€ million
Gross profit
Gross profit
10,327
11,606
Operating profit
Operating profit
5,637
7,284
Share of profit or loss of equity-accounted investments
Share of profit or loss of equity-accounted investments
–155
–9
Financial result
Financial result
–409
91
Profit before tax
Profit before tax
5,227
7,375
Current
Current
–1,470
–1,987
Deferred
Deferred
–163
–231
Profit after tax
Profit after tax
3,595
5,157
thereof profit attributable to non-controlling interests
thereof profit attributable to non-controlling interests
3
0
Basic/diluted earnings per ordinary share in €
Basic/diluted earnings per ordinary share in €
3.94
5.66
Basic/diluted earnings per preferred share in €
Basic/diluted earnings per preferred share in €
3.95
5.67
You can find the → notes to the consolidated financial statements under the following link.
911 GT3 with Touring package (WLTP): Fuel consumption combined: 13.8 – 13.7 l/100 km; CO₂ emissions combined: 312 – 310 g/km; CO₂ class: G
The term “Zero Emission Vehicle” refers to vehicles that do not release any airborne pollutants into their direct environment. For example, this includes battery electric vehicles (BEVs).
The Worldwide Harmonized Light Vehicles Test Procedure is a test procedure designed to calculate a vehicle’s fuel consumption, range, and emissions as realistically as possible.
The Corporate Sustainability Reporting Directive requires companies to carry out a double materiality assessment. In this process, the financial materiality (impacts of sustainability matters, such as climate change, on the financial position of a company) and impact materiality (impacts of the company’s business activities on the environment, society, and human rights) are both assessed. If a topic in one of the two dimensions is material, it must be included in the sustainability reporting.
The UN Global Compact is a global United Nations initiative that aims to build a sustainable, more inclusive economy for all. It wants to initiate change processes within companies and has a code of conduct for companies with ten universal sustainability principles, especially relating to human rights, labor standards, environmental protection, and corruption prevention. Companies that take part in the UN Global Compact undertake to strategically align their business with these ten principles and report on their progress at regular intervals.
GHG emissions are greenhouse gas emissions. This refers to when gases are released into the atmosphere that exacerbate the greenhouse effect and, in turn, contribute to global warming. The most significant greenhouse gases include carbon dioxide (CO₂), methane (CH₄), laughing gas (N₂O), and fluorinated greenhouse gases (F-gases) like hydrofluorocarbons (HFCs).
Stoxx Europe 600 Automobiles & Parts. A European stock market index comprising manufacturers and suppliers in the automotive industry.
A stock index that measures the performance of the 600 largest listed companies from 17 European countries.
Ratio of income tax to profit before tax.
Materials that are obtained from a recycling process. See Recyclates.
The Science Based Targets Initiative was born from an alliance of environmental and climate protection organizations with a view to providing businesses with a framework and sector-specific target paths and, in turn, the opportunity to align the science-based reduction of greenhouse gases with international climate targets (such as the Paris Agreement).
The Scalable Systems Platform (SSP) is a cutting-edge mechatronics platform for all-electric vehicles. It is being developed by the Porsche, Audi, and Volkswagen brands as well as CARIAD for the software architecture. The high-performance version (SSP Sport), in particular, is expected to support Porsche BEVs in the longer term.
Standard & Poor’s Global Luxury Index. An international stock index that tracks the performance of 80 stocks in the luxury segment.
Cash additions to intangible assets (with no capitalized development costs or goodwill) and property, plant, and equipment (with no rights of use) in the Automotive segment.
As part of its process for awarding procurement contracts, Porsche AG has been using a sustainability rating known as the S-rating as an instrument to control its supply chain since 2019. The sustainability rating is carried out continuously and is a direct incentive for direct suppliers to improve their sustainability performance.
right° (also known as “right. based on science”) provides science-based technology that illustrates how the business activities of companies impact the climate. The results are presented in degrees Celsius, which makes it clear whether a company is on the pathway to 1.5°C as set out by the Paris Agreement.
Materials that are obtained either by recycling a product used by end customers (postconsumer recycling) or by recycling production waste (preconsumer recycling). For example, recycled metal includes aluminum shavings that are collected, melted down, and turned into a new raw material. See also secondary raw materials.
Representative concentration pathways are representative scenarios that describe the trajectory (i.e. pathway) of greenhouse gas concentrations in the atmosphere, land use, and land cover up to the year 2100. These scenarios outline a range of possibilities that are meant to help companies make decisions. RCP 8.5 is a worst-case scenario with high greenhouse gas emissions and limited attempts to reduce them. This scenario is an important way of determining what production sites have to be adapted to physical climate risks. The scenarios were developed by the Intergovernmental Panel on Climate Change (IPCC).
