Separate financial statements 2015
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2015 4 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 in the Porsche SE Group
26 Significant events at the Volkswagen Group
40 Business development
44 Results of operations, financial position and net assets 54 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code)
60 Sustainable value enhancement in the Porsche SE Group and in the Volkswagen Group 73 Overall statement on the economic situation of Porsche SE and the Porsche SE Group
74 Remuneration report
94 Opportunities and risks of future development
120 Publication of the declaration of compliance
121 Subsequent events
122 Forecast report and outlook 2015 Separate financial statements Content 5
128 Financials
132 Balance sheet of Porsche Automobil Holding SE
133 Income statement of Porsche Automobil Holding SE
134 Notes to the financial statements of Porsche Automobil Holding SE
235 Responsibility statement
236 Audit opinion
These separate financial statements are available in German and English. In case of doubt the german version is binding. 6
1
Group management report and management report of Porsche Automobil Holding SE
Volkswagen Tiguan GTE Active Concept 7 8 9
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 in the Porsche SE Group
26 Significant events at the Volkswagen Group 40 Business development
44 Results of operations, financial position and net assets
54 Porsche Automobil Holding SE (financial statements pursuant to the German Commercial Code)
60 Sustainable value enhancement in the Porsche SE Group and in the Volkswagen Group
73 Overall statement on the economic situation of Porsche SE and the Porsche SE Group
74 Remuneration report
94 Opportunities and risks of future development
120 Publication of the declaration of compliance
121 Subsequent events
122 Forecast report and outlook 10
Fundamental information about the group
52 2 Group management report and management report of Porsche SE
Fundamental information about the group
Porsche Automobil Holding SE (“Porsche SE” or the In addition to these investments, Porsche SE “company”), as the ultimate parent of the Porsche plans to acquire further strategic investments. The SE Group, is a European Company (Societas principal criteria for future investments are the Europaea) and is headquartered at Porscheplatz 1 connection to the automotive value chain, and in 70435 Stuttgart, Germany. As of 31 December above-average growth potential based on 2015, the Porsche SE Group had 32 employees macroeconomic trends and industry-specific (31 December 2014: 31 employees). trends derived from them.
The business activities of the Porsche SE The automotive value chain comprises the Group essentially consist in holding and managing entire spectrum of basic technologies geared to investments. The management reports for Porsche supporting the development and production SE and for the Porsche SE Group are combined in process through to vehicle- and mobility-related this report. services. The relevant macro trends include, for example, sustainability and conservation of resources, demographic change, urbanization and Investment management of Porsche SE the increasingly networked automotive world. The Porsche SE is a holding company. It holds the industry-specific trends derived from these include majority of the ordinary shares in Volkswagen new materials and drive concepts,