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Annual Report 2007 ⁄ 08

Table of contents

  • Page 1
    Annual Report 2007 ⁄ 08

  • Page 2
    Annual General Meeting January 30, 2009 Interim Report 1st six months March 2009 Financial Press Conference on 2008 /09 fiscal year November 2009 Analyst Conference on 2008 /09 fiscal year November 2009 Contact us at Porsche Automobil Holding SE Porscheplatz 1 70435 Stuttgart Germany Porsche Group ...

  • Page 3
    ...307.0 6,039.0 6,041.5 6,101.0 Export Vehicle Sales (new cars) Domestic Porsche Export Porsche Vehicle Sales Porsche 911 Boxster/Cayman Carrera GT RS Spyder Cayenne Production Porsche total 911 Boxster/Cayman Panamera Carrera GT RS Spyder Cayenne Employees Personnel expenses Balance Sheet 1,916.1 587...

  • Page 4
    Annual Report 2007/08

  • Page 5
    2

  • Page 6
    ...Board 108 The new Panamera The Company 14 Group Management Report and Management Report of Porsche Automobil Holding SE Corporate Governance Report Finances Capital Market Models Sales Markets Services Communication Environment Production Employees Purchasing Research and Development Motor Sports...

  • Page 7
    ... longer remain unaffected by these developments. Porsche began preparing for this eventuality some time ago, for example running down production for the USA. Our policy of not granting ex works discounts is paying off. The fact that Porsche has not artificially driven up sales means we can build on...

  • Page 8
    ... us for that one day - and with reason. Porsche hedged its purchase of Volkswagen shares with extensive cash settled options that make us participate in changes in the price of VW ordinary shares. This action was taken to prevent specu- lators from narrowing the options open to us for raising...

  • Page 9
    ... Automobil Holding SE brings benefits to all parties: the VW Group is safe from the threat of being broken up by financial investors, employees' rights are firmly anchored in Porsche Automobil Holding SE, and the jobs of Volkswagen employees in Germany are just as safe as those at Porsche. Our goal...

  • Page 10
    ...Investment management Hans-Peter Porsche Ingenieur Hansjörg Schmierer* Trade union secretary Walter Uhl* President and Chief Executive Officer of Porsche Automobil Holding SE President and Chief Executive Officer of Dr. Ing. h.c. F. Porsche AG Holger P. Härter Head of works council of the Group...

  • Page 11
    ... 13 November 2007. Since then, Porsche Automobil Holding SE has acted as a holding company for the investment in the (new) Dr. Ing. h.c. F. Porsche Aktiengesellschaft and the investment in Volkswagen Aktiengesellschaft. The term of office of the former Supervisory Board members ended when the former...

  • Page 12
    ... work of the Executive Board. The Supervisory Board examined fundamental issues of corporate planning, in particular financial, investment and human resources planning. It was involved in all decisions of fundamental importance for Porsche Automobil Holding SE or the Porsche Automobil Holding Group...

  • Page 13
    ... of Porsche Automobil Holding SE prepared by the Executive Board and the consolidated financial statements for fiscal 2007/08, together with the bookkeeping system and the combined management report and group management report have been audited by Ernst & Young AG Wirtschaftsprüfungsgesellschaft...

  • Page 14
    ... the agenda and reported on the significant findings of their audit of the financial statements and consolidated financial statements. In particular, the representatives of the auditors commented on the net assets, financial position and results of operations of Porsche Automobil Holding SE and were...

  • Page 15

  • Page 16

  • Page 17
    ... Report and Management Report of Porsche Automobil Holding SE Porsche again reported new records in sales, turnover and profit. Production hit an all-time high, too. More automobiles than ever rolled off the assembly line at the Leipzig factory. Porsche's continued success has also created new jobs...

  • Page 18
    ... models were on display in dealership showrooms a month later, in October 2008. In the period under review, the higher-priced GT3, GT2, Turbo and Turbo Cabriolet variants made up 36.8 percent of total sales of the 911, with 11,574 vehicles sold. The two mid-engined sports cars Boxster and Boxster...

  • Page 19
    ....1 million Euro, mainly from leases, loans and credit cards. Leipzig plant in top gear model series has led to the creation of 600 new jobs. Hiring was carried out in the year under review and in the current fiscal year 2008/09. Increased development costs A total of 105,162 vehicles were produced...

  • Page 20
    ... the market of the financial crisis in North America and the fact that Porsche does not have a rating. The funds from the placement will be used to refinance the VW investment and the liquidity reserve. Group equity was at 16.846 billion Euro, up from 9.481 billion Euro in the preceding fiscal year...

  • Page 21
    ... Porsche Automobil Holding SE acquired a further 4.89 percent of the ordinary shares of Volkswagen AG. This raised the total equity investment in the Wolfsburg-based automotive manufacturer to 35.14 percent of the overall voting rights. This guarantees Porsche a lasting majority at VW's shareholders...

  • Page 22
    ... by Porsche Automobil Holding SE are associated with its equity investments in Volkswagen AG and Dr. Ing. h.c. F. Porsche AG. Analyst estimates and other opinions are regularly monitored in order to gain an impression of the development of VW's shares. All shares in Porsche AG are held by Porsche SE...

  • Page 23
    20 To our shareholders The Company The new Panamera Financials Group Management Report developing drive systems with reduced emissions such as the hybrid drive, that will be incorporated into the Cayenne and Panamera series. Levels of demand and sales are also influenced by the changing economic ...

  • Page 24

  • Page 25
    ... companies running the risk of insolvency. Short development times and pressure on costs place high demands on suppliers. Parts deliveries are regularly subjected to quality and punctuality checks. Porsche's high quality goals are implemented both in production and in the development of new vehicles...

  • Page 26
    ... in demand for luxury vehicles in the large emerging markets of China, the Middle East and Russia, the four-door, four-seater Gran Turismo will also make waves in the traditional sales regions of Europe, North America and Japan. Stuttgart, 20 October 2008 Porsche Automobil Holding SE The Executive...

