Porsche 2008 Annual Report Download - page 86

84


;VV\YZOHYLOVSKLYZ -PUHUJPHSZ 
.YV\WTHUHNLTLU[YLWVY[ 

;OL=VSRZ^HNLUZ\INYV\WPZ[HRPUNH]HYPL[`VM
TLHZ\YLZ[VHJ[P]LS`WYLWHYLMVY[OLM\[\YLJOHSÌ
SLUNLZWYLZLU[LKI`[OLZOVY[HNLVMWYPTHY`
LULYN`ZV\YJLZ-VYPUZ[HUJL[OLZ\INYV\WPZ
L_WHUKPUNP[ZJLU[YHSPaLKLULYN`THUHNLTLU[H[
P[ZWYVK\J[PVUMHJPSP[PLZHUKPU[LNYH[PUNP[^P[OP[Z
LU]PYVUTLU[HSTHUHNLTLU[ZVHZ[VYLPUMVYJL
[OLLMMLJ[VM[OLLULYN`ZH]PUNZTLHZ\YLZILPUN
[HRLUI`[OL]HYPV\ZHYLHZVMWYVK\J[PVU0U
HKKP[PVU[OL\ZLVMYLUL^HISLZV\YJLZVMLULYN`
PZILPUNKYP]LUMVY^HYKVUH^VYSK^PKLIHZPZ
3LNHSJHZLZ
0U[OLJV\YZLVM[OLPYVWLYH[PUNHJ[P]P[PLZ=VSRZÌ
^HNLU(.HUK[OLJVTWHUPLZPU^OPJOP[PZKPÌ
YLJ[S`VYPUKPYLJ[S`PU]LZ[LKILJVTLPU]VS]LKPU
SLNHSKPZW\[LZHUKVMMPJPHSWYVJLLKPUNZPU.LYÌ
THU`HUKPU[LYUH[PVUHSS`0UWHY[PJ\SHYZ\JO
WYVJLLKPUNZTH`VJJ\YPUYLSH[PVU[VZ\WWSPLYZ
KLHSLYZJ\Z[VTLYZVYPU]LZ[VYZ
-VY[OLJVTWHUPLZPU]VS]LK[OLZLTH`YLZ\S[PU
WH`TLU[VYV[OLYVISPNH[PVUZ7HY[PJ\SHYS`PU
JHZLZ^OLYL<:J\Z[VTLYZHZZLY[JSHPTZMVY
]LOPJSLKLMLJ[ZPUKP]PK\HSS`VYI`^H`VMHJSHZZ
HJ[PVUOPNOS`JVZ[ÌPU[LUZP]LHJ[PVUTH`OH]L[V
IL[HRLUHUKZ\IZ[HU[PHSJVTWLUZH[PVUVYW\UPÌ
[P]LKHTHNLZWHPK
>OLYL[YHUZWHYLU[HUKLJVUVTPJHSS`]PHISL
HKLX\H[LPUZ\YHUJLJV]LYPZ[HRLUV\[MVY[OLZL
YPZRZHUKHWWYVWYPH[LWYV]PZPVUZYLJVNUPaLKMVY
[OLYLTHPUPUNPKLU[PMPHISLYPZRZ;OLJVTWHU`
KVLZUV[ILSPL]L[OLYLMVYL[OH[[OLZLYPZRZ^PSS
OH]LHZ\Z[HPULKLMMLJ[VU[OLLJVUVTPJWVZPÌ
[PVUVM[OLNYV\W
/V^L]LYHZZVTLYPZRZJHUUV[ILHZZLZZLKVY
JHUVUS`ILHZZLZZLK[VHSPTP[LKL_[LU[[OL
WVZZPIPSP[`VMSVZZVYKHTHNLUV[ILPUNJV]LYLK
I`[OLPUZ\YLKHTV\U[ZHUKWYV]PZPVUZJHUUV[
ILY\SLKV\[
9PZRZHYPZPUNMYVTMPUHUJPHSPUZ[Y\TLU[Z
;OLL_LJ\[P]LJVTTP[[LLMVYSPX\PKP[`HUKMVYLPNU
J\YYLUJ`HWWYV]LZYPZRSPTP[ZH\[OVYPaLKMPUHUÌ
JPHSPUZ[Y\TLU[ZHUKOLKNPUNTL[OVKZHUK
