Porsche 2008 Annual Report Download

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Annual Report 2008/09

Table of contents

  • Page 1
    Annual Report 2008/09

  • Page 2
    ... & RS Spyder units Production total units Production Volkswagen subgroup units Production Porsche subgroup units 911 units Boxster/Cayman3) units Cayenne Panamera Carrera GT & RS Spyder units units units Employees (at year-end) number Personnel expenses â,¬ million Financials Total...

  • Page 3
    Annual Report 2008 ⁄ 09

  • Page 4
    ...ï¬,ows Statement of changes in equity Notes to the consolidated financial statements Responsibility statement Audit opinion Membership in other statutory supervisory boards Balance sheet of Porsche Automobil Holding SE Income statement of Porsche Automobil Holding SE Significant equity investments

  • Page 5

  • Page 6
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  • Page 7
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  • Page 9
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  • Page 16
    Group management report and management report of Porsche Automobil Holding SE

  • Page 17

  • Page 18
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  • Page 25
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  • Page 29
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  • Page 30
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  • Page 31
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  • Page 94
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  • Page 95
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  • Page 96
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  • Page 97
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  • Page 98
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  • Page 99
     ^OPJON\HYHU[LLK[OLJVTWHU`VW[PT\TW\ISPJP[` 0UM\[\YLOV^L]LY7VYZJOL^PSSJVTWS`^P[O[OL YLJVTTLUKH[PVUZ *VYWVYH[L.V]LYUHUJLH[ [OL=VSRZ^HNLUZ\INYV\W 0U[OLPYKLJSHYH[PVUVMJVTWSPHUJL^P[O[OL.LYTHU JVYWVYH[LNV]LYUHUJLJVKLHZVM5V]LTILY [OLL_LJ\[P]LIVHYKHUKZ\...

  • Page 100
    Markets

  • Page 101

  • Page 102
    ... new vehicle deliveries. The Boxster and Cayman held steady with a total of 13,720 vehicles in a rapidly shrinking segment. Almost half of the vehicles delivered were of the new generation of the mid-engined sports car, introduced by Porsche in February 2009. The Cayenne remained the highest-volume...

  • Page 103
    ... 911 series and 366 mid-engined sports cars were sold. Latin America: Porsche weathers the crisis Thanks to the sales success of the Cayenne, Porsche was able to deliver a total of 2,123 vehicles to the Latin American markets in fiscal 2008/09 (prior year: 2,712), 1,301 of which were accounted for...

  • Page 104
    ...fiscal 2008/09 fell well short of the very good figures for the prior year (2,539 vehicles). The 911 series achieved 814 deliveries in the reporting year (prior year: 1,058), the midengined sports cars 387 (prior year: 559), and the Cayenne models also saw a decline with 812 deliveries (prior year...

  • Page 105
    ... just fell short of the prior-year value of 265 deliveries is down to the success of the Cayenne Diesel, which accounted for 129 units. In the Netherlands, the CO2 tax for new vehicles was raised again in 2009. Conditions for luxury vehicles were therefore challenging. Nevertheless, Porsche fared...

  • Page 106
    ... level As the fourth largest sales market, Porsche Middle East & Africa is one of the most important pillars of the sales organization. The prior-year result of 6,082 units delivered was almost repeated, with 5,941 vehicles sold. The appeal of the Cayenne series in particular, with 4,141 deliveries...

  • Page 107
    ...seater Gran Turismo to an enthusiastic public at the "Auto Shanghai" fair in April 2009. The importance of the Chinese market can also primarily be seen in its continued growth. In fiscal 2008/09, the newly established subsidiary Porsche China achieved a record result in the company's third largest...

  • Page 108
    ...the prior year. Europe/other markets: market share increased In the first half of 2009, deliveries to the Volkswagen group's customers in Western Europe were down 8.1 percent on the prior year, at 1,472,471. Western Europe accounts for 47.2 percent of the group's total sales volume (prior year: 49...

  • Page 109
    ...level models the hardest. Deliveries to customers fell 29.2 percent on the prior year to 26,599 vehicles. The market share remained steady at 20.0 percent. North America: entire market shrinking The Volkswagen group delivered 135,750 units in the struggling US passenger car market in the first half...

  • Page 110
    ...The Volkswagen group's share of the highly competitive Chinese passenger car market fell to 17.9 percent (19.0 percent), although it held on to market leadership. Deliveries totaling 26,410 units meant that sales in the shrinking Japanese passenger car market fell 19.8 percent on the prior year. The...

  • Page 111
    109

  • Page 112

  • Page 113
    Models

  • Page 114
    ...". And in Central America, journalists voted the Cayenne GTS "Interamerican SUV of the Year 2009". The British industry magazine "Engine Technology International" awarded the title "Best New Engine 2009" to the 3.8 -liter 6-cylinder boxer engine of the 911 Carrera S. The competition was judged by...

  • Page 115
    ... customers and the interested public for the most part on account of the revolutionary engine with fuel-efficient direct fuel injection and Porsche Doppelkupplungsgetriebe, PDK (Double-Clutch Gearbox). From February 2009, these new technologies were then rolled out to the current generation of the...

