Porsche 2008 Annual Report Download - page 31

29


;VV\YZOHYLOVSKLYZ -PUHUJPHSZ 
.YV\WTHUHNLTLU[YLWVY[ 

5L[HZZL[ZMPUHUJPHSWVZP[PVUHUK
YLZ\S[ZVMVWLYH[PVUZ
/H]PUNVI[HPULKWLYJLU[VM[OLVYKPUHY`
ZOHYLZVM=VSRZ^HNLU(.VU1HU\HY` 
7VYZJOL:,OHZJVUZVSPKH[LK[OL=VSRZ^HNLU
NYV\WPUP[ZJVUZVSPKH[LKMPUHUJPHSZ[H[LTLU[Z
MVY[OLMPYZ[[PTL(Z[OLX\HSP[`VMKH[HULLKLK
MVYL_[LYUHSYLWVY[PUNW\YWVZLZ^HZUV[H]HPSÌ
HISLPU[PTLV^PUN[VP[ZV^UL_[LUZP]LJSVZPUN
HJ[P]P[PLZ[OL=VSRZ^HNLUZ\INYV\WOHZILLU
JVUZPKLYLKPU[OLMPUHUJPHSZ[H[LTLU[ZVM7VYÌ
ZJOL:,MVY[OLMPZJHS`LHY VU[OL
IHZPZVM[OLMPN\YLZMVY[OLWLYPVKMYVT1HU\Ì
HY`[V1\UL 
5LJLZZP[H[LKI`[OLPUP[PHSJVUZVSPKH[PVUVM[OL
=VSRZ^HNLUNYV\WHW\YJOHZLWYPJLHSSVJH[PVU
^HZJVUK\J[LKHZVM[OLKH[LVMPUP[PHSJVUZVSPÌ
KH[PVU1HU\HY` +\YPUN[OH[WYVJLZZ
[OLMHPY]HS\LZVM[OLHJX\PYLKHZZL[ZHUKSPHIPSPÌ
[PLZPUJS\KLKPU[OLJVUZVSPKH[LKMPUHUJPHSZ[H[LÌ
TLU[ZVM7VYZJOL:,^LYLKL[LYTPULK+L]LSVWÌ
PUNM\Y[OLY[OLOPKKLUYLZLY]LZHUKSVZZLZPKLUÌ
[PMPLKPU[OLJV\YZLVM[OLW\YJOHZLWYPJLHSSVJHÌ
[PVUOHKHTHQVYPTWHJ[VU[OLYLZ\S[ZVMVWLYHÌ
[PVUZVM[OL7VYZJOLNYV\W;VHPKJVTWHYPZVU
^P[O[OLWYPVY`LHYZVTLVM[OLMPN\YLZHYL
WYLZLU[LKHUKL_WSHPULKILSV^MVY[OL7VYZJOL
NYV\W^P[OV\[JVUZPKLYPUN[OL=VSRZ^HNLUNYV\W
4VYLPUMVYTH[PVUVU[OLJVTWVZP[PVUHUKKL]LSÌ
VWTLU[VM[OL]HYPV\ZSPULP[LTZVM[OLIHSHUJL
ZOLL[PUJVTLZ[H[LTLU[HUK[OLZ[H[LTLU[VM
JHZOMSV^ZVM[OL7VYZJOLNYV\WJHUILMV\UKPU
[OLUV[LZ[V[OLJVUZVSPKH[LKMPUHUJPHSZ[H[LÌ
TLU[ZVM7VYZJOL:,HZVM1\S` VU
WHNLZ[V
5L[HZZL[Z
+\L[V[OLHJX\PZP[PVU[OL[V[HSHZZL[ZVM[OL
7VYZJOLNYV\WYVZLI`IPSSPVU,\YV[V
IPSSPVU,\YV;OLSHYNLPUJYLHZLPZWYPTHYÌ
PS`K\L[V[OLPUP[PHSJVUZVSPKH[PVUVM[OLZOHYLZPU
=VSRZ^HNLU(.^OPJOOHKILLUHJJV\U[LKMVY
\ZPUN[OLLX\P[`TL[OVKPU[OLWYPVYMPZJHS`LHY
>P[OV\[JVUZPKLYPUN[OPZLMMLJ[[V[HSHZZL[Z
^V\SKOH]LMHSSLUPUJVTWHYPZVU[V[OLMPZJHS
`LHY
5VUÌJ\YYLU[HZZL[ZYVZLJVUZPKLYHIS`MYVT
IPSSPVU,\YV[VIPSSPVU,\YV;OLZOHYLVMUVUÌ