  • Page 27
    ...and control rights of the shareholders in the general meeting continue to be the main core elements of the company statutes of Porsche Automobil Holding SE. Corporate management by the Executive Board The Executive Board has sole responsibility for the management of Porsche Automobil Holding SE and...

  • Page 28
    ... year have been taken into account. The financial statements of Porsche Automobil Holding SE as parent company of the Porsche Group are based on the accounting provisions of the German Commercial Code. Both sets of financial statements are audited by an independent auditor. Risk management Porsche...

  • Page 29
    ...specific factors. Pursuant to Sec. 15a WpHG, members of the Executive Board and Supervisory Board as well as certain persons in management positions and persons closely related to them must disclose the purchase and sale of Porsche shares and related financial instruments. Porsche Automobil Holding...

  • Page 30
    ... nature of the fringe benefits provided by the company." (No. 4.2.5 (3) Sentence 2 German Corporate Governance Code) The total remuneration of the Executive Board and its composition by fixed and performance-related shares is explained in the notes to the consolidated financial statements. We do not...

  • Page 31
    ... Code) The ability to access the expertise of the individual members of the families that are shareholders in the company on specific subjects represents a particular advantage for Porsche Automobil Holding SE. As explained in the notes to the consolidated financial statements and taking the legal...

  • Page 32
    ... Code) Porsche has established a publication cycle corresponding to its non-standard fiscal year, which guarantees the company optimum publicity. We do not consider a deviation from this practice to be appropriate. Stuttgart, 20 October 2008 Porsche Automobil Holding SE Supervisory Board and...

  • Page 33

  • Page 34

  • Page 35
    ... in part attributable to the positive effects of cash settled options which make Porsche participate in changes in the stock exchange value of VW shares. New records set The Porsche Group once again closed the 2007/08 fiscal year with record figures. The key financial indicators unit sales, sales...

  • Page 36
    ... business activities and for the planned increase in the investment in Volkswagen AG. The financial services business was refinanced, mainly using financing structured for the specific country, so-called asset backed structures, with a volume of 1.736 billion Euro. Bonds accounted for 2.295 billion...

  • Page 37
    .... Share price hedges were used to secure the planned additional purchases of shares of Volkswagen AG while stock options also served to obtain short-term liquidity. The market is monitored closely on a daily basis, with reference to selected banks. Currency and cash management organization...

  • Page 38

  • Page 39
    ... shares in Dr. Ing. h.c. F. Porsche AG for the new shares in Porsche Automobil Holding SE. In this way, the Company implemented the resolutions of the previous year's extraordinary shareholders' meeting. The mood on the international stock exchanges has taken a dramatic downturn over the reporting...

  • Page 40
    ... share of the capital stock of one euro per no par value share. Conversion into new shares of Porsche SE value. If one considers the past 15 fiscal years, namely the period from 1 August 1993 to 31 July 2008 (the last day of the reporting year), the price rose - adjusted for the split and converted...

  • Page 41
    ...UK, the USA and Germany, and in other European countries and Asia to a lesser extent. A little less than half of the Porsche preference shares are in free float and are mainly held by private investors from Germany. The ordinary shareholders of Porsche Automobil Holding SE also own preference shares...

  • Page 42
    ... to buy or sell shares. When deciding whether to invest or not, an investor must only be able to judge whether the development of the total remuneration of the management board is reasonable in propor tion to the Company's profit. Porsche is therefore convinced that the total sum of management board...

  • Page 43

  • Page 44

  • Page 45
    ...the new mid-engined sports cars in November 2008. Emerging with renewed style and advanced technology, the Boxster and Cayman will revitalize business at Porsche in time for early spring 2009. Positive impulses are also being generated by small and special series models. The Boxster S Porsche Design...

  • Page 46
    ... time so that the driver and passenger can enjoy a pleasant ride in the hottest conditions and on long journeys. Winter driving is also more comfortable with steering wheel heating. Significant improvements are also afforded by the new generation of the Porsche Communication Management (PCM) system...

  • Page 47
    ... board and the door paneling emphasize the premium finishing. A cushioned steering wheel rim and carbon interior blinds create a fascinating sports ambiance. A rally car for everyday use A new era will begin for the Boxster and Cayman models in spring 2009. The vehicles will receive newly developed...

  • Page 48
    ..." logo on the side panels. Ready for off-road use, the special edition is equipped with air suspension and Porsche Active Suspension Management (PASM). Optional roof headlights are available without a markup. The 4.8-liter V8-cylinder suction engine taken from the Cayenne GTS delivers 405 hp (298...

  • Page 49
    .... In December 2007, the 911 GT3 was named "Performance Car of the Year" by the Australian magazine "Motor". Readers of the "sport auto" specialist journal voted for two Porsche models as the most sporty automobile: the Boxster S as "Best convertible under 80,000 Euro" and the 911 GT2 as the best...

  • Page 50
    ... trade led Porsche to continue work on the successful worldwide "Porsche Approved" program. Customers benefit from quality vehicles at competitive prices with excellent service, for example with a pre-owned vehicle guarantee that is as good as a new vehicle guarantee. The annual increase in sales...

  • Page 51
    48 To our shareholders The Company The new Panamera Financials Sales dual guarantee for vehicles sold by parties outside the Porsche organization, after a car check through a Porsche Center also for used cars. It underscores the reliability of the product quality. More and more customers are ...

  • Page 52
    ...portfolio for the 911 Carrera, Boxster and Cayman and a well-rounded program for the Cayenne model series. The development of sales and income in the year under review illustrates the appeal of the portfolio. Both the sports exhaust system and Vehicle Tracking System were particularly in demand. The...

  • Page 53
    ... applied in the development of the new model series. It plays an important role in managing the increasing complexity of the electronic systems in today's modern vehicles. New guidelines on after sales design and layout have improved the brand image in the service functions. Porsche has implemented...

  • Page 54
    ... Porsche Center. This range of services was enhanced in fiscal 2007/08 with the newly-developed service system. This provides customers with detailed information, for example on prices or the duration of repairs, on their specific vehicle before placing an order. The Service Support Team, active...