  • Page 116
    ...Vectoring (PTV) improves the vehicle's steering through the selective application of the rear brakes. In the interest of further improving handling and comfort, the optional Sport Chrono Package Turbo comes with dynamic engine mountings that adapt their stiffness and spring rate to the situation. At...

  • Page 117
    ..., the engine and exhaust system, the wheels and the entire interior. The car is based on the 911 Carrera S Coupé with manual transmission, with output boosted 20 hp to 408 hp (300 kW). An optimum level of enjoyment is provided by the sporty chassis with Porsche Active Suspension Management (PASM...

  • Page 118
    ... kW), the wider chassis, wheels and track, dynamic engine mountings, a large rear spoiler and the specific calibration of handling elements. around corners. The new 911 GT3 shares many important features with the 911 GT3 Cup and 911 GT3 RSR models from motor sports. As a direct offshoot, the 911...

  • Page 119
    ... first luxury vehicle with a diesel engine. The Cayenne Diesel was the Company's response to long-term trends towards reducing consumption and emissions, without neglecting important brand values such as performance and handling. The Cayenne Diesel is mainly offered on European markets with a high...

  • Page 120
    To our shareholders The Company Financials Models motor with 240 hp combines a number of advantages, such as the high performance of a diesel engine, low displacement for low consumption and reduced CO2 emissions and an exhaust turbocharger with variable turbine geometry for high torque at low ...

  • Page 121
    119

  • Page 122

  • Page 123
    Environment

  • Page 124
    To our shareholders The Company Financials Environment The automotive industry is undergoing changes. Changes brought about by discussions on climate protection that have had a strong inï¬,uence on the public consciousness. For European customers, environmental impact is already among the top ...

  • Page 125
    ... are the luxury vehicles. In this segment, the automotive industry was even able to reduce fuel consumption by more than the industry average. The innovative strength of the German automotive industry is revealed in the approximately 19 billion Euro it invests each year in research and development...

  • Page 126
    ... from 2013 onwards. Porsche vehicles more fuel- efficient At Porsche, accountability for actions and economic success are inextricably intertwined. This is why conservation has formed an integral part of company policy for many years. As early as 1995, Porsche undertook to conserve resources...

  • Page 127
    ... a great deal of money on limiting its impact on the environment as much as possible. The refinement of all model series in terms of their impact on the environment is a high priority for the development departments. In the last 15 years, Porsche has reduced the CO2 emissions of its vehicles by an...

  • Page 128
    ... the driver takes his foot off the pedal at this speed, the gasoline engine switches off and the Cayenne continues to roll without any noticeable change. If, by contrast, he puts his foot on the gas pedal again, the gasoline motor accelerates the vehicle without any delay. Moreover, acceleration and...

  • Page 129
    127

  • Page 130
    ... and takes into account the impact of their activities. In this way, Porsche is able to efficiently translate the responsibility which the Company has assumed to protect the environment into its daily operations. Back in 1995 Porsche installed GAO, a contingency plan for handling risks. This risk...

  • Page 131
    ... attained by our locations was once again confirmed. In Leipzig the environmental management system was also reviewed pursuant to ISO 14001 in June 2009. At the Leipzig facility, which is being expanded to house production of the fourth series, all machines and equipment, parts of the building...

  • Page 132
    To our shareholders The Company Financials Environment 130

  • Page 133
    ... June 2008, Porsche has been a recognized recycler of end-of- life vehicles in accordance with section 5 (3) of the end -of- life-vehicles directive. The certi ficate for the Weissach location was renewed in June 2009. Water protection measures were continuously implemented throughout the reporting...

  • Page 134
    Motor Sports

  • Page 135

  • Page 136
    ... delivered engines, transmissions and components as well as sending engineers and mechanics to race tracks in 90 different countries. Whether in top-level competition using prototypes, Gran Turismo championships, manufacturers' cups or club races, Porsche kept adding new chapters to its long story...

  • Page 137
    ... increasing importance of GT3 championships. With a 440 hp (324 kW) variant of the familiar 3.6-liter racing engine, refined aerodynamics and a chassis that borrows aspects from the even more powerful GT3 RSR, the GT3 Cup S also enjoyed a series of impressive victories in the reporting year. 135

  • Page 138
    ... for the series-based GT racing cars, the GT3 RS with 450 hp (331 kW) has a number of lightweight components, a closely layered transmission, a specially constructed and calibrated chassis and large wheel housings. The GT3 Cup, based on the 911 GT3 RS and presented at the IAA motor show in Frankfurt...

  • Page 139
    ... the renaissance in motor sports with GT racing cars at the end of the nineties. The Porsche 911 excelled in the GT class of the most important American sports car championships. Company drivers Jörg Bergmeister, Wolf Henzler and Patrick Long entered the American Le Mans Series (ALMS) on behalf...

  • Page 140
    ... and Gianluca Roda began 2009 in a 911 GT3 RSR provided by Autorlando Sport in the top class of International GT Open, which Lietz won in 2007, as runners - up from the previous year. Eight racing weekends with 16 races were scheduled throughout Europe. With four races remaining, the Austrian and...

  • Page 141
    ... 2009. Porsche organizes these races beginning with the delivery of start-ready 911 GT3 Cup vehicles through to the organization of the weekends and television coverage. The Cups are hosted by other racing series that are worthy of the Porsche brand's premium reputation. Back in summer 2008, Porsche...

