commercial Code
+(HGB) allowing it not to issue a non-financial
+report and a non-financial consolidated
+report, and refers to the separate non-financial
+report of Volkswagen AG for the financial
+year 2021, which will be available on the
+In order to improve readability, all references
+are to the masculine form. This formulation
+explicitly includes all gender identities. The
+photos featured were either taken in accord-
+ance with the coronavirus protective measures
+applicable at the time or are stock images
+which are labelled as such.
+corresponds to the respective sections of the
+report. In addition to careful data collection and
+recording via internal reporting and processing
+systems, as well as detailed internal consolida-
+tion and inspection of the information and
+data contained therein, a business audit pursu-
+ant to ISEA 3000 (Revised) was conducted
+to obtain limited assurance against the relevant
+criteria and requirements of the GRI Standards.
+The audited information is marked in the
+report with "V". The independent auditor's
+report can be found on pages 71 268-269.
+This report was prepared in accordance with
+the Core option of the GRI Standards. The
+GRI content index at the end of the report
+provides details on the reported disclosures
+and lists where they are located in the print
+and online versions. Within the scope of the
+materiality disclosures service, GRI Services
+has reviewed whether the GRI content index
+is clearly structured and whether the infor-
+mation specified for GRI 102-40 to 102-49
+Reporting standard and assurance
+→ GRI 102-49
+This documentation represents the sixth time
+that Dr. Ing. h.c. F. Porsche AG has published
+a combined Annual and Sustainability Report.
+The company published its first report in
+this format for the 2016 financial year on
+17 March 2017. The report is produced
+annually. This documentation covers the period
+from 1 January 2021 to 31 December 2021.
+Information dating from before this period
+is also included for completeness. Unless
+otherwise specified, the reporting date
+is 31 December 2021. The editorial dead-
+line was in February 2022. Unless other-
+wise indicated, all information refers to the
+Porsche AG Group (Dr. Ing. h.c. F. Porsche AG
+incl. subsidiaries). The German version
+of the report is binding. If content that had
+been previously published has since been
+corrected, for example due to changes in
+collection methods for key figures and data,
+this is indicated. Financial analyses as well as
+key figures and data are given in compact
+form at the end of the report and online in the
+Porsche Newsroom newsroom.porsche.com.
+This site also contains further information on
+Porsche and on the company's commitment
+to sustainability. Management approaches to
+major topics in this report are contained in
+the sections entitled "Environment", "Social"
+and "Governance".
+Report content and reporting period
+→ GRI 102-46, 102-48
+Report design
+About this report
+271 LEGAL NOTICE
+"We shouldn't be throwing
+the limited materials we have
+Porsche AG Group - brief overview
+Independent auditor's report
+Non-financial report
+in this world away after use."
+Barbara Frenkel
+Procurement
+LETTER FROM THE EXECUTIVE BOARD OF PORSCHE AG
+Michael Steiner
+GRI content index
+Lutz Meschke
+Deputy Chairman of
+the Executive Board
+Finance and IT
+раг виши
+Production and Logistics
+Albrecht Reimold
+P.RE. M
+Chairman of the Executive Board
+Oliver Blume
+Miral fleines
+Detlev von Platen
+Sales and Marketing
+Deller von
+Дольшивык. 8. Дожил ввінь чини
+H
+Shivers
+Human Resources
+Andreas Haffner
+tchers,
+GROUP PHOTO OF THE EXECUTIVE BOARD WITH THE MISSION R IN FRONT OF THE PORSCHE MUSEUM
+Mobil
+עם
+Ferry Porsche, 1981
+Emission and consumption information
+Stakeholder survey and materiality
+252 FURTHER INFORMATION
+Circular economy
+Decarbonisation
+88 ENVIRONMENT
+Stakeholder communications and dialogue
+Sustainability organisation
+Sustainability strategy
+76 SUSTAINABILITY MANAGEMENT
+72 STRATEGY 2030
+06 IMPORTANT EVENTS
+Business performance
+Outlook
+04 LETTER FROM THE EXECUTIVE BOARD
+MICH
+TAG
+Mission R
+01
+38/30-70
+of Porsche AG
+2021
+Annual and Sustainability Report
+Responsibility.
+PORSCHE
+=
+Research and Development
+106 SOCIAL
+The Supervisory Board
+Diversity
+120 GOVERNANCE
+238 NON-FINANCIAL KEY FIGURES
+Environmental and energy key figures
+Personnel and social key figures
+Consolidated statement of changes in equity
+Value added statement
+Consolidated statement of cash flows
+Consolidated statement of financial position
+Consolidated statement of comprehensive income
+Consolidated income statement
+224 FINANCIAL DATA
+Results of operations
+Financial position
+Net assets
+214 FINANCIAL ANALYSIS
+Procurement
+Production
+190 SALES, PRODUCTION AND PROCUREMENT
+Sales
+180 RESEARCH AND DEVELOPMENT
+Communications
+Sports
+Employees
+Society
+SPORTS AND COMMUNICATIONS
+136 EMPLOYEES, SOCIETY,
+Supply chain responsibility
+Governance and transparency
+Partner to society
+Dear Reader,
+17
+We at Porsche are successfully tackling this transform-
+ation actively and with all our energy. We are shaping
+the transformation flexibly, boldly and pragmatically.
+We have further developed our strategy and have worked
+extensively on costs. Our 2025 profitability programme
+is bearing fruit. 2021 was therefore not only a challenging
+year for Porsche, but also a successful one.
+SARAH JASTRAM, RAFFAELA REIN AND ADNAN AMIN JOIN KLAUS TÖPFER, LUCIA REISCH AND ORTWIN RENN (FROM LEFT)
+Sustainability Council strengthened
+Sarah Jastram, Raffaela Rein and Adnan Amin
+have been strengthening Porsche's Sustain-
+ability Council since the beginning of the year,
+since when they have been collaborating
+with the renowned experts Klaus Töpfer and
+Ortwin Renn. Lucia Reisch, a professor at
+Copenhagen Business School, acts as
+spokesperson. In this context, Porsche has
+expanded the advisory body from five to six
+members. Nicola Leibinger-Kammüller,
+Chairwoman of the Management Board of the
+mechanical engineering company Trumpf,
+additionally attends the meetings and con-
+tributes her many years of business experi-
+ence. Porsche further expanded the advisory
+council's business expertise with the addition
+of economist Sarah Jastram, Professor of Inter-
+national Business Ethics and Sustainability
+at the Hamburg School of Business Adminis-
+tration, and businesswoman Raffaela Rein,
+who has founded multiple companies and is
+a German Startups Association board mem-
+ber. The Kenyan diplomat Adnan Amin con-
+tributes broad international experience in the
+area of energy policy. He is a Senior Fellow at
+Harvard University and has 20 years of experi-
+ence under his belt with the United Nations
+and as Director-General of the International
+Renewable Energy Agency.
+Porsche expanded its
+Sustainability Council from
+five to six members. Sarah
+Jastram, Raffaela Rein and
+Adnan Amin joined the
+advisory body at the
+beginning of the year.
+S.GO 5124E
+14
+2030
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+GRAN TURISMO
+SBM swiss barge ag
+Psche Zentrum Sarand
+H&R
+H&R
+THE TEAM AND THE 25-YEAR-OLD MANTHEY-RACING WITH PORSCHE 911 GT3 R CARS
+SOR Poriche Zentrum Wiesba
+H&R
+25 years of Manthey-Racing
+In March, Porsche congratulated Manthey-
+Racing on its 25th anniversary. Based in
+Meuspath close to the Nürburgring Nord-
+schleife, the company was founded by racing
+driver Olaf Manthey in 1996 and has enjoyed
+close ties with Porsche from the beginning.
+In 2013, Manthey merged his company with
+Raeder Automotive GmbH. That same year,
+Porsche AG consolidated the successful
+collaboration with a 51 per cent majority
+stake and has been systematically expanding
+the cooperation ever since. The company
+Manthey-Racing GmbH is managed by the
+co-owners Nicolas and Martin Raeder and
+has a workforce of approximately 200. It is re-
+sponsible among other things for the appear-
+ances of the works team's Porsche 911 RSR
+in the FIA World Endurance Championship
+(WEC) as well as of the 911 GT3 R, otherwise
+known as the "Grello", in the Nürburgring
+Endurance Series (NLS). Manthey-Racing is
+also responsible for Porsche's appearances
+in the 24-hour race on the legendary circuit
+in Germany's Eifel region.
+The update fine-tunes the
+driving dynamics, introduces
+new smart charging functions
+and expands Porsche
+Communication Management
+(PCM).
+Software update for first-generation Taycan
+Porsche comprehensively overhauled the
+all-electric Taycan for model year 2021.
+Taycan customers whose electric sports cars
+were delivered in model year 2020 now
+benefit from the main upgrades too. Porsche
+has made the free software update available
+around the world. This fine-tunes the driving
+dynamics, introduces new smart charging
+functions and adds additional Porsche
+Connect services to Porsche Communication
+Management (PCM). For Taycan models with
+adaptive air suspension, the update also in-
+cludes the new Smartlift function. This allows
+the Taycan to be programmed to be auto-
+matically raised in certain recurring places
+such as garage driveways and speed bumps.
+The Charging Planner function has likewise
+been expanded. The driver can now deter-
+mine what charging status the Taycan should
+have upon arrival at the destination entered.
+16
+Porsche encouraging children to read
+To mark World Book Day on 23 April, Jörg
+F. Maas, Managing Director of the foundation
+Stiftung Lesen, spoke in the Porsche News-
+room about children's and young people's joy
+of reading. Richy Müller had the opportunity
+to speak in two capacities - the actor and
+racing driver is a Porsche brand ambassador
+and reads to children on behalf of the Stiftung
+Lesen foundation. Member of the Executive
+Board responsible for Human Resources
+Andreas Haffner stressed the importance of
+getting children to read from an early age:
+"Children who do not learn to read well early
+on do not only get off to a bad start - they
+often also fail to catch up again." Porsche and
+the Stiftung Lesen foundation have launched
+another five reading clubs at schools in Stutt-
+gart, Böblingen and Ludwigsburg. In total,
+Porsche supports 12 reading clubs in Baden-
+Württemberg and Saxony.
+a clear target - Porsche is to achieve balance-
+sheet CO₂ neutrality across the entire
+value chain by 2030. The major operations in
+Zuffenhausen, Weissach and Leipzig have been
+balance-sheet CO2-neutral since early 2021.
+Porsche has earmarked more than a billion
+euros for decarbonisation alone over the next
+10 years. The company is gradually avoiding
+and reducing CO₂ emissions throughout the
+value chain. A residual proportion of emissions
+that cannot be avoided will be offset. The
+Taycan Cross Turismo is the first vehicle
+designed to be balance-sheet CO2-neutral
+throughout its service life.
+Porsche and the Stiftung
+Lesen foundation have
+launched another five reading
+clubs at schools in Stuttgart,
+Böblingen and Ludwigsburg.
+Target of balance-sheet CO₂ neutrality in 2030
+Sustainability is a pillar of Porsche's Strategy
+2030. For Porsche, the term "sustainability"
+encompasses economics, the environment and
+social affairs. In the area of the environment,
+the sports car manufacturer has launched an
+extensive decarbonisation programme with
+Porsche took second place in the Women
+Career Index (FKI), a management tool
+S GO 5007
+10
+00
+DIGITALISATION IN THE CLASSROOM
+Digital Turbo for Schools
+Porsche supported schools in Baden-
+Württemberg and Saxony with a comprehen-
+sive aid programme in the midst of the
+coronavirus lockdown in March. Porsche
+Consulting experts started by visiting various
+types of school to examine them and then
+categorised them as four different types -
+"analogue stragglers", "committed develop-
+ers", "resolute catcher-uppers" and "digital
+trailblazers". The Digital Turbo for Schools
+initiative focused on the first three categories.
+Schools which were interested could apply
+for the aid programme. Porsche Consulting
+provided 15 schools in Baden-Württemberg
+and Saxony with up to 10 support days.
+The aid programme includes maturity level
+analysis, emergency aid and medium- and
+long-term planning. More than 180 Porsche
+employees from the field of IT and from
+Porsche Digital volunteered as a task force,
+contributing their knowledge to local schools.
+Artificial intelligence for sustainability goals
+Porsche, Audi and Volkswagen are champion-
+ing greater supply chain transparency. An
+algorithm developed by the Austrian start-
+up Prewave identifies supplier-related news
+sourced from publicly accessible media and
+social networks in more than 50 languages
+and from over 150 countries and evaluates it.
+This enables sustainability risks such as envir-
+onmental pollution, human rights violations
+and corruption to be forecast not only in rela-
+tion to Porsche's direct business partners, but
+also lower down in the supply chain. If there
+is any indication of relevant risks, the com-
+panies are notified. The case is then examined
+by Porsche's Procurement department. Artifi-
+cial intelligence is used as a proactive early-
+warning system. Since the launch of the
+pilot project in October 2020, Porsche, Audi
+and Volkswagen have primarily been monitor-
+ing direct suppliers as well as a selection of
+indirect suppliers. In total, there are currently
+more than 4,000 suppliers involved.
+More than 180 Porsche
+employees from the field of
+IT and from Porsche Digital
+volunteered as a task force in
+the Digital Turbo for Schools
+initiative.
+In memory of Porsche old hand Rolf Sprenger
+Rolf Sprenger passed away on 24 February
+2021 aged 77. Sprenger played a special
+role in the world of Porsche which is
+abundant in individualists and specialists,
+one-of-a-kinds and non-conformists - he
+became a service provider long before
+the term became ubiquitous. Ferry Porsche
+once personally commissioned him to offer
+customers from all over the world assistance
+regarding technical matters and requests
+for special features. In 1978, Rolf Sprenger
+established a programme that enabled
+customers to configure the chassis, engine,
+body and interior of their very own sports car.
+This now goes by the name of Porsche Exclu-
+sive Manufaktur. It is people like Rolf Sprenger
+who set Porsche apart in terms of technical
+excellence and diversity. And it was Rolf
+Sprenger's pronounced technical expertise
+that paved the way for many unique
+Porsche vehicles.
+Important events
+ROLF SPRENGER
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+11
+World premiere of the Taycan Cross Turismo
+In March 2021, Porsche unveiled the Taycan
+Cross Turismo, the all-rounder among electric
+sports cars. Like the Sport Saloon Taycan,
+the Cross Turismo features the innovative
+800-volt electric powertrain. All-wheel drive
+and adaptive air suspension offer driving
+pleasure off-road too. Back-seat passengers
+enjoy up to 47 millimetres more headroom.
+It has a load capacity of 1,200 litres behind
+the large tailgate.
+Its silhouette is defined by the sporty roof-
+line that slopes down to the rear, which the
+Porsche designers have christened the
+"flyline". The model family ranges from the
+Taycan 4 Cross Turismo with 280 kW
+(380 PS) to the Taycan Turbo S Cross Turismo
+with 460 kW (625 PS). With the Taycan
+Cross Turismo model version, Porsche is ex-
+panding the portfolio of its first all-electric
+sports car model series and is systematically
+continuing on its path of sustainable mobility.
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+Porsche increases stake in Rimac Automobili
+Porsche increased its stake in Rimac Auto-
+mobili from 15 to 24 per cent. The Croatian
+company develops and produces high-tech
+electromobility components, including
+high-performance powertrains and battery
+systems. It also manufactures electric super
+sports cars. Porsche first invested in the
+young technology and sports car company in
+2018 and increased its stake in the company
+to 15 per cent in September 2019. The
+company is now investing a further 70 million
+euros. Based in Sveta Nedelja near Zagreb,
+Rimac Automobili has a workforce of just
+under 1,000 and develops and manufactures
+super sports cars with up to 2,000 PS and
+top speeds of more than 400 km/h. The
+company founded by Mate Rimac in 2009
+also supplies technologies and systems
+to a number of renowned manufacturers of
+electric cars.
+Porsche took second place in
+the Women Career Index,
+a management tool for the
+advancement of women in
+business. It recognised
+Porsche as an employer that
+very much promotes women.
+Second place in Women Career Index
+for the advancement of women in business.
+It recognised Porsche as an employer that
+very much promotes women. The Women
+Career Index jury rates Porsche's mix of
+measures as exemplary, be it job sharing
+(including in managerial positions), flexible
+working time models, mentoring, a women's
+network, regular internal and external
+communication, maximum individualised
+HR development, transparent targets or
+numerous diversity initiatives.
+200,000 US dollars for a good cause
+In an online auction held in Zurich in April,
+a Porsche Taycan was auctioned off as a mobile
+work of art. The seven-day online auction was
+conducted by RM Sotheby's and more than
+50 bids were submitted for the mobile work
+of art. Porsche Schweiz donated the entire
+proceeds in the amount of 200,000 US dollars.
+(185,000 Swiss francs) to the Swiss non-
+profit organisation Suisseculture Sociale. In
+this way, Porsche and the project partners are
+supporting Swiss creative artists, a sector
+which has been hard hit by the coronavirus
+pandemic. With the aid of the car wrapping
+specialists at SIGNal Design, American artist
+Richard Phillips designed the Taycan Artcar
+as a one-off. Phillips applied his large painting
+"Queen of the Night" to the Taycan body.
+LICHE TIERE
+Outlook
+IMPORTANT EVENTS
+Business performance
+5
+Letter from the Executive Board of Porsche AG > The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+4
+The Executive Board of
+Dr. Ing. h.c. F. Porsche AG
+And we make our customers' dreams come true.
+The year 2021 proved that our business model is flexible
+and is well set up for turbulent times too. Our brand
+continues to have a strong appeal. Our forward-looking
+strategy brings together everything that Porsche stands
+for-sportiness, innovation, sustainability and profitability.
+For us, teamwork is a management philosophy. It takes
+a well-trained and highly motivated team to delight
+our customers day in, day out. We therefore invest in our
+employees, their health and their ongoing development.
+Because transformation is changing many activities and
+qualifications, and this is a change which we are likewise
+expediting in an active and targeted manner.
+Another task which we believe needs to be tackled is that
+of potentially making internal combustion engines virtually
+CO2-neutral with the help of synthetic fuels. We are there-
+fore involved in developing eFuels. Our pilot project in
+Chile will go into operation this year.
+But merely putting electric vehicles on the road is not
+enough. We are also looking at where the energy comes
+from which is needed for operations. Our activities will
+therefore also focus on the promotion of sustainable
+energy sources such as solar arrays and wind turbines.
+Electrification remains at the heart of our strategy.
+In 2021, 39 per cent of our new cars delivered to
+customers in Europe were electrified, either as hybrids
+or with an all-electric drive. Globally, it was almost
+25 per cent. We intend to increase this to over 80 per cent
+by 2030. We are also moving into the manufacture of
+high-performance cell batteries via the joint venture
+Cellforce Group.
+Our plant in Zuffenhausen has been balance-sheet
+CO2-neutral since 2020. The Weissach and Leipzig sites
+followed suit in 2021. We also require our direct suppliers
+to use renewables. And we ourselves are promoting their
+expansion - in total, we are budgeting more than a billion
+euros to be spent on decarbonisation measures.
+We are aiming to be balance-sheet CO2-neutral all along
+the value chain by 2030. We have already begun to
+systematically implement the necessary steps for this.
+We once again championed all kinds of different social
+issues together with our employees in 2021. And what
+can we do to slow down climate change? We believe
+this is the most important question of this generation.
+We wish to be a trailblazer and a role model and we see
+ourselves as a pioneer of sustainable mobility.
+We are structuring our company in such a way that it will
+remain stably on track for success during the transform-
+ation too. Our core business is both robust and flexible.
+Accounting for around 90 per cent of total sales, it
+serves as our foundations. We are focusing on developing
+future-oriented technologies. Our corporate culture is
+founded on a solid set of values involving committed action
+for the environment and society.
+Together with strong partners, we are introducing innov-
+ations and are pushing one another to achieve peak
+performance. We are advancing the development of high-
+performance battery cells, synthetic fuels and electric
+super sports cars. We are working together on expanding
+the charging infrastructure.
+We continue to pursue our forward-looking Porsche
+Strategy 2030. We are focusing on what has always made
+us strong and set us apart - our customers, the strong
+brand, exciting products, and the people who work at
+Porsche and are passionately shaping the transformation.
+We delighted our customers yet again with a large number
+of new, thrilling combustion engine models - the high-
+performance 911 GT3, the dynamic 911 GTS, the extremely
+agile 718 Cayman GT4 RS, the Cayenne Turbo GT and the
+third generation of the Macan.
+Our success is founded on strong demand for our fascin-
+ating products. The Taycan model family grew
+considerably in 2021. In addition to an entry-level model,
+the Cross Turismo, GTS and GTS Sport Turismo were also
+rolled out. In terms of deliveries, the first all-electric
+Porsche is already on a par with our iconic 911 sports car,
+which itself is more popular than ever.
+The figures for the financial year are pleasing.
+We delivered 301,915 new vehicles to our customers all
+over the world that's more than ever before. Operating
+profit totalled 5.3 billion euros and the return on sales
+came to 16.0 per cent. We are therefore operating highly
+profitably. We have exceeded our target and are setting
+standards in global automotive competition.
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+IMPORTANT EVENTS
+THE BOXSTER THEN AND NOW: THE STUDY (LEFT) MEETS THE CURRENT MODEL (RIGHT)
+25 years of the Porsche Boxster
+PORSCHE BRAND AMBASSADOR RICHY MÜLLER WANTS TO MAKE READING FUN
+Important events
+911 GT3 IN GUARDS RED
+Porsche donated 339,000 euros to the
+regional sports federations of Baden-Würt-
+temberg and Saxony as swift support for
+sports clubs. Thirty-eight sports practised at
+113 clubs benefited. Each club was awarded
+immediate aid of 3,000 euros, the purpose
+of the funds being to help maintain sporting
+activities during the coronavirus pandemic.
+In selecting the clubs, the two regional sports
+federations gave positive recognition of the
+fact that the clubs were offering young
+sportspeople alternative services during the
+pandemic, such as digital exercise videos,
+live streams and virtual contests. The clubs
+selected also focus in particular on youth
+work, integration or inclusion and represent
+both recreational and competitive sport.
+Supporting the clubs in their youth sport work
+in difficult times is a matter close to Porsche's
+heart. Children and young people need to
+be enthusiastic about their sport and club life
+during the coronavirus pandemic too.
+339,000 euros in aid for sports clubs
+In February, Porsche once again took on the
+sponsorship of various start-up companies
+at the ninth Expo Day of the innovation
+platform Startup Autobahn. The start-ups
+SevenD and Visometry, for example, have
+programmed a digital alternative to the
+traditional user manual. Augmented reality
+technology allows users to interactively
+familiarise themselves with the Taycan step
+by step. Porsche has been a partner of
+Startup Autobahn, the innovation platform
+in the field of mobility, since 2017.
+Three start-up sponsorships
+A new member of the Porsche GT family cele-
+brated its premiere in February, in Porsche's
+online format NewsTV. Model Line Vice Presi-
+dent Frank-Steffen Walliser, Vice President
+GT Cars Andreas Preuninger and the Porsche
+brand ambassadors Walter Röhrl and Jörg
+Bergmeister presented the 911 GT3, the first
+GT model based on the latest generation of
+the Porsche 911 (992). Its development
+focused on motorsport and the transfer of
+technology from the racetrack to the road.
+The new GT3 boasts significantly improved
+performance coupled with greater comfort.
+The innovative rear wing originated on the
+successful GT racing car 911 RSR, while
+the 375 kW (510 PS) four-litre six-cylinder
+boxer engine is based on the engine of the
+911 GT3 R which has been put through its
+paces in endurance racing. The model range
+was completed in June by the GT3 with
+Touring Package - a model version that does
+without the fixed rear wing and which is com-
+mitted to understatement.
+New 911 GT family member
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+2021 was another year of major challenges. The corona-
+virus pandemic and the global semiconductor shortage call
+for immense efforts. At the same time, the far-reaching
+transformation of the automotive industry continues apace.
+We will experience more changes over the next five years
+than we have in the past 50 years.
+It features LED main headlights as standard.
+Entry-level Taycan with rear-wheel drive
+S.GO 380E
+8
+Porsche and the Swiss luxury watchmaker
+TAG Heuer announced a strategic brand
+partnership in February. Both companies
+are long-standing brands with the highest
+expectations of quality regarding their prod-
+ucts - Heuer created the very first chrono-
+graph; Ferdinand Porsche constructed an
+innovative electric wheel hub motor more
+than 120 years ago; Heuer received recogni-
+tion at the 1889 world's fair, as did the first
+Lohner-Porsche Electromobile at the 1900
+Paris Exposition. In a nod to the motorsport
+history they have in common, Porsche and
+TAG Heuer intend to collaborate on various
+topics in the future. They started by present-
+ing a new watch, the TAG Heuer Carrera
+Porsche Chronograph.
+Partnership with TAG Heuer
+to launch an anniversary
+model, the Boxster 25 years,
+limited to 1,250 vehicles
+around the world.
+This gave the sports car
+manufacturer a good reason
+iconic 911 in 1997. This marked the beginning
+of a new era, with a shift from air cooling to
+water cooling.
+a good reason to launch an anniversary model,
+the Boxster 25 years, limited to 1,250 vehicles
+around the world. This new edition is based
+on the 294 kW (400 PS) GTS 4.0 model
+with a four-litre six-cylinder boxer engine. The
+car includes numerous design features taken
+from the Boxster study that heralded the
+success story of the open two-seater at the
+Detroit Motor Show in 1993. The produc-
+tion version was rolled out in 1996. With this
+model line, Porsche broadened its model
+diversity. The agile mid-mounted engine
+roadster was entirely new, as was the water-
+cooled six-cylinder production boxer engine,
+which subsequently also featured in the
+The year under review began with an anniver-
+sary, the 25th birthday of the Porsche roadster
+family. This gave the sports car manufacturer
+A fourth version of the all-electric Taycan
+sports car was introduced in January 2021.
+The Taycan with rear-wheel drive is delivered
+with a Performance Battery as standard with
+capacity of 79.2 kWh. A Performance Battery
+Plus with capacity of 93.4 kWh is also avail-
+able upon request. Its range in accordance
+with WLTP is up to 431 kilometres with the
+small battery and up to 484 kilometres with
+the large battery. The new entry-level model
+boasts aerodynamically optimised 19-inch
+Taycan Aero wheels and black anodised brake
+callipers. The nose underside, the side skirts
+and the rear diffuser are likewise black.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+9:11. Porsche. Podcast.
+Destination
+Charging
+189
+SALES, PRODUCTION AND PROCUREMENT
+Sales
+Production
+Procurement
+0
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+SALES
+Satisfied customers
+Numerous trade magazines and independent
+studies confirm the high quality of Porsche's
+products and services and its above-average
+customer satisfaction levels, the latter being
+due among other things to its customer
+relationship management (CRM) programmes.
+The company systematically focuses on
+the customers' wishes and requirements at
+all stages of the customer journey. Below
+are some examples of the awards and prizes
+received in various markets.
+2021 accolades and awards
+The well-known US automotive advice maga-
+zine Kelley Blue Book awarded the sports car
+brand the accolade "Best Resale Value -
+Luxury Brand" for the fifth consecutive year
+in 2021. In addition, the Macan model won
+the prize for the highest resale value in the
+category Best Compact Luxury SUV.
+At the World Car Awards (WCA), the Porsche
+911 was named World Performance Car
+of the Year 2021. More than 90 international
+automotive journalists act as WCA jurors.
+In the Automotive Performance, Execution
+and Layout Study (APEAL) conducted
+by renowned US market research company
+J.D. Power, Porsche once again clinched first
+place in the luxury segment, like last year.
+The APEAL study looks at the attractiveness
+of vehicles in the USA. This involves new car
+buyers being surveyed once a year.
+The sports car manufacturer also achieved
+first place as the best brand in the Sales
+Satisfaction Index (SSI) for the USA. Porsche
+took first place in this rating in Canada too.
+This index is likewise compiled annually
+by J.D. Power and determines how satisfied
+those interested in buying a new car are
+with the authorised dealers during the pur-
+chasing process.
+The company also impressively clinched
+first place among the premium brands in
+J.D. Power's Customer Service Index (CSI).
+The CSI indicates how satisfied the customers
+are with the authorised dealers' servicing
+and repairs.
+In Germany, readers of the trade magazine
+auto, motor und sport ranked the 911 first
+in the Sports Car category. It was ranked first
+in the previous year too. In the Convertibles
+category, the 911 Cabriolet and 911 Targa
+triumphed. In addition, the Taycan took first
+place in the Executive Cars category for
+the first time.
+In the Golden Steering Wheel, Bild am
+Sonntag and Auto Bild named the Panamera
+the 2021 winner in the Mid-Range and
+Executive Cars category.
+For the 18th time, Auto Bild and Schwacke
+chose their "value champions". The Porsche
+911 Carrera 4S PDK clinched the 2021 title
+of Germany's sports car with the most stable
+value, with value retention of 57.95 per
+cent. In the Auto Bild TÜV-Report 2021, the
+Porsche 911 was classified as a "best-seller
+that lasts".
+The British magazine Top Gear awarded the
+Porsche 911 GT3 the title Chris Harris' Car
+of the Year 2021 and classified the Porsche
+Mission R as Concept of the Year 2021.
+The British newspapers The Sunday Times
+and The Times additionally named the Taycan
+Cross Turismo Adventure Car of the Year
+2021 and the 911 GT3 Sports Car of the Year
+2021. The lifestyle magazine GQ recognised
+the 911 Turbo Cabriolet as Convertible of the
+Year in 2021.
+PORSCHE DELIGHTS THE OLD AND YOUNG ALIKE
+192
+PORSCHE
+STHA 5866
+THE PORSCHE COMMUNITY IS AN IMPORTANT FUTURE FACTOR AND CONSISTS OF PEOPLE WHO SHARE A PASSION FOR PORSCHE
+The brand as a success factor
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+The brand is the number one reason why
+people buy a Porsche. And this trend is in-
+creasing. In a 2015 survey, 41 per cent of the
+German buyers of a new Porsche stated that
+they chose their vehicle based on the brand.
+By 2019, this had already risen to 48 per cent,
+in other words almost one in two buyers. The
+brand will be even more important as a differ-
+entiation factor in the future. It therefore has
+a key part to play in Porsche's Strategy 2030.
+The Porsche community is an important
+future factor. It consists of people who share
+a passion for Porsche. The company benefits
+from its unique history here - Porsche has
+been shaping the future of the sports car for
+more than 70 years. More than 230,000 fans
+of the brand come together in Porsche Clubs
+around the world. The Porsche community
+is unique in the automotive world. This special
+status needs to be exploited and expanded
+among other things to reach out to new target
+groups. These are both key brand manage-
+ment aims.
+Research and development
+The digital twin offers
+customers advantages
+above and beyond vehicle
+operation too. The digital
+vehicle file can show the
+vehicle's residual value,
+thereby increasing trans-
+parency for the buyers and
+sellers of used cars.
+Of the individual factors, it is above all the
+traction battery which has a major influence
+on CO₂ emissions during the life cycle -
+around 40 per cent of the carbon dioxide
+generated during the manufacture of a single
+Taycan can be attributed to the battery.
+In other words, the battery size is largely
+responsible for an electric vehicle's emis-
+sions balance. It also influences the market
+success as the dimensions have to meet
+the customers' requirements and expectations.
+The best results are achieved with a medium-
+sized battery where the optimum driving
+dynamics balance has been struck between
+weight and efficiency.
+Future developments will further improve
+the driving dynamics and reduce the charg-
+ing time. Even greater progress can be
+expected with regard to reducing CO₂ emis-
+sions. The second generation of electric
+vehicles, which will be rolled out shortly, will
+release around a quarter fewer carbon diox-
+ide emissions over its life cycle than the first
+generation. Above all, however, battery tech-
+nology will significantly improve the envir-
+onmental footprint - new cell technologies
+will lower energy consumption, while better
+charging capacity will improve efficiency.
+The proportion of recycled raw materials
+from batteries is set to grow. This is helping
+the target set of balance-sheet CO₂ neutrality
+throughout the value chain by 2030 to
+be achieved.
+Moving into the manufacture
+of high-performance battery cells
+Porsche is actively moving into the manu-
+facture of high-performance battery cells
+through its investment in the Cellforce Group.
+The Cellforce Group is a joint venture be-
+tween Porsche and Customcells GmbH.
+A planned production facility is scheduled to
+have an initial capacity of at least 100 MWh
+a year from the end of 2024. This equates to
+high-performance battery cells for some
+1,000 vehicles. The cells are special lithiumion
+battery cells for use in motorsport and in
+high-performance vehicles. The chemistry
+behind the new high-performance cells re-
+volves around silicon as the anode material.
+This makes it possible to considerably in-
+crease the energy density compared with the
+current production batteries. The battery
+can be more compact in design while offering
+the same energy content. This new chemistry
+also reduces the battery's internal resistance,
+enabling it to absorb more energy during
+energy recuperation and making it more efficient
+during fast charging.
+Research and development
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+187
+Digital chassis twin for predictive driving
+functions and component statuses
+The performance of the integrated sensor
+technology, connectivity and data processing
+improves with every new Porsche generation.
+New opportunities to use all this information
+effectively therefore present themselves
+all the time. One of these is what's known as
+a digital twin. This is the virtual copy of
+a physical counterpart and it allows for data-
+driven analysis, monitoring and diagnostics.
+A vehicle's digital twin consists not only of
+the operating data collated, but also of its
+consequences - information which is gathered
+during scheduled servicing and unplanned
+repairs. Parts of this digital twin therefore
+already exist in the memory of control units
+and in the Porsche Centre databases.
+The huge potential of the digital twin lies in
+the fact that its data is pooled in a centralised
+intelligence system. Conclusions that benefit
+every single vehicle and therefore every indi-
+vidual customer can be drawn from data rele-
+vant to an entire field. With this big data, an al-
+gorithm can then calculate the driving style
+on the basis of, for example, sensor data from
+A "digital twin" is the
+virtual copy of a physical
+vehicle and it allows
+for data-driven analysis,
+monitoring and diagnos-
+tics - minus the real-world
+costs and constraints.
+the engine and chassis and recommend not
+only the vehicle's optimum service time, but
+also the servicing scope. And more import-
+antly, component wear and even potential
+failures can be calculated in the same way
+even before they actually occur - resulting in
+a considerable safety bonus.
+For around three years, Porsche's software
+specialists have been working on the con-
+cept of a digital twin with a focus on the
+chassis, that is to say a "chassis twin". This
+project is now being continued by CARIAD,
+the Volkswagen Group's independent auto-
+motive software company. The advantage of
+this is that, rather than only Porsche vehicle
+data being drawn on, data can be sourced
+from all the Group brands, thus increasing the
+pool of vehicles by a factor of up to 20.
+With a Porsche, it is the chassis that is sub-
+jected to the greatest loads, in particular
+when racing on circuits. The development of
+a digital twin therefore starts with the chas-
+sis. Forces are identified in the vehicle imme-
+diately and are communicated to the driver
+thanks to sensor technology in the vehicle
+and the intelligent, self-learning algorithms
+PORSCHE HAS BEEN WORKING ON A DIGITAL TWIN CONCEPT FOR AROUND THREE YEARS
+188
+S.PO 513
+THE DIGITAL TWIN DATA IS POOLED IN A CENTRALISED INTELLIGENCE SYSTEM
+used for centralised analysis. This increases
+passenger safety because certain malfunc-
+tions are flagged up immediately before the
+vehicle user or the repair shop identifies
+the error on the basis of, for example, noises
+or vibrations.
+Porsche is already putting the digital chassis
+to the test in practice. The component
+being monitored is the air suspension in the
+Porsche Taycan. In the pilot project, body
+acceleration data is initially primarily being
+used to calculated thresholds. If these
+thresholds are exceeded, the PCM system
+prompts the customer to have their chassis.
+checked at a Porsche Centre. In this way,
+it is ensured that the wear limit is not ex-
+ceeded and consequential damage is pre-
+vented thanks to repairs being performed
+promptly. Both at the testing and production
+stage, data protection takes top priority.
+The customers' consent to anonymised data
+being transferred is therefore sought via
+the PCM system. Approximately one in two
+Taycan customers is participating in this
+pilot project, representing very positive feed-
+back for this use of the digital chassis.
+The digital twin offers customers advantages
+above and beyond vehicle operation too.
+The digital vehicle file can show the vehicle's
+residual value, thereby increasing transpar-
+ency for the buyers and sellers of used cars.
+In addition, there could conceivably be an
+extended approved manufacturer's warranty
+based on seamless documentation of com-
+ponents or even certification with a price
+recommendation for reselling a vehicle.
+"PORSCHE ISN'T SIMPLY
+A PRODUCT. PORSCHE IS
+A PROMISE THE PROMISE
+OF A SPECIAL BRAND
+AND PRODUCT EXPERIENCE.
+BECAUSE THIS IS PRECISELY
+WHAT MAKES US UNIQUE."
+Detlev von Platen,
+Member of the Executive Board -
+Sales and Marketing
+The digital Porsche Charging Service makes
+it easier for Porsche drivers to charge their
+electric cars and pay for the electricity. All
+of the charging procedures here are balance-
+sheet CO2-neutral. Porsche Charging Service
+offers a high-performance charging network
+with close to 200,000 AC and DC charging
+points in 20 European countries, including
+just under 6,500 charging points with
+DC charging capacity of more than 50 kW.
+These include the quick-charging stations
+belonging to the IONITY partner network.
+There are additional Porsche Charging
+Service solutions in the USA, Canada and
+China. In the USA and Canada, for example,
+there are the Electrify America and Electrify
+Canada networks.
+The IONITY joint venture is currently rapidly
+accelerating the expansion of its quick-
+charging network in Europe - the number of
+locations is set to rise from currently just
+under 400 to more than 1,000 by 2025. At
+the same time, the number of charging points
+is set to increase to around 7,000 in total -
+more than four times as many as there are
+currently (approximately 1,500). Porsche and
+the other shareholders will invest 700 million
+euros for this up to 2025. Porsche is planning
+its own quick-charging stations along key
+European traffic routes and motorways to
+complement the IONITY network.
+Porsche Destination Charging provides AC
+charging points at select hotels, restaurants,
+airports, shopping centres, sports clubs and
+marinas. There are currently around 3,300 of
+these charging points in more than 74 coun-
+tries. The Porsche Turbo Charging stations
+are another practical 800-volt charging op-
+tion and can be found at many dealerships
+in 54 markets.
+The company offers various solutions for
+home garages too, such as the Porsche
+Mobile Charger Connect with charging
+power of up to 22 kW (or 9.6 kW in the case
+of the USA). The Porsche Charging Dock
+and Porsche Compact Charging Pedestal
+are also available upon request, for wall
+mounting or for free-standing installation.
+The optional Home Energy Manager (HEM)
+allows for smooth and convenient charging at
+home. This smart control centre is integrated
+into your home mains by an electrician. The
+HEM optimises the charging process in terms
+of power, time and cost. It also offers protec-
+tion against overloading the house's mains
+network (blackout protection) by reducing
+the vehicle's charging power in the event of
+an impending overload. Optimised for the
+use of self-generated power, the HEM allows
+for targeted charging with domestically
+produced solar power.
+Together with an external partner, Porsche
+also offers related services the Porsche
+Charging Pre-Check (online) and the Porsche
+Home Check. In the case of the latter, an
+electrician checks the conditions on-site and
+can then subsequently also install the char-
+ging equipment.
+PORSCHE
+PORSCHE DESTINATION CHARGING PROVIDES AC CHARGING POINTS AT SELECT HOTELS, RESTAURANTS AND AIRPORTS
+196
+S.TA 5135E
+SINCE 2021, THE ALL-ELECTRIC TAYCAN HAS ALSO BEEN AVAILABLE FROM THE FLEXIBLE MOBILITY SERVICE PORSCHE DRIVE SUBSCRIPTION
+Flexible mobility services
+The premium manufacturer offers a flexible
+mobility concept under the Porsche Drive
+umbrella brand. This allows sports cars to be
+rented for various periods such as three hours
+or at least six months. Depending on the offer,
+the vehicle can even be swapped within its
+model range at short notice every 48 hours.
+Starting in June 2021, the Mobility Services
+business division was gradually transferred
+to Porsche Financial Services GmbH.
+With Porsche Drive Subscription, young used
+cars aged between six and 48 months can
+be rented, including the all-electric Taycan.
+Lasting at least six months, the contract
+term is shorter than that of a traditional lease
+agreement. The rental price includes every-
+thing except for refuelling and charging costs.
+The subscription can be terminated with a
+notice period of three months.
+Porsche Drive Rental allows customers to rent
+their dream car for a matter of hours or days.
+With this premium short-term rental service,
+they can rent their dream car for anything
+from three hours to 28 days - an attractive
+offer in particular for weddings, anniversaries
+or short holidays. The chosen Porsche model
+can be collected from 19 sites throughout
+Germany. Porsche Cars North America (PCNA)
+offers similar car subscriptions in the USA.
+Sales, production and procurement
+For a flat fee, customers in Los Angeles,
+Atlanta, Phoenix and San Diego can hire a
+single Porsche model for one or three months
+(Porsche Drive - Single-Vehicle Subscrip-
+tion). Anyone wishing to hire a sports car
+for just a few days can choose "Porsche
+Drive
+Rental". Last, but not least, "Porsche
+Drive Multi-Vehicle Subscription" allows
+customers to make unlimited vehicle swaps.
+This monthly subscription programme is
+app-based. All three offers are available at
+Porsche Centres in 14 cities, with other
+sites already in the pipeline.
+Faster configuration with Al
+Since spring 2021, the Porsche Car Config-
+urator has been using artificial intelligence
+(Al) to offer personalised recommenda-
+tions. The Al takes a fraction of a second to
+determine which vehicle options from among
+an almost unlimited number of possible
+combinations might suit a user and then
+suggests these to the user. On average, there
+is an accuracy rate of more than 90 per cent
+in terms of equipment details that match the
+customer's interests. This "recommendation
+engine" optimises itself on the basis of the
+new data it collects, so this rate will improve
+further over time.
+Sales personnel changes
+Marco Schubert became Vice President
+Region Europe at Porsche on 1 July 2021.
+He was previously President of the Audi
+Sales Division China. Schubert follows in the
+footsteps of Barbara Frenkel, who moved to
+the Executive Board of Porsche AG.
+Sarah Simpson became Chief Executive
+Officer of Porsche Cars Great Britain on
+1 September, replacing Marcus Eckermann,
+who took on a new position at Porsche AG.
+Sarah Simpson has worked for the Volks-
+wagen Group for more than 20 years and has
+spent the last 10 years at Bentley Motors.
+Likewise on 1 September, Daniel Schmollinger
+assumed the position of Chief Executive
+Officer of Porsche Cars Australia (PCA) and
+the Porsche Retail Group Australia (PRGA).
+He succeeds Sam Curtis as Managing
+Director and Chief Executive Officer. He was
+most recently Vice President of Marketing
+at Porsche China.
+Jacqueline Smith-Dubendorfer, most recently
+Global Vice President Digital Partner
+Commerce at adidas, was appointed Vice
+President Smart Mobility & Digital Sales on
+1 October. As such, she is responsible among
+other things for the digital sales channel
+launched in 2019.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+197
+Dense charging infrastructure
+195
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Sales, production and procurement
+It is a question of creating unique experi-
+ences with Porsche. For example, the
+brand can be experienced live and up close
+at a Porsche Experience Centre (PEC).
+There are currently nine of these special
+experience centres around the world, in-
+cluding the centre opened in Kisarazu in the
+Tokyo metropolitan area on 1 October.
+The tenth PEC is currently under construc-
+tion in Toronto, Canada. PECs are visited
+by around 150,000 customers and Porsche
+fans a year. This service further enhances
+the brand's appeal.
+Innovative brand appearances are also
+made in modern formats including urban
+events such SCOPES Driven by Porsche.
+These events were held in Singapore and
+Warsaw in 2021. With SCOPES, Porsche
+offers young, dynamic creators and artists
+and also innovative companies a platform
+where they can discuss the trends and
+future topics in their region. It is modern
+contact points like this that make the
+brand more attractive too.
+Sales, production and procurement
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+193
+ONE OF THE FIRST TWO PORSCHE STUDIOS WITH THE NEW CONCEPT OPENED IN TAIWAN IN SPRING 2021
+Digital convenience in retail
+The Sales department is digitalising the
+sales process at the dealerships with
+Porsche One Sales (POS). POS is an inte-
+grated, user-optimised IT system that
+brings all the relevant sales steps together
+in a single user interface. The new and used
+car salespeople at the Porsche Centres
+use POS on a variety of devices such as
+laptops and tablets, enabling them to focus
+entirely on the customer during consult-
+ations. As well as configuration, for example,
+equipment details can be demonstrated
+on display vehicles.
+Following a trial period at select German
+Porsche Centres, POS was rolled out through-
+out Germany in January 2021, followed by
+Switzerland and France in July. Local teams
+in China and the USA are working on devel-
+oping versions which are tailored to their
+regions. POS is now being used by 15 deal-
+ers in China and 31 in the USA. Its roll-out
+to other markets in Europe and overseas will
+begin in early 2022.
+Customers enjoy a digital premium service
+after buying a new or used car too, with all
+the services being managed centrally via
+the My Porsche customer ecosystem. This
+can be used to arrange appointments,
+select the service consultant and digitally
+plan a vehicle drop-off. A video-based ve-
+hicle check is another of its features. Here,
+the service consultant records the condi-
+tion of the vehicle and documents all
+the work needed by video. The customer
+can then view the recordings and approve
+the corresponding offer with just a few
+clicks in My Porsche.
+Digital service booking has been available
+through all the dealers in Germany, China,
+North America, Norway, France and Singa-
+pore since autumn 2021. The video-based
+vehicle check is already available in a num-
+ber of European markets including Spain,
+Portugal and Italy. The services will be rolled
+out in many more countries in the course
+of the year, focusing in particular on North
+America, Europe and Asia.
+Customers enjoy a digital
+premium service after buying
+a new or used Porsche too,
+with all the services being
+managed centrally via
+the My Porsche customer
+ecosystem.
+Inspirational dreams: "Dreamers. On."
+The "Dreamers. On." marketing campaign
+focuses on lifelong dreams and these dreams
+being realised. Its aim is to engage with new
+strategic target groups and inspire them
+to achieve their personal lifelong dreams. In
+addition, the brand purpose Driven by Dreams
+is to be firmly embedded in the minds of the
+existing and new target groups.
+These days, close to half of all the CO₂ emis-
+sions generated in the course of an electric
+vehicle's life cycle are caused during its
+manufacture. This includes raw material ex-
+traction and processing. The second biggest
+factor is the car's operation, which depends
+on the energy mix, its charging and vehicle
+efficiency and the driving style. Recycling
+at the end of the vehicle's life cycle accounts
+for the smallest share of CO2 emissions.
+An interactive online mentoring programme
+called The Art of Drive was launched as
+part of "Dreamers. On." at the end of
+July 2021. In short films, articles, inter-
+views and digital events, famous faces
+such as the American musician Annie Clark
+reported on how they realised their dreams
+and inspired others in the process. The
+mentors encouraged the users to tackle
+ambitious projects. The Art of Drive came
+about in collaboration with the media
+partners Vogue and Wired.
+Close to the customers - urban retail formats
+Porsche seeks to offer excellent service and
+an extra special brand experience across all
+of its sales channels, be it at physical dealer-
+ships or in the digital marketplace. An omni-
+channel approach means being accessible for
+the customers everywhere and at all times.
+Porsche Sales is in a strong position overall -
+the network comprises around 900 strong
+and loyal sales partners in 128 markets
+around the world. The Destination Porsche
+retail concept serves as the umbrella for all
+the physical retail formats. The concept will
+be rolled out globally and has already been
+implemented at 10 Porsche Centres. Over
+600 more are set to follow by the end of
+the decade. The company has so far invested
+more than 500 million euros in this. The
+Porsche dealers are likewise making large
+financial commitments in order to move away
+from the traditional car dealership and more
+in the direction of a brand experience venue.
+Porsche additionally has a Future Retail strat-
+egy - the company wishes to engage not
+only with its existing customers, but also with
+new, younger target groups and increasingly
+also with women. New urban retail formats
+such as the Porsche Studios and the Porsche
+NOW sales pop-ups have a part to play here.
+The idea is that, with city centres becoming
+more and more important due to the trend of
+urbanisation, Porsche goes to where its target
+groups can be found.
+The Porsche Studios are primarily found in
+heavily frequented city centre locations such
+as in shopping centres. The focus is on the
+brand experience. In addition to a showroom
+there is a fitting lounge where vehicles can
+be configured and ordered. Test drives can
+also be taken. Small-scale events are also
+frequently held there. The first two Porsche
+Studios were opened in Taiwan and Vietnam
+in spring 2021, followed by a studio in Oslo,
+Norway, on 1 July. By 2023, according
+to current planning, there will be more than
+25 Porsche Studios worldwide.
+While the Porsche Studios are permanent,
+the Porsche NOW sales pop-ups are used
+for a limited period only. In addition to the
+cars on display, visitors to the pop-up stores
+can sample the Porsche Drivers Selection,
+familiarise themselves with the Porsche
+Exclusive Manufaktur services and make use
+of virtual reality applications and the private
+configuration lounge.
+Porsche NOW locations opened on Jeju Island
+in South Korea and in Zurich, Switzerland, in
+summer 2021. So far, there have also been
+temporary Porsche stores in Brazil, Germany,
+Japan, Canada and Taiwan. Other new open-
+ings of these urban formats will follow.
+Digital sales channel boosts sales
+Porsche and the Porsche dealer organisation
+have heavily expanded online sales since
+they were introduced in October 2019. In
+2020, 1,700 new or used Porsche vehicles
+were sold on the digital platform around
+the world; by 2021, this had already risen to
+5,800. The Porsche dealers' sales in this
+area increased threefold in the year under
+review too - while sales of 160 million euros
+were achieved in 2020 as a whole, the half
+a billion euro mark was achieved in the first
+half of 2021 alone.
+The vehicle finder function is now available
+in 101 markets around the world. Authorised
+Porsche dealers use this platform to offer
+their new and used cars which are available
+immediately online. These include basic
+models and also rarer versions. In addition,
+customers in 24 European markets and in
+the USA, Canada and China can order their
+dream vehicle online.
+In China, used cars offered by Porsche
+dealers can even be found and reserved
+using the popular smartphone app WeChat.
+New vehicles are set to follow early next
+year. Certain Porsche Lifestyle products
+and driving experiences are also offered
+online through the Porsche flagship store
+on Tmall, China's largest B2C online
+marketplace.
+194
+Porsche Panamera 4 E-Hybrid
+MODEL SELECTION AIDED BY THE DIGITAL VEHICLE FINDER FUNCTION
+The Global Gallery was a second project.
+Here, up-and-coming artists had the
+opportunity to showcase their digital works
+on displays in prominent places. The
+advertising space used for this was set up
+in five cities in North America, Europe
+and Asia. The Global Gallery was launched
+on 9 October and ran for eight weeks.
+Porsche collaborated with König Galerie
+for this project.
+The goal has been clearly defined - Porsche
+is aiming to be balance-sheet CO2-neutral
+all along the value chain by 2030. The sched-
+ule for the company's Production and Logis-
+tics departments has been systematically
+aligned with this. The key role will be played
+by the progress made with electromobility.
+At the Sport Auto Awards 2021 in Germany,
+Porsche was successful in a total of seven
+categories. The Porsche 911 took first place
+in no less than four categories. The Taycan
+Turbo S was named best electric car, while
+the Cayenne Turbo Coupé was named the
+sportiest SUV.
+THE BATTERY IN THE TAYCAN COMBINES RANGE, PERFORMANCE AND SUSTAINABILITY
+Carrera
+KRAFTAKT
+DR. FRANDAMAN MO M
+TEMPO GESTATIN SPORTCH
+THE CARRERA MAGAZINE REGULARLY PROVIDES THE WORKFORCE WITH INFORMATION ON THE LATEST DEVELOPMENTS
+178
+#4
+Employees, society, sports and communications
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+179
+RESEARCH AND DEVELOPMENT
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+RESEARCH AND DEVELOPMENT
+Weissach Development Centre -
+a driver of innovation for 50 years
+Porsche celebrated the 50th anniversary
+of the Weissach Development Centre on
+1 October 2021. There are now 6,700 em-
+ployees developing technologies, components
+and vehicles at this think tank. The spectrum
+encompasses everything from design and
+concept development to model construction
+and initial prototypes. "With the Development
+Centre, we are setting the global benchmark
+in automotive development. Here we are shap-
+ing the mobility of today and tomorrow," says
+Michael Steiner, Member of the Executive
+Board responsible for Research and Develop-
+ment at Porsche AG.
+The wish for its own test track near to its plant
+began to grow at Porsche back in the late
+1950s. Ferry Porsche performed the ground-
+breaking for the first construction phase of
+the new proving ground on 16 October 1961.
+Various test tracks were initially created on
+which, among others, the Porsche 911 was
+taken through to market maturity. Plans for the
+construction of an integrated research and de-
+velopment centre in Weissach were drawn up
+in the 1960s. The idea was to pool the expert-
+ise that had until then been spread across the
+sites in Zuffenhausen and Weissach. Construc-
+tion of the actual Weissach Development
+Centre began in 1969. Porsche's Research
+and Development department and its own
+Motorsport division then moved to Weissach
+in 1971. From the outset, the development
+centre had a workforce of approximately 500.
+The Porsche Style department subsequently
+followed in 1972. The building in the shape of
+a standard hexagon, which was developed
+with optimum work and cooperation possibil-
+ities in mind and remains characteristic to
+this day, was then completed in 1974. At the
+same time, Porsche expanded the develop-
+ment centre's testing capacities. Further im-
+provements here up to the mid-1980s in-
+cluded a measuring centre for environmental
+technology and a test building for engines
+and power units. In May 1986, Porsche
+opened what was then the most modern wind
+tunnel in the world.
+As automotive engineering advanced, the in-
+frastructural demands made of the develop-
+ment centre changed too. A second approach
+road, a complete vehicle inspection building,
+a centre for safety tests and a climatic wind
+tunnel are currently under construction in
+the south of the research and development
+centre. By 2025, the site will have been ex-
+panded by 12 hectares. It currently comprises
+approximately 100 hectares.
+50
+1971 2021
+PORSCHE
+DEVELOPMENT
+WEISSACH
+THE SKID PAD AT THE WEISSACH DEVELOPMENT CENTRE THEN AND NOW
+182
+"WITH THE DEVELOPMENT
+CENTRE, WE ARE SETTING
+THE GLOBAL BENCHMARK IN
+AUTOMOTIVE DEVELOPMENT.
+HERE WE ARE SHAPING
+THE MOBILITY OF TODAY AND
+TOMORROW. WITH EVEN
+MORE EFFICIENT AND CLEANER
+DRIVES, NEW DRIVING
+FUNCTIONS AND INNOVATIVE
+CONNECTIVITY SOLUTIONS.
+IN THIS WAY, WE CONTINUE
+TO MAKE DRIVING A PORSCHE
+A THRILLING, DYNAMIC
+EXPERIENCE."
+Michael Steiner,
+DRIVEN BY DREAMS
+Mission R
+DER EXTREMS
+#1
+VICE PRESIDENT COMMUNICATIONS SEBASTIAN RUDOLPH WELCOMES CHAIRMAN OF THE EXECUTIVE BOARD OLIVER BLUME TO THE 9:11 PODCAST
+inks are used for printing and the energy used
+is 100 per cent renewable.
+Digital services were also significantly ex-
+panded last year. The main internal medium is
+Carrera Online, a news platform that all the
+employees can access at any time via their PC
+or a smartphone app.
+Carrera Online publishes up to four articles
+a day that often feature additional video con-
+tent. News about the latest developments
+and events relating to the company and its
+products can be found here, as can general
+information on the company's organisation,
+Porsche's Strategy 2030 and qualification
+measures. The Chairman of the Executive Board
+or his Executive Board colleagues regularly ad-
+dress the workforce via video messages to keep
+them up to date on key decisions. As such, all
+the employees can find comprehensive in-
+formation on all the key topics at any time.
+The employees are also very
+important to the company.
+Porsche Communications
+therefore dedicates its
+attentions to them with just
+as much intensity, care and
+professionalism as it does with
+the external stakeholders.
+Transparency generates trust
+Porsche Communications is highly efficient
+and forward-looking. Its broad, transparent
+and cross-media array of information plays
+a significant part in people's positive percep-
+tion of the company, the brand and its prod-
+ucts. The brand's strategic orientation is also
+communicated comprehensibly, both intern-
+ally and externally.
+The trust that Porsche's stakeholders place
+in it is therefore strong, as indicated among
+other things by the results of the reputation
+analysis newly introduced in 2020. This trust
+serves as a good basis for making a success
+of transformation in these challenging times
+of upheaval too.
+New podcast formats
+Porsche launched a podcast format that
+goes by the name of 9:11 in summer 2020.
+Its first season comprised 12 episodes.
+Season 2 then began with episode 13 to-
+wards the end of the year under review.
+Battery development between range,
+performance and sustainability
+There are additionally two other podcast for-
+mats to be found in the Porsche Newsroom.
+In the Next Visions podcast, forward thinkers
+who work on innovations and visions of the
+future have their say. An English-only version
+also appears under the same name, hosted
+by Head of Porsche Digital Christian Knörle
+and Tim Leberecht, CEO of the Berlin-based
+platform House of Beautiful Business. The
+Inside E podcast has a different focus. Here,
+insiders offer interesting insights into the first
+all-electric racing series, Formula E.
+Porsche Communications is
+highly efficient and forward-
+looking. Its broad, transparent
+and cross-media array of
+information plays a significant
+part in people's positive
+perception of the company,
+the brand and its products.
+Member of the Executive Board -
+Research and Development
+Transparently informing the employees
+The employees are also very important to
+the company. Porsche Communications
+therefore dedicates its attentions to them
+with just as much intensity, care and
+professionalism as it does with the exter-
+nal stakeholders.
+The ecosystem of the Carrera media family
+was already hybrid in nature before the
+coronavirus pandemic, featuring up-to-date
+online and print offerings. The printed Carrera
+Magazine and the site newspapers regularly
+provide the workforce with information on
+the latest developments. Background reports
+go into greater depth on topics of relevance
+to Porsche.
+Like Christophorus, the print versions of the
+Carrera media are printed on FSC-certified
+paper using cutting-edge methods. The
+contracted printing company is likewise cer-
+tified in accordance with the FSC and PEFC
+sustainability standards. Mineral oil-free
+Carrera
+PORSCHE
+Strategie 2030
+4H
+Carrera
+#2
+DYNAMIK
+PERFORMANCE
+arrera
+ZEITREISE
+#3
+Keeping the workforce continuously, prompt-
+ly and transparently up to date regarding all
+the relevant decisions, developments and
+events generates trust. And this is essential,
+in particular at times of transformation.
+Porsche Communications has had a tried and
+test tool for this to hand for years in the form
+of the internal Carrera media.
+INNOVATION MANAGEMENT AT PORSCHE
+Once a month, Porsche's Vice President
+Communications Sebastian Rudolph wel-
+comes famous guests and talks with them
+about interesting topics in the fields of busi-
+ness, society and sport - always topics that
+have some connection to the legend that is
+Porsche. The 9:11 podcasts are available to
+download from the Porsche Newsroom and
+on the company's intranet. They can also
+be found on all the usual podcast platforms,
+from Apple to Spotify.
+"An innovation programme does not invest
+in patents or inventions. It invests in people."
+This maxim uttered by Oliver Blume in 2016
+has evolved into a recipe for success. The
+Innovation Management department found-
+ed by the Chairman of the Executive Board
+of Porsche AG is now key to securing the
+future of the company. Its task is to assist
+with Porsche's transformation into a digital,
+electrified future and to reconcile the con-
+flict between premium, performance and
+luxury on the one hand and sustainability on
+the other.
+worlds will be created that replicate all the
+relevant road situations, serving as test cases
+for the driver assistance systems' algorithms
+and sensors.
+Not only are the test drives in a simulated
+environment less expensive, save time and
+involve less organisational work. It is also
+possible to simulate and adapt critical situ-
+ations from real road traffic during the virtual
+test drives, based on the needs.
+In addition to the real-time capability of the
+simulations, an aspect which is at least as im-
+portant is that the virtual worlds generated by
+the computer produce physically realistic ef-
+fects. Digitally replicated objects such as
+roads, pavements, building walls and vehicles
+have to have precisely the same properties as
+can be found in real road traffic - only then
+can they provide the camera, lidar, radar and
+ultrasound systems with realistic input.
+Porsche Engineering uses game engines from
+the computer games industry for this. These
+frameworks generate photorealistic images
+and ensure that the physical behaviour of ob-
+jects in computer and video games is correct.
+Porsche Engineering develops and tests virtu-
+ally automated driving functions with the aid
+of these software packages. Together with arti-
+ficial intelligence, game engines have a key
+role to play, training the driver assistance sys-
+tems with synthetic sensor data. This allows
+any scenario and every eventuality to be gone
+through in detail.
+Drives simulated with the aid of game en-
+gines have the advantage of it being possible
+to repeat them again and again, of being
+controllable and of taking less time. They are
+additionally used in vehicle construction in
+order to reduce the number of actual proto-
+types and thus save time and money. For this,
+Porsche Engineering uses its internally devel-
+oped Visual Engineering Tool, which allows,
+for example, questions regarding the optimum
+arrangement of parts to be answered quickly
+and inexpensively on the basis of CAD data
+and augmented reality (AR) or virtual reality
+(VR) glasses.
+PORSCHE DESIGN
+MANY TEST KILOMETRES ARE MOVED TO THE LABORATORY AS COMPUTER SIMULATIONS
+184
+Research and development
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+185
+Commercially available high-voltage
+battery repairs
+Porsche thinks ahead - the sports car manu-
+facturer has pursued a holistic approach in
+the area of electric vehicles with high-voltage
+batteries since the first generation of
+hybrid models was rolled out in 2013. This
+approach covers everything - procurement,
+manufacturing, advisory services, sales, logis-
+tics and recycling.
+The repair concept for high-voltage batteries
+likewise makes a significant contribution to
+sustainability and the conservation of resources.
+When developing batteries, Porsche pays at-
+tention from the outset not only to efficient
+manufacturing possibilities, but also to a set-
+up which is so simple that the battery can sub-
+sequently be repaired at qualified Porsche
+Centres. Either 28 or 33 modules are installed
+depending on the Taycan derivative's battery
+capacity. The battery housing can be opened
+and the cell modules and other components
+can be replaced. A custom repair level there-
+fore also offers the customer a cost advantage.
+Cell modules that still work but which are no
+longer suitable for use in the vehicle can be
+used for stationary tasks. As part of its second-
+life strategy, Porsche is working on a pilot
+project that will allow high-voltage batteries
+to be reused. They are dismantled down to
+the module level and installed in stationary
+energy carriers. A series solution is key when
+it comes to the long-term, sustainable reuse
+of old batteries.
+Together with the Volkswagen Group and
+other expert partners, Porsche continues to
+optimise the existing recycling processes
+with the aim of increasing the proportion of
+raw materials in circulation and then using
+these in new batteries.
+A comprehensive concept has also been put
+in place for the servicing of Porsche's all-
+electric model as the servicing and repair
+requirements of the Taycan are very different
+to those of a vehicle with an internal combus-
+tion engine. The repair work performed on
+electric vehicles calls for specific expertise
+and special tools that the Porsche Centres
+need to be newly equipped with. The service
+concept for electric vehicles therefore com-
+prises multiple levels. The basic level is the
+high-voltage base set up at a qualified
+Porsche Centre. Where there is currently no
+high-voltage base in the vicinity, the sports
+car manufacturer sets up transregional hubs
+for high-voltage vehicle repairs.
+If transportation to a suitable repair location
+isn't possible, a "flying doctor" steps in. This
+is a mobile high-voltage expert who repairs
+faulty high-voltage batteries on-site. This
+completes the seamless service network for
+high-voltage battery repairs.
+Porsche analysed priorities
+and use cases to identify
+the optimum battery size.
+Porsche customers set great
+store by driving dynamics.
+At the same time, they expect
+short journey times and
+quick recharging when making
+long-distance journeys.
+HIGH-VOLTAGE BATTERY REPAIRS ARE PERFORMED AT QUALIFIED PORSCHE CENTRES
+186
+PORSCHE
+Turbo for ideas - innovation management
+at Porsche
+At Porsche Engineering, virtual
+worlds will be created that replicate
+all the relevant road situations,
+serving as test cases for the driver
+assistance systems' algorithms and
+sensors. Game engines from the
+computer games industry are used
+for this.
+Many test kilometres are therefore moved to
+the laboratory in the form of digitalisation
+and extensive computer simulations. The en-
+gineering services are provided by Porsche
+Engineering, a wholly owned subsidiary of
+Porsche AG. It has begun with the develop-
+ment of the Porsche Engineering Virtual
+ADAS Testing Center (PEVATEC) for this pur-
+pose. ADAS stands for "advanced driver assist-
+ance systems". In this laboratory, virtual
+Last, but not least, a clear breakdown of
+the tasks and responsibilities is also neces-
+sary when working on the Taycan as the
+first production vehicle with system voltage
+of 800 volts. Porsche has defined three
+qualification levels here - persons trained
+in electrical engineering, high-voltage
+technicians and high-voltage experts. Per-
+sons trained in electrical engineering have
+a basic qualification to perform standard
+repairs. High-voltage technicians have
+training in activating a vehicle's voltage
+and in categorising and storing lithium
+batteries. Their qualification also includes
+the disassembly and packing of high-volt-
+age batteries with a "normal" and "warn-
+ing" status. High-voltage experts have the
+highest level of qualification at a Porsche
+Centre. Only they are authorised to per-
+form work within high-voltage batteries,
+handle high-voltage batteries with insula-
+tion defects and prepare and pack such
+batteries for transportation.
+Digital validation of driving functions
+Sporty performance and automated driving
+in one and the same car - approximately
+one in four Porsche customers in the key
+Porsche markets around the world is consid-
+ering buying a vehicle which can itself take
+on the responsibility of driving in certain
+situations. The sports car manufacturer is
+therefore working intensively on concepts
+and technologies that will enable automated
+driving functions.
+However, the sensor technology and data
+processing requirements are so complex that
+they far exceed the capabilities of conven-
+tional development and proving methods with
+physical test cycles.
+The employees can submit their suggestions
+either to their own department's Innovation
+Manager or via a special IT tool. The Innov-
+ation Management department then arranges
+a time for the employee to present their idea
+in person and receive immediate feedback.
+Research and development
+Ideas with a future are therefore needed.
+Every idea is more than welcome, no matter
+where it comes from within the company.
+Organisational structures have been modi-
+fied to this end and the prerequisites for
+cross-functional, cross-departmental work
+have been created. The employees are af-
+forded the space they need to work creative-
+ly. This lays the foundations for innovation.
+The concept has found fertile soil - 80 to
+100 teams or individual employees apply
+themselves with real dedication every year.
+Their creative suggestions range from prod-
+uct improvements and production line innov-
+ations to innovative digital solutions.
+If the feedback given is positive, the project
+is directly initiated with next to no preliminary
+work. Active initiative is required in order for
+the ideas to be further developed. The idea
+provider also assumes responsibility for
+project management, but is, of course, given
+assistance. The Innovation Management de-
+partment offers assistance with methodology,
+invests money if applicable and, if needed,
+contacts potential development partners.
+These can also be based outside of the com-
+pany. In this way, the Innovation Manage-
+ment department ensures that innovative
+project ideas are validated in a structured
+manner and, in the event of success,
+can more than likely be further developed
+through to series production.
+To have the shortest possible paths,
+Porsche AG's seven departments and
+Porsche Digital GmbH each appointed
+one or two employees to Innovation
+Management. The team pursues a defined
+innovation agenda to focus its activities
+on the future topics that are the most
+relevant to Porsche. The target has been
+clearly set the company has earmarked
+15 billion euros to be spent on electro-
+mobility, digital transformation and
+sustainable production up to 2025. Of this,
+more than 800 million euros a year will be
+spent on digitalisation.
+The Innovation Management
+department founded by
+the Chairman of the Executive
+Board of Porsche AG is now
+key to securing the future of
+the company.
+Thinking about innovations is not limited to
+Porsche as a company. There is a focus in
+particular on collaboration with start-ups
+and universities. In some cases, Porsche also
+invests directly in up-and-coming companies
+or launches initiatives to expedite digitalisa-
+tion. More than 150 million euros a year
+has been earmarked for investment in start-
+ups and venture capital companies. Porsche
+Ventures was set up as an ecosystem
+which can support every start-up, no matter
+whether there is currently only the idea
+or whether there have already been some
+financing rounds. This ecosystem includes
+the company builder Forward31 and the
+earliest-stage investor APX, a 50:50 joint
+venture with Axel Springer, both of which
+are based in Berlin. With the venture capital
+unit Porsche Ventures and Porsche Digital
+GmbH, the company is always on the lookout
+for new start-ups that will strategically ad-
+vance the brand.
+Porsche's pioneering spirit extends far be-
+yond its core topic of sports cars. With the
+initiative for the major eFuels project, the
+sports car manufacturer triggered the pro-
+duction of synthetic fuels. These have the
+potential to be almost entirely CO2-neutral.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+183
+MICHELIN
+For Porsche to consider an idea an innovation,
+it has to fulfil three criteria - it has to be
+new and unique, it has to be profitable for
+the company and it must offer a relevant
+customer benefit.
+Synergy
+Esso
+In a subsequent step, the virtually CO₂-
+neutral fuel is refined such that it complies
+with the current fuel standard DIN EN 228.
+It can then be used directly in any petrol en-
+gine or be added to a fossil fuel. In principle,
+it would take only comparatively minor modi-
+fications to the plant for it to be able to also
+turn e-methanol into, for example, e-kerosene
+for aircraft.
+used to turn H₂ and CO2 into e-methanol
+(CH₂OH), with MTG synthesis then being
+applied to turn this into synthetic naphtha.
+Low costs for renewable energy are key to
+quickly making eFuels competitive. The wind
+turbine at the pilot plant site has a very high
+capacity factor of 74 per cent full load hours.
+But in addition to the resultant low energy
+costs for the production of eFuels in Chile,
+the price and therefore also the commercial
+success are determined by taxes and levies.
+The more the prices of fossil fuels and eFuels
+are brought into line with one another in the
+future by means of regulatory measures such
+as energy taxes or CO2 pricing, the quicker
+eFuels will become competitive.
+Porsche AG. "This goal can be achieved with
+green fuels. They are a sensible addition to
+electromobility." There are additionally other
+transport sectors in which these fuels could be
+used such as aviation and the shipping in-
+dustry, which are difficult to electrify, if at all.
+With eFuels, existing vehicles can play their
+part in a quick CO2 reduction too. "We urgently
+need a solution for the sustainable operation
+of the existing fleets," emphasises Michael
+Steiner, Member of the Executive Board re-
+sponsible for Research and Development at
+With the methanol-to-gasoline (MTG) pro-
+cess intended for use in the Haru Oni project,
+the consortium is initially focusing on fuels
+for petrol engines. Generally speaking, the raw
+materials water and carbon dioxide are need-
+ed to produce eFuels. Hydrogen is produced
+by means of electrolysis, while carbon dioxide
+is extracted directly from the air by means of
+what's known as direct air capture. Here, huge
+fans blow ambient air through filters and the
+carbon dioxide in the atmosphere then accu-
+mulates in the filters. Methanol synthesis is
+eFuels complement e-mobility
+Filling up on electricity is possible thanks to
+eFuels - the go was given in late summer
+2021 for the construction of the first factory
+to be co-initiated by Porsche for the produc-
+tion of a synthetic fuel. This has the potential
+to be almost entirely CO2-neutral. The Haru
+Oni joint project involving Porsche, Siemens
+Energy and other international partners is
+the world's first integrated and commercial
+plant for the production of synthetic fuels.
+It makes use of the optimum climatic condi-
+tions for wind power found in the southern
+Chilean Magallanes Province to produce syn-
+thetic fuel with the aid of sustainably gener-
+ated electricity.
+THE PORSCHE 911 GT3 CUP VEHICLES IN THE 2021 PORSCHE MOBIL 1 SUPERCUP WERE POWERED BY RENEWABLE FUELS
+RACING FUEL
+Production at the pilot plant in Chile is
+scheduled to start in mid-2022. In addition
+to Siemens Energy and Porsche, those in-
+volved in the Haru Oni project include the
+Italian energy company Enel, ExxonMobil
+and the Chilean energy companies Gasco,
+ENAP and AME, which is the primary devel-
+oper and the owner of the project company
+HIF (Highly Innovative Fuels).
+The pilot plant is expected to produce
+around 130,000 litres of eFuels a year from
+2022. Porsche will buy this entire volume
+and will initially use the green fuel primarily
+in its motorsport activities. In addition,
+Chile has set itself ambitious goals as part
+of its national strategy for green hydrogen.
+These include producing the world's most
+affordable hydrogen and turning itself into
+a leading exporter of green hydrogen and
+its derivatives.
+"PROCUREMENT IS READY
+FOR THE CHALLENGES
+OF TRANSFORMATION -
+WE ARE SEIZING OPPOR-
+TUNITIES AND ACTIVELY
+SHAPING THE COMPANY'S
+AUTOMOTIVE FUTURE."
+on the basis of greater supply chain trans-
+parency. Possible countermeasures include
+building up parts inventories and making
+use of alternative components. Intensive
+communication with potentially critical sup-
+pliers has an important part to play here.
+For the department employees, the last finan-
+cial year was characterised by mobile working.
+"As was also the case in 2020, protecting
+people's health took priority. A large proportion
+of the employees therefore worked almost
+entirely from home again in 2021," says
+Barbara Frenkel, Member of the Executive
+Board responsible for Procurement. "This was
+challenging for everyone - but it worked very
+well. We see opportunities in the crisis - we
+identified benefits for our organisation from
+using digital communication technologies and
+we intend to maintain and develop them."
+The entire industry was hit by shortages in
+the semiconductor market in 2021. At the
+same time, demand for microchips increased
+and vehicle production in the automotive
+industry consequently slowed down. Porsche
+established a task force within Procurement
+early on. This engages in ongoing commu-
+nication with the Volkswagen Group, chip
+suppliers and tier 1 suppliers. Lessons were
+learned from the supply shortages - the im-
+pact of material shortages, logistics issues
+and geopolitical influences on Porsche's parts
+procurement is to be identified and mitigated
+Uwe-Karsten Städter,
+Member of the Executive Board -
+Procurement
+(until 18 August 2021)
+Change in department leadership
+The head of the department changed in
+August 2021 when Uwe-Karsten Städter
+went into retirement. He had been the
+Porsche Executive Board member respon-
+sible for Procurement for 10 years. In all,
+Städter worked for the Volkswagen Group
+for 47 years. He was succeeded by Barbara
+Frenkel. Oliver Blume, Chairman of the
+Executive Board of Porsche AG, comments
+as follows on the change in leadership:
+"Uwe-Karsten Städter is one of the most
+experienced purchasing experts in the auto-
+motive industry. Porsche's procurement was
+prepared for the challenges of transformation
+in an exemplary manner both operationally
+and strategically under his leadership. In
+Barbara Frenkel, we found a highly capable
+successor within the company ranks."
+Barbara Frenkel began her career at Porsche
+in 2001 as Head of Quality Systems and
+Methods. Following various management
+positions, she became of Head of European
+Sales in 2017. She increased the retail
+volume in Porsche's third-largest sales
+region by around 10 per cent and played a
+significant part in further developing the
+dealer organisation. Barbara Frenkel was
+also a member of the Porsche AG Super-
+visory Board from 2019, a position which
+she stepped down from upon accepting
+the Executive Board role.
+FAR FROM BEING A STOPGAP MEASURE, DIGITAL SUPPLIER INSPECTION DELIVERS EXCELLENT RESULTS
+BARBARA FRENKEL AND UWE-KARSTEN STÄDTER AT THE PORSCHE MANAGEMENT CONFERENCE
+A new kind of collaboration
+208
+Porsche is increasingly
+embedding its processes in
+universal end-to-end logics.
+This is strengthening
+cross-departmental work
+and placing the overall
+company perspective at the
+forefront of its actions.
+The co-workers in Rutesheim or Weissach
+can then gain the same impression as the
+employee in the field thanks to a live stream.
+Far from being a stopgap measure, digital
+supplier inspection delivers excellent results
+and will continue to be used by Porsche's
+Procurement department in the future.
+Porsche actively supported its suppliers in
+the last financial year. The partners supply
+jointly developed parts, some of which
+are highly specialised. For this reason too,
+Porsche does not abandon its partners in
+a crisis. For example, in the case of small
+and medium-sized suppliers in particular,
+the sports car manufacturer made part
+payments for development costs and tools
+ahead of the contractually agreed deadlines.
+Sales, production and procurement
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+209
+INDONESIAN RUBBER FARMERS ARE OFFERED TRAINING IN PRODUCTION PRACTICES, BIODIVERSITY AND OCCUPATIONAL HEALTH AND SAFETY
+A sustainable and transparent supply chain
+Porsche is also shaping the path to greater
+sustainability on the basis of partnership with
+its suppliers. Transformation in the direction
+of electromobility will increase the supply
+chain's share of the company's CO₂ footprint
+from the current 20 per cent to around 40 per
+cent by 2030. To counteract this, Porsche has
+required its series suppliers to use renewable
+energies for all contracts newly awarded
+since July 2021. This has been the case for
+its battery cell suppliers since 2020. An add-
+itional approximately 1,300 series suppliers
+will now gradually follow. This measure is an
+important step in further reducing the CO2
+emissions caused by the supply chain.
+Since 2019, the suppliers have been bound
+not only by costs and quality, but also by
+sustainability criteria. This is documented in
+the sustainability rating, or S-rating for short.
+A large proportion of the suppliers that have
+submitted a tender for a contract already
+meet the Porsche requirements. In addition,
+the Porsche procurers discussed concepts
+and innovations with suppliers in the last
+"PROCUREMENT HAS
+One example here is collaboration with the
+suppliers. Previously, a number of experts
+had to travel to a supplier in order to opti-
+mise or audit the processes. Now only one
+Porsche employee is on the road, equipped
+with data glasses that they put on at the
+destination.
+Volatile supply chains
+Around 550 vehicles from the Macan and
+Panamera model series were produced
+on a daily basis at the Porsche plant in
+Leipzig. Meanwhile, the site is also shaping
+up for electromobility. The decision to
+produce the next generation of the Macan
+as an all-electric variant in Leipzig means
+that Porsche is investing around 600 million
+euros in the site in Saxony. With this latest
+plant expansion, the company is creating
+the possibility of producing fully electric
+vehicles on the existing production line
+alongside petrol and hybrid models in future.
+In addition, another important step was
+taken in the direction of a smart factory
+PROCUREMENT
+At its site in Leipzig, Saxony, Porsche has
+been applying a unique grazing concept
+across its 132-hectare off-road site since
+2002. With its specially created ponds,
+wetlands and grazing land, the site offers
+a natural habitat for numerous types of flora
+and fauna.
+On the occasion of World Environment Day
+on 5 June 2021, Porsche presented the
+first section of land on its way to making the
+company grounds at the main site in Zuffen-
+hausen near-natural. Approximately 2,000
+square metres of space which was previously
+occupied by the plant's vehicle sales was
+environmentally upgraded. The new green and
+blooming environment offers the main plant's
+neighbours natural noise control. At the same
+time, the company is voluntarily opening this
+space up to the public - the area serves the
+neighbours as recreational space and offers
+the employees better sojourn quality.
+A CLEAR SUSTAINABILITY
+STRATEGY, WHICH WE
+ARE IMPLEMENTING
+TOGETHER WITH OUR
+DIRECT SUPPLIERS. WE ARE
+GENERATING IMPORTANT
+MOMENTUM ON THE WAY
+TO ACHIEVING BALANCE-
+SHEET CO₂ NEUTRALITY."
+Sales, production and procurement
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+205
+FINAL ASSEMBLY OF THE PANAMERA AT THE LEIPZIG PLANT
+The Porsche plant in Leipzig
+received a Lean & Green
+Management Award in 2021.
+The competition recognises
+the most successful lean
+management approaches
+together with environmental
+and sustainability aspects.
+Lean & Green Management Award 2021
+for the Leipzig plant
+The Porsche plant in Leipzig received a Lean
+& Green Management Award in the category
+Automotive OEM in 2021. The jury awarded
+the Porsche site in Saxony the distinction
+Lean & Green World Class. The competi-
+tion recognises the most successful lean
+management approaches together with
+environmental and sustainability aspects.
+Two hundred and fifty plants from more
+than 10 countries and 20 industries entered.
+The Leipzig plant made an impression first
+and foremost with the Porsche improvement
+process, which is firmly embedded in the
+production system, and with its resource
+efficiency programme. The processes are
+regularly scrutinised in environmental and
+energy audits in order to achieve continuous
+improvement. From 2014 to 2020, resources
+worth just under 3.5 million euros were
+saved thanks to the implementation of such
+measures. With the Leipzig factory's own
+"Environmental impact reduction in Produc-
+tion" performance indicator, the plant serves
+as a benchmark for the automotive industry.
+The plant also scored points for its high
+degree of transparency regarding the con-
+sumption of resources and its needs-based
+control, for example in the area of lighting.
+Production in Leipzig
+in 2021 - a private 5G research network
+was put into operation together with
+Ericsson. The first of its kind in the Porsche
+production environment, it will pave
+the way technologically for the factory of
+the future. The 5G network creates the
+basis for the instantaneous and secure
+transfer of data between people, machines
+and vehicles.
+The Porsche site in
+Leipzig is shaping up for
+electromobility.
+The decision to produce
+the next generation of the
+Macan as an all-electric
+variant in Leipzig means
+that Porsche is investing
+around 600 million euros
+in the site in Saxony.
+Porsche Leipzig expands its training centre
+The Leipzig site opened the extension of its
+training and qualification centre right on
+time for the start of the new training year.
+The 1,600-square-metre extension directly
+adjacent to the existing building comprises
+training and communal rooms. Vocational
+training has grown together with the Porsche
+factory - when the first Porsche Cayenne
+rolled off the production line in 2002, there
+were five trainees at the site; there are now
+more than 120. The training centre built in
+2017 has been extended in order to adapt
+the training to the ever-changing conditions
+in the automotive industry. This will result
+in some significant advantages. Until now,
+the training workshop for industrial mechanics
+and mechatronics engineers was located
+in Assembly. Thanks to the extension, all
+the apprenticeship trades are now together
+under one roof. The new premises also
+offer space for the qualification and further
+training of employees with career experience.
+Training with robots and CNC machines can
+therefore be expanded.
+LEAN & GREEN MANAGEMENT AWARD 2021 FOR THE LEIPZIG PLANT
+206
+Sales, production and procurement
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+207
+The Procurement department is a key inter-
+face at Porsche. Its purchasing volume ex-
+ceeded nine billion euros in the last financial
+year, equating to approximately 80 per cent
+of the company's value creation. Procure-
+ment therefore has a significant influence on
+environmental protection and sustainability
+beyond the factory gates. Together with its
+partners, Porsche is committed to achieving
+a shift in personal mobility in the direction of
+balance-sheet CO2 neutrality. The company's
+good collaboration with the suppliers is
+demonstrated by the successful launches of
+the new passenger vehicle production models
+911 GTS, 911 Targa GTS, 911 GT3, 911 GT3
+Touring, Boxster 25 years, Cayenne Turbo GT,
+Macan Facelift, Taycan Cross Turismo and
+Taycan Sport Turismo.
+Barbara Frenkel,
+D
+(since 19 August 2021)
+12
+Property, plant and equipment
+Leased assets
+8,763
+17
+8,695
+19
+3,954
+8
+3,614
+8
+Equity-accounted investments
+573
+1
+167
+0
+Other equity investments
+313
+1
+217
+1
+Financial services receivables
+3,461
+Near-natural company grounds at
+the main site in Zuffenhausen
+12
+Member of the Executive Board -
+Procurement
+6,190
+Dec. 31, 2020
+financial year in what are known as sustain-
+ability dialogues. Together, they defined
+concrete CO₂ reduction measures.
+As part of Porsche's comprehensive sustain-
+ability strategy, procurement is also about
+good labour conditions, anti-corruption and
+the upholding of human rights throughout
+the supply chain. The company has therefore
+been a member of the Responsible Mica
+Initiative (RMI) since 2020, which champions
+better mining conditions in relation to the
+raw material mica. These pigments feature
+among other things in car paints and are
+primarily mined in India. The RMI ran projects
+in 80 villages in the primary mining regions in
+Jharkhand and Bihar in the last financial year
+with the aim of establishing appreciation of
+more sustainable mining methods and offer-
+ing the mine workers better prospects in life.
+Since 2021, Porsche has been assuming
+responsibility with a position on the RMI
+Board of Directors - the company actively
+helps shape the initiative's strategy. Among
+other things, Porsche is developing cross-
+industry mica mining standards.
+Together with the tyre manufacturer Michelin,
+Porsche also promotes sustainable natural
+rubber production. The two companies are
+championing transparency and better labour
+conditions in the production of this raw
+material in Sumatra, Indonesia, through the
+CASCADE (Committed Actions for Small-
+holders Capacity Development) project.
+The local smallholders are offered training
+in production practices, biodiversity and
+occupational health and safety with the aim
+of improving their livelihoods and economic
+situation in the long term. Indonesia is one of
+the world's primary rubber producers. Based
+on analyses and talks held locally, Porsche
+and Michelin identified potential supply chain
+risks related to rubber production. CASCADE
+is one of the first projects in the world to
+tackle the lowest level of the natural rubber
+supply chain. More than 1,000 smallholders
+are being given training to make their
+production methods more environmentally
+friendly and more efficient. Porsche and
+Michelin are investing some one million
+euros in the project which is initially set to
+run until 2024.
+The innovative pilot project Prewave helps
+to identify sustainability risks in the supply
+chain. Porsche is making use of artificial intel-
+ligence (AI) here. The Prewave system can
+forecast such risks in the lower supply chain
+levels, with the technology analysing supplier-
+related news in more than 50 languages.
+The news is sourced from publicly access-
+ible media and social networks in more
+than 150 countries. As such, Al is serving
+as a proactive early-warning system for
+violations of the company's sustainability
+requirements. The Procurement department
+then examines the matter and possibly
+introduces countermeasures.
+In 2021, the Volkswagen Group signed up
+to the cross-industry initiative Catena-X.
+This cloud-based data ecosystem is open
+to companies in the European automotive
+industry as well as their suppliers and
+partners. Its purpose is the secure exchange
+of data and information all along the value
+chain. Its aim is to make supply chains more
+transparent, more sustainable and more
+efficient on the basis of uniform standards
+and shared principles. Twenty-eight com-
+panies and organisations are Catena-X
+consortium partners, including all the major
+German automobile manufacturers.
+Process efficiency and innovation
+management
+Greater efficiency is also the focus of the digit-
+alisation of the Procurement department
+itself. The employees have been working with
+chatbots since 2021. These little communi-
+cation programs give automated responses
+to questions, thereby eliminating research on
+the part of the employees. Bot technology
+has been further developed with the Porsche
+Procurement Assistant (PPA). Attractive
+bot programs are in use within the complex
+SAP system, lightening the Porsche pro-
+curers' workload. These programs support
+the most common operating steps and,
+if necessary, also see to standard routines
+themselves. Up to 90 per cent of mouse
+clicks can be eliminated thanks to PPA. The
+system is now significantly more user-friendly.
+In particular, it enables new employees
+to find their feet in company-specific work
+processes more quickly.
+Porsche is reducing the time between an idea
+and the product with innovation management
+which is applied across all departments.
+The Procurement department is making an
+important contribution here with the Startup
+Autobahn innovation platform. This forges
+contacts with innovative young businesses.
+The company founders are then given the
+opportunity to expedite ideas together
+with Porsche experts for several months.
+The concepts developed are presented
+twice a year during an Expo Day. The feed-
+back has been positive to date, Porsche
+has initiated approximately 80 projects
+as part of Startup Autobahn. Around a third
+of these has led to a concrete product or
+service for Porsche customers. Innovation
+management and Startup Autobahn are key
+components of Strategy 2030 and continue
+to be further developed.
+The same goes for the traditional procure-
+ment work steps - Porsche is increasingly
+embedding its processes in universal end-
+to-end logics. This is strengthening cross-
+departmental work and placing the overall
+company perspective at the forefront of its
+actions. A good example here is Purchase-
+to-Pay the company is creating a universal
+process across procurement, production
+and finance that encompasses everything
+from the requirements and purchasing to
+goods inward and invoicing. This method is
+expected to have optimisation potential
+of around 10 per cent up to 2030. Porsche
+intends to apply end-to-end logics to a
+further 12 core processes by 2030.
+MART
+210
+Sales, production and procurement
+THE STARTUP AUTOBAHN CONCEPTS ARE PRESENTED AT EXPO DAY
+211
+TTER WAY FORWARD
+electric
+FINANCIAL ANALYSIS
+Net assets
+Financial position
+Results of operations
+Dec. 31, 2021
+%
+%
+At the Taycan paint shop,
+the bodywork holes needed
+for corrosion protection
+are now sealed much more
+effectively. The previous
+plastic plugs have been
+replaced by sticky pads.
+1,331
+the Taycan paint shop
+Open stage at the IAA
+An open-space appearance instead of
+a traditional trade show stand - in keeping
+with the new concept of IAA Mobility in
+Munich, Porsche received fans and visitors
+interested in innovative mobility in exhibition
+space which was open to the public, on
+Wittelsbacher Platz square. Numerous star
+guests came to the stage to present
+the Porsche product range and the latest
+developments from Weissach, including
+Hollywood actor Michael Fassbender
+("X-Men"). The German-Irish hobby racing
+driving has been competing for the past two
+years, including in the European Le Mans
+Series in a Porsche 911 RSR. Another
+highlight was the "Dreamers. On." live talk.
+Sara Nuru, Tim Bengel, Patrick Dempsey,
+Johann König and Alvaro Soler talked to
+moderator Steven Gätjen about their journeys
+through life and their dreams and about how
+they made their dreams come true.
+Porsche Asia Pacific growth
+Porsche is expanding its presence in
+South East Asia's emerging markets with a
+number of projects. For example, Porsche
+Asia Pacific and Shell are installing the
+first cross-border charging network in South
+East Asia comprising 12 charging points
+at six Shell filling stations. And together
+with its partner of many years Sime Darby
+Berhad, the sports car manufacturer is
+developing a local vehicle assembly line
+in Malaysia.
+At the beginning of August, the first South
+East Asian edition of the event format
+SCOPES Driven by Porsche celebrated
+its premiere. The exchange of ideas was
+held virtually this time. In the course of
+two months, visionaries, artists and young
+entrepreneurs told inspirational stories in
+documentaries, workshops, podcast series,
+interactive live panels and talks.
+Three new PECs around the world
+Porsche opened its eighth and ninth Porsche
+Experience Centres (PEC) in northern
+Italy and Tokyo respectively in autumn. The
+new brand experience venue in Franciacorta,
+Italy, is approximately 60 hectares in size
+and includes a handling circuit with three
+different training areas. The customer centre
+is futuristic in design. The drivers' paddock
+featuring 29 garages is for motorsport events
+such as the Porsche Carrera Cup Italia.
+The new PEC Tokyo is 43 hectares in
+size. Its 2.1-kilometre track recreates
+famous corners such as the Nürburgring's
+Carousel. The PEC also offers six driver
+training modules, including a demanding
+off-road course.
+The tenth PEC is under construction in
+Toronto, Canada, and is scheduled to
+open in 2024.
+199
+NEW
+eans
+TALD
+永源
+PORSCHE EXCLUSIVE MANUFAKTUR COMPLETED ITS FIRST SONDERWUNSCH VEHICLE PROJECT
+PORSCHE
+PORSCHE INVITED PEOPLE TO AN OPEN SPACE IN MUNICH INSTEAD OF TO A TRADITIONAL TRADE SHOW STAND
+First Sonderwunsch vehicle completed
+Paolo Barilla became the first customer to
+realise a vehicle project together with
+Porsche Exclusive Manufaktur as part of
+the Sonderwunsch programme. The Italian
+businessman was the overall winner of
+Le Mans in 1985. On the occasion of his
+60th birthday, he helped design a highly
+individual Porsche 911 GT3 (992) and was
+heavily involved in its creation. This special
+vehicle is based on his Le Mans winning
+car in addition to the characteristic racing
+look in Summer Yellow, white and black,
+the Porsche sports the winning start num-
+ber 7 on its bonnet and doors. Other details
+such as the rear wing and gearshift lever
+were likewise reinterpreted and in part
+developed independently. Under the new
+Sonderwunsch programme, the customer
+took on the role of project manager. Barilla
+worked directly on realising his dream car
+as a member of the project team comprising
+Porsche Exclusive Manufaktur experts and
+the Style Porsche design division. The pro-
+cess took a total of three years, from the first
+design ideas to technical feasibility checks
+and construction.
+Porsche supports kitesurfing
+Since November 2021, Porsche has been
+sponsoring the renowned Red Bull King
+of the Air competition in Cape Town, in
+which the world's best kitesurfers compete
+to perform extreme jumps. The sports car
+manufacturer is additionally cooperating
+with the kitesurfing brand Duotone. The
+company has also signed two professional
+athletes, Liam Whaley and Rita Arnaus,
+as kitesurfing representatives. "Kitesurfing
+is all about athleticism, precision and
+pushing boundaries - which is why this
+sport is a perfect fit for Porsche," says
+Robert Ader, Vice President Marketing at
+Porsche AG. "We see great potential in
+kitesurfing as a way to work with attractive
+brands and to appeal to new target groups."
+This engagement complements Porsche's
+long-standing sponsorship of tennis
+and golf.
+Version 2.0 of the Duotone Academy App
+is the first result of the cooperation
+with Duotone and has been available from
+Google Play and the App Store since
+14 December 2021.
+First study specifically for a video game
+One of the automotive stars of Gran Turismo 7
+is the new Porsche Vision Gran Turismo.
+This virtual racing car was jointly developed
+by Porsche and the video game development
+studio Polyphony Digital Inc., a subsidiary
+of Sony Interactive Entertainment. The four-
+wheel drive vehicle's technical attributes
+include a high-performance electric power-
+train with up to 950 kW of overboost power
+together with launch control.
+Gran Turismo 7 is the latest version of the
+popular driving and racing simulation.
+The game developed for the PlayStation 4
+and the new PlayStation 5 will be released
+on 4 March 2022. Porsche sports cars
+have featured in the software since 2017,
+the most recent vehicle being the Taycan
+Turbo S.
+PORSCHE
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Sales, production and procurement
+198
+7
+FRÉDÉRIC ARNAULT (TAG HEUER) AND DETLEV VON PLATEN (PORSCHE AG)
+The 911 between heritage and fashion
+Porsche and the fashion label Aimé Leon
+Dore (ALD) refashioned a vehicle together
+once again. The restored 911 Super Carrera
+celebrated its live premiere at the brand's
+flagship store in New York City from 21 to
+23 May. This 911 is characterised by olive
+paintwork, additional headlights on the
+bonnet, Fuchs wheels and a roof rack.
+To tie in with this, ALD released a capsule
+collection. The 911 SC is the second vehicle
+to be created in the course of the partner-
+ship. Their first joint project in 2020 was a
+restored 911 Carrera 4 (type 964).
+Porsche Deutschland's first NFT auction
+An exclusive design sketch by Exterior
+Design Director Peter Varga was auc-
+tioned off as a non-fungible token (NFT)
+in August. The work of art features two
+milestones in Porsche's history combined -
+the Taycan Cross Turismo and the 911.
+Collectors and Porsche fans had the
+opportunity to buy the design sketch via
+the US platform SuperRare. The proceeds
+at the end of the auction came to 30.25
+ether (ETH), which equates to around
+80,000 euros. The physical original was
+auctioned off too. All the proceeds were
+donated to the non-profit organisation
+Viva con Agua.
+Porsche and the fashion label
+Aimé Leon Dore refashioned
+a vehicle together once again.
+The 911 Super Carrera
+celebrated its live premiere
+at the flagship store in
+New York City.
+Artistic consideration of dreams
+The Art of Dreams was conceived as a series
+of interactive pop-up installations. The
+designs and works of art consider dreams as
+their motif from a variety of angles. The
+French artist Cyril Lancelin kicked off the
+series with his work "Remember your dreams".
+The large inflatable installation could be
+experienced at the Palais Galliera, Musée
+de la Mode de la Ville de Paris, from 15 to
+24 October. The series of interactive pop-up
+installations will continue in cities of culture.
+The next planned stop for The Art of Dreams
+is an exhibition in Milan in summer 2022.
+The agencies Gravity and Peak are supporting
+Porsche with this project.
+Young film-makers recognised
+Exactly 178 entries were submitted to the
+"Porsche Awards 2021 - For Young Talents
+in Advertising". The jury selected the
+winners in mid-July. The winner of the Short
+Advertising Content category was the
+Polish entry Tight Frame directed by
+Katarzyna Jarecka and Jakub Skitek. The
+Long Advertising Content category was won
+by the team responsible for Get married
+again, directed by Eugen Merher. The Driven
+by Dreams category is based on Porsche's
+eponymous brand purpose and features films
+that encourage us to believe in our dreams.
+The winner here was the English film Absent
+directed by Libby Burke Wilde.
+Partnership with TAG Heuer
+Porsche and the Swiss luxury watchmaker
+TAG Heuer agreed on a strategic brand
+partnership in early 2021. The premium manu-
+facturers intend to jointly develop products
+under this comprehensive and long-term
+alliance. As a first step, the partners unveiled
+a new watch the TAG Heuer Carrera
+Porsche Chronograph. TAG Heuer has been
+the Porsche Formula E team's title and
+timing partner since 2019.
+Cooperation with fashion designer
+Porsche collaborated with Olivier Rousteing
+on its communication of the Panamera
+models. A video series available in social
+media tells the extraordinary personal story
+of the current Creative Director of the Paris
+fashion label Balmain. Olivier Rousteing was
+born in 1985 and was later adopted from
+an orphanage. He attended the fashion school
+École supérieure des arts et techniques
+de la mode (ESMOD) in Paris, then became
+As a first step in the strategic
+brand partnership with
+TAG Heuer, a new watch was
+unveiled - the TAG Heuer
+Carrera Porsche Chronograph.
+Creative Director of Balmain in 2011,
+aged just 25 - making him the youngest
+creative director of a Paris fashion house
+since Yves Saint Laurent.
+Taycan Artcar by Richard Phillips
+The auction house RM Sotheby's auc-
+tioned off the Porsche Taycan Artcar
+created by New York artist Richard
+Phillips for 200,000 US dollars. More
+than 50 bids were submitted for the work
+of art on wheels. Porsche Schweiz AG
+donated the entire proceeds to the Swiss
+non-profit organisation Suisseculture
+Sociale. In this way, Porsche and its pro-
+ject partners are supporting Swiss
+creative artists, a sector which has been
+especially hard hit by the COVID-19
+pandemic. To create the Taycan Artcar,
+the artist applied his large painting
+"Queen of the Night" to the body of
+a Porsche Taycan 4S. The Artcar was also
+further customised by the Porsche Exclu-
+sive Manufaktur.
+PORSCHE AND THE FASHION LABEL AIMÉ LEON DORE (ALD) REFASHIONED A VEHICLE TOGETHER
+The Vision Gran Turismo is Porsche's
+first concept study specially developed
+for use in a computer game. Exhibiting
+the brand's typical proportions, the study
+takes familiar Porsche design elements
+into the future.
+200
+Sales, production and procurement
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+50
+300,081 1,2
+0
+2017
+Production figures from 2019 exclude pre-series vehicles;
+figures up to 2018 include pre-series vehicles.
+2018
+2019
+2020
+2021
+2 Incl. 16,953 vehicles not yet eligible for registration at the time
+of factory delivery as a result of the semiconductor shortage.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Sales, production and procurement
+203
+Smart press shop goes into production
+The smart press shop, a joint venture of
+Schuler and Porsche, went into operation in
+mid-2021. The press shop in Halle is one of
+the most state-of-the-art and most innova-
+tive of its kind in the world. The aim is, in
+particular, to achieve even greater dovetailing
+of design, development, body planning, tool
+manufacture and production, and to make
+the logistics paths more efficient and, above
+all, balance-sheet CO2-neutral. The smart
+press shop also expands the conventional
+business line of a press shop with the add-
+ition of what's known as laser cutting tech-
+nology. This innovative technology is an ideal
+solution for manufacturing small batches of
+aluminium body parts.
+Assembly capacities in Malaysia
+In Asia, Porsche has its sights set on value-
+creating growth. The company is therefore
+increasing its presence in South East Asia's
+emerging markets - the first cross-border
+high-performance charging network is being
+developed together with Shell and the sports
+car manufacturer is also expanding its pro-
+duction network with the addition of a local
+assembly line in Malaysia. This was devel-
+oped together with its long-term partner
+Sime Darby Berhad and expands Porsche's
+European production network. From 2022,
+Cayenne models which are specially and
+exclusively tailored to the Malaysian market
+will be produced in the Kulim District. A part-
+nership has now existed with Sime Darby for
+10 years. The company is an importer and
+dealer for Porsche in Malaysia. As a founding
+member of ASEAN, Malaysia offers good
+business and development opportunities.
+The island country also has a well-developed
+and established automotive industry.
+Production in Zuffenhausen
+At the main plant in Zuffenhausen, an
+average of more than 400 vehicles rolled off
+the production line every day - more than
+ever before in spite of the semiconductor
+shortages. A sophisticated control and pro-
+duction principle allows the assembly of all
+twodoor sports cars - the 911, 718 Boxster
+and 718 Cayman model series - on one
+production line. Highly individual customer
+wishes can be integrated directly into series
+production thanks to the flexible production
+system. Put simply, no two vehicles are
+exactly the same. This also applies to the
+Taycan, which is produced in its own factory
+within the factory - without a conventional
+assembly line.
+THE PAINT SHOP IN ZUFFENHAUSEN CAN ALSO CATER TO SPECIAL COLOUR REQUESTS
+204
+K
+NEW PRODUCTION PROCESS USES STICKY PADS INSTEAD OF PLASTIC PLUGS
+ANUC
+New production process at
+50
+Porsche has developed a new production
+process in Zuffenhausen in cooperation with
+Tesa SE at the Taycan paint shop, the body-
+work holes needed for corrosion protection
+are now sealed much more effectively; these
+holes are needed so that the paint shop can
+reach all the hollow spaces. The innovative
+solution involves the plastic plugs previously
+used being replaced with sticky pads. The
+all-electric Taycan is the first vehicle in the
+world to feature this new process. A robot
+automatically, quickly and reliably positions
+more than 100 sticky pads and seals the
+bodywork holes, thereby optimising the
+efficiency of Porsche production. The paint
+shop at the plant in Leipzig was likewise
+transitioned to this innovative process in
+the year under review.
+100
+200
+201
+PRODUCTION
+2021 was another year full of challenges.
+Total production was 300,081 vehicles,
+which corresponds to an increase of
+14 per cent compared with the previous
+year. For the first time, vehicle production
+at both sites was entirely balance-sheet
+CO2-neutral as the Leipzig site followed in
+the footsteps of the main plant, which
+had already switched to balance-sheet
+CO2-neutral production in 2020. A total of
+38,474 Taycan vehicles were manufactured
+in Stuttgart-Zuffenhausen. Additionally, all
+the vehicles of the 911 (38,790 units),
+718 Boxster (11,726 units) and 718 Cayman
+(6,751 units) model series rolled off the
+production line at the main plant.
+At the Leipzig plant, the company produced
+a total of 118,107 vehicles, which equates
+to more than one third of Porsche's total
+production. There were 84,857 units of the
+Macan model series and 33,250 Panamera
+produced in Saxony.
+At the Volkswagen Group's multi-brand
+site in Bratislava, Slovakia, 86,233 units
+of the Cayenne model series were
+produced.
+"WE ACHIEVED A RECORD
+RESULT IN 2021 IN SPITE
+OF ALL THE CHALLENGES.
+THIS SHOWS HOW
+EFFICIENT THE PORSCHE
+FAMILY IS. MANY THANKS
+FOR THE PASSION,
+PROFESSIONALISM AND
+TEAM SPIRIT."
+Albrecht Reimold,
+Member of the Executive Board -
+Production and Logistics
+Successful crisis management
+The coronavirus pandemic remained the
+primary challenge in the year under review.
+In addition, a global shortage of semicon-
+ductor capacities presented the company
+with some major difficulties, with creative
+solutions being called for in particular in
+the Production department. Together with
+the Volkswagen Group's task force and all
+of the Porsche Group departments, a real
+effort was successfully made to minimise
+the impacts. Our vehicle models' production
+planning was optimised and managed in
+such a way that the Zuffenhausen and Leipzig
+plants only had to temporarily reduce their
+production. Additionally, in the first half
+of the year in particular, operation of the
+Volkswagen plant in Bratislava had to be
+modified only to a minor degree.
+Early communication with our partners and
+suppliers was important. Daily conference calls
+were held, sometimes involving more than
+100 participants that included finance special-
+ists, logisticians and procurement experts.
+Porsche continuously consulted all the part-
+ners. The experience gathered and agility were
+used to rethink and redesign processes.
+SIEMENS 21
+VEHICLE PRODUCTION UNDER SPECIAL CORONAVIRUS SAFEGUARDS
+202
+300
+Production volume
+Vehicles
+274,4631
+268,691
+263,2361
+255,683
+250
+150
+2,414
+5,437
+3
+100
+51,382
+15,096
+36
+18,552
+Current assets
+10
+45,491
+4,500
+4,686
+Cash, cash equivalents and time deposits
+2
+755
+2
+982
+Securities
+9
+33
+100
+NET ASSETS
+As of December 31, 2021, the total assets of
+the Porsche AG group stood at € 51,382 mil-
+lion, 13 per cent higher than on the prior-year
+reporting date.
+to marking derivative financial instruments
+Non-current other financial liabilities
+increased by € 348 million. Of this in-
+crease, an amount of € 263 million relates
+to 30 per cent at the end of the fiscal year.
+Provisions for pensions and similar obliga-
+tions decreased by € 407 million. The de-
+crease is mainly attributable to the increase
+in the discount rate from 0.8 per cent to
+1.4 per cent.
+Non-current liabilities relate to pension
+provisions, other provisions, deferred tax
+liabilities, financial liabilities, other financial
+liabilities, and other liabilities. These rose
+by € 1,386 million to € 15,368 million com-
+pared to the prior year. Non-current liabilities
+expressed as a percentage of total capital
+decreased from 31 per cent in the prior year
+By contrast, the profit transfer and dividend
+payments of € 1,862 million reduced equity.
+The equity of the Porsche AG group in-
+creased by €2,711 million to € 22,935 mil-
+lion compared to the prior-year reporting
+date, boosted by the profit after tax, other
+comprehensive income net of tax and
+the capital contributions by Porsche Holding
+Stuttgart GmbH totalling € 4,573 million.
+Within other comprehensive income net of
+tax, the main increases were the pension
+plan remeasurements net of tax and currency
+translation, with the change after tax in the
+hedge reserve recording a decrease.
+Cash, cash equivalents and time deposits
+increased year on year by € 186 million to
+€ 4,686 million.
+Current other financial assets increased by
+€ 2,592 million to € 5,353 million. The in-
+crease mainly relates to a short-term loan of
+€ 2,000 million granted to Volkswagen AG
+and the clearing account with Porsche Hold-
+ing Stuttgart GmbH of € 242 million.
+Non-current and current receivables from
+financial services rose from € 3,536 million
+to € 4,542 million. The receivables mainly
+stem from finance leases and customer and
+dealer financing.
+to € 4,517 million at the end of the reporting
+period.
+As a percentage of total assets, current assets
+amounted to 36 per cent compared to 33 per
+cent in the prior year. Inventories increased
+from € 4,108 million in the prior year
+Deferred income tax assets amounted to
+€ 867 million compared to € 817 million in
+the prior year.
+Non-current other financial assets decreased
+by € 274 million to € 8,596 million. The de-
+crease largely results from marking derivative
+financial instruments to market.
+Property, plant and equipment increased
+year on year by € 68 million to € 8,763 mil-
+lion. The increase was primarily due to
+additions to buildings and land and to rights
+of use to buildings and land, while other
+equipment, furniture and fixtures as well as
+advance payments made and assets under
+construction decreased. Leased assets
+rose by € 340 million to € 3,954 million
+compared to the prior year. This item con-
+tains vehicles leased to customers under
+operating leases.
+Fixed assets expressed as a percentage
+of total assets amounted to 39 per cent
+(prior year: 40 per cent). Intangible
+assets increased from € 5,437 million to
+€ 6,190 million. The increase is largely
+attributable to capitalized development
+costs, with the largest additions relating to
+the Macan, Cayenne and 911 series. Add-
+itions to emission rights as well as to other
+acquired intangible assets also contributed
+to the increase. Acquired rights of use,
+on the other hand, decreased.
+At the end of the reporting period, the fixed
+assets of the Porsche AG group - i.e., the
+intangible assets, property, plant and equip-
+ment, leased assets, equity-accounted
+investments and other financial assets -
+amounted to € 19,793 million, compared to
+€ 18,130 million in the prior year.
+Non-current assets increased by € 2,435 mil-
+lion to € 32,830 million. The increase pri-
+marily relates to financial services receivables,
+equity-accounted investments and intangible
+assets. Non-current assets expressed as
+a percentage of total assets amounted to
+64 per cent (prior year: 67 per cent).
+0
+163
+0
+155
+4,517
+67
+30,395
+64
+32,830
+2
+817
+2
+867
+0
+164
+0
+113
+20
+8,870
+16
+8,596
+9
+to market and an amount of € 44 million
+relates to other financial liabilities due
+to outstanding contingent share purchase
+price payments.
+4,108
+1,199
+Tax receivables
+1
+606
+1
+579
+Other receivables
+6
+2,761
+5,353
+Other financial assets
+3
+1,122
+2
+1,081
+2
+1,081
+2
+9
+Deferred income tax liabilities amounted to
+€ 782 million compared to € 685 million in
+the prior year.
+Current liabilities increased from € 11,285
+million to € 13,079 million, which expressed
+as a percentage of total capital as of the
+end of the past fiscal year remains unchanged
+compared to the prior year at 25 per cent.
+Non-current and current financial liabilities
+increased from € 8,325 million to € 9,727
+million. This increase largely relates to the
+refinancing of the financial services business
+in the form of asset-backed securities
+transactions, while the debenture bonds
+decreased thanks to a partial repayment.
+2,189
+Other provisions
+0
+111
+0
+126
+31
+13,982
+30
+15,368
+1
+473
+1
+645
+1
+285
+1
+4
+633
+1,849
+Financial liabilities
+3
+1,486
+Other liabilities
+7
+2,959
+7
+3,638
+Other financial liabilities
+5
+2,335
+5
+2,447
+Trade payables
+6
+2,657
+6
+3,128
+4
+Other financial assets
+12
+13
+Equity
+Equity and liabilities
+216
+Tax payables
+Current liabilities
+Provisions for taxes
+Other liabilities
+Non-current liabilities
+Other financial liabilities
+Financial services receivables
+Trade receivables
+Inventories
+Other receivables
+Deferred tax assets
+Non-current assets
+Intangible assets
+Assets
+€ million
+of the Porsche AG Group
+Net assets
+Current other financial liabilities amounted to
+€ 3,638 million (prior year: € 2,959 million).
+The increase primarily relates to the € 607
+million increase as a result of marking deriva-
+tive financial interests to market.
+22,935
+5,668
+45
+44
+6,599
+Financial liabilities
+2
+685
+2
+782
+Deferred tax liabilities
+2
+939
+2
+1,184
+Other provisions
+13
+5,932
+11
+5,525
+Provisions for pensions and similar obligations
+20,224
+5
+11
+43
+217
+Financial analysis
+100
+45,491
+51,382
+25
+11,285
+100
+13,079
+0
+0
+65
+25
+Change in loans and time deposits
+Cash flows from investing activities
+-2,308
+51
+-5,965
+Capital contributions
+- 1,864
+Profit transfer and dividends
+48
+-300
+471
+-3,019
+1,028
+-1,802
+-283
+-46
+Change in leased assets
+Change in financial services receivables
+471
+493
+539
+-299
+-931
+-945
+-872
+-987
+Cash flows from operating activities
+6,416
+4,140
+Investments in intangible assets (excluding capitalized development costs),
+and property, plant and equipment
+Additions to capitalized development costs
+-1,442
+- 1,601
+- 1,547
+-1,225
+Change in equity investments
+Cash received from disposal of intangible assets and property, plant and equipment
+Change in investments in securities
+-352
+21
+Capital transactions with non-controlling interest shareholders
+22
+5,243
+1.2%
+126
+no data
+no data
+no data
+no data
+no data
+138
+no data
+to the company (reserves)
+to creditors (interest expense)
+Other taxes
+no data
+no data
+no data
+no data
+Value added
+1.6%
+136
+1.7%
+3,222
+Repayment of bonds
+Change in other provisions
+237
+Financial data
+100%
+8,218
+100%
+8,568
+100%
+10,247
+11.8%
+966
+15.1%
+1,292
+21.2%
+2,176
+Proceeds from issuance of bonds
+no data
+Change in pension provisions
+543
+Other liabilities
+Non-current liabilities
+Provisions for taxes
+Other provisions
+645
+473
+15,368
+13,982
+126
+111
+2,189
+1,849
+Financial liabilities
+3,128
+2,657
+Trade payables
+2,447
+2,335
+Other financial liabilities
+285
+633
+Other financial liabilities
+5,668
+Equity before non-controlling interests
+22,927
+20,219
+Non-controlling interests
+8
+5
+Equity
+22,935
+20,224
+3,638
+Provisions for pensions and similar obligations
+5,932
+Other provisions
+1,184
+939
+Deferred tax liabilities
+782
+685
+Financial liabilities
+6,599
+5,525
+2,959
+Other liabilities
+1,486
+-837
+Depreciation, amortization and impairment losses
+3,214
+3,357
+Gain/loss on disposal of non-current assets
+35
+49
+Share of profit or loss of equity-accounted investments
+23
+-1,552
+15
+-222
+-13
+Change in inventories
+-152
+-223
+Change in receivables (excluding financial services)
+-409
+-734
+Change in liabilities (excluding financial liabilities)
+Other non-cash expense/income
+-134
+Income taxes paid
+5,729
+1,331
+Tax payables
+Current liabilities
+65
+43
+13,079
+11,285
+51,382
+45,491
+230
+4,397
+Financial data
+CONSOLIDATED STATEMENT OF CASH FLOWS
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2021
+€ million
+2021
+2020
+Cash and cash equivalents at beginning of period
+4,344
+3,174
+Profit before tax
+231
+no data
+Income tax
+15.9%
+-110
+-102
+Cash flows from financing activities
+-518
+78
+Effect of exchange rate changes on cash and cash equivalents
+50
+-29
+Net change in cash and cash equivalents
+-67
+1,199
+Cash and cash equivalents at end of period
+4,327
+4,344
+Cash and cash equivalents at end of period
+Securities, loans and time deposits
+Gross liquidity
+4,327
+4,344
+4,079
+1,518
+Repayments of lease liabilities.
+282
+-444
+Change in other financial liabilities
+-173
+6,302
+13,754
+45
+- 1,864
+1,028
+3,633
+A
+467
+8,406
+0
+4
+17,428
+5
+0
+22
+22
+776
+-3,814
+-2,550
+3,166
+5,862
+232
+Financial data
+earnings
+4,991
+3,162
+10
+3,172
+1,028
+-1,860
+Other reserves
+Hedging
+Retained
+Currency
+Cash flow hedges Deferred costs of
+(OCI I)
+hedging (OCI II)
+Equity and debt
+instruments
+Equity-accounted Non-controlling
+investments
+interests
+Total equity
+167
+-19
+-487
+-340
+776
+translation
+757
+12,726
+reserves
+233
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2021
+€ million
+Balance at Jan. 1, 2020
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+Disposal of equity instruments
+45
+Capital contribution
+Capital transactions involving a change in ownership interest
+Other changes
+Balance at December 31, 2020
+Balance at Jan. 1, 2021
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+Subscribed
+capital
+Capital
+Profit transfer and dividends payment
+-465
+5
+20,224
+-15,956
+-16,661
+- 19,363
+28,518
+828
+28,695
+709
+33,138
+893
+2019
+2020
+2021
+-3,214
+2021
+Appropriation of funds in € million
+Value added
+Other upfront expenditures
+Depreciation, amortization and impairment losses
+Cost of materials
+Other income
+Sales revenue
+Source of funds in € million
+of Porsche AG for the period 1 January to 31 December 2021
+to shareholders (profit transfer)
+VALUE ADDED STATEMENT
+-3,357
+-1,207
+1,311
+12.2%
+1,044
+15.7%
+1,605
+to the state (taxes, duties)
+48.7%
+4,003
+49.4%
+-3,044
+1,802 21.9%
+1,862 18.2%
+4,478 43.7%
+to employees (wages, salaries, benefits)
+2019
+2020
+8,218
+8,568
+10,247
+-2,128
+-818
+1,864 21.7%
+4,230
+-340
+236
+Financial data
+396
+4,648
+64
+43
+125
+-1,118
+396
+616
+4,038
+-1,118
+118
+4,032
+20,224
+5
+-465
+757
+-173
+6,302
+13,754
+45
+6
+235
+125
+43
+-54
+234
+22,935
+8
+-11
+-340
+-361
+223
+9,146
+14,225
+54
+45
+Other changes
+Capital transactions involving a change in ownership interest
+471
+-1,862
+-1,858
+Profit transfer and dividends payment
+471
+Capital contribution
+Disposal of equity instruments
+4,102
+Balance at December 31, 2021
+-489
+Cost of sales increased by € 3,126 million to
+€ 24,281 million (prior year: € 21,155 mil-
+lion) and accounts for 73 per cent of sales
+revenue (prior year: 74 per cent). The slight
+decrease in cost of sales in relative terms is
+largely attributable to changes in the product
+and region mix as well as lower fixed costs.
+The capitalization ratio for research and
+development costs amounted to 66 per cent
+(prior year: 55 per cent). The gross margin
+comes to 27 per cent (prior year: 26 per cent).
+6,302
+€ million
+Sales revenue
+Cost of sales¹
+Gross profit
+Distribution expenses
+1
+Administrative expenses
+Other operating income
+Other operating expenses
+Operating profit
+Share of profit or loss of equity-accounted investments
+Interest income
+Interest expenses
+Other financial result
+Financial result
+Profit before tax
+Income tax income/expense
+Current
+Deferred
+Profit after tax
+thereof profit attributable to shareholders
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2021
+CONSOLIDATED INCOME STATEMENT
+Value added statement
+Consolidated statement of changes in equity
+4,289
+4,144
+4,177
+4
+3
+2
+1
+5,314
+0
+thereof profit attributable to non-controlling interests
+2017 2018 2019 2020
+1 Before special items: 4,397; after
+special items: 3,862.
+Financial analysis
+223
+FINANCIAL DATA
+Consolidated income statement
+Consolidated statement of comprehensive income
+Consolidated statement of financial position
+Consolidated statement of cash flows
+2021
+Profit transferred to Porsche Holding Stuttgart GmbH
+1 Prior year figures adjusted.
+226
+220
+5,729
+4,397
+- 1,691
+-1,231
+-1,528
+-998
+-163
+-233
+415
+4,038
+4,032
+3,162
+6
+4
+- 1,858
+-1,860
+227
+228
+CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+3,166
+4,3971
+-47
+-129
+Financial data
+2021
+2020
+33,138
+-24,281
+8,857
+28,695
+-21,155
+7,540
+-2,111
+-1,881
+-1,426
+129
+-1,255
+- 1,085
+953
+-1,180
+5,314
+4,177
+-22
+-10
+421
+406
+-113
+1.079
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+222
+THE NEW 718 SPYDER CONTINUES THE HISTORY OF SUCH FAMOUS ROADSTERS AS THE PORSCHE 550 SPYDER AND THE 718 RS 60 SPYDER
+2021
+%
+2020
+%
+33,138
+100
+28,695
+100
+-24,281
+Financial analysis
+-73
+-74
+8,857
+27
+7,540
+26
+-2,111
+6
+- 1,881
+-7
+-21,155
+-1,426
+220
+Profit after tax
+Distribution expenses increased by € 230
+million from € 1,881 million to € 2,111 mil-
+lion as a result of the increase in unit sales
+and the associated selling costs as well as
+sales-related indirect overheads. Administra-
+tive expenses rose from € 1,255 million to
+€ 1,426 million. In proportion to sales
+revenue, distribution expenses were down
+slightly at 6 per cent (prior year: 7 per cent),
+while administrative expenses remained un-
+changed at 4 per cent (prior year: 4 per cent).
+Personnel expenses of the Porsche AG group
+increased from € 4,230 million to € 4,478
+million in total. The increase in personnel
+expenses is mainly driven by the rise in the
+average number of employees during the year
+by 500 to 36,519.
+The depreciation and amortization charged
+throughout the Porsche AG group, with
+the exception of write-downs on investments
+included in the financial result, increased
+slightly to € 3,256 million compared to
+€3,234 million in the prior year. The increase
+is mainly attributable to higher depreciation
+of property, plant and equipment and
+leased assets.
+Other operating income rose from 953 million
+to 1,079 million. The increase is largely due
+to the € 98 million rise in income from foreign
+exchange gains.
+Other operating expenses decreased from
+€ 1,180 million to € 1,085 million. The
+decrease is primarily attributable to lower
+expenses from exchange rate changes of
+€ 196 million.
+The return on sales
+increased to 16.0 per cent,
+thereby significantly
+surpassing the strategic
+target of 15 per cent.
+Results of operations
+of the Porsche AG Group
+1 The prior-year figures were adjusted.
+€ million
+Cost of sales ¹
+Gross profit
+Distribution expenses
+Administrative expenses
+Other operating income
+Other operating expenses 1
+Operating profit
+Financial result
+Profit before tax
+Income tax income/expense
+Sales revenue
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft for the period January 1 to December 31, 2021
+4
+-4
+Consolidated revenue in the Porsche AG
+group amounted to € 33,138 million in the
+reporting period (prior year: € 28,695 million).
+The Porsche AG group sold 297,289 new
+vehicles in the past fiscal year. This corres-
+ponds to a 12 per cent increase in unit sales
+compared to the prior year.
+3,166
+11
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+221
+Operating profit amounts to € 5,314 million,
+up by € 1,137 million on the prior year
+(prior year: €4,177 million).
+The financial result amounted to € 415 mil-
+lion (prior year: € 220 million). The increase is
+mainly due to reversals of write-downs of
+€ 51 million on the equity-accounted invest-
+ment in Bertrandt AG, which had been written
+down by € 115 million in the prior year.
+Profit before tax amounted to € 5,729 million
+(prior year: €4,397 million).
+4,038
+The healthy cost structure and the sustain-
+ably high earnings power of the Porsche AG
+group are also reflected in the key perform-
+ance indicators. Despite the supply short-
+age of semiconductors and the resulting
+delivery bottlenecks, the Porsche AG group
+generated an operating return on sales of
+16.0 per cent in the past fiscal year (prior
+year: 14.6 per cent), mainly due to counter-
+The operating return on sales for Porsche
+AG's automotive division was 16.6 per cent
+(prior year: 15.4 per cent). The return on
+capital, defined as the ratio of the operating
+result after tax to the average invested
+assets of Porsche AG's automotive division,
+amounted to 21.3 per cent (prior year:
+18.1 per cent).
+The pre-tax return on equity of Porsche AG's
+financial services division was 21.2 per cent
+(prior year: 14.7 per cent).
+Operating profit totalled
+5,314 million euros
+in 2021, compared with
+4,177 million euros in
+the previous year.
+5
+Operating profit (EBIT)
+of the Porsche AG Group in € million
+SGO 604E
+measures and cost discipline being introduced
+at an early stage as well as the excellent
+market performance. The pre-tax return on
+sales amounted to 17.3 per cent (prior year:
+15.3 per cent).
+-1,255
+-4
+- 1,691
+1,079
+3
+953
+4
+- 1,085
+4
+-1,180
+- 4
+5,314
+- 1,231
+16
+15
+415
+1
+220
+0
+5,729
+17
+4,397
+15
+4,177
+€ million
+Profit after tax
+Pension plan remeasurements recognized in other comprehensive income
+Dec. 31, 2021 Dec. 31, 2020
+Assets
+Intangible assets
+Property, plant and equipment
+Leased assets
+Equity-accounted investments
+Other equity investments
+6,190
+5,437
+8,763
+8,695
+€ million
+3,954
+573
+167
+313
+217
+Financial services receivables
+Other financial assets
+3,461
+2,414
+8,596
+3,614
+8,870
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft as of December 31, 2021
+229
+Items that may be reclassified subsequently to profit or loss
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, net of tax
+Total comprehensive income
+thereof profit attributable to shareholders
+thereof profit attributable to non-controlling interests
+Financial data
+-595
+458
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+-101
+165
+-335
+64
+467
+4,102
+3,633
+4,095
+3,629
+4
+The Macan is the bestselling series with
+86,529 vehicles sold, followed by the
+Cayenne with 81,541 vehicles. With an
+increase of 17,001 vehicles to a total of
+39,222 vehicles sold, the Taycan recorded
+the most significant increase in sales, over-
+taking the other series 911 (39,068 vehicles),
+Panamera (31,679 vehicles) and 718
+(19,250 vehicles). In regional terms, China is
+still the largest market with 94,826 vehicles
+sold. The largest growth in relative terms
+of 17 per cent to 74,431 vehicles sold was
+recorded on the North American market.
+With 61,288 and 26,788 vehicles sold, the
+European and German markets likewise
+recorded double-digit growth of 11 per cent
+and 15 per cent, respectively.
+Other comprehensive income, before tax
+Other receivables
+Non-current assets
+Securities
+982
+755
+Cash, cash equivalents and time deposits
+4,686
+4,500
+Current assets
+18,552
+15,096
+163
+51,382
+Equity and liabilities
+Subscribed capital
+Capital reserves
+45
+45
+14,225
+13,754
+Retained earnings
+9,146
+45,491
+Deferred tax assets
+155
+606
+Inventories
+Trade receivables
+Financial services receivables
+113
+164
+867
+817
+32,830
+30,395
+Tax receivables
+4,517
+1,199
+1,081
+1,081
+1,122
+Other financial assets
+5,353
+2,761
+Other receivables
+579
+4,108
+Other reserves
+Fair value valuation of debt instruments that may be reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that may be reclassified
+subsequently to profit or loss, net of tax
+Transferred to profit or loss
+0
+33,138
+28,518 28,695
+5
+10
+15
+218
+LUTZ MESCHKE HAS BEEN MEMBER OF THE PORSCHE AG EXECUTIVE BOARD RESPONSIBLE FOR FINANCE AND IT SINCE 2009
+Lutz Meschke, Deputy Chairman and
+Member of the Executive Board -
+Finance and IT
+2017 2018 2019 2020 2021
+20
+25
+25,784
+WITH THE 2021 FINANCIAL
+YEAR. WE ACHIEVED AN
+EXCEPTIONALLY STRONG
+RESULT THANKS TO OUR
+HEALTHY BALANCE SHEET
+AND COST STRUCTURE."
+30
+of the Porsche AG Group in € million
+Sales revenue
+"WE CAN BE VERY HAPPY
+The net available liquidity of the automotive
+division - i.e., its gross liquidity less financial
+liabilities and excluding the financial services
+division in each case - improved from
+€2,961 million as of December 31, 2020 to
+€ 4,970 million as of December 31, 2021.
+The net cash flow of the automotive division,
+defined as cash flow from operating activ-
+ities less the investing activities of current
+operations, increased by € 1,478 million to
+€ 3,676 million (prior year: € 2,198 million).
+23,491
+Cash flows from financing activities changed
+from cash inflows of € 78 million in the prior
+year to cash outflows of € 518 million in the
+current fiscal year. Payments made in respect
+of profit transfer and dividends resulted in
+a cash outflow of € 1,864 million (prior year:
+€ 1,802 million). By contrast, capital contri-
+butions by Porsche Holding Stuttgart
+resulted in a cash inflow of € 471 million
+(prior year: € 1,028 million).
+Financial analysis
+RESULTS OF OPERATIONS
+2021
+2020
+4,038
+3,166
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+877
+6
+-261
+4
+219
+616
+Fair value valuation of equity instruments that will not be reclassified to profit or loss, net of tax
+Share of other comprehensive income of equity-accounted investments that will not be
+reclassified to profit or loss, net of tax
+43
+-0
+0
+Items that will not be reclassified to profit or loss
+Foreign exchange differences
+Unrealized currency translation gains/losses
+659
+The Porsche AG group's profit after tax
+increased by € 872 million from € 3,166
+million in the corresponding prior-year
+period to € 4,038 million in the current fiscal
+year. The tax rate in the reporting period was
+30 per cent (prior year: 28 per cent).
+10
+Fair value valuation of debt instruments that may be reclassified to profit or loss, before tax
+Deferred taxes relating to fair value valuation of debt instruments recognized in other
+comprehensive income
+for investments in securities € 283 million
+(prior year: € 300 million).
+Cash flows from operating activities amount-
+ed to € 6,416 million in the 2021 reporting
+period following € 4,140 million in the
+prior year. This is mainly the result of the
+higher profit before tax as well as the change
+in other provisions, liabilities (excluding
+financial liabilities) and receivables (excluding
+financial services), partially offset by higher
+income tax payments and lower depreciation,
+amortization and write-downs.
+Cash flow hedges (OCI I), net of tax
+Transferred to profit or loss (OCI II)
+-1,118
+776
+Fair value changes recognized in other comprehensive income (OCI II)
+-391
+-492
+570
+521
+- 332
+Cash flow hedges (OCI II), before tax
+29
+-54
+-7
+Cash flow hedges (OCI II), net of tax
+125
+22
+Deferred taxes relating to cash flow hedges (OCI II)
+Fair value valuation of debt instruments that may be reclassified to profit or loss
+Fair value changes recognized in other comprehensive income
+179
+Investing activities of current operations -
+i.e., the cash flow from investing activities
+less investments in securities, loans and
+time deposits - increased by € 604 million
+to € 3,374 million. Investments in intangible
+assets (excluding capitalized development
+costs) and property, plant and equipment
+decreased from € 1,547 million in the prior
+year to € 1,442 million in the current reporting
+period. Additions to capitalized development
+costs amounted to € 1,601 million following
+€ 1,225 million in fiscal year 2020. Cash
+outflows from the change in loans and time
+deposits amounted to € 2,308 million
+(prior year: cash inflows of €51 million) and
+480
+1,108
+FINANCIAL POSITION
+9
+397
+Transferred to profit or loss
+0
+-340
+-0
+Exchange differences on translating foreign operations, before tax
+397
+-340
+Deferred taxes relating to cash flow hedges (OCI I)
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+Hedging
+-340
+Fair value changes recognized in other comprehensive income (OCI I)
+-1,523
+1,391
+Transferred to profit or loss (OCI I)
+-75
+-283
+Cash flow hedges (OCI I), before tax
+- 1,598
+397
+802
+12
+G
+90.3%
+Executive employees in
+2021 by gender
+30-50 years
+60.0%
+Employees in 2021 by
+age structure
+2019
+2020
+2021 V
+Full-time employees 2
+Employees by type of employment¹
+Male
+9.7%
+Female
+81.6%
+Male
+by gender
+Employees in 2021
+93.5%
+93.7%
+90.3%
+6.5%
+6.3%
+9.7%
+74.2%
+22.1%
+< 30 years
+84.4%
+17.9%
+Part-time employees
+2020
+2021
+No. of training programme participations
+2019
+2020
+2021 V
+Employee turnover in %1
+248
+247
+Non-financial key figures
+Of which trainees
+In the case of employees in production who are covered by the reduction of working hours under the Labour Market of the Future works agreement, the reduced
+working time as agreed is deemed to represent full-time employment. There are no seasonal variations in the size of the workforce.
+1 Due to equal pay and the framework conditions, Porsche does not report the number of temporary employees separately.
+4,354
+4,410
+> 50 years
+33,512
+853
+1,917
+31,075
+34,010
+798
+2,349
+31,816
+32,702
+4,294
+Employees exempt from wage agreements and executive employees
+34,297
+717
+2,699
+Employees subject to wage agreements
+2 Definition of full-time employee: full-time employees are all employees with a contractually agreed weekly working time of at least 35 hours.
+83.9%
+25.8%
+15.6%
+30,188
+Male
+6,588
+6,808
+Female
+No. of employees by gender
+9.7%
+13.2%
+14.3%
+71.2%
+29,771
+76.6%
+19.1%
+10.2%
+8.5%
+19.7%
+19.8%
+20.1%
+56.4%
+57.7%
+59.9%
+> 50 years
+77.2%
+6,450
+28,979
+Percentage breakdown of executive employees by age and gender
+2021
+16.1%
+0.0%
+0.0%
+0.0%
+Male
+Female
+Breakdown by gender
+18.4%
+Female
+> 50 years
+30-50 years
+< 30 years
+81.8%
+81.9%
+81.6%
+Male
+Breakdown by age
+18.2%
+18.1%
+18.4%
+Female
+Percentage breakdown of employees by gender
+2019
+2020
+2019
+1,021
+Proportion of employees who left the company
+2.1%
+2021
+Total
+No. of employees who took parental leave¹
+Parental leave and return to the workplace
+107,294
+125,297
+210,611
+1,819
+71
+94
+69
+2020
+> 50 years
+1,076
+30-50 years
+2019
+2,034
+1,259
+810
+< 30 years
+No. of newly hired employees by age group
+3,245
+2,051
+1,151
+1,369
+2019
+2021
+268
+Female
+1,095
+1,484
+1,434
+Total
+1,079
+1,242
+1,184
+No. of employees returning after parental leave 2
+Average number of training hours per participant
+Male
+Total
+243
+281
+350
+Female
+1,322
+1,523
+1,534
+2019
+2020
+Female
+Male
+2020
+679
+2019
+2020
+2021
+12.7%
+15.0%
+14.1%
+Employees exempt from wage agreements and executive employees
+87.3%
+85.0%
+85.9%
+Newly hired employees by region, gender and age group
+Percentage breakdown of participations by employee category
+Employees subject to wage agreements
+101,530
+171,284
+Male
+107,294
+20,056
+125,297
+23,767
+39,327
+210,611
+Total number of participations
+Female
+Porsche's reporting on employee turnover is not broken down by age group, gender and religion as this data is not of a material nature for the company and is not
+relevant for control purposes. The reported figure does not include temporary employment contracts, retirements or partial retirement arrangements.
+1.9%
+87,238
+No. of newly hired employees by region
+Region: Germany
+Region: Europe (excluding Germany)
+453
+586
+Female
+No. of newly hired employees by gender
+2021
+20
+16
+12
+57
+93
+100
+36
+78
+110
+Total no. of training programme participations
+127
+96
+3,684
+2,221
+1,553
+180
+Other regions (Australia, Latin America)
+Region: Asia
+Region: North America
+2.4%
+244
+834
+22.6%
+Non-hazardous waste
+Hazardous waste
+in 2021
+Material consumption
+Copper
+15,998
+112,697
+Plastics
+74,716
+Others
+2021
+2019 2020
+Non-production-specific waste
+2017 2018
+2015
+2014
+Material consumption in t
+0
+1
+2
+244
+637
+434
+340
+2016
+16
+Metallic waste
+Hazardous waste
+Steel/cast iron
+241,883
+2021
+Total volume of waste in t
+1 Recycling and disposal of the reported hazardous and non-hazardous waste are exclusively carried out by external disposal companies.
+0
+0
+0
+99
+74
+Waste for removal
+44
+1
+124
+458
+335
+167
+61
+22
+5
+Non-production-specific waste
+Non-hazardous waste
+15
+3
+9
+58
+1,058
+Non-production-specific waste
+1,666
+1,160
+937
+Non-hazardous waste
+986
+1,686
+1,280
+Hazardous waste
+Waste for recycling
+89
+7,156
+5,272
+Development sites
+13,288
+9,619
+5,743
+52
+37
+12
+Non-production-specific waste
+81,373
+6,797
+57
+Metallic waste
+2,196
+743
+731
+18
+30
+Non-production-specific waste
+Non-hazardous waste
+Waste for removal
+2.73
+Waste for recycling
+3.05
+3.17
+3.07
+3.05
+3.26
+Other sites
+3.32
+3.82
+3
+4
+Hazardous waste
+Water consumption of the production sites in m³/vehicle
+176
+3,196
+3,130
+2020
+23.9%
+157,965
+Alloys
+Non-financial key figures
+31,690
+32,661
+33,089
+14.6%
+15.0%
+15.3%
+Of which male
+9,798
+9,875
+10,308
+Porsche AG
+2.4%
+2.6%
+Of which female
+4,260
+4,194
+4,309
+17.0%
+17.5%
+17.9%
+> 50 years
+21,371
+2.5%
+22,290
+Region: Europe (excluding Germany)
+1,565
+20.0%
+> 50 years
+2019
+2020
+2021 V
+30-50 years
+<30 years
+Porsche Leipzig GmbH
+30-50 years
+< 30 years
+1,695
+Employees by gender
+259
+274
+Other regions (Australia, Latin America)
+1,055
+1,098
+Region: Asia
+819
+840
+Region: North America
+1,581
+303
+22,379
+49.4%
+50.7%
+Of which male
+Of which female
+< 30 years
+2019
+2020
+2021 V
+Total workforce (number of employees)
+Porsche AG Group
+2019
+2020
+30-50 years
+2021
+Unless specified otherwise, the listed key figures relate to the Porsche AG Group (including subsidiaries).
+PERSONNEL AND SOCIAL KEY FIGURES
+246
+245
+0
+3
+23,995
+20,787
+21,755 V
+200
+Employees by age structure in %
+Of which female
+22.1%
+20.9%
+48.7%
+Of which male
+35,429
+36,359
+36,996
+Region: Germany
+Of which other Group companies
+Of which Porsche Leipzig GmbH
+Of which Porsche AG
+Total
+10.7%
+10.9%
+11.3%
+60.1%
+61.6%
+60.0%
+17.7%
+16.2%
+17.6%
+5.2%
+4.7%
+4.5%
+22.9%
+2019
+48
+Porsche AG
+Porsche Leipzig GmbH
+9.7-9.4
+9.2-8.9
+185
+8.1
+6.6
+10.6
+300
+220
+199
+8.7
+6.9
+718 Boxster S
+11.8
+220
+911
+718 Boxster (PDK)
+718 Boxster
+718 Boxster
+combined
+[g/km]
+combined
+[1/100 km]
+consumption CO₂ emissions consumption CO₂ emissions Energy
+combined combined
+efficiency
+[1/100 km]
+class
+[g/km]
+consumption
+extra-urban
+[1/100 km]
+300
+consumption
+urban
+[1/100 km]
+257
+12.9
+G
+220-212
+209-201
+235-229
+224-218
+219-213
+9.7-9.4
+200
+8.8
+7.0
+11.8
+300
+220
+718 Boxster T
+350
+9.9-9.6
+8.8
+7.0
+12.4
+350
+257
+718 Boxster S (PDK)
+10.4-10.1
+218
+9.6
+7.6
+200
+[PS]
+Power output Power
+[kW]
+Fuel
+Chairman of the Works Council Weissach
+Carsten Schumacher
+Responsible Manager for Tariff Policy
+Trade Union Secretary of IG Metall -
+Stefan Schaumburg
+Vice President Human Resources Zuffenhausen
+Vera Schalwig-Kaufmann
+Member of the Group Works Council of Porsche AG
+Chairman of the Works Council Porsche Leipzig
+Knut Lofski
+Member of the General and Group Works Councils of Porsche AG
+Trade Union Secretary of IG Metall - Administration Office Stuttgart
+Member of Group Works Council of Porsche AG
+Member of the Works Council Zuffenhausen
+Akan Isik
+International VIP and Special Sales Porsche AG
+Wolfgang von Dühren
+Member of the General and Group Works Councils of Porsche
+Member of the Works Council Zuffenhausen
+Harald Buck
+Chairman of the Works Council Zuffenhausen/Ludwigsburg/Sachsenheim
+Chairman of the General and Group Works Councils of Porsche AG
+Deputy Chairman of the Supervisory Board
+Nora Leser
+Jordana Vogiatzi
+Manager responsible for Members and Finances
+of IG Metall Union, Stuttgart
+Fuel
+Fuel
+Fuel
+WLTP
+NEDC
+Model
+CO2 emissions Energy
+combined efficiency
+[g/km]
+class
+combined
+[1/100 km]
+Fuel
+consumption CO₂ emissions consumption
+combined combined
+[1/100 km] [g/km]
+[1/100 km]
+[1/100 km]
+Fuel
+Fuel
+consumption
+extra-urban
+consumption
+urban
+Power
+[PS]
+Power output
+[kW]
+Fuel
+WLTP
+NEDC
+Model
+EMISSION AND CONSUMPTION INFORMATION1
+256
+254
+911 GT3 (PDK)
+Werner Weresch
+375
+17.3
+911 Turbo S
+G
+251
+11.1
+249
+10.9
+8.5
+15.0
+420
+309
+478
+718 Spyder
+8.9
+15.2
+580
+427
+911 Turbo Cabriolet
+F
+208-202
+9.2-8.9
+185
+8.1
+11.3
+6.5
+650
+8.6
+G
+G
+284-275
+257 12.5-12.1
+254 12.3-12.0 278-271
+257 12.5-12.1 284-275
+11.3
+8.6
+15.9
+650
+478
+Cabriolet
+15.5
+911 Turbo
+242
+10.7
+232
+10.2
+8.1
+13.7
+420
+309
+718 Spyder (PDK)
+11.1
+G
+10.9
+300
+220
+9.5
+17.3
+510
+375
+911 GT3 with Touring Package (PDK)
+G
+G
+G
+293
+12.9
+304
+12.4
+13.3
+19.2
+510
+375
+911 GT3 (MT)
+F
+294
+13.0
+283
+12.4
+9.5
+9.9
+283
+12.9
+293
+718 Boxster T (PDK)
+G
+279-271
+254 12.3-12.0
+11.1
+8.7
+15.3
+580
+427
+911 Turbo
+G
+G
+292
+12.9
+304
+13.3
+10.0
+19.1
+510
+375
+911 GT3 with Touring Package (MT)
+G
+G
+510
+Employee representatives
+Member of the Volkswagen AG Board of Management -
+Integrity and Legal
+Hiltrud Werner
+Porsche AG
+20.6
+19.9
+19.2
+Employees exempt from wage agreements and executive employees
+21.7
+8.1
+13.9
+Other Group companies
+11.8
+19.1
+10.1
+Porsche Leipzig GmbH
+23.5
+17.0
+11.8
+Porsche AG
+21.8
+15.5
+11.7
+Employees subject to wage agreements
+² Due to the relatively long duration of parental leave or as a result of leave commencing late in the respective reporting year, not all employees have returned by the
+time of data collection. The return to work and retention rate cannot be calculated on an annual basis as employees who returned in a given year did not necessarily
+also begin their parental leave in that same calendar year.
+10.2
+2019
+20.2
+Porsche Leipzig GmbH
+203
+Percentage breakdown of origin of suppliers to Porsche AG in 2021 1
+Accidents²
+Porsche AG
+Fatalities
+Lost days 3
+Accidents 2
+Total
+2019
+2020
+20.3
+2021
+250
+249
+Non-financial key figures
+20.8
+13.9
+19.4
+Other Group companies
+28.3
+28.8
+21.3
+Number of accidents, lost days and fatalities¹
+2020
+2021
+Average no. of training hours per participant by employee category
+17.2
+11.3
+9.9
+22.4
+17.2
+15.3
+21.7
+15.7
+14.2
+21.6
+11.3
+15.9
+Other Group companies
+No. of returned employees still employed after 12 months2
+Porsche Leipzig GmbH
+1,047
+1,240
+1,166
+Male
+Porsche AG
+Male
+Other Group companies
+12.4
+7.3
+19.0
+12.1
+1 The total number of employees entitled to parental leave cannot be determined because employees are not obliged to report a birth.
+The year for which the parental leave is recorded is the year in which the period of leave begins.
+847
+1,218
+190
+236
+223
+1,055
+Male
+Female
+1,037
+1,454
+1,278
+Total
+22.6
+9.7
+16.6
+11.7
+10.4
+10.5
+23.3
+17.4
+12.1
+21.6
+15.9
+214
+218
+4.0%
+1,964
+The Supervisory Board
+FURTHER INFORMATION
+251
+Non-financial key figures
+1 The degree of fulfilment is the purchasing volume of the direct suppliers of production materials who were in the top assessment category in the S-rating divided
+by the total purchasing volume of all the direct suppliers of production materials assessed in the S-rating.
+100%
+in the EU
+99.0%
+Registered office
+97.5%
+97.4%
+Emission and consumption information
+97.0%
+69.0%
+2021 status
+1 Of which, donations totalling 2 million euros in foundation assets for the Ferry Porsche Foundation.
+approx. 4.6
+2019
+approx. 21
+20201
+0%
+approx. 11.8 V
+Percentage degree of fulfilment of highest quality standards based on purchasing volume¹ ✓
+1 Local suppliers are defined as suppliers with their registered office in the EU. The main places of business are Stuttgart-Zuffenhausen and Leipzig.
+90.0%
+2030 target
+GRI content index
+TCFD index
+Porsche AG Group - brief overview
+Member of the Volkswagen AG Board of Management -
+Technology
+Thomas Schmall-von Westerholt
+Director Group Sales Volkswagen AG
+Dr Christian Dahlheim
+Member of the Volkswagen AG Board of Management -
+Finance
+Dr Arno Antlitz
+Chairman of the Board of Management of Porsche Automobil Holding SE
+Chairman of the Supervisory Board of Volkswagen AG
+Hans Dieter Pötsch
+Member of the Board of Management of Porsche Holding GmbH
+Dr Hans Peter Schützinger
+Familie Porsche AG Beteiligungsgesellschaft
+Member of the Board of Management of
+Dr Ferdinand Oliver Porsche
+Hans-Peter Porsche
+Engineer
+Lawyer in private practice
+Dr Hans Michel Piëch
+Chairman of the Supervisory Board
+Dr Wolfgang Porsche
+Diplom-Kaufmann
+Shareholder representatives
+on 31 December 2021
+of Porsche AG
+THE SUPERVISORY BOARD
+Independent auditor's report
+2019
+241
+2021
+2020
+23
+18
+197
+0
+Fatalities
+Lost days 3
+Accidents²
+Porsche Leipzig GmbH
+2
+0
+0
+Fatalities
+293
+188
+2,362
+1,767
+Lost days 3
+191
+185
+2
+0
+0
+Registered office outside the EU
+2,556
+1,733
+1,440
+220
+30
+194
+Injury rate = accident frequency index: provides information on how frequently reported accidents have occurred within the company relative to the total hours worked.
+The calculation formula used is the number of reported work-related accidents multiplied by one million hours, divided by the number of hours worked.
+4.6
+2021
+6.1
+6.1
+4.0
+5.7
+2.9
+Porsche Leipzig GmbH
+Porsche AG
+Percentage spend with local suppliers by Porsche AG at main places of business 1
+1 Based on creditor's billing address.
+Suppliers
+of non-production
+materials
+96.0%
+Registered office
+in the EU
+Suppliers
+of production materials
+Registered office outside the EU
+1.0%
+2019
+2020
+2021
+Injury rate¹
+3 Missed working days resulting from accidents reported in the reporting period are counted as lost days (usually Monday to Friday); the day of the accident
+itself is not included (≥ 1 lost calendar day).
+2 Porsche only reports accidents that were officially recorded. Non-serious injuries (minor accidents) are not reported. Accidents that do not result in lost days
+(calendar days) are classed as minor accidents.
+1 Porsche does not make a distinction according to gender or between employees and workers who are not employees but whose work and/or workplace is
+controlled by the organisation, and does not show the individual categories for work-related injuries (level of detail not material).
+0
+Donations made in € million
+90
+80
+Non-hazardous waste
+911 Carrera 4 GTS Cabriolet
+F
+319
+14.1
+271
+11.9
+9.1
+16.6
+640
+471
+353
+Cayenne Turbo GT
+252-240
+11.1-10.6
+240
+10.5
+7.7
+15.3
+480
+353
+911 Carrera 4 GTS (MT)
+F
+G
+319-301
+480
+7.7
+223
+9.8
+8.0
+12.8
+385
+283
+911 Targa 4
+G
+251-244
+11.1-10.8
+13.7
+242
+7.8
+15.4
+480
+353
+911 Carrera 4 GTS Cabriolet (MT)
+G
+256-249
+11.3-11.0
+226
+9.9
+10.6
+F-E
+318-302
+F
+338
+Cayenne GTS Coupé
+G
+246-239
+10.9-10.5
+238
+10.4
+7.7
+15.1
+480
+460
+353
+11.6
+9.3
+15.5
+550
+404
+Cayenne Turbo Coupé
+G
+256-248
+11.3-10.9
+224
+911 Carrera GTS Cabriolet (MT)
+15.3-14.9
+9.1
+11.4-11.2
+14.1-13.5 319-307
+14.0-13.3
+14.1-13.3
+F
+319-305
+D
+292-274
+12.9-12.1
+14.1-13.5
+225-222
+264
+264
+260-256
+260-255
+11.4-11.2
+9.1
+15.3-14.7
+460
+338
+Cayenne GTS
+G
+259-245
+11.4-10.8
+222
+9.7
+7.6
+13.5
+480
+353
+911 Carrera 4 GTS
+10.9-10.5
+9.8
+247-239
+911 Targa 4S
+Current consumption figures can be found at
+G
+252-245
+F
+257-251
+G
+252-245
+243 11.1-10.8
+227 11.3-11.0
+243 11.1-10.8
+10.7
+7.8
+7 www.porsche.com/germany/verbrauchsinformationen
+15.5
+353
+911 Targa 4 GTS (MT)
+9.9
+7.7
+13.7
+480
+353
+911 Targa 4 GTS
+10.7
+7.8
+480
+15.5
+Further information
+Waste by location, type and disposal method in t¹
+5 During the stipulated reporting period, there were no emissions of substances included in Annexes A, B, C or E to the Montreal Protocol on Substances that
+Deplete the Ozone Layer.
+Total direct and indirect GHG emissions in t of CO2 equivalent
+2021
+2020
+2019
+0.4
+0.2
+9,090 ✓
+26,971
+0
+257
+57,685
+2014
+2015
+2016
+2017 2018 2019
+2020 2021
+243
+Water intake and recirculation in m³
+2021
+2020
+2019
+Non-financial key figures
+480
+353
+911 Edition 50 Years Porsche Design (MT)
+450
+331
+911 Targa 4S Heritage Design Edition
+G
+246-236
+10.8-10.4
+235
+10.3
+7.6
+15.0
+13.3
+450
+911 Targa 4S (MT)
+G
+253-244
+11.1-10.7
+227
+9.9
+8.0
+13.3
+450
+331
+331
+8.0
+9.9
+227
+F
+257-251
+11.3-11.0
+227
+9.9
+7.7
+13.7
+480
+353
+911 Edition 50 Years Porsche Design
+G
+246-236
+10.8-10.4
+235
+10.3
+7.6
+15.0
+450
+331
+911 Targa 4S Heritage Design Edition (MT)
+G
+253-244
+11.1-10.7
+F
+7.7
+13.5
+480
+9.6
+7.8
+12.6
+385
+283
+911 Carrera 4
+11.5-11.2
+340
+250
+Cayenne
+218
+G
+10.7-10.3
+230
+10.1
+7.4
+14.7
+450
+331
+911 Carrera S Cabriolet (MT)
+Cayenne
+G
+243-233
+250-241
+10.9-10.3
+G
+450
+331
+911 Carrera 4S
+8.3-8.2
+11.7-11.4
+340
+250
+Cayenne Coupé
+F
+246-238
+247-234
+10.8-10.5
+9.7
+8.0
+12.7
+385
+283
+911 Carrera Cabriolet
+8.2-8.1
+8.2-8.1
+340 11.5-11.2
+250
+Cayenne Platinum Edition
+221
+11.0-10.6
+223
+9.8
+324
+12.3
+380
+280
+10.8
+265
+195
+10.9-10.8
+265
+195
+440
+Macan GTS
+251-238
+11.1-10.5
+220
+9.6
+7.7
+12.9
+450
+331
+911 Carrera S
+Macan S
+G
+12.3
+7.6-7.4
+7.6-7.5
+8.4
+8.4
+8.8-8.7
+8.8-8.7
+9.9-9.8
+9.9
+7.9
+13.1
+450
+331
+911 Carrera S Cabriolet
+G
+243-229
+10.7-10.1
+227
+10.0
+7.3
+14.5
+450
+331
+911 Carrera S (MT)
+E
+265-255
+E
+D
+D
+243-228
+242-229
+200-198
+200
+225-224 11.7-11.1 265-251
+225 11.7-11.3
+10.7-10.1
+10.7-10.1
+13.1
+7.8
+9.7
+222
+9.7
+7.5
+13.4
+480
+353
+911 Carrera GTS
+D
+292-271
+225-222 12.9-12.0
+9.9-9.7
+221
+8.2-7.9
+440
+324
+Cayenne S Coupé
+G
+245-235
+10.8-10.4
+234
+10.2
+7.5
+14.9
+12.8
+11.4-10.7
+258-244
+G
+353
+911 Carrera GTS Cabriolet
+9.9-9.7
+11.6
+9.3
+15.5
+550
+404
+Cayenne Turbo
+G
+249-236
+11.0-10.4
+234
+10.3
+7.4
+15.1
+480
+353
+911 Carrera GTS (MT)
+8.2 7.9
+12.8
+440
+324
+Cayenne S Coupé Platinum Edition
+450
+4 The NOx emissions shown here refer exclusively to production processes, and not to Porsche vehicles.
+331
+E-D
+12.8
+440
+324
+Cayenne S
+G
+245-231
+10.8-10.2
+231
+10.1
+7.4
+8.0-7.8
+14.8
+331
+911 Carrera 4S (MT)
+8.3-8.2
+11.7-11.4
+340
+250
+Cayenne Coupé Platinum Edition
+G
+253-239
+11.1-10.5
+450
+9.4-9.2
+9.4-9.2
+9.5-9.4
+9.5-9.4
+9.8-9.7
+215-210 12.5-11.5
+215-210 12.5-11.7
+217-214 12.5-11.6
+217-214 12.5-11.8
+223-220 12.9-11.8
+283-259
+283-266
+283-263
+E-D
+D
+283-266
+292-268
+292-274
+223-220 12.9-12.1
+9.8-9.7
+8.0-7.8
+12.8
+440
+324
+Cayenne S Platinum Edition
+10.8-10.4
+252-242
+11.1-10.7
+225
+9.9
+7.9
+13.3
+450
+331
+911 Carrera 4S Cabriolet
+D
+D
+D
+911 Carrera 4S Cabriolet (MT)
+245-236
+3 Emissions are generally only produced from local travel, as 100 per cent use is made of green electricity for long-distance travel.
+0.6
+199
+718 Cayman (PDK)
+220
+300
+10.6
+6.6
+8.1
+185
+718 Cayman T
+220
+8.7
+300
+6.9
+8.7
+200
+718 Cayman T (PDK)
+220
+300
+10.8
+6.5
+8.1
+185
+11.8
+718 Cayman S
+6.9
+300
+9.6
+219
+10.1
+230
+G
+Panamera 4
+243
+330 11.6-11.4
+7.5-7.0
+7.3-7.1
+Panamera 4 Platinum Edition
+11.8
+243
+11.6-11.4
+7.3-7.1
+718 Cayman
+Panamera 4 Executive
+243
+330 11.3-11.0
+7.6-7.4
+8.8-8.6
+8.8-8.7
+8,8-8,7
+9.0-8.9
+718 Cayman
+220
+330
+257
+350
+13.0
+324
+440
+11.6-11.3
+F
+Panamera 4S Executive
+324
+440
+11.9-11.6
+7.8-7.5
+7.5-7.4
+7.6-7.5
+G
+Panamera 4S
+Panamera 4S Sport Turismo
+440
+11.7-11.5
+G
+Panamera GTS
+353
+480
+15.4
+718 Cayman GT4
+309
+420
+324
+G
+11.4-11.2
+330
+7.5
+9.6
+218
+9.7-9.3
+9.2-8.9
+9.6-9.4
+9.1-8.9
+10.3-10.1
+220-212
+G
+Panamera 4 Sport Turismo
+243
+330
+11.4-11.2
+7.8-7.5
+718 Cayman S (PDK)
+257
+350
+12.3
+7.0
+8.8
+200
+9.9-9.6
+208-201
+218-213
+207-202
+235-228
+224-217
+F
+Panamera 4 Sport Turismo Platinum Edition
+243
+7.6
+15.0
+13.0
+294
+23,995
+20,787
+21,755 V
+Waste for removal
+Metallic waste
+Non-production-specific waste
+Non-hazardous waste
+Hazardous waste
+Waste for recycling
+13,288
+16,143
+9,619
+111,857
+100,461
+5,743
+553,267
+4,926
+8,929
+579,832
+650,579
+1,660
+Porsche only draws fresh water (≤ 1,000 mg/l total dissolved solids (TDS)) from areas with no water stress.
+2 Porsche only feeds fresh water (≤ 1,000 mg/l total dissolved solids (TDS)) into areas with no water stress.
+Other sites
+Development sites
+128,437
+Production sites
+13,556
+4,481
+509,098
+491,679
+75,728
+79,069
+539,785
+346
+630
+885
+Hazardous waste
+603,759
+577,026
+16,202
+624,597 V
+3,027
+2,604
+341
+298
+705
+7,365
+5,394
+7,376
+5,183
+4,080
+2,674
+Total
+Water recirculation²
+Other sites
+13.0
+7.6
+9.6
+219
+10.1
+230
+G
+Panamera
+Boxster 25 years
+294
+400
+400
+8.5
+10.8
+246
+10.9
+247
+G
+Panamera
+243
+330 11.4-11.1
+Boxster 25 years (PDK)
+14.7
+294
+718 Boxster GTS 4.0 (PDK)
+G
+Development sites
+Production sites
+Of which groundwater
+Production sites
+694,992
+690,066
+710,237
+701,308
+756,783
+Of which water from third parties
+758,443 ✓
+Total
+Total
+Water intake 1
+2019
+2020
+2021
+294
+400
+14.7
+8.5
+10.8
+246
+10.9
+247
+400
+8.5
+10.9
+249
+41.75
+33.06
+2019 2020 2021
+42.67
+33.99
+26.2
+33.82
+7.60
+6.68
+8.62
+2016 2017 2018
+0.16
+0.23
+0.31
+0.24
+0.45
+Production sites
+0.24
+0.18
+0.36
+VOC emissions of the production sites in kg/vehicle
+Development sites
+0.18
+0.07
+2014 2015
+13,701
+Production sites
+Development sites
+Other sites
+SOx emissions
+27,574
+9,464
+0
+28,753
+4,936
+74,157
+239
+246
+0
+239
+9,644
+0
+38
+6,807
+8,402
+50,774
+69
+10
+11,303
+15,415
+250
+0.06
+0.09
+Other sites
+0.18
+0.11
+0.8
+Development sites
+0.81
+0.74
+0.05
+0.04
+0.03
+Other sites
+0.22
+Ozone-depleting substances 5
+0
+0
+0
+0
+1 The reported GHG emissions (Scope 1) include all the direct emissions of Porsche AG and Porsche Leipzig GmbH. Since the 2021 reporting year, this figure has
+additionally included emissions from refrigerants and from VOC combustion.
+0.64
+0.65
+0.66
+0.59
+0.58
+0
+0
+Production sites
+0.14
+0.22
+0
+0
+0
+Weight of volatile organic compounds (VOC)
+123.29 V
+105.29
+115.40
+0.98
+Production sites
+123.29
+105.29
+115.40
+1.0
+Development sites
+0
+0
+0
+Other sites
+0
+0
+0
+Weight of dust emissions
+0.27
+NOx emissions 4
+Significant air emissions in t of
+Rental cars
+Air
+299
+G
+Panamera Turbo S Executive
+463
+630
+718 Cayman GTS 4.0
+294
+400
+14.7
+8.5
+13.2
+10.8
+10.9
+247
+G
+Panamera Turbo S Sport Turismo
+463
+630
+15.5-15.4
+14.9-14.8
+15.1-15.0
+15.0-14.9
+201-197 11.4-10.2 258-232
+202-199 11.3-10.4 257-235
+202-199 11.3-10.4 257-235
+205-202 11.3-10.6 257-240
+9.0-8.9 205-202 11.5-10.6 260-241
+9.0-8.9 205-202 11.5-10.6 260-241
+9.0-8.8 205-201 11.3-10.3 256-234
+9.1-9.0 208-205 11.3-10.5 256-238
+7.7-7.6
+9.2-9.1 210-207 11.5-10.7 260-242
+8.2-8.0 10.9-10.7 249-244 13.1-12.1 296-275
+8.5-8.3 11.1-10.9 253-248 13.2-12.3 300-280
+8.5-8.4 10.8-10.7
+247-245 13.2-12.8 298-290
+8.7-8.5
+11.0-10.9 251-249 13.2-12.9
+299-293
+8.8-8.7 11.1-11.0 253 251 13.3-13.0 302-295
+D
+D
+246
+281
+12.3
+9.3
+11.1
+251
+G
+Panamera GTS Sport Turismo
+353
+480
+718 Cayman GT4 (PDK)
+309
+420
+13.7
+8.1
+10.2
+232
+10.7
+242
+G
+Panamera Turbo S
+463
+630
+718 Cayman GT4 RS
+368
+500
+17.4
+D
+2 The reported emissions relate exclusively to Porsche's own vehicles. These are presented separately because the business-related proportion cannot be distin-
+guished from private journeys.
+D
+D
+D
+245-233
+G
+Macan T
+911 Carrera Cabriolet
+283
+385
+12.9
+7.6
+9.6
+218
+10.8-10.3
+Development sites
+398
+552
+506
+966
+762
+827
+Other indirect GHG emissions in t of CO2 equivalent
+Other indirect GHG emissions (Scope 3)
+Porsche's vehicle fleet²
+Rail 3
+Other sites
+215
+9.4
+7.4
+D
+D
+F
+F
+E
+F
+E
+718 Cayman GTS 4.0 (PDK)
+294
+400
+13.0
+7.6
+9.6
+219
+10.1
+230
+G
+Macan
+Macan
+911
+911 Carrera
+283
+385
+12.9
+D
+G
+718 Boxster GTS 4.0
+2,046
+Heating oil
+Emissions in t of CO2 equivalent and significant air emissions in t
+2021
+2020
+2019
+Direct and indirect greenhouse gas emissions of the production sites in kg/vehicle
+Direct and indirect GHG emissions in t of CO2 equivalent
+Total
+9,090 ✔
+26,971
+57,685
+1,009
+Production sites
+2,895
+12,167
+42,123
+1,000
+242
+241
+Non-financial key figures
+2020 2021
+3,000
+2,000
+1,000
+3,185
+3,008
+2,952
+2,763
+Development sites
+2,607
+2,485
+0
+2014
+2015
+2016 2017
+2018
+2019
+2,673
+4,959
+13,744
+14,412
+270
+298
+323
+Indirect GHG emissions in t of CO2 equivalent (Scope 2)
+Production sites
+1,434 v
+1,315
+1,418
+Other sites
+70
+500
+G
+26,589
+30,719
+43,527
+246,818
+229,176
+85
+Biogas
+13,906
+4,561
+Other sites
+1,236
+1,060
+1,150
+Direct GHG emissions in t of CO2 equivalent (Scope 1)¹
+7,656 V
+839
+13,192
+851
+56,267
+Production sites
+2,825
+12,166
+42,038
+750
+Development sites
+25,656
+269,750
+Direct energy
+consumption by
+production site
+in 2021
+Biogas as combustible gas
+for manufacturing processes
+1,228
+537
+13,380
+12,857
+13,275
+11,747
+11,326
+2,487
+12,344
+8,493
+9,249
+3,582
+2,833
+3,095
+199 per cent of the electrical energy is TÜV-certified green electricity. The remaining 1 per cent relates to the acquisition of new buildings and to existing grey
+electricity contracts, which were fully transitioned to green electricity on 1 January 2022.
+269,750
+8,165
+149,130
+52,664
+58,795
+433,289 V
+347,832
+340,327
+266,375
+272,976
+204,868
+327,119
+248,820
+182,101
+CHP plants and PV arrays
+Development sites
+52,295
+Electrical energy1
+District heating
+Other sites
+Electrical energy1
+District heating
+51,372
+34,422
+28,201
+74,662
+66,380
+66,476
+Weissach CHP plant
+237,283
+30,000
+56,936
+1,485
+1,641
+1,757
+1,485
+1,637
+1,748
+4,000
+145
+3,757
+9
+14,081
+10,884
+12,105
+2021
+3,226
+Gas
+72,811
+0
+72,811
+205
+no data
+65,505
+72,811
+31,697
+no data
+2,046
+4,571
+1,214
+194
+69,891
+64,437
+69,697
+61,222
+64,292
+Energy consumption of the production sites in kWh/vehicle
+65,555
+no data
+61,427
+2019
+301,608
+332,182
+Heating oil
+Of which biogas
+Combustible gas for manufacturing processes
+Of which biogas
+Gas
+Production sites
+Total
+Development sites
+Direct energy consumption by primary energy source in MWh
+The key figures listed refer to Porsche AG and Porsche Leipzig GmbH.
+ENVIRONMENTAL AND ENERGY KEY FIGURES
+240
+Personnel and social key figures
+Environmental and energy key figures
+NON-FINANCIAL KEY FIGURES
+294,317
+The categories of "production sites" (Stuttgart-Zuffenhausen and Leipzig including production-related external sites), "development sites"
+(Weissach including development-related external sites) and "other sites" (Korntal-Münchingen, Freiberg, Asperg, Weilimdorf,
+Ludwigsburg) correspond to the categories used in internal reporting relevant for control.
+Gas
+2020
+Heating oil
+380,428
+372,023
+418,591 v
+District heating
+Electrical energy¹
+Production sites
+Total
+2019
+Of which biogas
+2021
+Indirect energy consumption by primary energy source in MWh
+Conversion factor from litres to MWh: petrol 8.72 kWh/l; diesel 9.91 kWh/l.
+Fuel¹
+Heating oil
+Gas
+2020
+Other sites
+112-113
+112-113
+114-119
+→ Online GRI index
+126-127, 131-132
+126-127, 131-132
+→ Online GRI index
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+409-1 Operations and suppliers at significant risk for incidents of forced or compulsory labor
+126-127,131-132
+→ Online GRI index
+126-127, 131-132
+GRI 409: Forced or Compulsory Labor (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+408-1
+GRI 408: Child Labor (2016)
+Operations and suppliers in which the right to freedom of association and collective
+bargaining may be at risk
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+407-1
+GRI 407: Freedom of Association and Collective Bargaining (2016)
+GRI 412: Human Rights Assessment (2016)
+Diversity of governance bodies and employees
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+405-1
+GRI 405: Diversity and Equal Opportunity (2016)
+116-117
+Programs for upgrading employee skills and transition assistance programs
+404-2
+Operations and suppliers at significant risk for incidents of child labor
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+126-127, 131-132
+412-3
+84
+131-132
+131-132,251
+131-132
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+419-1
+GRI 419: Socioeconomic Compliance (2016)
+Substantiated complaints concerning breaches of customer privacy and losses
+of customer data
+418-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+GRI 418: Customer Privacy (2016)
+Assessment of the health and safety impacts of product and service categories
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+416-1
+GRI 416: Customer Health and Safety (2016)
+Political contributions
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+415-1
+412-2
+GRI 415: Public Policy (2016)
+New suppliers that were screened using social criteria
+414-2
+414-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+GRI 414: Supplier Social Assessment (2016)
+or that underwent human rights screening
+→ Online GRI index
+249
+Significant investment agreements and contracts that include human rights clauses
+→ Online GRI index
+126-127,131-132
+126-127, 131-132
+Employee training on human rights policies or procedures
+Negative social impacts in the supply chain and actions taken
+Average hours of training per year per employee
+118-119
+114-117
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+403-1
+GRI 403: Occupational Health and Safety (2018)
+Minimum notice periods regarding operational changes
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+402-1
+GRI 402: Labor/Management Relations (2016)
+Material topics
+262
+261
+114-119
+248
+248
+131-132
+131-132,251
+131-132
+Occupational health and safety management system
+→ Online GRI index
+For reasons of confidentiality,
+Porsche doesnot publish the
+required information.
+Further information
+New employee hires and employee turnover
+Parental leave
+401-3
+401-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+GRI 401: Employment (2016)
+New suppliers that were screened using environmental criteria
+Negative environmental impacts in the supply chain and actions taken
+308-2
+308-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+GRI 308: Supplier Environmental Assessment (2016)
+97,126-127
+Page
+Omission/comment
+118
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+between employees and workers
+who are not employees but whose
+work and/or workplace is controlled
+by the organization.
+Porsche does not make a distinction
+between employees and workers who
+are not employees but whose work
+250 and/or workplace is controlled by the
+organization, and does not show the
+individual categories for work-related
+injuries (level of detail not material).
+Porsche does not make a distinction
+GRI 404: Training and Education (2016)
+Work-related injuries
+403-9
+Workers covered by an occupational health and safety management system
+403-8
+118-119
+Prevention and mitigation of occupational health and safety impacts directly linked
+by business relationships
+403-7
+118-119
+Promotion of worker health
+403-6
+118-119
+403-5
+118-119
+Worker participation, consultation, and communication on occupational health
+and safety
+403-4
+118-119
+118-119
+Hazard identification, risk assessment, and incident investigation
+Occupational health services
+403-3
+403-2
+118-119
+118-119
+118
+404-1
+Worker training on occupational health and safety
+23.3 20.3
+307-1
+Omission/comment
+Page
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+102-56 External assurance
+102-55 GRI content index
+102-54 Claims of reporting in accordance with the GRI Standards
+102-53 Contact point for questions regarding the report
+271
+102-52 Reporting cycle
+102-50 Reporting period
+102-49 Changes in reporting
+102-48 Restatements of information
+102-47 List of material topics
+102-46 Defining report content and topic Boundaries
+102-45 Entities included in the consolidated financial statements
+Reporting practice
+102-51 Date of most recent report
+5,62-75,256-258
+271
+64-70
+206-1 Legal actions for anti-competitive behavior, anti-trust, and monopoly practices
+126-127
+126-127
+→ Online GRI index
+126-127
+→ Online GRI index
+value distributed.
+131-132
+251
+Porsche reports comprehensive
+216-237 financial key figures and the economic
+124
+Omission/comment
+Page
+302-3 Energy intensity
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+302-1 Energy consumption within the organization
+GRI 302: Energy (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+301-1
+Materials used by weight or volume
+GRI 301: Materials (2016)
+102-44 Key topics and concerns raised
+102-43 Approach to stakeholder engagement
+102-42 Identifying and selecting stakeholders
+102-41 Collective bargaining agreements
+Markets served
+102-6
+Ownership and legal form
+102-5
+Location of operations
+102-4
+Location of headquarters
+102-3
+102-2
+102-1
+Activities, brands, products, and services
+Name of the organization
+Organizational profile
+GRI 102 General Disclosures (2016)
+GRI 101 Foundation (2016)
+General Disclosures
+GRI standards
+102-7
+98
+244
+Scale of the organization
+Information on employees and other workers
+102-40 List of stakeholder groups
+Stakeholder engagement
+102-21 Consulting stakeholders on economic, environmental, and social topics
+102-20 Executive-level responsibility for economic, environmental, and social topics
+102-19 Delegating authority
+102-18 Governance structure
+Leadership
+102-17 Mechanisms for advice and concerns about ethics
+102-16 Values, principles, standards, and norms of behavior
+Ethics and integrity
+102-14 Statement from senior decision-maker
+Strategy
+102-13 Membership of associations
+102-12 External initiatives
+102-11 Precautionary principle or approach
+102-10 Significant changes to the organization and its supply chain
+102-9 Supply chain
+102-8
+97
+240-241
+241
+306-3
+98-99
+306-2
+98-99
+306-1
+→ Online GRI index
+118
+82-83
+98-99
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+82-83,86
+GRI 306: Waste (2020)
+242
+242
+242-243
+243
+242
+242-243
+242-243
+80, 82-83,86
+82-83,86-87
+97-99
+Waste generated
+306-4
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Non-compliance with environmental laws and regulations
+GRI 307: Environmental Compliance (2016)
+306-5 Waste directed to disposal
+Waste diverted from disposal
+Waste generation and significant waste-related impacts
+Management of significant waste-related impacts
+2,268-269
+260-262
+2,260
+271
+2
+2
+2
+2,86
+86-87
+2,86-87
+245
+245
+245
+84
+305-7 Nitrogen oxides (NOx), sulfur oxides (SOX) and other significant air emissions
+305-6
+82-84
+244
+244
+98-99
+98-99
+244
+303-3 Water withdrawal
+303-4 Water discharge
+303-5 Water consumption
+→ Online GRI index
+Online GRI index
+→ Online GRI index
+Interactions with water as a shared resource
+Management of water discharge-related impacts
+303-2
+114-119, 138-147,246-250
+131-132, 208-211,251
+8-61, 208-211,251
+94-100
+82-84, 148-159
+303-1
+62-70, 139, 216-237,246-251
+98-99
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+64-70
+GRI 303: Water and Effluents (2018)
+78-81, 126-129, 131-132
+Emissions of ozone-depleting substances (ODS)
+126-127
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Reduction of GHG emissions
+305-5
+82-87
+80-81
+80-81
+4-5,80-81,254
+GHG emissions intensity
+305-4
+Other indirect (Scope 3) GHG emissions
+305-3
+100
+100
+305-2 Energy indirect (Scope 2) GHG emissions
+Direct (Scope 1) GHG emissions
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+305-1
+GRI 305: Emissions (2016)
+304-3 Habitats protected or restored
+GRI 304: Biodiversity (2016)
+134
+19,263
+128-129
+Further information
+7 www.newsroom.porsche.com/charts
+By selecting various parameters such as time period, indicator type or display type, you can generate and save
+individual comparisons in different formats.
+Porsche Newsroom provides more information and an interactive comparison of our current financial and volume data.
+3 Relates to investments in intangible assets and property, plant and equipment without additions to right of use assets according to "IFRS 16 - Leases".
+1 Including 16.953 vehicles that are not eligible for registration at the time of factory delivery due to the semiconductor supply shortage.
+2 As of 31 December.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+2,801
+4,038
+€ million
+Profit after tax
+4,054
+4,397
+5,729
+3,166
+€ million
+267
+on a limited assurance engagement
+In a limited assurance engagement, the
+procedures performed are less extensive
+than in a reasonable assurance engagement,
+and accordingly, a substantially lower level
+of assurance is obtained. The selection of
+the assurance procedures is subject to the
+professional judgment of the auditor.
+We conducted our assurance engagement
+in accordance with International Standard
+on Assurance Engagements (ISAE) 3000
+(Revised): "Assurance Engagements other
+than Audits or Reviews of Historical Financial
+Information" issued by the IAASB. This
+standard requires that we plan and perform
+the assurance engagement to obtain limited
+assurance about whether any matters have
+come to our attention that cause us to believe
+that the selected key disclosures that are
+marked with the symbol "V" in the report of
+the Company are not prepared, in all material
+respects, in accordance with the GRI criteria.
+Our responsibility is to express a conclusion
+with limited assurance on the selected
+key disclosures that are marked with the
+symbol "V" in the report based on our
+assurance engagement.
+Responsibilities of the auditor
+a comprehensive quality management
+system that includes documented policies
+and procedures with regard to compliance
+with professional ethical requirements,
+professional standards as well as relevant
+statutory and other legal requirements.
+Our audit firm applies the national legal
+requirements and professional pronounce-
+ments in particular the BS WP/vBP
+["Berufssatzung für Wirtschaftsprüfer/ver-
+eidigte Buchprüfer": Professional Charter
+for German Public Accountants/German
+Sworn Auditors] in the exercise of their
+Profession and the IDW Standard on Quality
+Management issued by the Institute of
+Public Auditors in Germany (IDW): Require-
+ments for Quality Management in the Audit
+Firm (IDW QS 1) and accordingly maintains
+INDEPENDENT AUDITOR'S REPORT
+We have complied with the German profes-
+sional requirements on independence as well
+as other professional conduct requirements.
+These responsibilities of the Company's
+executive directors include the selection and
+application of appropriate sustainability
+reporting methods and making assumptions
+and estimates about individual disclosures
+that are reasonable in the circumstances.
+Furthermore, the executive directors are
+responsible for such internal control as the
+executive directors consider necessary to
+enable the preparation of a report that is free
+from material misstatement, whether due
+to fraud (manipulation of the report) or error.
+Responsibilities of the executive directors
+The executive directors of the Company
+are responsible for the preparation of the
+report in accordance with the Sustainability
+Reporting Standards of the Global Reporting
+Initiative (hereafter "GRI criteria") as well
+as the selection of the criteria to be assessed.
+Our engagement exclusively refers to the
+disclosures marked with the "V" symbol in
+the German PDF version of the annual and
+sustainability report (hereinafter the "report").
+Not subject to our assurance engagement
+are prior-year disclosures.
+To Dr. Ing. h.c. F. Porsche AG, Stuttgart
+We have performed a limited assurance
+engagement on selected sustainability
+disclosures of the annual and sustainability
+report of Dr. Ing. h.c. F. Porsche AG, Stuttgart,
+(hereinafter the "Company") for the period
+from 1 January 2021 to 31 December 2021.
+to the German version of the annual
+and sustainability report of Dr. Ing. h.c. F.
+Porsche AG. The following text is a trans-
+lation of the original German independent
+assurance report.
+The assurance engagement performed
+by Ernst & Young (EY) relates exclusively
+Independence and quality assurance of
+the auditor's firm
+In the course of our assurance engagement
+we have, among other things, performed
+the following assurance procedures and
+other activities:
+Profit before tax
+4,177
+15,956
+16,661
+19,363
+€ million
+Cost of materials
+2,993
+Depreciation, amortization and impairment losses
+2,772
+€ million
+Investment 3
+17,982
+18,130
+19,793
+€ million
+3,043
+4,397
+€ million
+3,357
+5,284
+€ million
+Operating profit (EBIT) before special items
+3,862
+4,177
+5,314
+3,214
+€ million
+4,486
+4,140
+6,416
+€ million
+Cash flows from operating activities
+3,044
+Operating profit (EBIT)
+17,428
+⚫ Gain an understanding of the structure
+of the Group's sustainability organization
+and stakeholder engagement
+• Identification of likely risks of material
+misstatement
+Gundula Maronde, Director Communications Strategy and Reputation
+Cristian Aleo, Coordinator Sustainability Reporting
+Project team
+Kristin Bergemann, Head of Corporate Communications Porsche Leipzig GmbH
+Jana-Kristin Jessen, PR Specialist Site Communications Weissach
+Site Communications
+Ben Weinberger, Spokesperson Macan, Cayenne and Panamera
+Nadine Toberer, Spokesperson Design, Lifestyle and Brand Communications
+Marcus Braue, Specialist Sustainability Reporting and Stakeholder Survey
+Sabrina Damme, PR Specialist Corporate and Product Communications
+Friederike Gaẞmann, PR Specialist Corporate and Product Communications
+Daniela Gutfleisch, Manager Channels and Media Publications
+Manuel Zagovec, Manager Film/Photo Editing
+Christoph Lungwitz, Spokesperson Innovations (acting)
+Oliver Hilger, Spokesperson Model Series 911 and 718
+Jonas Bierschneider, PR Specialist Model Series 911 and 718
+Hermann-Josef Stappen, Spokesperson Research and Development, Technology Communications
+Matthias Rauter, Spokesperson Human Resources and Funding Projects
+Nadescha Vornehm, Spokesperson Sales and Marketing
+Stefan Mayr-Uhlmann, Spokesperson Finance, Digital and IT
+Peter Gräve, Spokesperson VW Group Affairs, Corporate Strategy and Procurement
+Jan Klonz, PR Specialist Connected Car and Future Technologies
+Christian Weiss, Manager Corporate and Brand Communications, Spokesperson Production
+and Crisis Communications
+Conceptualised by
+Meiré und Meiré
+Proofreading
+Printing
+Druckerei Vogl GmbH & Co. KG
+Paper
+Lessebo Design Smooth Bright
+Römerturm JUPP ECH ÖKO
+Römerturm EXTRACT PITCH
+External image rights
+Maskot, Getty Images (p. 11)
+Art direction
+Meiré und Meiré
+Mischa Keijser/Image Source,
+Catherine Delahaye/Digital Vision,
+Getty Images (p. 23)
+AA+W, Adobe Stock (p. 31)
+Alvaro Tejero/EyeEm, Getty Images (p. 81)
+Singh Lens, Shutterstock (p. 110)
+Westend61, Getty Images (p. 119)
+Chrupka, Getty Images (p. 143)
+Sitthiphong, Getty Images (p. 183)
+7 www.newsroom.porsche.com/reports
+Siham Schahadat, copyedit24
+Getty Images (p. 14 and p. 88)
+Inquiries of employees responsible for the
+data capture and consolidation as well as
+the preparation of the report in order to
+assess the sustainability reporting system,
+the data capture and compilation methods
+as well as internal controls to the extent
+relevant for the limited assurance engage-
+ment on the selected key disclosures that
+are marked with the symbol "V" in the report,
+Anja Wassertheurer, Director Corporate and Product Communications
+Frank Scholtys, Manager Strategy, Planning and IR
+Nicole Richter, Wirtschaftsprüferin
+[German Public Auditor)
+Hans-Georg Welz, Wirtschaftsprüfer
+(German Public Auditor)
+Munich, 28 February 2022
+Ernst & Young GmbH
+Wirtschaftsprüfungsgesellschaft
+We make express reference to the fact
+that we will not update the report to reflect
+events or circumstances arising after it
+was issued, unless required to do so by law.
+It is the sole responsibility of anyone taking
+note of the summarized result of our work
+contained in this report to decide whether
+and in what way this information is useful
+or suitable for their purposes and to supple-
+ment, verify or update it by means of their
+own review procedures.
+with the respective third party or liability
+cannot effectively be precluded.
+General Engagement Terms and Liability
+The "General Engagement Terms for Wirt-
+schaftsprüfer and Wirtschaftsprüfungsgesell-
+schaften [German Public Auditors and Public
+Audit Firms]" dated 1 January 2017 are
+applicable to this engagement and also govern
+our relations with third parties in the context
+of this engagement 7 www.de.ey.com/
+general-engagement-terms. In addition,
+please refer to the liability provisions con-
+tained there in no. 9 and to the exclusion of
+liability towards third parties. We accept
+no responsibility, liability or other obligations
+towards third parties unless we have con-
+cluded a written agreement to the contrary
+We draw attention to the fact that the assur-
+ance engagement was conducted for the
+Company's purposes and that the report is
+intended solely to inform the Company about
+the result of the assurance engagement.
+As a result, it may not be suitable for another
+purpose than the aforementioned. Accord-
+ingly, the report is not intended to be used
+by third parties for making (financial) deci-
+sions based on it. Our responsibility is to
+the Company alone. We do not accept any
+responsibility to third parties. Our assurance
+conclusion is not modified in this respect.
+268
+Restriction of use
+Reconciliation of data with the correspond-
+ing data in the annual financial statements.
+Assurance conclusion
+• Critical review of the draft report to assess
+plausibility and consistency
+• Evaluation of the presentation of the
+selected key disclosures that are marked
+with the symbol "V" in the report
+Analytical procedures at the level of
+the Group regarding the quality of the
+reported data
+Inquiries and inspection of documents
+on a sample basis of the disclosures
+that are marked with the symbol "V" in
+the report at the sites Stuttgart
+and Leipzig
+Inspection of the relevant documentation
+of the systems and processes for com-
+piling, aggregating and validating data,
+Based on the assurance procedures per-
+formed and the evidence obtained, nothing
+has come to our attention that causes us
+to believe that the selected key figures that
+are marked with the symbol "V" in the report
+from 1 January to 31 December 2021 have
+not been prepared in all material aspects,
+in accordance with the GRI criteria. We do
+not express an assurance conclusion on
+the prior-year disclosures.
+Corporate and Product Communications
+Further information
+LEGAL NOTICE
+Strategy, Planning and IR
+Maximilian Steiner, Coordinator Stakeholder Management
+Daniela Rathe, Director Politics and Society
+Politics and Society
+Holger Eckhardt, Spokesperson GT and Customer Sports, Esports
+Nicole Hettesheimer, PR Specialist Brand Ambassadors Management
+Markus Rothermel, Spokesperson Sports Communications
+Viktoria Wohlrapp, Spokesperson Formula E and Brand Ambassadors
+Marc Lieb, Team Leader Sports Communications
+269
+Thomas Hagg, Director Event and Sports Communications
+Contact persons
+Dr Sebastian Rudolph, Vice President Communications, Sustainability and Politics
+Tel. +49 711 911-0
+D-70435 Stuttgart
+Dr. Ing. h.c. F. Porsche AG
+Publisher
+Event and Sports Communications
+134
+20,224
+€ million
+301,915
+Units
+Deliveries
+2019
+2020
+2021
+272,162
+BRIEF OVERVIEW
+266
+265
+Further information
+7 Decarbonisation, p. 90
+The management of sustainability targets also includes topics which are of relevance to climate-related risks and opportunities:
+7 Governance and transparency, pp. 122-125
+Describe the targets used by Porsche to manage climate-related risks and opportunities and performance against targets:
+PORSCHE AG GROUP
+As part of its risk management, Porsche ensures that the physical and transitory impacts of climate change are recognised
+and are addressed accordingly. The scenario-based assessment of various climate-related risks is currently under review.
+280,800
+Units
+Cayenne
+99,944
+78,124
+88,362
+Units
+Macan
+911
+20,467
+20,502
+Units
+718 Boxster/Cayman
+34,800
+34,328
+38,464
+21,784
+Units
+Describe the resilience of the organization's strategy, taking into consideration different climate-related scenarios,
+including a 2°C or lower scenario:
+7 Sustainability strategy, pp. 78-79
+At Porsche, every department and every key Group company is directly linked to the risk management system. Every department
+therefore has the opportunity (and an obligation) to identify negative deviations from a target figure (= risks). This occurs via the
+risk management system processes (risk identification, risk assessment, risk management, risk monitoring).
+Describe Porsche's processes for identifying and assessing climate-related risks:
+Pursuant to Section 91 (2) and (3) of Germany's Stock Corporation Act (AktG), the management board of a stock corporation
+is obliged to institute a monitoring system in order to allow developments jeopardising the company's continued existence
+to be identified at an early point in time. This is implemented at Porsche by means of the existing risk management system.
+The risk management system is used to identify and evaluate risks throughout the company as well as handle and monitor their
+management. These include "climate-related" risks, for example physical or transitory climate risks insofar as these lie above
+the relevance thresholds stipulated in terms of risk policy. The Executive Board of Porsche AG receives quarterly reports on the
+current risk exposure (primary individual risks and overall risk assessment) and, based on these, can in particular understand
+and assess the current degree of jeopardy for the company's continued existence due to climate-related risks. In addition, the
+effectiveness of the risk early-warning system is audited annually by external auditors.
+Describe the board's oversight of climate-related risks and opportunities:
+The requirements of the Task Force on Climate-related Financial Disclosures (TCFD) cover the areas of governance, strategy, risk
+management, and metrics and targets. The purpose of the following report, which equates to parts of the TCFD requirements, is
+to adequately publicise the risks and opportunities as consequences of climate change and strengthen financial market stability.
+TCFD INDEX
+Describe Porsche's processes for managing climate-related risks:
+264
+Further information
+→ Online GRI index
+Non-compliance with laws and regulations in the social and economic area
+126-127, 131-132
+→ Online GRI index
+128-129
+263
+7 Decarbonisation, p. 90
+Climate-related risks are addressed by the relevant departments depending on the content, with risk management measures
+then being implemented.
+Based on the existing risk management system specifications, which are founded on the well-known Three Lines Model, the
+first line (i.e. management of the operating units) is the first entity that evaluates, manages and monitors risks. Managing
+and monitoring each risk is the responsibility of the management of the organisational unit which is most suited to the task.
+These rules apply to all risks and therefore also to climate-related risks.
+Strategy 2030, pp. 72-74
+Impacts of climate-related risks and opportunities on strategy, operating activities and financial planning:
+7 Environmental and energy key figures, pp. 240-245
+7 Consumption of resources and recycling in production, pp. 98-99
+> Production decarbonisation, p. 97
+Describe the impact of climate-related risks and opportunities on Porsche's businesses, strategy, and financial planning:
+Short-, medium- and long-term climate-related risks and opportunities are highly significant to Porsche's organisation.
+To counter these risks, Porsche incorporated the "Decarbonisation" area of action within the sustainability strategy into
+the corporate strategy and also into its financial planning. Other climate-related risks and opportunities are addressed
+under "Environmental management":
+Describe management's role in assessing and managing climate-related risks and opportunities:
+> Decarbonisation, p. 90
+Porsche does, however, measure material contributions in the area of climate-related opportunities and risks as part of its
+sustainability and environmental management:
+Porsche's risk strategy does not currently include any specific requirements regarding the management of climate-related risks.
+There is merely the requirement that the overall risk must not exceed a certain threshold (risk appetite), in order that the degree
+of jeopardy for the company's continued existence can be recognised early on.
+Disclose the metrics used by Porsche to assess climate-related risks and opportunities in line with its strategy and
+risk management process:
+Describe the climate-related risks and opportunities Porsche has identified over the short, medium, and long term:
+Regular revision of Porsche's risk map means it is constantly changing. While climate-related risks are currently identified
+first and foremost as the impacts of physical climate change (for example, extreme weather events) and of transitory changes
+in the regulations (for example, CO₂ fleet emission regulations), there is currently an undertaking to explicitly designate a
+physical and transitory climate risk the impacts of which can then be incorporated into the company's own risks depending
+on the result.
+By definition, all of the processes for identifying, assessing and managing climate-related risks are part of Porsche's
+risk management.
+Describe how processes for identifying, assessing, and managing climate-related risks are integrated into Porsche's
+overall risk management:
+> Environmental and energy key figures, pp. 240-245
+22,935
+83,071
+92,055
+35,429
+36,359
+36,996
+number
+Employees 2
+1,386
+Personnel expenses
+29,450
+Units
+31,192
+21,832
+33,250
+Units
+Taycan
+38,474
+Panamera
+€ million
+4,230
+42,366
+45,491
+51,382
+€ million
+Fixed assets
+Equity
+4,478
+Total assets
+28,695
+33,138
+€ million
+Sales revenue
+Financials
+4,003
+28,518
+92,860
+95,293
+86,233
+263,236
+300,0811
+Units
+Production
+813
+20,015
+274,463
+41,296
+Taycan
+32,721
+25,051
+30,220
+Units
+Panamera
+Units
+82,137
+911
+38,790
+Units
+Cayenne
+89,744
+78,490
+84,857
+Units
+Units
+Macan
+22,655
+18,477
+Units
+718 Boxster/Cayman
+37,585
+28,672
+GRI 206: Anti-competitive Behavior (2016)
+Communication and training about anti-corruption policies and procedures
+Post-production
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+205-1 Operations assessed for risks related to corruption
+700
+2.8
+22.7
+63
+Panamera Turbo S E-Hybrid Sport Turismo
+515
+700
+2.8
+22.8
+63
+2.9-2.8 24.7-24.2
+3.0-2.9 24.9-24.4
+67-64
+47-48
+49
+A+++
+69-65
+46-47
+49-50
+A+++
+Cayenne
+Cayenne E-Hybrid
+515
+Panamera Turbo S E-Hybrid Executive
+A+++
+A+++
+A+++
+A+++
+49-50
+462
+2.3-2.2
+19.3-17.4
+18.2-17.5
+52-49
+3.0-2.4 24.9-23.1
+67-55
+45-50
+49-53
+51-49
+2.7-2.1 24.9-23.1
+340
+60-49
+51-55
+Panamera Turbo S E-Hybrid
+515
+700
+2.7
+21.8
+205-2
+2.9-2.7 24.6-24.0
+66-62
+48-50
+47-54
+462
+2.5-2.4
+22.0-21.6
+340
+462
+2.6-2.5
+22.4-22.0
+60-58
+Cayenne Turbo S E-Hybrid
+500
+680
+3.3-3.2
+23.3-22.8
+Cayenne E-Hybrid Coupé Platinum Edition
+Cayenne Turbo S E-Hybrid Coupé
+680
+3.3-3.2
+23.5 23.0
+75-72
+76-73
+3.7-3.3 26.5-25.6
+4.0-3.8 25.9-25.3
+4.1-3.8 25.9-25.4
+85-75
+41-43
+43-46
+92-86
+92-87
+500
+340
+A+++
+41-43
+58-56
+Cayenne E-Hybrid Platinum Edition
+340
+462
+2.5-2.4 22.0-21.6
+58-56
+3.7-3.1 26.5-25.1
+3.7-3.3 26.5-25.6
+83-71
+41-44
+44-48
+43-47
+A+++
+41-43
+44-46
+A+++
+Cayenne E-Hybrid Coupé
+340
+462
+2.6-2.5 22.4-22.0
+60-58
+3.7-3.2 26.5-25.4
+85-73
+83-75
+39-40
+39-40
+Panamera 4 E-Hybrid Sport Turismo Platinum Edition
+560
+(EAER)
+[km]
+(EAER city)
+[km]
+Energy
+efficiency
+class
+Panamera
+Panamera 4 E-Hybrid
+Panamera 4 E-Hybrid Platinum Edition
+Panamera 4 E-Hybrid Executive
+Panamera 4 E-Hybrid Sport Turismo
+Panamera 4S E-Hybrid
+340
+462
+340
+462
+2.2-2.1
+2.2-2.1
+17.5-17.0
+17.5-17.0
+49-47
+2.5-2.0
+24.4-22.6
+57-45
+49-56
+52-56
+[kWh/100 km] [g/km]
+[1/100 km]
+[kWh/100 km] [g/km]
+[1/100 km]
+258
+Plug-in hybrids
+Model
+NEDC
+WLTP
+Fuel
+Power
+Power output Power
+[kW]
+Fuel
+consumption
+combined
+Power
+A+++
+consumption consumption CO₂ emissions
+consumption
+combined
+CO₂ emissions
+combined
+weighted
+weighted
+combined
+combined
+weighted
+combined
+Electric range urban
+[PS]
+Electric range
+49-47
+2.5-2.0 24.4-22.6
+57-45
+560
+2.2-2.0
+18.1-17.4
+51-47
+2.8-2.2
+24.5-22.6
+64-50
+46-53
+49-54
+A+++
+412
+Panamera 4S E-Hybrid Executive
+560
+2.3-2.2
+19.5-17.6
+53-50
+2.9-2.4 24.6-23.0
+65-54
+46-51
+48-52
+Panamera 4S E-Hybrid Sport Turismo
+412
+412
+2.2-2.1
+A+++
+47-54
+49-56
+52-56
+A+++
+340
+462
+2.2
+18.0-17.4
+51-49
+2.6-2.1
+24.6-22.8
+51-55
+59-47
+50-55
+A+++
+340
+462
+2.3-2.2
+18.2-17.5
+51-49
+2.7-2.1
+24.9 23.1
+60-49
+48-55
+41-42
+62
+A+++
+A+++
+A+++
+432-498
+A+++
+Taycan Turbo Sport Turismo
+500
+680
+26.3
+0
+24.2-20.9
+0
+424-491
+531 620
+A+++
+Taycan Turbo Cross Turismo
+Taycan Turbo S
+Taycan Turbo S Sport Turismo
+Taycan Turbo S Cross Turismo
+500
+680
+28.7
+0
+25.9-22.6
+0 395-452
+383-452
+0
+26.6-22.9
+0
+598
+25.9
+0
+Publication Partners
+Medienkompetenz GmbH
+0
+439-504
+539-625
+A+++
+Taycan GTS Sport Turismo
+440
+438-510
+598
+0
+24.1-21.0
+0
+424-490
+524-616
+A+++
+Taycan Turbo
+500
+680
+28.0
+26.0
+A+++
+560
+761
+Further information
+1 Note
+The specified consumption and emission
+figures have been calculated according
+to the measurement procedures prescribed by
+law. On 1 September 2018, the New
+European Driving Cycle (NEDC) was replaced
+by the Worldwide Harmonised Light Vehicle
+Test Procedure (WLTP). Owing to the more
+realistic test conditions, the fuel/power
+consumption and CO2 emissions measured
+according to the WLTP will, in many cases,
+be higher than those measured according to
+the NEDC. We are currently still required by
+law to state the NEDC figures irrespective of
+the typing procedure used. Any WLTP figures
+specified are given voluntarily. All new vehicles
+offered by Porsche are type-approved accord-
+ing to the WLTP. The NEFC figures stated are
+therefore derived from the WLTP figures. In
+cases where the figures are specified as value
+ranges, these do not refer to a particular
+individual vehicle and do not constitute part
+of the sales offering. They are intended
+exclusively as a means of comparison between
+different vehicle types. Additional equipment
+and accessories (e.g. attachments, different
+tyre formats, etc.) may change the relevant
+vehicle parameters, such as weight, rolling
+resistance and aerodynamics, and, in conjunc-
+tion with weather and traffic conditions
+and individual driving style, may affect fuel/
+power consumption, CO2 emissions, range
+and the performance figures for the vehicle.
+For further information on the differences
+between the WLTP and NEDC, please visit
+7 www.porsche.com/wltp. Further informa-
+tion on official fuel consumption figures
+and the official specific CO2 emissions of new
+passenger cars can be found in the "Guide
+on the fuel economy, CO₂ emissions and power
+consumption of all new passenger car models",
+which is available free of charge at all sales
+dealerships and from DAT.
+40-42
+260
+GRI CONTENT INDEX
+MATERIALITY
+GRI
+DISCLOSURES SERVICE
+2022
+7 www.porsche.com/germany/verbrauchsinformationen
+Material topics
+201-1
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+Direct economic value generated and distributed
+201-4
+Financial assistance received from government
+This report has been prepared in accordance with the Global Reporting Initiative (GRI) standards on the basis of the "Core" option.
+The report was submitted to the GRI services team for implementation of the GRI Materiality Disclosures Service. The description
+of the "materiality-related disclosures" (102-40 to 102-49) was confirmed as correct. The service was performed on the
+German language version of the report. A detailed version of the GRI Content Index is available in the
+Porsche Newsroom:
+www.newsroom.porsche.com/reports
+GRI 204: Procurement Practices (2016)
+GRI 103: Management Approach 2016 (incl. 103-1, 103-2, 103-3)
+204-1 Proportion of spending on local suppliers
+GRI 205: Anti-corruption (2016)
+GRI 201: Economic Performance (2016)
+440
+Current consumption figures can be found at
+460-495
+28.5
+0
+25.6-24.3
+0
+390-416
+434-477
+A+++
+560
+761
+26.3
+A+++
+0
+0
+560
+761
+29.4
+0
+26.4-24.4
+0
+430-458
+388-419
+518-565
+A+++
+24.0-22.5
+Taycan GTS
+259
+462-532
+28.7
+0
+25.4-21.5
+Taycan Sport Turismo with Performance battery
+300
+408
+26.8
+0
+24.2-20.2
+0
+0
+Taycan Sport Turismo with Performance battery Plus
+350
+476
+27.4
+0
+24.6-21.0
+0
+Taycan 4 Cross Turismo
+350
+476
+28.1
+476
+350
+Taycan with Performance battery Plus
+0 354-431 382-450
+A+++
+Electric vehicles
+Model
+NEDC
+WLTP
+Power
+consumption
+Power output
+[kW]
+Power
+[PS]
+CO₂ emissions
+combined
+0
+[kWh/100 km] [g/km]
+urban
+[km]
+efficiency
+class
+Taycan
+Taycan with Performance battery
+300
+408
+28.0
+0
+24.8-20.4
+Power
+consumption CO₂ emissions Electric range Electric range Energy
+combined combined combined
+[kWh/100km] [g/km]
+[km]
+26.4-22.4
+combined
+Taycan 4S with Performance battery
+0
+358-441
+449-534
+A+++
+Taycan 4S Sport Turismo with Performance battery Plus
+420
+571
+26.1
+0
+24.7-21.0
+24.6-20.4
+0
+516-604
+A+++
+Taycan 4S Cross Turismo
+420
+28.1
+0
+26.4-22.6
+0
+0
+388-452
+417-498
+0
+571
+530
+530
+25.7
+390
+26.2
+0
+0
+407-484 460-521
+358-433 433-518
+417-492 493-563
+389-456
+335-408
+463-541
+A+++
+A+++
+A+++
+A+++
+A+++
+383-466
+A+++
+25.6-21.0
+420
+Taycan 4S with Performance battery Plus
+A+++
+389-464 437-524
+26.0-21.9
+0
+0
+27.0
+571
+390
+Taycan 4S Sport Turismo with Performance battery
+Five new 911 GTS models
+Important events
+MORE OF WHAT YOU LOVE.
+23
+23
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+The 911 family grew with the addition
+Porsche sponsors team's young players
+In July, Porsche's partner football club FC
+Erzgebirge Aue in Saxony became part
+of Porsche's youth development programme
+Turbo for Talent. Erzgebirge Aue stands
+for tradition and is a regional beacon with a
+large and loyal fan base. The club allows
+children and young people to develop per-
+sonally through sports. In addition to their
+sporting development, the young people's
+schooling is not allowed to fall by the
+wayside. FC Erzgebirge Aue is the fifth foot-
+ball club to join the Turbo for Talent youth
+development programme.
+THE TALENTED YOUNG PLAYERS OF FC ERZGEBIRGE AUE
+14-15
+of wheel paintwork.
+The Porsche Exclusive Manufaktur has
+expanded its services. Anyone who buys
+a Porsche can give it their own, personal
+touch. The new options include a variety
+of car wraps, personalised start numbers,
+printed floor mats, illuminated door entry
+strips, logo projectors in the vehicle doors.
+and personalised wheel paintwork. If they
+wish to, the customer can become a designer,
+freely choosing colours, logos, lettering and
+texts. Personalised design is made pos-
+sible by the Porsche Car Configurator. For
+example, the customer's own signature
+can be applied to interior elements such as
+the leather-lined lid of the centre console.
+The portfolio is rounded off by personal-
+ised car wraps and the customer's choice
+Design your own Porsche
+of five new GTS models, launching the new
+generation with more power and more
+driving dynamics than ever before. The
+six-cylinder boxer engine delivers 353 kW
+(480 PS) - 22 kW (30 PS) more than
+the current 911 Carrera S or the previous
+911 GTS. The GTS models are available
+with rear- or all-wheel drive, as a Coupé,
+a Cabriolet and a four-wheel drive Targa.
+They feature eight-speed Porsche
+dualclutch transmission or seven-speed
+manual transmission and GTS-specific
+suspension with Porsche Active Suspension
+Management (PASM) and the 911 Turbo's
+high-performance brakes. Black contrast-
+ing body elements and darkened head-
+lights are characteristic of the sporty yet
+understated look.
+a grazing concept since 2002.
+The site comprises a total of
+132 hectares.
+Porsche has been applying
+22
+911 TARGA 4 GTS
+legal production sports cars on the Nord-
+schleife of the Nürburgring. In the presence
+of a notary, Porsche development driver
+Lars Kern achieved a fastest time of
+6:43.300 minutes. The 515 kW (700 PS)
+911 GT2 RS driven by Kern was fitted with
+a Manthey Performance Kit. Driving on
+road-legal Michelin Pilot Sport Cup 2 R
+tyres, Kern shaved 4.747 seconds off the
+previous record and hit an average speed
+of 185.87 km/h. Lars Kern succeeded
+ID
+SARAH SIMPSON
+site since 2002, with wild oxen and Exmoor
+ponies and specially created ponds and wet-
+lands. Until October, there were also 11 Finn-
+sheep grazing on the grounds. These grazing
+landscape conservationists created a mosaic
+of patches with long and short grass, thereby
+making a contribution to conserving diverse
+habitats. There are also around three million
+honey bees living in this off-road biotope,
+where they can find plenty of food and polli-
+nate the plants.
+Porsche invested a high double-digit million
+figure in the new company Cellforce Group
+GmbH. This joint venture with the partner
+Customcells sees Porsche moving into the
+manufacture of high-performance battery
+cells. "As a new Porsche subsidiary, the
+Cellforce Group will be instrumental in
+driving forward the research, development,
+production and sale of high-performance
+battery cells," says Oliver Blume, Chairman
+of the Executive Board of Porsche AG. Porsche
+holds an 83.75 per cent majority stake in
+the Cellforce Group. The new joint venture
+is based in Tübingen. A planned production
+facility is set to have annual capacity of
+at least 100 MWh. This equates to high-
+performance battery cells for 1,000 vehicles.
+The workforce is set to swell from its current
+approximately 20 jointly recruited employees
+to up to 80 by 2025. Project funding of
+around 60 million euros is being provided by
+the Federal Republic of Germany and the
+state of Baden-Württemberg. Customcells
+is one of the world's leading companies in the
+development of special lithium-ion battery
+cells for high performance.
+Joint venture for high-performance
+battery cells
+the partner Customcells
+sees Porsche moving into
+the manufacture of high-
+performance battery cells.
+Porsche invested a high
+double-digit million figure
+in the new company
+Cellforce Group GmbH.
+This joint venture with
+A survey conducted by forsa in June on behalf
+of Porsche Consulting found that sustainabil-
+ity was a success factor in the competition
+for talented individuals in the labour market.
+The opinion polling institute forsa conducted
+a representative survey among employees in
+Germany. Among other things, it revealed that
+four out of ten employees think their employ-
+er is still doing too little in the area of environ-
+mental and climate protection and should
+make much more of a commitment. A third
+of the employees even said they would not
+apply to the company now for this reason.
+Sustainability has an important part to play
+in the day-to-day work of more than half the
+German population. However, one in three
+said there was no way for them to themselves
+do their bit for sustainability within the com-
+pany. Six out of ten employees said they
+would like to see the topic play a bigger part
+in their day-to-day work.
+to securing talent
+AMACAN GTS
+Sustainability an important factor
+Nordschleife record set by the 911 GT2 RS
+In June, Porsche set a new record for road-
+GTERS
+BB GO 6473
+Mobil
+TEQUIPMENT
+CHE
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+GTS
+in breaking the record in spite of the
+hot summer conditions and an asphalt
+temperature of 41 degrees.
+Porsche Leipzig championing biodiversity
+In spring, an initiative of the Saxony State
+Foundation for Nature and the Environment
+registered more than 12,600 square metres
+of Porsche Leipzig's off-road terrain as
+flowering meadows. These are to serve as a
+habitat for insects. Porsche has been applying
+a grazing concept across the 132-hectare
+Important events
+a second site in Romania in
+June. The company is further
+expanding its innovation
+network with a new research
+and development office in
+Timişoara.
+to this day. The wholly owned subsidiary of
+Porsche AG is currently expertly focusing
+among other things on digitalisation. The em-
+ployees merge their keen understanding of
+vehicles with software expertise. Engineers
+and software developers analyse global and
+local market trends, further develop technolo-
+gies and methods, and roll them out in mass
+production. Porsche Engineering is a global
+development network comprising nearly
+1,500 employees at sites in Germany, the
+Czech Republic, Romania, Italy and China.
+90 years of engineering services
+Ninety years of Porsche engineering services
+were celebrated in April. Ferdinand Porsche
+had his engineering office in Stuttgart added
+to the Commercial Register on 25 April 1931.
+Porsche Engineering continues this tradition
+the 2022/2023 season, when the further
+developed Gen3 generation of racing cars
+will be used. This was announced by the
+sports car manufacturer in March. Fittingly,
+Porsche secured its first podium position
+of the season at the race in Rome at the
+beginning of April, when Pascal Wehrlein
+and the TAG Heuer Porsche Formula E
+team came third in the Rome E-Prix. André
+Lotterer likewise secured a spot on the
+podium in the next race held in Valencia,
+finishing in second place.
+Formula E World Championship again in
+Clear commitment to Formula E
+Porsche will compete in the ABB FIA
+L
+Mobil
+Maxxisctric
+BOSS
+PORSCHE
+MICHELIN
+36
+36
+BOSS
+LOT
+ANDRÉ LOTTERER IN THE PORSCHE 99X ELECTRIC
+PORSCHE
+PORSCHE
+New faces in European sales
+Marco Schubert became the new Vice
+President Region Europe on 1 July, following in
+the footsteps of Barbara Frenkel, who moved
+to the Porsche Executive Board. Schubert was
+President of the Audi Sales Division China
+from 2018. Prior to this, he managed Asia and
+overseas sales at Škoda. In the preceding
+years, he was Managing Director of Audi in
+Sweden and also managed the Northern Eur-
+ope region. Two months later, on 1 Septem-
+ber, Sarah Simpson became Chief Executive
+Officer of Porsche Cars Great Britain, taking
+over from Marcus Eckermann, who took on a
+new role at Porsche AG. Sarah Simpson has
+worked for the Volkswagen Group for more
+than 20 years and has spent the last 10 years
+at Bentley Motors. She became Bentley's Re-
+gional Director in its home market, the UK, in
+2014. She has also been responsible for other
+international regions - initially Asia-Pacific,
+followed by the Middle East, Africa and India
+from 2020.
+Ninety years of Porsche
+engineering services were
+celebrated in April. Ferdinand
+Porsche had his engineering
+office in Stuttgart added to
+the Commercial Register on
+25 April 1931.
+Taycan added to Porsche Drive Subscription
+Porsche Drive Subscription was made even
+more attractive in May when it became pos-
+sible for new customers and Porsche fans to
+also subscribe to the all-electric Taycan. This
+offer is aimed among others at curious but as
+yet undecided customers. They are able to
+put the electromobility experience to the test
+for six months.
+Cooperation with Penske
+Porsche Motorsport and the US racing team
+Team Penske agreed on close cooperation
+in May. Starting in the 2023 season, the part-
+ners will compete in the major endurance
+racing series around the world. Using the
+spectacular prototypes of the LMDh class,
+which are capable of achieving overall wins,
+Porsche Penske Motorsport will manage
+the works appearances in the FIA World
+Endurance Championship (WEC) and the
+IMSA WeatherTech SportsCar Championship
+(IWSC) in the USA. Two hybrid prototypes
+sporting the Porsche colours will compete
+in the new top class in both events. The
+acronym LMDh stands for Le Mans Daytona
+hybrid. The prototypes will also be put to
+use by customer teams in both championships
+in their first year. The cars weighing
+around just 1,000 kilograms are accelerated
+by a 500 kW (680 PS) hybrid drive.