  • Page 55
    ... club is also on the agenda. After the success- More than 500 Porsche enthusiasts from 14 countries took part in the Europe Parade in Sardinia. nal organizers in the customer center and on the plant's two test tracks. Sales rose considerably thanks to the acquisition of new customers, from small...

  • Page 56
    ... of driving on the racetrack ("Track Day") are a great success. Special winter training in Finland, Austria, Italy and Colorado helps participants learn how to handle their vehicles during the cold season. New events in great demand during the year under review were the "Super Sport Training" for GT...

  • Page 57

  • Page 58

  • Page 59
    ..., the mid-engined sports car remained well above the 20,000 mark. This success was due in part to special edition models such as the Boxster RS 60 Spyder or the Cayman Porsche Design Edition 1. The Cayenne sporty off-road vehicle set a new delivery record of 44,173 units in the first year in which...

  • Page 60
    ... in July 2008 came to 166 vehicles. Although the mid-engined sports cars struggled under the market conditions and shrinking roadster segment in the UK, with just 1,606 Boxsters and 1,526 Caymans delivered, the country remains the most important market for coupés and open-top two-seaters. 4,168...

  • Page 61
    ... Center was opened in July 2008. Switzerland: New subsidiary In fiscal 2007/08, Porsche delivered a total of 4,749 vehicles to customers in Italy (prior year: 5,458). The Company adjusted its capacity to the difficult economic conditions in good time, thus continuing to safeguard the long-term...

  • Page 62
    ... All-wheel-drive models particularly in demand In the year under review, Porsche delivered a total of 850 vehicles (prior year: 1,167 units). Despite highly price-sensitive competition, the Cayenne sold well with 353 vehicles (prior year: 440), and Northern Europe remains an important sales market...

  • Page 63
    ... East & Africa continued its strong growth. Deliveries of 6,082 vehicles significantly exceeded the prior year's volume of 5,330 units. The region is Porsche's fifth largest sales market after North America, Germany, China and the UK. As expected, customers in the Middle East were extraordinarily...

  • Page 64
    ... 730 vehicles were delivered, compared with 397 units in the prior year. The sporty offroader's share of total deliveries therefore rose to 46 percent (prior year: 28 percent). The highperformance S and Turbo models in particular saw high rates of growth. The new GTS model also exceeded expectations...

  • Page 65
    ... the Cayenne Turbo S at the "China Auto 2008" fair in Beijing. However, sports cars also made large gains in customer deliveries, with 1,296 units sold, 118 percent more than in the previous year. This success enabled the further expansion of the dealer network. Four new Porsche Centers were opened...

  • Page 66
    ... Euro. At the same time, the number of employees rose by 14 percent to 413. This enabled the Company based in Freiberg am Neckar to continue to build on its position in the process and IT consultancy market. Porsche holds a 74.8 percent share in MHP. Apart from Porsche, MHP supports around 250 major...

  • Page 67
    ... To our shareholders The Company The new Panamera Financials Services These projects are of particular significance for Porsche Consulting as they enable new consulting approaches to be developed and tested. A total of 147 clients were served in the year under review. Overseas sales accounted for...

  • Page 68
    ... the Company to meet the diverse needs of customers. For example, leasing agreements with customized payments and a variable term can be concluded. Porsche Financial Services GmbH has its own subsidiaries in all important markets. With another 34,000 new contracts, the various subsidiaries managed...

  • Page 69

  • Page 70

  • Page 71
    ...time in a row. The sports car manufacturer also came first in international image studies. Porsche's outstanding image plays a significant role in the success of the company. The Company's public relations work promotes its reputation by focusing on raising the profile of product, company and brand...

  • Page 72
    ... from the Research and Development Center in Weissach explained in detail the technology that went into the new, reduced-emission direct fuel injection and Porsche Doppelkupplungsgetriebe (PDK). In July 2008, Porsche presented the four-wheel-drive 911 Carrera 4 models, which also have a new form of...

  • Page 73
    ... 2008 at the Geneva Motor Show. The vehicle is reminiscent of the legendary racing car 718 RS 60 Spyder from the 1960s. In the current fiscal 2008/09, Porsche was once again at the center of worldwide media attention on October 2008 at the Paris Motor Show, with the new 911 Carrera and Targa models...

  • Page 74
    ...example, Porsche supports the "Bietigheim Steelers" ice hockey team in Bietigheim-Bissingen, where several of the Company's subsidiaries are based. The ambitious team played in the second German national league in the year under review. Cultural commitment with a purpose the sports car manufacturer...

  • Page 75
    ... throughout the world. Moreover, the mid-engined sports cars Cayman S Porsche Design Edition 1 and Boxster RS 60 Spyder both had successful market launches supported by comprehensive communications measures. The campaign to launch the sale of the new 911 Carrera models was introduced at the end of...

  • Page 76
    ... events. In the 2008 season, efforts were redoubled following the first start of the RS Spyder at the 24-hour Le Mans race, and the double victory in its class which followed. Sales in the eBusiness sector developed very favorably. The international launch of the redesigned "Porsche Design Driver...

  • Page 77

  • Page 78

  • Page 79
    ... monitors, low rolling resistance tires, efficient air conditioning, upshift indicators and biofuels would then reduce emissions by a further ten grams per kilometer. For car manufacturers, this would mean reducing emissions by eleven to 49 percent, depending on the model line-up. Porsche would have...

  • Page 80
    ... figures of their sports cars and SUVs against the small cars in their model range, and in so doing arrive at a relatively low average value for their fleets. However, when comparing competitors' products with Porsche vehicles, it becomes clear that the 911, the Boxster and the Cayenne are the best...

  • Page 81
    ... quality of the Company's environment management. Seal of quality for Zuffenhausen med an integral part of the Company's vehicle design process for many years. Operational improvements are also underway at workshops, test benches and checking equipment. The rural location of the development center...

  • Page 82
    ...and on evaluating the management system. Disposal facilities that have been certified in accordance with ISO 14001 are of increasing importance to Porsche, as they guarantee a high standard throughout the entire process chain from development through production to disposal. Environmental protection...