  • Page 142

  • Page 143
    Consolidated financial statements 2008/09

  • Page 144
    ... of property, plant and equipment, leased assets and investment property Other operating expenses Profit/loss before financial result Profit/loss from investments accounted for at equity Finance costs Other financial result Financial result Profit/loss before tax Income tax expense Profit/loss after...

  • Page 145
    ... Property, plant and equipment Investments accounted for at equity Other financial assets Leased assets Investment property Receivables from financial services Other receivables and assets Income tax assets Securities Deferred tax assets Non-current assets Inventories Trade receivables Receivables...

  • Page 146
    ..., plant and equipment, leased assets and investment property Gains/losses from the disposal of stock options Non-cash expenses/income from market valuation of stock options Other non-cash expenses and income Dividends received from investments accounted for at equity Change in inventories, trade...

  • Page 147
    ...Cash paid for other financial liabilities Capital transactions with minority interests Cash flow from financing activities 4. Cash funds Change in cash funds (subtotal of 1 to 3) Exchange-rate related change in cash funds Cash funds as of 31 July 2008 and 31 July 2007 Cash funds as of 31 July 2009...

  • Page 148
    ...cost related to the increase of hybrid capital Profit/loss attributable to hybrid capital investors Dividends paid1 Other changes As of 31 July 2008 Effects of currency translation Financial instruments pursuant to IAS 39 Investments accounted for at equity Taxes recognized directly in equity Income...

  • Page 149
    ... before minority interests Currency translation Investments accounted for at equity 513 - 803 143 - 63 2843 33 - 79 - 80 - 80 202 202 8,671 - 86 818 3 - 251 484 6,291 6,775 Hybrid capital Minority interests Group equity 810 0 9,481 - 86 818 3 11 11 87 98 1,000 - 41 - 87 0 13 13 - 240 495...

  • Page 150
    To our shareholders The Company Notes to the consolidated financial statements of the Porsche group as of 31 July 2009 „ Basis of presentation Porsche Automobil Holding SE ("Porsche SE") is a European Company (Societas Europaea) and is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany....

  • Page 151
    ... at cost in the consolidated financial statements. Significant companies where Porsche SE is able, directly or indirectly, to significantly influence financial and operating policy decisions (associates), or directly or indirectly shares control (joint ventures), are accounted for using the equity...

  • Page 152
    ...statements of Porsche SE. The Volkswagen group operates in the automobile and commercial vehicle production sector and the related financial services sector and has a large number of production facilities worldwide. When the reporting date of a subsidiary is different from that of the parent company...

  • Page 153
    ... Current financial liabilities Other current liabilities Total liabilities 1 Including goodwill of â,¬2,771 million recognized in the Volkswagen consolidated financial statements and eliminated within capital consolidation; excluding the provisionally determined goodwill at the level of Porsche SE...

  • Page 154
    ... Volkswagen group already been included in the consolidated financial statements of Porsche SE as of 1 August 2008, group revenue would amount to around â,¬113.8 billion and the group profit after tax would amount to around â,¬-1.8 billion, without taking into account effects from the purchase price...

  • Page 155
    ... consolidated financial statements as an associate. As of 31 July 2008, the fair value of the investment in Volkswagen AG amounted to â,¬17,501 million. Since the business combination with Volkswagen AG, the Porsche group also has a significant influence over MAN AG, Munich. As of the balance sheet...

  • Page 156
    ... (with the exception of the companies belonging to the Volkswagen subgroup) are prepared as of the balance sheet date of the consolidated financial statements, which is the balance sheet date of Porsche SE. Business combinations are accounted for by applying the purchase method pursuant to IFRS...

  • Page 157
    ... for intragroup transactions that affect income taxes. In addition, guarantees and warranties assumed by Porsche SE or one of its consolidated subsidiaries in favor of other consolidated subsidiaries are eliminated. Investments accounted for at equity are carried at cost at the time of initial...

  • Page 158
    ... applicable within the Porsche group. The comparative information for the fiscal year 2007/08 is based on the same accounting policies as for the fiscal year 2008/09. Where changes were made, the effect is explained in the notes. With the exception of certain items such as derivative financial...

  • Page 159
    ... are met. Capitalized development costs are amortized beginning at start of production using the straight-line method over the expected useful life of the product, usually five to ten years. Research and non-capitalizable development costs are expensed as incurred. Property, plant and equipment...

  • Page 160
    ... the Porsche group is lessor are presented in fixed assets. Most of the operating leases are for vehicles leased from the group's leasing companies. Leased vehicles are recognized at cost and depreciated on a straight-line basis over the term of the lease to the lower of estimated residual value and...

  • Page 161
    ... five years. It takes into account the current uncertainty about the effects of the financial crisis on the automotive sector and a recovery within the planning period. To calculate the terminal value, the cash flow is extrapolated taking into account the expected growth rates and profitability. The...

  • Page 162
    To our shareholders The Company The impairment test of recognized brands in the consolidated financial statements of Porsche SE is also based on fair value less costs to sell. The calculations are made by applying the relief from royalty method (brand equity approach) using a planning period of ...