+MACAN DEVELOPMENT DRIVE WITH CAMOUFLAGED VEHICLES
+Porsche Engineering opened
+Second engineering site in Romania
+Porsche Engineering opened a second site in
+Romania in June. With its new research and
+development office in Timişoara, the company
+is further expanding its innovation network
+for development of the smart and connected
+vehicle of the future. Porsche Engineering
+established its first base in the country's in-
+terior in Cluj-Napoca in 2016. This site now
+has a workforce of 250 working on high-tech
+automotive projects. The plan is for there to
+be 200 skilled workers working in Timişoara
+in the medium term too. The company is
+interested in software developers who can
+work on various automotive projects. The
+focus is on trends such as highly automated
+driving functions, machine learning and
+virtual energy management.
+More mobile working made possible
+Porsche expanded the mobile working op-
+tions it offers in May. Previously, employees
+were able to work from anywhere or from
+home two days a week. Since May, up to
+12 days a month have been possible. This
+is the company's response to its positive
+experience during the pandemic. Employees
+have had the right to work from home since
+2014. Porsche introduced a variety of meas-
+ures early on to achieve a better work-life
+balance, including flexible working hours, care
+leave and voluntary sabbaticals.
+FLEXIBILITY THANKS TO MOBILE WORKING
+ON A PORSCHE SAFARI WITH THE BEEKEEPER
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+20
+20
+Porsche electrified its fleet of company cars in the spring. Many managers have been authorised
+to drive a company car and now often get about in a Taycan or a plug-in hybrid. Thanks to at-
+tractive offers, more and more employees who are entitled to car leasing are additionally opting
+for electric models. This is having a noticeable impact on the Porsche fleet - by the end of
+the year, the proportion of electric and plug-in hybrid sports cars had doubled to 50 per cent.
+Porsche is pursuing a three-pronged approach consisting of efficient internal combustion
+engines, plug-in hybrids and all-electric sports cars. Managers also have the option of choosing
+a 911, a 718 or a Macan, all three of which are only available with an internal combustion engine.
+Porsche "electrifies" its managers
+Test-driving of the all-electric Macan
+Test-driving of the all-electric Porsche
+Macan began in May. The Macan electric
+is scheduled to be rolled out in 2023.
+Beforehand, the camouflaged prototypes
+will complete some three million test kilo-
+metres under a variety of conditions around
+the world. Before road testing, the technol-
+ogy was tested virtually on digital proto-
+types, in other words on calculation models
+which replicate a vehicle's characteristics.
+The Macan electric will be equipped with
+the innovative 800-volt architecture. It is
+expected to make an impression among
+other things with its long range, highly effi-
+cient quick charging and reproducible best-
+in-class performance figures and is to be
+the sportiest model in its segment.
+A sustainable career with Porsche
+In April, Porsche came "face to face" with sus-
+tainability in the Sustainable Career employ-
+er campaign, Porsche presented employees
+who are helping to reduce the company's envir-
+onmental footprint. They are driven by the
+goal of making Porsche the most sustainable
+brand for exclusive and sporty mobility. The
+campaign was launched with three clips on the
+topics of CO2 reduction, species conservation
+and electrification. It became clear that the
+Porsche employees' passion goes above and
+beyond sports car construction. They are just
+as dedicated to, for example, the company's
+own biotopes, its bee colonies which produce
+the company's own Turbienchen honey and
+a rock dust facility which is helping to turn car
+paint residues into cement.
+On the occasion of Earth Day on 22 April,
+Porsche underscored its sustainable business
+ambitions. With #Project 1 Hour, the employ-
+ees were encouraged to spend an hour ad-
+dressing this issue. Porsche put facts about
+and the consequences of the climate crisis to-
+gether in an online seminar, gave the employ-
+ees food for thought with virtual presentations
+and invited them to participate in a climate
+quiz with the aim of raising people's aware-
+ness and broadening their knowledge regard-
+ing how they themselves can combat climate
+change. The message clearly sent was that
+everyone can play a part in preventing CO₂
+emissions. #Project 1 Hour is a campaign of
+the entire Volkswagen Group, which declared
+Earth Day to be Volkswagen Climate Day.
+Climate action day
+S&GO 604E
+Panamera 4S
+PORSCHE
+19
+MARCO SCHUBERT
+>ATTACK MODE>
+The importance of diversity of
+views within the workforce
+was emphasised.
+Passing the baton -
+Barbara Frenkel stepped
+into Uwe-Karsten Städter's
+Executive Board position
+in August.
+A million euros of immediate aid
+In July, Porsche AG supported the Aktion
+Deutschland Hilft e.V. coalition in its work in
+the areas hit by the floods with a donation in
+the amount of one million euros. The funds
+went towards immediate aid for the flood
+victims and strengthened the work of the vari-
+ous rescue organisations in the affected
+regions. Porsche additionally called upon its
+employees to make private donations. The
+company has maintained a special relation-
+ship with the people in the areas affected by
+the floods for many decades. In particular in
+the region around the Nürburgring, many
+friendships and partnerships have grown on
+the basis of motorsport. Oliver Blume: "We are
+in close contact with our friends and partners.
+We know that the situation there is desperate.
+Many have been affected themselves or are
+volunteering as relief workers. So it is all the
+more important that we pull together now.
+Our Motorsport colleagues took emergency
+generators and other relief supplies to the
+Eifel region as soon as the news broke, for ex-
+ample. Our donations will now provide add-
+itional help to alleviate some of the suffering."
+Development of high-performance batteries
+Porsche found a new cooperation partner
+for electric powertrains - together with
+BASF, the sports car manufacturer will
+develop a powerful lithium-ion battery for
+electric vehicles. BASF was selected by the
+Cellforce Group, which is a joint venture
+between Porsche AG and Customcells
+Itzehoe GmbH. BASF will provide high-en-
+ergy HEDTM NCM cathode materials for
+high-performance battery cells designed
+to offer quick charging and high energy
+density. The Cellforce Group will produce
+the high-performance batteries. The
+Cellforce Group's production facility is
+scheduled to go into operation in 2024
+with initial annual capacity of at least
+100 MWh, producing batteries for around
+1,000 motorsport and high-performance
+vehicles. The partnership is a win-win situ-
+ation. European sources for the materials
+nickel and cobalt offer good security of
+supply and short transport journeys.
+And production waste will be recycled at
+BASF's prototype facility - strong argu-
+ments in favour of collaboration with BASF.
+A great place in New York:
+top racing result for
+TAG Heuer's and Porsche's
+Formula E team.
+Porsche Formula E team proved itself for the
+first time on the Brooklyn Street Circuit in Red
+Hook, Brooklyn. Porsche secured important
+championship points in two races in the ABB
+FIA Formula E World Championship. André
+Lotterer came eighth in race 10 in the Porsche
+99X Electric. And in race 11, Lotterer and
+Pascal Wehrlein were within striking distance
+of the frontrunners, but missed out on third
+place by less than three seconds. Race 11 was
+the best team result for the TAG Heuer Porsche
+Formula E team in only its second racing sea-
+son. Offering views of Manhattan and the
+Statue of Liberty, the street circuit is incred-
+ibly attractive. Formula E is the world's first
+all-electric racing series and, as an accelerator
+of innovative and sustainable mobility technolo-
+gies, has been bringing thrilling motorsport to
+people in cities since 2014. More automobile
+manufacturers competed in this than in any
+other racing series this season, which crowned
+both a driver and a team champion for the first
+time. This made the races all the more inter-
+esting and highly competitive.
+At the beginning of July, the TAG Heuer
+All-electric on the streets of Brooklyn
+ANDRÉ LOTTERER IN THE PORSCHE 99X ELECTRIC ON THE BROOKLYN STREET CIRCUIT
+UTATTACK MODE
+enel x
+enely
+enelx enelx enex enex PER FER
+enelx enelx enel x enel x enelx enelx enex crex xx
+enelx enelx enelx
+organisation. Frenkel previously held various
+management positions such as Head of Quality
+Systems and Methods, Head of Worldwide
+Dealership Training and Divisional Head of
+Sales Management and Development. "Barbara
+Frenkel has ample expertise - both on the
+supplier and the customer side. For this reason,
+she is an excellent choice," says Oliver Blume.
+BARBARA FRENKEL
+9
+supply industry, working in Purchasing for Valeo
+and TRW Automotive. She has held various
+management positions at Porsche for 19 years.
+As Vice President, Sales Region Europe,
+Barbara Frenkel increased the retail volume in
+the third-largest sales region by around 10 per
+cent in recent years and made a significant
+contribution to further expanding the dealer
+UWE-KARSTEN STÄDTER
+Points for Porsche 99X Electric cars in London
+Following his fastest time in the qualifying
+session, André Lotterer narrowly missed out
+on a third podium finish of the season for the
+TAG Heuer Porsche Formula E team in the
+London E-Prix. In a strong field of 24 starters,
+he clinched fourth place with his Porsche 99X
+Electric on the ExCeL Track in East London's
+historic Docklands. This marked Porsche's
+racing premiere in the British city. The 2.25-
+kilometre course is the most spectacular in
+Formula E as it includes a section that passes
+through an exhibition centre, presenting the
+drivers and teams with some very particular
+challenges. Pascal Wehrlein of Germany like-
+wise picked up points in the second Porsche
+99X Electric, finishing in tenth place.
+Board member Uwe-Karsten Städter retires
+Uwe-Karsten Städter (65) retired from his
+position of Member of the Executive Board re-
+sponsible for Procurement in August, with
+Barbara Frenkel (57) being named as his suc-
+cessor. "Uwe-Karsten Städter is one of the
+most experienced purchasing specialists in
+the automotive industry," says Chairman of
+the Executive Board Oliver Blume. "He is
+a synonym for strong leadership, fairness and
+teamwork. Porsche's procurement was pre-
+pared for the challenges of transformation in
+an exemplary manner both operationally and
+strategically under his leadership." Städter,
+who was born in Wolfsburg and trained as an
+industrial business administrator, worked for
+the Volkswagen Group for 47 years, joining
+Volkswagen AG in 1974 After working abroad
+as Head of Procurement for Chemical Prod-
+ucts at SEAT in Martorell, Spain, he was
+appointed the Volkswagen Group's Head of
+Procurement Exterior in 2002. From 2007,
+he acted as Head of Group Procurement, Elec-
+trics/Electronics, before being appointed
+Member of the Executive Board of Porsche AG
+responsible for Procurement in 2011. During
+his tenure, Porsche AG's purchasing volume
+increased from two to over nine billion euros.
+At the same time, staff numbers within the
+Procurement department doubled to around
+580 employees. Born in Hof, Bavaria, Barbara
+Frenkel began her career in the international
+34
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+37
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Important events
+Leipzig is Lean & Green World Class
+The Porsche plant in Leipzig received a
+Lean & Green Management Award in the
+category Automotive OEM. The award
+was presented at the Green Shift Confer-
+ence in Berlin. The jury awarded the pro-
+duction site the distinction Lean & Green
+World Class. The competition recognises
+the most impressive lean management
+approaches, taking environmental and
+sustainability aspects into account. Two
+hundred and fifty plants from more than
+10 countries and 20 industries entered.
+"The accolade is both recognition and an
+incentive for us," says Albrecht Reimold,
+Member of the Porsche AG Executive
+Board responsible for Production and Lo-
+gistics, adding that the plant in Leipzig was
+developed with sustainability in mind from
+the outset. Gerd Rupp, Chairman of the
+Executive Board of Porsche Leipzig GmbH:
+"We incorporate sustainable thinking into
+all the business areas. Resource efficiency
+plays a key role here."
+In early August, Porsche
+Motorsport celebrated
+the 25th anniversary of
+Manthey-Racing GmbH with
+an extra special model - the
+911 GT2 RS Clubsport 25.
+In early August, Porsche Motorsport cele-
+brated the 25th anniversary of Manthey-
+Racing GmbH with an extra special model -
+the 911 GT2 RS Clubsport 25. The racing
+car was developed for circuit racing and has
+been limited to a production run of 30 units.
+Based on the 911 GT2 RS Clubsport, this
+model is powered by a 3.8-litre six-cylinder
+boxer engine offering power of 515 kW
+(700 PS). The power is transferred to the
+rear wheels by the dual-clutch transmission.
+The distinct design of the 911 GT2 RS
+Clubsport 25 features many components
+taken from familiar Porsche racing cars.
+Limited-edition circuit racing model
+SPECIAL LIMITED-EDITION RACING MODEL: THE 911 GT2 RS CLUBSPORT 25
+36
+CAREER START FOR 150 TRAINEES AND DUAL-STUDIES STUDENTS AT PORSCHE
+Executive Board Oliver Blume. "The Chinese
+market is dynamic and the customer prefer-
+ences are highly specific. We want to meet
+these demands in the best way possible." In
+Malaysia, Porsche is building a local assembly
+facility. The Cayenne model series vehicles
+manufactured there will be specially tailored
+to the Malaysian market and will only be
+available for sale there. Together with Shell,
+Porsche is also working here on a cross-bor-
+der high-performance charging network.
+Strategic sites in China and Malaysia
+Porsche has established an ever-expanding
+network of research and development sites. In
+August, it announced expansion in China and
+Malaysia. A research and development site will
+be built in Shanghai starting in 2022. The new
+Shanghai site will complement Porsche Digital
+China founded at the beginning of the year
+and also Porsche Engineering China. "The new
+site will give us a better understanding of our
+local customers' needs," says Chairman of the
+150 new trainees and students
+Porsche in Zuffenhausen welcomed 150
+new trainees and students from the Baden-
+Württemberg Cooperative State University
+(DHBW) at the start of the new training year.
+The company offers trainees and students
+training in, among other things, 3D printing,
+direct printing methods and human-robot
+collaboration. Porsche is training 511 young
+people in Zuffenhausen. Porsche offers all of
+its trainees and students permanent contracts.
+HANNES AMETSREITER AND MICHAEL STEINER SWITCHED ON THE 5G NETWORK IN WEISSACH
+S 5G 2021
+Weissach working with 5G since August
+Porsche entered the 5G age together with
+Vodafone when Hannes Ametsreiter, CEO
+of Vodafone Germany, and Michael Steiner,
+Member of the Porsche Executive Board
+responsible for Research and Development,
+switched on a 5G network at the Weissach
+Development Centre on 31 August. 5G of-
+fers secure and instantaneous transfer of
+data between vehicles, people and ma-
+chines. This reduces the data interchange
+time lag, otherwise known as latency, to
+around 10 milliseconds. The 5G network in
+Weissach is one of the fastest in Europe. 5G
+and multi-access edge computing (MEC)
+are set to improve road safety. Ideally, cars
+will communicate with one another and give
+real-time warnings of accident hazards.
+35
+Important events
+Porsche held a themed
+week as a signal for tolerance
+and against discrimination.
+KATTA
+The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+next important step - our other series sup-
+pliers must now likewise produce our compo-
+nents using nothing but renewable energies,
+thereby further reducing CO₂ emissions. We
+are facing up to our responsibility for sustain-
+able and transparent supply chains," says
+Uwe-Karsten Städter, Member of Porsche
+AG's Executive Board responsible for Procure-
+ment. The sports car manufacturer's supply
+chain is currently responsible for around
+20 per cent of its greenhouse gas emissions.
+Going forward, the company expects this
+proportion to increase to around 40 per cent
+by 2030 as electrification increases. This is
+something which Porsche is tackling: "By ex-
+clusively using electricity from renewable en-
+ergy sources, the suppliers are joining us on
+our way to achieving balance-sheet CO₂ neu-
+trality," says Städter.
+vehicle projects starting after 1 July 2021.
+Suppliers who are not prepared to switch to
+certified green electricity will no longer be
+considered in Porsche's contract awarding
+process in the long term. "Our battery cell
+suppliers have been having to use green elec-
+tricity since 2020. There now follows the
+TAG
+HEUE
+From 1 July, Porsche asked its approximately
+1,300 series suppliers to use nothing but
+renewable energies for the manufacture of
+Porsche components. This applies to all pro-
+duction material contracts awarded for new
+Suppliers switch to green electricity
+LUTZ MESCHKE, MATE RIMAC AND OLIVER BLUME
+Vive La
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+a 471 kW (640 PS) four-litre V8 biturbo engine - that's 67 kW (90 PS) more than the Cayenne
+Turbo Coupé. It can hit a top speed of 300 km/h - an increase of 14 km/h. The SUV has an
+even sportier look and is available exclusively as a four-seater Coupé. The Cayenne Turbo GT
+comes with all the available chassis systems fitted as standard as well as specially developed
+performance tyres. The engine and chassis have a distinct set-up resulting in a harmonious
+overall concept with excellent circuit characteristics, as demonstrated by Porsche test driver
+Lars Kern, who completed a lap of the 20.832 km Nürburgring Nordschleife in 7:38.9 minutes
+in a Cayenne Turbo GT, thereby setting a new official SUV record.
+The latest Cayenne celebrated its premiere in early July. The Cayenne Turbo GT features
+First SUV with a GT label - the new Cayenne Turbo GT
+S&GO 9988
+Turbo GT
+27
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Important events
+Porsche takes a stand for diversity
+On the occasion of Diversity Day on 18 May,
+Porsche again sent a clear message of backing
+tolerance and of being against exclusion and
+discrimination. During a themed week, the
+company emphasised the importance of diver-
+sity of views within the workforce. Twenty-one
+digital dialogue formats addressed the value
+of and opportunities offered by diversity. In add-
+ition, a 911 was decorated with messages on
+the topic of Diversity@Porsche. In adding their
+signatures to the sports car, the Porsche Execu-
+tive Board acknowledged diversity of views
+as an integral part of the corporate culture.
+Andreas Haffner, Member of the Executive Board
+responsible for Human Resources: "Our four
+key values are passion, pioneering spirit, sporti-
+ness and one family. Like in any good family,
+we adopt an open and respectful approach to
+others. We accept each other in our diversity
+and complement one another with our individual
+perspectives and skills, making us even more
+creative and effective as a team."
+TRANSITION TO GREEN ELECTRICITY SUCH AS WIND POWER
+nelx erexenelx pe
+MONNET
+the contracts and announced the name of the
+new hypercar manufacturer - Bugatti-Rimac.
+Rimac will hold a 55 per cent stake in the
+joint venture, and Porsche will hold 45 per
+cent. Porsche additionally holds a 24 per cent
+stake in Rimac. Bugatti will be brought into
+the joint venture through its current owner
+Volkswagen, with its shares being transferred
+to Porsche. Under the aegis of the new com-
+pany, the brands Bugatti and Rimac will
+initially produce two hypercar models - the
+Bugatti Chiron and the all-electric Rimac
+Nevera. Bugatti Automobiles S.A.S. will
+continue to exist under the new joint venture.
+All Bugatti models will continue to be manu-
+factured at the company's own factory in
+Molsheim, Alsace. Jointly developed Bugatti
+models are envisaged further down the line.
+S GO 6302
+Macan GTS
+S.60 6004
+S.GO 6203
+In July, Porsche unveiled three versions of the new Macan, all offering more power than their
+predecessors. The Macan GTS is especially sporty, boasting a 2.9-litre V6 biturbo engine with
+324 kW (440 PS) of power - an increase of 44 kW (60 PS). It is able to accelerate from 0 to
+100 km/h in 4.3 seconds and has a top speed of 272 km/h. The Macan S likewise now features
+a V6 biturbo engine with displacement of 2.9 litres and power delivery of 280 kW (380 PS) -
+an increase of 20 kW (26 PS). This model accelerates to 100 km/h in 4.6 seconds and can hit
+a top speed of 259 km/h. A newly developed, supercharged four-cylinder in-line engine with
+195 kW (265 PS) serves as a doorway to the Macan world. It can complete a standard sprint in
+6.2 seconds and achieves a top speed of 232 km/h. As usual, all the engines are coupled to
+Porsche dual clutch transmission (PDK) with seven speeds and the Porsche Traction Management
+(PTM) all-wheel drive system.
+Three versions of the new Macan
+31
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Important events
+30
+74th birthday surprise for Walter Röhrl
+Forty years after competing in the German
+Rally Championship in 1981, Porsche
+surprised two-time world champion Walter
+Röhrl with a restored 924 Carrera GTS.
+This could be discounted as company
+sentimentality. But this would be overlooking
+the strong bond that exists among Porsche
+employees and the close cooperation between
+car manufacturers and racing drivers. "The
+biggest problem was keeping it a secret," says
+Kuno Werner, head of the Porsche Museum
+workshop. Röhrl knows a lot of people there,
+but everything went according to plan and
+Röhrl was speechless: "I stepped out of the car
+40 years ago and haven't sat in it again since.
+I immediately feel 40 years younger."
+40 years after competing
+in the German Rally
+Championship in 1981,
+Porsche surprised two-time
+world champion Walter Röhrl
+on his birthday with a newly
+restored 924 Carrera GTS.
+WALTER RÖHRL AND THE 924 CARRERA GTS RALLY IN THE BAVARIAN FOREST
+Investment in the technology start-up Griiip
+Porsche acquired a minority interest in
+the Israeli start-up Griiip. Griiip is seeking
+to digitalise motorsport and allow races
+to be experienced in a new dimension. Its
+target group is drivers, teams, fans and a
+younger audience looking for a more inten-
+sive and a personalised viewing experience
+via digital media. The Griiip developers have
+created a cloud-based data platform that
+transmits telemetry data directly from the
+racing car. The personalised digital media
+platform RAMP (Racing Media Platform)
+allows viewers to access the drivers' profiles
+and view a driver's stress level, the vehicle's
+battery status, predicted lap times and
+tyre data.
+Development of a real-time warning system
+In June, Porsche, HERE Technologies and
+Vodafone announced that they were working
+on a feasibility study for real-time warning
+systems. They are examining how 5G tech-
+nology can be used to identify and locate
+hazardous traffic situations in real time. Lives
+can be saved if cars are able to warn one
+another of hazards. Among other things,
+HERE Technologies' Live Sense SDK is being
+tested. Integrated into devices with
+front-facing cameras, this uses computer
+vision and artificial intelligence to identify
+objects, changes in the behaviour of other
+road users and road conditions. Warnings
+then appear in the car in real time with a time
+lag of less than 10 milliseconds.
+Porsche and Rimac agreed
+to establish a joint venture
+with the involvement of
+Bugatti. Oliver Blume and
+Mate Rimac announced the
+name of the new hypercar
+manufacturer - Bugatti-Rimac.
+PORSCHE, RIMAC AND BUGATTI ESTABLISH JOINT VENTURE
+Porsche, Rimac and Bugatti collaborating
+Porsche and Rimac agreed to establish a
+joint venture with the involvement of Bugatti.
+Oliver Blume and Mate Rimac signed
+PORS
+Sustainable rubber extraction
+Porsche and the tyre manufacturer Michelin
+decided to support the sustainable extraction
+of natural rubber. They are jointly involved in
+the project CASCADE (Committed Actions for
+Smallholders Capacity Development), an initia-
+tive which aims to achieve transparency re-
+garding rubber extraction and improved labour
+conditions for more than 1,000 smallholders in
+Sumatra, Indonesia. CASCADE offers training,
+improves occupational safety and teaches
+smallholders about more environmentally
+sound and more efficient farming. CASCADE is
+one of the first support projects in the world
+to tackle the lowest level of the natural rubber
+supply chain. Porsche and Michelin have
+budgeted around a million euros for the project
+which is initially set to run until 2024. "For
+Porsche, responsibility begins a long way from
+the factory gates. We take a holistic approach
+to sustainability. Our supply chain and the
+extraction of raw materials are important fac-
+tors here," says Barbara Frenkel, Member of
+the Executive Board responsible for Procure-
+ment. "We take responsibility for our impact on
+rubber extraction regions. We want to improve
+people's lives with concrete local projects."
+PORSCHE PORSCHE
+Winche
+machen dich
+STARKER
+WUNSCHE
+BRINGEN
+VIEL
+Aber bis es soweit ist darfst du deiner
+Fantasie freien Lauf lassen und dir überlegen
+was dein allergrößter Wunsch ist!
+WIR KÖNNEN ES KAUM ERWARTEN, DIR
+DEINEN WUNSCH ZU 
+ERFÜLLEN
+SURF DE
+Make-A-Wish
+50
+Social engagement for children
+Porsche presented the Leipzig Opera Ball for
+the eighth time and also donated the main
+tombola prize. It was no coincidence that the
+718 Boxster sported Racing Yellow paint-
+work and featured a blue top and black
+interior-the colour scheme reflects the
+Leipzig city colours and is designed to sym-
+bolise Porsche's affinity with the city. "The
+718 Boxster serves as a great incentive to
+encourage people to buy tombola tickets on
+the evening of the Opera Ball. Every ticket
+sold contributes to social projects being real-
+ised," explains Gerd Rupp, Chairman of the
+Executive Board of Porsche Leipzig GmbH.
+"In particular in view of the current corona-
+virus situation, we have a duty to pull together
+more and support people in need." The
+tombola proceeds are traditionally donated to
+the Leipzig hilft Kindern foundation. Specific-
+ally, they were used to fund the association
+Bemmchen-Leipzig e.V. and the Wunderfinder
+project, which arranges the educational
+sponsorship of nursery schoolchildren.
+Porsche will present the Leipzig Opera Ball
+again in the new year.
+Flood aid of 500,000 euros for the Red Cross
+Porsche AG supported the German Red
+Cross's flood relief efforts with a donation in
+the amount of 500,000 euros. The money is
+earmarked for work in the regions affected by
+the floods in Belgium, the Netherlands and
+Austria. The partner organisations the Belgian
+Red Cross, the Rode Kruis and the Austrian
+Red Cross have been active here since the
+floods of June 2021. The donation will be
+used to promote reconstruction. The focus
+in Belgium is primarily on schools and univer-
+sities, with gyms, classrooms and canteens
+needing to be re-equipped and teaching
+materials needing to be bought. The Rode
+Kruis in the Netherlands is looking to the
+future and is expanding its emergency fund.
+And among other things, the Austrian Red
+Cross intends to buy mobile flood barricades.
+Additional heatable tents are also needed,
+especially for emergency aid.
+IONITY expediting quick-charging network
+In November, the joint venture IONITY exped-
+ited the expansion of high-performance
+charging stations in Europe - the number
+of locations is set to rise from currently just
+under 400 to more than 1,000 by 2025.
+In the future, there are to be approximately
+7,000 charging points - more than four times
+as many as there are currently (approximately
+1,500). "We are seeing a clear increase in
+electromobility and the associated high-
+performance charging infrastructure," says
+Oliver Blume, Chairman of the Executive
+Board of Porsche AG. "By investing in the
+IONITY joint venture, we are sending an im-
+portant signal to customers that we are
+elevating the comfort and convenience of
+travelling in an electric vehicle even further."
+The IONITY network is already Europe's big-
+gest brand-independent charging network,
+both in terms of spread and the number of
+charging stations. With the Combined
+Charging System (CCS) charging standard,
+the Porsche Taycan can charge at a charging
+station with up to 270 kW; Taycan drivers
+benefit from a significantly discounted price.
+PORSCHE
+UNSERE WUNSCHERFÜLLER FREUEN SICH
+SCHON DARAUF DICH 
+KENNENZULERNEN
+Ein Wunsch ist etwas ganz Besonderes
+- Nur für 
+dich!
+DU DARFST DIR
+ETWAS WÜNSCHEN!
+Nachrichten für dich...
+DUNLOP
+Вдигов
+BOSS
+Legend Fritz Enzinger vacates the driving seat
+Fritz Enzinger stepped down as Vice President
+of Porsche Motorsport after 10 years. "We
+can't thank him enough for his hugely suc-
+cessful work. Fritz Enzinger shaped an era
+with incredible triumphs and many title
+wins," says Michael Steiner, Member of the
+Executive Board responsible for Research and
+Development. Enzinger, who is Austrian,
+joined Porsche in 2011. He initially built up
+the successful LMP1 programme with the
+919 Hybrid. Between 2014 and 2017, he
+scored three overall victories in the 24 Hours
+of Le Mans and also won six world champion-
+ship titles. The Enzinger era is marked by
+these successes. Porsche also entered
+the ABB FIA Formula E World Championship
+under Enzinger's leadership. ""I look back
+with pride and gratitude on what we have
+achieved together," says Enzinger. He was
+succeeded by Thomas Laudenbach, who took
+over at the helm of Porsche Motorsport on
+1 October. A chartered engineer, he has been
+with Porsche since 1998. Among other
+things, he has overseen motorsport drive de-
+velopment and has been involved in various
+motorsport and sports car projects.
+Important events
+49
+PORSCHE
+PURPLE LIGHT UP INITIATIVE SEES PORSCHE BUILDINGS BEING LIT UP IN PURPLE AS A SYMBOL OF INCLUSION
+IMPRESSIONS OF THE VIRTUAL RUN
+Virtual Run. The money was
+donated to the Make-A-Wish
+Foundation.
+Porsche employees run and raise
+200,000 euros
+The sum of 200,000 euros was raised
+through the first Porsche Virtual Run. The
+money was donated to the international
+Make-A-Wish Foundation, which realises
+dreams for seriously ill children, young people
+and adolescents. The coronavirus restric-
+tions meant the six-hour run traditionally
+held in Zuffenhausen could not take place.
+The Porsche Virtual Run expanded the field
+of starters. Runners were invited to rack
+up kilometres on actual racing circuits such
+as Le Mans (13.626 kilometres), the Nürburg-
+ring's Nordschleife (20.83 kilometres) and
+even the Targa Florio (72 kilometres). In total,
+2,300 Porsche employees around the world
+took part between mid-September and early
+October. A distance of 67,559 kilometres
+was run for a good cause. Porsche AG
+originally pledged to donate 50 cents per
+kilometre. But as so many employees took
+part, and with the needs of sick children
+and young people being so great, the com-
+pany upped this to three euros per kilometre.
+Chairman of the Executive Board Oliver
+Blume: "Whether in Taiwan, Switzerland or
+Australia, our colleagues in more than 35
+countries have drawn motivation from the
+numerous wishes. Many have gone the
+famous extra mile. True sportsmanship in
+the spirit of social responsibility."
+ANTHONY IS HAPPY
+TO HEAR THE GOOD NEWS
+EST
+Wir haben tolle gaaanz tolle
+The sum of 200,000 euros was
+raised through the first Porsche
+66
+LIS
+LEGEN
+Bugatti-Rimac joint venture started
+The Bugatti-Rimac joint venture began its
+operations on 1 November. Its shareholders
+are the Rimac Group (55 per cent) and
+Porsche AG (45 per cent). Chairman of the
+Porsche Executive Board Oliver Blume and
+Deputy Chairman and Member of the
+Executive Board responsible for Finance Lutz
+Meschke are on the Supervisory Board.
+Bugatti and Rimac Automobili will operate as
+independent brands under the aegis of the
+joint venture. They manufacture in Molsheim
+and Zagreb respectively and will each main-
+tain their own sales channels. Bugatti-Rimac
+is based in Sveta Nedelja, Croatia.
+Exclusive Panamera version showcased
+Porsche launched an especially elegant and ex-
+clusive version of the Panamera in November.
+The Platinum Edition is characterised by subtle
+design features in satin-gloss Platinum paint-
+work. The refined special edition of the Panamera,
+Panamera 4 and Panamera 4 E-Hybrid is offered
+at a particularly attractive price. Among other
+things, the Platinum Edition features adaptive
+air suspension with Porsche Active Suspension
+Management (PASM) and exterior mirrors
+with automatic dimming as standard. The price
+SHPA 422E
+includes LED matrix main headlights with
+Porsche Dynamic Light System Plus (PDLS
+Plus), the panoramic roof system and ParkAssist
+with reversing camera. Hybrid models are
+fitted with an on-board AC charger with 7.2 kW
+charging power. In addition, 20-inch Panamera
+Style wheels in Platinum are available as an
+option. In Europe, the premium equipment is
+also available in the corresponding Sport Turismo
+models, while in China, the range will be ex-
+panded to include the Executive models with
+an extended wheelbase.
+54
+54
+Majority stake in e-bike manufacturer Greyp
+Porsche acquired a majority stake in the
+e-bike manufacturer Greyp Bikes at short
+notice in November. The sports car manufac-
+turer exercised its right of first refusal in
+order to head off a third-party takeover offer.
+Alongside Porsche as the majority share-
+holder, only Mate Rimac and other Greyp
+founders retain stakes in the company.
+Porsche is applying the expertise it has
+gained from battery-powered drives to the
+attractive and fast-growing e-bike market
+too. Electric bikes have a fixed place in the
+company's e-mobility strategy and promise
+additional potential.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Porsche revealed the 718 Cayman GT4 RS Clubsport at the LA Auto Show in Los Angeles in
+November as an even more powerful customer sport racing car for the GT4 category. The
+racetrack car from Weissach is based on the 718 Cayman GT4 RS production model, which
+is likewise new. The most striking change is the 4.0-litre six-cylinder boxer engine, which is
+identical to the high-revving engine in the 911 GT3 Cup and delivers 368 kW (500 PS) in
+the most powerful Cayman racing car - 55 kW (75 PS) more than its predecessor. Depending
+on the track and regulations, the new 718 Cayman GT4 RS Clubsport can achieve lap times
+that are over two per cent quicker than the previous model. "We incorporated our experience
+and customer wishes," says Michael Dreiser, Director of Sales at Porsche Motorsport.
+REC
+Mobil 1
+GTARS Clubsport
+GTARS Clubsport
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+IN THE FINAL, THE LADS FROM RB LEIPZIG BEAT BORUSSIA MÖNCHENGLADBACH
+New customer sport racing car for the GT4 category
+HANS-JOACHIM STUCK AND HIS RACING CAR, THE 962 C
+Exclusive Manufaktur fulfils special requests
+Paolo Barilla became the first customer to
+design a highly customised Porsche 911 GT3
+(992) together with the Porsche Exclusive
+Manufaktur. Barilla was the overall winner of
+Le Mans in 1985 in a private Porsche 956.
+He made use of Porsche's new Sonderwunsch
+programme on the occasion of his 60th birth-
+day. In addition to the characteristic racing
+look in Summer Yellow, white and black, this
+extra special vehicle sports start number 7,
+just like his winning 956. The rear wing and
+gearshift lever were reinterpreted and in part
+developed independently. "Many times in this
+project, we would have had good reason to
+say 'It's not going to work' or 'It's too compli-
+cated'," says Philipp Setter, Head of Sonder-
+wunsch Customer Consultation at the
+Porsche Exclusive Manufaktur. "We pushed
+the boundaries and were able to achieve a lot.
+With his clear vision, his grasp of tight sched-
+ules and his decisiveness, Paolo Barilla was
+the right customer and project manager for
+such an ambitious project."
+Five world premieres at the LA Auto Show
+Porsche unveiled five world premieres at the
+LA Auto Show in Los Angeles in November -
+the new 718 Cayman GT4 RS as the high-
+light of its trade show appearance, the
+718 Cayman GT4 RS Clubsport, the Taycan
+GTS and Taycan GTS Sport Turismo, and the
+Panamera Platinum Edition. "California has
+been a second home for Porsche for many
+decades," says Oliver Blume, Chairman of the
+Executive Board of Porsche AG. "These days,
+it's hard to picture the streets of California
+without our Taycan electric sports car. Our
+young, innovative product range has been
+well received in the USA."
+THE TOMBOLA PROCEEDS RAISED AT THE LEIPZIG OPERA BALL WERE DONATED TO THE FOUNDATION LEIPZIG HILFT KINDERN
+Donation to association for the disabled
+On the occasion of the International
+Day of Persons with Disabilities on
+3 December, Porsche demonstrated its
+commitment to inclusion by making
+a 170,000-euro donation to Germany's
+Federal Association of Protestant Aid
+for the Disabled (BeB). The money
+is going towards a new project called
+Mehr Mit-Bestimmen that offers inclu-
+sive teams qualifications as coaches
+and advisors. The aim is to improve the
+participation of people with disabilities
+or mental illness in their institutions.
+Porsche is also involved in the global
+initiative Purple Light Up, which raises
+awareness of the economic self-
+determination of people with disabilities.
+The Porsche Museum in Zuffenhausen,
+the Porsche Tower in Bietigheim and the
+customer centre in Leipzig were lit up
+in purple to highlight the importance
+of inclusion in society.
+The Federal Association
+of Protestant Aid for the
+Disabled received
+5G research network at the Leipzig plant
+In November, Porsche put a 5G research net-
+work into operation at the Leipzig plant to-
+gether with the Swedish mobile network sup-
+plier Ericsson. This is the first 5G research
+network in a Porsche production environ-
+ment. The network transmits signals securely
+and in real time. Among other things, process
+devices on a robot are now controlled via 5G
+rather than via wires. The independent 5G re-
+search network utilises a private frequency
+spectrum, but is based on the same technol-
+ogy used in commercial networks.
+a donation in the amount of
+170,000 euros on the
+occasion of the International
+Day of Persons with
+Disabilities on 3 December.
+The aim of the donation
+is to improve the participation
+of people with disabilities
+or mental illness in their
+institutions.
+52
+62
+Important events
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+53
+718 CAYMAN GT4 RS
+S.RS 982
+Support for Stuttgart Ballet dance project
+In November, a sponsorship project was
+launched with Stuttgart Ballet's JUNG+ pro-
+gramme. The aim of "Keep moving" is to get
+schoolchildren excited about dance. Dance
+therapists Marieke Lieber and Adrian Turner
+will assist year five and six students at the
+schools Konrad-Widerholt-Schule in Kirchheim
+unter Teck and Jerg-Ratgeb-Realschule in
+Herrenberg until May 2022. The dance class
+will then perform at the John Cranko School in
+Stuttgart at the end of this period to demon-
+strate their abilities. It is the schoolchildren
+themselves who dictate the content, drawing
+on their creativity. The project is being made
+possible thanks to the sponsorship of Porsche
+Deutschland. The sports car manufacturer
+contributed around 10 million euros to the
+rebuilding of the John Cranko School. Porsche
+Deutschland is supporting "Keep moving"
+with a donation of 50,000 euros. Porsche has
+been supporting cultural projects as part of
+its sustainability strategy for years.
+DANTOS
+DIST
+URB
+DUNLOP
+www.soundnacht.porsche.de. The sound
+night was also broadcast live on Porsche's
+YouTube and LinkedIn channels. Sound clips
+are available on YouTube and on the home
+page www.porsche.de/Museum.
+Porsche Turbo Award for junior sportspeople
+Eighteen junior players from Porsche's youth
+development programme Turbo for Talent
+received a Turbo Award for their exceptional
+commitment. "At Porsche, we know that
+team spirit, passion, fairness and respect
+serve as a turbo for success. With our youth
+development programme, we aim to pass
+these values on to talented and dedicated
+young sportspeople," says Sebastian
+Rudolph, Vice President Communications,
+PENLOP
+THE DRIVING AND SOUND EXPERTS WHO PERFORMED LIVE IN WEISSACH
+Eighteen junior players
+from Porsche's youth
+development programme
+Turbo for Talent received
+a Turbo Award for their
+exceptional commitment.
+Sustainability and Politics. Porsche cooper-
+ates with seven sports clubs in Germany in
+the area of youth development. Children and
+young people are trained in various sports.
+At the same time, team spirit, fairness and
+respect are taught and their personalities are
+further developed. The Porsche Turbo Award
+accordingly rewards their commitment in
+the areas of development in sports, the best
+academic achievements and exceptional
+social engagement.
+PORSCH
+VALENTIN SCHÄFFER
+Turbo forward thinker
+Valentin Schäffer celebrated his 90th birth-
+day on 8 October. He spent 30 years develop-
+ing engines for Porsche. The engineer was
+involved in developing engines such as the
+Carrera four-cylinder type 547 with vertical
+shaft drive and the eight-cylinder vertical
+shaft type 753 and 771 engines, which
+brought Porsche victories in Formula 1, the
+European Hill Climb Championship and the
+World Sportscar Championship. Schäffer
+joined Porsche Motorsport in 1955. From
+1956 to 1980, he managed race appearances,
+travelling all over the world to do so. In 1971,
+he completely reconceptualised the turbo
+engine. The 917/30 Spyder was powered by
+the 912/52 turbo engine. On 9 August 1975,
+Mark Donohue set a world record on the
+Talladega Superspeedway, with an average
+speed of 355.78 km/h. Schäffer became
+known as "Turbo Valentin".
+Mobil
+40
+40
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+The Art of Dreams
+performance, design and sustainability." The
+vehicle accelerates from a standing start to
+100 km/h in 2.5 seconds and can hit a top
+speed of over 300 km/h. On the racetrack,
+the electric racer puts in the same lap time
+performance as the current Porsche 911 GT3
+Cup. Thanks to advanced 900-volt technol-
+ogy and Porsche Turbo Charging, all the bat-
+tery needs is a good 15-minute break from
+racing to charge from 5 to 80 per cent state
+of charge (SoC).
+teristic Porsche lines. The Mission R's two
+newly developed electric motors deliver power
+of up to 800 kW (1,088 PS). Its battery
+capacity of around 80 kWh and an innovative
+energy recuperation system allow for sprint
+racing without any loss of power. "Porsche is
+the brand for people who fulfil their dreams,"
+says Chairman of the Executive Board Oliver.
+"The concept study is our vision of all-electric
+customer motorsport. The Mission R embodies
+everything that makes Porsche strong -
+Mission R - a spectacular concept study
+Porsche afforded a spectacular insight into
+the automotive future in early September at
+IAA Mobility 2021 in Munich when it unveiled
+its Mission R concept study, which combines
+cutting-edge technologies with sustainable
+materials. The sports car illustrates how
+natural fibre-reinforced plastics can prove
+their worth in motorsport. As well as progres-
+sive design, the decidedly low-slung, all-
+electric competition car boasts the charac-
+39
+BOSCY
+Porsche Fußball Cup
+2021
+LUTZ MESCHKE AND SAMI KHEDIRA PRESENT THE TROPHY
+38
+Santander
+2121 PORS
+Eighth Experience Centre worldwide opened
+Porsche opened a new Porsche Experience
+Centre (PEC) in Franciacorta, Italy, in Sep-
+tember - the eighth of its kind in the world.
+Covering approximately 60 hectares, the
+facility includes the Autodromo di Francia-
+corta handling circuit. It boasts an attractive
+location close to the airports in Milan, Ber-
+gamo and Verona. "The PEC Franciacorta com-
+bines many of the things that make Porsche
+special - a motorsport atmosphere, unique
+design with iconic architecture and a brand
+experience venue for our global fan base,"
+says Chairman of the Executive Board Oliver
+Blume. "We found the ideal location in
+Franciacorta. People in Italy are passionately
+enthusiastic about our brand. They can now
+indulge their passion here." The handling
+circuit is the centrepiece. The corners and
+chicanes the length of its 2.5-kilometre main
+circuit are perfect for fine-tuning driving
+skills. An off-road course with ramps, corners
+and a gravel track has been designed with
+Cayenne and Macan drivers in mind.
+"Remember your dreams" by French artist and architect Cyril Lancelin is a large installation
+(L x W x H: 10 × 12.4 x 7.6 metres) comprising inflated elements. With The Art of Dreams,
+Porsche is commissioning works of art which address the topic of dreams. The company's aim
+is to inspire, communicate optimism and contribute to vibrant communities.
+Porsche opened a new
+Porsche Experience Centre
+in Franciacorta, Italy, in
+September - the eighth
+of its kind in the world. It
+combines many of the things
+that make Porsche special -
+a motorsport atmosphere,
+unique design with iconic
+architecture and a brand
+experience venue for our
+global fan base.
+racing cars."
+Junior Leipzig players win Porsche
+Football Cup
+The Porsche Football Cup was won by RB
+Leipzig's U15 team. The Leipzig team beat
+Borussia Mönchengladbach's junior players
+2:0 at the ADM-Sportpark in Stuttgart.
+In the third-place play-off, the Stuttgarter
+Kickers' U15 team won 5:2 on penalties
+against the junior players of FC Erzgebirge
+Aue. The ambassador for Porsche's youth
+development programme Turbo for Talent,
+Sami Khedira, commented as follows:
+"Porsche and its partner clubs share the same
+values-team spirit, fairness, passion, respect
+and tolerance. I look forward to the second
+tournament in the new year." The company
+donated 500 euros for every goal scored as
+part of the Goals for Charity campaign. With
+36 goals being scored, the donation totalled
+18,000 euros. The money went to two Stutt-
+gart-based sports and activity projects for
+children and young people. Porsche upped the
+donation amount to 25,000 euros.
+216201
+PORSCH
+AERIAL VIEW OF THE NEW PORSCHE EXPERIENCE CENTRE IN FRANCIACORTA, ITALY
+Important events
+New eFuels production plant in Chile
+Porsche and Siemens Energy reached the
+next milestone - in early September, work
+began on an industrial eFuels production
+facility in Punta Arenas, Chile. Other inter-
+national companies are also involved in the
+project. Initially, a pilot plant will be built,
+where around 130,000 litres of synthetic
+fuel are set to be produced annually starting
+in 2022. This has the potential to be almost
+entirely CO2-neutral. The volumes are ex-
+pected to grow in the future as the capaci-
+ties are expanded. Porsche initiated the pro-
+ject and, going forward, intends to use
+eFuels in its own vehicles with an internal
+combustion engine. Michael Steiner, Mem-
+ber of the Executive Board responsible for
+Research and Development: "Our tests with
+renewable fuels are going very successfully.
+eFuels have the potential to be almost en-
+tirely CO2-neutral in the future. Among other
+things, we will be using the first fuel from
+Chile in our Porsche Mobil 1 Supercup
+KUKA
+The Porsche Sound Orchestra cranks it up
+Current and former racing drivers broadcast
+engine sounds in a live stream in Septem-
+ber. Highlights from Porsche's motorsport
+history resonated for two hours. The event
+featured contrasting creations such as the
+engine of the Porsche 718 Formula 2 from
+1960 and the 99X Electric from 2019.
+Hans-Joachim Stuck got behind the wheel
+of a 962 C and demonstrated what it
+sounds like at full throttle. Both the Porsche
+Museum in Zuffenhausen and the Weissach
+Development Centre served as venues
+for this extra special sound spectacle. The
+interactive live event was free of charge
+and could be accessed by anyone without
+the need for prior registration. The event
+was broadcast around the world in German,
+English and French via the website
+48
+Jumps for posterity
+Egon Zimmermann's legendary ski jump over
+a Porsche in 1960 was the subject of a worthy
+restaging when two-time Olympic cham-
+pion Aksel Lund Svindal jumped over a Taycan
+parked between walls of snow as tall as houses.
+The photography of The Porsche Jump
+stands for athleticism, courage and joie de
+vivre - and stages the most innovative sports
+car of its time. "The jump is a powerful
+symbol of the determination with which we
+at Porsche pursue our dreams," says Lutz
+Meschke, Deputy Chairman and Member of
+the Executive Board responsible for Finance
+and IT at Porsche AG. "The photo shows how
+Porsche interprets future viability - daring to
+try new things and boldly forging ahead, al-
+ways trusting in itself to go that little bit fur-
+ther than the others in order to discover the
+best solution." The jump motif featured on
+the cover of the September issue of Porsche's
+Christophorus magazine. The cover was cre-
+ated by American designer Jeffrey Docherty.
+The story of the jump was also documented
+in the September edition of 9:11 Magazine.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+AERIAL VIEW OF A SECTION OF THE PLANT IN WEISSACH
+Weissach - from a test track to a think tank
+The Weissach Development Centre was
+opened on 1 October 1971. This resulted in
+Porsche creating its own test track 50 years
+ago, located in the countryside but also prac-
+tically on Porsche's doorstep, 25 kilometres
+to the east of Zuffenhausen. It was former
+Weissach-based racing driver Herbert Linge
+who suggested that Ferry Porsche look for
+a building location in Weissach. The first con-
+struction phase then began in October 1961.
+A circular track was built, together with other
+test tracks where prototypes could really be
+put through their paces. Weissach is now
+where the Porsche think tank is based, com-
+prising 6,700 employees who work on innova-
+tive and smart solutions. "Since 2010, we
+have invested hundreds of millions in the
+construction of new buildings and facilities.
+A sum in the hundred-million range is also
+available for additional projects," says Michael
+Steiner, Member of the Executive Board re-
+sponsible for Research and Development. By
+2025, the site will have been expanded by
+12 hectares. Steiner: "We are setting the
+global benchmark in automobile development
+with the Weissach Development Centre."
+Weissach is Porsche's
+think tank. There are
+6,700 employees working
+on innovative and smart
+solutions there.
+சட்டகம்
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Porsche Ventures puts its money on iMaker
+Porsche Ventures made a strategic invest-
+ment outside of the automotive industry,
+investing in the Chinese company iMaker.
+iMaker is China's leading provider of virtual
+influencers and digital ecosystems. The in-
+vestment shows that Porsche is carefully
+following the new consumer culture and the
+latest trends among young Chinese con-
+sumers. Porsche's declared strategic objective
+is to continuously invest in new application
+scenarios for digital content. The sports car
+manufacturer is cooperating with iMaker on
+digital application scenarios and ecosystems.
+The aim is to make vehicles an important part
+of people's digital lives and entertainment
+and to offer customers a convenient, seam-
+less and persuasive experience.
+Racing driver Hans-Joachim Stuck waited
+35 years for this reunion and was immense-
+ly curious when the silk car cover was re-
+moved in Weissach in October, revealing a
+962 C, Stuck's old love. The racing car from
+the Porsche Heritage and Museum depart-
+ment was restored to its original 1987 con-
+dition over a period of 18 months. Stuck
+was moved: "It feels like coming home." It
+was with the 962 C that the racing driver
+won Germany's prestigious and fiercely
+contested ADAC Würth Supercup. During
+the inaugural series for Group C sports car
+prototypes, he tested the then new Porsche
+dual-clutch transmission (PDK) at racing
+speed. The 962 C competed in another sea-
+son before subsequently becoming a test
+car for aerodynamics in Weissach. It most
+recently served as a reference vehicle
+for the Porsche collection. To make the
+car roadworthy again, the underbody was
+completely rebuilt and the radiator was
+rearranged. Many individual parts had to
+be reconstructed.
+FRITZ ENZINGER
+THOMAS LAUDENBACH
+BOSS
+DUNLO
+KUKA
+17 Shell
+Stuck encounters his old love
+Benecke the new esports champion
+In October, Maximilian Benecke was crowned
+champion in the Porsche Esports Carrera
+Cup Deutschland. In the final held on the
+iRacing simulation platform, he won both
+races. The races were held on the digital
+version of the Circuit de Barcelona-Catalunya
+in Spain. The top three drivers in the final
+rankings shared total prize money of
+25,000 euros - 12,000 euros went to
+Benecke for his overall victory, second-placed
+Diogo Pinto of Portugal received 8,000 euros
+and Christopher Dambietz of Germany in
+third place took home 5,000 euros. A total of
+21 sim racers lined up on the starting grid in
+their Porsche 911 GT3 Cup cars for the sea-
+son final. Benecke won nine of the 16 races.
+45
+FORMER PORSCHE WORKS DRIVER DEREK BELL CELEBRATED HIS 80TH BIRTHDAY
+uvex
+Derek Bell and the 14-lap lead
+Former Porsche works driver Derek Bell cele-
+brated his 80th birthday on 31 October.
+Bell drove for Porsche again and again over
+a period of more than 35 years. Of his five
+victories in Le Mans, four of them were
+achieved in a Porsche. His teammates in-
+cluded Jacky Ickx, Hans-Joachim Stuck and
+Stefan Bellof. Derek Bell was 30 when he
+first competed in Le Mans. And it took him
+by surprise. In a test drive, he hit a speed of
+396 km/h on the Mulsanne Straight. "I
+knew we were fast, but not quite that fast,
+because I'd only ever experienced that
+speed before during a take-off at Heathrow.
+So that was what my initiation with Porsche
+at Le Mans looked like!" That was in 1971.
+Ten years later, he achieved quite a coup
+with the Porsche 936/81 and teammate
+Jacky Ickx in Le Mans, when they won
+with a 14-lap lead and were almost an hour
+faster than the runner-up. Bell hails from
+Middle-sex in England. He began his racing
+career entering club races in the UK. He was
+soon promoted on the basis of his talent,
+moving from the Formula 3 Championship
+and the European Formula Two Champion-
+ship up to Formula 1.
+Distler's
+Desch
+Gult
+Wessels
+Training centre in Leipzig grows
+Porsche Leipzig took occupancy of some
+new space in time for the start of the new
+training year. New training and communal
+rooms were developed over space of 1,600
+square metres. The new building is connect-
+ed to the training and qualification centre
+built in 2017. When the first Porsche Cay-
+enne rolled off the production line in Leipzig
+in 2002, there were five trainees at the site;
+there are now more than 120.
+THE NEW TRAINEES GAIN INSIGHTS
+Porsche-assisted research and learning
+Porsche AG agreed to a research project
+with the TU Dresden university of technology.
+The framework agreement was signed in
+September. TU Dresden and Porsche have
+been cooperating for 15 years. The sports car
+manufacturer donated a cockpit for a new
+driving simulator to the Chair of Automobile
+Engineering. Together with a quick-charging
+system, a Porsche Taycan serves as a real
+test car which is used for research on the
+digital twin project.
+Supp_optimal: meals served to those in need
+Porsche AG provided the Supp_optimal pro-
+ject of the Bürgerstiftung Stuttgart organisa-
+tion with 250,000 euros in funding. To give
+some background, more than 12,000 meals
+have been served to people in precarious
+circumstances in the city since November
+2020. The needs were actually much greater
+than this, however. The Porsche donation
+was used to fund additional temporary serv-
+ing stations. The sum donated was raised
+thanks to a campaign involving the Porsche
+employees, with Porsche Gastronomy inten-
+tionally not passing the temporary reduction
+in VAT on to the guests as price reductions.
+The Executive Board and the Works Council
+instead chose to spend this sum on serving
+food to those in need.
+Ferry Porsche Foundation helps schools
+The Ferry Porsche Foundation funded
+56 schools in Baden-Württemberg and Saxony,
+paying out 840,000 euros to be spent on
+hard- and software. "With initiatives such as
+the Ferry Porsche Challenge 2021, we are
+supporting schools, teachers and schoolchil-
+dren as they move into a digital future. There
+are still huge needs, in particular regarding
+hard and software. We are therefore stepping
+up our engagement here, thereby assuming
+social responsibility," says Sebastian Rudolph,
+Chairman of the Board of the Ferry Porsche
+Foundation. Each school was awarded
+15,000 euros, which they used to purchase
+items including tablets, laptops and smart
+boards. The foundation also supports organisa-
+tions such as the Hacker School, the NEO
+Academy and "Hey, Alter!" with the aim of com-
+prehensively digitalising schools and familiar-
+ising schoolchildren with future-oriented skills.
+The foundation supports non-profit projects
+in the areas of social affairs, the environment,
+education and science, culture, and sport.
+11
+MAXIMILIAN BENECKE'S 911 GT3 CUP IN THE GAME IRACING
+Important events
+11
+44
+volume came from China's car market where
+the number of newly registered vehicles was
+up 4.4 per cent year-on-year at 20.8 million.
+In Japan, meanwhile, the car market fell
+3.2 per cent short of the previous year's
+figure, at 3.7 million units.
+In the Asia-Pacific region, the car market
+increased by 5.0 per cent to 32.7 million
+vehicles. A large proportion of this higher
+The global economy grew
+by 5.6 per cent in 2021.
+Of the key economic
+regions, China recorded
+the strongest growth
+of 8.1 per cent. Germany's
+gross domestic product
+increased by 2.7 per cent
+in 2021.
+0%
+Percentage change in GDP
+In North America, sales of passenger vehicles
+and light commercial vehicles (up to 6.35 tons)
+increased by 3.9 per cent to 17.7 million
+units in 2021. The US market grew by 3.4 per
+cent to 15.1 million units. Sales in Canada's
+automobile market rose by 6.7 per cent in
+the reporting period, while there was growth
+of 6.8 per cent in Mexico. The number of
+passenger cars and light commercial vehicles
+newly registered in South America increased
+by 12.9 per cent to 3.5 million units.
+Economic growth
+from operating activities.
+The all-electric Porsche Taycan achieved an
+outstanding increase - the vehicle was deliv-
+ered to 41,296 customers, which equates
+to a more than twofold year-on-year increase.
+In spring 2021, the sports car manufacturer
+presented a second body version, the Taycan
+Cross Turismo. Deliveries of a third version,
+the Taycan Sport Turismo, will begin in spring
+2022, meaning demand can be expected to
+continue to rise.
+36,996
+Number of employees
+The global workforce grew by just
+under two per cent.
+€33.1 €5.3 bilion
+Sales revenue
+This figure rose by more than
+15 per cent year-on-year.
+62
+€
+€
+42
+Taycan: deliveries more than doubled
+Once again in 2021, Porsche SUVs were the
+models in the greatest demand around the
+world, with 88,362 customers taking delivery
+of a Macan. The Porsche Cayenne followed
+in second place with 83,071 units delivered.
+8.1% China
+billion
+Detlev von Platen,
+Member of the Executive Board -
+Sales and Marketing
+"DESPITE THE CHALLENGES
+POSED BY THE SEMI-
+CONDUCTOR SHORTAGE
+AND THE DISRUPTION
+CAUSED BY THE COVID-19
+PANDEMIC, WE HAVE
+BEEN WORKING HARD TO
+ENABLE MORE CUSTOMERS
+THAN EVER BEFORE TO
+FULFIL THEIR DREAM OF
+OWNING A PORSCHE."
+"Despite the challenges posed by the semi-
+conductor shortage and the disruption caused
+by the COVID-19 pandemic, we have been
+working hard to enable more customers than
+ever before to fulfil their dream of owning a
+Porsche," says Detlev von Platen, Member of
+the Executive Board responsible for Sales and
+Marketing at Porsche AG. "Demand remains
+high and our order books are looking very
+robust, so we start 2022 full of momentum
+and confidence in all regions of the world."
+Porsche delivered 301,915 vehicles to
+customers around the world in the 2021
+financial year, giving the sports car manufac-
+turer a year-on-year increase of 11 per cent.
+All of the global sales regions contributed
+to this increase. Porsche recorded its biggest
+increase on the American continent, while
+China remained the biggest single market.
+Deliveries in Europe improved by seven per
+cent. There is a noticeably high level of electric
+sports cars in this market. Thirty-nine per
+cent of the Porsche vehicles delivered in this
+region in 2021 were electric - either plug-
+in hybrids or all-electric Porsche Taycan cars.
+Deliveries: a new record
+63
+Important events
+2021
+2019
+2018
+2017
+2016
+2.7% Germany
+5.6% Global economy
+5.4% Western Europe
+5.7% US
+2020
+Operating profit
+(EBIT)
+→ Customer excitement #1
+Profit before tax
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+PORSCHE STRATEGY 2030
+A brand for those who follow their dreams
+The world is becoming increasingly digital,
+more connected and also more volatile.
+This is inevitably changing markets and what
+customers need. Working environments are
+growing ever more complex. Climate change
+is increasing. Electromobility is becoming
+more and more established. Porsche sees
+these challenges as an opportunity: "The view
+into the future is always tinged with uncer-
+tainty. That's exactly why it's important for
+the strategy to guide us and connect the
+major issues to specific company aims. Our
+Strategy 2030 provides an excellent basis
+for this," says Oliver Blume, Chairman of the
+Executive Board of Porsche AG. Specifically,
+it is about making the company's actions
+even more sustainable. Giving the customers
+a comprehensive product experience. And,
+in the process, doing business profitably
+and being a good employer. The corporate
+strategy shows us the way. Porsche certainly
+intends to make a success of transformation.
+Mission 2030
+"In the beginning, I looked around and could
+not find quite the car I dreamed of. So I de-
+cided to build it myself." With this aspiration,
+trailblazer Ferry Porsche set the tone for the
+future. It is now more than 70 years since
+he built the 356 and created the Porsche
+sports car brand. Since then, his words have
+lost none of their appeal. Quite the opposite,
+in fact. Ferry Porsche's statement perfectly
+describes the current mission with which the
+company is shaping the future.
+Vision 2030
+The company's vision carries Ferry Porsche's
+mindset into the future: "The brand for
+those who follow their dreams." This explicitly
+includes the employees. Chairman of the
+Executive Board Oliver Blume says: "Porsche
+epitomises freedom and independence -
+and the inner drive to achieve goals. To this
+day, nothing has changed in that regard.
+We want to help our customers realise their
+lifelong dreams."
+Goals 2030
+Porsche has defined its goals based on the
+four stakeholder dimensions of customers,
+society, employees and investors. In keeping
+with this vision, the company aims to be
+the most recognised brand in the world and
+one that particularly excites its customers.
+Sustainability is now an even bigger priority.
+As a company, Porsche wishes to be bal-
+ance-sheet CO2-neutral by 2030 - across
+the entire value chain. The sports car manu-
+facturer voluntarily has its sustainability
+achievements in the areas of the environment,
+society and responsible corporate governance
+rated annually by the sustainability rating
+agency ISS ESG. Porsche has set itself the
+goal of being classified as one of the leading
+companies in the automotive industry in
+this rating.
+Porsche is also rising to the financial chal-
+lenges of transformation. The company is
+investing heavily, among other things in
+sustainability, innovation, digitalisation and
+training. Despite this necessary financial
+effort, Porsche is sticking to its strategic
+target of a return on sales of at least 15 per
+cent and a return on investment of at least
+21 per cent.
+Goals 2030
+CUSTOMERS
+LEAD IN CUSTOMER DESIRABILITY
+Brand perception #1
+DRIVE CHANGE FOR A SUSTAINABLE WORLD
+The iconic 911 sports car enjoyed an espe-
+cially strong market reception and hit a new
+record of 38,464 deliveries. There were
+30,220 Panamera vehicle deliveries, while
+the 718 Boxster and 718 Cayman models
+were delivered to 20,502 customers.
+SH CA 8989E
+€5.7 bilion
+70
+According to our forecasts,
+economic growth in Western
+Europe will strengthen
+significantly in 2022. This
+will also be true for Germany.
+We are expecting gross
+domestic product in Germany
+and in Western Europe as
+a whole to generally out-
+perform 2019, the last year
+not to be affected by the
+pandemic. In the car markets
+This figure rose by more than
+30 per cent year-on-year.
+68
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Important events
+69
+OUTLOOK
+Global economy on a growth path
+Our planning is based on the assumption that
+global economic output will continue to grow
+on the whole in 2022. We believe that the
+effects of the pandemic can be sustainably
+stemmed. We also assume that the shortages
+of intermediate products and raw materials
+will be overcome in 2022. We consider pro-
+tectionist tendencies, potential turbulence on
+the financial markets and structural deficits in
+some countries to be a source of risk. At the
+same time, growth prospects are being kept
+in check by ongoing geopolitical tension and
+conflict. Nevertheless, we believe that both
+developed economies and emerging markets
+will register positive movements in economic
+output. We also expect to see continued
+growth in the global economy in the years
+2023 to 2026.
+According to our forecasts, economic growth
+in Western Europe will strengthen significant-
+ly in 2022. This will also be true for Germany.
+We are expecting gross domestic product
+(GDP) in Germany and in Western Europe as
+a whole to generally outperform 2019, the
+last year not to be affected by the pandemic.
+We are also forecasting growth in Central
+and Eastern Europe, albeit with slightly less
+momentum in Eastern Europe and in the
+Russian economy.
+We are anticipating relatively strong eco-
+nomic growth in the US in 2022. The Federal
+Reserve has offered the prospect of rising
+interest rates in the course of the year -
+albeit at a low level. How inflation continues
+to develop is an important factor regarding
+potential prime rate increases. We expect to
+see a significant increase in economic output
+in Canada too, while we are anticipating more
+moderate growth rates in Mexico. The same
+goes for Brazil. According to our forecasts,
+the Chinese economy will continue to grow.
+And in Japan, economic output is likely to
+enjoy solid growth in 2022.
+Performance of car markets
+Our forecasts indicate that there will be
+slightly different performance trends in the
+car markets in the various regions of the
+world in 2022. Overall, we expect to see
+a moderate increase in new vehicle sales
+globally. However, this is premised on the
+pandemic being successfully contained and
+the shortages of intermediate products and
+raw materials being overcome. We expect
+demand for passenger vehicles to grow
+globally in the years 2023 to 2026 too.
+We are forecasting a noticeable increase in
+new vehicle registrations in Western Europe
+this year. Semiconductor supply bottlenecks
+will likely continue to weigh heavily on the
+car market. We nevertheless expect the num-
+ber of new car registrations in Germany to
+be significantly up year-on-year in 2022. In
+the UK and Spain too, we expect to see sig-
+nificant increases in 2022. According to our
+forecasts, the car markets in France and
+Italy will grow slightly. We expect to see
+noticeably higher numbers of new registra-
+tions in Central and Eastern Europe.
+In the markets for passenger vehicles and
+light commercial vehicles (up to 6.35 tons)
+in the US and in North America as a whole,
+we expect new registrations to be slightly up
+year-on-year in 2022. However, demand for
+vehicles in the SUV and pick-up segments
+can be expected to remain high. We are
+forecasting moderate growth in Canada's
+and Mexico's car markets. The South Ameri-
+can car markets are dependent on global
+demand for raw materials and are heavily
+influenced by how the global economy devel-
+ops. We expect new registrations to increase
+considerably in 2022 in South America as
+a whole and in the largest countries, Brazil
+and Argentina.
+Passenger car markets in the Asia-Pacific
+region are expected to be slightly above the
+previous year's level in 2022. Our forecasts
+suggest that China's market volume will
+likewise be slightly above the figure for 2021.
+The market in Japan is expected to improve
+considerably in 2022.
+in Western Europe as a
+whole and in Germany, we
+expect to see a noticeable
+increase in new registrations
+in 2022.
+Deliveries
+Taycan deliveries
+300
+Return on sales
+16.0%
+Deliveries of new vehicles
+The sports car manufacturer
+therefore achieved a year-on-year
+increase of 11 per cent.
+301,915
+Porsche AG Group
+2021 financial year in figures
+S.TA5133E
+This figure significantly exceeds
+the strategic target of 15 per cent.
+67
+Important events
+Austria: high proportion of electric cars
+Deliveries of new cars to customers in Austria
+fell by around five per cent in 2021 and
+totalled 1,319. Increases in deliveries of the
+Porsche 911, Panamera and Taycan were
+offset by decreases in deliveries of the 718,
+Cayenne and Macan. Of the Cayenne and
+Panamera units delivered in Austria in 2021,
+96 per cent respectively were plug-in hybrids -
+one of the highest proportions in the world.
+Porsche delivered more vehicles in Switzer-
+land in 2021 than in the year before the
+pandemic. A total of 3,845 delighted Swiss
+customers took delivery of their new sports
+cars. This equates to an increase of 10 per
+cent compared to 2020 and is the second
+best result since the sales company was
+founded. The most popular model was
+the Macan (1,201 units), followed by the
+911 (970 units).
+Switzerland: second best result
+France: Cayenne the most popular model
+The primary successes in the French
+market can be summarised as follows -
+a sharp increase in Panamera numbers,
+strong Taycan growth and a slight increase
+in Cayenne deliveries. The Cayenne never-
+theless comfortably remained the front-
+runner among all the model series with
+a year-on-year increase of four per cent
+to 2,371 units delivered.
+Italy: high proportion of convertibles
+Porsche delivered 6,274 vehicles in Italy in
+2021-eight per cent more than in the previ-
+ous year. While deliveries of the Porsche 911
+remained relatively stable at 1,248 units, the
+delivery figures for the Taycan, Cayenne and
+Panamera increased in particular. There was
+one Taycan delivery for every two 911 units
+delivered to customers in 2021. In addition,
+Porsche customers in Italy evidently enjoy
+open-top driving, as Cabriolets and Targa
+models accounted for 44 per cent of the 718
+and 911 models delivered.
+UK: ranked fourth globally
+The United Kingdom of Great Britain and
+Northern Ireland is the fourth biggest market
+in the world for the sports car manufacturer
+based in Stuttgart. Deliveries there fell only
+moderately by three per cent in spite of
+Brexit and other challenges caused by semi-
+conductor supplies and the coronavirus pan-
+demic. The Taycan was the top-selling model
+series, with deliveries increasing 28 per cent
+year-on-year to 4,062 units. The popularity
+of the Porsche 911 likewise continued to
+increase, with deliveries increasing by 10 per
+cent. In what was undoubtedly also a result
+of the appeal of the product portfolio, the
+new 911 GT3 and the sporty 911 GTS
+models were rolled out in the course of the
+year around two-and-a-half years after the
+launch of the 992.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+39.4%
+Electrified vehicles
+Proportion of all deliveries
+in Europe.
+Cash flow
+€6.4 billion
+More than twice as many units
+as in 2020.
+→ Balance-sheet CO2-neutral value chain
+41,296
+Australia: successful start for the Taycan
+Porsche Cars Australia celebrated a milestone
+anniversary in 2021 - 70 years previously,
+the company officially imported the first two
+Porsche 356 models there, laying the foun-
+dations for the brand's presence in Australia.
+In this anniversary year, deliveries were up
+four per cent year-on-year at 4,431 vehicles
+(2020: 4,243 Porsche vehicles). Approxi-
+mately one in two Porsche models delivered
+in Australia was a Macan. In the year it was
+introduced in Australia, the Taycan accounted
+for 531 deliveries to customers.
+Porsche recorded a total of 1,817 deliveries
+in Africa last year. This is equivalent to
+a decrease of five per cent compared with
+2020. South Africa was the biggest single
+market on the continent, with 875 new
+Porsche vehicles being delivered to cus-
+tomers there in 2021.
+Africa: promising outlook
+Porsche delivered a total of 5,374 new vehicles
+in the Middle East - a year-on-year increase
+of 14 per cent. The Arab Gulf countries had a
+comfortable lead in the region in terms of vol-
+ume (4,427 deliveries) and outstripped their
+prior-year result by 15 per cent. There were
+also exactly 333 Taycan models delivered to
+customers in the Arab Gulf countries.
+Middle East: significant increase
+Japan: Macan the most popular
+Following record deliveries in 2020, three
+per cent fewer Porsche vehicles were
+handed over to customers in Japan last
+year (6,900 units). The Macan was the top
+model in terms of deliveries in the year
+under review with 2,109 vehicles delivered,
+followed by the previous year's front-runner,
+the 911 (1,529 vehicles). The Taycan was
+rolled out in Japan in January 2021 and
+784 customers took delivery of their all-
+electric sport saloon in 2021.
+South Korea: Taycan in second place
+With 8,425 vehicle deliveries in South Korea
+last year, there was a seven per cent increase
+in new Porsche ownership there. The Taycan,
+which was rolled out in South Korea at the
+end of 2020, was one of the success factors -
+the electric sports car immediately shot to
+second place with 1,288 units delivered,
+behind the Cayenne on 3,480 units. The
+718 mid-engine model series was relatively
+low in comparison at 632 deliveries, but
+this still represented a 30 per cent increase
+in South Korea.
+Taiwan: upturn thanks to the Taycan
+There was a four per cent increase in deliv-
+eries to more than 4,000 in Taiwan in 2021.
+As in many other markets, the Taycan
+played a significant part in growth in Taiwan.
+Taycan units accounted for around one in
+five Porsche vehicles delivered in Taiwan
+in 2021, with Taycan deliveries totalling 802.
+Only the Cayenne and the Macan sold in
+greater numbers, with 1,390 and 980 deliv-
+eries respectively.
+China: Porsche's largest single market
+Porsche delivered its first sports car to main-
+land China 20 years ago. China has been the
+company's single biggest market since 2015.
+China achieved an exceptional overall result
+once again in 2021 with an increase of
+eight per cent in comparison to its previous
+record year, 2020. A total of 95,671 ve-
+hicles were delivered to customers in China.
+China was also the world's biggest market
+for the Cayenne, Panamera and Macan model
+series. One in three Macan units delivered
+around the world in 2021 went to a Chinese
+customer. Female buyers of the compact
+SUV accounted for just under 60 per cent
+of purchases.
+ASIA-PACIFIC, AFRICA AND MIDDLE EAST
+SPORTS CARS IN EYE-CATCHING COLOURS ARE ESPECIALLY POPULAR IN THE ASIAN MARKETS
+о
+with a plug-in hybrid drive.
+Germany: 911 remains the top seller
+Demand for Porsche vehicles also increased
+in its home market in 2021 - Porsche de-
+livered 28,565 vehicles to customers,
+equating to an increase of nine per cent.
+As in the previous year, the Porsche 911
+was the undisputed top seller - 7,792 of
+this iconic sports car were handed over to
+customers. The models ranked in second,
+third and fourth place were noticeably
+balanced. Accounting for around 20, 19
+and 18 per cent of Porsche deliveries re-
+spectively, the Macan, Cayenne and Taycan
+models enjoyed similar levels of popularity.
+In addition to the Taycan with an increase of
+55 per cent, the Panamera enjoyed strong
+growth in Germany (12 per cent). Just under
+three quarters of all the Panamera units
+handed over to customers were equipped
+A total of 86,160 vehicles were delivered to
+customers in Europe - seven per cent more
+than in 2020. Together, plug-in hybrids and
+the all-electric Taycan accounted for 39 per
+cent of deliveries in this region. "This result
+is promising and shows the strategy to further
+electrify our fleet is working and is in line
+with demand and the preferences of our
+customers," says Detlev von Platen. The top
+three European markets for the Taycan were
+Germany (5,106 units), the UK (4,062 units)
+and Norway (1,714 units).
+EUROPE
+Deliveries in 2021
+2021
+2020
+2017 2018 2019
+0
+301,915
+272,162
+280,800
+50
+100
+150
+250
+246,375
+256,255
+64
+THE CURRENT PORSCHE PRODUCT RANGE
+200
+America
+of new vehicles
+Year-on-year comparison
+Europe
+66
+THE ICONIC 911 SPORTS CAR IS IN GREAT DEMAND IN THE US TOO
+THE PORSCHE CAYENNE REMAINS THE MOST POPULAR MODEL IN FRANCE
+Brazil: expedition with the Taycan
+Plug & Charge at the Copacabana: follow-
+ing the market launch in November 2020,
+385 Taycan units were delivered to custom-
+ers in Brazil in 2021. The national roll-out
+of the Taycan Cross Turismo occurred in
+December 2021 with a special campaign -
+popular Brazilian sportspeople traversed
+14 states in 26 days and clocked up more
+than 10,000 all-electric kilometres in
+the process. The two models with the
+highest delivery figures in Brazil were the
+Porsche 911 at 852 units and the Macan
+at 821 units.
+Canada followed the very positive trend on
+the North American continent with an in-
+crease of 23 per cent. In total, 9,141 units
+were delivered in the year under review,
+primarily thanks to the Porsche 911 and
+Macan models, which both increased their
+prior-year delivery figures in Canada by
+more than 45 per cent.
+Canada: two pillars of success
+Porsche delivered 80,449
+vehicles across the North
+American continent in the
+year under review. With
+70,025 deliveries, the US was
+once again Porsche's second
+largest single market world-
+wide. Year-on-year, 22 per
+cent more new vehicles were
+delivered to US customers.
+United States: Taycan as the shooting star
+Porsche delivered 80,449 vehicles across the
+North American continent in the year under
+review. With 70,025 deliveries, the US was
+once again Porsche's second largest single
+market worldwide. Year-on-year, 22 per cent
+more new vehicles were delivered to US
+customers. Already comfortably ranked top
+in 2020, the Macan considerably boosted its
+popularity again, achieving an increase of
+33 per cent in deliveries to 24,716 units.
+The Taycan was the shooting star in the US
+too. Deliveries increased more than twofold
+year-on-year to 9,419 units. Demand was
+especially high in California, with 29 per cent
+of the Taycan deliveries in the US going to
+this state in the year under review.
+AMERICA
+65
+Important events
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+and Middle East
+131,098
+Asia-Pacific, Africa
++11% 7
+86,160
+84,657
+→ "Best in class" ESG rating
+72
+K72
+Valentin Schä
+fred Schurti
+Laurin Heinrich is the new Porsche Junior
+Twenty-year-old Laurin Heinrich of Würzburg
+has made it - he will be competing in the 2022
+season of the Porsche Mobil 1 Supercup as the
+Porsche Junior. The junior driver beat 11 com-
+petitors from the worldwide Porsche Carrera
+Cups in a selection process held in Aragon, Spain,
+at the end of November. Heinrich receives a
+sponsorship package for the Porsche Mobil 1
+Supercup worth 225,000 euros. Last season, he
+clinched the rookie title in the international one-
+make cup with the 375 kW (510 PS) 911 GT3
+Cup. He won the Porsche Sports Cup in 2019
+and secured the rookie championship title in the
+Carrera Cup Deutschland the following year.
+Manfred Schurti celebrates his 80th birthday
+On 24 December, Porsche wished a
+happy birthday to a man who achieved
+24 podium finishes in 24 races in a
+Porsche 935. Former works driver Manfred
+Schurti turned 80 on Christmas Eve.
+Born in Lustenau, Austria, Schurti is a
+citizen of Liechtenstein and is the princi-
+pality's most successful racing driver to
+date. His career began on motorbikes and
+he became Swiss motocross champion in
+the 250 cc category at the age of 21. He
+entered Formula Vee at 25. Porsche signed
+him up as a works driver when he was
+32 and he competed alongside Jacky Ickx,
+Jochen Mass and Rolf Stommelen. He
+ceased to compete in 1980, since when
+he has been managing Liechtenstein's
+Motor Vehicle Agency.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+61
+60
+BUSINESS PERFORMANCE
+Global economy recovering
+The global economy bounced back in 2021,
+hitting a growth rate of 5.6 per cent at the
+end of the year (previous year: -3.4 per cent).
+The average rate of growth in gross domestic
+product (GDP) was well above the previous
+year's levels in both the developed economies
+and the emerging markets. Many govern-
+ments took steps to curb the impacts of the
+pandemic and economic growth benefited
+from these too. For example, the progress that
+many countries made with vaccinating their
+populations had a positive effect. The prices of
+many energy resources and other commodities
+increased significantly year-on-year. Raw
+material and intermediate product shortages
+increased and consumer prices rose more
+quickly than in the previous year.
+GDP in Western Europe increased by 5.4 per
+cent in 2021 (2020: -6.5 per cent). The
+German economy recorded growth of 2.7 per
+cent in the year under review (2020: -4.9 per
+cent). The German labour market recovered
+in the course of the year - the unemploy-
+ment rate and the number of people on short-
+time work fell. Consumers and businesses
+alike regained their confidence. GDP in the
+economies of Central and Eastern Europe
+increased significantly too, by 5.6 per cent
+(2020: -2.4 per cent). Economic output
+increased by 6.8 per cent in Central Europe
+(2020: -2.1 per cent) and by 4.2 per cent
+in Eastern Europe (2020: -2.8 per cent).
+The situation in Russia was much the same,
+where there was an increase of 4.3 per cent
+(2020: -2.9 per cent).
+The US economy grew by 5.7 per cent
+(2020: -3.4 per cent). The US administration
+introduced an extensive support package in
+the first quarter of 2021 to further bolster
+the economy. The Federal Reserve adhered to
+its low interest rate. The weekly applications
+submitted for unemployment support dropped
+and the unemployment rate fell. GDP likewise
+increased in the USA's neighbouring countries
+- by 4.6 per cent in Canada (2020: -5.2 per
+cent) and by 5.5 per cent in Mexico (2020:
+-8.4 per cent). The Brazilian economy posted a
+4.4 per cent increase in 2021 in spite of a high
+rate of infection (2020: -4.2 per cent). Argen-
+tina achieved growth of 8.4 per cent (2020:
+-9.9 per cent). China felt the negative effects
+of the pandemic earlier than other economies.
+It had already achieved economic growth of
+2.3 per cent in 2020. In 2021, the Chinese
+government tackled isolated outbreaks with
+a zero-COVID strategy. The Chinese econ-
+omy grew by 8.1 per cent in 2021. Japan
+recorded a 1.9 per cent increase in economic
+performance (2020: -4.5 per cent).
+Performance of car markets
+The global car market increased by 4.2 per
+cent to 70.9 million vehicles in 2021.
+However, developments varied greatly in the
+car markets around the world, on the one
+hand due to the impacts of the pandemic at
+the regional level and on the other due to
+semiconductor supply bottlenecks. By the
+end of the year, the Asia-Pacific region had
+achieved growth above the global growth
+rate. North America and Central and Eastern
+Europe fell just short of the global rate.
+Meanwhile, there was a downward trajectory
+in Western Europe once again in 2021. In
+Germany, new registrations even fell to the
+lowest level since reunification.
+The volume of the Western European car
+market dwindled to 10.7 million vehicles in
+the year under review - a drop of 2.0 per cent
+compared with 2020. However, demand for
+cars had already been weak in the previous
+year. For comparison purposes, there
+were 14.4 million new vehicle registrations
+in 2019. This downward trend was due not
+only to the impacts of the pandemic. In the
+second half of 2021 in particular, it could
+be attributed to the semiconductor shortage,
+resulting in there simply being fewer cars
+available. At 2.6 million units, the number of
+new car registrations in Germany in 2021
+consequently fell 10.1 per cent short of the
+previous year's weak figure. For comparison
+purposes, 3.6 million vehicles were newly
+registered in Germany in 2019. The market
+developments were slightly more moderate
+in Spain (-0.9 per cent), France (0.5 per
+cent) and the UK (1.0 per cent). Italy even
+achieved an increase of 5.6 per cent.
+The market volume in Central and Eastern
+Europe increased by 2.8 per cent to a total
+of 2.9 million cars, with new registrations
+increasing by 1.7 per cent in Central Europe
+and by 3.6 per cent in Eastern Europe.
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+STA 5132E
+Stakeholder survey and materiality
+Stakeholder communication and dialogue
+Sustainability organisation
+Sustainability strategy
+SUSTAINABILITY MANAGEMENT
+a global leader in 3D printing
+systems for high-performance
+materials.
+Porsche Ventures invested in
+INTAMSYS. The company is
+Important events
+MANFRED SCHURTI
+PORSCHE EXCLUSIVE MANUFAKTUR'S PAINT TO SAMPLE
+Maritime Blue, Rubystar and Mint Green
+The Porsche Exclusive Manufaktur has ex-
+panded its colour spectrum. From 2022, cus-
+tomers can have their cars painted in classic
+Porsche colours irrespective of the model ser-
+ies. The Paint to Sample and Paint to Sample
+Plus categories feature countless colours. At
+a new colour mixing bench in Zuffenhausen,
+the colours are precisely blended down to
+the last milligram using dozens of ingredients.
+Shades such as Maritime Blue, Rubystar and
+Mint Green from the 1990s enjoy cult status
+among Porsche fans. In the past, they were
+offered for the 911 (type 964). There are
+more than 100 additional paintwork colours
+to choose from for the 911 and 718 model
+lines. For the Panamera, Macan and Cayenne,
+there are more than 50 options, while a
+further 65 colours complete the range for
+Taycan customers.
+The Porsche Exclusive
+Manufaktur has expanded its
+colour spectrum. From 2022,
+customers can have their cars
+painted in classic Porsche
+colours irrespective of the
+model series. The Paint to
+Sample and Paint to Sample
+Plus categories feature
+countless colours.
+Porsche invests in energy start-up
+Porsche expanded its investment portfolio
+in the field of smart city technology - the
+Stuttgart-based sports car manufacturer's
+venture capital unit Porsche Ventures became
+a shareholder in 1KOMMA5° in December.
+The start-up from Hamburg intends to expand
+the market for CO2-neutral energy and air
+conditioning technology in private households
+in a sustainable and decentralised way.
+1KOMMA5° acquires interests in leading
+electrical installation companies across
+Europe with a focus on renewable energies
+(solar self-supply, heat pumps, energy stor-
+age), supporting them with digitalisation
+efforts and the centralisation of administrative
+tasks. It also seeks to promote smart electri-
+city tariffs and virtual power plant concepts.
+58
+First entirely virtual gaming concept study
+Porsche and the Japanese video game devel-
+opment studio Polyphony Digital Inc. created
+the Porsche Vision Gran Turismo in November
+as a promising virtual racing car. It is the first
+concept study that Porsche has developed
+specifically for a computer game. The game
+will be release on 4 March 2022. The study is
+designed for the PlayStation 4 and the new
+PlayStation 5 and features exclusively in the
+new Gran Turismo 7 game. Porsche sports
+cars have been an integral part of the Gran
+Turismo game since 2017. The model to
+most recently make an appearance was the
+Taycan Turbo S. The seventh release makes
+an impression with the first entirely virtual
+vehicle. "This opens up exciting possibilities
+for us," says Michael Mauer, Vice President
+Style Porsche. Possibilities that are otherwise
+heavily regimented in the regular design pro-
+cess for a production vehicle. The concept car
+exhibits the brand's typical proportions with
+an especially sporty height-to-width ratio, an
+extremely low-set bonnet and very pro-
+nounced wings. Gaming is of strategic inter-
+est to Porsche. "We can engage young and
+digital target groups in the place where their
+automotive dreams are born: the world of
+gaming," says Robert Ader, Vice President
+Marketing at Porsche AG.
+PORSCHE
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+PORSCHE
+Porsche mourns the death of Eberhard Mahle
+Former racing driver Eberhard Mahle died on
+21 December 2021 at the age of 88. Porsche
+is in mourning for a man who had strong
+affiliations with the company. Eberhard Mahle
+was the son of Ernst Mahle, co-founder of the
+Stuttgart-based company Mahle GmbH. He
+won his first touring car race at the age of 21.
+He then bought his first Porsche and came
+sixth in the Achalm hill climb near Reutlingen
+the following year. At the age of 26, he came
+second in the Targa Florio in a Porsche 550
+Spyder. By 1963, he had competed in around
+210 races and rallies, scoring six overall wins
+and celebrating more than 150 class victories.
+Following an accident which was no fault of
+his own, resulting in a break from racing, he
+tackled the European Hill Climb Champion-
+ship in 1966. The result - he became Euro-
+pean champion.
+SOCIETY
+23
+ICONS OF PORSCHE FESTIVAL, DUBAI
+Historic event in Dubai
+Visitors flocked in their thousands to the
+Icons of Porsche festival held in Dubai in
+November. For Porsche, this was the
+biggest exhibition of classic cars from the
+museum to be shown outside of Germany
+in 2021. Among other things, it featured
+the visionary design studies in the Porsche
+Unseen series. Hundreds of classic car
+owners from the United Arab Emirates,
+Bahrain, Kuwait, Saudi Arabia, Lebanon
+and Oman travelled to Dubai to present
+their cars. Manfred Bräunl, CEO of Porsche
+Middle East and Africa: "The region is
+home to a variety of rare and unique
+Porsche classics."
+Donation for inclusion in sports
+The Ferry Porsche Challenge will promote
+inclusion in sports. Under the patronage of
+Paralympics champion Niko Kappel, sports
+clubs big and small in Baden-Württemberg
+and Saxony were encouraged to apply in
+December. Interstate projects with sports
+clubs from Baden-Württemberg and Saxony
+can also apply. The top three places will
+receive 75,000 euros each, 50,000 euros
+have been allocated to each of six second
+places and eight third places will each
+be awarded 25,000 euros. All the nom-
+inees also have the opportunity to win one
+of two special prizes of 50,000 euros.
+Helping refugee women gain employment
+Strong women, strong families - together
+with the social start-up socialbee, the Ferry
+Porsche Foundation is supporting refugee
+women as they enter the German labour market.
+In autumn, a donation of 300,000 euros was
+used to create a three-year qualification and
+development programme which boosts the
+female participants' independence and steers
+them into an independent career. "Education
+and qualifications are key to shaping people's
+lives. This is especially so for people who have
+had to flee from their home country. Helping
+refugee women to help themselves has a key
+part to play here," says Sebastian Rudolph,
+Chairman of the Board of the Ferry Porsche
+Foundation. "If refugee women are well inte-
+grated in Germany and in the labour market,
+this has a positive impact on their entire fam-
+ily. We therefore support this initiative and
+are strengthening an inclusive approach." so-
+cialbee guarantees continuous childcare, en-
+abling the participants to focus on their voca-
+tional training. In addition, trained mentors
+guide them as they enter the labour market.
+The aim is the long-term integration of
+women and their families.
+THE YARD diill
+Cellforce production in Reutlingen-Nord
+Porsche AG and Customcells Holding GmbH
+selected a site in December - Cellforce
+Group GmbH (CFG) intends to develop and
+produce high-performance battery cells in
+Reutlingen-Nord/Kirchentellinsfurt. Con-
+struction is set to begin in 2022 and produc-
+tion should be up and running in two years.
+The aim is to initially produce high-perform-
+ance battery cells for 1,000 vehicles a year.
+The Cellforce battery cells could conceivably
+be installed in high-performance electric
+Porsche models. Porsche is investing a double-
+digit million figure in the new Cellforce Group
+GmbH. The chemistry behind the new
+high-performance cells revolves around sili-
+con as the anode material. This makes it pos-
+sible to considerably increase the energy
+density compared with the current produc-
+tion batteries. The battery can be more com-
+pact in design while offering the same energy
+content. This new chemistry also reduces
+the battery's internal resistance, enabling it
+to absorb more energy during energy recu-
+peration and making it more efficient during
+fast charging. The battery cell is also said to
+be more resistant to high temperatures. In
+addition, all of the manufacturing value cre-
+ation occurs in Germany in accordance with
+stringent sustainability criteria. Important
+raw materials such as nickel and cobalt are
+sourced solely in Europe.
+Investment in 3D printing company
+Porsche Ventures invested in INTAMSYS
+in December. The company is a global leader
+in 3D printing systems for high-perform-
+ance materials. Thanks to years of research
+and development, INTAMSYS achieved a
+significant breakthrough in the small-batch
+production of automobile parts and com-
+ponents. The company has evolved into a
+leading supplier in this segment since enter-
+ing the market in 2016. Among other things,
+its products are used in aerospace, the
+automotive industry, medicine and scientific
+research. Porsche Ventures is Porsche AG's
+venture capital unit.
+EBERHARD MAHLE
+IN WILLOW SPRINGS, USA
+A
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+ORGANISATION
+DIGITALISATION
+SUSTAINABILITY
+PRODUCTS
+CUSTOMER
+Mission Vision | Targets
+CORPORATE STRATEGY
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+INVESTORS
+→ Return on investment ≥ 21%
+→ Return on sales ≥ 15%
+EMPLOYEES
+PORSCHE MISSION R ON THE RACETRACK
+„IN THE BEGINNING,
+I LOOKED AROUND AND
+COULD NOT FIND QUITE
+THE CAR I DREAMED OF.
+SO I DECIDED TO BUILD
+IT MYSELF."
+FERRY PORSCHE (LEFT) WITH HIS SON FERDINAND ALEXANDER
+Ferry Porsche
+34
+S.TA 5123E
+PRESERVE HIGH PROFITABILITY
+→ Attractive employer: top 3
+→ Employee fascination > 85%
+BE THE TOP EMPLOYER OF CHOICE
+TRANSFORMATION
+Inspiring brand and
+PORSCHE
+customer experience
+The "Digitalisation" cross-cutting strategy
+focuses on building up the company's own
+digital skills and gets partners involved.
+Shortening the time to market for new prod-
+ucts and business models, an open-platform
+strategy and the use of artificial intelligence
+and data-driven optimisations should make
+a major contribution to the success of
+the business.
+Exciting products
+The "Organisation" cross-cutting strategy
+addresses the company's organisational
+alignment to optimally prepare it for future
+requirements. Processes should be made
+as effective and as efficient as possible.
+Porsche is also defining strategic value cre-
+ation fields which will be developed by the
+company itself or by external suppliers in
+the future. This will also involve decisions
+regarding strategic partnerships.
+The focus of the "Transformation" cross-
+cutting strategy is on people. They are to be
+provided with new ways and methods of
+working. Leadership has an important part to
+play when it comes to getting the Porsche
+employees on board - they should be notified
+about changes promptly and be involved in
+processes to allow them to jointly expedite
+transformation. Long-term thinking and busi-
+ness-minded actions are supported here.
+Porsche continuously reviews the progress
+made with Strategy 2030. The company
+already achieved some important milestones
+in the last financial year. The Taycan Cross
+Turismo rolled out in 2021 is the first
+production model designed to be balance-
+sheet CO2-neutral over its entire service life.
+The sports car manufacturer has defined
+clear goals for its products - by 2030, more
+than 80 per cent of the vehicles delivered are
+to be electric, either as hybrid or all-electric
+vehicles. For the company, developing and
+making use of eFuels is a sensible addition to
+electromobility. Synthetic fuel has the poten-
+tial to be almost entirely CO2-neutral. It lends
+itself well to vehicles with internal combus-
+tion engines. The construction initiated
+by Porsche of an eFuels pilot plant in Chile
+is going according to plan. The company's
+commitment to green petrol produced from
+renewable energy falls within the Beyond
+Mobility topic of Strategy 2030. This is about
+thinking outside of the box regarding vehicle
+development and production.
+In relation to the topic of "Sustainability" too,
+Porsche achieved some strategic goals in
+2021 the German sites in Zuffenhausen,
+Weissach and Leipzig are now balance-sheet
+CO2-neutral. Beyond its own factory gates,
+the supply chain was involved more heavily,
+with the company requiring its approximately
+1,300 series suppliers to use renewable
+energies for all contracts newly awarded
+since July 2021. "Strategy 2030 will guide
+us to a successful future. We want to achieve
+balance-sheet CO2 neutrality in all areas by
+2030. This sees us assuming responsibility
+for the environment and for society," says
+Porsche's Chairman of the Executive Board
+Oliver Blume.
+01
+Miccin R
+Mobil
+D7
+The company promotes diversity of views
+and makes a commitment to society. Porsche
+also promotes sustainability in the supply
+chain as well as transparent and responsible
+corporate governance.
+74
+ABB
+Digitally enabled
+company, ecosystems
+partnering
+PROFITABILITY PROGRAM
+Effective execution and
+balanced exploration
+Sustainability in
+the whole value
+network
+TOGETHER4INTEGRITY
+Transformation
+driving change
+and services
+The cross-cutting "Customer" strategy fo-
+cuses on the relationship with our customers.
+Premium customer experiences should
+further boost customer loyalty and attract
+new audiences to the Porsche brand. Omni-
+channel sales and the development of a
+strong Porsche community are designed to
+connect customers with the brand online
+and in the physical world.
+The "Products" cross-cutting strategy focuses
+on the customer requirements of the future,
+aligning the product strategy with digital,
+connected and innovative products and ser-
+vices. In addition to the core business,
+individual mobility solutions and financial
+services should contribute to growth and
+the company's profitability.
+The "Sustainability" cross-cutting strategy
+pursues a holistic approach covering every-
+thing from environmental and social aspects
+to responsible corporate governance.
+Decarbonisation and maintaining a circular
+economy along the entire value chain are key.
+Six cross-cutting strategies
+The customer, products, sustainability, digit-
+alisation, organisation and transformation -
+these are the six cross-cutting elements
+that make up Porsche's Strategy 2030. They
+form the centre of the Porsche strategy house
+and feed into the corporate goals. The profit-
+ability programme provides the foundations.
+Porsche uses this to increase efficiencies and
+to tap into additional sources of income. The
+second foundation stone is the Volkswagen
+Group's Together4Integrity programme,
+which aims to bolster the Group's integrity
+and compliance across all brands and com-
+panies. Cross-functional teams realise
+the six topics, each of which is overseen by
+two Executive Board members.
+The global community wishes to slow
+down climate change. This calls for
+strategies and action plans to be
+developed. The industry players there-
+fore need to disclose their strategies
+regarding how they are adapting to
+the consequences of climate change,
+building up resilience and limiting harmful
+emissions. CO₂ emissions need to be
+reduced in order to protect the climate.
+CLIMATE ACTION
+13 ◉
+Infrastructure and industry are to be
+sustainable around the world by 2030.
+In addition, resource efficiency is to be
+promoted and environmentally sound
+technologies are to be expedited. The United
+Nations gauges the progress made with
+these targets on the basis of CO2 emissions.
+The lower these are, the more sustainable
+the contribution made to creating a liveable
+future for the global community.
+ENVIRONMENT
+Decarbonisation
+9
+Porsche has made a commitment to the
+climate targets agreed on in Paris in 2015.
+The company assumes responsibility for re-
+ducing environmentally harmful emissions.
+The product portfolio represents the core of
+its activities - Porsche is seeking to shape
+the mobility of the future with innovative
+products and technologies and attractive ser-
+vices. The premium manufacturer is develop-
+ing future-oriented drive concepts in order to
+significantly reduce CO2 emissions, focusing
+in particular on electromobility. Half of all new
+Porsche models are to have an electric motor,
+in other words be all-electric or partially elec-
+tric, by 2025. Porsche entered this era back
+in 2019 with the Taycan, a thrilling sports car
+that blends tradition and the future. In add-
+ition to its electrification strategy, Porsche
+has enshrined the continuous decarbonisa-
+tion of its products and business processes
+in its strategy. This applies to the entire life
+cycle. In addition to the CO₂ emissions
+caused by vehicle production, the emissions
+in the supply chain and during a vehicle's ser-
+vice life are likewise taken into account.
+ENVIRONMENT
+Circular economy
+Porsche calculates the volume of its CO2 emissions in tons per vehicle all along the value
+chain using the Decarbonisation Index (DKI). This has fallen by around five per cent
+since the defined base year, 2019 ( Vehicle decarbonisation, pp. 94-95). As such,
+Porsche is contributing to sustainable industrialisation and is playing its part in SDG 9
+and 13 being achieved.
+87
+INDUSTRY, INNOVATION
+AND INFRASTRUCTURE
+Tons of CO2
+per vehicle
+responsibility for reducing
+65.3
+1 Porsche bases its calculation of the DKI among other things on assumptions which are founded on statistics.
+They are model-based calculations that draw on company-specific premises and values and on data from LCA
+databases. Total vehicle mileage of 200,000 km is assumed for the Porsche fleet vehicles. Vehicle servicing
+is not factored into the calculation. Intrinsic tolerances cannot be ruled out of the modelling. The target of bal-
+ance-sheet CO₂ neutrality in 2030 is founded on averaging.
+Other
+⚫End of life
+Tailpipe
+Fuel
+In-house
+Supply chain
+2020
+2019
+90
+with innovative products
+and technologies and
+attractive services.
+67.3
+mobility of the future
+is seeking to shape the
+of its activities. Porsche
+portfolio represents the core
+20
+40
+emissions. The product
+environmentally harmful
+ment to the climate targets
+agreed on in Paris in 2015.
+The company assumes
+60
+Porsche has made a commit-
+63.8
+0
+2021
+of human rights
+86
+not so important
+Corporate co-determination
+7 p. 100
+Protection of
+biodiversity
+7 p. 125
+Transparent
+corporate governance
+recycling in production
+7 pp. 98-99
+Consumption of resources and
+7 p. 134
+7 pp. 128-129
+Digitalisation, data protection
+and corporate digital responsibility
+Customer and vehicle safety
+7 pp. 126-127
+Compliance and
+integrity
+Long-term
+customer relations
+and satisfaction
+7 p. 133
+7 p. 130
+Innovations
+7 pp. 94-95
+Vehicle
+decarbonisation
+7 p.97
+Production
+decarbonisation
+Business relevance for Porsche
+Field of activity
+Environment
+Social affairs
+very important
+7 pp. 82-87
+Stakeholder dialogue
+Corporate governance
+high
+medium
+low
+Impacts on the economy, the environment and society
+important
+7 pp. 112-113
+Sustainability management
+Diversity and equal
+opportunity
+Attractiveness as an employer
+7 pp. 131-132
+CIRCULAR ECONOMY
+Safeguarding
+7 pp. 118-119
+Occupational
+health and safety
+7 pp. 116-117
+and socially ethical
+transformation
+Employee development
+7 p. 118
+7 pp. 114-115
+There are two factors which are crucial when
+it comes to modern and future-proof vehicle
+architecture - sustainable materials and
+consideration of the environmental impacts.
+Long-lasting Porsche sports cars, quality
+workmanship and the use of low-wear
+materials are key aspects of the Porsche
+principle, which the company wishes to
+strengthen through its engagement. Porsche
+has set itself the goal of closing materials
+cycles, with the resources used being fed
+back into a production process at the end of
+a vehicle's service life. The company takes
+the environmental impacts of the materials
+it uses for its products into account and
+evaluates the materials on the basis of sus-
+tainability aspects. In this way, the circular
+economy is further expanded. It represents a
+strategic priority. This aspiration is also re-
+flected in the vision of the production of the
+future. Based on the guiding principle of a
+zero-impact factory, negative environmental
+impacts should be avoided in the production
+processes wherever possible.
+• Recycling assesses the emissions caused
+during disassembly.
+RESPONSIBLE CONSUMPTION
+REDUCED BY MORE
+THAN 90 PER CENT AT
+THE COMPANY'S
+OWN PRODUCTION
+PLANTS.
+↓CO₂
+Target: balance-sheet CO₂ neutrality
+At Porsche, environmental protection is
+determined on the basis of internal policies
+and strategic guidelines. The Group's Envir-
+onment and Energy Management guideline
+defines a standardised approach and the
+responsibilities. It assists the Group com-
+panies in systematically identifying, fulfilling
+and reviewing all the environmental and
+energy requirements.
+Porsche is working towards the clear goal of
+a zero-impact factory that produces without
+any negative environmental impacts. The
+factory for the all-electric Porsche Taycan
+at the main plant in Stuttgart-Zuffenhausen
+is the first milestone in this direction. When
+expanding the plant, the company add-
+itionally optimised the entire site and made
+it balance-sheet CO2-neutral. The minimal
+remaining CO₂ emissions are offset.
+The sports car manufacturer has reduced
+the CO2 emissions per vehicle at its own
+production facilities by more than 90 per
+cent since 2014. The energy supplies at the
+two production sites in Stuttgart-Zuffen-
+hausen and Leipzig are sourced from green
+electricity and biomethane.
+THE ENVIRONMENTAL
+POLLUTION CAUSED BY
+PRODUCTION IS TO
+BE REDUCED BY
+45 PER CENT
+BETWEEN 2014
+AND 2025.
+-45%
+The Member of the Executive Board re-
+sponsible for Production and Logistics is
+responsible for systematic implementation
+of the necessary measures and is assisted
+by the Environment and Energy Manage-
+ment department. The projects include
+reducing the environmental impact of pro-
+duction by 45 per cent between 2014
+and 2025. This target figure includes energy
+and CO2 per vehicle.
+Certified management systems
+The Porsche strategy defines short-,
+medium- and long-term environmental and
+energy management measures. These are
+founded on the environment and energy
+efficiency strategy and environmental pol-
+icy. Top management evaluates these set
+targets and measures at least once a year
+and accordingly determines what action
+is required. The overarching intention is
+to achieve ongoing improvements, in
+particular implementing the requirements
+as per ISO 14001, ISO 50001 and the
+EMAS Regulation.
+All the requirements are presented in
+Porsche's environmental compliance man-
+agement system (ECMS). A guideline stipu-
+lates a standardised approach for the
+company and its subsidiaries. The ECMS
+is part of the company's overall manage-
+ment system. It serves to organise and de-
+termine the responsibilities and procedures
+regarding environmental and energy as-
+pects within all the departments and div-
+isions. The ECMS requirements are based
+on the specifications of the Volkswagen
+Group and are incorporated into the
+Porsche specifications by the Environment
+and Energy Management department. This
+ensures that binding obligations are met.
+At the same time, the environmental as-
+pects of sustainability are to be taken into
+account in all business processes. The
+Stuttgart-Zuffenhausen plant has enjoyed
+validation under the Eco-Management
+and Audit Scheme (EMAS) for over 20 years.
+It has also been in compliance with the
+ISO 50001 energy management standard
+since 2011.
+In addition to the Stuttgart-Zuffenhausen
+plant, Porsche Leipzig GmbH, the Weissach
+Research and Development Centre and its
+external sites, the central parts warehouse
+in Sachsenheim and Porsche Werkzeugbau
+GmbH have all likewise been certified as
+compliant with this standard and with the
+ISO 14001 environmental management
+system. Porsche records the environmental
+impacts at the Stuttgart-Zuffenhausen site,
+assessing all the relevant environmental
+pollution in the air and water, energy con-
+sumption and waste volumes.
+CO2 EMISSIONS PER VEHICLE
+Porsche is clearly committed to the goals
+of the Paris Agreement. The sports car
+manufacturer is to be balance-sheet
+CO2-neutral across the entire value chain
+from 2030. Porsche is systematically pur-
+suing an electrification strategy and is
+setting itself ambitious decarbonisation
+targets, also in comparison with the rest
+of the industry. The CO2 emissions of the
+company and its products are to be reduced
+throughout the life cycle. The sports car
+manufacturer's own production activities
+constitute a key part of its decarbonisation
+programme. Porsche has therefore add-
+itionally developed a target vision of a
+zero-impact factory for its production
+activities, comprising 11 areas of action.
+The consumption of materials and re-
+sources is another focal area. The aim is to
+achieve closed cycles wherever possible.
+PRODUCTION DECARBONISATION ✓
+PORSCHE
+Other
+Recycling
+Energy expenditure
+for vehicle recycling
+Energy and fuel at
+non-production sites,
+employee mobility,
+waste, logistics, etc.
+PORSCHE'S DECARBONISATION PROGRAMME AIMS TO ACHIEVE BALANCE-SHEET CO₂ NEUTRALITY BY 2030
+(Scopes 1 and 2) on the one hand and also
+includes other upstream and downstream
+CO₂e emissions during a vehicle's life cycle,
+in other words from raw material extraction
+and use through to the recycling of end-of-
+life vehicles (Scope 3).
+The DKI is subject to regular modification
+due to changes in the internal and external
+requirements (such as test cycles) and ad-
+vancements in findings. DKI values previous-
+ly published can therefore be adapted to
+new premises and be changed for the pur-
+poses of presenting a methodologically
+consistent time series.
+As a strategic performance indicator, the
+DKI contributes to the comprehensive
+management of the company's progress in
+becoming CO2-neutral. All the activities
+relevant to the DKI are consolidated within
+the Decarbonisation Task Force and are as-
+sessed by a group of experts from various
+business divisions. The body draws up pro-
+posals of targets and tracks the progress
+made in each case. It also manages the de-
+fined strategic programmes on the basis
+of performance indicators and adopted
+ramp-up curves. It serves as a forum for
+Vehicle fleet electrification
+is a key lever for reduction
+of the Decarbonisation
+Index (DKI). Other leverage
+points include making
+systematic use of green
+electricity, definition of
+the DKI targets for vehicle
+projects and the decar-
+bonisation of production.
+Independent third parties audit the official
+certifications. In addition, Porsche per-
+forms annual system and process audits
+to determine whether and to what extent
+all the applicable environmental and energy
+legislation is being observed and adhered
+to across the company.
+THE DECARBONISATION INDEX
+HAS FALLEN BY AROUND
+FIVE PER CENT SINCE
+THE DEFINED BASE
+YEAR, 2019.
+the discussion of content and lays the
+groundwork for policy decisions in the rele-
+vant management and steering committees.
+The Porsche management bodies report
+the DKI all the way up to the Executive
+Board. They also adopt binding targets for
+the various business divisions. For example,
+the product development process features
+target values at the vehicle level.
+All the Volkswagen Group brands calculate
+the Decarbonisation Index on the basis of
+standardised methodology. It is then con-
+solidated as a performance indicator at the
+Volkswagen Group level.
+Vehicle fleet electrification is a key lever
+for DKI reduction. Other leverage points
+include making systematic use of green
+electricity, definition of the DKI targets for
+vehicle projects and the decarbonisation
+of production.
+Porsche's DKI has fallen by around five per
+cent since the defined base year, 2019.
+The two levers with the biggest influence
+on reduction are the electromobility cam-
+paign and the renewable energy strategy
+for the service lives of vehicles.
+24
+94
+Environment
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+95
+-5%
+Efficient use of energy
+Porsche is continuously promoting and in-
+creasing the proportion of the renewable
+energies that the sites generate themselves.
+In Leipzig, for example, the company
+makes use of the solar energy generated
+by a four-megawatt photovoltaic system.
+Highly efficient combined heat and power
+plants with overall efficiency of more than
+83 per cent cover most of the remaining
+energy needs.
+New buildings go far beyond the minimum
+statutory energy efficiency requirements.
+One plant has already been certified in
+accordance with the highest standard stipu-
+lated by the German Sustainable Building
+Council (DGNB). In addition, minimum cri-
+teria have been stipulated for new builds.
+Environmental compliance
+Environmental protection is one of the six
+compliance topics at Porsche. Europe-wide
+regulations and directives, German national
+laws, federal state laws and ordinances,
+and municipal by-laws must be observed.
+The Environment and Energy Management
+department ensures compliance through
+officers who follow and assess all the legal
+developments and then notify the company
+divisions affected. We are not aware of any
+violations of environmental or energy legis-
+lation regulations at Porsche sites in the
+reporting period.
+Energy expenditure
+for supply chain
+further processing
+Supplier
+Material extraction
+and processing
+Raw materials
+Supply chain
+Concrete measures have already been and
+will be adopted within the decarbonisation
+programme. These will be founded on three
+guiding principles, which also represent the
+priorities in descending order. At the top of
+the list are measures to avoid or reduce CO2
+emissions. Second come measures that seek
+to switch the energy sources used in the
+value chain to less CO₂-intensive or to renew-
+able energies. And in accordance with the
+third guiding principle, CO2 emissions which
+cannot be avoided will be offset through
+climate protection projects which meet the
+most stringent international standards.
+Target: decarbonisation and CO₂ neutrality
+The company has initiated an extensive de-
+carbonisation programme. Porsche wishes to
+achieve balance-sheet CO2 neutrality across
+the entire value chain by 2030. This is the
+sports car manufacturer's contribution to the
+UN's climate targets being achieved.
+Advancing climate change means the
+global automotive industry has obligations.
+Newly developed vehicles and drive
+systems need to significantly reduce CO₂
+pollution. Porsche intends to continuously
+lower its CO2 emissions all along the
+value chain, including after its vehicles' life
+cycles. The sports car manufacturer is
+intensively expediting the electrification
+and hybridisation of its product portfolio
+to this end. The vehicles are at the heart
+of an extensive and comprehensive
+decarbonisation programme within the
+sports car manufacturer's strategy.
+(DECARBONISATION PROGRAMME)
+Decarbonisation Index
+VEHICLE DECARBONISATION
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Environment
+THE TAYCAN MODELS ARE AVAILABLE WITH ENTIRELY LEATHER-FREE INTERIORS
+Porsche has set itself the
+goal of closing materials
+cycles, with the resources
+used being fed back into
+a production process at
+the end of a vehicle's
+service life. The company
+takes the environmental
+impacts of the materials it
+uses for its products into
+account and evaluates the
+materials on the basis of
+sustainability aspects.
+The Porsche footprint can be reduced
+by means of the increased use of sec-
+ondary materials. By using recycled ma-
+terials, Porsche also conserves primary
+materials. In this way, the sports car
+manufacturer is increasingly helping
+SDG 12 and sustainable resource man-
+agement to be achieved.
+RECYCLED MATERIALS
+FOR A REDUCED
+MATERIAL FOOTPRINT.
+Porsche is reducing its material foot-
+print by increasingly using recycled
+and sustainable materials. In this way,
+the company is systematically in-
+creasing the added value of the pro-
+duction processes.
+The earth's resources are finite. The
+United Nations is therefore seeking
+to establish sustainable resource
+management globally by 2030 and
+to ensure that natural resources are
+used efficiently. The contributions
+made here are assessed by means of
+the material footprint.
+AND PRODUCTION
+93
+12 G
+The Decarbonisation Index (DKI) is Porsche's
+most meaningful instrument for measuring
+and controlling progress across all the div-
+isions. The aim of the DKI is to offer as com-
+prehensive an overview as possible of the CO₂
+equivalent emissions throughout the value
+chain. It is primarily based on life cycle as-
+sessments which Porsche performs on the
+basis of systematic methods that are stand-
+ardised in ISO 14040/44.' A life cycle as-
+sessment examines environmental impacts
+such as the CO2 footprint caused throughout
+a vehicle's life cycle during manufacture, use
+and recycling. The scope of consideration of
+a vehicle's life cycle encompasses the vehicle
+and all of its parts:
+⚫ Service life encompasses the emissions re-
+lated to fuel/power supply as well as to ve-
+hicle operation over total mileage of
+200,000 km per vehicle.
+Environment
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+97
+7 pp. 131-132
+End of life
+شدم
+Calculation is based on company-specific premises
+and values and on data from LCA databases. Vehicle
+servicing is not factored into the calculation.
+CO₂ emissions from
+fuel combustion
+during the vehicle's
+service life
+Upstream chains
+for fuel extraction
+and refining, CO₂
+emissions caused
+by power generation
+• The supply chain and production include the
+emissions generated during raw material
+extraction, component production and the
+manufacturing steps of body construction,
+paintwork and assembly.
+Driving emissions
+Porsche has initiated an
+extensive decarbonisation
+programme. Porsche
+wishes to achieve balance-
+sheet CO2 neutrality across
+the entire value chain by
+2030.
+Service life
+Energy expenditure
+for vehicle
+manufacture
+Production
+In-house
+DECARBONISATION INDEX (DKI)
+The DKI therefore comprises the production
+sites' direct and indirect CO₂e emissions
+the value chain including the energy and fuel
+emissions of non-production sites and busi-
+ness trip and logistics emissions.
+The DKI also records other emissions within
+Upstream chain
+in the supply chain
+Porsche's activities are directed at promoting
+a Europe that is harmonious, sustainable
+and internationally competitive. The European
+Single Market, cross-border trade, the
+free movement of workers and the sharing
+of knowledge determine the company's
+competitiveness. Porsche supports the Paris
+Agreement and welcomes the European
+Green Deal as a key framework for the future.
+The company promotes free, fair, sustainable
+and rule-based international trading relation-
+ships. These then protect human rights and
+promote prosperity, employment and growth.
+7 pp. 102-103
+A performance indicator is currently
+under development.
+Performance assessment
+Porsche has set itself the goal of
+quantifiably establishing diversity
+within the company by 2030 in terms
+of mixed teams.
+Goal
+Porsche intends to promote a corporate
+culture in which everyone is welcome
+and can apply their skills.
+Diversity
+Vision
+7 Supply chain responsibility, p. 122
+2021 status
+Publication of a Responsible.
+Raw Materials Report by the
+Volkswagen Group
+Introduction of a human rights
+due diligence management system
+•Review of identified high-risk raw
+materials
+•Introduction of an Al tool to monitor
+potential sustainability risks in the
+supply chain
+Measures
+S-rating coverage: assessment category
+for suppliers' good sustainability
+achievements.
+Performance assessment
+Porsche has set itself the goal of
+90 per cent of its purchasing volume
+meeting its most stringent quality
+standards by 2030.
+Goal
+Porsche intends to guarantee
+compliance with environmental
+and human rights standards in its
+value chain.
+Supply chain responsibility
+Vision
+7 Circular economy, p. 93
+2021 status
+Raising the proportion of sustainable
+materials in vehicle and project targets.
+Measures
+Proportion of sustainable materials in
+the vehicles.
+Performance assessment
+Porsche has set itself the goal of
+significantly increasing the proportion
+of the verifiable secondary materials
+used in its vehicles by 2030.
+Measures
+Qualification and raising awareness
+across all hierarchical and depart-
+mental levels
+•Networks and communities
+⚫Diversity marketing
+and communication
+On this basis, the Environment and Sustain-
+ability Steering Group determines the focuses
+and direction of the sustainability strategy,
+which are then presented to the Executive
+Board to be decided upon. The Steering Group
+is composed of the heads of the main divisions
+and can be expanded flexibly as required. It
+addresses all the topics conducive to the
+development and creation of the sustainability
+strategy and commissions the Environment
+and Sustainability Steering Committee with
+preparing and coordinating topics, projects
+and initiatives relating to sustainability. The
+Environment and Sustainability Steering Group
+meets once a quarter and provides regular
+reports to the Executive Board.
+Group. The Steering Committee makes deci-
+sions regarding the roadmap and objectives
+within the sustainability strategy. It also
+forms working groups to prepare, evaluate
+and refine topics, projects and initiatives
+relating to sustainability. It generally holds
+bimonthly meetings and reports to the
+Steering Group above it.
+Environment and Sustainability Steering
+The Environment and Sustainability Steering
+Committee is a cross-departmental body
+comprising representatives of all the relevant
+departments. It determines and consolidates
+the direction and content of the sustainability
+strategy, for its subsequent adoption by the
+In addition, the Politics and Society depart-
+ment of the Communications, Sustainability
+and Politics division is responsible for internal
+and external sustainability communications,
+non-financial reporting and stakeholder
+management. It engages in sustainability
+networks. The office of the Porsche Sustain-
+ability Council and project management for
+all activities relating to the Value Balancing
+Alliance are also located here.
+The Sustainability department within the
+General Secretary and Corporate Development
+division is responsible for the sustainability
+strategy and its continued development.
+It realises sustainability projects and manages
+the company's sustainability bodies. In line
+with the Volkswagen Group Sustainability
+Guidelines, it also serves as the interface
+with the Volkswagen Group, where it
+represents the Porsche brand's sustaina-
+bility management.
+The Executive Board of Porsche AG is the
+highest authority with regard to sustainable
+company development. It determines the
+fundamental strategic direction and concrete
+sustainability targets in regular strategy
+workshops. It also decides on the realisation
+of far-reaching sustainability measures and
+flagship projects.
+Porsche's sustainability organisation is
+established throughout the company.
+A transparent internal structure with defined
+responsibilities allows material topics to
+be handled consistently and effectively. This
+is underpinned by the Group's sustainability
+guidelines, which contain binding rules on
+organisational processes, topic management,
+project implementation, and communication
+of all sustainability topics.
+Sustainability is enshrined as a central
+cross-cutting issue in Porsche's Strategy
+2030. Responsibility for this lies directly
+with the Chairman of the Executive Board,
+with additional support from the Member
+of the Executive Board responsible for
+Production and Logistics and the Member
+of the Executive Board responsible
+for Procurement.
+SUSTAINABILITY ORGANISATION
+→ GRI 102-43
+79
+Sustainability management
+78
+Goal
+Governance and transparency, p. 122
+• Global roll-out completed of risk
+analysis on the topic of human rights
+• Integration of the topic of human rights
+into the digital learning module
+•Raising awareness among the
+employees via various information
+media as well as responsibilities
+and interfaces with the compliance
+management system and the Business
+and Human Rights functions
+Measures
+Annual assessment of sustainability
+achievements on the basis of the
+ISS ESG rating.
+Performance assessment
+Porsche has itself the goal of being rated
+a leading automotive company in the
+independent ISS ESG rating by 2030.
+Goal
+Porsche intends to systematically embed
+sustainability aspects in its corporate
+management and work towards further
+enhancing transparency and responsible
+corporate governance.
+Governance and transparency
+Vision
+7 Diversity, p. 108
+2021 status
+2021 status
+Another key body is the Porsche Sustainability
+Council, which has been guiding the company
+Porsche intends to use sustainable
+materials in its vehicles and close
+resource cycles.
+3 Circular economy
+With ambitious targets, Porsche's sustain-
+ability strategy benchmarks itself against
+scientific findings and external expectations.
+These provide the framework for effective
+action. The company also draws on its
+inherent values and the brand's aspiration
+to be a bold and visionary pioneer of sus-
+tainable mobility.
+Porsche also ties the six strategy fields and
+its corresponding activities in with the
+Sustainable Development Goals (SDGs).
+The United Nations' SDGs offer companies
+guidance in bringing their targets and activ-
+ities into line with sustainable development.
+There are 17 global goals at the heart of
+the 2030 Agenda. Their aim is to reconcile
+economic progress with social justice and
+environmental compatibility around the
+world. The SDGs apply to this report too and
+are tied in with Porsche's strategic focuses.
+The sports car manufacturer continuously
+evaluates the progress it is making in
+all six areas of action in its Sustainability
+Strategy 2030. The strategy pursued is
+then continuously adapted. Porsche regularly
+engages in active dialogue with its internal
+and external stakeholders and with recog-
+nised experts.
+the company is promoting new shaping and
+innovation opportunities - throughout the
+company's value chain.
+and the stakeholders' expectations. With its
+chosen strategy fields, Porsche is taking
+global changes into account. Together with
+its suppliers, employees and customers,
+The company systematically aligns its engage-
+ment with these areas of action. With its
+Sustainability Strategy 2030, Porsche is
+therefore assuming social responsibility,
+bolstering sustainable and value-creating
+growth and further reducing its environ-
+mental footprint. At all times, the focus is
+on the impacts of its business activities
+Governance and transparency
+Supply chain responsibility
+Partner to society
+Diversity
+Circular economy
+☑
+3
+Decarbonisation
+(+00
+In its Sustainability Strategy 2030, Porsche
+has grouped the company's key challenges
+under six strategic areas of action. These are:
+Companies are key players in society in
+many ways. Their actions have far-reaching
+economic, environmental and social effects.
+More resources are consumed around the
+world annually than can be naturally repro-
+duced. The planet's population will likely grow
+to over eight billion people by 2030. The
+responsible use of natural resources is there-
+fore becoming more and more relevant. At
+the same time, global competition is becom-
+ing more intense. And new challenges are
+arising all the time, such as climate change,
+political upheaval and the global consequences
+of the coronavirus pandemic. The consumers
+are generating momentum too with demand
+which is changing more and more quickly.
+There are also increasing expectations on the
+part of various interest groups of an economy
+which is oriented towards sustainability.
+A key role in how these changes are responded
+to is played by the automotive industry - and
+therefore also by Porsche.
+Sustainability Strategy 2030
+reducing its environmental
+footprint.
+is assuming social
+responsibility, bolstering
+sustainable and value-
+creating growth and further
+With its strategy, Porsche
+In its Sustainability
+Strategy 2030, Porsche
+has grouped the company's
+key challenges under six
+strategic areas of action.
+The company systematically
+aligns its engagement
+with these areas of action.
+Porsche further developed its activities
+in the area of sustainability in the year
+under review. These activities are based on
+the company's Strategy 2030. Social and
+environmental changes at the global level
+are prompting the company to examine
+the entire value chain with the aim of con-
+tinuously improving sustainability in all
+areas of its business activities.
+SUSTAINABILITY STRATEGY
+Strategy programme
+SUSTAINABILITY MANAGEMENT
+Environmental protection
+CO₂
+Vision
+Decarbonisation
+Porsche intends to make its products
+and processes balance-sheet CO₂-
+neutral across their entire life cycle.
+Partner to society, p. 109
+2021 status
+hilft volunteering platform
+•Further development of the Porsche
+• First Porsche Virtual Run
+• Projects to potentially improve the
+living conditions of people involved in
+the extraction of raw materials for
+the automotive industry
+contribute to the strategic "Partner
+to society" goals
+to support project ideas which
+• Establishment of an internal fund
+Measures
+Impact assessment of social projects:
+establishment of lasting positive change in
+people's circumstances at the local level.
+Performance assessment
+in people's circumstances through its
+social projects by 2030.
+Vision
+Porsche has set itself the goal of
+achieving a quantifiable improvement
+Porsche intends to support people around
+the world and actively empower them
+through its social engagement.
+Partner to society
+Vision
+(decarbonisation programme), p. 94
+> Vehicle decarbonisation
+2021 status
+Purchasing of green electricity
+Use of sustainable materials
+Definition of the DKI targets for
+the model lines
+• Development of future-oriented
+drive concepts
+Measures
+Annual measurement of CO2
+emissions in tons per vehicle using
+the Decarbonisation Index (DKI).
+Performance assessment
+Porsche has set itself the goal of being
+balance-sheet CO2-neutral across the
+entire value chain by 2030.
+Goal
+Goal
+into a more sustainable future since 2016.
+Here, external specialists from the fields
+DECARBONISATION
+The Sustainability Council held two meetings
+with the Porsche Executive Board in the year
+under review. The key topics addressed in-
+cluded decarbonisation, ESG management,
+sustainable supply chains and human rights.
+Council members additionally held regular
+meetings with the Sustainability Council office
+and with Porsche experts. In regular video-
+conferences, members of the Council were
+closely involved in further development of the
+sustainability strategy and the deepening of
+stakeholder dialogue.
+74
+strategiedialog
+automobiwirtschaft BW
+Baden-Württemberg
+DIALOGUE IN BADEN-WÜRTTEMBERG
+OLIVER BLUME AT THE AUTOMOTIVE INDUSTRY STRATEGY
+sdalw.de
+dabw.de
+dabad
+slab de
+slab de
+strategiedialog
+automobilwirtschaft BW
+berg
+84
+the European Green Deal
+as a key framework for
+the future. Porsche's
+activities are directed at
+promoting a Europe that
+is harmonious, sustain-
+able and internationally
+competitive. The European
+Single Market, cross-border
+trade, the free movement
+of workers and the sharing
+of knowledge determine its
+competitiveness.
+Porsche supports the Paris
+Agreement and welcomes
+As a matter of course, Porsche remains
+impartial in its dealings with political parties
+and interest groups. The company does not
+donate to political parties. During the report-
+ing year, it incurred no expenditure related
+to supporting party events, advertising in
+publications affiliated with parties, or exter-
+nal lobbying agencies or services.
+• American Chamber of Commerce in
+Germany e.V. (AmCham Germany)
+•Society for the Advancement of the Kiel
+Institute for the World Economy
+⚫ Südwestmetall (Baden-Württemberg
+employers' association for the metal
+and electrical industry)
+■Chamber of Commerce and Industry
+of the Stuttgart Region (IHK)
+Leipzig Chamber of Commerce and
+Industry (IHK)
+Industry Association of Baden-
+Württemberg (LVI)
+German Association of the Automotive
+Industry (VDA)
+provides a selection of Porsche's member-
+ships of business and political organisations
+and associations:
+Porsche does not maintain any representative
+offices of its own. Political lobbying is handled
+by the Volkswagen Group's representative
+offices in Berlin and Brussels. The list below
+Principles such as integrity, transparency and
+traceability as well as guidelines on contact
+with politicians constitute part of the Group-
+wide policy. The policy also regulates the
+political lobbying process. Accordingly, all
+the people responsible for politics at Porsche
+and all the brands, foreign markets and
+divisions within the Volkswagen Group notify
+the Group's Public Affairs department of
+their activities. Activities within business and
+political associations are likewise handled in
+accordance with the principles of openness,
+traceability and responsibility. Competition
+and antitrust legislation as well as other legal
+provisions are taken into account.
+The Politics and Society department coordin-
+ates all the political topics that are relevant
+to Porsche. It does this at all levels, whether
+local, regional, national or international. It
+is also responsible for the company's political
+lobbying. The team additionally works with
+associations and is in contact with numerous
+non-governmental organisations as well as
+civil society, political and business represen-
+tatives. Its activities include the organisation
+of and support for visits by politicians and
+political events as well as providing regular
+updates on political topics and developments
+to the Executive Board. All of Porsche's polit-
+ical activities are coordinated via the Govern-
+mental Affairs Steering Committee to ensure
+a joined-up approach and consistent com-
+munications in dialogue with partners. There
+is coordination with the Volkswagen Group
+via the Group-wide Public Affairs steering
+body, which reports regularly to the Board of
+Management of the Volkswagen Group.
+Porsche operates in a complex and heavily
+regulated field. Numerous circumstances
+have to be taken into account in business
+decisions. The consequences of these
+decisions for the stakeholders also have to
+be assessed and incorporated into the
+process. It is necessary to engage in
+transparent and proactive dialogue with
+governments, parliaments, authorities,
+associations, institutions and representatives
+of civil society through political lobbying.
+In this way, Porsche helps shape the legal
+framework for its business activities.
+Dialogue with politics
+Bako Wirtember
+83
+wa
+→ GRI 102-40, 102-43, 102-44, 102-46,
+102-47, 102-48
+of business, science, politics and civil society.
+advise the Executive Board and top man-
+agement regarding the strategic focus of
+sustainability. The Council members are
+independent and not bound by instructions.
+The Executive Board has given the Council
+far-reaching rights to information and
+consultation, as well as rights of initiative.
+Since the beginning of the year under review,
+this advisory body has consisted of Council
+spokesperson Lucia Reisch and Council mem-
+bers Sarah Jastram, Raffaela Rein, Adnan Amin,
+Ortwin Renn and Klaus Töpfer. The advisory
+body is also supported in its meetings with the
+Porsche Executive Board by Nicola Leibinger-
+Kammüller as an industry partner. She
+contributes her many years of business
+experience.
+Alternative
+drive systems
+sources and sustainable
+raw materials in vehicles
+7 p.98
+Consumption of re-
+7 pp. 148-159
+Social commitment
+the business processes
+7 p. 124
+Sustainability in
+7 pp. 104-105
+New mobility concepts
+ΜΟΙ
+medium
+Relevance for stakeholders
+high
+→ GRI 102-44, 102-46, 102-47
+Materiality matrix ✓
+'The materiality matrix sets the relevance for stake-
+holders (y-axis) against the business relevance for
+Porsche (x-axis). The assessments of the impacts of
+the business activities on the economy, the environment
+and society across the 23 key topics are presented in
+the form of circles of three different sizes representing
+three levels: "high", "medium" and "low". At the
+same time, colour coding is used to classify the three
+dimensions "Environment" (white), "Social affairs"
+(light grey) and "Corporate governance" (grey).
+development of Porsche's
+Strategy 2030.
+The materiality matrix
+exemplifies the most
+important topics for
+Porsche and its
+stakeholders and their
+impacts on the economy,
+the environment and
+social affairs. The findings
+of the materiality analysis
+make an important
+contribution to the further
+The results of the materiality analysis were
+confirmed by the Environment and Sustain-
+ability Steering Group and by the Executive
+Board. Porsche presents all the material
+topics and how they are handled in the cor-
+responding topic sections. Porsche has also
+incorporated other topics of relevance to
+the company into this report. The findings of
+the materiality analysis make an important
+contribution to the further development of
+Porsche's Strategy 2030.
+This exemplifies the most important topics
+for Porsche and its stakeholders and their
+impacts on the economy, the environment
+and social affairs. It also correlates them.
+The 2021 materiality matrix presents the
+topics with the highest prioritisation in
+the top right. A number of them differ from
+the 2019 materiality matrix in terms of
+their classification. The topic of "Innovations"
+was included in the evaluation for the first
+time in the year under review and was deemed
+a core topic both by the stakeholders and by
+the company. Both parties also rated the
+relevance of "Long-term customer relations
+and satisfaction" more highly. The aspect of
+"Consumption of resources and sustainable
+raw materials in vehicles" was likewise rated
+more highly. The topic of "Digitalisation, data
+protection and corporate digital responsibility",
+which was featured in the survey for the first
+time, was given a similar evaluation. For the
+stakeholders, the topic of "Compliance and
+integrity" increased in importance.
+on the topics' business relevance for Porsche
+regarding the opportunities and risks for
+business development, the corporate strategy
+and the business result. The circle of partici-
+pants also evaluated the impacts of Porsche's
+business activities on the economy, the envir-
+onment and society based on the defined
+topics. Porsche combined the results with
+the stakeholder evaluations to create
+a materiality matrix.1
+In late summer 2021, 23 identified sustain-
+ability topics were evaluated in detail from
+the company's perspective in a multistage
+process. Management representatives from
+all the relevant departments, representatives
+of the corporate strategy and a selection
+of key markets evaluated and prioritised the
+topics. Their assessment was founded
+The members of the Porsche Sustainability
+Council also commented on the sustainability
+topics relevant to the company in personal
+expert interviews. They discussed their input
+with the Porsche Executive Board in the year
+under review. Overall, they praised the in-
+corporation of their input into the corporate
+strategy and the Executive Board's active
+practising of this. At the same time, they
+referenced the topic of diversity and Porsche's
+socially ethical transformation.
+Before conducting the online survey, the
+company modified the selection of sustain-
+ability aspects in consultation with internal
+and external experts, taking into account
+recent changes and incorporating relevant
+topics from the Sustainability Strategy 2030.
+In all, the survey featured 23 key topics.
+In summer 2021, the sports car manufacturer
+invited various stakeholders to evaluate
+Porsche's sustainability activities in an an-
+onymous, international online survey for the
+fifth time. In total, 1,440 people responded.
+Around 84 per cent of the responses came
+from European markets and around 14 per cent
+from China. Two per cent of the responses
+came from other international markets, but
+were included in the European evaluations
+due to their low numbers. Alongside custom-
+ers, business partners, analysts/investors,
+politicians and representatives of public
+authorities, media outlets, and representa-
+tives from NGOs and academia, Porsche
+also surveyed a large number of its employ-
+ees. Owing to the abundance of employee
+responses, the internal and external stake-
+holders were assessed using a 50:50 weight-
+ing. The responses from external stake-
+holder groups were weighted equally. The
+methodology and weightings are comparable
+to those of the previous survey conducted
+in 2019.
+Since 2013, Porsche stakeholders have,
+upon request, been offering the company
+their views and expectations regarding
+sustainability and future challenges. This
+exchange and the materiality analysis
+process occur every two years and serve as
+the cornerstones of reporting on and the
+reviewing and further development of the
+company's sustainability strategy.
+MATERIALITY ✓
+Competitors
+STAKEHOLDER SURVEY AND
+Policymakers
+AND DIALOGUE ✓
+STAKEHOLDER COMMUNICATIONS
+PORSCHE
+Investors and
+analysts
+81
+Sustainability management
+80
+Develop and implement
+concrete sustainability measures
+and programmes
+Subject-specific
+working groups
+Implements sustainability projects
+Manages the sustainability strategy
+and the sustainability bodies
+Sustainability department
+Porsche
+Sustainability Council
+Provides input
+→ GRI 102-40, 102-42, 102-43, 102-44
+Consolidates measures across
+all the departments and
+devises the strategic content
+for the areas of action
+Sets sustainability priorities
+and strategic focus
+Environment and Sustainability
+Steering Group
+Interface to the
+Porsche Sustainability Council
+Responsible for stakeholder management
+and stakeholder dialogue
+Manages sustainability communications
+Politics and Society department
+Responsible overall for the
+topic of sustainability
+Porsche Executive Board
+An overview of sustainability organisation
+and associations
+Porsche's sustainability
+organisation is established
+throughout the company.
+A transparent internal
+structure with defined
+responsibilities allows
+material topics to be
+handled consistently and
+effectively.
+Environment and Sustainability
+Steering Committee
+Porsche's business activities touch on the
+interests of many people around the world.
+The company engages in proactive dialogue
+with its stakeholders and continuously ex-
+pands this dialogue. Mutual understanding
+and acceptance can only be established
+on the basis of the open and transparent
+exchange of information and opinions.
+Stakeholder management at Porsche takes
+a 360-degree approach that aims to system-
+atically record the expectations of each
+stakeholder group. Their feedback is then
+reflected upon and used in strategic planning.
+The interests and perspectives of the various
+stakeholders are used to identify and take
+into account key social trends. These can
+then be incorporated into the company's
+decision-making. Vice versa, Porsche trans-
+parently communicates what scope for
+action the company sees regarding current
+changes and which conditions and param-
+eters apply.
+Interface to the Volkswagen Group's
+sustainability management
+Employees
+NGOs/non-profit
+organisations
+Stakeholder management tools
+An exchange that is beneficial for all sides
+must be based on trust. This serves as the
+foundations of any long-term relationship
+between Porsche and its dialogue partners.
+Trusting exchange with our stakeholders
+must be geared towards the long term and
+be nurtured on an ongoing basis. Porsche
+believes it is important for people to talk to
+one another, not about one another. The
+company's approach seeks to understand
+different positions by adopting different
+perspectives, jointly overcome challenges
+and foster long-term partnerships. It does
+this through various media and dialogue
+formats in all kinds of internal and external
+communication channels.
+Sustainability management
+82
+and experts
+Scientific community
+Customers and
+business partners
+8=
+Residents and
+communities
+48
+EO
+→ GRI 102-40, 102-42, 102-43, 102-44
+Porsche stakeholders
+The most important Porsche stakeholders
+as determined by internal analyses.
+Media
+balancing
+ecological and social value. Porsche is
+seeking to make its activities in the area
+of sustainability effective and incorporate
+the topic into its decision-making pro-
+cesses more comprehensively in the future.
+In joining the initiative, Porsche is also in-
+volved in piloting the methodology within
+its own organisation. With support from
+the Volkswagen Group, Porsche is assum-
+ing a leading role across all of the Group's
+brands as a core member of the Value
+Balancing Alliance.
+In November 2019, Porsche became the
+first automobile manufacturer to join
+the Value Balancing Alliance, together
+with the Volkswagen Group. Its aim is to
+develop a standardised way of measuring
+and evaluating in money terms the impact
+of companies' business activities on the
+environment and society. The new method-
+ology is being developed in collaboration
+with the other member companies and is
+supported among others by the OECD and
+the European Commission. In addition to
+Porsche and the Volkswagen Group, its core
+members include BASF, BMW, Deutsche
+Bank, Deutsche Post DHL, Michelin,
+Mitsubishi Chemical, Novartis, Philip Morris
+International, SAP and SK. With this meth-
+odology, the value of a business is not
+simply expressed in terms of the financial
+value it creates, but also incorporates its
+VALUE BALANCING ALLIANCE
+As another element of its stakeholder dia-
+logue, Porsche promotes economic, environ-
+mental and social topics through its involve-
+ment in networks, sustainability initiatives
+and working groups. The sports car manu-
+facturer is involved in a broad spectrum of
+areas. For example, the company is a founding
+member of the Bündnis für Luftreinhaltung
+clean air alliance, a member of the Plattform
+Urbane Mobilität and an active participant
+in the industry dialogue on the German
+National Action Plan for Business and Human
+Rights (NAP). It has also been a member
+of the German Environmental Management
+Association (B.A.U.M.) since 2016. In 2017,
+the company joined the European Business
+Ethics Network Deutschland (DNWE) and
+became a signatory to the state of Baden-
+Württemberg's WIN Charter for sustainable
+business, marking its commitment to entre-
+preneurial responsibility. In 2019, Porsche
+became the first automobile manufacturer
+to join the Value Balancing Alliance, together
+with the Volkswagen Group. In 2020, the
+company also joined the Responsible Mica
+Initiative (RMI). This cross-industry coali-
+tion campaigns for transparency and
+improved labour conditions in mica mining.
+The company will be heavily involved in
+the working groups of its existing networks
+in 2022 too and is looking to join more new
+sustainability networks.
+Memberships and networks
+Porsche logs its internal and external stake-
+holders' questions, suggestions and concerns.
+The centralised complaints management
+function in the Politics and Society and
+Environment and Construction Management
+departments serves as the central contact
+point regarding complaints and suggestions
+for improvements at the Porsche sites.
+This enables the company to respond more
+quickly, if necessary.
+value
+alliance
+Complaints management
+sustainability@porsche.com.
+Events such as the Neighbourhood Dialogues
+held at the company's sites enable Porsche
+to establish personal contact with the stake-
+holders. Since 2016, these have given, among
+others, local residents the opportunity regu-
+larly engage with Porsche experts and raise
+specific issues. The coronavirus pandemic
+and the legal requirements meant that the
+events planned for the reporting year could
+not take place as normal. Instead, Porsche
+increasingly drew on virtual exchange with
+the key figures and groups in order to obtain
+direct feedback and input. If necessary,
+stakeholders can contact the departments
+responsible for sustainability directly using the
+email address
+The most important sources of information
+for thought leaders, decision makers and
+customers include the Porsche magazine
+Christophorus, the online Newsroom with its
+Twitter and Instagram channels, the web-
+based TV channel 9:11 Magazine, the 9:11
+Porsche podcasts and the Porsche website.
+Porsche's employees also have many ways
+of contributing their own thoughts and ideas
+and of interacting directly with their line
+managers. All internal communications are
+published in digital and printed formats
+through the Carrera media. The Carrera
+Online web pages and the Carrera Magazine
+provide the employees with information on
+the latest developments in the area of sus-
+tainability. Regular works and departmental
+meetings, employee information events,
+specifically themed weeks and digital
+events also form part of the extensive array
+of internal communications.
+By adding their signature to the Charta der
+Vielfalt (Diversity Charter) in 2019, the
+Executive Board and Works Council set out
+in writing their commitment to diversity as
+part of the corporate culture. The Diversity
+and Equal Opportunity department is re-
+sponsible for the long-term implementation
+and safeguarding of equal opportunity and
+diversity. This is based within the Learning,
+Corporate Culture and Change division as a
+source of input and an expert partner.
+Diversity as a corporate principle
+Safeguarding and promoting diversity
+and equal opportunity are highly import-
+ant to Porsche and are enshrined as
+corporate principles. It is a matter of
+course for Porsche to offer all the em-
+ployees the same opportunities. The
+company rejects all forms of discrimin-
+ation. Porsche is pursuing the goal of es-
+tablishing an inclusive culture, promoting
+diversity of views and appreciating people's
+differences. This enables the employees
+to contribute their personalities and
+develop their personal potential, which
+encourages appreciative and tolerant in-
+teraction and taking a positive approach
+to different perspectives. This is all
+geared towards the achievement of a
+high level of productivity, competitive-
+ness, innovative capacity, creativity and
+efficiency. The employees' sense of be-
+longing and communal spirit are to be
+bolstered at the same time. This is like-
+wise enshrined in the Porsche family's
+cultural self-image.
+Significance for stakeholders and society
+With this orientation, Porsche wishes to
+serve as a role model in the social con-
+text. The company therefore promotes
+diversity and inclusion outside of the
+factory gates too. Its activities here in-
+clude social support projects and finding
+voluntary placements for employees.
+Voluntary engagement serves society
+and broadens the helpers' horizons.
+PORSCHE IS PURSUING
+THE GOAL OF ESTABLISHING
+AN INCLUSIVE CULTURE,
+PROMOTING DIVERSITY
+OF VIEWS AND
+APPRECIATING
+PEOPLE'S
+DIFFERENCES.
+Porsche has set itself
+Mica is used as a raw material in many indus-
+trial and cosmetic products. Porsche pro-
+cesses mica too and is therefore involved in
+the Responsible Mica Initiative.
+the premium manufacturer
+wishes to establish a quan-
+tifiable number of mixed
+teams throughout the
+organisation. The basis for
+this is the strengthening
+of a mindset among all
+employees that is conducive
+to diversity. This involves
+creating an awareness of
+the positive effects of and
+the complexity of diversity.
+Porsche has set itself the goal of increasing
+diversity within the company by 2030. For
+example, the premium manufacturer wishes
+to establish a quantifiable number of mixed
+teams throughout the organisation. The basis
+for this is the strengthening of a mindset
+among all employees that is conducive to
+diversity. This involves creating an awareness
+of the positive effects of and the complexity
+of diversity. At the same time, a corporate
+culture is to be established which perceives
+the employees' differences as an advantage
+and a competitive factor for the company -
+regardless of gender, nationality, ethnic ori-
+gin, religion, disability, age, sexual orientation
+or identity.
+Porsche has a whistle-blower system in place
+via which possible violations of equal oppor-
+tunity and equal treatment can be reported.
+Possible violations of the rules are followed
+up by this system, taking into account data
+protection, labour law and co-determination
+requirements. If violations are identified, ac-
+tion is taken accordingly.
+In addition, a company complaints desk has
+been set up at Porsche, to which employees
+can turn in the event of discrimination or to
+which they can submit a complaint for review.
+Porsche actively champions diversity and
+inclusion in the workforce. The premium
+manufacturer wishes to create an envir-
+onment which promotes each and every
+person's individuality in the interests
+of the company. Porsche firmly believes
+that diversity of views drives innovation
+and therefore represents a key success
+factor. Active diversity management
+creates new ideas, a better understand-
+ing of the market and greater employer
+attractiveness.
+PORSCHE WISHES TO
+SIGNIFICANTLY
+INCREASE THE
+PROPORTION OF
+WOMEN IN
+MANAGEMENT
+POSITIONS
+the goal of increasing
+diversity within the company
+by 2030. For example,
+DIVERSITY AND EQUAL OPPORTUNITY ✓
+place Standards and Community Empower-
+ment, and on the strategy review task force.
+S.PR 1203E
+2155
+S-VP 1001
+111
+Social
+110
+PORSCHE ALSO OFFERS TRAINING AT INTERNATIONAL SITES IN ACCORDANCE WITH EUROPEAN STANDARDS
+FESTO
+In the area of transparency and workplace
+standards, Porsche was part of a pilot pro-
+ject which kick-started traceability using
+blockchain technology. Together with the
+Responsible Mica Initiative and other repre-
+sentatives, Porsche also gave a presentation
+to the OECD Forum on the topic of the
+responsible procurement of mica, thereby
+raising people's awareness of this issue.
+Remarkable success was achieved in the
+area of community empowerment in spite
+of the coronavirus crisis. More than 3,000
+households were provided with hygiene
+items and food during the pandemic. In total,
+some 11,000 people were reached through
+the local projects.
+The initiative was founded in Paris in 2017.
+In 2021, the initiative published the Global
+Mica Standard as a global workplace standard.
+It promotes safety and fair labour conditions
+and wages at the processing companies.
+Companies that join the Responsible Mica
+Initiative commit to introducing and imple-
+menting these standards. The initiative is
+supported by a range of representatives from
+the paint, pigment, textile, plastics and
+cosmetics industries. In the year under re-
+view, Porsche was proactively represented
+on the initiative's Board of Directors, in
+the programmes Transparency and Work-
+Responsible Mica Initiative
+BY 2025.
+DIVERSITY OF VIEWS IS AN INTEGRAL PART OF THE PORSCHE CORPORATE CULTURE
+Targeted promotion of diversity
+As a matter of principle, Porsche selects,
+hires and promotes its employees according
+to their qualifications and skills. Based on
+the gender quota required by law, the sports
+car manufacturer has set itself the target of
+increasing the proportion of women in man-
+agement positions by 2025. The proportion
+of women at the first and second manage-
+ment levels below the Executive Board are
+to be increased to 20 per cent and 18 per
+cent respectively.
+MORE THAN 130,000
+APPLICATIONS IN
+RESPONSE TO
+OVER 3,800
+ADVERTISED
+VACANCIES.
+PORSCHE RANKED SECOND
+IN THE WOMEN CAREER
+INDEX AND NAMED
+NEWCOMER
+tration, and IT/computer science). In the
+weighted overall ranking comprising all
+areas, Porsche was ranked second by the
+target group of young professionals. In
+the Universum Young Professionals Survey,
+the company defended its previous year's
+top spot, taking first place once again in the
+area of engineering and knocking Google
+off the top spot in economics and business
+administration. And last, but not least,
+Porsche was again voted the most attract-
+ive employer in the automotive industry in
+a study conducted among students and
+future graduates by Automobilwoche and
+the Institute of the Automotive Industry
+(IfA). The company therefore reaped the
+Automotive TopCareer Award again in
+2021, as it did in 2020.
+PORSCHE IS INVOLVED IN THE RESPONSIBLE MICA INITIATIVE
+The company's top rankings in the previous
+year among the target groups of engineers
+and economists were likewise confirmed
+once again. In the Trendence Institute's an-
+nual student survey, Porsche improved its
+scores across all the target groups (engi-
+neering, economics and business adminis-
+Do
+| ||
+Porsche's high level of attractiveness as an
+employer is demonstrated by the number of
+applicants, which remains high - in 2021,
+the Porsche Group received more than
+130,000 applications in response to over
+3,800 advertised vacancies. Once again dur-
+ing the year under review, the sports car
+manufacturer was ranked as a top employer
+by students in verified employer rankings. In
+the Universum Student Survey, Porsche was
+again named the most attractive employer
+for engineers in 2021.
+Further options range from flexible working
+hours aligned to the employee's current
+phase of life through to care leave to support
+family members. Employees may also take
+sabbaticals and have the option of working
+part-time. Many employees decide to take
+parental leave. Porsche then helps these in-
+dividuals make a smooth return to work,
+arranging further qualifications for them dur-
+ing their absence that will simplify the pro-
+cess of returning to work.
+Porsche takes account of its employees' in-
+dividual needs and promotes flexible working
+options with regard to workplace and work-
+ing hours, giving them a high degree of flexi-
+bility regarding their personal circumstances.
+This flexibility was further enhanced in 2021
+with the amended works agreement regard-
+ing mobile working, which allows up to 12 full
+days of mobile working per calendar month.
+Mobile working by the hour also remains an
+option. An exceptional rule was applied in the
+year under review due to the coronavirus
+crisis, with the permitted time for working
+hours being extended and with interns and
+trainees being incorporated too. Porsche em-
+ployees are free to decide where and, to a
+certain extent, when they perform their work
+if their role can be carried out remotely.
+It is very important to
+Porsche that its employees
+are actively involved in
+processes and that their
+opinions, views and
+suggestions are all listened
+to. The company gauges
+the satisfaction levels
+among its employees with
+the mood barometer. In
+total, 74 per cent of the
+workforce participated in
+the survey.
+In summer, the children of employees can
+attend a school holiday programme that runs
+throughout the holidays. Through its family
+service, Porsche offers extensive, free and
+individually tailored advice and support on all
+aspects of family life, in particular for parents-
+to-be and in the area of care for the elderly.
+Porsche strives to ensure that its staff can
+achieve a work-life balance. Employees receive
+support from a wide variety of different meas-
+ures and options. For example, local cooper-
+ation partners ensure that regular childcare
+places are available in nurseries close to the
+company's sites. Furthermore, in emergencies,
+additional childcare places are available at day
+care centres in Stuttgart. Parents can also
+take their children to work for a few hours.
+Work-life balance
+Wolfsburg and Heilbronn. With this special
+engagement, Porsche secures talented young
+individuals to whom it is especially important
+that their work has more meaning than merely
+financial incentive.
+Porsche is looking for new employees who
+will actively help shape the future of mobility
+and thus drive social change. The company
+has taken various steps to this end, such as
+the Sustainable Career employer branding
+campaign and partnerships with relevant
+universities and organisations, including its
+collaboration with Formula Student Ger-
+many and the programming schools 42 in
+One of the central goals of Strategy 2030 is
+to be an attractive and reliable employer.
+For Porsche, this above all means keeping the
+promises it makes its employees and turning
+them into a tangible reality in everyday work-
+ing life. Talented individuals in the labour
+market should perceive Porsche as a top em-
+ployer. This is dependent on it having a high
+degree of credibility. This is the only way
+Porsche can attract the most qualified staff
+and retain them in the long term. The com-
+pany wishes to recruit experienced and cre-
+ative IT and digitalisation experts in the fields
+of the future and is continuously stepping up
+its efforts here.
+Porsche sees a strong
+corporate culture as a key
+foundation. It serves to rise
+to strategic challenges
+and enable the company's
+successful transformation.
+The Porsche Code offers
+long-term guidance here
+as well as a target vision
+for the employees and
+managers.
+Porsche sees a strong corporate culture as
+a key foundation. It serves to rise to stra-
+tegic challenges and enable the company's
+successful transformation. The Porsche
+Code offers long-term guidance here as
+well as a target vision for the employees and
+managers. It allows them to actively co-de-
+termine the ongoing further development
+of the Porsche culture and contribute to on-
+going improvement.
+OF THE YEAR.
+2
+Managers have a key role to play in raising
+awareness of the importance and added
+value of equal opportunity and diversity in
+management and the workforce more gen-
+erally. Within the Volkswagen Group pro-
+gramme Together for Integrity, the
+managers' awareness of equal opportunity
+and diversity is continuously raised in the
+Porsche Leadership Labs. A digital "diversity
+toolbox" assists them in their day-to-day
+work and management roles and provides
+an overview of the relevant performance in-
+dicators. The toolbox features a large num-
+ber of different measures, tools and ideas
+which enable managers and their teams to
+make diversity of views experienceable in
+all its dimensions and question traditional
+patterns of thinking and behaviour. The ma-
+jority of the training and event formats were
+switched to digital media in 2020 as a con-
+sequence of the coronavirus crisis. Other
+virtual and hybrid formats were added in
+the year under review, including the Diver-
+sity Days, which were held for the fifth time,
+and initiatives in relation to this year's Inter-
+national Women's Day.
+Dialogue and exchange
+Key elements here in the year under review
+were interaction, discussion, intensive
+dialogue and exchange within the Porsche
+workforce. An International Diversity Com-
+munity was founded as a means of exten-
+sively promoting diversity. This is a forum
+which brings together all the Porsche
+subsidiaries around the world and their
+respective diversity managers. The com-
+munity has a shared fundamental under-
+standing of diversity. Its purpose is to
+strengthen the global perspective of diver-
+sity and equal opportunity as an area of
+action within Strategy 2030. It is provided
+with tools and ideas for the concrete im-
+plementation of diversity of views in the
+Porsche markets, enabling them to learn
+from one another on the basis of dialogue
+and exchange.
+To achieve this, all managers are required to
+increase the proportion of women at all
+management levels as well as in the pool of
+young employees. Likewise to make gender
+diversity quantifiable at Porsche, the com-
+pany participated in the Women Career Index
+(FKI), a management tool for the advance-
+ment of women in business, for the second
+consecutive year. Porsche was ranked sec-
+ond overall and was also named Newcomer
+of the Year.
+Porsche's international women's network
+likewise serves as an important platform for
+knowledge exchange across the various de-
+partments. The network now has more than
+1,000 members. As a source of input for
+product development from a female per-
+spective, it offers a variety of dialogue for-
+mats and informal support such as case
+advice offered by co-workers. In addition to
+the women's network, the Proud@Porsche
+Community is an integral part of the
+Porsche culture too. Proud@Porsche is an
+internal LGBTIQ network which serves the
+employees as a platform for networking and
+regular exchange. Other exchange formats
+include Porsche Mentoring, which was
+expanded in 2021, the Diversity Strategy
+Talks and the dialogue conducted within
+Porsche's Strategy 2030 or at the Sustain-
+ability Festival.
+Social
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+113
+ATTRACTIVENESS AS AN EMPLOYER
+Employees are one of the four key target
+groups in Porsche's overarching Strategy
+2030 alongside the customers, society and
+investors. Porsche's primary goal in this
+area is to remain an attractive and reliable
+employer. What this first and foremost
+means for the sports car manufacturer is
+consistently focusing on the workforce and
+assuming responsibility as an employer.
+Being an attractive employer is therefore
+a core aspect of its HR strategy.
+Porsche's corporate culture
+112
+Voluntary engagement is an integral part of
+Porsche's cultural self-image. The platform
+therefore continues to be developed and the
+array of possible assignments expanded.
+With Porsche hilft, the company is focusing
+more than ever before on people - each
+and every one of us can make an important
+contribution to society and have a lasting
+positive influence on it.
+Porsche delivers on this target with
+its social engagement. As a partner to
+society, Porsche has a lasting effect
+within communities and proactively con-
+tributes to the strengthening of global
+partnerships. The company enters into
+strategic partnerships with other organ-
+isations itself, tackling tasks for groups
+within society in a targeted manner.
+Porsche gauges the impact of these
+projects with the aid of recognised im-
+pact assessment methods. In all of its
+strategic flagship projects, Porsche
+seeks to establish a demonstrable and
+quantifiable impact assessment, there-
+by making it possible to continuously
+improve its engagement. With these
+measures, Porsche contributes to the
+strengthening of global partnerships
+and to SDG 17 being achieved.
+Porsche broadened its support in view of
+the global consequences of the coronavirus
+pandemic. It is in this context that the
+Porsche hilft initiative was established last
+year. This complements the company's
+extensive financial aid with the placement
+of voluntary helpers.
+PORSCHE MUSEUM
+PORSCHE PARTICIPATES IN THE PURPLE LIGHT UP INITIATIVE ON THE INTERNATIONAL DAY OF PERSONS WITH DISABILITIES
+DIVERSITY
+Porsche would be nothing without the people
+who build it up and shape it. Porsche there-
+fore focuses on people. Each and every
+employee contributes to the success of the
+company with their unique skills. Porsche
+promotes diversity and equal opportunity.
+Both of these are prioritised in the sustain-
+ability strategy. This focuses on the topics
+of the advancement of women and inter-
+national diversity, with intergenerational col-
+laboration and the LGBTIQ community also
+being strengthened. At the same time, people
+with disabilities are proactively incorporated.
+In this way, Porsche promotes a work envir-
+onment which is open, offers equal opportu-
+nity and encourages everyone. The strategic
+objective is the introduction of mixed teams
+in which the different strengths and skills
+of all the employees optimally complement
+one another, allowing them to realise their
+potential as best they can.
+At Porsche, the focus is
+on people. Each and every
+employee contributes to
+the success of the company
+with their unique skills.
+Porsche promotes diversity
+and guarantees equal
+opportunity.
+10 ►>
+REDUCED INEQUALITIES
+By 2030, the global community wishes
+to guarantee the social, economic and
+political inclusion of all, irrespective of
+age, sex, physical or mental disability,
+origin, ethnicity, beliefs, or economic or
+other status. In particular, the popula-
+tion groups with less than 50 per cent
+of median income at their disposal are
+to be strengthened. A more diverse
+workforce boosts everybody's social
+and economic inclusion and contrib-
+utes to breaking down inequalities.
+Porsche is championing mixed teams
+and is therefore committed to the
+achievement of SDG 10.
+PARTNER TO SOCIETY
+As part of a global community of values,
+Porsche assists regions and communities
+around the world in conserving the environ-
+ment, guaranteeing good labour and living
+conditions and boosting social cohesion.
+The focus here is on young or disadvantaged
+people. These are to be nurtured and trained
+in order to sustainably and permanently
+improve their life situations. The company
+campaigns for people whose social environ-
+ment is directly or indirectly related to
+Porsche. This applies both to its own sites
+and to its suppliers and business partners.
+The aim is to promote social innovation and
+achieve a long-term, quantifiably positive
+effect with corporate citizenship projects.
+In all of its strategic projects, Porsche seeks
+to establish demonstrable and quantifiable
+success monitoring. The sports car manufac-
+turer wishes to use targeted measures to im-
+prove people's awareness and skills, enabling
+them to apply what they have learned in day-
+to-day practice. Porsche also maintains con-
+tact with the participants after completion of
+the project. In this way, the company deter-
+mines whether a project is having a lasting
+positive influence on their lives and how their
+life situations have changed.
+In the year under review, Porsche estab-
+lished long-term impact assessment for all
+of its strategic flagship projects. With its ac-
+tivities in the "Partner to society" strategy
+field, the company aims to achieve a high
+reach and have a major effect. Determining
+the reach makes it easier to understand the
+scale of different projects. Specifically, the
+sports car manufacturer records the added
+value that Porsche projects generate for so-
+ciety and whether the measures went far
+enough to promote people in the medium
+to long term.
+Back in 2020, Porsche created a core team
+comprising representatives of all the relevant
+organisational units which promotes social
+engagement projects. This body meets
+on a monthly basis. The aim is to jointly
+determine and implement the strategy and
+to network the departments to this end.
+The core team set up a company fund in
+the year under review with which project
+ideas from throughout the company can be
+financially supported. In the same year, the
+fund was used among other things to help
+further develop the Porsche hilft programme
+as a volunteering platform.
+4
+QUALITY EDUCATION
+For Porsche, education is the key to sus-
+tainable development. All of the activities
+within the "Partner to society" strategy
+field are therefore run under the umbrella
+of empowerment and education.
+its own sites and to its direct
+suppliers and business partners.
+company. This applies both to
+Porsche uses projects to
+campaign for people whose
+social environment is directly
+or indirectly related to the
+109
+PAVE - VOCATIONAL TRAINING IN TECHNICAL PROFESSIONS FOR DISADVANTAGED YOUNG ADULTS
+Social
+SOCIAL
+108
+THE MOOD INDEX CAME IN
+AT 79.1 OUT OF 100 INDEX
+POINTS.
+To boost sustainable development at
+the global level, the United Nations
+set the target of promoting effective
+public, public-private and civil society
+partnerships.
+PARTNERSHIPS FOR THE GOALS
+17
+The PAVE programme is a strategic
+initiative launched by Porsche. The
+impact of this international vocational
+training programme for young people
+is assessed too.
+FOR PORSCHE,
+EDUCATION IS
+THE KEY TO
+SUSTAINABLE
+DEVELOPMENT.
+PAVE
+A digital placement platform lists organisa-
+tions and associations that need the sup-
+port of volunteers. Individuals and teams,
+be they Porsche newcomers or retirees, can
+then quickly and straightforwardly see
+where help is needed. The individual pro-
+jects and organisations are aligned with the
+Porsche strategy and in particular with the
+sustainability aspects of engagement and
+empowerment. The employees frequently
+make use of this service, with hundreds of
+hours of voluntary commitment having
+already been accrued. Trees have been
+planted, reading evenings have been organ-
+ised at facilities for the disabled, and dis-
+advantaged youths have been prepared for
+embarking on a career.
+ANUFAKTU
+PORSCHE
+Porsche hilft
+Porsche and Michelin are campaigning for
+the sustainable extraction of natural rubber.
+With the project CASCADE (Committed
+Actions for Smallholders Capacity Develop-
+ment), the sports car manufacturer and the
+tyre manufacturer are championing greater
+transparency and better labour conditions
+during extraction of this raw material. With
+the initiative, the partners are supporting
+numerous smallholders involved in rubber
+extraction in Sumatra, Indonesia. Training and
+education in production practices, biodiver-
+sity and occupational health and safety aim
+to lastingly improve the smallholders' circum-
+stances and economic situations. Indonesia is
+one of the world's primary rubber producers.
+Porsche and Michelin identified potential
+supply chain sustainability risks related to
+rubber extraction on the basis of analyses,
+conducted among other things with a spe-
+cially developed app, and talks held locally.
+The initiative is training more than 1,000
+smallholders to make their production meth-
+ods more environmentally friendly and more
+efficient. Porsche and Michelin are jointly in-
+vesting some one million euros in the project
+which is initially set to run until 2024.
+CASCADE
+Porsche Aftersales Vocational Education
+The Porsche Aftersales Vocational Education
+(PAVE) programme has been training highly
+qualified employees in technical professions
+for more than 10 years. They are trained at
+international sites in accordance with Euro-
+pean standards. The employees are then
+appointed to the dealer organisations of
+Porsche and other Volkswagen Group brands
+around the world. Both the trainees and the
+Group benefit from PAVE. For example, it
+affords predominantly disadvantaged young
+adults access to sound, first-class vocational
+training. The dealer organisations are pro-
+vided with highly qualified employees. And
+thanks to long-term, strategic school part-
+nerships, vocational training skills are em-
+bedded locally. PAVE therefore has a lasting,
+effective impact. At the same time, changes
+in vocational training needs are responded
+to flexibly and in advance. Promising future
+prospects and development opportunities
+are created for the programme graduates.
+These lead not only to greater self-deter-
+mination for the individuals, but also to so-
+cial improvements.
+a playlist specially compiled for the festival.
+The employees were encouraged to become
+Porsche sustainability ambassadors. The
+festival communicated concrete ideas re-
+garding how each and every employee could
+contribute to a liveable future. The project
+serves as a role model, demonstrating that
+sustainability remains a strategic priority for
+the company's future even during the corona-
+virus pandemic. It is therefore important that
+all the employees be informed about and
+made aware of sustainability issues. We can
+only shape the future together.
+ity", "Diversity", "Partner to society" and
+"Circular economy". Internal and external
+experts gave presentations. The live pro-
+gramme, which changed daily, was comple-
+mented by many other formats held on an
+interactive platform. For example, various
+quizzes and an escape game served as points
+of entry to the topic of sustainability. Suitable
+audio accompaniment came in the form of
+of Porsche's first Sustainability Festival held
+for all the employees. Over five days, those
+responsible presented the strategy fields
+"Decarbonisation", "Supply chain responsibil-
+"Shaping the future together" was the motto
+Scarcity of resources and climate change
+are intensifying innovation and market dy-
+namics. Vehicles and their usage are adapted
+to these. On the one hand, the result is great-
+er diversification of drive concepts in the
+direction of more efficient versions. And on
+the other, innovative, flexible vehicle usage
+models are being developed. Meanwhile,
+the customers' mobility needs are changing
+rapidly too in terms of both car ownership
+and car use. Digitalisation, connectivity and
+the customers' desire for greater flexibility
+and sustainability are accelerating this
+change. The customers expect mobility
+offerings ranging from hardware concepts
+to digital services that enable movement.
+Personal mobility in the smart city
+Mobility today means so much more than
+simply moving from A to B. Owning a car in an
+urban environment is raising more and more
+questions. Porsche is therefore also working
+on services that will make urban mobility
+more flexible and more convenient. In cities,
+mobility is gaining importance as one of the
+most relevant areas in which quality of life can
+be improved, making urban planners import-
+ant stakeholders in the automotive industry.
+PORSCHE IS WORKING
+ON SERVICES THAT
+WILL MAKE URBAN
+MOBILITY MORE
+FLEXIBLE AND MORE
+CONVENIENT.
+Measures that answer existing questions,
+including regarding congestion, CO₂ and
+noise emissions, lost time and parking space
+scarcity, are being prioritised accordingly.
+Close collaboration between city councils
+and the providers of new mobility solutions
+is therefore key.
+Porsche is developing innovative products
+and services as an expression of flexible
+mobility which is in keeping with the needs
+of the times. The aim is to make personal
+mobility sustainable and to make smart cities
+a reality. It is a question among other things
+of demand-oriented car usage options
+(for example, flexible usage models and pre-
+mium rental) and seamless connection to
+other forms of transport.
+Electrification of the Porsche fleet therefore
+also has an important part to play in the
+development of mobility products. All the
+services offered under the Porsche Drive
+umbrella brand are a response to changes in
+the customers' wishes. They reconcile flex-
+ible, digital and personalised use with elec-
+tric vehicles. Flexible solutions such as
+Porsche Drive Flex, Porsche Drive Subscrip-
+tion and Porsche Drive Rental are designed
+to make it even easier for the customers to
+get into electromobility. They allow custom-
+ers to experience electric driving for an ex-
+tended period without having to immediately
+commit to something. Porsche is therefore
+closely linking electromobility and mobility.
+In the Porsche Drive Flex pilot project,
+customers can choose from among various
+vehicles within their subscription and define
+their choice of vehicle via the app. The
+Taycan is also available under Porsche Drive
+Subscription, which closes the gap between
+short-term rental (up to 28 days) and trad-
+itional leasing (from 12 months). The Taycan
+model series was offered with special
+conditions to generate added incentive.
+Targeted collaboration
+To keep pace with the changing require-
+ments, responsibility for mobility services
+was pooled under the auspices of Porsche
+Financial Services. The mobility offerings are
+developed and scaled globally in close collab-
+oration with Porsche AG, the importers, the
+subsidiaries of Porsche Financial Services
+and other internal and external partners. The
+products offered are to be as efficient as pos-
+sible so as to afford the customers a premium
+user experience. The development of digital
+solutions in close cooperation with Porsche
+Digital GmbH is therefore a top priority.
+PORSCHE
+SOCIAL
+Diversity
+Partner to society
+105
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Environment
+104
+EXCL
+SUSTAINABLE MOBILITY OPTIONS FOR THE EMPLOYEES WHEN COMMUTING OR ON BUSINESS TRAVEL
+Due to how the pandemic has developed,
+other measures to expand mobility services
+are in the pipeline. In addition to a car-
+sharing/commuting app being reintro-
+duced, these include the expansion of bike
+services such as the development of bike
+service points.
+To make the transport options even more
+flexible, a digital, static parking guidance
+and information system was installed in the
+year under review and a company-wide
+mobility dashboard was established. Here,
+the employees are notified of available park-
+ing spaces and traffic volumes in real time.
+The company makes local public transport
+services and Porsche shuttle services avail-
+able at the sites. Porsche is also implementing
+a pilot project at its Stuttgart-Zuffenhausen
+site. Business divisions with greater mobility
+needs will be able to use e-bikes for business
+purposes in the future.
+PORSCHE IS MAKING ITS
+FLEET OF COMPANY AND
+LEASED CARS ELECTRIC
+AND IS EXPANDING
+THE INTERNAL
+CHARGING
+INFRASTRUCTURE.
+Managing mobility at the sites
+Another priority is the expansion of a sus-
+tainable range of mobility options for the
+employees at Porsche sites. The aim of com-
+pany mobility management is to make the
+employees' commutes and business travel
+more sustainable. The company has been
+systematically realising various measures for
+this since 2015. For example, employees re-
+ceive a monthly subsidy for a local transport
+season ticket targeting commuters as well
+as for a Deutsche Bahn Jobticket. In addition,
+travellers on the S-Bahn light rail link be-
+tween the company's Weilimdorf and Zuffen-
+hausen sites in Stuttgart can present their
+Porsche works ID card in lieu of a travel ticket
+when on company business. Frequent shuttle
+buses run back and forth between the sites
+for all other work trips in order to reduce the
+amount of individual traffic. Porsche also in-
+troduced a company cycling scheme back in
+2019, offering the employees attractive sub-
+sidised bike purchase options.
+Porsche uses a number of tools for fine ad-
+justment to continuously optimise the exist-
+ing and new mobility services. These include
+offsetting the local CO2 emissions of the
+Porsche Drive fleet with the Porsche Impact
+offsetting service and making increasing use
+of digital processes.
+Agile, interdisciplinary teams develop con-
+cepts that are focused primarily on new cus-
+tomer requirements and implement these
+in a targeted manner. Success is guaranteed
+on the basis of the intensive collaboration
+of the company's different departments, an
+open information policy, early piloting in
+various markets and prompt stakeholder in-
+volvement. Synergies within the Group are
+systematically exploited in the development
+and implementation of services.
+As part of the expansion of sustainability
+and alternative forms of mobility, Porsche is
+promoting the electrification of its motor-
+ised site traffic. The internal charging infra-
+structure is being extended and powered by
+certified green electricity and new electric
+vehicles are being added to the fleet of
+company and leased vehicles all the time. In
+addition to the infrastructure, other man-
+agement measures and complementary ser-
+vices were realised in the year under review.
+The impact of the projects on the targets
+set is gauged on the basis of employee
+surveys and traffic flow analyses. These
+show that the total volume of traffic con-
+tinues to improve. There has also been a
+positive change in the modal split, i.e. the
+distribution of traffic across a range of
+transport options.
+Measuring employee satisfaction ✓
+It is very important to Porsche that its em-
+ployees are actively involved in processes
+and that their opinions, views and sugges-
+tions are all listened to. The company gauges
+the satisfaction levels among its employees
+with the mood barometer. This annual em-
+ployee survey also determines the company's
+attractiveness as an employer internally. The
+sports car manufacturer is additionally inter-
+ested in the employees' views regarding the
+company's integrity and its collaboration
+with the Volkswagen Group. The results of
+the mood barometer are used to identify po-
+tential areas for improvement and provide
+managers with information on areas requir-
+ing attention in their organisational units. In
+fixed follow-up processes, the managers and
+their employees jointly define suitable meas-
+ures with the support of the team responsible
+for the mood barometer, which has various
+tools at its disposal. The aim is to secure the
+long-term implementation of the derived
+measures in the organisational units. More
+than 16,000 Porsche employees partici-
+pated in the 2021 mood barometer survey,
+which corresponds to a participation rate
+of 74 per cent. The mood index, one of the
+mood barometer's primary metrics, came in
+at 79.1 out of a possible 100 index points
+in the year under review, thus confirming the
+previous year's level.
+Based on the advantages of e-mobility, Porsche
+has decided to adopt a systematic electrifica-
+tion strategy. With this path it has chosen, the
+company is seeking to establish itself as a
+technology leader. To make the breakthrough,
+e-mobility needs an accessible, available
+charging infrastructure that meets demand and
+provides a customer-friendly charging process.
+Porsche is pursuing a holistic approach and
+continues to work on refining charging technolo-
+gies and developing the charging infrastructure.
+The aim is for new products and services to
+turn charging into a personal customer experi-
+ence that is fast and attractive.
+114
+Eurotrailers are used at the Stuttgart-Zuffen-
+hausen site, thus eliminating more than
+3,500 trips each year and therefore around
+10 per cent of CO2 emissions. Porsche uses
+LHVs for deliveries of materials (inbound
+logistics) and for finished vehicle transporta-
+tion (outbound logistics). These can hold
+eight vehicles rather than the usual average
+of six or seven, irrespective of how they are
+loaded. This allows up to 2,000 HGV trips to
+be eliminated a year. The finished vehicles
+are transported from the loading stations in
+Kornwestheim and Leipzig to the ports of
+Emden and Bremerhaven. All of this rail
+transportation has used renewable green
+electricity since 2018.
+THE USE OF EUROTRAILERS AT
+THE STUTTGART-ZUFFENHAUSEN
+SITE ELIMINATES MORE THAN
+3,500 TRIPS EACH YEAR AND
+THEREFORE AROUND 10 PER CENT
+OF CO2 EMISSIONS.
+The Volkswagen Group is one of the first
+automobile manufacturers in the world to use
+low-emission LNG vessels to ship finished
+vehicles, on its route from Emden to North
+America. This achieves substantial reductions
+in emissions compared with traditional
+methods up to 25 per cent for CO₂, up to
+30 per cent for nitrogen oxides, up to 60 per
+cent for particulates and up to 100 per cent
+for sulphur oxides. There are currently two
+ships being used to transport Group vehicles.
+These can carry up to 4,800 vehicles.
+98
+Environment
+99
+PROTECTION OF BIODIVERSITY
+As part of the ecosystem, biodiversity is vital
+for human life. Protecting biodiversity there-
+fore goes much further than mere nature
+conservation. It is one of the greatest global
+tasks of the modern age, alongside climate
+change. Porsche recognises this and is ac-
+tively committed to preserving biodiversity
+at its sites.
+Evaluating and managing biodiversity
+Porsche's engagement here focuses on its
+sites and their immediate environment. The
+company's objective is to protect the occu-
+pied and unoccupied natural landscape and
+to minimise its own environmental footprint.
+Porsche wishes to maintain biodiversity, allow
+nature to operate and find its own balance and
+secure the future capacity of nature and the
+landscape to recover. The company therefore
+pays particular attention to these aspects.
+In order to better evaluate and manage bio-
+diversity at its production sites, Porsche uses
+an innovative biodiversity tool developed
+by the Volkswagen Group. Since 2021,
+Porsche has been one of the first brands in
+the Volkswagen Group to use defined
+biodiversity criteria to study its Stuttgart-
+Zuffenhausen site.
+THE BIODIVERSITY INDEX
+RATING FOR THE STUTTGART-
+ZUFFENHAUSEN SITE
+IS CURRENTLY AT
+44 PER CENT. THE
+AIM IS FOR ALL
+Various sustainable drive technologies were
+in use in Porsche's logistics transportation
+in the year under review including natural
+gas HGVs, one hybrid HGV and one all-elec-
+tric HGV. The range of LNG HGVs is 600
+to 800 kilometres, so they can therefore be
+used for long-range trips.
+THE SITES TO
+CENT BY 2030.
+Five areas - surface management, internal
+impact, external impact, local factors and
+external factors are evaluated. This involves
+53 parameters being logged per site in
+25 clusters. For example, the biodiversity
+rating in the area of surface management
+can be improved among other things by ex-
+panding flowered areas and by increasing
+the number of species in the flowered areas.
+A site's biodiversity index is calculated as
+somewhere between 0 and 100 per cent.
+Porsche's Stuttgart-Zuffenhausen site is cur-
+rently at 44 per cent, meaning the target for
+the year was achieved. As part of the zero-
+impact factory concept, Porsche will seek to
+get all of its sites to 100 per cent by 2030.
+In the future, the company will increase its
+use of environmental principles and near-
+natural concepts. On the one hand, Porsche
+will take into account the environmental
+aspect and the contribution made to bio-
+diversity. On the other hand, the maintenance
+work required has a role to play too. For
+example, highly diverse wild flower meadows
+are cut just one to three times a year and
+therefore require significantly less mainten-
+ance than grass lawns. Other advantages of
+near-natural company grounds include the
+employees' improved well-being. This is
+achieved on the basis of an attractive work
+environment and higher building certification
+ratings awarded by the German Sustainable
+Building Council (DGNB).
+Zuffenhausen near-natural company grounds
+In summer 2021, an area of 2,000 square
+metres was turned into recreational space
+for the employees and the neighbourhood
+as part of the project Naturnahes Firmen-
+gelände. The cultivated pastures and native
+plants also serve as a habitat for insects.
+Sustainable concept for protection of honey bees
+Germany's bee population is considered to
+be at risk. More than half of the 560 native
+types of bee are in danger of dying out and
+more than 50 per cent of the wild bee types
+are on the Red List of Threatened Species
+(as at 2015). In Baden-Württemberg, it is
+45 per cent of the 481 types of wild bee found
+there. However, wild bees are indispensable
+in the ecosystem as the primary pollinators of
+many wild herbs and crops. Many species are
+very constrained to specific flowering plants
+as their source of pollen and nectar, and re-
+quire special nesting places. With their polli-
+nation function, wild bees have a significant
+influence on the ecosystem and are therefore
+classified as a keystone species. The loss of
+such species can have serious consequences
+for the entire ecosystem.
+THE STUTTGART-ZUFFENHAUSEN
+SITE IS HOME TO
+13 BEE COLONIES,
+EACH WITH
+AROUND
+50,000 BEES.
+To conserve nature and species at the
+Stuttgart-Zuffenhausen site, the company
+therefore introduced 13 bee colonies,
+each with some 50,000 bees, to a meadow
+orchard located within the grounds in 2020.
+Porsche introduced a further five colonies
+there in the year under review. In addition,
+another bee site was established in Zuffen-
+hausen. There are now 10 new bee colonies
+established at the edge of the woods be-
+tween the central workshops and the former
+Bosch grounds. In spite of the tricky weather
+conditions, the company harvested the site's
+first forest honey in the year under review.
+The main plant in Stuttgart-Zuffenhausen is
+the second company site to get its own bee
+colonies since 2017, some three million
+honey bees have occupied the off-road site at
+the Leipzig plant which has been returned to
+nature. The lives of the honey bees are also
+the topic of the Porsche Safari environmental
+education programme, which is organised
+in cooperation with Auwaldstation Leipzig.
+Between March and October, children,
+school classes and families can take a tour
+of the Porsche Leipzig off-road site and
+discover everything there is to know about
+its flora and fauna.
+Porsche Leipzig's grazing concept is unique
+in the automotive industry. In addition to
+honey bees, the sports car manufacturer also
+introduced Exmoor ponies and wild oxen to
+the off-road site in 2002. The 132-hectare
+natural space is also home to Finnsheep and
+numerous wild animals.
+ACHIEVE 100 PER
+Throughout the value chain, the company's
+logistics operations use the available CO₂ re-
+duction potential, thereby making an active
+contribution to the Paris Agreement as well
+as combating global warming. Sustainability
+is therefore a top priority for Porsche's logis-
+tics operations. The sports car manufacturer
+identified numerous measures and potential
+options as part of the Green Logistics strat-
+egy and then implemented them.
+Green Logistics strategy
+All the water pollutants of all hazard classes
+produced at Porsche are transported,
+filled into containers, stored or reused on
+site. The company has reduced the risk of
+production interruptions when handling
+water-polluting substances by raising aware-
+ness among the employees, fitting technical
+protective devices to the production systems
+and installing binding agent stations at out-
+door locations.
+The aim is to conserve the
+environment, guarantee good
+labour and living conditions
+and boost social cohesion.
+CONSUMPTION OF RESOURCES AND SUS-
+TAINABLE RAW MATERIALS IN VEHICLES
+Many of the raw materials used in auto-
+mobile production are finite or their extrac-
+tion has a direct impact on the environment.
+Porsche is therefore working on using
+materials efficiently and reducing its primary
+raw material needs. The sports car manufac-
+turer is thus making use of or developing
+environmentally friendly alternatives wher-
+ever possible. This is especially important to
+the company. Porsche therefore enshrined
+targets for the use of sustainable materials
+in all newly developed vehicle projects with
+electric drives in 2021.
+Efficient use of resources
+Organisational prerequisites were estab-
+lished at the strategic level and in the indi-
+vidual departments in order for the targets
+set to be systematically tracked. In an op-
+erationalisation project, responsibilities were
+defined, roles were assigned and target
+tracking systems were established. The
+company incorporated the vehicle and pro-
+ject targets set into the target system for the
+model lines and into the corresponding pro-
+cesses. All the business divisions (Procure-
+ment, Development, Production, Finance) are
+involved in their realisation. The relevant en-
+vironmental impacts are to be incorporated
+even more into the vehicle development pro-
+cess as an important decision-making factor.
+Porsche wishes to reduce the negative en-
+vironmental impacts of its material use. The
+company is focusing on using secondary
+or renewable raw materials in its vehicles.
+Materials are additionally to be extracted and
+sourced in environmentally responsible ways.
+Porsche has therefore defined the proportion
+of sustainable materials at the fleet level
+(for example plastic recyclates and second-
+ary source metals) as a performance in-
+dicator for new vehicle projects as of 2025.
+A higher proportion of sustainable materials
+also reduces CO2 emissions in the supply
+chain, thereby contributing to decarbonisation.
+In addition to these approaches, Porsche
+continues to work on the topic of light-
+weight construction. Vehicle weight is to be
+reduced on the basis of reduced material
+use, thus also reducing energy consumption
+and emissions.
+Porsche is optimising methods of recycling
+HV batteries together with the Volkswagen
+Group and development partners, enabling
+even more raw materials to be recycled.
+And in a pilot project, used traction batteries
+are being examined as part of a second-life
+concept. If they are no longer suitable for
+use in a vehicle, they can be used as station-
+ary energy storage units instead.
+Porsche founded the Cellforce Group for this
+together with Customcells GmbH. This is
+putting advanced approaches to the test.
+The cell production waste is recycled by the
+partner company BASF and turned directly
+into cathode active material.
+On the road, electric vehicles help save
+the environment and improve air quality in
+built-up areas. Given the raw materials and
+production processes involved, the environ-
+mental impacts of electric vehicles occur
+primarily during the manufacturing process.
+These can, however, be further reduced in
+the future. Porsche is continuously improv-
+ing battery production together with its
+suppliers, for example by using electricity
+from renewable energy sources in the up-
+stream supply chain and in battery cell pro-
+duction. In this way, the use of raw materials
+in traction batteries can be further reduced,
+the batteries' energy density and power in-
+tensity can be increased and targeted use
+can be made of the raw material sources
+while having a reduced environmental im-
+pact. Concepts allowing modular repairs,
+should any be required in the traction bat-
+tery, can also help conserve resources.
+Sustainable raw materials
+The concept of the circular economy is firmly
+embedded as an area of action in the com-
+pany's sustainability strategy as it seeks to
+make more efficient use of resources. Targets
+for and reporting on vehicle projects has
+been established within strategy develop-
+ment. In addition, the circular economy has
+been expanded and optimised at the Porsche
+sites and reuse and recycling concepts for
+high-voltage batteries have been developed.
+All the business divisions are involved in
+regular dialogue.
+Porsche is already increasingly taking envir-
+onmental aspects into account in its advance
+development. For example, research is being
+carried out into the use of sustainable raw
+materials and recycled materials for interior
+upholstery and support components or when
+awarding projects.
+RESOURCES AND RECYCLING
+IN PRODUCTION ✓
+Natural resources are finite. But humankind
+is consuming significantly more resources
+than the earth is able to produce. Industrial
+enterprises undertake to do business more
+sustainably and reduce their raw material
+consumption. In this regard, Porsche is pur-
+suing the vision of a zero-impact factory, in
+other words production that has no negative
+impact on the environment. The company
+has also made a commitment to the 1.5-de-
+gree target of the Paris Agreement.
+Porsche's process facilities such as vehicle
+leak testing equipment, washing equipment
+and parts washing equipment operate largely
+in a closed-loop system. The paint shops
+conserve water by using cascade rinsing to
+recycle water, while bath treatment helps to
+extend life in pretreatment and in dip coat-
+ing. The wastewater generated in production
+is pretreated in approved systems in order to
+remove or reduce pollutants. The effluents
+are regularly analysed and monitored in ac-
+cordance with the requirements of the au-
+thorities. Porsche has installed water-saving
+fittings in its bathrooms.
+SINCE 2014, THE COMPANY
+HAS REDUCED THE WATER
+CONSUMPTION PER
+VEHICLE OF ITS OWN
+PRODUCTION ACTIVITIES
+BY MORE THAN
+16 PER CENT.
+Water and effluents
+Water is becoming increasingly scarce as
+a resource. Porsche therefore uses it pru-
+dently. It aims to reduce water consumption
+and the production of effluents, thereby less-
+ening the environmental impact of drinking
+water and groundwater shortages. Since
+2014, the company has reduced the water
+consumption per vehicle produced in its own
+production activities by more than 16 per
+cent. None of the Porsche sites are located in
+water stress areas.
+Porsche will continue to systematically col-
+lect waste which cannot be avoided separ-
+ately. Wherever waste is produced, there are
+bins which are labelled according to the dif-
+ferent types of waste. The valuable materials
+in the waste can then be used in the sub-
+sequent waste disposal process. In addition,
+when looking to award waste contracts,
+Porsche gives preference to disposal facili-
+ties that offer a materials recycling process.
+This is continuously monitored by Porsche's
+waste management officers, with improve-
+ment potential being identified and tracked.
+The levels of waste can be tracked by means
+of digital waste logging. This helps with
+the tracking of target achievement and
+compliance with the statutory documenta-
+tion obligations.
+Porsche's waste management system is
+based on a closed-loop system. Waste is
+to be avoided at the zero-impact factory
+and materials are to be increasingly recycled,
+thereby conserving natural resources.
+Waste management
+The company is also committed to protecting
+biodiversity around the Porsche Development
+Centre in Weissach. A guide was developed
+to this end together with experts in the fields
+of landscape planning and species conserva-
+tion. This gives concrete recommendations
+for future planting and the creation of green
+spaces. The aim of the transformations is to
+create a wildlife corridor leading to the local
+natural structures and species outside the
+development centre. Special attention was
+paid here to especially protected species of
+wild bee. To improve their conditions of exist-
+ence, wild bee pastures were created in the
+green spaces along specific park areas and
+the southern approach road. Other measures
+In addition to reducing costs, responsible use
+of natural resources has a positive effect on
+the environment. Porsche therefore continu-
+ously optimises its processes. For example,
+the company modified the technical work-
+flows at its paint shop, thereby further redu-
+cing the use of chemicals in body pretreat-
+ment and the consumption of water in its
+wastewater treatment. Porsche also reduced
+the use of structural adhesives in assembly
+and the body shop by shortening the set-up
+times, which also reduced the volume of
+waste. Information technology was used to
+identify and exploit potential for the needs-
+based shutdown of drives and ventilation
+systems. This saves more than 400,000 kWh
+of electricity at the Stuttgart-Zuffenhausen
+site a year.
+with the ISO 14001 environmental standard
+and, at the Stuttgart-Zuffenhausen site,
+in accordance with EMAS. In addition, energy
+management systems in accordance with
+ISO 50001 have been implemented at the
+Stuttgart-Zuffenhausen, Weissach, Leipzig,
+Sachsenheim and Schwarzenberg sites.
+Employee participation in these efforts is
+essential. The employees' awareness regard-
+ing this topic is raised by means of various
+activities such as online training. More than
+300 individual measures have been imple-
+mented since 2015.
+Porsche has established an audited environ-
+mental management system which is certi-
+fied throughout the company in accordance
+Porsche is systematically working on
+achieving the targets set as part of its strat-
+egy. Important elements here are the reduc-
+tion targets regarding energy, CO 2, waste,
+water and VOC per vehicle, which are to be
+reduced by 45 per cent between 2014 and
+2025. Using water as efficiently as possible
+on the basis of circulation systems and
+multiple reuse and the careful handling of
+contaminated production wastewater are
+important aspects in this regard. Avoiding
+waste, harnessing low-waste technologies
+and deploying sustainable disposal solutions
+are key elements of Porsche's waste man-
+agement concept. The company's Environ-
+mental protection resource regulation
+serves as an internal guideline and is also
+binding on suppliers.
+PURSUING THE
+VISION OF A
+ZERO-IMPACT
+FACTORY.
+WITH ITS STRATEGY 2030,
+PORSCHE IS
+Vision: environmentally neutral production
+Porsche is striving to achieve environmental-
+ly neutral production. With its Strategy
+2030, the sports car manufacturer is on its
+way to achieving its goal of a zero-impact
+factory. This target vision is based on 11
+specific areas of action including resource,
+material and energy efficiency, and efficient
+water usage. Other categories include tech-
+nology and processes as well as logistics,
+which likewise influence the company's con-
+sumption of resources.
+Resource efficiency
+in the project Naturnahes Firmengelände are
+in the pipeline. In this way, biodiversity and
+habitat variety will continue to be promoted
+at the Weissach site.
+100
+UNIQUE GRAZING CONCEPT
+Measuring effectiveness
+The employees were selected at random
+from among the entire workforce. Over
+60 per cent of them participated. The results
+offer a new angle on a career at Porsche.
+They are used to derive measures on the
+topic of HR development and to elaborate
+development paths for what's known as
+Porsche Workforce Transformation within
+Porsche's Strategy 2030.
+Porsche? The sports car manufacturer ob-
+tained answers to these questions in a rep-
+resentative employee survey conducted in
+October 2021.
+How are the current development paths re-
+ceived? What expectations do the employ-
+ees have regarding their development at
+Survey in the context of Strategy 2030
+Porsche's success is founded on the perform-
+ance of its employees, who apply their skills
+and knowledge to the company. For this to be
+the case, it is important that needs-based
+development opportunities continue to be
+offered in the future too.
+Start of the new management programme
+Porsche introduced a new management pro-
+gramme in the year under review based on
+the revised requirements for the assumption
+of management functions. It is aimed at em-
+ployees taking on a management function
+for the first time. They are offered intensive
+support in their new roles as disciplinary or
+functional managers in the form of perfectly
+tailored qualification measures. The pro-
+gramme focuses on three key areas -
+strengthening the management role faced
+with the conflicting priorities of operational
+versus innovative tasks, managing in-person,
+hybrid and virtual teams, and moulding one's
+own scope for action to create value.
+participants and the trainers. The Learning
+Campus inaugurated in Stuttgart-Zuffen-
+hausen in autumn has likewise met with posi-
+tive feedback. This new training space is
+used for the qualification of employees and
+caters to the increasing expectations of an
+interactive approach to modern qualification.
+The room configuration allows for flexible use
+and also facilitates a hybrid training setting.
+Gradual return to face-to-face teaching
+After 2020 having been very much domin-
+ated by virtualisation of the qualification
+portfolio, an increasing number of face-to-
+face training modules was offered in the
+year under review. With the inauguration of
+Schlossgut Harteneck as a new campus,
+a new, innovative training site for manage-
+ment qualifications was established. This
+boasts a learner-centred environment where
+no two rooms are alike. The unique design
+and layout of the training space meets with
+positive feedback across the board from the
+is therefore an important element of what's
+known as Porsche Workforce Transform-
+ation, with which Porsche is seeking to
+successfully develop and implement new
+technologies and business fields. The port-
+folio ranges from coding base camps and
+hybrid training modules to "nanodegrees"
+and certification courses given by recognised
+specialists and universities. In the year under
+review, up to 1,500 participants were assist-
+ed in building up their professional skills in
+the areas of software development, Al and
+data, IT architecture, cloud computing, digital
+security and agile work methods.
+departmental qualification options that allow
+employees to expand their digital skills. It
+the transformation
+advancements necessitate
+key skills and new
+professional abilities.
+in the year under review.
+Working and learning
+during the pandemic and
+The importance of new
+online training increased
+and has familiarised them with digital trans-
+formation. In a variety of formats and offer-
+ings, the digital world is made tangible and
+the company's digitalisation strategy is com-
+municated. To date, primarily beginners'
+knowledge has been taught in the more
+than 170 hours of mainly digital learning
+opportunities. This year, however, the array
+of professional training with a higher level
+of specialisation was also significantly ex-
+panded. The Porsche Digital Academy is nei-
+ther an academic institution, nor a purely
+online service. Rather, it sees itself as an um-
+brella operation for all of Porsche's qualifica-
+tion opportunities relating to digital skills. In
+collaboration with internal and external ex-
+perts, the Learning, Corporate Culture and
+Change main department provides cross-
+From Fit for Digit@l to the Digital Academy
+The Fit for Digit@l knowledge initiative has
+reached more than 5,000 employees
+throughout the company in recent years
+offerings, thereby supporting the employees
+in self-managed, social and also trainer-
+based learning.
+the 360° Feedback app was used during the
+Porsche Leadership Labs once again and was
+further professionalised. Online simulations
+were also used in the areas of change man-
+agement and hybrid management. This in-
+volved the potential of VR headsets to assist
+with presentation training being evaluated. At
+the heart of these activities is the goal of cre-
+ating a unique learning experience which use-
+fully integrates the formats, tools and
+Social
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+115
+EMPLOYEE DEVELOPMENT AND SOCIALLY
+ETHICAL TRANSFORMATION
+Many of the training and professional devel-
+opment sessions were held virtually in 2020.
+The significance of new content offerings
+with regard to how the "new normal" is han-
+dled therefore increased in the year under
+review. Working and learning during the pan-
+demic and the transformation advancements
+necessitate key skills and new professional
+abilities. These were jointly developed by HR
+and the departments.
+The feedback form developed in 2020 as-
+sesses all of Porsche's qualification measures.
+It was implemented at the beginning of the
+year under review. A new aspect of the form
+is that it does not only record learning out-
+come directly upon the conclusion of training -
+it also records the employees' opinions 90
+days later. An assessment can then be made
+regarding how what they learned is being ap-
+plied in their day-to-day work. The sports car
+manufacturer also defined other performance
+indicators that shed light on the contribution
+made by the interdisciplinary qualification
+portfolio. Designed to boost the effective-
+ness of the measures, these are summarised
+and clearly illustrated. The half-yearly evalu-
+ation is made available both to those respon-
+sible for the products and to management
+representatives. The intention is to improve
+the participants' satisfaction with the inter-
+disciplinary qualification measures and con-
+tinuously improve the processes.
+Mindfulness and hybrid management
+Working flexibly, be it in the office or from
+home, calls for an array of options to be of-
+fered to the employees and managers ac-
+cordingly. The objective is to ensure that
+"hybrid" collaboration within a team goes
+smoothly and that the new ways of working
+are given the best possible design. For ex-
+ample, the simulation of practical examples in
+the "Managing hybrid teams" training course
+allowed decisions, the team's reaction to
+these and their work results to be addressed
+in an entertaining and fun way.
+a team maintains or improves their own
+achievement potential. Here too, virtual work-
+shops and tricks were developed which allow
+for self-assessment and which provide con-
+crete tips regarding how to be more mindful
+of oneself and others in day-to-day work.
+The topic of mindfulness is in great demand.
+In view of this, a podcast entitled "Brennen
+statt Ausbrennen" (meaning "Fired up, not
+burnt out") was created in the year under re-
+view, based on the content of the "Promoting
+self-management skills" training course. Com-
+prising five episodes, the podcast addresses
+various aspects of mindfulness, resilience and
+work-life balance, and teaches practical exer-
+cises for use in day-to-day work.
+Digital learning
+The podcast is made available centrally via
+the Porsche podcast app, which is offered ex-
+clusively to the employees. It serves as a cen-
+tral platform for numerous internal podcasts
+from various business divisions. The podcast
+app therefore expands the array of digital ser-
+vices by another important building block and
+promotes needs-based learning which is flex-
+ible in terms of time and location.
+Overall, what's known as the Porsche learning
+ecosystem was expanded by a large number
+of innovative and user-centric tools and for-
+mats in the year under review. For example,
+PORSCHE IS EVALUATING THE POTENTIAL OF VR HEADSETS FOR PRESENTATION TRAINING
+It is also important that every member of
+BEING AN ATTRACTIVE EMPLOYER IS A CORE ASPECT OF PORSCHE'S HR STRATEGY
+DIGITAL EXPANSION OF THE PORSCHE LEARNING ECOSYSTEM
+Social
+AT THE LEIPZIG SITE
+ALTERNATIVE DRIVE SYSTEMS
+Emotive combustion
+The Porsche drive strategy is based on
+a technology triumvirate: emotive combus-
+tion, powerful hybrids and high-perform-
+ance e-mobility. As such, Porsche reflects
+the demands and needs of the customers,
+the environment and the policymakers.
+This triumvirate is complemented by the
+use of new technologies available in the
+market such as eFuels.
+Drive strategy based on three pillars
+The company will simultaneously offer ve-
+hicles with optimised petrol engines, power-
+ful hybrid drives and all-electric sports cars.
+The plug-in hybrids in the Panamera and
+Cayenne model lines will continue to be
+designed with high performance in mind,
+with greater electric ranges of more than
+80 kilometres. Going forward, very sporty
+hybridisation will be possible in the case
+of the iconic 911 sports car too. This has
+already been seen in motorsport.
+Porsche has earmarked around 15 billion
+euros in the electrification, digitalisation
+and sustainable production of its vehicles
+up to 2025. The company is therefore sys-
+tematically expanding its range of electro-
+mobility offerings. Fifty per cent of all newly
+sold cars are to be electrified by 2025, i.e.
+be all-electric or plug-in hybrids. An electric
+vehicle causes fewer CO2 emissions than a
+comparable vehicle with an internal com-
+bustion engine. As renewable energies can
+be used during an electric vehicle's service
+life, one of the biggest levers for reducing
+the CO₂ footprint can be found in this area.
+Porsche is accordingly looking to use sus-
+tainable energy sources such as wind and
+solar power.
+Powerful hybrids
+A network of 350 kW quick-charging stations
+is being expanded and expedited throughout
+Europe with the joint venture IONITY. The
+plan is to have 400 charging stations up and
+running. At home, Porsche customers can
+top up the Taycan's battery overnight using
+a Porsche-developed wall box providing up to
+22 kilowatts. And on the road, the Porsche
+Charging Service already provides users with
+access to more than 100,000 charging
+points throughout Europe with the possibility
+of central billing.
+Alternative fuels
+Porsche is prioritising its electrification strat-
+egy. The company is additionally pursuing
+avenues to reduce the CO2 emissions of ve-
+hicles with petrol engines and hybrid drives in
+certain areas by means of efficiency meas-
+ures. Here, Porsche is focusing on what are
+known as eFuels. Porsche classifies eFuels as
+synthetic, liquid fuels. These are made of hydro-
+gen obtained exclusively using renewable
+energy and non-fossil carbon dioxide extract-
+ed from, for example, the ambient air.
+High-performance e-mobility
+With eFuels, the traditional Porsche models
+could potentially be run virtually CO2-neu-
+trally too. Together with partners in science
+and industry, the company is working to
+develop industrial production of these alter-
+native fuels. Porsche is seeking to develop
+the best locations around the world for the
+use of renewable energy sources in order
+to guarantee that these new energy carriers
+will be competitive. To further improve the
+production processes, Porsche is involved in,
+for example, the "eFuels - Kraftstoffe neu
+denken" project in Baden-Württemberg,
+which was established as part of the
+Baden-Württemberg Strategiedialog
+Automobilwirtschaft initiated by the
+Baden-Württemberg state government.
+In collaboration with Siemens Energy and
+a number of international businesses, Porsche
+developed a pilot project in Chile during the
+reporting year. The aim of the project is to
+develop the world's first integrated, commer-
+cial, large-scale plant to manufacture syn-
+thetic, climate-neutral fuels. The plant is
+being constructed according to the principles
+of environmental and social compatibility.
+The pilot phase will involve the production of
+some 130,000 litres of eFuels in 2022. The
+capacity is then to be increased in two stages
+to around 55 million litres in 2024. By 2026,
+an additional 550 million litres a year are
+planned. Porsche is the main buyer of the
+green fuel manufactured by the pilot plant
+using electric power generated by the wind.
+The project site in Chile boasts very good
+parameters in comparison to elsewhere in
+the world, with consistent and strong winds.
+This results in very low power generation
+costs and therefore also low production
+costs. Furthermore, additional renewable
+energy is generated which does not compete
+with other industrial needs.
+Diesel
+As of February 2018, Porsche no longer in-
+cludes any diesel models in its portfolio.
+Together with other parts of the Group, the
+company is also actively committed to
+bringing down nitrogen oxide levels in
+German cities. Before Porsche's decision
+to stop selling diesel-powered vehicles,
+Germany's Federal Motor Transport
+Authority, the Kraftfahrtbundesamt (KBA),
+had ordered a recall measure to update the
+software in certain Porsche diesel vehicles
+owing to irregularities in the engine man-
+agement software. The relevant recall for all
+affected Porsche diesel cars was launched.
+In 2017, Porsche Cayenne 3.0-litre V6
+diesel cars in the Euro 6 emissions class
+were recalled in Germany due to individual
+technical characteristics of the engine
+management software. In mid-October 2017,
+the KBA approved the software update pro-
+posed by Porsche. Porsche has since re-
+called the vehicles concerned for a free
+software update. More than 99 per cent of
+the affected vehicles in Germany have now
+been updated.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+117
+PORSCHE DEVELOPS INNOVATIVE PRODUCTS AND SERVICES FOR URBAN MOBILITY
+103
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+NEW MOBILITY CONCEPTS
+116
+Environment
+In addition, Porsche voluntarily announced
+that it would produce software updates
+for Euro 5 3.0-litre V6 diesel Cayenne and
+Panamera models. The KBA approved this
+software update in January 2020. The ser-
+vice campaign was published immediately in
+the market and made available to customers
+as a free software update. Currently around
+62 per cent of the vehicles registered in
+Germany have been updated. The software
+update will also be made available in other
+EU countries shortly.
+around 98 per cent of the affected vehicles.
+Approval was granted by the KBA for soft-
+ware updates in respect of the Cayenne
+4.2-litre V8 diesel (Euro 5 and Euro 6) in
+January 2020 (Euro 5) and July 2020 (Euro 6).
+The owners of the vehicles have been con-
+tacted by the responsible Porsche partners
+and the recall campaign has been launched.
+So far, some 88 per cent of the Cayenne
+4.2-litre V8 diesel (Euro 5) and Cayenne
+4.2-litre V8 diesel (Euro 6) models in Germany
+have been updated.
+THE AIM IS FOR HALF OF ALL NEW PORSCHE VEHICLES TO BE ELECTRIFIED BY 2025
+In addition, the KBA issued Porsche with
+recall notices for the Cayenne 4.2-litre V8
+diesel (Euro 5 and Euro 6) and Panamera
+4.0-litre V8 diesel (Euro 6). Porsche's pro-
+posed software update for the Panamera
+4.0-litre V8 diesel (Euro 6) was approved by
+the KBA in August 2019. The recall cam-
+paign started in November 2019 and the
+software update has already been applied to
+1 August 2018. Porsche has been recalling
+these vehicles to workshops for a free soft-
+ware update since October 2018. Currently
+more than 99 per cent of the vehicles regis-
+tered in Germany have been updated.
+In July 2018, the KBA ordered cars of the type
+Macan 3.0-litre V6 diesel (Euro 6) to undergo
+a similar update. The proposed Porsche soft-
+ware update received official approval on
+102
+CONSUMPTION OF
+Sustainability Festival
+legal requirements
+Porsche has a targeted occupational reinte-
+gration management system in place for re-
+storing employees' capabilities after longer
+periods of illness. For example, the affected
+employees are reintroduced to the strains of
+working by means of gradual workplace re-
+integration. Porsche's Health Management
+division also provides social counselling to
+those with psychosocial stress and support
+for those in difficult life conditions.
+Employee integration
+All the employees are represented in occu-
+pational safety committees by statutory rep-
+resentatives. The site-specific occupational
+safety committees meet four times each
+year. All the employees receive information
+on occupational safety at least once a year.
+This ensures that they are kept up to date on
+specific hazards and rules of conduct. The
+intranet also contains a broad range of infor-
+mation and education on health and safety in
+the workplace.
+To avoid risks to other companies' employees
+at Porsche sites as much as possible, Porsche
+stipulates detailed rules of conduct. These
+apply in particular to construction sites, but
+also to the procurement and assembly of ma-
+chinery and equipment.
+MORE THAN 14,000 VACCINE
+DOSES ADMINISTERED
+AT THE COMPANY'S
+OWN VACCINATION
+CENTRES.
+Support during the coronavirus pandemic
+Porsche's emergency response organisation
+dealt in detail with the coronavirus crisis
+during the reporting year. It implemented
+appropriate measures to protect employee
+health. In addition to providing information
+to affected internal departments, this also
+included communication with public author-
+ities. A telephone help desk and a centralised
+inbox are used by employees as a point of
+contact for all queries relating to the corona-
+virus. Employees engaged in administration
+activities were able to work remotely for their
+own protection. In the course of a 10-week
+campaign of vaccinating against COVID-19,
+more than 14,000 vaccine doses were ad-
+ministered by Porsche's Health Management
+division at vaccination centres set up es-
+pecially. This service was made available to
+employees and their families.
+118
+Social
+119
+GOVERNANCE
+Supply chain responsibility
+Governance and transparency
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+GOVERNANCE
+EXTENSIVE VACCINATION SERVICES FOR EMPLOYEES AND THEIR FAMILIES
+SUPPLY CHAIN RESPONSIBILITY
+The Health Management division is re-
+sponsible for all health promotion activities,
+structures and processes. A number of
+company health departments are respon-
+sible for providing medical care at work. As
+a preventive discipline, occupational health
+care plays a key role in occupational health
+management. The works doctors' respon-
+sibilities include analysis of the effects of
+work on employees. They also promote the
+employees' health and productivity and as-
+sist the employer in planning healthy labour
+conditions. Occupational health care also
+encompasses emergency paramedics as part
+of first-aid organisation, meaning acute and
+emergency health care is always guaranteed
+at the plants.
+Health management encompasses all of the
+topics that contribute to the health of em-
+ployees. In addition to safety systems and the
+provision of local medical care for employees
+working at the sites, there are services for
+preventive health promotion in the workplace.
+Porsche Health Management offers courses
+on healthy eating, relaxation techniques and
+effective self-management. Employees can
+also access individual physiotherapy advice
+Porsche has in place collective agreements
+on wages and conditions that apply to all full-
+time and part-time employees. Remuneration
+is made transparent on the basis of the applic-
+able pay framework agreement. An additional
+Labour Market of the Future package has
+been agreed, which brings together numer-
+ous working time regulations. These include
+flexible working hours, voluntary personal
+sabbaticals and care leave. The company is
+also a member of the employers' association
+Südwestmetall and is therefore part of the
+social partnership actively practised between
+the metal and electrical industry and the
+IG Metall trade union.
+Open communication channels
+Porsche offers its employees numerous ways
+of making suggestions, reporting problems
+or registering complaints with committees
+and decision-making bodies. One example
+includes the union ombudsman structure. It
+is also possible to talk directly to individual
+members of the Works Council at any time.
+Alongside the Works Council, there are inter-
+est groups for employees with severe disabil-
+ities and representation for young workers
+and trainees. Both of these bodies are closely
+integrated with the Works Council and in-
+volved in its decision-making processes.
+Co-determination in the workplace con-
+tinues to play an important role in the new
+digital era. The primary aim here is to cover
+all mandatory areas requiring co-determin-
+ation by law to ensure compliance. Examples
+include the introduction of IT systems that
+are capable of monitoring employee conduct
+or performance and data protection meas-
+ures or rules on the use of electronic media
+for communication. Porsche endeavours to
+involve the employee representatives early
+on in the development process. Close collab-
+oration between the company and employee
+representatives is also highly important
+when it comes to research into operating
+solutions for the new digital world of work.
+Internal media are used to inform employ-
+ees about current topics, especially from
+the perspective of the employees and their
+elected representatives.
+In addition, the Works Council keeps employ-
+ees fully updated about its works meetings at
+each of Porsche's sites in Germany and thus
+provides an open platform for discussion.
+The coronavirus restrictions during the re-
+porting year meant that no works meetings
+could take place. Communication with the
+workforce was therefore maintained via the
+intranet, information videos and mailings.
+OCCUPATIONAL HEALTH AND SAFETY
+The protection of employee health and
+safety is a core responsibility for any
+company. It is also a basic prerequisite
+for ensuring a motivated and capable
+workforce. Porsche's occupational health
+and safety management has a key part
+to play here, ensuring that the company
+can continue to develop, produce and sell
+exclusive, in-demand vehicles.
+Regulated occupational safety processes
+Occupational safety is a top priority for
+Porsche and its employees. An organised
+and structured occupational health and safety
+management system ensures a uniform
+approach and is designed to ensure that
+legal provisions are implemented. This helps
+to prevent workplace accidents and occupa-
+tional diseases as far as possible.
+The central processes are standardised
+and are set out in the Group guideline on
+occupational safety. Occupational safety is
+regulated in law in Germany, so the Group
+guideline represents a major element of
+Porsche's compliance management system.
+It applies to the whole workforce. The man-
+agers are to ensure that their employees are
+familiar and comply with the provisions of
+this guideline. Specialists in occupational
+safety and works doctors are available to
+all employees in an advisory capacity. All
+staff members are also represented through
+their legally defined representatives in the
+occupational safety committees in accord-
+ance with Germany's Occupational Safety
+Act (ASIG). The Group guideline is currently
+being updated. It is to be extended to in-
+clude health protection and will then serve
+as the basis for a certifiable occupational
+health and safety management system.
+Safe and humane labour conditions are
+particularly important in view of a world of
+work which continues to gather pace and
+is becoming more demanding as a result of
+automation and digital transformation. The
+Occupational Safety department is open to
+receiving queries from employees. In addition,
+it regularly tours workplaces with managers
+who have local responsibilities and provides
+assistance with risk assessments and stand-
+ard operating procedures.
+Workplaces, machinery and equipment are
+designed with input from safety engineers
+with the aim of preventing accidents and
+risks to health. Construction and installation
+sites are overseen and monitored by special
+construction experts beyond what is required
+by law. Safety standards are subject to on-
+going refinement as part of this process.
+In the event of workplace accidents, the
+causes are analysed in detail and appropri-
+ate measures are implemented in the form
+of action plans to avoid future accidents.
+The occurrence of workplace accidents at
+Porsche and in its organisational units is
+measured using the injury rate (occupation-
+al accident index) and reported monthly.
+Porsche endeavours to continuously improve
+workplace safety for the employees on the
+basis of annual targets.
+Preventive health management
+at the workplace. On the basis of the Occu-
+pational Safety Act, the works doctors assist
+with the design of healthy and ergonomic
+workplaces. They advise the employees and
+carry out preventive checks. In addition, they
+assist with the organisation of first aid and
+help with the reintroduction of employees to
+the workplace after illness.