  • Page 83
    ... rolled off the line in Leipzig than ever before, with a total of 48,497 vehicles produced. Growth on the prior fiscal year came to 34.1 percent. Major restructuring of engine construction One major challenge for production at the Zuffenhausen site was the ramp-up of the new generation 911 model...

  • Page 84
    ..., so that both plants work with the same systems. Porsche supports suppliers in many ways in order to ensure problem-free production and high quality standards in the long term. A team of manufacturing experts that can assist suppliers in the fields of manufacturing and delivery is in place to...

  • Page 85
    82 To our shareholders The Company The new Panamera Financials Production For the first time, this system puts dealers in a position to be able to give customers a reliable delivery date for the vehicle ordered in accordance with their individual wishes during the sales consultation itself. This ...

  • Page 86
    ..., which first came onto the market less than a year previously, met with great interest on the part of customers on account of its high-performance, economical engines. In fiscal 2007/08, the new Cayenne GTS and Turbo S models were added to the portfolio. Targeted quality planning in preproduction...

  • Page 87

  • Page 88

  • Page 89
    ... in Germany and abroad advertised and filled numerous positions in the year under review. This applies in particular to vehicle development and sales with subsidiaries, but also to Porsche Engineering Services, Porsche Consulting and Mieschke, Hoffmann & Partner Gesellschaft für Management- und...

  • Page 90
    ... first year of training also took part in the "Q day" held in fiscal 2007/ 08. This is a one-day event devoted to quality issues and aimed at increasing young people's identification with quality processes, particularly in production. In close collaboration between the engine assembly and vocational...

  • Page 91
    88 To our shareholders The Company The new Panamera Financials Employees Employees Porsche AG 9,000 7,500 6,000 4,500 3,000 1,500 2004 ⁄ 05 Production Development Sales Administration 3,599 2,376 689 1,331 2005 ⁄ 06 3,814 2,494 557 1,392 2006 ⁄ 07 3,742 2,476 597 1,414 2007⁄ 08 3,805 ...

  • Page 92
    ... production start-up of the new sporty GTS and high-performance Turbo S variants of the Cayenne series. As well as involving key system suppliers in the entire development process of the new generation 911 Carrera, which was brought onto the market at the end of the year under review, the partners...

  • Page 93
    90 To our shareholders The Company The new Panamera Financials Purchasing Risk management for suppliers Cost of materials per vehicle reduced In view of the high proportion of value added by external companies, one of the purchasing department's main concerns is ensuring that Porsche's suppliers...

  • Page 94

  • Page 95

  • Page 96

  • Page 97
    ..., Boxster and Cayman sports cars, the engineers developed completely new drive trains: cutting-edge engines featuring direct fuel injection and the new Porsche Doppelkupplungsgetriebe (PDK) deliver greater engine output in the new models while substantially reducing fuel consumption. The Cayenne...

  • Page 98
    ... of the engine. The cylinder head continues to house the VarioCam Plus variable valve timing system developed by Porsche, which allows optimal output and torque while improving the fuel consumption and emissions levels and delivering smooth running characteristics. In order to further enhance the...

  • Page 99
    ... the lateral air intakes. Porsche also offers optional dynamic cornering lights. LED technology is used in the redesigned rear lights as well. The interior design of the new 911 generation stands out due to its enhanced control concept. The new Porsche Communication Management (PCM) system is the...

  • Page 100
    ... steering response and stable load transfer characteristics. Like the sports car models, the Cayenne Turbo S is also equipped with the latest generation of Porsche Communication Management (PCM). The Porsche Ceramic Composite Brake (PCCB) is optionally available for all eight-cylinder Cayenne models...

  • Page 101
    98 To our shareholders The Company The new Panamera Financials Research and Development suspension struts and Porsche Dynamic Chassis Control (PDCC) were also readjusted. Like all Cayenne models, the Cayenne Transsyberia has permanent all-wheel drive Porsche Traction Management (PTM), a multiple-...

  • Page 102
    ...analyzing fuels and oils is ever increasing in order to ensure optimal driving performance and the quality of motorcars. In a pioneering step among German carmakers, the Stuttgart manufacturer has implemented a laboratory information management system (LIMS) at the Research and Development Center in...

  • Page 103

  • Page 104

  • Page 105
    ... eleven works drivers. The Company's activities in this field give it valuable experience for the development of its series production vehicles. New technologies can be tested on race tracks under the most extreme conditions. Porsche's sports cars, particularly the prototype RS Spyder and the racing...

  • Page 106
    ... team, which had come first in the qualifying race at the high-speed track in Monza. Horag Racing from Switzerland filled the last of the top three positions. Porsche's first LMS season ended with a clear victory in the manufacturers' rankings. The V8 version of the RS Spyder developed by Porsche...

  • Page 107
    104 To our shareholders The Company The new Panamera Financials Motor Sports

  • Page 108

  • Page 109
    ...The Company The new Panamera Financials Motor Sports After 24 hours at the historic Daytona track in Florida, second and third place went to the American "The Racers Group" team, supported by the works drivers Richard Westbrook, Emmanuel Collard and Romain Duras in the two 911 GT3 Cup vehicles. In...

  • Page 110
    ... both the drivers and the vehicles. The trials on a single day could sometimes be longer than the entire special trial distance of a race in the current rally world championship. Victory on all tracks: The Porsche GT3 Cup lined up at the starting grid of Brand Cup Races in 22 countries. The Cayenne...

  • Page 111
    108 To our shareholders The Company The new Panamera Financials

  • Page 112
    109 The Fourth Dimension

  • Page 113

  • Page 114
    The Panamera has the typical proportions of a sports car The front end is flat and tapered, the roof is low as it sweeps gracefully backwards. The rear form is typical Porsche with no visible trailing edge. The scultpture of the fenders emphasizes the powerful body.

  • Page 115

  • Page 116
    ...Porsche The typical design language with the flat hood and dominant fenders is complimented with tapering cut lines and striking headlights. Instead of a conventional radiator grille, the Panamera features a functionally optimized air intake which underscores the performance potential of the vehicle...

