In 2022, the Group-wide profit before tax under IFRS was € 7,069.30 million1. The total tax expenditure of all fully consolidated Porsche companies was € 2,112.36 million. This contained deferred taxes of € 184.96 million, which were the tax expense or income resulting from deviations between the IFRS result and the taxable base. This is already covered in the current financial year, although it will not lead to the actual tax expense or income as well as tax payments or refunds until future years. The total tax rate at Porsche was 29.88 % in 2022.
The difference between the income tax expenditure of all fully consolidated Porsche companies and their income tax payments was largely due to differences in maturity dates: normally, the tax expense or income leads to tax payments or refunds in subsequent years, whereas the listed payments also encompass payments and refunds for previous years.
In 2022, Porsche and its consolidated companies in Germany were still part of the income tax group with Porsche Holding Stuttgart. Therefore, the income tax payments were payments to the controlling entity Porsche Holding Stuttgart on the basis of a stand-alone assessment of Porsche and its consolidated companies. However, the amount of the actual tax payment to the financial authorities depends on the taxable income of the controlling entity Porsche Holding Stuttgart.
In 2022, the tax payments by the fully consolidated Porsche companies in Germany amounted to € 2,002 million and contained € 570 million in payments attributable to other periods for 2021. At € 59 million, the tax payments of the fully consolidated companies of Porsche in the USA include € 101 million in refunds attributable to other periods, tax credits of € 60 million, and changes in tax assets and tax liabilities that were recognized as cash items.
Porsche is focusing on sustainable financing
Business and the ability to compete are heavily dependent on the transition to carbon neutral and more closed-loop-oriented products and production forms. With the European Union’s Sustainable Finance Strategy, capital will be directed into sustainable investments. The EU taxonomy defines verifiable criteria to make it possible to classify an activity as environmentally sustainable. Financial products that are used to pursue sustainable objectives form part of this development.
In the automotive division of Porsche, the proportion of sustainable finance was over 60 % in 2022. This is to be increased to 100 % by 2030.
Government grants
In 2022, government grants totaling € 20 million (2021: € 33 million, 2020: € 38 million) were deducted from the acquisition costs of property, plant, and equipment. All the conditions associated with the grant are assumed to have been met. Performance-based government grants amounted to € 41 million in 2022 (2021: € 53 million, 2020: € 72 million).
1 Calculation of profit before tax under IFRS after consolidation per country: for the sake of simplicity, this report presents a percentage-based breakdown of the consolidation entries relative to the profit before tax under IFRS and consolidation entries.