+Works Councils and collective agreements
+Porsche's main site is in Germany. This means
+it is required by law to engage in collective
+co-determination. The company has been
+systematically meeting this obligation for
+decades and has positive experience in this
+area. For Porsche, it is natural for employees
+and their legal representatives to be informed
+as soon as possible and in as much detail as
+possible about any significant changes re-
+garding operational workflows or the organisa-
+tion of the company. This is done in compli-
+ance with national laws, applicable collective
+bargaining agreements and works agree-
+ments, including beyond Germany's borders.
+The information channels used here include
+the Supervisory Board with equal representa-
+tion, the Works Council committees, a range
+of communication formats and the works
+agreement database on the intranet.
+Porsche's corporate responsibility does
+not end at the factory gates - it extends
+across the entire value chain. With the
+expanded product portfolio and the new
+technologies used, the supply chain is
+becoming increasingly important. Porsche
+is therefore systematically focusing its
+strategy on the continuous management
+of its supplier relations in terms of sus-
+tainability aspects. The sustainability as-
+sessment of its direct suppliers has been
+a binding criterion for the awarding of
+contracts since the introduction of the
+sustainability rating (S-rating). It helps to
+safeguard sustainable procurement,
+compliance with human rights standards
+and employment practices, and respon-
+sible resource management among the
+suppliers. The materials used are also to
+be systematically analysed as the current
+projects are continued together with
+the Volkswagen Group. Here, Porsche
+looks for potential risks in relation to ma-
+terial origins, production conditions or
+raw material extraction.
+DECENT WORK AND ECONOMIC
+GROWTH
+ture. The cost-effectiveness of strategic
+projects and plans in the product portfolio
+is therefore prioritised and safeguarded
+within defined budgets. Porsche gauges
+and reports on the success of its measures
+on the basis of financial data and value cre-
+ation calculations.
+Porsche focusing on sustainable financing
+In the future, business and the ability to
+compete will be heavily dependent on the
+transition to climate-neutral and more
+closed-loop-oriented products and produc-
+tion forms. With the European Union's
+Sustainable Finance Strategy, more and
+more capital will be directed into sustain-
+able investments. Financial products that
+are used to pursue sustainable objectives
+form part of this trend. Porsche already
+embarked on a new path in August 2019
+with the refinancing of sustainable projects.
+The company is the first automobile manu-
+facturer to date to offer a green Schuld-
+schein (promissory note), with a volume of
+one billion euros. The refinanced project
+portfolio includes funds for the develop-
+ment of the all-electric Porsche Taycan and
+investments in modern, energy-efficient
+production buildings and facilities that will
+be used exclusively for manufacturing
+and developing battery-powered vehicles.
+The company has obtained Clean Trans-
+portation certification from the Climate
+Bonds Initiative (CBI) for the composition
+of this portfolio of green projects. This was
+carried out in accordance with the Green
+Bond Principles of the International Capital
+Market Association and was verified by
+the sustainability rating agency ISS ESG.
+ISS ESG and the CBI confirmed that the
+funds had been used correctly and com-
+pletely for the project portfolio in post-
+issuance certification carried out in
+September 2020. The refinanced green
+project portfolio supports the United
+Nations' Sustainable Development Goals,
+specifically targets 9.4 (clean technologies
+to reduce CO2 emissions) and 11.2 (access
+to sustainable transport systems).
+The proportion of sustainable refinancing
+in the Automotive subgroup is currently
+around 60 per cent. This is to be increased.
+to 100 per cent by 2030.
+TRANSPARENT CORPORATE GOVERNANCE
+Porsche is aware of the importance of its
+reputation of doing business successfully.
+The company therefore takes its stake-
+holders' interests into account in its decision-
+making and sets great store by living up to
+society's expectations.
+ESG management at Porsche
+For this reason, Porsche introduced exten-
+sive ESG management in the year under re-
+view. ESG stands for environment, social and
+governance, and represents a set of require-
+ments made of companies by the capital
+market. It can be used to better understand
+and assess companies' performances in the
+area of sustainability.
+Porsche planned its ESG management sys-
+tem in 2021 and incorporated appropriate
+evaluation processes into its existing sustain-
+ability management. Responsibility for this
+lies with the Sustainability department, which
+also manages the sustainability strategy.
+Adopting an integrated approach, the ESG
+management system complements the strat-
+egy with additional key topics.
+The company established a set of per-
+formance indicators which illustrate ma-
+terial non-financial ESG contributions and
+transparently demonstrate the Porsche
+business model's contribution to sustain-
+able development. Comprehensive ESG
+management will be established beyond
+the year under review for a subset of these
+performance indicators.
+Going forward, the ESG management system
+should make it easier for the Executive Board
+and the departments involved to monitor
+and manage their ESG contributions, interpret
+results and produce regular reports. It was
+decided in the year under review that a cen-
+tralised IT system would be established for
+this purpose. The Sustainability department
+pools this software's output, manages the
+monitoring process and assists the depart-
+ments with material decisions.
+ISS ESG rating
+Porsche is voluntarily assessed by the sus-
+tainability rating agency ISS ESG at regular
+intervals. Here, the company's sustainability
+performance in the areas of the environment,
+society and responsible corporate govern-
+ance is examined. Porsche considers this
+independent, external assessment to be an
+important tool and source of impetus.
+Building on this, it can continuously improve
+its sustainability management.
+Porsche sets great store by its sustainability
+performance being assessed independently.
+In October 2021, the company was once
+again awarded Prime status by the rating
+agency ISS ESG and improved its previous
+year's rating of C+ to B-. Prime status is
+awarded to companies with ESG perform-
+ance that exceeds a stipulated threshold
+which is typical for the sector. This means
+they meet ambitious performance require-
+ments. The sports car manufacturer has set
+itself the goal of being classified as one of
+the leading companies in the automotive in-
+dustry in this rating.
+ISS ESG assesses sustainability performance
+on the basis of more than 100 standardised,
+industry-specific indicators covering the
+environment, society and corporate govern-
+ance. ISS ESG annually analyses more than
+800 different indicators at over 8,000 com-
+panies around the world. Its analysis is based
+on information in the public domain or infor-
+mation obtained through direct dialogue.
+Securing high profitability
+Porsche has excellent profitability. It has
+set itself the strategic target of achieving
+a minimum operating return on sales of 15
+per cent and a return on investment of at
+least 21 per cent. The sports car manufac-
+turer wishes to ensure that it continues to
+meet its own profit targets in the future on
+the basis of continuous productivity and
+process improvements as well as strict
+cost management. This applies irrespective
+of its high investments in e-mobility and
+digitalisation. Porsche's company manage-
+ment is focused on maintaining a flexible
+and scalable organisational and cost struc-
+8
+Effective, sustainable activity is a funda-
+mental prerequisite for the economic suc-
+cess of a business. Only those that enjoy
+economic success have the means to
+intercede on behalf of the environment
+and society. Porsche therefore builds
+on economic stability and value-creating
+growth.
+SUSTAINABILITY IN
+Human rights are not respected in all
+regions around the world. The United
+Nations has therefore called for effective
+action to be immediately taken in this
+regard in order to bring an end to forced
+labour, modern slavery, human trafficking
+and child labour.
+With the S-rating, Porsche encourages
+its direct suppliers to apply minimum
+standards, including the upholding of
+human rights at all stages of the value
+chain. An increasing proportion of sup-
+pliers with a good S-rating contributes
+to modern slavery and child labour being
+prevented. At the same time, this pro-
+motes decent and sustainable employ-
+ment in the supply chain.
+COMMITMENT TO SUSTAINABLE
+EMPLOYMENT AND
+THE PROMOTION OF
+HUMAN RIGHTS.
+Porsche has set itself the goal of 90 per
+cent of its purchasing volume meeting
+the most stringent quality standards by
+2030. This goal relates to the direct
+suppliers of production materials with a
+positive S-rating in the top assessment
+category. The degree of fulfilment in the
+year under review was 69 per cent. In
+this way, Porsche seeks to contribute to
+sustainable employment and to the pro-
+motion of human rights in the regions
+affected by its activities.
+2300
+GOOD, ETHICAL CORPORATE GOVERNANCE IS ESSENTIAL FOR PORSCHE
+122
+GOVERNANCE AND TRANSPARENCY
+Porsche sets the highest standards for
+itself. For Porsche, ethical behaviour is
+essential, not least because the confidence
+that the customers, partners and society
+have in the company is dependent on this.
+Acting and doing business with integrity
+therefore serve as the foundations for all
+of the company's activities. In this area of
+action, Porsche is strategically working
+to increase transparency and responsible
+corporate governance in all the relevant
+areas. The objective is for the sports car
+manufacturer to be perceived by the
+industry and society as a strong partner and
+an exemplary company. Porsche also has
+itself rated by external organisations to this
+end and bases its improvement measures
+on the results of these ratings.
+17 SUSTAINABLE
+DEVELOPMENT GOALS
+(SDGs)
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+PORSCHE FOCUSING ON SUSTAINABLE FINANCING
+THE BUSINESS PROCESSES
+One of the key pillars of Porsche's corporate
+culture is corporate co-determination. There
+is regular dialogue between the employer
+and the employees, including on difficult
+issues. Open and direct communication
+across all hierarchical levels is a long-
+standing tradition at Porsche. It provides
+the basis for exceptionally constructive
+cooperation. Alongside collective bargaining
+agreements, corporate co-determination
+is a key tool with regard to good work and
+employees who apply themselves. The
+advantages of corporate co-determination
+include better labour conditions, higher and
+fairer wages, more training and professional
+development opportunities, greater job
+security and a good work-life balance.
+CORPORATE CO-DETERMINATION
+→ GRI 102-41
+Demanding sustainability from suppliers
+Trust-based cooperation between Porsche
+and its direct suppliers is based on shared
+values and clear sustainability requirements
+as defined in the Volkswagen Group. The
+concept of sustainability in supplier rela-
+tions and the Code of Conduct compel all
+parties to observe environmental, social
+and human rights standards. These are
+founded on the International Chamber of
+Commerce's Charter and the OECD's guide-
+lines. The relevant core labour standards
+of the International Labour Organization
+(ILO) serve as the foundation for the sus-
+tainability requirements.
+Porsche's response to vehicle safety extends
+far beyond merely meeting the legal require-
+ments. The company's focus is always on
+providing the best possible level of protec-
+tion for its customers on the road.
+REQUIREMENTS.
+THE LEGAL
+AND BEYOND
+SAFETY ABOVE
+COMPREHENSIVE VEHICLE
+Vehicle safety at Porsche encompasses
+front, side and rear protection, roof and door
+stability, interior and component safety, as
+well as protection of pedestrians, cyclists and
+motorcyclists. Autonomous or highly auto-
+mated driving and corresponding driver as-
+sistance systems will additionally contribute
+to making the roads even safer in the future.
+Vehicle safety that exceeds
+Vehicle safety is of the utmost importance
+to Porsche, with the safety of the vehicle's
+occupants being the top priority. In addition,
+making sure that other road users are also
+kept safe is another crucial aim.
+CUSTOMER AND VEHICLE SAFETY
+The company's focus is
+always on providing
+optimum protection for its
+customers on the road.
+vehicle safety extends far
+beyond merely meeting
+the legal requirements.
+Porsche's response to
+FOR PORSCHE, VEHICLE SAFETY IS A KEY ISSUE IN ITS VEHICLE DEVELOPMENT
+133
+The requirements and approaches to ve-
+hicle safety are discussed and agreed in
+several functional corporate working groups.
+The Safety working group comprising safety
+officers for all of the brands meets regularly.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Safety as a pillar of vehicle development
+Vehicle safety is a decisive criterion from the
+outset in the development of vehicles. Devel-
+opment work in the area of vehicle safety
+focuses on functions and systems - every-
+one who is responsible for the safety of indi-
+vidual vehicle components and systems
+collaborates in a central function. With re-
+gard to "front protection" for example, the
+relevant experts come together to focus on
+the structure and aggregate design in terms
+of energy management and deceleration
+characteristic, as well as system develop-
+ment, restraint systems and primary safety
+components including components such as
+airbags and seatbelts. All of the necessary
+development tools such as simulations, com-
+ponent trials, system and full vehicle testing
+are also brought together. The functional
+properties are further tuned in multiple iter-
+ations on the basis of simulations and test-
+ing. This process is continuously improved all
+the way through to production maturity.
+mies used are fitted with sensors which
+allow an evaluation of the possible injuries
+to the occupants. Specific biomechanical
+limits are adhered to, stipulating such
+parameters as maximum acceleration or
+deceleration of the head.
+live
+Communications
+Sports
+Society
+Employees
+EMPLOYEES, SOCIETY, SPORTS AND COMMUNICATIONS
+134
+The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+S&TA 5123E
++†
+939
+ff
+The targets in relation to the protection of
+vehicle occupants are derived from both the
+global legal standards for vehicle safety and
+numerous voluntary undertakings, as well as
+a range of internal requirements (the vehicle
+safety checklist). These guarantee a funda-
+mental standard of safety that represents
+the state of the art as well as a general level
+of protection irrespective of the market and
+the model. Porsche therefore constantly
+monitors global legislation. Forecasts of new
+requirements and field observations from
+Porsche's team of accident investigators and
+analysts likewise provide the basis for this.
+Porsche level of protection
+Responsibility for the functional targets be-
+ing met lies with the corresponding product
+development departments. The relevant pro-
+ject coordinator for vehicle safety handles
+overall product maturity tracking, while final
+approval of the function is given by the re-
+sponsible head of the specialist area.
+Assistance systems such as ABS, ESP and
+automatic emergency braking can prevent
+accidents. Another focus is to reduce the ef-
+fects of an accident on the vehicle's occu-
+pants. With this in mind, the deformation
+behaviour of the vehicle body is precisely de-
+fined for a variety of frontal, lateral and rear
+end impacts during the development phase
+of a new model. Porsche also uses a smart
+restraint system consisting of airbags and
+seatbelts. Simulations and crash tests are
+used to verify the effectiveness of the safety
+systems. In crash testing, the entire vehicle
+slams into an object such as a wall under
+controlled conditions. The crash test dum-
+Governance
+CUSTOMER FEEDBACK DIRECTLY INFLUENCES THE PRODUCTS AND SERVICES
+132
+During the reporting year, the Volkswagen
+Group conducted several projects in which
+"high-risk" raw materials were analysed in
+turn. Porsche is working in close coopera-
+tion with selected direct suppliers to verify
+two of the identified high-risk materials.
+In this way, the entire supply chain is fol-
+lowed back to the origin of the raw material
+and all the intermediate suppliers involved
+can be identified. This enables Porsche to
+detect human rights risks at an early stage
+and take action accordingly. The first Re-
+sponsible Raw Materials Report was pub-
+lished in the year under review, covering the
+most important findings and measures.
+131
+Governance
+130
+For example, if human rights violations are
+identified during an on-site visit, an action
+plan to remedy the shortcomings is agreed
+upon with the supplier, which they must then
+work through. If this proves not be effective,
+Porsche will issue punitive measures.
+Responsible procurement of raw materials
+Porsche endeavours to uphold human rights
+standards in the raw materials supply chain.
+Porsche works closely with its immediate
+suppliers here and demands the disclosure of
+the origins of materials that are potentially
+bound up in human rights violations such as
+child, compulsory or forced labour as well as
+all forms of modern slavery and people traf-
+ficking. These occur among other things in
+the context of the labour conditions for those
+involved in the extraction of raw materials
+such as cobalt, mica and natural rubber.
+Given the depth of the supply chains, which
+can comprise multiple levels, these process-
+es are extremely complex. Porsche therefore
+always takes a risk-based approach.
+All the Porsche Procurement employees are
+obliged to complete an S-rating training
+module. This embeds sustainability in the
+operational procurement processes. An
+e-learning module also allows employees in
+other departments to find out about the
+concept and management options provided
+by the S-rating.
+In total, 1,796 direct suppliers had sub-
+mitted a questionnaire up to the reporting
+year. Of these, 657 underwent on-site
+audits. A large proportion of the suppliers
+that have submitted a tender for a con-
+tract already meet Porsche's sustainability
+requirements.
+If the results of the questionnaire are not
+satisfactory, a second on-site inspection is
+carried out by an independent sustainability
+auditor. If any concerns are raised, the sup-
+plier is given a negative rating. In collabor-
+ation with the supplier, a Corrective Action
+Plan is initiated. Based on this, the identi-
+fied risks must be quickly remedied. Imple-
+mentation of any measures is subject to
+central verification. The affected suppliers
+are not considered for further contracts until
+they comply with and meet the sustain-
+ability requirements.
+As a first step in the S-rating process,
+(potential) direct suppliers must submit
+a self-declaration on defined sustainability
+criteria using a standardised questionnaire
+that has become established in the auto-
+motive industry.
+Porsche always conducts integrity checks
+before entering into business relations with
+new partners. Since the introduction of
+the sustainability rating (S-rating) in 2019,
+sustainability has been a mandatory award
+criterion for all the direct suppliers of pro-
+duction materials. This also applies to sup-
+pliers in other areas based on risk. The
+company's checks include verification of so-
+cial and environmental risks, as well as com-
+pliance including ethical conduct. When
+awarding contracts, sustainability is placed
+on an equal footing with other criteria such
+as cost, quality, technological capabilities
+and logistics.
+THE S-RATING IS A MANDATORY
+AWARD CRITERION
+FOR ALL DIRECT
+SUPPLIERS.
+Sustainability is a core component of
+Porsche's contract awards. The company
+has established its own team within
+Procurement which is responsible among
+other things for rating the sustainability
+performance of direct suppliers.
+Implementation
+All suppliers are also expected to follow
+the OECD Due Diligence Guidance for
+Responsible Supply Chains of Minerals from
+Conflict-Affected and High-Risk Areas.
+Porsche is active here together with the
+Volkswagen Group within the Responsible
+Minerals Initiative and the Responsible Mica
+Initiative. The sustainability requirements
+are enshrined in supply contracts. If these
+are not complied with, contractually agreed
+steps all the way up to termination of the
+business relations are initiated.
+Within the Volkswagen Group, existing
+approaches and targets are continually
+refined to guarantee the responsible pro-
+curement of raw materials. An example
+here is the product requirements document
+for leather, which will be mandatory for all
+contracts newly awarded from 2022. The
+product requirements document requires
+disclosure of the supply chain and makes a
+sustainability certificate which is specific
+to leather mandatory.
+Porsche uses new technologies in certain
+global and complex supply chains. This
+increases supply chain transparency and
+helps to prevent raw material procurement
+risks. Since 2020, Porsche has been en-
+gaged in a project together with a start-up.
+This uses artificial intelligence to compre-
+hensively screen suppliers. The permanent
+monitoring of freely available Internet
+sources including social media provides
+timely indications of possible breaches by
+the suppliers. This technical solution pro-
+vides an early warning of potential sustain-
+ability violations at the lower supply chain
+levels. The results of the production-based
+pilot testing involving more than 4,000 dir-
+ect and indirect suppliers are promising.
+CO₂ emissions in the supply chain
+Porsche has set itself an ambitious target -
+the company wishes to achieve balance-
+sheet CO2 neutrality across the entire value
+chain by 2030. The sports car manufactur-
+er's supply chain is currently responsible for
+around 20 per cent of Porsche's CO₂ equiva-
+lent emissions, which are used to calculate
+the Decarbonisation Index. Porsche expects
+this proportion to significantly increase
+in line with ever greater electrification.
+Since July 2021, the sports car manufac-
+turer has required its series suppliers to use
+renewable energies for the manufacture of
+An Executive Board committee receives
+a monthly report on the latest develop-
+ments in product quality and customer
+satisfaction, both at Porsche AG and in
+the international sales subsidiaries. This
+committee is complemented by regular
+coordination between the Sales and
+Marketing departments and international
+representatives from the markets.
+In addition to traditional tools such as
+online questionnaires, an array of digital
+communication options is used here, in-
+cluding discussion forums, short surveys
+and online discussions involving Porsche
+employees and customers. The Porsche
+customers appreciate the opportunity
+to actively contribute to the develop-
+ment work. And Porsche ensures that it
+can continue to offer products with
+a high degree of customer acceptance.
+The products and services are evolving
+at a rapid pace. The mechanism for cus-
+tomers rating ideas and concepts there-
+fore needs to be global in design and
+fast. How important is product sub-
+stance sustainability? How can Porsche
+assist with city centre parking? What
+colours do Porsche customers prefer?
+Questions like these are continuously
+answered by many customers in the four
+most important markets in the Porsche
+Advisors Club.
+Customer feedback regarding products
+and services
+Porsche continuously expanded its online
+digital functions. The company also fun-
+damentally overhauled its strategy re-
+garding native smartphone apps this year.
+In the future, all of the core services are
+to be conveniently pooled for the user in a
+new My Porsche app. This applies among
+other things to Connect, smart mobility,
+e-performance and digital customer care.
+The app solution makes interaction re-
+garding a vehicle easier and facilitates dia-
+logue with retail and with the Porsche
+brand. Initially, the primary functions of
+the previous apps My Porsche Essentials,
+Connect and Car Connect will feature.
+Further highlights in the areas of e-per-
+formance and aftersales will follow before
+the end of 2022. The new My Porsche
+app was gradually rolled out in just under
+50 countries around the world in the year
+under review. Regular function expansions
+ensure that the new vehicle generations
+are supported and that the customers are
+offered relevant, exclusive content.
+Porsche significantly increased its efforts in
+expanding the My Porsche customer portal
+and extended the portal's range to more
+than 1.2 million Porsche ID users around the
+world. A range of new functions were im-
+plemented during the reporting year. These
+include booking events, such as dealer
+events, and service appointments and also
+video-based vehicle checks, which are made
+available to the customers online by the
+servicing dealership.
+Extension of digital customer care
+Porsche aims to be able to reach its custom-
+ers around the clock, whatever their location.
+The Sales and Marketing division has there-
+fore increased its expansion of digital con-
+tact points in recent years. This has proved
+to be especially beneficial during the corona-
+virus crisis as it has allowed Porsche to
+keep in touch with its customers.
+ISS ESG rated Porsche's sustainability perform-
+ance especially positively in the areas of
+"Staff and suppliers", "Society and product re-
+sponsibility" and "Environmental management".
+is always evolving. It is therefore especially
+important that the customers be addressed
+individually throughout their vehicle's life
+cycle, for example with tailored offers.
+Porsche achieves this with a customer rela-
+tionship management system that extends
+throughout the whole customer relationship.
+Porsche is a supplier of exclusive vehicles
+LONG-TERM CUSTOMER RELATIONS AND
+SATISFACTION
+In addition, strategic sustainability dialogues
+are held with selected tier 1 suppliers, en-
+suring there is ongoing exchange regarding
+sustainability topics. Together, they consider
+the opportunities and challenges, and pro-
+mote sustainable activity.
+Of all the parts, HV battery cells are the big-
+gest driver of CO₂ emissions in the supply
+chain for electric vehicles. Therefore, to re-
+duce these emissions, targeted measures
+were defined which suppliers must hence-
+forth meet as requirements for new projects.
+To realise the CO2 reduction targets in the
+vehicle projects, a comprehensive process
+was developed which accommodates all the
+interfaces. This applies to all new enquiries.
+Based on a hotspot analysis, Porsche held
+numerous workshops with suppliers from rele-
+vant industries in the reporting year. These
+serve to coordinate and monitor the CO₂
+reduction targets and measures as well as
+those for the use of sustainable materials.
+Porsche also required more than 1,200 direct
+suppliers of production materials to transpar-
+ently present their CO2 reduction plans.
+Porsche components. This applies to all
+production material contracts awarded for
+new vehicle projects.
+PORSCHE KEEPS TRACK OF ITS RAW MATERIALS, FOR EXAMPLE WHERE ITS LEATHER COMES FROM
+and services. High levels of customer
+satisfaction and close customer relation-
+ships have therefore always played an import-
+ant role. The range of products and services
+For its assessments in the automotive indus-
+try, ISS ESG focuses particularly strongly on
+the companies' strategies regarding alterna-
+tive drives, in particular electric vehicles. With
+the Taycan, the all-electric successor to the
+Macan and the company's further electrifica-
+tion strategy, Porsche is well placed for the
+future in this focus area.
+Occupational safety is a top
+priority for Porsche and its
+employees. An organised
+and structured occupational
+health and safety management
+system ensures a uniform
+approach and is designed to
+ensure that legal provisions
+are implemented.
+Corporate ESG
+Performance
+the Group's Steering Group on Data Protec-
+tion. The objective of the Steering Group is
+to ensure uniform application of the statu-
+tory data protection requirements across
+all brands and to exploit synergies from co-
+operation within the Group. It also engages
+with various associations and specialist
+working groups.
+The Data Protection Officer is supported by
+a dedicated team and other interdisciplinary
+data protection coordinators. As a spokes-
+person for the brand, they are a member of
+The data protection strategy brings together
+data-driven innovation, the ethical use of
+data and compliance with the legal require-
+ments. It is globally positioned on the basis
+of a market survey conducted in 2021. Inter-
+nationally, Porsche clearly focuses on a high
+level of customer confidence. In the digital
+age, the company considers its customers'
+digital self-determination to be key to the
+company's success. The customers should
+not only have complete control of their ve-
+hicle, but should also be in the driver's seat on
+the information superhighway. In the future,
+people's confidence in the Porsche brand
+should be characterised not only by the qual-
+ity of the products and services. Their con-
+viction should also be reflected in their peace
+of mind that they themselves can determine
+what happens to their data. Corporate digital
+responsibility (CDR) features in the goals of
+Porsche's data protection strategy and will
+be further expanded.
+Data protection organisation and strategy
+Porsche firmly believes that effective and
+evident protection of personal data is es-
+sential. In this way, the company maintains
+the brand's high reputation, guarantees
+product safety and ultimately enables new
+business models. Risks are minimised and
+professionally managed. The Porsche data
+protection strategy therefore pursues the
+vision of "Privacy - Accelerating Dreams
+& Innovation!" and is embedded within
+Strategy 2030's "Digital security and priv-
+acy" strategy field.
+Porsche has so far avoided any major data
+privacy violations thanks to appropriate
+technical, organisational and awareness-
+raising measures and training. In preparation
+for a potential violation, Porsche created an
+integrated process via which data privacy
+violations can be readily identified and rem-
+edied. The company sets great store by
+reducing and ideally eliminating any residual
+risks for the data subjects. The process
+allows potential risks for the customers in
+the event of data privacy violations to be
+swiftly resolved. At the same time, the cus-
+tomer is transparently informed.
+data the company holds on them via an in-
+formation process. The management system
+also implements all requests for the erasure
+or rectification of personal information as well
+as objections to data processing.
+With this management system, Porsche pur-
+sues the objective of protecting its custom-
+ers' privacy and their right to determine what
+happens to their information. The rights of
+the customers, employees and suppliers are
+taken into account during operation of the
+management system. Particularly in the con-
+text of the European Union's General Data
+Protection Regulation (GDPR), customers are
+able to assert their rights in their capacity as
+data subjects. For example, they can find out
+from the Group Data Protection Officer what
+With its Data Protection department,
+Porsche creates the basis for the legally
+compliant and appropriate handling of per-
+sonal data. The data protection manage-
+ment system was developed in accordance
+with recognised national and international
+standards (ISO/IDW/ISEA). Compliance
+with the internal processes and rules is veri-
+fied by an internal control system (ICS),
+the ongoing optimisation, amendment and
+further development of which Porsche en-
+sures by means of a regular review of the
+data protection management system and
+its processes (plan-do-check-act, PDCA).
+These two mechanisms (ICS and PDCA)
+ensure that the data protection manage-
+ment system has a user-oriented design
+and that it and its components are effec-
+tive. At the same time, new data protection
+requirements can be updated in each pro-
+cess to maintain compliance.
+The protection of personal data is an utmost
+priority at Porsche. This includes the right
+of customers to determine what is done with
+their data. Personal data is safeguarded on
+the basis of a data protection management
+system which is organised globally and man-
+aged centrally within the organisation.
+Porsche's aim is that all products are devel-
+oped with data protection in mind and de-
+signed from the outset in a way that ensures
+customers can trust that their data is safe.
+To this end, data protection has been made
+a key component of the product develop-
+ment process at Porsche. All functions and
+control units are examined by the develop-
+ment team early on regarding their data pro-
+tection sensitivity. If needed, they are add-
+itionally checked by a team of data protection
+lawyers, with not only the legal requirements
+being taken into account, but also the
+objectives of Porsche's data protection strat-
+egy, which focuses on the customer.
+Customer privacy
+and consumers on their path to a sustainable
+future on the basis of knowledge transfer
+and input from a cross-industry network.
+Porsche's digital transformation is also to
+lead to a sustainable future. For example,
+the company is assisting the "aware"
+sustainability platform through Forward31,
+with Porsche further developing the German
+sustainability platform's strategy and busi-
+ness model in cooperation with the platform
+founders. The Berlin-based start-up is pur-
+suing the goal of accompanying businesses
+A START-UP
+ECOSYSTEM.
+DEVELOPING
+PORSCHE IS ENHANCING
+ITS INNOVATIVE POWER
+BY SYSTEMATICALLY
+With its digitalisation strategy, Porsche is
+enhancing its innovative power outside of
+the company too. The sports car manufac-
+turer has been systematically building up
+a start-up ecosystem to this end for a num-
+ber of years. The following units and initia-
+tives cooperate closely under the auspices of
+Porsche: Porsche Ventures as Porsche's ven-
+ture capital arm, the technology unit Porsche
+Digital, the company builder Forward31 and
+APX, a joint venture for young entrepreneurs
+established by Axel Springer and Porsche
+Digital as long-term partners. Porsche
+covers the entire start-up arena with this
+agile quartet. Porsche is also a partner of the
+open innovation platform Startup Autobahn,
+which serves as an interface between indus-
+try-leading businesses and young technol-
+ogy companies. Its objective is to test
+innovative technologies and take them to
+production maturity.
+Along with the Volkswagen Group, the com-
+pany is actively engaged in industry dialogue
+on the German federal government's National
+Action Plan for Business and Human Rights.
+The aim here is to establish decent labour
+conditions throughout the supply chain. Via
+the Volkswagen Group, Porsche is also a
+member of the World Economic Forum's
+Global Battery Alliance. Featuring public and
+private partners along the entire battery sup-
+ply chain, the Global Battery Alliance strives
+to promote social and ecological sustainabil-
+ity throughout the whole value chain of the
+raw materials used in batteries.
+Porsche developed a human rights due dili-
+gence management system in collaboration
+with the Volkswagen Group in the year under
+review. The purpose of this is to systemat-
+ically analyse, prioritise and reduce human
+rights risks in the supply chain. A key meas-
+ure here is extensive training and capacity
+building for the direct suppliers, in particular
+in countries and regions where there is a
+higher risk of human rights violations.
+Capital market
+Protection of human rights
+Data security, transparency vis-à-vis the
+customer and control over data disclosure
+count among the primary principles in all of
+Porsche's digitalisation projects. The cus-
+tomers have a great deal of confidence in the
+Porsche brand. The company therefore
+makes a particular commitment to handling
+the data entrusted to it as securely and as
+responsibly as possible.
+tion at the University of Tübingen is involved
+in this as a scientific partner. A total of 72
+performance indicators allow agile and trad-
+itional project work in the areas of perform-
+ance, product, teamwork and the individual
+to be compared.
+Porsche is supporting a research project to
+make the effect of agile work methods quan-
+tifiable. The Chair of Strategy and Organiza-
+Porsche uses the Scaled Agile Framework
+(SAFe). With this, the company gives the
+agile work methods in all the digital product
+teams an overarching framework and caters
+to the increasing number of digital projects
+with a standardised concept. SAFe combines
+lean, agile and DevOps principles and prac-
+tices for the iterative development of soft-
+ware and digital products. It allows these
+principles and practices to be extended
+across large organisations, thereby enabling
+a company to master complexity far beyond
+the team and project levels.
+Porsche will spend 15 billion euros on digital
+transformation, sustainable production and
+electromobility up to 2025. At Porsche, the
+operating system used for digitalisation is
+agility. A transition to being lean and agile will
+allow for creative and innovative collaboration
+and will expedite targeted change. In add-
+ition, it will give the Porsche customers better
+products and services. Digital product organ-
+isation is one example of the implementation
+of these work methods - self-organised
+teams work interdepartmentally, all using the
+same methods, principles and processes. A
+common rhythm is established in which vari-
+ous goals are brought together and a culture
+of collaboration is promoted, resulting in
+what's known as the "Porsche Takt". In this
+way, the company is further developing its
+business agility, reducing the time to market
+and boosting app ratings.
+Investment in digitalisation
+MOBILITY.
+AND ELECTRO-
+PRODUCTION
+To stay abreast of the developments in digit-
+alisation, Porsche established a Privacy
+Engineering unit within its data protection
+structure in the year under review. This pro-
+vides technical data privacy advice and keeps
+track of the latest technical developments in
+terms of their significance to data privacy.
+Once again in the year under review, no
+complaints regarding data privacy incidents
+were lodged with Porsche either externally
+or by any authorities. Internally, however,
+incidents were identified and reported
+thanks to the internal control measures and
+vigilant employees. Of these incidents, ap-
+proximately 40 per cent proved to be false
+reports following investigation. None of the
+remaining cases resulted in increased risks
+regarding the rights and freedoms of data
+subjects. In all of the justified cases, Porsche
+took steps to remedy the causes in order
+to ideally rule out any such incidents again
+in the future. Due to internal confidentiality
+rules, no details of specific data privacy cases
+are published.
+Corporate digital responsibility
+If agility is Porsche's operating system, digit-
+al responsibility is our user experience. Confi-
+dence in the performance and quality of the
+products constitutes part of the Porsche
+brand essence. Transposing this confidence
+of all the company stakeholders to the digital
+world is the subject of the corporate digital
+responsibility (CDR) strategy, which is cur-
+rently being developed with the assistance of
+MHP-A Porsche Company. Many of the ac-
+tivities mentioned above are being consoli-
+dated under the umbrella of CDR and the
+complete portfolio continues to be expand-
+ed. Digital responsibility means transferring
+the principle of sustainability from analogue
+to digital value creation. Porsche can only
+fulfil its responsibilities for its own benefit
+and for that of the stakeholders on the basis
+of both components.
+Porsche's supply chain is becoming more
+and more important. The key factors con-
+tributing to this are economic success, the
+expanded product portfolio and the tech-
+nologies applied. At the same time, the vol-
+ume of supply parts is increasing due to
+higher delivery figures and the procurement
+of innovative components.
+Porsche is aware of its position in the supply
+chain. The company rejects child labour,
+forced labour and compulsory labour as well
+as all forms of modern slavery and human
+trafficking. Contractually binding sustain-
+ability requirements for direct suppliers can
+be found in the Code of Conduct for Busi-
+ness Partners and serve as the basis for re-
+sponsible supplier management. This also
+and in particular relates to the upholding of
+human rights.
+SAFEGUARDING OF HUMAN RIGHTS AND
+ENVIRONMENTAL PROTECTION IN THE
+SUPPLY CHAIN ✓
+Innovations contribute to differentiation
+between the Porsche vehicles.
+They improve the value creation processes
+and assist the company in achieving
+its sustainability targets. They are there-
+fore a key factor that influences long-
+term success.
+In Strategy 2030, the strategy field "Innova-
+tive capabilities" was created as part of
+the "Organisation" cross-cutting strategy.
+This enhances the various innovation
+units' collaboration and focuses it on
+common content. Porsche is pursuing the
+goal of using the available funds as effi-
+ciently as possible (transfer rate > 55 per
+cent) in order to be the technology leader
+in defined focus areas by 2030.
+Internally, vehicle development innovations
+have a key part to play in preliminary de-
+velopment in particular. At the heart of
+preliminary development are the cycle
+plan's target vehicles and their concrete
+requirements as well as the brand identity
+focuses, which include performance, fast
+travel, the driver experience, design, quality
+and sustainability.
+to expedite digitalisation. More than 75
+million euros a year have been earmarked
+for investment in start-ups and venture
+capital companies. This ecosystem in-
+cludes the company builder Forward31 and
+the earliest-stage investor APX, a 50:50
+joint venture with Axel Springer, both of
+which are based in Berlin. With the venture
+capital unit Porsche Ventures and Porsche
+Digital GmbH, the company is always on
+the lookout for new start-ups that will stra-
+tegically advance the brand.
+in particular on collaboration with start-ups
+and universities. For this reason, Porsche
+is also a member of Startup Autobahn and
+a partner to the CODE University of Applied
+Sciences in Berlin and the Leipzig Graduate
+School of Management. In some cases,
+Porsche also invests directly in up-and-
+coming companies or launches initiatives
+In the context of innovation, there is a focus
+In 2021, Innovation Management had
+a budget of 7.7 million euros at its disposal
+for the realisation of innovation projects.
+However, this sum represents only a small
+proportion of what Porsche spends on in-
+novation. For example, additional resources
+have been exclusively earmarked for the
+topic of innovation at the subsidiaries
+Porsche Digital and Porsche Engineering.
+Organisation
+Organisationally speaking, Innovation Man-
+agement is embedded as a cross-divisional
+team with a manager in each department.
+The team pursues a defined innovation agenda
+to focus its activities on the future topics
+of relevance to Porsche in the areas of the
+customer, products and the company. The
+topic of sustainability was made an integral
+part of the innovation agenda in the year
+under review and is to be focused on even
+more greatly in the future. The resultant pro-
+jects will then contribute directly to Porsche's
+sustainability targets being achieved.
+production. The Innovation Management
+department determines the ideas' success
+with the aid of what's known as the transfer
+rate. This determines the percentage at
+which early-stage projects could be trans-
+ferred to series development.
+PORSCHE INVESTS IN START-UPS AND VENTURE CAPITAL COMPANIES
+APX
+FIFTEEN BILLION EUROS FOR
+DIGITAL TRANSFORMATION,
+SUSTAINABLE
+An idea has to fulfil three criteria in order for
+Porsche to consider it an innovation. It has
+to be new and unique, it has to be profitable
+and it must also offer a relevant customer
+benefit. If the feedback given is positive, the
+project is directly initiated with next to no
+preliminary work. It takes initiative for the
+ideas to be further developed because the
+idea provider assumes responsibility for pro-
+ject management. The Innovation Manage-
+ment department offers assistance with
+methodology, invests money if applicable
+and, if needed, contacts potential internal
+and external development partners. In this
+way, the Innovation Management depart-
+ment plays its part in innovative project ideas
+being validated in a structured manner and,
+in the event of success, more than likely
+being further developed through to series
+PROJECTS
+OF INNOVATION
+THE REALISATION
+7.7 MILLION EUROS FOR
+The Innovation Management team therefore
+continuously realises ideas from throughout
+the company. This affords the employees
+the space they need to work creatively and
+creates the foundations for innovation.
+The concept has found fertile soil - 80 to
+100 employees apply themselves every year
+either individually or in teams. Their inspir-
+ational suggestions range from product
+improvements and production line changes
+to new, digital solutions.
+Society's expectations of Porsche as a brand
+are ever-changing. New customer groups in
+particular will require Porsche to act more
+sustainably than ever before in the future and
+offer a product portfolio in keeping with this.
+At the same time, the products must live up
+to people's expectations regarding perform-
+ance and quality.
+Innovation Management
+a success.
+The world is becoming more and more com-
+plex. A company therefore has to continu-
+ously adapt and evolve. Porsche therefore
+purposefully builds up new skills and adapts
+quickly to new customer requirements.
+Only then can the transition to electromobility,
+automated driving and digitalisation be
+INNOVATIONS
+129
+Governance
+128
+THE PROTECTION OF PERSONAL DATA IS AN UTMOST PRIORITY AT PORSCHE
+IN 2021.
+At Porsche, digital innovation and techno-
+logical progress are key drivers of the
+company's future. Digitalisation is therefore
+enshrined in Porsche's Strategy 2030 as a
+cross-cutting strategy. Porsche is also invest-
+ing heavily in its own digital transformation.
+Porsche endeavours to make its supply
+chain resilient by adopting a responsible and
+cautious approach. Following Porsche's in-
+tegration into the Volkswagen Group, much
+of its Purchasing division was incorporated
+into the Group's procurement structure, with
+the existing structures and processes being
+adapted accordingly. Porsche closely coord-
+inates and agrees on its contract awarding
+decisions with the Volkswagen Group.
+127
+The effectiveness of the compliance manage-
+ment system is audited by the affected de-
+partment as part of the governance, risk and
+compliance (GRC) process and regularly also
+by the Internal Audit department. The com-
+pliance management system is also regularly
+incorporated into site checks during prepar-
+ation of the Annual and Sustainability Report.
+The Executive Board and the Supervisory
+Board of Porsche AG receive regular reports
+on action taken by the compliance organisa-
+tion and on the preventive and reactive meas-
+ures implemented at the company.
+In 2021, compliance communications focused
+among other things on intranet posts regard-
+ing publication of the digital learning module
+"Competition law in procurement" and about
+International Anti-Corruption Day. These were
+complemented by reporting on other compli-
+ance issues in the site newspaper.
+THE EMPLOYEES' AND BUSINESS
+PARTNERS' RESPONSIBILITY
+FOR COMPLIANCE IS
+COMPREHENSIVELY
+GOVERNED BY
+THE CODES
+OF CONDUCT.
+Code of Conduct
+The Code of Conduct was updated for the
+employees in the year under review. This
+governs all aspects of the employees' respon-
+sibility for compliance:
+• As a member of society:
+human rights; equal opportunity and equal
+treatment; product conformity and prod-
+uct safety; environmental protection; do-
+nations, sponsorships and charity;
+communication and marketing; political
+lobbying.
+• As a business partner: conflicts of interest;
+gifts, hospitality and invitations; prohibition
+of corruption; dealings with officials and
+holders of political office; prohibition of
+money laundering and terrorism financing;
+accounting and financial reporting; taxes
+and customs; fair and free competition; pro-
+curement; export control; prohibition of in-
+sider trading.
+• In the workplace: occupational safety and
+healthcare; data protection; security and
+protection of information, know-how and
+intellectual property; IT security; handling
+company assets.
+The Code of Conduct for Business Partners
+governs Porsche's expectation that its busi-
+ness partners will comply with the law as ap-
+plicable. Acknowledgement of principles of
+ethical conduct and expectations regarding
+acting sustainably are also enshrined in this
+binding document.
+Both of these codes explicitly bring the
+whistle-blower system for potential viola-
+tions of the law to people's attention, stating
+the relevant internal and external reporting
+channels. Detailed information about this
+system is also published online, where there
+is the option of especially safe, anonymous
+whistle-blowing.
+Compliance training
+The compliance officers are responsible for
+conducting compliance training in collab-
+oration with the HR department. A large
+number of virtual and face-to-face training
+sessions for various target groups were of-
+fered in 2021. In addition, the Code of Con-
+duct digital learning module was updated
+and published. This teaches the principles of
+the Code and provides contact details for
+the whistle-blower system on the one hand
+and, in particular, explains the content of
+the Group guideline "Avoidance of conflicts
+of interest and corruption" on the other.
+Porsche AG's training quota at the end of
+the year under review was 91 per cent.
+A digital learning module on the topic of
+fraud prevention was developed and
+will be available from 2022. This follows
+the established fun approach of the
+existing compliance training format and
+takes the form of a digital board game.
+The participants' knowledge is enhanced
+through their solving tasks and practical
+cases and their having to confirm that they
+have read general information.
+91 PER CENT OF THE EMPLOYEES
+HAVE TRAINING IN THE
+AVOIDANCE
+OF CONFLICTS
+OF INTEREST
+AND CORRUPTION.
+The compliance officers deliver the training
+on the basis of a subject-specific plan which
+uses risk analyses to identify the relevant
+target groups and key areas of content. This
+also defines the number and frequency of
+events as well as the capacity needs. A regu-
+lar programme of set training events is in
+place for (new) managers, junior managers
+(format ended in 2021), new employees
+and trainees. Training is also provided on
+current topics with specific departments or
+on request.
+All compliance training at Porsche is binding.
+The training progress made in the course
+of the year is monitored, with the final train-
+ing status being reported both to the Com-
+pliance Council and to the Executive Board
+and Supervisory Board. The Compliance
+Council coordinates the Porsche Group's
+compliance roll-out measures. It also ad-
+vises the Chief Compliance Officer regarding
+further development of Porsche's compli-
+ance management system.
+Further details of the Compliance depart-
+ment's training programme and communica-
+tions are available to Porsche employees
+on the intranet. In addition to the relevant
+Group and company guidelines, this features
+information on compliance culture and the
+compliance organisational structure. It also
+provides information about who to contact
+with queries or information and about the
+reporting channels as well as films, flyers, in-
+formation cards and brochures.
+Upholding human rights
+As a company that campaigns for diversity
+and equal opportunity, the upholding of
+internationally recognised human rights is a
+matter of course for Porsche. This applies
+on the one hand to the company's own sites.
+On the other hand, it is also something which
+Porsche expects of its direct suppliers, who
+are required to also implement the corre-
+sponding requirements in their lower supply
+chain levels. The sports car manufacturer
+rejects child labour, forced labour and com-
+pulsory labour as well as all forms of modern
+slavery. Porsche develops and produces its
+products in accordance with the relevant
+conventions, including the labour and social
+standards of the International Labour
+Organization (ILO) and the OECD Guidelines
+for Multinational Enterprises.
+A key measure in the year under review was
+the global roll-out of risk analysis on the
+topic of human rights as part of the Porsche
+Group's established compliance risk ana-
+lysis. The sports car manufacturer also
+incorporated human rights aspects into its
+training and communication measures,
+for example with background information,
+warning signs and recommendations for
+action in the event of indications of human
+rights violations.
+DIGITALISATION, DATA PROTECTION AND
+CORPORATE DIGITAL RESPONSIBILITY
+AS AN INTEGRAL PART OF
+THE MANAGEMENT
+MISSION STATEMENT,
+INTEGRITY IS
+THE EFFECTIVE-
+NESS OF THE
+COMPLIANCE
+MANAGEMENT
+SYSTEM IS
+REGULARLY
+AUDITED.
+regarding compliance issues. In addition, em-
+ployees can report possible violations of the
+law to an internal office set up accordingly.
+Outside the company, Porsche managers, em-
+ployees, customers and business partners, as
+well as public officials and other external indi-
+viduals, can report possible legal violations
+anonymously to two ombudsmen. Porsche
+diligently investigates all reports, taking the
+applicable data protection regulations into ac-
+count. Any violations identified are responded
+to in line with the relevant labour and co-de-
+termination laws. Suitable countermeasures
+can be introduced and individual cases of mis-
+conduct can be sanctioned.
+A TOP PRIORITY
+Regular risk analyses are used to determine
+where action is needed and derive preventive
+measures. Aspects such as the company's
+business model, relevant environmental con-
+ditions and the relationships with business
+partners are taken into account. At Porsche,
+binding rules are adopted and communicated
+and confidential compliance advice is offered.
+These examples count among the key meas-
+ures. Fundamentally, the Code of Conduct
+sets out the most important rules to be ap-
+plied at Porsche. Directed at the managers
+and the employees, it documents the expec-
+tations of their assuming responsibility for
+compliance as members of society, as busi-
+ness partners and in the workplace. It also
+specifies the rules regarding how to avoid
+corruption or violations of antitrust law, how
+to handle conflicts of interest or the receipt of
+gifts and how to prevent money laundering.
+Managers and other employee groups are
+given targeted information and training on
+compliance and the related risks as a means
+of sustainably promoting lawful behaviour.
+Governance
+126
+Integrity is an integral part of the current and
+future HR development programmes. Dia-
+logue events regarding Porsche's values and
+culture are held in the organisational units.
+RATED BY
+A catalogue of internal communication
+measures is used to continuously raise
+awareness of the topic of integrity among
+the workforce. The interdisciplinary multi-
+plier network covering the brand, culture
+and integrity was further expanded in the
+year under review. This network serves as
+a platform for knowledge exchange, ideas
+and presentations, and assists the ambas-
+sadors in embedding the topic of integrity
+within the departments. A poll on acting
+with integrity and lawful behaviour within
+the corporate organisation is carried out
+annually as part of the Porsche employee
+survey. In the event of conspicuous mood
+barometer findings, the causes are investi-
+gated and appropriate measures are intro-
+duced if necessary, with the involvement of
+HR and the relevant line manager.
+The topic of "Culture and integrity" is being
+rolled out internationally at Porsche by the
+Volkswagen Group as part of its Together4-
+Integrity (T41) programme. The resultant
+long-term measures aim to further strength-
+en the integrity culture and will be imple-
+mented as scheduled.
+COMPLIANCE WITH
+INTEGRITY IS SUPPORTED
+BY AMBASSADORS
+AND A MULTIPLIER
+NETWORK.
+Integrity means firmly believing in one's
+values and ethical principles and steadfastly
+acting in accordance with these. It is an
+integral part of the management mission
+statement and is a top priority within the
+Porsche strategy regarding employee
+collaboration. Acting with integrity is also
+indispensable in retail. Integrity is therefore
+firmly embedded in the Porsche service
+standards as a key value. The high level of
+attention paid to this topic is also reflected
+in the reporting to the Executive Board and
+Supervisory Board. It is additionally a focus
+in the decision-making processes of all the
+top committees.
+Promoting integrity
+AT PORSCHE.
+Porsche's central compliance help desk offers
+information and advice internally, answering
+all of the managers' and employees' questions
+Prime
+ESG stands for environ-
+ment, social and govern-
+ance, and represents a set
+of requirements made of
+companies by the capital
+market. It can be used
+to better understand
+and assess companies'
+performances in the area
+of sustainability. Porsche
+introduced extensive ESG
+management in the year
+under review.
+PORSCHE'S ESG FOCUS
+ISS ESG‣
+Analysts
+Established compliance structure
+The point of compliance is to avoid penalties,
+fines, claims for damages or other legal con-
+sequences for the company or its employees.
+Compliance also contributes to protecting
+the company's good reputation and prevent-
+ing any loss of confidence in the company.
+The company promotes legally compliant
+conduct by means of a compliance structure
+which is based as closely as possible on the
+business model. This includes legally water-
+tight processes as well as preventive and re-
+active measures. Porsche's compliance
+management system currently encompasses
+six areas of compliance, including anti-cor-
+ruption and anti-money laundering measures.
+With its adopted compliance structure,
+Porsche seeks to prevent violations of the law
+and help its employees act in accordance
+with the legal and statutory provisions. It in-
+cludes a Chief Compliance Officer, compli-
+ance officers covering specific topics at
+Porsche AG and local compliance officers at
+the Group companies.
+山
+Acting responsibly also involves complying
+with the applicable laws and acting with in-
+tegrity. Porsche requires compliance of the
+employees in the form of conforming to rules
+and promotes integrity as a personal attitude.
+COMPLIANCE AND INTEGRITY ✓
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+125
+124
+Material
+Comprehensive
+Transparent
+Porsche is developing future-oriented drive concepts with a focus on
+electromobility and decarbonisation and is expediting the development
+of key technologies for future generations.
+Investors
+Governance
+Porsche has been supporting
+the youth work of sports
+clubs for years with numerous
+partnerships run under the
+motto of Turbo for Talent.
+One particular focus is how
+to balance school, sports and
+working life.
+FC Erzgebirge Aue e.V. has been an official
+partner club of the sports car manufacturer
+since 1 July. This involved Porsche
+acquiring the naming rights for the Porsche
+Kumpelschmiede boarding school and for
+the youth training centre, which now goes
+by the name of Porsche Kumpelschmiede -
+das Nachwuchsleistungszentrum. As such,
+the sports car manufacturer is now involved
+in another site for junior sportspeople.
+Porsche Werkzeugbau GmbH Schwarzen-
+berg, which is a wholly owned subsidiary
+of Porsche AG, is located not far from the
+Erzgebirgsstadion stadium.
+FC Erzgebirge Aue new to Porsche's youth
+development
+in the area of football was expanded in
+summer 2020 with the addition of Borussia
+Mönchengladbach, and this was followed by
+Erzgebirge Aue in 2021.
+Employees, society, sports and communications > The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+The Germany-wide CSR programme focuses
+on the Porsche sites in Stuttgart and Leipzig.
+Its partner clubs in Baden-Württemberg
+are SC Bietigheim-Bissingen Steelers (ice
+hockey), SV Stuttgarter Kickers, SG Sonnen-
+hof Großaspach (football) and the Porsche
+Basketball Academy in Ludwigsburg. In
+Sport has been in the Porsche brand's
+DNA since the beginning. It represents
+team spirit, passion, fairness and respect
+- in other words, values which are also
+practised by the sports car manufacturer.
+Porsche is aware of its social responsibil-
+ity and imparts these principles to young
+people. The company has been supporting
+the youth work of sports clubs for years
+with numerous partnerships run under the
+motto of Turbo for Talent. One particular
+focus is how to balance school, sports and
+working life. The programme also promotes
+social aspects and turning talented individ-
+uals into personalities.
+YOUTH DEVELOPMENT IN SPORTS
+153
+"FC Erzgebirge Aue stands for tradition and
+is a regional beacon with a large and loyal fan
+base. The club allows children and young
+people to develop personally through sports.
+We are therefore delighted to be able to
+support FC Erzgebirge Aue as another club,"
+says Lutz Meschke, Deputy Chairman and
+Member of the Executive Board responsible
+for Finance and IT at Porsche AG.
+Leipzig, Porsche works with RB Leipzig (foot-
+ball). Porsche's youth development network
+Turbo für Talen
+Turbo für Talente.
+Porsche Jugendförderung.
+Sieger
+Porsche Fußball Cup 2021
+When it comes to promoting young talent,
+Porsche continues to back partnership-
+based cooperation with relevant higher edu-
+cation institutions and organisations. Ex-
+amples include its cooperation with Formula
+Student Germany and the partnership with
+the business information systems and indus-
+trial engineering courses at the Karlsruhe In-
+stitute of Technology (KIT). A cooperation
+Promoting young talent
+In keeping with the times, the campaign
+publication is digital. It comprises five films
+Sustainable employer campaign
+Porsche launched a digital employer branding
+campaign called Sustainable Career in 2021.
+This focuses on employees who are reducing
+the company's environmental footprint in
+a variety of ways, driven by the shared vision
+and goal of making Porsche the most sus-
+tainable brand for exclusive and sporty mo-
+bility. The message of the entertaining clips
+is that the employees take the topic seriously,
+but don't take themselves too seriously. The
+employer campaigns intentionally pick up
+on topics that outsiders wouldn't initially
+associate with Porsche. The new campaign
+is a textbook case here as it is founded on
+the huge significance of sustainability to the
+company. Porsche is the first automobile
+manufacturer to have set itself the goal of
+being balance-sheet CO2-neutral across
+the entire value chain by 2030. This calls
+for co-workers who turn these visions into
+a reality with a great deal of dedication and
+pioneering spirit. The Sustainable Career
+campaign expresses this - it is people with
+their variety of ideas that make the difference.
+COOPERATION WITH THE 42 PROGRAMMING SCHOOL (STOCK IMAGE)
+Porsche's high level of attractiveness as an
+employer is also demonstrated by its high
+number of applicants. The Porsche Group re-
+ceived more than 100,000 applications in
+2021. Its staff turnover rate likewise remains
+low at 0.6 per cent.
+Porsche remains a highly regarded employer.
+The company again scored very highly among
+students in all the relevant employer rankings
+in 2021. In the Universum Student Survey,
+Porsche was again named the most attractive
+employer for engineers in 2021. As in the pre-
+vious year, it achieved top rankings for eco-
+nomics and business administration too. In
+the Trendence Institute's annual student sur-
+vey, Porsche improved its scores across all the
+target groups engineering, economics and
+business administration, and IT/computer
+science. It was the same picture among pro-
+fessionals, with the Universum Young Profes-
+sionals Survey once again ranking Porsche at
+the top. In the individual categories, the com-
+pany defended its first place in engineering.
+The sports car manufacturer also knocked
+Google off the top spot for economics and
+business administration. According to Trend-
+ence too, the popularity of Porsche as an em-
+ployer among young professionals remains
+strong Porsche is second in the overall
+ranking across all areas. And last, but not
+least, the premium manufacturer was again
+voted the most attractive employer in the
+automotive industry in a study conducted
+among students and future graduates by Auto-
+mobilwoche and the Institute of the Automotive
+Industry (IfA), reaping it the Automotive Top-
+Career Award 2021.
+Porsche is a highly regarded employer
+SUCCESSFUL VACCINATION CAMPAIGN
+demonstrated by its high
+number of applicants.
+Porsche again scored
+highly in employer rankings.
+Porsche's high level of
+attractiveness as an
+employer is also
+The Health Management department is also
+responsible for medical advice within the
+company's Crisis Management Team during
+the pandemic. It serves as a point of contact
+for a wide variety of bodies and has been
+operating a medical hotline in relation to
+COVID-19 since March 2020. The Health
+Management department additionally assists
+the local health authorities with identifying
+the contacts of people with coronavirus. It
+offers PCR tests and rapid antigen tests and
+initiates the necessary measures in accord-
+ance with the applicable occupational health
+and safety regulations. It also ensures that
+risk groups within the company (the chron-
+ically ill, pregnant women) are protected. At
+events and during test drives, the Health
+Management department is the central con-
+tact point when it comes to determining the
+necessary hygiene measures and ensuring
+protection from infection.
+Again in 2021, the coronavirus pandemic was
+a key issue for Porsche's Health Management
+department. The company significantly con-
+tributed to Germany's level of vaccination
+being increased with three vaccination centres
+in Zuffenhausen, Weissach and Leipzig. In
+total, more than 14,000 vaccine doses have so
+far been administered to Porsche employees
+and their families thanks to the vaccination
+campaign. The campaign's success was down
+to a cross-departmental project team con-
+sisting of around 100 Porsche employees.
+Successful vaccination campaign
+was established in 2021 with the 42 pro-
+gramming school in Wolfsburg and Heilbronn.
+The aim of this cooperation is to achieve
+close coordination of science and practice in
+relation to digitalisation already at the studies
+stage. Porsche also awards five Women in
+Tech scholarships at the Heilbronn site and it
+has another scholarship programme for com-
+puter science students at RWTH Aachen
+University, which was extended by two years
+in 2021. Every year, 15 students from the
+computer science, media informatics, soft-
+ware systems engineering and data science
+courses receive a scholarship. International
+university contacts are also carefully main-
+tained and continually developed. One such
+example is the permanent cooperation with
+the IT chair at Babeş-Bolyai University in
+Cluj, Romania. Supporting young talent does
+not just begin at university, however. Since
+2001, the best high-school leavers of the
+year in Baden-Württemberg in the core sub-
+jects of mathematics and physics/technol-
+ogy have been awarded the Ferry Porsche
+Award. In 2021, 326 young people received
+the coveted award. Following a prize draw,
+six of them were awarded an additional one-
+year scholarship.
+PORSCHE IS A HIGHLY REGARDED EMPLOYER (STOCK IMAGE)
++1% 7
+Year-on-year comparison
+Leipzig
+4,457
+31,690
+32,661
+33,089
+3,571
+Ludwigsburg
+Schwarzenberg
+466
+Bietigheim
+Employees, society, sports and communications
+2020
+2019
+2021
+143
+Porsche Jugendförderung
+144
+145
+RB LEIPZIG, THE WINNERS OF THE PORSCHE FOOTBALL CUP 2021
+154
+FINAL DAY OF THE LEIPZIG QUARTER-FINALS
+Porsche
+Porsche and Volkswagen extend partnership
+with RB Leipzig
+MOMENTS FROM THE PORSCHE VIRTUAL RUN 2021
+IN 201
+kilometres run
+67,560
+co-workers in 35 markets
+around the world
+2,324
+SOCIETY
+147
+> The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+Employees, society, sports and communications
+Employees, society, sports and communications
++2
+146
+Porsche Gastronomy is also adopting a sus-
+tainable approach to equipment, one example
+here being the new company canteen for the
+Taycan production staff, which went into use
+in April 2021. This is equipped with especially
+energy-efficient kitchen appliances and
+self-cleaning cooking pots. Traditional doors
+have been replaced by high-speed doors and
+height-adjustable work surfaces result in im-
+proved ergonomics. A multifunctional dining
+hall concept increases the space used and
+also invites the employees to spend time here
+outside of the canteen opening hours too, for
+example for meetings.
+reason for this is the expanded mobile work-
+ing options at Porsche. Thanks to Al tech-
+nology and a deep learning algorithm, the
+needs can now be planned more precisely.
+The system draws on past data and also in-
+corporates weather data and annual leave
+into its forecast.
+Porsche Gastronomy is also succeeding in
+using artificial intelligence (AI) to reduce
+overproduction and food waste. This is espe-
+cially important because the number of
+meals is fluctuating more and more. A key
+Porsche Gastronomy even more sustainable
+Porsche Gastronomy continued with its sus-
+tainability drive in 2021. For example, the
+food selection at the operations in the Stutt-
+gart region was made more seasonal and
+more regional. The aim is to next reach certi-
+fication level 2 of the Baden-Württemberg
+quality label. The network of regional sup-
+pliers is being expanded to this end. Together
+with regional partners, production methods
+and processes were developed to guarantee
+needs-based and high-quality supplies. For
+example, in addition to locally sourced fruit
+and vegetables, beef and pork, Porsche
+Gastronomy will henceforth also source its
+fries and poultry regionally.
+Porsche strives to ensure that its staff can
+achieve a work-life balance. Employees re-
+ceive support from a wide variety of different
+measures and options. Local cooperation
+partners ensure that regular childcare places
+are available in nurseries close to the com-
+pany's sites, for example. In emergencies, add-
+itional childcare places are available at day
+care centres in Stuttgart. Parents can also
+take their children to work for a few hours and
+make use of the Kids Box, a mobile playroom
+containing all kinds of play opportunities.
+Another special service is the programme for
+the children of employees that runs through-
+out the school holidays. This helps families
+get through the six-week summer holiday
+period. With its family service, Porsche also
+offers extensive, free and individually tailored
+advice and support on all aspects of family
+life, in particular for parents-to-be and in the
+area of care for the elderly.
+Work-life balance
+Cybersecurity training programme
+Digital transformation is changing the auto-
+motive industry at an immense pace. The new
+virtual world is increasing the cybersecurity
+requirements. Porsche is responding to this
+with its own Cyber Security Management
+Professional for Automotive (CSMPA) training
+programme in cooperation with the Institute
+for Security and Safety (ISS) at Brandenburg
+University of Applied Sciences. The develop-
+ments in the digital sphere go hand in hand
+with the transformation of the automotive
+industry in the direction of more connected,
+semi-autonomous and autonomous driving.
+But it is not only the vehicles themselves that
+are connected and digitalised - so too are the
+business processes and vehicle production.
+This is changing the company's vulnerabil-
+ities, be it social engineering, ransomware or
+industrial espionage. The programme is also
+in response to changes in legislation such as
+those caused by the new UNECE regulation
+UN R155 on cybersecurity in automotive de-
+velopment and Germany's IT Security Act 2.0.
+The latter now also takes companies with a
+special economic focus into account. Due to
+the high level of interest shown, Porsche is
+now opening up the programme to partici-
+pants from other Volkswagen Group brands
+and companies too.
+is responding to the massive
+expansion of the Zuffen-
+hausen plant in recent years.
+Thirty-five experienced
+full-time firefighters were
+recruited for the service.
+With the Porsche Stuttgart
+Fire Service, the company
+New site fire service in Zuffenhausen
+Stuttgart's professional fire department suc-
+cessfully attended to the Porsche site in
+Zuffenhausen for many decades. In Septem-
+ber 2021, the newly created Porsche Stutt-
+gart Fire Service assumed responsibility for
+this. Thirty-five experienced full-time fire-
+fighters were recruited for the service. These
+new Porsche employees all have professional
+fire department and rescue service training.
+A dedicated fire station for the site fire ser-
+vice will be built in a central location at the
+plant grounds in Zuffenhausen between now
+and 2023. Until then, an interim building at
+Plant 2 will serve as the crew's base. With
+the Porsche Stuttgart Fire Service, the com-
+pany is responding to the massive expansion
+of the Zuffenhausen plant in recent years.
+The increased use of high-voltage compo-
+nents as the model range is increasingly elec-
+trified likewise means a number of specialists
+are needed who can be given specific train-
+ing. The site fire service is the first fire de-
+partment in Germany to be equipped with a
+modular training simulator for this purpose.
+The firefighters are also being provided with
+new work clothes that will offer them the best
+possible protection during these special inci-
+dent calls. In addition to standard fire protec-
+tion, the clothing offers additional protection
+from thermal hazards in the event of electric
+arc faults.
+8000
+SCHOOL HOLIDAY PROGRAMME FOR THE CHILDREN OF EMPLOYEES
+NEW SITE FIRE SERVICE IN ZUFFENHAUSEN
+on the topics of CO2 reduction, species
+conservation, electrification, education and
+variety of views. The Porsche employees'
+passion evidently goes above and beyond
+sports car construction. They are just as
+dedicated to, for example, the company's
+own biotopes, its bee colonies which pro-
+duce the company's own Turbienchen honey
+and a rock dust facility which is helping to
+turn car paint residues into cement. Like the
+multi-award-winning predecessors, the
+Sustainable Career clips are all about authen-
+ticity and spontaneity. They depict actual
+daily life and do without perfectly staged
+lead characters voicing text blocks which
+are learned by rote. They are human and not
+everything is perfect right away.
+standard requirements for funding projects
+are considered. The aim is for the funds for
+CSR sponsorship and donations to be used
+in accordance with the law and solely in the
+interests of the company. In total, Porsche
+made donations to approximately 200 indi-
+vidual projects in 2021. There were also
+extensive activities in the areas of CSR and
+cultural sponsorships. The sports car manu-
+facturer is especially keen to repeatedly
+make first-class cultural events accessible
+to the general public. There were live
+streams of the Stuttgart Ballet of Beet-
+hoven's ballets in the year under review,
+for example. The charitable Ferry Porsche
+Foundation was also funded.
+euros donated
+TECHO
+PINTATON
+TC
+Porsche has been supporting the non-profit
+association Weihnachtsmann & Co. for
+46 years. Once again in 2021, it donated
+10,000 euros for the funding of charitable
+facilities and organisations in the Stuttgart
+region. The cheque presentation is usually
+complemented by voluntary work by the
+Porsche trainees at the Weihnachtsmann
+& Co. sales stand at the Stuttgart Christmas
+market but the coronavirus pandemic pre-
+vented this again. The donation first and fore-
+most benefits the repair station of the organi-
+sation. Here, children and young people are
+given guidance by experienced and trained
+voluntary helpers and learn how to repair
+items such as bikes, toasters and cupboard
+hinges. Space was created and workplaces
+were equipped with tools for this. Through its
+work, the repair station above all supports
+children and young people from disadvan-
+taged backgrounds. The aim is to foster their
+self-confidence through success.
+Fostering self-confidence
+60,000 euros to the Aces
+for Charity campaign that
+made up part of the 44th
+Porsche Tennis Grand Prix.
+The aim of the donation is to
+fund sports opportunities
+and activities for children
+and young people in order
+to mitigate the impacts of
+the pandemic.
+Porsche donated
+Donation of 60,000 euros at Aces for Charity
+The 44th Porsche Tennis Grand Prix was a re-
+sounding success with its Aces for Charity
+campaign, which has been an integral part of
+this traditional tournament for many years.
+Due to the special coronavirus circumstances,
+Porsche donated 200 euros to a good cause
+for every ace served this year - twice the sum
+that is usually donated. A total of 260 aces
+were served in the course of the week-long
+tournament and the company rounded its do-
+nation up to 60,000 euros. The money was
+shared equally among the tournament's charity
+partners, the Agapedia Foundation and the
+Baden-Württemberg Sports Federation. The
+aim is to fund additional sports opportunities
+and activities for children and young people in
+order to mitigate the impacts of the pandemic.
+An important role in terms of the good dona-
+tion result was played by Karolina Pliskova. The
+2018 Stuttgart winner served 21 aces in her
+match against Jelena Ostapenko alone, thereby
+setting a new record for a clay tournament.
+151
+Employees, society, sports and communications
+For the tenth time, the Bürgerstiftung Stutt-
+gart organisation presented its Citizens'
+Award to people and organisations who make
+a notable volunteering contribution. Albrecht
+Reimold, Member of the Executive Board
+responsible for Production and Logistics at
+Porsche, welcomed around 250 guests
+to the award ceremony held at the Porsche
+Museum. In addition to the traditional
+awards in the categories of Sustainability
+and Innovation, there was a special award for
+particular engagement during the pandemic
+as well as a public choice award. A new add-
+ition in 2021 was the children's award. This
+was endowed by Porsche and presented
+to the Bees working group by Sebastian
+Rudolph, Vice President Communications,
+Sustainability and Politics. The bee project
+is aimed at children and young people who
+have had to endure traumatic experiences
+in their lives, are affected by violence and neg-
+lect or are unable to participate in main-
+stream schooling due to psychological issues.
+The project is designed to help children further
+develop their personalities and strengthen
+their social and emotional skills, independence
+and personal responsibility.
+New children's award
+AMSEL Stiftung recognises engagement
+In October, the AMSEL Stiftung Ursula Späth
+foundation acknowledged committed people
+whose actions were sustainably improving
+the lives of people with multiple sclerosis at
+the Porsche Museum. The company has been
+supporting this foundation since 2014.
+The 2020 event had to be cancelled due to
+the coronavirus. After a delay of a year, the
+four awards - the Care Award, Media Award,
+Ursula Späth Award and MS Activist Award -
+were presented in person once again. The
+foundation has been improving the lives of
+people with multiple sclerosis through its
+work for 40 years.
+ply 11,000 people with drinking water for
+life. On average, a person needs 1,000 litres
+of drinking water a year.
+region and in Leipzig since 2017. The major
+advantage of deciduous forests is that they
+generate 800,000 litres per hectare more
+groundwater than coniferous forest mono-
+cultures on average - and will be doing so
+every year for generations. The joint engage-
+ment of Trinkwasserwald e.V. and Porsche
+generates more than 11 million litres of
+drinking water a year. This is enough to sup-
+In collaboration with Trinkwasserwald e.V.,
+Porsche has created a total of 14 hectares of
+new mixed deciduous forest in the Stuttgart
+Porsche plants new drinking water forest
+Five hundred hornbeams and 500 small-
+leaved lime trees spread across a hectare in
+Eberdingen-Hochdorf (Ludwigsburg district)
+make up a new mixed deciduous forest.
+The planting campaign of the organisation
+Trinkwasserwald e. V. was conducted in
+October and made possible by a Porsche AG
+donation. What made this special was that
+the young trees were planted with the active
+assistance of 50 Porsche Procurement em-
+ployees who volunteered for this good cause
+as part of the Porsche hilft programme.
+ORN
+BE
+PATO
+NEW DRINKING WATER FOREST - PORSCHE SUPPORTS THE PLANTING CAMPAIGN
+PINTA
+PINTATON
+Total workforce in Germany
+152
+Start-up contest for school pupils
+Jugend gründet is a business plan and simu-
+lation contest organised by the Steinbeis
+Innovation Center Business Development at
+Pforzheim University. Last year, more than
+3,000 trainees and school pupils from year
+10 and above from all over Germany submit-
+ted their start-up proposals. Porsche has
+been the main sponsor of the contest since
+2016 and also awarded its special Digital Fu-
+ture prize for the second time in 2021. The
+winners were Nightlight UG with their intelli-
+gent reflector post Light Pole. The reflector
+post picks up the light from approaching ve-
+hicles and lights the road for 15 seconds if
+needed. The jury was convinced, saying that
+the inventors had picked up on an important
+societal need the need for road traffic safety.
+What is especially impressive is that the
+idea has huge further development potential.
+For example, the reflector posts which are
+currently self-sufficient could also be turned
+into smart reflector posts. They could collect
+data and issue warnings, for example if there
+is black ice, if animals are crossing or if some-
+one is driving the wrong way.
+Porsche regularly supports academic edu-
+cation in Germany by working with higher
+education institutions. For example, the
+Dr. Ing. h.c. F. Porsche AG Chair of Strategic
+Management and Digital Entrepreneurship
+was created at the HHL Leipzig Graduate
+School of Management in 2013. Up to the
+end of 2021, more than 2,500 students had
+already benefited from the courses, seminars
+and projects on offer. The company also sup-
+ports teaching, research and the continuous
+development of vehicle engineering at
+Esslingen University of Applied Sciences.
+Funding of endowed chairs
+CSR SPONSORSHIP
+Porsche Cars North America is involved in
+the Goodr initiative - as part of its CSR
+sponsorship activities, groceries are handed
+out to people in precarious life situations at
+pop-up stores in Atlanta and Los Angeles.
+The impacts of the pandemic entail millions
+of unemployed people in the USA. Therefore,
+there are progressively more families that
+lack the basic necessities such as food.
+families in marginalised neighbourhoods,
+provides housing in areas of extreme poverty
+and also offers educational programmes. The
+donation made in the reporting year will be
+used to fund at least 50 houses in 14 Latin
+American countries.
+Porsche Latin America has been working with
+the charitable organisation Un Techo since
+2012. This Latin American non-governmental
+organisation works to help socially vulnerable
+Through its CSR campaign Porsche Do
+Dream, Porsche Korea aims to open up new
+opportunities and prospects to disadvan-
+taged children and young people. One part
+of this programme is Porsche Dream Up,
+a scholarship initiative for particularly talent-
+ed young people in the fields of art and
+sports. Further, Dream Playground creates
+play opportunities inside buildings. Other
+projects under this initiative include Porsche
+Dream Circle for environmental education
+in schools, Bee'lieve in Dreams, a honeybee
+project for greater biodiversity in Seoul and
+Smart Traffic Safety Solution for Children.
+Porsche and its sales subsidiaries are in-
+volved in projects all over the world. Porsche
+China has been running the Dealer CSR
+Fund since 2018, supporting local projects
+throughout China. The project proposals
+are submitted by Porsche dealers and im-
+plemented in collaboration with non-profit
+organisations. Over the past four years, al-
+most 200,000 people have been supported
+by more than 20 initiated projects. In 2021,
+for example, Porsche China supported the
+Orphan Care Project and the Rural Students
+Reading Project.
+International commitments
+ACES FOR CHARITY -60,000 EUROS FOR A GOOD CAUSE
+Taycan turbos ross Turismo
+Porsche and its sales subsidiaries
+are involved in projects all over
+the world. For example, Porsche
+supports socially vulnerable
+families in marginalised neighbour-
+hoods together with the Latin
+American organisation Un Techo.
+PORSCHE HAS BEEN WORKING WITH THE ORGANISATION UN TECHO SINCE 2012
+TECH
+ECHO
+150
+ANDREAS HAFFNER HANDS OVER THE KEYS FOR FIVE NEW MOBIFANT PLAYBUSES
+Ha
+Pring he T
+Porsche AG
+DREIHUNDERTUEUU-U339 000-
+UUDDREIBIGTAUSEND Stuttgart
+Landes sportbund Sachsen 15.02.2021
+Landessportverband
+Soden-Württemberg
+aden
+Lander
+BW Bank
+148
+Porsche made a point of
+mitigating the consequences
+of the coronavirus pandemic
+once again in 2021.
+For example, the regional
+sports federations in Baden-
+Württemberg and Saxony
+were awarded a total of
+339,000 euros.
+a fixed plan with its social engagement. Cul-
+ture, sports, education, the environment and
+social affairs represent the five pillars of
+Porsche's support measures. The "Donations
+and CSR Sponsorship" Group directive de-
+fines all the Porsche processes, responsibil-
+ities and approvals. These ensure that the
+a central element of the Porsche sustainabil-
+ity strategy within the Partner to Society area
+of action. Once again in the year under review,
+the company helped to mitigate the conse-
+quences of the coronavirus pandemic. Among
+other things, the regional sports federations
+in Baden-Württemberg and Saxony were
+awarded donations to maintain the clubs'
+sports activities. The sports car manufacturer
+also responded to the flood disaster in the
+summer, particularly supporting the Aktion
+Deutschland Hilft e. V. association with dona-
+tions. In addition to helping in the event of
+unforeseen occurrences, Porsche pursues
+Porsche has always exercised its social re-
+sponsibility and has also enshrined this as
+Culture, sports, education, the
+environment and social affairs
+represent the five pillars of
+Porsche's support measures.
+experience might mobilise undreamt-of
+strength in the children and their families
+as they battle their illnesses. More than
+500,000 children around the world have
+benefited from this to date. Based on the
+fantastic level of involvement in the Virtual
+Run, Porsche promptly increased its dona-
+tion to 200,000 euros. The participants used
+the Pumatrac app to log their running per-
+formance and could freely select their pace,
+frequency and distance. As a little incentive,
+the runners were able to tackle three legend-
+ary racetracks - Le Mans (13,626 metres),
+the Nürburgring Nordschleife (20,830
+metres) and the 72-kilometre-long Targa
+Florio and were allowed to complete
+the courses in stages. A number of wishes
+have since been fulfilled. 16-year-old
+Fasil was able to engage in a secret mission
+with Porsche Motorsport and follow the first
+test laps of a future racing car live. In
+addition, Porsche works driver Richard Lietz
+demonstrated the racing line to Fasil,
+who has muscular dystrophy, on a virtual
+racetrack in the race simulator.
+Racking up metres for a good cause
+More than 2,300 Porsche employees
+from 34 countries racked up a total of
+67,559 kilometres for a good cause in the
+first Porsche Virtual Run held from 17 Sep-
+tember to 3 October 2021. Ahead of the
+run, Porsche pledged to make a donation of
+50 cents per kilometre run to the inter-
+national Make-A-Wish Foundation, which
+aims to fulfil the dearest wishes of children
+in difficult life situations. This goes hand
+in hand with the hope that such a positive
+Coronavirus aid for sports federations
+Porsche made a point of mitigating the con-
+sequences of the coronavirus pandemic
+once again in 2021. For example, the regional
+sports federations in Baden-Württemberg
+and Saxony were awarded a total of
+339,000 euros, which they passed on to 113
+carefully selected clubs in the form of individ-
+ual donations of 3,000 euros each. The clubs
+that were supported focus in particular on
+youth work, integration or inclusion and of-
+fered their junior sports enthusiasts alterna-
+tive opportunities during the pandemic. It
+made no difference whether the beneficiary
+clubs engage in recreational or competitive
+sport. A total of 38 sports were supported. In
+this way, the role of sports as an inclusive
+force in society in particular for children and
+young people too was recognised.
+The flood disaster in western Germany
+touched Porsche personally too as the
+region around the Nürburgring was heavily
+affected. Porsche has maintained a special
+relationship with the people there for
+decades. Friendships and partnerships
+have grown on the basis of motorsport.
+Porsche Motorsport therefore organised
+an initial group of volunteers in a matter
+of hours who provided emergency gener-
+ators, tools and clothing. The sports car
+manufacturer additionally supported the
+Aktion Deutschland Hilft e. V. coalition
+with a million-euro donation. The funds
+went towards immediate aid for the flood
+victims and strengthened the work of the
+various rescue associations in the affected
+areas, where the coalition helped to search
+for missing people, organised accommo-
+dation, assisted with clean-ups and se-
+cured dangerous areas. The auxiliary staff
+also helped with medical care, sourced
+food and arranged catering for the emer-
+gency services. Porsche additionally called
+upon its employees to make private dona-
+tions. Porsche Deutschland GmbH and
+its dealer organisation likewise donated
+750,000 euros to the Aktion Deutschland
+Hilft e.V. coalition. An additional 50,000 euros
+were donated by MHP Management- und
+IT-Beratung GmbH.
+Support for flood victims
+SUPPORT PROJECTS
+OLY
+PORSCHE AG DONATED A TOTAL OF 339,000 EUROS TO REGIONAL SPORTS FEDERATIONS
+Employees, society, sports and communications > The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+149
+Spielmobil
+BACKSIDE
+eue
+Millkomme
+n0BS
+nobi
+Stuttg
+13725
+PUDARO
+traße 21
+htung der
+200,000
+t.de
+Supp_optimal: meals served to those in need
+Porsche provided the Supp_optimal project
+of the Bürgerstiftung Stuttgart organisation
+with 250,000 euros in funding in 2021. From
+November 2020 to June 2021, Supp_optimal
+served more than 12,000 meals to people
+in precarious circumstances in Stuttgart
+city centre. As the needs are even greater in
+other districts, the Porsche donation has
+now been used to create temporary serving
+stations there. The sum donated comes
+from the Porsche employees, with Porsche
+Gastronomy intentionally not passing the
+temporary reduction in VAT on to the guests
+as price reductions. The Executive Board
+and the Works Council instead chose
+to spend Porsche Gastronomy's additional
+revenue on serving food to those in need.
+The schools are free to choose what litera-
+ture they wish to buy. The aim of this support
+for reading clubs is to promote equal oppor-
+tunity children should be granted educa-
+tion opportunities irrespective of their back-
+grounds or school conditions.
+example, books, magazines or digital media.
+Stiftung Lesen promotes equal opportunities
+Together with the foundation Stiftung Lesen,
+Porsche extended the operation of five read-
+ing clubs for another three years in the year
+under review. The sports car manufacturer
+supports a total of 12 reading clubs in
+Baden-Württemberg and Saxony. Schools
+use the funds among other things for room
+fittings and equipment. Porsche also helps
+with the purchase of reading materials, for
+a Porsche donation in the amount of
+230,000 euros to buy five new Volkswagen
+vans. These serve as playbuses that go by
+the name of Mobifant for children up to the
+age of 12. The Mobifant playbuses are
+equipped with all kinds of movement games.
+Qualified educators take the playbuses to
+places where children have especially limited
+space to play. The Mobifant playbuses have
+been a firm fixture in Stuttgart for decades.
+With the old vehicles having reached the end
+of their days, the donation safeguarded the
+long-term existence of this social institution.
+Stuttgarter Jugendhaus Gesellschaft used
+New playbuses put into operation
+The Mobifant playbuses
+have been a firm fixture in
+Stuttgart for decades. With
+the old vehicles having
+reached the end of their days,
+the donation safeguarded
+the long-term existence of
+this social institution.
+仔
+15,376
+Zuffenhausen
+In addition to sporting competition, the
+Porsche Football Cup was also about a good
+cause, with Porsche donating 500 euros for
+every goal scored as part of the Goals for
+Charity campaign. A total of 18,000 euros
+was donated on the basis of 36 goals scored.
+The money went to two Stuttgart-based
+sports and activity projects for children and
+young people Sport VereinT and GESund
+& GEStärkt. The sports car manufacturer
+upped the donation amount to 25,000 euros.
+6,801
+Weissach
+The Turbo for Talent youth development pro-
+gramme is being continued in Leipzig. The
+parties involved have extended the cooper-
+ation agreement concluded in 2014 for a fur-
+ther three years up to 30 June 2024. As such,
+Volkswagen will remain the club's mobility
+partner and Porsche will remain its strategic
+The first Porsche Football Cup was held on
+the Stuttgarter Kickers grounds in Degerloch
+in early September. The tournament for the
+Porsche partner clubs' U15 teams was held
+for the first time in 2021 and is expected to
+be hosted annually by a different partner going
+forward. RB Leipzig's U15 team secured the
+inaugural win at Stuttgart's ADM-Sportpark
+in glorious sunshine and perfect football
+weather. The Leipzig team beat Borussia
+Mönchengladbach's junior players in the final
+in front of around 300 spectators.
+Premiere of the Porsche Football Cup at
+Stuttgart's ADM-Sportpark
+The Porsche Turbo Awards have been rec-
+ognising talented individuals with the best
+sporting development, very good school
+achievements and the greatest social en-
+gagement since 2016. In the year under re-
+view, a total of 18 boys and girls from the six
+partner clubs received awards. The Porsche
+Turbo Awards were presented at the Porsche
+Museum by Sami Khedira, former profession-
+al football player and an ambassador for
+Porsche's youth development: "Professional
+youth development that takes somebody
+from being a junior player to a professional
+sportsperson is incredibly important. Unfor-
+tunately, not all young people have the same
+opportunities and the same good fortune
+as I had. I therefore think the way in which
+Porsche nurtures talented junior players and
+offers children and young people the opportu-
+nity to develop personally through sport is
+very good and also important."
+Porsche Turbo Awards for junior
+sportspeople
+Their joint projects include the Leipzig
+Quarter-Finals, an annual tournament for
+junior players. After a one-year hiatus due to
+the pandemic, this was able to take place
+once again as a hybrid event format involving
+digital preliminary rounds and the final
+day held on the football pitch. Once a year,
+Porsche additionally names the club's best
+junior team the Porsche Talent Team. The
+concepts of inclusion and integration feature
+in the projects too, for example in the form
+of an inclusive football school.
+EMPLOYEES
+The coronavirus pandemic has permanently
+changed the Porsche working world, in
+particular in indirect areas. Mobile working
+has become the norm and the demands
+made of the working worlds of the future
+have further evolved. Looking ahead, Porsche
+is focusing on a healthy mix of on-site and
+mobile working. New workspace is being
+created on-site on the basis of an increasingly
+connected working world. Throughout, the
+focus is on people, as it is they who make the
+difference. It is therefore especially impor-
+tant to the Executive Board and Works Council
+that all Porsche AG employees are offered
+a perspective in the automotive industry's
+far-reaching transformation. Repeatedly high
+approval ratings in the Porsche mood baro-
+meter indicate that the workforce is very much
+on board with this journey. It is particularly
+pleasing to note that the external perception
+of Porsche as an employer remains highly
+positive too. The sports car manufacturer
+again ranked highly in numerous surveys con-
+ducted among students and young
+professionals in 2021.
+"PORSCHE WOULDN'T BE
+AS SUCCESSFUL IF
+WE DIDN'T HAVE SUCH
+FANTASTIC EMPLOYEES."
+Andreas Haffner,
+Member of the Executive Board -
+Human Resources
+New agreement re mobile working
+Porsche responded to the coronavirus pan-
+demic with a special agreement regarding
+mobile working. From March 2020 to the end
+of October 2021, all the employees whose
+work allowed it were able to work remotely
+for up to five days a week. Based on the posi-
+tive experience on both the employer and
+employee sides during the pandemic, the
+original company rule regarding mobile work-
+ing was broadened in March 2021. Whereas
+two days a week were previously possible
+during regular operations, this will henceforth
+be up to 12 days a month. Porsche is there-
+fore taking the business interests into ac-
+count while also orienting itself even more to
+the wish of its employees to strike a better
+balance between career and private life.
+NEW WORKS AGREEMENT RE MOBILE WORKING
+138
+Employees
+Porsche AG Group
+35
+32,235
+29,777
+Employees, society, sports and communications
+155
+DODADDADE DADO
+AND DO DODD DOO
+DDD DD DE DEDDE
+157
+Employees, society, sports and communications
+STUTTGART BALLET PRESENTS BEETHOVEN BALLETS ONLINE
+156
+In 2021, Porsche Deutschland expanded its
+engagement in the area of cultural sponsor-
+ship by becoming a Principal Sponsor of one
+of the world's newest and most significant
+concert halls. The Elbphilharmonie delights
+fans of culture from all over the world. In July
+and August 2021, Porsche presented a series
+of concerts called Elbphilharmonie Sommer.
+This featured something to cater to all tastes,
+from great classics and foot-tapping jazz to
+silent film concerts - played in some cases
+by some of the world's best junior orchestras.
+"Porsche and the Elbphilharmonie both stand
+for breathtaking performance, a passion for
+aesthetics and design, and unforgettable mo-
+ments," says Alexander Pollich, Chief Execu-
+tive Officer of Porsche Deutschland.
+Partnership with the Elbphilharmonie
+Porsche and Leipzig Opera House have
+entered into a partnership - in summer 2022,
+the cultural institution will invite Wagner afi-
+cionados from around the world to attend the
+Wagner 22 festival. All of the German com-
+poser's operas will be performed in the space
+of the three-week event. Joint planning for
+this major celebration has already begun and
+Porsche is supporting the event as a main
+sponsor. The partnership will allow Wagner
+fans to see two performances for free - there
+are plans for public broadcasts of the works
+Tannhäuser and Der fliegende Holländer in
+Augustusplatz square.
+Wagner 22 festival - free opera
+982
+30
+to date. Porsche Deutschland has been
+is for as many people as possible to be able
+to enjoy culture for free. "We at Porsche see
+ourselves as a partner to society," says
+Andreas Haffner, Member of the Executive
+Board responsible for Human Resources.
+"Our taking culture to the general public is
+an important aspect of this. Because we
+firmly believe that a free society and culture
+are inextricably linked."
+The sports car manufacturer has been sup-
+porting cultural projects for years. The aim
+CULTURAL SPONSORSHIP
+As the main sponsor of the Stuttgart Ballet,
+the sports car manufacturer made an extra-
+ordinary event possible in spring 2021 - the
+Beethoven Ballets at the Schauspielhaus the-
+atre. The dance homage to Beethoven had to
+be cancelled in 2020 due to the coronavirus
+pandemic. But in 2021, the ballet company
+paid tribute to this great composer by live
+stream to belatedly mark his 250th birthday.
+It was a dance affair in a virtual age: "We will
+make cultural events accessible to the gen-
+eral public in the future too - be it virtually or,
+hopefully soon, in person once again," says
+Andreas Haffner, Member of the Executive
+Board responsible for Human Resources at
+Porsche. In addition, Stuttgart's John Cranko
+School celebrated its 50th anniversary last
+year. Porsche contributed 10 million euros to
+the rebuilding of one of the world's most re-
+nowned ballet schools. The funding was pro-
+vided through a foundation that the sports
+car manufacturer established in 2013 to-
+gether with the city of Stuttgart.
+Stuttgart Ballet presents Beethoven
+Ballets online
+The Beethoven Ballets at
+Stuttgart's Schauspielhaus
+theatre were broadcast live
+this year due to the corona-
+virus pandemic. Porsche
+made this extraordinary event
+possible as the main sponsor
+of the Stuttgart Ballet.
+The sports car manufacturer Porsche an-
+nounced that it would remain by the side of
+the Leipzig Opera Ball on the evening of
+the ball in October 2021. This engagement
+focuses on supporting the greater good.
+Porsche has been presenting the dance
+evening since 2013 and, in this context, it
+donates the main prize in the Opera Ball
+tombola in the form of a vehicle. The winner
+in the year under review was presented with
+a 718 Boxster in Racing Yellow with a blue
+top and black interior. In choosing these col-
+ours, the company gave a nod to Leipzig's
+coat of arms, thereby underscoring its affili-
+ation with the region. As is tradition, all the
+tombola proceeds went to the foundation
+Leipzig hilft Kindern, which supports projects
+for children and young people in the region.
+The beneficiaries included the Wunderfinder
+project of the foundation Stiftung Bürger für
+Leipzig, which arranges the educational spon-
+sorship of nursery schoolchildren in the east
+of Leipzig and in the Grünau district. Financial
+support was also given to the association
+Bemmchen-Leipzig e.V.
+Partnership with the Leipzig Opera Ball
+extended again
+PORSCHE DEUTSCHLAND HAS BEEN A PRINCIPAL SPONSOR OF THE ELBPHILHARMONIE IN HAMBURG SINCE JULY 2021
+In addition to its partnerships with the
+Stuttgart Ballet and Leipzig's Gewandhaus
+Orchestra, the premium manufacturer's
+support of the Elbphilharmonie concert hall
+is one of its most extensive engagements
+25
+a Principal Sponsor of this iconic concert hall
+in the port of Hamburg since July 2021.
+15
+Porsche launched an innovative internal
+learning format called the Online Learning
+Lab in 2021. Here, up to 100 Porsche em-
+ployees jointly hone their mindset, in other
+words how they think and their inner atti-
+tudes. In the course of six weeks, they learn
+how to incorporate learning and change into
+their day-to-day work, all with the aim of
+shaping change together in times of trans-
+formation. The Online Learning Lab is a vir-
+tual space where employees can grow with
+others both personally and professionally and
+enhance their own learning aptitude and
+pace. The participants are taught methods
+and hacks that make it easier to incorporate
+learning into their day-to-day work. They are
+also equipped with the tools they need to be
+better able to meet strategic requirements.
+It is all about a growth mindset (will), learn-
+ability (ability) and self-leadership (action).
+This is all directly related to Strategy 2030 as
+the strategy includes many new topics that
+all the Porsche employees will have to ad-
+dress in the future. Acquiring new knowledge
+and new skills and being able to deal with
+change are therefore part and parcel of day-
+to-day business.
+Employees, society, sports and communications
+141
+CHANGING WORKING WORLDS
+Employees
+at the sites in Germany
+897
+Other sites
+in Germany
+Change is occurring faster than ever. Porsche
+sees this development as an opportunity.
+The company assists its employees in per-
+manently keeping their knowledge up to date
+and developing new skills. This is important
+in particular with the advancement of digital-
+isation in mind as it radically reduces the half-
+life of knowledge and skills. Porsche believes
+in lifelong learning and an active approach to
+change. This offers the employees a unique
+opportunity to learn something new and, in so
+doing, develop themselves. Learning space
+plays a crucial part in Porsche evolving from
+a knowing to a learning organisation. The
+Porsche Learning Lab stands on the one hand
+for the concept of a physical learning room
+where the sports car manufacturer creates
+space for experimentation, networks people
+and gives them guidance on their personal
+development. And with the integrated offer
+of a virtual studio, the employees also have
+the option of recording and sharing what they
+have learned. Virtual rooms are also created,
+assisting the employees in developing learn-
+ability and a growth mindset.
+539
+Leadership Lab on a feedback culture
+The second Porsche Leadership Lab was con-
+cluded in 2021 following a hiatus due to the
+coronavirus. Approximately 1,500 managers
+attended. With the aid of external input, con-
+structive feedback and individual reflection,
+they considered Porsche's management cul-
+ture, their own management behaviour and
+their future roles as managers. The second
+wave began with an intensive preparatory
+stage in which the managers were able to col-
+lect voluntary and anonymous feedback on
+their management behaviour from their em-
+ployees, co-workers and superiors as part of
+the Porsche Code Feedback. At the actual
+events, the focus was on the managers all
+developing their personal management behav-
+iour. In coaching sessions, the managers dis-
+cussed the feedback they had received and
+learned new methods. From this, they derived
+concrete measures. The participants were
+also offered external input by scientists from
+the University of St Gallen on the topic of posi-
+tive leadership and promoting change. The
+Porsche Executive Board members partici-
+pated in Executive Board dialogues in which
+they answered people's questions.
+142
+Sights firmly set on future requirements
+The sports car manufacturer has pooled vari-
+ous transformation initiatives under the
+heading of Porsche Workforce Transformation
+(PWT) and is orienting itself even more
+strictly to the requirements of the future. In
+times of far-reaching change within the
+automotive industry, PWT is proactively
+managing the Porsche employees' develop-
+ment. The primary objective is to get the
+workforce on board with this change and to
+offer the Porsche employees sustainable
+prospects. This is achieved by transparently
+presenting the various transformation fields
+and based on the clear desire to occupy
+future fields with internal candidates
+wherever possible, backed by intensive pro-
+fessional development offerings. To this end,
+Porsche has, among other things, founded
+a Digital Academy, whose purpose it is to
+strengthen people's digital skills as part of
+transformation qualification. The sports car
+manufacturer will not lay off any staff during
+transformation and will continue to focus
+on the collaboration of all age groups.
+Changing working worlds at Porsche
+The office working world is rapidly changing.
+Whereas individual offices and clearly desig-
+nated meeting rooms once dominated,
+what's needed these days in an increasingly
+connected working world is collaboration
+space and agile project space. This will, in
+particular, make the increasing project work
+across mixed teams from different depart-
+ments easier. With the new Porsche working
+worlds, the company is readying itself for this
+cross-functional collaboration - and therefore
+also for the needs of Generations Y/Z/O. The
+Human Resources department blazes a trail
+for the Porsche working worlds. The various
+Human Resources divisions have been con-
+solidated in a central location. Individual offices
+have been entirely eliminated, including at
+the Executive Board level. And due to the ex-
+panded mobile working options, employees
+will henceforth no longer have a dedicated
+workstation. Instead, the employees have the
+option of freely selecting an appropriate work
+opportunity based on desk sharing - in project
+and innovation spaces or in silent working and
+meeting rooms. Going forward, this will con-
+siderably reduce the company's space require-
+ments and will therefore make a key contri-
+bution to Porsche AG's sustainability strategy.
+20
+Sachsenheim
+Incorporating change into day-to-day
+business
+youth partner. At its production site in
+Saxony, Porsche primarily focuses on social
+engagement. The club and the company have
+set themselves the goal of getting children
+and young people excited about team sports,
+making it easier for children from more so-
+cially disadvantaged families to access club
+sport and offering talented junior football
+players targeted support.
+Clear commitment to diversity
+and tolerance
+10
+During its fifth Diversity Days, Porsche again
+sent a clear message of backing tolerance
+and of being against exclusion and discrimin-
+ation. During a themed week around German
+Diversity Day in May 2021, 21 digital dia-
+logue formats addressed the value and op-
+portunities of diversity. A diverse project
+team also had the idea of a diversity 911
+marked with messages and facts about di-
+versity at Porsche. In adding their signatures
+to the vehicle at the beginning of the Diver-
+sity Days, the Porsche Executive Board and
+Works Council affirmed their unconditional
+backing of diversity and tolerance. Diversity
+was also a focal issue during the Sustain-
+ability Festival held in October 2021, illus-
+trating the importance of diversity of views
+as a driver of innovation and a future success
+factor. New points of view were also the
+focus of Porsche hilft in the year under
+review. This placement platform lists volun-
+tary engagement options and gives Porsche
+employees the opportunity to broaden
+their perspectives by enabling them to see
+beyond their own noses.
+5
+35,429
+0
+2017
+2018 2019 2020
+2021
+Employees, society, sports and communications
+139
+36,359 36,996
+ponents. Training as a motor vehicle mecha-
+tronics technician now focuses on system
+and high-voltage technology. And the elec-
+tronics technician for industrial engineering is
+now an electronics technician for automation
+technology. These examples illustrate how
+Porsche systematically focuses on the future
+in terms of training its skilled workers. This is
+rounded off by new focuses on intelligent sys-
+tems and data science in the IT study pro-
+grammes. Transformation is also changing the
+training formats. New digitalised offerings
+New apprenticeship indicate transformation
+The transformation of the automotive indus-
+try is changing vocational training. Examples
+here are digitalisation, Industry 4.0, mobility
+of the future and electrification. Porsche's
+sustainability strategy has an important part to
+play too when it comes to preparing the next
+generations of employees. The transformation
+is evident in the apprenticeship trades in
+particular. A vehicle interior designer is now
+a vehicle interior mechanic - a skilled worker
+who applies their craftsmanship to handling
+all kinds of different materials and who is also
+able to install numerous interior electronic com-
+Porsche Ausbild
+140
+START OF VOCATIONAL TRAINING AT PORSCHE
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+a bonus of 7,850 euros for financial year
+2020 in April 2021. In this way, the company
+recognised the particular commitment
+of the workforce in a difficult environment.
+Special payment based on new method
+Porsche determined the special payment for
+employees covered by collective pay agree-
+ments on the basis of the new calculation
+method for the first time. Porsche employees
+faced particular challenges in financial years
+2020 and 2021 due to the ongoing corona-
+virus crisis. This was due among other things
+to the existing supply bottlenecks. The com-
+pany succeeded in keeping its profit high
+year-on-year thanks to systematic crisis
+management and the considerable efforts of
+the entire workforce. The calculation allows
+the Porsche workforce to fairly and consist-
+ently participate in the success of the busi-
+ness. In view of this and based on the per-
+formance indicators of return on sales (ROS)
+and return on investment (ROI), Porsche paid
+have evolved to complement the existing
+training methods, promoting people's learn-
+ing abilities in entirely virtual or hybrid for-
+mats. Among others, the 150 new Porsche
+employees who met in a virtual meeting in
+September ahead of the start of their training
+or studies were able to experience this.
+Safeguarding of Group company sites
+In 2020, Porsche AG adopted a pioneering
+site safeguarding strategy under the heading
+"Tradition. Transformation. Future.". In
+2021, other Group companies - Porsche
+Deutschland GmbH, Porsche Engineering
+Group GmbH, Porsche Engineering Services
+GmbH, Porsche Financial Services GmbH
+and Porsche Leipzig GmbH - followed suit
+with their own site agreements. The agree-
+ments safeguard the ability of Porsche AG
+and its Group companies to compete and
+each include employment protection for the
+core workforce up to 2030. The agreements
+cover a 10-year period. They are founded on
+numerous measures that will boost flexibility
+and productivity and sustainably secure
+profit. At the Leipzig site, the Executive Board,
+management and Works Council also de-
+cided to reduce the working week from
+38 to 35 hours in two steps up to 2025.
+DIVERSITY OF VIEWS IS A KEY DRIVER OF INNOVATION FOR PORSCHE
+"I gain a lot from the partnership because I'm
+so motorsport crazy myself," says Casey.
+"I want to fulfil my ambassador role to the full
+and I'm free to do it - it's fantastic. And I'm
+getting to know many wonderful people with
+whom I can talk about the brand and motor-
+sport. It's incredibly inspiring."
+WEC
+Porsche European Open
+The Porsche European Open made an impres-
+sive return in 2021 too. The seventh edition of
+this professional tournament in the European
+Tour held on the Porsche Nord Course of the
+Green Eagle Golf Courses outside of Hamburg
+from 5 to 7 June 2021 brought world-class
+players back to Germany after approximately
+two years. The event had to be delayed by two
+days and reduced down to three days due to
+the travel rules at the time, but the spectators
+nevertheless celebrated its comeback on this
+impressive golf course. Special authorisation
+was given for 2,000 spectators to attend each
+day - for the first time after 20 months during
+which tournaments in Europe had to make
+do without fans. The winner Marcus Armitage
+therefore enjoyed a very good reception on
+his sensational final round. The Englishman
+leapt from eleventh place to first place on
+the final day and celebrated his first European
+Tour victory. After a strong comeback, title
+holder Paul Casey finished in sixth place.
+SCHAEFFLER
+PORSCHE
+DMG MORI
+2
+GENT
+2h LEMANS
+CHOPARD
+P1
+PORSCHE BRAND AMBASSADOR TIMO BERNHARD
+DMG MER
+Paul Casey experienced his first Porsche
+European Open as a member of the Porsche
+family. The Englishman has been a Porsche
+brand ambassador since autumn 2020.
+In this capacity, he experienced among other
+things the Goodwood Festival of Speed in
+England and, in the USA, Monterey Car Week
+and the Sportscar Together Fest in Indian-
+apolis. Casey was delighted to be given an
+insight into the Porsche and motorsport
+worlds and also thoroughly enjoyed taking
+part in the 9:11 Porsche podcast together
+with Porsche works driver Kévin Estre.
+RSCHE
+CAMANCE
+First year as an ambassador
+Porsche was partner to the
+WTA Finals for the seventh
+time since 2014. The sports
+car manufacturer was repre-
+sented on Centre Court by its
+subsidiary Porsche Latin
+America and the Porsche
+Centre Guadalajara and in the
+Public Village by a small
+exhibition.
+GOLF
+As the exclusive automobile partner of the
+WTA and the WTA Finals, Porsche also
+sponsored the WTA tournaments in Lyon
+(France), St Petersburg (Russia), Cincinnati
+(USA) and Linz (Austria) as well as both
+events held in Cluj-Napoca (Romania). The
+company supported Porsche Team Germany
+in the Billie Jean King Cup as a premium
+partner to the German Tennis Federation
+(DTB). Led by Porsche brand ambassador
+Angelique Kerber, the team competed in the
+final round in Prague of the event contested
+by the top 12 countries. Two promising up-
+and-coming players from the Porsche Talent
+Team, Jule Niemeier and Nastasja Schunk,
+made their successful debuts in the most
+important women's team tennis competition.
+The Porsche Junior Team is another import-
+ant component of Porsche's successful
+promotion of young talent. Here, talented
+school-age players are offered better training
+conditions and more intensive support
+at home.
+Artistic photography project
+The brand ambassadors Angelique Kerber,
+Julia Görges and Maria Sharapova lent
+their faces to Porsche to boost its profile in
+tennis - quite literally as they featured in
+Court Supremes, a spectacular photography
+project of Porsche Central and Eastern
+Europe, Porsche AG and the world-famous
+photographer Radka Leitmeritz. The project
+is an artistic homage to women's tennis
+and to players who have dominated the sport
+for decades. In addition to the three brand
+ambassadors, other winners of the Porsche
+Tennis Grand Prix to be the subject of photos
+were the legendary player Martina Navratilova
+and Petra Kvitova. The Prague-based photog-
+rapher's aim is to present a different view
+of some of the tennis world's successful
+women players. Fans can access the artistic
+photos online at www.porsche-tennis.com/
+court-supremes.
+Back in the top 10
+Angelique Kerber made an impression both
+on and off the court this year. She made it
+back into the top 10 world ranking with her
+win at the Bad Homburg Open, which she
+helped organise, and her semi-final appear-
+ances in Wimbledon and Cincinnati. She also
+enjoyed the limelight in the last episode
+in 2021 of the Porsche podcast, her involve-
+ment in the Porsche campaign The Art of
+Drive and a photo story in Bunte Quarterly.
+Julia Görges returned to her old stamping
+ground the sensational winner of the
+Porsche Tennis Grand Prix in 2011 moved
+around the Porsche-Arena working as a
+social media reporter for Porsche's tennis
+channels. Six months after her retirement,
+she conducted interesting interviews with
+her former fellow tennis players for tennis
+fans. Maria Sharapova likewise put in a
+return appearance at the long-standing tour-
+nament in Stuttgart. The three-time winner
+took part in the virtual opening ceremony.
+PORSCHE BRAND AMBASSADOR ANGELIQUE KERBER WON THE TOURNAMENT IN BAD HOMBURG
+DMG MORI
+Porsche Race to the WTA Finals
+Ashleigh Barty also had the edge in the
+Porsche Race to the WTA Finals, the official
+qualifying ranking for the prestigious sea-
+son-ending women's tennis tournament.
+This was the seventh time since 2014 that
+Porsche was partner to the WTA Finals. The
+showdown of the season's eight most suc-
+cessful singles players and doubles partners
+was moved at short notice from Shenzhen
+in China to Guadalajara, Mexico. The singles
+final held in front of an enthusiastic crowd
+was won by Spaniard Garbiñe Muguruza,
+securing her the coveted Billie Jean King
+Trophy. The doubles competition was won
+by the Czech Olympic champions Barbora
+Krejcikova and Katerina Siniakova. Porsche
+was visible on Centre Court with its sub-
+sidiary Porsche Latin America and the Porsche
+Centre Guadalajara and was represented in
+the Public Village by a small exhibition.
+Porsche supported two new WTA tourna-
+ments in Germany as the official automobile
+partner with an exclusive Porsche shuttle
+service. The bett1open in Berlin and the Bad
+Homburg Open both had successful prem-
+ieres. Played on grass courts as preparation
+for Wimbledon, they proved to be valuable
+additions to the global WTA tour. The tour-
+nament in Berlin was won by the Russian
+Liudmila Samsonova. In Bad Homburg,
+Porsche brand ambassador Angelique Kerber
+secured her first tournament victory since
+winning Wimbledon in 2018. Her Porsche
+Team Germany colleague Andrea Petkovic
+likewise won a WTA title, claiming victory
+in Cluj-Napoca, Romania.
+166
+COURT SUPREMES PHOTOGRAPHY PROJECT
+Employees, society, sports and communications
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+167
+Porsche and Golf - long-standing ties
+Porsche's engagement in golf goes back
+a good three decades and is founded on the
+combination of two passions that result in
+a special community. The company initiated
+the Porsche Golf Cup in Germany back in
+1988. This exclusive series of amateur tourna-
+ments for customers has experienced inter-
+national growth in the course of its more than
+30 years, illustrating its relevance to the
+target group. The Porsche Golf Cup was suc-
+cessfully relaunched in the markets in 2021
+following a hiatus caused by the pandemic.
+No less than two Porsche Golf Cup World
+Finals are therefore awaited with much
+anticipation in Majorca in the new year - the
+cancelled 2019 season finals tournament
+and the 2021 world final.
+CHOPARD
+Employees, society, sports and communications
+HOLE-IN-ONE PRIZE
+As an ambassador for
+Porsche's youth develop-
+ment, Sami Khedira, who
+was part of Germany's World
+Cup-winning team, applies
+the experience he gathered
+in the course of his long
+international career to his
+work with talented young
+sportspeople.
+The Porsche Jump
+The Stuttgart-based sports car manufacturer
+has always tackled things with the mindset
+of daring to try new things and boldly leading
+the way. In keeping with this motto, Porsche
+and brand ambassador Aksel Lund Svindal
+recreated a legendary ski jump over a
+Porsche. The Porsche Jump is the iconic
+restaging of a black and white photo taken in
+the 1960s and features two-time Olympic
+champion Svindal jumping over a Porsche
+Taycan parked between walls of snow of
+many metres in height.
+The new jump motif is symbolic because,
+like the original that depicts a jump over
+a 356 B, the new picture featuring a leap
+over the first all-electric Porsche stands for
+the mettle that the company demonstrates
+to stand out in the global competition. This
+modern reinterpretation allows the company
+to confidently look back at its impressive
+history and illustrates how Porsche interprets
+future viability always having the courage
+to resolutely do more than the others to
+come up with the best solution. For Porsche,
+the restaging forges a bridge between the
+past, the present and the innovations of the
+future this symbiosis is afforded authentic
+symbolism by the jump over the highly
+innovative Taycan.
+The Porsche Jump is the
+iconic restaging of a black
+and white photo taken in
+the 1960s and features
+two-time Olympic champion
+Svindal jumping over
+a Porsche Taycan parked
+between walls of snow of
+many metres in height.
+A major journey
+Spaceman meets racing driver: German ESA
+astronaut Matthias Maurer had a dream
+come true in autumn 2021 when he flew
+to the International Space Station (ISS).
+Brand ambassador Timo Bernhard has done
+the same the two-time Le Mans overall
+winner, record breaker and sports car world
+champion can look back on an impressive
+professional career with Porsche. Two people
+with two different missions, but the same
+level of dedication - Bernhard and Maurer
+have both realised their dreams thanks
+to meticulous preparation and a love of tech-
+nology and science.
+In a joint video chat for the weekly paper
+DIE ZEIT as part of its ZEIT for Research
+themed week, Bernhard and Maurer,
+who both hail from Saarland, related how
+important it is to hold on to your dreams.
+"My 2017 Le Mans win with Porsche was my
+personal flight to the moon," says Bernhard,
+who, unlike Maurer, has already been able to
+realise his greatest dream. Maurer's greatest
+dream is to journey into space. "I was a
+scientist and I saw an opportunity to work in
+an international team with the very best
+technology. And I was drawn by the adven-
+ture too." The astronaut will return to earth
+in early 2022.
+FOR PORSCHE, THE RESTAGING OF THE PORSCHE JUMP FORGES A BRIDGE BETWEEN THE PAST, THE PRESENT AND THE FUTURE
+Employees, society, sports and communications
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+171
+COMMUNICATIONS
+On course for success with pioneering spirit
+Porsche is heading into a digital, connected
+and sustainable future boldly and at a sporty
+pace. Porsche's Strategy 2030 will guide
+the company on its way. It is driven by pion-
+eering spirit, dedication and the desire to
+permanently change things. The sports car
+manufacturer is resolutely and systematically
+realising its ambitious transformation goals -
+with teamwork, step by step, from one mile-
+stone to the next.
+Bolstering the company's heritage
+This is something which is supported by
+actor Richy Müller, who plays the Stuttgart-
+based police inspector in the series Tatort
+and who is involved in the foundation
+Stiftung Lesen together with Porsche, which
+seeks to encourage children to read. He also
+represents Porsche at a variety of events in
+the areas of product, corporate and heritage
+communications.
+A
+As an ambassador for Porsche's youth devel-
+opment, Sami Khedira, who was part of
+Germany's World Cup-winning team, applies
+the experience he gathered in the course of
+his long international career to his work with
+talented young sportspeople. Khedira, who
+was born in Stuttgart, supports the Turbo
+for Talent programme, the aim of which is to
+use events and regular dialogue to teach
+young people values that will help them
+develop from up-and-coming sportspeople
+into professionals with personality.
+The portfolio of brand ambassadors includes
+the top two German women's tennis players
+of recent years, Angelique Kerber and Julia
+Görges, as well as the erstwhile world-class
+player Maria Sharapova. All three of them are
+former winners of the long-standing Porsche
+Tennis Grand Prix. They are known for their
+THE NEW CAN TURBOS CROSS TURISMO
+THE APPEARANCE OF THE PORSCHE 917 KH AT MONTEREY CAR WEEK IN PEBBLE BEACH
+The brand ambassadors are an important part
+of the Porsche family as they authentically
+represent the brand and make the Stuttgart-
+based company's uniqueness tangible.
+Their appearances clearly show what Porsche
+stands for breathtaking products, fascinat-
+ing experiences and value-creating innov-
+ations. Porsche is a sports car manufacturer
+out of conviction - the brand's origins and
+also the self-image that characterises it lie
+in motorsport. Performance, achievement
+orientation, team spirit and a natural will to
+succeed are all attributes which are charac-
+teristic of the core of motorsport. Porsche
+therefore collaborates with individuals here
+who have impressively demonstrated their
+sporting prowess on racetracks around
+the world.
+At the heart of the Porsche DNA
+Based on his impressive GT racing experience,
+the former works driver Jörg Bergmeister now
+serves not only as a Porsche brand ambassa-
+dor. The successful 911 driver also contrib-
+utes his expertise as a test and development
+driver to the test-driving of future sports car
+models and offers incredible insights into
+the hard work of a professional driver at press
+driving events and track events.
+One of the most successful Porsche works
+drivers has likewise successfully completed
+a large number of test kilometres - with his
+illustrious motorsport career, Timo Bernhard
+is one of the faces of the Stuttgart-based
+sports car manufacturer in this segment.
+Bernhard, who started his career as a Porsche
+junior in 1999 and is a Le Mans winner and
+two-time FIA World Endurance Championship
+winner, can continue to live his dream with
+Porsche even after his active career - now as
+a brand ambassador. At a variety of events,
+the former endurance racer relates anecdotes
+about the past.
+He frequently crosses paths with his former
+teammate Mark Webber. The Australian and
+former Formula 1 driver is a seasoned motor-
+sport expert and, in his capacity as a Porsche
+brand ambassador, also a popular moderator
+of many events. The former sports car world.
+champion also authentically represents
+topics related to the Exclusive Manufaktur.
+As an advocate and lover of especially curvy
+stretches, legendary rally driver Walter Röhrl
+has served the premium manufacturer as
+a brand ambassador uninterrupted since
+1993. Röhrl is one of only a few drivers who
+have succeeded in winning championship
+races in both rallying and circuit racing and
+can explain in simple terms what's important
+when driving at the limit. Röhrl, who is now
+75 years of age, therefore also makes
+appearances at product presentations again
+and again.
+PAUL CASEY IN THE PORSCHE EUROPEAN OPEN
+168
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+169
+SAMI KHEDIRA, AMBASSADOR FOR PORSCHE'S YOUTH DEVELOPMENT
+Sports engagement diversity
+Brand ambassador Aksel Lund Svindal has
+a passion for the perfect line in his blood too.
+The two-time Olympic champion and five-
+time world champion is one of the most suc-
+cessful alpine skiers around and has been an
+avowed sports car fan since an early age.
+The Norwegian shares his feel for speed, the
+right balance for optimally taking corners and
+the vision needed for future topics at trade
+shows, events and product presentations.
+The newest addition to the team of brand
+ambassadors, professional golfer Paul Casey,
+likewise has sports cars in his genes. The
+Englishman has counted among the top
+professional golf players for two decades and
+is a true fan of Porsche. This is something
+that fans and customers alike can witness
+again and again when Casey participates in
+Porsche events around the world.
+class and personality on and off the court,
+and represent Porsche and its philosophy as
+brand ambassadors on the global stage.
+170
+BRAND AMBASSADORS
+The Communications, Sustainability and
+Politics department is especially important
+here as the strategic goals need to be pre-
+cisely described, the measures comprehen-
+sibly explained and the progress made with
+strategy work clearly communicated. This
+needs to happen both internally and exter-
+nally employees, customers and the public
+want to be kept in the loop and join Porsche
+on its journey into the future. They want to
+know about the concrete impacts of the
+Porsche strategy on the company's work-
+places, products and sites, while also bearing
+in mind the effects on society, the economy
+and the environment.
+CHRI
+STO
+RUS
+PHO
+CHRI
+STO
+PHO
+CHRI
+STO
+class win in Le Mans, the
+Porsche Museum produced
+a series of videos called
+Porsche Moments. The six
+episodes were published on
+the Instagram channel, on
+Facebook and on YouTube.
+RUS
+CHRI
+22
+23
+The Porsche Sound Night organised by the
+Porsche Museum was held digitally for the
+first time in the year under review under the
+title of Next Level. Former and current racing
+drivers and race engineers presented the
+sounds of carefully selected racing and
+series production cars via live stream at the
+Porsche Museum and the Weissach Devel-
+opment Centre. The interactive event was
+broadcast globally in three languages on the
+website soundnacht.porsche.de and was
+watched by 150,000 viewers in 73 coun-
+tries. A recording of the spectacular concert
+of engines was subsequently published on
+the Porsche Museum's YouTube channel.
+Facebook page. Sixty-seven per cent of those
+who show an interest in Porsche Heritage in
+social media are in the 18-to-34 age bracket.
+Porsche Heritage communicates its mes-
+sages very successfully via social media
+channels. A very loyal, international fan base
+of more than 500,000 followers has been
+built up on Instagram in the space of just four
+years and this number continues to rise.
+The Instagram channel is also met with great
+interest outside of its circle of followers.
+With two posts a day, it has average media
+penetration of around 800,000 Instagram
+accounts a day. Porsche Heritage has another
+approximately 240,000 followers on its
+The highlights included an appearance of
+the Porsche 917 KH at Monterey Car Week
+in Pebble Beach, California. It was with this
+racing car that the company achieved its
+overall victory in Le Mans in 1971. What are
+known as Heritage Corners featuring more
+in-depth information were simultaneously
+set up at all the Porsche Experience Centres.
+The Porsche Museum produced a series of
+videos called Porsche Moments to mark this
+anniversary. The six episodes were published
+on the Instagram channel @porsche.museum,
+on the Facebook page @porsche.museum.
+stuttgart and on YouTube. The sports car manu-
+facturer also organised an international road-
+show with 14 stops in 10 countries which
+presented more than 20 original winning ve-
+hicles from the museum's historical collection.
+2021 marked the 70th anniversary of
+Porsche's first class win in Le Mans - a great
+occasion for the Porsche Heritage department
+and the museum to focus in-depth in the year
+under review on the unique success story that
+Porsche has shared with the famous 24-hour
+race held by the River Sarthe since 1951.
+The Porsche Museum in Zuffenhausen is
+much more than merely a place that allows
+people to experience Porsche's tradition. It is
+also a centre of gravity for Porsche's Heritage
+Experience. It takes the brand's vibrant and
+forward-looking identity to all the regions
+around the world. The historical vehicles in the
+museum's extensive collection are used as
+brand ambassadors around the world - and
+demonstrate how closely the future of Porsche
+is connected to its origins.
+Bringing together tradition and the future
+The mission of Porsche Heritage is to make
+the past fit for the future in the present. The
+future topics of digitalisation, electrification
+and connectivity are not at odds with the com-
+pany's history as tradition and innovation to-
+gether form the foundations of the Porsche
+brand. Work on tradition is therefore firmly
+embedded in the corporate strategy.
+70 years after Porsche's first
+175
+PHO
+RUS
+Courage
+Farbkraft
+Zeitsprung
+Rennkunst
+CHRISTOPHORUS HAS BEEN PORSCHE COMMUNICATIONS' FLAGSHIP PUBLICATION SINCE 1952
+Christophorus celebrates its 400th issue
+Named after the patron saint of travellers,
+Christophorus is Porsche's main company
+magazine. The exclusive magazine has
+a very long history and is one of the world's
+longest-standing corporate publications.
+Christophorus has been offering the Porsche
+brand's friends and customers all kinds of
+information and background reports on its
+vehicles and technologies since 1952. It
+also contains interesting lifestyle stories
+and features.
+The magazine celebrated the publication
+of its 400th issue in the year under review.
+Christophorus is currently published
+four times a year in 13 languages (German,
+English, French, Italian, Spanish, Portu-
+guese, Russian, Chinese, Japanese, Korean,
+Taiwanese, Dutch and Polish). It has a total
+circulation of approximately 600,000 copies
+per issue.
+Porsche sets great store by sustainability
+when producing the magazine. Innovative
+technologies in the printing process result in
+significantly lower emissions - CO₂ emis-
+sions are reduced by more than 50 per cent
+compared with conventional printing pro-
+cesses. In addition, Christophorus is printed
+on FSC-certified paper. This certification
+guarantees a sustainable production
+process, from the cultivation of wood as
+a raw material through to paper as the
+end product.
+STC
+A digital issue is produced in all the languages
+in addition to the printed magazine. The
+print and online versions are intelligently
+interconnected, with the topics from the print
+version being complemented with moving
+images and additional digital content in the
+online version.
+The magazine character of Christophorus is
+also reflected online in the digital moving
+image format 9:11 Magazine, which profiles
+interesting people with a special Porsche
+connection. Each episode is based around
+a special theme, which is staged in the form
+of multiple video clips. All the content can be
+used by journalists and online influencers for
+their own productions.
+The high journalistic quality of the videos
+also impressed the Cannes Film Festival
+jury in the year under review, with 9:11
+Magazine counting among the winners at
+the Cannes Corporate Media & TV Awards
+2021. It was awarded a coveted Dolphin
+trophy for the "Porsche, Comic Hero" chapter
+in Episode 17.
+The clip "Unseen: Mauer's design studies",
+likewise from Episode 17 of 9:11 Magazine,
+reaped multiple awards. It won the Red
+Dot Award 2021 in the category Brands
+& Communication Design for its high design
+quality. And in the Best of Content Marketing
+Awards, the clip won gold in the category
+Non-Fiction - Branded Entertainment.
+In the Automotive Brand Contest 2021,
+9:11 Magazine collected no less than four
+awards in the category Corporate Pub-
+lishing, with the episodes "Silvestro at the
+Start", "A 911 on Your Wrist", "Porsche,
+Comic Hero" and "Zeitgeist" all being rec-
+ognised. The video magazine also made
+an impression in the Digital category with
+the episodes "Dreaming" and "The Beauty".
+Porsche AG's Annual and Sustainability Re-
+port 2020 was likewise recognised, picking
+up a German Brand Award in the category
+Corporate Publishing.
+176
+Employees, society, sports and communications
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+177
+Rus
+PHO
+Award-winning quality
+Christophorus clinched Gold in the Best of
+Content Marketing Awards (BCM) for the
+third time in 2021, thus placing the magazine
+in the corporate publications hall of fame.
+The BCM recognised the magazine as a "per-
+manently outstanding example of continuous
+quality in content marketing".
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Employees, society, sports and communications
+PORSCHE LIT A MAJOR INNOVATION FIREWORK AT THE LA AUTO SHOW
+The Porsche Newsroom therefore serves
+as a helpful multimedia research tool. Inde-
+pendent experts attest to the Porsche
+media portal being an outstanding service
+for journalists. The Porsche Newsroom
+clinched first place in the 2021 media rela-
+tions benchmark ranking by the business
+consultancy NetFederation. The media
+websites of 50 German major enterprises
+with a group structure were examined on
+the basis of 63 different criteria. Porsche
+was rated the best.
+The content is published in seven languages
+(German, English, Spanish, French, Italian,
+Russian and Chinese). The Newsroom add-
+itionally features the moving images platform
+NewsTV with the latest streams, videos and
+the online format 9:11 Magazine. The diverse
+array of information is complemented by
+downloadable photos, infographics, podcasts
+and videos.
+The Porsche Newsroom is
+the primary source for all
+journalists and the interested
+public. The digital portal
+offers up-to-date information
+and data regarding the
+company, all prepared for
+cross-media use and in
+seven languages.
+Online, the Porsche Newsroom is the primary
+source for all journalists and the interested
+public. The digital portal offers up-to-date in-
+formation and data regarding the company, all
+prepared for cross-media use. The extensive
+array is complemented by features and back-
+ground reports.
+This had an impact on how people used media,
+with the clear trend in the direction of going
+online continuing. The digital communication
+channels therefore increased in importance
+again. Porsche Communications sees this
+change as an opportunity and is making the
+most of it. It systematically expanded its
+digital information services in the year under
+review and boosted the brand's presence in
+online media and social networks.
+Digital channels increasingly important
+As was the case in the previous year, 2021
+was likewise dominated by the global corona-
+virus crisis. The two pandemic waves at the
+beginning and the end of the year really put
+social coexistence to the test again.
+THE NEWSROOM IS PORSCHE'S ONLINE MULTIMEDIA INFORMATION PORTAL
+Galerie
+Auf Ausfahrt: Südfrankreich
+newsroom
+Employees, society, sports and communications
+00
+Auf Ausfahrt: Südfrankreich
+172
+MEDIA REPRESENTATIVES WERE ABLE TO EXTENSIVELY TEST-DRIVE NEW PORSCHE MODELS AT VARIOUS DRIVING EVENTS
+This resulted in broad, high-profile reporting
+on Porsche topics in international print and
+TV media. Porsche succeeded in getting its
+products and topics onto the front covers
+of publications 94 times in 2021. Almost
+47,400 articles about Porsche were pub-
+lished around the world in the course of
+the year under review. Porsche Communica-
+tions therefore once again made a big con-
+tribution to the company's value creation,
+as reflected in the high PR value of around
+1.3 billion euros.
+One of the key tools is traditional public rela-
+tions - in the course of the year under re-
+view, the sports car manufacturer published
+just under 420 press releases about new
+products and technical innovations, motor-
+sport, company topics and important events
+relating to the brand's history. Porsche's
+communication experts also oversaw around
+80 verbatim interviews with members of the
+Porsche Executive Board.
+To impart information and messages in a tar-
+geted manner, Porsche Communications
+draws on the entire array of modern-day in-
+struments and channels.
+Powerful public relations
+Successful communication work is founded
+on open dialogue with all of the company's
+stakeholders. These include the international
+media, policymakers, authorities and asso-
+ciations, civil society and, internally, the
+Porsche employees.
+A comprehensive reorganisation in the year
+under review resulted in a significant increase
+in the efficiency and strategic strength of
+Porsche Communications. This success is
+made transparent by means of regular meas-
+urement, with the most important perform-
+ance indicators being analysed. These include
+the PR value, tone and media penetration.
+These measurements are complemented by
+reputation analysis.
+The core responsibilities of the Communica-
+tions, Sustainability and Politics division are
+to transparently and credibly inform people
+about Porsche and its strategic goals, gener-
+ate lasting trust in the brand and strengthen
+the company's reputation. It strategically de-
+velops, manages and orchestrates the com-
+pany's communications. It coordinates the di-
+verse individual measures, tailors them to the
+target groups in question and operationally
+implements them.
+Auf Ausfahrt: Sidfrankreich
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+173
+S.VQ 1008E
+#PORSCHELAAS2021
+Porsche is shaping the future of mobility -
+with highly emotive internal combustion
+engines, high-performance plug-in hybrids
+and innovative all-electric drives. This is the
+key message of the drive strategy that
+Porsche impressively underscored in Los
+Angeles with its new models. This position
+was lastingly picked up on in global report-
+ing on the premium manufacturer's trade
+show appearance.
+The premiere show was broadcast live on
+Porsche's NewsTV. The trade show event
+was complemented with information on and
+photos and videos of the new models being
+dispatched to international media.
+attracted a lot of attention from media and
+the trade show visitors. The highlight was the
+new top model from the 718 family - the
+718 Cayman GT4 RS and its racing version,
+the 718 Cayman GT4 RS Clubsport. Two
+new versions of the all-electric model series
+Taycan were likewise presented in Los
+Angeles - the Taycan GTS and the Taycan
+GTS Sport Turismo.
+Porsche lit a major innovation firework in
+November - the sports car manufacturer
+simultaneously celebrated no less than five
+world premieres at the LA Auto Show. In
+addition to the elegant Panamera Platinum
+Edition, four new sports models in particular
+In early September, Porsche offered a vision-
+ary view of the future of the sporty automo-
+bile. At the start of IAA Mobility in Munich,
+the company presented its Mission R con-
+cept study. The study with an all-electric
+drive combines cutting-edge technologies
+and sustainable materials with a passion
+for motorsport. The pioneering technology
+leader's attention-grabbing trade show
+appearance in the capital of Bavaria was
+followed by media around the world and
+featured in their reporting.
+in the Hyperbowl studio at Munich Trade Fair
+Centre. Cutting-edge digital and video tech-
+nology blurred the lines between the world
+of film and the real world. The spectacular
+event was broadcast around the world on
+NewsTV. In addition, a comprehensive multi-
+media press kit containing detailed infor-
+mation generated a strong media response
+to the new model.
+In March, the company presented the Taycan
+Cross Turismo to the global public with an
+innovative digital world premiere. The all-
+electric all-rounder made its first appearance
+The goals of Porsche's Strategy 2030 and
+the ongoing progress made with their imple-
+mentation are also carefully presented in the
+product communication. In this way, the fact
+that Porsche is systematically expediting its
+transformation in the areas of action of elec-
+trification, digitalisation and sustainability is
+clearly publicised.
+vative technologies in an attentiongrabbing
+way is one of the main tasks of Porsche's
+public relations work. For example, the pres-
+entation and roll-out of new products is regu-
+larly accompanied by diverse communication
+measures ranging from press events to mark
+premieres and the dispatching of images and
+information materials to media representa-
+tives through to driving events that offer auto-
+motive journalists the opportunity to conduct
+extensive practical testing. There is also an
+extensive press fleet featuring the latest test
+cars from all the series.
+Bringing the products to people's attention
+Communicating new vehicle models and inno-
+174
+BY NIKO HÜLS WON A GERMAN
+BRAND AWARD
+THE BOOK HIP HOP KULTUR
+En Roadtrip durch Europa
+Hip
+Hop
+Kultur
+The Newsroom content is complemented by
+a variety of digital agenda-setting activities
+on high-reach social media channels such as
+Facebook, Instagram, Twitter and DriveTribe.
+This has made a key contribution to the suc-
+cess of Porsche Communications. The sports
+car manufacturer registered 1.7 million follow-
+ers on its Newsroom channel on Instagram in
+2021, achieving some 126 million impressions.
+The company recorded 2.7 million impressions
+through DriveTribe. Twitter contributed
+583,000 followers with 11.1 million impres-
+sions. A total of 263 million impressions and
+some 3.6 million followers were recorded
+across all of Porsche Communications' social
+media channels in the year under review.
+One of them is the graphic designer Jeffrey
+Docherty from New Zealand, whose work
+includes the front cover of Issue 400 of the
+Porsche company magazine Christophorus.
+Another of them is the German music jour-
+nalist Niko Hüls with his two-part hip hop
+documentary Back to Tape, which is pre-
+sented by Porsche. The book that goes with
+it, Hip Hop Kultur, won a German Brand
+Award in the category Product and Commu-
+nication Design.
+Sunday Drives is part of the Scene & Passion
+section of the Newsroom, which is primarily
+dedicated to lifestyle topics related to
+Porsche. It showcases extraordinary per-
+sonalities from the international art and
+culture scene who have a particular passion
+for the Porsche brand.
+The coronavirus pandemic caused lock-
+downs and travel restrictions again in the
+year under review. The Newsroom respond-
+ed to this with a new content series called
+Sunday Drives, in which well-known Porsche
+enthusiasts presented their favourite
+routes. Here, the Newsroom users are taken
+on exciting, adventurous journeys around
+the world.
+The Newsroom is relevant not only to jour-
+nalists, but also to the general public, cus-
+tomers and fans of the brand. The attractive
+platform is increasingly being used by this
+target group as well to obtain first-hand in-
+formation about Porsche, as also indicated
+by the ever-increasing number of platform
+visits. The Newsroom reached around
+3.2 million people in 2021.
+Lifestyle topics related to Porsche
+THE COMPANY PRESENTED THE TAYCAN CROSS TURISMO WITH AN INNOVATIVE DIGITAL WORLD PREMIERE
+Nurturing promising talent
+PORSCHE
+M
+TSNOW AL.
+1 The reduction in greenhouse gas emissions stated
+here relates to a comparison of the calculated product
+carbon footprint (PCF) of the renewable compo-
+nents in the PMSC racing fuel and a baseline value
+of 94 grams of CO2e/MJ as per the EU's Renewable
+Energy Directive. The emission reduction of up to
+85 per cent due to renewable instead of conventional
+components is based on PCF calculations as per
+ISO 14067 (well-to-wheel consideration through-
+out the fuel's value chain). The emissions taken into
+account are those related to raw materials, production,
+transport and combustion during the manufacture
+of the blend mentioned here featuring renewable
+components. A functional unit of 1 MJ of fuel was used
+for the comparison.
+Fuel if it meets the current fuel standard fol-
+lowing the necessary blending. In the pilot
+project, Porsche and ExxonMobil are expedit-
+ing the development and the potential future
+market maturity of synthetic fuels together
+with other international partners.
+Michael Steiner, Member of the Executive
+Board responsible for Research and Develop-
+ment: "eFuels complement our drive strategy
+wonderfully. They allow our customers to
+drive cars with internal combustion engines
+and plug-in hybrids almost entirely CO2-neu-
+trally. By collaborating with ExxonMobil, we
+are able to test the eFuels under demanding
+conditions on the racetrack. This will take us
+one step closer to a marketable and CO₂-
+reduced eFuel that can replace conventional
+fuels." Porsche and ExxonMobil are adopting
+a two-stage testing strategy. A bio-based
+blended fuel was used in 2021. The advanced
+biofuel proportion is sourced from food
+waste products. Other fuels are blended in to
+achieve the required knock resistance and
+combustion behaviour. Depending on pro-
+duction capacities, the second step could be
+taken at the end of the 2022 season, namely
+introduction of the eFuels from the Haru Oni
+pilot project in Chile. This involves hydrogen
+being combined with carbon dioxide extracted
+from the air to create methanol. CO₂ emis-
+sions could be reduced by up to 85 per cent'
+with this eFuel-based Esso Renewable Racing
+eFuels: Porsche Mobil 1 Supercup success-
+fully invests hope in renewable fuels
+The Porsche Mobil 1 Supercup introduced
+renewable fuels at the start of the 2021
+season. The international one-make cup will
+initially use advanced second-generation
+biofuels. This will already considerably
+reduce CO2 emissions. The plan is then for
+fully synthetic fuels - otherwise known as
+eFuels to be used in the 2022 season. In
+this flagship project, Porsche and its project
+partner ExxonMobil will test the suitability
+for use of renewable liquid fuels under tough
+motorsport conditions. The new Porsche
+911 GT3 Cup with its high-revving six-cylin-
+der boxer engine serves as the ideal test lab
+for the Esso Renewable Racing Fuels - its
+approximately 375 kW (510 PS) 4.0-litre
+engine has already been tested for use with
+renewable fuels. The aim is to gather import-
+ant experience for their potential further
+development with a view to using them in
+production vehicles in the future. The
+Porsche Mobil 1 Supercup will be held dur-
+ing European races of the FIA Formula 1
+World Championship.
+Mobili
+BE PART OF US
+2021
+162
+PORSCHE 911 RSR WITH START NUMBER 92 IN BAHRAIN
+92
+PRO
+DHL
+TAGHEUer
+BOSS
+THE PORSCHE 911 GT3 CUP WAS RUN ON ESSO RENEWABLE RACING FUELS IN THE SUPERCUP IN 2021
+Mobil
+(Esso
+161
+WEC, Le Mans, August: Porsche achieved
+a podium finish in the GTE Pro class of the
+89th 24 Hours of Le Mans. The works drivers
+Kévin Estre of France, Neel Jani of Switzerland
+and Michael Christensen of Denmark finished
+in third place in the Porsche 911 RSR bear-
+ing start number 92. Its sister car, number 91
+driven by Gianmaria Bruni of Italy, Richard
+Lietz of Austria and Frédéric Makowiecki of
+France, finished the fourth race of the
+FIA World Endurance Championship (WEC)
+season in fourth place. The internal battle
+between the two works cars to secure
+the last podium position was decided approx-
+imately an hour before the end of the race,
+when car number 91 slid off on the last
+chicane and had to have its rear repaired
+and its brakes renewed.
+"Our team put in a flawless and fantastically
+feisty performance," explained Fritz Enzinger,
+who was Vice President of Motorsport at
+the time. "There was unfortunately something
+lacking in our performance for us to have
+any serious say in the competition for the
+class win. The podium position for start
+number 92 is nevertheless a great reward
+for the passionate work of our employees
+at the racetrack and at our site in Weissach.
+Thanks to everyone who played a part in
+this achievement."
+WEC, Bahrain, November: the Porsche GT
+team finished the final race of the FIA Endur-
+ance World Championship (WEC) in second
+and fourth place. In the 8 Hours of Bahrain,
+the Porsche 911 RSR with start number 92
+and driven by Kévin Estre of France, Neel Jani
+of Switzerland and Michael Christensen of
+Denmark was deservedly in the lead in the
+thrilling end stages, putting it on course
+for the title, but was then clipped by a Ferrari
+and spun. Race Control did not penalise the
+competitor car. The identical, approximately
+515 PS sister car driven by Gianmaria Bruni
+of Italy, Richard Lietz of Austria and Frédéric
+Makowiecki of France finished the sixth and
+final race of the season in fourth place in the
+GTE Pro class. At the end of the endurance
+racing year, Porsche came second in the
+manufacturers' championship. There was also
+success for the customer teams Dempsey-
+Proton Racing and Project 1, both of which
+got a 911 RSR onto the podium in the
+GTE Am category.
+Employees, society, sports and communications
+Nürburgring 24 Hours, June: the customer
+team Manthey scored its seventh overall win
+in the 24-hour race held at the Nürburgring.
+In the 49th edition of this classic endurance
+race, works drivers Kévin Estre of France,
+Michael Christensen of Denmark and Matteo
+Cairoli of Italy crossed the finishing line first
+in the Porsche 911 GT3 R with start number
+911. This success rounded off the celebra-
+tions to mark the 25th anniversary of the
+team based in the Eifel. Manthey extended
+its track record as the most successful team
+with its seventh win in the 24-hour race. It
+was also the 13th time a Porsche racing car
+had triumphed. The customer team Huber
+Motorsport achieved a commanding win in
+the Pro-Am class with an over 500 PS 911.
+The Saturday evening race had to be inter-
+rupted for more than 14 hours due to the
+weather. There was therefore only around
+nine and a half hours of actual driving time.
+PORSCHE
+MOBIL 1
+SUPERCUP
+Esso
+Synergy
+RACING FUEL
+In the 49th edition of the classic
+24-hour race at the Nürburgring,
+Kévin Estre, Michael Christensen
+and Matteo Cairoli finished first
+in their Porsche 911 GT3 R.
+This success rounded off the
+celebrations to mark the 25th
+anniversary of the Manthey team
+based in the Eifel.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+PORSCHE
+:07
+CH TIME
+BEL
+K
+165
+> The figures for fuel consumption, energy consumption and CO₂ emissions are found on pages 256-259.
+Employees, society, sports and communications
+ASHLEIGH BARTY WAS THE FIRST AUSTRALIAN TO WIN THE SINGLES FINAL, WINNING A DAY AFTER HER 25TH BIRTHDAY
+164
+Tyan Durbes
+BARTY
+ASHLEIGH
+Chairman of the Executive Board
+Oliver Blume,
+"WE ARE DELIGHTED TO
+HAVE BEEN ABLE TO
+SECURE TEAM PENSKE
+FOR THIS COLLABORATION.
+FOR THE FIRST TIME
+IN THE HISTORY OF
+PORSCHE MOTORSPORT,
+OUR COMPANY WILL BE
+REPRESENTED IN THE
+WORLD'S TWO BIGGEST
+ENDURANCE RACING
+SERIES BY A GLOBAL TEAM."
+by a 500 kW (680 PS) hybrid drive.
+"We are delighted to be collaborating with
+Team Penske," explained Oliver Blume,
+Chairman of the Executive Board of Porsche AG,
+at the contract signing. "For the first time
+in the history of Porsche Motorsport, our
+company will be represented in the world's
+two biggest endurance racing series by
+a global team. We are therefore establishing
+a team base on both sides of the Atlantic.
+This will create optimum structures for com-
+peting for overall wins in, for example, Le
+Mans, Daytona or Sebring." From 2023, the
+LMDh vehicles will represent the pinnacle
+of endurance racing together with what are
+known as Hypercars (LMH). The prototypes
+will also be put to use by customer teams
+in both championships in their first year. The
+cars weighing around just 1,000 kilograms
+and based on an LMP2 chassis are accelerated
+TENNIS
+Porsche Tennis Grand Prix
+The Porsche Tennis Grand Prix offered tennis
+fans a slice of normality once again during
+the pandemic. Although no spectators were
+allowed to attend the guest appearance
+of the world's top players in women's tennis
+at the Porsche-Arena in Stuttgart, Porsche
+made it possible for those interested in
+tennis to nonetheless enjoy an extensive
+and thrilling tournament experience thanks
+to comprehensive multimedia and inter-
+active services.
+The players got the message too, with seven
+of the world's top 10 female players heading
+to Stuttgart to participate in the 44th edition
+of this long-standing tournament. World
+number one Ashleigh Barty attended for the
+first time and absolutely did justice to her
+position as favourite to win at the Porsche-
+Arena. A day after her 25th birthday, she
+became the first Australian to win the singles
+final, beating Belarusian Aryna Sabalenka
+Seven of the world's top 10
+female players headed
+163
+to Stuttgart to participate
+in the 44th edition of
+and winning a Porsche Taycan Turbo S Cross
+Turismo. Barty, who subsequently also won
+Wimbledon, then additionally won the doubles
+title with her partner Jennifer Brady (USA).
+The last person to achieve this feat of winning
+two titles in a day was the American Lindsay
+Davenport in 2001, when the Porsche Tennis
+Grand Prix was still held in Filderstadt.
+The Aces for Charity campaign has been
+an integral part of the Porsche Tennis Grand
+Prix for years. Porsche usually donates
+100 euros to a good cause for every ace
+served during the tournament. But in view of
+the special situation, the company doubled
+this to 200 euros. The money raised was
+donated to the Agapedia Foundation and
+the Baden-Württemberg Sports Federation,
+who used it to offer additional sports oppor-
+tunities and activities for children and young
+people in order to mitigate the impacts of
+the pandemic.
+PORSCHE REVEALED THE FIRST PHOTOS OF THE LMDH RACING CAR DURING THE NIGHT OF CHAMPIONS
+LMDh
+Global partnership in the LMDh programme
+Porsche Motorsport and Team Penske agreed
+on close cooperation regarding the appear-
+ances of the new LMDh vehicle from 2023.
+The successful US team will manage the
+vehicle's works appearances in the FIA World
+Endurance Championship (WEC) and the
+IMSA WeatherTech SportsCar Championship
+(IWSC) in the US in collaboration with the
+experts from Weissach. Both racing series
+will each feature two of the spectacular LMDh
+prototypes competing for wins in the series'
+top classes under the name Porsche Penske
+Motorsport. The contract concluded by the
+sports car manufacturer from Stuttgart and
+the US racing team founded in 1966 will run
+for a number of years. A declaration to this
+effect was signed by Chairman of the Execu-
+tive Board of Porsche AG Oliver Blume, Michael
+Steiner, Member of the Executive Board
+responsible for Research and Development,
+and Roger Penske, Chairman of Team Penske.
+the long-standing Porsche
+Tennis Grand Prix.
+Employees, society, sports and communications
+MICHELIN
+LE MANS
+Support in times of crisis
+In 2021, the Ferry Porsche Foundation applied
+itself in particular to areas where the impacts
+of the coronavirus were most keenly felt, such
+as the topic of child poverty. The foundation
+supports the organisation Straßenkinder e.V.
+with the projects street work and education in
+times of crisis. The initiative has set itself the
+goal of reducing the gaps in education caused
+by the coronavirus, securing primary care and
+facilitating the reintegration of street kids. The
+Ferry Porsche Foundation also supported six
+women's shelters in Baden-Württemberg and
+Saxony last year with a total of 200,000 euros.
+Among other things, the funds are spent on
+campaigns on the topic of domestic violence,
+24-hour emergency phone lines and the facili-
+ties' day-to-day work.
+1.2 million euros for school digitalisation
+The foundation trained a spotlight on the
+topic of digitalisation in schools with the sec-
+ond Ferry Porsche Challenge. Around 300 edu-
+cation institutions in Baden-Württemberg
+and Saxony entered with their digitalisation
+projects. Thirty-one schools were recognised
+and funded with a total of 1.2 million euros.
+All the winning projects will be documented
+and prepared so that other schools can adopt
+the project ideas as best practices too. The
+Ferry Porsche Foundation provided a further
+61 schools with digitalisation momentum
+in the form of a "digital boost" amounting to
+more than 900,000 euros. Organisations
+such as the Hacker School, the NEO Academy
+and Digital Sparks, which are likewise sup-
+ported, serve as excellent multipliers here.
+Digital Village now also in Europe
+Digital education was also a focus inter-
+nationally. Already in the previous year, the
+foundation and SOS Children's Villages sup-
+ported the development of the digital educa-
+tion programme Digital Village in São Paulo,
+Brazil. This engagement was then expanded
+to four locations in Europe in 2021. In the
+programme, children and young people are
+given hardware and Internet access as well
+as training in how to use digital media.
+550,000 euros for the flood victims
+Helping the people affected by the flood dis-
+aster in North Rhine-Westphalia, Rhineland-
+Palatinate and Bavaria was a matter close to
+PORSCHE
+the foundation's heart. Day care centres,
+schools and social facilities are to be rebuilt
+with a donation of 550,000 euros. The aim is
+to restore normality in particular to the lives
+of children and young people. In addition to
+numerous new activities, existing support
+relationships such as those with food banks,
+ARTHELPS and the organisation Stuttgarter
+Kinderstiftung were extended. The Ferry
+Porsche Foundation supported more than
+130 projects with a total of almost five mil-
+lion euros in 2021.
+159
+SPORTS
+94
+36
+о
+PORSCHE 99X ELECTRIC: ANDRÉ LOTTERER (#36), PASCAL WEHRLEIN (#94)
+Employees, society, sports and communications > The figures for fuel consumption, energy consumption and CO2 emissions are found on pages 256-259.
+HO
+FERRY PORSCHE FOUNDATION
+Chairman of the
+OTHER ENGAGEMENTS IN 2021
+RoadMovies drive-in cinema in Leipzig
+The silver screen on an FIA-certified circuit -
+this was made possible in 2021 for the sec-
+ond time with the Porsche RoadMovies drive-
+in cinema in Leipzig. The Porsche Experience
+Centre Leipzig offered a wide array of films on
+the 144-square-metre screen. Taking into
+account the Saxony Coronavirus Protection
+Ordinance, the event site was able to accom-
+modate a total of 200 vehicles. A new add-
+ition this year was the themed days. Among
+other things, these included specials such as
+Classic Mondays and films for car enthusiasts
+every Wednesday. The visitors were able to
+complement their cinema experience with
+guided drives on the Porsche circuit in Leip-
+zig, either in their own vehicles or in a Porsche
+sports car.
+Partnership with Palace Festival
+Porsche and its subsidiary MHP entered into
+a strategic partnership with the Ludwigsburg
+Palace Festival. Together, the partners intend
+to engage with young and new target groups.
+To this end, culture is being positioned as
+a driver of innovation - the festival as a cele-
+bration of the arts, democracy and sustain-
+ability. The performances put on in the palace
+theatre, palace chapel or order hall will not
+only be broadcast on large screens in the
+inner courtyard or the Blooming Baroque gar-
+dens, but will also be streamed online. The
+three partners are also creating a Digital
+Feedback Room where everything revolves
+around communication - a chat room, news-
+room and pinboard have been incorporated
+into the new website to promote debate. In-
+creased activities on the social media plat-
+forms Facebook, Instagram and YouTube are
+to be used to multiply the number of digital
+subscribers to the Ludwigsburg Palace
+Festival between now and 2025.
+Ballett JUNG+ dance sponsorship project
+Ferry Porsche Foundation
+Dance and creativity for a full academic
+year together with Porsche Deutschland,
+the Stuttgart Ballet launched the initiative
+Ballett JUNG+. Two institutions will initially
+benefit from this between November 2021
+and May 2022 - Jerg-Ratgeb-Realschule
+school in Herrenberg and Konrad-Wider-
+holt-Schule school in Kirchheim unter Teck,
+which is a special needs education and advice
+centre with a focus on learning. The 52
+school pupils get together with two dance
+therapists at their schools twice a month and
+develop their own choreographic scenes. At
+the end of the running time, the results will
+be merged during a joint intensive week on
+the rehearsal stage at the John Cranko School
+in such a way that the year five and six stu-
+dents can put on a workshop presentation.
+158
+LEPL 850
+"EDUCATION AND DIGITALISA-
+TION ARE AMONG THE MOST
+IMPORTANT TOPICS OF THE
+MODERN AGE. THE FERRY
+PORSCHE FOUNDATION IS
+THEREFORE ACTIVELY IN-
+CREASING ITS ENGAGEMENT
+IN THE AREA OF DIGITAL
+EDUCATION. ABOVE ALL, WE
+WISH TO BUILD BRIDGES
+BETWEEN DISADVANTAGED
+CHILDREN AND YOUNG
+PEOPLE AND A PROMISING
+FUTURE."
+THE FERRY PORSCHE FOUNDATION IS PROMOTING DIGITALISATION IN SCHOOLS
+Sebastian Rudolph,
+ROADMOVIES DRIVE-IN CINEMA ON THE PORSCHE CIRCUIT IN LEIPZIG
+MOTORSPORT
+Established in 2018, the Ferry Porsche
+Foundation focuses on a broad range of social
+responsibilities. Its activities are centred on
+child and youth development. The Ferry Porsche
+Foundation supports charitable projects in the
+social sector and in the areas of environment,
+education and science, culture and sport.
+for the future
+The start of the World Endurance Champion-
+ship (WEC) in Spa-Francorchamps, Belgium,
+proved to be a success too - the Porsche
+works team masterfully finished in first place
+in the hard-fought GTE Pro class with the
+911 RSR sporting start number 92. Works
+driver Kévin Estre had already given cause for
+celebration by performing a record lap in the
+final qualifying session. Estre and Neel Jani
+in start number 92 scored another win on the
+high-speed course in Monza, Italy. This suc-
+cess in August was extra special. The drivers
+and, above all, the Manthey crew based at the
+Nürburgring put in an impressive performance
+under the most challenging conditions - at
+the time, everyone's minds were on the flood
+disaster in Germany, in particular as there
+were Manthey employees who were directly
+affected.
+IGTE PRO
+24h
+ON
+PORSCHE 911 RSR DURING A PIT STOP IN LE MANS
+"What a wonderful way to finish the season,"
+said a delighted Thomas Laudenbach, Vice
+President of Motorsport. "Porsche's strong
+customer teams secured all three titles in
+both the GTD class and the IMSA Michelin
+Endurance Cup. There was also a class victory
+for the 911 RSR on the occasion of its last
+appearance in the North American racing
+series. And on the Friday, Wright Motorsports
+won the manufacturers', drivers' and team
+titles in the IMSA Michelin Pilot Challenge
+with the Porsche 718 Cayman GT4 Clubsport.
+This is as good as it gets!"
+92
+TAGH
+92
+92
+LMGTE PRO
+2h
+Formula E: Porsche setting course
+PRO
+In the USA, the Porsche
+customer teams WeatherTech
+Racing and Pfaff Motorsports
+made an impression in the
+IMSA WeatherTech SportsCar
+Championship in March,
+winning both GT classes in
+the 12 Hours of Sebring.
+PRSCHE
+In the GTD class and the IMSA Michelin
+Endurance Cup, Porsche won the manufac-
+turers' title in the final held on the Road
+Atlanta course. The Pfaff Motorsports team
+with its regular drivers Laurens Vanthoor of
+Belgium and Zacharie Robichon of Canada
+won both the team and drivers' championship
+titles with the Porsche 911 GT3 R. The Wright
+Motorsports team clinched all three titles in
+the Endurance Cup comprising the endurance
+races in Daytona, Sebring and Watkins Glen
+and the Petit Le Mans in the state of Georgia.
+In the GTLM class, WeatherTech Racing
+achieved a one-two victory with the 911 RSR
+in the last race.
+Pascal Wehrlein was signed as a new driver for
+the 2020/2021 season. In the second season
+featuring the Porsche 99X Electric, he and
+his teammate André Lotterer delivered sport-
+ing highlights again and again. Wehrlein took
+pole position in Puebla, Mexico. The team from
+Weissach also clinched two podium positions,
+with Lotterer placing second in Valencia and
+Wehrlein finishing in third place in Rome. The
+team achieved its best result in New York City,
+with Wehrlein and Lotterer placing fourth
+and fifth respectively in race 11.
+In the team world championship, the
+TAG Heuer Porsche Formula E team finished
+in eighth place. Wehrlein came eleventh
+in the driver standings in his first Formula E
+season with Porsche. He picked up points
+in nine races, making him the best German
+driver. Lotterer scored points in six races
+and finished 17th overall.
+The competition in the ABB FIA Formula E
+World Championship races was tough.
+This stands as a testament to the closeness
+of the drivers' performances - ahead of
+the season final in Berlin, 18 of the 24 drivers
+were still theoretically in the running for
+the championship title. One of them was
+Pascal Wehrlein driving for Porsche.
+Porsche set course for the future in Formula E
+back in March. The 2022/2023 Formula E
+season will mark the beginning of a new era
+with the further developed Gen3 racing cars,
+and the sports car manufacturer officially an-
+The TAG Heuer Porsche Formula E team
+made significant progress in the 2020/2021
+ABB FIA Formula E World Championship
+and was one of the most consistent teams in
+the second half of the season. The Porsche
+99X Electric cars regularly scored points
+in the face of stiff competition. The world's
+first electric racing series again featured
+a very strong line-up of 12 teams.
+BOS
+nounced in March that it would be participating. ANDRÉ LOTTERER
+160
+GT sport: world championship title narrowly
+missed out on
+Porsche will remember the 2021 GT motor-
+sport season for a long time as it experi-
+enced a rapid succession of highs and lows.
+In the USA, the Porsche customer teams
+WeatherTech Racing and Pfaff Motorsports
+made an impression in the IMSA WeatherTech
+SportsCar Championship in March, winning
+both GT classes in the 12 Hours of Sebring.
+They then repeated this success in August in
+the eighth race on the 6.515-kilometre Road
+America course in the state of Wisconsin.
+Together with its customer teams, the company
+celebrated the perfect finish to the 2021
+IMSA WeatherTech SportsCar Championship
+season in early November.
+PASCAL WEHRLEIN
+Biodiversity and ecosystems
+112
+Waste
+190
+Production
+191
+Research and development
+277
+464
+440 NONFINANCIAL KEY FIGURES
+EMISSION AND CONSUMPTION INFORMATION
+278
+-
+469
+CONSOLIDATED STATEMENT OF FINANCIAL
+POSITION
+CONSOLIDATED STATEMENT OF COMPREHENSIVE
+INCOME
+111
+104 Energy and climate change adaptation
+110
+Environmental management
+GLOSSARY
+183
+185
+Corporate Governance Declaration
+186
+BUSINESS DEVELOPMENT
+Water and marine resources
+-
+Macroeconomic environment
+187
+Sector-specific environment
+188
+Deliveries
+108
+Pollution and substances of concern
+186
+280 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+210 Sustainability management and organization
+FINANCIAL CALENDAR 2024
+284
+126
+Economic, social, and cultural rights as well as
+civil and political rights of communities
+194
+Results of operations
+198
+Financial position
+AND NET ASSETS
+285
+Personal safety of consumers and/or end users
+202
+Net assets
+291
+NOTES TO THE CONSOLIDATED FINANCIAL
+STATEMENTS
+Basis of presentation
+101
+127
+473
+Working conditions for own workforce
+RESULTS OF OPERATIONS, FINANCIAL POSITION
+-
+282 CONSOLIDATED STATEMENT OF CASH FLOWS
+476
+LEGAL NOTICE
+-
+191
+Personnel
+119
+192
+283
+115
+SOCIAL
+283
+115
+Partner to society
+194
+Overall statement on business development and the
+economic situation
+101
+03
+Stakeholder dialog and materiality
+78
+88
+68 LETTER FROM THE EXECUTIVE BOARD
+149 MEMBERS OF THE SUPERVISORY BOARD AND
+COMPOSITION OF THE COMMITTEES
+69 MEMBERS OF THE EXECUTIVE BOARD
+153
+REMUNERATION REPORT 2023
+PORSCHE IN THE CAPITAL MARKET
+80 REPORT OF THE SUPERVISORY BOARD
+87
+MEMBERS OF THE SUPERVISORY BOARD
+179 COMBINED MANAGEMENT REPORT
+WITH NON-FINANCIAL STATEMENT
+89
+SUSTAINABILITY
+MEMBERS OF THE EXECUTIVE BOARD
+147
+136 CORPORATE GOVERNANCE DECLARATION
+135 CORPORATE GOVERNANCE
+MILESTONES
+Annual and Sustainability Report
+Porsche AG
+H
+11
+20
+22
+407 FURTHER INFORMATION
+284 Significant events
+WE ALWAYS LOOK TO THE
+FUTURE BOLDLY, BUT NEVER
+FORGET WHO WE ARE AND
+WHERE WE COME FROM.
+Oliver Blume, Chairman of the Executive Board
+CONTENTS
+4
+6 MAGAZINE
+67
+TO OUR SHAREHOLDERS
+23
+254
+REPORT ON RISKS AND OPPORTUNITIES
+254
+TCFD INDEX
+434 SASB INDEX
+—
+180
+180
+FUNDAMENTAL INFORMATION ABOUT THE GROUP
+Business model
+182 Strategic direction of the Porsche AG Group
+Management and key performance indicators
+431
+275 CONSOLIDATED FINANCIAL STATEMENTS
+437 KEY FINANCIAL FIGURES
+90
+81
+SUSTAINABILITY AT PORSCHE
+90
+Strategy fields
+94
+276 CONSOLIDATED INCOME STATEMENT
+ENVIRONMENT
+GRI CONTENT INDEX
+Overall statement on anticipated development
+General principles of risk and opportunity
+management
+262
+Risks and opportunities as of December 31,
+2023
+267
+Financial risk management and methods as well
+as opportunities
+409
+269 Summary
+425
+408 RESPONSIBILITY STATEMENT
+417 INDEPENDENT AUDITOR'S REPORT
+270
+REPORT ON EXPECTED DEVELOPMENTS
+419 INDEPENDENT AUDITOR'S REPORT
+271
+273
+270 Development of the global economy and
+passenger car markets
+Forecast assumptions
+422 ABOUT THIS REPORT
+INDEPENDENT AUDITOR'S REPORT
+IFRS 5-Assets held for sale
+285 Impact of climate change
+The Macan sets benchmarks-both
+290 Effects of new or amended IFRS
+luxury.
+Basis of consolidation
+Chairman of the Executive Board
+49%
+8 min
+Success is always the
+result of teamwork. And
+we're a strong team.
+which represented a new path for us. And
+more than just a few were skeptical whether
+it was the right path for Porsche. But when
+the factory opened its doors in fall 2019 and
+the global premiere was a huge hit, everyone
+realized that the Taycan would be a success.
+We had produced the 100,000th Taycan by the
+end of 2022, which was followed by more than
+40,000 cars in 2023 alone-and that was the
+last cycle year of the first generation. And now
+the new Taycan is coming-and setting new
+technological benchmarks.
+Were those notable stage wins?
+Yes, because they provide us with a sense
+of optimism and self-confidence and are a
+validation of the path we have chosen. Now
+we're approaching the next major leap in
+development. Our all-electric vehicles will
+be even more powerful and efficient-and
+therefore even more attractive. In addition to
+the second generation of the Taycan, we're
+also launching the all-electric Macan in 2024.
+Both vehicles define the sports car in their
+segment. Porsche and electric powertrains go
+hand in hand. Our electrification ambition is to
+deliver more than 80 percent of our new cars
+fully electrified in 2030-depending on the
+demand of our customers and the development
+of electromobility in the respective regions
+of the world. We are also working towards a
+net carbon-neutral value chain of our newly
+produced cars in 2030.
+The new Macan and the next
+generation of the Taycan are
+the benchmark.
+The new Taycan and the all-electric Macan will
+demonstrate our extraordinary performance and
+quality standards in the years to come. Thanks
+to 800-volt technology, it only takes 18 minutes
+to charge the Taycan from 10 to 80 percent.
+When it comes to driving characteristics,
+the new Macan is the benchmark of its class,
+thanks to state-of-the-art rear-axle steering
+and precise all-wheel control. We're also taking
+a giant step forward in terms of software, with
+response times comparable to those of a tablet.
+The system responds in a matter of seconds..
+When you enter your navigation destination
+with voice command, even a much longer route
+will appear immediately. Charge planning is
+calculated just as fast and with the same level
+of precision.
+You've positioned Porsche
+as a luxury brand. What exactly
+makes it so?
+It's important to think about how Porsche
+defines luxury in general. We know that
+our customers fulfill their dreams with a
+Porsche. They benefit from the perfect
+combination of iconic legacy and sporty,
+state-of-the-art luxury. Our sports cars not
+only boast extraordinary design, quality,
+and technology, but also offer irresistible
+exclusivity and performance. In addition,
+we combine an outstanding product with a
+very personal experience and a brand that
+assumes responsibility in society. As far as
+I know, that's unique throughout the luxury
+car segment.
+state-of-the-art
+combination of
+iconic legacy
+and sporty,
+the perfect
+Porsche is
+You say that success takes planning.
+Is there a secret formula for this?
+I don't have a secret formula, but I do have
+a philosophy and method for managing the
+company. My aim is to apply these specifically
+to the conditions at hand and any questions
+that arise. It's just like in sports. Experience
+can be helpful-and so can strategic
+preparation and structured implementation.
+Basically, my formula is this: first, analyze the
+situation with precision; second, prioritize
+topics and responsibilities; and third, make
+decisions strategically and with foresight-
+and implement these with a high degree
+of determination. I provide our teams with
+guardrails that offer guidance, but also the
+leeway they need to flourish, develop ideas,
+and operate in an entrepreneurial way. The key
+to success is everyone working for the benefit
+of the team, the company, and our customers.
+For me, it's all about the right mindset and
+team spirit.
+So it's about pragmatic guidelines
+rather than visionary ones?
+It ultimately comes down to pragmatism,
+especially in eventful times like these. Targets
+set the benchmark. It's essential to make them
+ambitious, but also achievable. I'm a pragmatic
+manager. When it comes to setting goals, I
+think in terms of the big picture, but also in
+stages. It's like preparing for a hike. It all comes
+down to which peak we plan to climb and
+which route we're going to take. For example,
+why the northern route is better than the
+southern route. We organize our gear and pack
+our backpacks carefully. And then we get on
+our way. We don't need to know exactly what
+the final leg of the trail will look like when we
+set off. It's important to get started and then
+make decisions based on the situation, never
+losing sight of what we plan to achieve over
+the long term. Our strategy shows us the way,
+and our annual priorities shape the stages. The
+summit is our goal, and we approach it one
+step at a time.
+Does that make transformation
+a competition in stages?
+Transformation in the automotive sector, with
+the key issues being around digitalization,
+sustainability, and electric mobility, is the
+biggest upheaval we have seen in the history
+of our industry. It's so much more than just
+changing technology, too: new organization
+and processes also play a key role. We're talking
+about a period of more than 15 years, and we
+have about a third of that already behind us.
+There are some important things that still need
+to be done, such as increasing the efficiency
+of electric mobility, expanding renewable
+energies, establishing a comprehensive
+charging infrastructure, and decarbonizing
+the company. Different regions of the world
+will transform at different speeds, which our
+product strategy takes into account. We're
+positioned to be flexible. Electric sports cars
+are a clear priority, but we'll continue to offer
+combustion engine cars and hybrid drives
+throughout the period of transformation.
+And won't it take a lot of courage, too?
+At the very core, it's all about
+sports cars. Your products are
+extremely appealing.
+Without a doubt. At Porsche, we entered the
+field of electric mobility at the end of 2015,
+which was very early. At that time, the decision
+I remember my first Supervisory Board meeting
+as Porsche CEO as if it were yesterday. We
+were talking about billions in investment,
+10%
+O min
+10
+10
+to develop the Taycan required a lot of courage.
+Sports cars form the core of our brand. It's
+always about the right technical concept,
+product substance, performance, design, and
+quality. Customers choose a brand they identify
+with. Customers buy brands-and icons shape
+them. Iconic products like the 911. You can go
+on and on describing your new Porsche 911 to
+friends-full of emotion and enthusiasm. But
+you can also just look at it. For yourself. It's at
+this moment that luxury becomes tangible.
+At Porsche, we stand behind our values, our
+identity. Porsche has always remained true to
+its roots. I can always see that a 911 is a 911,
+and compare it with the first one from 60 years
+ago. A Porsche is iconic and timeless. It's so
+very recognizable.
+And so this brand recognition
+becomes a part of my world?
+Yes. The car I drive is part of my personality. In
+a broader sense, that also applies to values and
+products in other segments. Fashion is a prime
+example. People buy certain clothes and even
+furniture because they identify with them. Take
+me, for example. I drive a 911 and a Taycan,
+prefer Apple devices, and have a Barcelona chair
+by Mies van der Rohe. Many of our customers
+are open-minded and design-oriented and value
+modern technology. Everyone has aspirations
+and dreams-and we want to fulfill these with
+our sports cars.
+with the greatest care
+14
+16
+Crafts-
+manship
+Porsche has always fulfilled dreams
+in series-production cars and custom
+designs. The company's history is
+chock-full of coveted special editions,
+works of art on wheels, and exclusive,
+one-of-a-kind cars. Just about anything's
+possible. It takes dedication to
+recognize dreams—and extraordinary
+craftsmanship to make them come true.
+When Ding Yi engraves woodcut elements
+for an image, that is a form of acceleration.
+The sharp blade of the knife boosts the
+tempo of the multilayered play of color, says
+the Chinese artist, who has spent more than
+three decades developing his "Appearance
+of Crosses" series. The recurring motif in
+the form of and x symbols adorns large
+canvases on display in well-known museums.
+In 2022, the year he turned 60, Ding Yi
+formulated a dream: to apply his work to
+a Porsche Taycan. And that's exactly what
+happened with one of the most complex paint
+jobs in company history. Each color was added
+individually using special masking films and
+incorporating different consistencies to create
+varying surface materials on the outside and
+in the interior. The perfect reproduction of
+color wouldn't have been possible without
+a sophisticated screen printing process. A
+multilayered clear coat protects the symbiosis
+of art and resistance to wind and weather,
+as even a one-of-a-kind custom car like this
+has to fulfill all of the Porsche standards
+for everyday use, including suitable repair
+processes should something ever go wrong
+Taycan has been fine-tuned
+on the streets of Shanghai. As one of the
+project managers, the artist played an active
+role in fulfilling his dream at Porsche Exclusive
+Manufaktur. For visionaries like Ding Yi,
+personal involvement and experience are part
+and parcel of the special request program.
+18
+LEFT Ding Yi's iconic
+motifs were applied with
+the greatest care
+RIGHT The Porsche
+Taycan-a work of art
+on wheels
+Sonderwunsch
+Milestones Craftsmanship
+19
+"Dreams can be powerful. They encourage
+us to never give up," says Detlev von Platen,
+Member of the Executive Board responsible for
+Sales and Marketing, quoting Ferry Porsche,
+who decided to build the car of his dreams
+when it was nowhere to be found. "That's
+where you'll find our roots and the origin
+of our brand purpose, 'Driven by Dreams'.
+Creativity, personal design freedom, and an
+exclusive experience-that's what modern
+luxury means to us." Making dreams a reality
+is the responsibility of the Production and
+Logistics department. "We make dreams
+come true. That's what drives us," explains
+Albrecht Reimold, who oversees the
+department. "We bring the best of two worlds
+together: industrial production excellence
+for extraordinary quality and manufacturing
+expertise in car customization."
+Success is always the result of teamwork.
+And we're a strong team. We've managed to
+continue developing Porsche over the years
+and find new motivation time and again after
+all these years of success. At the center of it all
+are our products, which combine our Porsche
+values with state-of-the-art technology.
+For us, it's all about thrilling our customers
+and fulfilling their dreams with each and
+every car. Financial successes are the result
+of a successful strategy. We've managed
+to more than double our sales revenue and
+operating profit in recent years. But there
+are no coincidences in the automotive
+industry. Success takes planning. We have a
+consistent strategy with a concrete concept
+for implementation. For me, it's important that
+we don't rest on our laurels. As in motorsport,
+every race begins at the starting line. If I don't
+refocus my efforts every time and have the
+drive to win, I won't be the first to cross the
+finish line.
+The design of the new
+80%
+Milestones Fully Charged
+13
+So a life with Porsche and other
+quality brands I identify with allows
+me to be part of a community with
+shared values?
+I can confirm that for Porsche. It's not
+about mass consumption. Porsche is
+special-innovative and yet highly durable.
+Unflappable, with great attention to detail.
+A Porsche always cuts a fine figure, whether
+it's on the racetrack, at one of our Experience
+Centers, parked in front of the opera house, or
+cruising along the great boulevards. It's also
+important to us to consistently pursue our
+ambitious sustainability targets and the social
+responsibilities of Porsche. We're strategists
+and doers here, too. It's important to the large
+community of Porsche customers and fans that
+we as a company assume responsibility. That,
+too, is part of our identity.
+You emphasize just how innovative
+and detailed Porsche has been over
+the decades. The iconic 911 has been
+proof of that for 60 years.
+Pioneering spirit is a common thread throughout
+the model's entire history. Groundbreaking
+innovations have found their way from the
+racetrack to the 911 road car. One such example
+is the turbocharger, which was developed in the
+1970s-first in the legendary Le Mans race car
+and then in the 911 Turbo production cars. The
+technology has continued to improve over time.
+Take for instance the variable turbine geometry,
+which ensures optimal flow for all operating
+modes and was integrated into the 911 in 2006.
+Another example is the Porsche dual clutch
+transmission (PDK), which proved its worth in
+racing and was then incorporated into the 911
+model line in 2008. It's just about impossible to
+imagine the 911 without it today. Or the sporty
+all-wheel drive, which helped the 959 win the
+Paris-Dakar Rally in 1986 and made its debut
+a short time later in the 911 Carrera.
+18 min
+Sustainable mobility will be even
+more of a concern for all future
+Porsche projects.
+Group, to develop a cell with a much higher
+percentage of silicon in the anode and
+therefore much higher energy and power
+density. The Cellforce cells are the ideal form
+of energy storage for high-performance all-
+electric sports cars.
+You're also going your own way with
+your commitment to eFuels.
+We think about climate protection as a whole,
+which is why we've opted for a double "E"
+solution: electromobility and complementary
+eFuels. Renewable, synthetic fuels allow
+combustion engines to operate potentially
+nearly carbon-neutral. We're thinking in
+terms of solutions for existing cars. There are
+currently 1.3 billion cars with combustion
+engine on the road today, many of which are
+quite old. As an admixture in fuel, eFuels can
+reduce CO2 emissions. Aviation and shipping
+also requires synthetic fuels. Our eFuels pilot
+facility in southern Chile has been producing
+synthetic fuel since the end of 2022. The
+system is designed for a maximum production
+capacity of 130,000 liters, with the fuel initially
+used for the Porsche Mobil 1 Supercup and
+other lighthouse projects.
+And now you're going one step
+further and optimizing the facility.
+Is this another groundbreaking
+achievement?
+Absolutely. It's based on the direct air
+capture (DAC) process, which we view as
+highly relevant future technology on the
+verge of series development. By extracting
+larger amounts of carbon dioxide from the
+atmosphere, this technology can potentially
+help achieve global climate targets. We're
+working with partners to integrate this DAC
+technology into our eFuels pilot facility.
+And the final question: You often talk
+about sustainability. Is it a matter
+that's close to your heart?
+Without a doubt. Sustainability is one of the
+most important responsibilities of our time. It's
+everyone's job to protect the world for future
+generations. We at Porsche aim to assume
+responsibility for sustainable operations-for
+the environment and for society. That's very
+important to me personally.
+Like technology, performance and timeless
+design, sustainability needs to play a larger
+role in our sports cars. A current example
+is high-performance battery cells. We're
+working with our subsidiary, the Cellforce
+Mr. Blume, Porsche has again
+achieved some record figures in
+your eighth year as Chairman of the
+Executive Board, and the results are
+tangible. How does this multi-year
+success story make you feel?
+Oliver Blume,
+The new Taycan charges
+from 10 to 80 percent
+EU taxonomy
+228
+Environment
+339
+Notes to the consolidated statement of financial
+position
+Other notes
+236
+Social
+250
+Governance
+Milestones
+Contents
+LO
+5
+MAGAZINE
+214
+316
+Notes to the income statement
+307
+New and amended IFRS not applied
+129
+GOVERNANCE
+205
+PORSCHE AG HGB FINANCIAL STATEMENTS
+291
+Currency translation
+8
+129
+(CONDENSED VERSION)
+292 Accounting policies
+304 Segment reporting
+131
+in 18 minutes
+210
+NON-FINANCIAL STATEMENT 2023
+Management of relationships with suppliers
+including payment practices
+FULLY CHARGED
+Political engagement and lobbying activities
+our sights set on the future. An interview with
+50
+60
+PORSCHE
+DRIVE TECHNOLOGY
+Six decades, six cylinders. Innovations
+improve the 911 without compromising
+its identity.
+Milestones Magazine
+60
+Calculated risk. Investments
+in start-ups with strategic
+and economic value.
+CHANGE
+Fully Charged
+Porsche has long been charting a
+successful course. In this interview,
+Chairman of the Executive Board,
+Oliver Blume, examines both the past
+and the future of the sports car
+manufacturer. A conversation
+about strong teamwork, consistent
+strategy, effective planning, and
+sustainable operations.
+9
+We have successful developments behind us and
+7
+VISION
+Resilience in the revolution.
+Porsche embraces the megatrends
+of industrial transformation.
+28
+Tradition and trends inspired
+by dreams. The process from
+customization to a one of a kind.
+CRAFTSMANSHIP
+16
+digitalization of vehicles to a new level.
+Executive Board members take the
+Networking at the highest level. Two
+TEAM SPIRIT
+44
+Oliver Blume, Chairman of the Executive Board.
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+6
+in technology and aesthetics.
+34
+New dimensions of dynamism.
+STREAMLINING
+Profit after tax
+24.5%
+-2,114
+7,081
+91
+↑↓ ↑ 0 |||
+308
+5,157
+18.0
+7,375
+-2,218
+4,967
+Earnings per ordinary share came to €5.66 and per preferred
+share to €5.67. Earnings per ordinary share and per preferred
+share have been determined on the basis of a total of
+455,500,000 shares in each category.
+€7,420 million
+Accordingly, the operating profit of the Porsche AG Group
+increased by €512 million to €7,284 million in the fiscal year
+2023 (2022: €6,772 million). The operating return on sales of
+the Porsche AG Group thus stood at 18.0% (2022: 18.0%).
+The financial result came to €91 million (2022: €308 million).
+The decline is mainly due to lower interest income as a result of
+the spin-off of the loan receivable from Porsche Holding
+Stuttgart GmbH implemented as part of the IPO. In addition,
+adjusted interest rates used to measure provisions had a
+negative impact on the financial result. By contrast, the
+securities held in the special funds benefited in particular from
+the overall positive development of the capital markets and the
+higher interest rate level. Additionally, the financial result was
+positively impacted by a reversal of an impairment loss on
+Bertrandt AG that has been accounted for using the equity
+method.
+Due to the higher effective tax rate of 30.1% (2022: 29.9%),
+income tax did not increase in proportion to the profit before
+tax, rising to €2,218 million (2022: €2,114 million). The
+increase in the tax rate is due to a shift from lower taxed
+countries to higher taxed countries, tax effects from planned
+dividends and lower effects from the elimination of
+intercompany profits compared to the prior year. As a result,
+profit after tax increased by €190 million to €5,157 million in
+the reporting period.
+€513 million (2022: €6,425 million). With automotive sales
+revenue of €37,349 million, automotive return on sales stood at
+18.6% (2022: 18.6%). Due to positive product mix and price
+effects, automotive EBITDA increased by €868 million to
+€9,594 million (2022: €8,726 million). Accordingly, the
+automotive EBITDA margin stood at 25.7% (2022: 25.2%).
+Automotive EBITDA margin
+Automotive results of operations
+Automotive operating profit of €6,938 million in the fiscal year
+2023 exceeded the figure of the prior-year period by
+€ million
+18.0
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements-Effects of new or amended IFRS).
+6,772
+Distribution expenses
+Administrative expenses
+Net other operating result
+232
+2023
+2022'
+Automotive EBITDA margin as % and Automotive EBITDA in € million
+of Porsche AG Group
+Sales revenue
+Cost of sales
+Gross profit
+Operating profit
+Return on sales (%)
+Financial result
+7,284
+Profit before tax
+37,637
+-28,924
+-27,089
+11,606
+10,549
+-2,869
+-2,353
+-1,787
+-1,655
+335
+40,530
+2022¹
+12.8%
+6,938
+At €7,023 million, the Porsche AG Group's cash flow from
+operating activities in the fiscal year was at the prior-year level
+(2022: €7,114 million), which was mainly due to the positive
+contribution from profit before tax. This was offset by cash
+outflows for income tax payments of €2,190 million (2022:
+cash outflows of €2,370 million). The lower outflows in the
+form of income tax payments compared to the prior-year period
+are mainly due to payments relating to other periods in the prior
+year. In the current year, payments were largely recognized in
+the correct period.
+Cash outflows in working capital of €1,866 million (2022: cash
+outflows of €1,168 million) comprised the changes in the
+automotive segment and the cash outflows from the financial
+services segment in the changes in leased assets of
+€1,322 million (2022: cash outflows of €536 million) and
+chance in financial services receivables of €645 million (2022:
+cash outflows of €983 million).
+Cash outflows from investing activities amounted to €1,203
+million and decreased by €5,403 million (2022: cash outflows
+of €6,606 million). In contrast to the increased cash outflows
+from investing activities of current operations in the automotive
+segment, the change in investments in securities and time
+deposits as well as loans resulted in cash inflows of €3,119
+million (2022: cash outflows of €2,502 million). Returns from
+the reversal of cash investments of surplus liquidity in the
+Volkswagen AG Group led to this contrasting development in
+cash flow from investing activities.
+Cash outflows from financing activities of €3,708 million
+(2022: cash outflows of €1,089 million) was primarily
+attributable to the cash outflows from profit transfer and
+dividends of €4,895 million (2022: cash outflows of €3,361
+million). These consisted of the final profit transfer to Porsche
+Holding Stuttgart GmbH of €3,979 million and the dividend
+payment of €916 million resolved at the end of the first half of
+the year. In the past fiscal year, the change in asset-backed
+securities in the financial services segment was the main driver
+of changes in other financing activities in the form of cash
+inflows of €1,186 million (2022: cash outflows of
+€786 million).
+Automotive financial position
+Automotive cash flows from operating activities increased by
+€401 million to €8,256 million (2022: €7,855 million).
+Cash outflows in automotive working capital amounted to
+€2 million (2022: cash inflows of €334 million). The automotive
+working capital was largely affected by the cash outflows of
+€671 million caused by the change in inventories (2022: cash
+outflows of €1,013 million). Despite the improved situation
+compared to the prior year, the increase in vehicle inventories in
+the current fiscal year, among other things in connection with
+the market launch of the new Cayenne, was responsible for this
+development. Further cash outflows of €279 million (2022:
+cash outflows of €202 million) related to the change in
+receivables. Cash inflows from the change in liabilities of
+€578 million (2022: cash inflows of €1,016 million) had a
+positive impact on the automotive working capital. While trade
+payables increased year on year, there was a decrease in other
+liabilities from other taxes. Cash inflows from the change in
+other provisions decreased to €370 million (2022: cash inflows
+of €532 million).
+Compared to the prior-year period, cash outflows from the
+investing activities of current operations increased from
+€3,989 million to €4,282 million. The increase was largely
+attributable to the higher automotive capital expenditure of
+€1,964 million (2022: €1,642 million) and capitalized
+development costs €2,081 million (2022: €1,951 million). The
+Porsche AG Group continued to invest in various vehicle
+projects, the electrification and digitalization of products and in
+production sites. The changes in equity investments mainly
+consisted of existing investments in financial assets.
+As of the end of the fiscal year, the automotive net cash flow
+increased slightly to €3,973 million (2022: €3,866 million). The
+positive contribution from automotive EBITDA, the changes in
+working capital and the cash outflows from the increase in
+automotive capital expenditure led to an automotive net cash
+flow margin of 10.6% (2022: 11.2%).
+Automotive net cash flow margin as % and Automotive net cash flow in € million
+of Porsche AG Group
+FINANCIAL POSITION
+12.1%
+11.2%
+€3,866 million
+2021
+2022
+2023
+10.6%
+-
+€3,973 million
+↑ ↓ ↑ 0 ||
+2023
+€3,676 million
+Automotive operating profit
+198
+2023
+6,425
+Depreciation, amortization and
+impairment losses
+2,656
+2,301
+Automotive EBITDA
+9,594
+8,726
+Automotive sales revenue
+37,349
+↑ ↓ ↑ 0 ||
+Automotive EBITDA margin (%)
+34,599
+25.2
+1 The prior-year figures have been adjusted (see explanations on IFRS 17
+→ Notes to the consolidated financial statements-Effects of new or amended
+IFRS).
+Financial services results of operations
+Financial services sales revenue increased to €3,444 million
+(2022: €3,292 million). Financial services operating profit
+decreased to €302 million in 2023 (2022: €341 million). The
+decrease was mainly due to the measurement of interest rate
+hedges, to derivatives outside of hedge accounting as part of
+regular refinancing activities as well as a lower portfolio margin
+due to a delayed pass-through of the higher refinancing costs.
+Furthermore, there were fewer reversals of provisions for credit
+risks compared to the prior-year period. As a result, financial
+services return on sales decreased to 8.8% (2022: 10.3%).
+25.2%
+25.7%
+€9,594 million
+€8,726 million
+2021
+2022
+25.7
+€ million
+Income tax
+196
+OF THE PORSCHE AG GROUP
+Porsche AG aims to further expand its strong position as a
+profitable manufacturer of exclusive sports cars, in particular by
+systematically implementing Strategy 2030 of the Porsche AG
+Group. This consists of the cross-cutting strategies Customer,
+Products, Sustainability, Digitalization, Organization and
+Transformation. The cross-cutting strategies form the center of
+the Porsche AG Group's strategy and are supplemented by the
+"Road to 20" program. Together, these contribute to the group's
+corporate goals. Two Executive Board members are responsible
+for each cross-cutting strategy and for the "Road to 20"
+program. Cross-functional teams implement the cross-cutting
+strategies and the strategic topics allocated to them.
+The "Customer" cross-cutting strategy
+The "Customer" cross-cutting strategy focuses on the
+relationship with our customers. The clear aim is to excite
+customers when purchasing and using their vehicle. A customer
+excitement index is used to systematically measure and manage
+the customer relationship from initial contact through to the
+purchase of a product.
+As a modern luxury brand, Porsche intends to expand its
+customer base internationally by addressing new target groups
+as well as further increasing loyalty among its existing
+customers. Omni-channel sales and the development of the
+Porsche communities are designed to grant them access to the
+brand online and in the physical world.
+The "Products" cross-cutting strategy
+In this regard, electromobility is at the heart of the Porsche's
+product strategy. The Porsche AG Group aims to deliver more
+than 80% of its new vehicles with all-electric drive systems by
+2030-depending on demand and the development of
+electromobility in the individual regions of the world. Primarily in
+the development and procurement of the new family of electric
+vehicles, synergies are created in particular through the use of
+platforms and modules by other brands of the Volkswagen AG
+Group.
+In the transition phase, Porsche AG offers three drive systems:
+fully electric models, plug-in hybrids and pure internal
+combustion engines. Porsche AG is also investing in the
+development of synthetic fuels, known as e-fuels, with a focus
+on reducing the CO2 emissions of its fleet.
+The "Sustainability" cross-cutting strategy
+STRATEGIC DIRECTION
+The Porsche AG Group aims to help shape the sustainable future
+of mobility. This includes both products that are developed
+taking into account sustainability aspects as well as its self-
+image as a modern employer open to society and reliable
+economic partner.
+The "Digitalization" cross-cutting strategy
+The "Digitalization" cross-cutting strategy focuses on the
+efficient use of the company's own competencies as well as
+collaboration within the Volkswagen AG group and with external
+partners. Shortening the time to market for new products, an
+open-platform strategy and the use of artificial intelligence and
+data-driven optimizations should make a major contribution to
+the success of the business.
+The "Organization" cross-cutting strategy
+The "Organization" cross-cutting strategy addresses the
+organizational alignment and optimization of the vertical
+integration of the Porsche AG Group with regard to future
+requirements. Processes should be made as effective and as
+efficient as possible. At the same time, the Porsche AG Group is
+also defining strategic value creation fields which will be
+developed internally or by external suppliers in the future. This is
+also closely related to decisions on strategic partnerships as a
+supplement to traditional supplier relationships. New structures
+and concepts are being worked on for this purpose.
+The "Transformation" cross-cutting strategy
+The focus of the "Transformation" cross-cutting strategy is on
+the employees. They are to be provided with new ways and
+methods of working. Leadership has an important part to play
+when it comes to getting employees on board the
+transformation journey: They should be notified about changes
+promptly and be involved in processes so that all employees can
+drive the transformation together. Long-term thinking and
+business-minded actions are to be supported here.
+Porsche AG's position as a top employee with high levels of
+employee satisfaction also plays an important role.
+Road to 20
+The "Road to 20" program forms the basis for the Porsche AG
+Group's long-term profitability target of an operating
+consolidated return on sales of more than 20%. "Road to 20" is
+also intended to optimize the resilience and profitability of the
+Porsche AG Group. To achieve this, various areas are once again
+being revisited-from product offering to pricing through to cost
+structure.
+The six cross-cutting strategies are setting the course, along
+which the Porsche AG Group wants to expand its position for
+current and future generations. The focus here is on the four
+stakeholder groups: Customers, society, employees and
+investors. The Porsche AG Group believes that the unwavering
+focus on the needs of these groups will ensure sustainable
+growth, which will also be supported by the "Road to 20"
+program.
+MANAGEMENT AND KEY PERFORMANCE
+INDICATORS
+Management and key figures
+The "Sustainability" cross-cutting strategy therefore pursues a
+holistic approach covering everything from environmental and
+social aspects to responsible corporate governance.
+Decarbonization and maintaining a circular economy along the
+entire value chain are key. The Porsche AG Group promotes
+diversity of views and focuses on making a commitment to
+society. It also promotes sustainability in the supply chain as
+well as transparent and responsible corporate governance.
+Based on the group strategy-Strategy 2030-this chapter
+describes how the Porsche AG Group is managed and which key
+figures are primarily used. The operating performance and the
+related success of the Porsche AG Group are reflected in both
+the financial and non-financial key figures as an integral part of
+the internal management system. There were no changes in the
+management process or the most important performance
+indicators compared to the prior year.
+182
+Combined Management Report Fundamental information about the group
+AUTOMOTIVE SEGMENT
+The activities of the automotive segment cover the vehicles
+business field as well as the other business fields services and
+design. The vehicles business field includes the procurement,
+production, development and sale of vehicles as well as related
+services.
+Procurement
+Procurement is centrally organized in Weissach and has a global
+network of suppliers. This enables the Porsche AG Group to
+purchase production materials and capital goods as well as
+services worldwide in the required quality. In this context, the
+Porsche AG Group is also focusing on start-ups and software
+suppliers. Through the integration of the procurement
+organizations of the Volkswagen Group brands, the Porsche AG
+Group is able to leverage group-wide synergies through
+improved availability of production materials and cost
+advantages.
+Production
+The headquarters of Porsche AG and the production facilities for
+the Taycan, 911 and 718 model series as well as customer
+sports vehicles from Porsche Motorsport are located in
+Stuttgart-Zuffenhausen. The Porsche AG Group also maintains
+production facilities in Leipzig, where the Macan and Panamera
+model series are produced.
+For the Cayenne model series, the Porsche AG Group uses other
+production sites. The Cayenne model series is produced at the
+Volkswagen Group's multi-brand site in Bratislava, Slovakia.
+Some models of this series are assembled at a third-party
+assembly plant in Kulim District, Kedah, Malaysia. These are
+intended for the Malaysian market. The Volkswagen Group also
+has the capacity to produce the 718 series on a contract
+manufacturing basis at the Osnabrück plant. In addition to this,
+the Porsche AG Group operates a pilot series center in
+Sachsenheim as a central production facility to provide
+prototype vehicles for future Porsche series models. → Production
+Development
+181
+Weissach is home to the Porsche Research and Development
+Center, where Porsche vehicles are developed from first sketch
+to series production. Weissach is also home to the development
+of infotainment and connect functions as well as vehicle-related
+digital solutions. The Shanghai development site complements
+these development activities with specific solutions for the
+Chinese market. Research and development
+The sales network comprises over 900 sales partners in more
+than 120 markets worldwide. Within this sales network, all
+major importers (18 legally independent entities) and selected
+Porsche dealer companies (17 legally independent entities) are
+part of the Porsche AG Group. → Deliveries
+All brick-and-mortar retail formats follow the "Destination
+Porsche" retail concept, which has already been rolled out in
+more than 70 of the over 800 Porsche centers worldwide since
+the end of 2020, and more than 600 others are to follow by the
+end of the decade.
+Indirect online sales for the Porsche AG Group are conducted via
+its digital platform and sales partners. The digital vehicle search
+can now be accessed in over 100 markets around the globe.
+Porsche dealers use this platform to offer their immediately
+available new and used vehicles online. This includes basic
+models as well as exclusive variants.
+FINANCIAL SERVICES SEGMENT
+The activities of the financial services segment include the
+leasing business, dealer and customer financing, service and
+insurance brokerage business as well as mobility services for
+vehicles of the Porsche brand. Within selected markets, the
+segment's services are also offered for other brands of the
+Volkswagen Group, in particular the Bentley and Lamborghini
+brands. The segment includes the products and services of
+Porsche financial services companies, which, depending on the
+market, are provided by the company itself or in cooperation
+with local partners.
+EXTERNAL FACTORS
+The report on risks and opportunities presents and comments
+on the external factors influencing the business of the
+Porsche AG Group.
+→ Risk and opportunity situation as of December 31, 2023
+Sales
+→ Notes to the consolidated financial statements-Segment reporting
+Management process at the Porsche AG Group
+At the Porsche AG Group, the continuous and close alignment of
+the group strategy with the strategic and operational planning
+ensures full transparency in the financial assessment and
+evaluation of decisions on the direction to be taken. As a key
+management element of the Porsche AG Group, the multi-year
+operational plan, which is prepared once a year and generally for
+a period of five planning years, is derived from a strategic plan
+for the next ten years and approved by the Executive Board and
+the Supervisory Board. The multi-year operational plan serves to
+assess prerequisites for realizing the strategic projects as well
+as formulating and safeguarding the group's targets, both
+technically and financially. It is on this basis that all corporate
+areas are coordinated regarding the cross-cutting strategies,
+functions/processes, products and markets.
+-the cycle plan/product strategy and thus the product range
+as the long-term strategic determinant of the vehicle
+business and other mobility-related services,
+Deliveries (units)
+Automotive net liquidity (€ million)
+· Automotive research and development costs (€ million)
+Automotive capital expenditure (€ million)
+- Automotive return on sales (%)
+-Financial services return on sales (%)
+- Automotive return on investment (%)
+Derived from the strategy and the underlying strategic
+objectives, the Porsche AG Group is managed on the basis of the
+most important performance indicators described below:
+SALES REVENUE
+The sales revenue of the Porsche AG Group primarily consists of
+automotive sales and reflects the group's market success.
+Alongside the automotive segment, the financial services
+segment also contributes to the development of sales revenue.
+→ Results of operations
+RETURN ON SALES
+In addition, the following financial and non-financial
+performance indicators have been defined for use in the
+management of the company and supplement the most
+important performance indicators accordingly:
+The return on sales (ROS) of the Porsche AG Group is defined as
+the ratio of group operating profit to group sales revenue. The
+Executive Board of Porsche AG uses return on sales to measure
+the operating profitability of the Porsche AG Group.
+AUTOMOTIVE NET CASH FLOW MARGIN
+Automotive net cash flow margin is defined as the ratio of cash
+flows from operating activities less cash flows from investing
+activities of current operations to sales revenue, each in the
+automotive segment. The investing activities of current
+operations exclude the changes in investments in securities,
+loans and time deposits of the automotive segment. The net
+cash flow margin also plays an important role in assessing the
+excess funds from operating activities and the associated
+financial resilience of the automotive segment. → Financial position
+AUTOMOTIVE EBITDA MARGIN
+Automotive EBITDA is defined as automotive operating profit
+(EBIT) plus depreciation/amortization and impairment
+losses/reversals of impairment losses on property, plant and
+equipment, capitalized development costs and other intangible
+assets, each in the automotive segment. Automotive EBITDA
+margin is defined as the ratio of automotive EBITDA to
+automotive sales revenue. The Porsche AG Group believes that
+the automotive EBITDA margin is a meaningful financial
+indicator for all stakeholders to evaluate the business
+development, operating performance and profitability of the
+automotive segment over time. → Results of operations
+CORPORATE GOVERNANCE DECLARATION
+The content of the Group Corporate Governance Declaration
+required by sections 289f and 315d HGB is contained in the
+→ Corporate Governance Declaration and online at
+> http://investorrelations.porsche.com/en/corporate-governance/.
+Combined Management Report Fundamental information about the group
+→ Results of operations
+For the future orientation of the Porsche AG Group, the
+individual planning content is determined on the basis of the
+planning horizon:
+Other relevant performance indicators
+The BEV share is defined as the proportion of purely battery-
+powered electric vehicles (BEV) in relation to deliveries, i.e., the
+total number of new vehicles delivered to end customers. The
+driver for the automotive BEV share is the sale of fully electric
+vehicles. The BEV share is used to assess the transformation
+and electrification of the vehicle portfolio. → Deliveries
+- long-term sales planning that shows market and segment
+developments and is used to determine the delivery volume
+for the Porsche AG Group and
+- capacity and utilization planning for the individual factories.
+The aligned results of the upstream planning processes flow
+into the financial planning as a last step in the multi-year
+operational planning. For this purpose, the financial planning of
+the Porsche AG Group, including the segments and business
+fields, consists of the income statement, the financial and
+balance sheet planning, the profitability and liquidity planning as
+well as the investments as a prerequisite for the future product
+alternatives and alternative courses of action. The multi-year
+operational planning is then used to derive the binding
+targets/target recommendations for the first planning year,
+details of which are then finalized down to the level of the
+operational cost centers and subsidiaries in the budget planning
+for the individual months.
+During the year, the budget is reviewed each month to
+determine the degree of target achievement. In this regard,
+target/actual and prior-year comparisons, variance analyses
+and-if required-action plans are key instruments for corporate
+management to ensure that the budgeted targets are reached.
+For the current fiscal year, monthly rolling forecasts are
+performed for the next three months and for the year as a whole
+and are backed up as standard by two detailed forecasts during
+the year and, if necessary, adjusted to reflect the latest
+developments. Current opportunities and risks are also taken
+into account when preparing the forecast to the extent that
+their occurrence is considered to be probable. The management
+process can thus ensure short-term adjustments and
+implementation programs to secure the forecast, also taking
+volatile conditions into account. In principle, the focus of
+management during the year is on adjusting current activities in
+line with requirements. Moreover, each current forecast
+provides the starting point for the upcoming multi-year
+operational plan/the budget planning for the following fiscal
+year.
+Combined Management Report Fundamental information about the group
+183
+↑↓ ↑ 0 |||
+184
+The current development of the most important performance
+indicators can be found in the explanations on the results of
+operations, financial position and net assets. The anticipated
+development of the most important financial indicators for the
+fiscal year 2024 is described in the report on expected
+developments. Report on expected developments
+Most important key performance indicators
+Porsche AG Group
+Sales revenue (€ million)
+Return on sales (%)
+Automotive segment
+Automotive net cash flow margin (%)
+- Automotive EBITDA margin (%)
+- Automotive BEV share (%)
+BEV SHARE
+Most important key performance indicators
+185
+The Porsche AG Group consists of the automotive and financial
+services segments. The reconciliation of the segments to the
+Porsche AG Group relates to transactions between the two
+segments that are subject to elimination. The activities of the
+two segments cover the regions Germany, Europe without
+Germany, North America excluding Mexico, China including
+Hong Kong, as well as rest of the world.
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("Porsche AG") is the
+parent company of the Porsche AG Group (Porsche AG and its
+fully consolidated subsidiaries) and has its registered office in
+Stuttgart. Further information can be found in the list of
+shareholdings pursuant to section 313 of the German
+Commercial Code (HGB). → Notes to the consolidated financial
+statements-50. List of shareholdings
+7.7
+7.6
+73.6
+73.5
+Capitalization ratio¹ (%)
+R&D ratio² (%)
+1,951
+2,081
+costs
+Research and development costs
+recognized
+of which: capitalized development
+2,834
+Total research and development costs
+34,599
+37,349
+Automotive sales revenue
+€ million
+2022
+2023
+2,651
+The development site in Shanghai became fully operational in
+2023, which included an increase in personnel. In the long term,
+infotainment and connect systems as well as driver assistance
+systems (DAS) and highly automated driving (HAD) functions
+are to be developed for the Chinese market together with
+Chinese partners. This is to be done in close cooperation with
+Porsche Digital China, which was founded in early 2021, and
+Porsche Engineering China, which was founded in 2014.
+in the income statement
+1,484
+32.0%
+Further information on the workforce of the Porsche AG Group
+can be found in the non-financial statement. → Social
+As of the reporting date, the Porsche AG Group had
+42,140 employees, an increase of 7.6% compared to the prior-
+year reporting date. On average, the Porsche AG Group had
+41,043 employees in the fiscal year 2023.
+PERSONNEL
+3 Total research and development expenses in relation to automotive sales
+revenue recognized in the income statement.
+Total research and development costs in relation to automotive sales revenue.
+Total research and development expenses in relation to capitalized
+development costs.
+4.3
+1,712
+4.6
+1
+in the income statement³ (%)
+recognized
+Research and development costs
+784
+960
+development costs
+of which: amortization of capitalized
+2
+The structure of investments in Porsche AG remained
+unchanged from the fiscal year 2022. Volkswagen AG indirectly
+holds, via Porsche Holding Stuttgart GmbH, 75.4% of
+Porsche AG's share capital. Porsche Automobil Holding SE
+directly holds around 12.5% of the share capital. The remaining
+share capital is in free float. To our shareholders
+Overall, as of the reporting date, the Porsche AG Group
+employed 6,699 persons in the area of research and
+development (2022: 6,299 persons).
+In the fiscal year 2023, the Porsche AG Group spent
+€2,834 million on research and development (R&D), compared
+to €2,651 million in the prior-year period. The R&D ratio stood
+at 7.6% (2022: 7.7%). Additions to capitalized development
+costs stood at €2,081 million, thus exceeding the comparable
+figure in 2022 of €1,951 million. This reduced the capitalization
+ratio compared to the prior-year period from 73.6% to 73.5%
+due to a change in the project mix and different stages of
+capitalization for current vehicle projects. At €1,712 million
+(2022: €1,484 million), research and development costs
+recognized in the income statement were up on the prior-year
+level. Amortization of capitalized development costs contained
+therein amounted to €960 million (2022: €784 million). The
+total spend on research and development related to the
+automotive segment.
+Macan
+718 Boxster/Cayman
+911
+2022
+2023
+Units
+Production of the Porsche AG Group
+The Porsche AG Group produced 336,280 vehicles in total in
+the fiscal year 2023, an increase of 4.7% on the prior year.
+55,655
+23,605
+87,334 91,117
+PRODUCTION
+180
+↑↓ ↑ 0 |||
+FUNDAMENTAL INFORMATION ABOUT THE GROUP
+BUSINESS MODEL
+→ GRI 2-1
+Purpose of the company
+"In the beginning, I looked around but could not find the car I'd
+dreamt of. So, I decided to build it myself." These famous words
+from Ferry Porsche describe the aspiration of the Porsche AG
+Group. Its business purpose is to manufacture and sell luxury
+sports cars and engines of all kinds as well as other parts and
+components for these and other technical products. In addition,
+the purpose of the company includes performing development
+work and design engineering, including vehicle and engine
+construction; consulting and development in the field of data
+processing as well as the production and distribution of data-
+processing products; sale of merchandise and commercial
+exploitation of brand rights, including those containing the word
+"Porsche". Also included are all other activities that are
+technically or economically related, including the commercial
+exploitation of intellectual property rights. Financial services are
+another business purpose, in particular finance and mobility
+services for customers and dealers.
+Organization
+190
+In the reporting period, more than half of R&D expenses were
+attributable to the transition of the product range towards
+electromobility. After the market launch of the first fully electric
+model series Taycan, the focus is now on the development of a
+fully electric Macan, 718 and Cayenne. In parallel to the efforts
+being made in the area of electromobility, model series with
+combustion/hybrid technology such as the 911, the Panamera
+and the Cayenne are also being further developed.
+41,947
+18,080
+96,600
+Condensed income statement of the Porsche AG Group
+Since the founding of Porsche AG, its focus has been on
+innovative research and development as well as the subsequent
+implementation in vehicles ready for series production.
+Research and development plays a key role for sustainable value
+enhancement in the Porsche AG Group. The vast majority of
+research and development activities as well as the employees
+working in this area relate to Porsche AG. The cross-brand
+development network in the Volkswagen Group also
+strengthens the future viability of the Porsche AG Group.
+RESEARCH AND DEVELOPMENT
+The Leipzig plant produced the Macan and Panamera model
+series. The site is currently shaping up for electromobility. With
+the next generation of the Macan a fully electric variant will be
+produced in Leipzig for the first time. This included establishing
+a completely new body shop for the future electric SUV.
+Expanding the plant will allow Leipzig to produce three different
+drive types on one production line in the future: Gasoline and
+hybrid models as well as fully electric vehicles.
+PRODUCTION IN LEIPZIG
+A sophisticated control and production principle allowed the
+assembly of all two-door sports cars-the 911, 718 Boxster and
+Cayman model series-on one production line at the main plant
+in Zuffenhausen. Highly individual customer wishes were
+integrated directly into series production thanks to the flexible
+production system. This also applied to the Taycan, which is
+produced on its own assembly line with the flexi-line. In the
+summer of 2023, the sports car production plant underwent
+extensive conversion work to enable the production of electric,
+two-door sports cars alongside models with boxer engines. This
+included expanding the assembly line, purchasing new
+automated guided vehicles (AGVS) and setting up new testing
+and finishing areas.
+PRODUCTION IN ZUFFENHAUSEN
+Production sites
+Cayenne
+At the other production locations such as the Volkswagen
+Group's multi-brand site in Bratislava (Slovakia) as well as in
+Malaysia, 96,600 units of the Cayenne model series were
+produced. In addition, 10,953 units of the 718 Boxster/Cayman
+model series were completed at the Osnabrück site.
+At the Leipzig plant, the Porsche AG Group produced a total of
+121,023 vehicles, which equates to 36.0% of total production.
+There were 87,334 units of the Macan model series and
+33,689 Panamera produced in Saxony.
+In 2023, 39,397 Taycan units were manufactured in Stuttgart-
+Zuffenhausen. Additionally, all the vehicles of the 911 model
+series (55,655 units) rolled off the production line at the main
+plant. Furthermore, 12,652 units of the 718 Boxster/Cayman
+were produced in Zuffenhausen.
+Production
+Taycan
+Panamera
+35,241
+39,397 36,823
+336,280 321,321
+33,689
+98,113
+As was already the case in 2022, the locations in Zuffenhausen
+and Leipzig were net neutral carbon in manufacturing all
+vehicles.
+↑↓ ↑ 0 ||
+186
+191
+%
+10.6
+Between 25% and 27%
+Between 12% and 14%
+%
+25.7
+%
+12.8
+Combined Management Report Business development
+Between 10% and 12%
+193
+194
+RESULTS OF OPERATIONS, FINANCIAL POSITION
+AND NET ASSETS
+Return on sales as % and sales revenue in € million
+of Porsche AG Group
+RESULTS OF OPERATIONS
+The Porsche AG Group generated sales revenue of
+€40,530 million in the fiscal year 2023. This is an increase of
+7.7% on the prior year (2022: €37,637 million) and is largely
+due to higher vehicle sales coupled with positive product mix
+and price effects. The development of the Chinese renminbi and
+US dollar currencies in particular had the opposite effect on
+sales revenue.
+In the fiscal year 2023, the Porsche AG Group sold
+333,605 vehicles. This corresponds to a 6.3% increase in unit
+sales compared to the prior-year period (2022:
+313,721 vehicles).
+The Cayenne was the bestselling series with 92,866 vehicles
+sold and a slight decrease of 4.1%, followed by the Macan with
+90,161 vehicles. The largest relative growth was recorded for
+the 911 (up 13,026 vehicles; up 32.0%), the 718 Boxster/
+Cayman (up 4,003 vehicles; up 21.8%) and the Taycan
+(up 5,967 vehicles; up 17.5%).
+In regional terms, with a total of 92,012 vehicles sold, North
+America excl. Mexico is the largest market, with a significant
+increase in sales of 14.9%. This was counterbalanced by the
+region China incl. Hong Kong with a decrease of 17.7% to
+79,331 vehicles sold, which was attributable to the challenging
+↑↓ ↑ 0 |||
+Sales revenue by region (excluding hedges)
+Automotive net cash flow margin
+Automotive EBITDA margin
+Automotive BEV share
+%
+↑ ↓ ↑ 0 |||
+192
+OVERALL STATEMENT ON BUSINESS
+DEVELOPMENT AND THE ECONOMIC SITUATION
+The Porsche AG Group successfully completed its first fiscal
+year after the IPO and continued to pursue its efforts in the field
+of electromobility. In its anniversary year celebrating "75 years
+of Porsche sports cars", the Porsche AG Group achieved all the
+economic targets set for the fiscal year 2023.
+The fiscal year 2023 continued to be influenced by a
+challenging macroeconomic situation, also as a result of
+geopolitical conflicts and tensions. Shortages and disruptions in
+the global supply chains eased, reducing the impact on vehicle
+availability. The automotive sector continued to be
+characterized by intense competition, technological change and
+increasing environmental awareness. In this environment, the
+Porsche AG Group recorded a slight increase in deliveries to
+320,221 vehicles (2022: 309,884 vehicles).
+The Porsche AG Group noticeably increased its sales revenue
+and operating profit in the fiscal year 2023. Sales revenue
+increased from €37,637 million in 2022 to €40,530 million in
+2023, an increase of 7.7%. Operating profit also rose by 7.7%
+from €6,772 million to €7,284 million. The Porsche AG Group's
+return on sales was therefore 18.0%, as in the prior year. The
+development of the return on sales is due on the one hand to
+higher group sales with positive product mix and price effects.
+On the other hand, costs were kept constant in relation to sales
+revenue. The automotive EBITDA margin increased to 25.7%
+(2022:25.2%).
+The positive contribution from automotive EBITDA, the changes
+in working capital and the increase in capital expenditure led to
+an automotive net cash flow of €3,973 million in 2023 (2022:
+€3,866 million). The automotive net cash flow margin stood at
+10.6% (2022: 11.2%).
+Comparison of forecast with actual business development
+18.0
+Most important key performance indicators
+Porsche AG Group
+Forecast for 2023
+Actual business development
+in annual report 2022
+2023
+Return on sales
+Automotive segment
+€40 to €42 billion
+Between 17% and 19%
+€ million
+40,530
+Sales revenue
+↑↓ ↑ 0 |||
+14.1%
+23.3%
+34,386 33,958
+Panamera
+Taycan
+Vehicle sales
+40,056 34,089
+333,605 313,721
+The cost of sales rose by €1,835 million to €28,924 million
+(2022: €27,089 million) and was therefore in proportion to
+sales revenue at 71.4% (2022: 72.0%). Despite supplier cost
+increases, cost of sales increased less thanks to changes in the
+product mix.
+Gross profit increased accordingly by 10.0% to €11,606 million
+(2022: €10,549 million), therefore resulting in a gross margin
+of 28.6% (2022: 28.0%).
+Distribution expenses increased by €516 million to
+€2,869 million. In proportion to sales revenue, this is an
+increase of 7.1% (2022: 6.3%). The increase is due, among
+other things, to increased sales activities such as investments in
+the brand and product events, the digitalization strategy, a
+stronger commitment to motorsport and activities to mark the
+anniversary year celebrating "75 years of Porsche sports cars".
+Administrative expenses increased from €1,655 million to
+€1,787 million. In proportion to sales revenue, these were on a
+par with the prior year at 4.4% (2022: 4.4%). Net other
+operating result increased by €103 million to €335 million
+(2022: €232 million).
+92,866 96,800
+16,0%
+1 North America excl. Mexico
+China incl. Hong Kong
+18,0%
+18,0%
+€37,637 million
+€40,530 million
+2021
+2022
+€33,138 million
+Rest of
+the world
+Cayenne
+90,161
+China²
+11.9%
+Germany
+2023
+21.4%
+Europe without
+Germany
+29.2%
+North America'
+economic situation. In the region China incl. Hong Kong, the
+Porsche AG Group brought supply into line with demand and
+compensated for this decline with positive sales in all other
+regions. Accordingly, the Porsche AG Group recorded growth in
+the regions rest of the world (up 12,036 vehicles), Europe
+without Germany (up 9,641 vehicles) and Germany (up
+3,309 vehicles).
+Vehicle sales of the Porsche AG Group
+89,767
+Units
+2022
+911
+53,741
+40,715
+718 Boxster/Cayman
+22,395
+18,392
+Macan
+2023
+2023
+Combined Management Report Business development
+36.0%
+In Central and Eastern Europe, the passenger car market volume
+increased significantly by 23.6% to 2.3 million vehicles in the
+fiscal year 2023, following the very sharp decrease seen in the
+prior year. The number of sales also developed largely positively
+in the individual markets of Central Europe.
+NORTH AMERICA EXCL. MEXICO
+In the region North America excl. Mexico, sales figures for
+passenger cars in the fiscal year 2023 rose to 17.3 million
+units-an increase of 12.3% year on year. In the USA, the volume
+stood at 15.6 million units, an increase of 12.3%. In Canada too,
+sales figures increased significantly by 12.5% to 1.7 million
+vehicles.
