Annual Report

1	 From continuing operations, basic and diluted
2	 Proposal to the annual general meeting of Porsche SE
	
	
	
	
2022	
2021	
2020
	
	
	
	
IFRS	
IFRS	
IFRS
Porsche SE Group
Total assets	
€ million	
58,786	
42,533	
36,250
Equity	 	
€ million	
51,417	
42,196	
35,946
Investments accounted for at equity	
€ million	
57,506	
41,527	
35,259
Investment result	
€ million	
4,555	
4,615	
2,700
Financial result	
€ million	
– 57	
– 7	
– 4
Result before tax	
€ million	
4,634	
4,565	
2,654
Result after tax from continuing operations	
€ million	
4,690	
4,563	
2,630
Result after tax	
€ million	
4,787	
4,566	
2,624
Earnings per ordinary share 1	
€	
15.31	
14.90	
8.59
Earnings per preference share 1	
€	
15.32	
14.90	
8.59
Net liquidity	
€ million	
– 6,672	
641	
563
Employees as of 31 December	
	
38	
882	
916
	
	
	
	
2022	
2021	
2020
	
	
	
	
HGB	
HGB	
HGB
Porsche SE
Net profit	
€ million	
4,104	
824	
703
Net profit available for distribution	
€ million	
2,052	
783	
676
Dividend per ordinary share	
€	
2.554 2	
2.554	
2.204
Dividend per preference share	
€	
2.560 2	
2.560	
2.210
Figures

Core investments
Stake of ordinary shares: 53.3 %
(Represents a stake of subscribed capital: 31.9 %)
Portfolio investments
Stake of ordinary shares: 25 % plus one ordinary share
(Represents a stake of subscribed capital: 12.5 %)
Status 31 December 2022
European Transport Solutions S.à r.l.
Stake of subscribed capital: 35.5 %

4

“Thanks to our two core investments and  
the promising portfolio investments, Porsche SE  
is in an excellent position. The board of management  
is convinced that our investment strategy will  
allow us to achieve a substantial increase in value  
for our shareholders.”
Hans Dieter Pötsch
5

Contents
6

9
145
65
7
To our shareholders
Financials
Group management report and management report  
of Porsche Automobil Holding SE

To our shareholders
2022
To our shareholders
8

To our shareholders
Letter to our shareholders
10
Company boards of Porsche Automobil Holding SE
and their appointments
12
Report of the supervisory board
20
Remuneration report and auditor’s report
32
Porsche SE share
60
9
2022
To our shareholders

Letter to our shareholders
Dear shareholders, 
Our company, Porsche SE, is looking back on a successful fiscal year 2022. The highlight of the year 
was without a doubt the acquisition of 25% plus one share of the ordinary shares of Porsche AG. With 
this investment, we added to our portfolio a company with strong growth and high dividends that is 
uniquely positioned in the sport and luxury segments of the automotive industry. Porsche SE has thus 
obtained a second core investment alongside the voting majority in its core investment Volkswagen AG 
and a portfolio of innovative technology companies, creating sustainable value for our shareholders. 
The earnings figures of Porsche SE for the fiscal year 2022 are also very encouraging. We raised our 
group result after tax to 4.8 billion euro (prior year: 4.6 billion euro). This group result after tax was 
significantly influenced by the result of our core investment in Volkswagen AG accounted for at equity of 
4.5 billion euro. Overall, the Volkswagen Group developed positively, despite the lingering consequences 
of the Covid-19 pandemic, the war against Ukraine, supply chain problems and inflation. Porsche AG 
also closed the fiscal year 2022 very successfully. Following the acquisition of ordinary shares in 
Porsche AG, the result of the Porsche SE Group will be more strongly influenced in the future by the 
earnings situation of the Porsche AG Group.  
Net liquidity of the Porsche SE Group amounted to minus 6.7 billion euro as of 31 December 2022, 
compared to 641 million euro at the end of 2021. This primarily reflects the roughly 7.1 billion euro in 
debt capital we borrowed to purchase the ordinary shares in Porsche AG. I firmly believe: The 
acquisition of this second core investment is a very important step for our company towards creating 
sustainable value. 
With our portfolio investments, we are systematically implementing our strategy and have joined forces 
with strong partners to drive forward the development of our investments. Our holding in PTV is a good 
example of this. Together with our partner Bridgepoint, we have strengthened the product portfolio of 
the company by purchasing further assets. Moreover, the strategic realignment of the mobility and 
logistics divisions has created the basis for future growth.  
We plan to expand our portfolio activity in the current fiscal year by identifying further promising 
companies. At the beginning of 2023, we were already able to bolster our portfolio with new investments. 
These include, for example, our stake in ABB E-mobility, one of the world’s leading providers of charging 
solutions for electric vehicles.  
 
