Porsche 2008 Annual Report Download - page 81
Download and view the complete annual report
Please find page 81 of the 2008 Porsche annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.79
;VV\YZOHYLOVSKLYZ -PUHUJPHSZ
.YV\WTHUHNLTLU[YLWVY[
9PZRZHYPZPUNMYVTJOHUNLZPUKLTHUK
*VUZ\TLYKLTHUKKLWLUKZUV[VUS`VUYLHS
MHJ[VYZZ\JOHZKPZWVZHISLPUJVTLI\[HSZV[VH
ZPNUPMPJHU[L_[LU[VUWZ`JOVSVNPJHSMHJ[VYZ[OH[
HYLPTWVZZPISL[VWSHUMVY(JVTIPUH[PVUVM
OPNOLYM\LSWYPJLZHUK[OL\UJLY[HPU[`Z\YYV\UKÌ
PUNM\[\YL*6LTPZZPVU[H_H[PVUTH`SLHK[V
\UL_WLJ[LKJVUZ\TLYYLS\J[HUJL[VW\YJOHZL
]LOPJSLZ^OPJOTH`ILM\Y[OLYL_HJLYIH[LKI`
TLKPHYLWVY[Z;OLJ\YYLU[MPUHUJPHSJYPZPZPZHSZV
OH]PUNZPNUPMPJHU[LMMLJ[ZVUNSVIHSLJVUVTPJ
KL]LSVWTLU[HUKHJJVYKPUNS`VU[OL^OVSL
H\[VTV[P]LZLJ[VY(M[LYHJLY[HPU[PTLSHNHSS
[OL^VYSKZH\[VTV[P]LTHYRL[ZHYLUV^ZLLPUN
^OH[PZPUZVTLJHZLZHKYHTH[PJKV^U^HYK
[YLUKuHKL]LSVWTLU[[OH[OHZHSZVHMMLJ[LK[OL
=VSRZ^HNLUZ\INYV\W;OPZPZWHY[PJ\SHYS`[OL
JHZLPUZH[\YH[LKTHYRL[ZZ\JOHZ5VY[O(TLYÌ
PJHHUK^LZ[LYU,\YVWL^OLYLKLTHUKOHZ
WS\TTL[LKHZHYLZ\S[VMV^ULYZRLLWPUN[OLPY
]LOPJSLZMVYSVUNLYWLYPVKZ;OL=VSRZ^HNLU
Z\INYV\WPZH[[LTW[PUN[VJV\U[LY[OPZJVUZ\TLY
YLS\J[HUJL[VW\YJOHZL]LOPJSLZI`VMMLYPUN
H[[YHJ[P]LUL^TVKLSZHUKI`THPU[HPUPUNHU
PU[LUZLJ\Z[VTLYMVJ\Z5L]LY[OLSLZZP[PZUV[
WVZZPISLH[[OPZ[PTL[VRUV^OV^SVUN[OPZJYPZPZ
^PSSSHZ[UVYOV^L_[LUZP]LP[^PSSIL;OPZHWWSPLZ
HSS[OLTVYLZPUJLZ[H[LPUJLU[P]LZMVYPUZ[HUJL
PUJLU[P]LZMVYYLWSHJPUNVSKJHYZ^P[OTVYLM\LSÌ
LMMPJPLU[VULZHYLPUWSHJLPUZVTLJV\U[YPLZ
^OPJO^PSSOH]LHWVZP[P]LPTWHJ[VU[OLKLTHUK
MVYJHYZ
4VYLV]LY[OLPTWSLTLU[H[PVUVMH*6ÌIHZLK
]LOPJSL[H_PU[OL,\YVWLHUJV\U[YPLZHUKH
YLUL^LKYPZLPUVPSWYPJLZJV\SKSLHK[VHZ^P[JO
PUKLTHUK[V^HYKZZTHSSLYZLNTLU[ZHUK
ZTHSSLYLUNPULZ^P[OHYLZ\S[PUNKL[YPTLU[HS
LMMLJ[VU[OLNYV\WqZMPUHUJPHSYLZ\S[Z
;OL=VSRZ^HNLUZ\INYV\WPZJV\U[LYPUN[OLZL
YPZRZI`KL]LSVWPUNM\LSÌLMMPJPLU[]LOPJSLZHUK