  • Page 163
    ... profit method). If the total of accumulated contract costs and reported profits exceeds advance payments received, the development contracts are recognized as an asset as future receivables from long-term development contracts under trade receivables. Any negative balance is reported under trade...

  • Page 164
    ...our shareholders The Company Fair value corresponds to market price provided the financial instruments measured are traded on an active market. If there is no active market for a financial instrument, fair value is calculated using appropriate valuation techniques such as generally accepted option...

  • Page 165
    ... futures and stock options. They are used to hedge interest and currency risks from existing balance sheet items or highly probable forecast transactions as well as to secure commodity and stock prices. Derivative financial instruments are generally valued at fair value through profit or loss...

  • Page 166
    .... As a large volume of the stock options were sold shortly after the balance sheet date, Porsche assumes that this sales price was the best estimate for fair value at the balance sheet date. Cash and cash equivalents The cash and cash equivalents include checks, cash on hand and at banks. This item...

  • Page 167
    ... jurisdiction on the pertinent tax legislation as well as past experience. Current tax relating to items recognized directly in equity is recognized in equity and not in the income statement. Discontinued operations and non-current assets held for sale Discontinued operations are components of an...

  • Page 168
    ... cost is presented as personnel expense while the interest expense of the obligation and return on plan assets is presented in the financial result. The interest rate used to discount provisions is determined on the basis of the return on long-term high-quality corporate bonds at the balance sheet...

  • Page 169
    ... financial services sector are issued at below market interest rates to promote sales of new vehicles, revenue is reduced by the incentive arising from the loan. In case of long-term development contracts revenue is recognized in accordance with the percentage of completion method. Interest income...

  • Page 170
    ... Where minority shareholders have put options on their interest, shares of the total profit of the period attributable to minority interests as well as dividend payments to and withdrawals by minority shareholders are presented as a change in equity. However as of the balance sheet date, a liability...

  • Page 171
    ... the financial information which an entity has to report about its operating segments. IFRS 8 replaces IAS 14 "Segment Reporting" and is subject to mandatory adoption for the first time in fiscal years beginning on or after 1 January 2009. The Porsche group has early adopted IFRS 8 for the 2008/09...

  • Page 172
    ... 13 is applicable for reporting periods beginning on or after 1 July 2008. IFRIC 14 "The Limit on a Defined Benefit Asset, Minimum Funding Requirements and their Interaction" IFRIC 14 deals with the interaction between an obligation existing at the balance sheet date to pay in additional amounts...

  • Page 173
    ... within equity in the balance sheet of the issuer whose equity instruments relate to these rights, and no longer as derivative liabilities. The currency in which the exercise price is denominated is not relevant. The amendments are applicable for the first time for reporting periods beginning...

  • Page 174
    ... year 2008/09. These new accounting principles are not currently expected to have a major effect on future consolidated financial statements with the exception of IAS 27 (rev. 2008). IAS 27 (rev. 2008) provides that the acquisition or sale of minorities without loss of control is taken directly...

  • Page 175
    ... [1] Revenue Revenue breaks down by type of product as follows: 2008/09 â,¬ million 2008/09 Porsche without VW 2007/08 Type of product Vehicles Parts and accessories Interest and similar income from financial services business Rental and leasing business Other revenue 43,798 4,673 2,310 4,185...

  • Page 176
    To our shareholders The Company [4] Cost of materials 2008/09 â,¬ million 2008/09 Porsche without VW 2007/08 Cost of raw materials, consumables and supplies and of purchased goods Cost of purchased services 31,100 2,681 33,781 3,108 331 3,439 3,525 645 4,170 The cost of purchased services ...

  • Page 177
    ... from cash-settled stock options used to secure stock prices. Due to the sale of significant volumes of stock options shortly after the balance sheet date, the options were accounted for at their selling price as the best indicator of fair value. The expenses arising from the impairment of financial...

  • Page 178
    ... of bonds. Finance costs and cost of purchased services included in cost of materials contain interest expenses of â,¬2,673 million (prior year: â,¬361 million) which result from financial assets and liabilities which were not measured at fair value through profit or loss. In the fiscal year 2008/09...

  • Page 179
    ... 2008. For German entities of the Volkswagen group the overall tax rate is 29.5%. The income tax rates applied for foreign companies range between 0% and 42% (prior year: between 0% and 41%). In the case of split tax rates, the tax rate applicable to undistributed profits is applied. Changes in tax...

  • Page 180
    ... the expected income tax expense calculated on the group tax rate and the reported income tax expense: â,¬ million 2008/09 - 4,405 30% - 1,322 - 50 - 888 821 567 45 - 827 2007/08 8,569 30% 2,571 - 43 - 369 18 -3 3 2,177 Profit before tax Group tax rate Expected income tax expense Tax rate related...

  • Page 181
    ... by balance sheet item as follows: Deferred tax assets â,¬ million 31/7/2009 31/7/2008 Deferred tax liabilities 31/7/2009 31/7/2008 Intangible assets, property, plant and equipment and leased assets Non-current financial assets Inventories Receivables and other assets (including financial services...