OVYPaVUZ9PZRTHUHNLTLU[PZ[OLYLZWVUZPIPSP[`
VM[OL[YLHZ\Y`VM[OL=VSRZ^HNLUZ\INYV\W;OL
NYV\WqZL_LJ\[P]LIVHYKPZPUMVYTLKVM[OLJ\YÌ
YLU[YPZRZP[\H[PVUVUHYLN\SHYIHZPZ
;OLZ\INYV\WqZI\ZPULZZHJ[P]P[PLZLU[HPSMPUHUÌ
JPHSYPZRZ[OH[TH`HYPZLMYVTJOHUNLZPUPU[LYLZ[
YH[LZL_JOHUNLYH[LZJVTTVKP[`WYPJLZHUK
M\UKWYPJLZ;OL=VSRZ^HNLUZ\INYV\WTHUHNLZ
[OLZLYPZRZI`LTWSV`PUNWYPTHY`HUKKLYP]H[P]L
MPUHUJPHSPUZ[Y\TLU[Z0U[LYUHSSPTP[ZHYLZL[VU
[OL]VS\TLVMI\ZPULZZWLYJV\U[LYWHY[`^OLU
LU[LYPUNPU[VMPUHUJPHS[YHUZHJ[PVUZPUVYKLY[V
SPTP[[OLKLMH\S[YPZRI`TLHUZVMKP]LYZPMPJH[PVU
0UZL[[PUN[OLZLSPTP[Z]HYPV\ZYH[PUNJYP[LYPHHYL
[HRLUPU[VHJJV\U[PUJS\KPUN[OLYH[PUNZH^HYKLK
I`PUKLWLUKLU[HNLUJPLZHUK[OLLX\P[`IHZLVM
WV[LU[PHSJV\U[LYWHY[PLZ0U[LYLZ[YH[LZHUK
J\YYLUJPLZHYLTHPUS`THUHNLKJLU[YHSS`I`[OL
[YLHZ\Y`VM[OL=VSRZ^HNLUZ\INYV\W;OLZ\IÌ
NYV\WOLKNLZP[ZPU[LYLZ[YH[LYPZRHUKYPZRZ
HYPZPUNMYVTMS\J[\H[PVUZPU[OL]HS\LVMMPUHUJPHS
PUZ[Y\TLU[ZI`TLHUZVMPU[LYLZ[YH[LZ^HWZ
JYVZZÌJ\YYLUJ`Z^HWZHUKV[OLYPU[LYLZ[YH[L
JVU[YHJ[Z^P[OTH[JOPUNHTV\U[ZHUKTH[\YP[`
KH[LZ;OPZHSZVHWWSPLZ[VMPUHUJPUNHYYHUNLÌ
TLU[Z^P[OPU[OL=VSRZ^HNLUZ\INYV\W


;VV\YZOHYLOVSKLYZ -PUHUJPHSZ 
.YV\WTHUHNLTLU[YLWVY[ 

*YLKP[SPULZMYVTIHURZHYLNLULYHSS`VUS`L]LY
\ZLK^P[OPU[OL=VSRZ^HNLUZ\INYV\W[VJV]LY
ZOVY[Ì[LYT^VYRPUNJHWP[HSYLX\PYLTLU[Z7YVÌ
QLJ[ZHYLMPUHUJLKI`HTVUNV[OLY[OPUNZSVHUZ
WYV]PKLKH[MH]VYHISLPU[LYLZ[YH[LZI`KL]LSVWÌ
TLU[IHURZZ\JOHZ[OL,\YVWLHU0U]LZ[TLU[
)HURVY[OL,\YVWLHU)HURMVY9LJVUZ[Y\J[PVU
HUK+L]LSVWTLU[,)9+I\[HSZVI`UH[PVUHS
KL]LSVWTLU[IHURZZ\JOHZ2YLKP[HUZ[HS[MÊY
>PLKLYH\MIH\2M>VY[OL)YHaPSPHU5H[PVUHS
,JVUVTPJHUK:VJPHS+L]LSVWTLU[)HUR
)5+,:;OPZL_[LUZP]LYHUNLVMVW[PVUZTLHUZ
[OH[HU`SPX\PKP[`YPZR[V[OL=VSRZ^HNLUZ\IÌ
NYV\WPZL_[YLTLS`SV^
:[HUKHYK7VVYqZOH]L\WKH[LK[OLPYYH[PUNZMVY