+CHINA INCL. HONG KONG
+In the region China incl. Hong Kong, the number of new
+registrations of passenger cars increased by 5.5% to
+22.2 million units in 2023. The development of the Chinese
+passenger car market was shaped by the expiry of government
+subsidy and purchase incentive programs at the end of the
+fiscal year 2022, which led to pull-forward effects in vehicle
+purchases and consequently to declining registration figures at
+the beginning of 2023. Demand recovered over the course of
+the fiscal year, partly as a result of price discounts and ongoing
+regional development programs, while the competitive situation
+became increasingly fierce.
+Market development for the financial services
+segment
+Demand for automotive financial services was high in 2023,
+although higher interest rates put pressure on the demand for
+financial services in almost all regions.
+Demand for the products and services of the financial services
+segment, which is calculated as the ratio of leased or financed
+new vehicles to the total number of deliveries in the markets of
+the segment (penetration rate), stood at 40.1% as of December
+31, 2023 (2022: 40.8%). While demand for financial services
+products declined in the region Europe without Germany
+compared to the prior-year period, demand developed positively
+in the regions North America excl. Mexico and rest of the world.
+In the regions Germany and China incl. Hong Kong, the share
+was stable at the prior-year level or slightly below the prior year.
+In Western Europe (excluding Germany), the number of new
+registrations for passenger cars in 2023 rose significantly by
+16.1% to 8.8 million vehicles. In all other major markets for
+passenger cars, development was positive in 2023: the UK (up
+17.9%), Italy (up 18.8%) and France (up 16.1%) were able to
+exceed their prior-year levels significantly.
+The Porsche AG Group, including its cooperation partners,
+increased the overall number of contracts for financing and
+leasing by 4.2% to 345 thousand contracts as of December 31,
+2023 (December 31, 2022: 331 thousand contracts).
+187
+188
+DELIVERIES
+The Porsche AG Group exhibited robust growth in the fiscal year
+2023 and achieved a slight increase in deliveries. Overall, the
+sports car manufacturer delivered 320,221 vehicles over the
+past 12 months, up 3.3% compared with 2022.
+Share of deliveries by region
+16.3%
+Rest of
+the world
+24.8%
+China²
+Combined Management Report Business development
+10.1%
+Germany
+EUROPE WITHOUT GERMANY
+GERMANY
+BUSINESS DEVELOPMENT
+MACROECONOMIC ENVIRONMENT
+Development of global economy
+The Russia-Ukraine conflict continued to cause increased
+uncertainty about the development of the global economy.
+Large sections of the community of Western states imposed an
+extensive trade embargo on Russia and partially excluded
+Russia from the international financial market. Russia itself, in
+its role as an energy exporter, restricted gas deliveries to
+Europe. In the reporting year, despite the resulting supply
+shortages, the energy and commodity markets started to
+steady, although some energy and commodity prices are still at
+a relatively high level. There is also a risk of high inflation
+continuing in the face of wage developments on the labor
+markets.
+After a slump in global economic output in 2020, it recovered
+again in 2021 as a result of base and catch-up effects and
+normalized further in 2022 despite the Russia-Ukraine conflict.
+The global economy recorded positive growth of 2.7% overall in
+the fiscal year 2023 (2022: up 3.1%). The advanced economic
+and emerging markets continued to recover, although the
+advanced economies grew more slowly.
+Regional developments depended on the extent to which the
+central banks implemented restrictive monetary policies to curb
+high inflation. This was mainly done by raising interest rates and
+reducing bond holdings, which had a negative impact on private
+consumption and investment. The other decisive factor was
+how hard the advanced economies were hit by the
+consequences of the Russia-Ukraine conflict. Prices for energy
+and many commodities were down on the prior year, with
+shortages of intermediates and commodities easing somewhat.
+Global nominal goods trade declined in the reporting year.
+GERMANY
+The German economy contracted by 0.2% in the reporting year
+(2022: growth of 1.9%). The seasonally adjusted
+unemployment rate rose on average. At the same time, the
+average annual inflation rate fell but remained relatively high.
+At 2.8 million units (up 7.3%), the number of new car
+registrations in Germany in 2023 was noticeably higher than the
+weak level of the prior year. Easing shortages and disruptions in
+global supply chains had a positive effect on vehicle availability
+in relation to the overall passenger car market and backlogs
+from the prior year were processed.
+EUROPE
+In the Central and Eastern European advanced economies, real
+gross domestic product (GDP) recorded real growth in absolute
+terms of 2.6% (2022: 1.1%). Economic output in Central Europe
+thus grew at a somewhat slower pace of 1.7% (2022: 4.5%). In
+Eastern Europe, on the other hand, economic growth was
+positive again for the first time since the start of the Russia-
+Ukraine conflict at 3.6% (2022: down 2.8%). Inflation rates in
+Central and Eastern Europe as a whole declined on average, but
+remained at a high level.
+NORTH AMERICA EXCL. MEXICO
+In the USA, economic output increased by 2.4% (2022: 1.9%) in
+the reporting year. Here too, the US Federal Reserve continued
+with its restrictive monetary policy as a result of inflation
+remaining high and the strained labor market, raising the key
+interest rate a total of four times in 2023. The unemployment
+rate remained at a low level in the reporting year. In Canada,
+GDP grew by 1.1% (2022: 3.8%).
+CHINA INCL. HONG KONG
+Chinese GDP grew by 5.4% (2022: 3.0%) in the reporting year,
+stronger than in the prior year. This development was positively
+influenced by the Chinese government lifting its "Zero-Covid"
+strategy.
+SECTOR-SPECIFIC ENVIRONMENT
+Market development for the automotive segment
+In the fiscal year 2023, the global volume of the passenger cars
+market was up noticeably on the prior year at 76.6 million
+vehicles. While the regions Germany and China incl. Hong Kong
+grew noticeably, the regions Europe excluding Germany and
+North America excl. Mexico even recorded significant growth. In
+addition to the weak prior-year figures, these developments
+were due to the fact that shortages and disruptions in the global
+supply chains eased and therefore had less of an impact on
+vehicle availability. While the supply situation for intermediates
+improved compared to 2022, it was, among other factors, the
+consequences of the Russia-Ukraine conflict and pull-forward
+effects due to expiring subsidies at the end of the prior year that
+had a dampening effect on the development of new
+registrations in some markets.
+In addition to fiscal policy measures, the sector-specific
+environment was primarily influenced by the economic
+situation, which contributed to the uneven development of sales
+in the markets in the past fiscal year. While real purchasing
+power fell in many places and vehicle prices remained at a high
+level, order backlogs were reduced at a high level worldwide
+thanks to increased vehicle availability. The fiscal policy
+measures included tax cuts and increases, the introduction,
+expiry and adjustment of incentive programs and buyer's
+premiums as well as import tariffs. Sanctions were imposed as a
+result of the conflict in Ukraine, which restricted the production
+and sale of vehicles in particular in Russia.
+The Western European economy grew by 0.4% (2022: 3.5%) in
+the reporting year, slower than in the prior year. This was partly
+due to high inflation rates, which had a negative impact on
+consumer sentiment. Business sentiment also deteriorated
+across all sectors. In addition, restrictive monetary policy
+measures to combat inflation had a negative impact on both
+private consumption and investment activity.
+Leipzig
+1 North America excl. Mexico
+21.9%
+Europe without
+Germany
+87,355 86,724
+Cayenne
+87,553
+95,604
+Panamera
+34,020 34,142
+Taycan
+Deliveries
+40,410
+18,203
+320,221
+11.3%
+2021
+2022
+2023
+Other
+sites
+32.0%
+Zuffenhausen
+2023
+40,629 34,801
+309,884
+2023
+50,146
+20,518
+911
+26.9%
+North America'
+The Porsche Cayenne was the model with the highest number
+of deliveries. It was handed over to 87,553 customers last year
+(down 8.4%). The decrease compared to 2022 is due to the
+staggered introduction of the new generation worldwide as well
+as delivery delays due to a necessary software update for the
+hybrid models. This was followed by the Macan with
+87,355 units delivered, which is on a par with the prior year. The
+Porsche 911 also remained extremely popular with
+50,146 deliveries (up 24.1%). The sports car limousine
+Panamera achieved 34,020 deliveries (down 0.4%) in the last
+year of its life cycle. The new generation of the luxury saloon,
+which was unveiled in November, will be available to customers
+from 2024. Deliveries of the 718 Boxster and 718 Cayman
+models came to 20,518 (up 12.7%).
+Demand for the all-electric Taycan remained consistently high.
+In 2023, the Porsche AG Group recorded 40,629 deliveries
+worldwide (up 16.7%).
+In the reporting period, the proportion of purely battery-
+powered electric vehicles (automotive BEV share) stood at
+12.8% (2022: 11.3%). → Environment
+Automotive BEV share
+of Porsche AG Group
+718 Boxster/Cayman
+Macan
+13.7%
+In the domestic market of Germany, 32,430 customers received
+their vehicle, an increase of 9.9%. In the sales region of Europe
+without Germany, the Porsche AG Group delivered
+70,229 vehicles in the past year. This is 12.0% more than in the
+prior year. In North America excl. Mexico, the Porsche AG Group
+made 86,059 deliveries (up 8.6%)-the largest sales region in
+2023. In China incl. Hong Kong, 79,283 vehicles were handed
+over to customers (down 15.0%). The significant decrease is
+largely attributable to the continuing challenging economic
+situation in this region. As a result, the supply volume was
+brought into line with the demand situation and the market
+distribution was balanced across all sales regions, which
+compensated for the decline in China. In addition to the
+noticeable growth in North America, the sales region rest of the
+world also developed positively with a 15.7% increase in
+deliveries. Accordingly, 52,220 customers took delivery of their
+vehicle in the region rest of the world.
+1 The performance indicator "deliveries" reflects the number of vehicles handed
+over to end customers. This may take place via group companies or
+independent importers and dealers. In the Porsche AG Group, this differs from
+unit sales as a relevant driver of sales revenue. Unit sales in the Porsche AG
+Group are designated as those sales of new and group used vehicles of the
+Porsche brand, which have left the automotive segment for the first time,
+provided there is no legal repurchase obligation by a company in the
+automotive segment.
+Deliveries of the Porsche AG Group
+Units
+2023
+2022
+2 China incl. Hong Kong
+↑ ↓ ↑ 0 ||
+and ecosystems
+Protection and restoration of biodiversity
+An activity is only considered environmentally sustainable, i.e.,
+taxonomy-aligned, if it meets all three of the following
+conditions:
+The Executive Board of Porsche AG has delegated the
+implementation of the obligations arising from the monitoring of
+Porsche's due diligence with regard to human rights and
+environmental matters to the Business & Human Rights Council,
+which is made up of members from various disciplines and
+reports directly to the Executive Board.
+Reporting for the fiscal year 2023
+↑↓ ↑ |||
+210
+NON-FINANCIAL STATEMENT 2023
+Porsche AG has prepared this non-financial statement, which is combined with the non-financial statement of the Porsche AG
+Group, in accordance with the requirements of section 315c in conjunction with sections 289c to 289e of the German Commercial
+Code (HGB), Article 8 of the EU Taxonomy Regulation and the Delegated Acts adopted thereunder. The GRI Sustainability Reporting
+Standards were used as the framework. The information in this non-financial statement relates to the entire Porsche AG Group. If
+information only relates to individual subsidiaries, this is expressly stated. All information on the Porsche AG Group also applies to
+Porsche AG, unless stated otherwise. If Porsche AG is mentioned in the comments on objectives, due diligence processes, measures
+and results, this should be understood to mean that Porsche AG is currently implementing the respective points throughout the
+group, also against the background of future CSRD reporting, but that this has not yet been completed at the time of reporting.
+SUSTAINABILITY MANAGEMENT AND
+ORGANIZATION
+The automotive industry plays an important role in the
+transformation of business towards sustainability and the fight
+against climate change. Therefore, the Porsche AG Group
+developed the company systematically in line with its
+Sustainability Strategy 2030 and further expanded
+sustainability activities in the reporting year. More attention is
+being paid to the entire vehicle value chain. The overarching
+goal is to embed sustainability even more deeply into all
+business activities.
+The Sustainability Strategy 2030 classifies the key challenges
+facing the Porsche AG Group into six strategy fields.
+CO₂
+Decarbonization
+Circular economy
+2 Diversity
+>
+Partner to society
+209
+Supply chain responsibility
+The work done by the Porsche AG Group is closely aligned with
+these fields of action. In doing so, the Porsche AG Group wants
+to embrace its responsibility, bolster sustainable and value-
+creating growth, and continuously reduce its environmental
+footprint. It remains focused on the impact of its own business
+activities and the expectations of stakeholders along the entire
+value chain.
+The Porsche AG Group evaluates its progress continuously in all
+six fields of action of its Sustainability Strategy 2030. To this
+end, the Porsche AG Group regularly engages in dialog with its
+internal and external stakeholders and with recognized experts.
+Where necessary, the Porsche AG Group then uses the findings
+from this dialog to update its strategy.
+The Porsche AG Group also aligns the six fields in the
+Sustainability Strategy 2030 and its related activities with the
+Sustainable Development Goals (SDGs) from the 2030 Agenda
+of the United Nations. This helps guide the Porsche AG Group in
+its efforts to make its own business activities even more
+sustainable. They show how to reconcile economic progress,
+social justice, and environmental compatibility.
+The Sustainability Development Goals that
+Porsche AG is concentrating on:
+QUALITY
+EDUCATION
+8 DECENT WORK AND
+INDUSTRY, INNOVATION
+AND INFRASTRUCTURE
+RESPONSIBLE
+12 CONSUMPTION
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements - Effects of new or amended IFRS).
+Combined Management Report Non-financial statement 2023
+219
+Governance and transparency
+Combined Management Report Porsche AG HGB financial statements (condensed version)
+"We declare that Porsche AG received appropriate consideration
+for each transaction with affiliated companies as defined by
+section 312 AktG in the period from January 1 to December 31,
+2023. This assessment is based on the circumstances known at
+the time when the transactions were entered into".
+The Executive Board of Porsche has submitted to the
+Supervisory Board the report required by section 312 AktG and
+issued the following concluding declaration:
+1,357
+Advance payments received on account of orders
+46
+47
+Trade payables
+1,069
+715
+Other liabilities
+1,907
+9,940
+4,096
+12,059
+Deferred income
+553
+516
+25,393
+26,856
+BUSINESS DEVELOPMENT OF PORSCHE AG
+As the parent company of the Porsche AG Group, Porsche AG is
+generally subject to the same → Business development, risks and
+opportunities as well as expected developments. The → Report on
+expected developments section comments on the forecast, while the
+→ Report on risks and opportunities section comments on the risks and
+opportunities.
+Sales
+In the fiscal year 2023, Porsche AG sold 332,681 vehicles in
+total (2022: 317,018 vehicles). The increase of 4.9% is mainly
+due to higher sales to importers and sales networks in Europe
+and North America. By contrast, the Chinese market declined.
+This decrease is largely attributable to the continuing
+challenging economic situation in this region.
+The Russia-Ukraine conflict, the sanctions and export-control
+measures instituted in response as well as corresponding
+countermeasures have had and continue to have an adverse
+impact on the global economy, the global capital markets,
+international trade, supply chains, the availability and prices of
+raw materials including energy supplies as well as parts and
+components.
+Production
+In the reporting year, Porsche AG manufactured a total of
+228,727 vehicles (2022: 223,208 vehicles) at its Zuffenhausen
+and Leipzig plants. In addition, Volkswagen Osnabrück GmbH
+produced a further 10,953 vehicles on a contract basis.
+Personnel
+As of December 31, 2023, there were a total of 24,724 persons
+(2022:23,025 persons), excluding employees at subsidiaries,
+employed at Porsche AG. On average, Porsche AG had
+24,176 employees in the fiscal year 2023.
+RISKS FROM FINANCIAL INSTRUMENTS
+When using financial instruments, Porsche AG is generally
+exposed to the same risks as for the Porsche AG Group. An
+explanation of these risks can be found in the → Report on risks and
+opportunities.
+DEPENDENT COMPANY REPORT
+↑↓ ↑ 0 ||
+1,074
+Transition to a circular economy
+Sustainable use and protection of water and
+marine resources
+Council members also held regular meetings with
+representatives of its office and with experts from the
+Porsche AG Group in the reporting year. Additionally, the
+Porsche AG Group regularly involved members of the Council in
+the development of the Porsche AG Group's sustainability
+strategy.
+In 2023, the Porsche Sustainability Council held two meetings
+with members of the Porsche AG Executive Board. The key
+topics addressed included decarbonization and related
+measures, the link between sustainability and digitalization as
+part of Corporate Digital Responsibility, the materiality process
+to identify strategic and communicative areas of focus and ESG
+management in the context of the capital market.
+Another key body is the Porsche Sustainability Council. It was
+formed in 2016 and institutionalizes the stakeholder dialog on
+sustainability. The Council was restructured in the reporting
+year. External specialists in business, science, politics, and civil
+society advise the Executive Board and top management
+regarding the strategic focus of sustainability regularly. The
+members are independent and not bound by instructions. The
+Executive Board has given the Council far-reaching rights to
+information and consultation, as well as rights of initiative.
+The Environment and Sustainability Steering Group, which
+determines the focal points and direction of the sustainability
+strategy, is composed of the heads of the main departments. It
+can be expanded flexibly as required and generally meets once a
+quarter and prepares the Executive Board's decisions regarding
+the sustainability strategy.
+cross-departmental body comprising representatives of all the
+relevant departments and determines the direction and content
+of the sustainability strategy. It also handles decisions regarding
+the road map and objectives within the strategy. It convened a
+total of eight times in the reporting year. The Environment and
+Sustainability Steering Committee forms working groups to
+prepare, evaluate, and refine individual topics, projects, and
+initiatives relating to sustainability. These assignments are
+issued by the Environment and Sustainability Steering Group, to
+which the Steering Committee reports.
+The Environment and Sustainability Steering Committee is a
+212
+↑↓ ↑ 0 |||
+211
+Combined Management Report Non-financial statement 2023
+1 The Porsche Strategy 2030 focuses on the four stakeholder dimensions:
+customers, society, employees and investors. The Porsche AG Group aims to
+become more sustainable with its Strategy 2030. "Sustainability" is one of six
+cross-cutting strategies, together with "customer", "products", "digitalization",
+"organization" and "transformation".
+The Politics and Society department of the Communications,
+Sustainability, and Politics division is responsible for internal
+and external sustainability communications, strategic
+stakeholder involvement, and non-financial reporting. It
+engages in sustainability networks and represents the office of
+Porsche's Sustainability Council.
+The Sustainability department within the General Secretary and
+Corporate Development division is responsible for implementing
+the sustainability strategy and works continuously to optimize
+it. It realizes sustainability projects and manages the
+sustainability bodies of Porsche AG. It also serves as the
+interface with the Volkswagen Group, where it represents the
+Porsche AG Group's sustainability management.
+An overview of sustainability organization
+Sustainability is the responsibility of the Chairman of the
+Executive Board, supported by the Member of the Executive
+Board responsible for Production and Logistics and the Member
+of the Executive Board responsible for Procurement. Their role is
+that of sustainability strategy overseers for the Executive Board.
+The Executive Board is the highest body in charge of sustainable
+corporate development. It determines the fundamental
+strategic direction and concrete sustainability targets in regular
+strategy workshops. It also decides on particularly far-reaching
+measures and flagship projects.
+Sustainability is enshrined as a central cross-cutting issue in
+Porsche's Strategy 2030.1 Throughout the Group, it is anchored
+in the organization with a clear internal structure and defined
+responsibilities. This way, the Porsche AG Group wants to
+address material topics systematically and effectively.
+Sustainability organization
+To control and measure sustainability in business processes and
+contributions to ESG aspects in a targeted way, the Porsche AG
+Group launched a software based ESG management system in
+2021. In the reporting year, it was expanded further and a
+central control and monitoring system for ESG data was put into
+operation. Furthermore, the Porsche AG Group determined
+performance indicators, which illustrate material non-financial
+ESG contributions and transparently demonstrate the Porsche
+business model's contribution to sustainable development.
+The Porsche AG Group completed its IPO in 2022, which means
+that the expectations of the capital market have become more
+relevant, also in terms of sustainability in the context of
+environmental, social, and governance (ESG) aspects. The
+Porsche AG Group values an independent evaluation of its
+performance in sustainability and is rated on ESG criteria by
+selected independent rating agencies at regular intervals. The
+Porsche AG Group considers this independent, external
+assessment to be an important tool and source of impetus for
+the continuous improvement of its sustainability management.
+ESG management
+More information on the Porsche AG Group's business model
+can be found under Business model. In the reporting year, no
+significant non-financial ESG (environmental, social,
+governance) risks linked to the requirements of section 289c
+HGB were identified in the Porsche AG Group. Additional
+disclosures on ESG risks can be found under → Report on risks and
+opportunities.
+REDUCED
+INEQUALITIES
+PARTNERSHIPS
+FOR THE GOALS
+CLIMATE
+13 ACTION
+ECONOMIC GROWTH
+Qo
+AND PRODUCTION
+This is underpinned by the Group's sustainability guidelines.
+They contain binding rules for the entire Porsche AG Group
+concerning the organization, internal processes, topic
+management, project implementation, and communication of
+relevant sustainability topics. They enable the Porsche AG
+Group to ensure that the sustainability strategy is known and
+implemented throughout the Porsche AG Group. For
+Porsche AG, the company's sustainability guidelines are seen as
+the counterpart of the Group's sustainability guidelines. The
+other subsidiaries are required to review the Group's guidelines
+and implement them in similar documents.
+Porsche Executive Board
+Overall responsibility for
+the topic of sustainability
+Climate change adaptation
+>
+Climate change mitigation
+>
+EU Taxonomy classification system
+The EU Taxonomy is a classification system for sustainable
+economic activities. An economic activity is considered
+taxonomy-eligible if it is listed in the EU Taxonomy and can
+potentially contribute to realizing at least one of the following
+six environmental objectives:
+As part of the European Green Deal, the EU has placed the
+topics of climate protection, the environment and sustainability
+at the heart of its political agenda in order to achieve climate
+neutrality by 2050. The financial sector is expected to play a
+decisive role in realizing this objective, and in 2021 the EU
+therefore published the Strategy for Financing the Transition to
+a Sustainable Economy. This aims to support financing for the
+transition to a sustainable economy and contains suggestions
+for measures in the areas of financing the transition to
+sustainability, inclusiveness, the financial sector's resilience and
+contribution as well as global ambition. It is based on the EU
+Action Plan from 2018 on financing sustainable growth and
+contains the EU Taxonomy (Regulation (EU) 2020/852 and
+associated delegated acts) as the main building block alongside
+disclosures and tools.
+Background and objectives
+Doing business in an environmentally sustainable way is one of
+the central challenges of our time. The European Union (EU) has
+defined criteria for determining the degree of environmental
+sustainability of companies. With taxonomy-aligned
+investments in development activities and in property, plant and
+equipment, the Porsche AG Group is pursuing the goal of
+shaping the future in an environmentally sustainable way as
+envisaged by the Porsche Strategy 2030.
+EU TAXONOMY
+↑↓ ↑ 0 |||
+214
+↑↓ ↑ |||
+Develop and implement concrete sustainability
+measures and programs
+Subject-specific working groups
+Consolidates measures across all the
+departments and devises the
+strategic content for the areas of action
+Sets sustainability priorities and strategic focus
+Environment and Sustainability
+Steering Committee
+Environment and Sustainability
+Steering Group
+Interface to the Porsche Sustainability Council
+Responsible for stakeholder management
+Manages sustainability communications
+and stakeholder dialogue
+Politics and Society department
+Implements sustainability projects
+Manages the sustainability strategy and
+the sustainability bodies
+Interface to the Volkswagen Group's
+sustainability management
+Sustainability department
+Provides input
+Porsche
+Sustainability Council
+>
+- The activity makes a substantial contribution to one of the
+environmental objectives by meeting the screening criteria
+defined for this economic activity, e.g., level of CO2 emissions for
+the climate change mitigation environmental objective
+The activity meets the Do-No-Significant-Harm (DNSH) criteria
+defined for this economic activity. These are designed to prevent
+significant harm to one or more of the other environmental
+objectives, e.g., from the production process or by the product
+- The activity is carried out in compliance with the minimum
+safeguards, which apply to all economic activities and relate
+primarily to human rights and social and labor standards
+Liabilities to banks
+9,172
+In order to verify compliance with the requirements on
+biodiversity and ecosystems, the relevant areas were identified.
+Where biodiversity-sensitive areas are located close to a
+production site, we checked whether a nature conservation
+assessment had been performed and whether nature
+conservation measures had been defined in the environmental
+approvals and subsequently implemented. We also checked
+whether a site's conservation status had changed.
+Minimum safeguards
+The minimum safeguards consist of the OECD Guidelines for
+Multinational Enterprises, the United Nations Guiding Principles
+on Business and Human Rights, the Fundamental Conventions
+of the International Labour Organisation (ILO) and the
+International Bill of Human Rights. The assessments confirm
+that the Porsche AG Group meets the requirements of the
+minimum safeguards in the reporting year.
+The Porsche AG's Executive Board and Group Works Council
+take their corporate responsibilities for human rights particularly
+seriously and are committed to these conventions and
+declarations and reiterate their support for the contents and
+principles stated therein.
+The German Supply Chain Due Diligence Act (LKSG) stipulates
+certain due diligence obligations to avoid human rights and
+environmental risks. These include carrying out risk analyses,
+establishing preventive measures, remedial measures and
+providing a complaints mechanism.
+For its supply chain, the Porsche AG Group has systematically
+added processes and measures to respect human rights to its
+company-wide risk and supplier management systems. For its
+own business, the Porsche AG Group uses its compliance risk
+assessment to map the human rights and environmental issues
+it considers relevant within Porsche as well as risks in
+connection with its direct suppliers. The risk assessment forms
+the basis for identifying appropriate measures.
+Porsche AG Group operates a multistage complaints
+management system that provides internal and external
+complainants with a confidential communication channel for
+reporting potential breaches of human rights and violations of
+environmental duties.
+If the Porsche AG Group determines that a violation of a human
+rights or environmental obligation has occurred or is imminent
+in its own business or at one of its direct suppliers, it takes
+immediate action to prevent or end such violations or to
+minimize the extent of the violation. If the Porsche AG Group
+has factual indications of a potential violation of a human rights
+or environmental obligation by an indirect supplier, the
+Porsche AG Group exercises the available legal and actual
+options to take immediate action to prevent or end such
+violations or to minimize the extent of the violation.
+Key performance indicators in accordance with the
+EU Taxonomy Regulation
+The EU Taxonomy defines sales revenue, capital expenditure
+and operating expenditure as the key performance indicators
+that must be reported on. The Porsche AG Group explains these
+in the following. The tables prescribed by the EU Taxonomy are
+also included at the end of this section.
+The financial figures relevant for the Porsche AG Group are
+based on the IFRS consolidated financial statements for the
+fiscal year 2023. By differentiating between economic
+activities, we have avoided double counting. Where possible, the
+Porsche AG Group has directly assigned the figures within an
+economic activity. For example, the financial figures were
+compiled based on the vehicle model and drive technology. This
+applies both to the vehicles themselves and to the
+corresponding financial services and other services and
+activities. Where this was not possible for capital expenditure
+and operating expenditure, the figures were broken down using
+allocation formulas. Allocation formulas were based on the
+planned vehicle volumes. This data and planning form part of
+multi-year operational planning covering the next five years, on
+which the Executive Board and Supervisory Board have passed a
+resolution.
+Combined Management Report Non-financial statement 2023
+PROTECTION AND RESTORATION OF BIODIVERSITY AND
+ECOSYSTEMS
+217
+218
+SALES REVENUE
+The turnover defined in the EU Taxonomy corresponds to sales
+revenue as reported in the IFRS consolidated financial
+statements, which amounted to €40,530 million in fiscal year
+2023. Notes to the consolidated financial statements-1. Sales revenue
+Of this total, €39,075 million, or 96.4% of consolidated sales
+revenue, was attributable to economic activity "3.3 Manufacture
+of low-carbon technologies for transport" and classified as
+taxonomy-eligible. This includes sales revenue after sales
+deductions from the sale of new and used vehicles, from sales
+of original parts, from the rental and lease business, from
+interest and similar income as well as sales revenue directly
+related to vehicles, such as workshop and other services.
+Taxonomy-eligible sales revenue of €99 million, or 0.2% of
+consolidated sales revenue, was attributable to economic
+activity "3.18 Manufacture of automotive and mobility
+components" and classified as taxonomy-eligible. This includes
+the sale of engines and powertrains for all-electric vehicles to
+third parties.
+Of the taxonomy-eligible sales revenue attributable to economic
+activity "3.3 Manufacture of low-carbon technologies for
+transport", €5,143 million or 12.7% met the screening criteria
+used to measure the substantial contribution to climate change
+mitigation. This includes all of the all-electric vehicles and
+certain plug-in hybrids. In 2023, this amounted to 49 thousand
+vehicles, 42.5% more than in the prior year. The very sharp
+increase in sales of taxonomy-aligned vehicles was due to both
+EU Taxonomy: sales revenue
+a significant increase in sales of the Taycan and also to the first-
+time inclusion of taxonomy-aligned plug-in hybrids. In relation
+to the total sales revenue of the Porsche AG Group, this resulted
+in an increase in taxonomy-aligned sales revenue of 2.8
+percentage points.
+In addition, the taxonomy-eligible sales revenue attributable to
+economic activity "3.18 Manufacture of automotive and
+mobility components" met the screening criteria used to
+measure the substantial contribution to climate change
+mitigation.
+Taking into account the DNSH criteria and the minimum
+safeguards, €5,143 million (2022: €3,787 million²) or 12.7%
+(2022: 10.1%) of consolidated sales revenue attributable to
+economic activity "3.3 Manufacture of low-carbon technologies
+for transport" and €99 million or 0.2% of consolidated sales
+revenue attributable to economic activity "3.18 Manufacture of
+automotive and mobility components", which had to be reported
+on for the first time, were taxonomy-aligned.
+Of the Porsche AG Group's total sales revenue in the fiscal year
+2023,
+€39,175 million (2022: €36,704 million²), or 96.7% (2022:
+97.5%), was taxonomy-eligible sales revenue
+↑↓ ↑ 0 |||
+The Porsche AG Group has already established requirements
+and processes that stipulate that SVHCs must generally be
+avoided and replaced. Based on this, the Porsche AG Group
+includes the production process materials and vehicle-related
+components of the all-electric vehicles (BEV) in its analyses
+with regard to the substances they contain and their suppliers in
+order to assess the substitutability of SVHCS, taking into
+account technical and economic criteria. In a pilot project, the
+Porsche AG Group is testing the design of the processes to be
+implemented, including the documentation of a substitution
+check in accordance with the amended requirements of the EU
+Taxonomy.
+In July 2023, the EU Commission revised the DNSH criterion of
+the EU Taxonomy. There is room for interpretation as to the
+effects of the changed requirements for internal processes with
+regard to substitution checks for substances of very high
+concern (SVHC) for the reporting year 2023.
+An economic activity is considered to be ecologically
+sustainable if this activity does not result in a substantial
+increase - compared to the situation before the activity
+commenced of pollutant emissions in the air, water or
+ground. The automotive sector generally is already heavily
+regulated, as can be seen, among other things, from the publicly
+available Global Automotive Declarable Substance List (GADSL).
+Approval and monitoring processes are implemented with the
+aim of ensuring compliance with the current legislation and
+internal regulations applicable to the business operation. In this
+context, the Porsche AG Group's analyses and evaluations
+already also explore the use of alternative substances.
+Pursuant to the EU Taxonomy, the Porsche AG Group is required
+to report on all environmental objectives for the first time for the
+fiscal year 2023. In addition to climate change mitigation and
+climate change adaptation, the criteria for the other four
+environmental objectives (sustainable use and protection of
+water and marine resources, transition to a circular economy,
+pollution prevention and control, protection and restoration of
+biodiversity and ecosystems) have now been defined. The
+figures for sales revenue, capital expenditure and operating
+expenditure relate to the fully consolidated companies included
+in the Porsche AG Group's financial statements.
+The EU Taxonomy contains wording and terminology that are
+still subject to some uncertainty in interpretation and that could
+lead to amendments in the reporting following later clarification
+by the EU. There is ultimately the risk that the indicators
+disclosed as taxonomy-aligned should have been evaluated
+differently. The interpretations of the Porsche AG Group are set
+out below.
+Economic activities of the Porsche AG Group
+The activities of the Porsche AG Group comprise the
+development, production and sale of passenger cars. They also
+include financial services and other services and activities.
+Activities in these areas are suited under the EU Taxonomy to
+making a substantial contribution to the environmental
+objective of climate change mitigation by increasing low-carbon
+mobility.
+The analysis of the economic activities in the context of the EU
+Taxonomy has not revealed any activities that contribute
+specifically to any of the other five environmental objectives for
+the Porsche AG Group.
+Activities are mainly allocated to economic activity
+"3.3 Manufacture of low-carbon technologies for transport" and
+minimally to economic activity "3.18 Manufacture of
+automotive and mobility components" as listed in the EU
+Taxonomy's environmental objective of climate change
+mitigation. Changes may be made to the economic activities in
+the future as the rules around the EU Taxonomy are dynamically
+evolving.
+Economic activity "3.3 Manufacture of low-
+carbon technologies for transport"
+The Porsche AG Group allocates all activities in the group
+associated with the development, production, sale (including
+financial services), operation and servicing of vehicles to this
+economic activity. This includes all passenger cars
+manufactured by the Porsche AG Group, irrespective of their
+drive technology, and also includes original parts.
+The Porsche AG Group has detailed the vehicles manufactured
+by model and drive technology and analyzed the CO2 emissions
+associated with them in accordance with the currently
+applicable requirements. In this way, the Porsche AG Group has
+identified those vehicles among all of its taxonomy-eligible
+vehicles that meet the screening criteria and with which the
+substantial contribution to climate change mitigation is
+measured. These include all of the Porsche AG Group's all-
+electric vehicles (BEV). They also include passenger cars with
+CO₂ emissions of less than 50 g/km pursuant to the WLTP until
+December 31, 2025. This encompasses some of the plug-in
+hybrids.
+Economic activity "3.18 Manufacture of
+automotive and mobility components"
+This economic activity was added to the EU Taxonomy in the
+reporting year to also include the components that play a key
+role in reducing greenhouse gas emissions. Here, the
+Porsche AG Group allocates the sale of engines and powertrains
+for battery electric vehicles produced by it to third parties; this
+essentially relates to the sale of these components to AUDI AG.
+At this stage, other activities that are directly associated with
+the primary business and that in the Porsche AG Group's view
+should also be allocated to this economic activity have initially
+not been included or have been interpreted as taxonomy-non-
+eligible. This is because, as the rules of the EU Taxonomy
+currently stand, it is still unclear where to record them in
+accordance with the EU Taxonomy. These activities particularly
+include the sale of engines and powertrains as well as parts
+deliveries, the sale of independent products and licensed
+production by third parties.
+According to the current assessment, hedging transactions and
+individual activities that the Porsche AG Group presents
+primarily under "Other revenue" in the consolidated financial
+statements do not conform to the descriptions of economic
+activities in the EU Taxonomy, and have therefore been initially
+classified as being taxonomy-non-eligible.
+Do No Significant Harm (DNSH)
+The DNSH criteria were analyzed in the reporting year for
+economic activities covered by "3.3 Manufacture of low-carbon
+technologies for transport" and "3.18 Manufacture of
+automotive and mobility components".
+An analysis was performed for each production site where
+passenger cars are or will be produced that meet the screening
+criteria for the substantial contribution of economic activities
+"3.3 Manufacture of low-carbon technologies for transport" and
+"3.18 Manufacture of automotive and mobility components", or
+that are to meet them in future according to the Porsche AG
+Group's five-year planning - based on the current
+requirements.
+The EU Taxonomy contains wording and terms that are subject
+to interpretation uncertainties and occasionally goes beyond the
+regulations applied in current operations. Below, the Porsche AG
+Group sets out its interpretation and describes the main
+analyses it used to examine whether there was any significant
+harm to the other environmental objectives. The assessments
+confirm that the Porsche AG Group meets the requirements of
+the DNSH criteria in the reporting year.
+CLIMATE CHANGE ADAPTATION
+The Porsche AG Group performed a climate risk and
+vulnerability assessment to identify which production sites may
+be affected by physical climate risks. The physical climate risks
+identified were analyzed on the basis of the lifetime of the
+relevant fixed asset.
+The Porsche AG Group's climate-based DNSH assessment is
+based on Representative Concentration Pathway (RCP)-8.5 and
+Shared Socioeconomic Pathway (SSP)5-8.5 by 2050 and thus
+assumes the highest concentration of CO2 according to the
+Intergovernmental Panel on Climate Change (IPCC). The
+relevance of the identified threats was assessed for the local
+environment and, if appropriate, the measures needed to
+mitigate the risk have been developed.
+Combined Management Report Non-financial statement 2023
+215
+216
+SUSTAINABLE USE AND PROTECTION OF WATER AND
+MARINE RESOURCES
+The economic activities of the Porsche AG Group were
+evaluated with respect to the sustainable use and protection of
+water and marine resources looking at the three following
+criteria: preserving water quality, avoiding water stress and
+environmental impact assessment (EIA or similar processes).
+Risks identified in the course of EIA investigations are examined
+as part of approval procedures and, if relevant, result in
+measures and official requirements. The Porsche AG Group
+based the analysis primarily on ISO-14001 certificates, findings
+from site approval procedures and other external data sources
+with regard to sites in regions with a greater exposure to risks.
+TRANSITION TO A CIRCULAR ECONOMY
+Environmentally compatible waste management in the
+manufacturing process, the recycling and use of secondary raw
+materials and a long product lifespan are key parts of the
+Porsche AG Group's environmental management system. The
+strategy field of a circular economy is part of the Porsche AG
+Group's sustainability strategy and is divided into several fields
+of action. Here, cross-functional teams work on various key
+topics including recycling concepts for high-voltage
+batteries, the use of circular materials in Porsche vehicles,
+sustainable product design, avoiding plastic waste and concepts
+for the reconditioning of vehicle components.
+The strategy field also covers circular economy projects at the
+sites. The Porsche AG Group is pursuing the long-term vision of
+a zero-impact factory at its vehicle production sites, in other
+words production that has the smallest negative impact on the
+environment possible.
+The product-related requirements for passenger cars and light
+commercial vehicles are reflected in the implementation of the
+statutory end-of-life vehicle requirements in conjunction with
+the type approval of the vehicle models. In addition to this, there
+are targets and measures for the use of recycled materials in
+new vehicles.
+POLLUTION PREVENTION AND CONTROL
+€5,243 million (2022: €3,787 million), or 12.9% (2022:
+10.1%), was taxonomy-aligned sales revenue
+8,632
+Sales revenue
+Compliance
+with DNSH
+criteria
+39,075
+96.4
+5,143
+12.7
+Y
+Y
+5,143
+12.7
+of which taxonomy-aligned BEVS
+Y
+Y
+4,368
+10.8
+3.3 Manufacture of low-carbon
+technologies for transport
+3.18 Manufacture of automotive and
+mobility components
+0.2
+99
+0.2
+Y
+Y
+99
+0.2
+B. Taxonomy-non-eligible activities
+Total (A + B)
+1,355
+40,530
+3.3
+1 All percentages relate to the total amount of sales revenue.
+2
+99
+12.9
+5,243
+Y
+Compliance
+with
+minimum
+safeguards
+Taxonomy-aligned
+sales revenue
+CAPITAL EXPENDITURE
+Capital expenditure (CapEx) refers to the following items in the
+IFRS consolidated financial statements: additions to intangible
+assets, additions to property, plant and equipment and additions
+to leased assets. These are reported in → Notes to the consolidated
+financial statements-13. Intangible assets, → Notes to the consolidated financial
+statements-14. Property, plant and equipment, → Notes to the consolidated
+financial statements-15. Leased assets. Additions from business
+combinations, each of which is reported under "Changes in
+consolidated group", are also included. By contrast, additions to
+goodwill are not included in the calculation.
+In fiscal year 2023, additions in the Porsche AG Group as
+defined above amounted to
+-€2,454 million from intangible assets
+€1,797 million from property, plant and equipment
+€2,900 million from leased assets (mainly vehicle leasing
+business)
+Additions from changes in the consolidated group, which
+amounted to €0 million in fiscal year 2023, can also be added to
+this figure. Total capital expenditure to be included in
+accordance with the EU Taxonomy therefore came to €7,151
+million.
+All capital expenditure is associated with economic activity "3.3
+Manufacture of low-carbon technologies for transport". The
+taxonomy-eligible capital expenditure amounted to €7,151
+million or 100% of the Group's capital expenditure.
+To determine the substantial contribution, the financial figures
+were compiled based on the vehicle model and drive
+technology, in the same way as for sales revenue. Where
+possible, capital expenditure was directly attributed to vehicles.
+It was included if the vehicles in question make a substantial
+contribution to the climate change mitigation objective. Any
+capital expenditure directly attributable to vehicles that do not
+meet the screening criteria was not included. Capital
+expenditure that was not clearly attributable to a particular
+vehicle was taken into account on a proportionate basis using
+allocation formulas. Allocation formulas were used based on the
+planned vehicle volumes for the group companies. Depending
+on the primary business activity, the overarching Porsche AG
+Group allocation formulas were used for sales companies, for
+example, and allocation formulas based on the location were
+used for production companies.
+Taking into account the DNSH criteria and minimum
+safeguards, capital expenditure of €2,743 million (2022:
+€2,634 million) was taxonomy-aligned. This represents 38.4%
+(2022: 43.6%) of the group's total capital expenditure. Of this,
+€1,494 million related to intangible assets, €820 million to
+property, plant and equipment and €430 million to leased
+assets. For all-electric vehicles (BEV), this figure includes
+additions to capitalized development costs of €1,297 million
+and additions to property, plant and equipment of €810 million.
+In absolute terms, taxonomy-aligned capital expenditure
+increased slightly compared to the prior year. This is attributable
+to the growing number of environmentally sustainable vehicle
+projects in line with the EU Taxonomy. The moderate relative
+decrease in taxonomy-aligned capital expenditure compared to
+the prior year is mainly due to investments in connection with
+the production set-up for the all-electric Macan, which was
+largely completed in the fiscal year 2022.
+Of the Porsche AG Group's total capital expenditure in the fiscal
+year 2023,
+€7,151 million (2022: €6,045 million), or 100% (2022: 100%),
+was taxonomy-eligible capital expenditure
+€2,743 million (2022: €2,634 million), or 38.4% (2022:
+43.6%), was taxonomy-aligned capital expenditure
+Economic activities
+€ million
+%'
+€ million
+%
+Y/N
+Y/N
+€ million
+%'
+A. Taxonomy-eligible activities
+39,175
+96.7
+5,243
+12.9
+Y
+Substantial contribution to
+climate change mitigation
+200
+4,676
+3,881
+Third-party borrowings
+-2,646
+-2,843
+Automotive net liquidity
+7,215
+8,282
+-3,708
+-1,089
+-31
+-2
+11,125
+2,081
+Combined Management Report Results of operations, financial position and net assets
+201
+↑ ↓ ↑ 0 |||
+202
+NET ASSETS
+At the end of the reporting period, the Porsche AG Group
+reported total assets of €50,447 million, that is a 5.9% increase
+compared to December 31, 2022. As of the reporting date, total
+assets take into account the implementation of the new
+regulations on the accounting treatment of insurance contracts
+(IFRS 17), which led to a reduction in total assets. The prior-
+year figures were adjusted where necessary.
+In connection with the intention to sell three Russian
+subsidiaries, assets of €6 million and liabilities of €5 million
+were disclosed as held for sale pursuant to IFRS 5 in separate
+lines of the consolidated statement of financial position as of
+December 31, 2023.
+Intangible assets increased from €7,473 million to
+€8,554 million. The increase was largely attributable to
+capitalized development costs, with the largest additions
+relating to the Cayenne, 911 and Macan series.
+Property, plant and equipment increased by €471 million to
+€9,394 million compared to 2022. The increase primarily
+resulted for the most part from additions to furniture and
+fixtures as well as advance payments made and assets under
+construction, while plant and machinery as well as land and
+buildings also increased. Leased assets increased by
+€336 million to €4,190 million compared to 2022. This item
+includes vehicles leased to customers under operating leases.
+Non-current and current financial services receivables increased
+from €5,920 million to €6,345 million. These mainly include
+receivables from finance leases as well as receivables from
+customer and dealer financing. The number of financing and
+leasing contracts increased in the past fiscal year.
+-583
+Equity-accounted investments, other equity investments, other
+financial assets, other receivables and deferred tax assets
+increased overall from €2,855 million in the prior year to
+€3,592 million.
+9,861
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements-Effects of new or amended IFRS).
+2 Offset against reversals of impairment losses.
+-1,203
+-6,606
+3,057
+-4,895
+-3,361
+1,186
+-786
+Cash flows from financing activities
+Effect of exchange rate changes on cash and cash equivalents
+Net change in cash and cash equivalents
+Gross liquidity
+2023
+Cash and cash equivalents
+6,139
+4,710
+Cash and cash equivalents at end of period
+5,826
+3,745
+Securities and time deposits
+as well as loans
+3,723
+6,415
+2022
+The increase in other financial assets of €178 million largely
+related to the acquisition of shares in existing investments.
+Other financial assets and other receivables changed by
+€646 million to €1,500 million. The increase related to
+receivables from loans and from marking derivative financial
+instruments to market.
+In total, non-current assets increased by €2,919 million to
+€30,407 million. Non-current assets expressed as a percentage
+of total assets amounted to 60.3% (2022: 57.7%).
+2,855 6.0
+20,154 42.3
+5,947 11.8
+5,504 11.6
+1,669
+3.3
+1,538
+3.2
+4,537
+9.0
+7,480
+20,040 39.7
+15.7
+0.5
+87
+0.2
+1,826
+3.6
+1,795
+3.8
+5,820 11.5
+3,719
+7.8
+235
+7.1
+3,592
+Equity-accounted investments, other equity investments, other financial assets,
+other receivables and deferred tax assets
+Inventories increased from €5,504 million in the prior year to
+€5,947 million at the end of the reporting period. The increase
+is due to the market launch of the new Cayenne, while the other
+model series are developing in line with the product life cycle as
+part of normal business activities. In addition, there was an
+increase in inventories of spare parts due to the steadily
+growing vehicle fleet in the markets and as a result of the
+general market environment and the associated rise in
+procurement prices.
+Current other financial assets and other receivables decreased
+by €2,943 million to €4,537 million. The reduction mainly
+related to the reversal of investments of surplus liquidity in the
+form of loan receivables in the amount of €2,800 million as of
+December 31, 2022 from Volkswagen AG and in the amount of
+€798 million from VW International Belgium S.A. This was
+offset in particular by marking derivative financial instruments
+to market and trade receivables.
+Condensed statement of financial position of the Porsche AG Group as of December 31, 2023
+Dec. 31, 2023
+%
+Dec. 31, 2022¹
+€ million
+Assets
+Non-current assets
+Current assets
+Intangible assets
+Property, plant and equipment
+30,407 60.3
+8,554 17.0
+9,394 18.6
+27,488 57.7
+7,473 15.7
+8,924 18.7
+Leased assets
+4,190
+8.3
+Financial services receivables
+Pollution prevention and control
+9.3
+3,854
+4,382
+8.1
+9.2
+Cash flows from investing activities
+6
+-2,502
+Change in investments in securities and time deposits as well as loans
+-279
+-202
+Depreciation and amortization²
+3,528
+3,189
+Change in liabilities (excluding financial liabilities)
+578
+1,016
+Gain/loss on disposal of non-current assets
+14
+-2,370
+5
+370
+532
+Share of profit or loss of equity-accounted investments
+34
+52
+Investing activities of current operations²
+-4,282
+-3,989
+Change in pension provisions
+251
+Change in other provisions
+366
+-2,190
+-1,013
+€ million
+Condensed cash flows of the Porsche AG Group
+2023
+2022'
+€ million
+2023
+2022¹
+Cash flows from operating activities
+Change in working capital
+Change in inventories
+Income taxes paid
+Change in receivables (excluding financial services)
+7,855
+Cash and cash equivalents at beginning of period
+3,745
+4,327
+-2
+334
+Profit before tax
+7,375
+7,081
+-671
+8,256
+Investments in intangible assets (excluding capitalized development costs)
+and property, plant and equipment
+Other non-cash expense/income
+-122
+556
+Change in leased assets
+-1,322
+-536
+Change in financial services receivables
+-645
+-983
+Cash flows from operating activities
+7,023
+7,114
+366
+Automotive net liquidity
+In 2023, cash and cash equivalents in the automotive segment
+at the end of the period rose by €1,428 million to
+€6,139 million (2022: €4,710 million). In addition, securities
+and time deposits as well as loans decreased by €2,692 million
+in 2023 to €3,723 million.
+Automotive third-party borrowings decreased by €196 million
+to €2,646 million in 2023 on account of repayments of financial
+liabilities.
+Since June 2023, a €2,500 million revolving credit facility
+(€0 million drawn) has been in place with a syndicate of 21
+national and international banks. In this context, the existing
+€4,000 million master loan agreement with Volkswagen AG was
+terminated by Porsche AG in June 2023 (€0 million drawn in
+2022). Financial risk management and methods as well as opportunities
+€ million
+Capital contributions
+Profit transfer and dividends
+Change in other financing activities
+Investing activities of current operations
+-4,322
+-4,103
+As of December 31, 2023, automotive net liquidity decreased
+by €1,067 million to €7,215 million compared to the prior-year
+reporting date. The main driver for this decline was the cash
+outflow due to payment of the profit transfer and dividend for
+the fiscal year 2022. Cash inflow from net cash flow caused net
+liquidity to increase.
+Change in other provisions
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements-Effects of new or amended IFRS).
+2 Including cash received from disposal of intangible assets and property, plant and equipment.
+1,052
+-40
+-1,964
+-1,642
+Change in working capital
+-1,866
+-1,168
+Additions to capitalized development costs
+-2,081
+-1,951
+Change in inventories
+-694
+-1,010
+Changes in equity investments
+-248
+-404
+Change in receivables (excluding financial services)
+-190
+-247
+Net cash flow
+3,973
+3,866
+Change in liabilities (excluding financial liabilities)
+618
+3,119
+50,447
+0.0
+100.0
+31
+47,642
+The provisions for pensions primarily related to retirement
+benefits for employees of Porsche AG. The pension obligations
+were fully covered by provisions. Provisions for pension
+obligations (pension provisions) were discounted at the average
+market interest rate of the past ten fiscal years (section 253 (2)
+sentence 1 HGB). These were €112 million (2022:
+€370 million; difference pursuant to section 253 (6) HGB)
+lower than the carrying amount for pension provisions that
+would have been recorded as of December 31, 2023 had the
+seven-year average interest rate been applied.
+Other provisions increased by €244 million from €3,580 million
+to €3,824 million, mainly due to the increase in warranty
+provisions (up €142 million), personnel provisions
+(up €91 million), the provision for exceeding emission limits
+(up €106 million) and provisions for onerous contracts in
+connection with the measurement of derivative financial
+instruments (up €64 million).
+The decrease in liabilities including deferred income by €7,926
+million to €4,649 million (2022: €12,575 million) was mainly
+the result of €4,340 million in cash pool liabilities due to a
+change in the cash pool structure and €3,979 million from the
+termination of the control and profit and loss transfer
+agreement in place with Porsche Holding Stuttgart GmbH as of
+December 31, 2022. From the fiscal year 2023 onwards, there
+was no profit transfer.
+Overall, Porsche AG assessed the past fiscal year as positive,
+particularly against the backdrop of a persistently challenging
+macroeconomic situation, which was also linked to the
+consequences of geopolitical conflicts and tensions. Vehicle
+availability improved due to easing shortages and disruptions in
+global supply chains. Porsche AG was always able to fulfill its
+financial obligations in the fiscal year 2023.
+DIVIDEND POLICY
+As part of its financial strategy, Porsche AG is pursuing the goal
+with its dividend policy of a continuous dividend development
+that allows its shareholders to have an appropriate share of the
+success of the business. The proposed amount of the dividend
+aims to take the financial targets into account, primarily that of
+securing a sound financial basis.
+Porsche AG currently aims in the medium term to distribute an
+annual dividend of around 50%. The distribution rate is based on
+the IFRS profit/loss of the group after taxes.
+The control and profit and loss transfer agreement in place
+between Porsche AG and Porsche Holding Stuttgart GmbH
+ended pursuant to section 307 of the German Stock
+Corporation Act (AktG) as of the end of the fiscal year on
+December 31, 2022.
+The €3,420 million increase in retained earnings compared to
+the prior year related entirely to the transfer of the
+proportionate net income for the fiscal year 2023 to other
+retained earnings.
+In accordance with section 58 (2) AktG, the dividend payment
+by Porsche AG is based on the net retained profits reported in
+the annual financial statements of Porsche AG prepared in
+accordance with the German Commercial Code. Based on these
+annual financial statements of Porsche AG, following the
+transfer of €3,420 million to other retained earnings, net
+retained profit of €3,420 million is eligible for distribution.
+Combined Management Report Porsche AG HGB financial statements (condensed version)
+207
+↑ ↓ ↑ 0 |||
+208
+Statement of financial position structure of Dr. Ing. h.c. F. Porsche AG as of December 31, 2023
+€ million
+Dec. 31, 2023
+Dec. 31, 2022
+Assets
+Fixed assets
+It will be proposed to the annual general meeting that a partial
+amount of €1,048 million (2022: €456 million) from the
+distributable profit of €3,420 million (2022: €916 million) be
+used to pay a dividend of €2.30 per ordinary share carrying
+dividend rights and a partial amount of €1,052 million (2022:
+€460 million) be used to pay a dividend of €2.31 per preferred
+share carrying dividend rights as well as a partial amount of
+€1,320 million to transfer to other retained earnings.
+Intangible assets
+The capital reserves remained unchanged compared to the prior
+year at €3,822 million.
+Equity came to €11,573 million as of the reporting date (2022:
+€5,649 million). The equity ratio stood at 45.6% (2022: 21.0%).
+6,840
+Reduction in assets from spin-off
+Withdrawal from capital reserves
+Automotive net cash flow
+-11,704
+12,595
+25
+-3,420
+Profit before tax
+Tax allocations
+Income tax
+Porsche AG's subscribed capital of €911 million was made up of
+50% ordinary shares and 50% non-voting preferred shares.
+Ordinary and preferred shares are no-par-value bearer shares.
+The holders of non-voting preferred shares receive from the
+annual distributable profit an additional dividend of €0.01 per
+preferred share above the dividend allocable to the ordinary
+share.
+Withdrawal from retained earnings
+Profit carryforward
+Distributable profit
+NET ASSETS AND FINANCIAL POSITION
+As of December 31, 2023, total assets decreased by
+€1,463 million from €26,856 million to €25,393 million. Fixed
+assets increased by €3,506 million, while current assets
+decreased by €4,974 million.
+The share of fixed assets in relation to total assets was 61.0%
+(2022: 44.6%). Property, plant and equipment increased by
+€442 million to €6,898 million (2022: €6,456 million);
+investments exceeded depreciation, amortization and
+impairment losses. The increase in fixed financial assets by
+€3,022 million to €6,144 million was primarily the result of a
+change in the intragroup reorganization of the investment
+structure through the contribution of shares in Porsche Cars
+Great Britain Ltd., Porsche France S.A.S., Porsche Italia S.p.A.,
+Porsche Schweiz AG, and Porsche Taiwan Ltd. in exchange for
+the granting of new shares in Porsche Investments
+Management S.A., which led to additions of €2,334 million and
+disposals of shares of €51 million. Furthermore, the shares in
+Cellforce Group GmbH, Tübingen, as well as the loan receivables
+at Porsche AG as of December 31, 2023 due from Cellforce
+Group GmbH, Tübingen, in return for granting new shares at
+carrying amount were transferred to Porsche Erste
+Beteiligungsgesellschaft mbH, Stuttgart.
+3,420
+916
+This resulted in additions of €410 million and disposals of €71
+million. Furthermore, additions of €255 million resulted from
+the acquisition of the remaining non-controlling interests in
+MHP Management- und IT-Beratung GmbH, Ludwigsburg.
+Current assets amounted to €9,759 million as of December 31,
+2023 (2022: €14,733 million). The lower current assets were
+primarily due to the decrease in receivables from affiliated
+companies amounting to €5,407 million. These lower
+receivables were related to a decline in loans granted to other
+group companies (down €2,530 million), lower cash pool
+receivables (down €1,938 million) and a lower level of trade
+receivables (down €781 million). By contrast, receivables from
+profit transfers from subsidiaries increased by €968 million.
+Transfer to retained earnings
+Property, plant and equipment
+Financial assets
+2,438
+26,856
+Equity and liabilities
+Equity
+Subscribed capital
+Capital reserves
+Retained earnings
+Distributable profit
+Provisions
+Provisions for pensions and similar obligations
+Other provisions
+25,393
+Liabilities
+911
+3,822
+3,822
+3,420
+3,420
+916
+11,573
+5,649
+5,291
+4,959
+911
+0
+0
+Excess of covering assets over pension and similar obligations
+2,396
+6,898
+6,456
+6,144
+3,122
+15,480
+11,974
+Current assets
+Inventories
+Receivables
+Other assets
+2,935
+5,777
+2,957
+11,055
+1,032
+686
+Cash on hand and bank balances
+16
+35
+9,759
+14,733
+Prepaid expenses
+154
+149
+Net income for the year
+3,673
+-9
+-3,979
+-37
+Securities and time deposits as well as cash and cash
+equivalents increased by €2,132 million to €7,646 million
+compared to 2022.
+As of December 31, 2023, the equity of the Porsche AG Group
+increased by €4,633 million to €21,668 million compared to
+the figure from December 31, 2022. Profit after tax as well as
+other comprehensive income, net of tax, caused equity to
+increase by €5,627 million. Within other comprehensive
+income, net of tax, the increase was mainly due to the
+measurement of derivative financial instruments through other
+comprehensive income, while effects from currency translation
+as well as the remeasurement of pension plans, net of tax, led to
+a decrease.
+Dividend payments of €916 million, which were resolved by the
+Annual General Meeting of Porsche AG on June 28, 2023,
+caused equity to decrease.
+Pension provisions increased by €647 million in the fiscal year
+2023 compared to the comparative period of 2022. The
+increase is attributable to the decrease in the discount rate for
+domestic pension obligations from 3.6% to 3.2% as well as the
+current service cost.
+Furthermore, non-current other liabilities increased by
+€16 million to €4,360 million compared to December 31, 2022.
+Combined Management Report Results of operations, financial position and net assets
+203
+↑↓ ↑ |||
+204
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements-Effects of new or amended IFRS).
+In total, non-current liabilities increased by €1,184 million to
+€15,211 million. Non-current liabilities expressed as a
+percentage of total capital amount to 30.2% (2022: 29.4%).
+Trade payables increased from €2,899 million to €3,490 million
+compared to year-end 2022 in the ordinary course of business.
+Current other liabilities decreased by €4,012 million to
+€6,192 million compared to December 31, 2022. The decrease
+is largely due to the last payment of the profit transfer of
+€3,979 million for the fiscal year 2022 to Porsche Holding
+Stuttgart GmbH.
+Overall, current liabilities decreased by €3,012 million to
+€13,567 million. Current liabilities expressed as a percentage of
+total capital amounted to 26.9% (2022: 34.8%).
+As of December 31, 2023, there were off-balance-sheet
+contingent liabilities of €64 million. This is a €65 million
+decrease compared to the prior-year period, primarily as a result
+of fewer legal and product-related matters.
+Off-balance-sheet other financial obligations increased by
+€2,002 million to €5,392 million and essentially comprised
+obligations from development, supply and service agreements.
+PORSCHE AG HGB FINANCIAL STATEMENTS
+(CONDENSED VERSION)
+RESULTS OF OPERATIONS
+In the reporting year, sales revenue increased by 5.0% on the
+prior year from €30,317 million to €31,839 million. The
+increase was largely due to higher unit sales coupled with
+improved unit price realization as well as positive product mix
+effects. Sales revenue was largely offset by cost of materials of
+€18,993 million (2022: €17,545 million), personnel expenses
+of €3,336 million (2022: €3,624 million) as well as other
+operating expenses of €4,580 million (2022: €5,289 million).
+The decrease in personnel expenses is due to the lower current
+service cost for the company pension scheme.
+Non-current and current financial liabilities increased from
+€9,480 million to €10,417 million. This increase mainly related
+to the refinancing of the financial services business through
+asset-backed securities, while the debenture bonds decreased
+as a result of partial repayment.
+1
+47,642 100.0
+0.0
+0.1
+100.0
+Inventories
+Financial services receivables
+Other financial assets and other receivables
+Tax receivables
+Securities and time deposits
+Cash and cash equivalents
+Assets held for sale
+Total assets
+Equity and liabilities
+Equity
+Non-current liabilities
+Provisions for pensions and similar obligations
+Financial liabilities
+Other liabilities
+Current liabilities
+Financial liabilities
+Trade payables
+Other liabilities
+Liabilities associated with assets held for sale
+Total assets
+21,668 43.0
+15,211 30.2
+4,315 8.6
+6,537 13.0
+4,360 8.6
+13,567 26.9
+3,880 7.7
+3,490 6.9
+6,192 12.3
+5 0.0
+50,447 100.0
+17,035 35.8
+14,027 29.4
+3,668 7.7
+6,016 12.6
+4,343 9.1
+16,579 34.8
+3,464 7.3
+2,899 6.1
+10,204
+21.4
+12
+Of other operating income of €3,155 million (2022:
+€897 million), €227 million (2022: €300 million) related to
+exchange rate gains. The contribution of shares in five importing
+companies to Porsche Investments Management S.A. in return
+for the contribution of new shares resulted in other operating
+income of €2,283 million.
+Profit transferred under a profit and loss transfer agreement
+Cost of materials related to expenses for raw materials,
+consumables and supplies and for purchased merchandise of
+€16,141 million (2022: €15,061 million) and to expenses for
+purchased services of €2,852 million (2022: €2,484 million).
+The disproportionate 8.3% increase in the cost of materials
+compared to sales revenue was due in particular to the
+continued high level of inflation and the associated supplier
+receivables as well as higher purchased services for research
+and development activities.
+The investment result comprised income from equity
+investments of €689 million (2022: €1,628 million), income
+from profit and loss transfer agreements of €1,299 million
+(2022: €274 million), expenses from equity investments of
+€53 million (2022: €0 million) and expenses from loss
+absorption of €4 million (2022: €42 million). The increase in
+income from profit and loss transfer agreements was due to the
+profit transfer from Porsche Nordamerika Holding GmbH,
+Ludwigsburg, of €787 million, which included a dividend from
+Porsche Cars North America, Inc., Atlanta, of US$911 million in
+the fiscal year 2023. Income from equity investments primarily
+comprised income from Porsche Hong Kong Ltd., Hong Kong,
+Porsche Middle East and Africa FZE, Dubai, 000 Porsche
+Russland, Moscow, Porsche Brasil Importadora de Veículos
+Ltda., São Paulo, and Porsche Taiwan Motors Ltd., Taipei. The
+decrease in income from equity investments was due to the
+dividends from Porsche Hong Kong Ltd, Hong Kong, in the prior
+year. Expenses from equity investments related to impairment
+losses of P3X GmbH & Co. KG (€30 million) as well as
+000 Porsche Russland, Moscow (€23 million).
+-17,545
+Personnel expenses
+-3,336
+-3,624
+Amortization, depreciation and impairment of intangible assets and property, plant and equipment
+-1,662
+-1,549
+Other operating expenses
+-4,580
+-5,289
+-18,993
+Investment result
+1,860
+Interest result
+-37
+8,402
+5,387
+-1,399
+-1,525
+Profit after tax
+6,877
+3,988
+Other taxes
+1,932
+Other operating expenses of €4,580 million (2022:
+€5,289 million) include exchange rate losses of €399 million
+(2022: €370 million). The decrease in other operating expenses
+was mainly driven by lower expenses in connection with the
+measurement of derivative financial instruments. This was
+offset by higher sales and IT expenses.
+Cost of materials
+3,155
+The negative interest result of €37 million (2022: €63 million)
+primarily contained interest income from affiliates, interest
+expenses from discounting non-current provisions as well as
+interest expenses for the debenture bonds issued.
+Income tax for the fiscal year 2023 amounted to
+€1,525 million. The low tax rate of 18.2% was mainly due to the
+additional profit under commercial law in connection with the
+transfer of shares in five importer companies to Porsche
+Investments Management S.A. in return for granting new
+shares.
+The control and profit and loss transfer agreement in place with
+Porsche Holding Stuttgart GmbH ended on December 31,
+2022. There was therefore no profit transfer in the fiscal year
+2023. The net income for the year before appropriation of profit
+amounted to €6,840 million.
+Combined Management Report Porsche AG HGB financial statements (condensed version)
+205
+↑↓ ↑ ||
+206
+Income Statement of Dr. Ing. h.c. F. Porsche AG
+€ million
+Sales revenue
+2023
+2022
+-63
+31,839
+30,317
+Changes in inventories and other own work capitalized
+84
+383
+Total operating performance
+31,923
+30,700
+Other operating income
+897
+>
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+EU Taxonomy: capital expenditure
+56.4
+56.4
+E
+43.6
+Y
+Y
+Y
+Y
+Y
+Y
+43.6
+Y
+Y
+Y
+Y
+Y
+E
+Y
+Y
+Y
+Y
+100.0
+Y
+Combined Management Report Non-financial statement 2023
+↑↓ ↑ ||
+Pollution
+Water
+Bio-
+Circular
+change change
+mitigation adaptation
+2023
+OpEx
+Code
+of OpEx,
+Climate
+Climate Climate
+Proportion
+taxonomy-
+aligned (A.1.)
+Proportion of
+DNSH criteria ("Does Not Significantly Harm")
+Substantial contribution criteria
+A.1. Environmentally sustainable activities
+(taxonomy-aligned)
+A. Taxonomy-eligible activities
+Economic activities
+Operating expenditure 2023
+226
+225
+economy diversity
+Y
+43.6
+3.3 4,408
+CCM
+EL:
+N/EL3
+EL:
+N/EL³
+N/
+EL:
+EL:
+N/EL3
+EL:
+N/EL³
+EL:
+N/E
+38.4
+38.4
+38.4
+38.4
+2,743
+2,743
+N/EL
+N/EL
+N/EL
+N/EL
+N/EL
+Y
+61.6
+E
+EL
+N/EL
+Y
+Y
+Y
+Y
+Y
+3 EL: taxonomy-eligible activity for the relevant objective; N/EL: taxonomy-non-eligible activity for the relevant objective.
+the relevant environmental objective; N/EL: Not eligible, taxonomy-non-eligible activity for the relevant environmental objective.
+Y: Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N: No, taxonomy-eligible but not taxonomy-aligned activity with
+2
+All percentages relate to the total capital expenditure of the group.
+1
+100.0
+7,151
+Total (A + B)
+7,151 100.0 100.0
+61.6
+61.6
+4,408
+N/EL
+N/EL
+N/EL
+N/EL
+change
+mitigation
+Climate
+change
+adaptation
+Water
+50.1
+557
+3.3
+transport
+CCM
+Manufacture of low-carbon technologies for
+EL;
+N/EL
+EL:
+N/EL
+EL:
+N/EL3
+EL;
+N/EL
+EL;
+N/EL
+EL:
+N/EL3
+(not taxonomy-aligned activities)
+environmentally sustainable activities
+49.9
+49.9
+555
+49.9
+49.9
+555
+A.2. Taxonomy-eligible but not
+EL
+Of which transitional
+N/EL
+N/EL
+2 Y: Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N: No, taxonomy-eligible but not taxonomy-aligned activity with
+All percentages relate to the total operating expenditure of the group.
+1
+100.0
+1,112
+Total (A + B)
+activities (B)
+OpEx of taxonomy-non-eligible
+B. Taxonomy-non-eligible activities
+100.0
+1,112 100.0
+50.1
+50.1
+557
+(A.1 + A.2)
+OpEx of taxonomy-eligible activities
+(not taxonomy-aligned activities) (A.2)
+environmentally sustainable activities
+OpEx of taxonomy-eligible but not
+N/EL
+N/EL
+N/EL
+Of which enabling
+activities (taxonomy-aligned) (A.1)
+OpEx of environmentally sustainable
+Y/N
+Y/N
+Y/N
+N/EL²
+Y; N;
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+%¹
+€ (million)
+activity
+transitional
+Category
+Category
+enabling
+activity
+2022
+or -eligible
+(A.2.) OpEx,
+Minimum
+safeguards
+Circular
+economy Biodiversity
+Pollution
+Y/N
+Y/N
+Y/N
+Y/N
+N/EL
+N/EL
+N/EL
+N/EL
+N/EL
+Y
+3.18
+components
+CCM
+Manufacture of automotive and mobility
+CCM
+3.18
+N/EL
+N/EL
+N/EL
+N/EL
+Y
+49.9
+555
+3.3
+CCM
+Manufacture of low-carbon technologies for
+transport
+%¹
+N/EL
+N/EL
+N/EL
+N/EL
+activities (B)
+96.7
+96.7
+39,175
+83.7
+83.7
+33,932
+N/EL
+N/EL
+N/EL
+N/EL
+N/EL
+EL
+83.7
+33,932
+CCM
+3.3
+EL;
+N/EL³
+EL;
+N/EL³
+EL;
+N/EL³
+EL;
+N/EL3
+N/EL³
+1,355
+EL;
+3.3
+40,530
+Y
+Y
+Y
+T
+E
+%1,4
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+4 The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements - Effects of new or amended IFRS).
+3 EL: taxonomy-eligible activity for the relevant objective; N/EL: taxonomy-non-eligible activity for the relevant objective.
+the relevant environmental objective; N/EL: Not eligible, taxonomy-non-eligible activity for the relevant environmental objective.
+Y: Yes, taxonomy-eligible and taxonomy-aligned activity with the relevant environmental objective; N: No, taxonomy-eligible but not taxonomy-aligned activity with
+2
+All percentages relate to the total sales revenue of the group.
+1
+100.0
+Total (A + B)
+EL:
+N/EL³
+Sales revenue of taxonomy-non-eligible
+B. Taxonomy-non-eligible activities
+99
+3.18
+CCM
+Manufacture of automotive and mobility
+components
+N/EL
+N/EL
+N/EL
+N/EL
+N/EL
+Y
+12.7
+5,143
+3.3
+for transport
+CCM
+Manufacture of low-carbon technologies
+N/EL²
+Y; N;
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+0.2
+Y
+N/EL
+N/EL
+activities (A.1 + A.2)
+Sales revenue of taxonomy-eligible
+(not taxonomy-aligned activities) (A.2)
+Sales revenue of taxonomy-eligible but not
+environmentally sustainable activities
+Manufacture of low-carbon technologies
+for transport
+(not taxonomy-aligned activities)
+environmentally sustainable activities
+A.2. Taxonomy-eligible but not
+Of which transitional
+Of which enabling
+Y
+12.9
+5,243
+12.9
+12.9
+5,243
+(A.1)
+sustainable activities (taxonomy-aligned)
+Sales revenue of environmentally
+N/EL
+N/EL
+N/EL
+12.9
+the relevant environmental objective; N/EL: Not eligible, taxonomy-non-eligible activity for the relevant environmental objective.
+Y
+E
+Category
+Category
+enabling
+activity
+2022
+Circular
+Minimum (A.2.) CapEx,
+economy Biodiversity safeguards
+Pollution
+Water
+change
+adaptation
+mitigation
+economy diversity
+Pollution
+Water
+change
+Bio-
+Circular
+change change
+mitigation adaptation
+2023
+CapEx
+Code
+of CapEx,
+Climate Climate
+Proportion
+transitional
+or -eligible
+activity
+%¹
+N/EL
+N/EL
+Y
+38.4
+3.3 2,743
+CCM
+%1
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+Y/N
+N/EL²
+Y; N;
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+Y; N;
+N/EL²
+€ (million)
+Climate
+Climate
+Proportion of
+taxonomy-
+aligned (A.1.)
+87.5
+87.5
+E
+10.1
+Y
+Y
+Y
+Y
+Y
+10.1
+Y
+Y
+Y
+Y
+Y
+Y
+E
+Y
+Y
+Y
+Y
+97.5
+Combined Management Report Non-financial statement 2023
+223
+↑↓ ↑ ||
+DNSH criteria ("Does Not Significantly Harm")
+Substantial contribution criteria
+activities (B)
+CapEx of taxonomy-non-eligible
+B. Taxonomy-non-eligible activities
+CapEx of taxonomy-eligible activities
+(A.1 + A.2)
+CapEx of taxonomy-eligible but not
+environmentally sustainable activities
+(not taxonomy-aligned activities) (A.2)
+Manufacture of low-carbon technologies for
+transport
+(not taxonomy-aligned activities) (A.2)
+environmentally sustainable activities
+10.1
+A.2. Taxonomy-eligible but not
+Of which enabling
+activities (taxonomy-aligned) (A.1)
+CapEx of environmentally sustainable
+Manufacture of automotive and mobility
+components
+Manufacture of low-carbon technologies for
+transport
+A.1. Environmentally sustainable activities
+(taxonomy-aligned)
+A. Taxonomy-eligible activities
+Economic activities
+Capital expenditure 2023
+224
+Of which transitional
+220
+3 EL: taxonomy-eligible activity for the relevant objective; N/EL: taxonomy-non-eligible activity for the relevant objective.
+Y
+Circular
+Water
+Pollution
+economy Biodiversity
+Minimum
+safeguards
+(A.2.) sales
+revenue,
+2022
+Category
+Category
+enabling transitional
+activity
+activity
+€ (million)
+%¹
+239
+Combined Management Report Non-financial statement 2023
+Porsche AG is also represented in the Initiative for
+Responsible Mining Assurance (IRMA) via the Volkswagen
+Group. This promotes an independent assessment of
+sustainability from mining companies. With these measures,
+Porsche AG wants to improve the human rights situation in
+its raw material supply chains.
+Via the Volkswagen Group, Porsche AG is also a member of
+the World Economic Forum's Global Battery Alliance.
+Featuring public and private partners, this alliance strives to
+promote social and ecological sustainability along the value
+chain of battery raw materials. The Volkswagen Group also
+has a material-specific specification for the battery raw
+materials cobalt, lithium, nickel and graphite which is
+mandatory for all new contracts for high-voltage battery
+cells. It requires mandatory disclosure of the origin of the raw
+materials for all four battery raw materials.
+- The Volkswagen Group has a material-specific specification
+for the mica pigment, which is mandatory for all contracts
+newly awarded to suppliers of paint and mica sheets
+(battery). This requires that the origin of the raw materials,
+including the identity of the processor, are disclosed. It also
+calls for a mandatory audit in line with the Global Workplace
+Standard for Mica Processors for all processors in the supply
+chain. Porsche AG is a member of the Responsible Mica
+Initiative which aims to promote safety and fair labor
+conditions and wages at the processing companies.
+- At the Volkswagen Group, there are also material-specific
+specifications for leather, which is mandatory for all
+contracts newly awarded to direct leather suppliers. This
+requires disclosure of the country of origin and a
+sustainability certificate which is specific to leather. Since
+the reporting year, Porsche AG has also been active in the
+Leather Working Group (LWG), a global multi-stakeholder
+community committed to responsible leather. The non-profit
+organization drives best practices and positive social and
+environmental change for responsible leather production.
+Porsche AG and Michelin entered a partnership back in 2020
+with the aim of promoting the sustainable farming of natural
+rubber. Porsche AG and Michelin are jointly involved in the
+CASCADE (Committed Actions for Smallholders Capacity
+Development) project, which aims to create more
+transparency and better working conditions for small
+plantation farmers in the extraction of raw materials.
+- Through the Volkswagen Group, Porsche AG is also a
+member of the Global Platform for Sustainable Natural
+Rubber (GPSNR), which has set itself the goal of improving
+the social and environmental impact of natural rubber
+production.
+In addition to close cooperation with direct and indirect
+suppliers, Porsche AG is also involved in various initiatives that
+promote transparency and better working conditions during the
+extraction of raw materials:
+As Porsche AG's product portfolio becomes increasingly more
+electrified, the company must purchase significantly more raw
+materials, the extraction of which must be more strictly
+monitored in accordance with human and environmental rights
+in complex global supply chains. Porsche AG is therefore
+continuously refining its approaches and objective to be able to
+procure raw materials in a responsible way. In the reporting year,
+Porsche AG conducted several projects together with the
+Volkswagen Group in which selected raw materials were
+analyzed in turn and thus increased transparency in the raw
+materials supply chains.
+Responsible procurement of raw materials
+Porsche AG is an active participant in the automotive industry
+dialog on the German Federal Government's National Action
+Plan for Business and Human Rights (NAP). The aim is to
+establish humane labor conditions in internal business
+departments and in the supply chain. In addition, Porsche AG
+has added human rights aspects to its training and
+communication measures, e.g., with background information,
+warning signs and recommended actions if there are indications
+of human rights violations. Porsche AG also enters strategic
+sustainability dialog with selected direct suppliers to
+continuously exchange information on relevant topics. The
+participants reflect together on opportunities and challenges
+and determine approaches for sustainable actions.
+change
+adaptation
+Dialog activities
+mitigation
+Bio-
+diversity
+222
+TABLES PURSUANT TO EU TAXONOMY
+Sales revenue 2023
+Economic activities
+A. Taxonomy-eligible activities
+A.1. Environmentally sustainable activities
+(taxonomy-aligned)
+Substantial contribution criteria
+DNSH criteria ("Does Not Significantly Harm")
+Proportion of
+taxonomy-
+aligned (A.1.)
+or -eligible
+Proportion
+Climate
+Climate
+of sales
+Climate Climate
+Code
+Sales
+revenue
+revenue,
+change change
+2023 mitigation adaptation
+Water
+Pollution
+Circular
+economy
+change
+↑↓ ↑ 0 |||
+Porsche AG uses a standardized process to deal with every
+complaint that relates to its own business field and the supply
+chain of Porsche AG.
+Complaints process
+Direct suppliers that deliver products to Porsche AG must
+provide Porsche AG with information on total energy
+consumption in MWh and CO2 emissions in metric tons (Scope
+1, 2 and 3) at product level upon request.
+The environmental criteria of the S-rating for direct suppliers of
+production materials were adjusted in 2022: If a direct supplier
+employs more than 100 staff at its production sites, Porsche AG
+expects it to have an environmental management system
+ISO 14001 or the European Union's EMAS Regulation.
+A: Eligible for the award of contracts
+B: Award of contracts with conditions
+C: Not eligible for the award of contracts
+Measures
+Sustainability rating
+On-site check
+Country risk
+Self-assessment questionnaire
+Environment and social
+Sustainability rating
+The S-rating is based on self-disclosures by direct suppliers
+on defined sustainability criteria. If the results of the self-
+disclosure are not satisfactory because the sustainability
+standards needed for the S-rating are not met at the direct
+suppliers or the required evidence is not provided, an on-site
+inspection may be carried out by an independent sustainability
+auditor. If any concerns are raised, the direct supplier is given a
+negative rating. If target achievement falls below a defined
+threshold, Porsche AG initiates a corrective action plan in
+collaboration with the supplier concerned. The direct supplier
+must remedy the identified concerns without delay, which the
+independent sustainability auditor then verifies directly. As a
+matter of principle, the suppliers concerned are not considered
+for contracts by Porsche AG until they meet the sustainability
+requirements.
+DUE DILIGENCE PROCESS
+Of all the parts, high-voltage battery cells are a key factor for
+greenhouse gas emissions in the supply chain for electric
+vehicles. Therefore, to reduce these emissions, measures have
+been defined which direct suppliers have had to implement as
+requirements for all-electric series production car projects since
+2022. In this context, the process of awarding contracts
+encompasses specific requirements relating to the use of green
+electricity, CO₂-optimized primary materials, and recycled
+materials. → Climate change mitigation
+The Porsche AG Group has set itself an ambitious target: to be
+net carbon neutral along the entire value chain of its newly
+produced vehicles in 2030. The supply chains are currently
+responsible for around 20% of the greenhouse gas emissions
+that are relevant to the Decarbonization Index (DCI), for example
+in the extraction of raw materials and the production of vehicle
+components.
+Decarbonization in the supply chain
+Porsche AG encourages its direct business partners to develop
+and promote an inclusive culture. Diversity should be promoted
+among all employees and at all hierarchical levels - in
+particular, but not exclusively, cultural, ethnic and religious
+diversity.
+Accordingly, the Porsche AG Group also expects its direct
+suppliers to refrain from any form of discrimination,
+intimidation, harassment or unjustified disadvantageous
+treatment of employees in the working environment. Unequal
+treatment because of ethnic or social origin, skin color, gender,
+nationality, language, religion, physical or mental limitations,
+gender identity, sexual orientation, state of health, age, marital
+status, pregnancy/parenthood or trade union membership is
+prohibited. This same applies to political convictions, if they are
+based on democratic principles and tolerance towards those
+with different opinions, provided they do not conflict with the
+requirements of the job. Unequal treatment also includes the
+payment of unequal remuneration for work of equal value.
+and equal opportunity. Besides equal opportunities between the
+genders, the focus is on the diversity of the international
+workforce. The Porsche AG Group values openness towards
+people of different origins and sexual orientations, and
+encourages harmonious, productive cooperation between
+generations, regardless of whether people have a disability.
+→ Equal treatment and opportunities within the own workforce
+The Porsche AG Group attributes great importance to diversity
+In 2022, Porsche AG issued a declaration of its intent to observe
+and promote human rights. This is Porsche AG's commitment to
+respecting human rights worldwide and promoting good
+working conditions and fair trade. This declaration contains
+Porsche AG's human rights strategy. The Porsche AG Group
+rejects child labor, forced and compulsory labor as well as any
+form of modern slavery and human trafficking.
+Safeguarding work-related rights in the supply chain
+The minimum standards for the S-rating of direct suppliers also
+include respect for human rights at the individual stages of the
+value chain.
+Porsche AG operates a multistage complaints management
+system that provides internal and external complainants with a
+confidential communication channel for reporting potential
+breaches of human rights and violations of environmental
+duties. Porsche AG publishes the freely available reporting
+channels on its website www.newsroom.porsche.de.
+To implement the requirements of Germany's Supply Chain Due
+Diligence Act (LKSG), which has applied in Germany since
+January 1, 2023, Porsche AG already published the Group
+Business and Human Rights Guidelines in 2022. These group
+guidelines establish an overarching framework for controlling
+the duties of care relating to human rights and the environment
+under the LKSG. In addition, the manual sustainability
+management in supplier relationships and the Code of Conduct
+for Business Partners were updated in the reporting year.
+The majority of the BHR Council's meetings are about events
+relating to human rights or the environment from the risk
+assessment, results from following up on complaints received
+as well as information about the effectiveness of LKSG
+measures.
+S-rating.
+a digital learning module also aims to give employees from other
+company departments the opportunity to learn about the
+concept and control opportunities of the
+To check compliance with the sustainability criteria, all
+employees involved with procurement at Porsche AG are
+mandated to take part in training on the S-rating. Furthermore,
+users
+In addition, Porsche AG relies on new technologies such as
+artificial intelligence (AI) to further increase transparency in the
+supply chain and recognize potential risks, for example, in raw
+material supply chains. The permanent screening of freely
+available internet sources including social media provides timely
+indications of possible breaches. The scope was expanded in
+the reporting year. → Information-related impacts for consumers and/or end
+One of the foundations of Porsche AG's examination of the
+sustainability requirements at direct suppliers is the abstract
+risk analysis created based on a risk matrix. Within this risk
+matrix, the procurement volumes are categorized into risk
+groups (high, medium and low) according to the abstract human
+rights and environmental sector risks and using appropriateness
+criteria. They are then made more specific by including the
+country's risks. Based on the abstract risk analysis, appropriate
+measures are rolled out for the respective supplier risk groups.
+Within the ReSC system, a distinction is made between
+Standard measures and Deep Dive measures.
+Examination of the sustainability requirements
+To prevent integrity risks and negative social or environmental
+impacts along the supply chain, direct suppliers are informed
+about the content of Porsche AG's CoC for Business Partners as
+part of education measures, for instance, e-learnings, and made
+aware of current challenges in the supply chain. Central training
+and awareness-raising measures are also offered in different
+languages. The Volkswagen Group offers CoC training courses
+to all direct suppliers.
+In addition to environmental requirements, e.g., the use of
+electricity from renewable energies or recycled materials, the
+CoC for Business Partners includes minimum standards for
+remuneration, occupational health and safety and fire protection
+requirements. Suppliers are required to ensure that working
+hours comply with the applicable national legal requirements
+and/or the national requirements applicable in the respective
+economic sector and that the working conditions meet
+applicable minimum standards - also in terms of hygiene.
+The sustainability requirements from the CoC are firmly
+enshrined in the supplier contracts. If these are not complied
+with, Porsche AG will take the contractually agreed steps up to
+and including termination of the business relationship.
+Furthermore, business partners are obliged to pass on the
+sustainability requirements of the CoC to their own suppliers in
+the upstream supply chain and to set up appropriate control
+measures to monitor them.
+In accordance with the CoC for Business Partners, the
+Porsche AG Group also expects all direct suppliers of production
+materials to follow the OECD Due Diligence Guidance for
+Responsible Supply Chains of Minerals from Conflict-Affected
+and High-Risk Areas. In the reporting year, the Porsche AG
+Group's CoC for Business Partners was updated based on the
+new LKSG, among others.
+The Code of Conduct (CoC) for Business Partners requires and
+checks that all direct suppliers implement environmental and
+social standards. This forms the basis for legally binding
+contractual agreements. It is founded on the International
+Chamber of Commerce's Charter for Sustainable Development,
+the OECD Guidelines for Multinational Enterprises, the UN
+Guiding Principles for Business and Human Rights and the
+relevant core labor standards of the International Labour
+Organisation (ILO).
+Sustainability requirements for direct suppliers
+MEASURES
+The LKSG also places a particular focus on external service
+providers that provide security services on behalf of the
+Porsche AG Group. To reduce risks in this context, security staff
+are instructed regularly and before their first assignment, at
+least once a year. The training conveys that the prohibition of
+torture and cruel, inhuman or degrading treatment must not be
+disregarded, that life and limb must not be harmed, and that
+freedom of association and trade union rights must not be
+restricted. Any suspected cases or violations despite the
+measures taken can be reported to humanrights@porsche.de.
+To respond appropriately to particularly serious human rights
+and environmental risks, the human rights focus system (HRFS)
+is implemented together with the Volkswagen Group into the
+supply chain.
+↑ ↓ ↑ 0 |||
+238
+237
+Combined Management Report Non-financial statement 2023
+Established procedures and processes of the Porsche AG
+Group's responsible supply chain system (ReSC system), which
+are defined in the handbook on sustainability management in
+supplier relationships, are used to achieve the overarching
+sustainability targets. If there is suspicion that a direct supplier
+does not comply with sustainability requirements during an
+ongoing business relationship, the supply chain grievance
+mechanism (SCGM) comes into play. This processes potential
+indications of violations of Porsche AG's sustainability
+requirements.
+In the reporting year, Porsche AG's Executive Board appointed
+the Business and Human Rights Council (BHR Council) to
+monitor the duty of care in terms of human rights and
+environmental matters. This Council is made up of members
+from multiple disciplines, is directly linked to the Executive
+Board and supported by its own office. It met seven times in the
+reporting year.
+221
+Combined Management Report Non-financial statement 2023
+As a result of this, €1,741 million of the taxonomy-aligned
+capital expenditure and €268 million of the taxonomy-aligned
+operating expenditure in the reporting year were allocated to
+the CapEx plan as defined by the EU Taxonomy. The total
+amount expected to fall under this CapEx plan within the scope
+of the EU Taxonomy in the reporting period and during the five-
+year operational medium-term planning amounts to around €15
+billion.
+7,151
+100.0
+2,743
+38.4
+Y
+Y
+2,743
+38.4
+Y
+1,297
+18.1
+Y
+810
+11,3
+A. Taxonomy-eligible activities
+3.3 Manufacture of low-carbon
+technologies for transport
+of which additions to capitalized
+development costs for BEVS
+of which additions to property,
+plant and equipment for BEVS
+3.18 Manufacture of automotive and
+mobility components
+B. Taxonomy-non-eligible activities
+38.4
+Total (A + B)
+2,743
+Y
+Economic activities
+Compliance
+Compliance
+with
+Substantial contribution to
+Capital expenditure
+climate change mitigation
+with DNSH minimum
+criteria safeguards
+Taxonomy-aligned
+capital expenditure
+€ million
+%¹
+€ million
+%¹
+Y/N
+Y/N
+€ million
+%¹
+7,151
+100.0
+2,743
+38.4
+Y
+7,151
+1 All percentages relate to the total amount of capital expenditure.
+OPERATING EXPENDITURE
+555
+49.9
+3.3 Manufacture of low-carbon
+technologies for transport
+1,112
+100.0
+555
+49.9
+Y
+Y
+555
+49.9
+3.18 Manufacture of automotive and
+mobility components
+B. Taxonomy-non-eligible activities
+Total (A + B)
+1,112
+All percentages relate to the total amount of operating expenditure.
+CAPEX PLAN WITHIN THE SCOPE OF THE EU TAXONOMY
+According to the requirements of the EU Taxonomy, a
+distinction must be made as to what extent the taxonomy-
+aligned capital and operating expenditures a) relate to assets or
+processes associated with environmentally-sustainable
+economic activities or b) are part of a plan to expand taxonomy-
+aligned economic activities or to convert taxonomy-eligible
+economic activities into taxonomy-aligned economic activities
+(CapEx plan). The CapEx plan within the scope of the EU
+Taxonomy shows the total amount, i.e., the sum of all capital
+and operating expenditures expected to be incurred to expand
+taxonomy-aligned economic activities or to convert taxonomy-
+eligible economic activities into taxonomy-aligned economic
+activities in the reporting period and during the five-year
+operational medium-term planning.
+The CapEx plan in terms of the EU Taxonomy relates to
+economic activity "3.3 Manufacture of low-carbon technologies
+for transport" as listed in the environmental objective of climate
+change mitigation.
+Additions from leased assets (mainly vehicle leasing business)
+are already based on existing ecologically sustainable activities,
+which is why they were not included in the CapEx plan. The
+Porsche AG Group allocated additions from intangible assets
+and property, plant and equipment as well as non-capitalized
+research and development costs to the CapEx plan, provided
+that they result in a conversion or expansion. To do this, the
+Porsche AG Group compared the average taxonomy-aligned
+production volume from the operational medium-term planning
+with the taxonomy-aligned vehicles of the reporting year and
+used this ratio to apportion the taxonomy-aligned capital
+expenditures. The Porsche AG Group took the share exceeding
+the current taxonomy-aligned production volume into account
+accordingly.
+Y
+Y
+49.9
+555
+The operating expenditure (OpEx) reported by the Porsche AG
+Group for the purposes of the EU Taxonomy comprises non-
+capitalized research and development costs, which can be taken
+from → Notes to the consolidated financial statements-13. Intangible assets.
+The Porsche AG Group also includes the expenditure for short-
+term leases recognized in the consolidated financial statements,
+which can be found in Notes to the consolidated financial statements-
+35. Leases and expenditure for maintenance and repairs.
+The allocation of operating expenditure to the economic
+activities followed the same logic as that described for capital
+expenditure. All operating expenditure is associated with
+economic activity "3.3 Manufacture of low-carbon technologies
+for transport" and has been classified as taxonomy-eligible by
+the Porsche AG Group.
+Where possible, non-capitalized research and development
+costs were directly attributed to vehicles. It was included if the
+vehicles in question make a substantial contribution to the
+climate change mitigation objective. Any non-capitalized
+research and development costs directly attributable to vehicles
+that do not meet the screening criteria were not included. Non-
+capitalized research and development costs that were not
+clearly attributable to a particular vehicle were taken into
+account on a proportionate basis using allocation formulas. For
+these and other operating expenses, the same allocation
+formulas were used as for capital expenditure. Of the taxonomy-
+aligned operating expenditure of €555 million (2022: €467
+million), 64.1% (2022: 63.4%) was attributable to non-
+capitalized research and development costs. The increase in
+taxonomy-aligned operating expenditure - both the absolute
+value and the proportion - is attributable to the growing
+number of environmentally sustainable vehicle projects in line
+with the EU Taxonomy.
+EU Taxonomy: operating expenditure
+Economic activities
+Compliance
+Operating expenditure
+Substantial contribution to
+climate change mitigation
+with DNSH
+criteria
+Compliance
+with
+minimum
+safeguards
+Specifically, by 2030, Porsche AG aims to comply with the
+strictest internal quality standards relating to sustainability with
+90% of the production material it purchases from direct
+suppliers with a sustainability rating (S-rating). This means that
+direct suppliers of production materials are expected to achieve
+a positive S-rating in the highest category (A) by this point in
+time. The S-rating covers environmental and social aspects,
+including respect for human rights. It also rates compliance with
+ethical conduct.
+Taxonomy-aligned
+operating expenditure
+%'
+€ million
+%¹
+Y/N
+Y/N
+€ million
+%1
+A. Taxonomy-eligible activities
+1,112
+100.0
+€ million
+Porsche AG wants to ensure that its direct suppliers practice
+ecologically sustainable procurement, adhere to human rights
+standards, implement social employment practices, and achieve
+responsible resource management.
+TARGETS
+Porsche AG's entire supply chain encompasses more than
+1,700 direct suppliers of production materials and more than
+5,700 direct suppliers of non-production materials.
+Responsibility for supply chain management and sustainability
+in the supply chain lies with the Member of the Executive Board
+responsible for Procurement at Porsche AG.
+for fuel extraction
+and refining, CO₂
+emissions caused by
+power generation
+Upstream chains
+Upstream
+chain
+Usephase
+Energy consumption
+for vehicle manu-
+facture
+Production
+for supply chain
+further processing
+Material extraction Energy consumption
+and processing
+Supplier
+Raw materials
+the sake of legibility, CO2 is used in this report.
+4 Based on the GHG Protocol, the decarbonization index (DCI) models significant
+emissions as comprehensively as possible in greenhouse gas equivalents
+(CO₂e), such as CO2, CH4, N2O, HFCS, PFCs and SF6. The DCI's targets and
+reporting relate to the current status of the methods and are stated in CO₂e. For
+(offsets) through climate change mitigation projects are included in the
+Porsche AG Group's decarbonization strategy. Therefore, in order to achieve net
+carbon neutrality, the remaining emissions along the value chain of the newly
+produced vehicles should be offset. Emissions of vehicles produced prior to
+achieving net carbon neutrality along the value chain of the vehicles are not
+taken into account for the calculation of the carbon balance. Realizing the
+Porsche AG Group's ambition depends upon various factors, for example,
+technological progress that has not yet been fully developed, and also on
+regulatory or economic developments that are outside the Porsche AG Group's
+control and may therefore not be realizable.
+3 This target covers Scope 1, Scope 2 and Scope 3 emissions as defined by the
+Greenhouse Gas Protocol. Net carbon neutrality along the value chain of the
+newly produced vehicles describes the Porsche AG Group's ambition to avoid
+and reduce CO2 emissions, especially during production (Scope 1 and Scope 2
+emissions), in the supply chain and use phase of the vehicles delivered
+(upstream and downstream Scope 3 emissions), but also in other Scope 3
+categories, such as professional travel. Avoided emissions and removals
+2 Life cycle includes the CO₂ emissions of a vehicle in the supply chain, Porsche's
+production, use phase of 200,000 km and recycling.
+1 For the Porsche AG Group, more ecological materials are reduced-carbon
+primary materials or circular materials. Reduced-carbon primary materials are
+characterized by the fact that they cause less CO2 per kilogram of primary
+material than the average materials of the same type used in the EU. Porsche
+AG Group uses the term circular to describe materials that are partly produced
+from pre- and post-consumer scrap or from renewable raw materials.
+In-house
+Supply chain
+Any
+During the product development process, the targets are broken
+down to vehicle and system level and requirements are defined
+at component level and included as binding specifications for
+direct suppliers. The achievement of targets is then monitored
+by the Executive Board Product Committee, among others, and
+finally subjected to an external audit.
+In preliminary processes and committees, the Porsche AG Group
+evaluates its product strategy and develops recommendations
+based on input from the relevant internal specialist
+departments. The Executive Board holds regular strategy
+workshops and planning rounds for this purpose.
+Decarbonization targets are included in the product strategy
+and product development process. These are initially set by the
+sustainability organization bodies and then verified when setting
+targets for the vehicle projects and signed off on by the
+responsible committee of the Executive Board.
+For the purpose of recording CO₂ emissions in the DCI, the main parts of the
+Porsche AG Group are above all Porsche AG and Porsche Leipzig GmbH.
+Outside the Porsche AG Group, the CO2 emissions from the supply chain and
+use phase are particularly relevant for the DCI.
+In cooperation with the Volkswagen Group, the Porsche AG
+Group revises the composition, valuation methods, and
+methodology of the DCI on a regular basis, for example, due to
+changes in internal or external requirements, such as vehicle
+test cycles. DCI values previously published can therefore also
+be adapted to new premises - considering the requirements of
+the GHG Protocol for the recalculation of corporate emissions -
+for the purpose of obtaining a methodologically consistent time
+series.
+Driving
+emissions
+End of life
+In the reporting year, Porsche AG entered further partnerships
+with manufacturers of raw materials to improve the carbon
+footprint of Porsche vehicles. Porsche AG and a Norwegian
+aluminum producer have agreed to work together on low-
+carbon aluminum.
+Together with AUDI AG, Porsche AG is developing the Premium
+Platform Electric (PPE), a modular platform for electric cars for
+the period beyond the reporting period. The aim is to use this for
+the all-electric Macan and one other model series in the short to
+medium term. Another platform is the Scalable Systems
+Platform (SSP), which Porsche AG is developing with AUDI AG
+and other companies in the Volkswagen Group. The high-
+performance version (SSP Sport) in particular aims to support
+Porsche's all-electric vehicles. Using this long-term strategy of
+aligning vehicle development on a small number of platforms
+allows for synergies in development and production, which can
+also make a potential contribution to climate protection. One
+example is a jointly developed high-voltage battery in the SSP,
+which can be used to implement lower-carbon materials and
+more carbon-efficient processes for several vehicles.
+In the reporting year, the Executive Board of Porsche AG set
+decarbonization targets for new vehicle and platform projects.
+In addition, specific decisions were made for relevant vehicle
+projects under development on how to further reduce the
+carbon footprint in the supply chain.
+Porsche AG is also working on the supply chain of its vehicles
+and contributing to the decarbonization target - a net carbon
+neutral value chain of the newly produced vehicles in 2030. For
+example, all direct suppliers of production materials for vehicles
+are required to switch their production to certified electricity
+from renewable energies. This has applied to all new production
+material contracts of all-electric series vehicle projects awarded
+since July 2021. Virtually all direct suppliers of production
+materials have agreed to meet this requirement.
+Decarbonization in the supply chain
+In the medium term, there are also plans to expand the product
+portfolio with a new, all-electric model in the SUV segment
+above the Cayenne. Going forward, sporty hybridization will be
+possible for the Porsche 911.
+The Porsche AG Group is systematically expanding its range of
+battery-electric vehicles. The portfolio of the Panamera and
+Cayenne model series has been successively expanded to
+include plug-in hybrid electric vehicles (PHEV). These will
+continue to be designed with high performance in mind and
+greater electric ranges. As part of its electrification strategy, the
+Porsche AG Group has offered the all-electric Taycan since
+2019. In addition, the Porsche AG Group is launching the next
+generation of the Macan in 2024 as a purely battery-powered
+electric vehicle (BEV). It plans to offer the 718 Boxster and
+Cayman models as BEVS by mid-decade. The all-electric
+Cayenne is expected to be launched shortly afterwards.
+Electrification of the vehicle portfolio
+To continuously reduce greenhouse gas emissions over the
+entire life cycle of Porsche vehicles, two main levers are
+currently available: the electrification of the vehicle portfolio and
+the systematic implementation of measures along the entire life
+cycle of the vehicles - from the supply chain and production
+through to the downstream use phase.
+MEASURES
+The Executive Board's remuneration has also been tied to the
+DCI targets since fiscal year 2023.1 The Executive Board
+resolved the same for the management of Porsche AG and
+selected national subsidiaries.
+organization structure consisting of eleven sub-projects for
+topics relating to eFuels. The Procurement Central Functions,
+Strategy, Digitalization, Risk Prevention and Original Parts
+department has overall responsibility for the project and is
+supported by the Politics and Society department in
+communications. Approximately every two months, they report
+to subject-specific steering groups, to which members of the
+Executive Board also belong. In addition, eFuels are a core
+component of the meetings of the "Beyond Core" strategy area
+from the Porsche Strategy 2030, which take place four times a
+year.
+The Porsche AG Group has set up an internal project
+↑↓ ↑ 0 |||
+229
+Combined Management Report Non-financial statement 2023
+2 In this index, the CO2 emissions in the use phase are calculated over 200,000
+km per vehicle with reference to average consumption figures of the primary
+market regions (EU+3 (Iceland, Norway, the United Kingdom of Great Britain
+and Northern Ireland), China, the USA). The consumption figures are calculated
+in accordance with the respective statutory review cycle. The intensity of the
+CO₂ emissions from the electricity used to charge electric vehicles is also
+calculated on the basis of energy mixes of the primary market regions. Supply
+chains and recycling emissions stem from the vehicle life cycle assessments.
+Vehicle maintenance is not included in the calculation.
+Employee mobility,
+waste, logistics, etc.
+Energy consumption
+for vehicle recycling
+Recycling
+Other
+CO₂ emissions
+from fuel com-
+bustion during the
+vehicle's usephase
+at company level and for the relevant company departments,
+which are signed off by the Steering Group and then the
+Executive Board.
+Decarbonization Index
+It tracks their progress and offers a forum for discussion about
+the content. The working group also prepares decisions for the
+Environment and Sustainability Steering Committee. The
+Steering Committee meets regularly and reports on the DCI to
+the chain of bodies responsible from the Environment and
+Sustainability Steering Group right through to the Executive
+Board. The Steering Committee decides on target suggestions
+Y
+Y
+Y
+45.9
+Y
+Y
+Y
+Y
+Y
+E
+Y
+Y
+Y
+Y
+Y
+Y
+E
+45.9
+Y
+Y
+Y
+Y
+Y
+Y
+45.9
+The Decarbonization working group processes all the
+Porsche AG Group's cross-departmental activities relevant to
+the DCI. It is also largely in charge of coordinating the
+implementation of the strategic program. The working group
+compiles content suggestions for DCI targets, reduction
+measures and corresponding roadmaps.
+The DCI covers the main parts of the Porsche AG Group.¹
+Among other factors, the DCI is based on life cycle assessments
+performed in accordance with ISO 14040/44. Individual
+assumptions and values as well as data from life cycle inventory
+databases are used for these.2 As a strategic indicator with a
+transparent and comprehensive calculation, the DCI is intended
+to support the Porsche AG Group in reducing its carbon
+footprint.
+The Porsche AG Group measures the success of its
+decarbonization program with the decarbonization index (DCI).
+This presents the model-based average emissions per newly
+produced vehicle along the entire value chain - from
+production and use to end of life as comprehensively as
+possible in CO₂ equivalents (tCO2e/vehicle).
+DUE DILIGENCE PROCESS
+This means that the existing vehicle fleet could also potentially
+contribute to the decarbonization of the transport sector.
+Together with partners from science and industry, Porsche AG is
+working on developing these alternative fuels on an industrial
+scale.
+In addition to the transformation to electromobility for new
+vehicles, the Porsche AG Group is also pursuing the goal of
+demonstrating how the fossil CO2 emissions of existing vehicles
+with combustion engines can be reduced by using renewable
+energy sources. Here, the Porsche AG Group is investigating
+synthetic, liquid fuels referred to collectively as eFuels. These
+fuels, produced based on electricity from renewable energy,
+could replace fossil fuels and thus potentially enable a virtually
+carbon-neutral operation of vehicles with combustion engines.
+The Porsche AG Group aims to achieve net carbon neutrality³
+along the value chain (production, use, and end of life) of newly
+produced vehicles in 2030. To achieve this, the Porsche AG
+Group aims to systematically electrify its vehicle portfolio as a
+key lever for reducing greenhouse gas emissions. In 2030, the
+Porsche AG Group aims to deliver more than 80% of its new
+vehicles with purely battery-electric drives - depending on
+customer demand and the development of new mobility
+concepts, including electromobility in individual regions of the
+world. The Porsche AG Group aims to reduce greenhouse gas
+emissions in the use phase (Scope 3 emissions) of Porsche
+vehicles in 2030 by 70% compared to 2022.
+The Porsche AG Group intends to have its targets validated
+within two years by the "Science Based Targets initiative"
+(SBTI), which is currently revising its scenarios. In October
+2023, the SBTI published a draft version of the sectoral
+roadmap for the automotive industry, which is currently under
+consultation. The Porsche AG Group expects that the final
+reduction targets will be in line with the 1.5-degree target.
+The Porsche AG Group intends to lower its average greenhouse
+gas emissions along the value chain and over the vehicles' entire
+life cycles.² The Porsche AG Group has developed its reduction
+pathway based on existing 1.5-degree climate scenarios and
+formulated specific targets at the vehicle level and
+requirements at the component level.
+TARGETS
+In addition, they also intend to develop a plan for a more
+ecologically sustainable value chain for battery materials and
+their recycling. The focus here is on how to design efficient
+closed cycles for the high-voltage batteries of Porsche electric
+vehicles. Another cooperation is the supply of low-carbon steel
+by a Swedish start-up from the steel industry. The partner
+company uses an innovative production process with hydrogen
+and electricity from renewable energies.
+For this reason, the Porsche AG Group structures its processes
+and products to build a net carbon-neutral future in which
+resources are used as responsibly as possible. The focus here is
+on vehicle decarbonization, the development of alternative drive
+systems, reducing consumption of primary resources and
+making increasing use of more ecological materials in vehicles
+and in their upstream supply chains.
+Climate change mitigation
+ENVIRONMENT
+228
+↑↓ ↑ ||
+227
+Combined Management Report Non-financial statement 2023
+100.0
+54.1
+54.1
+E
+The Porsche AG Group is aware of its responsibility for climate
+change mitigation and committed to the targets agreed in the
+Paris Agreement in 2015. These include keeping the global
+average temperature increase below 2°C above pre-industrial
+levels and pursuing efforts to limit it even further to 1.5°C.
+Y
+Decarbonization in production
+Decarbonization of the use phase
+In the reporting year, Porsche AG continued with a pilot
+recycling project for high-voltage batteries and launched three
+others. Together with the Volkswagen Group and other partners,
+insights were obtained into product design and recycling
+processes, for example. In addition, the logistics and recycling
+processes for traction batteries were optimized in individual
+Porsche markets by dismantling the high-voltage batteries
+directly on site and then transporting the discharged modules to
+regional recycling partners.
+RESULTS
+→ Climate change mitigation, → Pollution and substances of concern, → Water and
+marine resources, → Waste¹
+The Porsche AG Group is also working together with the
+Volkswagen Group and other development partners to optimize
+the recycling process for high-voltage batteries, which contain
+large amounts of valuable raw materials that can be conditioned
+and reused. Together with specialized partner companies,
+Porsche AG is also evaluating options for the time after the
+actual use phase of high-voltage batteries: second-life
+concepts.
+As a strategy field, circular economy plays a particularly
+important role in product development. Porsche AG and
+selected subsidiaries promote the use of ecologically
+sustainable materials in their vehicles by communicating clearly
+defined criteria and requirements to the supply chain. In the
+reporting year, projects to use more ecologically sustainable raw
+materials and recycled materials were carried out for several
+specific vehicle components.
+MEASURES
+Storage
+Taycan (2019)
+Logistics
+Collection
+Transport
+of the Porsche AG Group
+Recycling process for high-voltage batteries
+↑↓ ↑ |||
+233
+Combined Management Report Non-financial statement 2023
+2 Excluding product upgrades.
+1 The Sustainability Report was not subject to an independent audit by an
+external public auditor.
+To meet the targets for using circular materials, Porsche AG has
+developed and implemented an internal control system that is
+constantly being improved upon. It is used by the relevant
+departments, e.g., procurement, development and finance,
+making it possible to analyze and prioritize the measures to
+increase the use of secondary materials in future vehicle
+projects.
+Porsche AG has paved the way organizationally, on a strategic
+level and within the individual divisions and series, for the goals
+to be pursued in a systematic manner. In doing so, it has
+integrated the vehicle and project goals for circular materials
+into the target system and related processes of selected model.
+series. Selected business divisions are involved in the
+implementation process. The Circular Economy working group
+coordinates projects and monitors progress at least quarterly.
+This is made up of representatives from the Sustainability
+department and the relevant departments from the areas of
+development, production, procurement, sales and quality. The
+working group discusses the status of the targets set and the
+associated projects and, if necessary, derives new measures and
+further projects. The results are regularly reported to the
+Executive Board.
+DUE DILIGENCE PROCESS
+In the reporting year, Porsche AG conducted a feasibility study
+on the combined use of photovoltaic systems, charging
+infrastructure for electric vehicles and used high-voltage
+batteries. The use of high-voltage batteries as second-life
+battery storage was tested in selected Porsche AG parking
+garages at Stuttgart-Zuffenhausen.
+In the reporting year, the Porsche AG Group set specific targets
+for the use of circular materials. These apply to newly
+developed, purely battery-electric vehicle models.2
+To ensure and increase the longevity of Porsche sports cars, it
+reissued replacement parts and accessories for repairing
+Porsche Classic vehicles. This can improve the function and
+everyday usability of older vehicles. It also promotes the long-
+term use of the materials used in the vehicle. To ensure that
+Porsche Classic vehicles can be maintained over the long term,
+technicians and service advisors in the dealer organization have
+been specially trained in classic vehicles and their repair and
+maintenance.
+Taycan (2024)
+Sustainability, work-related rights and equal
+treatment and opportunities in the value chain
+The significance of the supply chain is growing constantly in the
+context of sustainability management. More and more new
+vehicle components and technologies are being added to
+procurement volumes, and the number of suppliers is rising. At
+the same time, as vehicles are increasingly electrified, the level
+of demand for certain raw materials - especially to produce
+high-voltage batteries - is also growing. Overall, the
+importance of responsible, environmentally friendly raw material
+procurement methods that respect human rights is growing as
+a result.
+SOCIAL
+↑↓ ↑ |||
+236
+↑↓ ↑ 0 |||
+235
+Combined Management Report Non-financial statement 2023
+1 The Sustainability Report was not subject to an independent audit by an
+external public auditor.
+chemical processes)
+mechanical and
+materials (using
+Recovery of raw
+Reconditioning
+high-voltage batteries
+to manufacture
+Finishing and use
+of recycled materials
+Use of recycled
+materials
+Recycling
+Separation
+classification
+Review
+Assessment
+Disassembly and
+A project was carried out at Porsche AG and selected
+subsidiaries to categorize disposable packaging materials used
+for vehicle components and classify them according to
+sustainability criteria. Based on this, a guideline on single-use
+materials in parts protection was drawn up together with other
+Volkswagen Group brands and communicated to direct
+suppliers of components. In addition, materials that cannot be
+recycled were defined and internal Porsche AG targets were set
+to further reduce the use of these materials.
+Targets and projects were defined for all fields of action in the
+reporting year, ranging from pilot projects for battery recycling
+to the development of a catalog of criteria for the use of plant-
+based renewable raw materials.
+Aspects of the circular economy will also be increasingly
+integrated into the development of Porsche vehicles. For
+example, there are pre-development projects for various vehicle
+components using more ecologically sustainable raw materials
+and recycled materials. In addition, a holistic approach aims to
+strengthen circular economy concepts and reduce waste at the
+production sites. → Waste¹
+Among other things, it is pursuing the goal of a closed battery
+raw material cycle. Batteries and their battery cell modules
+should be used in the vehicle for as long as possible. It should
+also be possible to reuse their raw materials in new batteries
+after going through modern recycling processes or to use the
+battery cell modules in energy storage systems. The aim is also
+to reduce the share of primary raw materials in other areas of
+the vehicle wherever technically possible and to use more
+ecologically sustainable materials. The longevity of Porsche
+vehicles and the associated long service life of the materials
+used also contribute to the formulated target image. This is to
+be further strengthened by the extended availability of spare
+parts and the reconditioning of selected components.
+2021
+2022
+2023
+%
+BEV share
+In the reporting year, the Porsche AG Group delivered 29,403
+PHEVS (9.2% of total deliveries) and 41,023 BEVS (12.8% of
+total deliveries). The share of all-electric vehicles delivered in
+2023 increased in comparison to the prior year.
+RESULTS
+232
+↑↓ ↑ 0 |||
+231
+Combined Management Report Non-financial statement 2023
+1 For instance, the CO2 emissions in the use phase are calculated over 200,000
+km per vehicle with reference to average consumption figures of the primary
+market regions (EU+3 (Iceland, Norway, the United Kingdom of Great Britain
+and Northern Ireland), China, the USA). The consumption figures are calculated
+in accordance with the respective statutory review cycle. The intensity of the
+CO₂ emissions from the electricity used to charge electric vehicles is also
+calculated on the basis of energy mixes of the primary market regions. Supply
+chains and recycling emissions stem from the vehicle life cycle assessments.
+Vehicle maintenance is not included in the calculation.
+230 For details concerning fuel consumption, electricity consumption, and CO2 emissions, see pages 464–468.
+1 To calculate target achievement, the DCI, including the scope of voluntary CO₂
+compensation measures through climate change mitigation projects, is
+included in the ESG factor in the variable remuneration with the annual bonus
+(short-term incentive] in the remuneration of the Executive Board and
+management.
+With this commitment, the Porsche AG Group is seeking to
+contribute to the worldwide development of world-class sites:
+these are sites where competitive eFuels can be manufactured
+under optimal conditions. This includes ensuring that renewable
+energies can be used without competing with other industries.
+Until now, the CO2 used there has been taken from a biogenic
+source. The DAC process uses wind energy to filter the CO2
+required for production from the atmosphere in an
+environmentally friendly way.
+Together with HIF (Highly Innovative Fuels), Siemens Energy
+and several other international companies, the Porsche AG
+Group built an industrial eFuels production plant in Punta
+Arenas, Chile, in 2022. The Porsche AG Group not only funded
+most of the pilot plant, but also closely accompanied the project
+progress and will use the fuel produced there in the future.
+Punta Arenas has particularly favorable conditions compared to
+the rest of the world: There is a constant strong wind, which
+ensures low costs for renewable electricity generation by wind
+turbines and thus to produce eFuels. The pilot plant is designed
+for a maximum production volume of around 130,000 liters of
+eFuels per year; the aim is to expand the capacity in Chile to
+around 600 million liters per year by the end of the decade.
+Together with Volkswagen Group Innovation, the eFuels
+company HIF Global and MAN Energy Solutions, the Porsche AG
+Group is looking into integrating a direct air capture (DAC)
+facility into the eFuels pilot plant in Chile.
+In addition to the transformation to all-electric vehicles and the
+decarbonization of the use phase through electricity from
+renewable energies, Porsche AG is also committed to solutions
+to reduce CO2 emissions from combustion engines. Alongside
+efficiency-enhancing technologies, the Porsche AG Group is
+working on further developing alternative fuels (especially
+eFuels) on an industrial scale.
+enables access to charging points from various providers. More
+than 560,000 charging points in over 20 European countries
+are currently connected.
+The Porsche AG Group is also continuing to expand its charging
+infrastructure. Over 1,000 high-performance charging points
+have been put into operation for customers at more than 600
+dealer locations to date. These are tailored to the Porsche
+Taycan and future Porsche vehicles with their 800-volt
+charging architecture. The Porsche AG Group is also planning to
+set up its own fast-charging stations along main traffic routes.
+In addition to this, the Porsche AG Group is involved in the
+further expansion of the public fast-charging infrastructure,
+which also includes IONITY's network of currently more than
+500 fast-charging parks in Europe. The Porsche AG Group
+already participated in an additional financing round for the joint
+venture in 2021. In addition, Porsche Destination Charging is
+helping the Porsche AG Group expand the existing
+infrastructure for AC charging. There are more than 5,000
+charging points in 86 countries and there should be more than
+7,500 by the end of 2025. The Porsche Charging Service also
+Although no local CO2 emissions are incurred during the
+operation of electric vehicles, the carbon footprint of the use
+phase depends on the intensity of the CO2 emissions from the
+electricity generation. The use of renewable energies is
+therefore a major lever for reducing CO₂ emissions during the
+use phase. As new battery-electric vehicles increase the
+demand for electricity in the markets, Porsche AG is committed
+to the expansion of renewable energies. Porsche AG intends to
+enter long-term indirect commitments with operators of wind
+and solar plants to promote the expansion of renewable
+energies. These plants are to provide new capacities to generate
+enough electricity from renewable energies to match the
+vehicles' imputed energy requirements. This approach has been
+used since 2021 for the newly produced fleet of the Taycan
+Sport Turismo and Taycan Cross Turismo models in the
+respective fiscal year. In the reporting year, the approach was
+extended to all Taycan models. Additional models will follow in
+the coming years.
+Share of all-electric
+vehicles (BEV) delivered
+12.8
+11.3
+Through its work in the strategy field of a circular economy,
+Porsche AG and selected subsidiaries are striving to handle raw
+materials in a responsible and resource-saving way and to use
+vehicles and the materials used in them for a long time.
+use of raw materials towards a resource-saving and net carbon
+neutral future. The concept of a circular economy is a key
+component of Porsche AG's sustainability strategy. Defined
+fields of action address topics such as the battery raw material
+cycle and the use of circular materials in vehicles, or circular
+economy concepts for Porsche sites.
+Porsche AG is increasingly aligning its processes, products and
+TARGETS
+Circular economy
+In addition to its involvement with HIF, Porsche AG participates
+in various research projects and initiatives such as DeCarTrans
+and Refinery4Future. The funding project "reFuels-Rethinking
+Fuels" under the umbrella of the Baden-Württemberg
+Strategiedialog Automobilwirtschaft was completed in the
+reporting year.
+The pilot plant in Punta Arenas, Chile, commenced operations in
+the reporting year. The first batches of eFuels were produced
+and used in initial applications at vehicle events.
+The first Porsche Charging Lounge in Germany was opened in
+the reporting year.
+CO2 emissions from the use phase were reduced by 3.1% in the
+reporting year compared to the prior year. A decisive factor here
+was Porsche AG's commitment to the expansion of new wind
+and solar power plants in combination with the higher
+proportion of purely battery-powered vehicles. In the reporting
+year, the newly contracted capacities corresponded to the
+energy requirements of the newly produced Taycan fleet.
+63.8
+For its own vehicle production, the Porsche AG Group is
+pursuing the vision of a zero-impact factory by 2030; in other
+words, a factory that has as little negative impact on the
+environment as possible. The reduction of the CO2 emissions at
+the vehicle production sites in Stuttgart-Zuffenhausen and
+Leipzig also lowers the DCI. The two production sites in
+Stuttgart-Zuffenhausen and Leipzig as well as the development
+site in Weissach were net carbon neutral in the reporting year.
+63.9
+CO₂e/vehicle
+Metric tons of
+2021
+2022
+2023
+DCI
+Decarbonization index
+In the reporting year, the DCI was 62.7 tCO2e/vehicle, which
+represents a slight decrease of 1.8% year on year.
+The Porsche AG Group reviews the effectiveness of its
+decarbonization program on an ongoing basis. To this end, it
+uses forecasts prepared during the year and commissions
+external audits.
+13.7
+62.7
+In addition, more and more aspects of the circular economy are
+gradually being considered at vehicle production sites. For
+example, for the Taycan and Cayenne models, the material used
+to protect door panels and hoods during transport has been
+replaced with a mono-material that is more than 99%
+recyclable.
+The Porsche AG Group understands Corporate Digital
+Responsibility as corporate responsibility in the digital age. The
+key areas of focus set by the Porsche AG Group are geared
+towards the major questions associated with advancing
+digitalization. In addition to dedicated projects in the field of
+digital ethics Data Ethics and Al Ethics - there are various
+initiatives in the areas of Digital Competence & Literacy, Digital
+Inclusion, Green IT and Tech for Good under the umbrella of the
+joint CDR.
+In the reporting year, no relationships with direct suppliers were
+terminated due to negative environmental or social impacts in
+the supply chain.
+Information-related impacts for consumers and/or
+end users
+A central goal of the Porsche AG Group is to excite its
+customers. It does not just want to meet expectations, it wants
+to exceed them. The safety and security of customers is
+paramount, which means they must be provided with relevant,
+high-quality and accurate information. It is equally important for
+the Porsche AG Group to protect consumer data as effectively
+and reliably as possible and to ensure that the data it collects is
+handled responsibly.
+Data protection and Corporate Digital
+Responsibility
+TARGETS
+The future of mobility is characterized, among other things, by
+digital networking - from digital production and digital
+processes to data-based offerings for customer care and
+customers' driving experience.
+Handling data, especially personal data of consumers, requires
+particular care. The Porsche AG Group takes this responsibility
+very seriously. The topics of data protection and Corporate
+Digital Responsibility (CDR) are therefore closely interconnected
+with the strategy and core processes of the Porsche AG Group.
+The aim is to put digital transformation at the service of
+employees, customers and society and to develop all products
+with data protection in mind and design them from the outset in
+a way that customers can be sure that their data is safe.
+By adopting its data protection strategy as part of the Porsche
+Strategy 2030, the Porsche AG Group has set itself ambitious
+targets. These focus on customer-oriented data protection in
+compliance with the relevant legal requirements. The ethical
+handling of data should be further strengthened to enable data-
+driven innovations.
+Privacy
+In the reporting year, 113 trained specialists and 29 graduates
+were hired by Porsche AG's specialist departments.
+particularly the right to digital self-determination -
+is a core component of Porsche customers' driver experience.
+Protection of personal data is therefore an utmost priority at the
+Porsche AG Group.
+The implementation of the data protection strategy provides for
+data protection to be strategically managed, reported and
+implemented worldwide with a uniform data protection
+management system. This system is to be aligned with the data
+protection strategy to effectively reduce liability and data
+protection risks.
+The Porsche AG Group aims to avoid any data protection
+breaches and to respect the rights of potentially affected
+persons. Its own control system ensures adherence with
+recognized national and international data protection standards
+in internal processes. Porsche AG aims to ensure that this
+approach is continuously enhanced by performing a regular
+review of the data protection management system. The
+objective here is to enable the quick integration of new data
+protection requirements into processes and products and
+adherence to regulatory data protection requirements.
+The Porsche AG Group conducts customer surveys in selected
+regions to ensure that data protection efforts are not only legally
+compliant, but that data protection is designed in the interests
+of customers. The criteria evaluated include fairness, control
+and transparency.
+Criteria for customer survey
+>
+>
+Fairness: To what extent are the customer's needs taken
+into account when processing data?
+Control: To what extent can the customer influence the
+intended use of the data?
+DUE DILIGENCE PROCESS
+In the reporting year, these came to €938. The average time
+that a Porsche AG employee spends on education measures is
+reported in (4) the qualification time. In the reporting year, this
+indicator was 15.4 hours, an increase of 26% on the prior year.
+Finally, (5) the qualification time among leadership is recorded.
+This shows the average number of hours spent by management
+on training and amounts to 23.2 hours.
+↑↓ ↑ 0 |||
+246
+The key indicator for the quality of training at Porsche AG is the
+average final grade, broken down into dual vocational training
+and dual study program.
+MEASURES
+In the reporting year, the targets for employee development and
+the structure of the transformation mentioned above were
+pursued through a variety of measures, particularly at
+Porsche AG and Porsche Leipzig GmbH. Other subsidiaries of
+the Porsche AG Group may adjust the measures as needed and
+use them as well.
+Identify strategic needs for skills and proactively shape the
+transformation
+As part of the strategic skills management system initiated in
+2019, the specific and generic development needs from
+Porsche AG's specialist departments are collected annually by
+representatives from the respective departments and
+consolidated in a roadmap that covers the entire range of
+strategic skills at Porsche AG in the short, medium and long
+term.
+In the reporting year, the cross-departmental qualification
+measures jointly developed the skills required for the
+transformation and aligned the current qualification portfolio in
+a holistic way. Reskilling and upskilling programs can thus be
+targeted towards strategically relevant fields of activity.
+Qualify and develop employees as needed
+In the reporting period, Porsche AG again expanded its range of
+individual training and further personal development offerings
+for its employees. For example, a program for upskilling in
+system-based social media monitoring was developed, learning
+formats to raise awareness of data handling and quality were
+offered, and existing qualification modules on mechatronics
+were expanded. In addition, Porsche AG has developed its own
+job-specific offerings that are tailored to certain fields of
+activity. These aim to ensure that vacancies in much-needed
+areas of activity can be filled internally. Here, the participants
+develop the necessary skills and knowledge within a defined
+period as part of the program. The programs offer a close
+integration of theory (state university and research) and
+practice (Porsche content). They also specifically promote
+interdisciplinary skills such as self-leadership and a growth
+mindset. This is funded by a corresponding central budget,
+which can be used for extensive qualification requirements of
+employee groups and for individual transformation training.
+Alongside qualification and development meetings for all
+employees covered by a collective agreement, Porsche AG's key
+tools and offerings in the reporting year also included work
+shadowing in other company departments, the digital "Praxis
+Transfer Trainer" (Practice Transfer Trainer) for personal
+development through self-study, the Porsche Digital Academy
+for developing and expanding digital skills, language training as
+well as physical and virtual learning spaces such as the Porsche
+Learning Lab at Stuttgart-Zuffenhausen. With the
+Podcast@Porsche project, Porsche AG offers employees the
+opportunity to share their knowledge about the company and
+personal experiences in an internal Porsche podcast app.
+Help managers shape the transformation
+Managers play a decisive role as shapers of the transformation
+in the Porsche AG Group. They must not only initiate and
+manage change, but also communicate the vision of the
+transformation, inspire the team and provide the necessary
+resources. In 2023, the measures to promote individual
+leadership skills were expanded further and backed up with
+various qualification opportunities. A special focus was given to
+dealing with change in an increasingly complex environment.
+Trainees and students
+The range of trainees at Stuttgart-Zuffenhausen in the reporting
+year included eleven technical and three commercial
+apprenticeships as well as eight-degree courses at the Baden-
+Württemberg Cooperative State University (DHBW) with
+numerous specializations.
+The apprenticeships and degree courses provide the ideal
+theoretical and practical preparation for starting a career. At
+Porsche AG, project-based, hands-on learning is a high priority.
+This is made possible during project phases in the project
+workshop at the Porsche training center in Stuttgart-
+Zuffenhausen. Porsche AG also encourages and challenges its
+trainees and students with a wide range of opportunities to gain
+practical experience in over 200 different areas, from
+processing company orders to the transfer of knowledge with
+the specialist departments of Porsche AG.
+RESULTS
+Following a successful pilot in 2022, the Learning Experience
+Platform (LXP) was rolled out for the Porsche AG workforce in
+the reporting year. The LXP bundles various new learning
+formats, learning spaces and tools. It guides employees and
+managers through the range of offers with an Al-supported
+search engine. It searches internal and external learning
+platforms and bundles any measures for an employee's
+individual training and development. Specialists can also
+prepare and individually adjust their learner journeys.
+To ensure the quality of the training courses, five indicators
+have been defined that are captured while preparing the Annual
+and Sustainability Report. Reported are (1) the number of
+participants and (2) the number of participations in qualification
+measures. The number of participants rose by 6% in comparison
+to the prior year and stands at 22,935. The number of
+participations is 217,289. In addition, information is collected
+about (3) the training costs per employee.
+Combined Management Report Non-financial statement 2023
+245
+Transparency: To what extent is the customer sufficiently
+and clearly informed about their data processing?
+Customer feedback is statistically analyzed to derive relevant
+and needs-based measures to improve customer satisfaction
+about data protection in the future.
+MEASURES
+The Porsche AG Group is driving digitalization in its departments
+and offerings from vehicles and the associated services to
+numerous digital interactions with customers.
+The Porsche AG Group aims to be able to reach its customers
+around the clock, whatever their location, and vice versa. The
+Porsche AG Group wants to expand customer relationships and
+customer satisfaction in the long term and rank high in selected
+customer studies.
+For this purpose, it is enhancing digital offerings with a clear
+customer focus and providing information across numerous
+channels on a wide range of topics, products and services. The
+Porsche AG Group endeavors to provide consumers with
+transparent information about products. Technical data,
+consumption figures, product descriptions and standard and
+optional equipment are listed and visualized in the best possible
+way using pictures and videos, thus allowing informed
+purchasing decisions.
+DUE DILIGENCE PROCESS
+The Executive Board established the product quality and
+customer satisfaction forum at Porsche AG many years ago.
+This is made up of the entire Executive Board and selected
+heads of specialist departments. The forum makes customer-
+oriented decisions in the areas of product quality and customer
+satisfaction. Measures to consistently improve customer
+satisfaction are worked on across all relevant company levels
+and in a multistep process.
+The development of a global guideline on advertising and
+communication principles in the reporting year has created a
+uniform basis for carrying out responsible marketing activities.
+During their first two years of employment, sales consultants
+working at the Porsche AG Group around the world undergo the
+Porsche Global Certification System (PGCS) program, which
+also focuses on the correct conduct of sales consultants in their
+dealings with customers. In addition, the sales consultants
+predominantly act according to the RACE principle: RACE
+stands for Respect, Align, Compare and Elevate with the aim
+of further strengthening customer centricity in employees'
+mindset and actions. Since 2019, there has also been the role of
+the Porsche Pros, who act as brand ambassadors and support
+customers and interested parties with their in-depth knowledge
+of Porsche products and services. This lays the foundation for
+ensuring that the concept of fairness is always at the heart of
+the sales employees' activities.
+The customer relationship is measured at several points: The
+success of providing information to consumers and end users is
+measured by the number of clicks and open rates of mailings,
+posts and videos. In addition, Porsche AG receives relevant
+information regarding product quality and customer satisfaction
+as well as qualitative feedback from Porsche customers via
+retail and other - also digital-contact points (customer
+touchpoints). These are also collected from customer ratings
+and statements in market research studies on customer
+satisfaction.
+Since the reporting year, the Porsche AG Group has been using a
+customer excitement index (CEI) to measure how enthusiastic
+customers are along their journey - from initial contact to the
+purchase and ownership of a product through to potential
+repurchase. The index is used as a management tool in the
+product quality and customer satisfaction forum. It is also
+relevant for the remuneration of Porsche AG's Executive Board
+and management.
+Aspects of customer excitement
+>
+Purchase
+>
+Product quality
+>
+>
+User experience with displays and control elements
+Porsche Connect services, charging of electric and
+hybrid vehicles
+>
+Service
+MEASURES
+TARGETS
+The training apprenticeships and dual study programs offered
+are developed in a structured process involving all stakeholders
+based on strategic personnel planning and are geared towards
+Porsche AG's long-term skills requirements. The focus and
+content of the training are based equally on the training
+framework/curricula and the future requirements of
+Porsche AG. Relevant future skills complement the current
+specialist and interdisciplinary training focuses: digital skills,
+creativity, critical thinking, collaboration, communication,
+learnability and growth mindset. Learning takes place via an
+optimized mix of proven and new (digital) training formats. A
+structure with different modules enables both standardization
+and individualization and lays the foundation for self-guided
+learning.
+Access to high-quality information
+Training and information offerings were also expanded for all
+Porsche AG employees in the reporting year.
+With its information security management system (ISMS), the
+Porsche AG Group has an established way of handling internal
+and external data and information. The task of the ISMS is to
+adequately protect company-relevant information in
+accordance with its protection requirements and thus prevent
+damage to the Porsche AG Group. The protection of information
+extends to all business processes and business fields,
+regardless of company structures and national borders, and
+focuses on the fundamental protection objectives:
+confidentiality, integrity, availability and authenticity.
+Porsche AG's ISMS has been certified in accordance with the
+international standard DIN EN ISO/IEC 27001:2017 since
+2021. As part of this certification, annual surveillance audits are
+carried out by independent external auditors.
+In a world of increasing cyber threats, targeted security
+measures are of central importance. The digital unit of the
+Porsche AG Group, Porsche Digital GmbH, continued to drive
+forward its cyber security activities and expand its internal
+capacities in the reporting year. In October 2023, a bug bounty
+program was launched together with external cyber security
+researchers to proactively identify security vulnerabilities to
+further improve the security of products and digital services.
+Porsche AG has also set up a working group to discuss the
+responsible use of artificial intelligence (AI) with representatives
+from the main company departments, the Works Council and
+the departments of data protection, information security and Al
+ethics. The working group has drawn up a guideline formulating
+the ethical requirements for Al development and use. For
+Porsche AG, digital ethics means consciously using the potential
+of Al for the benefit of society and the environment. It is
+strategically important to address the risks and opportunities
+associated with the use of Al at an early stage.
+The Porsche AG Group has established internal strategies and
+guidelines to effectively and sustainably protect personal data,
+particularly that of consumers and end users. To this end,
+processing requirements (e.g., a specific purpose being
+required, pseudonymization, data separation and privacy by
+design and default) and the protection of personal data were
+integrated into business processes and the IT development
+process.
+In the reporting period, a new privacy center was also set up in
+the My Porsche customer portal to further strengthen
+transparency and control when dealing with personal data. Here,
+customers can manage their consents and influence the
+purposes for which the Porsche AG Group may use their data:
+for product improvement, to support existing and prospective
+customers, and for the transfer of data to third-party providers.
+By consenting to the use of data for the individual support of
+existing and prospective customers, customers may receive, for
+example, information on vehicles, new products and offers or on
+participation in events or customer surveys of Porsche AG and
+selected subsidiaries. Customers decide whether and how they
+wish to be contacted. The customer also controls data releases
+to third-party providers in the Porsche privacy center. These are
+data-based services such as insurance rates based on usage, a
+digital logbook or smart charging applications.
+Customers support the Porsche AG Group with the data they
+provide voluntarily. The Porsche AG Group uses the data to
+develop and optimize functions and services and to improve
+vehicle models. The Porsche AG Group uses the data from
+Porsche Communication Management (PCM) to continuously
+improve it, for example, its menu navigation. The improved
+usability benefits Porsche drivers. Another example: Usable
+charging data from electric-powered vehicles not only flows
+into the further development of charging management and
+battery control, but it is also an important basis for future
+product decisions and developments.
+In current Porsche models, customers also have the option of
+controlling the data processing of their vehicle by selecting
+options in a privacy menu. For example, the vehicle can be set to
+private mode, which only permits legal data transmissions or
+data transmissions required for the operation of the vehicle,
+such as the "eCall" emergency call system.
+Combined Management Report Non-financial statement 2023
+247
+248
+↑↓ ↑ 0 |||
+A project on Corporate Digital Responsibility was initiated
+across all specialist departments as early as 2022. The duration
+of the project as well as the findings derived from it go beyond
+the reporting year. Initiatives on various dimensions have been
+launched as part of the project.
+Even before the EU AI Act came into force, the Porsche AG
+Group had already defined self-imposed guidelines for dealing
+with Al and data. Considering the principles of fairness,
+transparency, reliability, accountability and security, it
+formulated specific requirements that should be part of the IT
+development process.
+Digital Competence & Literacy encompasses the skills and
+knowledge required to effectively use and understand digital
+technologies. They are a key component of the digital
+transformation and affect all stakeholders both within the
+Porsche AG Group and in society. The Porsche AG Group has
+launched numerous initiatives in this area on topics such as
+Digital Competence, Digital Wellbeing, Digital Literacy and
+Digital Culture. Further activities to promote Corporate Digital
+Citizenship are being developed.
+RESULTS
+The Porsche AG Group again made significant progress in 2023
+with the measures listed. In the area of data protection, the data
+protection management system was also rolled out to selected
+subsidiaries outside the EU in the reporting year.
+With the help of the data protection management system, the
+Porsche AG Group aims to achieve a minimum level of data
+protection within all its group companies and a uniform focus on
+common data protection values, while at the same time taking
+different local data protection laws into account. Measures that
+complete the data protection management system are to be
+implemented in 2024.
+In the reporting year, no complaints regarding data privacy
+incidents were lodged with Porsche AG either externally or by
+any authorities. Internally, however, incidents were identified
+and reported thanks to the internal control measures and
+vigilant employees. The rate of internal reports was higher than
+in prior years once again, due to factors including continuous
+awareness measures and employee training. In all the justified
+cases, Porsche AG took steps to remedy the causes. Where
+prudent, additional steps were taken to prevent similar incidents
+from happening in the future.
+The Porsche AG Group provides consumers and end users with
+information in numerous places: The most important sources of
+information for customers include the Porsche magazine
+Christophorus, the online Newsroom with its social media
+channels, the web-based TV channel 9:11 Magazine, the 9:11
+Porsche podcasts and the Porsche website. These provide
+detailed information on the vehicle models as well as on the
+digital services of Porsche Connect.
+At the same time, Porsche AG regularly reviews the further
+development of the corporate culture and the management
+culture. For example, there is the annual employee survey
+"Porsche Puls" with questions about the working environment,
+which aims to sustainably improve employee satisfaction in
+areas such as cooperation, leadership and further development.
+To assess how effective the measures for employee
+Furthermore, Porsche AG has set up a company complaints desk
+known as "AGG" (the German abbreviation for the General Equal
+Treatment Act) to which employees can turn in potential cases
+of discrimination or to which they can submit a specific
+complaint.
+Combined Management Report Non-financial statement 2023
+241
+↑↓ ↑ 0 |||
+242
+↑↓ ↑ 0 |||
+A diversity cockpit presents measurable diversity criteria for all
+Porsche AG. Key figures on gender diversity, personal skills
+(serious disability), internationality and generations are
+evaluated annually by the main departments of the portfolios.
+The cockpit also provides an overview of training qualifications
+and the use of offers for flexible working hours.
+MEASURES
+→ Corporate governance, corruption and bribery
+To ensure a more balanced gender ratio in Porsche AG's overall
+workforce, the targets for increasing the proportion of women at
+the first and second management levels by 2025 were broken
+down into annual sub-targets in accordance with a target path.
+The impact on this objective is considered for all new hires. To
+secure the selection of female candidates for the longer term,
+corresponding portfolio-specific targets have also been defined
+within Porsche AG for the lower management and collectively
+agreed pay scale groups. The entire Executive Board approves
+hires to both the first and second management levels.
+For employees covered by a collective bargaining agreement
+and management within and outside of the collective bargaining
+agreement, the remuneration policies and amounts are based on
+collective/company regulations, whereby the basic
+remuneration is calculated based on described work tasks, with
+consideration for knowledge and abilities, problem-solving
+skills, potential influence, and fields of responsibility. The
+variable remuneration is generally performance-based.
+The amount of variable remuneration is calculated based on
+general or individual performance criteria as well as selected
+KPIs, according to uniform benchmarks and standards.
+Collective and company regulations also provide for one-off
+payments. Market conditions and benchmarks are considered to
+offer competitive compensation. The goal is to provide
+employees with attractive, competitive, and non-discriminatory
+remuneration while identifying and eliminating potential
+injustices.
+The Culture, Diversity and HR Communication department
+offers employee training activities to raise awareness and
+increase knowledge about diversity and equal opportunities
+across all hierarchical levels: Alongside training for employees,
+these also include mandatory training for newly appointed line
+managers and for employees who have recently joined
+management.
+In a themed week around German Diversity Day in 2023,
+Porsche AG called on its workforce to understand the
+importance of a diversity of views for shared success and to
+commit to diversity, respect and tolerance. There were also
+presentations, workshops, hacks and opportunities for dialog. In
+the reporting year, event-related communication relating to
+diversity focused increasingly on visual communication with an
+independent logo to anchor the topic more firmly in the minds
+of the workforce.
+In 2023, a diversity toolbox also helped managers at
+Porsche AG stand up for diversity and equal opportunities in
+their day-to-day work and management routines. The toolbox
+provides a range of measures, tools and ideas to enable users to
+experience the diversity of views in all dimensions and to
+question traditional ways of thinking and behaving.
+Porsche AG also expanded its National and International
+Diversity Community further in the reporting year. This forum is
+run by selected subsidiaries of the Porsche AG Group and their
+diversity managers around the world and provides tools and
+ideas for putting diversity of views into practice.
+To promote diversity and equal opportunities, the Porsche AG
+Group also relies on its internal networks and supports their
+expansion. Diversity networks are key building blocks for giving
+visibility to underrepresented views and thus promoting equal
+opportunities. The diversity networks handbook, which provides
+support from 2021, allows for the creation of employee
+networks across protected diversity characteristics and defines
+corresponding framework conditions.
+Porsche AG takes diversity and equal opportunities very
+seriously and pays wages and salaries in line with uniform
+standards, regardless of gender, religion, origin, age, disability,
+or sexual orientation.
+Porsche's independent and externally operated whistleblower
+system is available 24/7 to report any indications of potential
+breaches of equal treatment and equal opportunities.
+The topics of equal treatment and opportunities within the own
+workforce are included in the Porsche AG Group's guidelines on
+labor and social law and HR compliance, among others. The
+group guidelines apply to employees of the Porsche AG Group
+and are freely accessible to them. The subsidiaries are
+responsible for reviewing and implementing the group
+guidelines in similar documents.
+The Culture, Diversity and HR Communications department is
+responsible for ensuring the long-term implementation of equal
+opportunities and diversity. It acts as a driver and competent
+partner and is assigned to Employee Development and
+Corporate Culture within the Human Resources portfolio of the
+Executive Board. The targets and measures are regularly
+coordinated in committees such as the Equal Opportunities
+working group and reported to the Executive Board via the
+Environment and Sustainability Steering Committee and
+Environment and Sustainability Steering Group on a regular
+basis.
+The Porsche AG Group actively champions diversity, equal
+opportunities and equal treatment, and firmly believes that this
+is in its best interest as a company. Diversity leads to new ideas
+and drives innovation, which makes it a key success factor. The
+Porsche AG Group strives to create a working environment
+where employees of all ages and genders, regardless of origin
+and cultural background, can contribute their different skills and
+perspectives in the best possible way.
+Equal treatment and opportunities for the Porsche AG Group's
+own workforce also include the development of employees'
+skills. The Porsche AG Group sees it as its responsibility to
+develop both technical and interdisciplinary skills in employees
+for changing tasks and roles in various future fields.
+Diversity
+TARGETS
+Porsche AG has defined strategic dimensions for diversity that
+are based on the legally protected dimensions of diversity -
+ethnic origin, gender, religion and ideology, disability, age and
+sexual identity. The aim is to ensure even more diversity at
+Porsche AG, to promote compliance with the German General
+Equal Treatment Act and to create an environment that fosters
+the individuality of each person and values all perspectives.
+Diversity fields of action
+1.
+Conscious formation of mixed teams
+2. Increase the proportion of women
+3.
+4.
+Promote ethnic diversity and international experience
+Facilitate the inclusion of employees with disabilities
+5. Support the LGBTIQ community
+6. Improve cooperation between the generations within
+the workforce
+7.
+Establish an inclusive culture and an understanding
+of diversity in all Porsche companies
+Porsche AG has formulated strategic goals and measures to
+implement these fields of action. The targets are translated
+annually into an action plan for the following year. The status
+quo of each measure is documented on an ongoing basis,
+recorded in a corresponding management system and regularly
+discussed with top management.
+In view of the gender quota required by law, Porsche AG has set
+itself the target of increasing the proportion of women at the
+first management level below the Executive Board to 20% and
+at the second management level to 18% by 2025.
+DUE DILIGENCE PROCESS
+The Porsche AG Group rejects any form of discrimination. Equal
+opportunities and promoting diversity are firmly anchored in its
+Code of Conduct and the Porsche Code leadership model. The
+Executive Board and the Works Council confirmed that diversity
+should be a fixed part of the Porsche corporate culture by
+signing the German Diversity Charter, a voluntary commitment
+for German businesses, in 2019.
+The Porsche women's network She@Porsche is an established
+platform for exchanging experiences across departments. It
+offers several dialog formats and varied methods of support,
+e.g., peer counseling, impetus for self-empowerment and
+insights into the day-to-day working life. This enables better
+visibility for women at Porsche AG, their closer networking as
+well as taking female perspectives into account.
+The Proud@Porsche network for representatives, supporters
+and interested parties of the "sexual orientation and identity"
+diversity dimension is an integral part of the Porsche AG culture
+too. It stands up for the concerns of people of all sexual
+orientations within and outside Porsche AG. For the second time
+in the reporting year, Proud@Porsche together with the
+Member of the Executive Board responsible for Human
+Resources and other representatives of Porsche AG and
+selected subsidiaries were present at the Christopher Street
+Day parade in Stuttgart.
+Porsche Mentoring is a format for a comprehensive exchange of
+experiences and changing views on both sides. Generation
+tandems were launched in the reporting year: a platform that
+matches employees with less professional experience with
+those with more professional experience; this aims to promote
+exchanges of intergenerational experiences and create a greater
+level of mutual understanding.
+The statistics on disciplinary measures in instances of
+discrimination relating to the diversity dimensions are evaluated
+for potential structural fields of action and appropriate
+measures are taken as needed. This includes, for example,
+targeted training courses.
+Employee development
+TARGETS
+Electromobility, digitalization, new business models: The
+transformation of the automotive industry is well underway, and
+these changes also influence Porsche AG. "Transformation" is
+therefore one of the six cross-cutting strategies in the Porsche
+Strategy 2030, aiming to support employees in times of change
+and develop a future-proof workforce, among other things. With
+the Porsche Workforce Transformation project launched in
+2021, Porsche AG is coordinating retraining and further training
+and providing new ways and methods of working. The crux of
+the matter here is to identify existing and required skills and
+then to use and enhance these as best possible in a targeted
+way.
+Combined Management Report Non-financial statement 2023
+243
+244
+↑↓ ↑ |||
+Cross-departmental collaboration and the establishment of
+multipliers in the entire organization are decisive factors in this
+endeavor. Overall, there are three targets for employee
+development and the structure of the transformation:
+Employee development and shaping the transformation
+1.
+Identify strategic needs for skills and proactively shape
+the transformation
+2. Qualify and develop employees as needed
+3. Help managers shape the transformation
+specialists with the required skills by offering a wide range of
+training opportunities. At Stuttgart-Zuffenhausen, around 150
+trainees and students on dual study programs are recruited
+each year and trained specifically for various areas of
+Porsche AG.
+The aim of the training courses and degree programs is to equip
+young professionals with the specialist skills they need to start
+their careers at Porsche AG. At the same time, the training
+courses aim to impart the relevant future skills to help both the
+trainees and the students be prepared to learn and adapt to
+social and technological change as well as the transformation in
+the automotive industry. In principle, all trainees and students
+are offered permanent employment at Porsche AG upon
+completion of their courses or programs.
+In addition, Porsche AG is also involved in educational policy
+beyond its own training formats by supporting schools with
+career guidance and STEM subjects. This includes, for example,
+projects with cooperation schools on topics such as design
+thinking, coding experience, etc.
+DUE DILIGENCE PROCESS
+The Human Resources portfolio of the Executive Board acts as a
+driver, initiator and governance function for the content,
+processes and tools within training/employee development and
+for shaping the transformation. The specific design and
+implementation are carried out in the various application areas.
+In addition to the centralized qualification opportunities
+available for developing interdisciplinary skills and development
+programs for the management, there are also offerings for
+individual target groups, such as the "Finance Academy" or the
+"Porsche Academy" for the global dealer organization.
+In 2023, Porsche AG identified eleven cases of discrimination
+(including sexual harassment), each of which was punished
+accordingly. No structural background was evident. For
+confidentiality reasons, no further information can be provided.
+development are, Porsche AG uses an assessment system made
+up of feedback surveys and key indicators. This is how the
+participants' satisfaction with the interdisciplinary qualification
+measures is assessed. Evaluating and optimizing the
+qualification measures is a continuous process to meet the
+changing requirements of the target group and Porsche AG. This
+also includes regular meetings between employees and
+managers to discuss their individual needs. Various key
+indicators are also evaluated at regular intervals to ensure the
+quality of the measures.
+Now in its fifth year, the mentoring program is still very popular.
+More than 200 mentor tandems were actively involved in the
+mentoring format in the reporting year.
+The Porsche women's network She@Porsche recorded
+significant growth in the reporting year. Two new networks
+were launched in 2023:
+The diversity networks and the mentoring program are open to
+employees of Porsche AG and selected subsidiaries around the
+world.
+To promote inclusion, Porsche AG cooperates with workshops
+for the disabled in compliance with all legal requirements and is
+strongly committed to further expanding these cooperations.
+Porsche AG launched a project on accessibility in the reporting
+year. The first step here is to analyze structural and digital
+accessibility to then derive measures that should be
+implemented and integrated into processes and standards.
+RESULTS
+In the reporting year, the statutory gender quota increased to
+20% at the first management level and 17.3% at the second
+management level, thus meeting the targets for 2023.
+Porsche AG still considers itself on track to meet the target by
+2025. To further increase the proportion of women in
+management beyond the targets set, Porsche AG implemented
+a project on the proportion of women in management in the
+reporting year. The aim is to analyze the challenges involved in
+increasing the proportion of women in management in more
+detail and develop measures accordingly.
+Women in management positions-actual values for statutory
+gender quota¹
+%
+2023
+2022
+2021
+First management level
+20.0
+16.1
+Second management level
+17.3
+15.7
+16.9
+15.1
+1 Information relates to Porsche AG.
+Numerous managers took part in the extensive project; the
+Executive Board members were also actively involved. Internal
+communication to raise awareness further started in 2023 and
+most of the measures will be implemented from 2024.
+At Porsche AG in fiscal year 2023, a comparison of the average
+remuneration of all women with the average remuneration of all
+men reveals a 5.7% difference in basic annual remuneration and
+a 0.4% difference in direct remuneration in the favor of women.
+This difference is due to the distribution of men and women
+across the various hierarchical levels, with 51% of all employed
+men being in the lower collectively agreed pay scales (including
+incentive wage earners), compared to just 23% for women.
+Consequently, the average remuneration for all men is lower
+than the average for all women. → Non-financial key figures
+Cultures@Porsche and Väter@Porsche (Fathers@Porsche). The
+aim of the fathers' network is to promote an understanding of
+the modern father's role, make the needs of fathers in the
+company visible and provide a contact point and platform to
+exchange experiences. The cultures network aims to promote
+the exchange of international experiences and bring different
+perspectives together.
+The Porsche Newsroom has been the central point of contact
+for media professionals, bloggers and the online community
+since 2014. The website functions as a corporate blog, social
+media hub and download center all in one. Users will find a
+comprehensive range of texts, images and videos.
+Educational video tutorials are regularly published on YouTube
+in the Spot On format, bringing Porsche customers closer to
+their vehicles and explaining complex functions and product
+features in an understandable way. The guides contain
+information and practical tips on the latest technologies in the
+vehicle models and provide the end user with answers to
+frequently asked questions so that they can get the most out of
+their vehicles. The relevant Spot On topics are selected based
+on customer feedback, e.g., as part of the study by J.D. Power.
+The success is reflected, among other things, in an
+improvement in the J.D. Power Taycan Scoring and in the form
+of a small number of customer complaints under "Difficult to
+use". In the current reporting year, the initiative also supported
+Taycan customers along their customer journey by sending out
+Taycan Quicktipp (quick tip) e-mails with relevant content.
+With the Porsche Advisors Club, an online community in the
+four markets of Germany, China, the USA and the UK, the
+Porsche AG Group has created a direct channel to its own
+customers. It not only provides information on the Porsche AG
+Group's products and services, but it also serves the purpose of
+bringing ideas and feedback from customers back into the
+company quickly and in a targeted manner. In addition to
+traditional tools such as online questionnaires, the Porsche AG
+Group uses a range of digital communication options, e.g.,
+discussion forums, short surveys and online communication
+between Porsche employees and customers to strengthen
+customer relationships.
+Reporting of the simulated expected values of the
+quantitative risk assessments at fiscal year level:
+current fiscal year and the three subsequent fiscal
+years. Stochastic risk modeling is carried out for
+the significant risks.
+Risk-bearing capacity concept includes equity
+and gross liquidity
+The basis of consolidation of the RMS matches that of the
+Porsche AG Group. If it makes sense from a risk perspective, the
+basis of consolidation can be expanded for risk management
+purposes to include other subsidiaries.
+In line with the decentralized organizational structure, risks are
+identified, recorded in the risk management IT tool, assessed
+and managed by the main departments of Porsche AG and
+those subsidiaries linked to risk management as the risk owners.
+The reported risks are generally tested for their plausibility by
+central risk management and other key functions.
+Combined Management Report Report on risks and opportunities
+255
+256
+Structures and procedures of risk management
+All significant risks with a financial net potential in
+a worst-case scenario of > €100 million The net
+financial potential also includes possible financial
+losses from reputational risks and consequences
+under criminal law.
+Information and acknowledgment
+for completeness
+Executive Board
+Advisory body:
+Risk Council
+Supervisory Board
+Plausibility test and assessment
+of the risk situation
+Central risk
+management function
+Review of the risk situation
+Quantitative risk assessment for significant risks
+using stochastic risk modeling, taking into
+account the qualitative assessment criteria
+"Reputational damage", "Consequences under
+criminal law" and "Likelihood of occurrence"
+Holistic risk assessment for significant risks
+involving all relevant specialist departments
+(central risk management, risk owners, other key
+functions)
+Structuring based on risk categories: Strategic
+risks and opportunities, sales risks and
+opportunities, supply risks and opportunities,
+financial risks and opportunities, personnel risks
+and opportunities, operational risks and
+opportunities
+Methodology fiscal year 2023
+Holistic risk inventory
+Methodological changes to the risk management system in the fiscal year 2023 compared to the prior year
+Topic
+Risk inventory
+Risk assessment criteria
+Risk assessment
+Methodology fiscal year 2022
+Separate inventory: systemic risks, acute risks,
+operational risks
+Estimated risk scores for "Financial loss",
+"Reputational damage", "Consequences under
+criminal law" and a range for "Likelihood of
+occurrence"
+Subjective risk assessment by risk owner
+Categorization of the risk inventory Structuring based on clustering: Supply risks and
+opportunities, risks and opportunities from the
+Russia-Ukraine conflict, risks and opportunities
+from the gas shortage, BCM risks, risks from
+regulatory requirements, cost risks and
+opportunities from vehicle projects, tax risks and
+opportunities, customs risks and opportunities,
+data privacy risks
+Significant risks in relation to
+reporting to the Executive Board
+and Supervisory Board of the
+Porsche AG Group
+Acute risks measured at a financial loss of at least
+€5 million; or that may have a negative impact on
+reputation in the affected market or region; or
+that may have consequences under criminal law
+for at least one employee of the local company of
+the Porsche AG Group
+Organization of the reporting to the Reporting of estimated scores at fiscal year level:
+Executive Board and the
+current fiscal year and the three subsequent fiscal
+years
+Supervisory Board of the
+Porsche AG Group
+Overall risk analysis
+Structures and procedures
+RISK MANAGEMENT SYSTEM
+Risk-bearing capacity concept includes
+consolidated equity
+The Porsche AG Group's risk management is organized along
+decentralized lines. Alongside the central risk management
+function as a method and reporting center, each main
+department of Porsche AG and each subsidiary linked to risk
+management is represented by risk managers who are
+responsible for managing the implementation of and adherence
+to baseline standards. The decentralized organizational
+structure is designed to emphasize the importance of risk
+management in the local operating units and ensure risks are
+managed effectively.
+Risk owners
+Other key functions
+Risk identification and reporting
+The risks are categorized into different risk classes based on
+their financial net potential. The net potential indicates the
+greatest possible financial impact of the risk for the Porsche AG
+Group, taking into account financial losses from reputational
+risks and consequences under criminal law. All risk management
+elements already in place are taken into account.
+The Porsche AG Group has ensured the level of qualification and
+extensive training of employees involved in the risk
+management process. In addition, voluntary refresher trainings
+are also offered alongside compulsory trainings. Central risk
+management reviews the progress of training and the level of
+coverage on an ongoing basis and reports this on an annual
+basis to the Risk Council.
+INTERNAL CONTROL SYSTEM
+The Porsche AG Group's internal control system (ICS), which is a
+key element of the RMS, serves to duly manage operational
+risks. Operational risks form part of the risk inventory (these and
+other risk categories are explained in the section → Risk strategy).
+The risk inventory of the Porsche AG Group includes all risks
+recorded in the IT tool. Where operational risks are process-
+related, they are generally managed by internal controls and
+mapped in the ICS. This also includes risks relating to
+sustainability.
+The ICS is based on various process steps. The first step is for
+the risk owners to identify and record operational risks and
+controls. This is followed by the financial evaluation of the net
+potential and assessing the relevance to risk relating to the
+compliance, anti-fraud, reporting and operational criteria. In a
+final step, the risk owner gives their approval. Operational risks
+are updated at least once a year.
+In addition, annual risk-based tests of operating effectiveness
+are carried out on the controls set up to manage the operational
+risks. The scope of the test of effectiveness is based on the
+determined risk relevance. The results of the tests of
+effectiveness are reported to the Executive Board and
+Supervisory Board of Porsche AG.
+Monitoring of the effectiveness of risk
+management, the internal control system and the
+compliance management system
+To ensure the effectiveness of the RMS and the ICS,
+optimization needs are identified and implemented as part of
+the continuous monitoring and improvement processes. Internal
+and external requirements are taken into consideration equally.
+This also applies to Porsche AG's compliance management
+system in accordance with the Porsche Group's compliance
+management guideline, which aims to ensure compliance with
+the relevant legal provisions and regulations considered there
+and is continuously monitored and enhanced in a risk-oriented
+manner, taking into account internal and external requirements.
+The findings of the continuous monitoring and improvement
+process of the RMS/ICS are reported to the Executive Board
+and the Supervisory Board of Porsche AG.
+There is also quarterly reporting on the risk situation and
+reporting once a year on the results of the test of effectiveness.
+of the ICS to the Executive Board and the Supervisory Board of
+Porsche AG. There is regular and ad hoc reporting on
+Porsche AG's compliance management system to the Executive
+Board and Supervisory Board.
+Based on this reporting content, the Executive Board and
+Supervisory Board of Porsche AG are not aware of any
+indications of the Porsche AG's RMS/ICS or compliance
+management system not having been appropriate or effective
+as a whole in the fiscal year 2023.
+Irrespective of this, there are inherent limitations of the
+effectiveness of every risk management and control system or
+compliance management system. For example, even a system
+that is deemed appropriate and effective cannot ensure that all
+risks that actually arise or legal violations are identified
+beforehand nor can the possibility of process disruptions be
+completely ruled out.
+Internal control and risk management system in the
+context of the group accounting process
+The internal control and risk management system relating to
+accounting includes methods and principles as well as
+measures and controls derived therefrom, which should ensure
+that the information required for the preparation of the annual
+financial statements and consolidated financial statements of
+Porsche AG and the combined management report of the
+Porsche AG Group is complete, correct and transmitted in a
+timely manner. These measures and controls should minimize
+the risk of a material misstatement in the accounting and
+external reporting.
+The Porsche AG Group's accounting is generally organized along
+decentralized lines. Accounting duties are largely performed
+independently by the consolidated subsidiaries. The Volkswagen
+Group's IFRS Accounting Manual is used to ensure the
+application of uniform accounting policies. In addition, the
+Porsche AG Group specifies these provisions in guidelines for
+the quarterly and annual financial statements, supplemented by
+further reporting rules.
+Control activities at group level include analyzing and, if
+necessary, adjusting the data reported in the financial
+statements presented by the subsidiaries, also taking into
+account the auditors' reports and the outcome of the meetings
+on the financial statements with representatives of the
+individual companies. These discussions address the financial
+statements of the subsidiaries with regard to specific significant
+issues.
+Combined Management Report Report on risks and opportunities
+257
+A core element of risk management of the Porsche AG Group is
+that risks can be reported and updated without delay via the
+group-wide reporting channels that have been set up. Outside
+of the standard process, there is an ad hoc reporting process for
+risks of at least risk class 3. The risk managers and main
+departments of Porsche AG and the subsidiaries integrated in
+the risk management are supported by central risk
+management. Alongside defining group-wide baseline
+standards on risk management in the form of policies, central
+risk management is responsible for consolidated and
+aggregated risk reporting to the Executive Board and
+Supervisory Board.
+Compared to the prior year, there were no adjustments to
+opportunity management methodology in the current reporting
+year 2023.
+On a quarterly basis the significant risks are reviewed by the
+Risk Council for completeness. The Risk Council is an advisory
+body tasked with reviewing baseline standards for instruments
+and methods of the RMS and the associated reporting system.
+The risk situation for the respective quarter and the overall risk
+are reported to the Executive Board and Supervisory Board.
+Risks from the sustainability environment (ESG) are also
+integrated into these processes.
+Porsche AG specialist departments and subsidiaries
+The significant risks, i.e., risks with a possible financial net
+potential of more than €100 million, i.e., risks in risk classes 3
+and 4, are quantified in the next step by central risk
+management, the risk owners and with the involvement of other
+key functions. Central risk management coordinates with the
+risk owner and other key functions in order to take the
+necessary information into account in the stochastic risk
+modeling. The reporting period for the stochastic risk simulation
+covers the current fiscal year and the subsequent three fiscal
+years.
+Risk classes of the Porsche AG Group
+Risk classes
+Financial net potential
+Risk class E
+≤ €5 million
+Risk class D
+Level 0
+Level 1
+Level 2
+> €5 million-€10 million
+Risk class C
+> €10 million-€100 million
+Level 3
+Risk class B
+> €100 million-€1 billion
+Level 4
+Risk class A
+> €1 billion
+Risk owners:
+Stochastic risk modeling uses appropriate probability
+distributions (e.g., equal distribution, triangular distribution,
+etc.) and IT-supported simulation methods (Monte Carlo
+simulation). As part of the risk simulation, the expected value of
+the financial loss and the value at risk are determined at a
+confidence level of 99%.
+→ Methodological changes to the risk management system in the fiscal year 2023
+compared to the prior year
+In the fiscal year 2023, significant changes were made to the
+RMS of the Porsche AG Group.
+Methodological changes to the risk management
+system
+The Avoidance of conflicts of interest and corruption guideline
+provides recommendations for dealing with conflicts of interest
+and avoiding corruption. It regulates the admissibility criteria for
+the granting and acceptance of benefits such as gifts and
+invitations within the scope of business and specifies the
+permissible scope here for decision-making and action for
+managers and employees. It defines anti-corruption-specific
+requirements for implementing the compliance management
+system at Porsche AG, including regarding the careful selection
+and screening of (potential) business partners.
+Porsche AG published the Group Business and Human Rights
+Guidelines in 2022. These group guidelines establish an
+overarching framework for controlling the duties of care relating
+to human rights and the environment under the LKSG.
+→ Sustainability, work-related rights and equal treatment and opportunities in the
+value chain
+There are also guidelines on other compliance issues, including
+anti-corruption and prevention of money laundering. Employees
+can find information about the guidelines on the intranet.
+According to the group guidelines, there are strict criteria for
+special vehicle conditions that apply to the granting of
+discounts or other benefits in connection with vehicle
+transactions to certain stakeholder groups. The adopted
+processes create transparency regarding (planned) special
+vehicle conditions and compliance with special conditions that
+have already been approved.
+The Executive Board also adopted the company compliance
+management guideline. Porsche AG thus complies with its
+entrepreneurial responsibility and meets the statutory obligation
+to adhere to statutory requirements as well as internal
+guidelines.
+DUE DILIGENCE PROCESS
+To prevent violations of the rules and support employees in
+complying with the law, Porsche AG has set up a compliance
+organization made up of the Chief Compliance Officer and those
+responsible for specific compliance topics at Porsche AG.
+The Chief Compliance Officer provides the Executive Board and
+the Supervisory Board's Audit Committee with a quarterly report
+on the progress of implementing the compliance management
+system (CMS) as well as on significant measures and activities.
+According to the company compliance management guidelines,
+the Executive Board of Porsche AG decides on the local set-up
+and further development of the CMS, based on a
+recommendation from the Chief Compliance Officer.
+Since 2012, Porsche AG's CMS has formed the preventive
+framework for all principles, measures and processes not
+related to a specific person, which serves to ensure and
+implement compliance in six compliance areas. This aims to
+prevent breaches of the law and/or policy violations in these
+areas or to at least make them significantly more difficult.
+The central Compliance department has been conducting
+compliance monitoring since 2021. Besides interviews with
+managers, it involves risk-oriented activities such as spot
+checks of transactions that are of relevance in terms of
+compliance. The results are compiled in a report that also
+describes appropriate action if there is an evident need for
+improvement.
+Compliance risk analyses, which are carried out in the main
+departments of Porsche AG, form the basis for risk assessment
+in the compliance areas. In the reporting year, these were also
+performed for eight of Porsche AG's other main departments, so
+that by the end of 2023 risk analyses were available for 67 of
+the 70 relevant main departments of Porsche AG.
+The Executive Board receives regular reports on the progress of
+implementing the compliance organization and the preventive
+and reactive measures at Porsche AG.
+MEASURES
+Porsche AG's compliance program includes various preventive
+and reactive measures. Any need for action and preventive
+measures are continuously defined based on a systematic risk
+analysis that takes the business model, relevant environmental
+conditions and the type of business relationships into account.
+The main preventive measures are the existence of clear
+guidelines, regular training sessions and information for
+managers and employees on relevant compliance topics. There
+is also confidential compliance advice: Employees can direct all
+compliance-related questions to Porsche AG's central
+compliance help desk.
+The main reactive measures are internal and external reporting
+channels and a whistleblower system to receive information on
+potential violations of regulations relating to Porsche. This
+whistleblower system is regulated in the group guideline of the
+same name.
+Employees, customers and business partners of Porsche AG, as
+well as other third parties, can report suspicions of a breach of
+regulations by employees of Porsche AG both to an internal
+whistleblower system set up for this purpose and to two
+ombudsmen, who are subject to legal confidentiality under
+German law. The internal and external contact persons of the
+whistleblower system can be reached free of charge and at any
+time via various reporting channels and they also accept
+anonymous and confidential reports. The Porsche AG
+whistleblower system is available in various languages.
+Any information received is investigated and any violations
+identified are responded to appropriately, for example in
+compliance with the applicable data protection, labor and co-
+determination laws. The whistleblowers are protected from any
+employment related consequences, harassment in the
+workplace or other disadvantages from Porsche AG. Appropriate
+countermeasures are initiated on a case-by-case basis
+depending on the results of the investigation, and individual
+misconduct is sanctioned on a case-by-case basis depending
+on the results of the investigation.
+→ Code of Conduct for Business Partners
+Porsche AG uses a compliance monitoring system to check
+adherence with specific compliance requirements relating to
+anti-corruption, anti-trust law and prevention of money
+laundering in the specialist departments. In addition to the areas
+listed, monitoring primarily focused on the implementation of
+risk-mitigating measures in the reporting year. The identified
+potential for improvement has been included in the relevant
+departments' action plans. The monitoring also provided
+overarching findings for the CMS, which are to be considered in
+Porsche AG's compliance program for 2024.
+The additional Code of Conduct for Business Partners governs
+Porsche AG's expectation that its business partners will comply
+with the law as applicable, acknowledge the principles of ethical
+conduct and acting sustainably. Both codes of conduct are
+available on the intranet and on the Porsche website and
+explicitly draw attention to Porsche AG's whistleblower system
+which is available to all business partners.
+The Executive Board adopted general compliance targets based
+on the general company objectives, the corporate strategy and
+Porsche AG's vision and mission. These targets include ensuring
+compliant behavior and upholding Porsche AG's reputation and
+protecting the company, its bodies and employees from legal
+and disciplinary consequences. In addition, Porsche AG wants to
+continuously promote a responsible and value-based
+compliance culture. The Code of Conduct as well as group
+guidelines are in place to help achieve these objectives.
+Following a pilot project in 2022, Porsche AG broadened the CEI
+in the reporting year and now measures customer enthusiasm
+worldwide in the aspects of purchase, product quality, user
+experience with displays and control elements, Porsche
+Connect services, charging of electric and hybrid vehicles and
+service. The CEI is based on customers' expectations and
+differentiates between "unsatisfied" customers, whose
+expectations were not met, "satisfied" customers, whose
+expectations were met, and "excited" customers, whose
+expectations were exceeded. Only those in the "excited"
+category are included in the index. The performance indicator is
+based on a survey of more than 300,000 customers worldwide
+each year.
+Combined Management Report Non-financial statement 2023
+249
+250
+RESULTS
+The My Porsche customer portal is a central digital point of
+contact with customers. The reach of both the portal and the
+My Porsche app was expanded further in the reporting year.
+Evidence of the successful provision of information can be seen
+in the fact that there were fewer calls with questions to the
+Porsche centers and the Porsche Hotline in the reporting year,
+among other things.
+In a pilot project in 2022, the CEI (average proportion of
+"excited" customers) across the six customer touchpoints
+described above was calculated for the first time. The CEI
+reached 46.7% in the reporting year.
+Customer Excitement Index
+%
+CEI
+GOVERNANCE
+2023
+2022
+2021
+46.7
+n.a.
+n.a.
+Corporate governance, corruption and bribery
+The Porsche AG Group sees acting and doing business with
+integrity as an essential foundation for all business activities.
+Corporate governance is critical to the success of a sustainable
+and economically efficient transformation. Compliance with
+laws and internal guidelines, the consistent rejection of
+corruption and bribery, and transparency about the measures
+taken play a key role in Porsche AG's sustainability efforts.
+Compliance
+TARGETS
+The Code of Conduct at Porsche AG summarizes the most
+important principles and expectations about acting lawfully,
+sustainably and with integrity at Porsche AG. For example,
+dealing with conflicts of interest, combating any form of
+corruption, appropriate behavior within the group and towards
+customers, business partners and public officials as well as
+taking responsibility for the environment and society.
+Equal treatment and opportunities within the own
+workforce
+In the reporting year 2023, those responsible for compliance
+topics conducted numerous communication measures at
+251
+RESULTS
+At the time of transferring the T41 content to the line
+responsibility of the respective group function in July 2023, the
+T41 measures relating to culture and integrity were virtually
+completed. The Internal Audit department also conducted a
+final review of the measures completed by Porsche AG and
+found their implementation to be plausible.
+A voluntary digital learning module on the topics of brand,
+culture and integrity was introduced in the reporting year to
+convey the content and relevance of the topics for employees'
+day-to-day work and to raise awareness of them.
+Since 2022, the competence model, focusing on the skills
+needed to make decisions with integrity, has been used in
+training for newly appointed managers and newly hired
+employees of Porsche AG and the selected national subsidiaries,
+as well as in training sessions on integrity for managers at
+Porsche AG covered by collectively bargained wage agreements.
+It was extended to other target groups in 2023.
+In the "Porsche Puls" employee survey for 2023, the question
+about integrity was given an index score of 74 out of 100.
+Around 19,000 employees at Porsche AG took part in the
+survey in the reporting year.
+252
+Combined Management Report Non-financial statement 2023
+253
+254
+↑↓ ↑ 0 |||
+REPORT ON RISKS AND OPPORTUNITIES
+GENERAL PRINCIPLES OF RISK AND
+OPPORTUNITY MANAGEMENT
+Promptly identifying the risks and opportunities arising from
+operating activities and taking a forward-looking approach to
+managing them is crucial to the long-term success of the
+Porsche AG Group. A responsible approach in dealing with
+corporate risks to achieve our objectives is just as important as
+duly identifying opportunities as a way of ensuring
+competitiveness. For this purpose, the Porsche AG Group has
+management systems in place that are embedded in a
+comprehensive risk and opportunities management system.
+The Porsche AG Group has implemented a comprehensive risk
+management system (RMS). This system is designed to identify
+and appropriately manage risks with respect to the achievement
+of strategic and operational goals as well as complying with
+legal and internal requirements. This is intended to avert the
+threat of loss for the Porsche AG Group and to identify at an
+early stage any threat of any risks that might jeopardize its
+continued existence.
+As part of its opportunity management, the Porsche AG Group
+identifies and implements short, medium and long-term
+opportunities by systematically determining, assessing and
+operationalizing them and ultimately converting them into
+measurable revenue, cost and liquidity potential.
+Identified risks and opportunities are already discussed in the
+report on expected developments, to the extent that their
+occurrence is considered to be probable. The following
+explanations about risks and opportunities include potential
+future developments or events that may lead to a positive
+(opportunity) or negative (risk) deviation from the forecast for
+the Porsche AG Group.
+Regular reporting on risk management aims to support
+Porsche AG's Executive Board in identifying developments
+jeopardizing the company's ability to continue as a going
+concern in a timely manner.
+The RMS and the implementation of and adherence to the
+defined baseline standards in the operational areas is monitored
+on an ongoing basis by the Porsche AG Group's Internal Audit
+department.
+Below, the report first describes the methodological changes to
+the risk management system in the fiscal year 2023 as well as
+how the risk/opportunity management system functions, then it
+takes a closer look at the risk strategy and finally explains the
+specific situation of risks and opportunities as of December 31,
+2023.
+The interdisciplinary multiplier network covering the brand,
+culture, and integrity provides Porsche AG employees with a
+platform to share their experience, ideas, and presentations. It
+helps the ambassadors embed the topic of integrity within the
+departments. Employees can find bundled information on
+integrity on the intranet. Managers have access to a toolbox in
+their own special integrity section and apply this in day-to-day
+operations. It features self-reflection tools, dialog formats, and
+other information and ideas relating to integrity. This way, as
+role models, managers can hold their own workshops to hone
+their understanding of integrity and, working with their
+employees, define and implement measures designed to
+improve integrity.
+Combined Management Report Non-financial statement 2023
+Integrity is integrated into Porsche AG's training formats
+targeting specific groups. In addition, ongoing internal
+communication measures are designed to raise awareness
+among employees on the topic.
+MEASURES
+↑ ↓ ↑ 0 |||
+||| ơ V12
+Porsche AG. There were also in-person and virtual employee
+training sessions as well as digital learning modules at
+Porsche AG and selected German subsidiaries. In cooperation
+with the HR department, the compliance officers provide
+compliance training at Porsche AG. The basis is a subject-
+specific plan which uses risk analyses to identify the relevant
+target groups and key areas of content. There are mandatory
+training formats for managers, junior managers, and new
+employees. The compliance officers also organize training for
+specific departments and target groups, e.g., on legally required
+or current topics, or on request.
+In the reporting year, around 3,000 employees at Porsche AG
+received compliance training at in-person and virtual events,
+and 24,416 participants received compliance training through
+digital training modules. The digital Code of Conduct training
+module was completed by 16,636 employees from Porsche AG.
+This training module covers the directive of the same name and
+provides information about the whistleblower system and the
+contact details of the compliance help desk. The training also
+covers the content of the Avoidance of conflicts of interest and
+corruption and Human rights guidelines.
+By the end of the reporting year, the rate of training in face-to-
+face and virtual events within the target group at Porsche AG
+was 84% on average for the defined areas of compliance.
+Employees can find further information about compliance-
+related training and communications at Porsche AG on the
+intranet. Aside from the relevant Group and company guidelines,
+the intranet provides information on the compliance culture and
+organization, as well as details about points of contact and
+reporting channels. This is complemented by videos, flyers, note
+cards, and brochures.
+RESULTS
+Most of the employee inquiries to the compliance help desk
+again related to the handling of invitations and gifts. The
+number of reports of potential violations was up on the prior-
+year level.
+Overall, Porsche AG's whistleblower system was responsible for
+following up on 83 of 257 submitted reports. The plausibility
+check rated 44 of these 83 reports as plausible. Of the 44
+plausible reports, 26 were categorized as potentially severe
+breaches of the rules and investigated through Porsche AG's
+whistleblower system. The focal points of the potential
+misconduct were violations of the German Trade Secrets Act
+(GeschGehG) and offenses against property (such as fraud and
+embezzlement). 16 cases concluded with the identification of a
+serious breach of the rules and resulted in sanctions. Eleven
+investigations ended without identifying a breach of the rules.
+Sanctions following identified rule breaches can range from
+raising awareness to termination.
+In accordance with the group guideline on the prevention of
+money laundering, Porsche AG submitted four suspicious
+activity reports to the responsible anti-money laundering
+authorities in the reporting year.
+Integrity
+TARGETS
+Long-term success requires behavior to go beyond correct
+conduct in line with the laws, regulations and requirements. If
+there are no explicit rules or if conflicting objectives arise, one
+needs integrity as an inner compass on how to act in the right
+way. The topic is also gaining in importance because
+increasingly shorter innovation cycles, a changing automotive
+industry and a dynamic environment require entrepreneurial
+speed more and more frequently.
+Integrity management at Porsche AG has set itself the target of
+enshrining integrity in the corporate culture for the long term.
+Managers and employees should be able to act in accordance
+with ethical principles, with responsibility, conviction and
+steadfastlness. Porsche AG wants to strengthen the confidence
+of its employees, customers, shareholders and partners. To
+promote this value- and attitude-based culture in the best-
+possible way, integrity management at Porsche AG is enshrined
+within the Human Resources portfolio in the Executive Board in
+Employee Development and Corporate Culture.
+The Porsche AG Code of Conduct not only emphasizes the
+importance of honest and ethical conduct and acting with
+integrity on the part of everyone, but also explicitly highlights
+the role model function of members of the Executive Board and
+managers. Integrity is a core value in the Porsche Code - the
+company's leadership model - and provides a solid basis for the
+organization.
+DUE DILIGENCE PROCESS
+Integrity is firmly entrenched in the personnel processes on
+onboarding, recruiting, personnel development, remuneration
+and disciplinary actions. Minimum standards are determined in
+the group guideline on HR compliance.
+The topic of culture and integrity was rolled out internationally
+at Porsche AG by the Volkswagen Group as part of its
+Together4Integrity (T41) program in 2018. The program has
+developed long-term measures aimed at strengthening the
+culture of integrity. The management of all subsidiaries in the
+T41 program, including Porsche AG, are responsible for the local
+implementation in accordance with the timeline and milestone
+plan. The package of measures and the implementation time
+may vary depending on the local circumstances. The central T41
+program management was completed in July 2023, upon which
+the T41 content was transferred to the line responsibility of the
+respective group function. Since then, new companies have
+been considered for Porsche Group specifications via its
+integration management system.
+In addition, Porsche AG also uses results from the employee
+survey to derive measures for managing integrity. For example,
+a poll about acting with integrity and compliant conduct in the
+company organization is part of the "Porsche Puls" employee
+survey. Among other things, the survey gives insights into the
+integrity culture. The results are then discussed in the
+organizational units. This mandatory discussion aims to develop
+measures to improve cooperation, management and further
+development for the long term. If the integrity-related question
+falls below a defined threshold, this triggers subsequent follow-
+up processes. Training formats on the topic of integrity or with
+content on integrity are also available.
+Integrity issues are already addressed during the recruiting
+process. There is also a particular focus on integrity during the
+development path to a manager covered by collectively
+bargained wage agreements as well as to and within
+management positions. The value attached to integrity can also
+be seen in the semiannual reporting of the implementation
+standards to the Compliance Council, in the ad hoc reporting to
+the Executive Board as well as in the annual integrity report in
+the Supervisory Board.
+↑↓ ↑ 0 |||
+258
+In 2023, nine complaints were processed via the complaints
+process at Porsche AG, and a further 52 cases were processed
+under the SCGM. Complaints and SCGM cases received in the
+reporting year were investigated, any evidence needed was
+requested and if necessary - appropriate measures for
+continuous improvement were developed. In the reporting year,
+no direct suppliers were temporarily blocked for new contracts
+due to violations.
+Risk strategy
+Risk strategy of the Porsche AG Group
+Executive Board reporting
+Risk strategy
+(incl. risk appetite)
+Supervisory Board reporting
+Reporting
+44
+Risk-bearing capacity calculation
+A risk inventory with all risks
+Strategic
+risks
+Sales
+risks
+Supply
+risks
+The stable earnings indicators and cost structures combined
+with a high level of financial strength provide the Porsche AG
+Group with the financial headroom for future investments in
+products, technology and services, even in a challenging
+environment. The Porsche AG Group is managed by targets and
+opportunities with a clear focus on a sustainable increase in the
+value of the company.
+Financial
+risks
+Operational
+risks
+RISK CATEGORIES OF THE PORSCHE AG GROUP
+Strategic risks result from possible deviations from the plan,
+e.g., in strategic premises or threats to critical success factors.
+This risk category therefore includes risks resulting from supply
+chain dependencies or geopolitical tensions, the stability of the
+economic and financial markets and the regulatory environment.
+However, risks in connection with the successful
+implementation of our luxury brand business strategy and the
+electrification strategy, competitive risks and reputational risks
+also fall into this category.
+Aggregation
+Control
+Quantification
+Relevance assessment
+Identification
+These are analyzed over the long-term and are therefore
+primarily evaluated on a qualitative basis. Strategic risks must
+be updated at least annually by the risk owner.
+Sales risks arise from possible deviations from plan in the sale of
+vehicles. Risks resulting from changes in customer needs and
+requirements for products and in brand perception are also
+contained in this category. Increasingly intense competition in
+the industry also represents a challenge for the Porsche AG
+Group and can have a noticeable impact on the price and
+product mix. Constantly changing customer preferences and
+government regulations also represent significant risk factors.
+Sales risks are updated on a quarterly basis.
+Combined Management Report Report on risks and opportunities
+259
+The human rights focus system (HRFS) for particularly serious
+risks, such as forced labor, unequal pay or intransparency in the
+supply chain, was developed further in the reporting year. The
+audit strategy was also expanded to place a greater focus on
+transparency surrounding subcontracting from direct suppliers
+and the passing on of sustainability requirements to
+subcontractors. The transparency of the supply chain is also a
+focus for raw materials, which are analyzed for risks as part of
+the RMDDMS.
+Personnel
+risks
+The business divisions use this to derive short, medium- and
+long-term opportunity potential and operationalize this
+potential accordingly. In addition to a systematic
+implementation of its strategy, the Porsche AG Group's long-
+term competitiveness and future viability is to be ensured
+through further efficiency and opportunity initiatives, among
+others. The identification of specific targets from the
+aforementioned initiatives offer additional potential to generate
+opportunities.
+The term risk is defined as the possibility of a negative deviation
+from a budgeted figure or target. A net view is generally taken
+here. This means that risks are assessed taking risk
+management measures into account. The Porsche AG Group's
+RMS is made up of several integrated and interrelated elements
+and comprises risk categories relevant to the Porsche AG Group,
+which are explained in more detail below. → Risk strategy of the
+Porsche AG Group
+Alongside the effective management of risks when making
+business decisions, in a dynamic market environment arising
+opportunities also have to be identified in the best possible
+manner and persistently realized.
+67.9
+Opportunities management is closely based on strategic targets
+and is an integral component of the operational structures and
+procedures in conjunction with the general planning and
+management processes in the Porsche AG Group. This includes,
+among other things, revenue and cost optimization as well as
+product enhancement and the improvement of mobility and
+financial services. For this purpose, the Porsche AG Group is
+constantly analyzing the environment of its business model in
+order to identify trends, e.g., from the market, technology,
+society and environment as well as changes in key factors at an
+early stage. With the help of scenario analyses-including
+strategic business planning, the affected business divisions and
+Controlling-the developments relevant for the business model.
+are considered and assessed so as to derive any potential
+effects for the Porsche AG Group.
+88.6
+88.3
+Share with S-rating "A"
+2021
+2022
+%
+S-rating for direct suppliers of production material to
+Porsche AG
+Porsche AG has set itself the target of meeting the strictest
+internal quality standards relating to sustainability (S-rating "A")
+for 90% of the production material it purchases from direct
+suppliers by 2030. This was 88.3% in the reporting year.
+By the end of the reporting year, 1,396 S-ratings were available
+for direct suppliers of production materials, whose order volume
+corresponds to around 81% of the total procurement volume. Of
+these direct suppliers of production materials, 1,099 have an A
+rating and therefore meet the highest internal quality standards.
+Following an initial analysis of the direct supplier data, detailed
+on-site inspections are carried out on a risk basis. Five on-site
+inspections took place worldwide in 2023. No violations of the
+sustainability requirements were identified.
+Based on sales revenue, roughly 88% of direct suppliers of
+production materials with more than 100 employees on site
+have documented that they have an environmental
+management system certified in accordance with ISO 14001,
+validation in accordance with the Eco-Management and Audit
+Scheme (EMAS) or a commitment letter.
+2023
+In the course of 2023, the S-rating was extended to other
+supplier sectors according to risk priority to ensure compliance
+with human rights standards, social employment practices and
+responsible resource management at Porsche AG's direct
+suppliers. In addition, the underlying survey was expanded to
+include specific requirements relating to human rights, the
+environment and the LKSG.
+The results from the accounting-related ICS are a component of
+the reporting on the RMS/ICS to the Executive Board and
+Supervisory Board of Porsche AG.
+By the end of the reporting period, a total of 1,884 direct
+suppliers had submitted a self-assessment as part of the S-
+rating.
+The effectiveness of the internal control system in the context
+of the accounting process is systematically assessed using
+standardized procedures. Regular tests based on samples are
+performed. These form the basis of the assessment of whether
+the controls are appropriately designed and effective. Another
+component of the standardized procedures is the sustained
+elimination of identified control weaknesses. At the end of the
+annual cycle, the companies concerned confirm that the group-
+wide guidelines have been implemented and the corresponding
+tests of operating effectiveness have been carried out.
+Group-wide guidelines on the design of the internal control
+system for accounting processes are defined and continuously
+enhanced in the internal control system relating to the
+accounting process of the Porsche AG Group. A regular risk
+analysis and evaluation is carried out in order to identify
+significant risks for the accounting process. The necessary
+controls are then defined and documented and performed in line
+with group-wide guidelines. The control system contains
+preventive and detective controls and is integrated into
+accounting processes at the respective group functions and
+companies.
+Data consistency and the plausibility of the contents between
+the statement of financial position, income statement and notes
+to the financial statements are essentially verified using a multi-
+layer validation system "Porsche Corporate Management and
+Reporting System" (PURe) and based on the group-wide
+standard system "Volkswagen Consolidation and Corporate
+Management System" (VOKUS). PURE and VoKUS enables the
+consolidation and analysis of backward-looking data and
+Controlling's forward-looking data. VoKUS offers centralized
+master data management, an overarching authorization concept
+and uniform reporting. It also provides the required flexibility
+with regard to changes to the legal environment.
+↑↓ ↑ ||
+Alongside plausibility checks, other control mechanisms applied
+during the preparation of the annual and consolidated financial
+statements of Porsche AG include the clear delineation of areas
+of responsibility and the application of the principle of dual
+control.
+240
+In order to counter the specific environmental and human rights
+risks in the supply chains of raw materials, particularly the risk
+of child labor, the Volkswagen Group has implemented the raw
+material due diligence management system (RMDDMS) in
+cooperation with Porsche AG. This describes the process for
+identifying, assessing and reducing sustainability risks in raw
+material supply chains.
+Furthermore, the Volkswagen Group publishes an annual
+Responsible Raw Materials Report in line with global normative
+frameworks, including the OECD Due Diligence Guidance for
+Responsible Supply Chains of Minerals from Conflict-Affected
+and High-Risk Areas (OECD Minerals Guidance), the OECD Due
+Diligence Guidance for Responsible Business Conduct, the
+OECD-FAO Guidance for Responsible Agricultural Supply
+Chains, the OECD Guidelines for Multinational Enterprises and
+the UN Guiding Principles on Business and Human Rights. The
+report was published for the first time in 2021 and covers
+Porsche AG's Stuttgart-Zuffenhausen site, among others.
+Porsche AG does not see any significant risk of child, forced or
+compulsory labor in its operations at its own sites or at its
+selected direct suppliers of production materials. In mining,
+there are certain raw materials where there is, however, a higher
+risk of child labor. This is especially true in countries where
+legislation and monitoring are weak or where armed conflicts
+are taking place. Porsche AG is therefore working with risk
+analysis and the measures such as the SCGM or the raw
+materials management system to avoid potential child labor
+violations and reduce the risks as far as possible.
+RESULTS
+Opportunity management
+In the course of their operating activities, Porsche AG and the
+companies in which it holds direct or indirect interests are
+involved in a large number of legal disputes and official
+proceedings, both in Germany and abroad. Among others, these
+legal disputes and proceedings relate to or are connected with
+employees, authorities, services, dealers, investors, customers,
+products or other contractual partners. They may lead to
+payments such as fines as well as other obligations and
+consequences for the companies involved. In particular,
+substantial compensation or punitive damages may have to be
+paid and cost-intensive measures may be necessary. In this
+context, specific estimation of the objectively likely
+consequences is often possible only to a very limited extent, if
+at all.
+In addition, the Porsche AG Group faces operating risks in the
+area of research and development costs. In particular, there are
+cost risks resulting from the possible non-compliance with
+research and development budgets. For the Porsche AG Group,
+this risk can manifest itself in a reprioritization or change in the
+development and product portfolio.
+Operational risks and opportunities
+In addition to the significant risks, the Porsche AG Group is
+exposed to various risks from legal disputes, taxes and customs
+duties as well as non-financial risks due to its global business
+activities.
+LITIGATION
+In the "Operational risks and opportunities" risk category, IT
+risks play a significant role for the Porsche AG Group in the area
+of business continuity management. The company's business
+processes are heavily dependent on information technology,
+which represents a significant risk factor. There is a risk of
+default especially in production due to unforeseen events such
+as a cyber attack. There is a significant risk that the Porsche AG
+Group may be exposed to data encryption or data protection
+risks. Critical IT resources and applications are safeguarded via
+the business continuity management system.
+In connection with their business activities, Porsche AG Group
+companies engage in constant dialog with regulatory agencies,
+including the Kraftfahrt-Bundesamt (KBA-German Federal
+Motor Transport Authority) as type approval and market
+surveillance authorities. It is not possible to predict with
+assurance how government regulators will assess certain issues
+of fact and law in a particular situation. For this reason, the
+possibility that certain vehicle characteristics and/or type
+approval aspects may in particular ultimately be deemed
+deficient or impermissible cannot be ruled out. This is also
+fundamentally a question of the regulatory agency's specific
+evaluation in a concrete situation.
+265
+266
+↑↓ ↑ |||
+Securities and time deposits"
+Risks may also result from actions for infringement of
+intellectual property, including infringement of patents, brands,
+or other third-party rights, particularly in Germany and the USA.
+If the Porsche AG Group is alleged or determined to have
+violated third-party intellectual property rights, it may for
+instance have to pay damages, modify manufacturing
+processes, or redesign products, and may be barred from selling
+certain products; this may result in delivery and production
+restrictions or interruptions.
+In addition, the expansion of market shares due to a broad and
+rejuvenated product portfolio and the growth of existing and the
+expansion of new business fields could have an advantageous
+impact. Moreover, the strength of the brand in conjunction with
+the innovative strength can also support the realization of unit
+prices and the associated tapping of earnings potential.
+Legal risks may also arise due to the criminal actions of
+individuals, which even the best compliance management
+system can never fully rule out.
+Combined Management Report Report on risks and opportunities
+If, contrary to expectations, the sales situation develops more
+positively, this may also create opportunities for additional sales
+potential. This should be seen in particular against the backdrop
+of a balanced regional distribution, with an increased focus on
+new markets such as the ASEAN region.
+SUPPLY CHAIN PROBLEMS
+Sales risks and opportunities
+Further information can be found in the comments on litigation
+in the notes to the consolidated financial statements.
+The Porsche AG Group meets the challenges of the increasing
+regulatory environment by continuously carrying out
+comprehensive regulatory monitoring, implementing projects
+and measures to monitor international and country-specific
+standards and regulations and constantly reviewing their
+progress.
+In the latter areas, opportunities that could have a lasting
+positive impact on the Porsche AG Group's results of operations
+may arise if the assumptions made develop more positively than
+assumed.
+Supply risks and opportunities
+In the Porsche AG Group, the supply risks and opportunities
+category includes commodity shortages, quality and deadline
+problems with purchased parts and software as well as
+disruptions in the supply chain due to geopolitical conflicts,
+major damage events at suppliers and additional cost claims
+from suppliers, among other things.
+Porsche AG Group is exposed to the risk of the start of
+production of vehicles being scaled-back, delayed or postponed
+due to quality or scheduling problems in the supply chain.
+Significant risks may also arise from the provision of software
+for products and connectivity services for the Porsche AG
+Group. Risk factors here are the timely provision of the software
+in the required quality. As a result, project milestones are
+missed or delayed, impacting deadlines and/or flattening the
+ramp-up curve. Additional cost claims from suppliers and
+competitive disadvantages are also conceivable if demand
+requirements are not met as a result of quality problems.
+Within the Porsche AG Group, this risk is managed through early
+and systematic identification of weak points in the start of
+production of a vehicle and close monitoring of the supplier
+relationship.
+The sales markets of the USA, China, Europe and the rest of the
+world play a key role for the Porsche AG Group. There is
+currently a risk of a further decline in demand within the sales
+risks and opportunities category due to the dynamic market and
+competitive situation in China. A deterioration in the overall
+economic situation in China, e.g., as a result of a real estate
+crisis and the associated loss of purchasing power, increasing
+competition in the Chinese market or localization efforts, as well
+as structural changes in the automotive sector are evident and
+are having an impact on sales expectations in the market. The
+market situation in China is constantly monitored and taken into
+account in sales planning.
+The supply of semiconductors is continuously subject to high
+risks, which is why the supply situation remained tense in 2023.
+Potential risks for the Porsche AG Group could manifest
+themselves in the form of production interruptions and thus also
+lost sales. However, by arranging long-term contracts at an
+early stage, the supply situation has been increasingly stabilized.
+The Porsche AG Group is also exposed to significant risks in the
+area of battery cell production in connection with the supply of
+parts. Risk factors include in particular the increasing demand
+for battery cells, the dynamic technology environment and the
+service life of battery cells. In this context, it is particularly
+important for the Porsche AG Group that risks may arise with
+regard to the supply of parts as a result of unstable production
+processes at battery cell suppliers. Generally speaking, this can
+result in the start of production of vehicles being scaled-back,
+delayed or postponed. There is also a risk that technical
+specifications for the battery cell will be met late or not at all. As
+a result, the Porsche AG Group is faced with deadline, quality
+and cost risks.
+However, opportunities could arise should, contrary to current
+expectations, the supply situation and its repercussions develop
+positively or things return to normality earlier than anticipated.
+Significant opportunities may arise from potential additional
+synergies with new vehicle architectures within the Porsche AG
+Group but also in association with the Volkswagen Group as well
+as from technological innovations. These synergy and
+innovation effects pertain to Development, Procurement and
+Production in particular. Furthermore, opportunities from
+product cost and process optimization program can contribute
+to the realization of earnings potential in this context.
+GEOPOLITICS
+The conflicts in the Middle East may have a direct and indirect
+negative impact on the business activities of the Porsche AG
+Group. This can include temporary disruptions to important sea
+routes, which can have an impact on supply chains, for example.
+Rising energy prices may also lead to rising inflation rates.
+Demand shocks resulting from a possible global recession could
+also affect the business activities of the Porsche AG Group if the
+conflict were to escalate.
+Possible risks may also arise from the trade conflict between
+China and the USA and tensions in Asia. As a result, the
+Porsche AG Group is faced with possible sales losses and a
+dependence on Asian suppliers or sub-suppliers, primarily due
+to the high proportion of revenue in the affected regions. In
+addition, conflicting sanction laws may exacerbate the risk
+situation.
+If, contrary to previous planning assumptions and forecasts, the
+current geopolitical tensions in the aforementioned regions
+weaken or dissipate, this could lead to a reduction in the
+negative effects on the global economy-including higher
+inflation rates, increased interest rates, but also the sales
+situation in general and the challenges in the relevant markets-
+and possibly even result in opportunities on the sales and cost
+side for the Porsche AG Group.
+In addition, as in the past, additional cost demands from
+suppliers for various reasons led to cost risks in respect of
+investments and direct material costs. The reasons for this
+include, for example, increased raw materials prices and other
+cost increases in connection with manufacturing. Closely
+monitoring these within the projects and taking
+countermeasures at an early stage, e.g., by negotiating on the
+part of procurement, reduces the supply risks.
+→ Notes to the consolidated financial statements-40. Litigation
+↑↓ ↑ 0 |||
+New requirements under tax law inside and outside Germany
+require the constant adjustment of the relevant declaration
+processes. Risks of double taxation from the cross-border
+supply of intragroup goods and services are regularly reduced or
+eliminated using advanced pricing agreements or other bilateral
+procedures. Tax risks from tax field audits and their impact on
+the consolidated financial statements are closely monitored on
+an ongoing basis. Provisions or liabilities were recognized for
+potential future payments of tax arrears and for ancillary tax
+payments arising in this connection. These risks are monitored
+and managed over the long term by systematically enhancing
+the Tax CMS that has been implemented.
+The currency risk in the automotive segment results in
+particular from transactions as part of operating activities that
+do not take place in the functional currency of the respective
+group company. Currency risks are partly hedged through the
+use of exchange rate hedging instruments for a period of up to
+five years. The main hedging instruments used are forward
+exchange transactions and currency options. The volume of
+exchange rate hedges is determined on the basis of the planned
+sales figures in the respective foreign currency, taking into
+account procurement volumes.
+In 2023, hedges were entered into in the following currencies
+as part of currency risk management: Australian dollar (AUD),
+Brazilian real (BRL), British pound sterling (GBP), Canadian
+dollar (CAD), Chinese renminbi (CNY), Hong Kong dollar (HKD),
+Indian rupee (INR), Japanese yen (JPY), Mexican peso (MXN),
+Norwegian krone (NOK), Polish zloty (PLN), Singapore dollar
+(SGD), South Korean won (KRW), Swedish krona (SEK), Swiss
+franc (CHF), Taiwan dollar (TWD), and US dollar (USD).
+There is no material currency risk in the financial services
+division, as refinancing is carried out in the currency of the
+respective assets.
+Combined Management Report Report on risks and opportunities
+267
+268
+↑↓ ↑ 0 |||
+INTEREST RATE RISKS
+Interest rate risk in the automotive segment results from
+changes in market interest rates, primarily for medium- and
+long-term interest-bearing receivables, liabilities and provisions.
+Floating-rate items are included in cash flow hedges and some
+are hedged by means of interest rate swaps.
+Interest rate risk in the financial services division mainly results
+from changes in market interest rates, primarily for medium-
+and long-term floating-rate liabilities and from non-maturity-
+matched refinancing. Interest rate hedges are used to limit
+these risks.
+EQUITY AND BOND PRICE RISKS
+The special funds launched using surplus liquidity are exposed
+in particular to equity and bond price risk that may arise from
+fluctuations in quoted market prices, stock exchange indices
+and market interest rates. The risks to which the special funds
+are exposed are generally countered by the Porsche AG Group
+by ensuring a broad diversification across a range of products,
+issuers and regional markets when making investment
+decisions, as stipulated in the investment policy. The risk
+management systems in place are partially based on a minimum
+value threshold and, if the market situation is appropriate,
+exchange rate hedges are entered into.
+COMMODITY RISKS
+There are also risks relating to raw materials in the automotive
+segment in respect of the development of prices, among other
+things. Possible risks from the development of prices of raw
+materials are analyzed on an ongoing basis in order to be able to
+act swiftly to any changes on the market. Commodity price risks
+are partly hedged through the use of hedging instruments for a
+period of several years. Averaging swaps are used as hedging
+instruments. The volume of hedges is determined on the basis
+of the planned commodity exposure in the respective
+procurement contracts. As part of the management of
+commodity price risks, price hedges were concluded in 2023
+for the commodities aluminum, copper, nickel, cobalt and
+lithium hydroxide.
+RESIDUAL VALUE RISKS
+CURRENCY RISKS
+TAX RISKS AND OPPORTUNITIES
+Should, contrary to current planning and forecast assumptions,
+market prices develop positively, this may also result in
+opportunities for the Porsche AG Group.
+Market price risks and opportunities
+Should the assessment of tax matters, for example due to a
+change in a court decision be favorable to the taxpayer and
+therefore advantageous for the Porsche AG Group, this may also
+result in opportunities for the earnings of the Porsche AG Group
+in terms of the provisions already recognized.
+CUSTOMS RISKS AND OPPORTUNITIES
+Based on the free trade agreements that the EU has concluded
+with various countries, Porsche vehicles can be imported to
+these countries at reduced rates of customs duties or duty-free,
+subject to compliance with the local content requirements. New
+and more stringent local content requirements necessitate an
+ongoing adjustment of the calculation processes. If local
+content requirements are not met, the standard rate of customs
+duty must be applied when importing vehicles.
+Changes in trade policy frameworks may also give rise to
+positive earnings effects for the Porsche AG Group. Potential for
+lower cost of goods sold or also the possibility to offer products
+and services at lower prices is offered by a possible removal of
+tariff barriers, import restrictions or a reduction of direct excise
+duties.
+NON-FINANCIAL RISKS
+Pursuant to section 289c HGB, a review is carried out in the
+reporting process of opportunities and risks that have an impact
+on non-financial aspects set out in the law. Significant
+opportunities and risks within the meaning of this law include
+those associated with the Porsche AG Group's business
+activities, business relationships, products and services and
+which are very likely to have serious consequences for the non-
+financial aspects pursuant to the German Act to Implement the
+CSR Directive (CSR-RUG). In the reporting year, no significant
+non-financial risks were identified in the course of the review
+based on the risk inventory reported in the fiscal year 2023.
+Personnel risks and opportunities
+No significant risks were identified in the "Personnel risks and
+opportunities" risk category in the current fiscal year 2023.
+FINANCIAL RISK MANAGEMENT AND METHODS
+AS WELL AS OPPORTUNITIES
+Due to the international activities in the automotive and
+financial services segments, financial risks arise that affect the
+net assets, financial position and results of operations of the
+Porsche AG Group. These risks are broken down into market
+risks, credit and default risks and liquidity risks. The risks are
+regularly monitored, reported and centrally managed using
+financial instruments. The primary aim of using financial
+instruments is to limit the financial risk exposures in order to
+ensure the Porsche AG Group's continuing existence and its
+earnings power.
+The principles and responsibilities for managing and controlling
+the risks that could arise from these financial instruments are
+defined by the Executive Board and monitored by the
+Supervisory Board. Internal guidelines exist within the
+Porsche AG Group that clearly define the risk management and
+control processes. These guidelines regulate, among other
+things, the use of financial instruments or derivatives and the
+requisite control procedures, such as a clear segregation of
+functions between trading and settlement. In addition, it is also
+stipulated that financial transactions should always be based
+around the needs of the underlying transaction. Consequently,
+transactions are not concluded for speculative purposes. The
+treasury department identifies, analyzes and monitors risks
+group-wide. The underlying guidelines and the supporting
+systems are checked regularly and brought into line with current
+market and product developments.
+Derivative financial instruments are mainly used to control
+currency, interest rate and commodity price risks. The
+counterparties for the hedges are Volkswagen AG and major
+national and international financial institutions. Cooperation is
+subject to uniform regulations and continuous monitoring.
+Alongside counterparty credit risks, in particular accounting
+risks relating to the financial instruments entered into for
+hedging purposes also have to be analyzed. The risk of effects
+on the presentation of results of operations in the income
+statement is limited by means of hedge accounting.
+More information is provided in the notes to the consolidated
+financial statements on the hedging policy, hedging guidelines,
+default and liquidity risks as well as the quantification of the
+aforementioned hedging activities and the market risks within
+the meaning of IFRS 7.
+→ Notes to the consolidated financial statements-36. Financial risk management
+and financial instruments
+In the course of its general business activities, the Porsche AG
+Group is exposed to foreign currency and interest rate risks as
+well as risks relating to shares, bonds, commodity prices and
+residual value. It is company policy to exclude or limit these
+risks where possible by entering into hedging transactions.
+264
+High
+Combined Management Report Report on risks and opportunities
+The risk-bearing capacity calculation showed that the
+occurrence of a development jeopardizing the continued
+existence of the group was sufficiently improbable in the fiscal
+year 2023.
+Combined Management Report Report on risks and opportunities
+261
+↑↓ ↑ |||
+||| ơ LT 2
+RISK AND OPPORTUNITY SITUATION
+AS OF DECEMBER 31, 2023
+The following section presents the risk and opportunity
+situation as of December 31, 2023. It is presented by risk
+category, with financial risks being presented in a separate
+section → Financial risk management and methods as well as opportunities.
+In principle, the risk categories that have already been
+presented and which will be examined in more detail below also
+hold opportunities. Such opportunities may arise for the
+Porsche AG Group if the actual effects are better than the
+underlying planning assumptions or anticipated forecasts, or if
+additional positive effects can or do arise in the aforementioned
+categories-in relation to the value chain.
+The macroeconomic environment represents the framework
+conditions for the risks and opportunities listed in the following
+categories and is included as an assumption in the assessment
+of these risks and opportunities.
+The macroeconomic conditions are characterized by
+extraordinary uncertainties and influence the business
+development of the Porsche AG Group. Uncertainties result in
+particular from commercial and geopolitical events worldwide.
+In addition, there are increasing environmental challenges that
+affect individual countries and regions to varying degrees. High
+private- and public-sector debt is clouding the outlook for
+growth and may likewise cause markets to respond with
+uncertainty. Demographic change may also inhibit growth.
+Turbulence on the financial, energy and commodities markets, a
+more restrictive monetary policy with persistently high inflation
+and the associated decline in purchasing power, sharply rising
+interest rates and waning economic performance also have an
+impact on the business activities of the Porsche AG Group.
+In addition, advancing climate change is putting the automotive
+industry under pressure worldwide. In accordance with the
+recommendations of the Task Force on Climate-related
+Financial Disclosures (TCFD), climate-related risks are
+considered in the Porsche AG Group from two perspectives:
+firstly, the effects of physical climate change (such as extreme
+weather events) and secondly, the transitory risks arising from
+the climate-friendly restructuring of the economy (such as the
+regulation of CO2 fleet emissions).
+One aspect of transitory climate risks that may affect the
+business activities of the Porsche AG Group is the short-term
+tightening of climate laws and regulations in response to
+climate change. On the one hand, stricter regulations may give
+rise to risks on the supplier side, which may be reflected as cost
+risks in the Porsche AG Group. Risks may also arise for the
+Porsche AG Group on the sales side as a result of strict CO2
+regulations, among other things.
+In addition to transitory climate risks, the consequences of
+climate change are also significant for the Porsche AG Group.
+Extreme weather events such as heavy rain or heat stress are
+significant for the Porsche AG Group and can result in financial
+losses as well as interruptions to operations.
+In addition, the entire automotive industry is undergoing a
+transformation process towards electromobility. For the
+Porsche AG Group, the electrification strategy not only offers
+opportunities and learning effects, but also poses potential
+risks. For the Porsche AG Group, transformation risks may arise
+in particular from a delayed transformation of the sales markets
+towards electromobility. These risks are countered by a flexible
+product policy which, in addition to the strategy focused on BEV
+vehicles, also includes PHEV and ICE models.
+For the documentation of the group-wide RMS and exercising
+the monitoring function, there is an IT system that reflects all of
+the risk management processes. It supports the main
+departments of Porsche AG as well as the subsidiaries
+integrated in the risk management system when executing risk
+management processes and compliance with baseline
+standards defined in risk management.
+In the area of production, but also in the supply chain, risks arise
+from the conversion of the processes and systems required for
+electromobility and the availability of certain raw materials. In
+addition, the Porsche AG Group is faced with deadline risks that
+may arise from delays in the deployment of new electromobility
+technologies. There are also challenges in the area of the fast-
+charging infrastructure required for electromobility.
+In order to ensure that developments jeopardizing the group's
+ability to continue as a going concern are recognized at an early
+stage, the risk-bearing capacity concept contains limits and the
+likelihood of these being exceeded is incorporated into
+reporting. The maximum tolerable amount of the overall risk can
+be derived using these limits (risk appetite).
+The overall risk contains significant risks with a cumulative
+financial net potential greater than €100 million over the period
+under review. Risks with a possible financial net potential of up
+to €100 million are included in the overall risk situation as a
+lump sum.
+260
+Supply risks arise from possible deviations from the plan, for
+example In the supply volume, supply quality and supply costs.
+The Porsche AG Group is dependent on the performance of its
+international supplier network. Risks arise, among other things,
+as a result of the single sourcing strategy pursued, supply risks
+for necessary commodity and supplier parts, extreme weather
+events, geopolitical conflicts and risks regarding the financial
+stability of its suppliers. Potential risks from new collaboration
+models such as joint ventures, non-controlling interests or
+cooperations are also considered in this risk category. Supply
+risks are updated by the risk owner on a quarterly basis.
+Financial risks result from possible deviations from plan on
+currency, interest rate and other financial markets as well as
+from refinancing risks and liquidity risks. Financial risks are
+updated by the risk owner on a quarterly basis.
+→ Financial risk management and methods as well as opportunities
+Personnel risks arise from possible deviations from the plan with
+regard to the availability, adjustment, management and
+motivation of personnel. The demand for highly qualified
+employees is increasing worldwide. Risks in this category relate
+to the issue of finding, developing, retaining and replacing
+sufficiently qualified employees in management and at all levels.
+Risks from cooperation with trade unions, implementation and
+compliance with laws also belong in this risk category. These
+risks are updated at least every six months.
+Operational risks result from the unsuitability or failure of
+internal processes, people or systems or from external events.
+Likewise, compliance risks, risks from legal disputes, taxes or
+customs duties as well as non-financial risks are included in the
+category of operational risks. The increasing digitalization of
+business processes and products entails risks such as cyber
+attacks and data protection risks, which are classified as
+operational risks. Operational risks are updated at least once a
+year.
+The risk categories are set down in the risk strategy. The risk
+strategy describes how risks arising from the business strategy
+are dealt with. This also includes dividing the business model up
+into categories suitable for the Porsche AG Group.
+In addition, the risk strategy also includes four overarching
+pillars of managing risks.
+- Risk acceptance: The risk is accepted as identified.
+Risk avoidance: The underlying situation is not entered into
+in order to eliminate the risk.
+Risk reduction: The probability and/or impact of the risk is
+reduced.
+Risk transfer: Transferring a risk onto the balance sheet of
+another company.
+Risks can lead, both individually, but primarily when acting
+together in an unfavorable manner, to a situation that could
+jeopardize the company's ability to continue as a going concern.
+In order for the interplay of individual risks to be adequately
+taken into account, central risk management aggregates the
+significant individual risks into an overarching overall risk. Risk
+aggregation is carried out using IT-supported simulations
+(Monte Carlo simulation).
+RISK-BEARING CAPACITY
+The overall risk is aggregated from the significant individual
+risks and compared with the available risk capital in the
+calculation of risk-bearing capacity. The overall risk is reported
+on a quarterly basis using the value-at-risk at a confidence level
+of 99% for the current fiscal year and the three subsequent
+fiscal years.
