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Separate Financial Statements Fiscal Year 2017

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Separate Financial Statements Fiscal Year 2017 Separate financial statements 2017 2017 3 Content 1 6 Group management report and management report of Porsche Automobil Holding SE 10 Fundamental information about the group 12 Report on economic position 12 Significant events and developments at the Porsche SE Group 20 Significant events and developments at the Volkswagen Group 27 Business development 31 Results of operations, financial position and net assets 35 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 38 Sustainable value enhancement in the Porsche SE Group 38 Sustainable value enhancement in the Volkswagen Group 53 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 54 Remuneration report 76 Opportunities and risks of future development 108 Publication of the declaration of compliance 109 Subsequent events 110 Forecast report and outlook 4 2 114 Financials 118 Balance sheet of Porsche Automobil Holding SE 119 Income statement of Porsche Automobil Holding SE 120 Notes to the fi nancial statements of Porsche Automobil Holding SE 243 Responsibility statement 244 Independent auditor’s report 5 1 Group management report and management report of Porsche Automobil Holding SE Porsche Cayenne S 6 7 8 1 Group management report and management report of Porsche Automobil Holding SE 10 Fundamental information about the group 12 Report on economic position 12 Significant events and developments at the Porsche SE Group 20 Significant events and developments at the Volkswagen Group 27 Business development 31 Results of operations, financial position and net assets 35 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 38 Sustainable value enhancement in the Porsche SE Group 38 Sustainable value enhancement in the Volkswagen Group 53 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 54 Remuneration report 76 Opportunities and risks of future development 108 Publication of the declaration of compliance 109 Subsequent events 110 Forecast report and outlook 9 1 Fundamental information about the group Porsche Automobil Holding SE (“Porsche SE” or the comprises twelve brands from seven European “company”), as the ultimate parent of the Porsche countries: Volkswagen passenger cars, Audi, SEAT, SE Group, is a European Company (Societas ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, Europaea) and is headquartered at Porscheplatz 1 Ducati, Volkswagen commercial vehicles, Scania in 70435 Stuttgart, Germany. As of 31 December and MAN. In addition, Porsche SE holds shares in 2017, the Porsche SE Group had 823 employees the US technology company INRIX. INRIX is a world (31 December 2016: 30 employees). The increase is leader in the field of connected-car services and attributable to the inclusion of the PTV Group real-time traffic information. Furthermore, an entity (PTV AG and its subsidiaries). of the Porsche SE Group acquired PTV Planung Transport Verkehr AG (“PTV AG”), Karlsruhe, at the The Porsche SE Group is made up of beginning of September. Due to the acquisition of Porsche Beteiligung GmbH, Stuttgart, Porsche the PTV Group, the Porsche SE Group will distinguish Zweite Beteiligung GmbH, Stuttgart, including the between two segments in the future. The first PTV Group, Porsche Dritte Beteiligung GmbH, segment represents “Porsche SE Holdingbetrieb” Stuttgart, Porsche Vierte Beteiligung GmbH, (“PSE”), including the investments accounted for at Stuttgart, and the alternative investment fund HI- equity, and the second segment “Intelligent Liquiditätsfonds; the investments in Volkswagen Transport Systems” (“ITS”) currently comprises the Aktiengesellschaft, Wolfsburg (“Volkswagen AG” or development of smart software solutions for “Volkswagen), and INRIX Inc., Kirkland, Washington, transport logistics as well as traffic planning and USA (“INRIX”), are included in Porsche SE’s IFRS management. consolidated financial statements as associates. The principal criteria for future investments The business activities of Porsche SE are the connection to the automotive value chain, essentially consist in holding and managing the future of mobility and industrial production as investments. The management reports for Porsche well as above-average growth potential based on SE and for the Porsche SE Group are combined in macroeconomic trends and industry-specific trends this report. derived from them. The automotive value chain comprises the entire spectrum from basic technologies and supporting the development and Investment management of Porsche SE production process through to vehicle- and Porsche SE is a holding company. In particular, it mobility-related services. Porsche SE is currently holds the majority of the ordinary shares in