  • Page 182
    ... statement of cash flows are categorized into operating activities, investing activities including investments in securities and loans, and financing activities. The statement of cash flows for the fiscal year 2008/09 has been positively influenced by the firsttime inclusion of the Volkswagen group...

  • Page 183
    ...is attributable to shares acquired during the fiscal year 2008/2009 before the initial consolidation. The cash flows from financing activities contain cash paid for dividends, for the repayment of loans, bonds and commercial paper and notes, to minority interests and hybrid capital investors as well...

  • Page 184
    ... 2008/09 25,036 1,261 1,750 22,025 2007/08 6,990 0 2,567 4,423 Cash and cash equivalents as reported in the balance sheet Time deposit investments Cash and cash equivalents not available for use by the group Cash and cash equivalents as reported in the statement of cash flows Cash and cash...

  • Page 185
    ..., Audi, Seat, Å koda and Scania. The main brand values are attributable to the cash-generating unit Volkswagen passenger vehicles (â,¬4,829 million) and Audi (â,¬3,734 million). There has been no impairment of goodwill or the capitalized brands. Total research and development of the reporting period...

  • Page 186
    ... development costs for products â,¬ million currently in use Capitalized development costs for products under development Brands Other intangible assets1 Total Cost As of 1 August 2007 Changes to consolidated group Additions Exchange differences Reclassifications Disposals As of 31 July 2008...

  • Page 187
    ...and machinery Other equipment, furniture and fixtures Advance payments and assets under construction Total Cost As of 1 August 2007 Changes to consolidated group Additions Exchange differences Reclassifications Disposals As of 31 July 2008 Amortization and depreciation As of 1 August 2007 Additions...

  • Page 188
    ... of them, the company has purchase options which it intends to exercise. The underlying interest rates of the agreements vary between 2.9% and 13.6%, depending on the date on which the agreements were concluded and on market conditions. Future lease payments due and their present values are shown in...

  • Page 189
    ...] Development of financial assets Investments â,¬ million accounted for at equity Other financial assets 1 Total Cost As of 1 August 2007 Changes to consolidated group Additions Changes due to accounting at equity Exchange differences Reclassifications Disposals As of 31 July 2008 Amortization and...

  • Page 190
    ... shareholders The Company The carrying amount of the investments accounted for at equity includes interests in joint ventures with a carrying amount of â,¬5,738 million (prior year: â,¬0 million). Significant joint ventures and associates are detailed in the listing of significant group companies...

  • Page 191
    ... of leased assets, investment property and of total fixed assets Leased â,¬ million assets Investment property Fixed assets Total Cost As of 1 August 2007 Changes to consolidated group Additions Changes due to accounting at equity Exchange differences Reclassifications Disposals As of 31 July 2008...

  • Page 192
    ... volume and exchange rates. The recoverable amount used to determine the impairment was based on the value in use. A discount rate of is 9.8% was used and the calculations are based on a five-year plan. Leased assets include assets leased out under the terms of operating leases. Investment property...

  • Page 193
    ...receivables. The fair values of the trade receivables essentially correspond to the carrying amounts due to the remaining terms. The receivables from long-term development contracts are calculated as follows: 31/7/2009 â,¬ million 31/7/2009 Porsche without VW 31/7/2008 Costs of conversion including...

  • Page 194
    ... services thereof non-current thereof current The non-current receivables from financial services are subject to generally fixed interest rates of between 1.5% and 18.9% (prior year: 3.0% and 18.1%), depending on the market. Unguaranteed residual values accruing to the benefit of the Porsche group...

  • Page 195
    ...2009 Porsche without VW 20,627 8,248 12,330 49 - 1,812 18,815 7,494 11,274 47 1,535 525 1,010 0 - 166 1,369 451 918 0 1,475 504 971 0 - 158 1,317 428 889 0 31/7/2008 Total gross investment in the lease Due within one year Due in one to five years Due in more than five years Unearned finance income...

  • Page 196
    ...0 31/7/2008 Derivative financial instruments Other receivables and assets from affiliated companies from joint ventures from associates from other investees and investors Recoverable income taxes Sundry receivables and assets Prepaid expenses Valuation allowance thereof non-current thereof current...

  • Page 197
    ... cash flows (cash flow hedges) amounted to â,¬83 million (prior year: â,¬0 million). The sale of significant volumes of cash-settled stock options shortly after the balance sheet date has led Porsche to measure the stock options at their selling price as the best indicator of fair value. The price...

  • Page 198
    ...the sale of stock options a few days after the balance sheet date. [25] Equity and minority interests The reconciliation of equity and minority interests is presented in the statement of changes in equity. Subscribed capital Porsche SE's subscribed capital totals â,¬175 million (prior year: â,¬175...

  • Page 199
    ... at equity recognized directly in equity were included in the respective reserves provided for the nature of the income or expense. The separate financial statements of Porsche SE as of 31 July 2009 report a net retained profit of â,¬8,225,000. The executive board and supervisory board of Porsche SE...

  • Page 200
    ... shareholders The Company Stock option plan The stock option plan entitles the optionees - the Board of Management of Volkswagen AG, group senior executives and management, as well as employees of Volkswagen AG covered by collective pay agreements - to purchase options for shares of Volkswagen AG...