=VSRZ^HNLU(.=VSRZ^HNLU-PUHUJPHS:LY]PJLZ
(.HUK=VSRZ^HNLU)HUR.TI/;OLYH[PUN
HNLUJ`JVUMPYTLKP[ZZOVY[Ì[LYTHUKSVUNÌ[LYT
YH[PUNZMVY=VSRZ^HNLU(.HUK=VSRZ^HNLU
-PUHUJPHS:LY]PJLZ(.H[(uHUK(uYLZWLJ[P]LS`
;OLV\[SVVR^HZJOHUNLKMYVTrZ[HISLs[V
rULNH[P]LsMVYIV[OJVTWHUPLZ;OLYH[PUNZVM
=VSRZ^HNLU)HUR.TI/^LYLSV^LYLKI`VUL
NYHKL[V(uHUK(uYLZWLJ[P]LS`MVY=VSRZÌ
^HNLU)HUR.TI/^P[O[OLV\[SVVRSPRL^PZL
ILPUNULNH[P]L
4VVK`qZ0U]LZ[VYZ:LY]PJLOHZHSZV\WKH[LKP[Z
YH[PUNZMVY=VSRZ^HNLU(.=VSRZ^HNLU-PUHUJPHS
:LY]PJLZ(.HUK=VSRZ^HNLU)HUR.TI/;OL
ZOVY[Ì[LYTHUKSVUNÌ[LYTYH[PUNZMVY=VSRZ^HNLU
(.HUK=VSRZ^HNLU-PUHUJPHS:LY]PJLZ(.^LYL
ZL[H[7uHUK(YLZWLJ[P]LS`;OLV\[SVVRMVY
IV[OJVTWHUPLZ^HZSV^LYLK[VrZ[HISLs;OL
ZOVY[HUKSVUNÌ[LYTYH[PUNZMVY=VSRZ^HNLU)HUR
.TI/^OPJOJ\YYLU[S`Z[HUKH[7uHUK(HUK
[OLYLMVYLVULNYHKLOPNOLY[OHU=VSRZ^HNLU(.
HUK=VSRZ^HNLU-PUHUJPHS:LY]PJLZ(.HYLJ\YÌ
YLU[S`ILPUNTVUP[VYLK^P[OYLNHYK[VHWVZZPISL
KV^UNYHKL
;OL[YLHZ\Y`KLWHY[TLU[VM=VSRZ^HNLU-PUHUÌ
JPHS:LY]PJLZ(.ZHMLN\HYKZ[OLSPX\PKP[`VM[OL
MPUHUJPHSZLY]PJLZKP]PZPVUHZ^LSSHZTHUHNPUN
JYLKP[KLMH\S[HUKTHYRL[YPZRZ9PZRJVU[YVSSPUN
PZYLZWVUZPISLMVYTLHZ\YPUNHUHS`aPUNHUK
TVUP[VYPUNTHYRL[YPZRWVZP[PVUZ
9LZPK\HS]HS\LYPZRPU[OL
MPUHUJPHSZLY]PJLZI\ZPULZZ
0U[OLMPUHUJPHSZLY]PJLZI\ZPULZZ[OL=VSRZÌ
^HNLUZ\INYV\WHNYLLZPUZLSLJ[LKJHZLZ[V
I\`IHJRZLSLJ[LK]LOPJSLZH[HYLZPK\HS]HS\L
[OH[PZMP_LKH[PUJLW[PVUVM[OLJVU[YHJ[PU
VYKLY[VYLHSPaLTHYRL[VWWVY[\UP[PLZ3LHZLZ
HYLL]HS\H[LKH[YLN\SHYPU[LY]HSZ;OLULJLZÌ
ZHY`WYLJH\[PVUZHYLTHKLPU[OLL]LU[VM
WV[LU[PHSYPZRZ



4HUHNLTLU[VM[OLYLZPK\HS]HS\LYPZRPZIHZLK
VUHKLMPULKMLLKIHJRSVVWLUZ\YPUN[OLM\SS
HZZLZZTLU[TVUP[VYPUNTHUHNLTLU[HUK
JVTT\UPJH[PVUVMYPZRZ;OLKLZPNUVM[OLWYVJÌ
LZZLZLUZ\YLZUV[VUS`WYVMLZZPVUHSTHUHNLÌ