focusing its search in particular on technology Volkswagen AG, one of the leading automobile surrounding autonomous driving, electromobility, manufacturers in the world. The Volkswagen Group transport infrastructure and innovative 10 Group management report Fundamental information about the group production/manufacturing methods as well as The planning and budgeting process innovative mobility offerings. implemented in the Porsche SE Group is designed to enable management to take its decisions on the In addition to established medium-sized basis of the development of these indicators. In the enterprises, Porsche SE has also recently expanded planning process, an integrated multi-year plan is its investment focus to include young companies derived of the results of operations, financial from the start-up phase. In this context, in fall 2017 position and net assets of the Porsche SE Group. an entity of the Porsche SE Group acquired venture capital investments in the two US companies In the course of the year, the development of Markforged Inc., Watertown, Massachusetts, USA, the indicators is continuously tracked and made and Seurat Technologies Inc., Wilmington, available to the executive board and supervisory Massachusetts, USA, each in the single-digit board in the form of regular reports. The reporting percentage range. The two companies are active in includes in particular the monthly reports for the the area of additive manufacturing, also known as Porsche SE Group as well as monthly risk reports. 3D printing. The combined investment amounts to a single-digit million-euro figure. Core management and financial indicator system Porsche SE’s main corporate goal is to invest in companies that contribute to the mid- and long- term profitability of the Porsche SE Group while ensuring liquidity. In line with these corporate goals, profit/loss and liquidity are the core management indicators in the Porsche SE Group. Profit/loss after tax for the year is used as a financial indicator for earnings for the Porsche SE Group. For liquidity, net liquidity is monitored and managed accordingly. By definition, net liquidity is calculated as cash and cash equivalents, time deposits and securities less financial liabilities. 11 1 Report on economic position Significant events and developments As the majority shareholder, Porsche SE at the Porsche SE Group continues to be affected by this issue, in particular with regard to its profit/loss from investments accounted for at equity. Furthermore, the Diesel issue at the level of proportionate market capitalization of its investment the Volkswagen Group in Volkswagen AG is influenced by the resulting development of the prices of the Volkswagen On 18 September 2015, the US Environmental ordinary and preference shares. As of 31 December Protection Agency (EPA) informed the public in a 2017, there was no need to recognize an notice of violation that irregularities in relation to impairment loss on the basis of the earnings nitrogen oxide (NOx) emissions had been discovered forecasts for the investment accounted for at equity in emissions tests on certain vehicles of Volkswagen in Volkswagen AG. However, particularly a further Group with diesel engines. This led to authorities increase in the costs of mitigating the diesel issue in their respective jurisdictions worldwide might continue to lead to an impairment in the value commencing their own investigations (“diesel of the investment. Finally, there may continue to be issue”). subsequent effects on the dividend policy of Volkswagen AG and therefore on the cash inflows at In the fiscal year 2017, additional expenses the level of Porsche SE. Legal risks from claims of €3.2 billion were recognized at the level of the brought against Porsche SE stemming from this Volkswagen Group. The increase is due to higher issue may also have an effect on the results of expenses for warranty claims of €2.2 billion as well operations, financial position and net assets of the as legal risks of €1.0 billion. The main reason for the Porsche SE Group. For details of this matter, please increase in provisions is that buy-back/retrofit refer to the explanations of the significant events programs of 2.0 l TDI vehicles in North America to and developments at the Volkswagen Group, the be implemented under the concluded settlement are explanations of the results of operations, financial proving to be more expensive. Resulting from position and net assets, and the “Forecast report constantly monitoring the progress of the programs, and outlook” section. The executive board of the campaign is proving more extensive and more Porsche SE remains committed to the company’s technically challenging, which is also causing the role as Volkswagen AG’s long-term anchor time frame of these
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