Porsche Production 4.0 is the latest stage in the development of an automotive factory, featuring increased automation of individual manufacturing stages and networked production and logistics by means of cloud solutions and artificial intelligence. It is centered on production planning, order management, shop floor management for individual manufacturing stages, logistics management, and vehicle delivery.
The Porsche whistleblower system is a mechanism for reporting possible breaches of the rules via internal and external channels. Reports can be submitted via a 24-hour hotline, an online reporting channel, ombudsmen, by email, by post, or in person, and are processed impartially and confidentially.
Places where customers can experience the Porsche brand firsthand. The PECs provide driver training, the latest technology, and insights into tradition and innovation. Ever since the first center was opened at Silverstone in 2008, they have been global hubs for vehicle safety, technology, and driving fun.
The Porsche Code denotes Porsche’s management mission statement and offers long-term guidance as well as a target vision for the employees and managers. It consists of eight dimensions that set out guidelines on how everyone is expected to interact with one another on a daily basis.
Dr. Ing. h.c. F. Porsche Aktiengesellschaft and its fully consolidated subsidiaries. Porsche AG is the parent company of the Porsche AG Group.
Dr. Ing. h.c. F. Porsche Aktiengesellschaft
Plug-in hybrid vehicles
The percentage of leased or financed new vehicles in the deliveries to customers in markets in the Financial Services segment.
An ISO-standardized method (ISO 14040 and ISO 14044) that encompasses individual vehicle components and determines the vehicle’s approximate environmental impact over its life cycle, from raw material extraction through production, including inbound and outbound logistics, the use phase, including wear parts, to disassembly for recycling (disassembly and recycling: generic vehicle-segment-specific model for disassembly without a battery system and with no recycling credits; cut-off approach). Life cycle assessments examine various impact categories, one of which is global warming potential (GWP). As a large part of the production steps—such as raw material extraction and processing or the production of semifinished and finished products—are carried out by suppliers, selected direct suppliers are obligated to calculate data for the assessment.
The return on sales of the Porsche AG Group is defined as the ratio of operating profit (before the financial result and taxes; EBIT) to sales revenue. The Executive Board of Porsche AG uses the return on sales to assess the operating profitability of the Porsche AG Group.
The total cash and cash equivalents, securities, loans, and time deposits, less financial liabilities to third parties in the Automotive segment.
The definition of the automotive net cash flow margin describes the ratio of the cash flows from operating activities in the Automotive segment, less the cash flows from investing activities attributable to operating activities in the Automotive segment, to the sales revenue of the Automotive segment. The investing activities attributable to operating activities do not contain changes in investments in securities, loans, and time deposits in the Automotive segment.
Specifications describe the raw-material-specific sustainability requirements of the Porsche AG Group with regard to the services and deliveries of direct suppliers. The requirements relate to specific raw materials and apply to the procurement process for certain components.
Morgan Stanley Capital International World Index. A stock market index that tracks the performance of around 1,500 stocks worldwide.
A liquid organization is a flexible, adaptable corporate structure that adapts to change dynamically by replacing rigid hierarchies with agile, self-organized structures. It promotes collaboration, continuous learning, and rapid decision-making in order to remain competitive in a changing market.
The Supply Chain Due Diligence Act governs corporate responsibility for respecting human rights and environmental due diligence in global supply chains.
The basis of consolidation denotes all the companies included in the consolidated financial statements.
The return on investment represents the return on average invested capital for a particular period on the basis of the operating profit after tax. Invested capital is calculated as the operating assets reported in the balance sheet (property, plant, and equipment, intangible assets, inventories, and receivables) less noninterest-bearing liabilities (trade payables and payments on account received). The average invested capital is derived from the balance at the beginning and the end of the reporting period.
Sustainability matters are evaluated in the materiality assessment on the detailed level of impacts, risks, and opportunities. IROs can be summarized into sustainability topics.
Describes the flotation—that is, an initial public offering made by a previously unlisted company (with an AG or SE structure) to sell shares in the issuing company.
A vehicle with a combustion engine that runs on fuel.
The GHG Protocol is a series of globally standardized instruments for systematically calculating, reporting, and reducing the greenhouse gas emissions of companies or value chains, for example. The calculation factors in emissions throughout the life cycle of the product or in the entire field of activity. The GHG Protocol sorts emissions into three categories: Scope 1 contains direct emissions, Scope 2 contains indirect emissions from purchased electricity, steam, and purchased heat and cooling, and Scope 3 contains the emissions caused by the company’s upstream and downstream activities. The development of the GHG Protocol is coordinated by the World Resources Institute (WRI) and the World Business Council for Sustainable Development (WBCSD).
