Separate financial statements 2015

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2015 4 Content

6 Group management report and management report of 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 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 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

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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,