  • Page 117

  • Page 118
    ... for four adults and luggage The rear end form is unique in the top market segment. Looking at the tapering form of the passenger cabin, it is difficult to imagine the generous space inside the Panamera. Combined with the prominent fenders, these lines create the broad shoulders typical of Porsche.

  • Page 119
    The Panamera compliments the Porsche model range The form of the Panamera is steeped in the Porsche design DNA, with these unique genes sending an unmistakable visual message that pervades all innovations: the Panamera is a true Porsche. The vehicle will further strengthen the Porsche marque in the ...

  • Page 120

  • Page 121
    118 To our shareholders The Company The new Panamera Financials

  • Page 122

  • Page 123
    120

  • Page 124
    Consolidated financial statements as of 31 July 2008

  • Page 125
    ...1,615,000 4,242,000 - 10,519 55,556 4,196,963 23.98 23.99 Revenue Changes in inventories and own work capitalized Total operating performance Other operating income Cost of materials Employee benefits expense Amortization and depreciation Other operating expenses Profit before finance revenue Share...

  • Page 126
    ...Receivables from financial services Other receivables and assets Income tax asset Securities Deferred tax assets Non-current assets Inventories Trade receivables Receivables from financial services Other receivables and assets Income tax asset Securities Cash and cash equivalents Current assets [18...

  • Page 127
    124 To our shareholders The Company The new Panamera Financials Consolidated statement of cash flows of the Porsche Group for the period from 1 August 2007 to 31 July 2008 EUR000 2007/ 08 6,392,000 569,372 59,265 7,020,637 1,177,693 8,198,330 236,456 - 3,841,515 2006 / 07 4,242,000 531,712 61,...

  • Page 128
    ... borrowed Cash received from stock options Cash received from other financial liabilities Cash flow from financing activities 4. Cash and cash equivalents Change in cash and cash equivalents (subtotal of 1 to 3) Exchange-rate related change in cash and cash equivalents Cash and cash equivalents...

  • Page 129
    .... income Securities marked to market Cash flow hedges As of 31 July 2006 Currency change Translation differences Investment in associates1 Financial instruments pursuant to IAS 39 Taxes recognized directly in equity Income and expenses recognized directly in equity Profit for the year Total income...

  • Page 130
    127 Currency translation 1 Equity before minority interests Hybrid capital Minority interests Group equity - 42,179 4,527,990 - 20,220 ...542 - 6,880 - 11,542 280,915 534,328 - 251,337 10,976 10,976 87,810 98,786 1,000,000 - 41,190 - 87,810 - 274 - 11,816 280,915 534,328 - 240,361 - 18,422 ...

  • Page 131
    ... of presentation Porsche Automobil Holding SE ("Porsche SE") is a European public limited liability company headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. The business objective of Porsche SE and its subsidiaries ("Porsche Group") is the production and sale of vehicles and engines of...

  • Page 132
    ... Dublin, Porsche Schweiz AG, Zug, Porsche Financial Services Russland OOO, Moscow, Porsche Financial Services Schweiz AG, Zug/Steinhausen, and Mieschke Hofmann und Partner (Schweiz) AG, Zürich. These changes in the consolidated group are immaterial for the net assets, financial position and results...

  • Page 133
    ... shareholders The Company The new Panamera Financials The excess of net assets acquired of the identifiable assets, liabilities and contingent liabilities acquired over the cost of the acquisition of Porsche (China) Motors Limited of EUR 42,313 k recognized in other operating income mainly relates...

  • Page 134
    ... be exercised on this company because the Porsche Group is not represented on its executive board or supervisory board. The consolidated financial statements and group management report prepared as of 31 July 2008 as well as the full list of shareholders can be downloaded from the electronic version...

  • Page 135
    ... recently audited financial statements and the published interim report as of 30 June, is used as a basis. Capital consolidation is performed in accordance with the purchase method pursuant to IFRS 3 ("Business Combinations"). Purchased assets and liabilities are measured at their fair value on the...

  • Page 136
    ... currency of the subsidiary. The following key exchange rates for the Porsche consolidated financial statements were used for currency translation: Closing rate 31/ 7/2008 31/ 7/2007 1.5961 1.4587 10.3500 10.7108 163.5900 35.0136 1.6516 0.6749 1.3707 Average rate 2007/ 08 1.6450 1.4986 10.7253...

  • Page 137
    ... development costs are amortized from the production start using the straight-line method over the expected product life cycle of usually six years. Research and non-capitalizable development costs are expensed as incurred. Goodwill is not amortized systematically. Rather, each asset or cash...

  • Page 138
    ... in non-current assets. Most of the operating leases are for vehicles leased from the Company's own leasing companies. They are recognized at cost and written off on a straight-line basis over the term of the lease to the lower of estimated residual value or market value. Should group companies act...

  • Page 139
    ... To our shareholders The Company The new Panamera Financials Should group companies act as lessor under finance leases, receivables are initially recognized at an amount equivalent to the net investment value. Borrowing cost Borrowing cost is not disclosed as part of acquisition cost. Interest and...

  • Page 140
    ... overheads as well as production-related depreciation, administrative and social security costs. Net realizable value is the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. If the carrying amounts...

  • Page 141
    ... a financial instrument, fair value is calculated using appropriate actuarial methods such as recognized option price models or discounting future cash flows with the market interest rate and by confirmations from the banks processing the transactions. Amortized cost corresponds to costs of purchase...

  • Page 142
    ... at present value in accordance with IAS 17. Derivative financial instruments Derivative financial instruments in the Porsche Group primarily relate to forward exchange contracts and foreign currency options, interest derivatives, stock options and stock price hedge options. They are used to hedge...

  • Page 143
    ... discounted to balance sheet date. The settlement amount also includes the estimated cost increases. The interest rate used is a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The expense resulting from the unwinding of the...

  • Page 144
    ...the point in time when the significant opportunities and risks associated with ownership of the goods and products being sold is transferred to the buyer. Revenue is reported net of discounts, customer bonuses and rebates. Proceeds from assets for which a group entity has a buy-back agreement cannot...