  • Page 201
    ...Convertible bonds As of 5 January 2009 In fiscal year granted returned exercised As of 30 June 2009 thereof available for exercise 1 556.27 - - 571.21 554.75 554.75 conversion price per ten shares Exercise price per convertible bond1 â,¬ Convertible bonds Number 2008/09 6th tranche 7th tranche...

  • Page 202
    ... year 2008/09. The Porsche group supports active debt capital management with a view to reducing the cost of capital and optimizing the capital structure. Total capital, defined for capital management purposes as the sum of equity and financial liabilities, is as follows as of the balance sheet...

  • Page 203
    ... Volkswagen subgroup, defined for capital management purposes as the sum of equity and financial liabilities, is as follows on the balance sheet date: â,¬ million 30/6/2009 36,415 32% 39,696 37,427 77,123 68% 113,538 Equity Share of total capital Non-current financial liabilities Current financial...

  • Page 204
    ...capital is accumulated in Germany by way of employee contributions to Porsche VarioRente. The occupational pension arrangements of the Volkswagen subgroup in Germany are based on a specially developed expense-related pension model that is classified as a defined benefit plan under IAS 19. This model...

  • Page 205
    ... in the year Past service cost Losses/gains as a result of application of limit the according to IAS 19.58(b) Net benefit expense The rate for the expected long-term return on plan assets is based on the long-term returns actually generated for the portfolio, historical overall market returns and...

  • Page 206
    ... July Contributions to the defined benefit plans are expected to total â,¬261 million for the fiscal year 2009/10 (prior year: â,¬4 million). The following amounts were recognized in the balance sheet for defined benefit obligations: 31/7/2009 â,¬ million 31/7/2009 Porsche without VW 3,745 - 3,510...

  • Page 207
    ... from sales primarily concern warranty obligations, marketing services and bonuses. The warranty obligations in the Porsche group mainly arise from product warranties granted for the vehicles it produces. The provisions include both estimated expenses from legal and contractual guarantee claims...

  • Page 208
    ... 31/7/2009 Porsche without VW 2 11,125 57 18 21 2 11,225 2 677 0 0 8 0 687 5 559 0 0 22 0 586 31/7/2008 Liabilities from long-term development contracts Trade payables to third parties affiliated companies joint ventures associates other investees and investors The non-current trade payables...

  • Page 209
    ...: Total â,¬ million Porsche without VW Current Porsche without VW Non-current Porsche without VW 31/7/2009 Bonds Commercial paper and notes Liabilities to banks Deposits from direct banking business Finance lease liabilities Financial liabilities to affiliated companies Other financial liabilities...

  • Page 210
    ... also presented within other financial liabilities. Interest rates compare to inter-bank level. The average duration of the financing ranges from one to four years. Measurement is at amortized cost. The present values of the future minimum lease payments from sale-and-leaseback transactions entered...

  • Page 211
    ... in the balance sheet as of 31 July 2009. The item "derivative financial instruments marked to market" mainly comprises forward exchange transactions and stock options. The non-current other liabilities contain derivative financial instruments totaling â,¬862 million (prior year: â,¬33 million...

  • Page 212
    ... (prior year: â,¬0 million) were recognized from transactions for hedging against interest rate risk (fair value hedges). The sale of significant volumes of stock options shortly after the balance sheet date has led Porsche to measure the stock options at their selling price as the best indicator of...

  • Page 213
    ... systems are checked regularly and brought into line with current market and product development. The group manages and monitors these risks primarily via its business operations and financing activities and, where necessary, by using derivative financial instruments. The Porsche group mainly...

  • Page 214
    To our shareholders The Company The table below shows the credit and default risk of financial assets by gross carrying amount: Neither past due â,¬ million nor impaired Past due and not impaired Impaired Total 31/7/2009 Trade receivables Receivables from financial services Other financial ...

  • Page 215
    ... 31/7/2008 Trade receivables Receivables from financial services Other financial receivables Securities Cash and cash equivalents 199 1,613 1,455 4,266 6,990 14,523 0 126 0 0 0 126 199 1,739 1,455 4,266 6,990 14,649 The Porsche group performs a credit assessment of borrowers in all loan and lease...

  • Page 216
    ... by rolling liquidity planning, a cash liquidity reserve, guaranteed credit lines and globally available debt issuance programs (securitizations). Reference is also made to explanations on the management of liquidity risks at subgroup and overall group level presented in the risk report as part of...

  • Page 217
    ..., the Porsche group is exposed to foreign currency, interest rate, commodity price, share price and fund price risk. The risks result from foreign currency transactions in the course of ordinary operations, from financing, from financial investing activities and in connection with the purchasing of...

  • Page 218
    To our shareholders The Company The Porsche group uses two different methods to present market risk from primary and derivative financial instruments in accordance with IFRS 7. The currency and interest rate risks in financial services are valued using the value-at-risk model, while market price ...

  • Page 219
    ... level of 95% and based on fair values, the value at risk for stock price derivatives amounted to â,¬1,237 million (prior year: â,¬1,834 million). As of the balance sheet date, Porsche SE was in the latter stage of negotiations about the sale of significant volumes of stock options. The sale shortly...