HS[LYUH[P]LM\LSZHZWHY[VMP[ZM\LSHUKKYP]L[YHPU
Z[YH[LN`
0U[OLYHWPKS`L_WHUKPUNTHYRL[ZVM(ZPHHUK
LHZ[LYU,\YVWLYPZRZJHUHSZVHYPZLK\L[V
NV]LYUTLU[PU[LY]LU[PVUPU[OLMVYTVMSLUKPUN
YLZ[YPJ[PVUZHUK[H_PUJYLHZLZOH]PUNHUHK]LYZL
LMMLJ[VUWYP]H[LJVUZ\TW[PVU
+LWLUKLUJLVUMSLL[J\Z[VTLYI\ZPULZZ
(ZPU[OLWHZ[[OLMSLL[J\Z[VTLYI\ZPULZZPZ
L_WLYPLUJPUNPUJYLHZPUNJVUJLU[YH[PVUHUKPU[LYÌ
UH[PVUHSPaH[PVU6^PUN[VP[ZL_[LUZP]LWYVK\J[
YHUNLHUK[HYNL[NYV\WÌVYPLU[LKJ\Z[VTLYJHYL
[OL=VSRZ^HNLUZ\INYV\WZ\JJLLKLKPUL_[LUKÌ
PUNP[ZTHYRL[SLHKLYZOPWPU,\YVWL+LMH\S[YPZRZ
HYLUV[JVUJLU[YH[LKVUPUKP]PK\HSJVYWVYH[L
J\Z[VTLYZ
([JVZ[ÌKYP]LUMSLL[VWLYH[VYZ[OL*6PZZ\L
JV\SKOH]LHKPZWYVWVY[PVUH[LLMMLJ[VU[OLMSLL[
J\Z[VTLYI\ZPULZZILJH\ZLVM[OLZOVY[LYMSLL[
V^ULYZOPWWLYPVK([YLUK[V^HYKZKV^UZPaPUNPZ
L]PKLU[[OH[WHYHSSLSZ[OL[YLUKPU[OLWYP]H[L
J\Z[VTLYI\ZPULZZ
8\HSP[`YPZRZ
*\Z[VTLYZqWLYJLW[PVUZVMHWYVK\J[qZX\HSP[`
HYLILJVTPUNTVYLHUKTVYLPTWVY[HU[PU[OL
MHJLVMNYV^PUNJVTWL[P[P]LWYLZZ\YL0UHKKP[PVU
[OLL]LYÌPUJYLHZPUNJVTWSL_P[`VM[OL]LOPJSLZ
HUK[OLPU[YVK\J[PVUVMUL^LU]PYVUTLU[HSS`
MYPLUKS`[LJOUVSVNPLZZ\JOHZO`IYPKKYP]LZWYLÌ
ZLU[UL^JOHSSLUNLZMVY[OLX\HSP[`HZZ\YHUJL
M\UJ[PVU5L^ZRPSSZZL[ZHUKV[OLYWYL]LU[P]L
TLJOHUPZTZHYLILPUNKL]LSVWLK[VH]VPK[OL
WVZZPISLYPZRZVMX\HSP[`KLMLJ[ZILMVYL[OL`
L]LU[\H[L;OPZPZILPUNKVULPUJSVZLJVVWLYHÌ
[PVU^P[OHSS[OLKP]PZPVUZHUKZ\WWSPLYZ
7LYZVUULSYPZRZ
;OLRUV^SLKNLHUKPUKP]PK\HSZRPSSZVM[OL=VSRZÌ
^HNLUZ\INYV\WqZLTWSV`LLZHYLHTHQVYMHJ[VY
JVU[YPI\[PUN[V[OLZ\INYV\WqZZ\JJLZZ;OLHPT
VMILJVTPUN[OLWYLMLYYLKLTWSV`LYPTWYV]LZ
[OLZ\INYV\WqZJOHUJLZVMYLJY\P[PUNHUKYL[HPUÌ
PUN[HSLU[LKUL^LTWSV`LLZ6MLX\HSPTWVYÌ
[HUJLPZZ[YH[LNPJLUKÌ[VÌLUKWLYZVUULSKL]LSÌ
VWTLU[-VY[OPZYLHZVU[OL=VSRZ^HNLUZ\IÌ
NYV\WPZVMMLYPUNH[[YHJ[P]LJHYLLYHUKKL]LSVWÌ
TLU[VWWVY[\UP[PLZMVYJVTTP[[LKLTWSV`LLZ0U
HKKP[PVU[VTHUHNLTLU[JHYLLYZUVUÌTHUHNLYPHS
ZWLJPHSPZ[Z^PSSHSZVILVMMLYLKH[[YHJ[P]LJHYLLY