  • Page 145
    ... the consolidated financial statements and assumptions as to the realistic future development of the global and industry environment were used to estimate the Company's future business performance. Where these conditions develop differently than assumed, and beyond the control of management, the...

  • Page 146
    ... of investments in separate financial statements to be prepared according to IFRSs for the first time. The amendments are applicable for fiscal years beginning on or after 1 July 2009. Amendments to IFRS 2 "Share-based Payment" The amendment clarifies that only service and performance conditions...

  • Page 147
    ... adopted for the first time in fiscal years beginning on or after 1 January 2009. Revision of IAS 1 "Presentation of Financial Statements" A revised version of IAS 1 was published in September 2007. The main changes relate to the changed presentation of changes in equity resulting from transactions...

  • Page 148
    ... 22 May 2008. Besides the segment reporting and the reclassification of parts of the financial statements, these new accounting principles are not currently expected to have a major effect on future consolidated financial statements. As a rule, the Porsche Group does not implement new standards and...

  • Page 149
    146 To our shareholders The Company The new Panamera Financials Notes to the consolidated income statement [1] Revenue Revenue breaks down by division as follows: EUR000 2007/ 08 2006 / 07 Divisions Vehicles Parts and accessories Other of which revenue from credit financing of which revenue from ...

  • Page 150
    ...136 596,959 4,600,099 Stock options Advertising Selling and general administrative expenses Dues, charges, fees, legal and advisory costs Exchange rate losses Repairs and maintenance Rent and leases Sundry operating expenses Expenses relating to stock options mainly result from stock price hedges.

  • Page 151
    ... positive outlook of the Volkswagen group for fiscal 2007, it had been necessary to revalue the investment in the prior-year period. The recoverable amount was set at the value in use. The shares measured at equity are adjusted in the course of the reassessment at amortized cost. [8] Finance costs...

  • Page 152
    ... 1,943,075 - 718 233,925 2,177,000 2006 / 07 1,135,019 - 70,048 479,981 1,615,000 Current taxes thereof income relating to other periods Deferred taxes An average income tax rate of 30% (prior year: 39%) applies for the German entities as a result of the 2008 company tax reform act. The income tax...

  • Page 153
    150 To our shareholders The Company The new Panamera Financials The following reconciliation shows the differences between the theoretical income tax expense expected based on the calculated tax rate and the current income tax expense: EUR000 2007/ 08 8,569,000 30% 2,570,700 - 42,888 - 369,471 18,...

  • Page 154
    ... listing of Porsche SE was converted at a ratio of 1:10 on 3 March 2008. By means of the stock split, the capital stock of Porsche SE which had been increased to EUR 175 million (prior year: EUR 45.5 million) was split into a total of 175,000,000 no par value shares, of which 87,500,000 are ordinary...

  • Page 155
    ... non-cash expenses and income and adding changes in operating assets and liabilities. Other noncash expenses/income mainly result from marking stock options to market and rolling forward the shares accounted for at equity. The changes in the balance sheet items from which the statement of cash flows...

  • Page 156
    ... Investment in capitalized development costs The carrying amount of goodwill in the Porsche Group as of 31 July 2008 amounts to EUR 10,820 k and is unchanged compared to the prior year. Most of the existing goodwill is attributable to Mieschke Hoffmann und Partner Gesellschaft für Management...

  • Page 157
    154 To our shareholders The Company The new Panamera Financials Intangible assets developed as follows: Franchises, industrial and EUR000 similar rights Development costs Goodwill Advance payments made Total Cost As of 1 August 2006 Exchange differences Changes to consolidated group Additions ...

  • Page 158
    ...Development of property, plant and equipment Land, land rights and buildings incl. buildings on EUR000 third-party land Technical equipment and machines Other equipment, furniture and fixtures Advance payments and assets under construction Total Cost As of 1 August 2006 Exchange differences Changes...

  • Page 159
    156 To our shareholders The Company The new Panamera Financials [16] Development of financial assets Investment EUR000 in associates Other equity investments Other loans Total Cost As of 1 August 2006 Exchange differences Changes to consolidated group Additions Reclassifications Disposals As of 31...

  • Page 160
    157 [17] Development of leased assets and of total fixed assets Leased EUR000 assets Total fixed assets Cost As of 1 August 2006 Exchange differences Changes to consolidated group Additions Reclassifications Disposals As of 31 July 2007 Amortization and depreciation As of 1 August 2006 Exchange ...

  • Page 161
    158 To our shareholders The Company The new Panamera Financials In its financial services division, the Porsche Group acts as lessor, primarily leasing its own products. The remaining terms of the minimum lease payments from non-cancellable operating leases of EUR 404,174 k (prior year: EUR 448,993...

  • Page 162
    ...781,514 1,321,635 459,879 Receivables from financial services thereof non-current thereof current The receivables from financial services contain receivables from customer and dealer financing including installments due for payment of EUR 492,094 k (prior year: EUR 504,244 k) and receivables from...

  • Page 163
    .... Non-guaranteed residual values accruing to the benefit of the Porsche Group amount to EUR 283,138 k (prior year: EUR 347,398 k). Depending on liquidity requirements and the market situation a certain volume of receivables from financial services is sold to third parties. In such cases, the Company...

  • Page 164
    ... financial instruments mainly includes forward exchange contracts, currency options, stock price options, equity forward contracts and compounders. A fractional amount of EUR 712,204 k is due in more than one year (prior year: EUR 268,800 k). Collateral provided in connection with future share...

  • Page 165
    ... minority interests is presented in the statement of changes in equity. Subscribed capital Porsche SE's subscribed capital totals EUR 175 million (prior year: EUR 45.5 million) and is divided into 87,500,000 ordinary shares and 87,500,000 non-voting preference shares which have been fully paid in...

  • Page 166
    ... in previous years and the reporting year and not yet distributed as well as transactions without effect on income. The financial statements of Porsche SE as of 31 July 2008 report net profit available for distribution of EUR 2,190,000,000. At the time when the financial statements were authorized...

  • Page 167
    ...-term increase in the value of the Company and securing its liquidity. This is done in order to protect the long-term interests of the shareholders and employees and other stakeholders. In the vehicle division, control is effected via the yield on the invested assets and in the financial services...