+The RMS's risk-bearing capacity concept is based on the over-
+indebtedness perspective and the insolvency perspective. The
+overall risk is evaluated in relation to its potential negative
+impact on the operating result (EBIT) and cash flow. This is then
+compared with the available risk capital: The potential losses in
+the operating result are compared with equity and the potential
+negative cash flows with gross liquidity. In this way, the
+company's risk-bearing capacity is determined.
+Automotive markets around the world are exposed to risks from
+government intervention such as tax increases, which curb.
+private consumption, and from restrictions on trade and
+protectionist tendencies such as tariffs and sanctions.
+Furthermore, there are future risks from the sale of electrified
+vehicles if the minimum requirements for local content under
+free trade agreements cannot be achieved. Sales incentives may
+lead to shifts in the timing of demand.
+Furthermore, government regulations for the protection of
+human rights are constantly increasing the demands on
+companies to create greater transparency in their international
+supply chains, including bans on importing products that are
+suspected of being linked to human rights violations, either
+themselves or with regard to the parts they contain. Despite
+every effort by companies, there is still a risk that complete
+transparency cannot be achieved and that the import of
+products from or into individual markets may be restricted in
+individual cases. This poses a general risk to stable distribution
+chains worldwide.
+The key risks by risk category for the Porsche AG Group as of
+December 31, 2023 are presented below. The risk categories
+Strategic risks and opportunities
+In the context of strategic risks and opportunities, the
+Porsche AG Group considers issues that could have a long-term
+impact on the orientation of the company. The four main
+strategic risks of the Porsche AG Group are explained below.
+SUPPLY CHAIN DEPENDENCY
+The Porsche AG Group is dependent on a complex supply chain.
+Disruptions to the supply chain have in the past shown that it is
+heavily dependent on global and geopolitical stability. Possible
+consequences of disruptions to the supply chain include losses
+in profit or a reduction in customer satisfaction.
+The risk is closely monitored and managed through various
+monitoring activities and projects, such as Al-supported supply
+chain monitoring, projects to increase supply chain
+transparency and preventive supplier risk management.
+Possible potential and therefore opportunities in the supply
+chain can arise through strategic value chain management and
+the further expansion or creation of new strategic partnerships.
+GEOPOLITICAL THREATS
+The future success of the Porsche AG Group will be influenced
+by the geopolitical environment, among other factors. Tensions
+in the context of international relations and conflicts can lead to
+various forms of trade barriers for the Porsche AG Group. These
+can be specific security policy conflicts or country-specific
+regulatory requirements or various trade agreements. As a result
+of these tensions, the Porsche AG Group is facing, among other
+things, sales losses in the affected markets, disruptions to the
+supply chain or stricter regulations and customs duties.
+Geopolitical threats are identified and monitored at an early
+stage as part of established projects, regular monitoring and
+preventive crisis management.
+GLOBAL ECONOMIC AND FINANCIAL CRISES
+Our global economic and financial environment is becoming
+increasingly tense. In addition, potential recessions are leading
+to lower expectations for the economic outlook. This may lead
+to an increasing number of supplier insolvencies, rising capital
+costs or a negative impact on share prices as well as negative
+effects on revenue for the Porsche AG Group. Where sufficiently
+foreseeable, these framework conditions are taken into account
+in the corporate planning, including scenario analyses.
+INCREASING REGULATORY ENVIRONMENT
+An increasingly volatile global regulatory environment confronts
+the Porsche AG Group. In particular, the Porsche AG Group faces
+strict emissions and safety standards, ever more stringent
+environmental and sustainability requirements, such as
+substance and material bans/restrictions, taxonomy
+requirements, recycling quotas or data governance laws. Laws
+relating to export and import controls also affect the company
+in this context.
+The tensions within this environment can lead to significantly
+higher costs in the Porsche AG Group for compliance within the
+supply chain, procurement, product development, the
+production and sale of vehicles and their spare parts or to rising
+direct material costs. The necessary global legal monitoring is
+also becoming more complex and harbors the risk of non-
+compliance, fines and even possible loss of sales.
+The ban on the authorization of per- and polyfluoroalkyl
+substances (PFAS) is currently highly relevant. As part of the EU
+Green Deal in the area of Chemicals Strategy for Sustainability,
+the EU Commission has drafted legislation to ban the PFAS
+substance group. This includes a complete ban on the
+placement of PFAS in the EU from 2026. The potential ban
+affects various areas within the Porsche AG Group and entails
+cost and sales risks.
+262
+> €1 billion
+> €500 million-€1,000 million
+≤ €500 million
+Risk level
+are sorted by their significance for the Porsche AG Group.
+Within each risk category, the main risks are listed in
+descending order of financial relevance.
+Overview of risks in the Porsche AG Group
+Risk categories
+Strategic risks
+Supply risks
+Financial risks
+Sales risks
+Operational risks
+Personnel risks
+Classification of
+the level of risk
+263
+Change on
+prior year
+High
+High
+High
+Medium
+Low
+Unchanged
+Unchanged
+Unchanged
+Increased
+Decreased
+Unchanged
+The classification of the level of risk in the risk categories is
+based on the following value limits:
+Classification
+Low
+Medium
+High
+The residual value risk inherent in the leasing business in the
+financial services division results from a negative deviation
+between the residual value calculated when the agreement is
+concluded and the market value of the leased vehicle when it is
+sold following expiry of the agreed lease period. In some
+markets, such as North America and to some extent in Germany,
+this residual value risk is borne by Porsche financial services
+companies. The market price of used vehicles constitutes the
+key risk variable in this context. Operational risk management is
+provided via ongoing monitoring of the development of used
+vehicle prices by means of data available outside the company,
+among others. Residual value forecasts are used to check the
+appropriateness of the loss allowance and the residual value risk
+potential. The effects from a change in used vehicle prices are
+quantified using a sensitivity analysis.
+Credit and default risks
+For other markets in the rest of the world, the Porsche AG Group
+assumes that the passenger car markets will develop unevenly,
+but mostly positively.
+In the Porsche AG Group, the credit and default risk from
+financial services contracts is borne in certain markets by the
+local Porsche financial services companies. These risks are
+typically managed using a rating and scoring system and there
+are policies that set out the decision-making rules and
+competencies when assessing applications locally. The portfolio
+is measured on an ongoing basis and taken into account when
+recognizing loss allowances (IFRS 9).
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+280
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+282
+CONSOLIDATED STATEMENT OF CASH FLOWS
+283
+NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+283 Basis of presentation
+284
+Significant events
+284
+IFRS 5-Assets held for sale
+285
+Impact of climate change
+285
+278
+Basis of consolidation
+CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+276 CONSOLIDATED INCOME STATEMENT
+25.7
+Between 24% and 26%
+%
+12.8
+Between 13% and 15%
+Stuttgart, February 19, 2024
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft
+The Executive Board
+Combined Management Report Report on expected developments
+273
+↑↓ ↑ 0 |||
+274
+20
+04
+CONSOLIDATED FINANCIAL STATEMENTS
+Carrera GT
+277
+290
+Effects of new or amended IFRS
+291
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM
+JANUARY 1 TO DECEMBER 31, 2023
+Note
+2023
+2022'
+€ million
+2023
+2022¹
+Sales revenue
+Cost of sales
+Gross profit
+Distribution expenses
+1
+40,530
+37,637
+Profit after tax
+CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
+€ million
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM
+JANUARY 1 TO DECEMBER 31, 2023
+CONSOLIDATED INCOME STATEMENT
+New and amended IFRS not applied
+291
+Currency translation
+292
+Accounting policies
+304
+Segment reporting
+%
+307
+316
+Notes to the consolidated statement of financial position
+339
+Other notes
+275
+↑↓ ↑ ||
+276
+Notes to the income statement
+The credit and default risk arising from financial assets involves
+the risk of default by counterparties, and therefore comprises at
+a maximum the amount of the claims against the respective
+counterparty.
+Between 8.5% and 10.5%
+%
+For Germany, the Porsche AG Group anticipates that GDP
+growth will be weak in 2024. Relatively low economic growth is
+also expected for Western and Central Europe as a whole. For
+consumers and companies in Europe, the biggest challenge will
+be the relatively high inflation rate, although this will continue to
+fall over the year, and the comparably high interest rate. The
+European Central Bank could therefore make its first key
+interest rate cuts as early as 2024. The economic performance
+of Eastern Europe should continue to increase slightly following
+the sharp downturn as a result of the Russia-Ukraine conflict.
+According to estimates by the Porsche AG Group, economic
+growth in the USA and Canada will be subdued by comparison in
+2024. Here too, the US Federal Reserve could initiate the first
+key interest rate cuts.
+For China, the Porsche AG Group expects the economy to grow
+at a relatively high level in 2024, albeit at a slightly lower rate
+than in the reporting year. The continuing challenging economic
+situation in China in particular could continue to have an impact
+here.
+The Porsche AG Group continues to assume that economic
+momentum in other markets in the rest of the world will develop
+unevenly, but at a mostly positive rate.
+Development in the passenger car markets
+The forecast for 2024 is based on the assumptions that
+although development in the passenger car markets in the
+individual regions will be mixed, overall it will be positive. The
+overall global sales volume of new vehicles is expected to be
+slightly higher than in the reporting year. However, the
+Porsche AG Group expects competition on the international
+automotive markets to become increasingly intense. These
+assessments are made on the basis of the situation involving
+the availability of essential parts, in particular semiconductors
+and commodities, not escalating further on account of crises as
+well as energy supplies being secured and the respective prices
+remaining stable at a high level.
+In the German passenger car market, the volume of new
+registrations in 2024 is expected to be up slightly on the level of
+the reporting year 2023. For the markets in Western Europe, a
+slightly higher volume of new passenger car registrations is
+expected for 2024 compared to the reporting year. Sales of
+passenger cars in 2024 are expected to significantly exceed the
+prior-year figures in markets in central and Eastern Europe,
+subject to the further development of the Russia-Ukraine
+conflict.
+For the US American market and also for the region North
+America incl. Mexico as a whole, the volume of new passenger
+car registrations in 2024 is expected to slightly exceed the
+reporting year figure. It is to be expected that in particular
+models from the SUV segments will again be in great demand.
+For the passenger market in China incl. Hong Kong, the
+Porsche AG Group anticipates that the new registrations will be
+slightly above the level of the prior year. However, challenging
+market conditions and increasingly intense competition are
+expected to continue. This trend could also be adversely
+affected if geopolitical tensions intensify. The trade dispute
+between China and the USA could continue to weigh on
+business and consumer confidence.
+FORECAST ASSUMPTIONS
+Geopolitical conflicts and tensions
+The continuing Russia-Ukraine conflict and the sanctions and
+export controls imposed as a result and the countermeasures
+taken have impacted the global economy, the capital markets
+and international trade during the reporting year, and continue
+to do so. Moreover, supply chains, the supply of commodities
+including energy as well as parts and components and their
+prices have also been hit by the consequences of the conflict.
+The sale of Porsche vehicles and spare parts to Russia and
+Belarus was discontinued shortly after the outbreak of the
+conflict. The intention remains to sell the business divisions
+located in Russia. The sale project is expected to be completed
+before the end of the fiscal year 2024 due to the changes in
+external conditions.
+The renewed escalation with conflicts in the Middle East will
+also continue to have an impact on the global economy and the
+business activities of the Porsche AG Group in 2024. These
+could also be negatively impacted by the development of the
+ongoing trade conflict between China and the USA as well as
+tensions in Asia.
+For the forecast for 2024, it is assumed that the conflict
+between Russia and Ukraine and the conflicts in the Middle East
+will continue. The forecast for further global conflicts and
+tensions is also based on the current framework conditions, as a
+result of which the global sales figures of the Porsche AG Group
+will not be additionally affected.
+Development of energy supply and commodity
+prices
+The Porsche AG Group expects that both the advanced
+economies and emerging markets will record positive growth on
+average in 2024, albeit with below-average GDP growth rates.
+The security of supply with energy and other raw materials, as
+well as their price level, is significantly influenced by the
+development of the global economy and is generally subject to
+the risk of ongoing geopolitical conflicts and tensions. The
+supply of energy and other raw materials and parts for
+production may be affected by supply bottlenecks and price
+increases. Part of the risk from price fluctuations is hedged
+directly and indirectly.
+restrictive monetary policies of the central banks are expected
+to have a negative impact on private demand. Growth prospects
+will also be negatively impacted by ongoing geopolitical
+tensions and conflicts, largely related to the Russia-Ukraine
+conflict, but also to the conflicts in the Middle East. Other risks
+are seen in turbulence in the financial markets, in protectionist
+tendencies and structural deficits in individual countries.
+Development of global economy
+In addition, default risks in the area of receivables are reduced
+using intensive receivables management and actively carrying
+out corresponding dunning processes. The maximum credit and
+default risk is also reduced by collateral held. Vehicles, collateral
+assignments, guarantees and cash are used as collateral.
+Channeling excess liquidity into investments and entering into
+derivatives contracts also exposes the group to counterparty
+risks. Partial or complete default by a counterparty, for example
+in respect of their obligation to repay interest and principal,
+would have a negative impact on the Porsche AG Group's net
+assets, financial position and results of operations. In order to
+manage these risks, the Porsche AG Group has set out
+guidelines to ensure that transactions are concluded only in
+approved financial instruments, only with approved
+counterparties and only on the admissible scale.
+Liquidity risks
+The Porsche AG Group depends on being able to sufficiently
+cover its financing needs. There is a possible liquidity risk in not
+being able to ensure the required capital by raising funds or
+financing this at appropriate conditions, which in turn could
+have a significant negative impact on the Porsche AG Group's
+net assets, financial position and results of operations. The
+solvency and liquidity of the Porsche AG Group are continuously
+secured by rolling liquidity planning, a cash liquidity reserve,
+guaranteed credit lines and by taking out loans. A revolving
+credit facility of €2.5 billion has been agreed with a syndicate of
+21 banks to further secure the liquidity position. In certain
+countries (e.g., China), the Porsche AG Group can only use local
+cash funds for cross-border transactions pursuant to exchange
+controls. There are no other material restrictions.
+The Porsche AG Group mainly generates liquidity through its
+business operations, external financing and the securitization of
+receivables. The funds are chiefly used to finance net working
+capital and capital expenditure and to cover the finance
+requirements of the leasing and sales financing business.
+Operational liquidity management uses cash pools in which
+material cash and cash equivalents are pooled on a daily basis.
+There is a cash pool in place with the Volkswagen Group. This
+enables liquidity surpluses and shortfalls to be controlled in line
+with requirements. The maturities of financial assets and
+financial liabilities as well as forecasts of cash flows from
+operating activities are included in short and medium-term
+liquidity management.
+SUMMARY
+The overall risk and opportunity situation for the Porsche AG
+Group is the sum of the aforementioned categories of risks and
+opportunities. Based on the information and assessments
+currently available, a development jeopardizing the group's
+ability to continue as a going concern is sufficiently improbable
+in the fiscal year 2024.
+Combined Management Report Report on risks and opportunities
+269
+270
+↑↓ ↑ ||
+REPORT ON EXPECTED DEVELOPMENTS
+Below this report describes the expected development of the
+Porsche AG Group taking into account the conditions in which it
+does business. In line with the group's internal management
+system, the forecast period covers one year and contains all
+information available at the time of preparing the financial
+statements that could have a significant impact on the business
+development of the Porsche AG Group. Risks and opportunities
+that could give rise to a deviation from the forecast
+development are set out separately in the → Report on risks and
+opportunities. The report on expected developments contain
+forward-looking statements based on the estimates and
+expectations of the Porsche AG Group-these can be influenced
+by unforeseeable events. As a result of this, the actual business
+development may deviate, both positively and negatively, from
+the expectations described below as a result of changes in the
+political and economic framework.
+The assumptions used in preparing this forecast report are
+based, inter alia, on current estimates by external institutions;
+these include economic research institutes, banks, multinational
+organizations and consultancy firms.
+DEVELOPMENT OF THE GLOBAL ECONOMY AND
+PASSENGER CAR MARKETS
+The Porsche AG Group expects growth in global economic
+output to lose some of its momentum in 2024. The persistently
+high rate of inflation in many regions and the resulting
+Combined Management Report Report on expected developments
+271
+272
+Automotive net cash flow margin
+Automotive EBITDA margin
+Automotive BEV share
+Automotive-related financial services are also expected to be of
+great importance for global automotive sales in 2024. The
+Porsche AG Group expects that the higher interest rate level will
+be reflected in a lower portfolio margin due to the delay in
+passing on the increased refinancing costs.
+For 2024 as a whole, based on the aforementioned
+assumptions, the Porsche AG Group expects the operating
+return on sales to be between 15% and 17%. This forecast is
+based on assumed sales revenue in a range of €40 billion to €42
+billion. In particular, reduced vehicle sales, regional and model-
+related shifts in sales, the continuing high cost level for the
+supply of parts as well as rising depreciation and amortization
+due to the extensive investments and higher personnel costs
+and non-personnel costs caused by inflation make it necessary
+to reduce the forecast for the operating return on sales
+compared to the reporting year.
+Automotive net cash flow margin is also expected to be lower
+compared to the reporting year at between 8.5% and 10.5%.
+The Porsche AG Group plans to achieve an EBITDA margin
+comparable to the reporting year of between 24% and 26%.
+For our sales forecast for 2024, the company expects fully
+electric vehicles (automotive BEV share) to account for
+13% and 15% of the total number of new vehicles delivered to
+customers, marking an increase compared to the reporting year.
+2023
+2024
+Outlook
+€ million
+40,530
+%
+18.0
+€40 to €42 billion
+Between 15% and 17%
+Automotive segment
+Return on sales
+Sales revenue
+Porsche AG Group
+For 2024, the Porsche AG Group assumes that there will be no
+production stoppages or plant closures impacting our own
+company or our suppliers due to gas shortages, government
+restrictions or disruptions in natural gas/electricity supplies.
+The 2024 forecast also assumes that energy prices will remain
+high. The forecast for 2024 continues to assume that the
+development of prices for the most important raw materials and
+goods will remain volatile on the whole compared to the
+reporting year, however, on average this should not lead to
+significant price increases.
+Availability and price development of essential
+parts
+The availability and price development of raw materials, parts
+and components influences the entire automotive industry and
+therefore also the suppliers of the Porsche AG Group. In the
+reporting year, there were supplier cost increases, which were
+influenced not only by the pricing of intermediates and parts but
+also by delivery problems, financial difficulties and the
+insolvency of individual suppliers.
+The 2024 forecast assumes that the supply chain situation will
+pose a similar challenge compared to the reporting year. While
+most of the price increases already took effect in the reporting
+year, individual delivery delays, delivery failures and possible
+insolvencies in the supplier sector must also be expected for the
+fiscal year 2024 for the products currently in series production
+as well as for planned production starts.
+Foreign currency rates
+On account of the global nature of its business activities, the
+results of operations of the Porsche AG Group are exposed to
+the risks and opportunities of exchange rate fluctuations.
+Fluctuations in the exchange rate of the euro compared to the
+Chinese renminbi, US dollar and the pound sterling are of
+particular importance in this regard. In the event of changes in
+the exchange rates of these currencies, both transaction-based
+and translation-based exchange rate effects could impact the
+company's results of operations, financial position and net
+assets.
+The net exposure in the major currencies for 2024 has been
+largely hedged. The 2024 forecast is based on the assumption
+that exchange rates will remain within a range comparable to
+that of the reporting year.
+10.6
+Product launches
+The 2024 forecast assumes that product launches can be
+carried out as planned or that possible delays can be
+compensated for accordingly.
+Further forecast assumptions for significant items
+To meet the challenges of the mobility business in the future,
+the Porsche AG Group is continuously expanding its range of
+products and services in the sale of vehicles in the luxury
+segment as well as in mobility services. The transformation in
+the context of digitalization, sustainability and electromobility is
+the biggest change process in the history of the automotive
+industry. This involves the Porsche AG Group developing the
+products of tomorrow and investing in the digital, sustainable
+and electrified future for the company. This involves
+investments in research and development, property, plant and
+equipment and financial assets, that will be reflected in future.
+expenses.
+For these same reasons, the forecast for 2024 expects that
+total research and development expenses as well as
+amortization of intangible assets and depreciation of property,
+plant and equipment will remain at a very high level.
+OVERALL STATEMENT ON ANTICIPATED
+DEVELOPMENT
+The Porsche AG Group's planning for 2024 assumes that
+average global economic output will continue to grow, albeit at
+a lower level compared to the reporting year. This is provided
+that geopolitical conflicts and tensions with global
+repercussions do not intensify any further. It is expected that
+global demand for passenger cars will develop differently from
+one region to another but, with the intensity of competition
+increasing, growth will be slightly higher overall than the prior-
+year level. In China, however, the Porsche AG Group continues to
+expect challenging market conditions, which the Porsche AG
+Group will counter by balancing market distribution across all
+sales regions and harmonizing supply and demand.
+Furthermore, risks can be seen in protectionist tendencies,
+turbulence in financial markets, structural deficits in some
+countries, the real economic impact of high inflation rates and
+interest rates around the world. Furthermore, the forecast for
+2024 assumes difficulties and continued high prices for
+intermediates and raw materials, including energy. At the same
+time, the Porsche AG Group believes that its attractive product
+portfolio, which bridges the gap between performance, luxury
+and sustainability, puts it in a good position to face the current
+transformation of the automotive industry and the associated
+future challenges in the mobility business. The associated high
+level of investment in the digital, sustainable and electrified
+future of the company and the planned product launches mean
+that the Porsche AG Group faces a challenging year in 2024.
+Forecast of the Porsche AG Group
+The Porsche AG Group will update and add several attractive
+models to its product portfolio in 2024. The product launches of
+the Panamera, the all-electric Macan, the new Taycan and the
+911 model series bring with them increased complexity.
+Cash and cash equivalents'
+Compliance with legal or regulatory requirements (such as the
+GDPR) is another area in which risks may arise. This applies in
+particular to gray areas, where Porsche AG or the companies in
+which it holds direct or indirect interests may make
+interpretations that differ from those of the competent
+authorities.
+4,967
+737
+734
+13,567
+16,579
+32
+128
+167
+27
+3,007
+2,778
+28
+3,880
+3,464
+29
+3,490
+2,899
+6
+31
+31
+872
+30
+5,484
+1,079
+728
+235
+87
+23
+1,826
+1,795
+24
+5,820
+3,719
+Other financial liabilities
+Other liabilities
+Current liabilities
+Provisions for taxes
+Other provisions
+Financial liabilities
+Trade payables
+364
+Other financial liabilities
+30
+1,231
+Other receivables
+Other financial assets
+Financial services receivables
+Trade receivables
+Inventories
+Current assets
+Deferred tax assets
+Other receivables
+Other financial assets
+Financial services receivables
+Other equity investments
+Equity-accounted investments
+Leased assets
+Property, plant and equipment
+Non-current assets
+Intangible assets
+Assets
+€ million
+Tax receivables
+↑↓ ↑ ||
+279
+Consolidated Financial Statements Consolidated statement of financial position
+5,287
+50,447
+47,642
+Other liabilities
+31
+1,795
+1,908
+Tax payables
+2,010
+32
+64
+Liabilities associated with assets held for sale
+5
+12
+Total equity and liabilities
+50,447
+47,642
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+31
+1,538
+1,669
+1,268
+233222222
+15,35
+14,35
+27,488
+30,407
+Dec. 31, 2022¹
+Dec. 31, 2023
+Note
+€ million
+Dec. 31, 2022'
+Dec. 31, 2023
+Note
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Total assets
+Assets held for sale
+-101
+16
+13
+8,554
+7,473
+Equity and liabilities
+Equity
+5,157
+629
+Other reserves
+623
+651
+16
+12,395
+16,305
+814
+Retained earnings
+4,190
+17,035
+911
+3,822
+21,668
+911
+3,822
+Capital reserves
+8,924
+9,394
+25
+Subscribed capital
+3,854
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF DECEMBER 31, 2023
+636
+21,667
+Other provisions
+27
+1,249
+1,131
+20,154
+Deferred tax liabilities
+32
+2,010
+1,607
+26222222
+5,947
+5,504
+Financial liabilities
+28
+6,537
+6,016
+1,449
+742
+627
+3,668
+4,315
+17,027
+19
+4,676
+4,382
+Non-controlling interests
+1
+8
+20
+Equity attributable to Porsche AG shareholders
+1,422
+Non-current liabilities
+15,211
+14,027
+21
+78
+100
+Provisions for pensions and similar obligations
+26
+753
+CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+20,040
+↑↓ ↑ |||
+thereof profit attributable to shareholders
+Profit after tax
+Deferred
+Current
+Income tax income/expense
+Profit before tax
+308
+91
+Financial result
+Share of other comprehensive income of equity-accounted investments
+that will not be reclassified to profit or loss, net of tax
+-40
+19
+9
+Other financial result
+Fair value valuation of equity instruments that will not be reclassified to profit or loss,
+net of tax
+-105
+-184
+thereof profit attributable to non-controlling interests
+Profit transferred to Porsche Holding Stuttgart GmbH
+7,375
+7,081
+Transferred to profit or loss
+-1,929
+-1,987
+231
+-217
+22
+1,582
+-279
+8
+1
+22
+-2
+Unrealized currency translation gains/losses
+Foreign exchange differences
+Items that will not be reclassified to profit or loss
+-2,114
+-2,218
+10
+0
+0
+Interest expenses
+264
+-1,787
+4
+Administrative expenses
+Other operating income
+-668
+119
+2,227
+-396
+Pension plan remeasurements recognized in other comprehensive income
+Pension plan remeasurements recognized in other comprehensive income, before tax
+Deferred taxes relating to pension plan remeasurements recognized in other
+comprehensive income
+-2,353
+-2,869
+3
+10,549
+11,606
+-27,089
+-28,924
+278
+2
+-1,655
+5
+1,496
+1,894
+8
+Interest income'
+1
+-3
+1,559
+-277
+Pension plan remeasurements recognized in other comprehensive income, net of tax
+Fair value valuation of equity instruments that will not be reclassified to profit or loss
+Fair value valuation of equity instruments that will not be reclassified to profit or loss, before tax²
+Deferred taxes relating to fair value valuation of equity instruments that will not be reclassified to
+profit or loss
+-7
+461
+-9
+Share of profit or loss of equity-accounted investments
+6,772
+7,284
+Operating profit
+-1,662
+-1,162
+6
+Other operating expenses
+7
+-231
+22
+Exchange differences on translating foreign operations, before tax
+Other comprehensive income, before tax
+366
+750
+0
+0
+Items that may be reclassified subsequently to profit or loss
+Fair value valuation of debt instruments that may be reclassified to profit or loss
+Share of other comprehensive income of equity-accounted investments that
+may be reclassified subsequently to profit or loss, net of tax
+-464
+267
+Cash flow hedges (OCI II), before tax
+202
+-116
+Deferred taxes relating to cash flow hedges (OCI II)
+-667
+383
+Cash flow hedges (OCI II), before tax
+315
+Deferred taxes relating to other comprehensive income
+Other comprehensive income, net of tax
+thereof profit attributable to shareholders
+775
+277
+Consolidated Financial Statements Consolidated statement of comprehensive income
+-185
+As from the first quarter of 2023, deferred taxes are reported separately. The prior-year figures have been adjusted to reflect this change.
+2
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+6
+0
+564
+thereof profit attributable to non-controlling interests
+5,628
+6,914
+5,627
+1,947
+471
+-719
+-305
+2,665
+6,908
+Transferred to profit or loss or inventories (OCI II)
+Total comprehensive income
+-181
+-291
+-40
+1,299
+Fair value changes recognized in other comprehensive income (OCI I)
+Transferred to profit or loss or inventories (OCI I)
+-3,979
+25
+-217
+Deferred taxes relating to exchange differences on translating foreign operations
+Exchange differences on translating foreign operations, net of tax
+Hedging
+0
+11
+4,960
+5,157
+25
+4,967
+-982
+5,157
+231
+892
+Cash flow hedges (OCI I), before tax
+231
+852
+700
+Fair value changes recognized in other comprehensive income (OCI II)
+1,008
+Cash flow hedges (OCI I), net of tax
+-217
+5.45
+5.67
+599
+-308
+Deferred taxes relating to cash flow hedges (OCI I)
+-253
+Basic/diluted earnings per preferred share in €
+5.66
+22
+12
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+12
+5.44
+Basic/diluted earnings per ordinary share in €
+3
+4
+Total comprehensive income
+-33
+Other comprehensive income
+Profit/loss from discontinued operations after tax
+-105
+-2
+-105
+September 30, 2023 reporting date; the income statement disclosures for the fiscal year 2023 relate to the period from October 1, 2022
+Earnings after tax from continuing operations
+Earnings after tax from discontinued operations
+Other comprehensive income
+Total comprehensive income
+Dividends received
+Bertrandt AG has a deviating fiscal year. The disclosures for Bertrandt's statement of financial position therefore relate to the
+to September 30, 2023, and those for the fiscal year 2022 to the period from October 1, 2021 to September 30, 2022.
+Profit/loss from continuing operations after tax
+2 Measurement using the equity method is based on the provisional consolidated results of Rimac Group d.o.o..
+3
+1
+331
+512
+1,008
+207
+Measurement using the equity method is based on the provisional consolidated results of Bugatti Rimac d.o.o. Adjustments on the basis of new
+insights gained were taken into account in the current fiscal year in the line item changes.
+232
+581
+418
+337
+Consolidation/goodwill/others
+489
+528
+Carrying amount of equity-accounted investments
+66
+232
+55
+336
+41
+540
+524
+830
+270
+Summarized financial information on individually immaterial associates
+€ million
+Sales revenue
+36
+Carrying amount of equity-accounted investments
+IAS 1
+2023
+In its 2023 consolidated financial statements, Porsche AG did not apply the following accounting standards that
+have been adopted by the IASB as of December 31, 2023 but whose application was not yet mandatory for the
+fiscal year.
+Standard/
+Interpretation
+Published by
+the IASB
+Application
+mandatory'
+Adopted by
+the EU
+Expected impact
+September
+IFRS 16
+Sale and leaseback transactions
+Classification of liabilities as
+22, 2022
+current or non-current
+January 23,
+2020
+January 1,
+2024
+January 1,
+2024
+Yes
+No material impact
+Yes
+No material impact
+IAS 1
+122
+Long-term liabilities with specific
+credit terms
+NEW AND AMENDED IFRSS NOT APPLIED
+For contracts whose primary purpose is to provide services in return for a fixed fee (fixed-price service contracts),
+the Porsche AG Group uses the option to recognize these service contracts as services in accordance with IFRS 15.
+First-time application resulted in a slight change in equity both as of January 1, 2023 of €8 million and
+January 1, 2022 of €2 million. In addition, the first-time application as of January 1, 2023 resulted in a reduction in
+total assets of €31 million. This is due primarily to the changed system for calculating provisions relating to the
+insurance business. The change in the system for recognizing income and expenses does not have any material
+effect on the income statement. Prior-year figures have been adjusted accordingly.
+The Porsche AG Group conducts reinsurance business in the repair cost insurance segment. All provisions from
+insurance contracts are measured using the general measurement model. The required data is determined using
+standard actuarial methods. The Porsche AG Group uses the bottom-up approach to calculate the discount rate.
+For the insurance business, the risk-free yield curve is generally derived from overnight index swaps of the
+currency in which the underlying insurance contracts are concluded.
+IFRS 17 provides new guidance on accounting for insurance contracts. The Porsche AG Group applied IFRS 17 for
+the first time as of January 1, 2023 using the full retrospective method.
+2022
+-54
+-53
+-54
+-53
+87
+62
+Consolidated Financial Statements Notes to the consolidated financial statements
+289
+↑↓ ↑ ||
+There are contingent liabilities due to associates of €206 million (2022: €124 million).
+290
+Porsche AG and its subsidiaries have applied all accounting pronouncements adopted by the EU and effective for
+periods beginning in fiscal year 2023.
+Amendments to IAS 12, resulting in almost 140 countries agreeing on global minimum taxation, have been
+mandatory since January 1, 2023 (Pillar 2). IAS 12 provides a temporary exemption from the requirement to
+account for deferred taxes provided that they arise from Pillar 2 being implemented by the respective countries.
+For further information on Pillar 2, see note "Composition of tax income and expenses".
+Application of the amendments to IAS 12 relating to deferred taxes on leases and decommissioning/restoration
+liabilities has also been mandatory since January 1, 2023. According to this amendment, when initially recognizing
+such assets and liabilities, any deferred taxes also have to be recognized accordingly.
+Amendments were also made to IAS 1 that have likewise been applicable since January 1, 2023. At the core of
+these amendments is the aim to make disclosures on accounting policies more company-specific and therefore
+more useful for decision-making by tightening the definition of materiality. In light of this, the disclosures made by
+the Volkswagen Group on accounting policies were revised. In particular, generally formulated disclosures derived
+from the IFRS standards were reduced to the bare essentials.
+Amendments to IAS 8 specifying the difference between the change in an accounting method and the change in an
+accounting estimate have also been mandatory since January 1, 2023.
+Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (Interest Rate Benchmark Reform-Phase 2) have been
+mandatory since January 1, 2021.
+The Porsche AG Group was affected by the Interest Rate Benchmark Reform regarding its IBOR-related variable
+transactions. Risk management strategies and processes have been implemented to avoid significant risks
+resulting from the replacement of existing benchmark interest rates with alternative ones (basis spread risk,
+liquidity risk, legal risk, operating risk). The Porsche AG Group has closely observed the markets and the findings of
+the various industry work groups managing the transition to the new benchmark interest rates. This included
+announcements made by the responsible regulatory authorities.
+As of December 31, 2023, the Porsche AG Group converted existing derivative transactions to the new benchmark
+interest rates. From the Porsche AG Group's point of view, the EURIBOR is not affected by a replacement.
+The above amendments do not materially affect the Porsche AG Group's results of operations, financial position
+and net assets.
+IFRS 17-Insurance Contracts
+EFFECTS OF NEW OR AMENDED IFRS
+86
+1
+-30
+41
+-9
+189
+92
+578
+Net assets at Dec. 31
+524
+753
+294
+524
+753
+294
+Attributable share of net assets
+152
+155
+132
+Consolidation/goodwill/others
+-4
+61
+67
+1,157
+8
+Dividends
+Changes in reserves
+48
+October 31, January 1,
+527
+525
+498
+2023
+29
+21
+45
+Net assets at Jan. 1
+Profit/loss
+86
+Other comprehensive income
+830
+270
+8
+-86
+-17
+534
+353
+423
+347
+33
+524
+336
+Carrying amount of equity-accounted investments
+148
+45
+Profit/loss
+Other comprehensive income
+Changes in reserves
+Dividends
+Net assets at Dec. 31
+Attributable share of net assets
+524
+384
+-2
+21
+-105
+4
+550
+7
+-3
+524
+830
+270
+152
+171
+121
+296
+-33
+61
+29
+Current liabilities
+216
+199
+8
+-86
+-17
+Profit/loss from continuing operations after tax
+Profit/loss from discontinued operations after tax
+Other comprehensive income
+1
+2022
+Net assets
+Total comprehensive income
+-86
+-17
+Net assets at Jan. 1
+Dividends received
+2
+2022
+Equity interest (in %)
+Non-current assets
+Current assets
+Non-current liabilities
+8
+2022
+Derivatives used by the Porsche AG Group for financial management purposes to hedge against interest rate,
+currency, commodity price, share and bond risks, but that do not meet the strict hedge accounting criteria of
+IFRS 9, are classified as financial assets and liabilities at fair value through profit or loss (also referred to below as
+derivatives not within hedge accounting). This also applies to share options. As a general rule, external hedging
+instruments of intragroup hedged items that are subsequently eliminated in the consolidated financial statements
+are also assigned to this category. Assets and liabilities measured at fair value through profit or loss consist of
+derivatives or components of derivatives that are not within hedge accounting. These relate, for example, to non-
+designated forward exchange transactions and interest rate hedges.
+IFRS 7
+A review of whether the reasons for a previously recognized impairment loss still exist is carried out on an annual
+basis. If the reasons for impairment losses recognized in prior years no longer exist, they are reversed through profit
+or loss (with the exception of goodwill). The amount reversed cannot result in a carrying amount that exceeds the
+amount that would have been determined as the carrying amount, net of depreciation and amortization, had no
+impairment loss been recognized for the asset in prior years.
+Inventories
+Inventories primarily include raw materials, consumables and supplies, work in process and finished goods which
+are carried at the lower of cost or net realizable value. Borrowing costs are not capitalized. Inventories of a similar
+nature are generally measured using the weighted average cost method.
+Long-term construction contracts
+For contracts under which performance is satisfied over time, revenue is recognized in accordance with the stage
+of completion. The stage of completion is determined as the proportion that contract costs incurred by the end of
+Consolidated Financial Statements Notes to the consolidated financial statements
+295
+↑ ↓ ↑ 0 |||
+296
+the reporting period bear to the estimated total contract costs (cost-to-cost method). Contract costs incurred are
+often the best way to measure the stage of completion of the performance obligation. If the outcome of a
+performance obligation satisfied over time is not yet sufficiently certain, but the company expects to at least have
+its costs refunded by the customer, revenue is recognized only to the extent of contract costs incurred (zero profit
+method). As long-term construction contracts regularly involve contingent receivables due from the customer until
+they are completed or the customer pays, corresponding contract assets are recognized. As soon as the company's
+performance is complete, a trade receivable is recognized. Any negative balance is reported under other payables.
+The principle of measuring assets at the lower of carrying amount and net realizable value is observed.
+Financial instruments
+Regular way purchases or sales of financial instruments are accounted for at the settlement date, i.e., the date on
+which the asset is delivered.
+The Porsche AG Group allocates financial assets and liabilities to the "at amortized cost" and "at fair value" classes.
+Financial assets and liabilities measured at amortized cost
+Financial assets measured at amortized cost using the effective interest method are
+- receivables from the financial services business,
+- trade receivables,
+- other receivables and financial assets,
+-time deposits, and
+-cash and cash equivalents.
+The financial liabilities measured at amortized cost using the effective interest method arise from
+An impairment loss is allocated to the corresponding functional area and is recognized in the income statement in
+the item "amortization of intangible assets and depreciation of property, plant and equipment and leased assets" if
+the recoverable amount of the asset is lower than its carrying amount.
+Any impairment of leased assets from vehicle leasing contracts, determined by impairment testing in accordance
+with IAS 36, is reflected in impairment losses and adjusted rates of depreciation. Depending on the local
+circumstances and past experience from used vehicle sales, regularly updated internal and external data on the
+development of residual values are included in the residual value forecast. In doing so, assumptions must primarily
+be made about future vehicle supply and demand, as well as movements in vehicle prices. These assumptions are
+based on either qualified estimates or information published by external experts. Qualified estimates are based on
+external data, where available, and take into account additional information available internally, such as past
+experience and recent sales information.
+In the case of assets that are not yet available for use, impairment testing is carried out upon initial recognition and
+subsequently once per year on the basis of the current business plan. Assets already in use are only tested for
+impairment if there is a triggering event. Value in use is determined for the impairment testing using a market-
+oriented discount rate for similar risks. The determination of the cost of capital rates is based on a rate of interest
+for risk-free investments. Furthermore, in addition to a market risk premium, specific peer group information is
+taken into account on beta factors, leverage ratio and borrowing rate. The composition of the peer groups used to
+determine beta factors is reviewed on an ongoing basis and modified when necessary.
+The recoverable amount is determined based on current planning as well as reasonable assumptions about
+macroeconomic trends (currency, interest rate and commodity price trends) as well as historical developments.
+When determining the cash flows, an anticipated growth rate of 1.0% is used as a basis. The growth rate is based
+on the circumstances specific to the industry and takes into account the specific price and cost situation.
+The right-of-use assets for leases recognized in the statement of financial position are reported in those items that
+the assets underlying the lease would be reported in if they were owned by the Porsche AG Group. As of the
+reporting date, right-of-use assets are therefore recognized under non-current assets, mainly in the item "Property,
+plant and equipment".
+There are practical expedients for short-term leases and leases of low-value assets. The Porsche AG Group takes
+advantage of these and consequently does not recognize right-of-use assets or lease liabilities for such leases. The
+associated lease payments are recognized directly in profit or loss as an expense. Leases of low-value assets are
+those where the value of the leased asset does not exceed €5,000 when new. Furthermore, the accounting
+requirements of IFRS 16 are not applied to leases of intangible assets.
+Many leases contain extension and termination options.
+Leased assets
+Vehicles leased out under operating leases are recognized at cost and depreciated on a straight-line basis to their
+calculated residual value over the term of the lease. Depending on the local circumstances and past experience
+from used vehicle sales, regularly updated internal and external data on the development of residual values are
+included in the residual value forecast. In doing so, assumptions must primarily be made about future vehicle
+supply and demand, as well as movements in vehicle prices. These assumptions are based on either qualified
+estimates or information published by external experts. Qualified estimates are based on external data, where
+available, and take into account additional information available internally, such as past experience and recent sales
+information.
+Capitalization of borrowing costs
+Borrowing costs for qualifying assets are capitalized as part of the cost of the asset. A qualifying asset is an asset
+that necessarily takes at least a year to get ready for its intended use.
+Consolidated Financial Statements Notes to the consolidated financial statements
+293
+↑↓ ↑ 0 |||
+-trade payables,
+294
+The cost of shares in associates is accounted for using the equity method. When reviewing the recoverability of the
+net investment, the recoverable amount is determined using the principles described for indefinite-lived intangible
+assets.
+Impairment testing
+At the end of each reporting period, the group assesses whether there is any indication of impairment. An
+impairment test is performed at least once a year for goodwill, capitalized costs for intangible assets (in particular,
+where development costs are recognized for products under development) and intangible assets with an indefinite
+useful life. For intangible assets with finite useful lives, property, plant and equipment as well as leased assets an
+impairment test is performed only when there is an indication that the asset may be impaired.
+The recoverable amount is determined in the course of impairment testing and is generally determined separately
+for each asset. If it is not possible to determine the recoverable amount for an individual asset because it does not
+generate cash inflows that are largely independent of the cash inflows from other assets, it is determined on the
+basis of a group of assets that constitutes a cash-generating unit.
+To determine whether goodwill has to be impaired, the corresponding automotive or financial services segment is
+generally used as cash-generating unit. For intangible assets as well as for property, plant and equipment, the
+automotive segment forms the cash-generating unit and is the basis for the impairment test. If the carrying
+amount of an asset or cash-generating unit exceeds its recoverable amount, an impairment loss is recognized to
+account for the difference.
+The recoverable amount of an asset or a cash-generating unit is the higher of fair value less costs to sell and value
+in use. The fair value less costs to sell is the amount obtainable from the sale of an asset or cash-generating unit in
+an arm's length transaction between knowledgeable, willing parties, less the costs to sell. Costs to sell are the
+incremental costs directly attributable to the disposal of an asset or cash-generating unit, excluding finance costs
+and income tax expense. Value in use is determined using the discounted cash flow method or capitalized earnings
+method on the basis of the estimated future cash flows expected to arise from the continuing use of the asset and
+its disposal.
+To determine whether goodwill, intangible assets as well as property, plant and equipment are impaired, the group
+uses the value in use.
+Value in use is determined based on a multi-year operational plan prepared by management including material
+assumptions about growth and the volume of unit sales. The planning period generally extends over five years. The
+planning is based on the assumption that global economic output in 2024 will grow overall, albeit at a slower pace.
+The persistently high inflation in many regions and the resulting restrictive monetary policies taken by central
+banks is expected to have an increasingly negative impact on private demand. Other risks are seen in turbulence in
+the financial markets, in protectionist tendencies and structural deficits in individual countries. Growth prospects
+will also be negatively impacted by ongoing geopolitical tensions and conflicts, largely related to the Russia-
+Ukraine conflict, but also to the conflicts in the Middle East. It is assumed that both the advanced economies and
+emerging markets will record positive growth on average, albeit with below-average GDP growth rates. It is also
+expected that the global economy will recover in 2025 and continue on a path of stable growth until 2028. The
+volume planning of the Porsche AG Group reflects the aforementioned regional differences and takes into account
+the effects of currently known regional conflicts. The Porsche AG Group aims to increase the share of all-electric
+vehicles as a proportion of total deliveries from around 13% in 2023 to more than 80% in 2030, depending on
+demand and the development of electromobility in the individual regions of the world. The negative impact on
+earnings expected from 2024 onwards due to continuously rising material costs as well as more stringent emission
+and fuel consumption regulations will be offset now and in the future by price and product mix improvements as
+well as corresponding efficiency programs. In addition, the planning is based on the assumption that the supply
+situation for intermediates and commodities will normalize from the fiscal year 2024 onwards. Furthermore, the
+Porsche AG Group anticipates an increase in the operating return on sales for the medium term with the long-term
+target of more than 20%.
+With regard to the assumptions in the detailed planning period, we refer to the explanations on the judgment and
+estimates of management. More detailed information can also be found in the report on expected developments,
+which forms part of the management report. The planning premises are adjusted to reflect the current information
+available.
+Equity-accounted investments
+- other financial liabilities,
+- liabilities to banks,
+-bonds, commercial papers and notes,
+The tax consequences of profit distributions are taken into consideration as soon as the profit distributions are
+planned.
+Current taxes
+Current income taxes are measured as income tax assets and liabilities for current and prior periods at the amount
+expected to be refunded by or paid to the taxation authorities. Therefore, current taxes recognized in the fiscal year
+also include adjustments for uncertain tax payments or refunds for periods that have not yet been finally assessed,
+excluding interest and penalties on back taxes. Provisions are recognized for potential obligations in respect of
+such tax assessments that have not yet been finally reviewed by the tax authorities. Any such identified tax risk is
+measured on the basis of the most likely value to be recognized to reflect the risk, should it materialize.
+Share-based payment
+Share-based payment comprises performance share plans, i.e., payment plans that are settled in cash and
+accounted for in accordance with IFRS 2.
+Other provisions
+Provisions not resulting in an outflow of resources within one year are recognized at their settlement value
+discounted to the reporting date. The discount factor is based on market interest rates. In the eurozone, an average
+interest rate of 2.87% (2022: 3.16%) was used. The settlement amount also includes the expected cost increases.
+Other liabilities (not included within the scope of a specific IFRS)
+Other non-current liabilities not included within the scope of a specific IFRS are carried at amortized cost in the
+statement of financial position. Differences between their historical cost and their repayment amount are
+accounted for using the effective interest method.
+Current liabilities not included within the scope of a specific IFRS are recognized at their repayment or settlement
+value.
+Deferred tax assets are measured taking into account estimates regarding the future availability of taxable income.
+This includes the amount and nature of this taxable income, the periods in which it is expected as well as available
+tax planning measures. The measurement of deferred tax assets for tax loss carryforwards is generally based on
+future taxable income over a planning horizon of five fiscal years. A previously unrecognized deferred tax asset is
+reassessed on an annual basis and recognized to the extent that it has become probable that future taxable profit
+will allow the deferred tax asset to be recovered. Loss allowances are recognized on deferred tax assets when it is
+unlikely that sufficient future taxable income will be available within a reasonable period of time against which the
+deductible temporary differences, tax loss carryforwards and tax credits can be offset.
+Revenue and expenses
+Sales allowances and other variable consideration are measured on the basis of experience and by taking account
+of current circumstances. Vehicles are normally sold to dealers on payment terms. A trade receivable is recognized
+for the period between vehicle delivery and receipt of payment. Financing components included therein are only
+accrued if the period between the transfer of the goods and the payment of consideration is longer than one year
+and the amount to be accrued is material.
+Revenue from receivables from financial services is recognized using the effective interest method. Income from
+operating leases is recorded on a straight-line basis over the term of the agreement.
+Revenue from long-term construction contracts is recognized in accordance with the percentage of completion
+method.
+If services are sold to the customer together with the vehicle and the customer pays for them in advance, the group
+recognizes a corresponding contract liability until the services have been rendered. Examples of services that
+customers pay for in advance include servicing, maintenance and certain guarantee contracts, as well as mobile
+online services.
+Sales revenue from extended warranties or maintenance agreements is recognized when services are rendered. In
+the case of prepayments, deferred income is recognized proportionately by reference to the costs expected to be
+incurred, based on experience.
+For extended warranties granted to customers for a specific model, a provision is generally recognized in the same
+way as for statutory warranties. If the warranty is optional for the customer or contains an additional service
+component, the related revenue is deferred and recognized over the warranty term.
+Income from assets for which a group entity has a buy-back obligation is not recognized until the assets have
+finally left the group. If a fixed repurchase price was agreed when the contract was concluded, the difference
+between the selling and repurchase price is recognized as income ratably over the term of the contract. Until the
+end of the contract term, the assets are reported in inventories in case of current contract end dates and in leased
+assets in the case of non-current contract end dates.
+Consolidated Financial Statements Notes to the consolidated financial statements
+299
+↑ ↓ ↑ 0 |||
+Revenue, interest and commission income from financial services and other operating income are recognized only
+when the relevant services have been rendered or the customer has obtained control of the goods or services.
+Revenue is reported net of discounts, customer bonuses and rebates.
+Residual values, depreciation methods and useful lives are reviewed, and adjusted if appropriate, at each reporting
+date. The depreciation of property, plant and equipment is allocated to the corresponding functional areas.
+Right-of-use assets/lease liabilities
+Deferred taxes
+Credit risks must be considered for all financial assets measured at amortized cost, as well as for contract assets in
+accordance with IFRS 15 and lease receivables within the scope of IFRS 16. The rules on impairment also apply to
+risks from irrevocable credit commitments and to the measurement of financial guarantees.
+-loans.
+For reasons of materiality, discounting or unwinding of discounts is not applied to current receivables and liabilities
+(due within one year).
+Financial assets and liabilities measured at fair value
+Financial assets that are equity instruments are measured at fair value. For the most part, the Porsche AG Group
+exercises the option to recognize subsequent fair value changes through other comprehensive income. The only
+exceptions are interests in companies that are not material to the consolidated financial statements and in those
+that do not conduct business operations. For such interests, reasonable fair values that are free from major
+fluctuations cannot be reliably determined without undue cost or effort. Such interests are therefore measured at
+amortized cost.
+Within the Porsche AG Group, the category "Financial assets at fair value through profit or loss" mainly comprises
+- hedging relationships not within hedge accounting and
+investment fund units.
+All financial liabilities at fair value through profit or loss relate to derivatives not within hedge accounting.
+Fair value generally corresponds to the market or quoted prices (level 1). If no active market exists, the fair value is
+determined where possible using observable inputs other than quoted prices (level 2). If no observable inputs are
+available, fair value is determined using valuation techniques, such as by discounting the future cash flows at the
+market interest rate, or by using recognized option pricing models and-as far as possible-is verified by
+confirmations from the banks that handle the transactions (level 3).
+For current receivables and payables, amortized cost generally corresponds to the principal or repayment amount.
+The Porsche AG Group does not exercise the fair value option for financial assets and liabilities.
+Shares in subsidiaries, associates and joint ventures that are neither consolidated nor accounted for using the
+equity method for reasons of materiality do not fall within the scope of IFRS 9 and IFRS 7.
+As a matter of principle, a simplified process, which takes historical default rates into account, and specific loss
+allowances are used to account for impairment losses on receivables outside the financial services segment.
+Derivatives and hedge accounting
+When hedging future cash flows, the hedging instrument is measured at fair value. The designated effective
+portion of the hedging instrument is recognized in OCI I and the non-designated effective portion of the hedging
+instruments is recognized in OCI II. They are only recognized in profit or loss or in the inventories when the hedged
+item is recognized in profit and loss. The ineffective portion of a cash flow hedge is immediately recognized in
+profit or loss.
+Bugatti Rimac
+Impairment of financial instruments
+Financial assets are exposed to default risk, which is taken into account by recognizing loss allowances or, if losses
+have already been incurred, by recognizing impairment losses. Default risk on loans and receivables in the financial
+services segment is accounted for by recognizing specific loss allowances and general loss allowances.
+Consolidated Financial Statements Notes to the consolidated financial statements
+297
+↑↓ ↑ ||
+298
+In particular, in accordance with group-wide standards, a loss allowance is recognized on these financial assets in
+the amount of the expected loss. The actual specific loss allowances for the losses incurred are then charged to
+this loss allowance. A potential impairment is assumed not only for delayed payments of more than 90 days, the
+institution of enforcement measures, the threat of insolvency or overindebtedness, application for or the opening of
+insolvency proceedings or the failure of financial reorganization measures, but also for receivables that are not past
+due.
+Insignificant receivables and significant individual receivables for which there is no indication of impairment are
+grouped together into homogeneous portfolios on the basis of comparable credit risk characteristics and allocated
+by risk class. Average historical default probabilities are used in combination with forward-looking parameters for
+the respective portfolio are used to calculate the amount of the impairment loss.
+Porsche AG Group companies use derivatives to hedge future cash flows (hedged items). Appropriate derivatives
+such as swaps, forward transactions and options are used as hedging instruments.
+IAS 7/
+3 to 13
+Years
+1.5706
+1.6286
+1.5175
+Brazil
+BRL
+5.3750
+5.6444
+5.4031
+5.4444
+China
+CNY
+7.8700
+7.3661
+7.6598
+7.0814
+United Kingdom
+GBP
+0.8691
+0.8868
+0.8700
+0.8526
+1.6292
+AUD
+Australia
+2022
+Supplier finance arrangement
+May 25,
+2023
+2024
+January 1,
+2024
+Yes
+No material impact
+No
+Additional notes
+IAS 21
+Lack of exchangeability
+August 15,
+2023
+Hong Kong
+January 1,
+2025
+No material impact
+Mandatory first-time application from the perspective of Porsche AG and its subsidiaries on the basis of the IFRS effective date, subject to
+adoption by the EU if the EU endorsement process has yet to be completed.
+CURRENCY TRANSLATION
+The Porsche AG Group uses the rates of an external market data provider. All rates are based on the respective euro
+exchange rates. All non-euro exchange rate combinations are derived from these rates.
+Closing rate
+Average rate
+€1 =
+Dec. 31, 2023
+Dec. 31, 2022
+2023
+No
+HKG
+8.6529
+8.3210
+Consolidated Financial Statements Notes to the consolidated financial statements
+291
+↑↓ ↑ 0 ||
+292
+ACCOUNTING POLICIES
+Measurement principles
+The assets and liabilities of Porsche AG and the consolidated German and foreign subsidiaries included are
+accounted for using uniform accounting policies applicable within the Porsche AG Group.
+The same accounting policies are used in the case of equity-accounted investments for the purpose of determining
+the attributable share of the net assets. This is based on the most recent available financial statements of the
+respective company.
+The comparative information is based in principle on the same accounting policies applied for the reporting period
+for the fiscal year 2023. Where changes have been made, the effect is explained in the relevant notes.
+With the exception of certain items such as financial instruments measured at fair value and provisions for
+pensions and similar obligations, the consolidated financial statements are prepared using the historical cost
+principle (cost model). The methods used to measure the individual items are presented in more detail below.
+1.0541
+Intangible assets
+The useful lives of intangible assets are assessed as either finite or indefinite.
+Purchased intangible assets with a finite useful life are amortized, generally on a straight-line basis, over their
+useful life, taking any impairments into account. Useful lives range from three to five years. Useful lives, residual
+values and methods of amortization are reviewed, and adjusted if appropriate, at least at the end of the reporting
+year. If adjustments are made, these are accounted for as changes in estimates.
+Goodwill, intangible assets with indefinite useful lives and intangible assets that are not yet ready for use are not
+amortized. Each individual asset or cash-generating unit is tested at least once a year for impairment. If there is
+impairment, an impairment loss is recognized. Intangible assets with indefinite useful lives are reviewed once a
+year to determine whether the indefinite life assessment continues to be supportable. If this is no longer the case,
+the change in useful life from indefinite to finite is made on a prospective basis.
+Development costs are recognized for products provided that expenditures can be clearly allocated and all other
+recognition criteria of IAS 38 are met. The capitalized development costs include all direct costs and production
+overheads directly attributable to the development process incurred after the point in time at which all recognition
+criteria are met. Capitalized development costs are amortized beginning at the start of use (e.g., start of
+production) using the straight-line method over the expected product life cycle, taking any impairments into
+account. Useful lives mainly range from three to nine years. Research and non-capitalizable development costs are
+expensed as incurred.
+The amortization of intangible assets is allocated to the corresponding functional areas.
+Property, plant and equipment
+Items of property, plant and equipment are measured at cost less depreciation and, if necessary, impairment
+losses. Investment subsidies received are generally deducted from cost. Special operational equipment is reported
+under other equipment, furniture and fixtures. Property, plant and equipment is depreciated pro rata temporis on a
+straight-line basis over the expected useful life.
+Depreciation is largely based on the following useful lives:
+Office and factory buildings
+Technical equipment and machinery
+Other equipment, furniture and fixtures
+Intangible assets not acquired in a business combination are initially recognized at cost in accordance with IAS 38
+plus costs directly attributable to the acquisition. The cost of intangible assets acquired as part of a business
+combination is their fair value as of the date of acquisition. Following initial recognition, intangible assets are
+carried at cost less any accumulated amortization and any accumulated impairment losses.
+9 to 40
+7 to 20
+1.0054
+1,358.1973
+8.4685
+8.2530
+Japan
+JPY
+156.7900
+Canada
+CAD
+1.4681
+Republic of Korea
+KRW
+73.2742
+1,440.7150
+RUB
+Switzerland
+CHF
+USA
+USD
+99.9661
+0.9264
+1.1077
+140.6650
+1.4440
+1,338.2950
+76.2868
+0.9852
+1.0677
+151.9382
+1.4596
+1,413.5047
+92.2994
+0.9718
+1.0817
+138.0236
+1.3705
+Russia
+Rimac Group
+3,308
+€ million
+17,035
+5,157
+5,157
+0
+5,157
+-277
+-217
+700
+267
+4,880
+-217
+700
+267
+17
+།ས་ལ།།
+-2
+0
+471
+0
+471
+0
+5,628
+0
+8
+17,027
+0
+11
+17,027
+8
+17,035
+ངང
+911
+3,822
+12,387
+454
+238
+-804
+11
+5,627
+0
+8
+17,027
+8
+8
+8
+911
+3,822
+12,395
+454
+238
+-804
+17,019
+-916
+-72
+0
+3,745
+4,327
+7,375
+7,081
+-2,190
+-2,370
+Depreciation, amortization and impairment losses2
+3,528
+3,189
+Gain/loss on disposal of non-current assets
+14
+Income taxes paid
+5
+34
+52
+Other non-cash expense/income
+-122
+-40
+Change in inventories
+-694
+-1,010
+Change in receivables (excluding financial services)
+-190
+Change in liabilities (excluding financial liabilities)
+Share of profit or loss of equity-accounted investments
+0
+Cash and cash equivalents at beginning of period
+Profit before tax
+2023
+Other changes
+Balance at Dec. 31, 2023
+911
+3,822
+16,305
+237
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new ramended IFRS).
+For dividend distributions and capital transactions involving a change in ownership interest see → Equity.
+Equity is explained in note → 25. EQUITY.
+938
+-537
+-916
+2022¹
+-72
+-916
+-80
+21,667
+1
+21,668
+Consolidated Financial Statements Consolidated statement of changes in equity
+281
+↑↓ ↑ ||
+CONSOLIDATED STATEMENT OF CASH FLOWS
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM
+JANUARY 1 TO DECEMBER 31, 2023
+282
+€ million
+-8
+11
+-804
+238
+-361
+-340
+-11
+0
+22,927
+8
+22,935
+Changes in accounting policy to reflect IFRS 17
+-2
+-2
+-2
+223
+Balance after adjustment at Jan. 1, 2022
+14,225
+9,144
+223
+-361
+-340
+-11
+0
+22,925
+8
+22,933
+Profit after tax'
+45
+4,960
+9,146
+45
+280
+CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM
+JANUARY 1 TO DECEMBER 31, 2023
+OTHER RESERVES
+HEDGING
+OTHER RESERVES
+€ million
+Subscribed
+Capital
+capital
+reserves
+14,225
+Retained
+earnings
+Cash flow
+hedges (OCI I)
+Deferred costs of
+hedging (OCI II)
+Equity and debt
+instruments
+Equity-
+accounted
+investments
+Equity before
+non-controlling
+interests
+Non-controlling
+interests
+Total
+equity
+Balance at Jan. 1, 2022
+Currency
+translation
+618
+4,960
+4,967
+Changes in accounting policy to reflect IFRS 17
+Balance after adjustment at Jan. 1, 2023
+Profit after tax
+Other comprehensive income, net of tax
+Total comprehensive income
+Disposal of equity instruments
+Capital contribution
+Dividends payment²
+Capital transactions involving a change in ownership interest²
+3,057
+-3,979
+Balance at Jan. 1, 2023
+3,057
+-3,979
+-6
+-3,986
+-11,883
+-11,883
+-11,679
+866
+-1,781
+911
+3,822
+-204
+916
+12,395
+454
+3,057
+7
+Balance at Dec. 31, 2022'
+Change from distribution in kind due to spin-off assets
+Other comprehensive income, net of tax
+1,559
+231
+599
+-464
+22
+1
+1,948
+0
+1,947
+Total comprehensive income'
+Other changes
+6,519
+599
+-464
+22
+1
+6,908
+6
+6,914
+Disposal of equity instruments
+Capital contribution
+Profit transfer and dividends payment
+Capital transactions involving a change in ownership interest
+231
+Bertrandt
+-247
+1,052
+Change in other provisions
+Abroad
+90
+86
+Subsidiaries carried at cost
+Germany
+Abroad
+Associates, joint ventures and other equity investments
+Germany
+Abroad
+13
+12
+42
+38
+33
+31
+49
+43
+254
+238
+Fully consolidated subsidiaries
+The changes in the consolidated group during the fiscal year are presented in the table below:
+Number
+Initially consolidated
+Previously carried at cost
+Foundation
+Others
+28
+27
+Parent company and consolidated subsidiaries including special security funds
+Germany
+2022
+6
+31
+3
+7
+2
+4
+5
+12
+IMPACT OF CLIMATE CHANGE
+Against the background of climate change and the associated tightening of emissions regulations, the
+transformation of the automotive industry is moving toward electromobility and further digitalization.
+When preparing the consolidated financial statements, the Executive Board took into account the potential impact
+of climate change and future regulatory requirements, in particular the associated transformation toward
+electromobility. Potential effects, in particular on non-current assets, provisions for emission charges and future
+cash flows were included, where possible, in the significant accounting judgments and estimates being
+incorporated into the consolidated financial statements. The impact of the transformation of the business towards
+electromobility is taken into account in the multi-year operational planning and thus in the calculation of future
+cash flows when determining the recoverable amount in an impairment test of goodwill and of intangible assets
+with an indefinite useful life. This applies in particular for the planning of future vehicle models and investments in
+development costs as well as production facilities. Furthermore, the Porsche AG Group regularly assesses whether
+these developments give rise to the need for ad hoc impairment tests or for adjustments to the useful lives of other
+non-current non-financial assets. With reference to increasingly stringent emissions regulations, it is ensured that
+the various international regulations are taken into account and any obligations are recognized appropriately. This
+did not result in any material effects on the consolidated financial statements.
+Deconsolidated
+Mergers
+For a detailed presentation of how sustainability has been taken into account in the group strategy as well as the
+management and planning of the group, please refer to the section → Strategic direction of the Porsche AG Group as well as
+the section Non-financial statement in the combined management report.
+In addition to Porsche AG, the consolidated financial statements include all significant German and foreign
+subsidiaries, including structured entities, that are controlled directly or indirectly by Porsche AG. The main
+purpose of the structured entities is to facilitate asset-backed securities transactions for the purpose of
+refinancing the financial services business and to invest financial resources in special securities funds.
+Subsidiaries whose business is dormant or insignificant, both individually or in the aggregate, for the presentation
+of a true and fair view of the net assets, financial position and results of operations as well as the cash flows of the
+Porsche AG Group are not consolidated. They are carried in the consolidated financial statements at cost less any
+impairments and reversals of impairments required to be recognized.
+Significant companies where Porsche AG is able, directly or indirectly, to significantly influence financial and
+operating policy decisions (associates), or where Porsche AG has joint control, directly or indirectly, together with
+another party (joint ventures), are accounted for at equity. Insignificant associates and joint ventures are generally
+recognized at their respective acquisition cost, taking into account any impairment losses and reversals of
+impairments.
+The cumulative negative currency translation differences of €52 million in connection with the disposal group are
+contained in other reserves.
+An impairment loss of €25 million was recognized for the disposal group as of December 31, 2022. A further
+impairment and offsetting currency translation effects were identified as of December 31, 2023 and are included
+in the other operating result.
+Consolidated Financial Statements Notes to the consolidated financial statements
+285
+↑↓ ↑ 0 ||
+286
+The composition of the Porsche AG Group is shown in the table below:
+2023
+BASIS OF CONSOLIDATION
+Others
+Germany
+Abroad
+BUGATTI RIMAC D.O.O.
+The Porsche AG Group holds 45% of the shares in Bugatti Rimac d.o.o. and exercises significant influence over the
+company. The investment in Bugatti Rimac d.o.o. is accounted for in Porsche AG's consolidated financial
+statements using the equity method. Bugatti Rimac is headquartered in Sveta Nedelja, Croatia. Bugatti Rimac
+develops, produces and sells Bugatti and Rimac sports cars.
+Consolidated Financial Statements Notes to the consolidated financial statements
+1
+3
+1
+5
+287
+↑↓ ↑ 0 |||
+288
+Summarized financial information on material associates on a 100% basis
+In the course of a financing round in the prior year, the Porsche AG Group made an investment in the two-digit
+million euro range. The Porsche AG Group and the Rimac Group have thus taken the next step in their collaboration
+toward the digital and electrified future of mobility. The Porsche AG Group holds more than 20% of Rimac Group
+and continues to account for it using the equity method due to its significant influence. Rimac Group,
+headquartered in Sveta Nedelja, Croatia, develops and produces high-performance components for electric
+vehicles. Rimac Group also holds shares in Bugatti Rimac.
+€ million
+Equity interest (in %)
+Non-current assets
+Current assets
+Non-current liabilities
+Current liabilities
+Net assets
+Sales revenue
+Reconciliation of the financial information to the carrying amount of the investment
+Bertrandt'
+Rimac Group
+Bugatti Rimac
+2023
+26
+RIMAC GROUP D.O.O.
+In the fiscal year 2023, a reversal of impairment of €27 million (2022: impairment loss of €45 million) on the
+recoverable amount of €148 million (2022: €122 million) was recognized in other income and expenses from
+equity investments in the item other financial result. The recoverable amount is the quoted price (2022: value in
+use).
+1
+1
+The list of all the shareholdings, which forms part of the annual financial statements of Porsche AG, is presented in
+the → 50. LIST OF SHAREHOLDINGS.
+The following fully consolidated affiliated German companies with the legal form of a corporation and partnership
+met the requirements of section 264 (3) and section 264b HGB, respectively, and have as far as possible exercised
+the option not to publish annual financial statements.
+Porsche Consulting GmbH, Bietigheim-Bissingen
+-Porsche Deutschland GmbH, Bietigheim-Bissingen
+-Porsche Dienstleistungs GmbH, Stuttgart
+-Porsche Digital GmbH, Stuttgart
+- Porsche Engineering Group GmbH, Weissach
+-Porsche Engineering Services GmbH, Bietigheim-Bissingen
+- Porsche Erste Beteiligungsgesellschaft mbH, Stuttgart
+-Porsche Financial Services GmbH, Bietigheim-Bissingen
+-Porsche Immobilien GmbH & Co. KG, Stuttgart
+-Porsche Investments GmbH, Stuttgart
+The calculation of the value in use for the purposes of the impairment test is based on a cost of capital of 10.4%
+(2022: 9.9%).
+Porsche Leipzig GmbH, Leipzig
+- Porsche Logistik GmbH, Stuttgart
+Porsche Niederlassung Berlin GmbH, Berlin
+- Porsche Niederlassung Berlin-Potsdam GmbH, Kleinmachnow
+- Porsche Niederlassung Hamburg GmbH, Hamburg
+-Porsche Niederlassung Stuttgart GmbH, Stuttgart
+-Porsche Nordamerika Holding GmbH, Ludwigsburg
+- Porsche Sales & Marketplace GmbH, Stuttgart
+-Porsche Zentrum Hoppegarten GmbH, Stuttgart
+The first-time consolidation or deconsolidation of these subsidiaries did not have any material impact on the net
+assets, financial position and results of operations, either individually or in the aggregate. From the group's
+perspective, the non-consolidated structured companies are immaterial. In particular, there are no significant risks
+for the group.
+Investments in associates
+From the group's perspective, the associates Bertrandt AG, Ehningen ("Bertrandt"), Rimac Group d.o.o, Sveta
+Nedelja ("Rimac Group"), and Bugatti Rimac d.o.o, Sveta Nedelja ("Bugatti Rimac"), are material at the reporting
+date.
+BERTRANDT AG
+Bertrandt is an engineering partner of companies in the automotive and aviation industry. Its portfolio of services
+ranges from developing individual components through complex modules to end-to-end solutions. Bertrandt's
+principal place of business is in Ehningen. Porsche AG's interest amounts to around 29%. Bertrandt is accounted
+for in Porsche AG's consolidated financial statements using the equity method.
+As of December 31, 2023, the quoted price of the shares in Bertrandt amounted to €150 million (2022:
+€118 million).
+Porsche Lifestyle GmbH & Co. KG, Ludwigsburg
+6
+Dec. 31, 2022
+Dec. 31, 2023
+66
+Disposal of other equity investments
+6
+18
+Cash received from disposal of intangible assets and property, plant and equipment
+11
+8
+Change in investments in securities and time deposits
+44
+-481
+Change in loans
+1
+Cash flows from investing activities
+Profit transfer and dividends
+Capital transactions with non-controlling interests
+Proceeds from issuance of bonds
+Repayments of bonds
+Changes in other financial liabilities
+Repayments of lease liabilities
+Cash flows from financing activities
+Effect of exchange rate changes on cash and cash equivalents
+Net change in cash and cash equivalents
+Cash and cash equivalents at end of period
+3,075
+-1,203
+Capital contributions
+-2,021
+Disposal of subsidiaries
+-90
+Change in leased assets
+251
+366
+366
+556
+-1,322
+-536
+Change in financial services receivables
+-645
+-983
+Cash flows from operating activities
+-278
+7,023
+Investments in intangible assets (excluding capitalized development costs)
+and property, plant and equipment
+-2,016
+-1,710
+Additions to capitalized development costs
+-2,081
+-1,951
+Acquisition of subsidiaries
+-152
+-257
+Acquisition of other equity investments
+7,114
+Change in pension provisions
+-6,606
+3,057
+-3,361
+The accounting policies were generally the same as those applied in the prior year.
+The only changes required resulted from new and amended standards.
+The consolidated financial statements are prepared in euros. Unless stated otherwise, all figures are stated in
+millions of euros (€ million).
+All amounts are rounded in line with common business practice; this can lead to minor differences in total amounts.
+Figures of €0.00 are presented as "€- million"; figures between €0.00 and €500,000.00 are rounded in line with
+common business practice and presented as "€0 million".
+The income statement has been prepared using the function of expense method, as is common international
+practice.
+Preparation of the consolidated financial statements in accordance with the above standards requires assumptions
+to be made regarding some items that affect the amounts reported in the consolidated statement of financial
+position or consolidated income statement as well as the disclosure of contingent assets and liabilities. The
+consolidated financial statements give a true and fair view of the net assets, financial position and results of
+operations and the cash flows as of December 31, 2023.
+The consolidated financial statements were issued for publication by the Executive Board on February 19, 2024.
+The period subsequent to the reporting date in which adjusting events can be recognized ends on that date.
+Consolidated Financial Statements Notes to the consolidated financial statements
+283
+284
+SIGNIFICANT EVENTS
+Moreover, the provisions pursuant to section 315e (1) of the German Commercial Code (HGB) that Porsche AG is
+also required to apply, and the German Corporate Governance Code have been complied with when preparing the
+consolidated financial statements.
+Russia-Ukraine conflict/Russian business (IFRS 5)
+Moreover, various sanctions have been imposed on Russia as a result of the conflict, especially by the EU and the
+USA. These sanctions restrict economic transactions with Russia and have an impact on the Russian companies of
+the Porsche AG Group and on sales of vehicles to Russia. The sanctions also affect new financial services business
+in Russia and could potentially lead to impairment risks for existing leased assets and financial receivables. In light
+of the EU sanctions, Porsche AG discontinued vehicle exports. In addition, the respective sanction requirements are
+also being complied with in relation to the supply of spare parts and the provision of technical information. To date,
+very few complaints has been received from customers, service providers, or other contract partners. It is not clear
+at present how the situation will develop further.
+Porsche AG still intends to sell three subsidiaries in Russia which have therefore been classified as a disposal group
+held for sale in accordance with IFRS 5 since September 2022. In connection with this and with the measurement
+of the disposal group held for sale, please see the explanation in section → IFRS 5 - Assets held for sale.
+IFRS 5-ASSETS HELD FOR SALE
+Also since September 2022, Porsche AG still intends to sell two Russian distribution companies in the automotive
+segment, 000 Porsche Russland, Moscow, and 000 Porsche Center Moscow, Moscow, and a Russian company
+allocated to the financial services segment, 000 Porsche Financial Services Russland, Moscow. The sale project is
+expected to be completed before the end of the fiscal year 2024 due to the changes in external conditions.
+In accordance with IFRS 5, the assets and liabilities held for sale were recognized at the lower of their carrying
+amount and fair value less expected costs of disposal. The main groups of assets and liabilities classified as held for
+sale as of December 31, 2023 are presented below.
+€ million
+Cash and cash equivalents
+Assets held for sale
+Other provisions
+Other liabilities
+Liabilities associated with assets held for sale
+As in the prior year, the Russia-Ukraine conflict resulted in increased uncertainty with regard to the development of
+the global economy. In the reporting year, despite the resulting supply shortages, the energy and commodity
+markets started to steady, although some energy and commodity prices are still at a relatively high level.
+-4,895
+-8
+5,633
+-4,304
+-21
+-113
+Pursuant to Regulation (EC) No. 1606/2002 of the European Parliament and of the Council, Porsche AG has
+prepared its consolidated financial statements for the fiscal year 2023 in accordance with the international
+accounting standards adopted by the European Union, the International Financial Reporting Standards (IFRSS). All
+the IFRSS adopted by the EU and required to be applied have been complied with.
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("Porsche AG") has its headquarters at Porscheplatz 1 in 70435
+Stuttgart, Germany, and is registered at the Stuttgart Local Court under HRB no. 730623. The fiscal year is the
+calendar year.
+4,319
+-4,745
+-245
+-115
+-3,708
+-1,089
+-31
+-2
+2,081
+-583
+5,826
+3,745
+Cash and cash equivalents at end of period
+Porsche AG and its subsidiaries are included in the consolidated financial statements of Volkswagen
+Aktiengesellschaft, Wolfsburg (Volkswagen AG), which are published in the Bundesanzeiger [German Federal
+Gazette].
+Securities and time deposits and loans
+3,745
+6,483
+9,134
+10,228
+Gross liquidity
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+2 Offset against reversals of impairment losses.
+The statement of cash flows is explained in note → 33. STATEMENT OF CASH FLOWS.
+NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT AS OF DECEMBER 31, 2023
+BASIS OF PRESENTATION
+5,826
+To determine whether goodwill as well as intangible assets are impaired, the group uses the value in use. For more
+information on the general approach and key assumptions, please refer to the details in note → Accounting policies on
+impairment testing.
+40,530
+316
+1,512
+23
+19
+496
+642
+2
+2
+Unused tax loss carryforwards and tax credits
+Provisions for pensions and similar obligations
+Liabilities and other provisions
+3
+0
+1
+0
+145
+385
+48
+26
+Receivables and other assets
+(including financial services)
+Securities
+33
+31
+1,535
+3,063
+67
+2,237
+312
+Consolidation
+Offsetting
+Gross value
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+1,607
+2,010
+742
+627
+Amount recognized in the consolidated
+statement of financial position
+-1,763
+71
+-1,990
+104
+384
+380
+-1,763
+-1,990
+3,298
+3,896
+2,120
+32
+3,394
+1
+6
+130
+2,218
+30.1
+-55
+Effective tax rate in %
+Reported income tax expense
+Effects of spin-off
+0
+Other differences
+1
+-5
+Effect of tax rate changes³
+-8
+-10
+Taxes relating to other periods
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+74
+89
+Tax-exempt income and non-deductible business expenses
+81
+94
+2,114
+29.9
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+2 On account of the tax group in place with VW, VW's group tax rate was relevant in the fiscal year 2022. Following the termination of the income
+tax group in place with VW, the group tax rate will be determined at the level of the Porsche AG Group from 2023 onwards.
+The effect of the tax rate change in Germany in 2022 amounts to €2 million.
+3
+15
+30
+10
+Dec. 31, 2022¹
+Dec. 31, 2023
+Dec. 31, 2022
+Dec. 31, 2023
+Deferred tax liabilities
+Deferred tax assets
+Other equity investments
+Inventories
+In the reporting year, reversals of impairments and impairments were recognized on deferred tax assets for
+temporary differences of €1 million and €0 million, respectively (2022: reversals of impairments and impairments
+of €2 million and €1 million, respectively).
+Intangible assets, property, plant and
+equipment and leased assets
+There were no effects from spin-offs in the current fiscal year. In the prior year, this effect resulted from structural
+measures in the group prior to the IPO.
+The reconciliation item to tax-free income and non-deductible operating expenses contains tax effects on tax-free
+income of €11 million (2022: €9 million) and non-deductible expenses of €100 million (2022: €65 million).
+The local tax rates applied for foreign entities range between 0% and 34% (2022: 0% and 34%). These local tax
+rates, together with the investments in securities subject to a lower tax rate in Germany, lead to a different tax
+burden compared to the group tax rate. The change in the deviating tax burden primarily stems from the
+investments in securities and the increase in the group tax rate. Tax rate changes led to a measurement effect in
+the reporting period of €-5 million (2022: €1 million).
+The statutory corporate income tax rate for the 2023 assessment period in Germany was 15% (2022: 15%).
+Including trade tax and the solidarity surcharge, the nominal tax rate comes to 30.2% (2022: 30.0%). A tax rate of
+30.2% (2022: 30.2%) was applied to measure the deferred taxes in the German consolidated tax group. This group
+tax rate is therefore used for the reconciliation.
+Until December 31, 2022, tan income tax group was in place with Porsche Holding Stuttgart GmbH and, through
+this company, with Volkswagen AG. This meant that, until 2022, the group tax rate of Volkswagen AG and thus of
+the Volkswagen AG Group was also relevant for the Porsche AG Group, Porsche AG and its tax group subsidiaries.
+Following the termination of the income tax group in place with Volkswagen AG, the group tax rate is determined at
+the level of the Porsche AG Group.
+||| ơ | TỊ
+The following recognized deferred tax assets and liabilities were attributable to recognition and measurement
+differences in the individual items of the statement of financial position and to tax loss carryforwards:
+Deferred taxes by statement of financial position item
+The tax loss carryforwards largely stem from Germany (€38 million), the USA (€14 million) and Luxembourg
+(€33 million). Of these total tax loss carryforwards, total deferred taxes of €2 million (2022: €2 million) were
+recognized for tax loss carryforwards and tax credits.
+€ million
+88
+As of the reporting date, deferred taxes totaling €305 million (2022: €719 million as a decrease in equity) were
+recognized in the statement of financial position as a decrease in equity; these are allocable to income and
+expenses recorded in other comprehensive income.
+313
+thereof capitalized development costs
+Total research and development costs
+Capitalization ratio in %
+2,210
+Balance at Jan. 1, 2022
+Cost
+Total
+Goodwill
+Capitalized
+Capitalized
+development development costs
+costs for products for products under
+currently in use development
+intangible assets
+Other
+€ million
+Development of intangible assets from January 1 to December 31, 2022
+%
+2022
+2023
+€ million
+Research and development costs in the reporting period developed as follows:
+13. INTANGIBLE ASSETS
+Amortization of capitalized development costs
+NOTES TO THE CONSOLIDATED STATEMENT OF FINANCIAL POSITION
+2,834
+6.9
+374
+Additions
+73.6
+73.5
+12
+10
+2
+Changes in consolidated group
+6.7
+1,951
+2,081
+1
+0
+13,052
+10
+2,479
+8,353
+0
+1
+Foreign exchange differences
+2,651
+↑ ↓ ↑ 0 |||
+315
+Consolidated Financial Statements Notes to the consolidated financial statements
+2022¹
+2023
+Earnings per ordinary share-basic/diluted
+Earnings per preferred share-basic/diluted
+thereof basic/diluted earnings attributable to ordinary shares
+thereof basic/diluted earnings attributable to preferred shares
+Earnings attributable to Porsche AG shareholders
+Earnings after tax
+Non-controlling interests
+Preferred shares-basic/diluted
+Weighted average number of:
+Ordinary shares-basic/diluted
+Basic earnings per share are calculated by dividing the share of the result of Porsche AG's shareholders by the
+weighted average number of ordinary and preferred shares outstanding during the fiscal year. By amendment to
+the Articles of Association of Porsche AG in the prior year that took effect on August 15, 2022 upon entry in the
+commercial register, the number of shares issued changed to 455,500,000 ordinary shares and
+455,500,000 preferred shares. Since there were no transactions in the years 2023 and 2022 that had a dilutive
+effect on the number of shares, diluted earnings per share correspond to the basic earnings per share.
+Pursuant to article 28 (4) of the Articles of Association of Porsche AG, the preferred shareholders are entitled to an
+additional dividend of €0.01 per preferred share above the dividend allocable to the ordinary share:
+12. EARNINGS PER SHARE
+The profit/loss attributable to non-controlling interests amounts to €0 million (2022: €7 million) and relates to
+25% of the shares in Porsche Singapore Pte. Ltd, Singapore. The 25% of the shares in Porsche Taiwan Motors Ltd.,
+Taipei, recognized in the prior year were acquired in the fiscal year 2023.
+11. PROFIT/LOSS ATTRIBUTABLE TO NON-CONTROLLING INTERESTS
+The exemption introduced in May 2023 with the amendments to IAS 12 means that deferred taxes in connection
+with income tax arising from applicable or announced tax regulations on implementing the model rules of Pillar 2
+will not be recorded or disclosed within the Porsche AG Group.
+The assessment of the potential risk arising from minimum taxation is based on the most recently available
+country-by-country report and financial statements for the business divisions of the Porsche AG Group. The
+assessment shows that the effective tax rates of Pillar 2 in most of the countries in which the Porsche AG Group
+operates are over 15%. However, there are a low number of countries in which the temporary safe harbor
+exemption does not apply and the effective tax rate of Pillar 2 is under 15%. The Porsche AG Group does not
+expect any significant income tax risk to arise from Pillar 2 in these countries.
+The model rules published by the OECD on global minimum taxation (Pillar 2) were enacted or largely enacted in
+certain countries in which the Porsche AG Group operates. In Germany, the legislation comes into force for the
+Porsche AG Group for the fiscal year beginning on January 1, 2024. The Porsche AG Group falls within the scope of
+the enacted or largely enacted legislation and has assessed the potential risk of the Porsche Group with regard to
+global minimum taxation.
+Global minimum taxation
+In accordance with IAS 12.39, deferred tax liabilities were not recognized for temporary differences on
+undistributed profits at subsidiaries of Porsche AG in the amount of €242 million (2022: €298 million) because
+control is given.
+Deferred tax assets of €3 million (2022: €3 million) were recognized without matching deferred tax liabilities. The
+companies concerned can expect future tax benefits following losses in the current fiscal year or the prior year.
+314
+Shares
+Shares
+455,500,000 455,500,000
+455,500,000 455,500,000
+€ million
+5,157
+5.45
+5.67
+5.44
+5.66
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+€
+€
+2,482
+2,581
+Consolidated Financial Statements Notes to the consolidated financial statements
+€ million
+2,576
+€ million
+4,960
+5,157
+€ million
+7
+0
+€ million
+4,967
+2,478
+106
+101
+-2
+-34
+Interest expenses included in lease payments
+-2
+-17
+Other interest and similar expenses
+-105
+-184
+Interest expense
+151
+Interest result from discounting other non-current liabilities
+310
+264
+Other interest and similar income
+461
+264
+Interest income
+20221
+2023
+€ million
+-26
+8. INTEREST RESULT
+Interest result from discounting other non-current liabilities
+Net interest on the net defined benefit liability
+2022
+2023
+Other financial result
+Gains and losses from fair value changes of hedging instruments/derivatives
+not within in hedge accounting
+Gains and losses from remeasurement and impairment of financial instruments
+Realized expenses of loan receivables and payables in foreign currency
+Realized income of loan receivables and payables in foreign currency
+Income and expenses from securities and loans
+Other expenses from equity investments
+Other income from equity investments
+€ million
+9. OTHER FINANCIAL RESULT
+The decrease in the result of unwinding the discount on/discounting other non-current liabilities is mainly
+attributable to interest rate developments.
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+356
+80
+Interest result
+-77
+-130
+-2
+310
+309
+Consolidated Financial Statements Notes to the consolidated financial statements
+60
+Other rental income
+165
+139
+Gains on asset disposals and the reversal of impairment losses
+300
+280
+Income from cost allocations
+310
+216
+Income from foreign exchange gains
+of which from associates
+233
+231
+Income from other hedges
+of which from joint ventures
+47
+7
+Income from derivatives not within hedge accounting financial services segment
+54
+Miscellaneous other operating income
+265
+352
+↑↓ ↑
+-7
+-9
+15
+23
+2
+17
+23
+10
+37
+14
+10
+14
+2022
+2023
+Miscellaneous other operating income mainly consists of other recourse income.
+Income from other hedges mainly includes gains from marking to market derivative financial instruments used for
+currency hedging in the automotive segment that are not designated in a hedging relationship. Foreign exchange
+losses are included in other operating expenses.
+Income from foreign exchange gains mainly comprises exchange rate gains between the date of origin and the date
+of payment of foreign exchange receivables as well as foreign exchange gains from measurement as of the
+reporting date. Resulting foreign exchange losses are included in other operating expenses.
+1,894
+1,496
+10
+Total
+-47
+83
+2,124
+30.0
+30.2
+2,227
+€ million
+7,081
+7,375
+Effects of different tax rates
+Expected income tax expense
+Group tax rate in %2
+Profit before tax
+tax loss carryforwards
+Thereof unusable
+Previously unused
+The tax loss carryforwards as well as the lapse of previously unused tax loss carryforwards developed as follows:
+2022¹
+2023
+€ million
+Reconciliation of estimated to recognized income tax
+↑↓ ↑ 0 |||
+tax loss carryforwards
+311
+Dec. 31, 2023
+Dec. 31, 2023
+7
+Effects of loss carryforwards and tax credits
+34
+4
+39
+Expiry over 10 years
+-20
+-90
+13
+17
+15
+17
+Expiry within 10 years
+68
+43
+69
+45
+Non-expiring tax loss carryforwards
+Dec. 31, 2022¹
+Dec. 31, 2022'
+Consolidated Financial Statements Notes to the consolidated financial statements
+As in the prior year, income relating to other periods largely relates to the USA in the current fiscal year.
+The decrease in taxes in other countries and at the same time the addition to the tax expense in Germany is caused
+by a change in earnings and taxes from lower-taxed countries and higher-taxed countries, primarily Germany.
+of which prior-period income (-)/expense (+)
+Current tax expense, other countries
+Current income tax expense
+Current tax expense, Germany
+€ million
+Composition of tax income and expense
+Income tax includes the tax income and expense determined for Porsche AG including the tax allocations of the tax
+group subsidiaries of Porsche AG as well as the tax income and expense of the consolidated subsidiaries, which
+themselves owe taxes, as well as deferred taxes.
+10. INCOME TAX
+Other income from equity investments contains a reversal of impairment on the investment in Bertrandt AG
+accounted for using the equity method of €27 million as well as changes in value of other equity investments
+measured at fair value of €3 million (2022: €18 million). In the prior year, the impairment loss on the investment in
+Bertrandt AG accounted for using the equity method of €45 million as well as changes in value of other equity
+investments measured at fair value of €16 million were included in other expenses from equity investments.
+-40
+19
+31
+-39
+64
+-61
+-32
+78
+25
+གླ[8/8」
+-99
+Deferred tax income (-)/expense (+), Germany
+Deferred tax income (-)/expense (+), other countries
+Deferred tax income (-)/expense (+)
+Income tax income/expense
+The current tax expense was reduced by €2 million (2022: €1 million) as a result of the utilization of previously
+unrecognized tax losses and tax credits and previously unrecognized temporary differences from prior periods.
+2,114
+2,218
+185
+231
+-224
+-51
+409
+283
+-62
+-10
+1,929
+1,987
+501
+375
+1,428
+1,612
+2022¹
+2023
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+-17
+Share of losses of equity-accounted investments
+1,845
+960
+-478
+-1
+Classified as held for sale.
+Classified as held for sale
+16
+8
+0
+24
+Disposals
+70
+30
+217
+5
+322
+Disposals
+108
+41
+321
+8
+50
+478
+105
+Transfers
+94
+Additions
+243
+193
+802
+558
+1,796
+Additions
+263
+194
+299
+716
+1,473
+Transfers
+125
+121
+332
+-401
+178
+322
+Balance at Dec. 31, 2023
+6,803
+3,186
+0
+302
+35
+46
+Disposals
+277
+11,927
+7,998
+2,008
+1,922
+Balance at Dec. 31, 2023
+205
+23
+49
+Disposals
+9
+3
+5
+Classified as held for sale
+Classified as held for sale
+383
+Balance at Dec. 31, 2022
+1,696
+1,782
+↑↓ ↑
+319
+Consolidated Financial Statements Notes to the consolidated financial statements
+Government grants of €25 million (2022: €20 million) were deducted from the cost of property, plant and
+equipment.
+8,924
+1,230
+1,725
+1,121
+4,848
+7
+Dec. 31, 2022
+1,381
+1,953
+1,179
+4,881
+Dec. 31, 2023
+Carrying amount at
+Carrying amount at
+10,793
+7,315
+9,394
+0
+3
+67
+0
+1
+7,405
+Carrying amount at
+Dec. 31, 2023
+960
+3,025
+4,550
+19
+8,554
+Consolidated Financial Statements Notes to the consolidated financial statements
+317
+↑↓ ↑ ||
+318
+14. PROPERTY, PLANT AND EQUIPMENT
+Development of property, plant and equipment from January 1 to December 31, 2023
+Land, land rights
+€ million
+and buildings,
+5,452
+incl. buildings on
+1,952
+240
+Changes in consolidated group
+0
+0
+Additions to cumulative
+amortization
+396
+959
+1,355
+Additions to cumulative
+impairment losses
+1
+1
+Transfers
+-2
+-2
+Classified as held for sale
+Disposals
+2
+239
+Balance at Dec. 31, 2023
+Technical
+equipment and
+Other equipment, Advance payments
+furniture and and assets under
+third-party land
+19,717
+Balance at Jan. 1, 2022
+6,008
+2,629
+9,016
+993
+18,646
+-47
+Foreign exchange differences
+7
+0
+0
+1
+8
+Changes in consolidated group
+0
+0
+0
+Changes in consolidated group
+1,230
+-1
+-6
+-1
+-39
+machinery
+fixtures
+construction
+Total
+Development of property, plant and equipment from January 1 to December 31, 2022
+€ million
+Land, land rights
+and buildings,
+incl. buildings on
+third-party land
+16
+Technical
+equipment and
+machinery
+construction
+Total
+Cost
+Cost
+Balance at Jan. 1, 2023
+6,544
+2,903
+9,039
+Foreign exchange differences
+Other equipment, Advance payments
+furniture and and assets under
+fixtures
+2,325
+0
+1
+7,040
+2,556
+Balance at Jan. 1, 2023
+25
+Disposals
+Cost
+2
+2
+0
+1
+100
+Classified as held for sale
+Transfers
+Total
+Goodwill
+impairment losses
+Additions to cumulative
+development development costs
+costs for products for products under
+currently in use development
+intangible assets
+4,150
+€ million
+Foreign exchange differences
+0
+7,473
+19
+4,150
+2,309
+995
+Dec. 31, 2022
+0
+0
+Changes in consolidated group
+Carrying amount at
+-2
+6,293
+1
+1,608
+1,583
+4,732
+1,560
+Balance at Dec. 31, 2022
+13,766
+20
+-1
+-1
+Other
+1,039
+784
+1,621
+7
+1,585
+29
+3
+0
+3
+Classified as held for sale
+Disposals
+15.3
+1,484
+1,712
+Research and development costs recognized in the income statement
+1
+-165
+165
+1
+Transfers
+22.4
+784
+The carrying amount of goodwill in the Porsche AG Group as of December 31, 2023 amounts to €19 million (2022:
+€19 million).
+Development of intangible assets from January 1 to December 31, 2023
+Balance at Dec. 31, 2022
+Amortization and impairment
+2,556
+255
+amortization
+Capitalized
+Capitalized
+Additions to cumulative
+1
+1
+Changes in consolidated group
+0
+Additions
+0
+Foreign exchange differences
+6,862
+5,531
+1,330
+Balance at Jan. 1, 2022
+13,766
+20
+4,150
+7,040
+1
+-2
+373
+Transfers
+286
+Additions
+26
+3
+10
+14
+Changes in consolidated group
+0
+0
+0
+Changes in consolidated group
+-1
+0
+0
+-1
+Foreign exchange differences
+-17
+-3
+0
+248
+-13
+780
+Additions
+1
+Transfers
+113
+112
+1
+1
+Transfers
+5
+5
+impairment losses
+0
+0
+impairment losses
+Additions to cumulative
+Additions to cumulative
+1,272
+759
+233
+280
+1,315
+Foreign exchange differences
+9,883
+0
+1,560
+Balance at Jan. 1, 2023
+Amortization and impairment
+264
+15,959
+19
+4,551
+8,477
+2,911
+Balance at Dec. 31, 2023
+2
+241
+21
+Disposals
+-
+Classified as held for sale
+2,454
+1,740
+-1,338
+1,338
+5
+4,732
+1
+6,293
+Foreign exchange differences
+6,859
+1,569
+1,455
+Balance at Jan. 1, 2022
+10,793
+7,315
+1,782
+1,696
+Balance at Jan. 1, 2023
+341
+Depreciation and impairment
+19,717
+1,230
+9,039
+2,903
+6,544
+Balance at Dec. 31, 2022
+21,322
+-1
+-1
+Depreciation and impairment
+306
+9,951
+Income from derivatives within hedge accounting
+Impairment losses
+5
+140
+145
+145
+Reversal of impairment losses
+162
+162
+162
+Investments in intangible assets
+3,159
+and property, plant and equipment
+53
+3,645
+15
+ज
+3,661
+1
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Reconciliation
+€ million
+Segment sales revenue
+Consolidation
+3,593
+Group sales revenue
+-32
+895
+segments Reconciliation
+Porsche AG
+Group
+Sales revenue from external customers
+Intersegment sales revenue
+34,446
+152
+3,191
+101
+Total sales revenue
+34,599
+3,292
+37,637
+253
+37,891
+3,191
+37,637
+-253
+37,637
+Segment profit (operating profit)
+6,425
+341
+6,766
+7
+6,772
+Depreciation and amortization
+2,296
+-253
+Total
+Segment profit (operating profit)
+Operating profit
+1. SALES REVENUE
+Germany
+without
+Germany
+North
+America'
+Rest of the Hedges sales
+China²
+world
+revenue
+Porsche AG
+Group
+Structure of the group's sales revenue 2023
+Europe
+Sales revenue from
+4,877
+8,779
+11,969
+9,547
+5,781
+-424
+Other intangible assets mainly comprise other acquired intangible assets, prepayments on intangible assets,
+franchises, industrial and similar rights as well as licenses in such rights and assets.
+€ million
+Intangible assets, property,
+plant and equipment and
+lease assets
+external customers
+Consolidation
+NOTES TO THE INCOME STATEMENT
+By region 2023
+Financial result
+Consolidated profit before tax
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+2023
+2022'
+40,793
+-264
+37,891
+-253
+40,530
+37,637
+7,241
+€ million
+6,766
+7
+7,284
+6,772
+91
+7,375
+308
+7,081
+Consolidated Financial Statements Notes to the consolidated financial statements
+305
+↑↓ ↑ |||
+306
+44
+17,115
+Financial
+services
+€ million
+expected to be completed before the end of the fiscal year 2024 due to the changes in external conditions. For the
+fair value of the disposal group held for sale please see in particular note → IFRS 5 - Assets held for sale.
+For an overview of other provisions and provisions from sales, see note → 27. NON-CURRENT AND CURRENT OTHER
+PROVISIONS and for litigation see also note → 40. LITIGATION.
+Porsche AG and its subsidiaries have operations worldwide and are audited by local tax authorities on an ongoing
+basis. Changes in tax legislation and court rulings and their interpretation by tax authorities in the respective
+countries may result in tax payments that differ from the estimates made in the financial statements.
+Tax provisions were recognized for potential future payments of tax arrears. Other provisions were recognized for
+ancillary tax payments arising in this connection. These income tax items included in the statement of financial
+position whose amount is uncertain are based on the best estimate of the expected tax payment.
+Tax provisions are measured on the basis of the most likely value at which the risk will materialize. If there are
+multiple tax risks, the Porsche AG Group decides based on the merits of the individual case whether to account for
+them individually or in groups, depending on which type of presentation is appropriate for assessing the extent to
+which the tax risk will materialize. Impairment tests were performed when determining the deferred tax assets.
+Transfer prices for intragroup business relationships are subject to tax law requirements in Germany and many
+other countries. The provisions are based on the arm's length principle, which requires that business conditions
+agreed between related parties must be the same as those that would have been agreed between third parties. To
+ensure that this requirement is met and the associated transfer pricing risks are minimized, the Porsche Group tax
+guidelines and the Volkswagen AG Group transfer pricing guideline apply to transfer pricing in the Porsche AG
+Group. Where possible and appropriate, advance pricing arrangements (APAs) are also used to provide additional
+legal certainty with regard to cross-border transfer pricing.
+Deviations from the assumptions made in the estimation process may cause differences to arise compared to the
+original estimates.
+Determining deferred tax assets (carrying amount of deferred tax assets as of December 31, 2023: €627 million
+(2022: €742 million)) requires assumptions to be made concerning future taxable profit and the timing of the
+realization of the deferred tax assets. Income tax items included in the statement of financial position whose
+amount is uncertain are based on the best estimate of the expected tax payment.
+The recognition of government grants is based on an assessment as to whether there is reasonable assurance that
+the group companies will fulfill the conditions attached the grant and they will in fact be awarded. This estimate is
+based on the type of legal right as well as past experience.
+The assumptions and estimates are based on premises that are derived from the current information available. The
+anticipated future business development was assessed by reference to the circumstances prevailing at the time of
+preparing the consolidated financial statements and the realistically assumed future development of the global and
+industry-specific environment. Since the future development of business is subject to uncertainty that cannot be
+fully controlled by the Porsche AG Group, the assumptions and estimates continue to be subject to a high level of
+uncertainty. This applies in particular to short- and medium-term forecast cash flows, the discount rates used and
+forecast residual values.
+302
+Factors that may cause variances from the assumptions and estimates include new information about the buying
+behavior in the sales markets and in response to this changes in planning, dependency on suppliers, in particular
+exclusive suppliers, developments in exchange rates, interest rates and the prices of commodities as well as
+environmental or other legal provisions. Where the development of these circumstances differs from the
+assumptions and lies outside the control of management, the actual figures may differ from those originally
+expected. In such cases, the underlying assumptions and, if necessary, the carrying amounts of the assets and
+liabilities concerned, are adjusted accordingly.
+The Porsche AG Group's planning is based on the assumption that global economic output in 2024 will grow
+overall, albeit at a slower pace. The persistently high inflation in many regions and the resulting restrictive
+monetary policies taken by central banks is expected to have an increasingly negative impact on private demand.
+Risks also continue to arise from protectionist tendencies, turbulence in the financial markets as well as structural
+deficits in some countries. In addition, growth prospects will be negatively impacted by ongoing geopolitical
+tensions and conflicts. Risks are posed in particular by the Russia-Ukraine conflict as well as tensions in the Middle
+East. Furthermore, it is expected that both the advanced economies and emerging markets will record positive
+growth on average, albeit with below-average GDP growth rates. It is also expected that the global economy will
+recover in 2025 and continue on a stable growth path until 2028.
+Significant accounting judgments and estimates were based in particular on assumptions relating to the
+development of the general economic environment, the automotive markets and the legal environment. These as
+well as further assumptions are explained in detail in the report on expected developments, which forms part of the
+combined management report.
+Consolidated Financial Statements Notes to the consolidated financial statements
+303
+↑ ↓ ↑ 0 |||
+304
+SEGMENT REPORTING
+The segments are based on the internal management and reporting within the Porsche AG Group. This takes into
+account the group objectives and policies set by the Executive Board of Porsche AG. Segment reporting is made up
+of the two reportable segments automotive and financial services.
+The activities of the automotive segment cover the development, manufacturing and sale of vehicles as well as
+related services.
+The activity of the financial services segment comprises customer and dealer financing, the leasing business as
+well as mobility services and other finance-related services.
+Following the slump in global economic output in 2020 and the incipient recovery due to base and catch-up
+effects in 2021 and the continued normalization of economic activity in 2022 despite the Russia-Ukraine conflict,
+the global economy showed positive growth of 2.7% overall in the fiscal year 2023 (prior year: growth of 3.0%).
+The decline in momentum compared to the prior year was mainly due to weaker growth in the advanced
+economies, while the rate of change in the group of emerging economies increased slightly overall.
+The purchase price allocation from acquired companies is directly allocated to the corresponding segments.
+↑↓ ↑ ||
+Consolidated Financial Statements Notes to the consolidated financial statements
+157
+300
+Sales revenue is generally measured at the price determined in the contract. If variable consideration (e.g., volume-
+based bonuses) has been agreed in a contract, the large number of contracts means that revenue is generally
+estimated using the expected value method. The most probable amount method may also be used in exceptional
+cases. Once the expected sales revenue has been estimated, an additional check is performed to determine
+whether there are uncertainties that make it necessary to reduce the revenue initially recognized in order to
+effectively rule out the risk of subsequently adjusting that revenue downwards. Provisions for reimbursements
+mainly result from dealer bonuses. In the case of multiple-element arrangements, the transaction price is allocated
+to the various performance obligations under the contract on the basis of the relative stand-alone selling prices.
+For reasons of materiality, the Porsche AG Group generally recognizes non-vehicle-related services at their stand-
+alone selling price.
+Revenue is generally recorded separately for each business transaction. If two or more transactions are linked in
+such a way that the commercial effect cannot be understood without reference to the series of transactions as a
+whole, the criteria for revenue recognition are applied to these transactions as a whole. If, for example, loan or lease
+agreements in the financial services segment are entered into at below market interest rates to promote sales of
+new vehicles, revenue is reduced by the incentive arising from the agreement.
+In the case of financial instruments measured at amortized cost, interest income and expenses are determined
+using the effective interest rate.
+Production-related expenses are recognized upon delivery or utilization of the service, while all other expenses are
+recognized as an expense as incurred. The same applies for development costs not eligible for recognition as part
+of the cost of an asset.
+Provisions for warranty claims are recognized upon sale of the related products.
+Cost of sales include the costs incurred to generate the sales revenue and the cost of goods purchased for resale.
+This item also includes the cost of additions to warranty provisions. Research and development costs not eligible
+for capitalization and amortization of development costs are likewise carried under cost of sales. Interest and
+commission expenses incurred in connection with the financial services business are also reported in cost of sales.
+Government grants
+Government grants for assets are deducted when determining the carrying amount of the asset and recognized in
+profit or loss over the life of the depreciable asset by way of a reduced depreciation charge. Government grants
+that compensate group companies for expenses incurred are generally recognized in profit or loss in the period and
+allocated to those items in which the expenses to be compensated were incurred.
+301
+Significant accounting judgments and estimates
+The estimation and determination of uniform group useful lives and depreciation methods for fixed assets
+subject to wear and tear (carrying amount of franchises, industrial rights and other intangible assets on
+December 31, 2023: €960 million (2022: €995 million); carrying amount of capitalized development costs for
+products in use as of December 31, 2023: €3,025 million (2022: €2,309 million), carrying amount of property,
+plant and equipment subject to wear and tear excluding factory and office buildings on December 31, 2023:
+€3,132 million (2022: €2,846 million)) are based on past experience and are reviewed regularly. A change in
+estimates results in an adjustment to the residual useful life and, if appropriate, an impairment loss.
+The review in January 2023 led to a reassessment and extension of useful lives for certain items of property, plant
+and equipment. These adjustments are expected to positively affect the operating result by around €92 million in
+2023 and by around €1.6 million in 2024. The lease term is determined in accordance with IFRS 16 based on the
+non-cancellable period of the lease and an assessment of whether existing options to extend or terminate the lease
+will be exercised. The determination of the lease term and the discount rates used affects the amounts to be
+recognized for the right-of-use assets (carrying amount of right-of-use assets on December 31, 2023:
+€982 million (2022: €997 million)) and the lease liabilities (carrying amount of lease liabilities on
+December 31, 2023: €1,047 million (2022: €1,046 million)).
+Determining the timing for the capitalization of development costs (carrying amount of the capitalized
+development costs as of December 31, 2023: €7,575 million (2022: €6,459 million)) requires assumptions and
+estimates of probabilities, particularly with respect to the technical feasibility of the development work and the
+availability of adequate technical, financial and other resources such that the development can be completed and
+the development work can be used or sold.
+Testing the non-financial assets for impairment (particularly capitalized development costs) as well as investments
+accounted for at equity or at cost and the measurement of shares not traded in an active market and options on
+such shares (carrying amount of equity-accounted investments and other investments as of December 31, 2023:
+€1,465 million (2022: €1,259 million)) requires assumptions with respect to the future cash flows during the
+planning period and, possibly beyond it, as well as about the discount rate to be applied. The estimates required to
+be made for the purpose of deriving the cash flows mainly relate to future market shares, growth in the respective
+markets and the profitability of the products of the Porsche AG Group.
+In connection with the impairment testing of property, plant and equipment (carrying amount of property, plant
+and equipment as of December 31, 2023: €9,394 million (2022: €8,924 million)) and leased assets (carrying
+amount of leased assets as of December 31, 2023: €4,190 million (2022: €3,854 million)) judgments are made, in
+particular, with regard to the determination of indicators that property, plant and equipment and leased assets are
+impaired. The recoverability of the leased assets of the Porsche AG Group additionally depends in particular on the
+estimate of the residual value of the leased vehicles after the end of the lease term as this constitutes a significant
+portion of the expected cash inflows (please refer to the section on impairments of leased assets in note
+→ 15. LEASED ASSETS).
+For more information on impairment testing and on the measurement parameters used please refer to the
+explanations on impairment testing above.
+In the absence of observable market values, the determination of the fair value of assets and liabilities acquired in a
+business combination is based on recognized valuation techniques such as the license price analogy method or the
+residual value method.
+The designation of hedging instruments for hedge accounting requires in particular assumptions and estimates
+with respect to the underlying probabilities that revenue will be generated in the future from hedged currencies
+and with respect to the interest rates and the course of financing. The carrying amounts concerned are presented
+in the statement of changes in equity.
+Testing financial assets for impairment requires estimates concerning the amount and probability of occurrence of
+future events. As far as possible, the estimates are arrived at on the basis of current market data as well as rating
+grades and scoring information based on experience. Further details on calculating loss allowances can be found in
+note → 36. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS.
+Since September 2022, Porsche AG still intends to sell the Russian subsidiaries of Porsche AG. The sale project is
+The preparation of consolidated financial statements requires certain assumptions and estimates that have an
+effect on the recognition, measurement and presentation of the assets, liabilities, income and expenses as well as
+on the disclosures on contingent assets and liabilities of the reporting period. These assumptions, judgments and
+estimates reflect all the information currently available. The assumptions and estimates relate to the following
+principal matters:
+Automotive
+In the Porsche AG Group, the segment result is determined on the basis of the operating profit after tax.
+Reconciliation includes consolidation between the segments.
+The business relationships between the companies of the segments of the Porsche AG Group are generally based
+on arm's length prices.
+Depreciation and amortization
+2,654
+883
+3,537
+-34
+3,504
+Impairment losses
+2
+160
+162
+7,284
+162
+137
+137
+137
+Investments in intangible assets
+and property, plant and equipment
+4,045
+33
+4,078
+19
+4,097
+Reporting segments 20221
+Reversal of impairment losses
+Investments in intangible assets and property, plant and equipment are reported net of investments in right-of-use
+assets from leases.
+44
+302
+Reporting segments 2023
+€ million
+Automotive
+Financial
+services
+Total
+segments
+Porsche AG
+Reconciliation
+Group
+Sales revenue from external customers
+Intersegment sales revenue
+37,213
+7,241
+136
+37,349
+3,316
+128
+3,444
+40,530
+40,530
+264
+40,793
+-264
+-264
+40,530
+Segment profit (operating profit)
+6,938
+Total sales revenue
+339
+The accounting treatment and measurement of provisions (carrying amount of provisions as of
+December 31, 2023: €8,698 million (2022: €7,744 million)) is also based on estimates of the amount and
+probability of occurrence of future events as well as estimates of the discount rate. Experience or external
+appraisals are also drawn upon where possible. The measurement of provisions for pensions (carrying amount of
+provisions for pensions and similar obligations on December 31, 2023: €4,315 million (2022: €3,668 million)) is
+additionally dependent on the estimated development of the plan assets. The assumptions underlying the
+calculation of provisions for pensions and similar obligations are presented in note → 26. PROVISIONS FOR PENSIONS AND
+SIMILAR OBLIGATIONS. Actuarial gains and losses from changes in measurement parameters are recorded directly in
+equity and have no effect on the result presented in the income statement. Changes in estimates relating to the
+amount of other provisions (carrying amount of other provisions as of December 31, 2023: €4,256 million (2022:
+€3,909 million)) are always recognized in profit or loss. Provisions are regularly adjusted to take account of new
+information. Due to the use of expected values, it is often the case that unused provisions are reversed or that
+subsequent additions are made to provisions. Similarly to the expenses for recognizing new provisions, income
+from the reversal of provisions is largely allocated to the respective functions. Warranty claims from sales
+transactions are calculated on the basis of losses to date, estimated future losses and the policy on ex gratia
+arrangements. Individual technical risks identified are recorded separately. This requires assumptions to be made
+about the nature and extent of future cases relating to guarantee, warranty and goodwill payments. For the
+provisions recognized, assumptions were made in particular in relation to working hours, material costs and hourly
+wage rates depending on the series, model year and country concerned. These assumptions are based on qualified
+estimates. The estimates rely on external data, taking into account additional information available internally such
+as experience relating to the parameters mentioned.
+135
+29,844
+-103
+29,947
+29,947
+Vehicles
+Group
+segments Reconciliation
+Porsche AG
+Total
+Financial
+services
+Automotive
+€ million
+20,251
+Structure of the group's sales revenue 20221
+The allocation of interregional intragroup transactions regarding the segment assets is presented uniformly
+according to economic ownership.
+Sales revenue is allocated to the regions in accordance with the destination principle.
+incl. Hong Kong
+Genuine parts
+3
+1,761
+0
+325
+0
+financial services business
+Interest and similar income from
+1,293
+-33
+1,326
+1,325
+1
+Rental and leasing business
+2,813
+-98
+2,912
+1,607
+1,305
+Used vehicles and third-party products
+1,761
+1,761
+325
+2 excl. Mexico
+136
+Porsche AG
+Group
+revenue
+Rest of the Hedges sales
+world
+China³
+North
+America²
+2,671
+-19
+2,690
+16
+2,674
+Other revenue
+Europe
+without
+Germany
+Germany
+€ million
+-424
+-424
+-424
+37,349
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+3,444
+-264
+161
+4,070
+304
+15,580
+lease assets
+plant and equipment and
+Intangible assets, property,
+37,637
+-1,290
+4,566
+11,764
+10,576
+7,379
+4,643
+external customers
+Sales revenue from
+40,530
+40,793
+Hedges sales revenue
+-2
+Hedges sales revenue
+431
+359
+243
+70
+Financial share of company pension scheme
+Miscellaneous other operating expenses
+59
+38
+Losses on disposal of non-current assets
+380
+373
+Foreign exchange losses
+178
+148
+3
+15
+Expenses from derivatives not within hedge accounting financial services segment
+Expenses from other hedges
+291
+1,162
+94
+1,662
+of foreign exchange receivables. The resulting foreign exchange gains are included in other operating income.
+4,398
+of which from associates
+93
+111
+Income from reversal of provisions and accruals
+of which from joint ventures
+34
+30
+Income from reversal of valuation allowances on receivables and other assets
+Share of profits of equity-accounted investments
+1,381
+2022
+2023
+€ million
+7. SHARE OF PROFIT OR LOSS OF EQUITY-ACCOUNTED INVESTMENTS
+Miscellaneous other operating expenses consist principally of expenses for litigation costs and legal risks.
+Expenses from other hedges primarily contain foreign exchange losses from marking to market derivative financial
+instruments used for currency hedging in the automotive segment that are not designated in a hedging
+relationship. Foreign exchange gains are reported in other operating income.
+Foreign exchange losses mainly contain exchange rate losses between the date of origin and the date of payment
+323
+Expenses from derivatives within hedge accounting
+54
+307
+Consolidated Financial Statements Notes to the consolidated financial statements
+The vast majority of the sales revenue expected from orders as of the reporting date relate to vehicle sales. The
+resulting sales revenue will be recognized in the short term. The services included in these vehicle sales that do not
+lead to sales revenue until subsequent years make up only an insignificant portion of expected sales revenue. Use is
+therefore made of the practical expedient pursuant to IFRS 15, according to which a quantified order backlog as of
+the reporting date is not disclosed on account of the short-term nature and lack of informative value.
+Of the sales revenue recognized in the reporting period, an amount of €733 million (2022: €789 million) was
+included in contract liabilities as of January 1, 2023. In addition to existing performance obligations from long-
+term construction contracts, the majority of performance obligations that were unsatisfied as of the reporting date
+relate to mobile online services and vehicle deliveries, most of which are expected to be satisfied or for which sales
+revenue is expected to be recognized by December 31, 2024.
+Other revenue mainly contains income from mobile services, consulting, development services and workshop
+services. In addition, other revenue contains insurance premiums from warranty insurance for used vehicles of
+€121 million (2022: €117 million).
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+37,637
+-253
+37,891
+2,892
+-17
+2,911
+35
+3,292
+2,875
+34,599
+Other revenue
+-1,290
+-1,290
+↑↓ ↑
+70
+308
+Cost of sales amounted to €28,924 million (2022: €27,089 million and mainly comprises production materials,
+personnel expenses, non-staff overheads and depreciation and amortization.
+Valuation allowances on other receivables and other assets
+7
+11
+Valuation allowances on trade receivables
+2022
+2023
+€ million
+6. OTHER OPERATING EXPENSES
+€ million
+Other operating income breaks down as follows:
+5. OTHER OPERATING INCOME
+Administrative expenses of €1,787 million (2022: €1,655 million) mainly contain non-staff overheads and
+personnel expenses as well as depreciation and amortization charged in the administrative function.
+4. ADMINISTRATIVE EXPENSES
+Distribution expenses of €2,869 million (2022: €2,353 million) include non-staff overheads and personnel
+expenses, depreciation and amortization charged in the distribution function as well as shipping, advertising and
+sales promotion costs incurred.
+3. DISTRIBUTION EXPENSES
+Profit-related government grants in the fiscal year amounted to €9 million (2022: €41 million) and were generally
+allocated to the corresponding function.
+Cost of sales also contains interest expenses attributable to the financial services business amounting to
+€147 million (2022: €90 million), impairment losses on leased assets amounting to €160 million (2022:
+€140 million) and expenses for indemnification payments from warranty insurance for used vehicles amounting to
+€107 million (2022: €77 million).
+2. COST OF SALES
+439
+-1,290
+450
+Automotive
+Financial
+services
+Total
+segments Reconciliation
+Porsche AG
+Group
+Vehicles
+31,733
+31,733
+-87
+31,646
+Genuine parts
+1,950
+1,950
+0
+1,949
+Used vehicles and third-party products
+1,577
+2,992
+-90
+2,903
+Rental and leasing business
+1
+1,401
+22,138
+151
+2 incl. Hong Kong
+1 excl. Mexico
+1,415
+-57
+1,345
+0
+Interest and similar income from
+−11
+By region 2022¹
+financial services business
+450
+1,401
+Non-current Dec. 31, 2023
+8
+4
+627
+411
+4
+407
+Miscellaneous liabilities
+632
+-
+9
+wages and salaries
+398
+143
+255
+422
+169
+253
+8
+288
+283
+225
+2
+223
+9
+-
+5
+social security
+582
+Liabilities relating to
+Carrying amount
+Carrying amount
+Dec. 31,
+2022
+Current Non-current
+Dec. 31,
+2023
+Current Non-current
+Carrying amount
+Carrying amount
+€ million
+As of the end of the reporting period, other financial liabilities break down as follows:
+30. NON-CURRENT AND CURRENT OTHER FINANCIAL LIABILITIES
+All trade payables are due in less than one year.
+The fair values of the trade payables essentially correspond to the carrying amounts due to the remaining terms.
+other taxes
+€ million
+2,899
+3,490
+3,490
+1,795
+As of the end of the reporting period, other liabilities break down as follows:
+Current
+Non-current Dec. 31, 2022
+Payments received on account
+of orders
+904
+562
+1,466
+733
+Current
+1,315
+2,899
+737
+2,642
+1,908
+Foreign exchange differences
+-2
+Classified as held for sale
+-1
+Changes in consolidated group
+94
+183
+1,236
+-32
+1,315
+2022
+2023
+AND FINANCIAL INSTRUMENTS.
+Further details on derivative financial instruments as a whole are provided in note → 36. FINANCIAL RISK MANAGEMENT
+1,285
+667
+79
+103
+Liabilities from advance payments received under contracts with customers at Jan. 1
+Additions and disposals
+-12
+Liabilities from advance payments received under contracts with customers at Dec. 31
+1,466
+338
+↑↓ ↑ 0 |||
+337
+Consolidated Financial Statements Notes to the consolidated financial statements
+9
+-10
+1
+-222
+21
+-22
+97
+-96
+-141
+143
+Dec. 31, 2023 Dec. 31, 2022
+Future receivables from long-term construction contracts
+Advance payments received
+Cost of conversion including outcome of the long-term construction contracts
+thereof services billed to customers
+€ million
+This also includes liabilities from long-term construction contracts:
+1,315
+Liabilities related to derivatives not included in hedging relationships
+1,206
+1,206
+565
+565
+Stuttgart GmbH
+and from tax relief with Porsche Holding
+€ million
+Liabilities from profit/loss transfer agreement
+13
+1,285
+631
+654
+13
+667
+16
+16
+Interest payable
+299
+368
+derivative financial instruments
+Negative fair values of
+Liabilities from prepayments received on account of orders match the contractual liabilities from contracts with
+customers and are part of prepayments received on account of orders. These developed as follows:
+The miscellaneous liabilities include deferred income. This comprises special rent payments of €336 million (2022:
+€303 million) and other deferred income of €78 million (2022: €61 million).
+31. NON-CURRENT AND CURRENT OTHER LIABILITIES
+734
+0
+2,532
+0
+3,990
+foreign currency and interest rate risk from future cash flows (cash flow hedges)
+Hedging transactions (interest and currency)
+Transactions for hedging:
+Dec. 31, 2023 Dec. 31, 2022
+€ million
+The negative fair values of derivative financial instruments relate to the following items:
+The item derivative financial instruments marked to market mainly comprises forward exchange transactions,
+currency options and interest rate swaps.
+Miscellaneous financial liabilities include liabilities from minority shareholders' call rights of €0 million (2022:
+€174 million).
+6,158
+872
+5,287
+1,595
+870
+240
+626
+912
+64
+364
+1,231
+848
+Miscellaneous financial liabilities
+3,990
+Dec. 31, 2022
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Trade payables
+€ million
+Current
+Non-current Dec. 31, 2023
+Current
+Non-current Dec. 31, 2022
+Unwinding of discount/effect of
+change in discount rate
+-98
+-53
+-151
+Reversals
+22
+21
+23
+53
+2,630
+825
+33
+674
+6
+0
+1
+0
+1,046
+7
+Carrying amount
+118
+Carrying amount
+917
+558
+111
+219
+1,805
+Additions/New provisions
+1,098
+Utilization
+Classified as held for sale
+Balance at Dec. 31, 2022
+893
+326
+663
+of which current
+of which non-current
+886
+839
+672
+220
+79
+1,141
+2,778
+Lease liabilities
+113
+934
+1,047
+106
+940
+337
+629
+329
+299
+79
+1,213
+3,909
+ABS- refinancing
+Debenture bonds
+Liabilities to banks
+3,104
+4,316
+7,420
+1,725
+2,791
+6,282
+304
+957
+1,260
+229
+1,260
+1,488
+3,490
+Dec. 31, 2023
+6
+8
+1,131
+72
+Transfers
+41
+-41
+Unwinding of discount/effect of
+change in discount rate
+-17
+17
+-3
+-3
+Reversals
+58
+16
+23
+Other financial liabilities
+61
+61
+1
+€ million
+29. TRADE PAYABLES
+336
+↑↓ ↑ ||
+335
+Consolidated Financial Statements Notes to the consolidated financial statements
+Liabilities to banks are used for refinancing in the financial services business and, to a small extent, for current
+financing. Depending on the currency, maturity and contractual terms and conditions, the nominal interest rate
+varies from 0.24% and 4.43% (2022: 0.23% and 4.93%).
+100
+ABS refinancing of €7,420 million (2022: €6,282 million) relates to transactions in connection with refinancing
+the portfolio of lease and financing agreements. These are explained in more detail in note →36. FINANCIAL RISK
+MANAGEMENT AND FINANCIAL INSTRUMENTS. The commercial papers and notes in the form of debenture bonds were
+placed in different tranches with fixed and variable interest and have been partially repaid. The principal amounts of
+the debenture bonds totaled €1,261 million (2022: €1,489 million).
+9,480
+6,016
+3,464
+10,417
+6,537
+3,880
+1
+Provisions for obligations arising from sales primarily concern warranty obligations and bonuses. The warranty
+obligations in the Porsche AG Group mainly arise from product warranties granted for the vehicles it produces. The
+provisions include both estimated expenses from legal and contractual guarantee claims as well as estimated
+expenses for constructive warranties. The provisions are recognized taking account of the past or estimated future
+claims pattern per series, model year and country. Individual technical risks identified are recorded separately. The
+timing of the utilization of the warranty provisions depends on the occurrence of the guarantee/warranty claim and
+can extend over the entire legal and constructive warranty period. Provisions for expected repair measures have
+been recognized for the vehicles affected by the diesel issue, as described in note → 40. LITIGATION, and a
+corresponding receivable due from AUDI AG has been recognized under other financial assets. Estimated expenses
+for constructive warranties were taken into consideration for further customer and dealer measures relating to
+these vehicles. The provisions for bonuses are intended to cover the cost of subsequent reductions in revenue
+already realized.
+-1
+197
+2,020
+Balance at Jan. 1, 2022
+1,665
+850
+173
+660
+3,348
+Foreign exchange differences
+5
+1
+0
+0
+7
+Changes in consolidated group
+32. TAX LIABILITIES
+0
+Financial liabilities break down as follows:
+28. NON-CURRENT AND CURRENT FINANCIAL LIABILITIES
+67% of the other provisions is expected to result in cash outflows within one year, 26% in between one and five
+years and 7% thereafter.
+In addition, miscellaneous provisions contain a wide range of identifiable risks, price risks and uncertain obligations,
+such as those stemming from product liability, measured according to the probability of their occurrence.
+Depending on the jurisdiction concerned, this item also includes loss allowances for any instances of non-
+compliance with statutory emissions limits. These were measured by, among other things, taking into account the
+respective sales volume and the legally defined fee or the cost of acquiring emission rights from other
+manufacturers. Synergies with other brands of the Volkswagen Group were utilized where possible by creating
+emission pools. Also included as of the reporting date are supplier receivables in connection with the development
+of inflation in the fiscal year, among other things.
+1,010
+49
+1,176
+4,256
+of which current
+1,066
+746
+Balance at Dec. 31, 2023
+49
+3,007
+of which non-current
+954
+264
+31
+1,249
+Provisions for personnel expenses are recognized principally for employee and management bonuses, long-service
+awards, time credits, top-up amounts for phased retirement schemes, severance payments and similar obligations.
+Provisions for legal and litigation risks primarily relate to the legal risks described in note → 40. LITIGATION.
+Miscellaneous provisions include provisions amounting to €170 million (2022: €152 million) relating to the
+insurance business.
+1,146
+€ million
+17. INVENTORIES
+Carrying amount¹
+13
+0
+6
+0
+0
+19
+20
+2023
+2022
+99
+67
+-33
+-27
+66
+41
+20
+-47
+Future receivables from long-term construction contracts
+Advance payments received
+AND FINANCIAL INSTRUMENTS.
+Contingent construction contract receivables at Dec. 31
+Transactions for hedging:
+foreign currency and interest rate risk from future cash flows (cash flow hedges)
+Hedging transactions (interest and currency)
+1,215
+606
+1,215
+606
+The contingent receivables from long-term construction contracts break down as follows:
+Assets related to derivatives not included in hedging relationships
+230
+186
+1,445
+791
+€ million
+Further details on derivative financial instruments as a whole are provided in note → 36. FINANCIAL RISK MANAGEMENT
+Contract costs including outcome of the long-term construction contracts
+thereof services billed to customers
+-21
+19
+20
+742
+742
+235
+5,504
+5,947
+1
+244
+333
+29
+49
+4,362
+4,839
+387
+325
+481
+627
+627
+Dec. 31,
+2022
+Current Non-current
+Revenue from long-term construction contracts totals €298 million (2022: €177 million). Contracts and parts of
+contracts billed to customers are presented within trade receivables. No material write-downs were recognized for
+these.
+Consolidated Financial Statements Notes to the consolidated financial statements
+325
+↑↓ ↑ ||
+326
+22. TAX ASSETS
+€ million
+Change in valuation allowances
+Deferred tax assets
+Total
+Carrying amount
+Carrying amount
+Dec. 31,
+2,799
+Current Non-current
+2023
+Tax receivables
+Dec. 31, 2022
+Dec. 31, 2023
+Contingent construction contract receivables at Jan. 1
+Additions and disposals
+Positive fair value of derivative
+financial instruments
+Miscellaneous financial assets
+631
+1,379
+2,010
+813
+1,445
+609
+1,988
+281
+5,203
+511
+791
+243 5,446
+Other recoverable income taxes
+603
+0
+€ million
+Non-current Dec. 31, 2022
+Current
+Non-current Dec. 31, 2023
+323
+↑↓ ↑ 0 ||
+324
+20. NON-CURRENT AND CURRENT OTHER FINANCIAL ASSETS
+€ million
+Carrying amount
+Carrying amount'
+603
+Current Non-current
+Current Non-current
+Dec. 31,
+2022
+21. NON-CURRENT AND CURRENT OTHER RECEIVABLES
+As of the end of the reporting period, other receivables break down as follows:
+Carrying amount
+Carrying amount
+Current
+Dec. 31,
+2023
+400
+397
+Miscellaneous receivables
+1,157
+728
+100
+829
+The reduction in miscellaneous financial assets mainly related to the reversal of investments of surplus liquidity in
+the form of loan receivables in the amount of €2,800 million as of December 31, 2022 from Volkswagen AG and in
+the amount of €798 million from Volkswagen International Belgium S.A.
+In addition, the miscellaneous financial assets include restricted cash in the amount of €331 million (2022:
+€285 million). This relates to collected customer payments for receivables sold under asset-backed securities
+programs, which have to be passed on to the contracting partners in a timely manner, as well as collateral in
+connection with vehicle financing.
+No significant valuation allowances were recognized for miscellaneous financial assets. The maximum default risk
+corresponds to the net carrying amounts of miscellaneous financial assets.
+The positive fair values of derivative financial instruments relate to the following items:
+Miscellaneous receivables include prepaid expenses of €204 million (2022: €199 million). These are primarily
+attributable to rent and marketing expenses, as well as prepaid maintenance costs for hardware and software.
+The current other receivables are mainly non-interest-bearing.
+Other receivables include contingent receivables under long-term construction contracts recognized in application
+of the percentage of completion method. They correspond to the contract assets from contracts with customers,
+and developed as follows:
+€ million
+2023
+2022
+€ million
+78
+1,079
+20
+20
+457
+78
+534
+312
+100
+397
+412
+1,422
+0
+3,432
+753
+6,237
+Conditional receivables from long-term
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+construction contracts
+19
+19
+5,484
+Dec. 31, 2022
+Dec. 31, 2023
+1,494 2,154 2,119
+4,382 5,920 5,816
+3,719
+26
+6
+5,826
+5,820
+Dec. 31, 2022
+Dec. 31, 2023
+Cash and cash equivalents as reported in the statement of cash flows
+Cash and cash equivalents classified as held for sale
+Cash and cash equivalents as reported in the statement of financial position
+€ million
+The interest paid and received also contains the interest income and interest expenses from the financial services
+segment reported in cost of sales or sales revenue.
+230
+3
+189
+312
+592
+4
+Dec. 31, 2022
+Dec. 31, 2023
+3,745
+Consolidated Financial Statements Notes to the consolidated financial statements
+339
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Impairment losses
+1,477
+662
+815
+Balance at Dec. 31, 2022
+-1
+-1
+1 Dividends from joint ventures and associates as well as other equity investments.
+Dividends
+5
+-7
+Changes recognized in profit or loss
+23
+22
+1
+Changes recognized directly in equity
+-2
+Balance at Jan. 1, 2022
+Dividends received'
+Interest paid
+167
+128
+128
+31
+159
+Total
+Tax payables
+Income tax provisions
+1,607
+1,607
+2,010
+2,010
+Deferred tax liabilities
+Dec. 31,
+2022
+Current Non-current
+Dec. 31,
+2023
+Current Non-current
+167
+31
+64
+64
+€ million
+Cash flows from operating activities presented in the statement of cash flows include:
+The changes in the items of the statement of financial position from which the statement of cash flows is derived
+are adjusted for non-cash effects. Changes in the items in the statement of financial position concerned can
+therefore not be reconciled directly with the figures in the published consolidated statement of financial position.
+Financing activities include outflows due to payments for profit transfers and dividend distributions and the
+repayment of bonds, as well as inflows from capital increases, the issuance of bonds and changes in other financial
+liabilities.
+Investing activities include additions to property, plant and equipment, and changes in equity investments, as well
+as additions of capitalized development costs, investments in securities and time deposits as well as loans.
+The cash flow from operating activities is derived indirectly, starting from profit/loss before tax. The profit/loss
+before tax is adjusted to eliminate non-cash expenses and income (primarily depreciation, amortization and write-
+downs, the gain/loss from the disposal of assets and other non-cash items). Other non-cash expenses and income
+primarily comprise measurement effects of financial instruments as well as changes in the fair value of hedging
+instruments. Factoring in changes in working capital, which include changes in leased assets and changes in
+receivables from financial services, results in the cash flow from operating activities.
+The statement of cash flows presents cash inflows and outflows from operating, investing and financing activities,
+regardless of how they are classified in the statement of financial position.
+Interest received
+33. STATEMENT OF CASH FLOWS
+Of the deferred tax liabilities, an amount of €48 million (2022: €10 million) relates to recognition and
+measurement differences between IFRSS and the tax base that will reverse within a year.
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+1,838
+1,607
+231
+2,169
+2,010
+OTHER NOTES
+Carrying amount
+147
+25
+851
+4,226
+4,089
+35
+816
+4,057
+169
+156
+3,934
+3,039
+107
+3,146
+944
+49
+895
+Customer financing
+Dealer financing
+Receivables from
+financing business
+Dec. 31,
+2022
+2,876
+13
+2,889
+3,692
+48
+3,740
+3,620
+51
+661
+1,538
+2,349
+6,580
+2,251
+6,345
+1,531
+4,676
+1,669
+720
+Receivables from
+finance leases
+Dec. 31,
+2022
+26
+26
+5
+5
+5
+operating leases
+Receivables from
+3,671
+26
+25
+Current Non-current
+Dec. 31,
+2023
+19. NON-CURRENT AND CURRENT FINANCIAL SERVICES RECEIVABLES
+The maximum default risk corresponds to the carrying amounts of the net receivables. The fair values of the trade
+receivables essentially correspond to the carrying amounts due to the remaining terms. All trade receivables are
+due in less than one year.
+218
+26
+192
+0
+0
+47
+3
+45
+Carrying amount at Dec. 31, 2022
+Balance at Dec. 31, 2022
+Reversal of impairment losses
+Additions
+172
+As of the end of the reporting period, financial services receivables break down as follows:
+623
+636
+1,259
+Current Non-current
+Fair value
+Carrying amount
+Fair value
+Carrying amount
+€ million
+Hedges on inventories
+Dec. 31,
+2023
+Advance payments made
+Finished goods and merchandise
+Work in progress
+Raw materials, consumables and supplies
+€ million
+Other investments primarily comprise shares in affiliated companies measured at cost of €391 million (2022:
+€274 million), shares in associates measured at cost of €193 million (2022: €139 million) and other equity
+investments measured at fair value of €193 million (2022: €193 million).
+Additions to equity-accounted investments amounted to €13 million in fiscal year 2023 (2022: €101 million).
+Further details can be found under "Consolidated group".
+The equity-accounted investments include associates amounting to €651 million (2022: €623 million) and joint
+ventures amounting to €0 million (2022: €0 million).
+Current rental and leasing assets
+695
+4,248
+732
+The capital reserves contain contributions from premiums and other capital contributions. In the reporting period,
+they decreased by €0 million (2022: €-10,403 million) to €3,822 million (2022: €3,822 million).
+Capital reserves
+82
+82
+Disposals
+519
+1,268
+750
+1,008
+440
+1,449
+495
+394
+101
+Additions
+related parties
+-14
+-14
+Retained earnings
+0
+Retained earnings include the reserve for accumulated profits and the reserve for remeasurements from pension
+plans.
+Changes in pension provisions recognized directly in equity are posted to the reserve for remeasurements from
+pension plans.
+Non-controlling interests
+328
+↑↓ ↑ |||
+327
+Consolidated Financial Statements Notes to the consolidated financial statements
+The reserve for equity-accounted investments is used to record the proportionate changes in equity-accounted
+investments recognized in other comprehensive income.
+of hedging instruments. By contrast, the non-designated portions of changes in the value of hedging instruments
+are accounted for through the reserve for deferred hedging costs (OCI II).
+The cash flow hedge reserve (OCI I) is only used to record the designated effective portions of changes in the value
+The currency translation reserve is used to record exchange differences arising from the translation of the financial
+statements of foreign subsidiaries. In addition, exchange differences from the translation of capital have been
+reported in this reserve to allow the uniform recording of foreign currency effects within equity.
+The other reserves are the reserves for currency translation, for cash flow hedges (OCI I), for deferred hedging
+costs (OCI II), for equity and debt instruments, and for equity-accounted investments.
+Other reserves
+In the fiscal year 2023, Porsche AG's Annual General Meeting on June 28, 2023 passed a resolution on the
+appropriation of the net retained profit for the fiscal year 2022, resulting in a distribution of €1.00 per ordinary
+share and €1.01 per preferred share. This brought the total amount distributed to €916 million.
+It will be proposed to the Annual General Meeting of Porsche AG that, of the net retained profit of €3,420 million
+(2022: €916 million), a total dividend of €2,100 million be distributed, i.e., €2.30 per ordinary share and €2.31 per
+preferred share. Shareholders are not entitled to a dividend payment until a resolution has been taken by the
+Annual General Meeting.
+In accordance with section 58 (2) AktG, the dividend payment by Porsche AG is based on the net retained profits
+reported in the annual financial statements of Porsche AG prepared in accordance with the German Commercial
+Code.
+Dividends and proposed dividend
+The reserve for accumulated profits includes the profits earned in the reporting year and those earned by
+consolidated subsidiaries in prior years and not yet distributed as well as transactions recognized within equity.
+Changes in consolidated group
+Trade receivables from
+third parties
+1
+321
+Consolidated Financial Statements Notes to the consolidated financial statements
+3,854
+1,926
+Carrying amount at Dec. 31, 2022
+Balance at Dec. 31, 2022
+162
+Reversal of impairment losses
+781
+Disposals
+235
+87
+87
+235
+627
+↑↓ ↑ ||
+322
+Development of equity-accounted investments and other equity investments from January 1 to
+December 31, 2022
+€ million
+1
+1,058
+338
+720
+Foreign exchange differences
+Balance at Jan. 1, 2022
+Cost
+Non-controlling interests in equity relate to 25% of the shares in Porsche Singapore Pte. Ltd, Singapore. The 25%
+of the shares in Porsche Taiwan Motors Ltd., Taipei, recognized in the prior year were acquired in the fiscal year
+2023.
+Dec. 31, 2022¹
+€ million
+Total
+investments
+Other equity
+Equity-accounted
+investments
+18. TRADE RECEIVABLES
+inventories, leased vehicles returned amounting to €24 million (2022: €6 million) are pledged as security under
+asset-backed securities transactions.
+Dec. 31, 2023
+26. PROVISIONS FOR PENSIONS AND SIMILAR OBLIGATIONS
+Provisions for pensions and similar obligations are recognized for benefits in the form of retirement, invalidity and
+dependents' benefits payable under pension plans. The benefits of the group vary according to legal, tax, and
+economic circumstances of the country concerned, and usually depend on the length of service and remuneration
+of the employees.
+Porsche AG Group companies provide both defined contribution plans and defined benefit plans. In the case of
+defined contribution plans, the company makes contributions to state or private pension schemes based on legal or
+contractual requirements, or on a voluntary basis. Once the contributions have been paid, there are no further
+obligations for the group. Current contributions are recognized as expenses of the period concerned. In the
+reporting period, expenses for state and private defined contribution plans within the Porsche AG Group amounted
+to €280 million (2022: €259 million). Of that amount, contributions to the compulsory state pension system in
+Germany amounted to €262 million (2022: €239 million).
+2023
+2022
+2023
+€ million
+Abroad
+Germany
+The development of the present value of the defined benefit pension obligations is attributable to the following
+factors:
+Pension trend
+Discount rate at December 31
+Payroll trend
+%
+The calculation of pension provisions was based on the following significant actuarial assumptions:
+Measurement of the provisions for pensions of the Porsche AG Group
+330
+↑↓ ↑ ||
+329
+2022
+2023
+2022
+Present value of obligations at January 1
+Current service cost
+2.20
+2.51
+2.44
+3.30
+4.60
+80
+136
+Consolidated Financial Statements Notes to the consolidated financial statements
+Interest expense
+4.15
+3.60
+3.20
+320
+167
+5,669
+3,781
+4.48
+862
+The Porsche AG Group offers its employees benefits from a pension scheme for the time after their active working
+life. A substantial part of the benefit obligations within the group are pension plans for employees in Germany that
+are classified as defined benefit plans within the meaning of IAS 19 and that are generally covered by collective
+agreements. The majority of these obligations are funded solely by provisions recognized in the statement of
+financial position. These plans are now largely closed for new members. To reduce the risks associated with these
+pension plans, in particular longevity, salary increases and inflation, new domestic defined benefit plans have been
+introduced at the Porsche AG Group since 2022, whose benefits are funded by appropriate external plan assets.
+The amount of the plan assets is exposed to general market risk. As a result, the investment strategy and its
+implementation are therefore continuously monitored by the boards of Porsche Trust e.V., on which the companies
+or rather the trustors are also represented. For example, investment policies are stipulated in the trustors'
+investment guidelines with the aim of limiting market risk and its impact on plan assets. In addition, asset-liability
+management studies are conducted if required, which ensure that the capital investment is in line with the
+obligations that need to be covered. The trust assets are currently invested in a special fund, which in turn invests
+partly in equity funds, partly in mixed funds.
+-113
+128
+150
+-142
+Dec. 31, 2022
+Dec. 31, 2023
+thereof other assets
+thereof pension provisions
+Net liability recognized in the statement of financial position
+Present value of unfunded benefit obligations
+Funded status (net)
+Fair value of plan assets
+Present value of funded benefit obligations
+€ million
+The following amounts were recognized in the statement of financial position for defined benefit plans:
+In the case of defined benefit plans, a distinction is made between pensions funded by provisions and externally
+funded pension plans. Pension provisions for defined benefit plans are primarily measured in accordance with
+IAS 19 by independent actuaries using the internationally accepted projected unit credit method. The future
+obligations are measured on the basis of the ratable benefit entitlements earned as of the reporting date. The
+measurement takes into account, among other things, actuarial assumptions for the discount rates, payroll and
+pension trends as well as longevity, which are calculated for each group company depending on economic
+conditions. Remeasurements result from deviations of the actual development compared to the assumptions made
+in the prior year, from changes in assumptions as well as income or expenses from plan assets, excluding amounts
+included in net interest income or expenses. These are recognized directly in equity in the period in which they
+were incurred taking into account deferred taxes.
+8
+14
+4,306
+3,653
+Since the trust assets meet the IAS 19 criteria for classification as plan assets, they are offset against the
+obligation.
+The pension plans funded by external plan assets are contribution-based, capital-market-oriented plans. In this
+case, the contributions dependent on income and status plus a capital market yield form the pension capital, which
+is generally paid out in a lump sum. The pension capital amounts to at least 80% of contributions made. For the
+pension plans, contributions are made on an ongoing basis to a separate pool of assets that is administered in trust
+by Porsche Trust e.V. and invested in the capital markets.
+GERMAN PENSION PLANS FUNDED BY EXTERNAL PLAN ASSETS
+To reduce the inflation risk inherent in adjusting current pension payments by the inflation rate, a pension
+adjustment that is not linked to inflation was introduced for pension obligations where this is legally permitted.
+If the respective pension system provides for lifelong pension payments, the companies bear the longevity risk.
+This is accounted for by using the most recent mortality tables - the "Heubeck 2018 G" mortality tables - to
+determine the annuity conversion factors and the present value of the guaranteed obligation; these tables already
+reflect a future increase in life expectancy.
+The present value of the guaranteed obligation increases as interest rates fall and is thus exposed to interest rate
+risks.
+The employee-funded pension plans are largely contribution-based plans with guarantees. The annual service cost
+(according to individual deferred compensation agreements) is converted to capital components by multiplying
+them with age factors. A guaranteed yield is integrated in the age factors. At retirement, the pension components
+earned each year are paid out-depending on the respective pension plan-as a lump sum, in multiple installments
+or as a lifelong pension (by converting the capital for pension benefits into an annuity).
+Significant pension arrangements at the Porsche AG Group
+The employer-funded pension plans are largely contribution-based plans with guarantees. In the case of
+contribution based plans, an annual service cost dependent on income and status is converted into a lifelong
+pension entitlement based on annuity conversion factors (guaranteed components). The annuity conversion
+factors contain a guaranteed yield. At retirement, the pension components earned each year are added.
+The risks mentioned above were reduced in these pension plans. The proportion of the total defined benefit
+obligation attributable to pension obligations funded by plan assets will continue to rise in the future. The
+significant pension plans in Germany are described in the following.
+0
+1
+3,668
+4,315
+3,667
+4,314
+GERMAN PENSION PLANS FUNDED SOLELY BY RECOGNIZED PROVISIONS
+2.20
+87
+829
+-2
+-2
+Balance at Dec. 31, 2023
+817
+866
+1,683
+Development of leased assets from January 1 to December 31, 2022
+€ million
+Leased assets
+Impairment losses
+Balance at Jan. 1, 2023
+Additions
+Reversal of impairment losses
+Balance at Dec. 31, 2022
+192
+26
+Dividends
+218
+4,190
+-13
+245
+789
+Disposals
+7
+7
+137
+Changes recognized directly in equity
+0
+-3
+-2
+Balance at Dec. 31, 2023
+Carrying amount at Dec. 31, 2023
+1,931
+Changes recognized in profit or loss
+-9
+-22
+31
+31
+27
+Depreciation and impairment
+2,150
+-6
+2,395
+5,781
+Balance at Jan. 1, 2022
+1,790
+Foreign exchange differences
+91
+Changes in consolidated group
+0
+Additions
+847
+Additions to cumulative impairment losses
+140
+Balance at Dec. 31, 2022
+Disposals
+Transfers
+Additions
+5
+31
+165
+52
+217
+Cost
+Carrying amount at Dec. 31, 2023
+232
+651
+1,465
+Balance at Jan. 1, 2022
+5,744
+Foreign exchange differences
+Changes in consolidated group
+287
+0
+814
+13
+Additions
+160
+Of Porsche AG's ordinary shares, 75% is held by Porsche Holding Stuttgart GmbH less one ordinary share and 25%
+by Porsche Automobil Holding SE, Stuttgart ("Porsche SE"), plus one ordinary share. Of the preferred shares, 75.8%
+is indirectly held by Volkswagen AG via Porsche Holding Stuttgart GmbH and 24.2% is in free float.
+The domination and profit and loss transfer agreement that was in place between Porsche Holding Stuttgart GmbH
+and Porsche AG in the prior year ended on December 31, 2022.
+Of the total inventories reported as of the reporting date of €5,947 million (2022: €5,504 million), an amount of
+€54 million (2022: €37 million) is recognized at net realizable value. Inventories of €24,959 million (2022:
+€23,476 million) were expensed at the time revenue was recognized. The write-downs recognized in profit or loss
+in the reporting period amounted to €21 million (2022: €113 million) and resulted from the remeasurement of
+used vehicles. Reversals of impairment of €2 million (2022: €2 million) were recognized in profit or loss in the
+reporting period, also resulting primarily from the remeasurement of used vehicles. Of the total amount of
+320
+15. LEASED ASSETS
+Development of leased assets from January 1 to December 31, 2023
+€ million
+Leased assets
+Leased assets contain assets leased to customers under the terms of operating leases. Any impairment of leased
+assets from these vehicle leasing contracts is recognized as an impairment loss (2023: €160 million (2022:
+€140 million). Depending on the local circumstances and past experience from used vehicle sales, regularly
+updated internal and external data on the development of residual values are included in the residual value
+forecast.
+Group entities in the financial services segment act as lessor, primarily leasing their own products.
+Cost
+Balance at Jan. 1, 2023
+Foreign exchange differences
+Changes in consolidated group
+5,781
+The subscribed capital of Porsche AG is composed of no-par value bearer shares. One share grants a notional share
+of €1.00 in share capital. Porsche AG's share capital amounts to €911 million and is divided into 455,500,000 no-
+par value ordinary shares and 455,500,000 no-par value preferred shares. Each share grants a notional share of
+€1.00 in share capital. Compared to the ordinary shares, the preferred shares carry the right to an additional
+dividend that is €0.01 higher than the ordinary shares, but are non-voting.
+Subscribed capital
+The change from the distribution in kind in the form of a spin-off of assets presented as of December 31, 2022
+and the other changes relate to the structural measures prior to the IPO presented in the prior year.
+The composition and development of equity and of non-controlling interests is presented in the statement of
+changes in equity. Capital transactions involving a change in ownership interest relate to the acquisition of the
+non-controlling interests in Porsche Taiwan Motors Ltd., Taipei.
+Of the deferred tax assets, an amount of €602 million (2022: €719 million) relates to recognition and
+measurement differences between IFRSS and the tax base that will reverse within a year.
+23. SECURITIES AND TIME DEPOSITS
+The securities serve to safeguard liquidity. They are short-term fixed-income securities and shares. The securities
+are measured at fair value. Securities amounting to €0 million (2022: €1 million) have been furnished as collateral
+for financial liabilities and contingent liabilities. The recipient of collateral has no original right of disposal or pledge
+with respect to the furnished collateral.
+24. CASH AND CASH EQUIVALENTS
+€ million
+Bank balances
+Checks, cash-in-hand, bills and call deposits
+-194
+Dec. 31, 2023
+1,647
+4,173
+1,316
+2,403
+5,820
+3,719
+Bank balances are held at various banks in different currencies and, among other things, include time deposits with
+a term of less than 3 months. Balances with affiliated companies (cash pool) comprise overnight or short-term
+deposits that are only subject to an immaterial risk of fluctuations in value.
+25. EQUITY
+Dec. 31, 2022
+742
+16. EQUITY-ACCOUNTED INVESTMENTS AND OTHER EQUITY INVESTMENTS
+Additions
+1,926
+-63
+Cost
+Balance at Jan. 1, 2023
+815
+662
+1,477
+0
+Foreign exchange differences
+-2
+-2
+833
+Changes in consolidated group
+-4
+-4
+Total
+Other equity
+investments
+Equity-accounted
+investments
+€ million
+Transfers
+2,900
+2
+Development of equity-accounted investments and other equity investments from January 1 to
+December 31, 2023
+Disposals
+2,367
+Balance at Dec. 31, 2023
+0
+Depreciation and impairment
+Foreign exchange differences
+Changes in consolidated group
+Additions
+Additions to cumulative impairment losses
+Disposals
+Reversal of impairment losses
+6,121
+Balance at Jan. 1, 2023
+1.65
+1.76
+Actuarial gains(-)/losses (+) arising from changes in demographic assumptions
+Actuarial gains(-)/losses (+) arising from changes in financial assumptions
+A maturity profile of payments under defined benefit obligations is presented in the following based on an
+allocation of the present value of the obligation to the maturity of the underlying payments:
+113
+0
+113
+142
+0
+142
+1
+0
+0
+1
+0
+1
+22
+22
+€ million
+38
+2023
+Payments due within the next fiscal year
+Payments due between two and five years
+Current service cost
+3,781
+4,456
+3,372
+3,995
+328
+379
+81
+82
+€ million
+The following amounts were recognized in the income statement:
+38% of plan assets are invested in assets in the United Kingdom (2022: 43%), 34% are invested in assets in the
+USA (2022: 38%), 18% are invested in assets in Germany (2022: 8%) and 10% are invested in assets in
+Switzerland (2022: 11%).
+€ million
+The table below shows the development of plan assets:
+Payments due in more than five years
+2022
+38
+4
+4
+4,456
+Fair value of plan assets
+741
+832
+203
+Other
+2,836
+3,377
+247
+Other funds
+Real estate funds
+Pension funds
+Equity funds
+Debt instruments
+2022
+19
+3,781
+89553
+8
+14
+4
+4
+29
+29
+34
+34
+20
+Net interest on the net defined benefit liability
+20
+4
+4
+5
+20
+20
+19
+14
+35
+Past service cost (including plan curtailments)
+Gains (-) or losses (+) arising from plan settlements
+Net income (-) and expenses (+) recognized in profit or loss
+79
+893
+1,725
+Balance at Jan. 1, 2023
+Total¹
+Miscellaneous
+provisions¹
+Litigation and
+legal risks
+Employee
+expenses
+from sales
+Obligations arising
+€ million
+27. NON-CURRENT AND CURRENT OTHER PROVISIONS
+334
+↑↓ ↑O ||
+333
+1,213
+3,909
+Foreign exchange differences
+-16
+1,356
+Additions/New provisions
+2,229
+585
+21
+613
+1,011
+Consolidated Financial Statements Notes to the consolidated financial statements
+Utilization
+1
+1
+Changes in consolidated group
+-24
+-4
+-1
+-2
+Classified as held for sale
+Equity instruments
+The figures above are generally included in the personnel costs of the functional areas in the income statement; net
+interest on the net defined benefit liability is recognized in interest expenses.
+297
+3
+144
+26-2-500
+Fair value of plan assets at December 31
+Foreign exchange differences from foreign plans
+Other changes
+Pension payments from plan assets
+Employee contributions to plan assets
+27
+Employer contributions to plan assets
+Interest income on plan assets determined using the discount rate
+Income/expenses from plan assets not included in interest income
+113
+Fair value of plan assets at January 1
+2022
+2023
+-47
+17
+1
+1
+-4
+-1
+77
+130
+320
+167
+2022
+393
+2023
+The investment of plan assets to cover future pension obligations resulted in income of €6 million (2022: expenses
+of €44 million).
+113
+142
+-1
+0
+0
+-4
+In the next fiscal year, employer contributions to plan assets are expected to amount to €22 million (2022:
+€32 million).
+Cash and cash equivalents
+Total
+active
+markets
+-2,323
+377
+-22
+1
+Actuarial gains (-)/losses (+) arising from changes in demographic assumptions
+Actuarial gains (-)/losses (+) arising from changes in financial assumptions
+77
+130
+Net interest expense
+320
+167
+5,525
+3,667
+Net liability recognized in the statement of financial position at January 1
+Current service cost
+-6
+Changes in the relevant actuarial assumptions would have had the following effects on the defined benefit
+obligation:
+Present value of defined benefit obligation if
+Actuarial gains (-)/losses (+) arising from experience adjustments
+Income/expenses from plan assets not included in interest income
+18
+-63
+0
+1
+-17
+-27
+Other changes
+Changes in consolidated group
+The actuarial losses from changes in financial assumptions primarily result from the change in the discount rate in
+Germany. In the prior year, the increase in the discount rate from 1.4% to 3.6% resulted in actuarial gains of
+€2,426 million, while the change in the pension increase from 1.7% to 2.2% had the opposite effect and reduced
+the actuarial gains by €164 million.
+Gains (-) losses (+) from plan settlements
+Pension payments from company assets
+Employee contributions to plan assets
+Employer contributions to plan assets
+Discount trend
+47
+-1
+71
+Past service cost (including plan curtailments)
+-58
+3,781
+51
+-4
+-1
+-4
+-5
+-58
+-63
+1
+2
+71
+18
+Actuarial gains(-)/losses (+) arising from experience adjustments
+-2,323
+377
+-22
+1
+These disclosures are averages that were weighted using the present values of the defined benefit obligations.
+With regard to life expectancy, the latest mortality tables are used in all countries. The discount rates are generally
+determined based on the return on high-quality corporate bonds whose terms and currency match the respective
+obligations. The iBoxx AA Corporate Bond index was used as a basis for the obligations pertaining to the group's
+entities in Germany. Comparable indices are used for foreign pension obligations.
+The payroll trends cover expected wage and salary increases, which also include increases attributable to career
+development.
+The pension trends correspond to either the contractually agreed guaranteed adjustments or are based on the rules
+applicable locally in each country for pension adjustments.
+The following table shows changes in the net defined benefit pension liability recognized in the statement of
+financial position:
+50
+2
+0
+-3
+-6
+1
+2022
+4,456
+2023
+Present value of obligations at December 31
+Employee contributions and deferred compensation
+Foreign exchange differences from foreign plans
+Other changes
+Past service cost (including plan curtailments)
+Gains (-) or losses (+) arising from plan settlements
+Changes in consolidated group
+Pension payments from company assets
+Pension payments from plan assets
+Employee contributions to plan assets
+€ million
+15
+-4
+Dec. 31, 2022
+332
+↑↓ ↑ ||
+331
+Consolidated Financial Statements Notes to the consolidated financial statements
+-3.57
+3,927
+2.33
+4,560
+-7.29
+3,755
+-0.68
+4,426
+is 0.5
+percentage
+points lower
+increases by
+one year
+Longevity
+-5.28
+Each of the sensitivity analyses presented considers the change in one assumption at a time, leaving the other
+assumptions unchanged versus the original calculation, i.e., possible correlation effects between the individual
+assumptions are not taken into account.
+To analyze the sensitivity of the present value of the defined benefit obligation to a change in the assumed
+longevity, the mortality rates assumed in the comparative calculation have been reduced to the extent that doing
+so increases life expectancy by approximately one year.
+The weighted average duration (the Macaulay duration) of the defined benefit obligation based on the present
+values of the obligation is 23 years (2022: 22 years).
+The present value of the defined benefit obligation is attributable as follows to the members of the plan:
+markets
+Total
+in active
+No quoted
+prices in
+Quoted prices
+No quoted
+prices in
+active
+markets
+in active
+markets
+3,813
+Quoted prices
+Dec. 31, 2023
+€ million
+Plan assets are invested in the following asset categories:
+2023
+Members with vested entitlements who have left the company
+Pensioners
+Active members with pension entitlements
+€ million
+Dec. 31, 2022
+Dec. 31, 2023
+0.85
+is 0.5
+percentage
+points higher
+1
+Pension trend
+8.57
+4,221
+12.15
+4,997
+-18.78
+3,406
+-10.28
+3,998
+is 0.5
+percentage
+points higher
+is 0.5
+percentage
+points lower
+change in percent
+€ million
+change in percent
+€ million
+is 0.5
+percentage
+points higher
+4,687
+5.19
+3,968
+3,667
+4,314
+Net liability recognized in the statement of financial position at December 31
+Payroll trend
+51
+50
+Employee contributions and deferred compensation
+4,494
+-11.69
+-4.68
+is 0.5
+percentage
+points lower
+2
+-1
+Foreign exchange differences from foreign plans
+-3
+-0.51
+3,612
+Consolidated Financial Statements Notes to the consolidated financial statements
+Balance at
+Time deposits with contractual maturities of more than three months are not classified as cash equivalents. The
+maximum default risk corresponds to the carrying amount of the cash and cash equivalents. The following table
+shows the classification of changes in financial liabilities into cash and non-cash transactions:
+Hedging interest rate risk
+ineffectiveness
+Fair value changes
+to determine hedge
+Other liabilities
+Other assets
+Notional amount
+€ million
+cash flow hedges
+Active cash flow hedges
+ineffectiveness
+Discontinued
+determine hedge
+Changes in fair value to
+Reserve for
+€ million
+Disclosures on hedged items used in cash flow hedges 2023
+In addition to disclosures on the hedging instruments, disclosures must also be made on the hedged items, broken
+down by risk category and type of designation in hedge accounting. The table below lists the hedged items
+designated in cash flow hedges:
+Designated components
+Disclosures on hedged items used in hedge accounting
+6
+Non-designated components
+18
+1,301
+1,342
+Designated components
+Hedging currency risk
+Hedging currency risk
+6
+21
+26
+5,857
+Interest rate swaps
+11
+6
+-5
+Total hedging interest rate risk
+Hedging interest rate risk
+Deferred taxes
+15
+Currency forwards and cross-currency swaps
+Disclosures on hedging instruments used in cash flow hedges 2023
+Disclosures on hedging instruments used in hedge accounting
+0
+Recognized in equity
+Gains or losses from changes in fair value of hedging instruments within
+hedge accounting
+Combined interest rate and currency risk hedging
+Due to realization of the hedged item
+890
+248
+-44
+-61
+Due to early discontinuation of the hedging relationships
+Reclassification from the cash flow hedge reserve to profit or loss
+Recognized in profit or loss
+-818
+882
+Recognized in equity
+4
+0
+Recognized in profit or loss
+The Porsche AG Group enters into hedging instruments to hedge its exposure to variability in future cash flows.
+The table below shows the notional amounts, fair values, and inputs used to determine the ineffectiveness of the
+hedging instruments included in cash flow hedges:
+Reclassification from the cash flow hedge reserve to profit or loss
+Due to realization of the hedged item
+maximum potential loss on the overall portfolio within a time horizon of 10 days at a confidence level of 99%. It is
+based on aggregating all of the cash flows from the non-derivative and derivative financial instruments in an
+interest rate gap analysis. The historical market data used to calculate VaR covers a period of 521 trading days.
+The sensitivity analysis calculates the effect on equity and/or profit or loss by modifying risk variables within the
+respective market risk.
+354
+↑↓ ↑ |||
+353
+Consolidated Financial Statements Notes to the consolidated financial statements
+The Porsche AG Group uses two different methods to present market risk from non-derivative and derivative
+financial instruments in accordance with IFRS 7. For quantitative risk measurement, the financial services segment
+uses a value-at-risk (VaR) model to measure interest rate and currency risk. By contrast, the market risk in the
+automotive segment are determined using a sensitivity analysis. The VaR calculation indicates the extent of the
+The gains or losses on changes in the fair value of hedging instruments within hedge accounting correspond to the
+basis for determining hedge ineffectiveness. The ineffective portion of cash flow hedges is the income or expense
+from changes in the fair value of the hedging instrument that exceeds the changes in the fair value of the hedged
+item. This hedge ineffectiveness arises due to differences in parameters between the hedging instrument and the
+hedged item. The respective income or expenses are recognized in other operating income or expenses and in the
+financial result.
+The effects on equity shown in the table are net of deferred taxes.
+1
+5
+Due to realization of the hedged item
+Due to early discontinuation of the hedging relationships
+Reclassification from the cash flow hedge reserve to profit or loss
+Recognized in profit or loss
+Recognized in equity
+Gains or losses from changes in fair value of hedging instruments within hedge
+accounting
+Hedging commodities price risk
+Due to early discontinuation of the hedging relationships
+32,043
+969
+Currency options
+The change in fair value presented in the table to calculate ineffectiveness corresponds to the change in fair value
+of the designated components.
+Commodity forwards/swaps
+Hedging commodities price risk
+2
+2
+32
+Interest rate/currency swaps
+currency risk hedging
+Combined interest rate and
+288
+-31
+183
+1,022
+262
+152
+23,187
+Currency options
+32,238
+Currency forwards and cross-currency swaps
+Total hedging combined interest rate and
+currency risk
+Hedging currency risk
+Hedging commodity price risk
+Non-designated components
+Deferred taxes
+Currency risk
+Interest rate risk
+€ million
+Development of the cash flow hedge reserve (OCI I) 2022
+Reserve for
+Disclosures on hedged items used in cash flow hedges 2022
+356
+↑↓ ↑ |||
+355
+Consolidated Financial Statements Notes to the consolidated financial statements
+36
+10
+-3
+9
+10
+0
+Total hedging commodity price risk
+Designated components
+168
+0
+190
+Combined interest rate and
+currency risk hedging
+374
+1,342
+Total hedging currency risk
+Combined interest rate and
+-4
+-162
+Deferred taxes
+117
+-5
+-765
+Non-designated components
+1,215
+484
+53
+205
+11,445
+Interest rate/currency swaps
+currency risk hedging
+Hedging commodities price risk
+Designated components
+6,633
+Interest rate swaps
+Hedging interest rate risk
+Other liabilities
+Other assets
+Notional amount
+Fair value changes
+€ million
+-5
+Disclosures on hedging instruments used in cash flow hedges 2022
+Deferred taxes
+Non-designated components
+9
+6
+15
+431
+Commodity forwards/swaps
+0
+ויוי
+113
+-112
+2022
+Total
+66
+2,200
+2,276
+5
+15
+(cancelled receivables-non-performing loans)
+14,379
+13,302
+63
+Credit risk rating grade 3
+10
+198
+(receivables with credit risk-intensified loan management)
+Credit risk rating grade 2
+Dec. 31, 2022
+Dec. 31, 2023
+3,629
+12,949
+12,949
+(receivables with no credit risk-standard loans)'
+198
+3,644
+Gross carrying amounts of financial assets by rating grade as of December 31, 2023
+Maturity analysis of undiscounted cash outflows from financial instruments
+The following overview shows the contractual undiscounted cash outflows from financial instruments:
+in compliance with applicable exchange controls. There are no other material restrictions.
+In certain countries (e.g., China), the Porsche AG Group can only use local cash funds for cross-border transactions
+The solvency and liquidity of the Porsche AG Group are ensured at all times by rolling liquidity planning, a liquidity
+reserve in the form of cash, confirmed credit lines and borrowing of loans. As of December 31 2023, a syndicated
+line of credit of €2,500 million was available (€0 million drawn).
+36.3 LIQUIDITY RISK
+The credit risk for financial guarantees and credit commitments amounts to €63 million as of December 31, 2023
+(2022: €66 million) and allocated to rating grade 1 and stage 1.
+The table below shows the gross carrying amounts of financial assets by rating grade:
+The Porsche AG Group performs a credit assessment of the borrower for every loan and lease agreement, using
+scoring systems in the retail business, and rating systems for major customers and receivables from dealer
+financing. Receivables rated as good are allocated to risk class 1. Receivables from customers whose credit rating
+is not good but have not yet defaulted are allocated to risk class 2. All defaulted receivables are allocated to risk
+class 3.
+36.2.4 RATING GRADES
+The "not allocated to a measurement category" combines receivables under long-term construction contracts
+pursuant to IFRS 15 and lease receivables pursuant to IFRS 16, the maximum credit risk of which corresponds to
+their carrying amounts and which is described in notes → 21. NON-CURRENT AND CURRENT OTHER RECEIVABLES and
+→ 35. IFRS 16 (LEASES).
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+1
+16,645
+15,640
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+15
+Credit risk rating grade 1
+Simplified
+approach
+Stage 3
+-6
+-8
+25
+23
+0
+0
+0
+114
+113
+Carrying amount at Dec. 31
+Financial instruments derecognized during the period (disposals)
+Utilization
+Newly extended/purchased financial assets (additions)
+Changes in consolidated group
+Foreign exchange differences
+111
+36
+14
+-8
+-18
+121
+113
+Stage 2
+Stage 1
+€ million
+Gross carrying amounts of financial assets by rating grade as of December 31, 2022
+Not allocated to a measurement category
+Total
+Financial guarantees and credit commitments
+Financial assets measured at fair value
+Financial assets measured at amortized cost
+€ million
+Stage 1
+Maximum credit risk by category
+36.2.3 MAXIMUM CREDIT RISK
+350
+↑↓ ↑
+349
+Consolidated Financial Statements Notes to the consolidated financial statements
+There were no contractual modifications of financial assets during the reporting period that led to the
+derecognition of the asset.
+36.2.2 MODIFICATIONS
+The gross carrying amount of the financial guarantees and credit commitments totals €63 million (2022:
+€66 million). As of December 31, 2023 the loss allowance recognized for this amounts to €0 million (2022:
+€0 million).
+The table below shows the maximum credit risk to which the Porsche AG Group is exposed, broken down into the
+classes to which the impairment model is applied:
+Interest rate/
+currency risk
+Stage 2
+Simplified
+approach
+↑↓ ↑ 0 ||
+351
+Consolidated Financial Statements Notes to the consolidated financial statements
+Derivatives comprise both cash outflows from derivatives with negative fair values and cash outflows from
+derivatives with positive fair values for which gross settlement has been agreed. The cash outflows also include
+derivatives entered into by means of offsetting transactions. The cash outflows from derivatives for which gross
+settlement has been agreed are partly offset by cash inflows that are not taken into consideration in this maturity
+The cash outflows for other financial liabilities include liabilities for tax allocations amounting to €4 million (2022:
+€15 million).
+3,883
+14
+284
+11,620
+52,478
+1,205
+34,292
+4,825
+4,585
+928
+240
+29,122 15,818 18,474
+45,178 27,081 24,193
+1,075
+11,980 17,143
+20,658 23,445
+352
+7
+analysis. If these cash inflows were taken into account, the cash outflows presented would be significantly lower.
+This particularly applies if hedges have been closed with offsetting transactions.
+The Porsche AG Group mainly generates liquidity through its business operations, external financing and the
+securitization of receivables. The funds are chiefly used to finance net working capital and capital expenditures and
+to cover the finance requirements of the leasing and sales financing business. Operational liquidity management
+uses cash pools in which material cash and cash equivalents in the Porsche AG Group are pooled on a daily basis.
+There is also a cash pool in place with Volkswagen International Belgium S.A. This enables liquidity surpluses and
+shortfalls to be controlled in line with requirements. The maturities of financial assets and financial liabilities as well
+as forecasts of cash flows from operating activities are included in short and medium-term liquidity management.
+2023
+Gains or losses from changes in fair value of hedging instruments within
+hedge accounting
+Hedging currency risk
+Due to realization of the hedged item
+Due to early discontinuation of the hedging relationships
+Reclassification from the cash flow hedge reserve to profit or loss
+Recognized in profit or loss
+Recognized in equity
+Gains or losses from changes in fair value of hedging instruments within
+hedge accounting
+Hedging interest rate risk
+€ million
+Disclosures on gains and losses from cash flow hedges
+Cash flow hedges are a hedge of the exposure to fluctuation in future cash flows. These cash flows can result from
+a recognized asset or liability, as well as a highly probable forecast transaction. The table below shows the gains
+and losses from cash flow hedges by risk type:
+Disclosures on gains and losses from cash flow hedges
+During the course of its general business activities, the Porsche AG Group is exposed to foreign currency, interest
+rate, share and bond risks as well as risks relating to commodity prices. It is company policy to exclude or limit
+these risks where possible by entering into hedging transactions.
+36.4.1 HEDGING POLICY AND FINANCIAL DERIVATIVES
+36.4 MARKET RISK
+There are also financial guarantees and credit commitments in place that are presented in the table → Maximum credit
+risk by category in note → 36.2.3 MAXIMUM CREDIT RISK. The financial guarantees and credit commitments primarily relate
+to a syndicated loan agreement with a total credit commitment of €145 million. The total credit commitment is
+split into facilities A to C, with a term of up to five years (facilities A and B) or more than five years (facility C).
+Under this loan agreement, Porsche AG acts as guarantor for maximum utilization of up to €38 million (facilities A
+and B) and €25 million (facility C), respectively.
+14
+Derivatives
+10
+2023
+more than
+five years
+within one
+to five years
+up to one
+year
+Remaining contractual maturities
+Remaining contractual maturities
+Total
+(cancelled receivables-non-performing loans)
+Credit risk rating grade 3
+284
+(receivables with credit risk-intensified loan management)
+Credit risk rating grade 2
+11,620
+(receivables with no credit risk-standard loans)
+Credit risk rating grade 1.
+€ million
+€ million
+up to one
+year
+within one
+to five years
+more than
+five years
+2022
+64
+863
+liabilities
+Other financial
+2,899
+2,899
+10,462
+1,205
+Stage 3
+5,478
+11,639
+3,490
+3,490
+Trade payables
+3,867
+1,075
+6,238
+4,325
+Financial liabilities
+3,779
+11
+Commodity
+price risk
+€ million
+Interest rate risk
+EUR/CHF
+-1,024
+104
+1,013
+-104
+77
+-77
+Profit/loss after tax
+-630
+740
+Hedging reserve
+EUR/CNY
+13
+-153
+153
+-13
+-185
+11
+-11
+Profit/loss after tax
+Interest rate risk in the automotive segment results from changes in market interest rates, primarily for medium-
+and long-term floating-rate receivables and liabilities. Floating-rate items are included in cash flow hedges and-
+depending on the market situation-some are hedged by means of interest rate swaps.
+185
+In the automotive segment, interest rate risk within the meaning of IFRS 7 is calculated using sensitivity analyses.
+The effect of risk-variable market interest rates on the financial result and equity are presented net of tax.
+Currency risk
+3
+-3
+2
+-2
+-118
+112
+-125
+ཀླY
+121
+Hedging reserve
+Hedging reserve
+Profit/loss after tax
+EUR/SGD
+Hedging reserve
+Profit/loss after tax
+EUR/HKD
+Hedging reserve
+Profit/loss after tax
+EUR/SEK
+If the functional currency euro had appreciated or depreciated by 10% against the other currencies, this would
+have resulted in the following effects on the hedging reserve in equity and profit after tax for the following currency
+pairs. It is not appropriate to add together the individual figures, since the results of the various functional
+currencies concerned are based on different scenarios.
+All non-functional currencies in which the Porsche AG Group enters into financial instruments are included as
+relevant risk variables in the sensitivity analysis in accordance with IFRS 7.
+In 2023, hedges were entered into in the following currencies as part of currency risk management: Australian
+dollar (AUD), Brazilian real (BRL), British pound sterling (GBP), Canadian dollar (CAD), Chinese renminbi (CNY),
+Hong Kong dollar (HKD), Indian rupee (INR), Japanese yen (JPY), Mexican peso (MXN), Norwegian krone (NOK),
+Polish zloty (PLN), Singapore dollar (SGD), South Korean won (KRW), Swedish krona (SEK), Swiss franc (CHF),
+Taiwan dollar (TWD), and US dollar (USD).
+The currency risk in the automotive segment results in particular from transactions as part of operating activities
+that do not take place in the functional currency of the respective group company. Currency forwards and currency
+options are the main instruments used to reduce currency risks. The volume of exchange rate hedges is
+determined on the basis of the planned sales figures in the respective foreign currency, taking into account
+procurement volumes.
+If market interest rates had been 100 bps higher as of December 31, 2023, profit after tax would have been
+€31 million lower (2022: €18 million). If market interest rates had been 100 bps lower as of December 31, 2023,
+profit after tax would have been €25 million higher (2022: €13 million).
+24
+Hedging reserve
+3
+-734
+-525
+Balance at Dec. 31
+EUR/MXN
+0
+40
+Hedged item is recognized at a point in time
+4
+-4
+8
+-8
+Profit/loss after tax
+Reclassification due to changes in whether the hedged item is expected to occur
+-70
+70
+-65
+65
+Hedging reserve
+EUR/GBP
+23
+11
+-3
+0
+0
+Profit/loss after tax
+-19
+19
+-64
+64
+Hedging reserve
+36.4.2 MARKET RISK IN THE AUTOMOTIVE SEGMENT
+EUR/PLN
+0
+0
+1
+-1
+Profit/loss after tax
+-11
+-23
+-23
+24
+-23
+66
+-50
+50
+Hedging reserve
+EUR/AUD
+9
+-9
+11
+-11
+Profit/loss after tax
+-82
+84
+-91
+93
+Hedging reserve
+Hedging reserve
+EUR/JPY
+-65
+5
+Profit/loss after tax
+9
+340
+↑↓ ↑
+359
+Consolidated Financial Statements Notes to the consolidated financial statements
+5
+-5
+14
+-14
+-19
+19
+-41
+41
+Profit/loss after tax
+Hedging reserve
+EUR/BRL
+5
+-5
+-9
+-5
+-137
+138
+10
+-8
+8
+Profit/loss after tax
+2
+-2
+-22
+21
+802
+-18
+-2
+72
+17
+1
+-1
+0
+0
+-10
+0
+0
+0
+03
+-3
+Profit/loss after tax
+-110
+109
+EUR/CAD
+18
+-18
+Hedging reserve
+11
+Profit/loss after tax
+-74
+74
+-125
+130
+Hedging reserve
+EUR/KRW
+0
+-11
+302
+317
+Hedged item is recognized at a point in time
+Deferred taxes
+Non-designated components
+1
+2
+Designated components
+currency risk hedging
+Combined interest rate and
+-685
+252
+Total hedging currency risk
+296
+Deferred taxes
+-1,152
+Non-designated components
+171
+252
+Designated components
+0
+Hedging currency risk
+Total hedging combined interest rate and
+currency risk
+Hedging commodity price risk
+-70
+Balance at Jan. 1
+Development of the cash flow hedge reserve (OCI I) 2023
+The accounting treatment of cash flow hedges requires that the designated effective portions of hedges be
+recognized in OCI I. Any excess changes in the fair value of the designated components are recognized through
+profit or loss as hedge ineffectiveness. The table below shows the changes in the reserve:
+Changes in the reserve
+2022
+2023
+€ million
+Total hedging commodity price risk
+Currency risk
+0
+Deferred taxes
+Non-designated components
+Changes in the reserve for hedging costs-non-designated time value of options
+The tables below show an overview of the changes in the reserve for hedging costs resulting from the non-
+designated portions of options and currency hedges.
+In general, changes in the fair value of the non-designated components of a derivative must likewise be
+immediately recognized in profit or loss. An exception to this principle are fair value changes in the non-designated
+time values of options, to the extent they relate to the hedged item. In addition, the Porsche AG Group initially
+recognizes in OCI II changes in the fair value of the non-designated forward components of currency forwards and
+non-designated cross-currency basis spreads (CCBS) on currency hedges used in cash flow hedging. This means
+that the Porsche AG Group recognizes changes in the fair value of the non-designated components or parts thereof
+immediately through profit or loss in the case of hedge ineffectiveness.
+Designated components
+2
+664
+238
+-45
+1
+Designated components
+Hedging interest rate risk
+-20
+-361
+1
+-134
+113
+Gains or losses from effective hedging
+relationships
+0
+-373
+12
+Balance at Jan. 1, 2022
+cash flow hedges
+Active cash flow hedges
+Discontinued
+determine hedge
+ineffectiveness
+Changes in fair value to
+Reclassifications due to changes in
+whether the
+169
+164
+119
+118
+Balance at Dec. 31, 2022
+0
+118
+169
+Total hedging interest rate risk
+672
+-85
+-7
+0
+-45
+Deferred taxes
+Reclassifications due to realization of the
+Non-designated components
+-45
+hedged item is expected to occur
+0
+hedged item
+Total
+Gains and losses from non-designated time value of options
+21
++10%
+-10%
+Dec. 31, 2022
++10%
+Dec. 31, 2023
+2022
+€ million
+The table below shows the sensitivities as of December 31, 2023 with respect to the key currencies held.
+2023
+Currency risk
+€ million
+Changes in the reserve for hedging costs-non-designated forward components and cross-currency
+basis spreads (CCBS)
+358
+↑ ↓ ↑ 0 |||
+357
+Consolidated Financial Statements Notes to the consolidated financial statements
+938
+-10%
+-100
+Exchange rate
+EUR/USD
+-735
+EUR/TWD
+Reclassifications due to realization of the hedged item
+35
+-35
+18
+-18
+Profit/loss after tax
+-781
+-148
+Hedged item is recognized at a point in time
+-785
+752
+-772
+787
+Hedging reserve
+Gains and losses from non-designated forward components and CCBS
+-255
+Balance at Jan. 1
+16
+0
+בוס
+Balance at Jan. 1, 2023
+Total
+-72
+-12
+-83
+35
+Hedged item is recognized at a point in time
+Balance at Dec. 31
+Commodity
+price risk
+Interest rate/
+currency risk
+Currency risk
+Interest rate risk
+€ million
+Reclassification due to realization of the hedged item
+1
+Hedged item is recognized at a point in time
+Reclassifications due to changes in whether the hedged item is expected to occur
+97
+118
+119
+1
+238
+921
+11
+Balance at Dec. 31, 2023
+−1
+-104
+4
+Reclassifications due to realization of the
+hedged item
+-102
+Hedged item is recognized at a point in time
+-102
+whether the
+Reclassifications due to changes in
+902
+5
+0
+1,008
+-112
+Gains or losses from effective hedging
+relationships
+hedged item is expected to occur
+50
+to determine hedge
+ineffectiveness
+0
+0
+0
+-1
+0
+257
+25
+30
+-1
+Foreign exchange differences
+Changes in consolidated group
+229
+1,340
+61
+15
+Balance at Dec. 31, 2022
+Depreciation and impairment
+Balance at Jan. 1, 2022
+8
+76
+84
+0
+00
+Additions to cumulative depreciation
+1
+954
+Carrying amount at Dec. 31, 2022
+344
+30
+4
+310
+Balance at Dec. 31, 2022
+41
+8
+0
+33
+Disposals
+-1
+-1
+Classified as held for
+130
+13
+116
+15
+-2
+-
+Balance at Jan. 1, 2022
+Cost
+Total
+Right of use on
+other equipment,
+operational and
+office equipment
+Right of use on
+technical
+equipment and
+machinery
+Right of use on
+land, land rights
+and buildings incl.
+buildings on third
+party land
+The Porsche AG Group primarily acts as lessee with respect to leases of office premises, real estate and other
+production resources. The leases are negotiated individually and include a wide range of contractual terms. Right-
+of-use assets under leases are included in the following items in the statement of financial position:
+35.1 Lessee accounting
+35. IFRS 16 (LEASES)
+Capitalized borrowing costs amounted to €113 million (2022: €58 million) in the fiscal year and related to
+capitalized development costs. At the Porsche AG Group, an average borrowing rate of 3.4% (2022: 2.2%) was
+used as the basis for capitalization.
+34. IAS 23 (BORROWING COSTS)
+Other changes to lease liabilities largely include non-cash additions to lease liabilities.
+9,480
+100
+167
+268
+-786
+1,211
+11
+63
+Foreign exchange differences
+-2
+2265
+1,264
+Disposals
+Classified as held for sale
+137
+1
+4
+12
+1,285
+5
+127
+Additions
+-
+0
+Changes in consolidated group
+0
+4
+3005
+9,731
+31
+Consolidated Financial Statements Notes to the consolidated financial statements
+Interest expenses of €38 million (2022: €30 million) were incurred for lease liabilities in the fiscal year.
+€ million
+1,470
+1,473
+905
+429
+866
+454
+150
+139
+Figures as of December 31, 2022
+1,954
+52
+53
+244
+928
+471
+205
+Total
+Right-of-use assets were not recognized for short-term leases and leases of low-value assets. Expenses totaling
+€38 million (2022: €40 million) were incurred for leases of low-value assets in the fiscal year. That figure does not
+include expenses for short-term leases, which totaled €113 million in the fiscal year (2022: €92 million). Variable
+lease expenses, which were not included in the measurement of lease liabilities, came to €2 million in the reporting
+year (2022: €2 million).
+From 2029
+In the fiscal year, cash outflows of €304 million (2022: €278 million) were attributable to leases entered into as
+lessee.
+€ million
+269
+305
+1
+23
+1
+2
+264
+277
+3
+Total
+Obligations under leases not yet commenced
+Termination options
+Extension options
+Variable lease payments
+2022
+2023
+Future cash outflows to which the lessee is potentially exposed
+The table below gives an overview of potential future cash outflows not taken into consideration in the
+measurement of lease liabilities:
+2028
+2027
+2026
+106
+113
+1,047
+940
+934
+Dec. 31, 2022
+Dec. 31, 2023
+Total lease liabilities
+Current financial liabilities
+Non-current financial liabilities
+€ million
+Assignment of lease liabilities to the respective statement of financial position items
+The tables below show how the lease liabilities are presented in the statement of financial position and give an
+overview of their contractual maturities:
+The measurement of right-of-use assets and the associated lease liability is subject to best estimates with regard
+to the exercise of options to extend or terminate the lease. This estimate is updated if there are material changes in
+circumstances or in the agreement.
+Income of €5 million (2022: €5 million) was generated in the fiscal year from subleasing right-of-use assets.
+342
+↑↓ ↑
+341
+1,046
+35.2 Lessor accounting
+The Porsche AG Group acts as lessor under both finance and operating leases. These relate primarily to vehicles.
+The Porsche AG Group fully accounts for the credit risk arising in respect of lease receivables by recognizing loss
+allowances in accordance with IFRS 9. As lessor, the Porsche AG Group counters risks from assets underlying the
+lease by taking into account, among other things, residual value guarantees received for parts of the lease portfolio
+as well as forward-looking residual value forecasts on the basis of internal and external information in the context
+of residual value management. The residual value forecasts are reviewed regularly.
+2025
+2024
+Lease payments
+€ million
+Figures as of December 31, 2023
+Total
+over five years
+to five years
+997
+under one year
+Remaining contractual maturities
+Lease liabilities at Dec. 31, 2022
+Lease liabilities at Dec. 31, 2023
+€ million
+Maturity analysis of undiscounted lease liabilities
+The following cash inflows are expected in the coming years from non-discounted expected lease payments
+outstanding under operating leases:
+Assets leased under long-term operating leases, which are recognized separately in the statement of financial
+position as leased assets, amounted to €4,190 million as of the end of the fiscal year (2022: €3,854 million) and
+primarily include vehicles of €4,190 million (2022: €3,854 million). Further explanations on the value development
+of leased assets can be found in the section "Development of leased assets".
+35.2.1 OPERATING LEASES
+within one
+Lease payments
+activities
+Financial assets and
+-299
+1,194
+9,480
+Total third-party borrowings
+76
+11
+1
+64
+Disposals
+1,047
+132
+-18
+-113
+1,046
+Carrying amount at Dec. 31, 2022
+Classified as held for sale
+1,950
+0
+-89
+42
+Balance at Dec. 31, 2023
+Foreign exchange differences
+Financial assets and
+344
+30
+4
+310
+Balance at Jan. 1, 2023
+0
+1
+-1
+liabilities
+Depreciation and impairment
+Other financial assets and
+1,394
+58
+14
+1,323
+10,417
+0
+-91
+-22
+Balance at
+Dec. 31.
+Other
+changes
+Classified as
+held for sale
+Changes in
+consolidated
+group
+changes differences
+Jan. 1, 2023
+€ million
+Foreign
+exchange
+Cash-
+effective
+Balance at
+Total
+Right of use on
+other equipment,
+operational and
+office equipment
+Right of use on
+technical
+equipment and
+machinery
+Right of use on
+land, land rights
+and buildings incl.
+buildings on third
+party land
+Presentation of and changes in right-of-use assets from January 1 to December 31, 2023
+€ million
+Non-cash changes
+2023
+Cost
+Balance at Jan. 1, 2023
+Foreign exchange differences
+2,152
+borrowings
+Other total third-party
+154
+9
+145
+Additions
+7,420
+-8
+0
+1,329
+6,282
+ABS-refinancing
+1,340
+-23
+0
+61
+15
+1,264
+-23
+-190
+liabilities in financing
+0
+liabilities in financing
+2,152
+7
+0
+167
+-28
+-240
+2,246
+borrowings
+Other total third-party
+6,282
+0
+-1
+290
+-426
+6,418
+ABS-refinancing
+2022
+€ million
+Dec. 31,
+Lease liabilities'
+-115
+-1
+0
+-5
+4
+liabilities
+Other financial assets and
+9,480
+100
+167
+267
+-781
+9,727
+Total third-party borrowings
+1,046
+93
+0
+5
+1,063
+Other
+changes
+Classified as
+held for sale
+group
+Disposals
+Other changes to lease liabilities largely include non-cash additions to lease liabilities.
+-
+-
+Classified as held for sale
+10,417
+42
+0
+-299
+1,194
+9,480
+activities
+131
+12
+1
+117
+Additions to cumulative depreciation
+Balance at Dec. 31, 2023
+Carrying amount at Dec. 31, 2023
+43
+1
+Balance at
+Changes in
+consolidated
+Foreign
+exchange
+differences
+Cash-
+effective
+changes
+Jan. 1, 2022
+€ million
+Non-cash changes
+Presentation of and changes in right-of-use assets from January 1 to December 31, 2022
+-8
+982
+10
+946
+412
+31
+4
+377
+55
+11
+27
+2023
+Lease liabilities'
+2025
+10
+☐ ☐
+0
+Other changes within a stage
+44
+Newly extended/purchased financial assets
+(additions)
+Disposal due to spin-off
+0
+-2
+00
+0
+0
+0
+-1
+111
+36
+14
+10
+11
+54
+Changes in consolidated group
+Changes
+56
+-6
+Stage 2
+-5
+9
+Stage 1
+Transfers to
+0
+2,313
+221
+120
+2,396
+253
+-1
+-37
+1,841
+2,313
+Carrying amount at Dec. 31
+Carrying amount at Jan. 1
+Foreign exchange differences
+50
+Changes in consolidated group
+Foreign exchange differences
+12,949
+Carrying amount at Dec. 31, 2022
+-26
+Classified as held for sale
+14
+-14
+Stage 3
+155
+-155
+Stage 2
+-5
+-61
+66
+Stage 1
+Transfers to
+4,023
+74
+198
+15
+1,330
+-27
+14,492
+Carrying amount at Jan. 1, 2023
+2022
+2023
+Simplified approach
+€ million
+Change in the gross carrying amounts of lease receivables
+Total
+Simplified
+approach
+-3
+Stage 3
+Stage 1
+€ million
+Change in the loss allowance for financial assets measured at amortized cost
+348
+↑↓ ↑ ||
+347
+Consolidated Financial Statements Notes to the consolidated financial statements
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Stage 2
+-12
+Stage 3
+Financial instruments derecognized
+Stage 2
+-3
+9
+Stage 1
+Transfers to
+0
+83
+8
+-17
+-10
+1
+2
+0
+100
+33
+10
+30
+Other changes within a stage
+-8
+75
+8
+-13
+0
+2024
+Classified as held for sale
+-
+Changes to models or risk parameters
+-7
+-38
+51
+-5
+30
+-6
+Utilization
+-3
+-30
+during the period (disposals)
+Financial instruments derecognized
+13
+Stage 3
+(additions)
+Newly extended/purchased financial assets
+-10
+Carrying amount at Dec. 31, 2023
+Classified as held for sale
+2022
+2023
+Simplified approach
+Change in the loss allowance for lease receivables
+-28
+-1
+-27
+€ million
+-31
+-9
+-1
+28
+Utilization
+-21
+during the period (disposals)
+47
+11
+11
+35
+Disposal due to spin-off
+-18
+Changes in consolidated group
+1
+1
+Foreign exchange differences
+13
+10
+-28
+44
+Total
+Simplified
+approach
+Stage 3
+Stage 2
+Stage 1
+€ million
+Carrying amount at Jan. 1
+104
+Carrying amount at Jan. 1, 2022
+-11,887
+3,961
+-7
+-46
+231
+535
+663
+865
+Total
+From 2029
+2028
+2027
+2026
+2025
+2024
+Lease payments
+€ million
+Figures as of December 31, 2023
+The following payments are expected in the next few years from non-discounted expected lease payments
+outstanding under finance leases:
+2,180
+2,256
+31
+-113
+5
+Figures as of December 31, 2022
+2,204
+7
+43
+219
+517
+636
+782
+Lease payments
+43
+Total
+From 2028
+2027
+2026
+2025
+2024
+2023
+€ million
+2,328
+36. FINANCIAL RISK MANAGEMENT AND FINANCIAL INSTRUMENTS
+-120
+-231
+2023
+Total
+Income from variable lease payments
+Lease income
+Breakdown of income from operating leases
+1,771
+58
+49
+206
+689
+577
+192
+Total
+From 2028
+Changes
+2027
+2026
+2022
+-181
+1,225
+0
+1,225
+1,190
+271
+2,204
+2,328
+279
+Dec. 31, 2022
+Dec. 31, 2023
+Net investment
+Loss allowance on lease receivables
+Unearned interest income
+Non-discounted lease payments
+Non-guaranteed residual value
+€ million
+Interest income on the net investment in the lease amounted to €119 million in the fiscal year (2022: €97 million).
+The table below presents the reconciliation of outstanding lease payments from finance leases to net investment
+value:
+35.2.2 FINANCE LEASES
+344
+↑↓ ↑ 0 ||
+343
+Consolidated Financial Statements Notes to the consolidated financial statements
+1,190
+36.1 Hedging guidelines and financial risk management principles
+Due to the international activities in the automotive and financial services segments, financial risks arise that affect
+the net assets, financial position and results of operations of the Porsche AG Group. These risks are broken down
+into market risks, credit and default risks and liquidity risks. The risks are regularly monitored, reported and
+centrally managed using financial instruments. The primary aim of using financial instruments is to limit the
+financial risk exposures in order to ensure the Porsche AG Group's ability to continue as a going concern and its
+earnings power.
+€ million
+Derivative financial instruments and hedge accounting are mainly used to control currency, interest rate and
+commodity price risks. Currency risks from future sales revenue denominated in foreign currencies are hedged
+through the use of exchange rate hedging instruments for a period of up to five years. The main hedging
+instruments used are forward exchange transactions and currency options. The volume of exchange rate hedges is
+determined on the basis of the planned sales figures in the respective foreign currency, taking into account
+procurement volumes. The interest rate risk from variable-rate financing and the interest rate risk from refinancing
+the financial services business are largely hedged through the use of suitable derivatives such as interest rate
+swaps. Commodity price risks are hedged for a period of several years using hedging instruments in the form of
+averaging swaps. The counterparties for the exchange rate, interest rate and commodity price hedges are mainly
+large national and international financial institutions and Volkswagen AG. Cooperation is subject to uniform
+regulations and continuous monitoring.
+-36
+278
+-278
+-11
+-183
+194
+€ million
+13,405
+1,487
+14
+284
+11,620
+Carrying amount at Dec. 31, 2023
+Classified as held for sale
+Stage 3
+Stage 2
+Stage 1
+36
+25
+99
+18
+117
+The principles and responsibilities for managing and controlling the risks that could arise from financial
+instruments are defined by the Executive Board and monitored by the Supervisory Board. Internal guidelines exist
+within the Porsche AG Group that clearly define the risk management and control processes. These guidelines
+regulate, among other things, the use of financial instruments or derivatives and the requisite control procedures,
+such as a clear segregation of functions between trading and settlement. In addition, it is also stipulated that
+financial transactions should always be based around the needs of the underlying transaction. Consequently,
+financial transactions are not concluded for speculative purposes. The treasury department identifies, analyzes and
+monitors risks group-wide. The underlying guidelines and the supporting systems are checked regularly and
+brought into line with current market and product developments.
+Changes in consolidated group
+Disposal due to spin-off
+-54
+20,942
+Carrying amount at Jan. 1, 2022
+Foreign exchange differences
+Total
+Simplified
+approach
+Transfers to
+Stage 3
+-11,887
+-
+8
+125
+4
+0
+22,304
+1,246
+Stage 1
+-822
+Stage 2
+-26
+€ million
+Change in the gross carrying amounts of financial assets measured at amortized cost¹
+The tables below present a reconciliation of gross receivables and loss allowances for the different classes of
+financial assets.
+The Porsche AG Group applies the simplified approach to trade receivables. The same applies to receivables from
+operating or finance leases accounted for in accordance with IFRS 16. Under the simplified approach, expected
+credit losses are consistently determined over the entire life of the asset.
+Under the general approach, financial assets are allocated to one of three stages plus an additional stage for
+financial assets that were already impaired when acquired (stage 4). Stage 1 comprises financial assets at initial
+recognition or for which there has not been any significant increase in probability of default. Expected credit losses
+for the next twelve months are calculated at this stage. Stage 2 comprises financial assets with a significant
+increase in probability of default, and stage 3 comprises financial assets for which there are objective indications of
+default. Lifetime expected credit losses are calculated in stage 2 to 4.
+IFRS 9 differentiates between the general approach and the simplified approach. The expected credit loss model
+under IFRS 9 comprises both loss allowances for financial assets where there are no objective indications of
+impairment, as well as loss allowances for financial assets that are already impaired.
+The Porsche AG Group applies the expected credit loss model under IFRS 9 on a uniform basis for all financial
+assets, with the exception of financial assets measured at fair value through profit or loss, and for other risk
+exposures.
+36.2.1 LOSS ALLOWANCE
+Stage 1
+The global allocation of business activities and the resulting diversification meant that there were no material risk
+concentrations at individual counterparties or counterparty groups in the fiscal year.
+346
+↑↓ ↑ ||
+345
+Consolidated Financial Statements Notes to the consolidated financial statements
+The credit and default risk arising from financial assets involves the risk of default by counterparties, and therefore
+comprises at a maximum the amount of recognized carrying amounts against the respective counterparty. Default
+risks in receivables are reduced by a strict receivables management system. Furthermore, the maximum credit and
+default risk is reduced by collateral held. Collateral is primarily held for financial assets classified to the at
+amortized cost category. Vehicles, collateral assignments, guarantees and cash are used as collateral. For level 3
+financial assets with objective indications of impairment as of the reporting date the collateral provided led to a
+reduction in risk by €8 million (2022: €4 million).
+168
+See also the explanations in the opportunities and risk report of the combined management report in section
+→ Financial risk management and methods as well as opportunities.
+The financial instruments entered into for hedging purposes can give rise to counterparty risks that may have a
+negative impact on the net assets, financial position and results of operations. Channeling excess liquidity into
+investments also exposes the group to counterparty risks. Partial or complete default by a counterparty would have
+a negative impact on the net assets, financial position and results of operations. In order to manage these risks, the
+Porsche AG Group has set out guidelines to ensure that transactions are concluded only in approved financial
+instruments, only with approved counterparties and only on the admissible scale.
+The counterparties to material cash and capital investments and to derivatives are national and international
+financial institutions, as well as Volkswagen International Belgium S.A. and Volkswagen AG. Credit and default risk
+is limited by a limit system that is primarily based on credit assessments of the counterparties. The maximum
+amounts for default risk are presented in section → 36.2.3 MAXIMUM CREDIT RISK.
+Stage 2
+36.2 Credit and default risk
+Simplified
+approach
+3
+Stage 3
+-964
+3
+14,492
+-268
+-12
+0
+-9
+0
+1,330
+Total
+-247
+Carrying amount at Jan. 1, 2023
+Foreign exchange differences
+Changes in consolidated group
+12,949
+Changes
+15
+198
+2,627
+Total
+3,901
+1,344
+147
+5,392
+Within one year
+Property, plant and equipment
+More than five
+years
+361
+Intangible assets
+Dec. 31, 2022
+Purchase commitments in respect of
+Within one to
+five years
+Total
+88
+975
+1,803
+Intangible assets
+665
+85
+1
+751
+118
+Obligations from
+97
+125
+25
+211
+Miscellaneous other financial obligations
+1,534
+Irrevocable credit commitments to customers
+Leasing and rental contracts
+1,803
+100
+486
+1,966
+In connection with their business activities, Porsche AG Group companies engage in constant dialog with
+regulatory agencies, including the Kraftfahrt-Bundesamt (KBA-German Federal Motor Transport Authority) as type
+approval and market surveillance authorities. It is not possible to predict with assurance how government
+regulators will assess certain issues of fact and law in a particular situation. For this reason, the possibility that
+certain vehicle characteristics and/or type approval aspects may in particular ultimately be deemed deficient or
+impermissible cannot be ruled out. This is also fundamentally a question of the regulatory agency's specific
+evaluation in a concrete situation.
+Risks may also result from actions for infringement of intellectual property, including infringement of patents,
+brands, or other third-party rights, particularly in Germany and the USA. If the Porsche AG Group is alleged or
+determined to have violated third-party intellectual property rights, it may for instance have to pay damages,
+modify manufacturing processes, or redesign products, and may be barred from selling certain products; this may
+result in delivery and production restrictions or interruptions.
+Legal risks may also arise due to the criminal actions of individuals, which even the best compliance management
+system can never fully rule out.
+Consolidated Financial Statements Notes to the consolidated financial statements
+377
+↑↓ ↑
+Various legal proceedings are pending worldwide, particularly in the USA, in which customers are asserting
+purported product-related claims, either individually or in class actions. These claims are as a rule based on alleged
+vehicle defects, including defects alleged in vehicle parts supplied to the Porsche AG Group. Compliance with legal
+or regulatory requirements (such as the GDPR) is another area in which risks may arise. This applies in particular to
+gray areas, where Porsche AG or the companies in which it holds direct or indirect interests may make
+interpretations that differ from those of the competent authorities.
+378
+Unless otherwise explicitly stated, the amounts disclosed for the litigation reported on here refer only to the
+respective claim of the other party. Other legal defense costs, such as any legal and consulting fees and litigation
+costs, are not as a rule reported in connection with the legal disputes presented here.
+Diesel issue
+On November 2, 2015, the United States Environmental Protection Agency (EPA) issued a notice of violation of the
+Clean Air Act to Volkswagen AG, AUDI AG, Volkswagen Group of America, Inc., Porsche AG and Porsche Cars North
+America, Inc.
+3
+The notice alleges that certain 3.0 liter V6 Volkswagen Group diesel engines are in contravention of the applicable
+emissions certification standards.
+Porsche AG decided to voluntarily halt sales of the roughly 11,500 3.0 liter V6 US diesel engines affected by the
+notice of violation pending a decision and recertification by the US authorities.
+Where doing so was manageable and economically feasible, adequate insurance cover was taken out to cover
+these risks. Where necessary based on the information currently available, identified and correspondingly
+measurable risks have been reflected by recognizing provisions in amounts considered appropriate or disclosing
+contingent liabilities, as the case may be. Since some risks cannot be assessed, or only to a limited extent, it cannot
+be ruled out that significant losses or damage may arise in an amount not covered by the insurance or provisions.
+In the course of their operating activities, Porsche AG and the companies in which it holds direct or indirect
+interests are involved in a large number of legal disputes and official proceedings, both in Germany and abroad.
+Among others, these legal disputes and proceedings relate to or are connected with employees, authorities,
+services, dealers, investors, customers, products or other contractual partners. They may lead to payments such as
+fines as well as other obligations and consequences for the companies involved. In particular, substantial
+compensation or punitive damages may have to be paid and cost-intensive measures may be necessary. In this
+context, specific estimation of the objectively likely consequences is often possible only to a very limited extent, if
+at all.
+40. LITIGATION
+3,390
+Obligations from
+On January 4, 2016, the US Department of Justice filed a complaint at the request of the EPA against the above
+companies, among others. In addition, class actions were filed by customers, dealers and investors and
+proceedings were initiated by further authorities and institutions (including the Department of Justice (civil and
+criminal), state attorney generals, the Federal Trade Commission and the Customs and Border Protection Agency)
+over the course of 2016. Porsche AG cooperated with all of the parties involved to clarify the matter.
+Irrevocable credit commitments to customers
+Leasing and rental contracts.
+34
+59
+7
+Miscellaneous other financial obligations
+273
+456
+110
+839
+Total
+2,471
+803
+116
+163
+196
+19.6
+Property, plant and equipment
+Automotive segment¹
+Operating profit after tax
+Assets invested (average)
+Return on investment (ROI) in %
+Financial services segment
+Profit before tax
+The disposal of financial assets measured at amortized cost results in gains of €2 million (2022: €0 million) and
+losses of €35 million (2022: €1 million).
+Average equity
+4,498
+18,010
+24.7
+25.0
+309
+346
+1,576
+4,857
+19,646
+The total interest income attributable to financial assets and liabilities measured at amortized cost, as calculated
+using the effective interest method, amounted to €539 million (2022: €507 million) and the total interest
+expenses amounted to €363 million (2022: €185 million).
+The net gains or losses in the financial assets and liabilities measured at amortized cost category mainly comprise
+interest income and expenses under the effective interest method pursuant to IFRS 9, currency translation effects,
+and the recognition of loss allowances. Interest also includes interest income and expenses from the lending
+business in the financial services segment.
+The net gains or losses in the financial instruments measured at fair value through profit or loss category mainly
+result from the fair value measurement of derivatives, including interest and gains or losses on currency translation.
+Financial assets measured at fair value through other comprehensive income
+(debt instruments)
+0
+On January 11, 2017, the US Department of Justice published the agreement with the Volkswagen Group,
+including Porsche AG. The agreement with Porsche AG is limited to civil penalties. Volkswagen AG has signed a
+hold harmless agreement for the fines. The Porsche AG Group will not be supervised by an external monitor. The
+organizational and process requirements have already been largely addressed in the Porsche remediation plan. On
+May 11, 2017, the agreement of January 2017 was confirmed by the courts. On April 13, 2017, the US
+Department of Justice concluded the third partial consent decree ("3PCD") in connection with the diesel issue. On
+July 21, 2017, a comparable agreement ("California PCD") was reached with the United States District Court for
+the Northern District of California. In this agreement, Porsche AG undertook to meet conditions from the areas of
+organization, processes, employees and sustainability and to provide evidence of meeting these conditions. These
+essentially corresponded with the remediation plan.
+Financial liabilities measured at amortized cost
+-304
+114
+-20
+416
+37. CAPITAL MANAGEMENT
+The Porsche AG Group's capital management ensures that it is possible to realize the group's objectives and
+strategies in the interests of the shareholder, employees and other stakeholders. The primary objective of capital
+management at the Porsche AG Group is to ensure the financial flexibility necessary to realize its value-adding
+business and growth targets and to increase its enterprise value over the long term. The management's focus lies
+on increasing the return on invested capital in the automotive segment and on increasing the return on equity in
+the financial services segment. In general, the aim of the Porsche AG Group and its segments is to achieve as high a
+return as possible to the benefit of all stakeholders in the company.
+In order to structure the use of resources as efficiently as possible in the automotive segment and to measure its
+success, we apply return on investment (ROI) as performance indicator. ROI is the average return on invested
+capital for a particular period based on the operating profit after tax. Invested capital is calculated as total
+operating assets (property, plant and equipment, intangible assets, inventories and receivables) less non-interest-
+bearing liabilities (trade payables and payments on account received). Average invested capital is calculated using
+total assets at the beginning and the end of the reporting year.
+Given the particular features of the financial services segment, control focuses on the return on equity, a target
+indicator which is based on the equity invested. This indicator is calculated as the ratio of earnings before tax to
+average equity. Average equity is calculated from the balance at the beginning and the end of the reporting year. In
+addition, the financial services segment aims to satisfy the capital requirements of the banking supervisory
+authorities, as well as to obtain the necessary equity to finance the growth planned for the coming fiscal years and
+to support external ratings by ensuring capital adequacy. The capital requirements of the banking supervisory
+authorities were complied with in the fiscal year 2023 and in the prior year.
+The return on investment in the automotive segment and the return on equity in the financial services segment are
+presented in the tables below:
+€ million
+2023
+2022
+1,691
+20.5
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Pre-tax return on equity in %
+64
+128
+In the case of liabilities from guarantees, the Group is required to make specific payments if the debtors fail to
+meet their obligations.
+Other contingent liabilities mainly comprise potential expenses arising from legal and product-related matters; in
+particular, several product-related class actions brought by customers are pending in the USA. The plaintiffs are
+each claiming various different quality defects with regard to Porsche AG's vehicles. Porsche AG and its
+subsidiaries will continue to defend themselves against the claims. The contingent liabilities do not include
+amounts connected with the diesel issue described in note → 40. LITIGATION. Further official investigations/
+proceedings are at a stage where the basis for claims has not yet been specified and/or the amounts cannot be
+determined with sufficient precision. To the extent that they meet the definition of a contingent liability, these
+official investigations/proceedings were generally not disclosed due to the lack of measurable data.
+In accordance with IAS 37.92, no further disclosures are made in respect of estimates of the financial impact or
+disclosures relating to uncertainties surrounding the amount or timing of contingent liabilities, so as not to
+prejudice the outcome of the proceedings or the company's interests. Further information can be found in note
+→ 40. LITIGATION.
+39. OTHER FINANCIAL OBLIGATIONS
+€ million
+Maturity
+Within one to
+Within one year
+five years
+More than five
+years
+Total
+Dec. 31, 2023
+Purchase commitments in respect of
+123
+1,605
+39
+0
+Consolidated Financial Statements Notes to the consolidated financial statements
+375
+↑↓ ↑ 0 |||
+376
+Maturity
+38. CONTINGENTLIABILITIES
+€ million
+Guarantees
+Warranties
+Other contingent liabilities
+Dec. 31, 2023
+Dec. 31, 2022
+€ million
+25
+5
+0
+On October 23, 2017, the US authorities approved the software update submitted for review by the Volkswagen
+Group relating to emissions compliant repair (ECR) for around 38,000 US vehicles with 3.0 liter V6 TDI generation
+2.1 and 2.2 engines. The recall of the approximately 11,500 US Cayenne V6 diesel vehicles began in November
+2017. The requisite software update was successfully rolled out in the fiscal year 2018. The recall quota specified
+in the agreement with the US authorities was thus exceeded.
+791
+AUDI AG has held Porsche AG harmless the costs of legal risks, litigation, product liability complaints or other third-
+party complaints relating to the 2013-2016 Porsche Cayennes affected in North America and it was agreed to not
+€ million
+Level 3
+Level 2
+Derivative financial instruments included in hedge accounting by level:
+Level 1
+Dec. 31, 2023
+Dec. 31, 2023
+€ million
+368
+↑↓ ↑ 0 |||
+367
+Consolidated Financial Statements Notes to the consolidated financial statements
+88
+88
+Fair values of financial assets and liabilities measured at amortized cost by level
+Other financial liabilities
+Level 1
+Level 3
+2
+788
+1,134
+1,924
+791
+Other financial assets
+Level 2
+1,449
+Other financial assets
+Trade receivables
+Non-current assets
+4,226
+4,226
+Financial services receivables
+1,449
+Current liabilities
+15
+15
+€ million
+Dec. 31, 2023
+Financial assets and liabilities measured at fair value by level:
+The fair values of financial assets and liabilities measured at amortized cost are presented in the following
+overview. The fair value of receivables from financial services allocated to level 3 is determined using the current
+market interest rates valid on the reporting date instead of the internal interest rate. The material inputs used to
+calculate the fair value of receivables from financial services are forecasts and estimates of used vehicle residual
+values for the respective models. The receivables from financial services also include assets amounting to
+€2,256 million (2022: €2,180 million) that are measured in accordance with IFRS 16.
+70
+10
+Non-current assets
+70
+Other financial liabilities
+Current liabilities
+Other financial liabilities
+1,533
+380
+1,533
+10
+Other equity investments
+Level 1
+Level 2
+Other financial liabilities
+Non-current liabilities
+1,810
+1,810
+Marketable securities and time deposits
+207
+207
+Other financial assets
+Current assets
+Other financial assets
+82
+193
+0
+193
+82
+Level 3
+Current assets
+Marketable securities and time deposits
+16
+16
+Level 3
+Level 2
+Level 1
+Dec. 31, 2022
+€ million
+13,438
+Non-current assets
+154
+Fair value of financial liabilities measured at
+amortized cost
+1
+1
+Liabilities associated with assets held for sale
+Level 3
+Level 2
+13,731
+Other financial assets
+139
+Current assets
+plea the statute of limitations until July 31, 2023 and was subsequently extended until July 31, 2025.
+Consequently, from today's perspective, it is not expected that the Porsche AG Group will be subject to any
+significant outflow of resources in this regard.
+Accordingly, no receivables were recognized for other costs incurred in connection with the diesel issue in North
+America for which AUDI AG has signed a hold harmless agreement as an outflow of resources is not virtually certain
+as of the reporting date. It was agreed to not plea the statute of limitations until July 31, 2023 and this was
+subsequently extended until July 31, 2025.
+For the legal proceedings outside of the USA and Canada in connection with the diesel issue, Porsche AG expects -
+based on previous agreements and accounting practice - that the costs incurred in this connection for legal risks
+and litigation costs will be borne by AUDI AG and will pass the costs on to the latter. No extensive provisions will be
+recognized for future expected outflows of resources.
+On January 21, 2019, the public prosecutor's office in Stuttgart instigated administrative fine proceedings
+pursuant to sections 30 and 130 of the German Act on Breaches of Administrative Regulations (OWIG). The
+administrative offense proceedings initiated against Porsche AG in connection with the diesel issue ended with the
+fine notice issued by the public prosecutor's office in Stuttgart on May 7, 2019. The fine notice is based on a
+negligent breach of supervisory duty in the organizational unit Prüffeld Entwicklung Gesamtfahrzeug/Qualität
+(Overall Vehicle Development/Quality-Testing Facility) or its respective successor organization. The fine notice
+imposes a total fine of €535 million, comprising a penalty payment of €4 million and the forfeiture of economic
+benefits amounting to €531 million. After a thorough review, Porsche AG did not appeal the penalty payment,
+rendering the fine notice legally binding. The fine has been paid in full, thus ending the administrative offense
+proceedings against Porsche AG. As a consequence, it is highly unlikely that any further penalties or forfeitures will
+be imposed on Porsche AG in Europe in connection with the uniform circumstances underlying the fine notice.