  • Page 220
    ... contracts are entered into to hedge against this risk under fair value or cash flow hedges, depending on market conditions. Intra-group financing arrangements are normally structured to match the maturities of their refinancing. Interest rate risk within the meaning of IFRS 7 is calculated for the...

  • Page 221
    ... risk from asset management The Volkswagen subgroup has invested part of its liquid assets in special securities funds. These are subject in particular to a stock and bond risk which can arise from fluctuations in market prices, stock exchange indices and market rates of interest. The risks...

  • Page 222
    ... Interest derivatives Commodity futures contract Stock price derivatives with positive carrying amount Stock price derivatives with negative carrying amount As a result of the sale of stock options shortly after the balance sheet date, the notional amounts of the stock price derivatives both on the...

  • Page 223
    .... 6. Measurement 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 where...

  • Page 224
    ... Trade payables Other financial liabilities Derivative financial instruments Hedge accounting Currency derivatives Interest derivatives Stock price derivatives The market value of receivables from financial services is determined using the current market interest rates as of the balance sheet...

  • Page 225
    ... also includes interest income and expenses from the financial services division's loans and leasing business. The financial instruments reported at fair value do not include dividend income. The following table shows gains and losses resulting from hedges. â,¬ million 2009 - 362 307 7 2008 27 - 27...

  • Page 226
    ... cash flows of the following five fiscal years are considered. Realization of the gain or loss and cash flow generally fall within the same period. [32] Contingent liabilities 31/7/2009 â,¬ million 31/7/2009 Porsche without VW 174 51 232 796 0 29 167 0 0 27 130 0 31/7/2008 Guarantees Warranties...

  • Page 227
    ... group. This basic agreement provides in a first step an indirect, 42% investment from Volkswagen AG in Porsche AG, for which the former will implement a capital increase in the first half of 2010. Porsche SE plans to raise capital by issuing new ordinary and preference shares in the first half...

  • Page 228
    ... SE's ordinary shares in August 2009. Subsequent to the balance sheet date, Porsche SE began negotiations for the sale of cash-settled stock options that were not yet intended for sale on 31 July 2009 on about 3% of the ordinary shares of Volkswagen AG. On 18 August 2009, Porsche SE signed a hold...

  • Page 229
    ... to earlier periods. The executive board of Porsche Automobil Holding SE is responsible for allocating resources and assessing the earnings power of the reportable segments. The segments are managed using profit before the financial result and income taxes. Intersegment receivables and liabilities...

  • Page 230
    ... non-current assets 1 1,716 intangible assets, property, plant and equipment, leased assets and investment property The figures for the segments are reconciled to the corresponding group values as follows: â,¬ million 2008/09 2007/08 Segment result (operating profit) Segment total Consolidation...

  • Page 231
    ... 2007/08 0 0 0 0 0 0 0 0 0 0 Segment total 2008/09 57,081 373 57,454 - 3,676 172,359 53,653 56,116 5,816 353 10,329 2007/08 7,467 0 7,467 7,710 26,272 19,256 12,423 569 0 1,362 Reconciliation 2008/09 0 - 373 - 373 19 41,206 0 0 0 0 0 2007/08 0 0 0 0 19,305 0 0 0 0 0 Porsche group 2008/09 57,081...

  • Page 232
    ...asset is located. The information on non-current assets refers to intangible assets, property, plant and equipment, investment property and leased assets. Rest of Europe â,¬ million Germany 2008/09 2007/08 16,328 44,580 1,367 1,946 and other regions 2008/09 24,048 19,303 2007/08 2,805 111 Sales to...

  • Page 233
    North America 2008/09 7,538 8,990 2007/08 2,112 880 South America 2008/09 4,302 2,508 2007/08 136 0 Asia/Oceania 2008/09 4,865 785 2007/08 1,047 26 Consolidation 2008/09 0 67 2007/08 0 12 Porsche group 2008/09 57,081 76,233 2007/08 7,467 2,975 231

  • Page 234
    ..., with the registered office in Grünwald and business address Karl-Valentin-Strasse 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 235
    ... a total of 87,500,000 voting rights) of shareholders whose voting share in Porsche Automobil Holding SE amounts ...Germany, Porsche GmbH, Stuttgart, Germany. On 19 December, 2008, Dr. Oliver Porsche, Austria, announced on his own behalf and on behalf of and with the authorization of the persons listed...

  • Page 236
    ... were held via the following controlled companies, whose attributable share of voting rights amounted to 3% or more each: Notifying party Controlled company Louise Daxer-Piëch GmbH, Salzburg Louise Daxer-Piëch GmbH, Stuttgart Prof. Ferdinand Alexander Porsche GmbH, Salzburg, Ferdinand Alexander...

  • Page 237
    ... GmbH, Hans-Michel Piëch GmbH, all based in Grünwald, Germany, Porsche GmbH, Stuttgart, Germany. Notification on 14 May 2009 On 23 December 2008, at 7.22 p.m., Porsche Automobil Holding SE issued a 'Correction to the publication of a miscellaneous voting right announcement' entitled 'Correction of...