  • Page 168
    ... at service cost as of the measurement date. The benefit obligation for active employees increases annually by the interest cost plus the present value of the new benefit entitlements earned in the current fiscal year. Most of the benefits pertain to Porsche AG. In addition, personal retirement...

  • Page 169
    ...year Past service cost Net benefit expense The expected rate of return on the asset classes contained in the plan assets is determined based on the market prices prevailing on that date and the rate of return assumed for each class of asset. Historical stock exchange data are analyzed and long-term...

  • Page 170
    ... net actuarial gains(+)/ losses(-) Unrecognized past service cost As of 31 July thereof pension provisions thereof other assets The portfolio of plan assets consists of the following components: % 31/ 7/2008 31/ 7/2007 Interest securities Other securities Cash reserve 90.8 9.2 0.0 28.7 7.0 64...

  • Page 171
    ... the reporting year lead to payments in the following year. Provisions for obligations from ordinary operations consist above all of amounts for warranty claims, marketing services and bonuses. The warranty obligation in the Porsche Group mainly stems from product warranties granted for the vehicles...

  • Page 172
    ...699 Other financial liabilities contain liabilities from termination rights of minority shareholders of EUR 65,869 k (prior year: EUR 50,215 k). The following items are reported under bonds: Currenc y Issue volume in LC000 Carrying amount in EUR000 Market value in EUR000 Total term Maturity Nominal...

  • Page 173
    ... lease payments from sale-and-lease-back transactions entered into to refinance the financial services business break down as follows: EUR000 31/ 7/2008 57,335 45,202 102,537 31/ 7/2007 42,970 33,459 76,429 Due within one year Due in one to five years The total volume of asset-backed securities...

  • Page 174
    ... special rent payments of EUR 37,573 k (prior year: EUR 40,422 k) and other deferred income items of EUR 22,775 k (prior year: EUR 17,206 k). The position derivative financial instruments marked to market mainly comprises forward exchange transactions and stock options. On the whole, the fair values...

  • Page 175
    ...and the supporting systems are checked regularly and brought into line with current market and product developments. The Group manages and monitors these risks primarily via its business operations and financing activities and, where necessary, by using derivative financial instruments. Porsche uses...

  • Page 176
    ... table below shows the credit and default risk of financial assets by gross carrying amount: Neither past due EUR000 nor impaired Past due and not impaired Impaired Total 31/ 7/2008 Receivables from financial services Trade receivables Other financial receivables 1,738,740 198,819 1,455,643 3,393...

  • Page 177
    174 To our shareholders The Company The new Panamera Financials Test of credit standing of the gross carrying amounts of financial assets that are neither overdue nor impaired: Good EUR000 credit rating Secured Total 31/ 7/2008 Receivables from financial services Trade receivables Other financial ...

  • Page 178
    ... the sale of receivables from the financial services business (securitizations). Porsche manages the Group's liquidity by maintaining sufficient cash and cash equivalents and lines of credits at banks in addition to cash inflows from operating activities. Its liquid assets consist of cash and cash...

  • Page 179
    ... present market price risks from primary and derivative financial statements in accordance with IFRS 7. The market price risks for interest and currency hedges are determined using a sensitivity analysis. A value-at-risk model is used for stock price risks and asset management risks. In the value-at...

  • Page 180
    ...95%, the value-at-risk for the stock options and forward transactions amounted to EUR 1.834 million (prior year: EUR 539 million). 4.5 Fund price risk Porsche has invested part of its liquid funds for the medium and long-term in securities special funds and money market funds. These investments are...

  • Page 181
    ... of financial instruments The market value of financial instruments is determined by reference to stock market listings, reference prices or generally accepted calculation models such as the discounted cash flow method. The following term structure of interest rates was used were appropriate...

  • Page 182
    ... from long-term construction contracts Trade payables Other financial liabilities Derivative financial instruments Hedge accounting Currency hedge Interest hedge Stock price hedge The market value of receivables from financial services is determined using the current market interest rates as of...

  • Page 183
    ... reclassified in the fiscal year from the reserve for cash flow hedges to revenue and EUR 1,845 k (prior year: EUR 0 k) to cost of materials. The gain on the disposal of available-for-sale securities totaled EUR 15,330 k (prior year: EUR 15,233 k), while the loss on the disposal came to EUR 27,564...

  • Page 184
    ... of EUR 90.8 million in total (prior year: EUR 66.8 million). The Group has purchase commitments from projects initiated for investments in property, plant and equipment of EUR 423.4 million (prior year: EUR 321.6 million) and for investments in intangible assets of EUR 119.4 million (prior...

  • Page 185
    ... our shareholders The Company The new Panamera Financials [34] Subsequent events Porsche Logistik GmbH was incorporated on 1 August 2008. On 16 September 2008 Porsche SE acquired further 14.4 million voting shares in Volkswagen AG and thus increased the voting share to 35.14%. This gives Porsche SE...

  • Page 186
    ... at market value. Amortization and depreciation as well as capital expenditure primarily relate to property, plant and equipment, intangible assets and leased assets. In the prior year, segment assets in the financial services segment in the secondary reporting format whose profit share was...

  • Page 187
    ...To our shareholders The Company The new Panamera Financials Segment information by region Germany EUR millions 2007/ 08 3,055.5 3,474.8 7,546.5 22,765.4 12,884.4 273.3 374.5 814.3 2006 / 07 2,553.7 3,870.4 4,427.3 10,925.8 8,434.9 485.7 347.5 592.5 Sales to third parties Intersegment sales revenue...

  • Page 188
    ...13,156.9 3.7 0.0 2.5 2006 / 07 0.0 - 3,875.5 10.1 6,383.3 2,847.5 - 37.6 - 0.1 2.6 Porsche Group 2007/ 08 7,466.4 0.0 7,709.6 45,577.3 28,731.2 297.8 569.4 1,361.5 2006 / 07 7,367.9 0.0 4,738.9 23,332.4 13,851.4 472.3 531.7 1,204.7 Financial services 2007/ 08 410.1 12.2 3,069.1 574.5 2006 / 07 402...