+Furthermore, a number of administrative investigations and proceedings are pending around the world against
+Porsche AG and its subsidiaries as well as against its executive directors with regard to the diesel issue.
+At the end of March 2021, the supervisory board of Volkswagen AG announced the completion of the investigation
+initiated in October 2015 into the causes of and those responsible for the diesel issue. In this context, the
+Volkswagen AG group has reached agreement with the relevant insurers under its directors and officers liability
+policies (D&O insurance) on payment of an aggregate sum of €270 million (coverage settlement). In addition,
+agreement was reached on damage payments by a former member of AUDI AG's board of management and the
+former member of Porsche AG's Executive Board, Mr. Wolfgang Hatz (liability settlement). As a result of this
+liability settlement as well as the coverage settlement, Porsche AG recognized other operating income of
+€30 million in the fiscal year 2021. On June 27, 2023, Mr. Wolfgang Hatz was sentenced to a suspended prison
+term by the Munich II Regional Court on a charge of fraud. The ruling is not yet legally binding. The liability
+settlement remains in effect.
+In 2018, the public prosecutor's office in Stuttgart instigated a criminal investigation into the diesel issue against
+individual persons on suspicion of fraud and illegal advertising. Proceedings against an Executive Board member
+have since been discontinued without determining any misconduct pursuant to section 153a of the German Code
+of Criminal Procedure (StPO) against payment of a court-imposed sum. A penalty order was also issued against a
+Porsche AG employee. This only relates to the Cayenne V8 TDI EU6 and to a period as of 2016. The penalty order
+has since become legally binding, meaning that these proceedings have also come to an end. According to the
+information available, the other individual proceedings have also been discontinued pursuant to section
+153 StPO/section 153a StPO. In connection with these proceedings being discontinued, Porsche AG made
+reimbursements of €2 million to the employees.
+Consolidated Financial Statements Notes to the consolidated financial statements
+379
+↑↓ ↑ ||
+Other financial liabilities
+Current liabilities
+Non-current liabilities
+140
+140
+Other financial assets
+Level 1
+In September 2022, the 3PCD was lifted by the court. Porsche has thus met all required conditions. The California
+PCD was also lifted by the court in September 2022.
+Dec. 31, 2022
+1
+138
+Fair value of financial assets measured at
+amortized cost
+284
+284
+Other financial liabilities
+6
+6
+Current liabilities
+Assets held for sale
+5,820
+5,820
+Cash and cash equivalents
+424
+424
+Other financial assets
+Non-current liabilities
+13,440
+6,954
+2,258
+700
+89
+928
+Other financial liabilities
+9,247
+65
+9,313
+Financial liabilities
+3,490
+3,490
+Trade payables
+280
+280
+Other financial liabilities
+4,227
+€ million
+257
+36
+56
+held at the reporting date
+€ million
+Balance at Jan. 1, 2022
+Additions (purchases)
+Transfers from level 3 into level 1
+Transfers from level 3 into level 2
+of which attributable to assets/liabilities
+Total comprehensive income
+recognized in other comprehensive income
+Settlements
+Disposals (sales)
+Changes in participation structure
+Balance at Dec. 31, 2022
+Total gains or losses recognized in profit or loss
+recognized in profit loss
+Net other operating expense/income
+Financial result
+Net other operating expense/income
+recognized in other comprehensive income
+-3
+Settlements
+-76
+-6
+Changes in participation structure
+of which attributable to assets/liabilities
+held at the reporting date
+-26
+Disposals (sales)
+Transfers between the levels of the fair value hierarchy are reported as of the respective reporting dates. There
+were no transfers between the levels of the fair value hierarchy during the reporting period.
+The key risk variable for equity instruments held by the company is the corresponding enterprise value.
+A sensitivity analysis is used to present the effects of a change in the risk variables on profit after tax. If the
+assumed enterprise values had been 10% higher as of December 31, 2023, profit after tax would have been
+€4 million (2022: €5 million) higher. If the assumed enterprise values had been 10% lower as of December 31,
+2023, profit after tax would have been €4 million (2022: €5 million) lower. If the assumed enterprise values had
+been 10% higher as of December 31, 2023, equity would have been €9 million (2022: €9 million) higher. If the
+assumed enterprise values had been 10% lower as of December 31, 2023, equity would have been €9 million
+(2022: €9 million) lower.
+The key risk variable for options on equity instruments held by the company is the corresponding enterprise value.
+A sensitivity analysis is used to present the effects of a change in the risk variable on profit after tax. If the
+assumed enterprise values had been 10% higher as of December 31, 2023, profit after tax would have been
+€0 million (2022: €5 million) higher. If the assumed enterprise values had been 10% lower as of December 31,
+2023, profit after tax would have been €0 million (2022: €5 million) lower.
+Balance at Dec. 31, 2023
+Total gains or losses recognized in profit or loss
+193
+of which attributable to assets/liabilities
+held at the reporting date
+Financial result
+↑↓ ↑ ||
+372
+36.6.5 OFFSETTING FINANCIAL ASSETS AND LIABILITIES
+The following tables contain information about the effects of offsetting in the statement of financial position and
+the potential financial effects of offsetting in the case of instruments that are subject to a legally enforceable
+master netting arrangement or a similar agreement.
+Amounts that are not set off in the
+statement of financial position
+€ million
+371
+Gross amounts of
+recognized
+financial liabilities
+Amounts that are not set off in the
+statement of financial position
+Net amounts of
+financial liabilities
+presented in the
+statement of
+financial position
+Financial
+instruments
+Collateral
+pledged
+Net amount at
+Dec. 31, 2023
+Gross amounts of
+recognized
+financial assets
+set off in the
+statement of
+financial position
+Consolidated Financial Statements Notes to the consolidated financial statements
+12
+36
+of which attributable to assets/liabilities
+held at the reporting date
+-9
+-9
+-9
+Financial assets
+measured at fair value
+203
+156
+58
+36
+22
+-9
+-18
+-127
+263
+-9
+recognized in profit or loss
+-11
+Total comprehensive income
+Marketable securities and time deposits
+262
+262
+Cash and cash equivalents
+3,719
+3,719
+2
+Assets held for sale
+26
+Fair value of financial assets measured at
+amortized cost
+14,328
+5,079
+5,577
+26
+4,020
+1,360
+5,382
+Marketable securities and time deposits
+621
+621
+Other financial liabilities
+584
+584
+466
+466
+Financial services receivables
+Trade receivables'
+3,671
+3,671
+1,268
+1,268
+Other financial assets'
+3,673
+Gross amounts of
+recognized
+Trade payables
+2,899
+369
+↑↓ ↑ 0 ||
+370
+The table below summarizes the changes in items in the statement of financial position measured at fair value and
+allocated to level 3:
+Changes in items in the statement of financial position measured at fair value based on level 3
+€ million
+Consolidated Financial Statements Notes to the consolidated financial statements
+Balance at Jan. 1, 2023
+Transfers from level 3 into level 1
+Transfers from level 3 into level 2
+Financial assets
+measured at fair value
+263
+49
+Additions (purchases)
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+363
+15,635
+Financial liabilities
+8,279
+0
+8,225
+Other financial liabilities
+4,873
+54
+4,510
+54
+309
+Liabilities associated with assets held for sale
+1
+1
+Fair value of financial liabilities measured at
+amortized cost
+16,052
+54
+2,899
+Gross amounts of
+recognized
+€ million
+financial assets
+3,719
+5,641
+Gross amounts of
+recognized
+financial liabilities
+Gross amounts of
+recognized
+financial assets
+set off in the
+statement of
+financial position
+Net amounts of
+financial liabilities
+presented in the
+statement of
+financial position
+1,795
+Amounts that are not set off in the
+statement of financial position
+10,417
+3,490
+928
+Financial
+instruments
+Collateral
+pledged
+Net amount at
+Dec. 31, 2022
+170
+1,268
+5,920
+378
+1,268
+Marketable
+securities and
+time deposits
+1,795
+Cash and cash
+equivalents
+3,719
+Other financial
+assets'
+5,641
+1,795
+3,719
+5,641
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+Derivative financial
+1,268
+instruments
+1,285
+373
+↑↓ ↑
+374
+Transactions in asset-backed securities conducted to refinance the financial services business amounted to
+€7,420 million (2022: €6,282 million) and were reported in ABS refinancing. The corresponding carrying amount
+of the receivables from customer and dealer financing and the finance lease business was €4,622 million (2022:
+€3,757 million). Collateral totaling €9,197 million (2022: €7,948 million) was provided for transactions in asset-
+backed securities, of which €4,622 million (2022: €3,757 million) relates to collateral in the form of financial
+assets. The transactions in asset-backed securities did not result in the disposal of receivables from the financial
+services business since del credere and repayment risks were retained within the Porsche AG Group. The difference
+between the pledged receivables and the associated liabilities resulted from the share of vehicles financed within
+the Porsche AG Group.
+A majority of the group's asset-backed securities transactions may be repaid ahead of schedule ("clean up call") if a
+contractually fixed minimum volume (%) regarding the original transaction volume is still outstanding. The pledged
+receivables may not be pledged further or otherwise serve as collateral. The claims of the bond holders are limited
+to the amount of the receivables pledged and the proceeds from these receivables are earmarked for repayment of
+the corresponding liability. As of December 31, 2023, the fair value of the receivables from the financing business
+that have been pledged but not disposed of amounted to €4,023 million (2022: €3,090 million). The fair value of
+the associated liabilities as of the reporting date amounted to €3,823 million (2022: €2,773 million).
+Consolidated Financial Statements Notes to the consolidated financial statements
+36.6.7 NOTES TO THE INCOME STATEMENT PURSUANT TO IFRS 7
+Net gains/losses from financial assets by IFRS 9 measurement category
+€ million
+2023
+2022
+Financial instruments measured at fair value through profit or loss
+161
+The following table shows the net gains or losses from financial assets and financial liabilities by measurement
+category, which is followed by detailed information on the material items:
+In the financial services segment, asset-backed securities transactions are largely used to refinance its portfolio of
+lease and financing agreements. This involves assigning the expected payments to structured financing companies
+and transferring the financed vehicles are as collateral. A distinction is made here between revolving, non-public
+facilities with one or a syndicate of refinancing partners and amortizing, public asset-backed securities bonds,
+which are broadly marketed to investors on the capital market. In the event that asset-backed securities bond
+issues are not possible to the planned extent on account of unfavorable market conditions, Porsche Financial
+Services also uses asset-backed, amortizing private placements as the need arises by directly approaching
+selected major investors as an alternative refinancing instrument.
+36.6.6 ASSET-BACKED SECURITIES TRANSACTIONS
+The "Financial instruments" column presents amounts subject to a master netting arrangement but that are not
+offset because they do not meet the conditions for offsetting in the statement of financial position. The "Collateral
+received" and "Collateral pledged" columns present the amounts in relation to the total amount of assets and
+liabilities received or pledged as collateral in the form of cash or financial instruments that do not meet the
+conditions for offsetting in the statement of financial position.
+-414
+Financial liabilities
+9,480
+9,480
+Trade payables
+2,899
+2,899
+Other financial
+liabilities
+4,873
+4,873
+871
+9,480
+2,899
+4,873
+Other financial assets contain other equity investments measured at fair value of €193 million (2022:
+€193 million).
+1,285
+Financial assets measured at amortized cost
+Trade receivables
+5,920
+instruments
+1,445
+1,445
+-497
+Financial services
+receivables
+Derivative financial
+6,345
+Trade receivables
+1,449
+1,449
+Marketable
+securities and
+time deposits
+6,345
+928
+928
+Other financial
+liabilities
+financial liabilities
+set off in the
+statement of
+financial position
+Net amounts of
+financial assets
+presented in the
+statement of
+financial position
+Derivative financial
+instruments
+667
+Financial liabilities
+10,417
+667
+10,417
+-497
+Financial
+instruments
+Collateral
+received
+Net amount at
+Dec. 31, 2023
+Trade payables
+3,490
+3,490
+1,826
+5,920
+1,826
+equivalents
+financial assets
+presented in the
+financial assets
+financial position
+statement of
+financial position
+Financial
+instruments
+Collateral
+received
+Net amounts of
+Net amount at
+Dec. 31, 2022
+instruments
+791
+791
+-414
+Financial services
+receivables
+Derivative financial
+Gross amounts of
+recognized
+financial liabilities
+set off in the
+statement of
+recognized
+Gross amounts of
+5,820
+5,820
+Other financial
+assets
+2,180
+2,180
+€ million
+Amounts that are not set off in the
+statement of financial position
+948
+6,345
+1,449
+1,826
+5,820
+2,180
+€ million
+Cash and cash
+70
+106
+141
+102
+145
+Commodity forwards/swaps
+other
+44
+8
+52
+43
+32
+Hedging interest rate risk
+442
+433
+7
+882
+562
+Notional amount of other
+derivatives
+Commodity forwards/swaps
+copper
+234
+87
+1,264
+1,174
+2,437
+5,039
+Currency options in
+other currencies
+799
+1,570
+2,369
+2,454
+Combined interest rate and
+currency risk hedging
+Interest rate/currency swaps
+other currencies
+Hedging Commodity price risk
+Commodity forwards/swaps
+aluminum
+146
+Interest rate swap
+Hedging currency risk
+Currency forwards/
+Cross-currency swaps
+Currency options
+Currency options in USD
+4,853
+328
+5,100
+328
+GBP
+CNY
+JPY
+EUR
+USD
+GBP
+USD
+CNY
+36.6 Other disclosures on financial instruments
+The table below presents the carrying amounts of the financial instruments by measurement category:
+36.6.1 CARRYING AMOUNTS OF FINANCIAL INSTRUMENTS BY MEASUREMENT CATEGORY OF IFRS 9
+€ million
+Dec. 31, 2023
+Dec. 31, 2022
+JPY
+EUR
+Dec. 31, 2022
+Dec. 31, 2023
+4,291
+213
+Consolidated Financial Statements Notes to the consolidated financial statements
+361
+↑ ↓ ↑ 0 |||
+362
+In addition to the other derivatives used to hedge currency and interest rate risks, as presented above, the
+Porsche AG Group held credit swaps with a notional amount of €52 million (2022: €21 million) and remaining
+maturity of between one and five years on the December 31, 2023 reporting date. The Porsche AG Group also held
+fixed income futures (€403 million; 2022: €306 million), equity futures (€213 million; 2022: €66 million), other
+swaps (€123 million; 2022: €0 million), currency futures (€43 million; (2022: €58 million), stock options
+(€1 million; 2022: €0 million), with a remaining maturity of less than one year, and other swaps (€14 million; 2022:
+€0 million), with a remaining maturity of more than five years.
+With respect to the interest rate swaps and cross-currency interest rate swaps presented above, the Porsche AG
+Group achieved an average hedging interest rate of 3.0% (2022: 1.4%) and 0.0% (2022: 0.3%), respectively,
+weighted by total notional amount.
+With respect to the currency forwards and currency options, the Porsche AG Group achieved a hedging exchange
+rate for the key currencies of 7.41 and 7.24, respectively (EUR/CNY; 2022: 7.44 and 7.35, respectively), 0.88
+(EUR/GBP; 2022: 0.87) and 1.14 and 1.09, respectively (EUR/USD; 2022: 1.16 and 1.12, respectively), weighted
+by total notional amount.
+To hedge commodity price risks, the average hedging rates were US$2,332.15/t for aluminum and
+US$8,359.11/t for copper.
+The total notional amount includes both derivatives entered into by means of offsetting transactions, as well as the
+offsetting transactions themselves. The offsetting transactions partly offset effects resulting from the original
+hedge, meaning that the respective notional amount would be higher were the offsetting transaction not taken into
+account.
+Another effect that increases the notional amount results from cylinder options, where both the put and call
+options are taken into consideration in the notional amount.
+The hedged items in cash flow hedges are expected to be realized in accordance with the maturity buckets of the
+hedges presented in the table.
+The market values of the derivatives are determined using market data on the reporting date and suitable valuation
+techniques. The calculation was based on, among other things, the following interest rate structure:
+%
+246
+Financial assets measured at fair value through profit or loss
+15,694
+1,906
+The table below shows the remaining maturities profile of the notional amounts of hedging instruments recognized
+under the Porsche AG Group hedge accounting requirements, as well as derivatives not within hedge accounting:
+Notional amount of derivative financial instruments
+€ million
+Term of maturity
+Total notional
+amount
+Total notional
+amount
+For this purpose, cumulative changes in the value of the designated components of the hedging instrument and
+the hedged item are compared. If there is no critical terms match, the same procedure is applied to the non-
+designated components.
+up to one year
+more than five
+years
+Dec. 31, 2023
+Dec. 31, 2022
+Notional amount of hedging
+instruments within
+hedge accounting
+within one to
+five years
+Since transitioning to IFRS 9, the Porsche AG Group mainly assesses the effectiveness of hedges on a prospective
+basis using the critical terms match method. Retrospective analysis of effectiveness uses effectiveness tests in the
+form of the dollar offset method. Under the dollar offset method, the changes in value of the hedged item
+expressed in monetary units are compared with the changes in value of the hedging instrument expressed in
+monetary units.
+36.5 Methods for monitoring hedge effectiveness
+As of December 31, 2023, the VaR for currency risk amounted to €0 million (2022: €1 million).
+360
+Equity and bond price risks
+The fully consolidated special funds in which the Porsche AG Group invests surplus liquidity are exposed in
+particular to equity and bond price risks that may arise from fluctuations in quoted market prices, stock exchange
+indices and market interest rates. The risks to which the special funds are exposed are generally countered by the
+Porsche AG Group by ensuring a broad diversification across a range of products, issuers and regional markets
+when making investment decisions, as stipulated in the investment policy. The risk management system in place is
+partially based on a minimum value threshold and, if the market situation is appropriate, exchange rate hedges are
+entered into.
+IFRS 7 stipulates that the presentation of market risk must include disclosures on how hypothetical changes in risk
+variables impact the price of financial instruments. The risk variables include in particular quoted market prices or
+indices, as well as interest rate changes as a bond pricing parameter.
+If share prices had been 10% higher as of December 31, 2023, profit after tax would have been €29 million (2022:
+€14 million) higher. If share prices had been 10% lower as of December 31, 2023, profit after tax would have been
+€36 million (2022: €12 million) lower.
+Commodity price risk
+Commodity risks for the Porsche AG Group arise, among other things, from the price development of commodities.
+Commodity price risks are partly hedged through the use of hedging instruments for a period of several years. The
+hedging instruments used are averaging swaps which are accounted for as cash flow hedges. The volume of
+hedges is determined on the basis of the planned commodity exposure in the respective procurement contracts. In
+2023, price hedges were entered into for aluminum, copper, nickel, cobalt and lithium hydroxide.
+Commodity price risk within the meaning of IFRS 7 is presented using sensitivity analyses.
+If the commodity prices of the hedging instruments accounted for using hedge accounting as of December 31,
+2023 had been 10% higher (lower), equity would have been €27 million higher (lower). As of year-end 2022, no
+hedging instruments were accounted for using hedge accounting.
+36.4.3 MARKET RISK IN THE FINANCIAL SERVICES SEGMENT
+Interest rate risk
+Interest rate risk in the financial services segment mainly results from changes in market interest rates, primarily
+for medium- and long-term floating-rate liabilities and from non-maturity-matched refinancing. This risk is
+reduced by entering into interest rate hedges and cross-currency interest rate swaps.
+As of December 31, 2023, the VaR for interest rate risk amounted to €34 million (2022: €51 million).
+Currency risk
+Currency risk in the financial services segment mainly results from assets denominated in a currency other than the
+functional currency, and from refinancing as part of operating activities. These risks are partly reduced by entering
+into cross-currency interest rate swaps.
+Hedging interest rate risk
+6,639
+Interest rate swap
+3,229
+1,496
+1,266
+2,761
+2,267
+Currency forwards/
+Cross-currency swaps
+Cross-currency swaps in USD
+in other currencies
+5,947
+10,058
+8,817
+Currency options
+Currency options in CNY
+4,733
+4,111
+Currency forwards/
+10,321
+11,167
+5,857
+6,633
+Hedging currency risk
+Currency forwards/
+Cross-currency swaps
+Currency forwards/
+Cross-currency swaps in CNY
+3,037
+5,019
+8,056
+10,833
+Currency forwards/
+Cross-currency swaps in GBP
+4,342
+6,825
+2,628
+1,669
+2,160
+Financial assets measured at fair value through other comprehensive income (equity
+instruments)
+Reconciliation of items in the statement of financial position to classes of financial instruments as
+of December 31, 2022'
+Reconciliation of items in the statement of financial position to classes of financial instruments as
+of December 31, 2023
+364
+↑↓ ↑ 0 |||
+363
+Consolidated Financial Statements Notes to the consolidated financial statements
+€ million
+The table below presents a reconciliation of the line items in the statement of financial position to the relevant
+classes of financial instruments, broken down by the carrying amounts and fair values of the financial instruments.
+credit commitments and financial guarantees (not recognized in the statement of financial position)
+-
+0.91
+4.07
+3.75
+3.53
+36.6.3 RECONCILIATION OF ITEMS IN THE STATEMENT OF FINANCIAL POSITION TO CLASSES OF FINANCIAL
+INSTRUMENTS
+Non-current assets
+Derivative
+Measured
+€ million
+Carrying
+amount
+Carrying
+amount
+Fair value
+amount
+Carrying
+Carrying
+amount
+item at
+Dec. 31, 2023
+Statement of
+financial position
+to a
+measurement
+category
+accounting
+Not
+allocated
+financial
+instruments
+within hedge
+Measured at
+amortized cost
+at fair value
+2.77 0.84 3.15
+Non-current assets
+3.48 3.30
+10 years
+5.16 5.14 2.38
+3.68
+6 months
+Interest rate for
+not allocated to any measurement category
+derivative financial instruments included in hedge accounting
+0.02 2.73
+financial instruments measured at amortized cost
+The Porsche AG Group allocates financial instruments to the following classes:
+36.6.2 CLASSES OF FINANCIAL INSTRUMENTS
+The fair values recognized as of December 31, 2023 relate to the shares in 1KOMMA5°GmbH, Hamburg
+(€52 million; 2022: €13 million), Cresta Intelligence Inc., Wilmington, DE (€9 million; 2022: €9 million), Nozomi
+Networks, Inc., San Francisco, CA (€8 million; 2022: €3 million), DSP Concepts, Inc., Dover, DE (€6 million; 2022:
+€6 million), Bumper International Ltd., London (€5 million; 2022: €2 million), Hangzhou Wanxiang Culture
+Technology Co., Ltd., Hangzhou (€4 million; 2022: €1 million) as well as other smaller equity investments
+(€49 million; 2022: €46 million).
+The measurement category "financial assets measured at fair value through other comprehensive income (equity
+instruments)" contains equity investments in unlisted companies in which the Porsche AG Group holds between
+0.03% and 14.90% of the shares. As these are long-term equity investments, they are irrevocably measured at fair
+value through other comprehensive income.
+The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+of which classified as held for sale
+financial instruments measured at fair value
+4.79 4.08
+2.41
+0.01
+Interest rate for
+4.08 3.06 0.60
+3.73
+3.19
+0.45
+2.57
+2.18 3.56 3.38
+Interest rate for
+5 years
+0.10
+3.03 4.89 4.46 2.46
+0.07
+2.31
+4.79 4.75
+3.21
+Interest rate for
+1 year
+2.27
+1,845
+Derivative
+at fair value
+1,449
+944
+1,379
+207
+Other financial assets²
+Financial services receivables
+Trade receivables
+Current assets
+1,449
+Current assets
+466
+4,382
+1,494
+2,820
+178
+2,889
+187
+100
+753
+0
+1,449
+Trade receivables
+132
+122
+Financial assets measured at amortized cost
+13,302
+of which classified as held for sale
+6
+14,379
+26
+Financial liabilities measured at fair value through profit or loss
+103
+79
+Financial liabilities measured at amortized cost
+13,788
+71
+725
+944
+Other financial assets²
+Measured
+1,422
+Financial services receivables
+651
+investments
+Equity-accounted
+Equity-accounted
+Carrying
+amount
+Carrying
+amount
+651
+Fair value
+Carrying
+amount
+financial position
+item at
+Dec. 31, 2022
+Statement of
+Not
+allocated
+to a
+measurement
+category
+financial
+instruments
+within hedge
+accounting
+Measured at
+amortized cost
+Carrying
+amount
+investments
+623
+623
+4,676
+1,531
+3,282
+545
+3,146
+549
+82
+Other financial assets'
+Financial services receivables
+636
+443
+193
+Other equity investments
+814
+621
+193
+Other equity investments
+791
+1
+16,207
+Cash and cash equivalents
+3,719
+26
+26
+Non-current liabilities
+Financial liabilities
+Other financial liabilities³
+15
+5,602
+64
+5,545
+934
+6,537
+Non-current liabilities
+Financial liabilities
+64
+284
+1,795
+Other financial liabilities
+5,076
+240
+4,920
+240
+940
+621
+6,016
+872
+Current liabilities
+Current liabilities
+Financial liabilities
+3,768
+3,768
+Trade payables
+3,490
+3,490
+Other financial liabilities
+10
+88
+262
+3,719
+Assets held for sale
+Financial services receivables
+1,268
+851
+1,268
+0
+1,268
+851
+687
+1,538
+1,379
+424
+2,010
+Other financial assets³
+141
+5,203
+262
+3,719
+26
+5,203
+5,484
+Marketable securities and
+Marketable securities and
+time deposits
+1,810
+Cash and cash equivalents
+Assets held for sale
+16
+5,820
+6
+16
+5,820
+1,826
+time deposits
+1,533
+5,820
+6
+140
+864
+364
+280
+4
+Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €3,472 million).
+5 Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities:
+€4,917 million).
+Consolidated Financial Statements Notes to the consolidated financial statements
+365
+↑↓ ↑ 0 |||
+366
+The fair value of financial instruments measured at amortized cost, such as receivables and liabilities, is calculated
+by discounting the carrying amount using a market rate of interest for a similar risk and matching maturity. For
+reasons of materiality, the fair value of current statement of financial position items is generally deemed to be their
+carrying amount.
+For the reconciliation to the carrying amounts in the statement of financial position, the "Not allocated to a
+measurement category" column in the table also includes items that are not financial instruments.
+The key risk variables for the fair values of receivables are risk-adjusted interest rates.
+"Financial instruments measured at fair value" also include shares in partnerships and corporations.
+36.6.4 FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES
+Fair values are allocated to the levels of the fair value hierarchy based on the availability of observable market
+prices. Level 1 shows the fair values of financial instruments where a quoted price is directly available on active
+markets. This includes securities issued by the Porsche AG Group. Fair values in level 2, such as derivatives, are
+derived from market data using market valuation techniques. These market data include in particular currency
+exchange rates and yield curves which are observable on the relevant markets and can be obtained from pricing
+service providers. Level 3 fair values are calculated using valuation techniques with inputs that are not based on
+directly observable market data. In particular, the Porsche AG Group allocated options on equity instruments to
+level 3. Equity instruments are primarily measured on the basis of the respective business plans and entity-specific
+discount rates.
+The tables below provide an overview of the financial assets and liabilities measured at fair value by level:
+3 Other assets that are not financial assets are not included (other receivables and income tax receivables: €816 million).
+864
+Other equity investments
+Other financial assets
+Current assets
+Other financial assets
+Non-current liabilities
+Dec. 31, 2022
+Level 1
+Level 2
+Level 3
+193
+0
+193
+100
+100
+Non-current assets
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Effects of new or amended IFRS).
+2 Other assets that are not financial assets are not included (other receivables and deferred tax assets: €842 million).
+€ million
+4
+Liabilities associated with
+Other financial liabilities
+Trade payables
+Financial liabilities
+1,231
+3,880
+assets held for sale
+113
+1 Other assets that are not financial assets are not included (other receivables and deferred tax assets: €705 million).
+1
+1
+assets held for sale
+Liabilities associated with
+Other liabilities that are not financial liabilities are not included (income tax provisions, other provisions, other liabilities and income tax liabilities:
+€4,961 million].
+3 Other liabilities that are not financial liabilities are not included (other provisions, deferred tax liabilities and other liabilities: €3,996 million).
+3,358
+3,490
+3,358
+2,899
+2,899
+70
+4,633
+4,633
+584
+1
+1
+3,464
+2,899
+2 Other assets that are not financial assets are not included (other receivables and income tax receivables: €1,314 million).
+5,287
+PORSCHE
+38
+The idea was to make the model as light,
+powerful, puristic, and seamless as possible.
+The story of its origin is quite interesting.
+Following the release of the first ultra-sporty
+Porsche 911 S in 1969 and the arrival of the
+first purist-focused 911 Carrera T a short
+time later, customers promptly called for
+a combination of the two. What was once
+managed primarily in house and occasionally
+also by Porsche Motorsport with the unofficial
+abbreviation ST is now integrated into the
+anniversary model. The 911 S/T combines
+elements of the 911 GT3 RS with the body of
+the 911 GT3 Touring and specially developed
+lightweight components. The naturally
+aspirated four-liter, six-cylinder boxer engine
+sourced from the GT3 RS applies 386 kW
+(525 PS) to the road via a manual transmission
+and lightweight clutch. Inspired by the 60th
+anniversary, the dream car was limited to
+1,963 examples, all of which sold out at the
+unveiling.
+"The ideas and requests submitted to
+Porsche Exclusive and Porsche Classic reveal
+the sheer diversity of exclusive customer
+dreams," explains von Platen. "We also find
+inspiration in the globally active community-
+through social media and our Porsche Clubs."
+Close to a quarter of a million enthusiasts are
+members of more than 700 Porsche Clubs
+in 86 countries. On the basis of intensive
+customer contact, Porsche develops wish lists
+for very highly positioned models in the GT
+range as well as for special limited editions.
+Take the 911 S/T, for instance, a gift to mark
+the series' 60th anniversary.
+The imposing 1983 Porsche 935
+"Street" for Mansour Ojjeh
+"An edition as exclusive as this requires
+precise production planning and special tools
+developed by our employees themselves,"
+explains Reimold. "Our flexible production
+system, Porsche Production 4.0, is also
+designed for high levels of personalization-
+with the fundamental principles of smart, lean,
+and green. The variety of potential designs can
+transform just about any two-door sports car
+into a one of a kind. But a limited special edition
+like the 911 S/T also requires a great deal of
+highly qualified craftsmanship. That is why for
+special models we not only rely on Porsche
+Exclusive Manufaktur, but also integrate
+another section of production into our sports
+car assembly with CFK-Manufaktur. High-
+tech solutions and craftsmanship set Porsche
+production apart."
+Special Editions Born from Dreams
+23
+never give up.
+turbo
+22
+Detlev von Platen, Member of the Executive Board
+responsible for Sales and Marketing
+Dreams can be
+powerful. They
+encourage us to
+nose with pop-up headlights. Ojjeh requested
+a majestic rear spoiler along with the finest
+leather in light beige, wood paneling, and a
+Clarion hi-fi system in the interior. His flat-
+nosed 935 "Street" proved to be quite a hit,
+and Porsche saw the potential. By 1989, a total
+of 948 examples of the flatnose 911 Turbo had
+been ordered.
+24
+PORSCHE
+911 GT3 RS: Fuel consumption combined (WLTP) 13.4 l/100 km, CO₂ emissions combined (WLTP) 305 g/km | 911 GT3 with Touring Package: Fuel consumption combined (WLTP)
+12.94 1/100 km, CO₂ emissions combined (WLTP) 293-292 g/km | 911 S/T: Fuel consumption combined (WLTP) 13.8 l/100 km, CO₂ emissions combined (WLTP) 313 g/km
+Albrecht Reimold, Member of the Executive Board
+Albrecht Reimold integrates
+27
+27
+Extraordinary Designs from the Past
+Some customers have aesthetic or racing
+dreams they want to apply to Porsche. And
+then there are those who are looking for
+customized complete technology and design
+packages. But this is nothing new. For example,
+Herbert von Karajan ordered his very own
+lightweight version of the 911 Turbo 3.0 in
+1974. He applied the same level of dedication
+to selecting the car's performance equipment
+upgrades that he did to conducting the Berlin
+Philharmonic orchestra. His car was the only
+911 Turbo with the lightweight body of the
+Carrera RS-and ended up on the cover of
+the Berühmte Ouvertüren album sporting
+the Martini Racing look. Or, for instance,
+take Mansour Ojjeh, the former owner of the
+Techniques d'Avant Garde (TAG) investment
+firm, who ordered the Formula 1 engine from
+Porsche and, in 1983, requested a street
+version of the successful 935 race car. The
+result was a one-of-a-kind 409 PS Turbo in
+Candy Apple based on the Porsche 930. Unlike
+the regular 911, this model featured a flat
+responsible for Production and Logistics
+High-tech solutions and
+craftsmanship set Porsche
+production apart.
+Following final assembly, the 911 S/T undergoes
+finishing with additional components of the
+Heritage Design package at Exclusive
+Manufaktur, where employees apply final
+details such as the motorsport graphic with
+Porsche lettering on the side. Individually
+selected equipment features in the interior
+such as air vents edged in leather are also
+installed here. "With iconic vehicles of superior
+quality such as the 911 S/T, we increase the
+appeal of our brand time and time again," says
+von Platen. "We listen to our customers and
+make their dreams come true." This promise
+has been a recipe for success-for 75 years.
+the full bucket seats in Black/Classic Cognac
+and the embossed leather cover of the central
+console are delivered directly to the assembly
+line. "Our fully connected smart factory allows
+us to produce a whole host of model variants
+with lots of customization options on a single
+assembly line, which is a key hallmark of the
+Zuffenhausen site," says Reimold.
+Milestones Craftsmanship
+Porsche has sophisticated logistics to integrate
+highly personalised customer cars and special
+series into regular sports car assembly at
+the Zuffenhausen factory. Parts are delivered
+with precision down to the minute, ensuring
+seamless assembly of the 911 S/T-for
+example, when installing the model-specific
+engine vent grille, magnesium wheels, or the
+racing clutch. Some of the Heritage Design
+package components for the 911 S/T, such as
+for the 911 S/T includes full bucket
+seats in Black/Classic Cognac
+The Heritage Design package
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+26
+AFBAG
+25
+Manufaktur expertise into
+industrial production
+Following final assembly, 60 employees
+working in three shifts add the finishing
+touches to an average of around 120 cars daily
+at Porsche Exclusive Manufaktur, which has
+its own trimshop. The second craftsmanship
+department, CFK Manufaktur, is positioned
+upstream and is something akin to a temporary
+departure from the assembly line. Once the
+GT models leave the body shop and paint shop,
+three employees here see to the lightweight
+CFRP components, which are the doors,
+fenders, and front hoods.
+RIGHT It took a great deal of
+finesse to orchestrate the light-
+weight version of the 911 Turbo
+on the roof of the Porsche Center Stuttgart
+LEFT In 1974, Herbert von
+Miriam Mohamad, Project Manager for Infotainment and
+Connect, Macan Model Line, Hemmingen
+120 100
+<-120 Y
+km/h
+regulierung
+120
+120
+the cockpit, from tried-and-
+tested digital ecosystems,
+while maintaining its Porsche
+identity.
+900 m 49
+Get behind the wheel and feel "Porsche". The
+unmistakable topology of the cockpit places a
+clear focus on the driver. As in the original 911,
+the instrument cluster reigns supreme in
+the Macan, and is now fully digital. "We've
+combined the best of two worlds," says Miriam
+Mohamad. "The seamless transition between
+the smartphone ecosystem and the car is
+important to us." And that's why the 12.6-inch
+curved instrument cluster not only displays the
+familiar views, but now also features an Apple
+CarPlay map for the first time.
+Yet another software highlight is the new
+Android operating system. "We've further
+developed the Porsche identity with its tried-
+and-tested operating elements and added
+customer-relevant content such as music
+and video streaming and gaming apps," says
+Mohamad. Anyone who uses popular apps such
+as Spotify and YouTube will now have access
+to their personal profile, including playlists
+and recommendations-just like on their
+smartphone. The front passenger also has their
+own screen for streaming their favorite series
+without distracting the driver, and has the
+option to take over navigation and commands
+with voice command. Incidentally, the first
+to speak is in command. Array microphone
+technology can match commands to the
+specific seat, thereby avoiding confusion.
+And with six additional new languages, the
+system is now multilingual like never before.
+The augmented reality head-up display is an
+additional innovation at Porsche and appears
+as a virtual image 87 inches in size at a
+distance of ten meters in front of the driver.
+Virtual objects are projected onto the actual
+surroundings with precise localization for faster
+and simpler comprehension of information
+about navigation and driver assistance
+systems. When you're turning, for example,
+virtual navigation arrows hover at intersection
+height and show the way. Warnings, too, are
+projected onto the actual obstacle to prevent
+misunderstanding.
+Featuring 56 LEDs that extend from one door.
+to another and across the instrument panel,
+the standard, innovative communication light
+not only fulfills three tasks in the interior-
+providing information, issuing warnings,
+and creating atmosphere-but also more
+effectively highlights characteristic Porsche
+features such as launch control and changing
+driving modes. In addition, the communication
+light visualizes different vehicle situations such
+as charging and operates in conjunction with
+driver assistance systems. For example, red
+pulsating on the door warns of an approaching
+road user from behind before the passenger
+Vision
+can open the door.
+B10 Stuttgart
+Karajan's wish list extended to
+this signature
+We've added new content to
+projects important information in the field of
+von Karajan
+21
+Milestones Craftsmanship
+Individuality Based on Tradition
+Even in the 1950s, Ferry Porsche viewed
+special requests as orders, whether race car
+modifications or an elegant car radio. When
+the 911 replaced the 356, customers began
+sharing more and more ideas. To maintain the
+quality of performance-enhancing measures,
+Porsche began officially selling spare parts for
+racing-along with fitting advice-in 1970. In
+response to growing demand for support on
+the racetrack, the company soon established
+its own customer racing department,
+which was followed by the special request
+department for modifying series production
+cars in 1978. Alongside the tuning trend,
+the desire to upgrade the interior took off in
+the 1980s, with wood and leather, wild color
+patterns, and room-filling hi-fi systems. In
+response, Porsche was the world's first car
+manufacturer to establish its own department
+for in-factory customization in 1986. Its
+range now encompasses more than 1,000
+Porsche Exclusive Manufaktur options for
+elegant details and high-tech solutions. And
+the "Paint to Sample" and "Paint to Sample
+Plus" programs offer an almost endless
+configuration spectrum for exterior colors. The
+new "Personalize" product program enables
+personalization directly in the configurator.
+More involved customer requests, including
+custom cars, are the responsibility of the
+special request program.
+Realizing customers' dreams enriches
+the company's history with fascinating
+custom cars, some of which would qualify
+as eccentric or could be displayed at a
+museum. Customization is a growing market.
+These days, more than 90 percent of all 911
+customers choose at least one option from
+the Porsche Exclusive Manufaktur portfolio.
+And limited-run, meticulously designed
+special editions often sell out shortly after
+their unveiling.
+the exterior
+LEFT The custom interior
+expertly reflects the color of
+view with precise localization
+of an Arabian Prince
+ABOVE, LEFT A1987
+customer dreams
+fulfills exclusive
+Detlev von Platen
+20
+20
+The new augmented reality head-up display
+Porsche 959 as a treasure worthy
+Porsche AG has been systematically developing a start-up
+ecosystem since 2016. Its venture capital unit, Porsche
+team identified a drag coefficient of 0.25 for
+this situation-the best that a Porsche SUV
+has ever achieved.
+29
+S.GO 707E
+popular series.
+will shape the future. Whether
+aerodynamics, connectivity,
+range, or driving dynamics, the
+innovations in the new Macan
+are setting benchmarks. At the
+same time, Porsche is working
+toward a strategic milestone
+with full electrification of this
+The present-day current of time
+Streamlining
+34
+33
+META
+SMART CITY & LIVING
+INDUSTRIAL SOLUTIONS
+BEYOND
+Milestones Vision
+NEGATIVE-EMISSION MATERIALS
+ESG SUPPLY CHAIN
+CIRCULAR ECONOMY
+SUSTAINABILITY
+NEW WORK
+PRODUCTION 4.0
+DIGITAL EXPERIENCE
+35
+35
+In practice, ten percent
+less drag means an
+increase in range of
+21 kilometers.
+Milestones Streamlining
+SAGOTON
+Luke
+PORSCHE
+aerodynamic elements
+The automatically raising rear
+spoiler is just one of several active
+C
+INTELLIGENT ENTERPRISE
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+Based on the reduced drag resulting from the change in consumption, determined on the basis of the WLTP.
+Milestones Streamlining
+Because drag has a direct impact on range-
+ten percent less of the former means an
+increase in the latter of 21 kilometers'-the
+underbody, too, features variable elements.
+Like that of a race car, the underbelly is flat
+and closed, even in the area surrounding
+the rear wheels. But the panels there are
+flexible and minimize drag even in rebound,
+an ingenious solution that complements the
+streamlined, largely closed wheel rims and
+the first-ever aerodynamically optimized
+Porsche tire contours. When cruising country
+roads, the Macan automatically assumes its
+ideal aerodynamic set-up. The rear spoiler
+adopts the Eco position, the air flaps close,
+and the chassis lowers. Wiegand and his
+"What you'll notice at the front is the central
+air intake," says Wiegand. "We designed the
+cooling flaps to be fully variable and to regulate
+temperature. Fully opened, they cool the
+battery during the charging process, which
+protects the battery and extends its service
+life. On the road, they close to reduce drag,
+which increases the range. But the variable
+flaps open again when the car's temperature
+sensors call for cool air. In this way, we can
+ensure optimal cooling for the battery and
+engines, air conditioning in the interior, and
+braking performance in all driving situations."
+It's all down to this line, a mere stroke on paper.
+And yet it marks a a new beginning. The coupé-
+like roofline of the Macan and the striking
+rear-with its shape so typical of Porsche-
+evoke the tight, unmistakable flyline of the
+911. But this time, it's not just a reminder
+of the Porsche icon. Rather, the shape,
+including the rear spoiler, is a groundbreaking
+innovation in the all-electric SUV segment.
+"The active aerodynamic elements all
+contribute significantly to the range," says
+aerodynamics specialist Thomas Wiegand.
+"We have a rear spoiler that raises automatically,
+active cooling flaps at the front air intakes, and
+flexible covers on the underbody." Located in
+the same building as the Style Porsche design
+department, the Weissach wind tunnel gives
+form and shape to the streamlining of the
+newly developed Macan. It's the first Porsche
+based on the Premium Platform Electric
+(PPE) created in collaboration with Audi. This
+platform not only benefits from development
+synergies, but is also highly flexible, enabling
+Porsche to implement its own technical and
+brand-specific objectives. Full electrification
+of the popular model line is an important
+milestone on the path to ensuring that more
+than 80 percent of the new cars are fully
+electrified in 2030-depending on the demand
+of customers and the development of
+electromobility in the respective regions of
+the world.
+Thomas Wiegand, Head of Aerodynamics and
+Aeroacoustics-Development, Weissach
+1
+36
+CAR-RELATED SERVICES
+E-MOBILITY ECOSYSTEM
+INTELLIGENT CAR
+CAR & MOBILITY
+Porsche Ventures has defined four strategic fields of investment
+Milestones Vision
+"
+30
+Lutz Meschke, Deputy Chairman of the Executive Board and
+Member of the Executive Board responsible for Finance and IT
+Through Porsche Ventures, we
+are creating the basis for
+convincing external investors of
+our innovation agenda and our
+investment strategy in the future.
+38
+The Porsche Design Tower was planned with
+foresight-including a photovoltaic system
+31
+These are precisely the objectives pursued by
+Porsche Ventures, the CVC unit of Porsche AG,
+which has defined four strategic fields
+of investment: Car & Mobility, Intelligent
+Enterprise, Sustainability, and Beyond.
+In the case of VC, an external, independent
+investment team collects funds to invest in
+new companies. The aim of VC funds like these
+is to sell the investments for a profit after the
+value of the company has increased.
+Venture capital activities refer to the
+acquisition of a minority interest in start-
+ups, which are recently established and new.
+companies, with a distinction made between
+traditional venture capital (VC) and what's
+known as corporate venture capital (CVC).
+One example from the start-up portfolio is
+Schröder's 1KOMMA5°, which Porsche got
+involved in at the end of 2021. Two years
+later, the Hamburg company is one of multiple
+success stories in venture capital that
+Lutz Meschke can cite.
+Standing on the terrace of the Porsche Design
+Tower in Stuttgart, Meschke looks out over the
+rooftops of the city, satisfied with the progress
+made thus far. "Our VC activities have paid
+off both strategically and financially. They
+generate important ideas in innovation-and
+have already helped increase the value of the
+company." Porsche has invested approximately
+€300 million in 50 different start-ups, with
+an investment book value at just under
+€400 million.
+They appeared to hit it off. Both of them
+are entrepreneurs through and through and
+have demonstrated foresight time and again.
+Meschke is considered to be the father of
+venture capital activities at Porsche and in
+2016 demonstrated courage and pioneering
+spirit when he pursued and initiated the first
+steps into the world of venture capital. "As
+I've always said, you should never measure
+these activities by the value of the individual
+companies," he says, thinking back to when it
+all began seven years ago. "It's also clear that
+not all investments in start-ups will ultimately
+take off. The most important thing is strategic
+added value for Porsche. We've learned a
+whole lot and have incorporated a great many
+products, technologies, and agile working
+methods into the Group very rapidly."
+"Philipp is young, dynamic, self-confident,
+and impressive. He's very good at structuring
+complicated issues and knows how to explain
+things clearly," says Meschke, full of praise.
+"Lutz's office is much smaller and more modest
+than I was expecting," adds Schröder. "I really
+enjoyed the meeting. It was much less
+complicated than I thought it would be."
+In May 2023, Lutz Meschke and Philipp Schröder
+got together in person for the first time. The
+Deputy Chairman of the Executive Board and
+Member of the Executive Board, Finance and
+IT at Porsche AG welcomed the cofounder
+and CEO of cleantech start-up 1KOMMA5° to
+his office in Stuttgart-Zuffenhausen. The two
+of them turned up with their own personal
+expectations and, within an hour, were both
+pleasantly surprised-and on first-name terms.
+In the case of CVC, a traditional industry
+company acts as investor. This corporate
+investment team should fulfill the financial
+expectations associated with the investment
+and strategically increase value. Through this
+investment, the investing company is largely
+interested in accessing new technology
+and business models and gaining a new
+understanding of entrepreneurship.
+Ventures, now has employees at five locations in
+Luxembourg, Berlin, Palo Alto, Tel Aviv, and Shanghai,
+who are tasked with boosting the innovative power of
+Porsche using venture capital.
+Lutz Meschke can tell success
+32
+AREAS OF FOCUS
+Meschke refers to the period between 2016
+and 2022 as "the first generation of our venture
+capital activities." During this phase, Porsche
+invested directly in 39 new companies and
+financed the establishment of 13 companies
+by Forward31, the company builder by Porsche
+Digital. Five of these investments have already
+been sold.
+modern and global, with Porsche initially
+investing in international VC funds. Porsche
+Ventures is now involved in multiple funds
+with a focus on the US, Europe (e.ventures),
+and Israel (Magma and Grove). Porsche has
+also invested in the CVC unit of a Chinese car
+manufacturer, NIO Capital. "Through fund
+investments, we also wanted to learn how the
+VC world operates on a fundamental level,"
+explains Thiem.
+When Porsche conquered the world of venture
+capital in 2016, Meschke's approach was
+Porsche Ventures has been able to operate
+independently for the most part since 2023.
+"That allows us to make the transaction
+process more efficient," says Ulrich Thiem,
+Managing Director of Porsche Ventures.
+"And investments in start-ups provide us
+with earlier access to business ideas and
+technology concepts. Porsche Ventures acts
+as a sensor for Porsche in new, developing
+markets and will therefore also fulfill the
+company's strategic duties in the future."The
+involvement of a CVC unit additionally benefits
+the start-ups, which not only receive new
+capital, but also gain access to industrialization
+expertise, marketing know-how, and initial
+orders from the industry.
+The funds seem to be well invested, and the
+next unicorn is likely just around the corner.
+His gaze turns to the vineyards of Stuttgart, as
+if he has spotted another unicorn there. "We
+have a lot of future plans for Porsche Ventures,"
+he says once again. In the coming years,
+Porsche plans to invest up to €250 million of
+venture capital, some of which will come from
+the profits from the first generation of the
+Porsche Ventures portfolio.
+stories about Porsche's venture
+capital activities
+Leaning against the railing on the terrace of the
+Porsche Design Tower, Meschke looks back at
+seven successful years. "Rather than resting
+on our laurels, we plan to continue along
+this path," he emphasizes. The operational
+headquarters of Porsche Ventures were
+relocated to Luxembourg in early 2023. "In this
+way, we're highlighting the independence of our
+VC activities," he continues. "And we're creating
+a foundation that will one day also allow us to
+attract external investors with our innovation
+agenda and investment strategy."
+"Through the investment in 1KOMMA5°, we've
+secured a partner that can help us enormously
+with the electric mobility transformation,"
+explains Meschke. He's quick to emphasize
+that he and Schröder have concrete ideas for
+collaboration. But they won't speak about them
+publicly until they're ready for the market.
+on one with a start-up founder once a quarter
+to share contacts, tips, and good ideas-ideally
+in both directions.
+Meschke and Schröder met on a regular basis
+through the "Porsche Executive Champions"
+program, which encourages each member of
+the Porsche Executive Board to connect one
+Meschke could imagine a similar collaboration
+with Hamburg start-up 1KOMMA5°, which
+offers heat pumps, solar modules, battery
+storage, and charging stations for electric cars,
+preferably as part of a package and intelligently
+connected.
+The most prominent investment at that time
+was Rimac Automobili, which is now the Rimac
+Group. In 2018, Porsche got involved with the
+Croatian hypercar manufacturer-and developed
+the company into a strategic investment with
+unicorn status. A unicorn is a company valued
+at US$ 1 billion or more. Following multiple
+financing rounds, Porsche now holds 20 percent
+of the Rimac Group, which is a Porsche partner
+in the joint venture Bugatti Rimac. Rimac
+Technology is also well on its way to becoming a
+Tier 1 supplier for Porsche.
+Lutz Meschke
+Through the investment
+in 1KOMMA5°, we've
+secured a partner that
+can help us enormously
+with the electric mobility
+transformation.
+Porsche also recently invested in more
+established companies that already offer
+high strategic relevance for the luxury brand:
+Group 14 Inc. and HIF Global LLC. "Thanks to the
+investment in Group14, we now have access
+to a strong supplier of battery cell chemicals
+for our Cellforce Group. We wouldn't have been
+able to do that without our VC experience," says
+Meschke. The same could be said of the early
+partnership with HIF Global LLC, one of the
+most promising actors in renewable synthetic
+fuels, known as eFuels.
+39
+37
+33
+1.1077
+Name and domicile of company
+local currency Footnote Year
+local currency
+Total
+Indirect
+Direct
+2. International
+Currency Dec. 31, 2023
+Profit/loss
+in thousands,
+(1 € =)
+Equity
+Exchange rate
+in capital in %
+Porsche AG's interest
+in thousands,
+Porsche AG's interest
+in capital in %
+Equity
+Dr. Ing. h.c. F. Porsche AG, Stuttgart
+I. PARENT COMPANY
+2022
+31
+10
+EUR
+Carrera Finance S.A., Luxemburg
+Name and domicile of company
+Year
+Total
+Indirect
+Direct
+Exchange rate
+(1 € =)
+Currency Dec. 31, 2023
+local currency Footnote
+in thousands,
+Profit/loss
+in thousands,
+local currency
+50. LIST OF SHAREHOLDINGS
+398
+↑↓ ↑ ||
+25.01%
+Porsche Automobil Holding SE
+%
+%
+%
+Ahorner GmbH
+%
+%
+%
+Ahorner Holding GmbH
+%
+%
+or more)
+(if at least held 5%
+Total of both
+entity:
+%
+25.01%
+VOLKSWAGEN
+%
+397
+Consolidated Financial Statements Notes to the consolidated financial statements
+%
+%
+%
+Total of both
+% of voting rights through instruments
+% of voting rights attached to shares
+Date of Annual General Meeting:
+9. In case of proxy voting according to section 34 (3) WPHG
+74.99%
+%
+74.99%
+Porsche Holding Stuttgart GmbH
+AKTIENGESELLSCHAFT
+%
+%
+II. SUBSIDIARIES
+A. Consolidated companies
+1. Germany
+Carrera Italia SPV S.r.I., Conegliano
+1,805,297
+280,862
+7,192,065
+51,835
+990
+3
+100.00 100.00
+1.4681
+CAD
+PCREST Ltd., Mississauga / ON
+2022
+100.00 100.00
+122,033
+1.4681
+PCREST II Holdings Ltd., Vancouver / BC
+2022
+99.00 1.00 100.00
+100.00 100.00
+2022
+1,386
+13,635
+2022
+CAD
+10
+2022
+2022
+100.00 100.00
+PCTX LLC, Atlanta / GA
+2022
+43
+100.00
+100.00
+EUR
+50,518
+Porsche Dienstleistungs GmbH, Stuttgart
+5
+2022
+10
+2022
+10
+2022
+-248,404
+22,746
+2022
+USD
+2022
+18,570
+17,210
+RUB
+000 Porsche Russland, Moskau
+MHP Management- und IT-Beratung GmbH,
+Ludwigsburg
+RUB
+000 Porsche Financial Services Russland, Moskau
+000 Porsche Center Moscow, Moskau
+EUR
+EUR
+Nardò Technical Center S.r.l., Santa Chiara di Nardò
+USD
+ExB LLC, Atlanta / GA
+USD
+ExB II LLC, Atlanta / GA
+10 2022
+10
+EUR
+1.1077
+1.1077
+10
+86.35
+Porsche Consulting GmbH, Bietigheim-Bissingen
+37,644
+56,017
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+99.9661
+99.9661
+99.9661
+1.1077
+USD
+PCars LLC, Atlanta / GA
+2022
+86.35
+69,201
+100.00
+100.00
+EUR
+Porsche Deutschland GmbH, Bietigheim-Bissingen
+100.00
+100.00
+EUR
+235,124
+700
+18,120
+RUB
+EUR
+506
+EUR
+100.00 100.00
+112
+5
+2022
+Shanghai
+CNY
+Porsche Immobilien GmbH & Co. KG, Stuttgart
+EUR
+100.00
+Porsche Leipzig GmbH, Leipzig
+EUR
+100.00
+100.00
+100.00
+59,971
+Bissingen
+Porsche (Shanghai) Commercial Services Co., Ltd.,
+Verwaltungsgesellschaft mbH, Bietigheim-
+2022
+CNY
+7.8700
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+9,994
+-324
+10
+2022
+4,814
+61,015
+10
+2022
+4,6,10
+2023
+7,964
+3,153,434
+3,258
+3,027,981
+2022
+22,036
+2022
+Porsche Asia Pacific Pte. Ltd., Singapur
+SGD
+2022
+10
+2022
+9
+2022
+Porsche Logistik GmbH, Stuttgart
+EUR
+2022
+100.00
+1,000
+2022
+Porsche Niederlassung Berlin GmbH, Berlin
+EUR
+100.00 100.00
+2,500
+2022
+100.00
+Porsche (China) Motors Ltd., Shanghai
+154,752
+14,823
+100.00 100.00
+100.00
+100.00 100.00
+100.00 100.00
+7.8700
+1.4612 100.00
+2,500
+2022
+Porsche Auto Funding LLC, Atlanta / GA
+USD
+1.1077
+Porsche Lifestyle GmbH & Co. KG, Ludwigsburg
+625,831
+79,807
+4,000
+671
+EUR
+100.00
+-11,551
+8,586
+2022
+Porsche Aviation Products, Inc., Atlanta / GA
+USD
+1.1077
+100.00
+Porsche Financial Services
+EUR
+Porsamadrid S.L., Madrid
+1.1077
+100.00 100.00
+33,395
+7,373
+10
+2022
+Porsche Engineering Services GmbH, Bietigheim-
+Bissingen
+USD
+PGEAR LLC, Atlanta / GA
+1.1077
+100.00 100.00
+29,479
+7,841
+10
+2022
+EUR
+USD
+100.00
+PFORCE LLC, Atlanta / GA
+4,000
+100.00
+100.00
+20,025
+2022
+PDRIVE LLC, Atlanta / GA
+USD
+1.1077
+2022
+100.00 100.00
+9,596
+10
+2022
+Porsche Engineering Group GmbH, Weissach
+EUR
+100.00
+100.00
+32,985
+Porsche Brasil Importadora de Veículos Ltda.,
+São Paulo
+100.00
+2022
+1.1077
+EUR
+100.00 100.00
+169,972
+19,955
+2022
+PJOLT-1 LLC, Atlanta / GA
+USD
+USD
+Porsche Financial Services GmbH,
+Bietigheim-Bissingen
+EUR
+100.00
+100.00
+26,608
+2022
+1.1077
+1,601
+PILOT 2019-A LLC, Atlanta / GA
+1.1077
+PILOT 2017-A LLC, Atlanta / GA
+USD
+1.1077
+100.00 100.00
+98,593
+25,265
+10
+Porsche Financial Services GmbH & Co. KG,
+Bietigheim-Bissingen
+2022
+EUR
+100.00
+100.00
+104,425
+2022
+PILOT 2017-B LLC, Atlanta / GA
+USD
+Porsche Erste Beteiligungsgesellschaft mbH,
+Stuttgart
+Porsche Digital GmbH, Ludwigsburg
+BRL
+Porsche Business Services, Inc., Atlanta / GA
+81,607
+2022
+-69,850
+-17,906
+10
+2022
+4,10
+2022
+Porsche Centre Beijing Goldenport Ltd., Peking
+Porsche Centre North Toronto Ltd., Toronto / ON
+Porsche Centre Shanghai Pudong Ltd., Shanghai
+Porsche Centre Shanghai Waigaoqiao Ltd.,
+Shanghai
+CNY
+7.8700
+100.00 100.00
+51,039
+49,539
+2022
+CAD
+65,288
+100.00 100.00
+7.8700
+CNY
+2022
+18,200
+2022
+22,025
+2022
+165,210
+26,307
+1.4681
+2022
+24.7180 100.00
+100.00
+2,441,457
+153,473
+549,641
+2022
+11,627
+2022
+CZK
+100.00 100.00
+19,067
+4,571
+55,596
+2022
+53,873
+16,220
+2022
+18,750
+2,070
+119,268
+2022
+970
+2022
+7,912
+290
+2022
+Consolidated Financial Statements Notes to the consolidated financial statements
+399
+4,716
+-28
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+1.1077
+2022
+CNY
+7.8700
+100.00 100.00
+129,100
+98,374
+2022
+EUR
+CNY
+Porsche Consulting Ltd., Shanghai
+CNY
+7.8700
+Porsche Consulting S.r.I., Mailand
+EUR
+Porsche Consulting, Inc., Atlanta / GA
+Porsche Design GmbH, Zell am See
+USD
+7.8700
+677
+175,719
+214,677
+2022
+2022
+Porsche Canadian Funding L.P., Mississauga / ON
+Porsche Canadian Investment ULC, Halifax / NS
+CAD
+1.4681
+CAD
+1.4681
+Porsche Nordamerika Holding GmbH, Ludwigsburg
+Porsche Sales & Marketplace GmbH, Stuttgart
+Porsche Verwaltungsgesellschaft mit beschränkter
+Haftung, Ludwigsburg
+EUR
+2022
+100.00
+58,311
+2022
+Porsche Cars Australia Pty. Ltd., Collingwood
+AUD
+1.6292 100.00
+EUR
+100.00
+100.00
+100.00
+2,500
+EUR
+USD
+1.1077
+Porsche Niederlassung Berlin-Potsdam GmbH,
+Kleinmachnow
+EUR
+100.00 100.00
+1,700
+100.00 100.00
+2022
+CAD
+1.4681
+Porsche Niederlassung Hamburg GmbH, Hamburg
+Porsche Niederlassung Stuttgart GmbH, Stuttgart
+EUR
+100.00 100.00
+2,000
+2022
+Porsche Canadian Funding II L.P., Mississauga / ON
+5.3750 100.00
+2,198
+Porsche Cars Canada Ltd., Toronto / ON
+2022
+-279
+2022
+1
+2022
+Porsche Cars North America, Inc., Atlanta / GA
+Porsche Central and Eastern Europe s.r.o., Prag
+Porsche Centre Beijing Central Ltd., Peking
+USD
+-4
+1.1077
+164,265
+-14,206
+114,882
+101,866
+154,265
+-1,232
+2022
+2022
+10
+8,248
+2022
+100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+2022
+37
+68,193
+2,556
+1,501,311
+394,594
+80.60
+100.00
+CAD
+1.4681
+Porsche Cars Great Britain Ltd., Reading
+GBP
+0.8691
+EUR
+100.00
+100.00
+100.00
+100.00 100.00
+19.40 100.00
+100.00
+Porsche Werkzeugbau GmbH, Schwarzenberg
+100.00
+Porsche Zentrum Hoppegarten GmbH, Stuttgart
+EUR
+UI-356-Fonds, Frankfurt am Main
+EUR
+UI-SP25-Fonds, Frankfurt am Main
+EUR
+EUR
+16,852
+% of voting rights (if at
+least held 3% or more)
+Name
+42
+137
+Associates and their majority interests
+1
+6
+56
+60
+Joint ventures and their majority interests
+95
+115
+147
+708
+Non-consolidated entities
+4,079
+67
+40
+Porsche Holding Stuttgart GmbH
+2,748
+2,015
+8,017
+189
+97
+Pension plans
+0
+Financial services rendered to that company led to interest income of €0 million (2022: €207 million).
+Porsche AG received a capital contribution from Porsche Holding Stuttgart GmbH in 2023 in the amount of
+€0 million (2022: €3,057 million).
+In addition, there were other obligations not recognized in the statement of financial position in 2023 to
+Volkswagen Group companies amounting to €365 million (2022: €129 million).
+A group agreement was concluded between Porsche AG and Volkswagen AG on the indemnification and
+reimbursement of costs in connection with the IPO of Porsche AG. Under this group agreement, Porsche AG was
+reimbursed costs of €0 million (2022: €50 million) and Volkswagen AG has agreed to indemnify and hold
+Porsche AG harmless from any liabilities, losses, and damages resulting from or related to the IPO.
+The supplies and services rendered to the Volkswagen group contain amounts of €119 million (2022:
+€458 million) for service transfers in the area of research and development.
+Receivables from the Volkswagen Group mainly relate to cash pool receivables of €4,064 million (2022:
+€0 million), loans granted of €530 million (2022: €4,275 million), receivables from intragroup balances of
+€85 million (2022: €2,391 million) as well as trade receivables of €407 million (2022: €502 million).
+Receivables from the State of Lower Saxony mainly relate to bonds of €0 million (2022: €33 million).
+There were no material trade relationships with the Porsche and Piëch families and their affiliated companies in the
+reporting period or the prior period.
+All transactions with related parties are regularly carried out at arm's length conditions.
+7,021
+2,351
+8,377
+7,305
+The prior-year figures have been adjusted.
+1
+Total
+Other related parties
+0
+0
+Members of the Executive Board and the
+Supervisory Board Porsche AG
+0
+6,399
+Volkswagen AG - Group
+33
+0
+1
+1
+Members of the Executive Board and the
+Supervisory Board Porsche AG
+1
+0
+0
+1
+Pension plans
+128
+203
+6
+6
+Associates and their majority interests
+38
+53
+2
+2
+Joint ventures and their majority interests
+203
+256
+72
+0
+Receivables from non-consolidated subsidiaries primarily result from loans granted of €624 million (2022:
+€145 million), with €33 million (2022: €35 million) relating to Dastera Grundstücksverwaltungs-
+gesellschaft mbH & Co. Vermietungs KG, as well as trade receivables of €34 million (2022: €20 million).
+Receivables from associates mainly result from receivables from non-current finance leases of €24 million (2022:
+€25 million) as well as from loans granted of €105 million (2022: €14 million).
+Other related parties
+€ million
+0
+0
+0
+0
+0
+0
+0
+0
+Dec. 31, 2022
+Dec. 31, 2023
+Dec. 31, 2022
+Dec. 31, 2023
+Liabilities
+Receivables
+6,604
+7,197
+5,320
+5,079
+State of Lower Saxony, its majority interests and
+joint ventures
+Porsche SE
+Porsche und Piëch families
+Total
+In 2023, there were other obligations not recognized in the statement of financial position to non-consolidated
+subsidiaries amounting to €409 million (2022: €27 million) and to joint ventures amounting to €227 million
+(2022: €124 million).
+The tables above do not contain the dividend payments received from joint ventures and associates of €2 million
+(2022: €1 million). Nor do the tables contain the dividends of €690 million paid to Porsche Holding
+Stuttgart GmbH and the dividends of €114 million paid to Porsche SE.
+The maximum credit risk for financial guarantees issued to joint ventures amounted to €62 million (2022:
+€66 million).
+3
+5
+100.00%
+0.00%
+455,500,000
+0
+DE000PAG9113
+Indirect (section
+34 WpHG)
+Direct (section 33
+WPHG]
+Indirect (section 34
+WpHG)
+Direct (section 33
+WPHG)
+2022
+2023
+%
+absolute
+Other services
+Tax advisory services
+Other assurance services
+Financial statement audit services
+€ million
+455,500,000
+Total
+Issuer
+455,500,000
+0
+Cash or
+physical
+settlement
+Exercise or
+conversion period
+Expiration or
+maturity date
+claim
+Conditional transfer
+b.2. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+There were no events of significance for the net assets, financial position and results of operations after the end of
+fiscal year 2023.
+46. SUBSEQUENT EVENTS
+The financial statement audit services related to the audit of the consolidated financial statements of Porsche AG
+and of annual financial statements of German group companies, to reviews of the interim consolidated financial
+statements of Porsche AG as well as of interim financial statements of German group companies during the year.
+Other assurance services mainly related to non-statutory audits as well as non-statutory assurance services for
+capital market transactions.
+%
+Total
+%
+%
+Voting rights
+Voting rights
+absolute
+Exercise or
+conversion period
+Expiration or
+maturity date
+b.1. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+0
+5
+0
+4
+100.00%
+175
+Total number of
+voting rights of
+a. Voting rights attached to shares (section 33, 34 WpHG)
+ISIN
+There were balances outstanding at the end of the period including obligations for short-term and long-term
+benefits including post-employment benefits as well as for the fair values of the performance shares granted to the
+Executive Board members under the performance share plans based on the Volkswagen and Porsche preferred
+shares and virtual shares in connection with the IPO bonus of €62 million (2022: €56 million) + 43. REMUNERATION
+BASED ON PERFORMANCE SHARES (SHARE-BASED PAYMENT). The post-employment benefits concern the additions to
+pension provisions for service cost relating to active Executive Board members including the pension plans funded
+by Executive Board members. As of this fiscal year, the chairman of the Executive Board of Porsche AG, who is also
+chairman of the board of management of Volkswagen AG, receives half of his remuneration from Porsche AG and
+half from Volkswagen AG.
+29
+23
+2
+3
+12
+4
+15
+16
+2022
+2023
+Benefits based on performance shares
+Post-employment benefits
+Short-term employee benefits
+€ million
+In addition, the following benefits and compensation granted to the members of the Executive Board and of the
+Supervisory Board of Porsche AG have been recognized as expenses for their work as members of those bodies at
+Porsche AG:
+390
+↑↓ ↑ ||
+389
+Consolidated Financial Statements Notes to the consolidated financial statements
+The benefits and compensation paid to the members of the Executive Board and of the Supervisory Board for their
+work as members of those bodies are presented below and are not included in the above list of supplies and
+services rendered or received or the list of the receivables and liabilities.
+The disclosure requirements under IAS 24 also extend to persons who have the power to exercise significant
+influence over the entity, i.e., who have the power to participate in the financial and operating policies of the entity,
+but do not control it, including close family members. In the reporting period, this related to the members of the
+Executive Board of Porsche AG and its Supervisory Board as well as their close family members. Supplies and
+services rendered and receivables from members of management bodies and the Supervisory Board only included
+services from the vehicle, parts and design business, and other services. The employee representatives appointed
+to the Supervisory Board continue to be entitled to a normal salary in accordance with their employment contracts.
+In the fiscal year, the Porsche AG Group made capital contributions at related parties of €217 million (2022:
+€372 million).
+100.00%
+100.00%
+Write-downs of €0 million (2022: €7 million) were recognized in respect of the outstanding receivables from
+related parties.
+Porsche AG is required by German commercial law to disclose the total fees charged by the group auditor, Ernst &
+Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart (since February 1, 2024: "EY GmbH & Co. KG
+Wirtschaftsprüfungsgesellschaft", Stuttgart), for the fiscal year.
+0.00%
+7.5%
+Total of both
+% (7.a. + 7.b.)
+% of voting rights
+through instruments
+(total of 7.b.1.7.b.2.)
+7. Notified details of the resulting situation
+100.00%
+100.00%
+% of voting rights
+attached to shares
+(total of 7.a.)
+Resulting situation
+Previous notification
+6. Total positions
+5. Date on which threshold was crossed or reached:
+December 30, 2022
+Porsche Automobil Holding SE
+4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.
+Porsche Holding Stuttgart GmbH
+City and country of registered office:
+Dr. Hans Michel Piëch
+3. Details of party subject to the notification obligation
+Name:
+Completion of the share purchase agreement
+Other reason:
+2. Reason for notification
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Porscheplatz 1, 70435 Stuttgart, Germany
+1. Details of issuer
+47.1 Publication pursuant to section 40 (1) WpHG from January 2, 2023
+47. NOTIFICATIONS OF CHANGES IN THE VOTING RIGHTS IN PORSCHE AG PURSUANT TO
+THE GERMAN SECURITIES TRADING ACT (WPHG)
+45. TOTAL FEES OF THE GROUP AUDITOR
+Non-consolidated entities
+207
+3
+2023
+1 The direct area includes all employees directly involved in the vehicle manufacturing process.
+Employees in the release phase of partial retirement
+Trainees
+Indirect area
+Direct area¹
+Average number of employees
+42. AVERAGE NUMBER OF EMPLOYEES DURING THE YEAR
+384
+↑↓ ↑ ||
+383
+Consolidated Financial Statements Notes to the consolidated financial statements
+4,961
+5,149
+324
+226
+829
+794
+Social security contributions, pension and other benefit costs
+thereof pension costs
+4,132
+4,356
+10,004
+Wages and salaries
+29,833
+39,837
+The performance period of the performance share plan based on the Volkswagen preferred shares has a three-year
+term, while the performance period of the performance share plan based on the Porsche preferred shares has a
+four-year term. For the members of the Executive Board and the top management, upon awarding the long-term
+incentive (LTI) the annual target amount under the LTI is converted into performance shares on the basis of the
+Performance shares
+As part of the IPO, the Supervisory Board of Porsche AG also granted an IPO bonus for the members of the
+Executive Board in the form of a virtual share plan. The aim of this IPO bonus is to provide appropriate incentives
+for the commitment of the Executive Board members in preparing the IPO and, by its design, take into account the
+long-term success of the IPO.
+Executive Board. Upon introduction of the performance share plan based on the Volkswagen preferred shares, top
+managers were guaranteed a minimum bonus amount for the first three years based on the remuneration for 2018,
+while the Executive Board and all other beneficiaries received a guarantee for the first three years based on the
+remuneration for 2019.
+The performance share plan based on the Volkswagen preferred shares for top management and the other
+beneficiaries works in essentially the same way as the performance share plan granted to members of the
+In 2019, the group of persons eligible as performance share plan beneficiaries based on the Volkswagen preferred
+shares was expanded to include top managers. The first performance shares were granted to top managers at the
+beginning of 2019. At the end of 2019, the group of persons eligible as performance share plan beneficiaries
+based on the Volkswagen preferred shares was expanded to include all other members of management. At the
+beginning of 2020, the members of management were granted remuneration based on performance shares for the
+first time. In the course of introducing the performance share plan based on the Porsche preferred shares, no
+further Volkswagen performance shares will be granted. Grants have been made to members of the Executive
+Board and members of top management. The group of persons eligible as performance share plan beneficiaries
+based on the Porsche preferred shares includes all members of the Executive Board, top management and all other
+members of management.
+Following the IPO in 2022, the Supervisory Board of Porsche AG decided to adjust management remuneration from
+fiscal year 2023 onwards. As a result of this change, Porsche AG has three share-based remuneration models until
+the end of the respective terms: The performance share plan based on Volkswagen preferred shares, the
+performance share plan based on Porsche preferred shares and the IPO bonus.
+43. REMUNERATION BASED ON PERFORMANCE SHARES
+(SHARE-BASED PAYMENT)
+Executive Board and top management
+For all beneficiaries, the payment amount under the performance share plans is limited to 200% of the target
+amount.
+For all other beneficiaries, the amount paid out is determined by multiplying the target amount by the degree of
+target achievement for the annual earnings per Porsche preferred share and the ratio of the closing reference price
+at the end of the term plus a dividend equivalent and the initial reference price. Target achievement is based on a
+four-year performance period with one year of that period relating to future periods.
+The number of performance shares is granted on the basis of a three-year/four-year, forward-looking performance
+period in line with the degree of target achievement for the annual earnings per Volkswagen/Porsche preferred
+share. Settlement is effected in cash at the end of the performance period. The payment amount corresponds to
+the final number of determined performance shares multiplied by the respective closing reference price at the end
+of the term plus a dividend equivalent.
+initial reference price of Volkswagen or Porsche preferred shares and is granted to the respective beneficiary purely
+for calculation purposes.
+2022
+469
+38,108
+41,043
+37,639
+40,515
+528
+675
+678
+36,964
+9,444
+27,520
+Total expense of the reporting period
+Carrying amount of the obligation
+Intrinsic value of the obligation
+2022
+€ million
+With regard to vehicles for various markets worldwide, Porsche AG has identified potential regulatory issues.
+Potential issues relating to sport functionalities were found. These issues further relate to questions of the
+reliability of specific hardware and software components that were used in typing measurements. In individual
+cases, there may be deviations from the series status. The internal investigations into this matter at Porsche AG
+have largely been completed. Based on the results of the internal investigation, this is an historical matter. Current
+production is not affected. These issues are not related to the diesel issue. Porsche AG cooperated with the
+responsible authorities, including the public prosecutor's office in Stuttgart, which instigated a criminal
+investigation against twelve (former) employees at Porsche AG. Proceedings against all those accused were closed
+pursuant to section 153 StPO in April 2022. Administrative fine proceedings were not instigated against the
+company.
+RELIABILITY OF SPECIFIC HARDWARE AND SOFTWARE COMPONENTS ("FOCUS TOPICS")
+Legal action was also initiated in Canada against several car manufacturers including Porsche AG and several of its
+Canadian subsidiaries as well as other Volkswagen Group companies with similar allegations. In 2023, the plaintiffs
+announced that they no longer wished to pursue the pending lawsuits and several class actions were withdrawn in
+November and December 2023. The withdrawal of the last pending class action has been requested by the
+plaintiffs and is still subject to the approval by the court of competent jurisdiction, which is expected in the first
+quarter of 2024. Neither provisions nor contingent liabilities have been recognized as an assessment of these
+proceedings was not possible.
+In October 2021, the U.S. Court of Appeal confirmed the ruling of the U.S. District Court for the Northern District of
+California from October 2020 to reject the class action against Porsche AG and other companies of the
+Volkswagen Group and rejected the plaintiffs' appeal. The plaintiffs had alleged that several car manufacturers had
+conspired to unlawfully increase vehicle prices in violation of US antitrust and consumer protection law. The
+plaintiffs have appealed against the rejection of their appeal. In June 2022, the U.S. Supreme Court definitively
+rejected the petition filed by the plaintiffs, thus rendering the U.S. Court of Appeal's ruling legally binding.
+USA AND CANADA ANTITRUST CLASS ACTION
+In 2019, the Chinese antitrust authorities initiated proceedings against companies including Volkswagen AG,
+AUDI AG and Porsche AG due to similar matters and issued requests for information. Neither provisions nor
+contingent liabilities have been recognized. In the opinion of the Porsche AG Group, the current status of the
+investigations does not permit a final assessment of the risk.
+The Turkish antitrust authorities, which investigated similar matters, issued their final decision in January 2022
+finding that there had been alleged anti-competitive behavior, but that it did not have an impact on Türkiye, which
+is why no fines were imposed on the German car manufacturers. Legally binding grounds for the decision have not
+yet been given. Volkswagen AG, AUDI AG and Porsche AG have filed an appeal.
+The South Korean antitrust authorities KFTC analyzed potential breaches based on the EU subject matter. The final
+report of the case handler responsible at KFTC was issued in November 2021. Volkswagen AG, AUDI AG and
+Porsche AG will issue a response to this. In April 2023, the KFTC issued its final decision together with the grounds
+for the decision, which covers the announcements made by the authorities from its press release from February
+2023. According to this, Porsche AG is not affected by the alleged antitrust violation and is therefore not covered
+by the fines decision.
+VIOLATIONS OF COMPETITION LAW (KOREA, TÜRKIYE, CHINA)
+Following the EU Commission's decision to impose a fine (July 2021), several class actions were filed in the United
+Kingdom at the end of 2021, among others against Porsche AG and several of its UK subsidiaries. The lawsuits are
+expected to be served in the course of 2024. Neither provisions nor contingent liabilities have been recognized as a
+realistic risk assessment of these proceedings is currently not possible.
+In July 2021, the EU Commission, as part of a settlement decision, imposed a fine of €502 million on the three
+brands of the Volkswagen Group concerned (Volkswagen AG, AUDI AG, Porsche AG). The subject matter of the
+European Commission's decision regarding the fine is the cooperation between German car manufacturers
+regarding the development of technology to purify emissions of diesel passenger cars fitted with SCR systems that
+were sold in the European Economic Area. The Volkswagen Group accepted the fine decision of the EU
+Commission and did not appeal, thus rendering the decision legally binding. There was no recourse against
+Porsche AG by Volkswagen AG.
+ANTITRUST INVESTIGATIONS: SCR SYSTEMS
+Other litigation
+Neither provisions nor contingent liabilities have been recognized as there are currently no specific indications that
+this will result in any significant outflow of resources.
+In a notice to Porsche AG dated December 20, 2023, the KBA determined that the original calibrations used to
+control exhaust gas recirculation in Cayenne and Panamera 3.0 IV6-TDI EU5 Generation 1 and 2 vehicles were
+prohibited defeat devices. The measures already underway (Generation 2) or agreed by Porsche AG during the
+hearing (Generation 1) were provisionally recognized as suitable by the KBA. Porsche AG filed an objection on
+January 18, 2024 with regard to the finding of non-conformity associated with this decision.
+For the Cayenne and Panamera 3.0 IV6-TDI EU5 Generation 2 vehicles with EU type approvals, an action plan had
+already been approved by the KBA on September 11, 2020. A software update for these vehicles approved by the
+KBA had already been available since the beginning of 2020. On February 28, 2023, Porsche received a
+notification of a hearing from the KBA for these vehicles too, in which the KBA deems the aforementioned thermal
+windows to be a prohibited defeat device. Furthermore, the KBA demands that Porsche AG name all other vehicle
+concepts that include a comparable temperature-controlled exhaust gas recirculation system. Porsche duly
+delivered an opinion on the notification of a hearing from the KBA. In its opinion, Porsche AG explains why,
+according to Porsche's legal position, the aforementioned thermal windows are not a prohibited defeat device.
+In November 2022, an action plan for a software update for the Euro 5 3.0-liter-V6-diesel Generation 1 Cayenne
+with EY type approvals was submitted to the KBA in the course of ongoing talks with the authorities on the impact
+of this decision. On January 12, 2023, Porsche AG received a notification of a hearing on this vehicle from the KBA,
+in which the KBA now deems said thermal windows to be a prohibited defeat device. Porsche AG considers this
+provisional classification by the KBA to be without merit. It has duly delivered an opinion on the letter.
+In July 2022, the European Court of Justice (ECJ) ruled in one specific case that a so-called thermal window (i.e.,
+a built-in temperature-dependent control of exhaust gas recirculation) in the range of 15°C and 33°C outside
+temperature represents a defeat device. In this context, the ECJ has developed a new, unwritten criterion
+according to which a thermal window, even if it serves to prevent sudden and extraordinary engine damage, is
+inadmissible if it leads to the exhaust gas recirculation being only active to a limited extent for the "largest part of a
+year under the driving conditions which are actually prevailing in the European Union area".
+THERMAL WINDOWS
+380
+(if at least held 5% or
+more]
+In June 2022, the US Department of Justice declared that it would not instigate an investigation for the focus
+topics ("declination").
+2023
+8
+381
+41. PERSONNEL EXPENSES
+In accordance with IAS 37.92, no further disclosures are made in respect of estimates of the financial impact or
+disclosures relating to uncertainties surrounding the amount or timing of provisions and contingent liabilities in
+connection with material litigation, so as not to prejudice the outcome of the proceedings or the company's
+interests.
+Further disclosure in respect of estimates
+Neither provisions nor contingent liabilities were recognized because the early stage of the proceedings makes a
+realistic assessment of the risk exposure impossible.
+On October 13, 2022, Porsche submitted its response with technical and legal arguments. Proceedings are
+currently ongoing. All of the KBA's queries to date have been duly answered. Should a notice be issued, the
+resulting costs for retrofits would depend heavily on the content. This would affect around 12,000 vehicles within
+the EU, of which around 5,200 in Germany.
+In August 2022, Porsche AG received a notification of a hearing from the KBA, in which it criticizes the use of
+certain noise functions in the 991 II Carrera 4S and 981 Cayman S vehicles. The KBA invited Porsche AGH to
+comment and also requested additional measurements.
+KBA HEARING ON NOISE FUNCTIONS
+European Automobile Manufacturers' Association (ACEA), which are suspected of having agreed from 2001/2002
+to the present to avoid paying for the services of recycling companies that dispose of end-of-life vehicles (ELV).
+Also alleged is an agreement to refrain from competitive use of ELV issues, that is, not to publicize relevant
+recycling data for competitive purposes. The violation under investigation is alleged to have taken place in
+particular in working groups of the ACEA. A response was given to the European Commission's and the CMA's
+information requests. Neither provisions nor contingent liabilities have been recognized as an assessment of these
+proceedings is currently not possible.
+In March 2022, the European Commission and the Competition and Markets Authority (CMA), the English antitrust
+authorities, searched the premises of various automotive manufacturers and automotive industry organizations
+and/or served them with formal requests for information. Volkswagen AG has received a group-wide information
+request from the European Commission and the CMA. The investigation relates to European, Japanese, and Korean
+manufacturers as well as national organizations operating in such countries and the European organization
+ANTITRUST INVESTIGATIONS (RECYCLING OF END-OF-LIFE VEHICLES)
+Neither provisions nor contingent liabilities have been recognized as there are currently no specific indications that
+this will result in any significant outflow of resources.
+Porsche AG has also investigated potential issues regarding conformity of production measurements. The internal
+investigation has been completed. These issues are not related to the diesel issue. Porsche AG is cooperating with
+the relevant authorities, including the KBA and the public prosecutor's office in Stuttgart. However, based on the
+information available, no administrative fine proceedings have been instigated against the company. Proceedings
+brought by the public prosecutor's office in Stuttgart against unknown were discontinued in August 2022
+pursuant to section 170 (2) StPO. The only significant deviation determined from internal measurements of just
+over 4% compared to the manufacturer's figure for a model year of a Cayenne derivative with UNECE type approval
+according to UN R101 issued by the KBA was reported to the KBA. On March 20, 2023, the KBA submitted a
+notification of a hearing on this vehicle. According to this, the vehicle exceeds the values seen as relevant by the
+KBA and more measurements may be taken to verify the manufacturer's figure. Porsche AG has duly delivered an
+opinion on the notification and recommended that further action be coordinated with the local authorities
+depending on the relevance of the manufacturer's figure. This was approved by the KFA. The current clarification of
+the matter is expected to be completed by March 2024. There are only 108 vehicles are on the market from the
+relevant model year 2018.
+CONFORMITY OF PRODUCTION MEASUREMENTS
+For the focus topics discussed, provisions were recognized covering the above mentioned risks.
+The NHTSA (National Highway Traffic Safety Administration) and the EPA are expected to adjust the CO2 Credits
+(Corporate Average Fuel Economy ("CAFE"/Greenhouse Gas ("GHG")) for some of Porsche AG's vehicles. The
+expected payments will come to US$7 million.
+Porsche AG concluded a settlement totaling US$6 million with the CARB (California Air Resources Board) in
+December 2022 on issues including sport functionalities.
+A settlement-most likely in the single-digit million range-is expected for the second quarter of 2024.
+A class action in this regard is also pending in Canada. However, at around 10%, the number of vehicles potentially
+affected is considerably lower than in the USA. Talks are currently being held with representatives of the plaintiffs.
+To date, six different class actions relating to these issues have been filed in the USA. According to the statement
+of claims, software and/or hardware allegedly used in the affected vehicles resulted in actual exhaust emissions
+and/or fuel consumption being higher than legally permitted. In January 2021, a consolidated complaint was filed
+combining the six filed class actions into one lawsuit. The six lawsuits were originally directed against Porsche AG
+and its US importer subsidiary, Volkswagen AG as well as AUDI AG, although not every company is being sued in all
+of the cases at hand. In December 2021, a draft settlement of US$85 million (including a potential additional
+payment liability of US$5 million) was negotiated with the representatives of the plaintiffs. The agreement has
+since been finally approved following the final hearing by the US judge responsible on November 9, 2022. Payment
+was made in the fiscal year 2022 and the provision utilized in the same amount. An appeal was filed against the
+agreement in December 2022. However, based on the current assessment, it is unlikely that this will have a
+significant impact on the financial significance of the settlement overall. Based on the information available, the
+additional payment liability of US$5 million does not apply.
+382
+↑↓ ↑ 0 |||
+Consolidated Financial Statements Notes to the consolidated financial statements
+Voting rights
+absolute
+Fair value on granting date
+Dec. 31, 2022
+388
+↑↓ ↑ 0 |||
+387
+Consolidated Financial Statements Notes to the consolidated financial statements
+The tables below show the amounts of the supplies and services transacted as well as outstanding receivables and
+liabilities between fully consolidated companies of the Porsche AG Group and related parties.
+Pursuant to the announcement from January 8, 2024, the State of Lower Saxony and Hannoversche
+Beteiligungsgesellschaft Niedersachsen mbH, Hanover, hold 20.00% of the voting rights in Volkswagen AG on
+December 31, 2023. Furthermore, as mentioned above, the Annual General Meeting of Volkswagen AG resolved on
+December 3, 2009 that the State of Lower Saxony may appoint two members of the Supervisory Board (right of
+appointment).
+Pursuant to a consortium agreement, the Porsche and Piëch families have direct and indirect control, respectively,
+over Porsche SE. Therefore, relations with individuals and entities of the Porsche and Piëch families are subject to
+the disclosure requirements.
+- Various information, conduct and cooperation duties were agreed between Porsche AG and Volkswagen AG.
+Furthermore, Porsche AG entered into an industrial cooperation agreement with Volkswagen AG on September 5,
+2022, which regulates the future design of the industrial and strategic cooperation between the Volkswagen
+Group and the Porsche AG Group. Under this agreement, Porsche AG and Volkswagen AG have agreed to further
+develop and detail out the existing cooperation between the contractual parties in the fields of purchase and
+procurement in a separate agreement. Therefore, and in accordance with the specifications of the Industrial
+Cooperation Agreement, Porsche AG and Volkswagen AG entered into a purchasing and procurement cooperation
+agreement. This agreement contains general principles for the continuation of the existing cooperation between
+the contractual parties, including rules on its general organization as well as specific provisions for certain essential
+areas of purchasing and procurement.
+- Statement of financial position items that resulted in higher income taxes at Volkswagen AG for assessment periods
+until the end of 2022, but can lead to tax benefits at Porsche AG through reversal effects in subsequent years from
+2023 onwards, will be reimbursed to Volkswagen AG.
+- Volkswagen AG assumes all pre-IPO costs, which also include potential taxes from pre-IPO structuring.
+- Volkswagen AG bears the tax risk of additional taxes, to the extent to which these are not already covered by
+corresponding risk provisioning.
+In connection with the IPO of Porsche AG, on September 5, 2022, Porsche AG and Volkswagen AG concluded an
+agreement regulating future relations, in particular the cooperation, coordination and collaboration regarding
+certain matters. The agreement regarding collaboration in tax matters between Porsche AG and Volkswagen AG of
+September 18, 2022, encompasses the following in particular:
+- Various information, conduct and cooperation duties were agreed between Porsche SE and the Volkswagen Group.
+- Volkswagen AG assumed responsibility for general financing for Porsche AG in the same way as it does for other
+subsidiaries of Volkswagen AG.
+- It was also agreed to allocate any subsequent VAT receivables and/or VAT liabilities arising from transactions up to
+December 31, 2009 between Porsche SE and Porsche AG to the entity concerned.
+- Porsche SE under certain circumstances holds its subsidiaries transferred under the contribution agreement,
+Porsche Holding Stuttgart GmbH and Porsche AG and its subsidiaries, harmless from certain obligations towards
+Porsche SE pertaining to the period up to and including December 31, 2011 and that go beyond the obligations
+recognized for these entities for this period.
+- Under the transfer agreement, Porsche SE in certain circumstances holds Porsche Holding Stuttgart GmbH,
+Porsche AG and their legal predecessors harmless from tax disadvantages that exceed the obligations from periods up
+to and including July 31, 2009 recognized at the level of these entities. In return, Volkswagen AG has undertaken to
+reimburse Porsche SE for any tax benefits of Porsche Holding Stuttgart GmbH, Porsche AG and their legal
+predecessors and subsidiaries relating to tax assessment periods up to July 31, 2009.
+As part of the transfer of the operating business and, in turn, the transfer of Porsche Holding Stuttgart GmbH by
+Porsche SE to Volkswagen AG in the fiscal year 2012, Porsche SE entered into the following agreements with
+Volkswagen AG and entities of the Porsche Holding Stuttgart GmbH group in particular:
+As of the reporting date, Porsche SE held the majority of voting rights in Volkswagen AG. The creation of rights of
+appointment for the State of Lower Saxony was resolved at the extraordinary general meeting of Volkswagen AG
+on December 3, 2009. This means that Porsche SE, via the Annual General Meeting, cannot elect all shareholder
+representatives to Volkswagen AG's supervisory board for as long as the State of Lower Saxony holds at least 15%
+of the ordinary shares. The Porsche SE group (Porsche SE) is therefore classified as a related party as defined by
+IAS 24.
+As of the reporting date, Porsche AG remains a subsidiary of Porsche Holding Stuttgart GmbH. A control and profit
+and loss transfer agreement was in place between Porsche AG and Porsche Holding Stuttgart GmbH up to and
+including December 31, 2022. The control agreement ended pursuant to section 307 AktG as of December 31,
+2022 and with it the contractual group with Volkswagen AG. In connection with the IPO and the sale of ordinary
+shares in Porsche SE, Volkswagen AG and Porsche SE agreed on a significant participation of representatives of
+Porsche SE on the Supervisory Board of Porsche AG. Final decision-making rights of the shareholder
+representatives on the Supervisory Board determined by Volkswagen with regard to directing relevant activities
+within the meaning of IFRS 10 at Porsche AG continue to result in the control of Porsche AG by Volkswagen AG
+(de facto group).
+Since August 1, 2012, Volkswagen AG had held 100% of the shares in Porsche AG via Porsche Holding
+Stuttgart GmbH. On September 28, 2022, Volkswagen placed 25% of the preferred shares (including surplus
+allocation) of Porsche AG with investors. Since the following day, these preferred shares have been traded on the
+stock exchange. Since the end of the stabilization period on October 11, 2022, the free float of the preferred
+shares amounts to 24.2% of the preferred share capital of Porsche AG. The basis for the IPO was a comprehensive
+agreement on the conclusion of several contracts between Volkswagen and Porsche SE. In this context, both
+parties agreed, among other things, that Porsche SE acquire 25% of the ordinary shares plus one ordinary share of
+Porsche AG from Volkswagen. There are restrictions on the sale of these ordinary shares of Porsche AG by
+Porsche SE until 2027. The other shares in ordinary share capital of 75% less one ordinary share in Porsche AG
+continue to be held by Porsche Holding Stuttgart GmbH as of the reporting date.
+In accordance with IAS 24, related parties are natural persons and companies that can be influenced by
+Porsche AG, that can exert influence on Porsche AG or are under the influence of another related party of
+Porsche AG.
+Related parties
+44. RELATED PARTY DISCLOSURES IN ACCORDANCE WITH IAS 24
+Supplies and services rendered
+Porsche und Piëch families
+Porsche Holding Stuttgart GmbH
+6,233
+6,685
+5,030
+4,889
+Volkswagen AG - Group
+0
+0
+0
+2
+0
+0
+0
+0
+2022
+2023
+Supplies and services received
+2022
+2023
+State of Lower Saxony, its majority interests and
+joint ventures
+Porsche SE
+€ million
+Dec. 31, 2023
+386
+385
+of which granted during the reporting period
+214,167
+214,167
+Shares
+Shares
+Granted performance shares based on the Porsche preferred share
+168,974
+59,369
+Shares
+120,266
+Shares
+Granted performance shares based on the Volkswagen preferred
+share
+9
+29
+€ million
+4
+12
+€ million
+10
+17
+€ million
+8
+12
+€ million
+of which granted during the reporting period
+↑↓ ↑ |||
+Members of management
+IPO bonus
+Consolidated Financial Statements Notes to the consolidated financial statements
+85,440
+85,440
+56,960
+Shares
+Shares
+7
+€ million
+7
+5
+€ million
+7
+5
+€ million
+7
+€ million
+Dec. 31, 2022
+Dec. 31, 2023
+of which granted during the reporting period
+Granted performance shares
+Fair value at grant date
+Total expense of the reporting period
+Carrying amount of the obligation
+Intrinsic value of the obligation
+The IPO bonus was granted in three tranches. Each third is paid out on the anniversary of the IPO of Porsche AG.
+The first sub-tranche was paid out during the current fiscal year. The payment amount of the IPO bonus is subject
+to a cap and a floor for each sub-tranche.
+In the fiscal year, all other beneficiaries were granted a target amount, based on a target achievement of 100%, of
+€50 million (2022: €65 million). As of December 31, 2023, the total carrying amount of the obligation
+corresponding to the intrinsic value of the liabilities amounted to €56 million (2022: €71 million). In the reporting
+period, a total expense of €56 million (2022: €71 million) was recognized for this amount granted.
+Mag. Josef Ahorner
+%
+Consolidated Financial Statements Notes to the consolidated financial statements
+%
+25.01%
+Porsche Automobil Holding SE
+%
+%
+%
+Porsche Gesellschaft mit
+beschränkter Haftung
+%
+%
+25.01%
+%
+%
+%
+%
+Porsche Piëch Holding GmbH
+5% or more)
+(if at least held 5% or more)
+(if at least held
+% of voting rights through
+instruments
+% of voting rights (if at
+least held 3% or more)
+Porsche Gesellschaft m.b.H.
+VOLKSWAGEN
+%
+%
+% (7.a. +7.b.)
+through instruments
+Total of both
+% of voting rights
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Porscheplatz 1, 70435 Stuttgart
+1. Details of issuer
+47.4 Publication pursuant to section 40 (1) WpHG from January 2, 2023
+Total number of
+%
+Total of both
+% of voting rights through instruments
+%
+%
+% of voting rights attached to shares
+Date of Annual General Meeting:
+9. In case of proxy voting according to section 34 (3) WpHG
+74.99%
+%
+74.99%
+Porsche Holding Stuttgart GmbH
+AKTIENGESELLSCHAFT
+%
+Name
+Total of both
+Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:
+8. Information in relation to the party subject to the notification obligation
+4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.
+Salzburg, Austria
+City and country of registered
+office:
+Porsche Piëch Holding GmbH
+Name:
+3. Details of party subject to the notification obligation
+Completion of the share purchase agreement
+Other reason:
+2. Reason for notification
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Porscheplatz 1, 70435 Stuttgart, Germany
+1. Details of issuer
+47.3 Publication pursuant to section 40 (1) WpHG from January 2, 2023
+Total of both
+%
+%
+% of voting rights through instruments
+%
+% of voting rights attached to shares
+Date of Annual General Meeting:
+9. In case of proxy voting according to section 34 (3) WpHG
+74.99%
+%
+Porsche Holding Stuttgart GmbH
+(total of 7.b.1. +7.b.2.)
+Porsche Automobil Holding SE
+December 30, 2022
+Voting rights
+%
+Total
+Voting rights
+absolute
+Cash or
+physical
+settlement
+Exercise or
+conversion period
+%
+%
+Voting rights
+%
+Voting rights
+absolute
+Conditional transfer
+claim
+Expiration or
+maturity date
+b.2. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+Total
+100.00%
+100.00%
+(total of 7.a.)
+attached to shares
+% of voting rights
+Previous notification
+Resulting situation
+6. Total positions
+5. Date on which threshold was crossed or reached:
+voting rights of
+issuer
+0.00%
+7.50%
+%
+Voting rights
+absolute
+Exercise or
+conversion period
+Voting rights
+100.00%
+Indirect (section
+34 WPHG)
+maturity date
+b.1. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument Expiration or
+455,500,000
+100.00%
+Total
+0.00%
+455,500,000
+WpHG)
+Direct (section 33
+Indirect (section 34
+WpHG)
+Direct (section 33
+WpHG)
+0
+DE000PAG9113
+%
+absolute
+a. Voting rights attached to shares (section 33, 34 WpHG)
+ISIN
+0.00%
+7. Notified details of the resulting situation
+0.00%
+Exercise or
+conversion period
+Full chain of controlled undertakings starting with the ultimate controlling natural person or legal
+8. Information in relation to the party subject to the notification obligation
+%
+Total
+The individual remuneration of members of the Executive Board and the Supervisory Board is explained in the
+remuneration report. This also contains an extensive assessment of the individual remuneration components.
+The total remuneration granted to the members of the Supervisory Board amounts to €3 million (2022: €2 million).
+PENSION CLAIMS AND PAYMENTS TO FORMER MEMBERS OF THE EXECUTIVE BOARD
+The former members of the Executive Board and their surviving dependents were granted €2 million (2022:
+€2 million). For this group of people, there were provisions for pensions of €46 million (2022: €47 million).
+Under the performance share plan, the active members of the Executive Board were not granted any new
+performance shares for the fiscal year 2023 (2022: 30,603, with a value as of the date of granting of €5 million).
+For fiscal year 2023, a total of 85,266 performance shares were allocated based on the Porsche preferred share
+(2022:0), the value of which came to €12 million (2022: €- million) as of the date of allocation. As part of the IPO,
+the Supervisory Board of Porsche AG also granted an IPO bonus for the members of the Executive Board in the
+form of a virtual share plan →43. REMUNERATION BASED ON PERFORMANCE SHARES (SHARE-BASED PAYMENT). In this context,
+the members of the Executive Board were not granted any new virtual shares (2022:85,440, the value of which
+amounted to €7 million at the time of granting them).
+The total remuneration granted to the members of the Executive Board amounts to €25 million (2022:
+€24 million).
+49. REMUNERATION OF THE EXECUTIVE BOARD AND SUPERVISORY BOARD
+In December 2023, the Executive Board and the Supervisory Board of Porsche AG issued a declaration of
+conformity with the German Corporate Governance Code pursuant to section 161 AktG and made it permanently
+available to the shareholders of Porsche AG at https://investorrelations.porsche.com/en/corporate-governance/.
+48. GERMAN CORPORATE GOVERNANCE CODE
+Expiration or
+maturity date
+transfer claim
+Conditional
+instrument
+Type of
+b.2. Instruments according to section 38 (1) no. 2 WPHG
+%
+Voting rights
+Voting rights
+absolute
+Cash or physical
+settlement
+Total
+74.99%
+notification
+100.00%
+100.00%
+Indirect
+Direct (section 33
+WpHG)
+Indirect (section 34
+WpHG)
+Direct (section 33
+WpHG]
+%
+absolute
+5. Date on which threshold was crossed or reached:
+December 30, 2022
+Porsche Automobil Holding SE
+Porsche Holding Stuttgart GmbH
+4. Names of shareholder(s)
+Mag. Josef Ahorner
+3. Details of party subject to the notification obligation
+Name:
+Completion of the share purchase agreement
+Other reason:
+2. Reason for notification
+WpHG)
+100.00%
+(section 34
+a. Voting rights attached to shares (section 33, 34 WpHG)
+ISIN
+7. Notified details of the resulting situation
+455,500,000
+100.00%
+100.00%
+DEO0OPAG9113
+455,500,000
+0
+Total
+7.50%
+100.00%
+Previous
+%
+100.00%
+Resulting situation
+WPHG
+voting rights
+pursuant to
+section 41
+Total number of
+Total of both (total
+notified details of the
+resulting situation a. +
+b.)
+% of voting rights
+through instruments
+(total notified details
+of the resulting
+situation b.1.+b.2.)
+attached to shares
+(total notified details
+of the resulting
+situation a.)
+% of voting rights
+6. Total positions
+396
+395
+Consolidated Financial Statements Notes to the consolidated financial statements
+||| ơ V12
+City and country of registered office:
+0%
+100.00%
+455,500,000
+455,500,000
+Porsche Holding Stuttgart GmbH
+AKTIENGESELLSCHAFT
+%
+%
+%
+%
+claim
+Conditional transfer
+Total of both
+% of voting rights through instruments
+% of voting rights attached to shares
+Expiration or
+maturity date
+b.2. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+Exercise or
+conversion period
+9. In case of proxy voting according to section 34 (3) WPHG
+Date of Annual General Meeting:
+Total
+Exercise or
+conversion period
+Expiration or
+maturity date
+b.1. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+WPHG)
+100.00%
+0%
+100.00%
+455,500,000
+Total
+455,500,000
+0
+47.2 Publication pursuant to section 40 (1) WpHG from January 2, 2023
+DE000PAG9113
+Voting rights
+absolute
+%
+City and country of registered
+office:
+Dr. Wolfgang Porsche, Dr. Dr. Christian Porsche, Dipl.-Design. Stephanie
+Porsche-Schröder, Ferdinand Rudolf Wolfgang Porsche, Felix Alexander
+Porsche, Gerhard Anton Porsche, Dr. Ferdinand Oliver Porsche, Mag. Mark
+Philipp Porsche, Kai Alexander Porsche, Dr. Geraldine Porsche,
+Ing. Hans-Peter Porsche, Peter Daniell Porsche, Diana Porsche
+Name:
+3. Details of party subject to the notification obligation
+Completion of the share purchase agreement
+Other reason:
+2. Reason for notification
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Porscheplatz 1, 70435 Stuttgart, Germany
+1. Details of issuer
+Total of both
+(if at least held
+5% or more)
+(if at least held 5% or more)
+% of voting rights through
+instruments
+% of voting rights (if at
+least held 3% or more)
+Name
+Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:
+8. Information in relation to the party subject to the notification obligation
+Total
+Voting rights Voting rights
+absolute
+%
+Cash or
+physical
+settlement
+%
+%
+Voting rights
+4. Names of shareholder(s) holding directly 3% or more voting rights, if different from 3.
+(section 34
+Direct (section 33
+WpHG)
+%
+Dr. Hans Michel Piëch GmbH
+%
+%
+%
+Dr. Hans Michel Piëch
+5% or more)
+(if at least held 5% or
+more)
+Total of both
+(if at least held
+instruments
+through
+% of voting rights
+% of voting rights (if at
+least held 3% or more)
+Name
+Full chain of controlled undertakings starting with the ultimate controlling natural person or legal entity:
+8. Information in relation to the party subject to the notification obligation
+392
+↑↓ ↑ |||
+391
+Voting rights
+%
+Indirect
+%
+%
+Indirect (section 34
+WpHG)
+Direct (section 33
+WpHG)
+%
+absolute
+a. Voting rights attached to shares (section 33, 34 WpHG)
+ISIN
+7. Notified details of the resulting situation
+74.99%
+%
+74.99%
+Porsche Holding Stuttgart GmbH
+AKTIENGESELLSCHAFT
+%
+%
+%
+VOLKSWAGEN
+25.01%
+%
+25.01%
+Porsche Automobil Holding SE
+%
+%
+HMP Vermögensverwaltung GmbH
+Total
+Porsche Holding Stuttgart GmbH
+5. Date on which threshold was crossed or reached:
+%
+Ferdinand Porsche
+%
+%
+%
+%
+%
+%
+Stephanie Porsche-Schröder,
+Ferdinand Rudolf Wolfgang
+Porsche, Felix Alexander Porsche
+Familie WP Holding GmbH
+455,500,000
+100.00%
+100.00%
+7.50%
+100.00%
+Previous notification
+0.00%
+100.00%
+Dr. Wolfgang Porsche, Dr. Dr.
+Christian Porsche, Dipl.-Design.
+voting rights of
+issuer
+% (7.a. + 7.b.)
+through instruments
+(total of 7.b.1. + 7.b.2.)
+%
+Total number of
+%
+%
+%
+%
+VOLKSWAGEN
+%
+25.01%
+Porsche Automobil Holding SE
+Beteiligung GmbH
+%
+%
+%
+Familie Porsche
+Expiration or
+maturity date
+b.1. Instruments according to section 38 (1) no. 1 WPHG
+Type of instrument
+Exercise or
+conversion period
+25.01%
+394
+↑↓ ↑O ||
+393
+Consolidated Financial Statements Notes to the consolidated financial statements
+Porsche GmbH
+%
+%
+Familien-Holding GmbH
+Ferdinand Alexander
+Porsche Automobil Holding SE
+Total of both
+(total of 7.a.)
+Porsche GmbH
+%
+%
+%
+Ferdinand Alexander
+Familien-Holding GmbH
+%
+%
+%
+Ferdinand Porsche
+Familien-Privatstiftung
+%
+%
+%
+Ferdinand Porsche
+Alexander Porsche, Dr. Geraldine
+Porsche, Ing. Hans-Peter Porsche,
+Peter Daniell Porsche, Diana
+Porsche
+%
+%
+%
+Dr. Wolfgang Porsche, Dr. Dr.
+Christian Porsche, Dipl.-Design.
+Stephanie Porsche-Schröder,
+Ferdinand Rudolf Wolfgang
+Porsche, Felix Alexander Porsche,
+Gerhard Anton Porsche, Dr.
+Ferdinand Oliver Porsche, Mag.
+Mark Philipp Porsche, Kai
+December 30, 2022
+Familie Porsche
+% of voting rights
+%
+%
+attached to shares
+% of voting rights
+Resulting situation
+%
+%
+%
+6. Total positions
+74.99%
+%
+74.99%
+Porsche Holding Stuttgart GmbH
+AKTIENGESELLSCHAFT
+%
+%
+%
+VOLKSWAGEN
+25.01%
+%
+25.01%
+Porsche Automobil Holding SE
+Beteiligung GmbH
+%
+% of voting rights through
+instruments
+2022
+419
+1,787
+122
+2022
+Hills / CA
+USD
+1.1077
+Porsche Singapore Pte. Ltd., Singapur
+Porsche Taiwan Motors Ltd., Taipei
+SGD
+1.4612
+TWD
+33.9211
+75.00 75.00
+100.00 100.00
+5,693
+1,025,116
+-2,307
+2022
+Porsche Design Timepieces AG, Solothurn
+CHF
+100.00 100.00
+0.9264
+EUR
+Porsche Design Studio North America, Inc., Beverly
+2022
+Porsche Design Sales (Shanghai) Co., Ltd.,
+Shanghai
+CNY
+7.8700
+100.00 100.00
+803
+-106
+5
+2022
+Porsche Schweiz AG, Rotkreuz
+CHF
+0.9264
+100.00 100.00
+41,771
+5,991
+2022
+Porsche Services Ibérica, S.L., Madrid
+843,451
+2022
+Porsche Digital China Ltd., Shanghai
+(1 € =)
+Currency Dec. 31, 2023
+in thousands,
+in thousands,
+Direct Indirect
+Total
+local currency
+local currency Footnote
+Year
+Name and domicile of company
+Exchange rate
+(1 € =)
+Currency Dec. 31, 2023
+Direct
+Indirect
+Total
+in thousands,
+local currency
+Equity
+Profit/loss
+Porsche Digital Croatia d.o.o., Zagreb
+Porsche Digital España, S.L., Barcelona
+Porsche Digital Israel Ltd., Tel Aviv
+Name and domicile of company
+Profit/loss
+Equity
+CNY
+7.8700
+100.00 100.00
+100.00 100.00
+100.00 100.00
+48
+2022
+4,614
+22,888
+797
+2022
+2,164
+8,713
+Consolidated Financial Statements Notes to the consolidated financial statements
+401
+402
+Porsche AG's interest
+in capital in %
+Porsche AG's interest
+in capital in %
+Exchange rate
+2022
+in thousands,
+-1,660
+1.1077
+Porsche Consulting S.A.S., Paris
+EUR
+Santa Ana / CA
+USD
+1.1077
+100.00 100.00
+15,147
+3,795
+2022
+Porsche Design Asia Hong Kong Ltd., Hongkong
+HKD
+8.6529
+Porsche Retail Group Australia Pty. Ltd.,
+Collingwood
+AUD
+1.6292
+100.00 100.00
+Porsche Motorsport North America, Inc.,
+61,684
+2022
+12,322
+4,852
+-8
+2022
+Porsche Consulting Canada Ltd., Toronto / ON
+CAD
+1.4681
+100.00 100.00
+2,407
+819
+2022
+79,560
+10,075
+2022
+Porsche Consulting Ltda., São Paulo
+BRL
+5.3750
+100.00 100.00
+3,274
+11,987
+2022
+Porsche Design Great Britain Ltd., Reading
+276
+-3
+2022
+Porsche Retail Italia S.r.l., Mailand
+EUR
+100.00 100.00
+12,884
+3,925
+2022
+Porsche Design Netherlands B.V., Roermond
+EUR
+100.00 100.00
+707
+231
+2022
+Porsche Sales & Marketplace Inc., Atlanta / GA
+USD
+100.00 100.00
+EUR
+Porsche Design Italia S.r.I., Padua
+2022
+GBP
+0.8691
+100.00 100.00
+100.00 100.00
+100.00 100.00
+387
+534
+2022
+3,389
+2
+100.00 100.00
+2022
+-404
+2022
+Porsche Retail Group Ltd., Reading
+GBP
+0.8691
+100.00 100.00
+72,369
+18,117
+-6,074
+100.00 100.00
+100.00
+local currency Footnote Year
+7.5345
+3,693,661
+844,247
+101,501
+2022
+-62,741
+2022
+Porsche Investments Management | S.à r.l.,
+Luxemburg
+EUR
+Porsche Motorsport Asia-Pacific Ltd., Shanghai
+Porsche Norge AS, Oslo
+CNY
+7.8700
+NOK 11.2408 75.00
+100.00 100.00
+100.00 100.00
+4,6
+2023
+B. Associates accounted for at cost
+10,672
+-2,673
+2022
+45.00
+20.63 20.63
+75.00
+EUR
+2023
+2022
+Porsche Engineering Romania S.R.L., Cluj-Napoca
+RON
+4.9759
+100.00 100.00
+13,425
+4,553
+2022
+2. International
+Porsche Engineering Services North America, Inc.,
+Carson / CA
+Bugatti Rimac d.o.o., Sveta Nedelja
+HRK
+7.5345 45.00
+USD
+1.1077
+100.00 100.00
+4,6
+Rimac Group d.o.o., Sveta Nedelja
+2023
+1. Germany
+Porsche Sales & Marketplace Canada, Ltd.,
+Toronto / ON
+158
+50,165
+-1,288
+2022
+-4,777
+2022
+208
+2022
+New Horizon GmbH, Berlin
+EUR
+16.64 16.64
+-305
+2022
+P2 eBike GmbH, Stuttgart
+EUR
+40.00 40.00
+618
+2,974
+693
+-150
+11.33 11.33
+4.99 4.99
+EUR
+Fanzone Media GmbH, Berlin
+2022
+&Charge GmbH, Frankfurt am Main
+EUR
+21.65 21.65
+CAD
+1.4681
+Porsche Services Korea LLC, Seoul
+KRW 1.440.7150
+Porsche Services Middle East & Africa FZE, Dubai
+Porsche Services Singapore Pte. Ltd., Singapur
+Porsche Smart Battery Shop s.r.o., Dubnica nad
+Váhom
+16,204
+USD
+1.1077
+1.4612
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+1,058
+3,865,219
+902
+-396
+1,114
+2022
+Customcells Holding GmbH, Itzehoe
+EUR
+19,032
+SGD
+HRK
+72,068
+7.8700
+QAR
+4.0378 25.00
+25.00
+8,247
+-5,846
+2,5 2014
+Porsche Digital Mexico, S. de R.L. de C.V.,
+Guadalajara
+MXN
+18.7689
+Porsche Digital, Inc., Atlanta / GA
+USD
+1.1077
+Porsche Drive Canada, Ltd., Toronto / ON
+CAD
+1.4681
+100.00 100.00
+100.00 100.00
+100.00 100.00
+2022
+-1,447
+-13
+49.00
+EUR
+50.00 50.00
+100.00 100.00
+2. International
+9,404
+618
+7,140
+2022
+114
+2022
+ILS
+3.9951
+100.00 100.00
+39
+39
+2022
+Bugatti International Holding S.à r.I., Luxemburg
+Material Science Center Qatar QSTP-LLC, in
+Liquidation, Doha
+EUR
+49.00
+92,999
+4
+2022
+IV. ASSOCIATES
+2022
+Bertrandt AG, Ehningen
+EUR
+28.97
+28.97
+-38,224
+2022
+IONITY Holding GmbH & Co. KG, München
+EUR
+15.12 15.12
+358,264
+382,045
+22,160
+2022
+-56,289
+2022
+Porsche Engineering (Shanghai) Co., Ltd., Shanghai
+CNY
+177
+213
+24,301
+68.17 68.17
+7.5345
+1,034
+-66
+-5,131
+2022
+-566
+2022
+A. Equity-accounted associates
+Porsche Drive LLC, Atlanta / GA
+USD
+100.00 100.00
+1.1077
+EUR
+100.00 100.00
+100.00 100.00
+3,037
+-1,963
+2022
+1. Germany
+Porsche eBike Performance d.o.o., Sveta Nedelja
+HRK
+Porsche Drive S.r.l., Trento
+1.1077 100.00
+USD
+Porsche Middle East and Africa FZE, Dubai
+EUR
+100.00 100.00
+15,704
+-28,114
+2022
+Porsche Financial Services Canada G.P.,
+Mississauga / ON
+CAD
+1.4681
+100.00 100.00
+31,924
+8,049
+8
+2022
+Cetitec GmbH, Pforzheim
+EUR
+100.00
+Cellforce Group GmbH, Tübingen
+100.00
+1. Germany
+873
+2022
+USD
+Porsche Financial Leasing Ltd., Shanghai
+CNY
+1.1077
+7.8700
+100.00 100.00
+100.00 100.00
+4,6,10
+2023
+196,499
+116
+2022
+B. Unconsolidated companies
+Porsche Financial Services Australia Pty. Ltd.,
+Collingwood
+AUD
+1.6292
+100.00 100.00
+4,594
+2022
+4,137
+3,012
+2022
+CHF
+0.9264
+USD
+1.1077
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+104,785
+12,902
+2022
+& Co. Vermietungs KG, Mainz
+EUR
+94.00
+94.00
+-212
+153
+10
+2022
+103,091
+8,021,442
+76,506,613
+JPY 156.7900
+KRW 1.440.7150
+EUR
+Porsche Financial Services Italia S.p.A., Padua
+Porsche Financial Services Japan K.K., Tokio
+Porsche Financial Services Korea Ltd., Seoul
+Porsche Financial Services Schweiz AG, Rotkreuz
+Porsche Financial Services, Inc., Atlanta / GA
+Porsche France S.A.S., Asnières-sur-Seine
+0.8691
+Porsche Financial Services France S.A.S.,
+Dastera Grundstücksverwaltungsgesellschaft mbH
+Asnières-sur-Seine
+EUR
+100.00 100.00
+21,637
+3,383
+2022
+-75
+& Co. Vermietungs KG, Mainz
+94.00
+94.00
+-447
+-138
+10 2022
+Porsche Financial Services Great Britain Ltd.,
+Reading
+Datura Grundstücksverwaltungsgesellschaft mbH
+GBP
+EUR
+11,176
+23,715
+7.8700
+Indirect
+Total
+in thousands,
+local currency
+Equity
+Profit/loss
+in thousands,
+local currency Footnote Year
+USD
+EUR
+1.1077
+100.00 100.00
+100.00 100.00
+2,673
+187
+2022
+Porsche Zentrum Zug, Risch AG, Rotkreuz
+CHF
+CZK 24.7180
+USD
+Direct
+1.1077
+Exchange rate
+(1 € =)
+Currency Dec. 31, 2023
+Year
+400
+Porsche AG's interest
+in capital in %
+Porsche AG's interest
+in capital in %
+Exchange rate
+Equity
+Profit/loss
+Name and domicile of company
+Porsche Design of America, Inc., Ontario / CA
+Porsche Distribution S.A.S., Vélizy-Villacoublay
+Porsche Engineering Services s.r.o., Prag
+Porsche Enterprises, Inc., Atlanta / GA
+(1 € =)
+Currency Dec. 31, 2023
+in thousands,
+in thousands,
+Direct Indirect
+Total
+local currency
+local currency Footnote
+Name and domicile of company
+100.00 100.00
+100.00 100.00
+44,641
+380,454
+140,691
+5,371
+2022
+2022
+10
+63,188
+68,759
+2022
+10
+2022
+8,668
+10
+2022
+4,6,10
+USD
+1.1077
+100.00 100.00
+2023
+Porsche Financial Auto Securitization Trust 2023-
+2, Atlanta / GA
+Shanghai Jie Gang Enterprise Management Co.,
+Ltd., Shanghai
+CNY
+-36
+4,729
+12,468
+6,663
+163,674
+141,760
+35,167
+100.00 100.00
+100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+2022
+PPF Holding AG, Zug
+CHF
+0.9264
+0.9264 100.00
+82,855
+2022
+PREV LLC, Atlanta / GA
+USD
+100.00 100.00
+1.1077
+2022
+PSHIFT LLC, Atlanta / GA
+USD
+1.1077
+Porsche Financial Auto Securitization Trust 2023-
+1, Atlanta GA
+PVOLT LLC, Atlanta / GA
+USD
+1.1077
+-11,105
+2022
+Initium GmbH, Berlin
+EUR
+JPY 156.7900 100.00
+KRW 1.440.7150 100.00
+Porsche Latin America, Inc., Miami/FL
+USD
+1.1077
+Porsche Leasing Ltd., Atlanta / GA
+USD
+1.1077
+100.00
+100.00 100.00
+100.00
+100.00
+100.00 100.00
+100.00 100.00
+392,652
+150,661
+6,727,246
+29,921,771
+4,978
+-12,060
+2022
+Levi Rally Center Oy, Rovaniemi
+EUR
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+100.00 100.00
+2022
+3,377
+200
+3,357
+-49
+Porsche Korea Ltd., Seoul
+2022
+Porsche Japan K.K., Tokio
+Porsche Italia S.p.A., Padua
+134,824
+229,103
+28,331
+2022
+Cetitec d.o.o., Cakovec
+HRK
+7.5345
+18,788
+2022
+Cetitec USA Inc., Dublin / OH
+USD
+1.1077
+Porsche Investments Management S.A.,
+INFINUM JV Holding d.o.o., Karlovac
+EUR
+Luxemburg
+EUR
+100.00
+EUR
+2022
+2023
+2023
+1,709
+2022
+29,649
+7,220
+2022
+10
+2022
+MHP Consulting UK Ltd., Birmingham
+GBP
+0.8691
+100.00 100.00
+-121
+730
+2022
+Porsche Logistics Services LLC, Atlanta / GA
+USD
+1.1077
+1,786
+2022
+3,825
+31,210
+16,305
+2022
+5,227,246
+2022
+MHP (Shanghai) Management Consultancy Co.,
+Ltd., Shanghai
+CNY
+7.8700
+25,678,803
+0.8691
+2022
+USD
+1.1077
+537
+2022
+MHP Consulting Romania S.R.L., Cluj-Napoca
+RON
+4.9759
+100.00 100.00
+100.00 100.00
+100.00 100.00
+MHP Americas, Inc., Atlanta / GA
+5
+GBP
+AFN Ltd., Reading
+USD
+1.1077
+100.00 100.00
+100.00 100.00
+Porsche Hong Kong Ltd., Hongkong
+HKD
+8.6529 100.00
+Porsche Ibérica S.A., Madrid
+EUR
+99.99
+100.00
+99.99
+18,669
+208,347
+139,364
+158,092
+13,965,531
+114,976
+6,168
+2022
+Over Take GmbH, Köln
+EUR
+100.00
+37,246
+9,741
+-138,252
+Porsche Funding L.P., Atlanta / GA
+EUR
+2022
+425
+100.00 100.00
+125
+2022
+898,676
+2022
+Manthey Racing GmbH, Meuspath
+EUR
+51.00
+8
+51.00
+3,217
+2022
+1,417,573
+2022
+Manthey Servicezentrum GmbH, Meuspath
+EUR
+100.00 100.00
+868
+10,074
+2020
+2022
+EUR
+2022
+2022
+10,209
+2022
+2. International
+Porsche Innovative Lease Owner Trust 2016-A,
+Atlanta / GA
+USD
+1.1077
+Porsche International Financing DAC, Dublin
+Porsche International Reinsurance DAC, Dublin
+EUR
+100.00
+EUR
+100.00 100.00
+100.00
+100.00 100.00
+109,665
+37,012
+10
+2022
+-21,006
+-52
+2022
+4
+2
+100.00
+100.00
+100.00
+2023
+17,524
+-10,667
+2022
+2022
+P3X Management GmbH, Gilching
+P3X GmbH & Co. KG, Gilching
+EUR
+Porsche eBike Performance GmbH, Ottobrunn
+EUR
+3,812,724
+2022
+serva GmbH, in Liquidation, Stuttgart
+EUR
+100.00 100.00
+60.00 60.00
+100.00 100.00
+27
+69,532
+1,187
+2022
+-8,308
+2022
+-92
+2022
+24,997
+-4,358
+2022
+2022
+2022
+Xuanlin (Shanghai) Information Technology Co.,
+Ltd., Shanghai
+CNY
+7.8700
+6.00
+6.00
+2022
+Consolidated Financial Statements Notes to the consolidated financial statements
+405
+406
+20
+14
+918 Spyder
+2022
+FURTHER INFORMATION
+-89,854
+-1,407
+USD
+1.1077
+Valence Security Inc., Wilmington / DE
+USD
+1.1077
+Via Transportation, Inc., New York / NY
+USD
+1.1077
+Wayray AG, Zürich
+USD
+1.1077
+2.84 2.84
+9.00 9.00
+11.14 11.14
+7.15 7.15
+3.41 3.41
+2.08 2.08
+3.67 3.67
+0.03 0.03
+7.90 7.90
+2023
+2022
+-18,917
+-977
+-128,694
+-8,536
+2022
+2022
+408 RESPONSIBILITY STATEMENT
+409 INDEPENDENT AUDITOR'S REPORT
+417
+LEGAL NOTICE
+407
+↑↓ ↑ ||
+408
+RESPONSIBILITY STATEMENT
+INDEPENDENT AUDITOR'S REPORT
+TO DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
+To the best of our knowledge, and in accordance with the applicable reporting principles, the consolidated financial
+statements prepared in accordance with German accepted accounting principles give a true and fair view of the
+net assets, financial position and results of operations of the group, and the combined management report includes
+a fair review of the development and performance of the business and the position of the group, together with a
+description of the material opportunities and risks associated with the expected development of the group.
+Stuttgart, February 19, 2024
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft
+The Executive Board
+Report on the audit of the consolidated financial statements and
+of the combined management report
+OPINIONS
+We have audited the consolidated financial statements of
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, Stuttgart, and its
+subsidiaries (the "group"), which comprise the consolidated
+income statement and consolidated statement of compre-
+hensive income for the fiscal year from January 1, 2023 to
+December 31, 2023, the consolidated statement of financial
+position as of December 31, 2023, the consolidated state-
+ment of changes in equity and the consolidated statement of
+cash flows for the fiscal year from January 1, 2023 to Decem-
+ber 31, 2023, and the notes to the consolidated financial state-
+ments, including a summary of significant accounting policies.
+In addition, we have audited the group management report of
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft, which is combined
+with the management report of Dr. Ing. h.c. F. Porsche Aktien-
+gesellschaft, for the fiscal year from January 1, 2023 to Decem-
+ber 31, 2023. In accordance with the German legal require-
+ments, we have not audited the content of the parts of the
+combined management report specified in the appendix to the
+auditor's report and the company information stated therein
+that is provided outside of the annual report and is referenced
+in the combined management report.
+In our opinion, on the basis of the knowledge obtained in the
+audit,
+-the accompanying consolidated financial statements com-
+ply, in all material respects, with the IFRSS as adopted by the
+EU, and the additional requirements of German commercial
+law pursuant to section 315e (1) of the German Commer-
+cial Code (HGB) and, in compliance with these require-
+ments, give a true and fair view of the assets, liabilities and
+financial position of the group as of December 31, 2023
+and of its financial performance for the reporting year from
+January 1, 2023 to December 31, 2023, and
+476
+FINANCIAL CALENDAR 2024
+473
+GLOSSARY
+INDEPENDENT AUDITOR'S REPORT
+419
+INDEPENDENT AUDITOR'S REPORT
+422
+ABOUT THIS REPORT
+425
+GRI CONTENT INDEX
+431
+Urgent.ly Inc., Vienna / VA
+TCFD INDEX
+SASB INDEX
+437
+KEY FINANCIAL FIGURES
+440
+NONFINANCIAL KEY FIGURES
+464
+EMISSION AND CONSUMPTION INFORMATION
+469
+434
+the accompanying combined management report as a
+whole provides an appropriate view of the group's position.
+In all material respects, this combined management report
+is consistent with the consolidated financial statements,
+complies with German legal requirements and appropriately
+presents the opportunities and risks of future development.
+We do not express an opinion on the content of the parts of
+the combined management report specified in the appendix
+to the auditor's report.
+1.1077
+TriEye Ltd., Tel Aviv
+9.09 9.09
+247,785
+-2,379
+10
+2021
+Hangzhou Wanxiang Culture Technology Co., Ltd.,
+Hangzhou
+CNY
+7.8700
+Intamsys Technology Ltd., Dongguan
+CNY
+7.8700
+LAKA Ltd., London
+GBP
+0.8691
+Magma Growth Equity I L.P., Grand Cayman
+USD
+1.1077
+1.1077
+Nozomi Networks, Inc., San Francisco / CA
+USD
+2022
+4.89
+4.89
+2022
+Grove Ventures II L.P., Grand Cayman
+USD
+1.1077
+2.50
+2.50
+67,304
+-2,497
+10
+2021
+Grove Ventures III L.P., Grand Cayman
+USD
+1.1077
+1.63
+1.63
+Grove Ventures L.P., Grand Cayman
+USD
+1.1077
+0.73
+1.1077
+4.00 4.00
+2022
+Stuttgart, February 19, 2024
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft
+The Executive Board
+Shanghai Powershare Tech Ltd., Shanghai
+CNY
+7.8700
+Stretch Me Sp. z o.o., Krakau
+PLN
+4.3409
+Tactile Mobility Ltd., Haifa
+USD
+1.1077
+The Embassies of Good Living AG, Zürich
+CHF
+0.9264
+USD
+RunBuggy OMI, Inc., Newark / DE
+2022
+4.61 4.61
+Playbook Technologies Inc., Ridgewood / NJ
+USD
+1.1077
+6.04
+3.31 3.31
+4.78 4.78
+4.10 4.10
+11.33 11.33
+0.73
+6.04
+102,141
+24,159
+-4,978
+-20,791
+2022
+USD
+2022
+-627
+10
+2021
+2022
+2022
+RSE Markets, Inc., Dover / DE
+USD
+1.1077
+49,683
+Pursuant to section 322 (3) sentence 1 HGB, we declare that
+our audit and our examination have not led to any reservations
+relating to the legal compliance of the consolidated financial
+statements and of the combined management report.
+BASIS FOR THE OPINIONS
+We conducted our audit of the consolidated financial state-
+ments and of the combined management report in accor-
+dance with section 317 HGB and the EU Audit Regulation
+(No. 537/2014, referred to subsequently as "EU Audit Reg-
+ulation") and in compliance with German Generally Accepted
+Standards for Financial Statement Audits promulgated by the
+Institut der Wirtschaftsprüfer [Institute of Public Auditors in
+Germany] (IDW). Our responsibilities under those requirements
+and principles are further described in the "Auditor's respon-
+sibilities for the audit of the consolidated financial statements
+and of the combined management report" section of our
+auditor's report. We are independent of the group entities in
+accordance with the requirements of European law and German
+commercial and professional law, and we have fulfilled our other
+German professional responsibilities in accordance with these
+requirements.
+2. Further other information
+"Other information" comprises the following parts of the annual
+report, which were provided to us prior to us issuing this audi-
+tor's report:
+Magazine
+- To our shareholders
+- Sustainability
+Corporate governance
+Responsibility statement
+- Further information
+but not the consolidated financial statements, not the manage-
+ment report disclosures whose content is audited and not our
+auditor's report thereon.
+Stuttgart, February 28, 2024
+EY GmbH & Co. KG
+Wirtschaftsprüfungsgesellschaft
+Matischiok
+Wirtschaftsprüfer
+[German Public Auditor]
+Orlov
+Wirtschaftsprüfer
+[German Public Auditor]
+We have audited the attached remuneration report of Dr. Ing.
+h.c. F. Porsche Aktiengesellschaft, Stuttgart, prepared to
+comply with section 162 of the German Stock Corporation Act
+(AktG) for the fiscal year from January 1 to December 31, 2023
+and the related disclosures.
+-the group non-financial statement combined with the
+non-financial statement contained in the "Non-Financial
+Statement" section of the combined management report
+the disclosures t contained in the "Report on Risks and
+Opportunities" chapter in the section entitled "Monitoring of
+the effectiveness of risk management, the internal control
+system and the compliance management system"
+-the corporate governance declaration which is published on
+the website stated in the combined management report and
+is part of the combined management report.
+RESPONSIBILITIES OF THE EXECUTIVE
+DIRECTORS AND THE SUPERVISORY BOARD
+We have not audited the content of the following parts of the
+combined management report:
+APPENDIX TO THE AUDITOR'S REPORT:
+We were elected as group auditor by the Annual General Meet-
+ing on June 28, 2023. We were engaged by the Supervisory
+Board on July 21, 2023. We have been the group auditor of Dr.
+Ing. h.c. F. Porsche Aktiengesellschaft without interruption since
+fiscal year 2020.
+We declare that the opinions expressed in this auditor's report
+are consistent with the additional report to the Audit Commit-
+tee pursuant to article 11 of the EU Audit Regulation (long-form
+audit report).
+In addition to the financial statement audit, we have provided to
+the group entities the following services that are not disclosed
+in the consolidated financial statements or in the combined
+management report:
+- Non-statutory assurance services with regard to
+financial information
+- Non-statutory audit of IT systems
+- Performance of agreed-upon procedures
+OTHER MATTER-USE OF THE AUDITOR'S
+REPORT
+Our auditor's report must always be read together with the
+audited consolidated financial statements and the audited com-
+bined management report as well as the assured ESEF docu-
+ments. The consolidated financial statements and the combined
+management report converted to the ESEF format-including
+the versions to be published in the Unternehmensregister [Ger-
+man Company Register]-are merely electronic renderings of
+the audited consolidated financial statements and the audited
+combined management report and do not take their place. In
+particular, the ESEF report and our assurance opinion contained
+therein are to be used solely together with the assured ESEF
+documents made available in electronic form.
+415
+Further information Independent auditor's report
+416
+GERMAN PUBLIC AUDITOR RESPONSIBLE
+FOR THE ENGAGEMENT
+The German Public Auditor responsible for the engagement is
+Maxim Orlov.
+3. Company information outside of the annual
+report referenced in the notes to the
+consolidated financial statements and in
+the combined management report
+The notes to the consolidated financial statements and com-
+bined management report contain other cross-references to
+the websites of the group. We have not audited the contents of
+information to which the cross-references refer.
+INDEPENDENT AUDITOR'S REPORT
+TO DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT
+1. Parts of the combined management report
+whose content is unaudited
+The executive directors and the supervisory board of Dr. Ing.
+h.c. F. Porsche Aktiengesellschaft are responsible for the
+preparation of the remuneration report and the related
+disclosures in compliance with the requirements of section 162
+AktG. In addition, the executive directors and the supervisory
+board are responsible for such internal control as they
+determine is necessary to enable the preparation of a
+remuneration report and the related disclosures that are free
+from material misstatement, whether due to fraud (i.e.,
+fraudulent financial reporting and misappropriation of assets)
+or error.
+AUDITOR'S RESPONSIBILITY
+We have performed a limited assurance engagement on the
+non-financial statement of Dr. Ing. h.c. F. Porsche AG, Stuttgart
+(hereinafter the "Company"), which is combined with the
+non-financial statement of the group, comprising the section
+"Non-financial statement 2023" of the combined management
+report as well as the sections "Business Model" and "Risk and
+Opportunity Report" incorporated by reference, for the period
+from 1st January 2023 to 31th December 2023 (hereinafter
+the "non-financial reporting").
+Not subject to our assurance engagement are other references
+to disclosures made outside the non-financial reporting as well
+as base-year disclosures.
+the executive directors are responsible for such internal control
+as the executive directors consider necessary to enable the
+preparation of a non-financial reporting that is free from material
+misstatement, whether due to fraud (manipulation of the non-
+financial reporting) or error.
+The EU Taxonomy Regulation and the Delegated Acts adopted
+thereunder contain wording and terms that are still subject to
+considerable interpretation uncertainties and for which clari-
+fications have not yet been published in every case. Therefore,
+the executive directors have disclosed their interpretation of the
+EU Taxonomy Regulation and the Delegated Acts adopted there-
+under in section "EU-Taxonomy" of the non-financial reporting.
+They are responsible for the defensibility of this interpretation.
+Due to the immanent risk that undefined legal terms may be
+interpreted differently, the legal conformity of the interpretation
+is subject to uncertainties.
+Matischiok
+Wirtschaftsprüfer
+[German Public Auditor]
+Orlov
+Wirtschaftsprüfer
+[German Public Auditor]
+RESPONSIBILITIES OF THE
+EXECUTIVE DIRECTORS
+The executive directors of the Company are responsible for
+the preparation of the non-financial reporting in accordance
+with Sec. 315c in conjunction with Secs. 289c to 289e HGB
+["Handelsgesetzbuch": German Commercial Code] and Art. 8
+of Regulation (EU) 2020/852 of the European Parliament and
+of the Council of 18th June 2020 on the establishment of a
+framework to facilitate sustainable investment and amending
+Regulation (EU) 2019/2088 (hereinafter the "EU Taxonomy
+Regulation") and the Delegated Acts adopted thereunder as well
+as in accordance with their own interpretation of the word-
+ing and terms contained in the EU Taxonomy Regulation and
+the Delegated Acts adopted thereunder as set out in section
+"EU-Taxonomy" of the non-financial reporting.
+These responsibilities of the Company's executive directors
+include the selection and application of appropriate methods
+for the preparation of the non-financial reporting and making
+assumptions and estimates about individual non-financial dis-
+closures that are reasonable in the circumstances. Furthermore,
+INDEPENDENCE AND QUALITY ASSURANCE
+OF THE AUDITOR'S FIRM
+We have complied with the German professional require-
+ments on independence as well as other professional conduct
+requirements.
+Our audit firm applies the national legal requirements and
+professional pronouncements - in particular the BS WP/vBP
+["Berufssatzung für Wirtschaftsprüfer/vereidigte Buchprüfer":
+Professional Charter for German Public Accountants/German
+Sworn Auditors] in the exercise of their Profession and the IDW
+Standard on Quality Management issued by the Institute of
+Public Auditors in Germany (IDW): Requirements for Quality
+Management in the Audit Firm (IDW QS 1) and accordingly
+maintains a comprehensive quality management system that
+includes documented policies and procedures with regard to
+compliance with professional ethical requirements, profes-
+sional standards as well as relevant statutory and other legal
+requirements.
+Further information Independent auditor's report
+To Dr. Ing. h.c. F. Porsche AG, Stuttgart
+ON A LIMITED ASSURANCE ENGAGEMENT
+INDEPENDENT AUDITOR'S REPORT
+Wirtschaftsprüfungsgesellschaft
+Our responsibility is to express an opinion on this remuneration
+report and the related disclosures based on our audit. We
+conducted our audit in compliance with German Generally
+Accepted Standards for Financial Statement Audits
+promulgated by the Institut der Wirtschaftsprüfer [Institute of
+Public Auditors in Germany] (IDW). Those standards require
+that we comply with ethical requirements and plan and perform
+the audit to obtain reasonable assurance about whether the
+remuneration report and the related disclosures are free from
+material misstatement, whether due to fraud or error.
+material misstatement of the remuneration report and the
+related disclosures, whether due to fraud or error. In making
+those risk assessments, the auditor considers internal control
+relevant to the preparation of the remuneration report and the
+related disclosures in order to plan and perform audit
+procedures that are appropriate in the circumstances, but not
+for the purpose of expressing an opinion on the effectiveness of
+the entity's internal control. An audit also includes evaluating
+the accounting policies used and the reasonableness of
+accounting estimates made by the executive directors and the
+supervisory board, as well as evaluating the overall presentation
+of the remuneration report and the related disclosures.
+We believe that the evidence we have obtained is sufficient and
+appropriate to provide a basis for our opinion.
+OPINION
+In our opinion, on the basis of the knowledge obtained in the
+audit, the remuneration report for the fiscal year from January
+1, to December 31, 2023 and the related disclosures comply,
+in all material respects, with the financial reporting provisions
+of section 162 AktG.
+An audit involves performing procedures to obtain audit
+evidence about the amounts in the remuneration report and the
+related disclosures. The procedures selected depend on the
+auditor's judgment, including the assessment of the risks of
+417
+Further information Independent auditor's report
+FURTHER INFORMATION PURSUANT TO
+ARTICLE 10 OF THE EU AUDIT REGULATION
+↑↓ ↑ ||
+OTHER MATTER - FORMAL AUDIT OF THE
+REMUNERATION REPORT
+The audit of the content of the remuneration report described
+in this auditor's report comprises the formal audit of the
+remuneration report required by section 162 (3) AktG and the
+issue of a report on this audit. As we are issuing an unqualified
+opinion on the audit of the content of the remuneration report,
+this also includes the opinion that the disclosures pursuant to
+section 162 (1) and (2) AktG are made in the remuneration
+report in all material respects.
+LIMITATION OF LIABILITY
+The "General Engagement Terms for Wirtschaftsprüfer and
+Wirtschaftsprüfungsgesellschaften [German Public Auditors
+and Public Audit Firms]" as issued by the IDW on 1 January
+2024, which are attached to this report, are applicable to this
+engagement and also govern our responsibility and liability to
+third parties in the context of this engagement
+(www.de.ey.com/general-engagement-terms).
+Stuttgart, February 28, 2024
+EY GmbH & Co. KG
+418
+Evaluate whether the tagging of the ESEF documents with
+Inline XBRL technology (iXBRL) in accordance with the
+requirements of articles 4 and 6 of Commission Delegated
+Regulation (EU) 2019/815, in the version in force at the date
+of the financial statements, enables an appropriate and com-
+plete machine-readable XBRL copy of the XHTML rendering.
+- Evaluate whether the ESEF documents enable an XHTML
+rendering with content equivalent to the audited consol-
+idated financial statements and to the audited combined
+management report.
+- Evaluate the technical validity of the ESEF documents, i.e.,
+whether the file containing the ESEF documents meets the
+requirements of Commission Delegated Regulation (EU)
+2019/815, in the version in force at the date of the financial
+statements, on the technical specification for this file.
+REFERENCE TO RELATED DISCLOSURES
+With regard to the recognition and measurement policies
+applied for capitalized development costs, refer to the disclo-
+sure on intangible assets in the "Accounting policies" section
+of the notes to the consolidated financial statements. For the
+related disclosures on judgments by the executive directors and
+sources of estimation uncertainty as well as the disclosures on
+capitalized development costs, refer to the disclosures in the
+"Accounting policies" section on estimates and assumptions by
+management and note 13, "Intangible assets" in the "Notes to
+the consolidated statement of financial position" section of the
+notes to the consolidated financial statements.
+2. Completeness and measurement of provisions
+for warranty obligations
+REASONS WHY THE MATTER WAS DETERMINED
+TO BE A KEY AUDIT MATTER
+Obligations for warranty claims are calculated on the basis of
+estimated warranty costs and ex gratia arrangements. Where
+unusual individual technical risks are anticipated, an individual
+assessment is made whether and, if so, to what extent mea-
+sures are required to remediate them and provisions need to be
+recognized.
+The amount of provisions for warranty claims is significant
+overall. Besides the general use of judgment in selecting the
+valuation methods and assessing the obligations, increasing
+estimation uncertainty stems from the growing proportion of
+hybrid and battery electric vehicles entering the market and a
+lack of experience of their susceptibility to faults. In light of the
+amount of the provisions and the judgment exercised during
+valuation, the completeness and measurement of provisions for
+warranty obligations was a key audit matter.
+AUDITOR'S RESPONSE
+With regard to the accounting for the provisions for warranty
+obligations, we examined the underlying processes for recording
+previous claims, calculating and valuing the estimated future
+warranty costs and recognizing the provisions, and tested
+controls in some areas.
+Further information Independent auditor's report
+411
+↑↓ ↑
+412
+↑↓ ↑ 0 |||
+In light of the uncertainty in relation to the estimated future
+warranty costs, we assessed the underlying valuation assump-
+tions, especially the expected claim rate per vehicle and the
+cost thereof, using analyses of historical data. Where there
+was a lack of past experience, we obtained an understand-
+ing of the assumptions made by the executive directors and
+tested their plausibility using historical data for comparable
+items. Using the calculation bases derived from these historical
+data, we checked the estimated costs for expected claims per
+vehicle. To assess the completeness of the provisions, we also
+reconciled the number of sold vehicles used to recognize the
+provision with the sales volumes. We obtained an understanding
+of the method used for calculating the provisions, including the
+discounting, and reperformed the calculations.
+For significant individual technical risks, we assessed the
+expected incidence of technical faults and the calculation of
+expected costs per claim/vehicle using documentation on
+previous claims, inspecting resolutions passed by technical
+committees and holding discussions with the departments
+responsible.
+Our audit procedures did not lead to any reservations relating
+to the completeness and valuation of provisions for warranty
+obligations.
+REFERENCE TO RELATED DISCLOSURES
+Our audit procedures did not lead to any reservations relating to
+the recognition and recoverability of capitalized development
+costs.
+We also assessed the sensitivity analyses performed by the
+executive directors in order to estimate any potential impair-
+ment risk associated with a reasonably possible change in one
+of the significant assumptions used in the valuation.
+With respect to the rollforward from the multi-year operational
+plan to the long-term forecast, we assessed the plausibility of
+the assumed growth rate by comparing them with observable
+data. To assess the discount rate and growth rate applied, we
+analyzed the inputs used to determine them on the basis of
+publicly available information and obtained an understanding of
+the methods used with regard to the relevant requirements of
+IAS 36.
+We analyzed the planning process established in the Porsche AG
+Group and tested the operating effectiveness of the controls
+implemented therein. As a starting point, we compared the
+Porsche AG Group's multi-year operational plan prepared by the
+executive directors and acknowledged by the Supervisory Board
+with the forecast figures in the underlying impairment test. We
+discussed the significant planning assumptions with the exec-
+utive directors and compared these with the results and cash
+inflows realized in the past to assess the planning accuracy. For
+the plausibility testing of input data of the impairment tests,
+among other things we performed a comparison with general
+and industry-specific market expectations underlying the
+expected cash inflows. We also investigated the expectations
+regarding the development of market shares for battery electric
+vehicles and their indirect effects on the long-term cash inflows
+expected by the executive directors.
+In addition, in accordance with article 10 (2) f) of the EU Audit
+Regulation, we declare that we have not provided non-audit
+services prohibited under article 5 (1) of the EU Audit Regu-
+lation. We believe that the audit evidence we have obtained is
+sufficient and appropriate to provide a basis for our opinions
+on the consolidated financial statements and on the combined
+management report.
+Further information Independent auditor's report
+409
+↑↓ ↑ ||
+410
+KEY AUDIT MATTERS IN THE AUDIT OF THE
+CONSOLIDATED FINANCIAL STATEMENTS
+Key audit matters are those matters that, in our profes-
+sional judgment, were of most significance in our audit of
+the consolidated financial statements for the fiscal year from
+January 1, 2023 to December 31, 2023. These matters were
+addressed in the context of our audit of the consolidated finan-
+cial statements as a whole, and in forming our opinion thereon;
+we do not provide a separate opinion on these matters.
+Below, we describe what we consider to be the key audit
+matters:
+With regard to the recognition and measurement policies
+applied in accounting for provisions for warranty obligations,
+refer to the disclosures in the "Accounting policies" section
+on estimates and assessments by management and note 27,
+"Non-current and current other provisions" in the "Notes to the
+consolidated statement of financial position" section of the
+notes to the consolidated financial statements.
+1. Recognition and recoverability of
+development costs
+Significant criteria for the capitalization of development costs
+are the feasibility of the development projects (including the
+possibility of technical realization, the intention to complete
+and the ability to use) as well as the expected future economic
+benefit. The complexity of research and development projects
+is increasing due to the technological transformation of the
+Porsche AG Group and the resulting of new development areas
+(including high investments in electromobility, software and
+autonomous driving). The assessment of project feasibility plays
+an increasingly significant role in this connection and is subject
+to a high degree of judgment.
+As long as capitalized development costs are not amortized,
+they must be tested for impairment at least annually as part
+of the related cash-generating unit (CGU) at the level of the
+automotive segment defined as a cash-generating unit. The
+assumption of realizing future economic benefits and the result
+of testing the recoverability of capitalized development costs
+during the analyses and impairment tests performed are highly
+dependent on the executive directors' estimate of future cash
+flows and the discount rate used. The recoverable amount of
+the cash-generating unit is calculated on the basis of its value
+in use, applying discounted cash flow models.
+The ongoing transformation of the core business toward elec-
+tromobility and digitalization as well as more stringent emission
+and fuel consumption legislation lead to uncertainties that have
+to be factored into the estimation of market shares for electric
+vehicles and margins and the long-term growth rates. Exec-
+utive directors' growth forecasts are subject to risk and may
+be revised given the changing environmental regulations and
+market conditions.
+In addition, judgment of the executive directors exists addi-
+tionally in determining the cash-generating unit for impairment
+testing, in determining the discount rate used and the long-
+term growth rate assumed.
+In light of the foregoing, the materiality of the capitalized
+development costs in relation to total assets, the total amount
+of research and development costs and the judgment exercised
+in the valuation process, the capitalization of development costs
+and the impairment test were a key audit matter.
+AUDITOR'S RESPONSE
+As part of our audit, we assessed the process for distinguishing
+between research and development costs, particularly with
+reference to capitalization criteria. In this connection, we carried
+out analytical audit procedures such as comparisons of project
+budgets and capitalization rates, inspected documentation on
+project feasibility and tested process-related controls in cer-
+tain areas. Besides this, we assessed the capitalization criterion
+of the future economic benefit on the basis of the assumptions
+regarding cash inflows of the CGU to which the capitalized
+development services are allocated.
+Moreover, we involved valuation specialists to assess among
+other things the methodology used to determine the relevant
+cash-generating unit and perform the impairment test in light
+of the provisions of IAS 36. We also checked the arithmetical
+accuracy of the valuation model used.
+REASONS WHY THE MATTER WAS DETERMINED
+TO BE A KEY AUDIT MATTER
+3.9951
+OTHER INFORMATION
+Our opinions on the consolidated financial statements and on
+the combined management report do not cover the other infor-
+mation, and consequently we do not express an opinion or any
+other form of assurance conclusion thereon.
+We communicate with those charged with governance regard-
+ing, among other matters, the planned scope and timing of the
+audit and significant audit findings, including any significant
+deficiencies in internal control that we identify during our audit.
+We also provide those charged with governance with a state-
+ment that we have complied with the relevant independence
+requirements, and communicate with them all relationships and
+other matters that may reasonably be thought to bear on our
+independence and where applicable, the related safeguards.
+From the matters communicated with those charged with
+governance, we determine those matters that were of most sig-
+nificance in the audit of the consolidated financial statements
+of the current period and are therefore the key audit matters.
+We describe these matters in our auditor's report unless law or
+regulation precludes public disclosure about the matter.
+OTHER LEGAL AND REGULATORY REQUIREMENTS
+Report on the assurance on the electronic rendering
+of the consolidated financial statements and
+the combined management report prepared for
+publication purposes in accordance with section
+317 (3a) HGB
+OPINION
+We have performed assurance work in accordance with section
+317 (3a) HGB to obtain reasonable assurance about whether
+the rendering of the consolidated financial statements and
+the combined management report (hereinafter the "ESEF
+documents") contained in PAG_KFB_IFRS_2023-12-31.zip
+and prepared for publication purposes complies in all material
+respects with the requirements of section 328 (1) HGB for the
+electronic reporting format ("ESEF format"). In accordance with
+German legal requirements, this assurance work extends only
+to the conversion of the information contained in the consol-
+idated financial statements and the combined management
+report into the ESEF format and therefore relates neither to the
+information contained within these renderings nor to any other
+information contained in the file identified above.
+In our opinion, the rendering of the consolidated financial state-
+ments and the combined management report contained in the
+file identified above and prepared for publication purposes com-
+plies in all material respects with the requirements of section
+328 (1) HGB for the electronic reporting format. Beyond this
+assurance opinion and our audit opinions on the accompany-
+ing consolidated financial statements and the accompanying
+combined management report for the fiscal year from Janu-
+ary 1, 2023 to December 31, 2023 contained in the "Report
+on the audit of the consolidated financial statements and of the
+combined management report" above, we do not express any
+assurance opinion on the information contained within these
+renderings or on the other information contained in the file
+identified above.
+BASIS FOR THE OPINION
+We conducted our assurance work on the rendering of the
+consolidated financial statements and the combined manage-
+ment report contained in the file identified above in accordance
+with section 317 (3a) HGB and the IDW Assurance Standard:
+Assurance on the Electronic Rendering of Financial State-
+ments and Management Reports Prepared for Publication
+Purposes in Accordance with section 317 (3a) HGB (IDW ASS
+410) (06.2022). Our responsibility in accordance therewith is
+further described in the "Group auditor's responsibilities for the
+assurance work on the ESEF documents" section. Our audit firm
+applies the IDW Standard on Quality Management 1: Require-
+ments for Quality Management in the Audit Firm (IDW QS 1).
+RESPONSIBILITIES OF THE EXECUTIVE DIRECTORS AND THE
+SUPERVISORY BOARD FOR THE ESEF DOCUMENTS
+The executive directors of the company are responsible for the
+preparation of the ESEF documents including the electronic
+rendering of the consolidated financial statements and the com-
+bined management report in accordance with section 328 (1)
+sentence 4 No. 1 HGB and for the tagging of the consolidated
+financial statements in accordance with section 328 (1) sen-
+tence 4 No. 2 HGB.
+In addition, the executive directors of the company are responsi-
+ble for such internal control as they have determined necessary
+to enable the preparation of ESEF documents that are free from
+material intentional or unintentional non-compliance with the
+requirements of section 328 (1) HGB for the electronic report-
+ing format.
+The Supervisory Board is responsible for overseeing the process
+for preparing the ESEF documents as part of the financial
+reporting process.
+GROUP AUDITOR'S RESPONSIBILITIES FOR THE ASSURANCE
+WORK ON THE ESEF DOCUMENTS
+Our objective is to obtain reasonable assurance about whether
+the ESEF documents are free from material intentional or
+unintentional non-compliance with the requirements of section
+328 (1) HGB. We exercise professional judgment and maintain
+professional skepticism throughout the assurance work. We
+also:
+- Identify and assess the risks of material non-compliance
+with the requirements of section 328 (1) HGB, whether due
+to fraud or error, design and perform assurance procedures
+responsive to those risks, and obtain assurance evidence
+that is sufficient and appropriate to provide a basis for our
+assurance opinion.
+Obtain an understanding of internal control relevant to the
+assurance on the ESEF documents in order to design assur-
+ance procedures that are appropriate in the circumstances,
+but not for the purpose of expressing an assurance opinion
+on the effectiveness of these controls.
+- Perform audit procedures on the prospective information
+presented by the executive directors in the combined
+management report. On the basis of sufficient appropriate
+audit evidence we evaluate, in particular, the significant
+assumptions used by the executive directors as a basis for
+the prospective information, and evaluate the proper deriva-
+tion of the prospective information from these assumptions.
+We do not express a separate opinion on the prospective
+information and on the assumptions used as a basis. There
+is a substantial unavoidable risk that future events will differ
+materially from the prospective information.
+↑↓ ↑ |||
+414
+Further information Independent auditor's report
+In connection with our audit, our responsibility is to read the
+other information and, in so doing, to consider whether the other
+information
+is materially inconsistent with the consolidated financial
+statements, with the combined management report or our
+knowledge obtained in the audit, or
+otherwise appears to be materially misstated.
+Responsibilities of the executive directors and the
+Supervisory Board for the consolidated financial
+statements and the combined management report
+The executive directors are responsible for the preparation of
+the consolidated financial statements that comply, in all mate-
+rial respects, with IFRSS as adopted by the EU and the additional
+requirements of German commercial law pursuant to section
+315e (1) HGB, and that the consolidated financial statements,
+in compliance with these requirements, give a true and fair view
+of the assets, liabilities, financial position and financial per-
+formance of the group. In addition, the executive directors are
+responsible for such internal control as they have determined
+necessary to enable the preparation of consolidated financial
+statements that are free from material misstatement, whether
+due to fraud (i.e., fraudulent financial reporting and misappropri-
+ation of assets) or error.
+In preparing the consolidated financial statements, the execu-
+tive directors are responsible for assessing the group's ability to
+continue as a going concern. They also have the responsibility
+for disclosing, as applicable, matters related to going concern.
+In addition, they are responsible for financial reporting based
+on the going concern basis of accounting unless there is an
+intention to liquidate the group or to cease operations, or there
+is no realistic alternative but to do so.
+Furthermore, the executive directors are responsible for the
+preparation of the combined management report that, as a
+whole, provides an appropriate view of the group's position and
+is, in all material respects, consistent with the consolidated
+financial statements, complies with German legal requirements,
+and appropriately presents the opportunities and risks of future
+development. In addition, the executive directors are responsi-
+ble for such arrangements and measures (systems) as they have
+considered necessary to enable the preparation of a combined
+management report that is in accordance with the applicable
+German legal requirements, and to be able to provide sufficient
+appropriate evidence for the assertions in the combined man-
+agement report.
+The Supervisory Board is responsible for overseeing the group's
+financial reporting process for the preparation of the consoli-
+dated financial statements and of the combined management
+report.
+Auditor's responsibilities for the audit of the
+consolidated financial statements and of the
+combined management report
+Our objectives are to obtain reasonable assurance about
+whether the consolidated financial statements as a whole are
+free from material misstatement, whether due to fraud or error,
+and whether the combined management report as a whole
+provides an appropriate view of the group's position and, in all
+material respects, is consistent with the consolidated financial
+statements and the knowledge obtained in the audit, complies
+with the German legal requirements and appropriately presents
+the opportunities and risks of future development, as well as
+to issue an auditor's report that includes our opinions on the
+consolidated financial statements and on the combined man-
+agement report.
+The Supervisory Board is responsible for the Report of the
+Supervisory Board in the 2023 Annual Report. The executive
+directors and the Supervisory Board are responsible for the
+declaration pursuant to section 161 of the German Stock
+Corporation Act (AktG) on the German Corporate Governance
+Code, which is part of the group corporate governance declara-
+tion, and for the remuneration report pursuant to section 162
+AktG. In all other respects, the executive directors are respon-
+sible for the other information. The other information comprises
+the parts of the annual report specified in the appendix to the
+auditor's report.
+Reasonable assurance is a high level of assurance, but is not a
+guarantee that an audit conducted in accordance with section
+317 HGB and the EU Audit Regulation and in compliance with
+German Generally Accepted Standards for Financial Statement
+Audits promulgated by the Institut der Wirtschaftsprüfer (IDW)
+will always detect a material misstatement. Misstatements can
+arise from fraud or error and are considered material if, individ-
+ually or in the aggregate, they could reasonably be expected to
+influence the economic decisions of users taken on the basis
+of these consolidated financial statements and this combined
+management report.
+-
+Identify and assess the risks of material misstatement of
+the consolidated financial statements and of the combined
+management report, whether due to fraud or error, design
+and perform audit procedures responsive to those risks, and
+obtain audit evidence that is sufficient and appropriate to
+provide a basis for our opinions. The risk of not detecting a
+material misstatement resulting from fraud is higher than
+the risk of not detecting a material misstatement resulting
+from error, as fraud may involve collusion, forgery, intentional
+omissions, misrepresentations, or the override of internal
+control.
+Obtain an understanding of internal control relevant to
+the audit of the consolidated financial statements and of
+arrangements and measures (systems) relevant to the audit
+of the combined management report in order to design audit
+procedures that are appropriate in the circumstances, but
+not for the purpose of expressing an opinion on the effective-
+ness of these systems.
+-Evaluate the appropriateness of accounting policies used by
+the executive directors and the reasonableness of estimates
+made by the executive directors and related disclosures.
+Conclude on the appropriateness of the executive directors'
+use of the going concern basis of accounting and, based on
+the audit evidence obtained, whether a material uncertainty
+exists related to events or conditions that may cast signifi-
+cant doubt on the group's ability to continue as a going con-
+cern. If we conclude that a material uncertainty exists, we
+are required to draw attention in the auditor's report to the
+related disclosures in the consolidated financial statements
+and in the combined management report or, if such disclo-
+sures are inadequate, to modify our respective opinions. Our
+conclusions are based on the audit evidence obtained up
+to the date of our auditor's report. However, future events
+or conditions may cause the group to cease to be able to
+continue as a going concern.
+- Evaluate the overall presentation, structure and content of
+the consolidated financial statements, including the disclo-
+sures, and whether the consolidated financial statements
+present the underlying transactions and events in a manner
+that the consolidated financial statements give a true and
+fair view of the assets, liabilities, financial position and
+financial performance of the group in compliance with IFRSS
+as adopted by the EU and the additional requirements of
+German commercial law pursuant to section 315e (1) HGB.
+Obtain sufficient appropriate audit evidence regarding the
+financial information of the entities or business activities
+within the group to express opinions on the consolidated
+financial statements and on the combined management
+report. We are responsible for the direction, supervision and
+performance of the group audit. We remain solely responsi-
+ble for our audit opinions.
+-Evaluate the consistency of the combined management
+report with the consolidated financial statements, its confor-
+mity with [German] law, and the view of the group's position
+it provides.
+413
+We exercise professional judgment and maintain professional
+skepticism throughout the audit. We also:
+↑↓ ↑ ||
+ILS
+2021
+EUR
+3.33
+3.33
+95,817
+-4,177
+10
+2022
+Ludwigsburg
+EUR
+50.00 50.00
+2,229
+761
+2022
+Headline Europe VII GmbH & Co. KG, Berlin
+EUR
+PDB-Partnership for Dummy Technology and
+Biomechanics GbR, Gaimersheim
+e.ventures europe VI GmbH & Co. KG, Hamburg
+EUR
+Intelligent Energy System Services GmbH,
+10
+EUR
+5.00
+5.00
+-2
+-1,102
+2022
+FlexFactory GmbH, Stuttgart
+EUR
+50.00 50.00
+1,495
+-1,999
+2022
+e.ventures europe V GmbH & Co. KG, Hamburg
+EUR
+7.91 7.91
+73,600
+-6,255
+2022
+20.00
+20.00
+11, 12
+50.00
+37
+4
+2022
+Impact Labs GmbH, Hamburg
+EUR
+My Inner Health Club GmbH, in Liquidation, Berlin
+EUR
+NitroBox GmbH, Hamburg
+EUR
+onGRID Sports Technology GmbH, Berlin
+EUR
+10.00
+7.75 7.75
+5.00 5.00
+7.35 7.35
+5.44 5.44
+1,400
+27
+2022
+817
+10
+50.00
+EUR
+Smart Press Shop Verwaltungs-GmbH, Stuttgart
+10.00
+2022
+Heartfelt APX GmbH & Co. KG, Berlin
+EUR
+3.13 3.13
+14.41 14.41
+28,110
+-8,315
+2022
+2023
+Denizen GmbH, Berlin
+Smart Press Shop GmbH & Co. KG, Halle
+50.00
+50.00
+23,195
+387
+2022
+HWW-Höchstleistungsrechner für Wissenschaft
+und Wirtschaft GmbH, Stuttgart
+EUR
+EUR
+-173
+-1,325
+2022
+2022
+100.00 100.00
+13,436
+1,709
+2022
+Group 14 Technologies, Inc., Wilmington / DE
+USD
+HIF Global LLC, Houston / TX
+USD
+III. JOINT VENTURES
+Pull Data Inc., Santa Monica / CA
+USD
+A. Equity-accounted companies
+Sensigo, Inc., Wilmington / DE
+USD
+1.1077
+1.1077
+1.1077
+1.1077
+Stellar Telecommunications S.A.S., Meudon
+EUR
+7.8700
+3.36 3.36
+11.65 11.65
+33.00 33.00
+33.00 33.00
+20.00 20.00
+CNY
+2022
+4
+2022
+EUR
+100.00 100.00
+31,074
+69
+2022
+The Business Romantic Society Verwaltungs
+GmbH, Berlin
+EUR
+5.14 5.14
+-863
+2022
+Porsche Werkzeugbau s.r.o., Dubnica nad Váhom
+Shanghai Advanced Automobile Technical Centre
+Co., Ltd., Shanghai
+EUR
+100.00 100.00
+16,724
+1,831
+2. International
+587,807
+41,342
+-19,862
+-85,481
+2022
+-873
+2022
+1. Germany
+Axel Springer Porsche GmbH & Co. KG, Berlin
+EUR
+50.00 50.00
+Axel Springer Porsche Management GmbH, Berlin
+EUR
+50.00 50.00
+24,484
+31
+-4,711
+2022
+Daato Technologies GmbH, Berlin
+EUR
+5.55 5.55
+33
+-396
+41
+5.00 5.00
+EUR
+aware THE PLATFORM GmbH, in Liquidation, Berlin
+2022
+2023
+4,6
+2023
+-441
+-475
+2022
+1. Germany
+19
+V. OTHER EQUITY INVESTMENTS
+1. Germany
+B. Companies accounted for at cost
+1KOMMA5° GmbH, Hamburg
+EUR
+6.08 6.08
+80,136
+-7,001
+2022
+2. International
+2022
+2022
+2022
+Peking
+CNY
+7.8700
+BQ Holding Ltd., Weymouth
+EUR
+14.90 14.90
+0.94 0.94
+2,368
+-5,193
+2022
+2022
+Bumper International Ltd., London
+GBP
+0.8691
+4.60 4.60
+5,598
+-3,025
+2022
+Beijing Achievers Management Consulting Co., Ltd.,
+CarPutty Inc., Wilmington / DE
+The parent company is shareholder with unlimited liability
+10 Structured entity in accordance with IFRS 10 and IFRS 12
+CHF
+0.9264
+3.59 3.59
+1.77 1.77
+4.74 4.74
+5.35 5.35
+3.71 3.71
+2022
+7 Newly acquired company
+2023
+-1,727
+-19,929
+2022
+2023
+15,779
+-6,553
+2022
+12
+6 Newly established/split off-company
+Figures in accordance with IFRSS
+9 Circumstance in the meaning of section 1 UmwG
+11 Joint operation in accordance with IFRS 11
+USD
+1.1077
+10.08 10.08
+1.1077
+5.52 5.52
+4.17 4.17
+3.99 3.99
+4.64 4.64
+2023
+2022
+10
+593,081
+349,713
+2021
+10
+2022
+Fontinalis Capital Partners III, L.P., Detroit / MI
+USD
+1.1077
+9.64 9.64
+57,235
+22,895
+10
+USD
+Eve One L.P., Grand Cayman
+1.1077
+USD
+2022
+Connect IQ Labs, Inc., Redwood City / CA
+USD
+1.1077
+4.90 4.90
+2022
+Cresta Intelligence Inc., Wilmington / DE
+USD
+Bcomp Ltd., Fribourg
+1.1077
+2022
+Dream Machine Innovations Inc., Wilmington / DE
+USD
+1.1077
+DSP Concepts, Inc., Dover / DE
+USD
+1.1077
+e.ventures US V, L.P., San Francisco / CA
+0.79 0.79
+1.1077
+USD
+Atomic Industries Inc., Wilmington / DE
+local currency
+local currency Footnote
+Year
+Name and domicile of company
+Currency Dec. 31, 2023
+Direct
+Indirect
+Total
+in thousands,
+local currency
+Equity
+Profit/loss
+in thousands,
+local currency Footnote Year
+Retorio GmbH, München
+RYDES GmbH, Berlin
+EUR
+EUR
+8.35
+11.57
+Total
+Indirect
+Direct
+Currency Dec. 31, 2023
+315
+-567
+4
+2022
+Consolidated Financial Statements Notes to the consolidated financial statements
+403
+404
+in capital in %
+8.35
+11.57
+Porsche AG's interest
+Exchange rate
+Equity
+Profit/loss
+(1 € =)
+in thousands,
+in thousands,
+Exchange rate
+(1 € =)
+Name and domicile of company
+in capital in %
+Griiip Automotive Engineering Ltd., Petach Tikva
+2023
+-386
+4.97
+4.97
+10,700
+-326
+2022
+4 Short fiscal year
+5 Currently not trading
+2. International
+actnano Inc., Dover / DE
+USD
+1.1077
+AM Batteries LLC, Shrewsbury / MA
+USD
+1.1077
+Anagog Ltd., Tel Aviv
+ILS
+3.9951
+EUR
+WORKERBASE GmbH, München
+3 Different fiscal year
+2 In liquidation
+2021
+Sharpist GmbH, Berlin
+EUR
+3.70 3.70
+2022
+Zededa, Inc., San Jose / CA
+Zync Inc., San Francisco / CA
+1Profit and loss transfer agreement
+USD
+USD
+1.1077
+1.1077
+-370
+2.34 2.34
+5.00 5.00
+-784
+-790
+2020
+Triple Al GmbH, Berlin
+EUR
+5.69
+5.69
+2023
+2022
+Porsche AG's interest
+448-449
+Climate change mitigation
+Circular economy
+Emissions of ozone-depleting substances (ODS)
+305-6
+442-444
+228-232,
+Reduction of GHG emissions
+305-5
+444
+GHG emissions intensity
+305-4
+Omission/comment
+Page
+GRI standards
+GRI standards
+428
+109
+↑↓ ↑ |||
+Further information GRI content index
+443
+442-443
+442
+305-1 Direct (Scope 1) GHG emissions
+305-2 Energy indirect (Scope 2) GHG emissions
+305-3 Other indirect (Scope 3) GHG emissions
+GRI 305: Emissions 2016
+228-232
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Emissions
+111-112
+304-3 Habitats protected or restored
+GRI 304: Biodiversity 2016
+427
+111-112
+305-7
+444
+446-448
+306-4 Waste diverted from disposal
+446-448
+306-3 Waste generated
+112-113
+306-2 Management of significant waste-related impacts
+impacts
+461
+122
+121, 236 237
+122
+Promotion of worker health
+403-7 Prevention and mitigation of occupational health and
+safety impacts directly linked by business relationships
+403-8 Workers covered by an occupational health and safety
+management system
+403-9 Work-related injuries
+122
+403-5 Worker training on occupational health and safety
+403-6
+Nitrogen oxides (NOx), sulfur oxides (SOX), and other
+significant air emissions
+121-122
+403-4
+122
+Occupational health services
+403-3
+Omission/comment
+Page
+112-113
+91, 101-104,
+112-113
+306-1 Waste generation and significant waste-related
+GRI 306: Waste 2020
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Waste
+Worker participation, consultation, and communication
+on occupational health and safety
+446-448
+101-104,
+GRI 3: Material Topics 2021
+3-3
+Omission/comment
+Page
+301-3 Reclaimed products and their packaging materials
+301-1 Materials used by weight or volume
+GRI 301: Materials 2016
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Materials
+205-1 Operations assessed for risks related to corruption
+205-2 Communication and training about anti-corruption
+policies and procedures
+GRI 205: Anti-corruption 2016
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+250-252
+Anti-corruption
+Economic Performance is an additional GRI standard not linked with one of the Porsche AG Group's material sustainability topics.
+462-463
+129-131,237
+204-1 Proportion of spending on local suppliers
+GRI 204: Procurement Practices 2016
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+the index and the material topics is described
+on page 424.
+The link between the GRI standards listed in
+Information is collected internally but not
+published for reasons of confidentiality fol-
+lowing an internal management decision.
+Omission/comment
+Procurement Practices
+115-119
+GRI standards
+Management of material topics
+462-463
+250-252
+112-113,
+449
+303-5 Water consumption
+Biodiversity
+449
+303-4 Water discharge
+303-3 Water withdrawal
+110-111
+303-2 Management of water discharge-related impacts
+110-111
+101-104,
+Interactions with water as a shared resource
+GRI 303: Water and Effluents 2018
+303-1
+110-111
+101-104,
+Management of material topics
+91, 233-235
+GRI 3: Material Topics 2021
+3-3
+services
+104-108
+440-441
+302-2 Energy consumption outside of the organization
+302-5 Reductions in energy requirements of products and
+440-441
+302-1 Energy consumption within the organization
+101-108
+Management of material topics.
+GRI 302: Energy 2016
+3-3
+GRI 3: Material Topics 2021
+Energy
+446-447
+233-235,
+Water and Effluents
+306-5 Waste directed to disposal
+Supplier environmental assessment
+GRI 3: Material Topics 2021
+Management of material topics
+126
+GRI 413: Local communities 2016
+3-3
+GRI 3: Material Topics 2021
+Local communities
+410-1 Security personnel trained in human rights policies or 236-240
+procedures
+236-240
+GRI 410: Security practices 2016
+Management of material topics
+3-3
+GRI 3: Security practices 2021
+Security practices
+of forced or compulsory labor
+413-2 Operations with significant actual and potential nega-
+tive impacts on local communities
+409-1 Operations and suppliers at significant risk for incidents 240
+GRI 409: Forced or compulsory labor 2016
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Forced or compulsory labor
+TCFD INDEX
+Omission/comment
+Page
+GRI standards
+430
+↑ ↓ ↑ O |||
+429
+Further information GRI content index
+Metrics concerning work-related injuries for
+workers who are not employees are unavail-
+able (403-9 b). The data are not currently
+being collected internally. The data are
+potentially set to be collected in the future.
+236-240
+of child labor
+126
+GRI 3: Material Topics 2021
+Pursuant to section 91, paragraphs 2 and 3, of Germany's
+Stock Corporation Act (AktG), the management board of a
+stock corporation is obligated to institute a monitoring system
+in order to allow developments jeopardizing the company's
+continued existence to be identified at an early point in time.
+This is implemented at Porsche AG by means of the existing risk
+management system. The risk management system is used to
+identify and evaluate risks as well as handle and monitor their
+management. These include "climate-related" risks-for exam-
+ple, physical or transitory climate risks.
+DESCRIBE THE BOARD'S OVERSEEING OF
+CLIMATE-RELATED RISKS AND OPPORTUNITIES:
+The following report by Porsche AG is aligned with the recom-
+mendations and aims to contribute to financial market stability
+through appropriate reporting.
+In 2017, the Task Force published recommendations concerning
+climate-related reporting. These recommendations are split into
+the following categories: Governance, Strategy, Risk Manage-
+ment, and Metrics and Targets.
+Founded in 2015, the Task Force on Climate-Related Financial
+Disclosures (TCFD) aims to develop standardized and compa-
+rable disclosures so that climate-related risks can be assessed
+appropriately. The purpose of this is to help companies integrate
+climate-related risks and opportunities into their risk manage-
+ment, planning, and reporting.
+customer privacy and losses of customer data
+248
+418-1 Substantiated complaints concerning breaches of
+246-250
+3-3
+Customer privacy
+GRI 418: Customer privacy 2016
+Management of material topics.
+GRI 3: Material Topics 2021
+Supplier social assessment
+416-2 Incidents of non-compliance concerning the health and 252
+safety impacts of products and services
+248-250
+246-250
+462-463
+uct and service categories
+GRI 416: Customer health and safety 2016
+3-3 Management of material topics
+GRI 3: Material Topics 2021
+Customer health and safety
+414-2 Negative social impacts in the supply chain and actions 237-238,
+taken
+236-240
+462
+414-1 New suppliers that were screened using social criteria
+GRI 414: Supplier social assessment 2016
+3-3 Management of material topics
+416-1 Assessment of the health and safety impacts of prod-
+408-1 Operations and suppliers at significant risk for incidents 240
+GRI 408: Child labor 2016
+236-240
+241-246
+men
+405-1 Diversity of governance bodies and employees
+405-2 Ratio of basic salary and remuneration of women to
+GRI 405: Diversity and equal opportunity 2016
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Diversity and equal opportunity
+246
+404-3 Percentage of employees receiving regular perfor-
+mance and career development reviews
+125, 243-246
+457-458
+241-246
+404-1 Average hours of training per year per employee
+404-2 Programs for upgrading employee skills and transition
+assistance programs
+450, 457
+460
+GRI 404: Training and education 2016
+GRI 3: Material Topics 2021
+3-3
+Training and education
+119-126
+236-240,463
+GRI 401: Employment 2016
+3-3 Management of material topics
+GRI 3: Material Topics 2021
+Employment
+308-2 Negative environmental impacts in the supply chain
+and actions taken
+308-1 New suppliers that were screened using environmental 238-240, 462
+criteria
+236-240
+GRI 308: Supplier environmental assessment 2016
+Management of material topics
+3-3
+Management of material topics
+401-1 New employee hires and employee turnover
+451,456
+401-2 Benefits provided to full-time employees that are not
+provided to temporary or part-time employees
+investigation
+121
+120
+403-1 Occupational health and safety management system
+403-2 Hazard identification, risk assessment, and incident
+119-126,
+236-240
+GRI 403: Occupational health and safety 2018
+Management of material topics
+3-3
+GRI 3: Material Topics 2021
+Occupational health and safety
+402-1 Minimum notice periods regarding operational changes 125
+GRI 402: Labor/management relations 2016
+Management of material topics.
+Management of material topics.
+3-3
+GRI 3: Material Topics 2021
+119-126
+119-126
+401-3 Parental leave
+459
+Labor/management relations
+GRI 3: Material Topics 2021
+3-3
+228-232, 235
+Non-discrimination
+3-3
+Management of material topics
+GRI 406: Non-discrimination 2016
+241-246
+406-1 Incidents of discrimination and corrective actions taken 126,460
+Child labor
+GRI 3: Material Topics 2021
+107-108,
+203-2 Significant indirect economic impacts
+Infrastructure investments and services supported
+GRI
+CONTENT INDEX
+GRI CONTENT INDEX
+Corporate governance
+Social affairs
+Environment
+Topics
+From the material topics identified, the Porsche AG Group has derived the definitive GRI sustainability reporting standards, which
+are listed in the table below.
+Application of GRI
+424
+Further information About this report
+423
+Political engagement and lobbying activities
+Management of relationships with suppliers
+including payment practices
+ESSENTIALS SERVICE
+Personal safety of consumers and/or end-users
+Working conditions for own workers
+Biodiversity and ecosystems
+Waste
+Water and marine resources
+Energy and climate change adaptation
+Pollution and substances of concern
+Corporate governance, corruption and bribery
+end-users
+Sustainability, work-related rights and equal
+treatment and opportunities in the value chain
+Information-related impacts for consumers and/or
+Equal treatment and opportunities within the own
+workforce
+Topics in the sustainability report
+The following table contains the topics defined as material by
+the Porsche AG Group as well as their positions in the annual
+and sustainability report. A detailed description of the material-
+ity assessment, including the method of segmentation between
+the nonfinancial report and the sustainability report, can be
+found under → Stakeholder dialog and materiality.
+In 2023, Porsche AG conducted a materiality assessment to
+identify material topics that contribute to the concerns defined
+under CSR-RUG and fall into the categories of environment,
+social, and corporate governance. As the multistage process
+takes into account the principle of double materiality, it is
+already aligned with the future specifications of the CSRD and
+ESRS.
+→ GRI 3-2
+Material topics as part of the nonfinancial report
+More information is available in the Independent auditor's report
+on a limited assurance engagement to audit the nonfinancial
+report.
+Communities' rights
+The remuneration report 2023 has been prepared and audited
+by EY in accordance with the requirements of Section 162
+AktG. Pursuant to Section 289b (3) and Section 315b (3) HGB,
+EY conducted a voluntary business audit, in a limited assur-
+ance engagement, on the content of the nonfinancial report in
+accordance with ISAE 3000 (Revised).
+Climate change mitigation
+Energy and climate change adaptation
+Pollution and substances of concern
+GRI standards
+GRI 1: Foundation 2021
+None
+Applicable GRI Sector Standard(s)
+GRI 1 used
+For the Content Index-Essentials Service, GRI Services reviewed that the GRI content index has been presented in a way
+consistent with the requirements for reporting in accordance with the GRI Standards, and that the information in the index is
+clearly presented and accessible to the stakeholders. The service was performed on the German version of the report.
+Statement of use
+The Porsche AG Group has reported in accordance with the GRI Standards for the period
+January 2023 to December 2023.
+Indirect Economic Impacts (GRI 203)
+Procurement Practices (GRI 204), Supplier Social
+Assessment (GRI 414)
+Anti-corruption (GRI 205), Supplier Environmental
+Assessment (GRI 308)
+Customer Health and Safety (GRI 416)
+Local Communities (GRI 413)
+Employment (GRI 401), Labor/Management
+Relations (GRI 402), Occupational Health and
+Safety (GRI 403)
+Customer Health and Safety (GRI 416),
+Customer Privacy (GRI 418)
+Supplier Environmental Assessment (GRI 308),
+Occupational Health and Safety (GRI 403),
+Non-discrimination (GRI 406), Child Labor (GRI 408),
+Forced or Compulsory Labor (GRI 409), Security
+Practices (GRI 410), Supplier Social Assessment
+(GRI 414)
+Employment (GRI 401), Labor/Management
+Relations (GRI 402), Training and Education (GRI
+404), Diversity and Equal Opportunity (GRI 405),
+Non-discrimination (GRI 406)
+Circular economy
+Waste (GRI 306)
+Energy (GRI 302), Emissions (GRI 305)
+Emissions (GRI 305)
+Materials (GRI 301), Waste (GRI 306)
+Emissions (GRI 305), Supplier Environmental
+Assessment (GRI 308)
+Key GRI reporting standards
+Political engagement and lobbying activities
+Management of relationships with suppliers
+including payment practices
+Personal safety of consumers and/or end-users
+Corporate governance, corruption and bribery
+Communities' rights
+Working conditions for own workers
+end-users
+Information-related impacts for consumers and/or
+Sustainability, work-related rights and equal
+treatment and opportunities in the value chain
+Equal treatment and opportunities within the own
+workforce
+Water and marine resources
+Biodiversity and ecosystems
+Waste
+Water and Effluents (GRI 303)
+Biodiversity (GRI 304)
+Topics in the nonfinancial report
+Corporate governance
+Social affairs
+Wirtschaftsprüfer
+Welz
+[German Public Auditor]
+Wirtschaftsprüfer
+Hinderer
+Wirtschaftsprüfungsgesellschaft
+EY GmbH & Co. KG
+Stuttgart, 28th February 2024
+We make express reference to the fact that we will not update
+the report to reflect events or circumstances arising after it was
+issued, unless required to do so by law. It is the sole respon-
+sibility of anyone taking note of the summarized result of our
+work contained in this report to decide whether and in what
+way this information is useful or suitable for their purposes and
+to supplement, verify or update it by means of their own review
+procedures.
+The "General Engagement Terms for Wirtschaftsprüfer and
+Wirtschaftsprüfungsgesellschaften [German Public Audi-
+tors and Public Audit Firms]" as issued by the Institut der
+Wirtschaftsprüfer [Institute of Public Auditors in Germany] on
+1st January 2017 are applicable to this engagement and also
+govern our relations with third parties in the context of this
+engagement (www.de.ey.com/general-engagement-terms). In addition,
+please refer to the liability provisions contained there in no. 9
+and to the exclusion of liability towards third parties. We accept
+no responsibility, liability or other obligations towards third
+parties unless we have concluded a written agreement to the
+contrary with the respective third party or liability cannot effec-
+tively be precluded.
+GENERAL ENGAGEMENT TERMS AND LIABILITY
+We draw attention to the fact that the assurance engagement
+was conducted for the Company's purposes and that the report
+is intended solely to inform the Company about the result of
+the assurance engagement. As a result, it may not be suitable
+for another purpose than the aforementioned. Accordingly, the
+report is not intended to be used by third parties for making
+(financial) decisions based on it. Our responsibility is to the
+Company alone. We do not accept any responsibility to third
+parties. Our assurance conclusion is not modified in this respect.
+RESTRICTION OF USE
+We do not express an assurance conclusion on the other refer-
+ences to disclosures made outside the non-financial reporting,
+base-year disclosures or the external sources of documentation
+or expert opinions mentioned in the non-financial reporting.
+[German Public Auditor]
+Based on the assurance procedures performed and the evi-
+dence obtained, nothing has come to our attention that causes
+us to believe that the non-financial reporting of the Company
+for the period from 1st January to 31st December 2023 is
+not prepared, in all material respects, in accordance with
+Sec. 315c in conjunction with Secs. 289c to 289e HGB and
+the EU Taxonomy Regulation and the Delegated Acts adopted
+thereunder as well as the interpretation by the executive direc-
+tors as disclosed in section "EU-Taxonomy" of the non-financial
+reporting.
+In determining the disclosures in accordance with Art. 8 of the
+EU Taxonomy Regulation, the executive directors are required to
+interpret undefined legal terms. Due to the immanent risk that
+undefined legal terms may be interpreted differently, the legal
+conformity of their interpretation and, accordingly, our assur-
+ance engagement thereon are subject to uncertainties.
+- Evaluation of the process to identify the economic activities
+taxonomy-eligible and taxonomy-aligned as well as the
+corresponding disclosures in the non-financial reporting,
+Evaluation of the presentation of disclosures in the non-
+financial reporting.
+- Inquiries, inspection of sample documents and obtaining
+evidence relating to the collection and reporting of selected
+disclosures in the non-financial reporting,
+- Analytical procedures on selected disclosures in the non-
+financial reporting,
+- Inspection of the relevant documentation of the systems and
+processes for collecting, aggregating and validating relevant
+data in the reporting period,
+Identification and assessment of risks of material misstate-
+ment in the non-financial reporting,
+- Inquiries of the executive directors and relevant employees
+regarding the selection of topics for the non-financial report-
+ing, the impact and risk assessment and the policies of the
+Company and the Group for the topics identified as material,
+Inquiries of the executive directors and relevant employees
+involved in the preparation of the non-financial reporting
+about the preparation process, about the internal controls
+related to this process as well as disclosures in the non-
+financial reporting,
+Gain an understanding of the structure of the sustainability
+organization and stakeholder engagement,
+In the course of our assurance engagement we have, among
+other things, performed the following assurance procedures and
+other activities:
+In a limited assurance engagement, the procedures performed
+are less extensive than in a reasonable assurance engagement,
+and accordingly, a substantially lower level of assurance is
+obtained. The selection of the assurance procedures is subject
+to the professional judgment of the auditor.
+We conducted our assurance engagement in accordance with
+International Standard on Assurance Engagements (ISAE) 3000
+(Revised): "Assurance Engagements other than Audits or
+Reviews of Historical Financial Information" issued by the IAASB.
+This standard requires that we plan and perform the assurance
+engagement to obtain limited assurance about whether any
+matters have come to our attention that cause us to believe
+that the Company's non-financial reporting is not prepared, in all
+material respects, in accordance with Sec. 315c in conjunction
+with Secs. 289c to 289e HGB and the EU Taxonomy Regula-
+tion and the Delegated Acts adopted thereunder as well as the
+interpretation by the executive directors disclosed in section
+"EU-Taxonomy" of the non-financial reporting. Not subject to
+our assurance engagement are other references to disclosures
+made outside the non-financial reporting, base-year disclosures
+as well as the external sources of documentation or expert
+opinions mentioned in the non-financial reporting.
+Our responsibility is to express a conclusion with limited assur-
+ance on the non-financial reporting based on our assurance
+engagement.
+RESPONSIBILITIES OF THE AUDITOR
+420
+ASSURANCE CONCLUSION
+Further information Independent auditor's report
+421
+↑↓ ↑ ||
+Environment
+Topics
+In addition to careful data collection and recording via internal
+reporting and processing systems, as well as detailed internal
+consolidation and inspection of the information and data
+contained therein, an independent audit was conducted on the
+consolidated financial statements and combined management
+report by EY GmbH & Co. KG Wirtschaftsprüfungsgesellschaft.
+→ GRI 2-5
+External audit
+The information in this report (excluding pages 6 to 65) relates
+to the entire Porsche AG Group. If information only applies to
+individual areas, this is made explicitly clear. Unless indicated
+otherwise, all information relating to the Porsche AG Group also
+applies to Porsche AG. Besides Porsche AG, the Porsche AG
+Group encompasses all major national and international
+subsidiaries over which Porsche AG exercises direct or indirect
+control. Overall, the basis of consolidation consists of 117 fully
+consolidated companies, 28 of which are based in Germany and
+90 abroad.
+The annual and sustainability report is published at the annual
+press conference of Porsche AG. The reporting period was from
+January 1, 2023, to December 31, 2023.
+→ GRI 2-2 and GRI 2-3
+MORE INFORMATION ABOUT THE REPORT
+Publication and applicability
+The disclosures relating to sustainability in the nonfinancial
+report and in the sustainability report have already been pre-
+pared on the basis of the future reporting requirements of the
+Corporate Sustainability Reporting Directive (CSRD) and the
+associated European Sustainability Reporting Standards. These
+new European requirements are set to be implemented in full in
+the coming reporting year.
+Additionally, the Sustainability Accounting Standard Board
+(SASB) has published the "Automobiles" industry standard, on
+the basis of which companies are able to publish relevant indus-
+try-specific sustainability information for investors. The SASB
+index is presented from page 434 to 436.
+Furthermore, Porsche AG follows the recommendations of the
+Task Force on Climate-related Financial Disclosures (TCFD) on
+effective climate-related reporting. The information on how
+climate-related opportunities and risks are handled is published
+as part of a TCFD index on page 431 to 433.
+The Porsche AG Group has prepared its annual and sustainability
+report in accordance with the current version of the GRI Sus-
+tainability Reporting Standards of 2021. The GRI content index
+can be found on pages 425 to 430. The GRI examined this index
+in its entirety as part of its "Content Index-Essentials" service.
+bribery. In accordance with the CSR Directive Implementation
+Act (CSR-RUG), this text focuses on material topics that are
+necessary in order to understand the course of business, the
+business result, the position of the Porsche AG Group, and the
+impact of the Porsche AG Group on the nonfinancial aspects.
+Moreover, Porsche AG complies with the reporting obligations
+set out in Article 8 of the Taxonomy Regulation (officially Regu-
+lation (EU) 2020/852) in the nonfinancial report.
+The nonfinancial report relates to the subject areas of Section
+289c HGB: environmental, employee, and social concerns,
+respect for human rights, and the fight against corruption and
+The consolidated financial statements of Porsche AG as at
+December 31, 2023, have been prepared in accordance with
+the applicable International Financial Reporting Standards
+(IFRS), as adopted by the European Union (EU), as at the report-
+ing date, as well as the supplementary regulations of Section
+315e of Germany's Commercial Code (HGB). The combined
+management report is based on the German Commercial Code
+(HGB) and the German accounting standards formalizing the
+requirements of the Commercial Code.
+Reporting standards
+422
+↑↓ ↑ 0 |||
+ABOUT THIS REPORT
+REPORTING POLICY
+Reporting structure
+The two primary objectives of Porsche AG's activities are to
+accomplish economic success and take on responsibility-for
+sustainable activity, secure jobs, and society. Active practice,
+trust, and commitment are what set Porsche AG apart. It is
+therefore important to Porsche AG to make the public aware
+of business developments and its activities in connection with
+sustainability.
+GRI 2: General Disclosures 2021
+This annual and sustainability report of the Porsche AG Group
+consists of the following parts:
+To our shareholders (pages
+67 to 87),
+Sustainability report (pages 89 to 133),
+Corporate governance (pages 135 to 177),
+Combined management report including the nonfinancial report
+(pages → 179 to 273),
+Consolidated financial statements (pages → 275 to 405),
+Further information (pages 407 to 476).
+Magazine (pages → 6 to 65),
+The Executive Board of Porsche AG receives quarterly reports
+on the current risk exposure (primary individual risks and
+overall risk assessment) and, based on these, is informed about
+the current degree of jeopardy for the company's continued
+existence in particular. In addition, the effectiveness of the risk
+early-warning system is audited annually by external auditors.
+General Disclosures
+Page
+103, 129-132,
+250-253
+250-253
+217, 236-240
+105, 109-110,
+250-253
+Membership associations
+2-28
+Compliance with laws and regulations
+2-27
+Mechanisms for seeking advice and raising concerns
+2-26
+Processes to remediate negative impacts
+2-25
+131-132,
+94, 131-132
+Embedding policy commitments
+250-253
+129-132,
+68
+Statement on sustainable development strategy
+Policy commitments
+2-23
+2-22
+153-177
+Page
+Strategy, policies, and practices
+Annual total compensation ratio
+2-21
+Process to determine remuneration
+2-20
+GRI standards
+2-24
+426
+Stakeholder engagement
+Approach to stakeholder engagement
+GRI 203: Indirect Economic Impacts 2016
+203-1
+99, 115
+3-3 Management of material topics
+GRI 3: Material Topics 2021
+276, 439
+104-105,
+254-269,285,
+431-432
+99,308,438
+250-253
+99, 129-131,
+Indirect Economic Impacts
+201-4 Financial assistance received from government
+due to climate change
+201-2 Financial implications and other risks and opportunities
+Direct economic value generated and distributed
+201-1
+GRI 201: Economic Performance 2016
+2-29
+Management of material topics
+GRI 3: Material Topics 2021
+Economic Performance'
+98,423-424
+List of material topics
+3-2
+94-99, 423-424
+Process to determine material topics
+3-1
+GRI 3: Material Topics 2021
+Material Topics
+123, 460
+Collective bargaining agreements
+2-30
+94-97
+3-3
+↑↓ ↑ |||
+2024
+425
+Workers who are not employees
+2-8
+Employees
+2-7
+The annual and sustainability report is printed exclusively on the
+organic paper types "Lessebo Design® Smooth bright, FSC" and
+"enviroⓇ pure, FSC".
+Inclusive language is a commitment to diversity and equal
+opportunities. This report therefore uses gender-neutral
+formulations. For the sake of legibility, any exceptions only use a
+single form of address, be it diverse or feminine. All formulations
+expressly apply to all genders and gender identities equally.
+If content that had been previously published has since been
+corrected-for example, due to changes in collection methods
+for key figures and data-this is indicated.
+The figures presented in the report are rounded to one
+decimal place.
+EDITORIAL REMARKS
+456
+450-455
+236-240
+210, 229,
+Activities, value chain, and other business relationships 92, 180-182,
+Governance
+2-6
+423
+External assurance
+2-5
+424
+423
+Reporting period, frequency, and contact point
+Restatements of information
+2-4
+2-3
+423
+Entities included in the organization's sustainability
+reporting
+2-2
+The organization and its reporting practices
+180-181
+Omission/comment
+Activities and workers
+2-9
+Governance structure and composition
+138-152
+Further information GRI content index
+153-177
+Remuneration policies
+2-19
+137-138,
+153-177
+90-99,210-213
+Collective knowledge of the highest governance body
+Evaluation of the performance of the highest gover-
+nance body
+2-18
+2-17
+239, 250-252
+Communication of critical concerns
+2-16
+Conflicts of interest
+2-15
+250-252
+Role of the highest governance body in sustainability
+reporting
+90-99,210-213
+2-10
+Nomination and selection of the highest governance
+138-146
+body
+2-11
+Chair of the highest governance body
+2-1 Organizational details
+147-152
+Role of the highest governance body in overseeing the
+management of impacts
+90-99,210-213
+2-13
+Delegation of responsibility for managing impacts
+90-99,210-213
+2-14
+2-12
+DESCRIBE MANAGEMENT'S ROLE IN ASSESSING
+AND MANAGING CLIMATE-RELATED RISKS AND
+OPPORTUNITIES:
+216, 233
+DESCRIBE THE CLIMATE-RELATED RISKS AND
+OPPORTUNITIES PORSCHE AG HAS IDENTIFIED
+OVER THE SHORT, MEDIUM, AND LONG TERM:
+-0.06%
+-1.39
+2021
+2022'
+2023
+76.28%
+0.05%
+1.14
+1,670.61
+0.07%
+83.68%
+1.54
+1,856.45
+-0.03
+286.65
+-5.88
+4.49
+11.80
+Spain
+0.00
+1.57
+1,569.80
+Germany
+4.74
+Czech Republic
+The previous year has been updated (see the annotations regarding IFRS 17 → Effects of new or amended IFRS).
+6.14%
+134.43
+6.89%
+152.72
+43.64
+109.08
+275.10
+China
+10,247
+12,047
+5,568.98
+12,652
+0.00%
+14.78
+Irleand
+Appropriation
+0.12%
+2.57
+0.21%
+4.58
+0.18
+4.39
+52.31
+Hong Kong
+0.98%
+21.56
+0.48%
+10.61
+France
+-10.39
+59.00
+United Kingdom
+%
+€ million
+%
+€ million
+%
+€ million
+0.26%
+5.71
+0.10%
+2.12
+-3.68
+5.80
+21.00
+Value added
+0.12%
+2.73
+9.59
+0.25%
+5.62
+-4.02
+9.64
+20.90
+Australia
+33,138
+893
+1,702
+37,637
+40,530
+1,256
+Other income
+0.01%
+0.24
+0.44%
+0.02%
+0.12
+0.36
+1.33
+Austria
+Sales revenue
+Source
+0.00%
+0.00
+0.00%
+-0.01
+-0.01
+0.00
+14.85
+UAE
+0.47
+Cost of materials
+-23,015
+-22,934
+0.08%
+1.85
+-0.85
+2.69
+14.97
+Switzerland
+-1,207
+-1,169
+-2,592
+Other upfront expenditures
+0.64%
+13.93
+0.44%
+9.65
+9.34
+0.31
+33.77
+-19,363
+Brazil
+41.79
+21.87
+-4.01
+17.86
+28.33
+0.81%
+1.09%
+Depreciation, amortization, and impairment losses
+-3,528
+-3,189
+-3,214
+Canada
+23.88
+2021
+5.92
+6.18
+2,176
+The risk management system stipulates that the "first
+line"-management of the operating units-bears the initial
+responsibility for the operational identification, assessment,
+control, and monitoring of risks. Generally speaking, the
+management of the unit with responsibility over a given risk is
+always responsible for controlling and monitoring that risk. This
+rule applies to all risks and therefore also to climate-related
+risks.
+981
+33.5
+4,241
+to the company (reserves)
+0.10%
+2.09
+0.01%
+0.19
+-1.66
+1.85
+10.87
+Singapore
+21.2
+1.2
+1.3
+157
+2.4
+309
+to creditors (interest expense)
+-0.04%
+-0.89
+0.00%
+0.00
+-0.02
+0.02
+-5.59
+Russia
+no data
+126
+no data
+Taiwan
+9.47
+↑↓ ↑ |||
+Further information Key financial figures
+439
+In 2023, Porsche AG and its consolidated companies in
+Germany were no longer part of the income tax group with
+Porsche Holding Stuttgart GmbH, but were themselves liable
+for income taxes in Germany. In 2023, the tax payments by the
+fully consolidated Porsche AG Group companies in Germany
+amounted to €1,671 million, and contained €1 million in
+payments attributable to other periods. At €243 million, the
+tax payments of the fully consolidated companies of the
+Porsche AG Group in the USA include €15 million in refunds
+attributable to other periods, tax credits of €42 million, and
+changes in tax assets and tax liabilities that were recognized
+as cash items. → Key financial figures
+The difference between the income tax expenditure of all fully
+consolidated Porsche AG Group companies and their income
+tax payments was largely due to differences in maturity dates:
+normally, the tax expense or income leads to tax payments or
+refunds in subsequent years, whereas the listed payments also
+encompass payments and refunds for previous years.
+Calculation of profit before tax under IFRS after consolidation per country: for
+the sake of simplicity, this report presents a percentage-based breakdown
+of the consolidation entries relative to the profit before tax under IFRS and
+consolidation entries.
+In 2023, the Group-wide profit before tax under IFRS was
+€7,375 million.' The total tax expenditure of all fully consoli-
+dated Porsche AG Group companies was €2,218 million. This
+contained deferred taxes of €231 million, which were the tax
+expense or income resulting from deviations between the
+IFRS result and the taxable base. This is already covered in the
+current financial year, although it will not lead to the actual tax
+expense or income as well as tax payments or refunds until
+future years. The total tax rate in the Porsche AG Group was
+30.1% in 2023.
+FISCAL TRANSPARENCY
+The previous year has been updated (see the annotations regarding IFRS 17 → Effects of new or amended IFRS).
+11.10%
+100.00%
+100.0
+10,247
+100.0
+12,047
+28.79
+100.0
+Value added
+0.35%
+7.58
+243.18
+2,190.00
+5.02%
+100.00%
+111.27
+2,218.00
+-70.94
+231.22
+182.22
+1,986.78
+7,375.00
+Total
+1,125.23
+United States
+0.13%
+2.98
+-6.49
+12,652
+no data
+no data
+no data
+8.96
+-4.49
+13.45
+27.27
+Japan
+43.7
+4,478
+41.2
+4,961
+40.7
+5,149
+to employees (wages, salaries, benefits)
+1.02%
+22.39
+0.40%
+0.43%
+-3.81
+13.40
+35.05
+Italy
+18.2
+1,862
+33.1
+3,986
+7.2
+916
+to shareholders (profit transfer)
+0.34%
+7.45
+0.28%
+9.59
+10.22
+0.47%
+to the state (taxes, duties)
+no data
+Other taxes
+0.00%
+0.00
+0.00%
+0.00
+0.00
+0.00
+-20.80
+Luxembourg
+no data
+no data
+no data
+no data
+no data
+no data
+Income tax
+2,037
+16.1
+1,962
+16.3
+1,605
+15.7
+0.26
+South Korea
+9.45
+7.31
+16.76
+0.76%
+11.59
+0.53%
+31.53
+2022'
+8.1
+of the Porsche AG Group for the period from January 1 to December 31, 2023
+The product portfolio of Porsche AG has the largest influence over its emissions. The strategy of
+Porsche AG is to invest in battery electric vehicles (BEVS). Porsche AG is currently planning for
+more than 80% of new Porsche models to be fully electric by 2030-depending on customer
+demand and the development of electric mobility in the individual regions of the world. Along-
+side its electrification strategy, Porsche AG is working to decarbonize its products and business
+processes continuously. Porsche AG is working to make the value chain for its newly produced
+vehicles balance-sheet CO₂ neutral by 2030.
+Discussion of strategy for managing fleet
+fuel economy and emissions risks and
+opportunities
+TR-AU-410a.3
+vehicles.
+Porsche AG and selected subsidiaries merely produce battery electric vehicles and plug-in hybrid
+In the 2023 reporting year, there were stoppages lasting a number of hours in connection with
+IG Metall demonstrations as part of the automotive trade's 2023 round of collective bargaining
+in sections of the locations in Germany (Porsche Niederlassung Hamburg GmbH, Porsche Nie-
+derlassung Stuttgart GmbH, Porsche Niederlassung Berlin GmbH, and Porsche Niederlassung
+Berlin-Potsdam GmbH).
+Collective bargaining agreements cover 86.1% of the total workforce in Porsche AG's con-
+solidated subsidiaries in Germany. Furthermore, collective agreements apply to 6% of the
+total workforce in consolidated subsidiaries of Porsche AG in Germany without a collective
+bargaining agreement but with elected employee representatives. Porsche AG is part of the
+UN Global Compact and is committed to its ten principles and to social responsibility. In doing
+so, Porsche AG supports key worker rights, from the abolition of forced and child labor to equal
+opportunities.
+There were ten safety-related product recalls in 2023.
+100% of safety-related defect complaints have been investigated.
+Porsche AG places great emphasis on the safety of vehicles in the design and development
+stages. Porsche vehicles that have been inspected in line with the requirements of the Euro-
+pean New Car Assessment Program have each received a five-star overall rating for safety.
+320,221 Porsche vehicles were sold in 2023.
+336,280 Porsche vehicles were manufactured in 2023.
+Number of (1) work stoppages and (2)
+total days idle
+TR-AU-310a.2
+Materials sourcing
+TR-AU-440a.1
+Percentage of active workforce covered
+under collective bargaining agreements
+Number of vehicles recalled
+Number of safety-related defect
+complaints; percentage investigated
+TR-AU-250a.3
+TR-AU-250a.2
+Percentage of vehicle models rated by
+NCAP programs with an overall five-star
+safety rating, by region
+Product safety
+TR-AU-250a.1
+Number of vehicles sold
+Number of vehicles manufactured
+TR-AU-000.B
+TR-AU-000.A
+Activity metrics
+78.01
+249,795
+Internal combustion engines
+21.99
+70,426
+Labor practices
+TR-AU-310a.1
+Electrified vehicles (EV)
+Description of the management of
+risks associated with the use of critical
+materials
+Porsche AG has published a statement on the observation and promotion of human rights. With
+regard to human rights, Porsche AG, in cooperation with the Volkswagen Group, uses a due
+diligence management system that systematically analyzes, prioritizes, and reduces risks to
+human rights in the supply chain. Porsche AG operates a multistage complaint management
+system that provides internal and external complainers with a confidential channel through
+which to report potential violations of human rights and environmental obligations. Internal and
+external target groups can find information on the website of Porsche AG about the report-
+ing channels in our complaint management system. All complaints about potential violations
+of human rights and environmental obligations in our field of business and supply chain are
+processed in a standardized process. In cooperation with a start-up, Porsche AG uses artificial
+intelligence to scan supplier-related news and detect when suppliers are failing to comply with
+these obligations.
+2021
+2022'
+2023
+436
+Automotive EBITDA²
+Automotive return on sales
+Profit after tax
+Profit before tax
+Operating profit
+Other financial performance indicators
+Porsche AG Group
+Automotive net cash flow margin
+Automotive BEV share
+Sales revenue
+Return on sales
+Automotive segment
+Automotive EBITDA margin
+Most important key performance indicators
+Porsche AG Group
+KEY FINANCIAL FIGURES
+Various audits and measures have been introduced in order to comply with due diligence obli-
+gations in the supply chain. With the S-rating, Porsche AG is able to examine a direct supplier's
+compliance with the Code of Conduct for Business Partners. If a direct supplier receives a
+negative score, it will no longer be considered for future contracts until it has addressed the
+identified shortcomings and meets the sustainability requirements.
+The development process takes into account Directive 2000/53/EC on end-of-life vehicles,
+which requires at least 85% of the vehicle weight to be reusable and/or recyclable and at least
+95% to be reusable and/or recyclable.
+Porsche AG and selected subsidiaries had a waste recycling rate of 99% in 2023. The waste
+recycling rate encompasses thermal recycling.
+With regard to the procurement of raw materials, all direct suppliers are expected to follow
+the OECD Due Diligence Guidance for Responsible Supply Chains of Materials from Conflict-
+Affected and High-Risk Areas. Additional due diligence measures for mica mining have been
+implemented in high-risk countries; the processes on site are examined selectively by supply
+chain auditors. Porsche AG is also an active member of the Responsible Mica Initiative. The
+most significant findings and measures relating to high-risk raw materials are published in the
+Responsible Raw Materials Report. The report on the activities of Porsche AG in 2023 is being
+prepared and will be published shortly as part of the report of the Volkswagen Group.
+With regard to the environmental impact of its supply chain, Porsche AG is planning to decar-
+bonize with a view to achieving a balance-sheet CO2-neutral value chain for newly produced
+vehicles by 2030. To accomplish this goal, all direct suppliers of Porsche AG with more than
+100 employees at their production locations are obligated to introduce an environmental
+management system certified under ISO 14001 or EMAS. Furthermore, all suppliers of vehicle
+projects with all-electric series are obligated to shift their production lines to certified electric-
+ity from renewable sources from the reporting year onwards. To support Porsche AG's goal of
+a decarbonized supply chain, more than 80% of newly delivered vehicles are to be fully electric
+by 2030-depending on customer demand and the development of electric mobility in the
+individual regions of the world.
+Response
+Average recyclability of vehicles sold
+TR-AU-440b.3
+Weight of end of-life material recovered
+Total amount of waste from
+manufacturing, percentage recycled
+TR-AU-440b.2
+Material efficiency and recycling
+TR-AU-440b.1
+Topic/Code/Requirement
+↑↓ ↑ 0 |||
+435
+Further information SASB index
+'Porsche China, Porsche Canada, Porsche Brazil, Porsche South Korea, Porsche Taiwan, and Porsche Japan.
+As a strategy field, the circular economy plays an important role in product development at
+Porsche AG. Porsche AG and selected subsidiaries are striving to use raw materials responsibly
+and sparingly. Porsche AG has therefore set targets relating to the use of circular materials.
+These apply to selected, newly developed, purely battery electric vehicle projects. Additionally,
+aspects of the circular economy are increasingly being integrated into the preliminary
+development of vehicles. For example, projects are running in order to use more sustainable raw
+materials and recycled materials in a variety of vehicle components.
+9.18
+29,403
+Plug-in hybrid vehicles (PHEV)
+DESCRIBE HOW PROCESSES FOR IDENTIFYING,
+ASSESSING, AND MANAGING CLIMATE-RELATED
+RISKS ARE INTEGRATED INTO PORSCHE AG'S
+OVERALL RISK MANAGEMENT:
+Depending on the content, climate-related risks are addressed
+by the relevant department in whose field of responsibility they
+arise, with risk management measures then being defined and
+implemented.
+DESCRIBE PORSCHE AG'S PROCESSES FOR
+MANAGING CLIMATE-RELATED RISKS:
+All departments at Porsche AG are directly linked to the risk
+management system, as are selected subsidiaries of the
+Porsche AG Group. Consequently, the latter can (and are
+obligated to) identify and document negative deviations from
+a planned value (i.e. risks). This happens through the pro-
+cesses of the risk management system: risk identification, risk
+assessment, risk control, and risk monitoring. → Report on risks and
+opportunities
+Porsche AG takes an integrated approach to risk management.
+As such, it also includes the management of climate-related
+risks. ESG risks-the risks identified by risk management in
+coordination with the sustainability strategy-are not treated
+differently compared to other risks.
+DESCRIBE PORSCHE AG'S PROCESSES FOR
+IDENTIFYING AND ASSESSING CLIMATE-
+RELATED RISKS:
+Porsche AG will analyze and address the physical and transitory
+impacts of climate change through its strategy.
+DESCRIBE THE RESILIENCE OF THE COMPANY'S
+STRATEGY AGAINST DIFFERENT CLIMATE-RE-
+LATED SCENARIOS, INCLUDING A 2°C OR LOWER
+SCENARIO:
+More information about climate-related risks and opportunities
+is available under → Climate change mitigation, → Energy and adapting to
+climate change, → Nonfinancial key figures.
+Details about the impacts of climate-related risks and oppor-
+tunities on strategy, business operations, and financial planning
+are available under → Sustainability management and organization, → Stake-
+holder dialog and materiality.
+The analysis differentiates between short-term (for the current
+financial year), medium-term (for the current and three subse-
+quent financial years), and long-term or strategic climate-re-
+lated risks and opportunities.
+DESCRIBE THE IMPACT OF CLIMATE-RELATED
+RISKS AND OPPORTUNITIES ON PORSCHE
+AG'S BUSINESSES, STRATEGY, AND FINANCIAL
+PLANNING:
+The financial assessment of transitory and physical climate
+risks follows the methodology of the greater risk management
+system.
+These risks and the corresponding risk control measures are
+reviewed regularly and updated, if necessary, by interdisci-
+plinary teams consisting of risk managers and the relevant
+departments.
+By definition, all of the processes for identifying, assessing,
+managing, and monitoring climate-related risks are part of
+Porsche AG's risk management. Consequently, Porsche AG is
+taking the approach of an integrated management system.
+Porsche AG deliberately views ESG risks as risks, which means
+that there is no differentiation between general risk manage-
+ment and the management of climate-related risks.
+- Market and demand-based transitory climate risk
+The following transitory risks have been identified for
+Porsche AG by the project:
+The risk inventory also continues to contain transitory climate
+risks. This term denotes risks that arise during the transition to a
+lower-carbon economy.
+Transitory climate risks
+↑↓ ↑ 0 |||
+432
+↑↓ ↑ ||
+431
+Further information TCFD index
+adaption.
+More information about physical climate risks and the applied
+scenario analyses is available under → Energy and climate change
+The risk inventory of Porsche AG still contains the physical
+climate risks identified for various production locations as part
+of a group-wide Volkswagen project.
+Physical climate risks
+Porsche AG updates its risk inventory on a regular basis.
+Climate-related risks were assessed from two different
+perspectives again in the 2023 reporting year: the impacts of
+physical climate change (such as extreme weather events) and
+the transition risks related to the transition to a lower-carbon
+economy (such as regulations concerning the CO2 emissions of
+the vehicle fleet).
+2023
+- Technological transitory climate risk
+DISCLOSE THE METRICS USED BY PORSCHE
+AG TO ASSESS CLIMATE-RELATED RISKS AND
+OPPORTUNITIES IN LINE WITH ITS STRATEGY
+AND RISK MANAGEMENT PROCESS:
+Porsche AG sees the decarbonization of its value chain not
+only as a strategic mission, but also as a financial opportunity.
+Effective decarbonization requires a strict control mechanism.