J\YYLU[HZZL[ZPUYLSH[PVU[V[V[HSHZZL[ZYVZLI`
WLYJLU[[VWLYJLU[H[[OLLUKVM[OL
MPZJHS`LHY;OLHKKP[PVUZMYVT[OLPUP[PHSJVUZVSPKHÌ
[PVUVM[OL=VSRZ^HNLUNYV\WYLSH[LTVZ[S`[V
PU[HUNPISLHZZL[ZWYVWLY[`WSHU[HUKLX\PWTLU[
HUKYLJLP]HISLZMYVTMPUHUJPHSZLY]PJLZ


 
(ZVM[OLIHSHUJLZOLL[KH[L[OLMP_LKHZZL[ZVM
[OL7VYZJOLNYV\WuPUV[OLY^VYKZ[OLPU[HUNPÌ
ISLHZZL[ZWYVWLY[`WSHU[HUKLX\PWTLU[
SLHZLKHZZL[ZPU]LZ[TLU[WYVWLY[`HUKPU]LZ[Ì
TLU[ZHJJV\U[LKMVYH[LX\P[`HZ^LSSHZV[OLY
MPUHUJPHSHZZL[ZuYVZLMYVTIPSSPVU,\YVH[
[OLJSVZLVM[OLWYPVYMPZJHSWLYPVK[VIPSSPVU
,\YV;OLZOHYLVMMP_LKHZZL[ZPUYLSH[PVU[V
[V[HSHZZL[ZHTV\U[LK[V WLYJLU[WYPVY
`LHY!WLYJLU[;OLNYV\WqZMP_LKHZZL[Z
^LYLM\SS`JV]LYLKI`LX\P[`PU[OLWYPVY`LHY
;OLJVYYLZWVUKPUNYH[PVMVY[OLJ\YYLU[MPZJHS
WLYPVKOHZMHSSLU[VWLYJLU[
7HY[PJ\SHYS`K\L[V[OLPUP[PHSJVUZVSPKH[PVUVM[OL
=VSRZ^HNLUZ\INYV\W[OLPU[HUNPISLHZZL[ZVM
[OLNYV\WPUJYLHZLKMYVTIPSSPVU,\YVHZVM
1\S`[VIPSSPVU,\YVHZVM[OLIHSÌ
HUJLZOLL[KH[L;OPZP[LTPUJS\KLZPU[HUNPISL
HZZL[ZHYLJHYYPLKI`[OL7VYZJOLZ\INYV\WHUK
[OL=VSRZ^HNLUZ\INYV\WHZ^LSSHZHZZL[Z[OH[
^LYLPKLU[PMPLKPU[OLJV\YZLVM[OLW\YJOHZL
WYPJLHSSVJH[PVUHZVM1HU\HY` ;OLZL
HZZL[ZYLSH[LWYPTHYPS`[VIYHUKZ IPSSPVU
,\YVKL]LSVWTLU[JVZ[Z IPSSPVU,\YVHUK
NVVK^PSSPU[OLHTV\U[VMIPSSPVU,\YV;OL
PU[HUNPISLHZZL[ZVM[OL7VYZJOLNYV\WL_JS\KPUN
=VSRZ^HNLUPUJYLHZLKI`IPSSPVU,\YVPU
JVTWHYPZVU[V[OLWYPVY`LHY[VIPSSPVU,\YV
;OLPUJYLHZLPZTVZ[S`K\L[VKL]LSVWTLU[
JVZ[ZHUKSPJLUZLZ
7YVWLY[`WSHU[HUKLX\PWTLU[JHYYPLKI`[OL
7VYZJOLNYV\WHSZVYVZL[VIPSSPVU,\YV
TVZ[S`HZHJVUZLX\LUJLVM[OLJVUZVSPKH[PVUVM
[OL=VSRZ^HNLUZ\INYV\WWYPVY`LHY!IPSSPVU
,\YV/PKKLUYLZLY]LZVM IPSSPVU,\YV^LYL
KL[LYTPULKHUKYLJVNUPaLKPUWYVWLY[`WSHU[
HUKLX\PWTLU[HZHYLZ\S[VM[OLW\YJOHZLWYPJL
HSSVJH[PVUPUJVUULJ[PVU^P[O[OLPUP[PHSJVUZVSPKHÌ
[PVUVM[OL=VSRZ^HNLUNYV\W
+PZYLNHYKPUN[OL=VSRZ^HNLUZ\INYV\WWYVWLY[`
WSHU[HUKLX\PWTLU[YVZL[VIPSSPVU,\YV
WYPTHYPS`K\L[V[OLHKKP[PVUVM[VVSZ
