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Porsche SE 2020 Financial Statements

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Porsche SE 2020 Financial Statements Financial statements 20202020 Note on the combined management report The management report of Porsche Automobil Holding SE and the group management report are combined and published in the Porsche Automobil Holding SE Annual Report 2020. The separate financial statements and the management report, which is combined with the group management report, of Porsche Automobil Holding SE for the fiscal year 2020 are submitted to the operator of the elektronischer Bundesanzeiger (Electronic German Federal Gazette) and are available on the website of the Company Register. In addition to this, the separate financial statements and the annual report including the combined management report of Porsche Automobil Holding SE are available on the homepage of Porsche Automobil Holding SE at www.porsche-se.com/en/investor-relations/financial-publications. 3 4 Financial statements 5 6 Content Balance sheet of Porsche Automobil Holding SE 8 Income statement of Porsche Automobil Holding SE 9 Notes to the financial statements 10 Independent auditor’s report 135 Responsibility statement 145 7 2 2 Balance sheet of Porsche Automobil Holding SE as of 31 December 2020 Balance sheet of Porsche Automobil Holding SE as of 31 December 2020 Note 31/12/2019 € thousand 31/12/2020 € thousand Note 31/12/2020 31/12/2019 Assets Assets Fixed assets [1] IntangibleFixed assets assets [1] 294 392 Property,Intangible plantassets and equipment 105294 142392 FinancialProperty, assetsplant and equipment 22,944,506105 22,960,669142 Financial assets 22,944,90522,944,506 22,961,20422,960,669 Current assets 22,944,905 22,961,204 ReceivablesCurrent assets from affiliated companies 95 1,237 Receivablesthereof trade from receivables affiliated companies 95 1,23791 Otherthereof assets trade receivables [2] 86995 48,63691 MarketableOther assets securities [3][2] 95,043869 48,6360 CashMarketable and cash securities equivalents [3] 412,10195,043 395,7470 Cash and cash equivalents 508,108412,101 445,620395,747 508,108 445,620 Prepaid expenses [4] 269 536 Prepaid expenses [4] 23,453,281269 23,407,360536 23,453,281 23,407,360 Equity and liabilities Equity and liabilities Equity SubscribedEquity capital [5] 306,250 306,250 CapitalSubscribed reserves capital [6][5] 4,979,417306,250 4,979,417306,250 RetainedCapital reserves earnings [6][7] 17,276,3564,979,417 16,973,3894,979,417 NetRetained profit earningsavailable for distribution [7] 17,276,356675,894 16,973,389951,519 Net profit available for distribution [7] 23,237,917675,894 23,210,575951,519 Provisions [8] 23,237,917 23,210,575 Provisions for pensions and similar obligations [8] 34,586 30,276 IncomeProvisions tax for provisions pensions and similar obligations 34,586410 30,2761,346 OtherIncome provisions tax provisions 57,268410 61,8141,346 Other provisions 92,26357,268 93,43661,814 Liabilities [9] 92,263 93,436 TradeLiabilities liabilities due within one year [9] 2,737 1,461 LiabilitiesTrade liabilities to affiliated due within companies one year due within one year 119,8292,737 101,4231,461 Liabilitiesthereof to trade affiliated liabilities companies due within one year 119,829382 101,423439 Otherthereof liabilities trade due liabilities within one year 535382 466439 Other liabilities due within one year 123,101535 103,349466 123,101 103,349 23,453,281 23,407,360 23,453,281 23,407,360 8 3 3 2020 Financial statements Balance sheet / Income statement Income statement of Porsche Automobil Holding SE forIncome the period statement from of 1 JanuaryPorsche toAutomobil 31 December Holding 2020 SE for the period from 1 January to 31 December 2020 € thousand Note 2020 2019 € thousand Note 2020 2019 Revenue [10] 214 616 OtherRevenue operating income [10][11] 3,796214 2,410616 Otherthereof operating from currencyincome translation [11] 3,79619 2,4109 Personnelthereof expensesfrom currency translation [12] – 14,62519 – 15,9069 AmortizationPersonnel expenses and depreciation [12] – 14,625– 169 – 15,906– 166 OtherAmortization operating and expenses depreciation [13] – 33,118– 169 – 39,059– 166 Otherthereof operating from currencyexpenses translation [13] – 33,118– 9 – 39,059– 11 Incomethereof from from investments currency translation [14] 748,014– 9 753,887– 11 ImpairmentIncome from on investments marketable securities [14] 748,014– 30 753,887– 175 InterestImpairment result on marketable securities [15] – 1,553– 30 10,271– 175 IncomeInterest taxresult [16][15] – 1,553313 31,68910,271 ResultIncome aftertax tax [16] 702,842313 743,56931,689 Result after tax 702,842 743,569 Other tax [17] 394 44,539 NetOther profit tax [17] 703,236394 788,10844,539 Net profit 703,236 788,108 Withdrawals from retained earnings 0 163,411 TransfersWithdrawals to retainedfrom retained