The gender pay gap is the difference in the average remuneration paid to women and men. It can be due to a wide range of different factors.
A stock market index comprising 50 major listed companies in the eurozone.
Joint European sustainability reporting standards in line with the CSRD, which specify the content of reporting in more detail. In the reporting year, they consisted of two general standards and ten topic-specific standards.
The ratio of profit before tax to the average tied-up equity.
eFuels are synthetic, potentially almost CO₂-neutral fuels that are produced using electrical energy generated from renewable CO₂ and hydrogen.
EMAS is a voluntary European initiative and a seal of quality in terms of environmental management. It supports companies and organizations that want to systematically improve their environmental performance beyond the minimum legal requirements and reduce their resource consumption. Participating organizations are required to publish an EMAS environmental statement that is certified by an independent, government-monitored auditor.
The Automotive EBITDA is defined as the operating profit of the Automotive segment (EBIT) plus depreciation and impairment losses/reversals of impairment losses on property, plant, and equipment, capitalized development costs, and other intangible assets in the Automotive segment. The definition of the EBITDA margin for the Automotive segment describes the ratio of the Automotive EBITDA to the sales revenue of the Automotive segment.
Automotive operating profit plus depreciation and changes in the carrying amounts of property, plant, and equipment, capitalized development costs, and other intangible assets in the Automotive segment.
A process whereby carbon dioxide (CO₂) is filtered out of the air directly. The CO₂ obtained in this way can be reused in industrial applications, such as to manufacture renewable synthetic fuels (eFuels) and products like plastics or graphite for batteries, or put into long-term storage in the ground. DAC is a highly promising future technology with the potential to make a significant contribution to the accomplishment of global climate targets and to the fight against climate change.
The German Corporate Governance Code presents essential statutory regulations for the management and supervision of German listed companies and contains, in the form of recommendations and suggestions, internationally and nationally acknowledged standards for good and responsible corporate governance.
As a key strategic indicator, the DKI helps selected companies of the Volkswagen Group reduce their carbon footprint by providing a transparent calculation. The DKI aims to map the average emissions per vehicle all along the value chain (manufacture, use, and recycling) in CO₂ equivalents as comprehensively as possible – from the raw material mine to recycling, for instance. Among other things, it is based on standardized life cycle assessments performed by Porsche AG in accordance with ISO 14040/44.
In the future, the European Corporate Sustainability Reporting Directive (CSRD) will govern the obligation to include sustainability reporting in the management report. Compared to the provisions of Section 289b ff. of the German Commercial Code (HGB), which are currently in force in Germany, it will greatly broaden the applicability and scope of sustainability reporting. Although the CSRD came into force on January 5, 2023, it has not yet been implemented into national law in Germany, so it did not apply in the reporting year. Once the CSRD has been duly implemented, the currently necessary nonfinancial report (regulated in Section 289b HGB) will be replaced by more extensive, farther-reaching sustainability reporting. This new terminology is also an indication that sustainability and financial reporting are to be of equal significance.
Behavioral rules that companies choose to adopt voluntarily. A Code of Conduct provides members of the company and business partners with guidance on how to conduct themselves. Its purpose is to encourage correct, responsible conduct at all times, avoid unwanted actions, and define how business activities align with ethics and the law.
The carbon footprint describes the influence of people or organizations on global climate change on the basis of the CO₂ emissions caused by their activities directly or indirectly. The carbon footprint of a product, for example, relates to its entire life cycle, from manufacture and use to disposal.
Different greenhouse gases all have a different impact on the climate. To make it possible to compare these emissions, their climate impact (global warming potential or GWP) is converted into CO₂ equivalents (CO₂e). For example, methane is 28 times more harmful to the climate than CO₂, so it has a GWP of 28 CO₂e.
The total cash and cash equivalents, securities, loans, and time deposits.
“Deliveries to customers” is a metric that reflects the delivery of new vehicles to end customers. These deliveries can be by Group companies or free importers and dealers. This metric differs from sales within the Porsche AG Group, which are a relevant driver of sales revenue. Sales of new and Group-used Porsche-brand vehicles that have left the Automotive segment for the first time are designated as sales, unless a company in the Automotive segment is under a legal obligation to take them back.
The DAX (the abbreviated form of Deutscher Aktienindex) is the most significant German stock market index. It measures the performance of the 40 largest companies on the German stock market and represents around 80 percent of the market capitalization of listed stock corporations in Germany.
A clay model is a physical model made of industrial plastilin that is used to visualize vehicles to scale. The brown color of the modeling material is reminiscent of clay.
Battery electric vehicle
The capitalization ratio is defined as the ratio of capitalized development costs to total research and development costs in the Automotive division. It shows the proportion of primary research and development costs subject to capitalization.
