Porsche AG HGB financial statements (condensed version)
Results of operations
In the reporting year, sales revenue decreased slightly by 3.3% on the prior year from €31,839 million to €30,795 million. The decrease was largely due to lower sales coupled with positive price and equipment effects. Sales revenue was largely offset by cost of materials of €18,500 million (2023: €18,993 million), personnel expenses of €3,070 million (2023: €3,336 million) as well as other operating expenses of €4,840 million (2023: €4,580 million). The decrease in personnel expenses is largely due to the lower current service cost for the company pension scheme.
Of other operating income of €2,337 million (2023: €3,155 million), €136 million (2023: €227 million) related to exchange rate gains. The contribution of shares in MHP Management- und IT-Beratung GmbH, Ludwigsburg, in return for the granting of new shares in Porsche Investments Management S.A., Luxembourg, resulted in other operating income of €1,326 million.
Cost of materials relates to expenses for raw materials, consumables and supplies and for purchased merchandise of €15,413 million (2023: €16,141 million) and to expenses for purchased services of €3,087 million (2023: €2,852 million). The 2.6% decrease in cost of materials is in line with the development of sales revenue.
Other operating expenses of €4,840 million (2023: €4,580 million) include exchange rate losses of €131 million (2023: €399 million). The increase in other operating expenses is mainly driven by higher costs in connection with guarantees and losses from the disposal of non-current assets. This was partly offset by lower expenses in connection with exchange rate fluctuations.
The investment result comprises income from equity investments of €441 million (2023: €689 million), income from profit and loss transfer agreements of €372 million (2023: €1,299 million), expenses from equity investments of €73 million (2023: €53 million) and expenses from loss absorption of €206 million (2023: €4 million). The significant decrease in income from profit and loss transfer agreements is mainly due to the profit transfer from Porsche Nordamerika Holding GmbH, Ludwigsburg, of €3 million. In the prior year, this company had transferred profit of €787 million in the form of a dividend from Porsche Cars North America, Inc., Atlanta. Income from equity investments primarily comprises dividends from Porsche Hong Kong Ltd, Hong Kong, Porsche Cars Australia Pty Ltd, Collingwood, Porsche Brasil Importadora de Veículos Ltda, São Paulo, Porsche Asia Pacific Pty Ltd, Singapore, and Porsche Middle East and Africa FZE, Dubai. Expenses from equity investments mainly relate to the impairment losses of Cetitec GmbH, Pforzheim (€30 million). They also include the impairment loss on the loan receivables from Porsche Erste Beteiligungsgesellschaft mbH, Stuttgart (€40 million).
The negative interest result of €16 million (2023: €37 million) primarily contained interest income from affiliates, interest expenses from discounting non-current provisions as well as interest expenses for the debenture bonds issued.
Income tax for the fiscal year 2024 amounts to €1,135 million. The low tax rate of 21.3% is mainly due to the additional profit under commercial law in connection with the transfer of shares in MHP Management- und IT-Beratung GmbH, Ludwigsburg, in return for granting new shares in Porsche Investments Management S.A., Luxembourg.
The net income for the year before appropriation of profit amounts to €4,175 million.