  • Page 238
    ...January 2003 pursuant to Sec. 21 (1) WpHG, that the share of voting rights in Porsche Automobil Holding SE (at that time operating under the name Dr. Ing. h.c. F. Porsche Aktiengesellschaft), Porscheplatz 1, 70435 Stuttgart held by Familie Porsche Beteiligung GmbH as of 30 December 2002 exceeded the...

  • Page 239
    ...3% and 5% and reached the threshold of 10% on 28 August 2009 and amounted to 10% of the voting rights of Porsche Automobil Holding SE (8,750,000 voting rights) as per this date, all of which are attributed to the Qatar Investment Authority pursuant to Sec. 22 (1) Sentence 1 No. 1 WpHG. Voting rights...

  • Page 240
    ... time, business relations existed with the Volkswagen group from deliveries relating to the vehicle and parts business and from consulting and development services. In addition, shares from the mandatory offer for shareholders of Audi AG worth â,¬86 million were resold to Volkswagen AG before the...

  • Page 241
    ... million) were paid out. Payments of â,¬0.5 million (prior year: â,¬0.2 million) were made to members of the executive board and supervisory board as key management personnel, mainly for transactions in the vehicle and parts business. They were charged at arm's length conditions. Other than that...

  • Page 242
    ... executive board members and their surviving dependants total â,¬45.5 million (prior year: â,¬28.1 million). Benefit payments came to â,¬1.6 million for this group of persons (prior year: â,¬1.3 million). The total remuneration of the supervisory board for the 2008/09 fiscal year is all short term...

  • Page 243
    ... AG also have issued the declaration on the German Corporate Governance Code required by Sec. 161 AktG on 24 November 2008 and made it permanently accessible to the shareholders on the homepage www.audi.de/cgk-erklaerung. Stuttgart, 19 October 2009 Porsche Automobil Holding SE The executive board...

  • Page 244
    ... and performance of the business and the position of the group, together with a description of the principal opportunities and risks associated with the expected development of the group. Stuttgart, 19 October 2009 Porsche Automobil Holding SE The executive board Michael Macht Thomas Edig 242

  • Page 245
    ... by Porsche Automobil Holding SE, Stuttgart, comprising the balance sheet, the income statement, the statement of cash flows, statement of changes in equity as well as the notes to the financial statements, together with the combined management report, for the fiscal year from 1 August 2008 to...

  • Page 246
    To our shareholders The Company Membership in other statutory supervisory boards and comparable domestic and 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 ...

  • Page 247
    .... Ing. h.c. F. Porsche AG, Stuttgart (Disclosures pursuant to Sec. 285 No. 10 HGB) As of 31 July 2009 or the date on which members left the supervisory board or executive board of Porsche Automobil Holding SE. 1) Membership in German statutory supervisory boards 2) Comparable offices in Germany and...

  • Page 248
    To our shareholders The Company Members of the executive board of Porsche Automobil Holding SE Michael Macht (from 23 July 2009) 2) Porsche Consulting GmbH, Bietigheim-Bissingen (chairman) Porsche Consulting Italia S.r.l., Milan Porsche Leipzig GmbH, Leipzig (chairman) PIKS Porsche-Information-...

  • Page 249
    Balance sheet of Porsche Automobil Holding SE as of 31 July 20091 â,¬ million 31/7/2008 31/7/2009 Assets Non-current assets Intangible assets Property, plant and equipment Financial assets Current assets Trade receivables Other assets Securities Cash and cash equivalents 2,703 1,202 0 2,164 6,069...

  • Page 250
    To our shareholders The Company Income statement of Porsche Automobil Holding SE for the period from 1 August 2008 to 31 July 2009 â,¬ million 2008/09 5 5 52,790 0 - 77 . - 55,407 2,992 - 746 - 443 - 553 - 996 1,004 0 8 2007/08 0 0 8,345 . - 52 0 - 3,682 1,895 - 289 6,217 - 1,837 4,380 0 - 2,...

  • Page 251
    ... equity investments Share in capital as of 31 July 2009 % Fully consolidated entities - Germany Porsche Dr. Ing. h.c. F. Porsche AG, Stuttgart Porsche Consulting GmbH, Bietigheim-Bissingen Porsche Deutschland GmbH, Bietigheim-Bissingen Porsche Leipzig GmbH, Leipzig Porsche Engineering Group...

  • Page 252
    ..., Russia Porsche (China) Motors Limited, Guangzhou, China Porsche Financial Services Italia S.p.A., Padua, Italy Porsche Financial Services Great Britain Ltd., Reading, UK Porsche Liquidity LLC, Wilmington, Delaware, USA Porsche Capital LLC, Wilmington, Delaware, USA Porsche Financial Services Japan...

  • Page 253
    ...of South Africa (Pty.) Ltd., Uitenhage, South Africa Scania AB, Södertälje, Sweden S.A.S. Scania Holding France, Angers, France Scania Europe Holding B.V., Zwolle, the Netherlands Scania CV AB, Södertälje, Sweden Volkswagen (China) Investment Company Ltd., Bejing, China Volkswagen Group Services...

  • Page 254
    Imprint Publisher: Porsche Automobil Holding SE, Stuttgart-Zuffenhausen © 2009 Photographs: Werkfotos Porsche AG Design: Atelier Lagally, Stuttgart Produced by IThaus Münster GmbH & Co. KG, Kornwestheim