-PUHUJPHSHZZL[Z[V[HSPUNIPSSPVU,\YVPUJS\KL
PU]LZ[TLU[ZHJJV\U[LKMVYH[LX\P[`VMIPSÌ
SPVU,\YV;OLZLYLSH[L[VPU]LZ[TLU[ZOLSKPU
:OHUNOHPÌ=VSRZ^HNLU(\[VTV[P]L*VTWHU`3[K
:OHUNOHP*OPUHPU-(>Ì=VSRZ^HNLU(\[VTV[P]L
*VTWHU`3[K*OHUNJO\U*OPUH4(5(R[PÌ
LUNLZLSSZJOHM[4\UPJOHUK.SVIHS4VIPSP[`
/VSKPUN)=(TZ[LYKHT5L[OLYSHUKZ[OLWHYÌ
LU[VM3LHZL7SHU*VYWVYH[PVU5=(TZ[LYKHT
5L[OLYSHUKZ;OLPUJYLHZLPU[OLZOHYLOVSKPUNPU
=VSRZ^HNLU(.[VWLYJLU[VM[OL]V[PUN
YPNO[ZOHYLZPU1HU\HY` OHZYLZ\S[LKPU[OL
PU]LZ[TLU[PU=VSRZ^HNLU(.UVSVUNLYILPUN
HJJV\U[LKMVY\ZPUN[OLLX\P[`TL[OVKPU[OL
JVUZVSPKH[LKMPUHUJPHSZ[H[LTLU[ZVM[OL7VYZJOL
NYV\W(ZHYLZ\S[[OLJHYY`PUNHTV\U[VM[OPZ
PU]LZ[TLU[HJJV\U[LKMVYH[LX\P[`^OPJOYVZL
I`IPSSPVU,\YVPU[OLJV\YZLVM[OLYLWVY[Ì
PUN`LHYK\L[V[OLHJX\PZP[PVUVMM\Y[OLYZOHYLZ
PU=VSRZ^HNLU(.^HZYLTV]LKMYVT[OLIHSÌ
HUJLZOLL[VU1HU\HY` 
3LHZLKHZZL[ZPUJYLHZLKI`IPSSPVU,\YVVU
[OLWYPVY`LHY[VIPSSPVU,\YV;OPZIHSHUJL
ZOLL[P[LTPUJS\KLZ]LOPJSLZSLHZLKV\[\UKLY
VWLYH[PUNSLHZLZ
+LMLYYLK[H_HZZL[ZHTV\U[LK[VIPSSPVU,\YV
JVTWHYLK[VIPSSPVU,\YVPU[OLWYL]PV\Z`LHY
;OLZOHYLVMJ\YYLU[HZZL[ZPUYLSH[PVU[V[V[HS
HZZL[ZMLSSMYVTWLYJLU[PU[OLWYPVY`LHY[V
WLYJLU[HZVM1\S` ;OPZKLJSPULPZ
YLSH[LK[V[OLZPNUPMPJHU[PUJYLHZLPUUVUÌJ\YYLU[
HZZL[Z;OLOPKKLUYLZLY]LZKL[LYTPULKHUK
YLJVNUPaLKHZHYLZ\S[VM[OLW\YJOHZLWYPJL
HSSVJH[PVUYLSH[LWYPTHYPS`[VUVUÌJ\YYLU[HZZL[Z
-\Y[OLYTVYLNVVK^PSS^HZJHWP[HSPaLK
0U]LU[VYPLZPUJYLHZLKMYVTIPSSPVU,\YVPU[OL
WYPVY`LHY[VIPSSPVU,\YVH[[OLLUKVM[OL
YLWVY[PUNWLYPVK>P[OV\[JVUZPKLYPUN[OL=VSRZÌ
^HNLUZ\INYV\WPU]LU[VYPLZMLSS[VIPSSPVU
,\YV;YHKLYLJLP]HISLZHTV\U[[VIPSSPVU
,\YVWYPVY`LHY!IPSSPVU,\YV>P[OV\[JVUÌ
ZPKLYPUN[OL=VSRZ^HNLUZ\INYV\W[YHKLYLJLP]Ì
HISLZ^V\SKHTV\U[[VIPSSPVU,\YV*\YYLU[


;VV\YZOHYLOVSKLYZ -PUHUJPHSZ 
.YV\WTHUHNLTLU[YLWVY[ 

5L[HZZL[ZMPUHUJPHSWVZP[PVUHUK
YLZ\S[ZVMVWLYH[PVUZ
/H]PUNVI[HPULKWLYJLU[VM[OLVYKPUHY`
ZOHYLZVM=VSRZ^HNLU(.VU1HU\HY` 