  • Page 189
    ... shareholders of Porsche Automobil Holding SE (at that time called Dr. Ing. h.c. F. Porsche Aktiengesellschaft), correcting the announcement of 22 December 2000 pursuant to Sec. 21 (1) WpHG, as follows: The voting share of the respective notifying party to Porsche Automobil Holding SE (formerly Dr...

  • Page 190
    ... with Sec. 22 (1) No. 2 WpHG (old version) and Sec. 22 (1) No. 1 WpHG (new version) were in fact held via the following controlled companies whose allocated voting share was 3% or more in each case: Notifying party Controlled company Prof. Ferdinand Alexander Porsche GmbH, Salzburg Ing. Hans-Peter...

  • Page 191
    ... voting share in Porsche Automobil Holding SE (formerly Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart, exceeded on 27 February 1997 the voting right threshold of 3%, 5%, 10%, 15%, 20%, 25%, 30%, 50% and 75% and at this point in time amounted to 100% (875,000 voting...

  • Page 192
    ... WpHG as amended 9 September 1998 (old version) or Sec. 22 (2) WpHG of the current version (new version). The voting share of Mr. Peter Daniell Porsche in Porsche Automobil Holding SE (formerly Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart, exceeded on 19 Janaury 2000...

  • Page 193
    ... our shareholders The Company The new Panamera Financials Notifying party Allocation pursuant to Sec. 22 (1) No. 3 WpHG (old version) or Sec. 22 (2) WpHG (new version) Prof. Dr. Ing. h. c. Ferdinand Porsche, Zell am See Prof. Ferdinand Alexander Porsche, Gries/Pinzgau Hans-Peter Porsche, Salzburg...

  • Page 194
    ...court, with the registered office in Grünwald and business address Karl-ValentinStrasse 23, DE-82031 Grünwald. Moreover, 86.84% of the voting rights (75,982,700 voting rights of a total of 87,500,000 voting rights) of shareholders whose voting share in Porsche Automobil Holding SE amounts to 3% or...

  • Page 195
    ... company, but do not control it, including close family members. In the fiscal year 2007/08 this concerns members of the Supervisory Board and the Executive Board of Porsche SE as well as their close family members. The volume of trade in the course of ordinary operations in the vehicles and parts...

  • Page 196
    ...07 113,370 174 87,955 201,499 Supplies and services received 2007/ 08 1,735 0 989,046 990,781 2006 / 07 425 0 791,678 792,103 Porsche and Piëch families Members of the Executive Board and the Supervisory Board Volkswagen AG Group Receivables EUR000 31/ 7/2008 2,559 14 18,417 20,990 31/ 7/2007 434...

  • Page 197
    ...). Benefit payments came to EUR 1.3 million (prior year: EUR 1.0 million). The total remuneration of the Supervisory Board for the 2007/08 fiscal year amounts to EUR 1.9 million (prior year: EUR 1.6 million). These are also all short-term. The pension provisions are disclosed in note [26] and valued...

  • Page 198
    ... Board and Supervisory Board of Porsche SE have issued the declaration required by Sec. 161 AktG in the annual report 2007/08. It is made permanently accessible to the shareholders at the homepage www.porsche-se.com. Stuttgart, 20 October 2008 Porsche Automobil Holding SE The Executive Board Dr...

  • Page 199
    ..., the consolidated financial statements give a true and fair view of the assets, liabilities, financial position and profit or loss of the Group, and the Group management report includes a fair review of the development and performance of the business and the position of the Group, together with...

  • Page 200
    ... the balance sheet, the income statement, the statement of cash flows, statement of changes in shareholders' equity as well as the notes to the financial statements - and the combined management report prepared by Porsche Automobil Holding SE, Stuttgart, for the fiscal year from 1 August 2007 to 31...

  • Page 201
    ... foreign control bodies Members of the Supervisory Board of Porsche Automobil Holding SE Dr. Wolfgang Porsche 1) Dr. Ing. h.c. F. Porsche AG, Stuttgart (chairman) Volkswagen AG, Wolfsburg 2) Porsche Holding GmbH, Salzburg (chairman) Porsche Ges.m.b.H., Salzburg (chairman) Porsche Bank AG, Salzburg...

  • Page 202
    199 Members of the Executive Board of Porsche Automobil Holding SE Dr. Wendelin Wiedeking 1) Volkswagen AG, Wolfsburg AUDI AG, Ingolstadt 2) Porsche Cars North America Inc., Wilmington Porsche Cars Great Britain Ltd., Reading Porsche Italia S.p.A., Padua Porsche Ibérica S.A., Madrid Porsche Japan ...

  • Page 203
    ... sheet of Porsche Automobil Holding SE as of 31 July 20081 EUR000 31/ 7/2008 31/ 7/2007 Assets Fixed assets Intangible assets Property, plant and equipment Financial assets Current assets Inventories Trade receivables Other receivables and assets Securities Cash and cash equivalents 0 0 12...

  • Page 204
    ...1,930,000 - 965,000 965,000 Revenue Changes in inventories and own work capitalized Total operating performance Other operating income Cost of materials Employee benefits expense Amortization and depreciation Other operating expenses Income from investments Interest income, net Income from ordinary...

  • Page 205
    ... the average annual exchange rate. 2 3 4 5 6 Number of employees as of the end of the fiscal year. Before profit transfer (net income incl. tax allocation). Indirect equity investment. Financial statements as of 31 December 2007. Share of the ordinary and preference shares issued by Volkswagen as...

  • Page 206

  • Page 207

  • Page 208
    ... Financial Services Great Britain Ltd., Reading, England Porsche Cars Great Britain Ltd., Reading, England Porsche Design Studio North America Inc., Los Angeles ⁄ California, USA 100 % 100 % 100 % 100 % 100 % Porsche Retail Group Ltd., Reading, England Mieschke Hofmann und Partner (Schweiz) AG...

  • Page 209
    Porsche Group Highlights

  • Page 210
    Porsche Automobil Holding SE Box 70432 Stuttgart Germany Telephone: +49 711 911 -11000