WH[OZ;OLYPZRVMSVZPUNL_WLY[PZLK\L[VLTÌ
WSV`LLYLZPNUH[PVUZHUKYL[PYLTLU[ZPZTPUPTPaLK
I`PU[LUZP]LRUV^SLKNLTHUHNLTLU[)`VMMLYÌ
PUNK\HS[YHJR]VJH[PVUHS[YHPUPUNPU]VS]PUNH
JVTIPUH[PVUVM\UP]LYZP[`Z[\K`HUKWYHJ[PJHS
L_WLYPLUJL[OL=VSRZ^HNLUZ\INYV\WPZZLJ\YPUN
HUHKLX\H[LZ\WWS`VMOPNOS`X\HSPMPLK[HSLU[
MYVTP[ZV^U^VYRMVYJL
,U]PYVUTLU[HSWYV[LJ[PVUYLN\SH[PVUZ
6U1\S`[OL(S[MHOYaL\NNLZL[a.LYÌ
THU,UKÌVMÌ3PML=LOPJSLZ(J[[YHUZWVZLK[OL
,\YVWLHU,UKÌVMÌ3PML=LOPJSLZ+PYLJ[P]LPU[V
.LYTHUSH^;OL(J[N\HYHU[LLZ[OH[LUKÌVMÌSPML
]LOPJSLZ^PSSILKPZWVZLKVMMYLLVMJOHYNL
[OYV\NO[OLJVSSLJ[PVUWVPU[ZKLZPNUH[LKI`
THU\MHJ[\YLYZHUKPTWVY[LYZ;OPZPUP[PHSS`HWÌ
WSPLKVUS`[V]LOPJSLZYLNPZ[LYLKHM[LY[OLSH^
JHTLPU[VMVYJLI\[HZVM1HU\HY`P[^HZ
L_[LUKLK[VHSSLUKÌVMÌSPML]LOPJSLZ([WYLZLU[P[
PZPTWVZZPISL[VJVUJS\ZP]LS`HZZLZZ[OLPTWHJ[
VM[OL,<ZLHZ[^HYKLUSHYNLTLU[VU[OLJVSSLJÌ
[PVUVMLUKÌVMÌSPML]LOPJSLZ(ZHYLZ\S[UVJSLHY
MVYLJHZ[JHUILTHKLYLNHYKPUN[OLSPRLS`MPUHUÌ
JPHSI\YKLUVU[OL=VSRZ^HNLUZ\INYV\WPUPUKPÌ
]PK\HS,<TLTILYZ[H[LZ;OLL_PZ[PUNWYV]PÌ
ZPVUZOH]LILLUYL]PL^LKPU[OPZYLNHYK0UHKKPÌ
[PVU[OLZ`Z[LTZHUKJVVWLYH[PVUHYYHUNLTLU[Z
MVYKPZWVZPUNVMLUKÌVMÌSPML]LOPJSLZVMMLYHU
VWWVY[\UP[`[VTHUHNL[OPZYPZR
(ZYLNHYKZLTPZZPVUZSLNPZSH[PVU[OL,<KLÌ
JPKLKVUH^PKLYHUNLVMZ[YPJ[LYYLX\PYLTLU[Z
WYPTHYPS`HMMLJ[PUNKPLZLS[LJOUVSVN`/V^L]LY
PU[OLJHZLVMSPNO[HUKTLKP\TWHZZLUNLYJHYZ
[OLZLYLX\PYLTLU[Z^PSSILTL[I`\WNYHKPUN
HUKVW[PTPaPUNJ\YYLU[[LJOUVSVN`0U[OLJHZL
VMOLH]`WHZZLUNLY]LOPJSLZ[OLY\SLZHZ[OL`
J\YYLU[S`Z[HUKYLX\PYL[OH[HUHM[LYÌ[YLH[TLU[
Z`Z[LTMVYUP[YVNLUV_PKLILPU[YVK\JLK;OL
JVZ[KPMMLYLUJLJVTWHYLK^P[OWL[YVSLUNPULZ
^PSSPUJYLHZLM\Y[OLY0UM\[\YLWL[YVSHUKKPLZLS
LUNPULZ^PSSHSZVOH]L[VYLWVZP[PVU[OLTZLS]LZ
^P[OYLNHYK[V[OLVISPNH[PVU[VHKKIPVM\LSZ[V
MVZZPSM\LSZZPUJLKPLZLSWHY[PJ\SH[LMPS[LY[LJOÌ
UVSVN`KVLZUV[WLYTP[HU`ZPNUPMPJHU[PUJYLHZL
PU[OLHTV\U[VMIPVM\LSZHKKLK