TLU[VMYLZPK\HSYPZRZI\[HSZV[OH[[OLOHUKSPUN
VMYLZPK\HS]HS\LYPZRZPZZ`Z[LTH[PJHSS`PTWYV]LK
(ZWHY[VMP[ZYPZRTHUHNLTLU[[OL=VSRZ^HNLU
Z\INYV\W\ZLZYLZPK\HS]HS\LMVYLJHZ[Z[VYLN\Ì
SHYS`HZZLZZ[OLHWWYVWYPH[LULZZVM[OLWYV]PÌ
ZPVUZMVYYPZRZHUK[OLWV[LU[PHSMVYYLZPK\HS]HS\L
YPZR0UZVKVPUN[OLJVU[YHJ[\HSS`HNYLLKYLZPKÌ
\HS]HS\LZHYLJVTWHYLK^P[O[OLMHPY]HS\LZ
VI[HPUHISL;OLZLHYLWYVK\JLKMYVTKH[HMYVT
L_[LYUHSWYV]PKLYZHUKPU[LYUHSTHYRL[PUNKH[H
;OL\WZPKLVMYLZPK\HSTHYRL[]HS\LZPZUV[[HRLU
PU[VHJJV\U[^OLUTHRPUNWYV]PZPVUZMVYYPZRZ
0;YPZRZ
9LK\UKHU[MPYL^HSSZHUKPU[Y\ZPVUWYL]LU[PVU
Z`Z[LTZZHMLN\HYK[OL0;Z`Z[LTZHNHPUZ[\UH\Ì
[OVYPaLKHJJLZZ(KKP[PVUHSWYV[LJ[PVUPZ
HJOPL]LK^P[O]PY\ZZJHUULYZHZ^LSSHZYLÌ
Z[YPJ[LKWO`ZPJHSHUKKH[HHJJLZZYPNO[Z;OL
Z`Z[LTZ\ZLKMVYZHMLN\HYKPUNPUMVYTH[PVUHYL
JVUZ[HU[S`JOLJRLKHUKJVU[PU\V\ZS`\WKH[LK0U
HKKP[PVUHSSKH[HIHZLZHYLIHJRLK\WKHPS`
;OHURZ[V[OLTLHZ\YLZ[HRLU[OLSPRLSPOVVKVM
H[OYLH[[V[OLPUMVYTH[PVUZ`Z[LTZHUKZLJ\YP[`
VM[OLZ\INYV\WqZKH[HPZ]LY`SV^
6[OLYMHJ[VYZ
.VPUNIL`VUK[OLYPZRZHSYLHK`V\[SPULK[OLYL
HYLV[OLYMHJ[VYZ[OH[JHUUV[ILWYLKPJ[LKHUK
HYL[OLYLMVYLKPMMPJ\S[[VTHUHNL:OV\SK[OLZL
[YHUZWPYL[OL`JV\SKOH]LHUHK]LYZLLMMLJ[VU
[OLM\Y[OLYKL]LSVWTLU[VM[OL=VSRZ^HNLU
Z\INYV\W;OLZLMHJ[VYZPUJS\KLUH[\YHSKPZHZÌ
[LYZLWPKLTPJZHUK[LYYVYH[[HJRZ
6]LYHSSZ[H[LTLU[VU[OLYPZRZ
MHJLKI`[OL7VYZJOLNYV\W
;OLV]LYHSSYPZRL_WVZ\YLVM[OL7VYZJOLNYV\W
PZTHKL\WVM[OLPUKP]PK\HSYPZRZJVUMYVU[PUN[OL
7VYZJOLZ\INYV\WHUK[OL=VSRZ^HNLUZ\INYV\W
WYLZLU[LKHIV]LHUK[OLZWLJPMPJYPZRZVM
7VYZJOL:,;OLYPZRTHUHNLTLU[Z`Z[LTLUÌ
Z\YLZ[OH[[OLZLYPZRZJHUILJVU[YVSSLK>P[O
[OLL_JLW[PVUVM[OLSPX\PKP[`YPZRZH[[OLSL]LSVM
7VYZJOL:,[OLYLHYLVU[OLIHZPZVM[OLPUMVYÌ
TH[PVUJ\YYLU[S`H]HPSHISLUVYPZRZ[OH[JV\SK
LUKHUNLY[OLHIPSP[`VM[OL7VYZJOLNYV\W[V
JVU[PU\LHZHNVPUNJVUJLYU