earnings earnings – 27,3420 163,4110 NetTransfers profit to available retained forearnings distribution [7] –675,894 27,342 951,5190 Net profit available for distribution [7] 675,894 951,519 9 4 Notes to the financial statements of Porsche Automobil Holding SE for the fiscal year 2020 Notes to the financial statements Basis of preparation Porsche Automobil Holding SE, Stuttgart (“Porsche SE” or the “company”), is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. The company is registered at the Stuttgart Local Court under HRB 724512. The separate financial statements of Porsche SE have been prepared in accordance with the German Commercial Code (HGB) and the special accounting provisions of the German Stock Corporation Act (AktG). In order to improve the clarity of the financial statements, individual balance sheet items and income statement items have been combined and presented separately in the notes to the financial statements. The income statement has been prepared using the nature of expense method. Unless otherwise stated, all figures in the financial statements have been rounded to thousands of euro (€ thousand) according to customary business practice. Minor discrepancies may therefore arise from the addition of these amounts. The comparative prior-year figures are presented in parentheses alongside the figures for the current reporting period. Accounting policies Intangible assets and property, plant and equipment are stated at cost less amortization and depreciation over the useful life of the assets and less impairments. Shares in affiliated companies and securities classified as fixed assets are stated at the lower of cost or market. Affiliated companies are those entities that Porsche SE would have to include as subsidiaries in consolidated financial statements prepared in accordance with the accounting policies of HGB. From the perspective of Porsche SE these include above all Volkswagen Aktiengesellschaft, Wolfsburg (“Volkswagen AG” or “VW”), and its subsidiaries due to the majority of voting rights held. Receivables and other assets are valued at the lower of cost or market. Specific bad debt allowances provide for any foreseeable risks. Cash and cash equivalents are recognized at their nominal value. Bank balances in foreign currency are recognized at the average spot rate as of the reporting date. To determine deferred tax arising due to temporary or quasi-permanent differences between the carrying amounts of assets, liabilities, prepaid expenses and deferred income in the statutory accounts and their tax carrying amounts, or deferred taxes due to tax loss carryforwards, the resulting tax burden and relief are valued using the company-specific tax rates at the time the differences reverse; these amounts are not discounted. The amount was calculated using a tax rate of 30.5% (30.5%). Deferred tax assets mainly 10 5 2020 Financial statements Notes to the financial statements result from differences between tax adjustment items for income equivalent to distributions from shares in investment funds, provisions for pensions, other provisions for personnel obligations and other provisions. There are corporate income tax and trade tax loss carryforwards which are not expected to give rise to tax relief for at least three years. Exercising the option from Sec. 274 (1) HGB, net deferred tax assets were not capitalized. Provisions for pensions and similar obligations are recognized using the projected unit credit method in accordance with actuarial principles on the basis of the current 2018 G mortality tables from Prof. Dr. Klaus Heubeck and an interest rate of 2.30% (2.71%), a rate of increase in wages and salaries of 3.0% (3.0%), pension increases of 1.7% (1.7%) and a fluctuation rate of 3.0% (3.0%). In addition to this, career developments were taken into account at 0.5% (0.5%) for the workforce in general (0.0% (0.0%) for employees on the first management level and members of the board of management). Other provisions are recognized at the settlement value deemed necessary based on prudent business judgment and, if they have a remaining term of more than one year, are discounted. Litigation costs relating to legal proceedings where the group is the defendant are provided for at the amount of the expected legal fees. Any obligations to pay damages or penalties are taken into account only if their occurrence is considered to be probable. Liabilities are recorded at the settlement value. Foreign currency receivables and liabilities with a remaining term of up to one year are recognized at the average spot rate as of the reporting date. The amounts presented under contingent liabilities reflect the contractual scope of liability. 11 6 6 [1] Fixed assets [1] Fixed assets Cost € thousand 1/1/2020 Additions Disposals Reclassifications Intangible assets Purchased
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