+Therefore, Porsche AG works with an internal (e.g. in its vehicle
+projects) CO₂ target control system that continuously measures
+the CO2 emissions of its vehicle projects and evaluates and
+decides on measures designed to reduce these emissions in the
+development process on the basis of marginal costs [€/tCO2].
+The necessary financial resources to accomplish decarboniza-
+tion targets are set aside in the strategic budget. → Stakeholder
+dialog and materiality
+In particular, "DKI" (Decarbonization Index) and "BEV share" (the
+share of battery electric vehicles) are two key figures of great
+strategic relevance to decarbonization. → Climate protection
+0
+0
+Hybrid vehicles'
+12.81
+41,023
+Zero-emission vehicles (ZEV)
+Worldwide
+%
+Number
+2023
+Porsche AG and selected subsidiaries are part of the emissions pools of the Volkswagen Group
+or are assessed separately in selected subsidiaries.
+Response
+Number of (1) zero-emission vehicles
+sold, (2) hybrid vehicles sold, and (3)
+plug-in hybrid vehicles sold
+Sales-weighted average passenger fleet
+fuel economy, by region
+TR-AU-410a.2
+Fuel economy and use-phase emissions
+TR-AU-410a.1
+Topic/Code/Requirement
+Response
+DISCLOSE SCOPE 1, SCOPE 2, AND, IF
+APPROPRIATE, SCOPE 3 GREENHOUSE GAS (GHG)
+EMISSIONS, AND THE RELATED RISKS:
+Greenhouse gas emission data are disclosed under → Nonfinancial
+key figures, → Climate change mitigation.
+DESCRIBE THE TARGETS USED BY PORSCHE
+AG TO MANAGE CLIMATE-RELATED RISKS AND
+OPPORTUNITIES AND PERFORMANCE AGAINST
+TARGETS:
+The management of sustainability targets also includes topics
+which are of relevance to climate-related risks and opportuni-
+ties. This is available in the following sections:
+→ Strategy field Decarbonization
+→ Strategy field Governance and Transparency
+€ million
+→ Sustainability management and organization
+→ Energy and adapting to climate change
+Further information TCFD index
+433
+434
+SASB INDEX
+Topic/Code/Requirement
+→ Climate change mitigation
+40,530
+A materiality assessment was conducted for Porsche AG in the
+2023 reporting year. The analysis covered sustainability-related
+topics and evaluated their inherent risks and opportunities
+based on the principle of double materiality—that is, it factored
+in the impact of business activities on people and the envi-
+ronment ("inside-out") as well as the influence of social and
+environmental matters on the Porsche AG Group ("outside-in").
+→ Stakeholder dialog and materiality
+18.0
+309,884
+320,221
+Vehicles
+Employees 10
+Production
+Deliveries
+Other non-financial performance indicators
+21.2
+20.5
+19.6
+%
+Financial services return on equity before tax?
+10.0
+10.3
+301,915
+8.8
+Financial services return on sales
+313
+341
+302
+€ million
+Financial services operating profit
+Financial services segment
+21.3
+25.0
+24.7
+%
+Automotive return on investment
+1,378
+1,642
+%
+Vehicles
+336,280
+321,321
+Value added statement
+%
+Percentage
+Total tax
+payments
+€ million
+€ million
+€ million
+Percentage
+Total tax
+expenditure
+Deferred taxes
+€ million
+Income tax
+expenditure after
+consolidation
+€ million
+Profit before tax
+under IFRS after
+consolidation
+Overview of the profit before tax, tax expenditure, and tax payments per country of the fully consolidated companies
+of the Porsche AG Group
+438
+437
+Further information Key financial figures
+10 Value as of the reporting date.
+300,081
+Number
+42,140
+39,162
+36,996
+1 The prior-year figures have been adjusted (see explanations on IFRS 17 → Notes to the consolidated financial statements - Effects of new or amended IFRS).
+Automotive operating profit before depreciation/amortization and changes in value of property, plant and equipment, capitalized development costs and other
+intangible assets in the automotive segment.
+1,964
+3 Total of cash and cash equivalents, securities, loans and time deposits net of third-party borrowings in the automotive segment.
+5
+Additions (cost) to intangible assets (excluding capitalized development costs) and property, plant and equipment (excluding right-of-use assets) in the automotive
+segment.
+6 Operating profit after tax in relation to the average invested capital, each relating to the automotive segment.
+Profit before tax in relation to average equity tied up in the financial services segment.
+8 Number of vehicles handed over to end customers.
+⁹2021 incl. 16,953 vehicles not yet eligible for registration at the time of factory delivery due to the semiconductor shortage.
+4 Research costs, non-capitalizable development costs and investments in development costs that have to be capitalized in the automotive segment.
+€ million
+€ million
+Automotive capital expenditure
+5.44/5.45
+5.66/5.67
+€
+Earnings per ordinary share/preferred share
+Automotive segment
+4,038
+4,967
+5,157
+€ million
+5,729
+7,081
+7,375
+€ million
+5,314
+6,772
+4.42/4.43
+7,284
+||| ơ V12
+13.7
+11.3
+12.8
+%
+12.1
+11.2
+%
+24.5
+25.2
+25.7
+%
+37,637
+18.0
+33,138
+16.0
+€ million
+Automotive operating profit
+10.6
+€ million
+2,651
+2,417
+2,834
+€ million
+Automotive research and development costs*
+8,282
+7,215
+€ million
+Automotive net liquidity³
+7,010
+7,855
+8,256
+€ million
+Automotive cash flow from operating activities
+3,676
+4,970
+3,973
+3,866
+6,425
+5,033
+%
+18.6
+16.6
+€ million
+18.6
+6,938
+8,726
+7,420
+Automotive net cash flow
+€ million
+9,594
+Hazardous waste
+Waste for recycling
+705
+2,604
+3,031
+8,005
+7,376
+Metallic waste
+Nonhazardous waste
+1,470
+Nonproduction-specific waste
+3,060
+806
+5
+Metallic waste
+Waste for removal
+Hazardous waste
+4
+6
+550
+590
+167
+8,026
+12
+79
+124
+Nonproduction-specific waste
+Nonhazardous waste
+23,869
+5,001
+2023
+2022
+49
+2021
+t
+Total
+Production sites
+Total
+2023
+2022
+2021
+t
+4,481
+Other sites³
+22,874
+21,755
+Total
+615
+712
+340
+18,199
+17,018
+16,143
+Waste for recycling
+Hazardous waste
+5,333
+Waste by location, type, and disposal method' (Fortsetzung]
+37
+4,180
+0
+3,725
+2023
+2022
+2021
+Nonproduction-specific waste
+1,356
+632
+625
+Metallic waste
+1,549
+1,926
+1,728
+4,288
+Waste diverted from disposal
+22,586
+20,008
+Waste for removal
+Hazardous waste
+26
+73
+864
+The annual figures are based on a projection of the actual values recorded for January to October.
+2 The total recycled waste contains the waste categories "Hazardous waste," "Nonhazardous waste," "Nonproduction-specific waste," and "Metallic waste."
+3 Total of all waste for recycling from the production sites, development sites, and other sites. All waste is recycled outside of Porsche locations.
+Nonhazardous waste
+Waste by location, type, and disposal method'
+93
+82
+23,530
+80
+Nonhazardous waste
+2,149
+0
+0
+Waste for removal
+The annual figures are based on a projection of the actual values recorded for January to October.
+Hazardous waste
+34
+77
+885
+Nonhazardous waste
+93
+82
+80
+² Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+3 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Nonproduction-specific waste
+183
+16
+12
+Stuttgart-Zuffenhausen
+10,375
+9,670
+9,183
+Waste for recycling
+Waste for recycling1,2,3
+Hazardous waste
+2,997
+2,653
+44
+446
+0.07
+0
+445
+2 The key figures refer exclusively to production processes, not to Porsche vehicles.
+³ Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+* Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Total
+Production sites
+Stuttgart-Zuffenhausen
+Leipzig
+0.26
+0.29
+0.31
+0.19
+0.22
+'Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+0.24
+0.22
+0.24
+0
+0
+0
+Development sites2
+Other sites³
+0.07
+0
+0.07
+0
+t
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+2 Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+0.19
+Volatile organic compounds (VOC)'
+0
+0
+SOx emissions'
+* Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Nonproduction-specific waste
+2023
+2022
+2021
+Production sites
+Stuttgart-Zuffenhausen
+Leipzig
+Development sites³
+Other sites*
+0.26
+0
+0.19
+0.23
+0.16
+0.22
+0.21
+0.13
+0.17
+0.02
+0.03
+0.05
+0.03
+0.03
+0.05
+0.27
+↑↓ ↑ 0 |||
+Material consumption of Porsche's vehicle production'
+2022
+Stuttgart-Zuffenhausen
+Leipzig
+Development sites²
+Other sites³
+137.75
+129.40
+123.29
+137.75
+129.40
+123.29
+55.65
+53.84
+Production sites
+52.81
+75.56
+70.48
+0
+0
+0
+0
+0
+0
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+2 Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+3 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations i the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Further information Nonfinancial key figures
+82.10
+2023
+Total
+2021
+2021
+Total
+678,606
+652,655
+Steel/cast iron
+267,061
+263,617
+603,259
+241,883
+Alloys
+180,040
+170,413
+157,965
+Material consumption of Porsche locations in Stuttgart-Zuffenhausen and Leipzig, and proportionately of the Volkswagen Group's production locations in Osnabrück
+and Bratislava.
+Copper
+17,146
+15,998
+Plastics
+125,745
+120,658
+112,697
+Others
+86,458
+80,821
+74,716
+2023
+2022
+19,302
+174
+641,805
+12
+109
+185
+811
+The annual figures are based on a projection of the actual values recorded for January to October.
+Waste from vehicle production sites'
+kg/vehicle
+Waste
+Locations in Stuttgart-Zuffenhausen and Leipzig.
+2023
+2022
+2021
+3 Stuttgart-Zuffenhausen and Leipzig.
+Total
+* Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+Total consumption of water from all areas'
+0.56
+0.71
+4.51
+m³
+2023
+2022
+2021
+Water withdrawal¹,2,3
+m³
+2023
+2022
+5 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+2021
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+Fresh water (≤ 1,000 mg/l total dissolved solids (TDS)] is only recirculated into areas with no water stress.
+5,970
+2 Total water withdrawal of the production locations in Stuttgart-Zuffenhausen and Leipzig, the development locations in Weissach, Rutesheim, Hemmingen,
+Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim, and the other locations in Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg for the
+2023 reporting year. Plus the other locations in Freiberg and Weilimdorf for the 2021 and 2022 reporting years.
+Water recirculation¹²
+Total
+35
+79
+916
+'The annual figures are based on a projection of the actual values recorded for January to October.
+m³
+Nonhazardous waste for removal'
+2023
+2022
+2021
+5,743
+Total
+558,756
+653,289
+568,953
+624,597
+539,785
+Development sites*
+80,310
+78,366
+79,069
+2023
+2022
+2021
+Other sites
+2,739
+Production sites³
+0
+Total
+Stuttgart-Zuffenhausen
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+2 Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+2 Fresh water (≤ 1,000 mg/l total dissolved solids (TDS)] is only drawn from areas with no water stress.
+3 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+3 Total water withdrawal of the production locations in Stuttgart-Zuffenhausen and Leipzig, the development locations in Weissach, Rutesheim, Hemmingen,
+Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim, and the other locations in Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg for the
+2023 reporting year. Plus the other locations in Freiberg and Weilimdorf for the 2021 and 2022 reporting years.
+Water consumption of vehicle production sites'
+m³/vehicle
+Water consumption
+Locations in Stuttgart-Zuffenhausen and Leipzig.
+2023
+2022
+2021
+2.81
+1,660
+3.08
+Further information Nonfinancial key figures
+449
+↑ ↓ ↑ 0 |||
+450
+PERSONNEL AND SOCIAL KEY FIGURES
+Unless specified otherwise, the listed key figures relate to the Porsche AG Group.
+Number and distribution of new employees
+2023
+2022
+2021
+Total workforce
+Total
+3.05
+Production sites
+2,945
+Of which groundwater
+Leipzig
+100,074
+140,127
+133,846
+81,831
+118,546
+112,454
+55,328
+63,078
+72,510
+26,503
+55,468
+3,214
+39,944
+18,243
+21,581
+21,392
+Total
+Of which water from third parties
+745,093
+741,879
+793,416
+790,471
+758,443
+756,783
+Other sites³
+0
+0
+0
+Development sites²
+16
+0
+758,443
+The annual figures are based on a projection of the actual values recorded for January to October.
+Waste for removal
+Hazardous waste
+Nonhazardous waste
+Nonproduction-specific waste
+8
+4
+22
+0
+0
+8
+0
+5,766
+210
+t
+2023
+2022
+2021
+Development sites²
+Total
+10,398
+10,378
+8,480
+Total
+5,055
+5,143
+Nonhazardous waste for recycling'
+5,272
+7,018
+Total
+Leipzig
+7,823
+7,348
+6,959
+Hazardous waste for recycling'
+Waste for recycling
+Hazardous waste
+2,336
+2,348
+2,331
+t
+2023
+7,575
+2022
+Nonhazardous waste
+3,846
+3,717
+3,651
+Nonproduction-specific waste
+114
+174
+79
+Metallic waste
+1,511
+1,105
+876
+2021
+0
+Waste for recycling
+Hazardous waste
+↑↓ ↑ 0 |||
+448
+t
+Waste for removal¹,2,3
+Fresh water withdrawal¹.2
+2023
+2022
+2021
+m³
+Waste directed to disposal
+339
+288
+Further information Nonfinancial key figures
+1,747
+Hazardous waste for removal'
+2023
+2022
+2021
+2023
+2022
+2021
+Total withdrawal
+Of which fresh water (≤1,000 mg/l total dissolved solids (TDS))
+Of which other water (> 1,000 mg/l total dissolved solids (TDS))
+'Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+745,093
+745,093
+793,416
+793,416
+758,443
+The annual figures are based on a projection of the actual values recorded for January to October.
+2 The total removed waste contains the waste categories "Hazardous waste," "Nonhazardous waste," "Nonproduction-specific waste," and "Metallic waste."
+3 Total of all waste for removal from the production sites, development sites, and other sites. All waste is removed outside of Porsche locations.
+'The annual figures are based on a projection of the actual values recorded for January to October.
+447
+8
+2,238
+2,011
+1,280
+Nonhazardous waste
+1,821
+1,782
+937
+Nonproduction-specific waste
+577
+355
+89
+Metallic waste
+9
+389
+2,196
+Waste for removal
+Hazardous waste
+1
+2
+30
+Nonhazardous waste
+16
+103
+731
+Nonproduction-specific waste
+13
+882
+³ Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+Region: Germany
+2021
+2022
+2023
+kWh/vehicle
+5 Purchased energy products such as refrigeration or compressed air.
+* Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+Energy consumption of vehicle production sites'
+3 Locations in Stuttgart-Zuffenhausen and Leipzig.
+'Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+Total including CHP plant and fuel.
+2
+Locations in the 2023 reporting year: Stuttgart-Zuffenhausen, Leipzig, Weissach, Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the
+2021 and 2022 reporting years: Stuttgart-Zuffenhausen, Leipzig, Weissach, Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+10,934
+0
+11,904
+0
+2021
+0
+10,901
+.8
+Development sites*
+'Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+2 Locations in Stuttgart-Zuffenhausen, Leipzig, and Weissach.
+14,081
+3,147
+2,604
+2,325
+Production sites3,8
+14,508
+13,226
+Fuel'
+35,841
+Other sites
+42,503
+* Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Total
+2021
+2022
+2023
+10
+26
+53
+t of CO2 equivalent
+2021
+2022
+2023
+Market-based energy indirect (Scope 2) GHG emissions'
+t of CO₂ equivalent
+Contains no fuels from renewable sources. Conversion factor from liters to MWh: petrol corresponds to 8.72 kWh/l; diesel corresponds to 9.91 kWh/I.
+Fuel for engine test stands; contains petrol and diesel.
+Direct (Scope 1) GHG emissions"
+Locations in Stuttgart-Zuffenhausen and Leipzig.
+Total²
+kg/vehicle
+Direct and indirect greenhouse gas emissions from vehicle production sites
+442
+↑↓ ↑ 0 |||
+441
+Further information Nonfinancial key figures
+Locations in Stuttgart-Zuffenhausen and Leipzig.
+2,673
+2,439
+2,216
+2 The increase in the 2023 reporting year was due to the switch from natural gas to heating oil due to the gas shortages.
+2023
+46,663
+0
+Heating oil
+302,290
+321,310
+314,934
+Electricity generated externally from renewable energy³
+0
+1,736
+1,963
+Of which combustible biomethane gas for manufacturing processes
+1,953
+304,243
+322,686
+1,376
+470
+608
+0
+2,076
+1,963
+Combustible gas for manufacturing processes
+315,542
+Of which generated externally
+65,555
+53,507
+54,391
+Of which biomethane
+368,996
+No data
+Of which from nonrenewable sources
+Total energy from own vehicle operation²
+2,329
+Electricity generated internally²
+0
+265,696
+220,376
+195,680
+1,424
+2,038
+2,920
+64,752
+59,004
+47,341
+Electricity generated internally from renewable energy²
+Energy from own vehicle operation (electrical energy)²
+Heat²
+1,485
+1,485
+194
+1,201
+Heating oil
+Gas
+1,201
+1,175
+Other sites
+0
+73
+72
+Specialist energy products
+64,752
+59,004
+47,341
+1,175
+0
+408,116
+350,595
+2022
+Total
+2,701
+6,419
+12,351
+2,895
+7,175
+13,528
+9,090
+13,160
+18,209
+Leipzig
+Stuttgart-Zuffenhausen
+Production sites
+1,177
+Total
+132
+184
+122
+45
+442
+Of which from refrigerants
+Of which released directly
+Development sites*
+Of which from destroyed VOCs
+Of which from refrigerants
+14
+579
+58
+551
+756
+3,900
+2023
+270
+218
+213
+Of which released directly
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+² Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+270
+218
+213
+Other sites
+898
+466
+194
+494
+877
+588
+Other sites³
+3,663
+4,358
+3,406
+4,959
+5,108
+4,093
+Development sites²
+4,561
+4,825
+1,236
+2021
+Of which released directly
+756
+Production sites
+Total³
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+966
+658
+374
+Other sites³
+398
+283
+193
+Development sites²
+0
+Stuttgart-Zuffenhausen
+0
+Leipzig
+70
+0
+3
+70
+0
+3
+1,434
+941
+570
+Stuttgart-Zuffenhausen
+Production sites
+0
+194
+17,638
+7,656
+1,177
+Leipzig
+519
+734
+591
+Of which from destroyed VOCs
+2021
+2022
+2023
+t of CO2 equivalent
+158
+570
+12,218
+104
+Direct and indirect (Scope 1 and 2) GHG emissions'
+1,954
+5,114
+11,653
+Of which released directly
+2,631
+6,419
+12,348
+2,825
+7,175
+13,525
+3 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Of which from refrigerants
+332,692
+362,523
+73
+381,690
+362,883
+Electricity
+28,584
+6,807
+11,449
+11,687
+11,303
+Total
+Production sites
+84,832
+80,131
+69,727
+63,351
+75,824
+59,593
+67,876
+Stuttgart-Zuffenhausen²
+29,708
+27,204
+Leipzig³
+37,272
+33,643
+32,389
+Development sites24
+13,856
+14,376
+13,660
+Other sites 2,5
+1,249
+32,455
+2,404
+0
+0
+* Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+5
+Other indirect GHG emissions (Scope 3)
+Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+t of CO2 equivalent
+2023
+2022
+2021
+Energy indirect (Scope 2) GHG emissions'
+t of CO₂ equivalent
+2023
+2022
+0
+2021
+Porsche's vehicle fleet'
+Business trips²
+Of which by rail
+Of which by plane
+91,945
+51,647
+12,620
+11,376
+27,574
+9,464
+79,325
+40,271
+18,110
+Total
+³ The increase in the 2023 reporting year was due to the switch from natural gas to heating oil due to the gas shortages.
+2,571
+The following emission factors are used for the key energy figures in this report: Natural gas 181.6 kg CO₂/MWh; heating oil 266.4 kg CO₂/MWh; electricity: 0 g/kWh
+or 242/298 g CO₂/kWh; refrigerants (global warming potential (GWP]).
+0.60
+0.58
+0.58
+22.21
+27.17
+33.99
+Locations in Stuttgart-Zuffenhausen and Leipzig.
+17.85
+20.41
+25.88
+4.36
+6.76
+VOC
+8.11
+Dust emissions"
+1,2
+6.14
+6.32
+7.60
+Other sites
+0.12
+0.12
+0.16
+t
+2023
+2022
+Development sites³
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+41.75
+28.47
+2 Local energy mix 242 g CO₂/kWh.
+Of which by rented car³
+The annual figures are based on the fuels reported for internal factory traffic, departmental and business travel, and test drives at the locations in Stuttgart-
+Zuffenhausen, Leipzig, and Weissach. The conversion is based on known emission factors and the German energy mix (434 g CO₂/kWh from the German Environ-
+ment Agency).
+2 The metrics concerning planes and rented cars relate to the following companies in the 2023 reporting year: Porsche AG, MHP Management- und IT-Beratung GmbH,
+Porsche Consulting GmbH, Porsche Asia Pacific Pte. Ltd., Porsche Engineering Services GmbH, and other selected subsidiaries with a relatively low contribution.
+The metric encompasses all travel activity booked through framework contracts with external service providers (travel agencies and car hire companies]. It does not
+contain isolated travel activity that was booked individually. Among other factors, the year-on-year increase in CO2 emissions in the 2023 reporting year was the result
+of an increase in travel and higher aircraft emission factors.
+3 The share of the metric attributable to MHP Management- und IT-Beratung GmbH for rented cars in the 2023 reporting year is partly based on monthly average
+mileages.
+3 Local energy mix 298 g CO₂/kWh.
+Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, Friolzheim.
+5 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Further information Nonfinancial key figures
+443
+↑↓ ↑ 0 |||
+444
+33.61
+t
+2023
+2022
+2021
+VOC from vehicle production sites'
+kg/vehicle
+2023
+2022
+2021
+Total
+Production sites
+Stuttgart-Zuffenhausen
+Leipzig
+NOx emissions¹²
+440
+NONFINANCIAL KEY FIGURES
+ENVIRONMENTAL AND ENERGY KEY FIGURES
+134,694
+Of which biomethane
+Energy consumption within the organization'
+272,976
+209,908
+138,830
+433,289
+347,832
+297,836
+244,857
+374,632
+318,524
+Gas
+204,844
+Production sites³
+5 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+* Locations in Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim.
+³ Around 99% of the electrical energy is TÜV-certified green electricity. The remainder relates to the acquisition of new buildings and to existing gray electricity
+contracts, which were fully transitioned to green electricity on January 1, 2024.
+2 Locations in Stuttgart-Zuffenhausen and Leipzig.
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+3,582
+2,922
+1,959
+District heating
+8,165
+7,989
+3,615
+Total²
+11,747
+269,750
+2023
+69,697
+56,609
+56,761
+Gas
+72
+363,871
+256,210
+Primary energy consumption from renewable sources²
+Secondary energy consumption from renewable sources³
+Air conditioning
+69,891
+61,087
+59,266
+Development sites*
+MWh
+2,046
+40,864
+Heating oil
+72,811
+72,605
+65,163
+Of which combustible biomethane gas for manufacturing processes
+72,811
+72,605
+65,163
+Combustible gas for manufacturing processes
+2021
+2022
+15,323
+10,911
+5,574
+13,380
+2022
+2023
+2021
+2022
+2023
+MWh
+Direct energy consumption by primary energy source
+Other sites
+Electrical energy³
+Weissach CHP plant
+District heating
+Development sites*
+Electrical energy³
+CHP plants and PV arrays
+2021
+³ Retroactive correction of the key figure (including fuel) for the 2022 reporting year.
+851,880
+800,799
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+732,555
+2021
+2022
+2023
+Total
+MWh
+MWh
+Indirect energy consumption by primary energy source'
+Total energy consumption¹.2,3
+2 Locations in the 2023 reporting year: Stuttgart-Zuffenhausen, Leipzig, Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim,
+and Friolzheim, and the locations in Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Stuttgart-Zuffenhausen, Leipzig, Weissach, Rutesheim, Hemmingen, Filderstadt, Welcherath, Schwieberdingen, Wimsheim, and Friolzheim, and the locations in
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+Total
+Production sites²
+Electrical energy³
+12,983
+13,914
+2,487
+2,292
+1,785
+58,795
+61,949
+57,056
+74,662
+77,224
+72,755
+51,372
+46,021
+33,427
+43,527
+39,263
+47,405
+237,283
+252,748
+254,870
+332,182
+338,032
+335,702
+418,591
+426,167
+414,031
+District heating
+Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+The key figures refer exclusively to production processes, not to Porsche vehicles.
+2022
+30-50 years
+Total
+Male
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+Employees subject to wage agreements
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+Employees exempt from wage agreements and executive employees
+79.5
+70.7
+73.0
+Other subsidiaries'
+Porsche AG
+8.0
+11.8
+9.5
+Porsche Leipzig GmbH
+Region: North America
+6.0
+10.0
+10.0
+Other subsidiaries'
+Region: Asia
+6.1
+6.1
+Region: Europe (excluding Germany)
+6.2
+Porsche Leipzig GmbH
+Female
+16
+12
+Breakdown by age (%)
+<30 years
+30-50 years
+> 50 years
+Breakdown by gender (%)
+Female
+Male
+Breakdown by region (%)
+Region: Germany
+22.7
+Porsche AG
+27.5
+52.4
+66.4
+66.4
+24.9
+6.1
+6.1
+26.2
+28.4
+28.4
+73.8
+71.6
+71.6
+27.5
+6
+Other regions (Australia, Latin America)
+1.4
+14.4
+17.0
+12.4
+10.6
+15.0
+11.5
+10.5
+18.8
+15.7
+10.3
+32.4
+14.5
+18.4
+11.8
+20.2
+19.9
+19.2
+19.6
+20.3
+47.7
+35.7
+21.6
+13.9
+21.7
+16.5
+Further information Nonfinancial key figures
+19.2
+0.4
+32.9
+16.1
+1.3
+1
+Adjustment to the methodology of information acquisition in 2023. For the first time, in addition to terminations by employees, the disclosures now contain termina-
+tions by the employer, retirement, and the death of employees.
+For the 2023 reporting year: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Consulting GmbH,
+Porsche Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH. For the 2022 and 2021
+reporting years: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Lifestyle GmbH & Co. KG, Porsche
+Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH.
+17.2
+13.1
+11.4
+21.0
+14.1
+13.4
+20.9
+15.0
+10.5
+14.8
+14.8
+10.0
+21.0
+10.3
+9.3
+16.5
+12.9
+11.0
+14.4
+11.8
+10.9
+19.2
+21.4
+457
+Other regions (Australia, Latin America)
+69
+0.0
+12.5
+0.0
+0.0
+87.5
+100.0
+100.0
+Proportion of employees who left the company.
+4.3
+2.9
+2.4
+'Adjustment to the methodology of information acquisition in 2023. For the first time, in addition to terminations by employees, the disclosures now contain termina-
+tions by the employer, retirement, and the death of employees.
+0.0
+Total number and breakdown of employee turnover'
+2022
+2021
+Employees by age group
+<30 years
+30-50 years
+>50 years
+Donations made by the Porsche AG Group'
+18.3
+18.6
+22.1
+64.0
+63.5
+2023
+60.0
+0.0
+%
+2023
+2022
+2021
+%
+2023
+2022
+2021
+Workers who are not employees but whose work and/or workplace is controlled by
+the organization
+3,348
+3,283
+2,937
+Governance bodies by gender
+Female
+> 50 years
+12.5
+14.3
+87.5
+85.7
+85.7
+Male
+Proportion of governance bodies by age group
+Employee turnover'
+<30 years
+2023
+2022
+2021
+30-50 years
+14.3
+56
+17.7
+17.9
+55
+Average hours of training per year per employee
+437
+323
+254
+2023
+2022
+2021
+1,231
+815
+642
+Total
+69
+Region: Germany
+805
+654
+Region: Europe (excluding Germany)
+134
+135
+85
+Region: North America
+100
+113
+89
+Region: Asia
+102
+1,326
+17.9
+416
+756
+Total
+By age
+<30 years
+3 Locations in the 2023 reporting year: Korntal-Münchingen, Sachsenheim, Asperg, and Ludwigsburg. Locations in the 2021 and 2022 reporting years:
+Korntal-Münchingen, Sachsenheim, Freiberg, Asperg, Weilimdorf, and Ludwigsburg.
+> 50 years
+By gender
+Female
+Male
+By region
+1,668
+1,138
+896
+595
+€ million
+2022
+2021
+Total
+11.7
+22.1
+11.8
+378
+313
+246
+1
+874
+The disclosure contains all donations made by Porsche AG as well as donations of more than €5,000 made by fully consolidated subsidiaries.
+2023
+Diversity and equal opportunity
+↑ ↓ ↑ |||
+Average number of training hours for management qualification
+180,875
+Porsche AG
+186,194
+136,309
+129,195
+Female employees who took parental leave
+Male employees who took parental leave
+2,186
+2,025
+1,534
+767
+674
+213,193
+350
+1,351
+1,184
+Porsche Leipzig GmbH
+63,040
+62,253
+43,184
+Other subsidiaries'
+20,004
+14,631
+8,496
+Employees exempt from wage agreements and executive employees
+37,015
+1,419
+29,799
+269,238
+Total number of employees who took parental leave'
+29,413
+32,013
+'For the 2023 reporting year: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Consulting GmbH,
+Porsche Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH. For the 2022 and 2021
+reporting years: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Lifestyle GmbH & Co. KG, Porsche
+Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH.
+6,321
+5,805
+3,848
+7,062
+5,486
+3,466
+249,579
+202,288
+171,284
+Employees subject to wage agreements
+Parental leave and return to the workplace
+132,782
+124,085
+59,151
+58,343
+40,484
+2023
+2022
+2021
+Other subsidiaries'
+16,430
+11,163
+6,715
+173,998
+43,291
+29,736
+31,095
+161,721
+Offline formats
+74,648
+51,117
+48,890
+For the 2023 reporting year: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Consulting GmbH,
+Porsche Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH. For the 2022 and 2021
+reporting years: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Lifestyle GmbH & Co. KG, Porsche
+Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH.
+Total number of returning employees who are still employed after 12 months²
+Proportion of female employees who are still employed after 12 months
+Proportion of male employees who are still employed after 12 months
+Proportion of returning female employees who are still employed after 12 months (%)
+Proportion of returning male employees who are still employed after 12 months (%)
+'The total number of employees entitled to parental leave cannot be determined because employees are not obligated to report a birth. The year for which the parental
+leave is recorded is the year in which the period of leave begins.
+1,724
+1,752
+1,278
+344
+591
+191,875
+223
+1,161
+1,055
+20.0
+33.7
+17.5
+80.0
+66.3
+82.5
+2 Due to the relatively long duration of parental leave or as a result of leave commencing late in the respective reporting year, not all employees have returned by the
+time of data collection. The return to work and retention rate cannot be calculated on an annual basis as employees who returned in a given year did not necessarily
+also begin their parental leave in that same calendar year.
+Further information Nonfinancial key figures
+459
+↑↓ ↑ 0 |||
+1,380
+Porsche AG
+231,605
+81.3
+25,886
+26,903
+Total number of employees who returned to work after parental leave²
+Female employees who returned to work after parental leave
+Male employees who returned to work after parental leave
+1,713
+1,580
+1,434
+360
+317
+268
+1,353
+1,263
+1,166
+Digital formats
+Porsche Leipzig GmbH
+1,895
+1,148
+Other subsidiaries'
+3,488
+2,018
+1,685
+Proportion of female employees who returned to work after parental leave (%)
+Proportion of male employees who returned to work after parental leave (%)
+21.0
+20.0
+18.7
+79.0
+80.0
+2,432
+458
+210,611
+39,327
+56,674
+22.2
+22.7
+47.2
+33.0
+24.2
+17.4
+For the 2023 reporting year: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Consulting GmbH,
+Porsche Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH. For the 2022 and 2021
+reporting years: Porsche Deutschland GmbH, Porsche Engineering Services GmbH und Porsche Engineering Group GmbH, Porsche Lifestyle GmbH & Co. KG, Porsche
+Financial Services GmbH, Porsche Dienstleistungs GmbH, Porsche Digital GmbH, and Porsche Niederlassung Stuttgart GmbH.
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+Employees subject to wage agreements
+Porsche AG
+Male
+Porsche Leipzig GmbH
+Number of participants in advanced training
+2023
+2022
+2021
+Employees exempt from wage agreements and executive employees
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+2023
+2022
+2021
+30,134
+Other subsidiaries'
+27,646
+22.9
+Other subsidiaries'
+2023
+2022
+Employees who participated in advanced training
+Total
+Female
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+Male
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries¹
+24.2
+25.2
+Total
+33.0
+28.0
+30.9
+27.0
+Female
+Porsche AG
+64.9
+55.5
+Porsche Leipzig GmbH
+36.0
+25.0
+23.5
+40,704
+25,316
+4,329
+4,073
+2,287
+1,712
+1,535
+2,857
+2,582
+2,557
+2,306
+2,280
+2,272
+90
+76
+4,079
+73
+226
+212
+Total
+Female
+Porsche AG
+Porsche Leipzig GmbH
+Other subsidiaries'
+Male
+Porsche AG
+Porsche Leipzig GmbH
+306,253
+242,992
+461
+4,900
+4,361
+19,273
+4,199
+3,615
+3,253
+3,188
+377
+352
+349
+908
+724
+662
+25,234
+23,317
+17,151
+21,117
+18,300
+16,253
+4,074
+3,803
+3,797
+1,840
+1,214
+1,085
+27,277
+25,064
+22,759
+20,629
+19,320
+External employment
+456
+↑↓ ↑ 0 |||
+84.5
+79.4
+6.6
+5.8
+9.2
+5.1
+4.5
+5.6
+3.7
+4.2
+5.1
+Other regions (Australia, Latin America)
+84.4
+0.2
+0.6
+For reasons of data protection, only selected personnel and social key figures are disclosed.
+Further information Nonfinancial key figures
+451
+↑↓ ↑ |||
+452
+Full-time employees
+Total
+2023
+2022
+2021
+39,247
+1.0
+36,688
+0.0
+0.0
+For reasons of data protection, only selected personnel and social key figures are disclosed.
+30-50 years
+> 50 years
+Breakdown by gender (%)
+Female
+Male
+Other'
+Breakdown by region (%)
+Region: Europe (excluding Germany)
+Region: North America
+Region: Asia
+42.7
+0.0
+49.6
+53.7
+48.0
+55.1
+3.6
+2.4
+3.5
+24.9
+23.3
+30.0
+75.1
+76.7
+70.0
+41.4
+0.0
+34,297
+Porsche AG
+1,513
+1,264
+1,162
+Of which at Stuttgart-Zuffenhausen
+1,022
+862
+706
+Of which at Weissach (including external locations)
+491
+402
+456
+Porsche Leipzig GmbH
+Porsche AG
+228
+572
+Other subsidiaries
+1,152
+1,031
+965
+By region
+Region: Germany
+34,491
+32,271
+30,576
+Region: Germany
+Region: Europe (excluding Germany)
+179
+By company
+2,699
+2,893
+23,211
+21,761
+21,217
+Of which at Stuttgart-Zuffenhausen
+16,241
+15,509
+15,168
+Of which at Weissach (including external locations)
+6,970
+6,252
+6,049
+Porsche Leipzig GmbH
+2,474
+4,406
+3,737
+Other subsidiaries
+11,630
+10,742
+9,343
+By region
+Part-time employees
+Total
+By company
+2023
+2022
+2021
+4,185
+2,084
+0.0
+Other'
+1,866
+1,076
+170
+93
+69
+1,184
+904
+3,572
+2,982
+586
+1,369
+1
+0
+2,558
+0
+4,634
+4,364
+4,309
+By region
+Other subsidiaries
+12,782
+11,773
+10,308
+Region: Germany
+4,012
+3,284
+1,553
+Porsche Leipzig GmbH
+By region
+810
+2,029
+42,140
+39,162
+36,996
+By company
+Porsche AG
+24,724
+23,025
+22,379
+Of which at Stuttgart-Zuffenhausen
+17,263
+16,371
+15,954
+1,927
+Of which at Weissach (including external locations)
+6,654
+6,425
+Total
+By age
+<30 years
+30-50 years
+> 50 years
+By gender
+Female
+Male
+Other'
+4,757
+3,886
+1,955
+7,461
+0.0
+Region: Germany
+315
+Other regions (Australia, Latin America)
+321
+318
+274
+<30 years
+Number of employees by gender
+Female
+Male
+Other¹
+8,097
+7,348
+34,042
+Breakdown by age (%)
+31,814
+0
+6,808
+30,188
+0
+Breakdown of employees by gender (%)
+Female
+19.2
+18.8
+18.4
+Male
+80.8
+81.2
+81.6
+1
+Region: Europe (excluding Germany)
+1,098
+1,341
+225
+180
+37,207
+34,558
+33,089
+Region: North America
+243
+173
+110
+Region: Europe (excluding Germany)
+2,234
+2,073
+1,308
+1,695
+177
+164
+100
+Region: North America
+1,037
+905
+840
+Other regions (Australia, Latin America)
+10
+40
+12
+Region: Asia
+Region: Asia
+2021
+1,919
+Region: Europe (excluding Germany)
+Region: Germany
+2,664
+2,423
+2,541
+Region: Europe (excluding Germany)
+2,164
+1,954
+1,641
+Region: Europe (excluding Germany)
+70
+119
+54
+30,548
+Region: North America
+905
+840
+Region: North America
+0
+0
+0
+Region: Asia
+889
+793
+683
+Region: Asia
+452
+1,037
+515
+32,135
+Region: Germany
+2023
+2022
+2021
+3,188
+3,067
+3,015
+2,411
+2,146
+2,262
+Of which at Stuttgart-Zuffenhausen
+2,348
+2,094
+34,543
+2,220
+63
+52
+42
+Porsche Leipzig GmbH
+54
+65
+69
+Other subsidiaries
+723
+856
+684
+By region
+Of which at Weissach (including external locations)
+By company
+Porsche AG
+415
+319
+Male
+80.5
+Other'
+0.0
+550
+19.0
+18.6
+Female
+15.4
+81.0
+81.4
+0.0
+19.5
+0.0
+84.6
+0.0
+460
+16.1
+16.1
+83.9
+0.0
+83.9
+0.0
+For reasons of data protection, only selected personnel and social key figures are disclosed.
+1 For reasons of data protection, only selected personnel and social key figures are disclosed.
+455
+Further information Nonfinancial key figures
+Male
+Other'
+Other regions (Australia, Latin America)
+Female
+Breakdown of employees by gender (%)
+308
+269
+Other regions (Australia, Latin America)
+2
+10
+5
+Number of employees by gender
+Female
+Male
+Other'
+7,607
+31,345
+0
+6,854
+29,241
+0
+Breakdown of employees by gender (%)
+6,323
+0
+Number of employees by gender
+Female
+Male
+Other'
+490
+494
+2,697
+2,573
+485
+2,530
+1
+0
+0
+27,658
+Total
+Temporary workers
+By region
+Number of employees by gender
+Number of employees by gender
+Female
+Male
+Other'
+6,115
+5,595
+33,131
+31,093
+5,213
+29,084
+1
+0
+5
+0
+Male
+Other'
+1,982
+1,753
+1,595
+911
+721
+1,104
+0
+0
+0
+Breakdown of employees by gender (%)
+Female
+Breakdown of employees by gender (%)
+8
+4
+Region: North America
+1,035
+901
+840
+Region: North America
+Region: Asia
+1,327
+1,287
+1,094
+Region: Asia
+Other regions (Australia, Latin America)
+310
+11
+310
+Other regions (Australia, Latin America)
+2,716
+2,287
+2,513
+150
+154
+177
+2
+4
+0
+14
+21
+269
+Female
+15.6
+15.3
+2023
+2022
+2021
+38,952
+36,095
+33,981
+Porsche AG
+22,313
+20,879
+20,117
+Of which at Stuttgart-Zuffenhausen
+14,915
+By company
+14,277
+Of which at Weissach (including external locations)
+7,398
+6,602
+6,353
+Porsche Leipzig GmbH
+4,580
+4,299
+4,240
+Other subsidiaries
+12,059
+10,917
+9,624
+13,764
+1,518
+Total
+454
+15.2
+Female
+68.5
+Male
+84.4
+84.7
+84.8
+Male
+31.5
+Other'
+0.0
+0.0
+Permanent employees
+0.0
+0.0
+550
+70.9
+59.1
+29.1
+0.0
+40.9
+0.0
+For reasons of data protection, only selected personnel and social key figures are disclosed.
+1 For reasons of data protection, only selected personnel and social key figures are disclosed.
+Further information Nonfinancial key figures
+453
+↑ ↓ ↑ 0 |||
+Other'
+Ever since the 2021 reporting year, the reported GHG emissions (Scope 1) have also contained emissions from refrigerants and the burning of VOC.
+² Unless indicated otherwise, the annual figures are based on a projection of the actual values recorded for January to November.
+460
+Employees by type of employment at Porsche AG and selected national subsidiaries
+353
+[g/km]
+combined
+urban
+Electric range
+weighted
+Electric range
+CO₂ emissions
+Power
+consumption
+weighted
+combined
+[kWh/100 km]
+(EAER)
+[km]
+[1/100 km]
+[kW]
+combined
+Power
+output
+weighted
+Power
+consumption
+Fuel
+[PS]'
+(EAER city)
+[km]
+Panamera
+Panamera 4 E-Hybrid Executive
+89-96
+79-93
+32-22
+1.4-1.0 27.6-25.3
+470
+346
+Panamera 4 E-Hybrid
+253-230
+11.2-10.1
+353
+260
+Panamera 4
+Panamera
+239-219
+10.5-9.6
+353
+260
+Panamera
+WLTP
+Model
+CO₂ emissions
+combined
+[g/km]
+Plug-in hybrids
+911 Dakar
+305
+13.4
+525
+386
+911 GT3 RS
+293-292
+12.9
+510
+375
+911 GT3 with Touring Package (PDK)
+294
+13.0
+500
+368
+718 Spyder RS
+294-293
+13.0-12.9
+510
+353
+346
+480
+256
+[1/100 km]
+combined
+Fuel consumption
+WLTP
+[PS]
+Power
+Power
+output
+[kW]
+Model
+Internal combustion engine vehicles
+466
+↑↓ ↑ 0 |||
+465
+Further information Emission and consumption information
+As of February 22, 2024. Current consumption values can be found at https://www.porsche.com/international/fuel-consumption.
+313
+13.8
+525
+386
+911 S/T
+11.3
+375
+470
+32-23
+12.1-10.8
+353
+260
+Cayenne
+76-82
+70-73
+45-39
+2.0-1.7 31.7-29.9
+275-246
+739
+Cayenne Turbo E-Hybrid
+Cayenne
+79-90
+71-78
+39-31
+1.7-1.4 31.7-29.1
+519
+382
+544
+Cayenne E-Hybrid Coupé
+346
+470
+Cayenne Turbo E-Hybrid Coupé
+275-247
+12.1-10.9
+353
+260
+Cayenne Coupé
+519
+382
+Cayenne S E-Hybrid Coupé
+303-282
+13.4-12.4
+474
+349
+Cayenne S
+78-90
+66-74
+42-33
+30.8-28.6
+1.8-1.5
+Cayenne S E-Hybrid
+77-90
+66-74
+42-33
+1.7-1.2 29.9-27.5
+680
+500
+Panamera Turbo E-Hybrid
+243-228
+10.7-10.1
+265
+195
+Macan
+83-92
+78-90
+33-24
+1.4-1.1 28.6-25.9
+544
+400
+Panamera 4S E-Hybrid
+Macan
+86-95
+79-92
+38-26
+1.4-1.0 27.8-25.9
+76-91
+Macan T
+1.8-1.5 30.8-28.7
+470
+346
+Cayenne E-Hybrid
+265-255
+11.7-11.3
+440
+324
+Macan GTS
+Cayenne
+265-251
+11.7-11.1
+380
+280
+Macan S
+242-229
+10.7-10.1
+265
+195
+83-93
+911 GT3
+247-230
+10.9-10.1
+911 Carrera Cabriolet
+247-233
+10.9-10.3
+385
+283
+245-233
+10.8-10.3
+385
+283
+283
+911 Carrera
+911
+For further information on the differences between the WLTP
+and NEDC, please visit https://www.porsche.com/wltp.
+as a means of comparison between different vehicle types.
+Additional equipment and accessories (attachments, different
+tire formats, etc.) may change the relevant vehicle parameters,
+such as weight, rolling resistance, and aerodynamics, and, in
+conjunction with weather and traffic conditions and individual.
+driving style, may affect fuel/power consumption, CO2 emis-
+sions, range, and the performance figures for the vehicle.
+In cases where the figures are specified as value ranges, these
+do not refer to a particular individual vehicle and do not con-
+stitute part of the sales offering. They are intended exclusively
+All new vehicles offered by Porsche are type-approved
+according to the WLTP. The NEFC figures stated up to Decem-
+ber 31, 2022, are therefore derived from the WLTP figures.
+Official NEDC values derived from the WLTP values are no longer
+available for new vehicles after January 1, 2023, and cannot
+therefore be reported.
+247-230
+299
+13.2
+911 Carrera T
+385
+10.8-10.4
+245-236
+11.0-10.3
+450
+331
+911 Carrera S Cabriolet
+251-229
+11.1-10.1
+450
+331
+911 Carrera S
+246-237
+10.8-10.5
+385
+283
+911 Carrera 4 Cabriolet
+247-234
+10.9-10.3
+385
+283
+911 Carrera 4
+500
+368
+718 Cayman GT4 RS
+10.9-10.1
+combined
+Power
+output
+Fuel consumption
+Power
+WLTP
+Model
+Internal combustion engine vehicles
+EMISSION AND CONSUMPTION INFORMATION
+464
+463
+↑↓ ↑ 0 |||
+Further information Nonfinancial key figures
+2 Based on the total number of direct suppliers.
+Based on direct suppliers awarded contracts through the central procurement systems.
+31.7
+35.5
+23.0
+For nonproduction material
+CO₂ emissions
+combined
+250-233
+[kW]
+[1/100 km]
+400
+294
+718 Cayman GTS 4.0
+219-202
+235-217
+10.3-9.6
+350
+257
+718 Cayman S
+9.7-8.9
+300
+220
+718 Cayman Style Edition
+220-201
+9.7-8.9
+300
+220
+718 Cayman
+718 Cayman
+[g/km]
+[PS]
+911 Carrera 4S
+331
+450
+284-275
+12.5-12.1
+580
+427
+911 Turbo Cabriolet
+220-201
+9.7-8.9
+300
+220
+718 Boxster
+279-271
+12.3-12.0
+580
+427
+911 Turbo
+718 Boxster
+257-245
+11.3-10.8
+480
+718 Boxster Style Edition
+911 Targa 4 GTS
+220
+9.7-9.0
+400
+294
+718 Boxster GTS 4.0
+284-275
+12.5-12.1
+650
+478
+911 Turbo S Cabriolet
+235-218
+10.4-9.6
+350
+257
+718 Boxster S
+278-271
+12.3-12.0
+650
+478
+911 Turbo S
+220-203
+300
+544
+256-244
+480
+WLTP
+252-236
+11.1-10.4
+450
+331
+911 Targa 4S
+Internal combustion engine vehicles
+247-238
+10.9-10.5
+385
+283
+911 Targa 4
+252-235
+11.1-10.4
+450
+331
+911 Carrera 4S Cabriolet
+253-231
+11.1-10.2
+911 Carrera GTS
+11.3-10.8
+353
+11.4-10.4
+353
+911 Carrera 4 GTS Cabriolet
+259-240
+11.4-10.6
+480
+353
+911 Carrera 4 GTS
+CO₂ emissions
+combined
+[g/km]
+combined
+[1/100 km]
+Fuel consumption
+Power
+[PS]
+Power
+output
+[kW]
+Model
+256-239
+11.3-10.5
+480
+353
+911 Carrera GTS Cabriolet
+258-236
+480
+739
+1.7-1.4 31.6-29.2
+2.0-1.7 31.8-30.1
+39-31
+The DAX (the abbreviated form of Deutscher Aktienindex) is the
+most significant German stock market index. It measures the per-
+formance of the 40 largest companies on the German stock market
+and represents around 80 percent of the market capitalization of
+listed stock corporations in Germany.
+DAX
+Porsche Production 4.0 is the latest stage in the development of
+an automotive factory, featuring increased automation of individual
+manufacturing stages and networked production and logistics by
+means of cloud solutions and artificial intelligence. It is centered on
+production planning, order management, shop floor management
+for individual manufacturing stages, logistics management, and
+vehicle delivery. Porsche production follows the three principles of
+smart, lean, and green: "smart" describes flexible, intelligently net-
+worked production featuring the latest technology, "lean" describes
+a factory structure that is as efficient as possible with minimized
+waste and handling, and "green" denotes the endeavor for better
+sustainability and environmental protection. Porsche is pursuing the
+vision of a zero-impact factory with minimal negative environmental
+impacts.
+Production 4.0
+Premium Platform Electric (PPE) is a modular platform for electric
+cars that was developed jointly by Porsche AG and AUDI AG. PPE
+allows for a wide range of rear and all-wheel-drive models in a vari-
+ety of different versions. The all-electric Macan is the first Porsche
+based on this.
+Premium Platform Electric (PPE)
+The Porsche whistleblower system is a mechanism for reporting
+possible breaches of the rules via internal and external channels.
+Reports can be submitted via a 24-hour hotline, an online reporting
+channel, ombudsmen, by email, by post, or in person, and are pro-
+cessed impartially and confidentially.
+Porsche whistleblower system
+Decarbonization Index (DKI)
+The Porsche Strategy 2030 focuses on the four stakeholder
+dimensions: customers, society, employees, and investors. The
+Porsche AG Group aims to become more sustainable as part of its
+Strategy 2030. Sustainability is one of six cross-cutting strategies,
+together with Customer, Products, Digitalization, Organization, and
+Transformation.
+P
+Morgan Stanley Capital International World Index. A stock mar-
+ket index that tracks the performance of around 1,500 stocks
+worldwide.
+MSCI World
+Derived from the Latin word for glitter, mica denotes a group of
+glittering materials that occur in granite, sandstone, and marble. In
+addition to its visual qualities, it is an electrical and heat insulator
+and strengthens materials. Mica is mined in around 35 countries,
+including by unofficial small-scale prospecting operations. Mada-
+gascar and India are the largest exporters of mica, followed by China
+and Brazil.
+Mica
+-
+M
+Leadership in Energy and Environmental Design (LEED)
+LEED is a global classification system for environmentally friendly
+construction and is based on US standards. It defines a series of
+standards for environmentally friendly, efficient, and sustainable
+construction. Independent third parties certify that a building has
+been designed and built in an environmentally friendly manner.
+Porsche Strategy 2030
+As a key strategic indicator, the DKI helps selected companies of
+the Volkswagen Group reduce their carbon footprint by providing a
+transparent calculation. The DKI aims to map the average emis-
+sions per vehicle all along the value chain (manufacture, use, and
+recycling) in CO₂ equivalents as comprehensively as possible-from
+the raw material mine to recycling, for instance. Among other
+things, it is based on standardized life cycle analyses performed by
+Porsche AG in accordance with ISO 14040/44.
+Deliveries to customers
+"Deliveries to customers" is a metric that reflects the delivery of new
+vehicles to end customers. These deliveries can be by Group com-
+panies or free importers and dealers. This metric differs from sales
+within the Porsche AG Group, which are a relevant driver of sales
+revenue. Sales of new and Group-used Porsche-brand vehicles that
+have left the Automotive segment for the first time are designated
+as sales, unless a company in the Automotive segment is under a
+legal obligation to take them back.
+Porsche AG Group
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft
+Porsche AG
+Plug-in hybrid vehicles
+PHEV
+to customers in markets in the Financial Services segment.
+The percentage of leased or financed new vehicles in the deliveries
+Penetration rate
+The total cash and cash equivalents, securities, loans, and time
+deposits.
+Gross liquidity
+The GHG Protocol is a series of globally standardized instruments
+for systematically calculating, reporting, and reducing the green-
+house gas emissions of companies or value chains, for example.
+The calculation factors in emissions throughout the life cycle of
+the product or in the entire field of activity. The GHG Protocol sorts
+emissions into three categories: Scope 1 contains direct emissions,
+Scope 2 contains indirect emissions from purchased electricity,
+steam, and purchased heat and cooling, and Scope 3 contains the
+emissions caused by the company's upstream and downstream
+activities. The development of the GHG Protocol is coordinated by
+the World Resources Institute (WRI) and the World Business Coun-
+cil for Sustainable Development (WBCSD).
+Greenhouse Gas (GHG) Protocol
+The German Corporate Governance Code presents essential stat-
+utory regulations for the management and supervision of German
+listed companies and contains, in the form of recommendations and
+suggestions, internationally and nationally acknowledged standards
+for good and responsible corporate governance.
+German Corporate Governance Code
+The gender pay gap is the difference in the average remuneration
+paid to women and men. It can be due to a wide range of different
+factors.
+Gender pay gap
+G
+Dow Jones Auto Index. An American stock market index that
+encompasses the world's most important auto manufacturers.
+DJ US Auto Index
+L
+Describes the flotation-that is, an initial public offering made by
+a previously unlisted company (with an AG or SE structure) to sell
+shares in the issuing company.
+IPO (Initial Public Offering)
+!
+469
+Further information Glossary
+Denotes novel methods of analyzing and evaluating quantities of
+data that are too large and complex to be processed using manual
+or conventional methods.
+Big data
+Battery electric vehicle
+BEV
+The basis of consolidation denotes all the companies included in the
+consolidated financial statements.
+Basis of consolidation
+Balance-sheet CO2 neutrality along the entire value chain of our
+newly produced vehicles describes the Porsche AG Group's ambition
+to avoid and reduce CO2 emissions with a view to achieving neutral-
+ity, especially in production (Scope 1 and Scope 2 emissions), in the
+supply chain, and over the service lives of newly produced vehicles
+(upstream and downstream Scope 3 emissions), as well as other
+Scope 3 emission categories such as employee business travel.
+Offsetting with carbon credits (including the reduction and capture
+of CO2 emissions) is enshrined in the decarbonization strategy,
+alongside efforts to reduce emissions. Where technically possible
+and conceivable without a disproportionately high financial cost, the
+Porsche AG Group prioritizes the avoidance and reduction of CO2
+emissions over offsetting.
+Balance-sheet CO2-neutral
+B
+The total cash and cash equivalents, securities, loans, and time
+deposits, less financial liabilities to third parties in the Automotive
+segment.
+Automotive net liquidity
+The definition of the automotive net cash flow margin describes the
+ratio of the cash flows from operating activities in the Automotive
+segment, less the cash flows from investing activities attributable
+to operating activities in the Automotive segment, to the sales reve-
+nue of the Automotive segment. The investing activities attributable
+to operating activities do not contain changes in investments in
+securities, loans, and time deposits in the Automotive segment.
+Automotive net cash flow margin
+Additions to intangible assets (with no capitalized development
+costs) and property, plant, and equipment (with no rights of use) in
+the Automotive segment.
+Automotive investments in equipment
+The Automotive EBITDA is defined as the operating profit of the
+Automotive segment (EBIT) plus depreciation and impairment
+losses/reversals of impairment losses on property, plant, and equip-
+ment, capitalized development costs, and other intangible assets
+in the Automotive segment. The definition of the EBITDA margin
+for the Automotive segment describes the ratio of the Automotive
+EBITDA to the sales revenue of the Automotive segment.
+Automotive EBITDA margin
+↑↓ ↑
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft and its fully consolidated
+subsidiaries. Porsche AG is the parent company of the Porsche AG
+Group.
+470
+Capitalization ratio
+eurozone.
+A stock market index comprising 50 major listed companies in the
+EURO STOXX 50
+ESG stands for Environment, Social, and Governance. These three
+key areas form the foundation of methods, criteria, and frameworks
+for companies to account for sustainability requirements.
+ESG (Environment, Social, and Governance)
+eFuels are synthetic, potentially almost CO2-neutral fuels that are
+produced using electrical energy generated from renewable CO₂
+and hydrogen.
+eFuels
+EMAS is a voluntary European initiative and a seal of quality in terms
+of environmental management. It supports companies and orga-
+nizations that want to systematically improve their environmental
+performance beyond the minimum legal requirements and reduce
+their resource consumption. Participating organizations are required
+to publish an EMAS environmental statement that is certified by an
+independent, government-monitored auditor.
+Eco Management and Audit Scheme (EMAS)
+Automotive operating profit plus depreciation and changes in the
+carrying amounts of property, plant, and equipment, capitalized
+development costs, and other intangible assets in the Automotive
+segment.
+EBITDA
+Im
+Behavioral rules that companies choose to adopt voluntarily. A
+Code of Conduct provides members of the company and business
+partners with guidance on how to conduct themselves. Its purpose
+is to encourage correct, responsible conduct at all times, avoid
+unwanted actions, and define how business activities align with
+ethics and the law.
+Code of Conduct
+Different greenhouse gases all have a different impact on the cli-
+mate. To make it possible to compare these emissions, their climate
+impact (global warming potential or GWP) is converted into CO₂
+equivalents (CO₂e). For example, methane is 28 times more harmful
+to the climate than CO2, so it has a GWP of 28 CO₂e.
+CO₂ equivalent
+The carbon footprint describes the influence of people or organi-
+zations on global climate change on the basis of the CO₂ emissions
+caused by their activities directly or indirectly. The carbon footprint
+of a product, for example, relates to its entire life cycle, from manu-
+facture to use to disposal.
+Carbon footprint
+The capitalization ratio is defined as the ratio of capitalized
+development costs to total research and development costs in the
+Automotive division. It shows the proportion of primary research
+and development costs subject to capitalization.
+19
+Porsche Code
+The Porsche Code denotes Porsche's management mission state-
+ment and offers long-term guidance as well as a target vision for
+the employees and managers. It consists of eight dimensions that
+set out guidelines on how everyone is expected to interact with one
+another on a daily basis.
+R
+Publisher
+476
+LEGAL NOTICE
+PORSCHE MUSEUM
+DRIVEN
+BY
+DREAMS
+R PORSCH
+FERRY
+PORSCHE SPORTWAGEN
+AHRE
+DRIVEN BY DREAME
+75
+Oliver Blume, Chairman of the Executive Board
+When a company's success
+starts with a dream come true,
+it's a wonderful thing.
+↑↓ ↑ ||
+473
+Further information Financial calendar 2024
+Quarterly information January to September 2024
+October 29, 2024
+Half-Yearly Financial Report 2024
+Dr. Ing. h.c. F. Porsche Aktiengesellschaft
+July 24, 2024
+70435 Stuttgart, Germany
+Dr. Sebastian Rudolph
+Due to technical reasons, there can be deviations between
+This annual and sustainability report is available in German and
+English. In the case of any deviations, the German version of the
+document shall take precedence over the English translation.
+is merely for supplementary purposes and is exclusively for the
+simplified access to information. The information contained
+on the websites in question are not part of this annual and
+sustainability report.
+The annual and sustainability report (in print, online, and
+in PDF format) uses notices and links to refer to websites
+containing further information outside of this publication. This
+This document contains statements concerning the future
+that are based on the current assumptions and forecasts
+of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. Various known
+and unknown risks, uncertainties, and other factors can
+cause the actual results, financial situation and results of
+operations, development, or performance of Dr. Ing. h.c. F.
+Porsche Aktiengesellschaft and the Porsche AG Group to
+deviate considerably from the estimates presented herein
+(both positively and negatively). Porsche AG is under no
+obligation-without prejudice to existing obligations under
+capital market law-and does not have the view to update
+statements concerning the future or correct them if the
+development differs from the expected result.
+Legal notice
+Kirchhoff Consult AG, Hamburg, Germany
+Design and realization
+Sabrina Damme, Frank Scholtys (Magazine)
+Florian Leissle (Supervisory Board);
+Daniela Rathe, Marcus Braue, Maximilian Steiner (ESG);
+Anna-Lena Hofsaess, Nadine Panzel (Investor Relations);
+Marc Rother (Finance);
+Gundula Maronde, Linda Hornung (Project lead);
+Katrin Feiler, Falk Steinbach, Benedikt Mai,
+Project team
+investorrelations.porsche.com/en
+capitalmarkets@porsche.de
+Björn Scheib (Head of IR)
+Investor Relations contact
+Vice President Communications, Sustainability, and Politics
+sebastian.rudolph@porsche.de
+newsroom.porsche.com/en
+Tel. +49 711 911-0
+The BEV share is defined as the proportion of battery electric vehi-
+cles (BEVs) in relation to the total number of deliveries-namely, the
+total number of new vehicles delivered to end customers.
+Annual General Meeting 2024
+Quarterly information January to March 2024
+Secondary raw materials
+The Science Based Targets Initiative was born from an alliance of
+environmental and climate protection organizations with a view to
+providing businesses with a framework and sector-specific target
+paths and in turn the opportunity to align the science-based reduc-
+tion of greenhouse gases with international climate targets (such as
+the Paris Agreement).
+Science Based Targets Initiative (SBTi)
+The Scalable Systems Platform (SSP) is a cutting-edge mecha-
+tronics platform for all-electric vehicles. It is being developed by the
+Porsche, Audi, and Volkswagen brands as well as CARIAD for the
+software architecture. The high-performance version (SSP Sport), in
+particular, is expected to support Porsche BEVS in the longer term.
+Scalable Systems Platform (SSP)
+SI
+The return on sales of the Porsche AG Group is defined as the ratio
+of operating profit (before the financial result and taxes; EBIT) to
+sales revenue. The Executive Board of Porsche AG uses the return
+on sales to assess the operating profitability of the Porsche AG
+Group.
+Return on sales
+The return on investment represents the return on average
+invested capital for a particular period on the basis of the oper-
+ating profit after tax. Invested capital is calculated as the oper-
+ating assets reported in the balance sheet (property, plant, and
+equipment, intangible assets, inventories, and receivables) less
+noninterest-bearing liabilities (trade payables and payments on
+account received). The average invested capital is derived from the
+balance at the beginning and the end of the reporting period.
+Return on investment
+The ratio of profit before tax to the average tied-up equity.
+Return on equity
+472
+↑ ↓ ↑ 0 |||
+471
+Further information Glossary
+Materials that are obtained either by recycling a product used by an
+end customer (postconsumer recycling) or by recycling produc-
+tion waste (preconsumer recycling). For example, recycled metal
+includes aluminum shavings that are collected, melted down, and
+turned into a new raw material. See also secondary raw materials.
+Representative Concentration Pathway (RCP 8.5 scenario)
+Representative concentration pathways are representative scenar-
+ios that describe the trajectory (i.e. pathway) of greenhouse gas
+concentrations in the atmosphere, land use, and land cover up to
+the year 2100. These scenarios outline a range of possibilities that
+are meant to help companies make decisions. RCP 8.5 is a worst-
+case scenario with high greenhouse gas emissions and limited
+attempts to reduce them. This scenario is an important way of
+determining what production sites have to be adapted to physical
+climate risks. The scenarios were developed by the Intergovernmen-
+tal Panel on Climate Change (IPCC).
+Recyclates
+-
+Materials that are obtained from a recycling process. See recyclates.
+June 07, 2024
+Supply Chain Due Diligence Act (LkSG)
+Sustainable Development Goals (SDGs)
+April 29, 2024
+Annual Media Conference and Analyst and Investor Conference 2024
+March 12, 2024
+FINANCIAL CALENDAR 2024
+The Porsche AG Group's vision of a factory that has the smallest
+negative impact on the environment possible. The environmental
+impact is to be reduced by means of selected KPIs and additional
+qualitative criteria that are implemented in eleven fields of action.
+This way, the environmental impacts by Porsche's own production
+activities are to be reduced by 95% by 2030 compared to the 2018
+baseline (or by 2040 for the development site in Weissach).
+Zero-Impact Factory
+The Worldwide Harmonized Light Vehicles Test Procedure is a test
+procedure designed to calculate a vehicle's fuel consumption, range,
+and emissions as realistically as possible.
+WLTP
+-
+W
+The UN Global Compact is a global United Nations initiative that
+aims to build a sustainable, more inclusive economy for all. It wants
+to initiate change processes within companies and has a code of
+conduct for companies with ten universal sustainability principles,
+especially relating to human rights, labor standards, environmental
+protection, and corruption prevention. Companies that take part
+in the UN Global Compact undertake to strategically align their
+business with these ten principles and report on their progress at
+regular intervals.
+UN Global Compact
+Ratio of income tax to profit before tax.
+Tax rate
+Task Force on Climate-Related Financial Disclosures (TCFD)
+The Task Force on Climate-Related Financial Disclosures (TCFD) is
+an industry-led working group established by the Financial Stability
+Board (FSB). The task force helps companies understand and com-
+municate the impacts of climate risks and opportunities on their
+finances. The TCFD Recommendations Report provides companies
+with clear recommendations on voluntary, consistent reporting of
+climate-related financial disclosures. The purpose of this infor-
+mation is to enable creditors and insurers to assess and evaluate
+climate-related risks and opportunities appropriately.
+T
+Stoxx Europe 600 Automobiles & Parts. A European stock market
+index comprising manufacturers and suppliers in the automotive
+industry.
+SXAP
+The Sustainable Development Goals are 17 sustainability goals
+defined by the United Nations (UN). The SDGs aim to contribute
+to the global promotion of sustainable development in the three
+dimensions of sustainable development: the economic, social, and
+environmental. The goals apply to all nations and are meant to be
+achieved by 2030.
+The Supply Chain Due Diligence Act governs corporate responsibil-
+ity for respecting human rights in global supply chains.
+100.0
+Automotive BEV share
+670-765
+517
+380
+Taycan 4S with Performance battery Plus
+528-617
+474-557
+0
+20.7-17.7
+462
+20.9-17.8
+340
+719-821
+579-678
+0
+20.0-17.1
+435
+320
+Taycan with Performance battery Plus
+569-662
+Taycan 4S
+0
+549-642
+607-705
+22.0-18.7
+435
+320
+Taycan 4 Cross Turismo
+612-691
+558-630
+0
+20.5-17.9
+775
+570
+Taycan Turbo S
+607-683
+557-630
+0
+20.5-18.0
+707
+520
+Taycan Turbo
+A
+503-590
+0
+19.7-16.7
+408
+79-82
+71-72
+43-40
+31.1-30.2
+1.9-1.8
+739
+544
+with GT package
+Cayenne Turbo E-Hybrid Coupé
+304-284
+13.4-12.5
+474
+349
+Cayenne S Coupé
+76-81
+70-72
+46-40
+80-89
+71-78
+' Overall system performance
+0
+As of February 22, 2024. Current consumption values can be found at https://www.porsche.com/international/fuel-consumption.
+Further information Emission and consumption information
+300
+Taycan
+Taycan
+GLOSSARY
+[km]
+urban
+[km]
+[g/km]
+Electric range
+Electric range
+combined
+CO₂
+emissions
+combined
+Power
+WLTP
+consumption
+combined
+[kW] Power [PS] [kWh/100 km]
+Power
+output
+Model
+Electric vehicles
+468
+↑↓ ↑
+467
+517-613
+588-693
+Taycan 4S Cross Turismo
+21.6-20.7
+789
+580
+Taycan Turbo GT
+594-678
+529-604
+0
+21.5-18.9
+775
+570
+Taycan Turbo S Sport Turismo
+590-672
+528-606
+0
+21.6-18.8
+707
+520
+Taycan Turbo Sport Turismo
+590-693
+0
+522-616
+528-554
+Taycan Turbo GT with Weissach package
+518-591
+0
+20.7-18.8
+665-784
+516-613
+0
+21.1-17.9
+387
+584
+430
+285
+Macan Turbo
+Macan 4
+Macan
+673-699
+538-555
+0
+21.3-20.6
+789
+580
+638-677
+As of February 22, 2024. Current consumption values can be found at https://www.porsche.com/international/fuel-consumption.
+0
+517
+516-596
+0
+22.0-19.1
+775
+570
+Taycan Turbo S Cross Turismo
+585-668
+515-597
+0
+22.0-19.1
+707
+520
+Taycan Turbo Cross Turismo
+588-690
+517-610
+0
+22.0-18.8
+517
+380
+589-675
+21.8-18.6
+Taycan Sport Turismo
+408 20.6-17.6
+380
+with Performance battery Plus
+Taycan 4S Sport Turismo
+512-606
+449-534
+0
+21.6-18.5
+462
+340
+Taycan 4S Sport Turismo
+701-808
+550-650
+0
+435 20.9-17.9
+320
+Taycan Sport Turismo with Performance battery Plus
+553-650
+477-565
+0
+300
+the accounting records contained in this document and those
+released due to legal requirements.
+100.0
+For production material
+Number of discrimination reports that resulted in a first written warning
+Number of discrimination reports that resulted in a second written warning
+Number of discrimination reports that resulted in other disciplinary action
+Number of discrimination reports that resulted in termination
+Total
+Disciplinary action due to cases of discrimination"
+1,2
+Total accident severity
+Porsche Leipzig GmbH
+Total injury rate (%)
+Porsche AG
+Consideration of all Porsche AG employees in Germany (excluding part-time retirees and employees with diverse assignments), evaluation date 12/2023.
+3 In particular, the gender pay gap in favor of women is due to the distribution of men and women across the various hierarchical levels, with 51% (previous year: 52%) of
+all employed men being in the lower collectively agreed pay scales (including incentive wage earners), compared to just 23% for women (previous year: 24%).
+No employees aged <30 years were not covered by a collective bargaining agreement.
+Basic annual remuneration based on monthly salary for Dec. 2023, direct remuneration as the sum of basic annual remuneration, variable remuneration, plus fixed and
+variable special payments.
+85
+85
+81
+Male union employees
+2023
+Fatalities
+15
+19
+Female union employees
+Lost days³
+93
+82
+0
+Accidents²
+7
+18
+0
+Porsche Leipzig GmbH
+87
+85
+15
+2022
+2021
+11
+152
+175
+0
+0
+0
+1,964
+2,233
+1,666
+203
+171
+186
+2021
+2022
+2023
+2 As there was no internal connection between identified instances of discrimination, it was not necessary to take steps beyond each individual case of disciplinary
+action.
+1 Porsche AG
+0
+7
+6
+2
+0
+0
+1
+81
+0
+4
+7
+7
+6
+1
+0
+0
+Fatalities
+13
+15
+Remuneration of women compared to men
+Accidents, lost days, and fatalities1
+1 The right to strike for the purposes of collective bargaining is enshrined in the freedom of association provided by article 9, paragraph 3, of Germany's Basic Law
+(Grundgesetz). In the 2023 reporting year, there were stoppages lasting a number of hours in connection with IG Metall demonstrations as part of the automotive
+trade's 2023 round of collective bargaining in sections of the locations in Germany (Porsche Niederlassung Hamburg GmbH, Porsche Niederlassung Stuttgart GmbH,
+Porsche Niederlassung Berlin GmbH, and Porsche Niederlassung Berlin-Potsdam GmbH).
+15
+14
+0
+5
+5
+0
+Stoppages'
+Lost days
+2021
+2022
+2023
+Stoppages and lost days
+> 50 years
+30-50 years
+<30 years
+11.6
+100.0
+%
+Employees subject to wage agreements
+Employees exempt from wage agreements and executive employees
+Comparison of the basic annual and direct remuneration of women and men in 20231,2,3
+%
+Total basic annual remuneration
+2023
+2021
+88.5
+88.4
+88.4
+11.5
+11.6
+2022
+1,568
+Total direct remuneration
+Direct remuneration for nonunion employees*
+19
+Lost days³
+Porsche AG
+Accidents²
+Fatalities
+Lost days³
+Accidents²
+97
+107
+107
+98
+112
+115
+102
+100
+0
+100
+99
+Basic annual remuneration for union employees
+Direct remuneration for union employees
+Proportions per age group
+Women total
+Men total
+Female nonunion employees*
+Basic annual remuneration for nonunion employees*
+Male nonunion employees*
+112
+87
+107
+108
+82
+0
+115
+2,009
+newsroom.porsche.com/reports
+0
+20
+57
+17
+0
+14
+5
+For production material
+Direct suppliers of Porsche AG audited on the basis of sustainability criteria'
+Based on an estimated sustainability rating (S-rating).
+For nonproduction material
+For production material
+2021
+2022
+2023
+4
+For nonproduction material
+7
+no data
+96
+no data
+93.2
+93.2
+96
+%
+2021
+2022
+2023
+Proportion of direct suppliers of Porsche AG where considerable actual and potential negative sustainability impacts were
+identified and improvements were agreed as a result of the assessment'
+8
+2
+4
+2
+8
+Based on an estimated sustainability rating (S-rating).
+%
+2023
+99.2
+0
+99.0
+97.4
+Share of local direct suppliers of nonproduction material from the EU²
+Based on procurement volume.
+96.4
+95.2
+91.1
+97.0
+96.0
+93.0
+Share of local direct suppliers from the EU in the total procurement volume'
+Share of local direct suppliers of production material from the EU²
+2021
+2022
+2023
+2021
+2022
+2022
+2021
+100.0
+100.0
+100.0
+100.0
+100.0
+100.0
+2023
+30
+2022
+1,396
+1,249
+2,225
+1,751
+1,360
+1,766
+2023
+2021
+2021
+Structure of direct suppliers of Porsche AG
+2023
+32.0
+37.0
+15.0
+Porsche Leipzig GmbH
+54.2
+61.3
+45.2
+Porsche AG
+50.7
+57.5
+40.4
+2.9
+3.1
+4.6
+5.2
+4.4
+505
+185
+1,767
+0
+2022
+11
+19
+18
+98
+Porsche AG and selected subsidiaries do not make a distinction according to gender or between employees and workers who are not employees but whose work and/
+or workplace is controlled by the organization, and do not show the individual categories for work-related injuries.
+224
+0
+0
+0
+4.5
+5.0
+1.7
+197
+2 Porsche AG and selected subsidiaries only report accidents that were officially recorded. Nonserious injuries (minor accidents) are not reported. Accidents that do not
+result in lost days (calendar days) are classed as minor accidents.
+5.7
+3 Missed working days resulting from accidents reported in the reporting period are counted as lost days (usually Monday to Friday); the day of the accident itself is not
+included (≥1 lost calendar day).
+Based on an estimated sustainability rating (S-rating).
+2 No S-rating audits of direct suppliers of nonproduction materials were conducted in 2023.
+Direct suppliers of Porsche AG audited on the basis of sustainability criteria'
+%
+Direct suppliers of Porsche AG where considerable actual and potential negative sustainability impacts were
+identified'
+Based on an estimated sustainability rating (S-rating).
+For nonproduction material²
+2022
+For production material
+For nonproduction material
+687
+560
+439
+1
+2021
+For production material
+2023
+↑↓ ↑ 0 |||
+5 Severity of accidents: provides information on many lost days have occurred due to occupational accidents relative to the total of all hours worked. The calculation
+formula used as the basis is the number of lost working days due to occupational accidents times one million hours.
+Further information Nonfinancial key figures
+461
+462
+Number of audits of new direct suppliers of Porsche AG based on sustainability criteria'
+Internal sustainability training of Procurement employees at Porsche AG¹
+KEY GOVERNANCE FIGURES
+Digital training module on the sustainability rating (S-rating) in the process of awarding contracts (cumulative).
+Operations of the Porsche AG Group assessed for significant risks
+Proportionate scope in subsidiaries (%)
+Number of subsidiaries covered by the Code of Conduct
+Number of centralized compliance monitoring operations conducted
+Number of trained employees
+Injury rate = accident frequency index: provides information on how frequently accidents have occurred within the company relative to the total of all hours worked.
+The calculation formula used as the basis is the number of work-related accidents times one million hours, divided by actual hours worked.
+pressure on the competition
+the first Porsche 911 Turbo quite literally put
+99
+PORSCH
+As of 1974, "turbo" became a byword for Porsche. The first 911 Turbo would turn the luxury sports car class upside down for good
+The powerful, high-performance engine of
+Each generation of the 911 achieves new
+milestones in drive technology. In the early
+1970s, Porsche put the increased power of
+turbocharging to the test in racing with great
+success. The technology was ready for series
+production in 1974, and Porsche presented
+the 911 Turbo (known internally as the 930).
+With 260 PS, it was one of the fastest cars
+of its time. Technologically speaking, Porsche
+was one step ahead of the competition. For
+the first time, boost pressure was regulated
+with a controlled valve on the exhaust side,
+taming power delivery and making the
+turbocharged engine suitable for everyday
+55
+engines of the 911. Thanks to its unique
+combination of turbocharger and fuel injection,
+the 911 Turbo fulfilled the stringent American
+emissions regulations from the very start.
+The 993-generation 911 Turbo was the
+crowning glory in the development of air-
+cooled six-cylinder engines in the mid 1990s
+and sparked the era of twin-turbo engines
+for the 911 series. Positioned very close to
+each bank of three cylinders, the two small
+turbos could respond to every movement of
+the accelerator faster than the single turbo
+in the previous model. The high-performance
+engine delivered 408 PS, surpassing the
+400 PS mark for the first time. Also ambitious
+about exhaust gas aftertreatment, Porsche's
+engineers equipped the sports car with two
+metal catalytic converters, four lambda
+probes, and intelligent engine management,
+making the 911 Turbo's flat-six the lowest-
+emission production engine in the world
+in 1995.
+Two years later, the engineers would achieve
+the next milestone in engine development.
+To further improve the quality of the exhaust
+performance, they developed and brought
+cylinder heads with four valves per cylinder into
+series production, which required a paradigm
+shift: the six-cylinder boxer engine was
+converted from air to water cooling.
+Milestones Drive System
+56
+use. With its displacement increased to
+three liters, the Turbo engine was aspirated
+54
+51
+53
+With the switch from air to water cooling, the six-cylinder broke with tradition-and set new technical benchmarks
+The naturally aspirated engine of the Porsche 911 has come a long way over the past 60 years, now with
+four times the power from twice the displacement. Culminating in the anniversary model, the 386 kW
+(525 PS) 911 S/T. It still has six cylinders and its boxer design and is still free-breathing. It epitomizes the
+911 principle, the uniquesness of the 911, reinventing itself time and time again, and yet always remaining
+true to itself. Its drive technology has continued to develop, but the fundamental concept has remained
+unchanged-whether naturally aspirated, as a turbo, or in the future even as an ultra-sporty hybrid.
+911 S/T: Fuel consumption combined (WLTP) 13.8 l/100 km, CO₂ emissions combined (WLTP) 313 g/km
+52
+59
+19
+174
+63
+The concept of a career: the original
+911 with six-cylinder boxer engine
+and rear-wheel drive
+Porsche laid the foundation for its icon in 1963, when
+a brand-new sports car made its world premiere at the
+IAA. At its core was a new six-cylinder at the rear, the
+first by Porsche. With two-liter displacement, the engine
+delivered 130 PS, for a top speed of 210 km/h. For the
+past 60 years, this technical layout has been the starting
+point for all further developments of the sports car
+originating from the 911.
+Milestones Drive System
+Compact, smooth and free-revving, the first Porsche six-cylinder engine was a sports car engine par excellence
+The switch from air
+to water cooling was
+our ticket to the new
+technology.
+24
+Vice President Model Line 911 (2001-2018)
+The high-performance
+hybrid seamlessly
+continues innovative
+development of the
+911 drive.
+Frank Moser, Vice President Model Lines 911 and 718
+A variable-geometry turbocharger opened up a potential power output of 515 kW (700 PS)
+In 2006, the 911 Turbo achieved an impressive
+leap in performance in the 997-generation,
+with power and torque increasing by more
+than ten percent and specific output climbing
+to the new highest point of 98 kW (133 PS)
+per liter of displacement. Agility, in particular,
+increased dramatically thanks to new, unique
+turbocharger technology. For the first time,
+chargers with variable turbine geometry
+(VTG) supplied the engine of the 911 Turbo
+with process air. These VTG chargers were a
+world-first in combustion engines. Only with
+the development of high-alloy nickel-based
+materials with extreme resistance to high
+temperatures was it possible to manufacture
+VTG chargers with the necessary fatigue
+strength and service life. This technology
+enabled optimum use of the entire exhaust
+stream at all speeds for the purpose of
+turbocharging. The variable geometry of the
+charger was calculated to ensure that it was
+able to handle even the maximum exhaust
+mass that could occur, which in turn eliminated
+the need for a bypass valve. "Through this
+groundbreaking achievement, Porsche
+impressively underlined its pioneering role
+in turbo technology once again," says Frank-
+Steffen Walliser, who oversaw the 911 and
+718 model lines from 2019 to 2022. "The VTG
+chargers helped the six-cylinder turbo achieve
+a dramatic jump in power to up to 515 kW
+(700 PS) in the 911 GT2 RS."
+Whether engines or transmissions, some
+developments required time to mature. In
+Fit for the future: the ultra-sporty hybrid makes the six-cylinder even faster and more efficient
+the 1980s, Porsche built the first dual-clutch
+The next big step in 2024 is just around
+the corner, as Porsche has developed an
+ultra-sporty hybrid-as seen in racing-for
+selected derivatives of the 911 model line.
+"The high-performance hybrid seamlessly
+continues innovative development of the 911
+drive," says Frank Moser, who now manages
+the 911 and 718 model lines. "This benefits
+the driver whenever they're accelerating. We
+therefore have a technology that will prepare
+us for future emission standards." Typical of
+the Porsche 911.
+20
+20
+Milestones Drive System
+59
+50
+transmission for motorsport and won races
+with it. All that was missing for application
+in series production were control electronics
+with sufficient power. Porsche picked up
+development again with its digitalization
+activities. The first dual-clutch transmission for
+production sports cars made its debut in the
+911 Carrera in 2008. The Porsche dual-clutch
+transmission (PDK) combined the driving
+dynamics and highly impressive mechanical
+efficiency of a manual transmission with
+the high gearshift and driving comfort of an
+automatic transmission. Even at its debut, the
+PDK transmission was able to change gears
+up to 60 percent faster than an automatic
+transmission that shifts gears via a torque
+converter-the more common method at that
+time. It also enabled gear changes without
+interrupting drive to the wheels and reduced
+fuel consumption. The transmission was a
+sensational success. More than three quarters
+of all Porsche 718 and 911 models delivered
+today are equipped with PDK.
+Vice President Model Lines 911 and 718 (2019-2022)
+Frank-Steffen Walliser,
+achievement, Porsche
+impressively underlined
+its pioneering role in turbo
+technology once again.
+"That was our ticket to the new technology," recalls
+August Achleitner, the certified engineer in charge of the
+department for technical product planning at that time.
+From 2001 to 2018, he was in charge of the model line
+911. "There was just no more potential for the air-cooled
+two-valve engine." Elimination of air cooling led to
+outrage among some die-hard 911 drivers, but it quickly
+petered out. The 996-generation 911 emerged as a great
+success and was groundbreaking in terms of emissions,
+sound, and fuel consumption.
+With an increase in power and
+lower fuel consumption, the 996-
+generation of the 911 was a hit
+54
+57
+19
+97
+58
+20
+20
+06
+The Porsche 911 Turbo (997)
+with VTG turbocharger took turbo
+technology to a new level
+Through this groundbreaking
+August Achleitner,
+29
+2016 and has not only left his mark on new
+model lines such as the Panamera, Macan,
+and 718, but also launched full Porsche
+electrification in the form of the Taycan. "Just
+like everywhere else in the industry, we're
+experiencing a huge transition at Porsche," he
+says. "And it's not just the dominating issue of
+electric mobility, but also new software-based
+functions associated with the fast-growing
+potential of connectivity. That has an impact on
+the car's traditional ecosystem."
+Drive System
+on the Weissach test track
+No Porsche without
+extraordinary driving
+dynamics! That's
+where we focus all
+of our passion. The
+Macan is clearly
+the sports car in its
+segment.
+Maurice van de Weerd, Manager of Driving Dynamics
+for SUVS/Sedans, Weissach
+口】
+Range-optimized aerodynamics, milestones
+in the operating concept, and innovations in
+the drive and battery technology: everything
+ultimately needs to result in driving fun.
+"Otherwise the Macan wouldn't be a Porsche,"
+says Maurice van de Weerd who, as Manager
+of Driving Dynamics, is responsible for the SUV
+series and the Panamera. His team has tamed
+the extraordinary peak torque of 1,130 newton
+meters, with a key focus on performance at
+the car's rear with rear-axle steering. "Our aims
+were to maximize driving stability and traction
+and ensure unrivaled agility and comfort,"
+explains van de Weerd. He talks about precise
+all-wheel drive control, the weight balance
+with a slight emphasis at the rear, and the
+distinct mixed tires. He even mentions the
+controlled two-valve shock absorbers. "They
+ensure comfort and make the combination
+of driving mode and level control much more
+noticeable." The developers also provided the
+range-topping version with an electronically
+controlled limited-slip differential as standard.
+In other words, there is no finish line. Porsche
+is following a straight line to the future of all-
+electric mobility-without compromise.
+outstanding dynamic driving characteristics
+42
+Milestones Streamlining
+43
+Team Spirit
+Two board members, one vision: Porsche created its Car-IT
+department in late 2023 to advance digitalization to a
+whole new level in collaboration with Research and Develop-
+ment. Integrating the new department is really no different
+from developing future sports cars, because connection is
+everything.
+44
+090
+Macan Turbo Electric: Electric power consumption combined (WLTP) 20.7-18.8 kWh/100 km, CO₂ emissions combined (WLTP) 0 g/km,
+Electric range combined (WLTP) 518-591 km, Electric range in town (WLTP) 670-765 km
+The new Macan demonstrates its
+With innovations in battery and
+charging technology, the Macan is
+ready for flexible travel
+Milestones Streamlining
+The Integrated Power
+Box is like a tiny house
+20
+23
+for important energy
+components. We have
+applied for a patent for
+the compact box.
+Tomas Gajdos, Project Manager for Premium Platform Electric
+(PPE), Macan Model Line, Hemmingen
+The requirements for the developers of the
+drive and energy systems were immense.
+They included outstanding performance,
+low weight, and new ideas for charging
+convenience, resulting in a system in which
+each axle of the new Macan is powered by its
+own permanent synchronous electric motor.
+Featuring an adaptation of the well-known
+800-volt architecture of the Taycan, the
+Turbo variant boasts overboost power of up
+to 470 kW (639 PS). A lithium-ion battery is
+positioned in the underbody and features a
+brand-new cell design and a total capacity of
+152 ampere hours with gross energy content
+of 100 kilowatt hours. The new battery allows
+you to increase the state of charge from 10 to
+80 percent in about 21 minutes. In terms
+of range, that means about four minutes for
+100 kilometers.
+Energy is automatically fed back into the
+battery whenever the brakes are applied,
+with kinetic energy converted into as much
+as 240 kW of regenerative energy depending
+on braking intensity. Once the accelerator is
+released, the Porsche's typical "gliding"
+activates automatically-the drive switches
+off and the car coasts along without using any
+energy.
+Good things often come in small packages.
+"We've developed new ultra-lightweight,
+streamlined solutions," says project engineer
+40
+Tomas Gajdos. "At the same time, we've
+managed to improve safety features and
+make the charging process more efficient."
+Porsche's Integrated Power Box (IPB), for
+which it registered a patent, is much like a
+tiny house-a shining example of a compact
+design. The IPB combines multiple key energy
+components, including the AC charger, the
+DC-to-DC converter, and a battery heater.
+The latter automatically ensures robust
+charging performance on winter days and
+independently maintains the appropriate
+battery temperature for planned routes with
+charging stops.
+The Macan offers a whole new level of flexibility
+when it comes to choosing charging stations.
+"Bank charging is a fundamental innovation
+that's suitable for everyday use," explains
+Gajdos. "Because many charging stations
+still operate with 400-volt technology, we've
+optimized how they're used." At stations that
+operate with 400-volt direct current, the
+battery is divided into two halves thanks to the
+high-voltage separation elements installed.
+An 800-volt battery therefore consists of two
+400-volt batteries that operate in parallel. If
+necessary, the two halves can first be equalized
+in their state of charge and then charged
+together. The Macan therefore doesn't need
+a high-voltage booster, which in turn reduces
+weight and frees up space.
+Macan Turbo Electric: Electric power consumption combined (WLTP) 20.7-18.8 kWh/100 km, CO₂ emissions combined (WLTP) 0 g/km,
+Electric range combined (WLTP) 518-591 km, Electric range in town (WLTP) 670-765 km
+Curke
+S&GO 707E
+OCO
+45
+41
+which is to design the sports car of the future while
+Khan and Steiner predict that more and more
+functions of artificial intelligence will find
+their way into the car. Conversation with the
+vehicle in natural language is already a major
+topic in Asia and will soon be an expected
+standard in the other regions of the world. The
+two board members also believe that sensors
+will make it possible for an intelligent car to
+recognize drivers and passengers and respond
+to their needs. Intelligent assistance systems
+for partial automation (or more) are topics of
+discussion at Porsche. "There will eventually
+be a demand for anything that makes driving
+more comfortable and safer," says Steiner
+with confidence. "Even if our sports cars are
+still built for driving fun." He doesn't view
+these as mutually exclusive. Even in the age
+of digitalization, he's able to identify more
+than enough opportunities to distinguish
+Porsche. "We need to ensure we define a
+form of intelligent vehicles that will appeal
+to customers," adds Khan. "But that will only
+work if we remain true to ourselves."
+Sajjad Khan and Michael Steiner both agree
+that tradition and progress are inextricably
+linked at Porsche, as are continuity and
+innovation.
+We're expanding our
+traditional virtues and
+abilities to include
+innovations from the
+digital world.
+Sajjad Khan, Member of the Executive Board responsible for Car-IT
+Big Data
+Past data
+volume
+Source: Porsche Engineering
+x10
+New data volume
+48
+x800
+New data volume including data
+for modern driver assistance and
+safety systems
+Sajjad Khan (left) and Michael Steiner share a vision,
+49
+Milestones Team Spirit
+new driving and comfort experiences. The
+growing amount of data also opens up many
+new opportunities for developers and is one
+of the driving forces behind innovation in the
+automotive industry.
+"The traditional mechanical aspect and the
+software need to work together to maintain
+the impressive quality and innovation," says
+Khan, adding that this not only refers to
+car technology and systems, but also the
+environment as a whole. "It also applies to
+the cloud and apps." Cars have been evolving
+into high-performance computers on wheels
+for quite some time now. More and more
+control units enable new functions and thus
+Vehicles are evolving into high-performance computers on
+wheels-one only need look at the amount of data that flows
+through them. Highly automated driving functions, in particular,
+will result in exploding data rates in the future. The use of
+data in development is likely to accelerate, as the growing
+quantities of data and new technology such as quantum
+computers will provide engineers with new prospects-and
+customers with unexpected driving experiences.
+After all, there are no compromises-especially
+when it comes to the driving experience. "A
+Porsche will need to drive like a Porsche in the
+future too," explains Steiner. "That continues
+to be a central distinguishing feature. For
+example, our models are well known for their
+extraordinary braking and high-precision
+control." Models with combustion engines
+are decelerated by converting the car's
+kinetic energy at the brakes into heat through
+friction. In all-electric vehicles, on the other
+hand, the brakes are largely applied by means
+of recuperation-the electric motor converts
+the car's kinetic energy into electrical energy,
+while maintaining the signature feel of Porsche
+braking. "That's just one example of how
+we combine traditional and digital worlds,"
+explains Steiner.
+46
+F
+combining traditional and digital worlds
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+Hardware and software, steel and electronics,
+tradition and future-elements that
+complement one another and ideally form a
+single unit. Michael Steiner and Sajjad Khan
+are two members of the Porsche AG Executive
+Board in charge of two departments with a
+shared vision. "It's ultimately all about creating
+a harmonious product," says Steiner. "Vehicles
+with that unmistakable Porsche DNA inspiring
+our customers time and time again." Khan
+adds: "Our traditional virtues and abilities
+form the core of our brand. But we're also
+expanding these to include innovations from
+the digital world."
+That's precisely why Sajjad Khan was appointed
+to the Board in November 2023. As head of the
+newly created Car-IT department, he's primarily
+responsible for connectivity and infotainment.
+His team also focuses on integrating the
+ecosystems of third parties and developing
+digital vehicle solutions such as the My Porsche
+app. "Software is changing every aspect of
+our lives," Khan explains. "Even household
+appliances are now an everyday element of the
+Internet of Things. More and more, the car itself
+is actually a component in a larger network." It's
+a component, however, with a highly emotional,
+practical value. "The driving experience takes
+center stage at Porsche." That's something
+Khan himself experiences on a daily basis, as
+his company car is a 911 Turbo S.
+The experiences that
+customers have in other
+environments, they also
+want to have in their cars.
+Michael Steiner, Member of the Executive Board responsible for
+Research and Development
+Michael Steiner, who has been with the
+company since 2002, took charge of the
+Research and Development department in
+Connectivity and integration are key words
+and play an essential role in the development
+of future sports cars-and in the collaboration
+between the two departments-which is why
+the two Board members share an office space
+at the Weissach Development Center.
+Because hardware and software are inextricably
+linked in vehicle development, Steiner will also
+be responsible for developing driver assistance
+and autonomous driving functions in the future.
+The same could be said for the electric and
+electronic architecture and infrastructure for
+the vehicle as a whole. "There's not a single
+unit in my department that doesn't achieve.
+its results in close collaboration with Sajjad's
+units," says Steiner. "It goes both ways,"
+emphasizes Khan. "The power of innovation
+will unlock enormous potential as long as we
+develop ideas together in our teams."
+Designing the sports car of the future together
+also means fulfilling ever-growing demands
+such as new drive technologies, new
+regulations, and regional requirements. It's also
+about fulfilling customer expectations in terms
+of performance, safety, comfort, connectivity,
+and infotainment. Examples include route
+recommendations provided by the navigation
+system with real-time information as well as
+the intelligent charging planner for all-electric
+Porsche sports cars. Or the option to play your
+favorite tunes on the car speakers directly from
+your smartphone. This vehicle interaction trend
+is just going to grow and grow. Nowadays it's
+also necessary to provide updates and new
+functions even after a car has been purchased.
+Steiner views the personal companion that is
+the smartphone as a role model in this area.
+"The experiences that customers have in
+other environments, they also want to have
+in their cars."
+Milestones Team Spirit
+47
+"Expectations are growing with the technical
+possibilities," says Khan. "Anyone who has
+smart home functions in their house wants
+to be able to activate them on the way home,
+for example." The same could be said for the
+wide variety of mobile entertainment options.
+The connected vehicle will increasingly be a
+communications center, but with pronounced
+regional differences. "Chinese customers use
+their own digital ecosystems and platforms
+for messages, chats, entertainment, and
+payment," says Khan. "As a global brand
+we need to take that into account." His
+department is taking the lead when it
+comes to R&D satellite in China, while other
+ecosystems could be interesting in other
+regions around the world. "That's why different
+forms of collaboration would be possible in
+different markets," explains the head of Car-IT.
+"We integrate partners' digital ecosystems
+wherever it makes sense. At the same time, we
+also know exactly where we want to maintain
+superiority in systems and data. We work with
+major tech players, but also plan to implement
+our own solutions with expertise," says Khan,
+describing a strategy of both collaboration
+and competition.
+SHAREHOLDER COMPOSITION
+and private
+investors
+Shareholder composition as of December 31, 2023
+(as percentage of share capital)
+12.5%
+Porsche Automobil
+Holding SE
+12.1%
+Institutional
+Porsche AG's subscribed capital of €911 million is made up of
+50% voting ordinary shares and 50% nonvoting preferred shares.
+Ordinary and preferred shares are no-par-value bearer shares.
+Furthermore, the holders of nonvoting preferred shares receive
+from the annual distributable profit an additional dividend of
+€0.01 per preferred share above the dividend attributable.
+to the ordinary stock. The 455,500,000 ordinary shares and
+455,500,000 nonvoting preferred shares each represent 50% of
+the company's share capital. Volkswagen AG indirectly holds, via
+Porsche Holding Stuttgart GmbH, 75.0% of the ordinary shares
+minus one ordinary share. Porsche Automobil Holding SE directly
+holds 25.0% of the ordinary shares plus one ordinary share and
+thus around 12.5% in Porsche AG's total share capital. Of the
+nonvoting preferred shares, around 75.8% is indirectly held
+by Volkswagen AG via Porsche Holding Stuttgart GmbH, and
+around 24.2% is in free float (as of December 31, 2023).
+2023
+75.4%
+Volkswagen AG'
+The first Annual General Meeting since the IPO was held at the
+Porsche Arena in Stuttgart on June 28, 2023. It was attended by
+more than 1,400 shareholders and shareholder representatives,
+with 100% of the voting capital represented. All resolutions pro-
+posed by the management were passed unanimously. One of the
+resolutions proposed to distribute all €915.5 million of the dis-
+tributable profit from the 2022 financial year to the shareholders
+in the form of a dividend. As such, a dividend of €1.00 per ordi-
+nary share and €1.01 per preferred share was paid. The actions
+of the members of the Executive Board and of the Supervisory
+Board in the 2022 financial year were also formally approved.
+AWARD-WINNING IPO
+The IPO in September of the previous year was a resounding
+success, judging by the strong interest shown by international
+investors and the successful listing in an extremely difficult
+environment. A number of prizes were awarded in recognition of
+this success over the course of the year.
+The Executive Board and members of the Investor Relations
+department maintained a constant, trusting dialog with inves-
+tors and analysts in the reporting period. Numerous discussions
+took place; although some were held by phone or over the usual
+videoconferencing platforms, the majority took place in person
+in Zuffenhausen or on the premises of the investors. Follow-
+ing the publication of the results for 2022 as a whole and the
+individual quarters in the reporting year, a roadshow involving
+the Executive Board of Porsche AG was organized for the most
+important investors in New York, London, and Frankfurt. Addi-
+tionally, numerous other roadshows and a series of interviews
+with analysts and investors were held at the headquarters of
+Porsche AG in Stuttgart-Zuffenhausen. Porsche even used the
+global launch of the Panamera in November 2023 to hold a
+face-to-face workshop with analysts and investors in Shang-
+hai. The workshop focused on business in China and overseas
+markets as well as Porsche's individualization strategy.
+Volkswagen AG indirectly holds its shares via Porsche Holding Stuttgart GmbH
+DIALOG WITH THE CAPITAL MARKET
+78
+The DAX enjoyed significant growth in 2023 (+20.3%), as did
+the MSCI World (+21.8%), and the DJ US Auto Index (+19.1%),
+which is of relevance to Porsche. In contrast, Porsche's shares
+had lost a lot of their dynamism by the end of 2023, following
+a strong start in the first six months of the year. In light of the
+challenges in 2024, which will be characterized by four product
+launches and lingering weakness in the Chinese market, some
+investors took the opportunity to take profits. Due to slowing
+demand, especially in China, investors also moved away from
+luxury goods, which caused their performance to be weaker
+than that of the overall market. The peak price of Porsche's
+preferred shares was €120.35 on May 22, 2023, compared
+to the lowest price of €79.90 on December 28, 2023. The
+year-end price of €79.90 corresponds to market capitalization
+of around €72.8 billion. Porsche preferred shares worth an
+average of approximately €69 million were traded every single
+day in 2023.
+ANNUAL GENERAL MEETING
+130
+To climb a few large mountains, as long as
+I am still fit enough to do it.
+Stock price development in 2023
+My happiest childhood dreams revolved
+around sporting successes and fast means
+of travel.
+120
+What dream have you fulfilled?
+I realized my first major dream with a
+BMW R80G/S. It was my pride and joy and
+my freedom.
+Do you have a dream that you have yet to
+realize?
+Teamwork makes the dream work.
+What does that mean to you?
+Dreams are made a reality by strong
+teams that goes for motorsport and
+vehicle projects alike.
+What is your dream car?
+Today it's a 911 with a high-revving naturally
+aspirated engine-such as the current
+911 S/T. And tomorrow it will be an open-
+topped, electric sports car like the 983.
+76
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+77
+To our shareholders Members of the Executive Board
+PORSCHE IN THE CAPITAL MARKET
+STOCK PRICE AND OVERALL MARKET
+Based on the German stock market index DAX, the European
+EURO STOXX 50, and the market-wide global index MSCI World,
+the market as a whole performed very well in the reporting
+period. This was driven by a number of different factors: in
+particular, the processing industry benefited from significant
+improvements in global supply chain difficulties and was
+able to clear its order books, some of which were completely
+full, especially in the first six months of the year. This was
+compounded, especially in the fourth quarter of the reporting
+period, by hopes of interest rate cuts, kindled by statements
+from Jerome Powell, Chair of the Federal Reserve of the United
+States, and representatives of the ECB, following the slowdown
+in inflation. So far at least, political factors such as the
+confrontations in the Middle East and the ongoing Russia-
+Ukraine conflict have not had a long-term impact on global
+stock markets.
+Index 100
+28
+8,296.00
+100
+Purchase
+29,926.00
+92.08
+Sep. 22, 2023
+Purchase
+Supervisory Board
+Purchase
+Purchase
+249,162.46
+8,598.00
+91.94
+85.98
+Sep. 22, 2023
+Oct. 25, 2023
+82.96
+Nov. 28, 2023
+To our shareholders Porsche in the capital market
+↑ ↓ ↑ 0 |||
+79
+Is there a childhood dream you like to
+reminisce about?
+Member of the
+Executive Board
+Member of the
+Executive Board
+Supervisory Board
+110
+Dr. Wolfgang Porsche
+Dr. Wolfgang Porsche
+Lutz Meschke
+90
+80
+January 02, 2023
+June 15, 2023
+December 29, 2023
+The luxury peers include: Burberry, Brunello Cucinelli, Salvatore Ferragamo, Ferrari, Hermès, Kering, LVMH, Moncler, Prada, Richemont.
+DAX
+SXAP
+NOTIFICATION OF DIRECTORS' DEALINGS IN ACCORDANCE WITH ARTICLE 19 OF THE
+MARKET ABUSE REGULATION (MAR)
+Luxury Peers
+Name
+Function
+Type of
+transaction
+Aggregated
+volume in €
+Price in €
+Date
+Porsche AG
+Dr. Oliver Blume
+Member of the Executive Board
+responsible for Research and Development
+Andreas Haffner
+The 911 Targa with its distinctive silhouette,
+rollover bar and big, curved rear window.
+Although I find the Taycan just as exciting-I
+love electric mobility!
+As you can see, Porsche is looking to the future with courage
+and determination. With passion and pioneering spirit. This will
+empower us to add new chapters to our success story. With
+you at our side.
+We are also working intensively with highly promising future
+technology, such as the development and production of high-
+performance battery cells, which is why Porsche took over the
+battery specialist Cellforce Group in May 2023. In the future,
+we aim to manufacture bespoke battery cells on a large scale in
+our own plant.
+Our recently unveiled cars received an extremely positive
+reception. The new generation of the Panamera is more digital,
+more luxurious, and more efficient. It offers an even greater
+breadth of ability from sportiness to driving comfort. The new
+Taycan represents performance on a level never seen before.
+And the all-electric Macan speeds up our transition to more
+sustainable electric mobility.
+Following its successful launch, our "Road to 20" program will
+bolster our financial strength permanently. To this end, we have
+systematically scrutinized everything again, starting with our
+range of products before moving on to pricing and ultimately
+our cost structure. And we have built a complete package
+of measures. This will increase the quality of our contribution
+margins and make our products and services even more
+attractive.
+We now intend to continue down this path and utilize our
+potential. With great determination and momentum. We will
+continue working through our 10-point plan systematically.
+We will optimize our performance in all strategic fields of action,
+from the product portfolio, electric mobility and supply chain
+resilience to sustainability and digitalization.
+This is all in spite of extremely challenging general economic
+conditions: geopolitical upheavals and natural disasters not only
+proved a serious challenge for people in the crisis-hit regions
+in 2023, but they also dramatically stifled global economic
+dynamism. Nevertheless, Porsche again demonstrated its
+tremendous resilience.
+Porsche is now one of the most valuable luxury brands in
+the world. Never before have our new cars excited as many
+people as they did in 2023. We also enjoy a healthy, solid
+cost structure. It has made a significant contribution to the
+positive development of our business, to our strong key financial
+indicators, and to a stable return on sales, which has remained
+at the high level seen the previous year.
+The newly obtained independence of Porsche AG means that
+we can operate with even greater flexibility in our day-to-day
+business and focus even more heavily on our strategic
+objectives. At the same time, we will continue to benefit
+from synergies and economies of scale in the Volkswagen
+Group. This unique situation has given us significantly more
+entrepreneurial flexibility. Porsche has, in short, switched
+up into another gear and increased its speed.
+We have never lost sight of this ambition since our successful
+IPO. We have pursued it determinedly and systematically, with
+compelling new products and outstanding service. Through
+strategic investments in innovative technology and digital
+solutions. And through collaboration with expert partners. In
+doing so, we aim to play a major role in shaping the future of
+sustainable mobility.
+Today, our brand represents a new understanding of luxury:
+modern, sporty and extremely forward looking. Luxury
+that blends great exclusivity with sustainability and social
+responsibility. Luxury that marries tradition and innovation and
+makes the individual dreams of our customers come true,
+time and time again.
+At the same time, we have added a new chapter to our success
+story, based on our Porsche Strategy 2030. It defines our
+ambitious long-term objectives and milestones. We think in
+terms of opportunities as we work to accomplish them. We
+take new challenges head-on and convert them to solutions,
+results and success. For our company, our customers, and our
+workforce. And for you, our shareholders.
+With warmest regards,
+For Porsche AG, 2023 was a truly special year. It marked two
+significant anniversaries: 75 Years of Porsche Sports Cars and
+60 Years of the 911. We celebrated our unique history alongside
+countless Porsche enthusiasts at numerous events around the
+world, demonstrating that our long-standing brand has lost
+none of its enormous appeal. The Porsche legend is more alive
+than ever.
+Dear Sir or Madam,
+MEMBERS OF THE EXECUTIVE BOARD
+LETTER FROM THE EXECUTIVE BOARD
+68
+↑↓ ↑ ||
+67
+MEMBERS OF THE SUPERVISORY BOARD
+87
+REPORT OF THE SUPERVISORY BOARD
+80
+PORSCHE IN THE CAPITAL MARKET
+Dear Friends of the Company,
+The Executive Board of Dr. Ing. h.c. F. Porsche AG
+33
+S.GO 7058
+What dream have you fulfilled?
+To be able to fly and travel the world.
+Is there a childhood dream you like to
+reminisce about?
+Chairman of the Executive Board
+Dr. Oliver Blume
+Every success story
+begins with a dream...
+2023
+1948
+75
+70
+↑↓ ↑ ||
+69
+Albrecht Reimold
+Production and Logistics
+Research and Development
+Barbara Frenkel
+Procurement
+Dr. Michael Steiner
+Sajjad Khan
+Car-IT
+Chairman of the Executive Board
+Dr. Oliver Blume
+of the Executive Board,
+Finance and IT
+Lutz Meschke
+Andreas Haffner
+Human Resources
+and Social Affairs
+Sales and Marketing
+Detlev von Platen
+Bold thinking and decisive action: the members of the Porsche Executive Board (from left to right) with the all-electric Macan
+78
+Having a job that I love and that takes me
+around the world.
+MEMBERS OF THE EXECUTIVE BOARD
+LETTER FROM THE EXECUTIVE BOARD
+Take Zuffenhausen plant as an example:
+production of the Taycan kicked off in 2019,
+creating more than 2,000 new jobs. Porsche
+recruited about one third of the team from
+within the company and spent months training
+them for their new responsibilities.
+as drivers of innovation
+Procurement in transition:
+Barbara Frenkel and her team
+It's likely that one in four employees will have
+to learn a new trade or change responsibilities.
+"We plan to take everyone with us on our
+journey," emphasizes Haffner. "We're creating
+the conditions to secure jobs over the long
+term, which is why we launched one of the
+largest qualification campaigns in company
+history. Using transformation maps and
+strategic personnel planning, we have a
+concrete plan for how to prepare our team for
+the future. For example, we've responded to the
+shortage of IT architects with our own studies
+program and are now training them ourselves."
+"Especially in Barbara Frenkel's department,
+last-minute changes resulting from external
+influences can be particularly challenging,"
+says Andreas Haffner, Member of the Executive
+Board responsible for Human Resources
+and Social Affairs-and thus for more than
+40,000 employees around the world. "But as a
+fundamental concept, transformation affects
+our entire company and the entire industry.
+There's no need to be afraid of electrification,
+automation, digitalization and artificial
+intelligence. We welcome these transformation
+megatrends and plan to exploit them for us
+as a team."
+the systems and tools used in Ukraine were
+duplicated and set up in other countries.
+"Especially when there's a crisis, there's more
+than one solution in procurement. We've
+developed a whole host of measures for better
+securing the supply and we continue to expand
+and optimize them." The past few years have
+seen a dramatic change in the procurement
+industry, which operates much like a hinge-like
+a moving connection between the inside and
+outside. Procurement has long been a driver of
+innovation and a source of strategic ideas, which
+is one of the reasons why Barbara Frenkel's
+office is located at the Porsche Weissach
+Development Center. eFuels production in
+Chile is another good example. It takes new
+structures and areas of expertise to fulfill all of
+the new tasks and ensure robust finances even
+in volatile times. In other words, it takes change
+management and workforce transformation.
+on us, of course," says Frenkel, who still stands
+behind the company out of a sense of solidarity
+and because it delivers good quality. But she
+does need a plan B. Within a few months,
+Take wiring harness as an example: More than
+4,000 employees produce wiring harnesses for
+Porsche in Ukraine. "We know these suppliers
+well. The difficult situation there has an impact
+fit for the future
+and his team are making the workforce
+Focusing on people: Andreas Haffner
+Take the Leipzig plant as an example: to ensure
+successful conversion of the production
+facility for the all-electric Macan, about
+6,000 participants were trained in qualification
+measures through to the end of October 2023.
+Member of the Executive Board
+responsible for Human Resources
+and Social Affairs
+We're creating
+the conditions
+to secure jobs
+over the long
+term.
+Take semiconductors as an example: With
+around 5,000 microchips installed in each
+Porsche Taycan, interruptions in the supply
+chain can turn vehicle production upside
+down. Dual sourcing, which entails expanding
+the partner portfolio, can be a successful
+security measure. "We've since approved
+an alternative component for some critical
+semiconductors," explains Frenkel. "We also
+take a critical look at every component to
+determine whether a certain level of inventory
+makes sense." Prioritizing certain cars in
+production is another sensible option for
+getting through any shortages.
+After all, it's always people who shape change,
+contribute new ideas, and develop effective
+alternative strategies, whether externally, with
+the more than 7,000 Porsche partners around
+the world, or in internal dialogue.
+"There are opportunities in every crisis.
+That's what I concentrate on. Positive thinking
+can help you focus on issues that can be
+influenced," says Frenkel. "It takes resilience in
+stressful situations, clear goals and intensive
+communication to find good solutions
+under pressure."
+A semiconductor factory in China closes due
+to a coronavirus outbreak. A container ship
+gets stuck in the Suez Canal. War breaks out in
+Europe, resulting in an energy crisis. Headlines
+like these can shake people to their core. For
+around 700 procurement employees under
+Barbara Frenkel, a member of the Executive
+Board, they also require urgent action. Frenkel
+is responsible for an annual purchasing
+volume of more than €14 billion-as well as
+for her team.
+61
+Stability describes a resilient system state and an
+emotionally charged comfort zone. Change means
+transition, transformation and the potential for uncertainty.
+So is there such a thing as stability in change? That's the
+business challenge for industrial transformation.
+GE
+INE
+AG
+CH
+AN
+Andreas Haffner,
+"We provide individual transformation and
+training consultation as well as internal and
+external qualifications. We also make it easier
+to change roles and offer job shadowing
+opportunities and trial periods, allowing
+employees to get acquainted with new
+departments," says Haffner. "This flexibility
+can be helpful in providing guidance. That's
+how we consolidate our power to innovate over
+the long term.
+Porsche uses a variety of channels to
+communicate offers, from internet, intranet,
+and social media to the award-winning
+employee magazine Carrera and the associated
+TV format. "Porsche Transformation Days"
+are elaborate internal trade fairs that have
+proven to be an effective tool for actively
+integrating the team. All the departments have
+the opportunity to present themselves with
+transformation topics that offer visual and
+68
+TO OUR SHAREHOLDERS
+PORSCHE
+356 "No.1" Roadster
+19
+48
+66
+65
+Milestones Change
+Whether you're purchasing a Porsche or joining
+the company, you're not only choosing a brand,
+but also a unique community-a family that
+has developed over generations, always views
+change as an opportunity, and achieves key
+milestones in an environment of change.
+"It may be more challenging to collaborate
+in diverse teams than in homogenous ones,
+where everyone has the same opinion. But
+it's also much more innovative, creative,
+and productive," says Haffner. "We want
+to raise awareness. A workforce with 19
+percent women is just not good enough."
+His department launched a company-
+wide initiative to establish diversity in
+everyday operations, with measures that
+focus on a variety of areas such as targeted
+recruiting formats, mentoring programs, and
+communication networks. A key supporter is
+Barbara Frenkel, whose own career has been
+shaped by curiosity, courage, and change.
+With a degree in chemistry and rubber
+technology, she joined Porsche as Manager
+of Quality Methods and Systems in 2001.
+She was later appointed Head of Sales for
+Europe and ultimately assumed responsibility
+for procurement as the first woman on the
+Executive Board. "I got to know both ends
+of the value chain," she says. She introduces
+colleagues who make a difference at Porsche
+in LinkedIn videos and shares career tips
+in interviews. Frenkel has increased the
+percentage of women in her department to
+around 40 percent. Haffner, who is a qualified
+lawyer and has been involved in Human
+Resources at Porsche since 1997, joined
+his team on Christopher Street Day sporting
+rainbow colors in line with the motto: Unique
+alone. Diverse collectively. Successful together.
+"It doesn't matter to us where you come from,
+how old you are, who you love, or which gender
+you identify as," he emphasizes.
+For Procurement and Human Resources,
+creating stability in change means always
+thinking about today, but also about tomorrow
+and the day after. And that requires a keen
+eye for visions and visionaries, as well as for
+companies and people who enrich Porsche,
+particularly because they're different and add
+to diversity. A variety of perspectives is a
+key driver when it comes to shaping change.
+External surveys confirm that Porsche is
+one of the most popular employers. In fact,
+the company took first place in the areas
+of business science and engineering in the
+Universum 2023 employer study, which
+surveyed 21,000 students. The questionnaire
+filled out by 12,000 academics with career
+experience provided the same results. In the
+computer science segment, student selections
+placed Porsche in fourth place. The wide
+range of skilled occupations in the Group and
+even the opportunity for a dual work-study
+program also offer good career opportunities.
+"We're always updating our offers and in
+some cases even overhauling them to ensure
+we remain attractive both internally and
+externally," explains Haffner.
+physical experiences, from drive technology
+and data management to 3D printing and Al.
+"Transparent information, shared experiences,
+and personal conversations spark new ideas
+and can thereby transform concern into
+enthusiasm," says Haffner. A fluctuation rate
+below one percent is confirmation that the
+Porsche Workforce Transformation measures
+are effective. This wouldn't be possible without
+all of the different programs dedicated to
+issues such as health, flexible work models,
+retirement plans, and a healthy work-life
+balance. The "Porsche hilft" initiative is a
+simple way to provide employees with suitable
+volunteer options and thus enable a change in
+perspective like no other.
+the third generation of the Panamera
+inspires and remains true to itself
+Innovations and a strong identity:
+Barbara Frenkel, Member of the Executive Board responsible for Procurement
+Positive thinking can help you focus on
+issues that can be influenced.
+There are opportunities in every crisis.
+S GO 659E
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+64
+63
+Milestones Change
+42
+62
+69
+Dr. Michael Steiner
+Do you have a dream that you have yet to realize?
+cultures I haven't experienced and people
+I also really like to use my e-bike for shorter
+journeys.
+My first company car at Porsche-a crimson-
+coloured 911 Turbo S Cabriolet-a long-held
+dream of mine come true. That being said,
+What is your dream car?
+I believe that the most important aspect of
+success is a strong, motivated team, which is
+why fairness and teamwork on a level playing
+field are so important to me.
+Teamwork makes the dream work.
+What does that mean to you?
+team to put us in pole position when it
+comes to software.
+I want to work with the global Porsche
+yet to realize?
+Do you have a dream that you have
+through various social projects in my
+home country.
+I support women in education in particular,
+Detlev von Platen
+prevent it from remaining just my dream,
+What dream have you fulfilled?
+I grew up in austere circumstances in Pakistan,
+so education was my childhood dream: to
+provide for my family and build a better future.
+to reminisce about?
+Is there a childhood dream you like
+Member of the Executive Board
+responsible for Car-IT
+Sajjad Khan
+73
+To our shareholders Members of the Executive Board
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+72
+What is your dream car?
+That is a very tough question, but it would
+definitely be a Porsche.
+I have made that very dream come true. To
+Member of the Executive Board
+responsible for Sales and Marketing
+Is there a childhood dream you like
+to reminisce about?
+What is your dream car?
+Phil Jackson, "The strength of a team is each
+individual member. The strength of each
+member is the team." Manufacturing cars
+was and is teamwork!
+To quote the star basketball trainer
+Teamwork makes the dream work.
+What does that mean to you?
+I don't have one big dream. I simply want to
+enjoy life in good health for as long as possible
+alongside my family and friends.
+Do you have a dream that you have yet to
+realize?
+I am extremely thankful for the opportunities
+life has given me, both professionally and
+personally. I've taken great roles in Germany
+and abroad and helped to develop new
+technology. I find it especially fulfilling when
+I am able to motivate, convince, and give a
+team wings.
+What dream have you fulfilled?
+As a child, I wanted to be a train driver.
+Although I didn't end up as one, I did at least
+stay loyal to the mobility sector.
+to reminisce about?
+Is there a childhood dream you like
+Member of the Executive Board
+responsible for Production and Logistics
+Albrecht Reimold
+To our shareholders Members of the Executive Board
+75
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+74
+The Porsche I get to drive every day as my
+company car is a dream vehicle. If I could keep
+one, it would probably be the 911 RS 2.7
+or the new 911 S/T.
+What is your dream car?
+Teamwork makes the dream work.
+What does that mean to you?
+Team spirit is the deciding factor in a
+company's success. Motorsport is a great
+example of what can be achieved with the
+right mindset: we have to enjoy competing
+against the best. With passion and, regardless
+of success, with a degree of humility.
+I am very pleased to have already been able
+to fulfill some of my dreams. As such, I am
+now more interested in helping others and
+encouraging them to dream a dream.
+Do you have a dream that you have
+yet to realize?
+To found a company and build it up from
+nothing and to do it abroad. I had the honor
+of doing this with what was then a new
+subsidiary of Porsche in France, with a
+wonderful team and while actively helping
+to shape the future of the company.
+What dream have you fulfilled?
+It was flight-always associated with
+freedom, adventure, and the longing to
+explore new destinations. But also a certain
+degree of risk.
+A lot of dreams cannot be realized unless you
+work as a team. This goes for professional
+environments as well as at home. First and
+foremost, you need team players who give
+their all to help you realize the dream, and who
+have your back, even in difficult situations.
+To discover countries I haven't visited,
+Teamwork makes the dream work.
+What does that mean to you?
+space on the page for them all. For example,
+9000
+71
+To our shareholders Members of the Executive Board
+A dream of mine came true in 2001 in the
+form of my first company car at Porsche:
+a 911 Cabriolet, in Racing Green. Turning
+the ignition for the first time brought a
+smile to my face.
+What is your dream car?
+for me is that you have to be a team player,
+even if you're a boss or manager. Just like in
+sports, you need a strong team. I believe that
+purely hierarchical models of management
+are obsolete.
+It's almost a platitude. The important thing
+Teamwork makes the dream work.
+What does that mean to you?
+As a young soccer player, I always wanted
+to hold the Bundesliga Meisterschale
+championship shield in my hands. As a
+player, I never did make it to the German
+championships. But I might manage it as
+a member of the Supervisory Board and
+a sponsor.
+Do you have a dream that you have
+yet to realize?
+I have always dreamed of having a wonderful
+family with lots of children. It can certainly be
+a challenge at times, but thanks to my wife's
+support it's all worked out. I can say that it has
+all worked out. The occasional spikes in blood
+pressure and worry lines have been worth it!
+Barbara Frenkel
+What dream have you fulfilled?
+Is there a childhood dream you like
+to reminisce about?
+of the Executive Board responsible
+for Finance and IT
+the Executive Board and Member
+Deputy Chairman of
+Lutz Meschke
+My old black Beetle ... and my 911 R.
+What is your dream car?
+It's all about people!
+What does that mean to you?
+Teamwork makes the dream work.
+I haven't met.
+When I was little, I was always excited to spot
+a 911. Standing on the back seat in my father's
+VW Beetle, I would always shout "When I grow
+up, I want to drive this car."
+Member of the Executive Board
+responsible for Procurement
+Is there a childhood dream you like
+to reminisce about?
+I still have a lot of dreams-there isn't enough
+Do you have a dream that you have
+yet to realize?
+Even during my studies in Germany, I dreamed
+of studying at an American university. After I
+graduated, I was able to fulfill that dream and
+I earned a master's degree in the US.
+What dream have you fulfilled?
+After I watched the moon landing on TV in
+1969, I was desperate to be an astronaut and
+explore other planets.
+to reminisce about?
+Is there a childhood dream you like
+Member of the Executive Board
+responsible for Human Resources
+and Social Affairs
+find me in a Linden Green 911 Turbo S
+Cabriolet. Even simply starting the engine
+is an experience!
+I drive one to this day. At the moment you'll
+I have always been fascinated by the 911.
+What is your dream car?
+Procurement is a team sport too. It's also true
+that the more diverse the team, the better.
+Personally, I think it's exciting to work in teams
+like this. It is extremely challenging, but also
+incredibly creative and efficient.
+What does that mean to you?
+Teamwork makes the dream work.
+Sustainability is important to me. Porsche
+procures a lot of components from direct
+suppliers. The only way we can do more to
+protect the environment is to work with
+our partners. I am working with the entire
+Procurement team to accomplish this-we are
+all immensely passionate and committed.
+Do you have a dream that you have
+yet to realize?
+I start every working day with a smile.
+done what brings me joy and fulfillment.
+and I am healthy. Professionally, I have always
+I am living my dreams, I have a happy family,
+What dream have you fulfilled?
+It was also the genesis of my passion for
+Porsche. I too wanted to drive a car like that at
+some point.
+an air-cooled engine. It was a wonderful car.
+My brother had a silver 993 Carrera 2 with
+I would still like to obtain a pilot's license, learn
+how to kitesurf, or travel with my family to
+places in foreign countries that we have never
+seen before.
+Deputy Chairman
+↑ ↓ ↑ 0 |||
+the environment and society
+Selected stakeholder management tools
+The Porsche AG Group believes it is important for people to talk
+to one another, not about one another. By changing perspec-
+tive, Porsche AG Group aims to understand other positions,
+overcome challenges through cooperation, and build long-term
+partnerships. It does this by using different media and dialog
+formats as well as various internal and external communication
+channels.
+The Porsche AG Group has a complete stakeholder management
+system designed to identify the expectations of its groups of
+stakeholders systematically and derive key social trends from
+these. The Porsche AG Group considers the interests and points
+of view of various stakeholders continuously and factors them
+into its strategic plans and business decisions, and sustain-
+ability is no exception. In turn, the stakeholders can learn more
+about the current and future activities of the Porsche AG Group
+as well as the requirements and general conditions.
+The business activities of the Porsche AG Group touch on the
+lives and interests of many people around the world (stake-
+holders). The Porsche AG Group consults and communicates
+with various stakeholder groups regularly. The consultation
+and engagement are continuous and regular because an open,
+transparent exchange of information and arguments paves the
+way for mutual understanding and acceptance. A beneficial,
+goal-driven dialog is the only way for the Porsche AG Group to
+build and maintain lasting relationships of trust with its direct
+dialog partners.
+Stakeholder communications and dialog
+The Porsche AG Group performs regular internal analyses to
+identify its most important stakeholder groups. As such, the
+Porsche AG Group considers the following as key players:
+residents and communities, customers and business partners,
+investors and analysts, media, employees, policymakers and
+associations, nongovernmental and charitable organizations,
+scientific community and experts, and competitors.
+Identifying and involving stakeholders in a dialog is important to
+the Porsche AG Group when it comes to fulfilling all the different
+aspects of social responsibility. A stakeholder is any individual or
+group with an interest in a decision or activity of the Porsche AG
+Group because they have a direct or indirect influence over its.
+actions or are themselves affected by them.
+STAKEHOLDER DIALOG AND MATERIALITY
+Stakeholders of the Porsche AG Group
+→ GRI 3-1
+94
+93
+Sustainability Sustainability at Porsche
+↑ ↓ ↑ 0 |||
+Policymakers and
+associations
+22
+The Porsche AG Group establishes and maintains direct contact
+to maintain a continuous dialog with its stakeholders. The
+Porsche AG Group further intensified its active dialog with
+its stakeholder groups in the year under review. Information
+about the Porsche AG Group can be found, for example, in the
+Porsche magazine "Christophorus" and the online newsroom, on
+its LinkedIn, X and Instagram channels, on the web-based TV
+channel "9:11 Magazine", in the "9:11. Porsche. Podcast" audio
+format, and on the company website.
+Media
+analysts
+Investors and
+Competitors
+EO
+Scientific community
+and experts
+'Within the Porsche AG Group, only Porsche AG procures production materials.
+PORSCHE
+Employees
+Customers and busi-
+ness partners
+Residents and
+communities
+The most important stakeholders of the
+Porsche AG Group as determined by internal
+analyses.
+Porsche stakeholders
+Selected sustainability objectives have been a criterion in the
+remuneration system for the Executive Board since the 2023
+reporting year. The Executive Board has implemented the same
+policy for the management of Porsche AG and selected national
+subsidiaries. Remuneration report
+NGOs/nonprofit
+organizations
+To monitor the implementation of the requirements of the
+German Supply Chain Due Diligence Act (LkSG), Porsche AG
+conducted "compliance monitoring" in selected departments
+of Porsche AG and in selected subsidiaries in the reporting
+year-with reviews being carried out in connection with human
+rights, for example. Additionally, the first report on compliance
+with corporate duties of care at Porsche AG has been prepared
+and published for the German Federal Office for Economic
+Affairs and Export Control.
+The Porsche Sustainability Council in 2023: Lucia Reisch, Adnan Amin, Raffaela Rein, and Sarah Jastram (FLTR) → Sustainability organization
+Christophorus
+The Porsche AG Group promotes economic, environmental, and
+social topics through its involvement in networks, sustainability
+initiatives, and working groups. This is also an integral part of
+the stakeholder dialog.
+Memberships and networks
+In the interests of a dialog with international stakeholder groups
+across all sites, the Porsche AG Group developed a universally
+applicable set of acceptance communication guidelines in 2023
+and utilized them in selected markets for the first time. These
+guidelines aim to facilitate harmonized, regionally appropriate
+communication with local stakeholders. The Porsche AG Group
+intends to continue updating these guidelines in cooperation
+with experts from the sales regions.
+Porsche AG aims to continue cultivating its regular, direct dialog
+with residents and is thus planning further dialog formats in
+addition to its complaints management system. For example,
+the year under review saw the start of conceptual planning for
+the resumption of information events for residents at selected
+company locations, which were held regularly until 2020.
+Stakeholders can contact the department responsible for
+sustainability directly using the email address sustainability@
+porsche.de.
+People in the vicinity can lodge complaints using the email
+address nachgefragt@porsche.de or by calling a dedicated phone
+number. In the year under review, Porsche AG was able to
+investigate a two-digit number of such complaints, process
+them, and find permanent resolutions. Residents near the
+Stuttgart-Zuffenhausen site complained about the noise caused
+by construction work in individual cases. In all cases, however,
+the subsequent measurements were within the legal limits for
+noise emissions.
+96
+↑↓ ↑ ||
+95
+Sustainability Sustainability at Porsche
+The complaints process at Stuttgart-Zuffenhausen has been
+audited as part of its recertification under ISO 14001. It is
+set to be expanded to Weissach and Leipzig starting in 2024.
+This process optimization will enable Porsche AG and selected
+subsidiaries to document and evaluate all known concerns
+systematically, and to take and document immediate action if
+necessary. The corresponding contact details are visible and
+accessible to the public.
+The Porsche AG Group welcomes questions, suggestions, and
+concerns from internal and external stakeholder groups alike.
+The Porsche AG also advises its subsidiaries on how to commu-
+nicate with their direct stakeholders. The Politics and Society
+department and the Construction, Environment, and Energy
+Management office have set up their own complaints manage-
+ment system as a centralized point of contact for complaints
+and suggestions.
+Acceptance communication and
+complaints management
+External channels of Porsche's public relations
+Regular works and departmental meetings, information events
+for employees, specialized focus weeks, and digital events are
+also used for internal communication purposes. For example,
+employees from Procurement at Porsche AG took a closer look
+at supply chain sustainability in a focus week in 2023. Formats
+like these help employees voice their concerns and speak with
+the experts directly.
+The Porsche AG Group released "Perspectives on Sustainability",
+a series of interviews focusing on sustainability, in its online
+newsroom in 2023. In these interviews, employees discuss
+their personal contributions to more sustainability within the
+Porsche AG Group, offering technical and personal insights in
+the process.
+the audio format
+09:11. Porsche. Podcast
+B
+O-
+Instagram, Facebook, X, LinkedIn
+the web-based TV channel
+9:11 Magazine
+(▷)
+the platform for journalists
+and fans
+the Porsche magazine
+Social media channels
+Online newsroom
+For internal communication, Porsche AG and selected subsidiar-
+ies use the digital Carrera media, some of which is also printed.
+Employees can find information on current developments at
+the Porsche AG Group, including sustainability, on the Carrera
+Online intranet pages and in the Carrera Magazine. Porsche AG
+completely overhauled and redesigned its "Sustainability"
+intranet page in the year under review.
+In the reporting year, Porsche AG further expanded the ESG
+management system and rolled out a centralized control and
+monitoring system for ESG data. Additionally, Porsche AG
+continued to harmonize its dedicated compliance management
+systems. Among other things, the Code of Conduct for Business
+Partners of Porsche AG and the Volkswagen Group have been
+consolidated and compliance improvement measures have
+been standardized.
+ties. In the strategy field of governance and transparency, the
+Porsche AG Group is therefore working continuously to increase
+transparency and responsible corporate governance.
+The Porsche AG Group sees acting and doing business with
+integrity as an essential foundation for all business activi-
+The strategy field comprises multiple areas of action.
+Cross-functional teams work on various areas of focus within
+these, such as closed-loop concepts for high-voltage batteries,
+the use of circular materials in Porsche vehicles, sustainable
+product design, the avoidance of plastic waste, and ways of
+recycling vehicle components.
+It is important to the Porsche AG Group that raw materials are
+used responsibly and sparingly and that its vehicles and the
+materials used to build them have long service lives. As such,
+the strategy field of a circular economy is a key element of the
+Group's sustainability strategy. Closed-loop concepts are to be
+realized at various points along the value chain and existing ones
+are to be expanded and improved. Porsche AG endeavors to use
+sustainable materials and, where technically possible, reduce
+the percentage of primary raw materials and establish closed
+raw material cycles.
+Strategy field
+Circular Economy
+In cooperation with the Volkswagen Group, Porsche AG and
+selected subsidiaries determine the computed volume of green-
+house gas emissions, in tons of CO2 equivalents per vehicle, all
+along the value chain using the Decarbonization Index (DCI)'.
+→ Climate change mitigation
+Building on its electrification strategy, the Porsche AG Group is
+striving to further decarbonize the average CO2 emissions of the
+products and processes. The Porsche AG Group has anchored
+this goal in its strategy for the entire life cycle of the vehicles.
+In addition to the CO2 emissions caused by vehicle production,
+the Porsche AG Group considers the assumed emissions in its
+upstream vehicle supply chain and during a vehicle's down-
+stream service life, right up to disassembly for recycling at the
+end of the vehicle's life.
+It is focusing on electric mobility. The Porsche AG Group is
+planning for more than 80% of the vehicles it delivers in 2030
+to be fully electric-depending on customer demand and the
+development of electric mobility in individual regions of the
+world. Porsche entered this era back in 2019 with the all-elec-
+tric Taycan. The all-electric Macan will join its product range in
+2024.
+The product portfolio represents the core of the Porsche AG
+Group's activities. The Porsche AG Group is shaping the mobility
+of the future with innovative products, technologies and attrac-
+tive services. These include future-oriented drive concepts that
+are designed to cause significantly lower CO2 emissions.
+Decarbonization
+Strategy field
+CO₂
+STRATEGY FIELDS
+The Porsche AG Group also aligns the six fields in the Sus-
+tainability Strategy 2030 and its related activities with the
+Sustainable Development Goals (SDGs) from the 2030 Agenda
+of the United Nations. These help the Porsche AG Group as an
+orientation for its own business activities. They indicate how
+economic progress, social justice, and environmental compati-
+bility can be reconciled. → Sustainability management
+Where currently possible, the Porsche AG Group unites all six
+fields of action in the Sustainability Strategy 2030 with clear
+objectives, indicators, and measures. Key ESG indicators, such
+as the Decarbonization Index (DCI), already affect on the remu-
+neration of members of the Executive Board.
+Furthermore, the strategy field encompasses recycling projects
+CO₂
+All the different aspects of the topic are considered: the aspects
+Environment (E), Social (S), and Governance (G)-ESG-
+describe the basic principles of sustainable business. In doing
+so, the Porsche AG Group wishes to embrace its responsibility,
+bolster sustainable and value-creating growth, and reduce its
+environmental footprint continuously. In the process, it remains
+focused on the impact of its business activities and the expec-
+tations of its stakeholders.
+To the Porsche AG Group, sustainability is not a short-lived
+trend; but enshrined as a central cross-cutting issue in the
+Porsche Strategy 2030.
+Mobility, and therefore the automotive industry, plays a key role
+in the transformation of business towards sustainability and
+the related fight against climate change. Besides Porsche's own
+vehicle production, its entire value chain is an integral compo-
+nent of the Porsche Strategy 2030'.
+The Porsche AG Group considers all the aspects of sustainabil-
+ity: economic, environmental, and social. The Porsche AG Group
+does not see economic success, environmental awareness,
+and social responsibility as contradictions in terms. Quite the
+opposite. They unite to form a guiding principle based on doing
+business in a future-proof way.
+SUSTAINABILITY AT PORSCHE
+90
+↑↓ ↑ ||
+89
+Political engagement and lobbying activities
+131
+129 Management of relationships with suppliers including payment practices
+GOVERNANCE
+129
+The Sustainability Strategy 2030 sums up the key challenges
+facing the Porsche AG Group in six strategy fields.
+at Porsche's locations. At its vehicle production sites, the
+Porsche AG Group is pursuing its long-term vision of a Zero
+Impact Factory-vehicle production with a minimal negative
+environmental impact. The vehicle production locations in
+Stuttgart-Zuffenhausen and Leipzig have already made progress
+towards this vision.
+As the use of circular materials often benefits the carbon
+footprint of the material as well, the strategy field of a circular
+economy also contributes to the decarbonization goals of the
+Porsche AG Group.
+Strategy field
+Diversity
+Governance and Transparency
+Strategy field
+Specifically, by 2030, Porsche AG' aims to comply with the
+strictest internal quality standards relating to sustainability with
+90% of the production material it purchases, which is gener-
+ally sourced from direct suppliers with a sustainability rating
+(S-rating). This means that 90% of direct suppliers of produc-
+tion materials are expected to achieve an S-rating in the highest
+category (A) by this point in time. In the reporting year, the
+degree of fulfillment was already 88.3%. → Sustainability, work-related
+rights and equal treatment and opportunities in the value chain
+Porsche AG on behalf of the Porsche AG Group-is also
+involved in the automotive industry dialog on the German
+National Action Plan for Business and Human Rights (NAP),
+which promotes decent working conditions for people.
+As the product portfolio expands and technological diversity
+grows, so does the importance of the supply chain to the
+sustainability strategy. As such, the Porsche AG Group con-
+stantly trains its strategic focus on the sustainability-driven
+management of its relationships with direct suppliers. The
+Porsche AG Group wants to ensure that direct suppliers practice
+a more ecologically sustainable procurement, adhere to human
+rights standards, implement social employment practices, and
+practice responsible resource management. In this context,
+The Porsche AG Group's corporate responsibility does not end
+at the factory gates-it extends across the entire value chain,
+which encompasses more than 1,700 direct suppliers of pro-
+duction materials and 5,700 direct suppliers of nonproduction
+materials.
+Supply Chain Responsibility
+Strategy field
+The strategy field has access to the company fund, which was
+set up in 2021, to finance project ideas of the Porsche AG
+Group. As an example, the fund's resources were used to realize
+initiatives from the "Join the Porsche Ride" program in Brazil,
+Chile, Saudi Arabia, and China in the reporting year. The fund
+was also used to finance the further expansion of the place-
+ment platform "Porsche hilft", which aims to promote voluntary
+engagement on the part of employees.
+Ever since 2020, the Partner to Society strategy field has been
+in the hands of a dedicated core team comprising representa-
+tives from all relevant organizational units of the Porsche AG
+Group, who meet about every six weeks. The team defines a
+general strategy for the strategy field, advances the corporate
+citizenship projects, and networks with the relevant depart-
+ments. In the reporting year, the team's work focused on
+designing a new general project aimed at pooling the interna-
+tional social engagements of the Porsche AG Group even more
+effectively and bolstering them further. The project was still in
+the start-up phase at the end of the reporting year.
+Consequently, the Porsche AG Group has its sustainability
+strategy field named Partner to Society. In this strategy field, the
+Porsche AG Group actively supports corporate citizenship proj-
+ects that benefit people whose social environment is directly
+or indirectly related to the Porsche AG Group-be that its own
+locations or direct suppliers and business partners. Young or
+disadvantaged people should receive strategic support and
+education to enable them to make permanent improvements to
+their living situation.
+92
+↑↓ ↑ 0 |||
+91
+Sustainability Sustainability at Porsche
+The Porsche AG Group bases its calculation of the DCI on, among other things,
+assumptions that are founded on statistics. The Porsche AG Group uses mod-
+el-based calculations to obtain the DCI based on premises and values specific to
+the Porsche AG Group as well as data from recognized LCA databases. A vehicle
+is assumed to have a total mileage of 200,000 km. Vehicle servicing is not
+factored into the calculation. Inaccuracies cannot be ruled out of the modeling.
+The goal of balance-sheet CO₂ neutrality along the entire newly produced
+vehicle value chain in 2030 is founded on averaging and currently also involves
+necessary offsetting.
+'The Porsche Strategy 2030 focuses on the four stakeholder dimensions:
+customers, society, employees, and investors. The Porsche AG Group aims to
+become more sustainable as part of its Strategy 2030. Sustainability is one of
+six cross-cutting strategies, together with Customer, Products, Digitalization,
+Organization, and Transformation.
+Governance and transparency
+Supply chain responsibility
+Partner to society
+Diversity
+Circular economy
+Decarbonization
+The Porsche AG Group sees itself as a member of and partner to
+society, one that is aware of its responsibility. As part of its sus-
+tainability strategy, the Porsche AG Group assists regions and
+communities around the world in conserving the environment,
+guaranteeing good labor and living conditions, and boosting
+social cohesion.
+Partner to Society
+Strategy field
+In the reporting year, the Porsche AG Group continued to expand
+cooperation in mixed teams: in an environment characterized by
+diversity, the various strengths and skills of everyone involved
+should complement one another optimally, enabling every
+employee to tap their full potential. → Equal treatment and opportuni-
+ties within the own workforce
+As part of its sustainability strategy, the Porsche AG Group
+attributes great importance to diversity and equal opportunity.
+Besides equal opportunities between the genders, the focus is
+on the diversity of the international workforce. The Porsche AG
+Group values openness towards people of different origins and
+sexual orientations and encourages harmonious, productive
+cooperation between generations-with the conscious inclusion.
+of people with disabilities.
+At the Porsche AG Group, the focus is on people. Knowing that
+every employee applies their unique skills to further the inter-
+ests of the company, the Porsche AG Group is actively commit-
+ted to diversity and inclusion in the workforce.
+List of associations
+>
+UN Global Compact
+> German Environmental Management Association
+21 Political engagement and lobbying
+activities
+p. 108
+p. 241
+12 Equal treatment and opportunities
+within the own workforce
+4 Pollution of air, water, soil
+p. 228
+3 Climate change mitigation
+p. 250
+20 Corporate governance, corruption
+and bribery
+p. 119
+11 Working conditions for own
+workforce
+p. 104
+2 Climate change adaptation
+p. 131
+p. 104
+Governance
+Social
+● Environmental
+and opportunities
+Material in terms of financial risks
+In the reporting year, government grants totaling €25 million
+(2022: €20 million, 2021: €33 million) were deducted from
+the acquisition costs of property, plant, and equipment. All the
+conditions associated with the grant are assumed to have been
+met. Performance-based government grants amounted to
+€9 million in 2023 (2022: €41 million, 2021: €53 million).
+Government grants
+The sole purpose of the syndicated revolving credit facility is to
+bolster Porsche's liquidity further. → EU taxonomy
+The financing costs are tied to the development of the propor-
+tion of all-electric vehicles relative to total sales. The Porsche AG
+Group is aiming for more than 80% of its newly delivered
+vehicles worldwide to be fully electric in 2030-depending on
+customer demand and the development of electric mobility in
+the individual regions of the world.
+This was further underlined in 2023 by the sustainability com-
+ponent in the new syndicated revolving credit facility of €2.5
+billion.
+Ever since it issued the €1 billion promissory note in 2019, sus-
+tainability has been an intrinsic part of the Porsche AG Group's
+financial strategy in the automotive segment.
+Sustainability in finance
+The Porsche AG Group also uses the findings from the material-
+ity assessment to review its sustainability strategy. In 2024, the
+materiality process is set to be harmonized with the Volkswagen
+Group and updated to comply with the existing regulatory
+requirements.
+1 Energy
+5 Substances of concern
+p. 108
+13 Information-related impacts for
+Sustainability Sustainability at Porsche
+and/or end users
+19 Social inclusion of consumers
+communities
+18 Particular rights of indigenous
+17 Work-related rights of own workforce
+and/or end users
+p. 127
+16 Personal safety of consumers
+p. 112
+p. 126
+15 Communities' rights
+p. 233
+10 Waste
+9 Circular economy
+opportunities in the value chain
+p. 111
+rights and equal treatment and
+p. 110
+p. 129
+22 Management of relationships
+with suppliers including payment
+practices
+p. 236
+8 Biodiversity and ecosystems
+7 Marine resources
+14 Sustainability, work-related
+p. 110
+6 Water
+consumers and/or end users
+p. 246
+The materiality matrix maps all 22 topics and uses colors to
+categorize them into three dimensions: environment (red),
+social (black), and corporate governance (gray). The two axes in
+the matrix represent the financial risks and opportunities for the
+Porsche AG Group ("outside-in" perspective) and the impact of
+its business operations on the environment and society ("inside-
+out" perspective). Topics that are material from both perspec-
+tives can be seen in the upper-right quadrant of the matrix.
+The Porsche AG Group is required to report on these topics
+in accordance with section 289c of the German Commercial
+Code (HGB). Descriptions and content relating to these can be
+found in the nonfinancial report, which is part of the manage-
+ment report of the Porsche AG Group. The Sustainability Report
+contains other topics considered material according to one of
+the two perspectives, alongside additional topics that are of
+relevance to the company.
+80
+perspectives
+9
+Strategy
+Systematic documentation and evaluation
+of stakeholder interests (e.g. materiality
+assessment]
+Evaluation
+The assessment was based on the principle of double materi-
+ality. According to this principle, a topic is considered material
+as soon as either the environmental and social impact of the
+Porsche AG Group ("inside-out" perspective) or the risks and
+opportunities for the financial situation of the Porsche AG Group
+("outside-in" perspective) can be considered material. The
+Porsche AG Group has evaluated these risks and opportunities
+in a gross assessment, which means it has considered the risks
+without prevention or mitigation measures. In this assessment,
+the Porsche AG Group also accounted for the results of its
+stakeholder survey as well as the opinions of its internal risk
+managers.
+The Porsche AG Group performed a new materiality assessment
+in 2023. The assessment evaluated 27 potentially material
+topics. The multistage process was aligned with the future
+specifications of the Corporate Sustainability Reporting Direc-
+tive (CSRD). It was primarily based on an objective assessment
+of the sustainability topics by the relevant departments of the
+Porsche AG Group. Additionally, the opinions of stakeholders
+were considered as additional validation.
+Planning and controlling
+Documentation and communication
+→ GRI 3-1
+Materiality
+Trusting cooperation with partner
+programs, memberships, and
+multistakeholder initiatives
+Cooperation
+and interest-sharing
+Dialog options for communication
+Derivation of strategic measures and targets
+in accordance with the corporate strategy
+Consultation
+Stakeholder management-a holistic approach
+Even the members of the Porsche Sustainability Council
+took part in the survey. They also evaluated the methodology of
+the survey and the detailed results in a separate workshop and
+considered their overall assessment of the stakeholder survey.
+Some 200 people took part in the open online survey. Over
+3,000 participants answered the questions in the panel survey
+for each region. Overall, around 37% of feedback came from
+European markets, around 32% from North America, and around
+31% from Asia. Alongside direct stakeholders, the participants
+included representatives from the media, nongovernmental
+organizations, academia, government, politics, and other stake-
+holder groups.
+The Porsche AG Group worked with internal and external experts
+to select the topics for this anonymous, international online sur-
+vey in such a way that they reflected the known requirements of
+the Corporate Sustainability Reporting Directive (CSRD). For the
+sake of continuity, the Porsche AG Group also included topics
+from commonly used reporting standards and the Sustainability
+Strategy 2030-for a total of 27 subject areas. The survey con-
+sisted of an open survey in the online newsroom and a strategic
+survey in the regions of Europe, North America, and Asia. It was
+available in German, English, and Mandarin.
+Since 2013, the Porsche AG Group has asked its stakeholders
+about their views and expectations on sustainability issues in a
+structured biennial format. This survey provides the Porsche AG
+Group with suggestions and inspiration and is factored into
+the materiality assessment process. A stakeholder survey was
+carried out in the year under review.
+Stakeholder survey
+In 2019, Porsche AG and the Volkswagen Group became the
+first automobile manufacturers to join the Value Balancing
+Alliance. Porsche AG has also been actively involved in the
+automotive industry dialog on the German National Action Plan
+for Business and Human Rights (NAP) since 2020. Among other
+initiatives in the reporting year, Porsche AG actively helped to
+draw up international quality and action recommendations for
+responsible lithium mining.
+Moreover, Porsche AG has been a member of the German
+Environmental Management Association (B.A.U.M.) since 2016.
+Porsche AG joined the European Business Ethics Network
+Deutschland (DNWE) in 2017 and has been a signatory to the
+state of Baden-Württemberg's WIN Charter for sustainable
+business ever since, marking its commitment to entrepreneurial
+responsibility.
+its commitment to the UN Global Compact's ten principles
+of corporate sustainability by joining the UN Global Compact
+Network Germany.
+In 2022, Porsche AG joined the UN Global Compact, the world's
+largest and most important sustainable and responsible cor-
+porate governance initiative. In 2023, Porsche AG underlined
+> Value Balancing Alliance
+> WIN Charter for sustainable business
+> German Business Ethics Network
+Standardization
+Standardization with guidelines
+and codes
+Participation
+Codetermination and influencing across vari-
+ous channels (e.g. Sustainability Council]
+In accordance with CSRD requirements, the departments
+assessed the impacts, risks and opportunities, of their topics
+using a points-based system. Above a certain threshold, a
+topic is considered material:
+Materiality of the financial risks and opportunities ("outside-in" perspective)
+20
+3
+14
+13
+19
+5
+18
+21
+12
+(11)
+8
+22
+16
+15
+Immaterial from both
+perspectives
+Material in terms of impacts on
+Materiality matrix
+10
+17
+Materiality of the impact on the environment and society ("inside-out" perspective)
+98
+↑↓ ↑ |||
+46
+97
+Sustainability Sustainability at Porsche
+The Porsche AG Group compiled the results of this assess-
+ment in a materiality matrix. The managers of the departments
+involved then reviewed and validated the positioning of the
+topics in a materiality workshop. In this context, the topics
+were aggregated from 27 subject areas into 22 based on their
+content. In the final stage, the Works Council and Porsche Sus-
+tainability Council commented on the positioning of the topics.
+Likewise, their recommendations were factored into the final
+materiality matrix. The final matrix was confirmed and ultimately
+approved by the Environment and Sustainability Steering Group
+and Committee and by the Executive Board.
+2) For the financial impact of risks and opportunities on its
+business ("outside-in" perspective), the Porsche AG Group
+took their financial value and probability of occurrence into
+consideration.
+1) Concerning the impacts of business activities on a topic
+("inside-out" perspective), there were points dependend on
+severity, area of impact, probability of occurrence, and (ir)
+reversibility in the case of negative impacts.
+Material from both
+99
+00
+OF DR. ING. H.C. F. PORSCHE AKTIENGESELLSCHAFT (PURSUANT TO SECTION 171, PARA. 2,
+OF GERMANY'S STOCK CORPORATION ACT (AKTG))
+Harald Buck
+Carsten Schumacher
+Audit Committee
+The Audit Committee monitors the accounting process, the
+effectiveness of the internal control system, the risk manage-
+ment system, the internal audit system, as well as the audit of
+the financial statements, especially the selection and indepen-
+dence of the auditor, the quality of the audit, and the additional
+services performed by the auditor.
+Members of the Audit Committee:
+Dr. Christian Dahlheim (Chairman)
+Micaela le Divelec Lemmi
+Dr. Ferdinand Oliver Porsche
+Carsten Schumacher
+Nora Leser
+- Harald Buck
+Nomination Committee
+The Nomination Committee is staffed exclusively by representa-
+tives of the shareholders and has the task of proposing suitable
+candidates to the Supervisory Board for its proposals to the
+Annual General Meeting for the election of Supervisory Board
+members to represent the shareholders.
+-Jordana Vogiatzi
+Members of the Nomination Committee:
+- Dr. Wolfgang Porsche (Chairman)
+- Hauke Stars
+Mediation Committee
+When the criteria of section 31, paragraph 3, sentence 1, and
+paragraph 5, of the MitbestG are met, the Mediation Committee
+is responsible for proposing candidates for appointment to the
+Executive Board and for proposing the dismissal of Executive
+Board members.
+Members of the Mediation Committee:
+Dr. Wolfgang Porsche (Chairman)
+Hauke Stars
+-Jordana Vogiatzi
+- Harald Buck
+Related Party Committee
+In the cases mandated by law, the Related Party Committee
+decides on the approval of certain transactions between the
+company and its related parties.
+Members of the Related Party Committee:
+- Dr. Hans Michel Piëch
+Micaela le Divelec Lemmi
+- Dr. Arno Antlitz
+- Hauke Stars
+-Hauke Stars
+- Dr. Wolfgang Porsche (Chairman)
+4 of 4
+100%
+rights and duties of the Annual General Meeting, as well as its
+current legal framework. The concept of the Supervisory Board
+training day was implemented for the first time on Novem-
+ber 29, 2023. This interactive training course lasted several
+hours and focused on capital market and insider trading laws.
+On this day, the Supervisory Board also addressed self-assess-
+ment and the implementation thereof for the Supervisory Board
+of Porsche AG, as the first self-assessment since the IPO was
+conducted in the 2023 financial year. More information about
+the performance of the self-assessment and the evaluation of
+the results is available in the Corporate Governance Declara-
+tion at > https://investorrelations.porsche.com/en/corporate-governance/.
+All training was provided with the assistance of internal and
+external experts.
+Beyond purely legal matters, training also focused on sub-
+ject areas relating to products and technology. As part of the
+design presentation, future vehicle models were presented to
+the members of the Supervisory Board in detail. Starting in
+the coming year, product and technological expertise is set to
+become part of the Supervisory Board training day too. Further-
+more, in coordination with internal and external experts, the
+Supervisory Board will conduct reviews throughout the year to
+determine what topics are appropriate for the Supervisory Board
+training day, in order to provide a complete array of education
+and training for the individual members of the Supervisory
+Board and the board as a whole.
+Aside from the aforementioned training formats, a comprehen-
+sive onboarding program is available to new members of the
+Supervisory Board to, for example, give them the opportunity
+to meet the members of the Executive Board and managers
+to discuss general and current topics, and in doing so develop
+an understanding of matters relevant to the company and its
+governance structure. Extensive information material will also
+be provided to new members of the Supervisory Board to assist
+them with their Supervisory Board activities. Further enhance-
+ments were made to the onboarding program, even though
+no new members joined the Supervisory Board in the 2023
+financial year.
+MAIN FOCAL POINTS OF THE WORK OF THE
+SUPERVISORY BOARD
+At all of its meetings in the reporting period, the Supervisory
+Board delved deeply into the core matters of the company, the
+economic situation of Porsche AG, and its key subsidiaries.
+The work of the Supervisory Board focused on the audit and
+approval of the annual and consolidated financial statements for
+the 2022 financial year in February 2023, as well as the annual
+adoption of the planning session. As part of planning session
+PR72, the Supervisory Board addressed and approved the com-
+pany's long-term plan, including product program, as well as the
+vehicle projects of Porsche AG. Furthermore, the Supervisory
+Board dealt thoroughly with the agenda, proposed resolutions,
+and convocation of the Annual General Meeting in 2023.
+In connection with the financial and corporate matters, the
+Supervisory Board examined strategic decisions relating to an
+investment in a cell material manufacturer and the expansion
+of the Cellforce Group (CFG). In this context, the Supervisory
+Board approved additional finance for CFG to ensure the con-
+tinued development of high-performance cells. The approval of
+equity capital increases in individual national Porsche Finan-
+cial Services companies made it possible to further expand
+Porsche's global leasing and finance business. One focal point
+of its regular dealings with the various Porsche subsidiaries was
+the acquisition of more shares in MHP as well as its strategic
+development. The Supervisory Board discussed the orienta-
+tion and share structure of MHP at length and approved the
+acquisition of the shares still being held by the cofounder. The
+agenda also featured individual investments in innovative and
+strategically important companies and start-ups. Additionally,
+the Supervisory Board routinely addressed the financial strategy
+and granted corresponding framework approvals. The refinanc-
+ing of a line of credit at Volkswagen AG announced in connection
+with the IPO was carried out successfully, and the Supervisory
+Board approved the opening of a new, attractive line of credit
+with a consortium of banks. At the end of the year, the Super-
+visory Board was once again forced to consider at length the
+direct and indirect effects of the Russia-Ukraine conflict on the
+business operations of Porsche AG and its subsidiaries.
+Moreover, HR matters in the Executive Board were a key subject
+area of the advice offered by the Supervisory Board in the finan-
+cial year ended. In addition to the structural matter of updat-
+ing the executive organizational chart in light of Sajjad Khan
+becoming a new member of the Executive Board responsible
+for Car-IT as of November 1, 2023, the Supervisory Board dealt
+with extending the appointment of members of the Executive
+Board. The extensions of appointments to the Executive Board
+were handled routinely by Albrecht Reimold (Production and
+Logistics), Dr. Michael Steiner (Research and Development),
+and Barbara Frenkel (Procurement). All three Executive Board
+appointments were extended.
+In this context, other key subjects of consultation were the fur-
+ther optimization of the Executive Board member remuneration
+system and the setting of targets for the variable remuneration
+of members of the Executive Board for the 2024 financial year.
+The amounts of remuneration were also reviewed routinely as
+part of the revision of the remuneration system. The revised
+system of remuneration for members of the Executive Board is
+to be proposed to the company's 2024 Annual General Meeting
+for approval.
+- Dr. Arno Antlitz
+Furthermore, on the basis of reporting by the Executive Board,
+the Supervisory Board was continuously engaged with the
+key official and judicial processes of the company, such as the
+proceedings in connection with emissions.
+PERSONNEL CHANGES ON THE SUPERVISORY
+BOARD
+The 2023 financial year did not see any personnel changes on
+the Supervisory Board; the seasoned team worked together
+successfully throughout the year.
+To our shareholders Report of the Supervisory Board
+83
+↑↓ ↑ 0 |||
+84
+↑↓ ↑ |||
+COMMITTEES OF THE SUPERVISORY BOARD
+In order to perform the duties incumbent on it, the Supervisory
+Board has formed committees to assist it with its tasks. The
+Supervisory Board committees have the following responsibili-
+ties and members:
+Presidential Committee
+The Presidential Committee coordinates the work within the
+Supervisory Board and prepares its meetings. The Presidential
+Committee prepares personnel-related decisions for the Super-
+visory Board. Alongside the Executive Board, the Presidential
+Committee also ensures that a long-term succession plan is in
+place.
+Members of the Presidential Committee:
+Finally, the Supervisory Board addressed the recommendations
+and suggestions of the German Corporate Governance Code.
+The Supervisory Board discussed the requirements in depth
+and, together with the Executive Board, issued the annual
+Declaration of Conformity in accordance with section 161 of
+the AktG.
+Wolfgang von Dühren
+- Akan Isik
+FREQUENCY OF MEETINGS AND FOCAL POINTS
+OF THE COMMITTEES
+88
+19
+56
+550 Spyder
+SUSTAINABILITY
+90
+SUSTAINABILITY AT PORSCHE
+90 Strategy fields
+94
+Stakeholder dialog and materiality
+101
+ENVIRONMENT
+101 Environmental management
+↑↓ ↑ ||
+104 Energy and climate change adaptation
+110
+111
+Pollution and substances of concern
+Water and marine resources
+Biodiversity and ecosystems
+115
+112
+Waste
+SOCIAL
+115
+Partner to society
+119 Working conditions for own workforce
+126
+108
+87
+Ibrahim Aslan, Knut Lofski, Dr. Hans Peter Schützinger, Dr. Christian Dahlheim, Nora Leser, Stefan Schaumburg, Micaela le Divelec Lemmi,
+Harald Buck, Dr. Wolfgang Porsche (Chairman of the Supervisory Board), Jordana Vogiatzi (Deputy Chairman of the Supervisory Board),
+Dr. Hans Michel Piëch, Melissa Di Donato Roos, Wolfgang von Dühren, Dr. Ferdinand Oliver Porsche, Dr. Arno Antlitz, Hauke Stars,
+Carsten Schumacher, Hans Dieter Pötsch, Akan Isik, Vera Schalwig
+From left to right:
+The Presidential Committee met eight times in the 2023
+financial year. The Audit Committee met four times in the
+2023 financial year. The Nomination Committee, the Mediation
+Committee, and the Related Party Committee did not meet in
+the reporting year.
+The Presidential Committee focused on advising and rec-
+ommending resolutions for the plenary session in particular.
+Personnel-related matters concerning the Executive Board
+were discussed thoroughly in advance. As such, the Presiden-
+tial Committee handled the extensions of the Executive Board
+members' service contracts, contractual issues other than
+remuneration, approval of ancillary activities, and the adapta-
+tion of rules in connection with fringe benefits. Additionally, the
+Presidential Committee addressed the long-term succession
+plan in depth in several meetings.
+The work of the Audit Committee centered on the annual and
+consolidated financial statements, the risk management system
+including the effectiveness of the internal control system, as
+well as the internal audit system and the work of the company's
+compliance organization. The Audit Committee also dealt with
+the quarterly information and half-yearly financial report of the
+Porsche AG Group. In doing so, it focused on monitoring the
+accounting, the accounting process, and the inspection thereof
+by the auditor. It also discussed the assessed audit risk, audit
+strategy, audit plan, and audit outcome with the auditor.
+Additionally, the representatives of shareholders and employees
+normally met for separate advance discussions in the run-up to
+Supervisory Board meetings.
+AUDIT OF THE ANNUAL AND CONSOLIDATED
+FINANCIAL STATEMENTS
+The annual and consolidated financial statements of Dr. Ing.
+h.c. F. Porsche AG, including the combined management report
+for the 2023 financial year, have been duly audited by Ernst &
+Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, and
+awarded an unqualified opinion.
+Likewise, the report prepared by the Executive Board on the
+relations between Dr. Ing. h.c. F. Porsche AG and affiliated
+enterprises according to section 312 of the AktG (dependent
+company report) for the period from January 1 to Decem-
+ber 31, 2023, was examined by the auditor and awarded the
+following opinion: "Based on our audit performed in accordance
+with professional standards and our professional judgment, we
+confirm that the factual statements contained in the report
+are correct, and the company's consideration concerning legal
+transactions stated in the report was not excessive."
+The Executive Board and Supervisory Board have prepared a
+remuneration report for the year under review in accordance
+with section 162 of the AktG. Pursuant to section 162, para-
+graph 3, of the AktG, the remuneration report was examined by
+the auditor in order to verify whether the mandatory disclosures
+required by section 162, paragraph 1 and 2, of the AktG had
+been made. The auditor also audited the content beyond the
+minimum legal requirements. The auditor confirmed that the
+remuneration report is consistent with the accounting provi-
+sions of section 162 of the AktG in all material aspects.
+In its meeting on February 28, 2024, the Supervisory Board
+dealt with the annual financial statements of the company, the
+consolidated financial statements, and the combined manage-
+ment report, including the nonfinancial report and proposed
+appropriation of profit, each of which has received an unqual-
+ified opinion from the auditor. Furthermore, the Supervisory
+Board dealt with the dependent company report, the Corporate
+Governance Declaration, and the remuneration report.
+For preparation, the members of the Supervisory Board had
+extensive documentation at their disposal, including the annual
+financial statements, consolidated financial statements, and
+the combined management report, including the nonfinancial
+report and proposed appropriation of profit. They were also
+provided with the dependent company report prepared by the
+Executive Board, the Corporate Governance Declaration, the
+remuneration report, the audit reports of EY GmbH & Co. KG
+Wirtschaftsprüfungsgesellschaft for the annual financial state-
+ments of Dr. Ing. h.c. F. Porsche AG, the consolidated financial
+statements, including the combined management report, the
+audit report for the dependent company report, and drafts of the
+reports of the Supervisory Board and the Audit Committee.
+The Audit Committee and the Supervisory Board examined
+these documents thoroughly and discussed them in depth in
+the presence of the auditor, who reported on the findings of the
+audit, especially the key audit matters and each audit proce-
+dure, including the conclusions, and was on hand to answer any
+additional questions and provide further information.
+To our shareholders Report of the Supervisory Board
+85
+86
+Based on the conclusive outcome of the audit by the Audit
+Committee and its own examination, the Supervisory Board
+accepted the results of the audit by the auditor. It concluded
+that it had no objections and formally approved the annual
+financial statements and combined management report,
+including the nonfinancial report, as prepared by the Executive
+Board. As such, the annual financial statements of Dr. Ing. h.c.
+F. Porsche AG for 2023 have been adopted. On this basis, the
+Supervisory Board accepted the Executive Board's proposed
+appropriation of profit.
+The Supervisory Board reviewed the dependent company report
+thoroughly and raised no objections to the declaration of the
+Executive Board at the end of the dependent company report.
+Furthermore, the Supervisory Board adopted the report of the
+Supervisory Board, the Corporate Governance Declaration, the
+remuneration report, and its proposed resolutions on agenda
+items of the 2024 Annual General Meeting. Pursuant to section
+120a, paragraph 4, of the AktG, the remuneration report will be
+submitted to the Annual General Meeting for formal approval.
+DECLARATION OF CONFORMITY 2023
+The recommendations and suggestions of the German Corpo-
+rate Governance Code are important parameters for the actions
+and methods of the Supervisory Board. In the Declaration of
+Conformity of December 2023, the Executive Board and Super-
+visory Board explained the extent to which the recommenda-
+tions of the German Corporate Governance Code have been fol-
+lowed since the publication of the last Declaration of Conformity
+in December 2022, and will be followed in the future.
+The joint Declaration of Conformity by the Executive Board
+and Supervisory Board is available at all times on the web-
+site https://investorrelations.porsche.com/en/corporate-governance/.
+For further disclosures regarding the implementation of the
+recommendations and suggestions of the German Corporate
+Governance Code, please refer to the Corporate Governance
+Declaration.
+CONFLICTS OF INTEREST AND HOW THEY
+ARE HANDLED
+The Supervisory Board has clear rules designed to avoid poten-
+tial conflicts of interest when its members offer advice and
+pass resolutions, and on how potential conflicts of interest are
+to be dealt with in exceptional cases. In particular, the Super-
+visory Board's Rules of Procedure require every member of the
+Supervisory Board to disclose a potential conflict of interest to
+the Chairman of the Supervisory Board immediately. Further-
+more, depending on their scale and reach, conflicts of interest
+can result in the exclusion of the Supervisory Board member in
+question from voting on and potentially even consulting on the
+relevant agenda item.
+No conflicts of interest on the part of members of the
+Supervisory Board were reported or became evident in the
+reporting year.
+ACKNOWLEDGMENT
+The 2023 financial year was extremely challenging. The Super-
+visory Board wishes to express its gratitude and recognition to
+the Executive Board and all employees for the work they have
+done, especially given the context. Through their extraordinary
+commitment and passion for innovation, not to mention the
+sense of responsibility that is characteristic of Porsche, all
+employees and members of the Executive Board did their part
+to drive the success of the company. On behalf of the Super-
+visory Board, I also wish to thank you, dear shareholders, for your
+loyalty and support in 2023. Without all of you, this company
+would be but a dream.
+Zuffenhausen, February 28, 2024
+Dr. Wolfgang Porsche
+Chairman of the Supervisory Board
+MEMBERS OF THE SUPERVISORY BOARD
+The Supervisory Board 2023 of Porsche AG
+on their own responsibility, with reasonable support from the
+company. In particular, the company assists with the organiza-
+tion of seminars. Moreover, the company offers education and
+advanced training formats for the entire Supervisory Board.
+On the day before the company's Annual General Meeting on
+June 28, 2023, which was held as a public meeting for the first
+time since the IPO, comprehensive training was provided on the
+As a rule, the members of the Supervisory Board completed the
+necessary training and development courses for their duties
+Although the members of the Executive Board participated
+in meetings of the Supervisory Board and its committees,
+the Supervisory Board frequently met without the Executive
+Board too.
+The virtual meeting formats introduced during the pandemic
+have gradually been replaced by meetings in person. Despite
+increasingly sophisticated videotelephony technology, the
+Supervisory Board believes that physical gatherings-espe-
+cially with regard to plenary sessions-should be the method
+of choice. Of the four plenary sessions in 2023, all meetings
+were held in person in Zuffenhausen and once at the location in
+Weissach. At one meeting, the option to participate virtually was
+made available in addition to the in-person meeting (to create
+a hybrid meeting format). With regard to individual committee
+meetings, the flexibility of such hybrid meeting formats has
+proven itself once again. For instance, it has been possible to
+hold Presidential Committee meetings, even ones convened at
+short notice, efficiently and without requiring participants to
+spend time traveling. Of the eight meetings of the Presidential
+Committee, four were held in person and four were held virtually
+as videoconferences. All four meetings of the Audit Committee
+were held in person. None of the meetings of the Supervisory
+Board or a committee took the form of a teleconference.
+4 of 4
+100%
+8 of 8
+100%
+Jordana Vogiatzi (Deputy Chairman)
+3 of 4
+75%
+7 of 8
+87.5%
+Dr. Arno Antlitz
+4 of 4
+100%
+8 of 8
+Dr. Wolfgang Porsche (Chairman)
+100%
+4 of 4
+100%
+4 of 4
+Micaela le Divelec Lemmi
+4 of 4
+100%
+4 of 4
+100%
+100%
+Melissa Di Donato Roos
+4 of 4
+100%
+Dr. Hans Michel Piëch
+4 of 4
+Dr. Christian Dahlheim
+in %
+mittee
+in %
+Dear Sir or Madam,
+Dear Friends of the Company,
+Exactly 75 years ago, Ferry Porsche turned his dream of a sports
+car into reality: he and his team built the Porsche 356 "No. 1"
+Roadster. This was both the genesis of a legendary brand and
+the opening chapter of both an exemplary success story and the
+Porsche legend. We joined our employees and, in particular, our
+customers in marking this anniversary in 2023 with commensu-
+rate pride and gratitude.
+In 2023, we remained true to our mission statement and fol-
+lowed our dreams. And we did so in a world constantly beset by
+new political and economic crises. Even our society and social
+cohesion have been caught up in the changes to a consider-
+able extent. Porsche AG continued to face major challenges in
+the reporting period. In particular, the political frameworks for
+the automotive industry are changing and its transformation
+continues.
+Dear shareholders, Porsche AG has seized the opportunity pre-
+sented by these challenges and managed to set new standards
+with its products in 2023. The five millionth Porsche rolled off
+the production line at its headquarters in Stuttgart-Zuffenhau-
+sen and the company celebrated the 60th anniversary of the
+iconic 911 with a special limited edition, the Porsche 911 S/T,
+which is limited to 1,963 models.
+30 years after the unveiling of the Boxster concept study,
+Porsche brought the most powerful version of the mid-engine
+roadster to date to the market: the new Porsche 718 Spyder RS.
+It also completely overhauled the exclusive Cayenne SUV model
+series in the reporting year.
+At Porsche, innovative concept vehicles have always set the
+course for the future. The sports car manufacturer is con-
+tinuing this tradition with its latest concept study: Mission X.
+The two-seater with thrilling lines celebrated its launch on
+a special date on June 8, 2023: it was the main attraction
+on the eve of the opening of the special exhibition entitled
+"75 Years of Porsche Sports Cars" at the Porsche Museum in
+Stuttgart-Zuffenhausen.
+Like its vehicles, the company has always enjoyed close ties
+with motorsport, and it was able to celebrate more success
+on the racetrack in 2023. At the London E-Prix, the TAG Heuer
+Porsche Formula E Team ended its most successful season so
+far with four victories in the ABB FIA Formula E World Cham-
+pionship. The title of world champion was claimed by Jake
+Dennis from the Porsche customer team Avalanche Andretti in
+the Porsche 99X Electric, which was developed in Weissach.
+The Porsche works driver Thomas Preining became the DTM
+champion on the final weekend in Hockenheim as far ahead of
+time as the team Manthey EMA won the manufacturers' title
+for Porsche at the DTM.
+A strong season was also had by the new works team Porsche
+Penske Motorsport, which claimed second place for Porsche
+in the manufacturers classification in the hybrid prototype
+Porsche 963 at the IMSA WeatherTech SportsCar Champion-
+ship, the latest in a series of victories including a 1-2 victory on
+the legendary Indianapolis Motor Speedway. Other experiences
+have been less successful, however. The Porsche 963 finished
+ninth at the 24 Hours of Le Mans in 2023. In the GTE-Am cate-
+gory, the Porsche 911 RSR belonging to the customer team GR
+Racing took third place on the podium.
+As you, dear shareholders, all know, Porsche AG reached another
+historic milestone in the form of its IPO on September 29, 2022.
+In doing so, Porsche AG has attained greater entrepreneurial
+freedom and flexibility, and is able to decide for itself where
+to focus its future corporate and product strategies. This will
+enable the company to operate with greater speed and focus,
+which is more important than ever in a dynamic and challenging
+global landscape. Last year, Porsche AG systematically played
+to its strengths on the market and enjoyed a successful year
+in spite of the major geopolitical crises. This is also reflected
+in its key performance indicators. The Porsche AG Group is
+in a very strong position with consolidated sales revenue of
+€40.53 billion and profit before tax of €7.375 billion. In light
+of the successful 2023 financial year and a corporate strategy
+geared towards sustainable growth, the Supervisory Board
+believes that Porsche AG is in an excellent position to face the
+ongoing transformation of the automotive industry.
+METHODS OF THE SUPERVISORY BOARD AND
+MEETINGS OF THE SUPERVISORY BOARD AND
+COMMITTEES
+In the 2023 financial year, the Supervisory Board performed
+its tasks and duties imposed upon it in accordance with the
+law, the Articles of Association, and the Rules of Procedure, and
+focused closely on the position and prospects of Porsche AG.
+In doing so, the Supervisory Board monitored the Executive
+Board as it conducted business and advised it regularly on all
+key matters, but also with regard to the recommendations and
+requirements of the German Corporate Governance Code.
+The Chairman of the Supervisory Board was in close, trusting,
+and regular contact with the Executive Board, especially the
+Chairman of the Executive Board, where they discussed matters
+of strategy, planning, and business development. Without delay,
+the Chairman of the Executive Board notified the Chairman
+of the Supervisory Board of significant events of relevance to
+the assessment of the company's position and development,
+as well as to the running of the company, and the Chairman of
+the Supervisory Board, like the board as a whole, was heavily
+involved in the strategic considerations and decision-making
+processes of the Executive Board. The report by the Chairman
+of the Executive Board was supported by regular reports from
+the members of the Executive Board responsible for Finance and
+Sales. The Supervisory Board dedicated considerable time to
+the reports of the Executive Board.
+Due to the regular reporting by the Executive Board, the Super-
+visory Board was informed in full, promptly, and transparently at
+all times, both verbally and in writing. The necessary documents
+were made available in full to the members of the Supervisory
+Board and the relevant committees in good time.
+Key topics discussed in the plenary session also included the
+development of business, strategic matters, operative planning
+including financial, investment, and human resource planning,
+as well as matters relating to profitability-on a Group level
+and for key subsidiaries. In particular, the subsidiaries that were
+reported on intensively included Porsche Financial Services
+GmbH, Porsche Consulting GmbH, Porsche Engineering Group
+GmbH, Porsche Lifestyle GmbH & Co. KG, MHP Management
+und IT-Beratung GmbH (MHP), and Porsche Werkzeugbau
+GmbH. This enabled the Supervisory Board to paint a complete
+picture.
+Aside from the regular reports, the Executive Board submitted
+regular, timely, and comprehensive reports to the Supervisory
+Board on all material aspects of relevance to the company and
+transactions requiring approval. This made it possible to address
+individual topics specifically, such as the progress of individual
+vehicle projects.
+The Supervisory Board met in full four times in the financial
+year. Additionally, two circular resolutions took place outside of
+regular meetings. Overall, the rate of participation in Supervisory
+Board (plenary) meetings in 2023 was a pleasing 96%. With
+the exception of one meeting which a participant was unable to
+attend, the committees of the Supervisory Board always met
+with all members in attendance.
+If, due to exceptional circumstances, a member of the Super-
+visory Board or a committee was unable to attend a meeting,
+they were able to familiarize themselves with the items on the
+meeting's agenda with the preparatory documents. In this case,
+they cast their vote in writing to participate in resolutions. As in
+previous years, digital documents ensured that meeting prepa-
+rations and procedures were efficient.
+The following table presents the individual Supervisory Board
+members' participation in the plenary sessions and committee
+meetings that took place in the reporting year:
+Supervisory Board meetings
+Committee meetings
+Plenum
+Attendance
+in %
+Presidential
+Committee
+Attendance
+Audit Com-
+Attendance
+100%
+REPORT OF THE SUPERVISORY BOARD
+Hans Dieter Pötsch
+75%
+8 of 8
+100%
+4 of 4
+100%
+Wolfgang von Dühren
+4 of 4
+100%
+Akan Isik
+4 of 4
+100%
+Nora Leser
+4 of 4
+100%
+100%
+4 of 4
+3 of 4
+75%
+4 of 4
+4 of 4
+100%
+100%
+8 of 8
+100%
+4 of 4
+100%
+Knut Lofski
+Vera Schalwig
+Stefan Schaumburg
+Carsten Schumacher
+100%
+4 of 4
+Harald Buck
+100%
+Dr. Ferdinand Oliver Porsche
+4 of 4
+100%
+Dr. Hans Peter Schützinger
+4 of 4
+100%
+4 of 4
+100%
+For details concerning fuel consumption, electricity consumption, and CO₂ emissions, see pages 464-468.
+To our shareholders Report of the Supervisory Board
+81
+↑↓ ↑ 0 |||
+82
+Hauke Stars
+Supervisory Board meetings
+Committee meetings
+Attendance
+Plenum
+in %
+Presidential
+Committee
+Attendance
+in %
+Audit Com-
+mittee
+Attendance
+in %
+4 of 4
+100%
+8 of 8
+100%
+Ibrahim Aslan
+4 of 4
+3 of 4
+127
+Economic, social, and cultural rights as well as civil and political rights of communities
+Personal safety of consumers and/or end users
+110
+The Porsche AG Group also intends to further reduce waste
+as part of the Porsche Strategy 2030. As a result, materials
+are to be recycled instead of being disposed of as waste. This
+will reduce the need for natural resources and is expected to
+contribute to their conservation. In line with its vision of a "Zero
+Impact Factory", the Porsche AG Group is striving to minimize
+the existing environmental impacts of its own vehicle produc-
+tion as far as possible by 2030. Environmental management
+uses
+Removal
+Recycling
+Preparation
+for reuse
+Other
+Prevention
+Five-tier waste hierarchy
+The waste management plan is part of the resource efficiency
+program. It aims to reduce the environmental impact of vehicle
+production by an average of 45% between 2014 and 2025. The
+program considers the quantity of disposable waste per vehicle
+produced. So far, Porsche AG and Porsche Leipzig GmbH have
+managed to reduce the quantity of waste for removal produced
+by 75% since 2014.
+To implement the legal requirements, Porsche AG and selected
+subsidiaries have drawn up a waste management plan centered
+on the waste hierarchy. For example, it prioritizes waste avoid-
+ance using low-waste technology and sustainable, economical
+disposal solutions designed to increase material recycling.
+5. Disposal
+4. Recovery (such as energy generation)
+3. Recycling
+2. Treatment for reuse
+1. Avoidance
+Waste management at Porsche AG and selected subsidiaries is
+based on the national Circular Economy Act (KrWG). It sets out
+a five-tier waste hierarchy:
+The avoidance of waste is an integral part of the Porsche AG
+Group's environmental and energy policy. Waste avoidance pre-
+serves resources and gradually reduces potential environmental
+impacts.
+WASTE
+The protection of species of wild bees is a priority in Weissach.
+To further improve their current living conditions, wild bee pas-
+tures have been created in selected green spaces. The estab-
+lished near-natural company grounds project aims to continue
+supporting biodiversity and habitat variety at the location.
+Within the Porsche AG Group, various certifications which
+also encompass waste management: selected locations of
+Porsche AG and selected subsidiaries are certified under
+ISO 14001 (environmental management). Additionally, the
+European Eco-Management and Audit Scheme (EMAS)
+covers waste management at Porsche AG's location in Stutt-
+gart-Zuffenhausen. + Environmental management
+The impact points methodology is used to identify and assess
+the impacts of waste. → Environmental management
+This makes it possible to evaluate waste reduction measures
+or the introduction of recycling measures. For example, the
+ratio between disposable and recyclable waste improved in the
+reporting year due to the development of a new disposal pro-
+cedure for 25 tons of PVC cleaning cloths from the paint shop
+areas in the vehicle production plant in Stuttgart-Zuffenhausen.
+Concerning new production facilities, Porsche AG and selected
+subsidiaries generally consider where waste can be produced
+during the planning phase. When issuing invitations to tender
+for waste, Porsche AG and selected subsidiaries pay special
+attention to disposal facilities that offer recycling.
+The Porsche AG Group is actively involved in corporate citizen-
+ship projects thatbenefit people whose social environment is
+directly or indirectly related to the Porsche AG Group-be that
+its own locations or direct suppliers and business partners.
+Young or disadvantaged people should receive strategic support
+and education to enable them to make permanent improve-
+ments to their living situation.
+The Porsche AG Group embraces its social responsibility and
+sees itself as an active member of and partner to society. As
+part of its sustainability strategy, the Porsche AG Group assists
+regions and communities around the world in conserving the
+environment, guaranteeing good labor and living conditions, and
+boosting social cohesion. → Strategy field Partner to Society
+PARTNER TO SOCIETY
+budget for employee training as part
+of a sustainable and socially ethical
+transformation.
+€10m
+ENVIRONMENT
+as part of its "Partner to society"
+sustainability strategy field.
+funding projects around the world
+supported by the Porsche AG Group
+part of long-term corporate citizen-
+ship objects.
+Act (WHG). As such, Porsche AG worked with external land-
+scape planning and species conservation experts in 2019 to
+develop a guide for the location. The guide contains specific
+planting and green space creation measures, such as planting
+suggestions and care tips. The aim is to create a wildlife corridor
+leading to the local natural structures and species outside
+the development center's site. Building on the guide for the
+Weissach location, specific near-natural design guidelines for
+the production locations in Stuttgart-Zuffenhausen and Leipzig
+were drawn up in 2020 and implemented as a standard.
+donated by the Porsche AG Group as
+SOCIAL
+SOCIAL
+GOVERNANCE
+114
+↑↓ ↑ 0 |||
+113
+Sustainability Environment
+According to the waste management plan, unavoidable frac-
+tions of waste are to be systematically sorted and collected at
+the source. Consequently, all waste receptacles and collection
+points feature standardized signage based on the various waste
+fractions. The valuable materials in the waste can then be used
+in the subsequent waste disposal process. Thanks to digital
+waste logging, Porsche AG can produce waste balances at its
+locations in Stuttgart-Zuffenhausen and Weissach, track its
+progress toward goals, and comply with statutory documenta-
+tion obligations.
+In the reporting year, Porsche AG and selected subsidiaries
+continued working to reduce, recycle, and dispose of waste in
+an environmentally friendly manner, and to evaluate low-waste
+procedures within their own vehicle production. In cooperation
+with a local disposal firm, for example, the sorting and collec-
+tion of plastic straps were optimized directly at the source in
+Stuttgart-Zuffenhausen. Sorting makes it possible to recycle
+this fraction of waste and save resources as a result. Points of
+origin with considerable quantities of straps are being evaluated
+even after the end of the reporting period, as is the operational
+implementation of the disposal process. In the future, the opti-
+mization is set to be gradually expanded to other key locations.
+Since 2019, Porsche AG has been working on a technically
+feasible, sustainable, and transparent process to further reduce
+waste at its saddlery in Stuttgart-Zuffenhausen. In the reporting
+year, Porsche AG found a local partner that will reuse its mate-
+rials: the partner company is set to use the remaining leather
+that the saddlery can no longer use in order to produce mobile
+living solutions. For this purpose, the leather is either cut to size
+by a CNC machine or reused in rolls. The logistics for the project
+were finalized after the end of the reporting period, so the
+leather recycling plan can be put into action at the next possible
+opportunity. → Circular economy
+>€11m >150
+For example, project are given financial support through a com-
+pany fund that has been set up internally. Resources were used
+to realize initiatives from the "Join the Porsche Ride" program in
+Brazil, Chile, and China in the reporting year. The fund was also
+used to finance the further expansion of the placement platform
+"Porsche hilft," which aims to promote voluntary engagement on
+the part of employees.
+Porsche AG is also committed to protecting biodiversity around
+the Development Center in Weissach. This location is situated in
+a water protection zone, which means special precautions must
+be taken in accordance with the German Water Management
+In cooperation with Auwaldstation Leipzig, Porsche Leipzig
+GmbH opened the area to a broad target group to inspire an
+interest in flora and fauna in future generations: children and
+families on the Porsche Safari have been able to explore the
+area's flora and fauna in the company of an environmental edu-
+cator since 2018. The Porsche Safari is a core element of the
+support projects at the location in Leipzig.
+Protection of water-handling of
+water-polluting substances
+to recycle water, while bath treatment helps to extend life in
+pretreatment and in dip coating. The activation and deactivation
+times of the spray nozzles are also highly optimized. Regarding
+to technical building equipment, evaporative coolers are opti-
+mized, which also makes it possible to save water. The waste-
+water generated in vehicle production is pretreated in approved
+systems. This removes or reduces pollutants. The effluents
+are regularly analyzed and monitored in accordance with the
+requirements of the authorities.
+Porsche AG and Porsche Leipzig GmbH operate their own
+systems for testing vehicle watertightness or washing plants,
+for example, on the basis of closed-loop recycling. In the paint
+shops, for example, water is conserved by using cascade rinsing
+Water and effluents
+water stress.
+Porsche AG and selected subsidiaries use the Water Stress
+Indices of Verisk Maplecroft to analyze and evaluate their loca-
+tions. According to these indices, none of the vehicle production
+locations is situated in an area facing high or extremely high
+An area is said to be facing high water stress if the percent-
+age of water being withdrawn from its total supply is high
+(40-80%) or extremely high (at least 80%) according to the
+Aqueduct Water Risk Atlas of the World Resources Institute
+(WRI). It defines water scarcity as the volumetric abundance, or
+lack thereof, of freshwater resources. This scarcity is driven by
+humans and is a function of the volume of human water con-
+sumption relative to the volume of water resources in each area.
+Water stress and water scarcity
+The strategy of the Porsche AG Group, which aims to reduce the
+environmental impact of every vehicle produced by the com-
+pany, also concerns water. → Environmental management
+The Porsche AG Group does not have a direct impact on marine
+resources, which is to say biodiversity and ecosystems in or
+under water.
+Porsche AG and Porsche Leipzig GmbH use water carefully, as
+it is an increasingly scarce resource. The aim is to reduce water
+consumption and the production of effluents, thereby lessening
+the environmental impact of drinking water and groundwater
+shortages. Since 2014, the company has reduced the water
+consumption per vehicle produced by its own production activi-
+ties by more than 25%.
+In the reporting year, Germany adopted its National Water
+Strategy to centralize water-related measures in all relevant
+sectors. Porsche AG and selected subsidiaries are taking on this
+challenge too: one objective of the Porsche Strategy 2030 is to
+reduce water consumption, effluents, and emissions into waste-
+water at all Porsche production sites with a view to realizing the
+vision of a Zero Impact Factory-in other words, production with
+the smallest negative impact possible on the environment.
+Examples of this include using water efficiently based on
+circulation systems and the careful handling of contaminated
+wastewater from vehicle production.
+Since 2014, the company has reduced the water
+consumption per vehicle produced of its own.
+production activities by more than 25%.
+↓ 25%
+The Porsche AG Group aims for its production to have a minimal
+negative impact on the environment. Technology, processes,
+and logistics can all currently affect resource consumption.
+WATER AND MARINE RESOURCES
+The vehicle production locations in Stuttgart-Zuffenhausen
+and Leipzig and the development location in Weissach produce
+hazardous waste, such as waste oil, acids, bases, and mixed
+solvents, which are classed as dangerous goods when they are
+transported.
+Within the Porsche AG Group, dangerous goods are trans-
+ported on their various modes of transport with consideration
+for national and international dangerous goods regulations, to
+preclude any danger to human beings or the environment to the
+greatest possible extent. The central dangerous goods informa-
+tion system for Porsche AG and selected subsidiaries has been
+updated based on the current dangerous goods legislation. In
+2023, Porsche AG transported more than 1,000 tons of class
+1, 2, 3, 4.1, 4.2, 4.3, 5.1, 5.2, 6.1, 6.2, 8, and 9 dangerous
+goods, as well as small quantities of other classes of dangerous
+goods. At Porsche AG, dangerous goods are shipped all over the
+world by road, sea, and air. In turn, Porsche AG receives tanks of
+dangerous goods that require an emergency plan. No dangerous
+goods accidents were reported in the year under review.
+Alongside the efficient use of water, the Porsche AG Group
+primarily focuses on minimizing pollution in effluents and
+on greater soil and groundwater protection when potentially
+water-polluting substances are used to handle water and marine
+resources responsibly. Water pollutants of all hazard classes are
+transported, filled into containers, stored, or reused on site.
+All machinery and equipment used for managing potentially
+water-polluting substances owned by Porsche AG, which are
+subject to inspection, are logged, evaluated, and documented
+within a database.
+Porsche AG has reduced the risk of production interruptions
+when handling water-polluting substances by raising awareness
+among employees, fitting technical protective devices to the
+production systems, and installing binding-agent stations at
+outdoor locations.
+Additionally, more than 12,500 square meters of the off-road
+terrain have been registered as flowering meadows as part of
+the Saxony State Foundation for Nature and the Environment's
+"Flowering Meadows for Butterflies" initiative. The strategic
+preparation and maintenance of the flowering meadows provide
+a habitat for insects. At the same time, the insects are a key part
+of the off-road terrain's ecosystem.
+In addition to wild oxen and Exmoor ponies, the company's off-
+road circuit is home to numerous native species of wild animals
+that live in harmony with nature and the factory. The former
+military site has undergone gradual renaturation ever since
+Porsche Leipzig GmbH developed the location in 2000. With
+its specially created wetlands and grazing land, the site offers a
+natural habitat for numerous types of flora and fauna.
+The biodiversity strategy continued on the off-road circuit at the
+Leipzig plant in the reporting year. In the reporting year, based
+on monitoring initiated back in 2004, a project involving and
+sponsored by the management created lizard biotopes. Perches
+were also installed for birds of prey. A strategic plan has set out
+further measures for Leipzig to protect the habitats of plants
+and animals in the long term.
+Biodiversity in Leipzig
+The planted meadows, wild shrubs, and other native plants
+provide a safe haven for birds and insects. In the reporting year,
+Porsche upgraded the area with coarse woody debris, dry stone
+walls, areas of sand, and broken stones. These can also serve as
+a habitat for various reptiles and insects. Introduced in 2022,
+monitoring of the near-natural areas aims to safeguard the
+development of the areas and identify further recommended
+courses of action.
+112
+↑↓ ↑ ||
+111
+Sustainability Environment
+Biodiversity at the Development Center
+in Weissach
+In 2021, Porsche AG turned an area of 2,000 square meters into
+near-natural green recreational space for employees and the
+local neighborhood in Stuttgart-Zuffenhausen. Under the super-
+vision of a professional landscape gardener, Executive Board
+members and employees of Porsche AG voluntarily planted
+around 2,000 native plants that are appropriate for the location
+in a project as part of the "Porsche hilft" initiative. Assisted by
+the Executive Board, employees transformed more space into a
+near-natural area in fall in the reporting year. As such, planting
+initiatives also serve to raise awareness among employees. More
+planting initiatives are in the pipeline.
+In terms of biodiversity, Stuttgart-Zuffenhausen aims to be a
+role model for other locations of the Porsche AG Group: a biodi-
+versity tool developed by the Volkswagen Group is used on-site
+there and is optimized continuously. In doing so, the Porsche AG
+Group has been examining the area based on defined biodiver-
+sity criteria-such as surface management, external measures,
+and employee integration-since 2021. As part of the vision of a
+Zero Impact Factory, binding targets for improved biodiversity at
+Stuttgart-Zuffenhausen, which also consider its direct proximity
+to the area of conservation and fauna-flora habitat "Stuttgarter
+Bucht and Glemswald", are to be defined by 2025.
+Biodiversity at Stuttgart-Zuffenhausen
+Porsche AG and selected subsidiaries are focused predomi-
+nantly on their own locations and their immediate vicinities. For
+example, Porsche has been comprehensively monitoring the
+off-road circuit at its production location in Leipzig since 2004,
+and the project aiming to create near-natural company grounds
+has been running at Stuttgart-Zuffenhausen since 2022.
+In the eyes of the Porsche AG Group, the protection of biodi-
+versity also involves the continuous identification and gradual
+minimization of the impacts of its business activities on the
+diversity of living organisms and species in the water, on the
+land, and in the air.
+Biodiversity is vital for human life. Therefore, the protection
+of biodiversity goes far beyond the mere protection of nature
+and is one of the most urgent global challenges next to climate
+change. The Porsche AG Group recognizes this and is there-
+fore actively committed to preserving biodiversity at selected
+locations. In the future, the Porsche AG Group aims to intensify
+this engagement, which is why it is pursuing the vision of a
+Zero Impact Factory.
+BIODIVERSITY AND ECOSYSTEMS
+The wastewater from vehicle production is pretreated in
+process-specific facilities, such as physico-chemical treat-
+ment systems and light liquid separators, to remove harmful
+substances and reduce the impact of harmful substances
+discharged into the groundwater. The effluents are regularly
+analyzed and monitored in accordance with the requirements of
+the authorities. In this context, the wastewater limits were not
+exceeded in the reporting year.
+Porsche AG and Porsche Leipzig GmbH are known as indirect
+dischargers at the production locations in Stuttgart-Zuffen-
+hausen and Leipzig: wastewater from these locations consists
+of effluents from sanitary facilities, wastewater from vehicle
+production, and rainwater; these waters are all discharged into
+the sewers. Water is not discharged directly into marine areas.
+Porsche AG and Porsche Leipzig GmbH obtain the water they
+use in vehicle production, technical building equipment, and
+social areas from the local public water supply. Due to the local
+circumstances, no resources from oceans or seas are utilized
+directly.
+Based on a location checklist, catalogs of measures specific to
+each location are being drawn up to realize the vision of a Zero
+Impact Factory. → Environmental management
+Support: frameworks and core areas
+As part of the sustainability strategy field "Partner to soci-
+ety," the Porsche AG Group is involved in numerous nonprofit
+initiatives, whereby it focuses on long-term projects in five core
+areas: sport, culture, environment, social affairs, and education
+and science. In 2023, the Porsche AG Group supported more
+than 150 funding projects around the world. In doing so, the
+Porsche AG Group aims to help shape society's future and set
+standards.
+The Donations and CSR Sponsorship group guidelines for
+support projects govern all the processes, responsibilities,
+and approvals. The goal is to utilize donations and sponsorship
+money in connection with Porsche's social responsibility in a
+lawful manner and exclusively in the interests of the Porsche AG
+Group. At the same time, the guidelines aim to prevent actions
+that could make it seem as if the Porsche AG Group is influenc-
+ing official or business decisions through extraneous means.
+Within Porsche AG, the main Communications, Sustainability,
+and Politics department is the organizational unit with central-
+ized responsibility for implementing funding projects.
+Aid initiatives for Ukraine
+In the reporting year, Porsche AG once again ran a wide range of
+initiatives to support people affected by the current situation in
+Ukraine.
+Language is the key to successful integration and makes it
+easier for people arriving in Germany. Therefore, Porsche AG
+has worked with a variety of project partners to launch German
+courses for Ukrainian refugees at its location in Stuttgart:
+Bürgerstiftung Stuttgart uses its training campus to provide
+Ukrainian refugees with practical support to help them find jobs.
+The Johanniter-Unfall-Hilfe accident support organization in
+Stuttgart provides on-site language courses for refugees living
+in emergency accommodations.
+Some refugees are severely traumatized by their experiences
+in crisis-hit areas and as refugees. Counseling and integrative
+social projects are available to help these people process what
+they have lived through. In this regard, Porsche AG supports the
+psychosocial counseling offered by Bürgerstiftung Stuttgart in
+Stuttgart as well as the organization Arthelps, which works with
+SAVE UKRAINE to provide psychological support and art therapy
+in Ukraine. Psychological support and art therapy for children,
+young people, and women (mothers and widows) aim to make it
+easier to process the trauma of war and counteract any poten-
+tial long-term effects.
+Social activities around the world
+With a view to making a long-term difference, the Porsche AG
+Group is also involved with numerous programs on an interna-
+tional level, including "PAVE," and "Join the Porsche Ride." These
+received the Trendence Award in the "Companies Help People"
+category in the year under review.
+PORSCHE AFTERSALES VOCATIONAL EDUCATION (PAVE)
+The "Porsche Aftersales Vocational Education" (PAVE) program
+has been training highly qualified employees in technical profes-
+sions for 15 years. The trainees attend training at international
+locations-in accordance with European standards-and are
+then appointed to the dealer organizations of the Porsche AG
+Group and other Volkswagen Group brands around the world.
+Everyone benefits from the PAVE program: the young adults,
+many of whom are from socially disadvantaged backgrounds,
+gain access to first-class vocational training and the dealer
+organizations are provided with highly qualified employees.
+Long-term, strategic school partnerships also ensure that
+vocational training skills are embedded locally. This means that
+PAVE aims to have a lasting effect. At the same time, changes
+in vocational training requirements are responded to flexibly
+and in advance by the program. All in all, PAVE offers young
+people highly promising development opportunities, which not
+only promotes individual self-determination, but also leads to
+improvements in society as a side effect. In the reporting year,
+16 new technical partner schools in China joined the interna-
+tional PAVE network.
+JOIN THE PORSCHE RIDE
+The global "Join the Porsche Ride" initiative underlines the
+Porsche AG Group's complete understanding of the notion of
+social commitment. The project is aligned closely with the
+United Nations Sustainable Development Goals and addresses
+them at each stop. The projects launched there range from envi-
+ronmental and sustainability-related education programs for
+children to the inclusion of people with disabilities to improved
+occupational health and safety. They are running at selected
+locations of the Porsche AG Group on five different continents.
+The symbol of the projects is a Taycan, which serves as an
+ambassador of greater sustainability.
+Sustainability Social
+117
+↑ ↓ ↑ 0 |||
+118
+As the goals cannot be accomplished and upheld going forward
+without a long-term commitment, active engagement on a
+local level is indispensable. Therefore, the initiative is supported
+by Porsche's dealer organization as well as partnerships with
+specialized nongovernmental organizations at each site.
+The "Join the Porsche Ride" Taycan set out from Stutt-
+gart-Zuffenhausen and has called at Porsche's locations in
+Leipzig, Switzerland, and France since 2022. The Porsche
+Taycan continued its journey in the reporting year, making stops
+in South Africa, China, and Brazil.
+New initiatives designed to improve life skills and career
+preparation were implemented in South Africa and Brazil in
+the reporting year, and the construction of a German-Chinese
+teaching and competence center began in China. For example,
+these included the development of a modular qualification
+program focusing on occupational safety and health and
+environmental protection for various levels of education, from
+kindergarten through vocational education to university.
+PORSCHE KOREA: PORSCHE DO DREAM
+Through its campaign "Porsche Do Dream", Porsche Korea aims
+to open new opportunities and prospects to disadvantaged chil-
+dren and young people. A scholarship program named "Porsche
+Dream Up" supports bright young talents in the fields of art and
+sport. The "Dream Playground" initiative creates play oppor-
+tunities in schools. Other projects under this initiative include
+"Porsche Dream Circle" for environmental education in schools,
+"Bee'lieve in Dreams", a honeybee project for greater biodiversity
+in Seoul, and "Smart Traffic Safety Solution for Children".
+PORSCHE LATIN AMERICA: UN TECHO
+PROJECT LUKAS FOR CHILDREN WITH DISABILITIES
+More than seven million people in Germany are living with a
+serious disability. They and their families often must face serious
+challenges. Through the project "Lukas"-a German abbreviation
+for "A smile for company children with other strengths"-which
+was launched in 2019, Porsche AG supports employees whose
+children need special support due to a mental and/or physical
+disability by making donations to institutions that provide care
+for the child. Since the launch of the initiative, around €500,000
+has been donated to integrative kindergartens as well as care
+centers and full-day kindergartens.
+By promoting literacy, Porsche AG aims to strike a blow for equal
+opportunities. In cooperation with the Stiftung Lesen founda-
+tion, Porsche AG has already opened 29 book clubs at elemen-
+tary schools in Baden-Württemberg and Saxony, where children
+can participate in supervised adventures into the world of books
+to inspire them to read regularly. Porsche AG also supports the
+voluntary initiative "Leseohren e.V." in Stuttgart. Almost 600
+volunteer readers visit kindergartens, libraries, and schools in
+Stuttgart regularly. The goal is to develop children's language
+and comprehension abilities and encourage and improve their
+reading skills in turn.
+PROMOTION OF LITERACY
+With "Porsche hilft," Porsche AG is focusing on people. The ini-
+tiative makes it clear that each one of us can make an important
+contribution to society and help bring about positive change.
+The money was donated to the charitable aid organizations "Kin-
+derherzen retten e.V." and "INTERPLAST-Germany e.V.," as well
+as the Ferry Porsche Foundation. Each of the two associations
+received €350,000 and the Ferry Porsche Foundation received
+€211,000. The Racing for Charity initiative was awarded first
+place in the Sustainable Endurance Award by Automobile Club
+de l'Ouest, the organizer of the 24-hour race.
+"Kinderherzen retten e.V." helps children with cardiovascular
+diseases from less medically advanced countries live healthy
+lives thanks to a one-time operation. The doctors from "INTER-
+PLAST-Germany e.V." voluntarily perform plastic surgery and
+treat conditions including unintentional injuries and burns in
+children from crisis-hit areas and developing countries.
+BÜRGERSTIFTUNG STUTTGART-SUPP_OPTIMAL
+The motto of the "Supp_Optimal" project is "Food for every-
+one." In this project, Bürgerstiftung Stuttgart coordinates the
+preparation and distribution of food and hot meals to homeless
+people in Stuttgart. Porsche AG has been supporting the project
+financially and with volunteers since 2020. Around €250,000
+was donated to the organization in the reporting year, enabling
+approximately 50,000 meals to be handed out to people in need
+in Stuttgart.
+Donations made by the Porsche AG Group'
+Mio. €
+2023
+2022
+2021
+11.7
+For over 20 years, Porsche Latin America has supported "Un
+Techo," an organization that works to support people in need
+in areas of poverty in Latin American cities. It provides emer-
+gency housing and education programs to improve the quality
+of life for the families who live there in the long term. Porsche
+Latin America supports the nonprofit organization financially
+and through the engagement of local importers and volunteers.
+Through their collaboration, more than 730 emergency houses
+have been built in 18 countries so far.
+22.1
+The disclosure contains all donations made by Porsche AG as well as donations
+of more than €5,000 made by fully consolidated subsidiaries.
+DRINKING WATER FOREST
+"Trinkwasserwald e.V." is dedicated to environmental education,
+awareness-raising, and close-to-nature silviculture. Since 2017,
+Porsche AG has supported the planting of 55 hectares of mixed
+deciduous forest in the Stuttgart region and in Leipzig through
+donations and employee initiatives, and in doing so has helped
+safeguard high-quality groundwater and drinking water.
+Social activities in Germany
+PORSCHE HILFT
+Voluntary engagement is an integral part of the Porsche AG
+Group's corporate culture. The "Porsche hilft" initiative comple-
+ments Porsche AG's extensive financial aid with the placement
+of voluntary helpers.
+A digital platform lists organizations and associations that need
+the support of volunteers. The selection of projects and orga-
+nizations is aligned with the company's strategy, especially the
+sustainability aspects of engagement and empowerment. The
+platform enables every employee to find a suitable engagement,
+the support is delivered straight to the projects on site, and
+team cohesion among the employees is strengthened at the
+same time. Porsche AG is expanding the initiative continuously
+and broadening the array of possible assignments.
+The platform is being put to good use, with volunteers per-
+forming more than 2,500 hours of voluntary work in the year
+under review. For example, they helped redesign playgrounds
+for disadvantaged children and young people, planted trees,
+and marked World Cleanup Day by picking up waste from
+around Porsche locations worldwide as part of an international
+campaign, and made the Christmas wishes of disadvantaged
+children come true. Alongside the Porsche AG Group's anniver-
+sary fundraiser, other voluntary activities were available at the
+location in Stuttgart on the weekends in the fourth quarter of
+2023. Some 750 employees teamed up with "Trinkwasserwald
+e.V." and "Supp Optimal" to plant around 8,000 trees and dis-
+tribute around 2,000 meals to people in need. Employees also
+had the option to donate to the organizations in just a few clicks
+via the Porsche intranet.
+The annual Christmas initiative was one of many that took place
+in the reporting year, where Porsche AG employees could make
+a disadvantaged child's Christmas dream come true. In 2023,
+the initiative supported children and young people in the care of
+Caritas and Stuttgarter Jugendhausgesellschaft. This year, the
+option is also available to support the "Femmetastisch" project
+and the child protection association Kinderschutzbund Stutt-
+gart. More than 150 wishes were fulfilled and around €6,000
+were donated to specific projects in the reporting year.
+11.8
+INITIATIVES LINKED TO THE CONFLICT IN THE MIDDLE EAST
+In November of the reporting year, Porsche AG donated €1 mil-
+lion to "Nothilfe Nahost," an emergency relief effort being run
+by the "Aktion Deutschland Hilft" coalition. It delivers emer-
+gency humanitarian aid to people in the war-torn region. The
+"Aktion Deutschland Hilft" coalition brings together various aid
+organizations and services and, for example, helps distribute
+food, drinking water, and hygiene products. It also offers psy-
+chological support on a local level, assists with the evacuation
+and protection of the civilian population, and provides medical
+supplies. The aid effort is set to be stepped up as soon as the
+security situation permits it.
+EMERGENCY AID FOR EARTHQUAKE VICTIMS
+IN TURKEY AND SYRIA
+Health and safety in the workplace are a top priority for the
+Porsche AG Group. Ensuring a safe and healthy working envi-
+ronment is an integral part of sustainable corporate governance,
+especially during a transformation.
+Combined with a highly integrated occupational health and
+safety management system, the health and safety policy "Driven
+by Safety and Health" is designed to ensure standardized proce-
+dures and compliance with legal requirements. The Porsche AG
+Group aims to avoid accidents at work, physical and mental
+overloads, and work-related illnesses wherever possible.
+The Porsche AG Group has drafted a conceptual objective for
+occupational health and safety that is enshrined in its occupa-
+tional health and safety policy and defines the long-term vision
+of Porsche AG in terms of occupational health and safety.
+Porsche AG and selected subsidiaries define annual goals in
+order to improve health and safety in the workplace continu-
+ously. The occupational safety committee prepares quarterly
+progress reports that involve selected internal stakeholders
+including managers, the Works Council, safety officers, or repre-
+sentatives of disabled employees.
+Sustainability Social
+119
+↑ ↓ ↑ 0 |||
+MAKE-A-WISH
+For example, the donation to the "YOU Foundation" made it pos-
+sible to set up mobile education centers in the earthquake-hit
+regions in Turkey and Syria. The goal remains to provide quality
+education for the children and young people who have been
+affected. The "Porsche hilft" initiative also organized voluntary
+activities in the Stuttgart area.
+OCCUPATIONAL HEALTH AND SAFETY
+116
+115
+Sustainability Social
+Except for the "Turbo for Talent" youth development initiative.
+To mark the 75th anniversary, Porsche AG donated €750,000
+to three nonprofit organizations in the reporting year. It donated
+three equal amounts to the "Supp_Optimal" project of the
+Bürgerstiftung Stuttgart organization, "Trinkwasserwald e.V.",
+and the "YOU Foundation". Additionally, the Executive Board and
+Works Council issued a joint call to employees to participate
+privately in the fundraiser.
+ANNIVERSARY FUNDRAISER
+The Porsche AG Group celebrated the 75th anniversary of the
+Porsche sports car in 2023 and used the occasion to intensify
+its social engagement. In the reporting year, the Porsche AG
+Group was actively involved in a range of projects and initiatives
+around the world.
+Anniversary initiatives for 75 Years of
+Porsche Sports Cars
+The following sections present individual initiatives as part of
+the Porsche AG Group's social commitment in more detail.
+Porsche AG has developed its evaluation methodology to gauge
+the effectiveness and progress of measures. It is applied to
+existing donations and sponsorships in connection with social
+sustainability at Porsche AG.' Evaluations are based on quanti-
+tative and qualitative data. The goal is to establish comparability
+between the various funding projects while identifying potential
+ways to optimize the internal evaluation at the same time.
+↑↓ ↑ ||
+Porsche AG and Porsche Leipzig GmbH have internal rules in
+place with standardized approval and control processes to
+ensure compliance with all applicable statutory regulations.
+These are worked with in a dedicated data management tool.
+Relevant departments-such as Environmental Protection, Fire
+Protection, Occupational Safety, and Health Management-
+examine the hazardous substance and either approve it for use
+or order the testing of alternative materials.
+The Porsche AG Group believes that occupational health and
+safety is a key factor in the attractiveness of an employer. This
+factor combines with other aspects to create attractive working
+conditions, through which the Porsche AG Group hopes to
+attract and retain qualified workers on a long-term basis.
+WORKING CONDITIONS FOR OWN WORKFORCE
+The catastrophic earthquakes in Turkey and Syria in the year
+under review pushed a lot of innocent people into hardship.
+Porsche AG provided emergency aid for the victims and there-
+fore donated €1 million to "Aktion Deutschland hilft", which is
+a coalition of German aid organizations. The Executive Board of
+Porsche AG, in coordination with the Group Works Council, also
+issued a call to employees to donate to help earthquake victims
+through "Porsche hilft." Porsche AG's donation was used to
+deliver emergency humanitarian aid on a local level, such as to
+provide first aid for those affected and support rescue efforts.
+The Porsche AG Group has been making the dreams of sports
+car enthusiasts the world over come true for 75 years. In the
+reporting year, to mark the occasion, the Porsche AG Group
+worked to make the dreams of seriously ill children and
+young people come true. The Porsche AG Group is donat-
+ing €1,800,000 to the Make-A-Wish organization to fulfill
+356 wishes within three years in a nod to the Porsche 356, the
+company's first sports car, and give a gift of hope to children
+and their families who are going through difficult times. The first
+75 wishes were fulfilled in the year under review.
+Supply chain sustainability initiatives
+The Porsche AG Group embraces its responsibility to society
+along its value chain as well. For example, the Porsche AG is
+involved in numerous social initiatives dedicated to the sustain-
+able extraction of raw materials in recognition of human rights
+and fair working conditions.
+One example of this is the Responsible Mica Initiative, on
+whose Board of Directors Porsche AG had a representative in
+the reporting year. In 2021, the RMI published the Global Mica
+Standard as a global workplace standard promoting safety and
+fair labor conditions and wages. In cooperation with Michelin,
+Porsche AG is also campaigning for the sustainable extraction
+of natural rubber. The project CASCADE (Committed Actions for
+Smallholders Capacity Development) champions greater trans-
+parency and better labor conditions for around 1,000 smallhold-
+ers on the Indonesian island of Sumatra. So far, Porsche AG and
+Michelin have invested a combined total of around €1 million
+in the project. → Sustainability, work-related rights and equal treatment and
+opportunities in the value chain
+Social engagement in sport
+In the year under review, Porsche AG also intensified its social
+engagement in sport with new and existing initiatives.
+BIRDIES FOR CHARITY
+At the Porsche European Open professional golf tournament
+in the reporting year, Porsche AG launched the "Birdies for
+Charity" initiative to raise money for aid for Ukraine. For every
+birdie scored over the four rounds of the tournament held on the
+Porsche Nord Course, Porsche AG donated €75 in its capacity
+as title sponsor. The donation was split equally between "JOB-
+LINGE Hamburg," an association that fights unemployment in
+disadvantaged young people, and "Hamburger Abendblatt hilft
+e.V.," an association that helps people in need in Hamburg.
