Porsche Automobil : Financial Statements Fiscal Year 2023

Financial statements

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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 2023.

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 2023 are submitted to the operator of the Bundesanzeiger (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.

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Financial statements 2023

Financial statements

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Financial statements 2023

C o n t e n t S

Balance sheet	6
Income statement	7
Notes to the financial statements	8

Independent auditor's report	139
Responsibility statement	150
Imprint	151
Financial calendar	152

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Financial statements 2023 Balance sheet

Balance sheet of Porsche Automobil Holding SE as of 31 December 2023

€ thousand	Note	31/12/2023	31/12/2022
Assets
Intangible assets		13	84
Property, plant and equipment		96	109
Financial assets		33,487,708	33,423,907
Fixed assets	[1]	33,487,817	33,424,099
Receivables from affiliated companies	[2]	6,366	29,743
thereof trade receivables		497	2
Other assets	[3]	19,360	317,095
Marketable securities	[4]	283,406	69,843
Cash and cash equivalents		723,595	343,379
Current assets		1,032,728	760,060
Prepaid expenses	[5]	9,296	396
		34,529,841	34,184,555
Equity and liabilities
Subscribed capital	[6]	306,250	306,250
Capital reserves	[7]	4,979,417	4,979,417
Retained earnings	[8]	21,296,475	19,369,447
Net profit available for distribution	[8]	783,081	2,052,104

Equity

27,365,224 26,707,218

Provisions for pensions and similar obligations	41,877	39,279
Income tax provisions	3,468	10,429
Other provisions	48,510	62,410

Provisions

[9]

93,855 112,117

Bonds		2,061,561	0
Schuldschein loan		2,805,191	0
thereof to banks		2,610,942	0
Liabilities to banks		1,953,306	7,118,447
Trade liabilities		665	3,788
Liabilities to affiliated companies		249,741	242,094
thereof trade liabilities		362	504
Other liabilities		299	891
thereof from taxes		248	801
Liabilities	[10]	7,070,762	7,365,220
		34,529,841	34,184,555

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Financial statements 2023 Income statement

Income statement of Porsche Automobil Holding SE for the period from 1 January to 31 December 2023

€ thousand	Note	2023	2022
Revenue		96	184
Other operating income	[11]	233,587	2,505
thereof from currency translation		7	16
Personnel expenses	[12]	- 18,755		- 17,641
Amortization and depreciation		- 106		- 161
Other operating expenses	[13]	- 19,532		- 26,866
thereof from currency translation		- 10		- 41
Income from investments	[14]	1,509,824	4,255,846
Impairment on marketable securities		0		- 389
Interest result	[15]	- 267,440		- 98,648
Income tax	[16]	3,428		- 10,790
Result after tax		1,441,101	4,104,040
Other tax	[17]	- 14	167
Net profit		1,441,088	4,104,207
Transfers to retained earnings	[8]	- 658,006		- 2,052,104
Net profit available for distribution	[8]	783,081	2,052,104

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Financial statements 2023 Notes to the financial statements

Notes to the financial statements of Porsche Automobil Holding SE for the fiscal year 2023

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 HGB ["Handelsgesetzbuch": German Commercial Code] and the special accounting provisions of AktG ["Aktiengesetz": German Stock Corporation Act].

In order to improve the clarity of the financial statements, individual balance sheet and income statement items have been combined and presented separately in the notes to the financial statements. The balance sheet format in accordance with Sec. 266 HGB was expanded by the item "Schuldschein loan". The income statement has been prepared using the nature of expense method. Unless otherwise stated, all figures are presented in thousands of euro (€ thousand). 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.

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 subsidiaries as defined by Sec. 290 HGB. From the perspective of Porsche SE these also include Volkswagen Aktiengesellschaft, Wolfsburg ("Volkswagen AG"), and its subsidiaries, including Dr. Ing. h.c. F. Porsche AG, Stuttgart ("Porsche AG"), due to the majority of voting rights held pursuant to Sec. 290 (2) No. 1 HGB.

Receivables and other assets are valued at the lower of cost or market. Specific bad debt allowances provide for any foreseeable risks.

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.

Marketable securities are valued at the lower of cost or market.

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.

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Financial statements 2023 Notes to the financial statements

If the settlement amount of a liability is higher than its issue amount (debt discount), the difference is recognized under prepaid expenses. The debt discount is repaid over the term of the liability by means of amortization.

To determine deferred tax arising due to temporary differences between the carrying amounts of assets, liabilities, prepaid expenses 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 result from differences between the carrying amounts of pension provisions, other personnel provisions and other provisions. There are corporate income tax and trade tax carryforwards which are expected to give rise to partial tax relief within the next five 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 a discount rate of 1.83% (1.79%), a rate of increase in wage and salary of 3.0% (3.0%), pension increases of 2.2% (2.0%) and turnover of 2.7% (3.0%). In addition to this, career progress was taken into account at 1.0% (0.5%) for the workforce in general. No career progress was taken into account 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.

Derivative financial instruments are entered into exclusively for hedging purposes. They are valued by comparing the agreed rate with the forward rate for the same maturity as of the reporting date. A provision is recognized for any resulting unrealized loss. Any positive gains are not recognized. Gains and losses are not offset. Measurement gains and losses are discounted to the present value. The fair values of the derivatives generally correspond to the market value or quoted market price. If no active market exists, fair value is determined using valuation techniques, such as by discounting the future cash flows at the market interest rate. Where possible and feasible, derivatives entered into for hedging purposes are combined to form hedges if they have comparable risks to the hedged item. These are recognized using the "net hedge presentation method", i.e., the items are not measured to the extent that and for as long as offsetting changes in fair value or cash flows are compensated. Derivatives not included in hedge accounting are measured individually at market value. Any resulting unrealized losses are recognized through profit or loss.

The amounts presented under contingent liabilities reflect the contractual scope of liability.

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Financial statements 2023 Notes to the financial statements

[1]	Fixed assets
					Historical
€ thousand		1/1/2023	Additions	Disposals	Reclassifications
Intangible assets
Purchased concessions, industrial property rights and similar rights
and values and licenses in such rights and values	572	8	0	0
Total intangible assets		572	8	0	0
Property, plant and equipment
Other equipment, furniture and fixtures	737	15	7	0
Total property, plant and equipment	737	15	7	0
Financial assets
Shares in affiliated companies		33,423,907	63,801	0	0
Total financial assets		33,423,907	63,801	0	0
Total fixed assets		33,425,215	63,824	7	0

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