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Separate Financial Statements 20120188 Porsche 911 Carrera S / Porsche 911 Carrera 4S 2018

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Separate Financial Statements 20120188 Porsche 911 Carrera S / Porsche 911 Carrera 4S 2018 Separate financial statements 20120188 Porsche 911 Carrera S / Porsche 911 Carrera 4S 2018 3 Content 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 21 Significant events and developments at the Volkswagen Group 25 Business development 30 Results of operations, financial position and net assets 35 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 39 Sustainable value enhancement in the Porsche SE Group 41 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 42 Remuneration report 50 Opportunities and risks of future development 72 Publication of the declaration of compliance 73 Subsequent events 74 Forecast report and outlook 79 Glossary 4 80 Financials 84 Balance sheet of Porsche Automobil Holding SE 85 Income statement of Porsche Automobil Holding SE 86 Notes to the fi nancial statements of Porsche Automobil Holding SE 209 Independent auditor’s report 217 Responsibility statement 5 Group management report and management report of Porsche Automobil Holding SE Volkswagen T-Cross 6 7 8 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 21 Significant events and developments at the Volkswagen Group 25 Business development 30 Results of operations, financial position and net assets 35 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code) 39 Sustainable value enhancement in the Porsche SE Group 41 Overall statement on the economic situation of Porsche SE and the Porsche SE Group 42 Remuneration report 50 Opportunities and risks of future development 72 Publication of the declaration of compliance 73 Subsequent events 74 Forecast report and outlook 79 Glossary 9 1 Fundamental information about the group Porsche Automobil Holding SE (“Porsche SE” Investment management of Porsche SE or the “company”), as the ultimate parent of the Porsche SE is a holding company. In particular, Porsche SE Group, is a European Company it holds the majority of the ordinary shares in (Societas Europaea) and is headquartered at Volkswagen AG, one of the leading automobile Porscheplatz 1 in 70435 Stuttgart, Germany. As of manufacturers in the world. The Volkswagen Group 31 December 2018, the Porsche SE Group had 935 comprises twelve brands in seven European employees (31 December 2017: 823 employees). countries: Volkswagen passenger cars, Audi, SEAT, ŠKODA, Bentley, Bugatti, Lamborghini, Porsche, The Porsche SE Group is made up of Ducati, Volkswagen commercial vehicles, Scania Porsche Beteiligung GmbH, Stuttgart, Porsche and MAN. The collaboration between the MAN and Zweite Beteiligung GmbH, Stuttgart, including the Scania commercial vehicle brands is coordinated PTV Group (“PTV AG and its subsidiaries”), Porsche within the TRATON GROUP. The Porsche SE Group Dritte Beteiligung GmbH, Stuttgart, Porsche Vierte also holds around 100% in PTV Planung Transport Beteiligung GmbH, Stuttgart, and the alternative Verkehr AG (“PTV AG”), Karlsruhe, shares in INRIX investment fund HI-Liquiditätsfonds; the as well as shares in three technology start-ups in investments in Volkswagen Aktiengesellschaft, the USA. Wolfsburg (“Volkswagen AG” or “Volkswagen”), and INRIX Inc., Kirkland, Washington, USA (“INRIX”), are The principal criteria of Porsche SE for included in Porsche SE’s IFRS consolidated investments are the connection to the automotive financial statements as associates. value chain, industrial production or the future of mobility. The automotive value chain comprises the The business activities of Porsche SE entire spectrum from basic technologies and essentially consist in holding and managing supporting the development and production investments. The management reports for process through to vehicle- and mobility-related Porsche SE and for the Porsche SE Group are services. The prerequisites for investment by combined in this report. Porsche SE are always the positioning in an attractive market environment and above-average growth potential. All figures and percentages are rounded according to customary business practice, so minor discrepancies may arise from the addition of these amounts. The comparative prior-year figures are presented in parentheses alongside the figures for the current reporting period. 10 Group management report Fundamental information about the group Porsche SE is currently focusing its search In the course of the year, the development on companies in the area of autonomous driving, of the indicators is continuously tracked and made electromobility, transport infrastructure, innovative available to the executive board and supervisory production/manufacturing methods as well as board in the form of regular reports. The reporting innovative mobility offerings. includes in particular the monthly reports for the Porsche SE Group as well as monthly risk reports. 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, the result and liquidity are the core management indicators in the Porsche SE Group. The result 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. The planning and budgeting process implemented in the Porsche SE Group is designed to enable management to take its decisions on the basis of the development of these indicators. In the planning process, an integrated multi-year plan is derived from the results of operations, financial position and net assets of the Porsche SE Group. 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 result from investments accounted for at equity. Furthermore, the proportionate market Diesel issue at the level capitalization of its investment in Volkswagen AG is of the Volkswagen Group influenced by the resulting development of the prices of the Volkswagen ordinary and preference On 18 September 2015, the US Environmental shares. As of 31 December 2018, there was no Protection Agency (EPA) publicly announced in a need to recognize an impairment loss on the basis notice of violation that irregularities in relation to of the earnings forecasts for the investment nitrogen oxide (NOx) emissions had been discovered accounted for at equity in Volkswagen AG. However, in emissions tests on certain vehicles of Volkswagen particularly a further increase in the costs of Group with type 2.0 l diesel engines in the USA. mitigating the diesel issue might still lead to an This led to authorities in their respective impairment in the value of the investment. There jurisdictions worldwide commencing their own may also still be subsequent effects on the dividend investigations (“diesel issue”). policy of Volkswagen AG and therefore on the cash inflows at the level of Porsche SE. Legal risks from In the fiscal year 2018, the Volkswagen claims brought against Porsche SE stemming from Group’s operating result was negatively influenced this issue may also have an effect on the results of by special items in connection with the diesel issue operations, financial position and net assets of the of minus €3.2 billion. The main reasons for the Porsche SE Group. For details of this matter, please expenses are the €1.8 billion penalties imposed by refer to the explanations of the significant events the Braunschweig public prosecutor’s office and the and developments at the Volkswagen Group, the Munich II public prosecutor’s office in connection explanations of the results of operations, financial with the diesel issue, higher legal risks and legal position and net assets, the report on opportunities defense costs as well as expenses for technical and risks of the Volkswagen Group and the measures. In the years 2015 to 2018, the diesel “Forecast report and outlook” section. issue led to total special items of €29.0 billion. 12 Group management report Report on economic position Porsche SE acquires further ordinary Legal proceedings and legal risks in connection shares in Volkswagen AG with the expansion of the investment in Volkswagen AG Porsche SE holds the majority of the ordinary A model case according to the Capital Markets shares in Volkswagen AG as a core investment, Model Case Act (KapMuG) against Porsche SE is sees itself as a long-term anchor investor that acts pending with the Higher Regional Court of Celle. strategically and is also still convinced of the Subject of those actions are alleged damage claims Volkswagen Group’s potential for increasing value based on alleged market manipulation and alleged added. Between early December 2018 and 6 March inaccurate information in connection with Porsche 2019, Porsche acquired a total of 0.7% of the SE’s acquisition of the shareholding in Volkswagen ordinary shares in Volkswagen AG for €309 million AG. In part these claims are also based on alleged via capital market
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