ZWLJPHSPZ[Z^PSSHSZVILVMMLYLKH[[YHJ[P]LJHYLLY
WH[OZ;OLYPZRVMSVZPUNL_WLY[PZLK\L[VLTÌ
WSV`LLYLZPNUH[PVUZHUKYL[PYLTLU[ZPZTPUPTPaLK
I`PU[LUZP]LRUV^SLKNLTHUHNLTLU[)`VMMLYÌ
PUNK\HS[YHJR]VJH[PVUHS[YHPUPUNPU]VS]PUNH
JVTIPUH[PVUVM\UP]LYZP[`Z[\K`HUKWYHJ[PJHS
L_WLYPLUJL[OL=VSRZ^HNLUZ\INYV\WPZZLJ\YPUN
HUHKLX\H[LZ\WWS`VMOPNOS`X\HSPMPLK[HSLU[
MYVTP[ZV^U^VYRMVYJL
,U]PYVUTLU[HSWYV[LJ[PVUYLN\SH[PVUZ
6U1\S`[OL(S[MHOYaL\NNLZL[a.LYÌ
THU,UKÌVMÌ3PML=LOPJSLZ(J[[YHUZWVZLK[OL
,\YVWLHU,UKÌVMÌ3PML=LOPJSLZ+PYLJ[P]LPU[V
.LYTHUSH^;OL(J[N\HYHU[LLZ[OH[LUKÌVMÌSPML
]LOPJSLZ^PSSILKPZWVZLKVMMYLLVMJOHYNL
[OYV\NO[OLJVSSLJ[PVUWVPU[ZKLZPNUH[LKI`
THU\MHJ[\YLYZHUKPTWVY[LYZ;OPZPUP[PHSS`HWÌ
WSPLKVUS`[V]LOPJSLZYLNPZ[LYLKHM[LY[OLSH^
JHTLPU[VMVYJLI\[HZVM1HU\HY`P[^HZ
L_[LUKLK[VHSSLUKÌVMÌSPML]LOPJSLZ([WYLZLU[P[
PZPTWVZZPISL[VJVUJS\ZP]LS`HZZLZZ[OLPTWHJ[
VM[OL,<ZLHZ[^HYKLUSHYNLTLU[VU[OLJVSSLJÌ
[PVUVMLUKÌVMÌSPML]LOPJSLZ(ZHYLZ\S[UVJSLHY
MVYLJHZ[JHUILTHKLYLNHYKPUN[OLSPRLS`MPUHUÌ
JPHSI\YKLUVU[OL=VSRZ^HNLUZ\INYV\WPUPUKPÌ
]PK\HS,<TLTILYZ[H[LZ;OLL_PZ[PUNWYV]PÌ
ZPVUZOH]LILLUYL]PL^LKPU[OPZYLNHYK0UHKKPÌ
[PVU[OLZ`Z[LTZHUKJVVWLYH[PVUHYYHUNLTLU[Z
MVYKPZWVZPUNVMLUKÌVMÌSPML]LOPJSLZVMMLYHU
VWWVY[\UP[`[VTHUHNL[OPZYPZR
(ZYLNHYKZLTPZZPVUZSLNPZSH[PVU[OL,<KLÌ
JPKLKVUH^PKLYHUNLVMZ[YPJ[LYYLX\PYLTLU[Z
WYPTHYPS`HMMLJ[PUNKPLZLS[LJOUVSVN`/V^L]LY
PU[OLJHZLVMSPNO[HUKTLKP\TWHZZLUNLYJHYZ
[OLZLYLX\PYLTLU[Z^PSSILTL[I`\WNYHKPUN
HUKVW[PTPaPUNJ\YYLU[[LJOUVSVN`0U[OLJHZL
VMOLH]`WHZZLUNLY]LOPJSLZ[OLY\SLZHZ[OL`
J\YYLU[S`Z[HUKYLX\PYL[OH[HUHM[LYÌ[YLH[TLU[
Z`Z[LTMVYUP[YVNLUV_PKLILPU[YVK\JLK;OL
JVZ[KPMMLYLUJLJVTWHYLK^P[OWL[YVSLUNPULZ
^PSSPUJYLHZLM\Y[OLY0UM\[\YLWL[YVSHUKKPLZLS
LUNPULZ^PSSHSZVOH]L[VYLWVZP[PVU[OLTZLS]LZ
^P[OYLNHYK[V[OLVISPNH[PVU[VHKKIPVM\LSZ[V
MVZZPSM\LSZZPUJLKPLZLSWHY[PJ\SH[LMPS[LY[LJOÌ
UVSVN`KVLZUV[WLYTP[HU`ZPNUPMPJHU[PUJYLHZL
PU[OLHTV\U[VMIPVM\LSZHKKLK