7VYZJOL:,OHZJVUZVSPKH[LK[OL=VSRZ^HNLU
NYV\WPUP[ZJVUZVSPKH[LKMPUHUJPHSZ[H[LTLU[Z
MVY[OLMPYZ[[PTL(Z[OLX\HSP[`VMKH[HULLKLK
MVYL_[LYUHSYLWVY[PUNW\YWVZLZ^HZUV[H]HPSÌ
HISLPU[PTLV^PUN[VP[ZV^UL_[LUZP]LJSVZPUN
HJ[P]P[PLZ[OL=VSRZ^HNLUZ\INYV\WOHZILLU
JVUZPKLYLKPU[OLMPUHUJPHSZ[H[LTLU[ZVM7VYÌ
ZJOL:,MVY[OLMPZJHS`LHY VU[OL
IHZPZVM[OLMPN\YLZMVY[OLWLYPVKMYVT1HU\Ì
HY`[V1\UL 
5LJLZZP[H[LKI`[OLPUP[PHSJVUZVSPKH[PVUVM[OL
=VSRZ^HNLUNYV\WHW\YJOHZLWYPJLHSSVJH[PVU
^HZJVUK\J[LKHZVM[OLKH[LVMPUP[PHSJVUZVSPÌ
KH[PVU1HU\HY` +\YPUN[OH[WYVJLZZ
[OLMHPY]HS\LZVM[OLHJX\PYLKHZZL[ZHUKSPHIPSPÌ
[PLZPUJS\KLKPU[OLJVUZVSPKH[LKMPUHUJPHSZ[H[LÌ
TLU[ZVM7VYZJOL:,^LYLKL[LYTPULK+L]LSVWÌ
PUNM\Y[OLY[OLOPKKLUYLZLY]LZHUKSVZZLZPKLUÌ
[PMPLKPU[OLJV\YZLVM[OLW\YJOHZLWYPJLHSSVJHÌ
[PVUOHKHTHQVYPTWHJ[VU[OLYLZ\S[ZVMVWLYHÌ
[PVUZVM[OL7VYZJOLNYV\W;VHPKJVTWHYPZVU
^P[O[OLWYPVY`LHYZVTLVM[OLMPN\YLZHYL
WYLZLU[LKHUKL_WSHPULKILSV^MVY[OL7VYZJOL
NYV\W^P[OV\[JVUZPKLYPUN[OL=VSRZ^HNLUNYV\W
4VYLPUMVYTH[PVUVU[OLJVTWVZP[PVUHUKKL]LSÌ
VWTLU[VM[OL]HYPV\ZSPULP[LTZVM[OLIHSHUJL
ZOLL[PUJVTLZ[H[LTLU[HUK[OLZ[H[LTLU[VM
JHZOMSV^ZVM[OL7VYZJOLNYV\WJHUILMV\UKPU
[OLUV[LZ[V[OLJVUZVSPKH[LKMPUHUJPHSZ[H[LÌ
TLU[ZVM7VYZJOL:,HZVM1\S` VU
WHNLZ[V
5L[HZZL[Z
+\L[V[OLHJX\PZP[PVU[OL[V[HSHZZL[ZVM[OL
7VYZJOLNYV\WYVZLI`IPSSPVU,\YV[V
IPSSPVU,\YV;OLSHYNLPUJYLHZLPZWYPTHYÌ
PS`K\L[V[OLPUP[PHSJVUZVSPKH[PVUVM[OLZOHYLZPU
=VSRZ^HNLU(.^OPJOOHKILLUHJJV\U[LKMVY
\ZPUN[OLLX\P[`TL[OVKPU[OLWYPVYMPZJHS`LHY
>P[OV\[JVUZPKLYPUN[OPZLMMLJ[[V[HSHZZL[Z
^V\SKOH]LMHSSLUPUJVTWHYPZVU[V[OLMPZJHS
`LHY
5VUÌJ\YYLU[HZZL[ZYVZLJVUZPKLYHIS`MYVT
IPSSPVU,\YV[VIPSSPVU,\YV;OLZOHYLVMUVUÌ
J\YYLU[HZZL[ZPUYLSH[PVU[V[V[HSHZZL[ZYVZLI`
WLYJLU[[VWLYJLU[H[[OLLUKVM[OL
MPZJHS`LHY;OLHKKP[PVUZMYVT[OLPUP[PHSJVUZVSPKHÌ
[PVUVM[OL=VSRZ^HNLUNYV\WYLSH[LTVZ[S`[V
PU[HUNPISLHZZL[ZWYVWLY[`WSHU[HUKLX\PWTLU[
HUKYLJLP]HISLZMYVTMPUHUJPHSZLY]PJLZ