+ACES FOR CHARITY
+The employees are one of the four most important target groups
+in the Porsche AG Group's Strategy 2030 alongside the custom-
+ers, society, and investors. First and foremost, the Porsche AG
+Group wants to remain an attractive employer. Therefore, this
+goal is embedded deeply in its HR strategy. For the Porsche AG
+Group, this primarily means always putting employees at the
+heart of its business decisions and embracing its responsibility
+as an employer.
+"75 Years of Porsche Sports Cars" was also very much the
+theme of the Aces for Charity initiative as part of the 46th
+Porsche Tennis Grand Prix in the reporting year. In deference to
+the first Porsche 356, Porsche AG donated €356 for every ace
+hit during the tournament. The money was split equally between
+the Agapedia Foundation, the Baden-Württemberg Sports
+Federation, and the Ferry Porsche Foundation. It was used to
+support projects delivering aid to Ukraine.
+In soccer, it has partnerships with VfB Stuttgart, the Stuttgarter
+Kickers, the Red Bull Soccer Academy in Salzburg, Borussia
+Mönchengladbach, and FC Erzgebirge Aue. In ice hockey,
+Porsche AG supports talented young people at the Bietigheim
+Steelers. In basketball, the Porsche Basketball Academy
+in Ludwigsburg-the elite training center for MHP RIESEN
+Ludwigsburg-is named after Porsche AG. The soccer world
+champion and Porsche ambassador Sami Khedira is a prominent
+sponsor of the program.
+PORSCHE KIDS DAYS
+Porsche AG and the local dealer organizations worked with some
+of their partner associations to launch "Porsche Kids Days" as
+part of "Turbo for Talent," where children from social institutions
+in the region had the chance to spend an exciting day with the
+partner association and accompany their sporting idols to top
+games in the stadiums or halls. The program was accompanied
+by the "Porsche Coaching Mobil", where the children put their
+skills to the test at Parcours, the reaction wall, and in tests of
+strength. "Porsche Kids Days" celebrated its opening events in
+March 2023 at Borussia Mönchengladbach, which cosponsors
+Porsche's youth development program, followed by stops at
+the Basketball Bundesliga club MHP RIESEN Ludwigsburg,
+RB Salzburg, and Erzgebirge Aue.
+GOALS FOR CHARITY
+As part of the annual Porsche Soccer Cup, Porsche AG's
+youth development initiative "Turbo for Talents" launched
+Goals for Charity to raise money for the Baden-Württemberg
+Sports Federation. At this event-the third installment of its
+kind-social projects received €750 for every successful goal
+scored by the junior players at the Porsche Soccer Cup. This
+helped support the "Gemeinsam mehr bewegen" initiative in the
+reporting year, which aims to promote the integration of chil-
+dren and young people with a refugee or migration background
+into sports clubs.
+PORSCHE TURBO AWARD ON THE HOCKENHEIMRING
+The "Porsche Turbo Award" has been an integral part of the
+"Turbo for Talent" program for many years-once a year,
+Porsche AG awards prizes to selected up-and-coming players
+from partner clubs in the following categories: best sporting
+development, best academic performance, and exceptional
+social engagement.
+The eighth awards ceremony took place in the Porsche Experi-
+ence Center (PEC) on the Hockenheimring for the second time
+in 2023. Besides the awards ceremony, the young athletes were
+given the chance to copilot a car on the PEC Hockenheimring
+track.
+TURBO FOR TALENT-YOUTH DEVELOPMENT IN SPORTS
+Through its "Turbo for Talent" youth development initiative,
+Porsche AG has now partnered with seven sports clubs
+throughout Germany. In addition to sports training at a high level
+for children and young people, the initiative promotes social
+aspects such as teaching values including team spirit, fairness,
+and respect, as well as personal development.
+Porsche AG launched a fundraiser in the reporting year as part of
+the 24 Hours of Le Mans: the newly launched Racing for Charity
+initiative received €750 for each lap completed by the three
+works Porsche 963 cars. The hybrid prototypes completed no
+less than 733 laps in 24 hours. Porsche AG then topped the
+donation up to €911,000.
+RACING FOR CHARITY
+109
+Porsche AG and selected subsidiaries have also adopted the
+"Environmental protection" resource regulation. This regulation
+is an internal guideline and set of rules for direct suppliers.
+An organized, structured environmental compliance man-
+agement system ensures that the environmental and energy
+requirements of national and international legislation are imple-
+mented. This prevents negative consequences for Porsche AG
+and, for example, minimizes reputational risk, the risk of
+prosecution or civil action to employees and the company.
+Additionally, the ECMS helps continuously improve environ-
+mental and energy performance as well as energy efficiency.
+As such, the ECMS ensures that the environmental and energy
+policy is vital and that long-term strategic company objectives
+relating to energy management and environmental protection
+are accomplished.
+As a company guideline, the "Environmental Compliance
+Management System" (ECMS) governs the responsibilities,
+processes, and necessary environmental compliance measures
+at the level of Porsche AG. Its purpose is to deliver the neces-
+sary transparency for those responsible for enforcement within
+Porsche AG. An updated version of this company guideline was
+published at the start of the reporting year.
+The implementation of the ECMS is the responsibility of the
+Member of the Executive Board responsible for Production
+and Logistics, who is assisted by the Environment and Energy
+Management department: it turns the specifications of the
+Volkswagen Group into specifications for Porsche AG. Officers
+from this department follow the relevant legal developments,
+evaluating their impact on the company and informing the
+affected areas.
+As a group guideline, the "Environmental Compliance Man-
+agement System" (ECMS) is based on the specifications of the
+Volkswagen Group and standardizes the procedure, responsi-
+bilities, and processes in connection with environmental and
+energy-related matters throughout the Porsche AG Group.
+Environmental protection is also a compliance topic at the
+Porsche AG Group. Preeminently, Europe-wide regulations and
+directives, German national laws, federal state laws and ordi-
+nances, and municipal by-laws are of relevance.
+Environmental compliance: guidelines
+and responsibilities
+Regarding risks and opportunities relating to its business activ-
+ities, Porsche AG does not differentiate between ESG and other
+risks. ESG risks are regularly incorporated into the general busi-
+ness risks. The risk inventory of the Porsche AG Group contains
+key risks linked to the climate. → Energy and climate change adaptation,
+→ Report on risks and opportunities
+FACTORY
+ZERO IMPACT
+VISION OF THE
+Water
+Mobility
+Pollutants
+Biodiversity
+11
+10
+9
+Energy and CO2
+The Environmental Compliance Management Committee
+was formed in 2022 and consists of members from different
+divisions and Group companies. The committee reports on
+high-level strategic objectives and measures, compliance with
+the law at German company locations, and on the international
+transferability of German regulations. The committee meets
+twice a year in its entirety (globally) and four times a year on a
+national level.
+The locations of Porsche AG and selected subsidiaries have
+environmental management and energy officers who calculate
+a complete set of key environmental and energy figures, check
+their plausibility, coordinate internal and external environmen-
+tal and energy management audits, and recommend correc-
+tive actions to stimulate continual improvement. The related
+operational and strategic responsibilities are assumed by the
+Environment and Energy Management department, which has
+been interconnected through partnerships with the relevant
+and affected departments since 2019. This made it possible to
+intensify existing communication and collaboration.
+Certifications
+As part of annual system and process audits, Porsche AG and
+selected subsidiaries conduct random checks to ensure that the
+applicable environmental and energy laws are being observed.
+This compliance is confirmed by certifications that are audited
+by independent third parties regularly.
+Besides physical environmental risks, the Porsche AG Group
+has identified climate-related transition risks resulting from a
+transition to a green economy. It categorizes them into tech-
+nological, political, and market and demand-related transition
+risks. It has analyzed these risks and incorporated them into its
+risk management.
+Heat stress and heavy rain have been identified as relevant
+physical environmental sub-risks to the Stuttgart-Zuffenhausen
+location. Heat is stressful not only for all living organisms, even
+human beings, but also for machines. Rising temperatures due
+to climate change lower productivity and necessitate preven-
+tative action. Likewise, the Porsche AG Group identified heat
+stress as a relevant physical environmental risk to its Leipzig
+location.
+On the one hand, physical environmental risks result from indi-
+vidual extreme weather events and their consequences (such as
+heat waves and droughts, floods, storms, hailstones, wildfires,
+and landslides). On the other hand, they result from long-term
+changes to climate and ecological conditions (such as the fre-
+quency and volume of precipitation, weather volatility, rising sea
+levels, changing air and ocean currents, ocean acidification, and
+rising average temperatures with regional extremes). Physical
+environmental risks can also have indirect consequences (such
+as collapsing supply chains, discontinued water-intensive busi-
+ness activities, climate migration, and armed conflicts).
+In this process, the Porsche AG Group determined what specific
+vehicle production locations could be affected by physical
+environmental risks. These physical environmental risks were
+assessed based on the service lives of the potentially affected
+assets.
+The Porsche AG Group updates its risk inventory regularly. In
+the reporting year, it further expanded its risk management
+to focus on aspects such as physical environmental risks (the
+direct impacts of climate change, such as extreme weather) and
+transition risks (changes resulting from a transition to a green
+economy, such as laws and regulations concerning the fleet's
+CO₂ emissions).
+The Executive Board and Audit Committee receive quarterly
+reports on the current risk situation of the Porsche AG Group.
+These reports describe the top individual risks and overall risk
+assessment for the Porsche AG Group, from which the current
+degree of jeopardy for the company's continued existence is
+derived. Additionally, external auditors examine and certify the
+effectiveness and adequacy of the risk early-warning system on
+an annual basis.
+The Executive Board of the Porsche AG Group has established
+a risk management system to identify developments jeopardiz-
+ing the company's continued existence at an early stage. The
+system identifies and assesses risks and monitors how they are
+controlled. The departments of Porsche AG and selected sub-
+sidiaries are directly linked with the system. As such, they have
+the opportunity and obligation to identify potentially negative
+deviations from a target figure (= risks) through clearly defined
+processes (risk identification, risk assessment, risk manage-
+ment, and risk monitoring). In contrast, opportunity manage-
+ment, which is an integral aspect of structural and process
+organization on an operational level in combination with the
+general planning and control processes within the Porsche AG
+Group, focuses on identifying and consistently seizing emerging
+opportunities. Report on risks and opportunities
+Additionally, the Porsche AG Group assesses key risks and
+opportunities linked to the climate within the scope of its
+sustainability and environmental management. The Decarbon-
+ization Index (DCI) and the market share of battery-powered
+vehicles relative to all new vehicles (known as the "BEV share")
+are key indicators of strategic significance in this context.
+→ Climate change mitigation
+Environmental risks and related scenario analyses are examined
+based on the Representative Concentration Pathway (RCP 8.5
+scenario) up to the year 2050. This scenario is based on the
+maximum possible CO2 concentration according to the Inter-
+governmental Panel on Climate Change (IPCC). The Porsche AG
+Group also examines the relevance of potential local threats and
+prepares measures to counter them if necessary. In this context,
+it operates on the assumption of a maximum global temperature
+increase of 4.8°C.
+5
+Risks and opportunities
+Advancing climate change is a challenge for the global auto-
+motive industry. Newly developed vehicles and drive systems,
+as well as measures designed to improve energy efficiency and
+climate protection during vehicle use, are intended to contrib-
+ute to the reduction of global greenhouse gas emissions. The
+Porsche AG Group is also working to actively reduce the impact
+of its activities on the environment and climate. At the same
+time, the Porsche AG Group supports international efforts to
+solve global environmental problems and is committed to the
+Paris Agreement.
+ENERGY AND CLIMATE CHANGE ADAPTATION
+The recertifications required under ISO 14001 and ISO 50001
+were carried out successfully in 2023. The Stuttgart-Zuffen-
+hausen location was also revalidated under EMAS. Aside from
+the official certifications, Porsche AG and selected subsidiaries
+conduct annual reviews of compliance with standards as part of
+their internal environmental and energy management audits, as
+well as Porsche AG's environmental audit of the EMAS-certified
+Stuttgart-Zuffenhausen location.
+Porsche Leipzig GmbH, the Research and Development Center
+in Weissach including its external locations, the central parts
+warehouse in Sachsenheim, and Porsche Werkzeugbau GmbH
+have also all been certified as compliant with ISO 14001 and
+ISO 50001.
+104
+103
+Sustainability Environment
+Furthermore, the newly built Plant 4 at Stuttgart-Zuffenhausen
+has become one of the first industrial districts in Germany to
+receive a gold certificate from the German Sustainable Building
+Council (DGNB). These awards are based on evaluations involv-
+ing 40 different sustainability criteria. The location in Leipzig
+also holds a platinum district certification from the DGNB.
+Porsche AG and selected subsidiaries are aiming for newly
+constructed buildings to meet the DGNB's criteria for a gold
+certificate as a minimum requirement.
+Once again, the Stuttgart-Zuffenhausen location plays a
+pioneering role here: the location of Porsche AG has met the
+requirements of the European Eco-Management and Audit
+Scheme (EMAS) for over 25 years, the environmental manage-
+ment standard ISO 14001 since 1999, and the energy manage-
+ment standard ISO 50001 since 2011.
+To this end, the goal of the Porsche AG Group is to continuously
+reduce its emissions while also making increasingly efficient use
+of energy. Moreover, the Porsche AG Group endeavors to make
+itself as resilient as possible and prepare for the potential con-
+sequences of climate change. → Environmental management, → Climate
+change mitigation
+Interdisciplinary teams from Risk Management and the depart-
+ments at the Porsche AG Group assess the financial aspects of
+key physical and transition risks. To do so, they apply the meth-
+odology of the overriding risk management system. Risk control
+measures are also derived.
+6
+8
+Soil
++48%
+waste for removal per vehicle manu-
+factured by Porsche AG and Porsche
+Leipzig GmbH.
+-75%
+impact of Porsche's in-house vehicle
+production from 2014 to 2025.
+reduction in the environmental
+-45%
+By 2030, the environmental impacts of Porsche's vehicle
+production are also to be reduced by 95% compared to 2018.
+There are various frameworks for such objectives concerning
+the development and production of vehicles, which is why the
+development location in Weissach is an exception: compared
+to 2018, the environmental impacts there are to be reduced by
+50% by 2030 and by 95% by 2040.
+The strategy of Porsche AG defines overarching short,
+medium, and long-term goals as well as environmental and
+energy management measures based on its current envi-
+ronmental policy. For one, the goal is to reduce the environ-
+mental impact per vehicle2 produced by Porsche by 45%
+between 2014 and 2025. This target was achieved in 2022
+with a reduction of 58%.
+comprehensive decarbonization program designed to greatly
+reduce the average CO2 emissions of its products and business
+processes. The Porsche AG Group sees the decarbonization
+of its vehicles' value chain not only as a strategic mission, but
+also as a financial opportunity. The Decarbonization Index (DCI)
+has been an effective reporting and control instrument for the
+measures of the decarbonization program since 2019. → Climate
+change mitigation, → Energy and climate change adaptation
+The Porsche AG Group aims to achieve balance-sheet CO₂
+neutrality across its newly produced vehicles' entire value chain
+in 2030'. To this end, the Porsche AG Group has launched a
+Targets, programs, and key indicators
+Porsche AG and selected subsidiaries evaluate these impacts,
+make them incrementally measurable, and derive transparent
+and objective targets from them. The Executive Board evaluates
+these goals and measures regularly, at least once a year and
+determines whether there is an additional need for action and
+what form that action might take.
+Porsche AG actively pursues an internally adopted environmen-
+tal and energy policy. Within this framework, Porsche AG and
+selected subsidiaries consider as many of the ascertainable
+environmental impacts of their business operations and all the
+aspects of their vehicle production. The purpose is also to align
+their entrepreneurial considerations and actions with this policy.
+ENVIRONMENTAL MANAGEMENT
+ENVIRONMENT
+ENVIRONMENT
+GOVERNANCE
+SOCIAL
+100
+increase in recuperation perfor-
+mance in the new generation of the
+Porsche Taycan through efficiency
+improvements.
+This target encompasses Scope 1, Scope 2, and Scope 3 emissions as defined
+by the Greenhouse Gas Protocol. Balance-sheet CO2 neutrality along the newly
+produced vehicles' value chain describes the Porsche AG Group's ambition
+to avoid and reduce CO2 emissions, especially in production (Scope 1 and
+Scope 2 emissions), in the supply chain, and over the service lives of newly
+produced vehicles (upstream and downstream Scope 3 emissions), as well as
+other Scope 3 emission categories such as employee commuting. Porsche AG's
+decarbonization strategy involves offsetting with carbon credits (i.e., the
+"avoided emissions" and "removals" categories) as a means of compensating for
+its remaining emissions to become balance-sheet CO2 neutral. The emissions
+of newly produced vehicles shipped in the years before the company achieved
+balance-sheet CO₂ neutrality are not factored into the carbon footprint
+calculation. The Porsche AG Group's ambition depends on diverse factors, such
+as technological advancements, which are not yet fully developed, as well as
+regulatory or economic developments that might be beyond the control of the
+Porsche AG Group and thus potentially impossible to realize.
+2 The environmental impacts of Porsche vehicle production have been measured
+using key performance indicators (KPIs) since 2014. The Volkswagen Group
+has defined five KPIs to measure the overall resource efficiency of a vehicle
+production location: energy and water consumption, CO₂ emissions, solvents,
+and waste per vehicle. The weighted average of these KPIs is known as the
+"reduction of environmental impact of production" (UEP).
+Planning
+Architecture and
+perception
+Environmental
+compliance
+4
+3
+2
+> 1
+Digitalization
+Porsche AG and Porsche Leipzig GmbH regularly disclose key
+environmental and energy figures annually and report on the
+progress of their sustainability activities, in the nonfinan-
+cial report and sustainability report. They also communicate
+environmental management issues internally and externally.
+Furthermore, Porsche AG reports on the risks and opportunities
+arising from climate change in the → TCFD Index, in line with the
+recommendations of the Task Force on Climate-Related Finan-
+cial Disclosures (TCFD).
+7
+Materials
+The production locations in Stuttgart-Zuffenhausen and
+Leipzig are leading the charge towards a "Zero Impact Factory":
+Porsche AG monitors the environmental impacts of its opera-
+tions precisely at these locations, including the relevant pollu-
+tion in the air and water, energy consumption, waste volumes,
+and mobility.
+Fields of action for the vision of a Zero Impact Factory
+With the vision of a Zero Impact Factory, the Porsche production
+locations in Stuttgart-Zuffenhausen and Leipzig and the devel-
+opment location in Weissach aim to measure the environmental
+impacts of a location both completely and absolutely. Two sepa-
+rate methods have been developed for this purpose: the location
+checklist analyzes the qualitative aspects of a location in eleven
+fields of action-environmental compliance, architecture and
+perception, planning, digitalization, water, energy and CO2,
+material, soil, biodiversity, pollutants, mobility-whereas the
+impact points method analyzes how a location uses resources.
+Therefore, Porsche AG and selected subsidiaries have also
+launched a resource efficiency program for all locations and
+areas of vehicle production. Vehicle production is one of the
+largest consumers of resources in the Porsche AG Group. Tech-
+nology, processes, and logistics can all have a positive effect
+on resource consumption. Aside from energy consumption,
+examples of this include using water efficiently based on circula-
+tion systems and multiple reuse as well as the careful handling
+of potentially contaminated wastewater from Porsche's own
+production. To further promote the use of sustainable materials,
+Porsche AG has defined criteria that materials have to meet.
+The corporate strategy is paving the way to the realization of
+a Zero Impact Factory-a vision of vehicle production with the
+smallest negative environmental impacts possible.
+↑↓ ↑ 0 |||
+102
+↑↓ ↑ ||
+101
+Sustainability Environment
+The impact points method was developed by the Volkswagen
+Group based on the scientifically recognized ecological scarcity
+method and makes it possible to calculate environmental
+impacts based on resource usage and emissions at defined
+locations of Porsche AG and selected subsidiaries. The results
+are known as "impact points" that help identify ecological hot
+spots. → Climate change mitigation, → Energy and climate change adaption
+↑ ↓ ↑ 0 |||
+Short-, medium-, and long-term risks and opportunities
+relating to the environment are strategically important to the
+Porsche AG Group. This was also reflected in the recent materi-
+ality assessment in 2023, with climate protection and adapting
+to climate change once again proving relevant to the Porsche AG
+Group. → Stakeholder dialog and materiality
+To accomplish its goal of a balance-sheet CO2-neutral newly
+produced vehicle value chain in 2030, the Porsche AG Group
+has launched a far-reaching decarbonization program designed
+to significantly reduce the average CO2 emissions of its vehicles
+and business processes. The Porsche AG Group sees the decar-
+bonization of its value chain not only as a strategic mission, but
+also as an opportunity for its business model.
+In addition to reducing greenhouse gas emissions, the
+Porsche AG Group endeavors to reduce other air emissions.
+→ Energy and climate change adaptation
+Air emissions
+Porsche AG and Porsche Leipzig GmbH use the impact points
+method to document the environmental impacts of their
+business activities. This methodology was developed by the
+Volkswagen Group and measures quantitative environmental
+indicators such as CO2 emissions, solvent emissions, fresh-wa-
+ter consumption, wastewater loads, and various types of waste.
+These are measured on-site and converted into impact points.
+→ Environmental management
+Porsche AG and selected subsidiaries monitor the impact of pro-
+duction on the environment, including as much relevant air and
+water pollution, energy consumption, and waste. At its location
+in Stuttgart-Zuffenhausen, for example, Porsche AG has met
+the requirements of the European Eco-Management and Audit
+Scheme (EMAS) since 1996, the environmental management
+standard ISO 14001 since 1999, and the energy management
+standard ISO 50001 since 2011. → Environmental management
+The Porsche AG Group presents all environmental compliance
+requirements in its environmental compliance management
+system (ECMS), which is part of the overall management sys-
+tem. The ECMS requirements are based on the specifications of
+the Volkswagen Group.
+Compliance with all applicable requirements of environmental
+and energy legislation is of relevance to the Porsche AG Group
+and all employees. Global, European, state, and federal regula-
+tions must be observed, as must municipal by-laws and other
+binding obligations.
+wastewater. To further promote the use of sustainable materials,
+Porsche AG has defined criteria that materials have to meet.
+The Porsche AG Group aims for its vehicle production to have
+a minimal negative impact on the environment. For example,
+technology, processes, and logistics can all have a positive
+effect on resource consumption. Examples of this include using
+water efficiently based on circulation systems and multiple
+reuses, and the careful handling of contaminated production
+→ Environmental management, → Energy and climate change adaptation
+At their locations, Porsche AG and Porsche Leipzig GmbH
+measure and monitor indirect greenhouse gas emissions which,
+although they do not contribute to the greenhouse effect, can
+influence chemical reactions in other greenhouse gases.
+To qualify as ecologically sustainable, a business activity
+should not lead to a significant rise in air, water, or soil pollution
+compared to the baseline scenario before the activity began.
+These considerations did not identify any significant impacts on
+these consolidated financial statements.
+Furthermore, the Porsche AG Group regularly assesses whether
+these developments require impairment tests or whether the
+useful lives of other noncurrent nonfinancial assets need to be
+adjusted. The Porsche AG Group also ensures that all interna-
+tional regulations concerning emissions and the multiplying
+obligations that result from them are being considered properly.
+The effects of the transition to electric mobility have been taken
+into consideration in the calculation of the multiyear operat-
+ing plan. In particular, they are factored into the calculation of
+future cash flows. They are even factored into the development
+costs and production facilities when the recoverable amount
+is calculated as part of the impairment testing of goodwill and
+intangible assets with an indefinite useful life (especially when it
+comes to planning future vehicle models and investments).
+In the reporting year, the Executive Board took the potential
+impacts of climate change and future regulatory requirements
+into consideration in the consolidated financial statements,
+especially in connection with the transition to electric mobility.
+Where possible, the Porsche AG Group factored conceivable
+impacts-especially on long-term assets, provisions for emis-
+sion fees, and future cash flows-into its key estimations and
+evaluations.
+Inclusion in the annual financial statements
+The Porsche AG Group also expects its direct suppliers to
+utilize electricity from renewable sources to produce Porsche
+vehicle components. This concerns all new contracts relating to
+production materials for all-electric series production car proj-
+ects since July 2021 specifically. Almost all direct suppliers of
+production materials have committed to meet this requirement.
+→ Sustainability, work-related rights and equal treatment and opportunities in the
+value chain
+108
+↑ ↓ ↑ 0 |||
+107
+POLLUTION AND SUBSTANCES OF CONCERN
+Sustainability Environment
+As part of vehicle production at Porsche AG and Porsche Leipzig
+GmbH, the paint shops and saddlery can produce emissions
+of volatile organic compounds (VOC) from paint and adhesive
+solvents. The vehicle production locations in Stuttgart-Zuffen-
+hausen and Leipzig have put technical measures in place to
+minimize these VOC emissions: an electrostatic separator in the
+paint shops binds excess paint mist. At Paint Shop I in Stutt-
+gart-Zuffenhausen, a wet chemical air purification system also
+filters released solvents so they can be recycled. Around 70%
+of the purified air returns to the recirculated air. The remaining
+In the reporting year, process optimizations and the use of
+robotics in the saddlery in Stuttgart-Zuffenhausen contributed
+to a reduction in adhesive use and solvent emissions. Exhaust air
+containing solvents is treated by two downstream air purifica-
+tion systems to ensure that the limit of 20 milligrams of cubic
+meters of total carbon is observed.
+Sustainability Environment
+The production of vehicles requires several different chemical
+substances all along the supply chains. In light of the electrifica-
+tion of the product portfolio, the need for chemical raw materi-
+als (such as for high-voltage batteries) is expected to increase
+further in the future. Some of these chemical substances can
+have dangerous properties and constitute a potential health or
+environmental risk. The Porsche AG Group complies with the
+statutory regulations concerning safe use in production and in
+the vehicles when it uses such chemicals and, where possible,
+takes care to avoid harmful and hazardous substances in the
+vehicle development stage.
+Substances of concern
+In the past, historical prior use surveys have been carried out at
+the locations of Porsche AG; building on these, contaminated
+site assessments have been performed and documented. If
+the need arises, this makes it possible to coordinate efforts
+to secure or restore soil functions with the authorities. The
+Porsche-owned register of contaminated sites serves as a
+comprehensive tool for internal planning departments in terms
+of plant development strategy.
+In Germany, the Federal Soil Protection Act (BBodSchG) governs
+the treatment of soil and groundwater to secure or restore their
+functions on a long-term basis. The measures, requirements,
+and assessment values are set out in the Federal Soil Protection
+and Contaminated Sites Ordinance (BBodSchV). When con-
+struction projects are carried out on Porsche-owned land, the
+soil is reused appropriately within the same region.
+Soil protection
+Porsche AG uses the Porsche training platform to organize
+the necessary qualification of the people who bear operational
+responsibility as well as deployed personnel. For this reason,
+it offers qualification measures such as the WHG information
+course and WHG basic course, the technical WHG course, and
+the legally required two years of advanced training. → Water and
+marine resources
+the concentration is around 33 g/m²
+below this limit thanks to the regenerative
+thermal oxidizer used as part of the
+exhaust gas aftertreatment system.
+At Paint Shop II in Stuttgart-Zuffenhausen,
+30% contains a significantly lower concentration of solvents
+than the legal limit of 35 grams per square meter of vehicle
+surface. The concentration is approximately 24 g/m² below this
+limit. At Paint Shop II in Stuttgart-Zuffenhausen, the concentra-
+tion is around 33 g/m² below this limit thanks to the regenera-
+tive thermal oxidizer used as part of the exhaust gas aftertreat-
+ment system. The paint shop in Leipzig falls short of the limit by
+approximately 27 g/m².
+~33 g/m²
+↓
+The vehicle production locations in Stuttgart-Zuffenhausen and
+Leipzig and the Research and Development Center in Weissach
+are recognized specialist firms under the German Water Man-
+agement Act (WHG), which authorizes them to install, repair,
+clean, and shut down certain facilities for handling potentially
+water-polluting substances. They are recertified by a specialist
+organization regularly.
+The production locations in Stuttgart-Zuffenhausen and Leipzig
+and the development location in Weissach each have a fire
+department that can quickly arrive on the scene and act in the
+event of a disruption to operations.
+In the reporting year, operational disruptions at Porsche AG
+with a potential impact on soil or water were essentially limited
+to instances of minor damage when transporting, loading, or
+unloading containers, as well as hydraulic leaks from transport
+vehicles, which were dealt with internally.
+All plant and equipment for handling potentially water-polluting
+substances belonging to Porsche AG that are subject to inspec-
+tion are recorded, assessed, and documented in a database.
+on greater soil and groundwater protection when potentially
+water-polluting substances are used to handle water and marine
+resources responsibly.
+Alongside the efficient use of water, the Porsche AG Group
+primarily focuses on minimizing pollution in effluents and
+Protection of water-handling of
+water-polluting substances
+In the reporting period, there were no emissions of refrigerants
+included in Annexes A, B, C, or E to the Montreal Protocol on
+Substances that Deplete the Ozone Layer at Porsche AG and
+Porsche Leipzig GmbH.
+2
+Decarbonization program
+Porsche AG and selected subsidiaries have defined their
+minimum criteria for new buildings, to go beyond the minimum
+energy efficiency requirements required by law. From 2024
+onwards, Porsche AG and selected subsidiaries will also provide
+a separate sustainability budget equal to 6% of the project
+budget for selected pilot projects.
+Since 2017, the electricity used by the production
+location in Stuttgart-Zuffenhausen has been
+generated exclusively from renewable sources.
+air conditioning
+Heat pump for interior
+Efficiency-optimized drive
+power distribution
+Energy recuperation: regenerative
+braking-up to 400 kW
+Selected efficiency improvements in the new generation of the Porsche Taycan
+106
+↑↓ ↑ 0 |||
+105
+Sustainability Environment
+In 2030, over 80% of the vehicles it ships are to be
+fully electric-depending on customer demand and
+the development of electric mobility in the individ-
+ual regions of the world.
+>80%
+For the Porsche AG Group, a systematic transition of vehicle
+models to electric mobility is a focal point in the reduction of
+greenhouse gas emissions: an electric vehicle can cause fewer
+CO₂ emissions than a comparable vehicle with an internal com-
+bustion engine. Renewable energy sources, such as wind and
+solar, can be used during its service life. The Porsche AG Group
+sees this as one of the most effective ways to reduce its existing
+carbon footprint. It is intensively expediting the electrification
+and hybridization of its vehicle portfolio to this end.
+Electrification as a key strategy
+The business activities of the Porsche AG Group can cause
+greenhouse gas emissions. This is the case in the supply
+chain, for example, during raw material extraction, component
+production, body construction, paintwork, and assembly. The
+greenhouse gas emissions from the delivery of electricity play
+the most significant role in the service lives of all-electric vehi-
+cles, compared to the CO2 content of the exhaust gas of internal
+combustion engines and the CO2 emissions of upstream fuel
+chains. The Porsche AG Group uses region-specific average con-
+sumption values to calculate these. During recycling, CO2 emis-
+sions can be caused by disassembly processes, for example.
+Measures to accomplish environmental
+and climate objectives
+The Decarbonization Index (DCI) has been an effective reporting
+and control instrument for the measures of the decarbonization
+program since 2019. → Climate change mitigation
+economic cost, the Porsche AG Group offsets them, if possible,
+via carbon offset projects that are expected to meet strict,
+internationally recognized standards.
+The decarbonization program prioritizes decarbonization mea-
+sures that help avoid or reduce greenhouse gas emissions. The
+Porsche AG Group is also taking action to transition its energy
+supply to less CO₂-intensive or renewable energy sources. Only
+then does the Porsche AG Group consider offsetting: if emis-
+sions cannot be avoided for technical reasons or at reasonable
+Decarbonization cannot succeed without consistent manage-
+ment. As such, the Porsche AG Group has established a CO₂
+target control system as part of its vehicle projects. Using
+this system, the Porsche AG Group can calculate emissions
+continuously, define reduction measures, and make decisions
+based on Decarbonization Index indicators that reflect the
+economic efficiency of a decarbonization measure (€/tCO₂e).
+The budget allocates financial resources to accomplish the
+decarbonization goals.
+Aerodynamically optimized wheels
+Likewise, two photovoltaic systems with nominal power of 670
+or 260 kWp were installed on the roofs of parking garages at the
+Research and Development Center in Weissach in the reporting
+year. And the electricity used by the Porsche location in Leipzig
+originates entirely from renewable sources of energy, including a
+4,000 kWp photovoltaic system. It is used in combination with
+biomethane, district heating from biomass, and a CHP plant.
+and tires
+Vehicle efficiency
+The production location at Stuttgart-Zuffenhausen has been
+using electricity from renewable sources exclusively since
+2017 and biomethane since 2019. The photovoltaic system
+on the roof of the building can generate up to 250,000 kWh of
+electricity per year (net output). Additionally, other parts of the
+roof are covered with vegetation, which enables them to help
+improve the air quality.
+Use of renewables
+Another goal of the Porsche AG Group is to continuously
+increase the share of the electricity it generates on its own
+from renewable sources relative to its entire energy supply. In
+doing so, the Porsche AG Group aims to reduce its dependence
+on external suppliers to the greatest possible extent, to avoid
+dependencies and achieve supply security.
+management
+In 2022, the paint shops at Stuttgart-Zuffenhausen received an
+environmental retrofit in the form of a smart energy manage-
+ment system, systematic heat recovery, insulation for interme-
+diate dryers, and wastewater treatment. The process measuring
+and control technology in the ventilation systems in the sports
+car assembly building have also been modernized. → Environmental
+As part of this structural expansion, Porsche AG has further
+optimized the location in Stuttgart-Zuffenhausen, which is now
+fully balance-sheet CO2 neutral. For example, the production
+and office buildings are not far from highly efficient CHP plants
+that supply energy to the company's local heating network. This
+enables them to help heat the buildings and supply selected
+facilities with process heat. These are primarily ones with highly
+constant heat requirements, such as the paint shops with their
+immersion baths and drying areas. With biomethane from
+organic waste and residues, the CHP plants even generate some
+of the electrical energy used by the location in an environmen-
+tally friendly fashion.
+At Stuttgart-Zuffenhausen, the Porsche AG Group has been
+building the all-electric Taycan in a newly built plant in a bal-
+ance-sheet CO2-neutral process since 2019. On average, the
+buildings need less energy than the previous building stan-
+dard, which makes them surpass the current minimum legal
+requirements.
+Energy-efficient production
+Aside from electric vehicles, the Porsche AG Group is devel-
+oping new internal combustion engine technology. In addition
+to reducing its fuel consumption, the Porsche AG Group is
+focusing on renewable energy sources such as synthetic liquid
+fuels-known as eFuels-to continuously reduce its CO2 emis-
+sions. These can be produced from hydrogen obtained using
+renewable energy and biogenic carbon dioxide extracted from
+the ambient air. → Climate change mitigation
+Porsche AG is therefore promoting the electrification of mobility
+at its locations and even aims to further electrify its own fleet of
+company and lease cars.
+The Porsche AG Group is striving to become a technological
+leader on the road to electrification. To accomplish this, it is
+pursuing a drive strategy with three pillars: petrol engines,
+hybrid drives, and all-electric drives. In doing so, the Porsche AG
+Group can consider the varied needs and requirements of its
+customers as well as those of the environment and legislators.
+In the next five years, the Porsche AG Group is planning to invest
+more than €20 billion in electrification and digitalization, which
+will be centered on vehicle projects. In 2030, over 80% of the
+vehicles it ships are to be fully electric-depending on customer
+demand and the development of electric mobility in the individ-
+ual regions of the world.
+core requirements that must be met for electric mobility to be
+accepted. Therefore, the Porsche AG Group is making contin-
+uous improvements to the existing charging technologies and
+charging infrastructure. Charging should be as fast as possible;
+new supplementary products and services should also deliver
+a personalized, attractive customer experience. → Climate change
+mitigation
+The aerodynamic design in the new generation of the Porsche
+Taycan features further efficiency improvements. All Taycan
+derivatives are fitted with speed-dependent ride height control
+and more heavily integrated headlights to reduce drag. Depend-
+ing on the equipment, an adaptive rear spoiler and aerodynam-
+ically optimized rims and tires are also available as optional
+extras. The distribution of drive power to the front and rear axles
+has been optimized in such a way that the vehicle can move
+more efficiently. In the new generation, the heat used to control
+the temperature inside the car is generated by a heat pump as
+standard.
+Like its direct predecessor, the new generation of the Porsche
+Taycan will be fitted with an 800 V high-voltage electrical sys-
+tem. This allows for exceptionally fast charging at a lower overall
+weight. Improved drives run and are controlled even more
+efficiently. Energy recuperation, which occurs when the vehicle
+brakes, is shown to have improved in performance, which in turn
+will facilitate even more efficient sporty driving. Energy recuper-
+ation in the new generation of the Porsche Taycan has improved
+by around 48% from 270 kW to up to 400 kW.
+The Porsche AG Group entered the era of electric mobility back
+in 2019 with the all-electric Taycan. The new generation of the
+Porsche Taycan, which is scheduled for 2024, is set to be even
+more energy-efficient than its predecessor. Through efficiency
+measures and a larger battery capacity, the range of certain
+Taycan derivatives can likely be increased by up to 30%'.
+Vehicle efficiency with the Porsche Taycan
+as an example
+Higher-efficiency drives with
+optimized control
+Adaptive rear spoiler
+Ride height control with
+air suspension
+The expected range optimization was obtained using a Worldwide Harmonized
+Light Vehicles Test Procedure (WLTP). The WLTP is a globally harmonized test
+procedure for determining power/fuel consumption and exhaust emissions.
+In the reporting year, Porsche AG rolled out the new "Systems
+Engineering" development methodology, which is geared even
+more heavily towards continuous efficiency improvements in its
+vehicles. To this end, Porsche AG has established an in-house
+organizational unit within the development division to centralize
+all variables relating to vehicle efficiency in the concept phase
+and take responsibility for them until the end of series develop-
+ment. The reduction of fuel and energy consumption has been
+defined as a fixed project goal in this framework.
+Needs-based, accessible, and widely available charging infra-
+structure and a customer-friendly charging process are the
+- Code of Conduct
+The Executive Board has adopted a Code of Conduct for the
+Porsche AG Group. It sets out the most important principles
+and expectations relating to lawful, honest, and sustainable
+conduct for all employees of the Porsche AG Group. These
+include, for example, how to handle conflicts of interest, the
+prevention of all forms of corruption, appropriate behavior
+within the Group and towards customers, business partners,
+and officials, as well as the assumption of responsibility for
+business, the environment, and society. The Code of Conduct
+is publicly accessible free of charge online.
+CORPORATE GOVERNANCE DECLARATION
+120
+In 2021, Porsche AG began using the sustainability rating
+(S-rating) as another supply chain control instrument. Based
+on defined criteria, Porsche AG reviews the environmental and
+social behavior of direct suppliers of production materials along-
+side their compliance with the Code of Conduct.
+Specifically, by 2030, Porsche AG aims to comply with the
+strictest internal quality standards relating to sustainability with
+90% of the production material it purchases from direct suppli-
+ers. This means that direct suppliers of production materials are
+expected to achieve a positive S-rating in the highest category
+by this point in time. The basis is a self-disclosure from the
+direct suppliers, which is followed by special-purpose on-site
+inspections if necessary.
+Degree of fulfillment of the highest quality standards based on
+purchasing volume of Porsche AG
+%
+0
+88.3
+2023
+90
+100
+2030 target
+Porsche AG employees who work with these suppliers are
+advised to undergo training in this context. A digital learning
+module for employees in other divisions of Porsche AG is also
+available. → Sustainability, work-related rights and equal treatment and oppor-
+tunities in the value chain
+Transparent payment processes
+In the interests of maximizing transparency in the supply chain
+and avoiding attempts at corruption, Porsche AG has largely
+transitioned its payment practices to electronic processes.
+Direct contractual partners are expected to send electronic
+invoices exclusively. Direct suppliers of production materials
+must upload their invoices on the business platform of the
+Volkswagen Group www.vwgroupsupply.com. Paper invoices are
+only accepted in justified exceptional cases or in coordination
+with the Accounts Payable department at Porsche AG. They
+must always be sent to a fixed address. In turn, Porsche AG
+provides electronic accounting records as a rule.
+All invoices must be prepared in accordance with national VAT
+law. They must also contain a specific set of details (supplier,
+order, delivery order, material number, unloading point, and
+the name of the point of contact at Porsche AG); all necessary
+documents must be attached.
+Training measures in the supply chain
+Employees of Porsche AG and employees of selected direct
+suppliers receive training as part of the revision of sustainability
+standards, especially in line with the UN Global Compact. These
+training courses, for example, are part of supplier development
+measures that also encompass other project management
+subject areas, such as capacity adjustment, cost optimization,
+and reporting. In doing so, Porsche AG is bolstering its supply
+security for series production.
+POLITICAL ENGAGEMENT AND LOBBYING
+ACTIVITIES
+The Porsche AG Group works across party lines to support
+strong, sustainable global trade. It requires international com-
+petition, international business activities, freedom of movement
+for workers, and a global exchange of knowledge in order to be
+competitive. The Porsche AG Group welcomes international
+frameworks for improved sustainability and supports the Paris
+Agreement, including the 1.5°C goal. To the Porsche AG Group,
+these are the foundations of free, sustainable, fair, and rules-
+based international trading relationships.
+As a matter of course, the Porsche AG Group remains impartial
+in its dealings with political parties and interest groups. The
+Porsche AG Group does not donate to political parties. Addi-
+tionally, it spent nothing on supporting party events, advertise-
+ments in party-affiliated publications, or external lobbyists in
+2023.
+Dialog with politics
+The Porsche AG Group operates in a complex and heavily
+regulated field. Whenever it makes a business decision, the
+Porsche AG Group evaluates the consequences of its actions
+for the company and environment and factors them into its
+internal processes. Furthermore, the Porsche AG Group plays an
+active role in helping to structure the framework for its business
+operations. To this end, the Porsche AG Group maintains a
+transparent, goal-driven sociopolitical dialog with governments,
+parliaments, authorities, associations, institutions, nongov-
+ernmental organizations, and civil society. This enables the
+Porsche AG Group to incorporate its positions into social and
+political discourses as well as decision-making processes.
+The Politics and Society department is responsible for all polit-
+ical lobbying on behalf of the Porsche AG Group. It is a central-
+ized coordination hub for concerted approaches and actions,
+not to mention harmonized communication. Its duties also
+include organizing and supervising programs of political visits
+and events. Moreover, the department reports to the Executive
+Board on current political matters and developments regularly.
+Through its Governmental Affairs Steering Committee, the Pol-
+itics and Society department coordinates the political activities
+of the Porsche AG Group whilst maintaining both a harmonized
+approach and consistent communication with stakeholders.
+The Group-wide "Principles of Communication and Governmen-
+tal Affairs" guideline requires every political activity to adhere
+to the principles of integrity, transparency, and traceability. The
+guideline also offers guidance on contact with political stake-
+holders and governs the process of political lobbying.
+Sustainability rating for direct suppliers
+Sustainability Governance
+Before a contract is awarded to a direct supplier, the Procure-
+ment department at Porsche AG reviews its financial status.
+The "Supplier Status" report is used for this purpose: it indicates
+whether direct suppliers of production materials and direct
+suppliers of nonproduction materials are considered eligible or
+ineligible to be awarded a contract from a financial standpoint.
+Employees in the Procurement department are required to
+perform continuous reviews of the financial situations of direct
+suppliers and look out for potential indications of negative
+changes. If a critical development occurs, further information
+about the financial situation of the direct suppliers must be
+obtained in coordination with the relevant department.
+High-voltage battery cells for electric drives are a CO₂-intensive
+component to manufacture. A new tendering process has there-
+fore been in place for all-electric vehicles since 2023: all direct
+suppliers in these vehicle projects must now meet concrete
+specifications concerning the use of electricity from renewable
+sources, CO2-optimized primary materials, and recycled materi-
+als. They have already been obligated to use green electricity in
+manufacturing since 2021.
+The Porsche AG Group has enacted multiple guidelines under-
+lining its determination to enforce high standards in the supply
+chain:
+- The objective of the group guidelines on supplier risk
+management is to standardize procedures intended to
+rapidly identify and control risks relating to suppliers who
+are financially unstable, in acute financial crisis, or insolvent.
+Standardized procedures are meant to minimize supply risks
+and the resulting costs if a direct supplier's delivery capacity
+deteriorates for financial reasons.
+- The company guidelines on the procurement of production
+material at Porsche AG set out a framework for the produc-
+tion material procurement process. This framework com-
+prises two core processes: forward sourcing (the procure-
+ment of new vehicle parts) and global sourcing (the selection
+and validation of direct suppliers for vehicle components that
+are already in mass production). The guidelines define the
+operational process stages and describe strategic procure-
+ment processes, procurement planning, and tool documen-
+tation as well as how price risks are to be handled.
+The objective of the guidelines is more effective procurement
+on a standardized level of quality. Through this, Porsche AG
+aims to minimize potential risks relating to costs, quality,
+supply security, compliance with legal specifications and
+official orders, scheduling, liability, and the financial stability
+of direct suppliers to the greatest extent possible. The gov-
+erning bodies in charge are the Porsche Sourcing Committee
+(PSC) for the procurement of production materials and the
+Corporate Sourcing Committee (CSC) of the Volkswagen
+Group. Involving the vehicle brands, regions, and depart-
+ments of the Porsche AG Group and in coordination with the
+CSC, the PSC makes all decisions concerning contracts for
+purchased parts within the scope of the global sourcing (for
+newly developed vehicle components) and forward sourcing
+(for existing vehicle components) processes. → Sustainability,
+work-related rights and equal treatment and opportunities in the value chain
+Ambitious internal objectives
+The Porsche AG Group pursues defined objectives within the
+scope of legal and internal regulations. The Porsche AG Group
+codified these in the form of three pillars in its procurement
+strategy in 2023: "Supply chain resilience" contains criteria for
+awarding contracts, transparency, partnership structures, and
+digital matters. "Profitability" focuses on planning accuracy and
+deals with long-term contracts. The third pillar is "Supply chain
+sustainability" and contains criteria relating to water consump-
+tion and strategic dialogs with direct suppliers.
+Sustainability Governance
+129
+↑↓ ↑ ||
+130
+In turn, all three pillars are geared towards three courses of
+action:
+CO₂
+Decarbonization:
+The Porsche AG Group analyzes the own CO2 emissions
+and those of the vehicles to consistently avoid or reduce
+them along the entire value chain through decarbon-
+ization. The Porsche AG Group only offsets emissions
+where this is not possible for technical reasons or at
+a reasonable economic cost. → Energy and climate change
+adaptation, → Climate change mitigation
+Circular economy:
+The Porsche AG Group has resolved to continuously
+reduce the consumption of materials and resources
+along its entire value chain. Where possible, the
+Porsche AG Group aims to transition material usage
+into closed-loop recycling. → Circular economy
+Responsibility for complex global supply chains:
+Porsche AG promotes sustainability along its entire
+supply chain. Porsche AG wants to make complex global
+supply chains more transparent and further increase
+the weighting of sustainability aspects in its decisions
+to award contracts in the future. Moreover, in selected
+countries of origin of its raw materials, Porsche AG
+works with local partners on initiatives designed to
+improve local living and working conditions. → Sustain-
+ability, work-related rights and equal treatment and opportunities in
+the value chain, → Equal treatment and opportunities within the own
+workforce
+Code of Conduct for Business Partners
+Trust-based cooperation between Porsche AG and its direct
+suppliers is based on shared values. The Code of Conduct for
+Business Partners translates these values into specific require-
+ments. The Code of Conduct compels all parties to observe
+environmental, social, and human rights standards. The Code of
+Conduct was originally drawn up by the Volkswagen Group and
+is available online at www.vwgroupsupply.com.
+The direct suppliers of Porsche AG are forbidden to knowingly
+engage in any form of forced labor or compulsory labor as well
+as any form of modern slavery, human trafficking, or child labor.
+Moreover, employees may not be harassed or discriminated
+against, whether due to their ethnic background, religion,
+nationality, sexual orientation, age, gender, physical or mental
+limitations, or membership in a union. Porsche AG also expects
+all direct suppliers to follow the OECD Due Diligence Guidance
+for Responsible Supply Chains of Materials from Conflict-
+Affected and High-Risk Areas.
+In so far as business partners of Porsche AG engage third parties
+(such as subcontractors or representatives) as part of their
+business relationships with the company, they undertake to
+pass the Code of Conduct for Business Partners on to the third
+parties in question and have them commit to adhere to it.
+Sustainability criteria in new contracts
+The Porsche AG Group adheres to strict sustainability criteria
+when it awards new contracts.
+Concerning the awarding of contracts for new parts in new vehi-
+cle projects, direct suppliers of production materials have been
+contractually obligated to use green electricity to manufacture
+components since 2021. In 2022, all direct suppliers selected
+for new vehicle projects undertook to meet this requirement.
+Preventative supplier risk management
+The legal requirements also broadened in scope in the report-
+ing year with Germany's new Supply Chain Due Diligence Act
+(LKSG). Consequently, the strategic significance of a responsi-
+ble, environmentally friendly supply chain that respects human
+rights has risen even further in the eyes of the Porsche AG
+Group.
+131
+The employees of the Porsche AG Group who are tasked with
+political lobbying coordinate their work with the Public Affairs
+division of the Volkswagen Group on a regular basis. Only
+153
+REMUNERATION REPORT 2023
+135
+↑↓ ↑ ||
+CORPORATE GOVERNANCE DECLARATION
+PURSUANT TO SECTION 289F AND SECTION 315D HGB
+In the Corporate Governance Declaration, the Executive Board
+and Supervisory Board report on the company's corporate
+governance for the fiscal year 2023 in accordance with
+sections 289f and 315d of the German Commercial Code
+(HGB) and as stipulated in Principle 23 of the German
+Corporate Governance Code.
+THE GERMAN CORPORATE GOVERNANCE CODE-
+A BLUEPRINT FOR SUCCESSFUL CORPORATE
+GOVERNANCE
+Corporate governance provides the regulatory framework for
+corporate management and supervision. This includes a
+company's organization and values, and the principles and
+guidelines for its business policy. The German Corporate
+Governance Code (the Code) contains principles,
+recommendations, and suggestions for corporate management
+and supervision. Its principles, recommendations, and
+suggestions were prepared by a dedicated government
+commission on the basis of the material provisions and
+nationally and internationally accepted standards of sound,
+responsible corporate governance. In the interests of best
+practice, the government commission regularly reviews the
+Code's relevance in light of current developments and updates
+it as necessary. The Executive Board and the Supervisory Board
+of Porsche AG base their work on the principles,
+recommendations, and suggestions of the Code. For the
+Executive Board and Supervisory Board of Porsche AG, good
+corporate governance is a prerequisite and reflection of
+responsible corporate governance. They consider this to be a
+key prerequisite for achieving a lasting increase in the
+company's value. It helps strengthen the trust of our
+shareholders, customers, workforce, business partners, and
+investors in our work and enables us to meet the steadily
+increasing demand for information from national and
+international stakeholders. The Executive Board and
+Supervisory Board therefore aim to manage and monitor the
+company in line with nationally and internationally accepted
+standards in order to ensure sustainable value creation for the
+long term.
+DECLARATION OF CONFORMITY
+In December 2023, the Executive Board and the Supervisory
+Board of Dr. Ing. h.c. F. Porsche Aktiengesellschaft ("company")
+declare pursuant to section 161 of the German Stock
+Corporation Act (AktG) that the recommendations of the
+German Corporate Governance Code of the "Government
+Commission on the German Corporate Governance Code," as
+amended on April 28, 2022 and published by the Federal
+Ministry of Justice in the official section of the Federal Gazette
+on June 27, 2022 ("Code"), have been complied with in the
+period since submitting the last declaration of conformity in
+December 2022 and will continue to comply with in the future,
+with the following exceptions:
+1. Age limit for Supervisory Board members (C.2 of the Code)
+According to recommendation C.2 of the Code, an age limit
+should be specified for members of the Supervisory Board
+and disclosed in the Corporate Governance Statement. This
+recommendation has not been and is not complied with. The
+Supervisory Board continues to hold the view that the ability
+to monitor and advise the Executive Board in the
+management of the business does not cease upon reaching
+a certain age.
+2. Maximum limit of Supervisory Board mandates (C.5 of the
+Code)
+According to recommendation C.5 of the Code, members of
+the Executive Board of a listed company should not have, in
+aggregate, more than two Supervisory Board mandates in
+non-group listed companies or comparable functions and
+shall not accept the Chairmanship of a Supervisory Board in
+a non-group listed company. A deviation from this
+recommendation is declared with regard to one Supervisory
+Board member. The Supervisory Board member holds
+supervisory board mandates, each as chairman, in two listed
+companies, namely Volkswagen AG and Traton SE, as well as
+a supervisory board mandate in Bertelsmann SE & Co. KGaA
+and is also chairman of the management board of the listed
+company Porsche Automobil Holding SE. The company,
+Volkswagen AG, and Traton SE do not form a group within
+the meaning of the German Stock Corporation Act with
+Porsche Automobil Holding SE. However, the Executive
+Board and the Supervisory Board are convinced that the
+Supervisory Board member has sufficient time available to
+exercise his mandate at the company.
+3. Disclosure of election proposals (C.13 of the Code)
+According to recommendation C.13 Sentence 1 of the Code,
+the Supervisory Board, in its election proposals to the Annual
+General Meeting, should disclose the personal and business
+relationships of every candidate with the company, the
+governing bodies of the company and any shareholders with
+a material interest in the company. The requirements of
+recommendation C.13 sentence 1 of the Code are vague
+and the definitions unclear. A deviation from this
+recommendation is therefore declared as a precautionary
+measure. Notwithstanding this, the Supervisory Board will
+make every effort to satisfy the requirements of
+recommendation C.13 sentence 1 of the Code.
+4. Remuneration of the Executive Board (G.1, G.2, G.3, G.6 and
+G.10 sentences 1 and 2 of the Code)
+During a transitional period lasting until the new Executive
+Board remuneration system comes into effect and the
+service contracts of the members of the Executive Board
+have been adjusted (see below under a)) and until the
+publication of the first remuneration report in accordance
+with section 162 AktG (see below under b)), various
+recommendations in section G. of the Code were temporarily
+not complied with. In addition, various recommendations in
+section G. of the Code with regard to the granting of an IPO
+bonus to the members of the Executive Board (see below
+under c)) were and will temporarily not be complied with.
+MEMBERS OF THE SUPERVISORY BOARD AND COMPOSITION OF THE COMMITTEES
+↑ ↓ ↑ 0 |||
+149
+In a declaration of intent, the Executive Board and Group
+Works Council of Porsche AG commit to observe human
+rights and promote good working conditions and fair in
+this context. The focus is on employees at national and
+international locations, including employees of companies
+belonging to the Group, over which Porsche AG exercises
+à determinative influence, as well as employees of direct
+suppliers. The declaration of intent is publicly accessible free
+of charge online.
+the Volkswagen Group has its corporate representation-for
+instance, in Berlin and Brussels. As such, it also handles political
+lobbying for the Porsche AG Group.
+Involvement in associations
+The Porsche AG Group also deals with current political issues
+by getting involved with associations. The Politics and Society
+department oversees coordinating these activities as well.
+These activities are also subject to the principles of transpar-
+ency, traceability, and responsibility. Competition and antitrust
+legislation, as well as other legal provisions, must always be
+taken into account. Inter alia, Porsche AG is registered in the
+Lobby Register (https://www.lobbyregister.bundestag.de) to lobby
+the German Bundestag and the German government as well as
+the Baden-Württemberg Transparency Register (https://www.
+landtag-bw.de/home/der-landtag/transparenzregister.html).
+The Porsche AG Group is a member of the following associations
+(selection below):
+> Südwestmetall (Baden-Württemberg employers' association
+for the metal and electrical industry)
+> Chamber of Commerce and Industry of the
+Stuttgart Region (IHK)
+> Leipzig Chamber of Commerce and Industry (IHK)
+> American Chamber of Commerce in Germany e. V.
+(AmCham Germany)
+> The Industry Association of Baden-Württemberg (LVI)
+> Stifterverband (an organization dedicated to education,
+science, and innovation)
+132
+For more about the Porsche AG Group's involvement in associa-
+tions and networks, including how it involves its stakeholders in
+this context, please refer to Stakeholder dialog and materiality.
+SMA 426E
+|| ↑ I
+134
+19
+63
+904 Carrera GTS
+CORPORATE GOVERNANCE
+136
+147 MEMBERS OF THE EXECUTIVE BOARD
+As its range of vehicles is increasingly electrified, the supply
+chain of the Porsche AG Group is becoming increasingly com-
+plex: new components and types of technology are involved, and
+the number of direct suppliers of production materials is rising.
+The need for potentially high-risk raw materials, especially for
+battery manufacturing, is also growing. The proportion of CO2
+emissions of the Porsche AG Group attributable to the vehicle
+supply chain is currently around one-fifth of the greenhouse gas
+emissions of the vehicles' entire value chain, as measured using
+the Decarbonization Index (DCI). As the proportion of all-electric
+vehicles increases, the Porsche AG Group anticipates that the
+proportion of supply-chain-related CO2 emissions might also
+rise further-not accounting for decarbonization measures.
+→ Climate change mitigation
+MANAGEMENT OF RELATIONSHIPS WITH
+SUPPLIERS INCLUDING PAYMENT PRACTICES
+WIRTSCHAFTS-
+WACHSTUM
+In some cases, Porsche AG and selected subsidiaries offer
+flexible working hours and working hour reductions beyond
+the minimum legal requirements. Within the scope of supple-
+mentary company regulations, employees have the option of
+flextime. Various part-time models, flexible working hours, and
+part-time are available during parental leave, care or educational
+leave, as is the option of a sabbatical. Job sharing is even an
+option in managerial roles.
+In the reporting year and in previous years, there were no mass
+layoffs or large-scale job cuts at Porsche AG or selected sub-
+sidiaries. Under the existing works agreement on site security,
+involuntary redundancies are prohibited at Porsche AG and
+selected subsidiaries until the end of July 2030.
+Employee satisfaction
+In the reporting year, Porsche AG initiated and carried out its
+new employee survey "Porsche Puls" for the first time. Its goal
+is to increase long-term employee satisfaction. The survey
+is tailored to Porsche AG specifically and contains questions
+regarding teamwork, employee engagement, and strategic
+issues such as sustainability and diversity. Overall, more than
+19,000 employees at Porsche AG took part in the survey. This
+means that the participation rate is around 81%. The total
+index derived from the average of all questions is 74.8 out of a
+possible 100 points.
+Selected subsidiaries of the Porsche AG Group also gauge
+and promote employee satisfaction on a continuous basis. For
+example, Porsche Financial Services GmbH organizes "cultural
+dialogs" in the form of workshops throughout the year.
+Attractive employer
+The Porsche AG Group wants to remain a highly attractive
+employer in the future. Consequently, one of the four overriding
+objectives of the Porsche Strategy 2030 is as follows: "Be the
+top employer of choice."
+Employer attractiveness is measured continuously based on
+external surveys (such as by the Trendence Institute or the
+employer rating platforms kununu and Glassdoor) and poten-
+tial improvements are derived from these. The developments
+are shared regularly on the level of the Executive Board and
+reported on in annual target reviews.
+Verified employer ratings by students are just one piece of
+evidence that Porsche AG is already considered an attractive
+employer. Porsche AG topped the rankings of Trendence and
+Universum again in 2023 and managed to further improve its
+popularity among the sought-after target group of IT and com-
+puter science students.
+The number of applicants, which remains high, is another
+hallmark of an attractive employer-in the reporting year, the
+Porsche AG Group received more than 140,000 applications for
+just under 5,000 vacancies.
+A wide range of external communication formats are used
+to further improve employer attractiveness. For instance,
+Porsche AG is refining its general image as an employer through
+the new "Porsche Dream Job" employer branding initiative and
+showing that "Driven by Dreams" is not exclusive to its customer
+base, as employees are driven by dreams too. It is also using
+specific communication formats, such as the social media series
+"Women in MINT" or "Tech Talks," to target profiles of great
+strategic relevance in the growing labor market.
+To attract talented young people to its employer brand at an
+early stage, Porsche AG works with universities and target
+groups of students, including as part of the racing car engineer-
+ing student competition Formula Student Germany. With regard
+to student marketing, the Ferry Porsche Award was presented
+to over 200 school pupils in Baden-Württemberg in 2023. In
+cooperation with the Ministry of Culture, Youth and Sport in
+Baden-Württemberg, Porsche AG presents this award to honor
+talented young people who excel in the field of natural sciences.
+Socially ethical transformation
+The transformation of the automotive industry is in full swing
+and is affecting the Porsche AG Group in terms of electric mobil-
+ity, digitalization, and new business models. As an employer, the
+Porsche AG Group aims to make the transformation sustainable
+and socially ethical-and both accompany and support its
+employees in this time of change.
+A wide range of options are available for employees to qualify
+for specific future roles and develop on a personal level. → Equal
+treatment and opportunities within the own workforce
+For example, Porsche AG offers personal advice to all employ-
+ees affected by obsolescence. These consultations explore an
+employee's personal interests, strengths, and possible future
+roles, and plan the necessary advanced training.
+In the reporting year, Porsche AG had a budget of €10 million
+and a wide range of personalized advanced training courses
+for advanced training within the scope of the transformation.
+Additionally, wherever operationally possible, Porsche AG always
+endeavors to assign appropriate tasks to employees whose
+working capacity has changed (i.e. employees who have been
+limited by an accident or illness).
+Corporate codetermination
+Porsche AG's main site is in Germany, which means it is required
+by national law to engage in corporate codetermination. At the
+same time, it is an important pillar of the corporate culture.
+Porsche AG wants its employees to share in its success and to
+safeguard their jobs. Corporate codetermination is based on
+a constructive, cooperative dialog between the employer and
+employee representatives. The Porsche AG Group has a long
+tradition of open, trusting cooperation and it always strives to
+balance both sides' interests fairly. This position is codified in
+the Code of Conduct.
+Employees and their elected representatives are notified punc-
+tually and comprehensively of any important operational and
+organizational changes. National laws are considered, although
+corresponding notification deadlines are not set out in existing
+works agreements.
+Looking ahead, Porsche AG is focusing on a healthy mix of
+on-site and mobile work to uphold the unique Porsche culture,
+which is characterized by personal relationships and shared
+experiences. These rules also apply to selected subsidiaries of
+Porsche AG, such as Porsche Leipzig GmbH, Porsche Consulting
+GmbH, Porsche Engineering Group/Services GmbH, Porsche
+Deutschland GmbH, and Porsche Financial Services GmbH.
+Codetermination is guaranteed in a number of different ways,
+including a supervisory board with equal representation, the
+Works Council committees, the Economic Committee, and the
+constant maintenance of the works agreement database on
+the internal intranet. The workforce receives information about
+current developments at regular intervals through meetings of
+the workforce. "Transformation road maps" containing subject
+areas that are set to be restructured or built up, as well as major
+change projects that are preplanned years in advance and affect
+employees, have been and are presented to employee represen-
+tatives regularly.
+works agreement regarding mobile working, and facilitates
+mobile working on up to twelve full days per calendar month.
+Employees can also work remotely by the hour at any time if
+the needs of the company permit it. Mobile working was rolled
+out abroad in the first quarter of 2023. Under certain condi-
+tions, this will enable employees in almost every EU member
+state to work remotely for up to 20 days per calendar year.
+Flexibility in the workplace and reduction
+of working hours
+- Collective bargaining agreements
+In Germany, Porsche AG and most of its German subsidiaries
+are parties to (company-based) collective bargaining agree-
+ments with the workforce, excluding executives.
+Porsche AG is a member of the employers' association
+Südwestmetall and is therefore part of the social partner-
+ship between the metal and electrical industry and the IG
+Metall trade union. The agreed regional collective agree-
+ment therefore applies to the employees of Porsche AG.
+Porsche Leipzig GmbH has been a member of the Saxony
+Employers' Association for the Metal and Electrical Industry
+(VSME) since January 1, 2019; the transitional bargaining
+agreement agreed with IG Metall applies to its employees.
+Other companies, such as Porsche Financial Services GmbH,
+Porsche Engineering Group GmbH, Porsche Engineering
+Services GmbH, or Porsche Dienstleistung GmbH, have
+concluded company-level collective agreements with IG
+Metall. Porsche's subsidiaries are subject to the frame-
+work agreements in the automotive industry, whereas
+Porsche Deutschland GmbH has a company-level collective
+agreement.
+The employees of MHP Management- and IT-Beratung
+GmbH are not subject to any collective bargaining agree-
+ments; the working conditions for employees are instead
+governed in their employment contracts. There are additional
+works agreements and guidelines for certain subject areas.
+Porsche Consulting GmbH is not bound by a collective
+agreement either.
+The right to freedom of association is set out in the Basic
+Law in Germany. There are no indications that the right to
+freedom of association and collective bargaining is at risk on
+the sites of Porsche AG and selected subsidiaries.
+Remuneration and employee benefits
+At Porsche AG and selected subsidiaries, the remuneration
+policies and amounts paid to employees covered by a collective
+agreement and in management-within and outside of the col-
+lective bargaining agreement-are based on collectively agreed
+or company regulations. The basic remuneration is determined
+based on described work tasks, with consideration for knowl-
+edge and abilities, problem-solving skills, potential influence,
+and fields of responsibility. Collective and company regulations
+also provide for one-off payments. Market-specific particular-
+ities and benchmarks are also considered for the purposes of
+offering competitive remuneration.
+The remuneration system for the management of Porsche AG
+and of selected subsidiaries was restructured in the 2023
+financial year. The system's structure is generally based on
+the remuneration system for the Executive Board. Personal
+performance is also factored into the rate of achievement for
+the short-term incentive (STI). The long-term incentive (LTI)
+is based on stock price performance and on the earnings per
+share (EPS) of Porsche AG, which is an economic performance
+indicator. Remuneration report
+In addition to the remuneration, Porsche AG and selected sub-
+sidiaries offer discounts and employee benefits, such as capital
+formation benefits and a company old-age pension plan.
+Concerning old-age pensions, employer-financed pension
+entitlements are formed based on full-time or part-time remu-
+neration at Porsche AG and selected subsidiaries; in accordance
+with the statutory regulations, a vested entitlement to pension
+benefits must be maintained after an employee has three years
+of service with the company.
+Sustainability Social
+123
+↑↓ ↑ |||
+124
+Aside from employer-financed old-age pension benefits,
+Porsche AG and selected subsidiaries offer employees the
+chance to increase their old-age pension benefits-as well as
+the benefits received by their survivors in the event of death-
+through deferred compensation from their gross salary.
+With the introduction of a new company pension system,
+additional employee benefits are available at Porsche AG and
+selected subsidiaries concerning protecting against risks
+through inability to work and death. Certain groups of employ-
+ees at Porsche AG and selected subsidiaries are even provided
+with additional accident cover.
+In addition to the statutory care leave in Germany, Porsche AG,
+Porsche Deutschland GmbH, and Porsche Leipzig GmbH offer
+"Porsche Care Leave," which, when various criteria are met,
+enables permanent employees with at least six months of
+service to care for their next of kin for up to three months and
+continue to receive part of their salary.
+Work-life balance
+A work-life balance is tremendously important to the
+Porsche AG Group, so it supports its employees with a wide
+variety of different measures and options. For example, local
+cooperation partners ensure that childcare places are avail-
+able in kindergartens close to selected Porsche AG locations.
+In emergencies, additional childcare places are also available
+at day-care centers in Stuttgart. Parents can also take their
+children to work at Porsche AG for a few hours. In summer, the
+children of employees can attend a summer day camp that runs
+throughout the holidays. With its family service, Porsche AG
+offers extensive, free, and individually tailored advice and
+support on all aspects of family life-in particular, for expecting
+parents and employees caring for relatives.
+Further options at Porsche AG range from flexible working hours
+aligned to the employee's current phase of life and diverse part-
+time options to a wide range of flextime policies, such as during
+parental leave and sabbaticals.
+Where possible, Porsche AG and selected subsidiaries con-
+sider the individual needs of the workforce and promote
+flexible working options with regard to workplace and work-
+ing hours. In doing so, Porsche AG and selected subsidiaries
+can give employees a high degree of flexibility. Porsche AG
+further enhanced this flexibility in 2021 with the amended
+Besides collective agreements, codetermination is therefore
+a key driver of excellent work and helps enable employees to
+actively involve themselves in the Porsche AG Group.
+Sustainability Social
+125
+The vehicle safety departments at Porsche AG bear responsibil-
+ity for the safety of individual vehicle components and systems.
+They work together centrally in the vehicle development stage.
+Each project coordinator examines the corresponding key
+figures. The head of the relevant specialist area oversees giving
+final approval for safety features.
+For example, all the areas involved with "front protection" are
+pooled within one department at Porsche AG, from the structure
+of the vehicle and the arrangement of components in the front
+end to energy dissipation, deceleration characteristics intended
+to protect passengers in the event of a frontal accident, and
+restraint systems (seat belts and airbags). Additionally, the spe-
+cialist area pools all necessary development methods-compo-
+nent and system simulations and tests as well as overall vehicle
+testing. This further refines the safety features and improves
+them until they are ready for series production.
+Child safety is another key focal point in the field of vehicle
+safety. As such, vehicles and child car seats are designed to
+provide optimal protection for children of all ages and sizes in
+the event of an accident.
+The protection of other road users, such as pedestrians, is also
+a key element in the development of vehicle safety. Measures
+designed to meet the existing pedestrian safety requirements
+are implemented in cooperation with the Exterior Design
+department and the attachment development departments
+(such as fairing and headlights).
+Once approved for road use, all Porsche vehicles undergo strict
+inspections according to the in-house quality management
+system at Porsche AG. These include a final inspection of their
+safety from development and production to after-sales.
+In the reporting year, Porsche AG successfully implemented and
+approved the Porsche safety standard for the Panamera series,
+as has been the case with all other series so far too, and secured
+access to the market. Consequently, these vehicles received
+official approval as part of the standard operating procedure.
+Porsche AG was able to demonstrate that the legal require-
+ments are being met worldwide.
+Sustainability Social
+127
+GOVERNANCE
+GOVERNANCE
+128
+SOCIAL
+90%
+of production material purchased
+from direct suppliers of Porsche AG
+in compliance with the strictest
+internal quality standards relating
+to sustainability (S-rating "A") by
+2030.
+88.3%
+of the production material pur-
+chased from direct suppliers of
+Porsche AG already meets the
+strictest quality standards within
+the scope of the S-rating in 2023.
+ENVIRONMENT
+100%
+of the direct suppliers of Porsche AG
+are audited on the basis of sustain-
+ability criteria.
+MENSCHENWÜRDIGE
+ARBEIT UND
+Porsche AG and the Volkswagen Group coordinate on vehicle
+safety requirements and procedures in several working groups,
+including the Safety working group that meets three times a
+year. The group consists of all the safety officers of the brands of
+the Volkswagen Group.
+Porsche AG revises and updates its safety standards regularly.
+Therefore, Porsche AG continuously monitors the changing
+legal situation in every target market as well as the activities
+of consumer protection organizations. It also performs regular
+analyses of the current state of vehicle safety technology from
+a competitive standpoint. Furthermore, field observations and
+accident analyses provide important information about the
+safety of Porsche vehicles that is factored into their design.
+On the other hand, the safety standard also contains some of
+Porsche AG's standards relating to the safety of Porsche vehi-
+cles. These standards can go far beyond the legal requirements.
+They are based on the current state-of-the-art and consumer
+protection requirements. From these, Porsche AG also derives
+specific target specifications for passive vehicle safety to
+minimize the potential consequences of accidents for everyone
+involved.
+On the one hand, the Porsche safety standard ensures confor-
+mity with the laws in the target markets. To this end, the Tech-
+nical Conformity department at Porsche AG monitors the course
+of legislative processes worldwide as well as their regulatory
+and technical frameworks. It raises awareness of conformity,
+delivers transparency with regard to new and existing require-
+ments in all target markets, and promotes long-term process
+reliability, stability, and quality.
+↑↓ ↑ |||
+126
+↑↓ ↑ 0 |||
+Complaints management
+The complaints mechanism within the Porsche AG Group makes
+a crucial contribution to upholding the company's values and
+commitments. Its purpose is to discover and settle, if nec-
+essary, potential grievances relating to business and human
+rights. Employees can use the mechanism to report concerns
+they might have relating to freedom of association or collective
+bargaining to name just two examples. Corporate governance,
+corruption, and bribery
+Where necessary and possible, steps are taken to minimize risks
+even before the grievance has been fully investigated. Appro-
+priate preventative and remedial action is initiated depending
+on the outcome of the grievance procedure. The grievance
+procedure is discontinued if no actual infringement can be
+determined, even after an interview with the person who filed
+the grievance.
+Working conditions for workers who
+are not employees
+In particular, temporary workers are used at the locations of
+Porsche AG and selected subsidiaries to maintain flexibility
+in terms of the number of personnel. Temporary workers are
+exclusively categorized as workers who are not employees. In
+various areas of the company, they perform similar work to that
+of permanent employees.
+In Germany, legislation is in place to regulate the use of tempo-
+rary workers. They are also regulated by collective agreements
+and internal rules at Porsche AG and selected subsidiaries.
+These regulations are adhered to by Porsche AG and selected
+subsidiaries. At Porsche AG, for example, each department is
+provided with information about the legal framework for tempo-
+rary employment for this reason.
+When they employ external workers, Porsche AG, and selected
+subsidiaries, such as Porsche Leipzig GmbH and Porsche
+Deutschland GmbH, adhere to the principle of "same work,
+same pay". Additionally, the maximum length of service (such as
+a maximum of 48 months for temporary workers in the product
+development process) has been agreed based on the collec-
+tively agreed provisions. At Porsche AG and selected subsid-
+iaries, including Porsche Financial Services GmbH and Porsche
+Leipzig GmbH, temporary workers with the right qualifications
+are also given priority over external applicants when it comes to
+filling a vacancy.
+In detail:
+ECONOMIC, SOCIAL, AND CULTURAL RIGHTS
+Beyond the customers and employees of the company, the busi-
+ness activities of the Porsche AG Group can affect communities
+at Porsche's locations as well as the production sites of its direct
+suppliers. The Porsche AG Group embraces its responsibility
+to protect the environment and safeguard human rights and
+strives to do business responsibly for communities all along its
+value chain.
+The Porsche AG Group has identified residents and communities
+as key stakeholders who have an interest in the decisions and
+activities of the Porsche AG Group. Porsche AG therefore stays
+in direct contact with residents and local stakeholders at its
+production and development locations via liaisons and events,
+discusses specific topics and issues with them, in necessary,
+and provides a point of contact for complaints and suggestions.
+→ Stakeholder dialog and materiality
+In this context, the Porsche AG Group actively strives to help
+regions and communities protect the environment, provide
+healthy living conditions, and strengthen social cohesion-at
+its locations and all over the world. Aside from financial support,
+the voluntary engagement of Porsche employees is an import-
+ant element. Partner to society
+Responsible business and sustainability along the value chain
+is a priority for the Porsche AG Group. Safe, reasonable working
+conditions and the continuous minimization of environmen-
+tal impacts-especially in regions where raw materials are
+extracted-have a significant effect on the lives of employees in
+the value chain and, in turn, on their communities. Porsche AG
+therefore also expects good conduct from its direct business
+partners and direct suppliers in line with a Code of Conduct.
+Porsche AG monitors their compliance with duties of care
+relating to human rights and the environment under the German
+Supply Chain Due Diligence Act (LkSG). → Sustainability, work-related
+rights and equal treatment and opportunities in the value chain
+The environmental impacts of Porsche AG's business activities
+can also affect residents living in the direct vicinity of Porsche
+locations as well as people in neighboring areas. Consequently,
+Porsche AG and Porsche Leipzig GmbH measure and monitor
+the environmental impacts of the production locations in Stutt-
+gart-Zuffenhausen and Leipzig as well as at the Development
+Center in Weissach, including energy and water consumption,
+waste, and the relevant impacts on the air, soil, and water. In
+areas with moderate and high water stress levels, in particular,
+Porsche AG aims to further reduce its water consumption and
+effluents and, in turn, minimize its impact on the drinking water
+and groundwater in the region. → Pollution and substances of concern,
+→ Water and marine resources
+PERSONAL SAFETY OF CONSUMERS
+AND/OR END USERS
+The personal safety of all road users is important to Porsche AG.
+Therefore, Porsche AG considers vehicle safety and the optimal
+protection of drivers and passengers a high priority. The safety
+of other road users is also important.
+The safety standard of Porsche AG is the authoritative vehicle
+safety document. It is part of the safety strategy adopted by the
+Executive Board of Porsche AG in 2021, which is set to remain
+in place until 2030. A comprehensive catalog of requirements
+describes how the safety standard is to be implemented in a
+binding manner and adhered to, regardless of the vehicle model
+or market. It applies to all series and derivatives in all target
+markets around the world, yet it also contains versions that are
+specific to individual vehicle projects. The catalog of vehicle
+safety requirements is updated regularly.
+Porsche AG does not use an individual indicator to measure
+vehicle safety across the board. Rather, vehicle safety goes
+beyond a safe overall vehicle with safe structures; it also means,
+for example, safety for everyone inside and outside of the vehi-
+cle, a safe fuel system, and safe high-voltage technology.
+AS WELL AS CIVIL AND POLITICAL RIGHTS OF
+COMMUNITIES
+a) Temporary deviations until the validity of a new Executive
+Board remuneration system and the adjustment of the
+Executive Board service contracts (G.1, G.2 and G.10
+sentences 1 and 2 of the Code)
+> German Association of the Automotive Industry (VDA)
+Meeting on June 28, 2023 with a majority of 100%.
+Against this background, the following recommendations
+have temporarily not been complied with for the period
+until the end of December 31, 2022:
+Work equipment must also be inspected regularly, and protec-
+tive measures designed to minimize risk must be defined and
+implemented. Occupational health and safety experts assist
+with risk assessments and standard operating procedures.
+The managers of Porsche AG and selected subsidiaries are
+informed in writing of their duties relating to occupational
+health and safety and are required to confirm this transfer of
+duties in writing.
+Employees of external companies are also subject to precise
+codes of conduct designed to preclude hazards as much as
+possible when they work at the locations of Porsche AG and
+selected subsidiaries. This applies to construction work for
+Porsche AG and Porsche Leipzig GmbH as well as the procure-
+ment and assembly of machines and systems. At the visitor
+receptions on the factory premises, visitors are required to
+confirm that they have acknowledged and will comply with
+safety notices. A set of work instructions governs how statu-
+tory duties of cooperation and coordination in connection with
+occupational health and safety are fulfilled when third-party
+companies are deployed on the factory premises of Porsche AG
+and selected subsidiaries. In cases of temporary employment,
+binding framework agreements on occupational health and
+safety are concluded with the employment agencies.
+Culture of safety and involvement
+of the workforce
+All these measures contribute to the continuous improvement
+of safety at Porsche AG and selected subsidiaries and guarantee
+that Porsche's occupational health and safety is consistent with
+the relevant legal regulations, which also improves its occupa-
+tional health and safety management system in the process.
+The overall culture of safety at the company is promoted at the
+same time.
+Sustainability Social
+121
+↑ ↓ ↑ 0 |||
+122
+Occupational hazards and the resulting risks are defined and
+assessed as part of a risk assessment, as defined in section 5 of
+the German Occupational Safety and Health Act (ArbSchG) and
+in the group guideline on occupational safety. It is performed at
+regular intervals or whenever necessitated by events or changes
+in the workplace. In the assessment, the risks are first identified
+systematically before being described and then assessed using
+a risk matrix. If a hazard is categorized as a high risk, appropriate
+measures must be defined and drawn up. The hierarchy of mea-
+sures set out by law applies: technical measures before organi-
+zational measures before behavioral measures. An effectiveness
+check is then performed to verify whether the defined measures
+are reducing the risk effectively. The risk is then assessed again
+and, if it has been reduced sufficiently, documented. The work-
+force is subsequently briefed on the most important aspects of
+the risk assessment.
+In accordance with the German Occupational Safety Act (ASIG),
+the employees of Porsche AG and selected subsidiaries are
+represented on occupational health and safety committees
+by their legally appointed representatives. These site-spe-
+cific committees convene four times a year and consist of the
+employee representatives, safety officers, and representatives of
+the management.
+All employees are briefed on occupational safety at least
+once a year to ensure that they are kept up to date on specific
+hazards and rules of conduct. The intranet also contains a broad
+range of information and education on health and safety in the
+workplace. If they need advice, employees also have access
+to works doctors and occupational health and safety experts
+who undergo regular further training in and outside of their own
+disciplines. Managers are obligated to participate in internal
+advanced training in responsibility and tools in occupational
+health and safety.
+Preventative health management
+Aside from safety, employees and managers receive occupa-
+tional health services. The works doctors at Porsche AG and its
+vehicle-producing subsidiaries in Germany advise personnel on
+health and physical capability, offer preventive examinations,
+and assess the results of their examinations. They support the
+reintroduction of employees to the workplace after an extended
+illness as part of the occupational reintegration management
+system. Furthermore, in accordance with the German Occu-
+pational Safety Act (ASIG), they assist with the planning and
+design of healthy and ergonomic workplaces.
+Porsche AG's Health Management division also provides social
+counseling to those with psychosocial stress and support for
+those in difficult life situations. It is available to the whole work-
+force at Porsche AG and selected subsidiaries.
+The health management team at Porsche AG also advises its
+German locations on the organization of first aid and deploys
+qualified paramedics to support acute and emergency health
+care at the major locations.
+Additionally, its scope of services includes a wide range of
+occupational health promotion services. These include the
+"Porsche Check-up" (a regular health check for employees), vac-
+cinations, as well as nutrition, stress management, and exercise
+courses for employees of Porsche AG. Employees with cancer
+have access to OncoCure, a service that helps obtain a second
+opinion from a doctor. Additionally, in-house physiotherapists
+offer advice on ergonomics in the workplace.
+n combination with an advanced training program (such as
+specialist training), the high standard of training of the medical
+personnel guarantees a high standard of quality for the medical
+services. This is supported by clearly defined process descrip-
+tions, working groups and team rounds both within depart-
+ments and across different sites, and regular consultations on
+the management levels. An extensive qualification policy is also
+in place for occupational health and safety experts and medical
+professionals specializing in occupational health, providing
+internal and external training courses to ensure that they obtain
+and maintain the necessary occupational health and safety
+skills.
+Porsche AG always guarantees the protection of occupational
+health and safety data, as personal health data are stored in an
+IT system that successfully passed a data protection audit in
+2022. The handling of data within the software is governed by a
+group works agreement with Porsche AG. This guarantees that
+the data will not be used to the detriment of the workforce.
+Working conditions and employee retention
+Besides a safe, healthy working environment, other working
+conditions play an important role for current-and future-
+employees of the Porsche AG Group.
+The occupational health and safety committee of the Works
+Council also meets at regular intervals or as necessary. This
+committee discusses and coordinates on individual aspects and
+concerns relating to occupational health and safety.
+This applies to the design of workstations, equipment, and
+installations. Potential hazards are identified and assessed even
+as they are being set up.
+The goal of sustainable occupational health and safety is for
+employees not to suffer any accidents at work. Therefore, the
+actions of every manager and employee should be guided by the
+principle of safety to avoid accidents and other health risks from
+the outset, if possible.
+Occupational safety and prevention
+Until the IPO on September 28, 2022, the company was
+not required to establish a remuneration system for the
+Executive Board in accordance with section 87a AktG.
+The provisions in the Executive Board service contracts
+existing at the time of the IPO did not fully comply with
+the recommendations in section G. of the Code. For this
+reason, the Supervisory Board resolved on September 14,
+2022, with effect from January 1, 2023, a new
+Management Board remuneration system that complies
+with both the legal requirements and the
+recommendations of the Code. The new remuneration
+system was approved by the company's Annual General
+The annual surveys in connection with the German Supply Chain
+Due Diligence Act (LKSG) inquire as to whether the minimum
+legal occupational health and safety requirements are being
+met by subsidiaries as well as the requirements of the group
+guideline on occupational safety.
+Occupational health and safety management
+and organization
+The group guideline on occupational safety governs the central
+processes and responsibilities relating to occupational health
+and safety throughout the Porsche AG Group. It is an essential
+element of the Porsche-Compliance-Management-System.
+Subsidiaries must implement the group guideline through a
+corresponding company guideline.
+The group guideline considers various internal stakeholder
+groups, including managers on all hierarchical levels, health and
+safety officers within the Group, experts in occupational health
+and safety, and works doctors. At the same time, the company
+guidelines of Porsche AG describe the requirements of external
+stakeholders, such as health and safety regulators and profes-
+sional associations. Furthermore, Porsche AG applies the stan-
+dards ISO 45001 "Occupational health and safety management
+systems" and DGUV Regulation 1 "Principles of Prevention."
+The requirements of the group guideline on occupational safety
+are set out in Porsche's group manual on occupational health
+and safety management, which applies to all companies of the
+Porsche AG Group and its entire workforce. On a group level,
+occupational health and safety is also part of the Code of Con-
+duct, in which employees are regularly trained.
+Vision of occupational safety
+Embrace a culture of safety and
+responsibility
+The safety of its employees is a top priority for the Porsche AG
+Group. Consequently, occupational health and safety is
+enshrined at the highest level on the Executive Board. The newly
+formed "Executive Board Occupational Health and Safety Con-
+ference" board, comprising representatives from the Executive
+Board and Group Works Council, is set to start work in the first
+quarter of 2024 and further safeguard this responsibility. The
+occupational safety committees prepare regular reports on
+occupational hazards, the results of which are then used to opti-
+mize the occupational health and safety management system.
+Within Porsche AG and selected subsidiaries, the specifications
+of the group guideline on occupational safety are reviewed
+regularly by works doctors and occupational health and safety
+experts as part of inspections with executives, employee rep-
+resentatives, and safety officers. In the event of a shortcoming,
+they define appropriate corrective measures.
+Safest employer in the
+automotive industry
+Driven by
+safety & health
+Safe and healthy workplace at
+all times
+Take preventative action to avoid unsafe situations and work-related
+illnesses
+Occupational hazards that are potentially the result of an
+infringement of occupational health and safety regulations
+can also be reported anonymously to the Porsche compliance
+organization and the ombudsman system.
+In the event of workplace accidents, the causes are analyzed in
+detail and measures are implemented to avoid future accidents.
+Porsche AG measures the occurrence of workplace accidents
+in all organizational units with the "occupational accident
+index" and reports them internally each month. Porsche AG and
+selected subsidiaries use software to help document, process,
+and analyze accidents to ensure that they are processed as
+quickly and transparently as possible. Automated reminder and
+escalation functions ensure that measures are implemented in
+good time. The procedure is also defined in process and work
+instructions: after an accident is reported, a manager performs
+an accident analysis with the support of an occupational health
+and safety officer. This serves to define immediate and correc-
+tive measures to tackle the cause of the accident.
+In Germany, several laws are in place to implement minimum
+standards for working conditions (such as the Part-time and
+Fixed-term Work Act, Works Constitution Act, Hours of Work
+Act, Supply Chain Due Diligence Act, and many others), and
+these are complemented or built on by collective bargain-
+ing agreements at Porsche AG and selected subsidiaries. For
+Porsche AG, for example, this is the regional collective agree-
+ment for the metal and electrical industry. Companies with
+elected employee representatives, for example, are also subject
+to works agreements that regulate working conditions within
+the scope of corporate codetermination-governed by the
+German Works Constitution Act (BetrVG).
+On a national level, the national subsidiaries of the Porsche AG
+Group that are bound by collective agreements are also subject
+to regulations concerning collective agreements as well as
+regulations concerning the maximum terms of employment
+contracts. At Porsche AG, for example, an employment contract
+in the formerly industrial area of production can currently be
+given a maximum term of 48 months without a material reason
+until the end of July 2025 at the latest.
+Porsche AG utilizes a range of communication channels to
+inform employees about health and safety in the workplace. In
+2023, for example, an occupational safety and mental health
+campaign was launched to promote the culture of safety and
+generally raise employee awareness of these topics. All cam-
+paigns were developed in coordination with the Works Council.
+Employees are also involved in the development, implemen-
+tation, and evaluation of the occupational health and safety
+management system. This means that the preparation and
+revision of the group guideline and its supporting documents
+were also coordinated with employee representatives. They are
+involved in decision-making processes through various com-
+mittees and at the "Executive Board Occupational Health and
+Safety Conference," enabling them to play a direct role in the
+implementation and evaluation of the occupational health and
+safety management system. Employees can submit ideas and
+suggestions relating to occupational health and safety via the
+idea management portal at any time or consult an occupational
+health and safety expert or works doctor directly.
+Group GmbH, Porsche Engineering Services GmbH, or Porsche
+Deutschland GmbH.
+Working Procedures of the Executive Board
+In accordance with Article 8 (1) of the Articles of Association,
+Porsche AG's Executive Board is composed of at least two
+people, with the precise number determined by the Supervisory
+Board. As of December 31, 2023, there were eight members of
+the Executive Board.
+https://investorrelations.porsche.com/en/corporate-governance.
+The Porsche AG Executive Board has sole responsibility for
+managing the company in the company's best interests, in
+accordance with the Articles of Association and the Rules of
+Procedure for the Executive Board issued by the Supervisory
+Board. The business activities of the Executive Board are
+divided into eight divisions. In addition to the Chairman of the
+Executive Board, the other Board positions are: Procurement,
+Car-IT, Research and Development, Finance and IT, Human
+Resources and Social Affairs, Production and Logistics as well
+as Sales and Marketing. Information on the composition of the
+Executive Board and additional information about the members
+of the Executive Board, including their CVs, can be found on
+Porsche AG's website at
+EXECUTIVE BOARD
+The joint declaration of conformity by the Executive Board and
+Supervisory Board can also be found on the company's website
+at https://investorrelations.porsche.com/en/corporate-governance.
+Finally, the members of the Executive Board can
+dispose of the third tranche of the IPO bonus as part
+of the long-term variable remuneration after three
+years and not after four years as recommended in
+G.10 sentence 2 of the Code. The payment of the IPO
+bonus in three tranches over one, two, and three
+years leads, as described above, in the opinion of the
+Supervisory Board, to a purposeful and appropriate
+incentivization of the Executive Board members.
+According to recommendation G.6 of the Code, the
+share of variable remuneration achieved as a result of
+reaching long-term targets should exceed the share
+from short-term targets. As a precautionary measure,
+the Supervisory Board assumes that the first two
+one-year and two-year tranches of the IPO bonus are
+to be allocated to the short-term variable
+remuneration and the last tranche of the IPO bonus
+to the long-term variable remuneration of the
+Executive Board members. As a result, the target
+value of the short-term variable remuneration
+promised to the Executive Board members for the
+fiscal year 2022 exceeds the target value of the
+long-term variable remuneration. The IPO bonus
+granted in the fiscal year 2022 was not yet fully
+settled in the current fiscal year 2023 either. Against
+this background, a deviation from recommendation
+G.6 of the Code continues to be declared as a
+precautionary measure. Nevertheless, the
+remuneration of the Executive Board overall
+continues to be oriented toward the company's
+sustainable and long-term development. The
+payment of the IPO bonus in three tranches over one,
+two, and three years leads, in the view of the
+Supervisory Board, to a purposeful and appropriate
+incentive for the members of the Executive Board,
+which is not limited to preparations for the IPO, but
+also takes into account how successful the IPO over
+the long term is.
+On July 20, 2022, the Supervisory Board agreed with the
+members of the Executive Board on the granting of a
+bonus ("IPO bonus") in the event of a successful IPO. The
+IPO bonus was granted in the form of virtual shares.
+These virtual shares will be converted into cash amounts
+in three tranches over periods of one, two, and three
+years, depending on the development of the stock
+market price of the preference share issued by the
+company in the respective period, and these cash
+amounts paid to the Executive Board members. With
+regard to the IPO bonus, the following recommendations
+are not fully complied with:
+c) IPO bonus (G.6 and G.10 sentence 2 of the Code)
+disclosed for the first time in the remuneration report for
+the fiscal year 2022. Until the disclosure of the
+remuneration report for the fiscal year 2022 on March
+13, 2023, recommendation G.3 of the Code was
+therefore not complied with for a transitional period.
+Since the disclosure of the remuneration report for the
+fiscal year 2022, the company complies fully with
+recommendation G.3 of the Code.
+138
+↑↓ ↑ |||
+137
+Corporate Governance Corporate Governance Declaration
+In the past, most temporary employment contracts could
+be transferred into an indefinite employment contract with
+Porsche AG. Additionally, a maximum rate of fixed-term or
+temporary employment contracts has been agreed with the
+Works Council for Porsche AG and selected subsidiaries, such
+as Porsche Financial Services GmbH, Porsche Engineering
+In order to assess whether the specific total
+remuneration of Executive Board members is in line with
+usual levels compared to other companies, in accordance
+with recommendation G.3 sentence 1, first half-sentence
+of the Code the Supervisory Board uses a peer group of
+other third-party entities. In accordance with
+recommendation G.3 sentence 1, second half-sentence
+of the Code, the composition of this peer group was
+b) Peer group disclosure (G.3 of the Code)
+Since submitting the last declaration of conformity, the
+company has concluded new Executive Board service
+contracts with all Executive Board members with
+retroactive effect from January 1, 2023, in which the
+remuneration was set in accordance with the new
+remuneration system. Since then, the recommendations
+in section G. of the Code have been complied with, unless
+a deviation is declared below under c).
+The long-term variable remuneration amounts
+granted to the members of the Executive Board in
+accordance with the remuneration system for the
+Executive Board valid until December 31, 2022 are
+agreed in performance share plans. In deviation from
+recommendation G. 10 sentence 1 of the Code, these
+are based on the development of the preferred share
+issued by Volkswagen AG. In addition, the
+performance period for performance share plans
+commencing before January 1, 2023 is three years,
+in deviation from recommendation G.10 sentence 2
+of the Code. New performance share plans
+commencing on or after January 1, 2023 are based
+on the development of the preference share issued
+by the company, and the performance periods are
+then four years. Recommendations G.10 sentences 1
+and 2 of the Code with regard to performance
+periods for performance share plans that have begun
+since January 1, 2023 and will begin again in the
+future will therefore be complied with.
+Furthermore, the determination of a specific target
+total remuneration in the sense of recommendation
+G.2 of the Code was not provided for until the IPO. On
+September 14, 2022, the Supervisory Board
+determined a specific target total remuneration for
+the Executive Board members effective January 1,
+2023.
+Until the new remuneration system comes into
+effect, there was no systematic description of the
+declarations required under recommendation G.1 of
+the Code.
+The Executive Board meets regularly. Meetings of the Executive
+Board are convened by the Chairman of the Executive Board.
+The Chairman is required to convene a meeting if requested by
+any member of the Executive Board. The Chairman of the
+Executive Board-or, if he is unable to do so, the Deputy
+Chairman-presides over the Executive Board meetings. In
+matters of material or fundamental importance as well as
+certain matters specifically listed in the Rules of Procedure for
+the Executive Board, the decisions are taken by the entire
+Executive Board. The Executive Board takes decisions only after
+prior debate, generally in meetings. It may also take decisions
+using the written voting procedure if none of the members of
+the Executive Board request without undue delay that an
+Executive Board meeting be held. Resolutions of the Executive
+Board are adopted by a simple majority of votes cast by its
+members, unless the law or the Rules of Procedure for the
+Executive Board stipulate a unanimous decision. In the event of
+a tie, the Chairman of the Executive Board casts the deciding
+136
+Cooperation with the Supervisory Board
+The working conditions for employees are governed in numer-
+ous guidelines and frameworks at the Porsche AG Group. These
+include, for example, the guidelines on labor and social security
+law and HR compliance, which apply to all employees of the
+Porsche AG Group and are freely accessible to them.
+- Declaration of intent to observe and promote
+human rights
+↑↓ ↑ 0 |||
+139
+Corporate Governance Corporate Governance Declaration
+The aim of the diversity concept is for the Executive Board
+members to embody a range of expertise and perspectives. This
+diversity promotes a good understanding of Porsche AG's
+organizational and business affairs. Particularly, it enables the
+members of the Executive Board to be open to innovative ideas
+and to avoid groupthink. In this way, it contributes to the
+successful management of the company. In deciding who
+should be appointed to a specific Executive Board position, the
+Supervisory Board takes into account the interests of the
+company and all the circumstances of the specific case. In
+taking this decision and in long-term succession planning, the
+Supervisory Board orients itself on the diversity concept. The
+Supervisory Board is of the view that the diversity concept is
+reflected by the current composition of the Executive Board.
+The members of the Executive Board have many years of
+professional experience, also in an international context, and
+cover a broad spectrum of educational and professional
+backgrounds. The Executive Board as a whole has outstanding
+technical knowledge and many years of collective experience in
+research and development, procurement, production, sales,
+finance and human resources management, as well as law and
+compliance. In addition, the Executive Board has a sufficient
+mix of ages that corresponds to the requirements set by the
+Supervisory Board; the gender balance also meets the
+requirements set by the Supervisory Board up to now and the
+legal requirements. Long-term succession planning within the
+meaning of Recommendation B.2 of the Code is achieved
+- The Executive Board should also have a sufficient mix
+of ages.
+The working conditions are also determined by the following
+guidelines and frameworks:
+- At least one Executive Board position should be held by
+-The Executive Board as a whole should have many years of
+experience in research and development, procurement,
+production, sales, finance and human resources
+management, as well as law and compliance.
+a woman.
+With the exception of the immediate reports by the Chairman
+of the Executive Board to the Chairman of the Supervisory
+Board on matters of particular importance, the Executive Board
+reports to the Supervisory Board in text form as a rule.
+The Executive Board and the Supervisory Board cooperate
+closely for the good of the company. The Chairman of the
+Executive Board coordinates the cooperation with the
+Supervisory Board and its members. He is responsible for
+ensuring that the Supervisory Board is informed in a timely,
+conscientious, and comprehensive manner. In addition, he is
+responsible for ensuring the basis for the prosperous
+development of the company through a constant exchange with
+the Chairman of the Supervisory Board and through ongoing
+consultation with him.
+The Executive Board reports to the Supervisory Board at least
+once a year on the intended business policy and other
+fundamental questions relating to business planning
+(particularly with regard to financial planning, investment
+planning and human resources planning) as well as the
+profitability of the company. The Executive Board also regularly
+informs the Supervisory Board about the progress of business,
+particularly sales revenue and the position of the company.
+Transactions that could be significant for the company's
+profitability or liquidity must be reported to the Supervisory
+Board by the Executive Board as promptly as possible, giving
+the Supervisory Board the opportunity to issue a statement on
+the transaction before it takes place. The Chairman of the
+Executive Board must also immediately inform the Chairman of
+the Supervisory Board about other important matters.
+- The Executive Board as a whole should have technical
+expertise, especially knowledge of and experience in the
+manufacture and sale of vehicles and engines of any kind as
+well as other technical products, and experience in the
+international domain.
+Key decisions by the Executive Board, such as the annual
+planning round, a major realignment of the company's business
+activities, significant financial transactions, larger acquisitions,
+and financial measures as well as the establishment, relocation,
+and dissolution of branches and certain production sites, are
+subject to the approval of the Supervisory Board.
+vote. Each Executive Board member manages his Board
+position independently, without prejudice to the collective
+responsibility of the Executive Board. All Executive Board
+members must inform each other of major events and
+measures within their Board position. The Porsche AG Group
+companies are managed solely by their respective
+management. The management of each individual company
+takes into account not only the interests of their own company
+but also the interests of the group in accordance with the
+framework laid down by law. Executive Board committees exist
+on the following topics: products, investments, digitalization as
+well as product quality and customer satisfaction. Alongside the
+responsible members of the Executive Board, the relevant
+central departments and the relevant functions of the divisions
+are represented on the committees.
+The Supervisory Board is mindful of diversity in the composition
+of the Executive Board. The Supervisory Board understands
+diversity, as an assessment criterion, to mean in particular
+different yet complementary specialist profiles and professional
+and general experience, also in the international domain, with all
+genders being appropriately represented. The Supervisory
+Board also takes the following aspects into account in this
+regard, in particular:
+Members of the Executive Board should have many years of
+management experience.
+- Members of the Executive Board should-if possible-have
+experience based on different training and professional
+backgrounds.
+Diversity Concept and Succession Planning for the
+Executive Board
+Membership of statutory supervisory boards in Germany
+Volkswagen Financial Services AG, Braunschweig (Chairman)1
+Volkswagen Financial Services Europe AG, Braunschweig (Chairman)1
+PowerCo SE, Salzgitter¹
+Familie Porsche AG Beteiligungsgesellschaft, Salzburg (Chairman)¹
+Schmittenhöhebahn AG, Zell am See¹
+Porsche Holding Gesellschaft m.b.H., Salzburg¹
+Comparable appointments in Germany and abroad
+AUDI AG, Ingolstadt¹
+Membership of statutory supervisory boards in Germany
+Porsche Automobil Holding SE, Stuttgart (Chairman) 1,3
+Volkswagen AG, Wolfsburg 1,3
+Membership of statutory supervisory boards in Germany
+Porsche Leipzig GmbH, Leipzig (since February 13, 2023)²
+Member since: 2022
+3 Listed company
+2 Appointment within the group
+Appointment outside the group
+Nationality: German
+Comparable appointments in Germany and abroad
+Sachsenheim; head of representatives body
+Member of the works council Zuffenhausen/Ludwigsburg/
+Membership on supervisory boards and other control bodies
+Volkswagen Group of America, Inc., Herndon (Chairman)¹
+Harald Buck (*1962)
+Porsche Austria Gesellschaft m.b.H., Salzburg (Deputy Chairman)¹
+Porsche Holding Gesellschaft m.b.H., Salzburg (Deputy Chairman)1
+Porsche Retail Gesellschaft m.b.H., Salzburg (Deputy Chairman)¹
+Ibrahim Aslan (*1973)
+Member since: 2020
+Nationality: German
+Chairman of the Board of Volkswagen Financial
+Dr. Christian Dahlheim (*1968)
+Nationality: German
+Chairman of Porsche general and group works council
+Member since: 2019
+Sachsenheim
+Zuffenhausen/Ludwigsburg/
+Chairman of the works council
+Members of the Supervisory Board
+Volkswagen Finance (China) Co., Ltd., Beijing'
+Comparable appointments in Germany and abroad
+Porsche Bank AG, Salzburg¹
+150
+↑↓ ↑ ||
+149
+Corporate Governance Members of the Supervisory Board and composition of the committees
+Volkswagen (China) Investment Co., Ltd., Beijing'
+1
+Porsche Dienstleistungs GmbH, Stuttgart (Chairman)²
+Porsche Werkzeugbau GmbH, Schwarzenberg²
+Porsche Consulting GmbH, Bietigheim-Bissingen²
+MHP Management und IT-Beratung GmbH, Ludwigsburg²
+Comparable appointments in Germany and abroad
+Member since: 2021
+KS HUAYU AluTech GmbH, Neckarsulm¹
+FlexFactory GmbH, Munich (until November 30, 2023)1
+Comparable appointments in Germany and abroad
+Porsche Leipzig GmbH, Leipzig (Chairman)²
+Membership of statutory supervisory boards in Germany
+P3X GmbH & Co. KG, Gilching (Chairman) (until December 31, 2023)²
+Porsche Logistik GmbH, Stuttgart²
+Porsche Lifestyle GmbH & Co. KG, Ludwigsburg?
+Porsche Financial Services GmbH Bietigheim-Bissingen²
+Porsche Enterprises Inc., Atlanta²
+Porsche Werkzeugbau GmbH, Schwarzenberg (Chairman)²
+Porsche Logistik GmbH, Stuttgart (Chairman)²
+Porsche Deutschland GmbH, Bietigheim-Bissingen (Chairman)²
+Porsche Digital GmbH, Ludwigsburg²
+Membership of statutory supervisory boards in Germany
+Porsche Leipzig GmbH, Leipzig²
+Porsche Digital GmbH, Ludwigsburg (Chairman) (since November 1, 2023)²
+Porsche Engineering Group GmbH, Weissach (since November 1, 2023)²
+Membership on supervisory boards and other control bodies
+Comparable appointments in Germany and abroad
+Membership of statutory supervisory boards in Germany
+Porsche Leipzig GmbH, Leipzig²
+Stiftung Münchner Sicherheitskonferenz GmbH, Munich (since June 26,
+2023)¹
+Porsche Deutschland GmbH, Bietigheim-Bissingen²
+Comparable appointments in Germany and abroad
+Membership on supervisory boards and other control bodies
+2 Appointment within the group
+Comparable appointments in Germany and abroad
+Nationality: German
+Smart Press Shop GmbH & Co. KG, Halle¹
+Membership of statutory supervisory boards in Germany
+Member of the Board of Management of Volkswagen AG
+for Finance and Operations
+Dr. Arno Antlitz (*1970)
+Nationality: German, Greek
+Member since: 2014
+Managing Director of Members and Finance of IG Metall
+Stuttgart
+Deputy Chairwoman
+Jordana Vogiatzi (*1976)
+Nationality: Austrian
+Member since: 2009
+Business administration graduate
+Volkswagen Osnabrück GmbH, Osnabrück¹
+Dr. Wolfgang Porsche (*1943)
+Chairman
+COMPOSITION OF THE COMMITTEES
+MEMBERS OF THE SUPERVISORY BOARD AND
+Porsche Engineering Services GmbH, Bietigheim-Bissingen (Chairman)²
+Porsche E-Bike Performance GmbH, Ottobrunn²
+Porsche Engineering Group GmbH, Weissach (Chairman)²
+Porsche Digital GmbH, Ludwigsburg²
+HIF Global LLC, Delaware¹
+Group 14 Technologies, Inc., Woodinville¹
+Cellforce Group GmbH, Tübingen (Chairman)²
+Comparable appointments in Germany and abroad
+CARIAD SE, Wolfsburg¹
+Members of the Supervisory Board
+Comparable appointments in Germany and abroad
+Volkswagen AG, Wolfsburg 1,3
+Wolfgang von Dühren (*1962)
+Volkswagen Bank GmbH, Braunschweig¹
+Member since: 2021
+Head of Human Resources Zuffenhausen
+Vera Schalwig (*1979)
+Membership of statutory supervisory boards in Germany
+Porsche Leipzig GmbH, Leipzig (Deputy Chairman)²
+Thales Deutschland GmbH, Ditzingen¹
+Comparable appointments in Germany and abroad
+Independent, non-executive member of the Board of Directors of
+JPMorgan Chase 1.3
+Comparable appointments in Germany and abroad
+Non-executive member of the Board of Directors of Benetton S.p.A.
+(since April 30, 2023)1
+Aeroporti di Roma S.p.A., Rome (until April 30, 2023)¹
+Pitti Immagine S.r.l., Florence (until July 31, 2023)1
+De Longhi S.p.A., Treviso 1.3
+VDF Servis ve Ticaret A.S., Istanbul (Chairman)]
+Volkswagen Dogus Finansman A.S., Istanbul (Chairman)¹
+Volkswagen Semler Finans Danmark A/S, Brøndby (Chairman)1
+Volkswagen Participações Ltda., São Paulo (Chairman)¹
+Comparable appointments in Germany and abroad
+VDF Sigorta Aracilik Hizmetleri A.S., Istanbul (Chairman)¹
+VDF Filo Kiralama A.S., Istanbul (Chairman)1
+VDF Faktoring A.S., Istanbul (Chairman)1
+VW New Mobility Services Investment Co., Ltd., Shanghai¹
+3 Listed company
+2 Appointment within the group
+Appointment outside the group
+Nationality: German
+Chairman of the works council Porsche Leipzig;
+Member of Porsche group works council
+Member since: 2019
+Nationality: German
+Knut Lofski (*1963)
+Stefan Schaumburg (*1961)
+Bargaining at the Board of Management of IG Metall
+Member since: 2021
+Services AG
+Membership of statutory supervisory boards in Germany
+CARIAD SE, Wolfsburg¹
+Membership on supervisory boards and other control bodies
+Nationality: Austrian
+Member since: 2016
+Spokesperson for the management of
+Porsche Holding GmbH
+Dr. Hans Peter Schützinger (*1960)
+Nationality: German
+Member of Porsche general and group works council
+Member since: 2019
+Chairman of the works council Weissach
+Carsten Schumacher (*1987)
+Members of the Supervisory Board
+152
+↑↓ ↑ 0 |||
+151
+Corporate Governance Members of the Supervisory Board and composition of the committees
+Membership of statutory supervisory boards in Germany
+Jenoptik AG, Jena (until December 31, 2023) 1,3
+3 Listed company
+2 Appointment within the group
+1 Appointment outside the group
+Nationality: German
+Trade Union Secretary/Head of the Functional Area of
+Collective
+Nationality: German
+Trade union secretary of IG Metall-Stuttgart office
+Member since: 2021
+Nora Leser (*1981)
+AUDI AG, Ingolstadt¹
+Porsche Automobil Holding SE, Stuttgart 1,3
+Membership of statutory supervisory boards in Germany
+Porsche Holding Gesellschaft m.b.H., Salzburg¹
+Schmittenhöhebahn AG, Zell am See¹
+Comparable appointments in Germany and abroad
+Porsche Automobil Holding SE, Stuttgart (Deputy Chairman) 1.3
+Volkswagen AG, Wolfsburg 1,3
+AUDI AG, Ingolstadt¹
+Membership of statutory supervisory boards in Germany
+Membership on supervisory boards and other control bodies
+Member since: 2010
+Nationality: Austrian
+Chairman of the Supervisory Board of Volkswagen AG
+Porsche Automobil Holding SE
+Chairman of the Board of Management of
+Hans Dieter Pötsch (*1951)
+Member since: 2010
+Nationality: Austrian
+Porsche AG Beteiligungsgesellschaft
+Member of the Board of Management of Familie
+Dr. Ferdinand Oliver Porsche (*1961)
+Dr. Hans Michel Piëch (*1942)
+Attorney at law
+Member since: 2009
+Nationality: Austrian
+Members of the Supervisory Board
+Volkswagen AG, Wolfsburg 1,3
+Comparable appointments in Germany and abroad
+Porsche Holding Gesellschaft m.b.H., Salzburg¹
+Porsche Lifestyle GmbH & Co. KG, Ludwigsburg¹
+Membership of statutory supervisory boards in Germany
+AUDI AG, Ingolstadt¹
+Nationality: German
+Member since: 2019
+Member of Porsche general and group works council
+Works council Zuffenhausen
+Akan Isik (*1971)
+Nationality: German
+Member since: 2014
+Head of International VIP & Special Sales Porsche AG
+Nationality: USA, British
+Chair & Chief Executive Officer at Kyriba
+Membership of statutory supervisory boards in Germany
+Melissa Di Donato Roos (*1972)
+Member since: 2022
+Member of the Supervisory Board at De Longhi Group
+Member of the Supervisory Board at Aeroporti di
+Roma S.p.A. (until April 30, 2023)¹
+Micaela le Divelec Lemmi (*1968)
+VfL Wolfsburg-Fußball GmbH, Wolfsburg (Deputy Chairman)1
+Porsche Austria Gesellschaft m.b.H., Salzburg (Chairman)1
+Porsche Holding Gesellschaft m.b.H., Salzburg (Chairman)1
+Porsche Retail GmbH, Salzburg (Chairman)¹
+Autostadt GmbH, Wolfsburg¹
+Comparable appointments in Germany and abroad
+TRATON SE, Munich (Chairman) 1.3
+Wolfsburg AG, Wolfsburg¹
+Bertelsmann SE & Co. KGaA, Gütersloh¹
+Volkswagen AG, Wolfsburg (Chairman) 1.3
+Bertelsmann Management SE, Gütersloh¹
+Nationality: Italian
+Member since: 2022
+> https://investorrelations.porsche.com/en/corporate-governance. Further
+information on the work of the Supervisory Board can be found
+in the Report of the Supervisory Board in the → To our shareholders
+chapter of the Annual and Sustainability Report 2023, which is
+available on the company's website at
+Hauke Stars (*1967)
+€
+Short-term variable remuneration (STI) 2023
+Variable remuneration
+Total fixed remuneration
+Fringe benefits
+Fixed remuneration
+Annual base salary
+2023
+Lutz Meschke 1, Deputy Chairman of the Executive Board; Finance and IT
+Further details on the tables are presented below the individual
+tables.
+The service contracts of the Executive Board members contain
+penalty and clawback rules. Porsche AG did not make use of
+these rules in fiscal year 2023.
+Pension expense is reported as service cost within the meaning
+of IAS 19. The service cost in accordance with IAS 19 does not
+constitute remuneration granted or owed within the meaning of
+section 162 (1) sentence 1 AktG as it is not actually received
+by the Executive Board member in the reporting year. Other
+benefits such as surviving dependents' pensions and the use of
+company cars during retirement are also factored in.
+fiscal year in accordance with section 162 (1) sentence 1 AktG.
+They thus include all benefits actually received in the respective
+fiscal year, regardless of the fiscal year for which the Executive
+Board members received them.
+The relative shares shown in the tables relate to the
+remuneration components granted and owed in the respective
+The following tables show the remuneration actually received
+by members of the Executive Board in fiscal year 2023. The
+remuneration reported as granted in fiscal year 2023 thus
+consists of the base salary paid out in fiscal year 2023, the
+fringe benefits, and the annual bonus paid in the month
+following the approval of the consolidated financial statements
+of Porsche AG for fiscal year 2023 for which the related service
+has been fully performed. In fiscal year 2023, the LTI for
+2020-2022 would also have been paid out to the extent that it
+exceeded the guaranteed amount for fiscal year 2020 that was
+paid out in 2021. Moreover, the guaranteed amount for fiscal
+year 2022 was paid out in fiscal year 2023, as was the first
+tranche of the IPO bonus with a one-year term. As Porsche AG
+was not in default on the payment of remuneration
+components, no remuneration owed is reported in the tables.
+2.1. Overview in the tables
+%
+158
+950,000
+65,987
+1,015,987
+1.8
+100.0
+327,993
+2
+Dr. Blume receives a fringe benefit allowance from Volkswagen AG
+Total remuneration including pension expenses
+2,915,447
+Corporate Governance Remuneration report 2023
+159
+↑↓ ↑ |||
+Appointment outside the group
+Guaranteed LTI 2022-2024
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+45.5
+1,649,200
+28.0
+26.2
+2,587,454
+157
+The term "owed" (geschuldet) refers to all legally existing
+liabilities for remuneration components that are due but
+have not yet been fulfilled.
+designed to attract qualified
+candidates.
+(Compensation) payments are
+The aim of the IPO bonus is to promote
+the commitment of the Executive
+Board members in preparing the IPO
+and, by its design as a three-year share
+plan, also take into account the long-
+term success of the IPO.
+Target
+Dr. Oliver Blume receives pro rata remuneration from Porsche AG and Volkswagen AG.
+per fiscal year, for the Deputy Chairman of the Executive
+Board: €6,000,000 gross per fiscal year and for regular
+Executive Board members: €5,000,000 gross per fiscal year
+- For the Chairman of the Executive Board¹: €5,000,000 gross
+This includes the base salary paid for the fiscal year in
+question, the fringe benefits granted for the fiscal year in
+question, the service cost of company pensions, the annual
+bonus granted for the fiscal year in question and paid out in
+the following year, the LTI paid out in the fiscal year in
+question whose performance period ends immediately before
+the respective fiscal year, any benefits granted to new
+Executive Board members for the fiscal year in question and
+the payment amount for the sub-tranche of the IPO bonus
+that is paid out in the fiscal year in question
+- A clawback is not permissible if more than three years have
+elapsed since the variable remuneration component was paid
+Option for the Supervisory Board to reduce the annual bonus
+and LTI by up to 100% in the event of relevant misconduct
+during the respective relevant assessment period or to request
+repayment if such remuneration has already been paid out
+- No non-competition payments if taking up work at
+Volkswagen AG and/or in the Volkswagen Group
+- Payment of a non-competition payment net of the pension
+Benefits in connection with a significant relocation, if any
+or other financial disadvantages, if any
+- Payments to compensate for forfeited variable remuneration
+Non-competition payments are made
+as compensation for observing the
+post-contractual non-competition
+covenant.
+Corporate Governance Remuneration report 2023
+Intended to encourage lawful and
+ethical behavior among Executive
+Board members.
+On September 15, 2023, the Supervisory Board of Porsche AG
+resolved to adjust the base salary and the target amounts of
+the STI and LTI under the Executive Board remuneration
+system with effect from January 1, 2024. Furthermore, on
+February 28, 2024, the Supervisory Board resolved to adjust
+the Executive Board remuneration system and to present the
+adjusted Executive Board remuneration system to the Annual
+General Meeting 2024 for approval. In the future, the return on
+investment (ROI) financial sub-target is to be replaced by the
+net cash flow margin (NCF margin) of the Porsche AG Group's
+automotive segment. The NCF margin - unlike ROI - is one of
+the five key performance indicators for managing the Porsche
+AG Group, along with the operating return on sales (ROS).
+These performance indicators are derived from the strategy
+and the underlying strategic objectives and are essential
+components of group planning and budgeting. From Porsche
+AG's perspective, the NCF margin is therefore a more suitable
+indicator than the current ROI sub-target for aligning the
+remuneration of Executive Board members with the interests of
+the company and the capital market. The ESG criterion of
+employee satisfaction will be incorporated into the ESG factor
+and the weighting of the ESG sub-targets adjusted. Adding
+employee satisfaction is intended to reflect sustainability
+aspects more broadly and place people more prominently at the
+center of Porsche AG's actions. Maintaining a high level of
+employee satisfaction will secure Porsche AG's leading role in
+the competition for the best applicants. In order to adequately
+capture the elements of the social ESG sub-target, which will
+consist of three ESG criteria going forward, the environmental
+ESG sub-target is to be weighted at 40% and the social ESG
+sub-target at 60%. However, the decarbonization index (DCI)
+will remain the most heavily weighted criterion. Following
+approval by the Annual General Meeting 2024, the adjusted
+Executive Board remuneration system will be applied
+retroactively to all Executive Board members as of January 1,
+2024.
+-The term "granted" (gewährt) refers to the actual receipt
+(Zufluss) of the remuneration component.
+In accordance with section 162 (1) sentence 1 AktG, the
+remuneration report must report on the remuneration granted
+and owed to each individual member of the Executive Board in
+the last fiscal year. These terms are understood as follows:
+2. REMUNERATION GRANTED AND OWED IN FISCAL YEAR
+2023
+The Executive Board of Porsche AG has members who hold
+mandates on other executive boards in addition to Porsche AG.
+Some of the Executive Board members receive separate
+remuneration for these mandates. For their work on the
+Executive Board, its members do not receive additional
+remuneration for discharging other mandates on management
+bodies, supervisory boards or similar, especially in other
+companies of the Volkswagen Group. If such remuneration is
+nevertheless granted, it is counted toward the remuneration for
+their work as a member of the Executive Board of Porsche AG
+and reduces it accordingly - with the exception of the
+remuneration received by Dr. Blume and Dr. Steiner from
+Volkswagen AG and Mr. Meschke from Porsche SE.
+- Dr. Michael Steiner has been a member of the Executive
+Board since May 3, 2016.
+Albrecht Reimold has been a member of the Executive Board
+since February 1, 2016.
+Detlev von Platen has been a member of the Executive
+Board since November 1, 2015.
+Sajjad Khan has been a member of the Executive Board
+since November 1, 2023.
+- Andreas Haffner has been a member of the Executive Board
+since October 1, 2015.
+- Lutz Meschke has been a member of the Executive Board
+since November 6, 2009 and Deputy Chairman of the
+Executive Board since October 1, 2015. He has also been a
+member of the Executive Board of Porsche Automobil
+Holding SE (Porsche SE) since July 2020 and receives
+remuneration from Porsche SE for this role that is not
+counted toward the remuneration from Porsche AG.
+Barbara Frenkel has been a member of the Executive Board
+since August 19, 2021.
+of Dr. Blume's work. The Volkswagen AG remuneration will
+not be counted toward the Porsche AG remuneration.
+Volkswagen AG. Starting January 1, 2023, Dr. Blume has
+received remuneration from Volkswagen AG and Porsche
+AG. The remuneration from Volkswagen AG and Porsche AG
+will be calculated and paid out pro rata based on the scope
+- Dr. Oliver Blume has been a member of the Executive Board
+since January 1, 2013 and Chairman of the Executive Board
+since October 1, 2015. Additionally, he has been a member
+of the Board of Management of Volkswagen AG since April
+13, 2018 and the Chairman of the Board of Management
+since September 1, 2022. Until December 31, 2022, Dr.
+Blume did not receive any remuneration within the meaning
+of section 162 (1) no. 1 AktG from Porsche AG, only from
+1. EXECUTIVE BOARD MEMBERS IN FISCAL YEAR 2023
+The members of the Porsche AG Executive Board in fiscal year
+2023 were as follows:
+III. Remuneration of the Executive Board members
+serving in fiscal year 2023
+Maximum remuneration is intended to
+ensure that the remuneration of the
+Executive Board members is not
+unreasonably high when measured
+against the peer group.
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Pension expenses
+Dr. Blume also receives remuneration from Volkswagen AG. This remuneration is not counted toward the remuneration from Porsche AG. The remuneration received
+by Dr. Blume from Volkswagen AG in fiscal year 2023 is presented in the remuneration report 2023 of Volkswagen AG.
+67.7
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+2023
+1 Mr. Meschke also receives remuneration from Porsche SE. This remuneration is not counted toward the remuneration from Porsche AG. The remuneration received by
+Mr. Meschke in fiscal year 2023 from Porsche SE is presented in the remuneration report 2023 of Porsche SE.
+€
+%
+Barbara Frenkel, Member of the Executive Board; Procurement
+800,000
+28.3
+0
+0.0
+800,000
+28.3
+1,388,800
+49.2
+Fixed remuneration
+Short-term variable remuneration (STI) 2023
+Annual base salary
+Variable remuneration
+Fringe benefits
+Tranche 1 of the IPO bonus
+363,972
+10.0
+2,609,596
+72.0
+3,625,583
+100.0
+386,206
+4,011,789
+Total variable remuneration
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Pension expenses
+Total remuneration including pension expenses
+Dr. Oliver Blume¹, Chairman of the Executive Board
+Fixed remuneration
+Annual base salary
+Total fixed remuneration
+Fringe benefits
+Total fixed remuneration
+Variable remuneration
+Multiyear variable remuneration/long-term incentive (LTI)
+2,025,627
+71.7
+Guaranteed LTI 2022-2024
+0
+0.0
+2,825,627
+100.0
+Tranche 1 of the IPO bonus
+363,972
+14.1
+Total remuneration including pension expenses
+324,342
+3,149,969
+Total variable remuneration
+1,752,772
+22.5
+636,827
+Pension expenses
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Short-term variable remuneration (STI) 2023
+2023
+€
+%
+800,000
+30.9
+34,682
+834,682
+Forfeiture of all outstanding sub-tranches
+without replacement or compensation in the
+event of the Executive Board member being
+responsible for termination for good cause
+pursuant to section 626 BGB or revocation of
+appointment because of gross breach of duty
+pursuant to section 84 (4) AktG
+1.4
+Guaranteed LTI 2022-2024
+0
+0.0
+1,388,800
+53.6
+Tranche 1 of the IPO bonus
+Total variable remuneration
+32.3
+REMUNERATION REPORT 2023
+-If the service relationship is terminated
+during the performance period, payment not
+until the regular date
+Market capitalization of Porsche AG
+Share price performance of the Porsche
+preferred share including dividends
+Fiscal year 2023 was a challenging year for Porsche AG in many
+respects. Despite changed conditions, a large number of
+political and economic crises and the ongoing transformation,
+Porsche AG successfully closed 2023, increasing the operating
+result of the Porsche AG Group by €512 million to €7,284
+million. Executive Board remuneration also benefited from this
+positive development.
+EXECUTIVE BOARD
+A. REMUNERATION OF THE MEMBERS OF THE
+The Executive Board and Supervisory Board of Porsche AG have
+previously prepared a remuneration report in accordance with
+section 162 AktG for fiscal year 2022. The Annual General
+Meeting approved the remuneration report 2022 on June 28,
+2023 with 100% of the votes cast.
+The Executive Board and Supervisory Board of Dr. Ing. h.c. F.
+Porsche AG (Porsche AG) are required to prepare a clear and
+comprehensible remuneration report in accordance with
+section 162 of the German Stock Corporation Act (AktG). In
+this report, the Executive Board and Supervisory Board explain
+the main features of the remuneration system for the members
+of the Executive Board and Supervisory Board. The
+remuneration report also contains an individualized breakdown
+of the remuneration components provided to current and
+former members of the Executive Board and Supervisory Board.
+Akan Isik
+Wolfgang von Dühren
+Hauke Stars
+Micaela le Divelec Lemmi
+Dr. Hans Michel Piëch
+Members of the Related Party Committee
+Hauke Stars
+Dr. Arno Antlitz
+Dr. Wolfgang Porsche (Chairman)
+Members of the Nomination Committee
+I. Principles of Executive Board remuneration
+The Supervisory Board adopted a remuneration system for the
+Executive Board (the Executive Board remuneration system) on
+September 14, 2022 with effect from January 1, 2023. This
+Executive Board remuneration system implements the
+requirements of AktG as amended by ARUG II and takes into
+account the recommendations of the German Corporate
+Governance Code (the Code) in the version dated April 28,
+2022 (which entered into force on June 27, 2022). The Annual
+General Meeting approved the Executive Board remuneration
+system in a say-on-pay vote on June 28, 2023 with 100% of
+the votes cast.
+Harald Buck
+Since January 1, 2023, the remuneration of the Executive
+Board has complied fully with the requirements of the
+Porsche AG already had a remuneration system for the
+members of the Executive Board prior to the IPO (the former
+Executive Board remuneration system). The Supervisory Board
+decided to settle the remuneration of the Executive Board in
+accordance with the contractual arrangements applicable under
+the former Executive Board remuneration system for a
+transitional period up until December 31, 2022. The
+remuneration granted and owed as presented in this
+remuneration report therefore also includes remuneration
+components under the former Executive Board remuneration
+system, such as the long-term incentive (LTI) for 2020-2022,
+the 2022 guaranteed amount and the first tranche of the IPO
+bonus. The former Executive Board remuneration system
+permissibly did not correspond to all of the current statutory
+and regulatory requirements for listed stock corporations.
+Variable remuneration
+components
+Occupational retirement
+provision
+Fringe benefits
+Base salary
+components
+Fixed remuneration
+Target
+Measurement base/parameters
+Remuneration component
+154
+↑↓ ↑ ||
+153
+Corporate Governance Remuneration report 2023
+II. Overview of the remuneration components of the
+former Executive Board remuneration system
+The table below provides an overview of the components of the
+Executive Board remuneration system applicable for fiscal year
+2023. The table also outlines the composition of the individual
+remuneration components and explains their targets and how
+the remuneration will promote Porsche AG's long-term
+performance. More information on the specific remuneration
+components can also be found in section A.III.
+This chapter first provides an overview of the Executive Board
+remuneration system before going into the components of the
+remuneration in fiscal year 2023.
+Executive Board remuneration system. Porsche AG was
+assisted by independent remuneration and legal consultants
+during the development of the Executive Board remuneration
+system. The level of the Executive Board remuneration should
+be appropriate and attractive in the context of the company's
+national and international peer group. Criteria include the tasks
+of the individual Executive Board member, the economic
+situation, and the performance of and outlook for the company,
+as well as how customary the remuneration is when measured
+against the peer group. In this context, comparative studies on
+remuneration are conducted on a regular basis.
+- Twelve equal installments payable at month end
+2023: Chairman of the Executive Board¹: €800,000; Deputy
+Chairman of the Executive Board: €950,000; Executive Board
+Jordana Vogiatzi
+Dr. Wolfgang Porsche (Chairman)
+PowerCo SE, Salzgitter¹
+RWE AG. Essen 1.3
+CARIAD SE, Wolfsburg'
+AUDI AG, Ingolstadt¹
+Membership of statutory supervisory boards in Germany
+Din Bil Sverige AB, Stockholm¹
+Gletscherbahnen Kaprun AG, Kaprun¹
+Schmittenhöhebahn AG, Zell am See¹
+Comparable appointments in Germany and abroad
+Porsche Hungaria Kereskedelmi Kft., Budapest¹
+Volkswagen Financné služby Slovensko s.r.o., Bratislava1
+Porsche Versicherungs AG, Salzburg¹
+Porsche Bank AG, Salzburg¹
+Membership of statutory supervisory boards in Germany
+Volkswagen Financial Services AG, Braunschweig¹
+Listed company
+3
+2 Appointment within the group
+1 Appointment outside the group
+Member since: 2022
+Nationality: German
+for IT
+Member of the Board of Management of Volkswagen AG
+Comparable appointments in Germany and abroad
+Hauke Stars
+Kühne + Nagel International AG, Schindellegi¹.3
+Members of the Executive Committee
+(3) of the German Co-Determination Act (MitbestG)
+Members of the Mediation Committee pursuant to section 27
+Harald Buck
+Nora Leser
+Carsten Schumacher
+Dr. Ferdinand Oliver Porsche
+Micaela le Divelec Lemmi
+Dr. Christian Dahlheim (Chairman)
+Members of the Audit Committee
+Carsten Schumacher
+Harald Buck
+Jordana Vogiatzi
+Hauke Stars
+Dr. Arno Antlitz
+Dr. Wolfgang Porsche (Chairman)
+COMMITTEES OF THE SUPERVISORY BOARD OF
+PORSCHE AG AS OF DECEMBER 31, 2023
+member: €800,000
+Fringe benefits, including:
+A vehicle with a fuel/charging card, also for private use;
+Porsche AG pays the tax due on the benefit in kind
+-Right to two leased vehicles
+Measurement base/parameters
+Remuneration component
+↑↓ ↑ 0 |||
+156
+↑↓ ↑ |||
+155
+Corporate Governance Remuneration report 2023
+1 Dr. Oliver Blume receives pro rata remuneration from Porsche AG and Volkswagen AG.
+- Forfeiture of all outstanding tranches
+without replacement or compensation in the
+event of the Executive Board member being
+responsible for termination for good cause
+pursuant to section 626 BGB or revocation
+of appointment because of gross breach of
+duty pursuant to section 84 (4) AktG or
+breach of (post-contractual) non-
+competition covenant
+-Pro rata reduction of the target amount if the
+service contract starts or ends during the
+fiscal year when shares are granted
+In cash in the month following approval of the
+consolidated financial statements of the
+Porsche AG Group for the last fiscal year of the
+performance period
+Exit:
+to ensure the long-term effect of the
+behavioral incentives and support the
+strategic target of achieving
+competitive profitability.
+Measured forward over four years
+EPS of the Porsche AG Group
+Other benefits
+Performance
+criterion:
+Performance
+period:
+Payment:
+IPO bonus
+Post-contractual non-
+competition covenant
+Maximum of 150% of the grant amount;
+minimum of 70% of the grant amount
+Not granted if market capitalization is below
+threshold value
+Dependent on market capitalization of
+Porsche AG at IPO
+One, two and three years after the IPO (three
+tranches)
+Exit:
+Payment:
+Performance
+criteria:
+Cap:
+Threshold:
+Grant amount:
+Virtual share plan
+Plan type:
+Term:
+1
+Maximum remuneration
+Penalty and clawback
+Benefits agreed with new
+Executive Board members for a
+defined period of time or for the
+entire term of their service
+contracts
+Chairman of the Executive Board: €2,400,000;
+Deputy Chairman of the Executive Board:
+€2,800,000; Executive Board member:
+€2,346,666
+200% of the target amount, i.e.:
+Chairman of the Executive Board: €1,200,000; remuneration of the Executive Board
+Deputy Chairman of the Executive Board:
+members with the Porsche AG Group's
+€1,400,000; Executive Board member:
+long-term performance. The financial
+€1,173,333
+performance target EPS (earnings per
+share) of the Porsche AG Group in
+conjunction with share price
+performance and the dividends paid,
+measured over four years, is intended
+Cap:
+for 2023:
+Plan type:
+Annual bonus/short-term
+incentive (STI)
+Target amount
+is intended to provide Executive Board
+members with an adequate pension
+when they retire.
+- Usually paid out when the members reach the age of 67
+- Defined contribution plans with an annual contribution of 40% The occupational retirement provision
+of the annual base salary
+tasks and responsibility of the
+Executive Board members, provide a
+basic income, and prevent them from
+taking inappropriate risks.
+The basic remuneration and fringe
+benefits are intended to reflect the
+- Security
+- Insurance (accident, travel luggage, D&O insurance)
+-Preventive medical check-ups
+-Allowance for health and long-term care insurance
+-Benefit in kind subject to lump-sum taxation
+Performance
+criteria:
+Assessment
+period:
+Payment:
+Target bonus
+Chairman of the Executive Board¹: €800,000;
+Deputy Chairman of the Executive Board:
+€950,000; Executive Board member: €800,000
+The LTI serves to align the
+Target
+Cap:
+Target amount:
+Virtual performance share plan
+Plan type:
+Measurement base/parameters
+Each sub-tranche at the end of the month
+following the first, second and third
+anniversaries of the IPO
+Long-term incentive (LTI)
+The annual bonus is designed to
+motivate Executive Board members to
+pursue ambitious targets. The financial
+performance targets are intended to
+support the strategic target of
+achieving competitive profitability.
+1 Dr. Oliver Blume receives pro rata remuneration from Porsche AG and Volkswagen AG.
+Pro rata reduction if the service contract
+starts or ends during the year
+In cash in the month following approval of
+the consolidated financial statements of
+Porsche AG for the fiscal year in question
+ESG targets (multiplier 0.63-1.43)
+Fiscal year in question
+Return on investment (ROI) of the Porsche
+AG Group, Automotive Division (50%)
+-Operating return on sales (ROS) of the
+Porsche AG Group (50%)
+180% of the target amount, i.e.:
+Chairman of the Executive Board: €1,440,000;
+Deputy Chairman of the Executive Board:
+€1,710,000; Executive Board member:
+€1,440,000
+Remuneration component
+Beginning of membership of the Executive Board: 2016
+Nationality: German
+16.5
+Dr. Michael Steiner (*1964)
+(3) Research and development
+(1) Manufacture and sale
+(2) Automotive sector and
+transformation
+Skills and Expertise Supervisory Board
+(3) Knowledge of and skills and professional experience in
+the field of research and development, particularly
+technologies with relevance for the company.
+of
+(2) Knowledge of and skills and professional experience in
+the automotive industry and its transformation-
+especially with view to the topics of electromobility and
+mobility services-the business model and the market,
+as well as product expertise.
+(1) Knowledge of and skills and professional experience in
+the manufacture and sale of all types of vehicles and
+engines or other technical products.
+In addition, the Supervisory Board has decided on the following
+skill set for the full Board. The Supervisory Board as a whole
+must collectively have the knowledge, skills, and professional
+expertise required to properly perform its supervisory function
+and assess and monitor the business conducted by the
+company. For this, the members of the Supervisory Board must
+collectively be familiar with the sector in which the company
+operates. The key skills and requirements of the Supervisory
+Board as a whole include, in particular:
+The members of the Supervisory Board should complement
+each other in terms of their cultural origin, professional
+experience, and skills, so that the Supervisory Board can
+draw upon as broad a range of different experiences and
+specialist skills as possible.
+(4) Management/supervision
+experience
+A range of age groups should be represented on the
+Supervisory Board. At least twelve members of the
+Supervisory Board should have not reached their 65th
+birthday at the time of their election.
+With regard to its composition, the Supervisory Board strives
+for sufficient diversity in terms of personality, internationality,
+professional background, skills, and experience as well as age
+and takes the following diversity criteria into account for
+its composition:
+- The diversity concept described below should.
+be implemented.
+All members of the Supervisory Board must ensure that they
+have sufficient time available to discharge their duties.
+Supervisory Board members should not hold board or
+advisory positions at major competitors of the company and
+should not be in a personal relationship involving a major
+competitor.
+No more than two former members of the Executive Board
+should be members of the Supervisory Board.
+At least two shareholder representatives should, in the
+opinion of the shareholder representatives, be considered
+independent of the company and its Executive Board and
+independent of a controlling shareholder within the meaning
+of recommendation C.6 of the Code.
+- Each member of the Supervisory Board must be reliable and
+have the knowledge and skills required to properly perform
+the duties assigned to them.
+The Supervisory Board has set the following concrete
+objectives for its composition:
+The Supervisory Board must be made up of at least 30%
+women and at least 30% men. The minimum participation of
+the genders must be fulfilled by the Supervisory Board as a
+whole. If, prior to the election, the side of the shareholder
+representatives or the side of the employee representatives
+raises an objection with the Chairman of the Supervisory
+Board, based on a resolution adopted by a majority, against
+the fulfillment of the minimum participation of the genders
+by the Supervisory Board as a whole, the minimum
+participation of the genders for that election will have to be
+fulfilled separately by the side of the shareholder
+representatives and by the side of the employee
+representatives (section 96 (2) sentences 1 to 3 AktG).
+- At least two members of the Supervisory Board should have
+international experience, either because of their origin or an
+educational or professional activity abroad over several
+years.
+a whole must be familiar with the sector in which the
+company operates (section 100 (5) AktG).
+(5) Governance/legal/compliance
+(6) Finance, accounting/auditing
+(8) Personnel expertise and
+remuneration
+Akan Isik
+Harald Buck
+Jordana Vogiatzi
+Hauke Stars
+Dr. Hans Peter Schützinger
+Hans Dieter Pötsch
+Dr. Ferdinand Oliver Porsche
+Dr. Hans Michel Piëch
+Micaela le Divelec Lemmi
+(7) Capital market, controlling, and
+risk management
+Melissa Di Donato Roos
+Dr. Arno Antlitz
+Dr. Wolfgang Porsche
+(7) Knowledge of and skills and professional experience in
+the capital markets as well as knowledge of and skills
+and professional experience in the areas of controlling,
+risk management, and internal control system.
+(5) Knowledge of and skills and professional experience in
+the areas of governance, law, or compliance.
+(6) Knowledge of and skills and professional experience in
+the areas of finance, accounting, and auditing, primarily
+knowledge of and experience in the application of
+accounting principles and internal control and risk
+management systems and in sustainability reporting as
+well as the audit and review of sustainability reporting
+(financial experts).
+(4) Knowledge of and skills and professional experience in
+leadership positions and supervisory bodies of
+companies, including holding companies and start-ups,
+or large organizations.
+(12) Luxury goods sector
+(11) Digital
+(10) Sustainability
+(9) Co-determination
+Dr. Christian Dahlheim
+- At least one member of the Supervisory Board must have
+specialist knowledge in the area of accounting and at least
+one other member of the Supervisory Board must have
+specialist knowledge in the area of auditing; the members as
+- Each member of the Supervisory Board must meet the
+requirements provided by law and the Articles of Association
+for membership in the Supervisory Board (see in particular
+sections 100 (1) to (4), 105 AktG).
+General requirements:
+> https://investorrelations.porsche.com/en/corporate-governance.
+Working Procedures of the Supervisory Board
+As a rule, the Supervisory Board adopts its resolutions in (in-
+person) meetings. It must hold at least two meetings in both
+the first and second halves of the calendar year. The number of
+meetings held in fiscal year 2023 and their main topics can be
+found in the Report of the Supervisory Board at
+Members of the Supervisory Board receive appropriate support
+from the company upon induction as well as with respect to
+education and training. Education and training measures are
+outlined in the Report of the Supervisory Board.
+Supervisory Board members should not hold board or advisory
+positions at major competitors of the company and should not
+be in a personal relationship involving a major competitor.
+Each member of the Supervisory Board is obliged to act in the
+company's best interests and discloses any conflicts of interest
+to the Chairman of the Supervisory Board without delay. In its
+report to the Annual General Meeting, the Supervisory Board
+informs the Annual General Meeting of any conflicts of interest
+among Supervisory Board members that have arisen and how
+these were dealt with.
+The Supervisory Board appoints the Executive Board members
+and, on the basis of the Executive Committee's
+recommendations, decides on a clear and comprehensible
+system of remuneration for the Executive Board members. It
+presents this system to the Annual General Meeting as a
+resolution for approval every time there is a material change,
+but at least once every four years.
+A dedicated office of the Supervisory Board Chairman is
+equipped with corresponding personnel resources in order to
+help the Chairman of the Supervisory Board perform his duties
+and to manage the business of the Supervisory Board.
+generally an employee representative. Both are elected by the
+other members of the Supervisory Board.
+The Chairman of the Supervisory Board is generally a
+shareholder representative, and the Deputy Chairman is
+The Chairman of the Supervisory Board coordinates the work
+within the Supervisory Board and presides over the Supervisory
+Board meetings. He represents the Supervisory Board externally
+and in dealings with the Executive Board. The Executive Board
+generally attends the Supervisory Board meetings, unless the
+Supervisory Board has resolved otherwise in a specific case.
+The Supervisory Board of Porsche AG consists of 20 members,
+half of whom are shareholder representatives elected by the
+Annual General Meeting. The other half of the Supervisory
+Board consists of employee representatives elected by the
+employees in accordance with the German Co-Determination
+Act (MitbestG). A total of seven of these employee
+representatives are company employees elected by the
+workforce; the other three employee representatives are trade
+union representatives elected by the workforce.
+> https://investorrelations.porsche.com/en/financial-figures.
+Information on the composition of the Supervisory Board and
+the Supervisory Board committees and their chairmen as well
+as on the terms of office of the individual Supervisory Board
+members can be found under the headings "Our Supervisory
+Board" and "Committees of the Supervisory Board of
+Porsche AG" on the company's website at
+The Supervisory Board fulfills the tasks imposed on it in
+accordance with the requirements stipulated by law, the
+Articles of Association, and the Rules of Procedure for the
+Supervisory Board. It works on the basis of the
+recommendations and suggestions of the Code. It advises and
+monitors the Executive Board with regard to the management
+of the company and, through the requirement for the
+Supervisory Board to provide consent, is directly involved in
+decisions of fundamental importance to the company.
+SUPERVISORY BOARD
+Executive Board and the Chairman of the Supervisory Board as
+well as regular discussions in the Executive Committee. The
+contract terms for existing Executive Board members are
+discussed, along with potential extensions and potential
+successors. In particular, the discussions look at what
+knowledge, experience, and professional and personal
+competencies should be represented on the Executive Board
+with regard to the corporate strategy and current challenges,
+and to what extent the current composition of the Executive
+Board already reflects this. Long-term succession planning is
+based on the corporate strategy and corporate culture and
+takes into account the diversity concept determined by the
+Supervisory Board. As a rule, members of the Executive Board
+should be appointed for a term of office ending no later than
+their 65th birthday; the Supervisory Board can vote to deviate
+from this in justified cases.
+through regular discussions between the Chairman of the
+140
+596,424
+Research and Development
+Overview
+The Supervisory Board also meets regularly without the
+Executive Board. In the event the auditor is called as an expert
+to the meeting, the Executive Board does not participate in the
+meeting for the duration of the auditor's presence unless the
+Supervisory Board deems their participation to be necessary.
+The Chairman of the Supervisory Board convenes and presides
+over the Supervisory Board meetings. If he is unable to do so,
+the Deputy Chairman performs these tasks.
+The Supervisory Board is quorate if all members of the
+Supervisory Board have been duly invited and at least half of its
+total members of which it has to be composed participate in the
+adoption of the resolution. The Chairman determines the order
+of the agenda items and the voting procedure. Resolutions may
+also be passed outside of meetings in writing or using
+electronic media (that is, by fax, email or another standard form
+of telecommunications as well as any combination of these),
+provided that the Chairman announces this within a reasonable
+period of time and no Supervisory Board member objects to this
+procedure within that reasonable period of time. Absent
+Supervisory Board members or those not participating in the
+conference call or those participating remotely may also
+participate in the resolution of the Supervisory Board by
+submitting their vote in writing through another Supervisory
+Board member. They may also submit their vote orally, by
+telephone, in writing, or by electronic media prior to the
+meeting, during the meeting, or-at the discretion of the
+Chairman-within a reasonable period after the meeting to be
+determined by the Chairman of the Supervisory Board.
+In view of the company's specific situation, its purpose, its size,
+and the extent of its international activities, the Supervisory
+Board of Porsche AG strives to achieve a composition that takes
+the company's ownership structure and the following aspects
+into account:
+Concrete Objectives for the Composition of the
+Supervisory Board, Diversity Concept, and Skill Set
+for the Full Board
+>https://investorrelations.porsche.com/en/corporate-governance.
+A more detailed description of the duties and responsibilities of
+the individual committees can be found in the Rules of
+Procedure for the Supervisory Board, which are available on the
+company's website at
+Among other things, the Audit Committee discusses the
+auditing of accounting, including the annual and consolidated
+financial statements, as well as monitoring of the financial
+reporting process and the audit. It also discusses compliance,
+the effectiveness of the risk management system, internal
+control system, and internal audit system. In addition, the Audit
+Committee discusses interim financial information with the
+Executive Board.
+The Mediation Committee has the task of submitting proposals
+to the Supervisory Board for an appointment or revocation of
+appointment of Executive Board members if in a first vote the
+Supervisory Board fails to reach a majority for the
+measure concerned.
+Meeting for election. It develops and regularly reviews the
+requirement profiles for the shareholder representatives on the
+Supervisory Board and observes suitable personalities.
+Together with the Chairman of the Supervisory Board, it is
+primarily involved in developing a profile of requirements for at
+least two shareholder representatives that should be
+independent of a controlling shareholder.
+142
+↑↓ ↑ 0 |||
+141
+Corporate Governance Corporate Governance Declaration
+The Nomination Committee proposes suitable candidates for
+the Supervisory Board to recommend to the Annual General
+The Executive Committee coordinates the work in the
+Supervisory Board and, at its meetings, diligently prepares the
+resolutions of the Supervisory Board, discusses the composition
+of the Executive Board, and takes decisions on matters such as
+contractual issues concerning the Executive Board other than
+remuneration and consent to ancillary activities by members of
+the Executive Board. The Executive Committee supports and
+advises the Chairman of the Supervisory Board. It works with
+the Chairman of the Executive Board to ensure long-term
+succession planning for the Executive Board, taking diversity
+into account. For this purpose, the Executive Committee and
+the Chairman of the Supervisory Board have prepared a
+succession matrix.
+The duties generally transferred to the respective committees
+by the Supervisory Board are described below. This does not
+rule out the possibility that the Supervisory Board may-if
+legally permissible-transfer additional duties to the
+committees on a case-by-case basis.
+More information about the members, their relevant experience
+and expertise and the composition of the Supervisory Board
+and the Supervisory Board committees can be found under the
+headings "Our Supervisory Board" and "Committees of the
+Supervisory Board of Porsche AG" on the company's website at
+> https://investorrelations.porsche.com/en/corporate-governance.
+representatives. The Chairman of the Executive Committee is
+Dr. Wolfgang Porsche. The Nomination Committee is made up
+of the Chairman of the Supervisory Board and two additional
+shareholder representatives. The Mediation Committee
+comprises the Chairman of the Supervisory Board, the Deputy
+Chairman as well as one member each to be elected by the
+Supervisory Board members representing the employees and by
+the Supervisory Board members representing the shareholders.
+The Supervisory Board set up the Related Party Committee in
+order to deal with related party transactions. This committee is
+made up of three shareholder representatives and two
+employee representatives. The Audit Committee comprises six
+members: three from the ranks of shareholders and three from
+the ranks of employees.
+The Executive Committee is currently made up of three
+shareholder representatives and three employee
+discussions and resolutions of their respective committees to
+the Supervisory Board.
+The Supervisory Board can form committees from among its
+members and, to the extent legally permissible, also delegate
+decision-making powers to these committees. Each committee
+established by the Supervisory Board must include at least one
+shareholder representative of Porsche Automobil Holding SE.
+Committees adopting resolutions are only quorate if half of the
+members-however, at least three members and all four
+members in the Mediation Committee-participate in the
+adoption of the resolution. Otherwise, the provisions of the
+Articles of Association and the Rules of Procedure for the
+Supervisory Board as a whole apply mutatis mutandis for the
+convening, meetings and the adoption of resolutions by the
+committees. The committee chairmen regularly report on the
+Supervisory Board Committees
+Supervisory Board resolutions are adopted by a simple majority
+of votes cast, unless otherwise provided by law. If a vote results
+in a tie, the Chairman of the Supervisory Board has the casting
+vote pursuant to section 29 (2) and section 31 (4) MitbestG;
+any member of the Supervisory Board can demand that the vote
+be repeated in accordance with these provisions. However, the
+casting vote is never granted to the Deputy Chairman of the
+Supervisory Board. The Supervisory Board meetings as well as
+the resolutions adopted in these meetings must be recorded in
+minutes which must be signed by the Chairman. The minutes
+must state the place and date of the meeting, the participants,
+the items on the agenda, the essential contents of the
+discussions, and the resolutions of the Supervisory Board.
+Resolutions made outside of meetings must be recorded in the
+minutes by the Chairman in writing and sent to all members of
+the Supervisory Board without delay.
+Nora Leser
+Knut Lofski
+In order to discharge the duties entrusted to it, the Supervisory
+Board has currently established five committees: the Executive
+Committee, the Nomination Committee, the Mediation
+Committee established in accordance with section 27 (3)
+MitbestG, a Related Party Committee and the Audit Committee.
+Stefan Schaumburg
+Porsche Digital GmbH, Ludwigsburg (Chairman until October 31, 2023)²
+Porsche eBike Performance GmbH, Ottobrunn (Chairman)²
+Porsche Deutschland GmbH, Bietigheim-Bissingen²
+Comparable appointments in Germany and abroad
+European Transport Solutions S.à r.I., Luxembourg¹
+FlexFactory GmbH, Munich (until November 30, 2023)¹
+MHP Management und IT-Beratung GmbH, Ludwigsburg (Chairman)²
+Porsche Consulting GmbH, Bietigheim-Bissingen (Chairman)²
+Membership of statutory supervisory boards in Germany
+Porsche Leipzig GmbH, Leipzig²
+Membership on supervisory boards and other control bodies
+Membership of statutory supervisory boards in Germany
+CARIAD SE, Wolfsburg (Chairman)¹
+2 Appointment within the group
+Appointment outside the group
+Beginning of membership of the Executive Board: 2009
+Nationality: German, Croatian
+Deputy Chairman (since 2015)
+Finance and IT
+Porsche Engineering Group GmbH, Weissach²
+Lutz Meschke (*1966)
+Dr. Oliver Blume (*1968)
+Chairman (since 2015)
+Members of the Executive Board
+MEMBERS OF THE EXECUTIVE BOARD
+The company coordinates its sustainability activities across the
+entire group and has put in place a forward-looking risk
+management system and a clear framework for dealing with
+environmental issues, for employee responsibility and for social
+commitment in a future-oriented manner. Voluntary
+commitments and principles that apply across the group are
+the basis and backbone of our sustainability management.
+These documents are publicly accessible in the Porsche
+Newsroom in the "Sustainability" section at the following link:
+> https://www.newsroom.porsche.com/en/nachhaltigkeit.html.
+The Porsche AG Group has made a commitment to sustainable,
+transparent, and responsible corporate governance.
+Voluntary Commitments and Principles
+Risk management and internal control system: Promptly
+identifying the risks and opportunities arising from operating
+activities and taking a forward-looking approach to
+managing them is crucial to the long-term success of the
+Porsche AG Group. The responsible management of
+business risks to achieve our objectives is just as important
+as the timely identification of opportunities to ensure
+competitiveness. For this purpose, the Porsche AG Group
+has management and control systems in place that are
+embedded in a comprehensive risk and opportunities
+management system. The Porsche AG Group has
+implemented a comprehensive risk management system
+(RMS) and internal control system (ICS). The aim is to
+identify potential risks at an early stage and manage them
+using suitable measures or controls. In this way, the threat
+of loss to the company should be averted and any risks that
+might jeopardize its continued existence recognized in good
+time.
+Business and human rights: Porsche is committed to
+respecting human rights, and in particular promoting good
+working conditions and fair trade. The company has
+formulated clear rules about this-both in terms of its own
+operating activities and its global supply chains. Porsche
+bases its entrepreneurial actions on the ten principles of the
+UN Global Compact and the United Nations Guiding
+Principles on Business and Human Rights. The contents of
+these, which draw largely from the Universal Declaration of
+Human Rights and the ILO (International Labor Organization)
+Declaration on Fundamental Principles and Rights at Work,
+can be found on the respective websites of the United
+Nations and the ILO.
+- Whistleblower system: Adherence to statutory
+requirements, internal company policies, and the Code of
+Conduct has utmost priority at Porsche. In order to counter
+potential risks of compliance breaches at an early stage, the
+company set up a whistleblower system, where any
+violations against the rules by employees of the Porsche
+group can be reported. Incoming reports are treated
+independently and confidentially in Porsche's whistleblower
+system.
+Chairman of the Board of Management of Volkswagen AG
+Beginning of membership of the Executive Board: 2013
+Nationality: German
+overview/compliance/overview/
+Porsche Engineering Services GmbH, Bietigheim-Bissingen²
+Porsche Financial Services GmbH, Bietigheim-Bissingen (Chairman)²
+Beginning of membership of the Executive Board: 2016
+Nationality: German
+Vera Schalwig
+Albrecht Reimold (*1961)
+Beginning of membership of the Executive Board: 2015
+Nationality: German, French, USA
+Sales and Marketing
+Detlev von Platen (*1964)
+Beginning of membership of the Executive Board: 2023
+Nationality: German
+Sajjad Khan (*1973)
+Car-IT
+Beginning of membership of the Executive Board: 2015
+Nationality: German
+Porsche Enterprises Inc., Atlanta²
+Human Resources and Social Affairs
+Beginning of membership of the Executive Board: 2021
+Nationality: German
+Procurement
+Barbara Frenkel (*1963)
+148
+↑↓ ↑ ||
+147
+Corporate Governance Members of the Executive Board
+Porsche Lifestyle GmbH & Co. KG, Ludwigsburg (Chairman)²
+Porsche Werkzeugbau GmbH, Schwarzenberg (until January 16, 2023)²
+P3X GmbH & Co. KG, Gilching (until December 31, 2023)²
+Rimac Group d.o.o., Sveta Nedelja¹
+Porsche Investments Management S.A., Luxemburg (Chairman) (since April 1,
+2023)²
+Andreas Haffner (*1965)
+> https://www.porsche.com/germany/aboutporsche/
+Members of the Executive Board
+To ensure the Porsche AG Group's lasting success, the company
+uses forward-looking risk management and a uniform group-
+wide framework. This includes:
+Numerous members of the Supervisory Board also embody the
+criterion of internationality to a particularly high degree; various
+nationalities are represented on the Supervisory Board and
+numerous members have international professional experience.
+Several members of the Supervisory Board contribute to the
+Board's diversity to a particularly high degree, especially
+Ms. Micaela Le Divelec Lemmi, Ms. Melissa Di Donato Roos, and
+Ms. Jordana Vogiatzi. The Supervisory Board also comprises
+members of various age groups.
+> https://investorrelations.porsche.com/en/corporate-governance.
+More information about the members, their relevant experience
+and expertise can be found in the Report of the Supervisory
+Board and under the heading → Our Supervisory Board on the
+company's website at
+financial statements relating to sustainability in the form of
+material environmental and social issues. Dr. Ferdinand Oliver
+Porsche also follows and supports current developments in the
+field of sustainability reporting and contributes his expertise to
+Porsche AG's Audit Committee.
+Dr. Ferdinand Oliver Porsche has been a member of the audit
+committees of various listed companies for many years and
+worked for an audit firm for several years. As part of his work on
+audit committees, he was also involved in the audit of non-
+Ms. Micaela Le Divelec Lemmi worked for an audit firm for
+several years during the course of her professional career. In
+addition to various management functions in the financial
+sector, Ms. Micaela Le Divelec Lemmi has also held various
+management positions, including Chief Financial Officer at
+Gucci and CEO of the Salvatore Ferragamo Group. She therefore
+has special knowledge and experience in the application of
+accounting principles and internal control and risk management
+systems as well as in the auditing of financial statements.
+The Chairman of the Audit Committee, Dr. Christian Dahlheim,
+has special knowledge and experience in the application of
+accounting principles and internal control and risk management
+systems as well as in the auditing of financial statements due to
+his many years working in various management and board
+positions, including at Volkswagen Financial Services AG, and
+his work on the supervisory boards of various banks.
+The members of the Audit Committee, in particular its
+Chairman, Dr. Christian Dahlheim, as well as Ms. Micaela Le
+Divelec Lemmi and Dr. Ferdinand Oliver Porsche, each have
+specialist knowledge both in the field of accounting, including
+sustainability reporting, and in the field of auditing, including
+the audit of sustainability reporting.
+The qualifications of the Supervisory Board members are
+captured and regularly reviewed in a self-assessment, which
+shows that the key skills and requirements are fulfilled by the
+Board as a whole.
+(12) Knowledge of and skills and professional experience in
+the luxury goods industry.
+(9) Knowledge of and skills and professional experience in
+the areas of co-determination, employee matters, and
+the working environment in the company.
+(10) Knowledge of and skills and professional experience in
+the areas of the environment, society, and sustainable
+corporate governance including the risks descendant
+from these areas (Environmental, Social, Governance:
+ESG), in particular, expertise in the sustainability
+questions that are particularly relevant to the company,
+for example with regard to resources, supply chains,
+energy supply, corporate social responsibility,
+sustainable technologies, and related business models.
+(11) Knowledge of and skills and professional experience in
+the area of digital transformation.
+(8) Knowledge of and skills and professional experience in
+the area of human resources (particularly the search for
+and selection of members of the Executive Board, and
+the succession process) and knowledge of incentive and
+remuneration systems for the Executive Board.
+144
+↑ ↓ ↑ 0 |||
+143
+Corporate Governance Corporate Governance Declaration
+The qualification matrix is based on the Supervisory Board's own assessment. "Excellent knowledge" resulting from qualifications, knowledge, experience, or advanced
+training is designated as such. The categories in the left column of the qualification matrix summarize the key skills, expertise, and requirements that are enumerated
+individually in the profile of skills shown above and below for the entire Supervisory Board.
+Ibrahim Aslan
+Compliance: Compliance at Porsche is adherence to
+statutory provisions, internal company policies and
+Porsche's Code of Conduct which are publicly accessible at
+the following link:
+Wolfgang von Dühren
+Carsten Schumacher
+The shareholder representatives on the Supervisory Board are
+of the opinion that four shareholder representatives are
+currently independent within the meaning of recommendation
+C.6 of the Code. These are Ms. Micaela Le Divelec Lemmi,
+Ms. Melissa Di Donato Roos, Dr. Christian Dahlheim, and
+Dr. Hans Peter Schützinger.
+Members of the Supervisory Board Dr. Hans Michel Piëch,
+Dr. Ferdinand Oliver Porsche, Dr. Wolfgang Porsche, and Hans
+Dieter Pötsch have all belonged to the Supervisory Board for
+more than twelve years and thus fulfill one of the indicators set
+out in recommendation C.7 of the Code for lack of
+independence from the company and the Executive Board.
+Taking all the circumstances of the specific case into account,
+the shareholder side still considers these members of the
+Supervisory Board to be independent of the company and the
+Executive Board. The work of the Supervisory Board and its
+committees shows that Dr. Hans Michel Piëch, Dr. Ferdinand
+Oliver Porsche, Dr. Wolfgang Porsche, and Mr. Hans Dieter
+Pötsch continue to unreservedly possess the required critical
+distance from the company and its Executive Board to allow
+them to appropriately monitor and assist the Executive Board in
+managing the company.
+Production and Logistics
+The Supervisory Board regularly assesses how effectively the
+Board and its committees are performing their tasks (self-
+assessment). In addition to the quality criteria to be determined
+by the Supervisory Board, the subject of the self-assessment
+mainly covers the procedures in the Supervisory Board and the
+flow of information between the committees and the plenum as
+well as the timely provision of sufficient information to the
+Supervisory Board.
+146
+RELEVANT DISCLOSURES ON CORPORATE
+GOVERNANCE PRACTICES
+Self-Assessment of the Supervisory Board
+Compliance and Risk Management
+↑↓ ↑ |||
+145
+Corporate Governance Corporate Governance Declaration
+The remuneration system for the Executive Board and the
+Supervisory Board remuneration were submitted to the
+company's Annual General Meeting 2023 for approval pursuant
+to section 120a (1) AktG and for resolution pursuant to section
+113 (3) AktG. The Annual General Meeting passed these two
+say-on-pay resolutions on June 28, 2023, each with 100% of
+the votes cast. The most recent remuneration resolution in
+accordance with section 113 (3) AktG is available at the
+following link: https://investorrelations.porsche.com/en/general-
+meeting-23/. Additional information on remuneration can be
+found under → Notes to the consolidated financial statements and in the
+notes to the Porsche AG financial statements for 2023.
+> https://investorrelations.porsche.com/en/corporate-governance.
+Furthermore, the remuneration report contains detailed
+According to the German Act to Supplement and Amend the
+Regulations for the Equal Participation of Women and Men in
+Management Positions in the Private Economy and the Public
+Sector (FÜPOG II), Porsche AG is also subject to the minimum
+must be made up of at least 30% women and at least 30% men.
+This quota is fulfilled by the Supervisory Board as a whole
+(overall fulfillment). A total of six women (30%) belong to the
+company's Supervisory Board, three of them shareholder
+representatives and three of them employee representatives. In
+addition, a total of 14 men (70%) belong to the Supervisory
+Board, seven of whom are shareholder representatives and
+seven of whom are employee representatives. The legal
+requirement to set a target for the proportion of women on the
+Supervisory Board does not apply due to the validity of the
+statutory minimum proportion requirement on the Supervisory
+Board.
+remuneration of the members of the Executive Board and
+Supervisory Board. The remuneration system for the Executive
+Board can also be viewed separately at the following link:
+> https://investorrelations.porsche.com/en/corporate-governance.
+> https://investorrelations.porsche.com/en/financial-figures. The
+remuneration report is also available at:
+The remuneration report for the last fiscal year and the auditor's
+report pursuant to section 162 AktG can be found in the Annual
+and Sustainability Report for fiscal year 2023, which is available
+on the company's website at
+REMUNERATION REPORT AND REMUNERATION
+SYSTEM FOR THE EXECUTIVE BOARD AND
+SUPERVISORY BOARD
+The Supervisory Board performed a self-assessment in fiscal
+year 2023. For the self-assessment, a questionnaire was first
+distributed for the Supervisory Board members to give their
+evaluation and suggest possible improvements. However, in
+order to identify further potential for optimization-in the sense
+of a continuous improvement process-the Supervisory Board
+resolved to conduct individual interviews in addition to a
+traditional assessment using a questionnaire. From the
+Supervisory Board's perspective, this approach offers the
+opportunity to discuss individual issues in detail, set individual
+priorities and thus ensure a comprehensive exchange of
+information. The interviews were held at the beginning of 2024.
+External support was obtained for part of the process,
+specifically the preparation of the self-assessment and
+upstream training.
+By resolution dated November 2021, the Executive Board of
+Porsche AG set itself the targets of 20% women in the first
+level of management below the Executive Board and 18%
+women in the second level of management below the Executive
+Board. A deadline of December 31, 2025 was set for achieving
+each of the targets.
+In addition, the executive board of a listed or co-determined
+company has to determine targets for the percentage of
+women in management positions at the two levels directly
+below the executive board. If the share of women is below 30%
+when the executive board sets the target, the targets may no
+longer be lower than the share already achieved. At the same
+time as setting the targets, deadlines for their achievement
+within five years also have to be determined.
+participation requirement of section 76 (3a) AktG, under which
+the members of the executive board of the company must
+include at least one woman and at least one man. When putting
+the Executive Board of Porsche AG together, this was observed.
+Ms. Barbara Frenkel has already been a member of the
+company's Executive Board since June 2021. The statutory
+requirement to set a target for the proportion of women on the
+executive board does not apply due to the legal validity of the
+participation requirement.
+When putting the Supervisory Board of Porsche AG together,
+the minimum quota requirement introduced with the German
+Act on the Equal Participation of Women and Men in
+Management Positions in the Private Economy and the Public
+Sector (FÜPOG) was observed, according to which the
+supervisory board of listed and parity co-determined companies explanations about the remuneration system and the individual
+Following a comprehensive analysis of the feedback from
+questionnaires and interviews, the Supervisory Board discussed
+the results and suggestions for optimization options at the next
+regular meeting of the full Board. The analysis for the fiscal year
+2023 shows a high level of satisfaction among Supervisory
+Board members, particularly with the organization and conduct
+of the meetings. Cooperation within the Supervisory Board and
+with the Executive Board is perceived as trusting and
+constructive. The composition of the Supervisory Board and the
+committees is deemed to be effective and efficient. The results
+also show an adequate supply of information. Measures derived
+from the results to optimize the Supervisory Board's work will
+be adopted in a timely manner.
+LEGISLATION ON THE EQUAL PARTICIPATION OF
+WOMEN AND MEN IN MANAGEMENT POSITIONS
+0
+1,866
+5,377
+Andreas Haffner
+5,045
+4,240
+5,377
+Detlev von Platen
+5,045
+Barbara Frenkel
+4,240
+5,377
+3,718
+Dr. Oliver Blume
+3,682
+2022-2024
+Closing reference price
+Dividend equivalent
+177.44
+131.74
+Number of virtual shares allocated at
+the date of allocation
+Number of virtual shares allocated at
+the date of allocation
+Number of virtual shares allocated at
+2020
+the date of allocation
+Albrecht Reimold
+0
+0
+0
+2021
+2022
+4.86
+4.86
+7.56
+Lutz Meschke
+4,381
+4,240
+149.14
+5,377
+10.00
+Performance period
+10.00
+Minimum value
+20.00
+20.00
+20.00
+Target value 100%
+30.00
+30.00
+30.00
+Maximum value
+2021
+2023
+€
+EPS Volkswagen preferred share
+110.83
+Dr. Michael Steiner
+4,240
+Total
+20,642
+5,045
+26,427
+5,377
+30,603
+5,045
+€
+cc) EPS performance
+The following overview shows the minimum values, target
+values and maximum values set by the Supervisory Board at the
+beginning of the performance period for the performance share
+plan 2020-2022, which was paid out in fiscal year 2023 to the
+extent that the payment amount exceeded the guaranteed
+amount paid out for 2020.
+Performance period 2020-2022
+EPS Volkswagen preferred share
+Performance period 2021-2023
+Closing reference price1
+Initial reference price
+2022
+performance period had ended, the final number of
+performance shares was determined on the basis of the
+average EPS target achievement of the Volkswagen preferred
+share during the performance period. The final number of
+performance shares was multiplied by the sum of the
+Volkswagen preferred share price on each of the last 30 trading
+days prior to the end of the performance period, rounded in line
+with common business practice to two decimal places, and the
+dividends paid per Volkswagen preferred share in the
+performance period. The LTI can range between €0 and 200%
+of the target amount (cap).
+Performance period
+150
+÷
+Target achievement in %
+€ target value
+EPS performance measurement
+Performance period
+LTI grant
+Under the former Executive Board remuneration system, the
+members of the Executive Board were allocated a total of three
+tranches of the performance share plan: 2020-2022, 2021-
+2023 and 2022-2024. The first tranche of the three-year
+performance share plan with the performance period 2020-
+2022 was paid out in fiscal year 2023.
+The former Executive Board remuneration system provided for
+share-based long-term variable remuneration for the Executive
+Board members in the form of a forward-looking performance
+share plan with a term of three years. The LTI was based on the
+share price performance and EPS of the Volkswagen AG
+preferred share (German securities identification number:
+766403) during the three-year term. The Executive Board
+members were allocated a certain number of performance
+shares at the beginning of the three-year performance period,
+depending on the respective target value. After the
+aa) Information on the LTI under the former Executive Board
+remuneration system
+b) Performance criteria for long-term incentive (LTI) 2020-
+2022 and the outlook for the LTI 2021-2023 and 2022-2024
+The overall ESG factor is calculated using the weighted sub-
+factors environmental (50%), gender quota (25%) and
+customer excitement index (25%) and amounts to 1.24 for
+fiscal year 2023.
+Including voluntary CO₂ compensation measures through climate change mitigation projects
+1 Dr. Oliver Blume received his remuneration exclusively from Volkswagen AG until the end of fiscal year 2022. Dr. Blume received no separate remuneration from
+Porsche AG.
+The long-term incentive granted until
+December 31, 2022 was intended to
+align the remuneration of the Executive
+Board members with the Volkswagen
+Group's long-term performance and was
+measured against the financial
+performance target EPS (earnings per
+share) of Volkswagen AG in conjunction
+with share price performance and the
+dividends paid.
+Target
+-Pro rata reduction of the target amount if
+the service contract starts or ends during
+the fiscal year when shares are granted
+- Forfeiture of all outstanding tranches
+without replacement or compensation in
+the event of the Executive Board member
+being responsible for termination for good
+cause pursuant to section 626 BGB or
+revocation of appointment because of
+gross breach of duty pursuant to section
+84 (4) AktG or breach of (post-
+contractual) non-competition covenant
+10.00
+The following table provides an overview of the LTI under the
+former Executive Board remuneration system.
+Remuneration component
+Long-term incentive (LTI) until
+December 31, 2022
+Measurement base/parameters
+Plan type:
+Target amount
+until December
+31, 2022:
+Share price (beginning of
+Performance
+period:
+Performance
+criterion:
+Exit:
+Virtual performance share plan
+Chairman of the Executive Board1: €0;
+Deputy Chairman of the Executive Board:
+€653,400; Executive Board member:
+€945,000
+Measured forward over three years
+EPS of Volkswagen AG (100%)
+200% of the target amount, i.e.:
+Chairman of the Executive Board: €0; Deputy
+Chairman of the Executive Board:
+€1,306,800; Executive Board member:
+€1,890,000
+Cap:
+2021-2023
+100
+the performance period)
+Initial reference price
+2020-2022
+€
+Performance period
+2020-2022
+bb) Information on the performance share plan
+The following overview shows the relevant reference prices of
+the Volkswagen preferred share and the dividend equivalents
+for the performance periods of the performance share plans
+2021-2023 and 2022-2024 that were allocated under the
+former Executive Board remuneration system, are not yet due
+and have not yet been paid out.
+166
+↑↓ ↑ 0 |||
+165
+Corporate Governance Remuneration report 2023
+€ payment
+Measurement of EPS performance over three years
+EPS per preferred share in €
+=
+40
+35
+30
+=
+Provisional number
+of (virtual)
+performance shares
+LTI payment
+Final number of (virtual)
+performance shares
+×
+50
+Share price plus
+dividends (end of
+0
+5
+10
+15
+20
+25
+the performance period)
+Actual
+Corporate Governance Remuneration report 2023
+29.69
+Minimum value
+Target value 100%
+Maximum value
+€
+EPS Porsche preferred share
+Performance period 2023-2026
+168
+↑↓ ↑ 0 |||
+167
+1.26
+The following overview shows the minimum values, target
+values and maximum values set by the Supervisory Board at the
+beginning of the performance period 2023-2026.
+cc) EPS performance
+Dr. Michael Steiner
+Total
+Andreas Haffner
+Sajjad Khan
+85,266
+11,549
+11,549
+Dr. Oliver Blume
+Lutz Meschke
+Barbara Frenkel
+Performance period
+2023-2026
+Number of virtual shares allocated at
+the date of allocation
+Actual
+11,811
+11,549
+11,549
+1,930
+Detlev von Platen
+11,549
+Albrecht Reimold
+13,780
+bb) Information on the performance shares
+Target achievement (%)
+6.00
+4.50
+Detlev von Platen
+Sajjad Khan
+Andreas Haffner
+Barbara Frenkel
+Lutz Meschke
+Dr. Oliver Blume
+bb) Information on the virtual shares of the IPO bonus
+The sub-tranches of the IPO bonus will be presented in detail in
+the remuneration report for the relevant year. This remuneration
+report covers the first sub-tranche of the IPO bonus, which was
+paid out at the end of October 2023. The second and third sub-
+tranches are not remuneration granted and owed in fiscal year
+2023.
+The payment amount of the IPO bonus is subject to a cap and a
+floor for each sub-tranche. If the closing price plus the
+dividends paid out during the term of the respective sub-
+tranche falls short of the allocation price by more than 30%, the
+Executive Board member will receive a minimum payment for
+the relevant sub-tranche of 70% of one third of the grant
+amount. The maximum payment amount for each sub-tranche
+is 150% of one third of the grant amount. The total payment
+amount of the IPO bonus is thus subject to cap.
+After the end of the respective term, the payment amount from
+the sub-tranche is determined by multiplying the number of
+virtual shares of the respective sub-tranche by the sum of the
+arithmetic mean of the closing prices of the Porsche preferred
+share on each of the last 30 trading days prior to the end of
+term of the respective sub-tranche (closing price) and the
+dividends paid out during the term of the respective sub-
+tranche.
+The Executive Board members were allocated virtual shares on
+the IPO date (September 29, 2022). The number of allocated
+virtual shares was determined according to the grant amount
+calculated using the (theoretical) market capitalization based
+on the placement price of the Porsche preferred share. For this
+purpose, Porsche AG defined a threshold value, a target value
+and maximum value for market capitalization. The number of
+virtual shares to be allocated was calculated by dividing the
+grant amount by the closing price of the Porsche preferred
+share in the XETRA trading system of Deutsche Börse AG on the
+first day of trading (allocation price). The number of virtual
+shares calculated in this manner was rounded in line with
+common business practice to the next whole number divisible
+by three and the rounded number of virtual shares was divided
+into three equal sub-tranches with a term of one, two and three
+years from the IPO date. The term of the first sub-tranche
+ended on the first anniversary of the IPO, the second sub-
+tranche ends on the second anniversary and the third sub-
+tranche ends on the third anniversary.
+Porsche AG concluded an agreement with the Executive Board
+members on a bonus for a successful IPO of Porsche AG in the
+form of a virtual share plan with a three-year term starting from
+the IPO date. The aim of this IPO bonus is to provide
+appropriate incentives for the Executive Board members in
+preparing the IPO and take into account the long-term success
+of the IPO. The IPO bonus is based on market capitalization, the
+share price performance of the Porsche preferred share as well
+as the dividends paid during the performance period.
+■
+1.01
+101.60
+2023-2026
+aa) Information on the IPO bonus
+3.50
+5.67
+139
+dd) Reference prices/dividend equivalent
+The relevant reference prices and dividend equivalents for the
+already allocated performance share plan 2023-2026 can be
+found in the following overview.
+Performance period 2023-2026
+€
+Initial reference price
+2023
+Closing reference price¹
+2023
+2024
+2025
+2026
+1 Determined at the end of the performance period.
+e) IPO bonus
+Dividend equivalent
+The following table provides an outlook on the performance
+criteria for the already allocated 2023-2026 tranche.
+aa) Information on the performance share plan 2023-2026
+The four-year performance share plan based on the share price
+performance and EPS of the Porsche preferred share applies to
+all Executive Board members from January 1, 2023. For Mr.
+Khan, the four-year performance share plan for fiscal year 2023
+applies pro rata temporis from November 1, 2023 onwards. For
+this purpose, Executive Board members are allocated virtual
+performance shares at the beginning of each fiscal year. The
+payment amount from the performance share plan after the end
+of a four-year performance period is based on the EPS of the
+Porsche preferred share during the performance period and
+share price performance including dividends of the Porsche
+preferred share. There is no guaranteed amount.
+d) Performance criteria for the long-term incentive (LTI) 2023-
+2026
+Actual
+10.00
+10.00
+10.00
+Minimum value
+EPS Volkswagen preferred share
+20.00
+20.00
+20.00
+Target value 100%
+Performance period 2022-2024
+30.00
+30.00
+30.00
+Maximum value
+2020
+2021
+29.65
+Target achievement (%)
+150
+148
+148
+Dividend equivalent
+29.69
+2021
+2023
+4.86
+7.56
+27.82
+7.56
+27.82
+€
+2022
+2022
+29.65
+16.66
+€
+148
+The following overviews show the minimum values, target
+values and maximum values set by the Supervisory Board at the
+beginning of the performance periods 2021-2023 and 2022-
+2024 under the former Executive Board remuneration system,
+along with the actual figures and target achievement levels
+attained in percent for the individual years of the assessment
+period up to and including 2023. The performance share plans
+for the performance periods 2021-2023 and 2022-2024
+were not due in fiscal year 2023 and have not yet been paid
+out; they therefore do not constitute remuneration granted or
+owed in fiscal year 2023.
+Actual
+Target achievement (%)
+dd) Reference prices/dividend equivalent
+The relevant reference prices and dividend equivalents for the
+performance period 2020-2022 can be found in the following
+overview.
+150
+1 Determined at the end of the performance period
+2021-2023 2022-2024
+175.75
+Until December 31, 2019, the long-term variable remuneration
+for Executive Board members comprised a backward-looking
+corporate bonus and a backward-looking long-term incentive.
+Due to the change from backward-looking to forward-looking
+long-term variable remuneration as of January 1, 2020, there
+was a temporary payout gap for the Executive Board members
+already appointed at that time for the first two fiscal years after
+the change, that is, fiscal years 2021 and 2022. Thus Porsche
+AG guaranteed certain amounts for the Executive Board
+members during the transitional period. This applies to the
+active Executive Board members Mr. Meschke, Mr. Haffner, Mr.
+von Platen, Mr. Reimold and Dr. Steiner.
+In fiscal year 2023, the guaranteed amounts for fiscal year
+2022 shown in the tables were paid out. The guaranteed
+amounts paid out in 2023 were 80% of the individual target
+direct remuneration for 2019, comprising the annual base
+salary, the personal performance-based bonus, the corporate
+bonus and the LTI for 2019, less the annual base salary and
+annual bonus for 2022.
+The guaranteed amounts paid out in fiscal year 2023 for fiscal
+year 2022 will be netted with the payment amount from the
+performance share plan 2022-2024 at the end of the
+performance period 2022-2024. If the payment amount for
+the performance share plan 2022-2024 exceeds the
+guaranteed amount for fiscal year 2022 paid out in 2023, the
+excess amount is paid out. If the payment amount from the
+performance share plan is lower than the compensation
+payment for the guaranteed amount, the difference is not
+reclaimed. Any payment from the performance share plan
+2022-2024 at the beginning of 2025 exceeding the
+compensation payment for the guaranteed amounts will be
+reported in the remuneration report 2025.
+c) Guaranteed amounts
+31.98
+29.69
+10.00
+2023
+2022
+Target achievement (%)
+148
+148
+83
+31.98
+Maximum value
+30.00
+Target value 100%
+20.00
+20.00
+Minimum value
+10.00
+30.00
+1.10
+72.4
+(factor)
+Fringe benefits
+Total fixed remuneration
+Variable remuneration
+Short-term variable remuneration (STI) 2023
+Multiyear variable remuneration/long-term incentive (LTI)
+Guaranteed LTI 2022-2024
+Tranche 1 of the IPO bonus
+Total variable remuneration
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Pension expenses
+Fixed remuneration
+133,333
+36.0
+Annual base salary
+4,268
+1.2
+Fringe benefits
+0
+44.8
+1,388,800
+Short-term variable remuneration (STI) 2023
+62.8
+232,101
+Annual base salary
+Variable remuneration
+866,052
+25.8
+800,000
+66,052
+Total fixed remuneration
+37.2
+137,602
+2.1
+27.9
+0.0
+Fixed remuneration
+€
+Tranche 1 of the IPO bonus
+363,972
+11.8
+Tranche 1 of the IPO bonus
+363,972
+11.8
+Total variable remuneration
+2,236,132
+72.2
+Total variable remuneration
+2,236,132
+72.6
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+3,098,788
+100.0
+Pension expenses
+324,999
+2023
+%
+€
+2023
+Albrecht Reimold, Member of the Executive Board; Production and Logistics
+Sajjad Khan¹, Member of the Executive Board; Car-IT
+%
+3,404,722
+3,423,787
+Total remuneration including pension expenses
+324,420
+100.0
+3,080,302
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Pension expenses
+Total remuneration including pension expenses
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+Guaranteed LTI 2022-2024
+0
+25.9
+53,161
+1.7
+853,161
+27.6
+2.2. Explanations
+2.2.1. Performance criteria for variable remuneration
+a) Performance criteria for the annual bonus
+Target value
+×
+Target achievement
+=
+Payment amount
+Short-term variable remuneration (STI) 2023
+1,388,800
+45.0
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+½
+Decarbonization
+index
+×
+1/2
+ROS
++
+ROI
+11.8
+800,000
+363,972
+12
+སཊྛ
+15.6
+483,360
+Guaranteed LTI 2022-2024
+Environment (E)
+Tranche 1 of the IPO bonus
+%
+€
+2023
+15.6
+483,360
+Total remuneration including pension expenses
+Mr. Khan has been a member of the Executive Board of Porsche AG since November 1, 2023; remuneration is calculated pro rata temporis.
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+Pension expenses
+423,035
+363,972
+Total remuneration including pension expenses
+100.0
+369,702
+53,333
+62.8
+232,101
+Tranche 1 of the IPO bonus
+0.0
+Total variable remuneration
+15.7
+11.7
+72.1
+Variable remuneration
+Total fixed remuneration
+Fringe benefits
+Annual base salary
+Fixed remuneration
+Dr. Michael Steiner, Member of the Executive Board; Research and Development
+2,236,132
+162
+161
+Corporate Governance Remuneration report 2023
+3,426,915
+324,731
+100.0
+3,102,184
+↑↓ ↑ 0 |||
+483,360
+Guaranteed LTI 2022-2024
+15.6
+The following overview shows the threshold values, target
+values and maximum values set by the Supervisory Board for
+fiscal year 2023 for the decarbonization index, the gender
+quota and the customer excitement index, along with the actual
+figures and multiplication factor achieved in fiscal year 2023.
+The Supervisory Board uses the governance factor to convey its
+satisfaction with the Executive Board's actual conduct in
+relation to integrity and compliance expectations. As a rule, the
+governance factor should be 1.0 and should only be reduced to
+0.9 or increased to 1.1 after due consideration in exceptional
+circumstances. For fiscal year 2023, the Supervisory Board set
+the governance factor at the standard value of 1.0 for all
+Executive Board members, having considered and evaluated
+the collective performance of the Executive Board and the
+individual performance of its members.
+%
+2023
+Decarbonization index
+Environmental
+A central goal of Porsche AG is to excite its customers.
+Porsche AG does not just want to meet customers'
+expectations, but to exceed them. Using the customer
+excitement index Porsche AG measures how enthusiastic
+customers are along their journey - a basic requirement for
+continuous improvement. Incorporating this indicator achieves
+the goal of creating a direct link between customer excitement
+and Executive Board remuneration.
+indicator in terms of the transparent and comprehensive
+management of the company's progress towards a net carbon
+neutral value chain of the newly produced vehicles in 2030.
+Promoting diversity and equal opportunities is a high priority.
+Porsche AG is convinced that diversity and equal opportunities
+are key factors for long-term corporate success. Therefore, the
+company has set out to further increase the proportion of
+women at all levels and has defined a target for the gender
+quota.
+164
+↑↓ ↑ 0 ||
+163
+Corporate Governance Remuneration report 2023
+The decarbonization index (DCI) aims to provide an overview of
+the CO2 equivalent emissions along the value chain (production,
+use and end of life) based on an assessment of environmental
+impacts such as the CO2 footprint over the entire life cycle of a
+vehicle. For Porsche AG, the DCI is an important performance
+The following overview shows the minimum values, target
+values and maximum values set by the Supervisory Board for
+fiscal year 2023 for the environmental (decarbonization index)
+and social (gender quota and customer excitement index) sub-
+targets, along with the actual figures and target achievement
+levels in fiscal year 2023.
+140.0
+106.0
+24.7
+12.5
+Actual
+18.0
+Target achievement (in %)
+174.0
+ROI
+Social
+Maximum value (150%)
+Threshold value (50%)
+Actual
+Target achievement (in %)
+Total target achievement
+bb) ESG factor
+30.0
+24.0
+18.0
+Target value (100%)
+Gender quota for the
+first reporting level
+Gender quota for the
+second reporting level
+Customer excitement
+Threshold value (0.7)
+16.7
+15.0
+43.0
+Actual¹
+62.7
+64.5
+Actual
+17.3
+46.7
+Target achievement
+Target achievement
+(factor)
+1.26
+20.0
+Threshold value (50%)
+Threshold value (0.7)
+16.7
+index
+2023
+2023
+2023
+In tCO₂e/vehicle
+Maximum value (1.3)
+45.0
+62.5
+20.5
+18.4
+47.0
+Target value (1.0)
+63.5 Target value (1.0)
+18.6
+Maximum value (1.3)
+1.22
+15.0
+Maximum value (200%)
+Target value (100%)
+%
+Fixed remuneration
+Annual base salary
+Fringe benefits
+Total fixed remuneration
+Variable remuneration
+Short-term variable remuneration (STI) 2023
+Fixed remuneration
+800,000
+25.8
+62,656
+2.0
+862,656
+27.8
+Annual base salary
+Fringe benefits
+Total fixed remuneration
+483,360
+Guaranteed LTI 2022-2024
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+Multiyear variable remuneration/long-term incentive (LTI) 2020-2022 less guaranteed LTI 2020-
+2022
+45.1
+1,388,800
+€
+Short-term variable remuneration (STI) 2023
+1,388,800
+Variable remuneration
+27.4
+1.4
+26.0
+800,000
+44,170
+844,170
+44.8
+2023
+Detlev von Platen, Member of the Executive Board; Sales and Marketing
+%
+Social (S)
+14
+Customer
+excitement index
+] × [
+Governance (G)
+ESG
+Governance
+factor
+The annual bonus is a short-term variable remuneration
+component based on target achievement during the fiscal year.
+It is aligned with the financial targets of Porsche AG and an ESG
+factor. The Supervisory Board of Porsche AG sets the target
+values for each fiscal year. After the end of the fiscal year,
+target achievement is reviewed and the payment amount
+determined. The payment amount is calculated by multiplying
+the individual target amount by the sum of the weighted
+financial sub-target achievement levels and then by the ESG
+factor. The annual bonus can range between €0 and 180% of
+the target amount (cap). The resulting amount is paid out to
+the Executive Board members, subject to malus provisions. The
+actual figures are rounded to one decimal place, although the
+initial calculation is based on two decimal places; any
+deviations are due to rounding differences.
+aa) Financial targets
+The following overviews show the threshold values, target
+values and maximum values set by the Supervisory Board for
+fiscal year 2023 for the operating return on sales of the
+Porsche AG Group (ROS) and the return on investment of the
+Porsche AG automotive segment (ROI), along with the actual
+figures and target achievement levels in percent in fiscal year
+2023.
+%
+ROS
+2023
+Multiplier 0.9-1.1
+19.0
+Total STI capped at 180%
+Total remuneration including pension expenses
+€
+2023
+Andreas Haffner, Member of the Executive Board; Human Resources and Social Affairs
+160
++
+Total variable remuneration
+3,414,648
+Total remuneration within the meaning of section 162 (1) sentence 1 AktG
+2,236,132
+3,089,293
+325,355
+Albrecht Reimold
+100.0
+50 to 150%
+50 to 200%
+Multiplier 0.7-1.3
+Pension expenses
+Dr. Michael Steiner
+Total
+in fiscal year 2023
+From IPO date to first anniversary
+0
+0
+Hauke Stars¹
+0
+0
+0
+0
+Dr. Hans Peter Schützinger¹
+100.0
+239,000
+3.8
+9,000
+41.8
+100,000
+54.4
+130,000
+Carsten Schumacher
+0.0
+9,000
+6.5
+139,000
+100.0
+Stefan Schaumburg
+0
+130,000
+0
+0.0
+9,000
+6.5
+139,000
+100.0
+93.5
+0
+0
+2,275,000
+For the Executive Board:
+2022
+2023
+compared with compared with
+2022
+Annual change Annual change
+Active Supervisory Board members
+Dr. Wolfgang Porsche (Chairman)
+Jordana Vogiatzi (Deputy Chair)
+Dr. Arno Antlitz
+Supervisory Board remuneration'
+%
+The comparative figure for the growth in average employee
+remuneration is the amount used for the comparative
+presentation for the Executive Board members in section A.V.
+Earnings performance is determined on the basis of the
+following earnings indicators: Porsche AG's net income or loss
+for the year (HGB), the EBITDA margin of the automotive
+segment, and the operating return on sales of the Porsche AG
+Group.
+Board members with the earnings performance of Porsche AG
+and with the average remuneration of employees on a full time
+equivalent basis.
+The following table shows a comparison of the year-on-year
+percentage change in the remuneration of the Supervisory
+V. Comparative presentation
+176
+↑↓ ↑ 0 |||
+175
+the boards of other group
+companies
+Remuneration for serving on
+75.4
+600,000
+19.9
+144,000
+4.8
+3,019,000
+Total
+100.0
+These Supervisory Board members waived remuneration in full for fiscal year 2023.
+2
+These Supervisory Board members waived remuneration in part for fiscal year 2023.
+3
+Remuneration was waived for Supervisory Board activities on the Supervisory Board of Porsche Leipzig GmbH.
+Corporate Governance Remuneration report 2023
+1
+2021
+93.5
+Vera Schalwig
+Knut Lofski³
+100.0
+189,000
+4.8
+9,000
+26.5
+50,000
+68.8
+130,000
+100.0
+139,000
+6.5
+9,000
+0.0
+0
+93.5
+130,000
+6.5
+139,000
+100.0
+Wolfgang von Dühren
+130,000
+93.5
+130,000
+0
+9,000
+6.5
+139,000
+100.0
+Akan Isik
+Nora Leser
+0.0
+130,000
+93.5
+0.0
+100.0
+139,000
+6.5
+9,000
+0.0
+0
+93.5
+130,000
+Hans Dieter Pötsch
+100.0
+189,000
+4.8
+9,000
+26.5
+50,000
+68.8
+130,000
+9,000
+6.5
+139,000
+100.0
+Dr. Hans Michel Piëch
+130,000
+0
+93.5
+0.0
+9,000
+6.5
+139,000
+100.0
+Dr. Ferdinand Oliver Porsche
+0
+February 28, 2024
+For the Supervisory Board:
+February 28, 2024
+202
+198
+194
+194
+Overall statement on business development and the economic situation
+192
+Personnel
+191
+Research and development
+191
+Production
+190
+Deliveries
+188
+Sector-specific environment
+187
+Macroeconomic environment
+COMBINED MANAGEMENT REPORT
+WITH NON-FINANCIAL STATEMENT
+86
+959 S
+180
+FUNDAMENTAL INFORMATION ABOUT THE GROUP
+205
+180
+182 Strategic direction of the Porsche AG Group
+Management and key performance indicators
+Corporate Governance Declaration
+183
+185
+186
+186
+BUSINESS DEVELOPMENT
+Business model
+19
+210
+Financial position
+14
+Gender quota
+↑↓ ↑ ||
+179
+Overall statement on anticipated development
+273
+Forecast assumptions
+271
+Development of the global economy and passenger car markets
+REPORT ON EXPECTED DEVELOPMENTS
+270
+Financial risk management and methods as well as opportunities
+269 Summary
+Risks and opportunities as of December 31, 2023
+General principles of risk and opportunity management
+REPORT ON RISKS AND OPPORTUNITIES
+270
+267
+262
+Net assets
+PORSCHE AG HGB FINANCIAL STATEMENTS (CONDENSED VERSION)
+NON-FINANCIAL STATEMENT 2023
+210 Sustainability management and organization
+214
+EU taxonomy
+RESULTS OF OPERATIONS, FINANCIAL POSITION AND NET ASSETS
+Results of operations
+228
+236
+Social
+250
+Governance
+254
+254
+Environment
+178
+↑↓ ↑ ||
+177
+61.8
+Dr. Hans Michel Piëch
+37.9
+4.1
+Knut Lofski
+75.9
+31.0
+Nora Leser
+37.9
+4.1
+Akan Isik
+37.9
+4.1
+Wolfgang von Dühren
+265.0
+Melissa Di Donato
+265.0
+126.6
+37.1
+287.7
+53.2
+Ibrahim Aslan
+1,303.8
+Harald Buck
+35.8
+104.6
+45.6
+Lutz Meschke
+Deputy Chairman of the
+Executive Board
+Dr. Wolfgang Porsche
+Chairman of the Supervisory Board
+Dr. Christian Dahlheim
+252.7
+Micaela le Divelec Lemmi
+Dr. Oliver Blume
+Chairman of the Executive
+Board
+Dr. Ferdinand Oliver Porsche
+123.3
+464.2
+Porsche AG Group (ROS)
+EBITDA margin of the automotive
+2.0
+2.9
+segment
+Net income or loss for the year of
+Porsche AG (HGB)²
+12.5
+71.9
+Average employee remuneration of
+PAG
+-13.7
+9.1
+Remuneration "granted and owed" within the meaning of section 162 (1)
+sentence 1 AktG. The transitional provision of section 26j (2) sentence 2 of the
+Introductory Law of the German Stock Corporation Act (EGAktG) was applied.
+2 In 2022, before profit transfer.
+Corporate Governance Remuneration report 2023
+114.2
+9,000
+0.0
+Earnings performance
+Hans Dieter Pötsch
+162.6
+Vera Schalwig
+4.1
+387.5
+Stefan Schaumburg
+Operating return on sales of the
+6.5
+Carsten Schumacher
+35.8
+38.7
+Dr. Hans Peter Schützinger
+-100.0
+Hauke Stars
+59.7
+0.0
+0
+93.5
+3,716,727
+Andreas Haffner
+Sajjad Khan
+327,993
+3,679,250
+Barbara Frenkel
+386,206
+4,000,346
+324,342
+3,952,119
+2023
+Exit date: May 3, 2016
+Former member of the Executive Board; Research and
+Development
+Wolfgang Hatz
+of section 162 (1) sentence 1 AktG
+100.0
+155,100
+Total remuneration within the meaning
+1. REMUNERATION GRANTED AND OWED IN FISCAL YEAR
+2023 (INDIVIDUALIZED)
+Under section 162 (5) sentence 2 AktG, the obligation to report
+individually on the remuneration granted and owed to former
+Executive Board members also extends to remuneration
+granted and owed in the ten years after their most recent term
+of office on the Executive Board or Supervisory Board at
+Porsche AG.
+The following tables show the remuneration granted and owed
+in fiscal year 2023 to the individual former members of the
+Executive Board who left after fiscal year 2013.
+Uwe-Karsten Städter
+Former member of the Executive Board; Procurement
+Exit date: August 18, 2021
+Fixed remuneration
+324,999
+2023
+%
+Pension payments
+154,080
+Fringe benefits
+1,020
+99.3
+0.7
+€
+In accordance with section 162 (1) sentence 1 AktG, the
+remuneration granted and owed to former members of the
+Executive Board of Porsche AG must also be reported.
+54,717
+Detlev von Platen
+For the comparison with the growth in average employee
+remuneration, the average employee remuneration is calculated
+by adjusting the personnel expenses of Porsche AG reported in
+the notes to the annual financial statements of Porsche AG for
+the remuneration of the members of the Executive Board.
+These adjusted personnel expenses are divided by the average
+number of full time equivalent employees of Porsche AG in
+fiscal year 2023, excluding the members of the Executive
+Board (employees of Porsche AG).
+Earnings performance is determined on the basis of the
+following earnings indicators: Porsche AG's net income or loss
+for the year (HGB), the EBITDA margin of the automotive
+segment, and the operating return on sales of the Porsche AG
+Group.
+The following table shows a comparison of the year-on-year
+percentage change in the remuneration of the Executive Board
+members with the earnings performance of Porsche AG and
+with the average remuneration of employees on a full time
+equivalent basis. The remuneration of the Executive Board
+members shown is the remuneration granted and owed as
+presented in this report.
+V. Comparative presentation
+The remuneration granted and owed in 2023 to former
+Executive Board members who left their office as an Executive
+Board or Supervisory Board member before the beginning of
+2014 and who were granted and owed remuneration in fiscal
+year 2023, more than ten years after their exit from Porsche
+AG, need not be reported separately pursuant to section 162
+(5) sentence 2 AktG. A total of €2,239,538 was granted to
+such former Executive Board members and their surviving
+dependents in fiscal year 2023.
+2. TOTAL REMUNERATION GRANTED TO EXECUTIVE BOARD
+MEMBERS WHO LEFT BEFORE THE BEGINNING OF FISCAL
+YEAR 2013
+%
+€
+2.2.5. No malus/clawback claims in fiscal year 2023
+The prerequisites for a clawback claim affecting variable
+remuneration components did not apply in fiscal year 2023.
+Porsche AG therefore did not seek to claw back any variable
+Additionally, the company has obligations to Executive Board members from
+the deferred compensation program.
+Dr. Michael Steiner
+Total
+of section 162 (1) sentence 1 AktG
+100.0
+19,213
+Total remuneration within the meaning
+100.0
+19,213
+4,196,289
+324,420
+Albrecht Reimold
+3,523,678
+324,731
+3,537,814
+53,333
+325,355
+26,660,938
+2,391,379
+Pension payments
+0
+0.0
+Fringe benefits
+Fixed remuneration
+IV. Remuneration of former Executive Board
+members
+remuneration components from individual Executive Board
+members.
+Pension expenses
+82.50
+Allocation price
+€
+The allocation price, the closing price of the Porsche preferred
+share relevant for sub-tranche 1 and the dividend equivalent
+can be found in the following overview.
+3,675
+28,480
+28,480
+28,480
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+Sub-tranche 2
+From IPO date to second anniversary
+Sub-tranche 3
+From IPO date to third anniversary
+Number of performance shares allocated Number of performance shares allocated Number of performance shares allocated
+at the date of allocation
+at the date of allocation
+cc) Reference prices/dividend equivalent
+at the date of allocation
+6,430
+Closing price of sub-tranche 1
+Dividend equivalent 2023
+6,430
+3,675
+6,430
+3,675
+3,675
+3,675
+3,675
+3,675
+3,675
+98.03
+1.01
+Closing price of sub-tranche 21
+The severance provisions also apply in the event of termination
+by mutual agreement without good cause within the meaning
+of section 626 (1) BGB. In the event of resignation, Executive
+Board members are not entitled to any severance payments.
+The members of the Executive Board are also entitled to
+retirement, invalidity and surviving dependents' benefits (more
+details on these benefits in the next section) in the event of
+early termination of their service, even if a pensionable event
+does not occur.
+b) Benefit commitments to Executive Board members for
+regular termination of service
+From January 1, 2023, the Executive Board members were
+granted new pension commitments under the Executive Board
+remuneration system. Porsche AG implemented a new capital-
+market-oriented pension system. The members of the
+Executive Board receive a defined contribution benefit
+commitment in the form of a direct commitment for retirement,
+invalidity and surviving dependents' benefits, funded through a
+contractual trust arrangement. The promised retirement
+benefits can be drawn from the age of 67, though they can be
+drawn early from the age of 63. The annual pension
+contribution is equal to 40% of the relevant contractual annual
+base salary.
+As of January 1, 2023, the pensions for all Executive Board
+members were transitioned to the new pension system. The
+pension benefits earned under the former pension system will
+be maintained. As of December 31, 2022, the members of the
+Executive Board were promised a fixed monthly pension from
+the company, which can be claimed from the age of 65. The
+promised pension amount already factors in an adjustment for
+the period between the transition date and the age of 65 in
+accordance with section 2a (2) sentence 2 no. 2a of the
+German Law for the Improvement of Company Pension Plans
+(BetrAVG), which means that the pension amount will not
+change in the period up to the age of 65 (for details on earlier
+pension commitments, see the remuneration report 2022).
+The severance payment is paid in equal monthly gross
+installments from the time of the termination of the
+appointment. Contractual remuneration paid by Porsche AG for
+the period from the termination of the appointment until the
+end of the service contract is offset against the severance
+payment. Should Executive Board members take up other work
+after the termination of their appointment, the amount of the
+severance payment will be reduced by the amount of the
+income earned from that work. The severance payment is not
+made if Executive Board members continue to be employed by
+Porsche AG or another Volkswagen Group entity under an
+employment or service contract.
+Dr. Blume initially had a pension commitment from Porsche AG
+until April 12, 2018 that was frozen on his appointment to the
+Board of Management of Volkswagen AG as of April 13, 2018.
+With respect to this pension commitment, Dr. Blume is treated
+as if he left Porsche AG on April 12, 2018. He acquired a vested
+benefit that will not increase and will not be adjusted. From
+January 1, 2023, Dr. Blume received a new, capital-market-
+oriented pension commitment from Porsche AG. His earlier
+pension commitment remains frozen.
+Mr. Meschke, Mr. Haffner, Mr. Reimold and Dr. Steiner have a
+direct insurance policy within the meaning of section 40b of the
+German Income Tax Act (EStG), with an annual premium of
+€1,750 paid by Porsche AG for the duration of their service.
+The following overview presents the projected pension
+obligations for the individual Executive Board members at their
+present value as of December 31, 2023 as well as the amount
+of expenses or provisions recognized for pensions in
+accordance with IFRS in fiscal year 2023. Other benefits such
+as surviving dependents' pensions and the use of company cars
+are also factored into the measurement of pension obligations.
+€
+Dr. Oliver Blume
+Lutz Meschke
+Projected pension
+obligations
+funded by the employer
+according to IAS 191
+Additionally, Executive Board members can participate in a
+deferred compensation program to set aside a company
+pension. Porsche AG pays interest of 3% to 6% p.a. on this
+deferred compensation.
+Corporate Governance Remuneration report 2023
+term of the severance payment installments and to be settled
+and paid out in accordance with the contractual provisions.
+170
+Dividend equivalent 2024
+Closing price of sub-tranche 31
+Dividend equivalent 2025
+1 Determined at the end of the performance period.
+2.2.2. Conformity with the Executive Board remuneration
+system
+The remuneration granted and owed to the members of the
+Executive Board in fiscal year 2023 is in line with the
+requirements of the Executive Board remuneration system.
+There were no departures from the applicable Executive Board
+remuneration system in fiscal year 2023. The payments from
+the annual bonus and the performance share plan did not have
+to be reduced due to the respective maximum values of the
+individual remuneration components being exceeded, as 180%
+of the target amount of the annual bonus and 200% of the
+target amount of the performance share plan were not
+exceeded.
+2.2.3. Maximum remuneration
+Maximum remuneration within the meaning of section 87a (1)
+sentence 2 no. 1 AktG is in place for each Executive Board
+↑↓ ↑ 0 |||
+member, as a result of which total remuneration is capped.
+Overall, the remuneration granted and owed to the members of
+the Executive Board in fiscal year 2023 did not exceed the
+maximum remuneration provided for in the Executive Board
+remuneration system.
+a) Benefits and benefit commitments to Executive Board
+members for early termination
+The service contracts of all Executive Board members provide
+for termination periods in the event that an appointment as
+member of the Executive Board is revoked, the member resigns
+or the appointment is terminated by mutual agreement. In the
+event that the appointment is revoked without there being
+good cause within the meaning of section 626 (1) BGB, the
+service contracts generally end after a period of 12 months
+ending at month-end, unless the regular term of the service
+contract ends prior to this date. The same applies to resignation
+without good cause within the meaning of section 626 (1) BGB
+as well as to termination of the appointment by mutual
+agreement. Other remuneration is counted toward benefits
+during the termination period.
+In the event of the appointment being revoked without there
+being good cause within the meaning of section 626 (1) BGB,
+the Executive Board members receive a severance payment
+equal to the gross remuneration for the remaining term of the
+service contract, capped at the gross annual income for two
+years. The annual income used as a basis for calculating the
+severance payment is generally the prior-year fixed component
+plus the annual bonus paid out for the past fiscal year.
+Additionally, LTI tranches continue to be allocated during the
+Corporate Governance Remuneration report 2023
+169
+↑ ↓ ↑ 0 |||
+2.2.4. Benefits and benefit commitments in connection with
+termination
+Sub-tranche 1
+171
+%
+93.5
+130,000
+0
+0
+0
+0
+100.0
+254,000
+3.5
+9,000
+19.7
+50,000
+76.8
+195,000
+100.0
+369,000
+2.4
+Jordana Vogiatzi³
+(Deputy Chair)
+Dr. Arno Antlitz¹
+Ibrahim Aslan
+%
+€
+%
+0
+%
+%
+260,000
+70.5
+100,000
+27.1
+9,000
+€
+(Chairman)
+0.0
+6.5
+130,000
+Melissa Di Donato Roos
+100.0
+189,000
+4.8
+9,000
+26.5
+50,000
+68.8
+130,000
+Micaela le Di Divelec Lemmi
+100.0
+100,000
+0.0
+0
+100.0
+100,000
+139,000
+100.0
+Harald Buck
+130,000
+54.4
+100,000
+9,000
+41.8
+3.8
+239,000
+100.0
+Dr. Christian Dahlheim²
+0
+0.0
+9,000
+Dr. Wolfgang Porsche
+Supervisory Board member
+Total remuneration
+Operating return on sales of the
+Earnings performance
+-63.6
+19.6
+-32.1
+Wolfgang Hatz
+-82.0
+Uwe-Karsten Städter
+Former Executive Board members
+1.1
+11.1
+Dr. Michael Steiner
+2.1
+11.6
+Albrecht Reimold
+2.8
+10.4
+Detlev von Platen
+Executive Board remuneration¹
+Active Executive Board members
+Dr. Oliver Blume
+Lutz Meschke
+Barbara Frenkel
+Annual change Annual change
+0.0
+2023
+2022
+compared with compared with
+2022
+7.5
+54.3
+-5.2
+243.5
+11.1
+2.8
+Andreas Haffner
+Sajjad Khan
+2021
+12.5
+Porsche AG Group (ROS)
+EBITDA margin of the automotive
+9.1
+Remuneration "granted and owed" within the meaning of section 162 (1)
+sentence 1 AktG. The transitional provision of section 26j (2) sentence 2 of the
+Introductory Law of the German Stock Corporation Act (EGAktG) was applied.
+In 2022, before profit transfer.
+The Supervisory Board regularly reviews and, if necessary,
+adjusts the level of the total remuneration, maximum
+remuneration and the individual targets. In preparation for the
+IPO of Porsche AG, the Supervisory Board performed, among
+other things, a vertical comparison with the remuneration and
+employment terms of Porsche AG's employees and a horizontal
+comparison with the market and competitive environment of
+Porsche AG. From fiscal year 2023, the Supervisory Board will
+use a peer group of other companies (peer group supplemented
+by the DAX) to assess how customary the Executive Board
+members' specific target total remuneration is when measured
+against other businesses. The peer group is regularly reviewed
+and adjusted, and currently comprises the following companies:
+LVMH Moët Hennessy-Louis Vuitton SE, General Motors
+Company (GMC), Samsung Electronics Co., Tesla Inc., Ltd.,
+Mitsubishi Motors Corporation, BMW AG, Mercedes Benz AG,
+Volvo AB, Kering S.A., Ferrari N.V., Nissan Motor Corporation,
+II. OVERVIEW OF REMUNERATION
+The Supervisory Board members receive fixed annual
+remuneration of €260,000 (Chairman), €195,000 (Deputy
+Chairman), and €130,000 (other members). They additionally
+receive attendance fees at a flat rate of €9,000 per year for
+their attendance of Supervisory Board and committee
+meetings. For memberships of committees, additional annual
+remuneration of €100,000 (committee chair) or €50,000
+(other members) is paid per committee provided the committee
+met at least once that year for the performance of its duties.
+Memberships of more than two committees are not
+remunerated separately. In this case, members receive
+remuneration for their two functions in committees that pay the
+highest fixed remuneration per fiscal year. Memberships of the
+Nomination Committee are not taken into account.
+Supervisory Board members who belonged to the Supervisory
+Board or one of its committees for only part of the fiscal year
+receive remuneration on a pro rata temporis basis (fixed
+remuneration, additional remuneration and attendance fees).
+-13.7
+The remuneration and flat-rate attendance fees are each
+payable after the end of the fiscal year.
+173
+↑↓ ↑ ||
+174
+Fixed remuneration
+Work in committees
+Meeting attendance fees
+Corporate Governance Remuneration report 2023
+172
+Average employee remuneration of
+PAG
+The following table shows the active members of the
+Supervisory Board of Porsche AG in fiscal year 2023 and the
+remuneration individually granted and owed to each of the
+Supervisory Board members in fiscal year 2023. This is based
+on the same understanding of the term "granted and owed" as
+explained for the Executive Board members. The remuneration
+reported in the table therefore reflects the amounts actually
+received in fiscal year 2023, i.e., the remuneration paid to the
+Supervisory Board members for their work on the Supervisory
+Board for fiscal year 2023, regardless of the date of actual
+payment.
+segment
+Net income or loss for the year of
+Porsche AG (HGB)²
+71.9
+114.2
+2.0
+2.9
+Employee remuneration
+Jaguar Land Rover Ltd., Hermès International SCA, SAP SE. The
+companies were chosen to reflect the specific market and
+competitive environment of Porsche AG. Owing to Porsche AG's
+global presence, companies from outside Europe were also
+included in the peer group.
+I. PRINCIPLES OF SUPERVISORY BOARD REMUNERATION
+The remuneration of the members of the Supervisory Board is
+governed by article 18 of the Articles of Association of Porsche
+AG and comprises fixed remuneration only plus a flat rate for
+attendance of meetings. The remuneration system for the
+members of the Supervisory Board in accordance with section
+113 (3) AktG was approved at the Annual General Meeting of
+Porsche AG on June 28, 2023 by 100% of the votes cast. The
+revision of the Supervisory Board remuneration system took
+account of the new ARUG II requirements and the Code's
+recommendations and suggestions for Supervisory Board
+remuneration. The Code includes the suggestion that
+Supervisory Board remuneration should be fixed remuneration.
+Additionally, the Code recommends that the remuneration of
+the Supervisory Board members should take into account, in an
+appropriate manner, the higher time commitment of the
+Chairman and the Deputy Chairman of the Supervisory Board
+and the chairs and members of committees. An independent
+remuneration consultant confirmed that the Supervisory Board
+remuneration is commensurate with the duties of the
+Supervisory Board members and the situation of Porsche AG
+and is consistent with market rates.
+Retired members of the Supervisory Board no longer receive
+remuneration from Porsche AG for the period after the end of
+their service.
+III. OTHER REMUNERATION
+Porsche AG reimburses Supervisory Board members for the
+expenses they incur in the course of their work.
+In accordance with article 18 (7) of the Articles of Association,
+the members of the Supervisory Board were also covered by
+directors and officers (D&O) insurance for an appropriate
+amount taken out by Porsche AG in their interest.
+IV. REMUNERATION OF ACTIVE SUPERVISORY BOARD
+MEMBERS IN FISCAL YEAR 2023
+B. REMUNERATION OF THE MEMBERS OF THE
+SUPERVISORY BOARD
++