10
2022
To our shareholders
Letter to our shareholders

Hans Dieter Pötsch
Chairman of the board
of management
On the legal side of things, we were able to achieve two more major successes. In the model case in 
connection with Porsche SE’s increase of the investment in Volkswagen AG, the Higher Regional Court 
of Celle dismissed all of the establishment objectives brought by the plaintiffs against our company at 
the end of September. This decision marks an important stage win for Porsche SE, even though the 
plaintiffs have filed an appeal against the decision with the Federal Court of Justice.  
In the proceedings relating to the diesel issue, Porsche SE likewise prevailed in an appeal proceeding: 
In April 2022, the Higher Regional Court of Stuttgart dismissed actions against Porsche SE of  
158 million euro on the grounds that the plaintiffs had not suffered any damage. This decision is legally 
binding. 
For the fiscal year 2023, we expect Porsche SE to record a group result after tax of between 4.5 billion 
euro and 6.5 billion euro. We also aim to achieve group net liquidity as of 31 December 2023 that is 
expected to be between minus 6.1 billion euro and minus 5.6 billion euro, not taking future investments 
and divestitures into account. 
Despite the debt situation, Porsche SE continues to pursue a stable dividend policy. A large portion  
of our dividends will continue to be used to allow our shareholders to participate appropriately in 
Porsche SE’s success. At the same time, we will systematically repay our loans. 
As in prior years, the board of management would like you, our shareholders, to share in our 
company’s success. For the fiscal year 2022, we propose an unchanged dividend compared to the 
prior year of 2.560 euro per share to be distributed to the holders of preference shares and of  
2.554 euro per share to the holders of ordinary shares. This is equivalent to a total distribution of 
around 783 million euro. 
Thanks to our two core investments and the promising portfolio investments, Porsche SE is in an 
excellent position. The board of management is convinced that our investment strategy will allow us to 
achieve a substantial increase in value for our shareholders. We are working on ensuring that this is 
reflected in the development of our share price. And we continue to count on your trust and support. 
 
 
Hans Dieter Pötsch  
 
11
2022
To our shareholders
Letter to our shareholders

Company boards of
Porsche Automobil Holding SE
and their appointments
Members of the supervisory board  
 
 
Dr. Wolfgang Porsche 
Chairman 
 
Chairman of the supervisory board of 
Dr. Ing. h.c. F. Porsche AG 
 
Appointments: 
 AUDI AG, Ingolstadt 
 Dr. Ing. h.c. F. Porsche AG, Stuttgart (chairman)1 
 Volkswagen AG, Wolfsburg1 
o Familie Porsche AG Beteiligungsgesellschaft, 
Salzburg (chairman) 
o Porsche Holding Gesellschaft m.b.H.,  
Salzburg  
o Schmittenhöhebahn AG, Zell am See 
 
 
 
 
 
 
 
 
Dr. Hans Michel Piëch 
Deputy chairman  
 
Member of the supervisory board 
of Volkswagen AG 
 
Appointments: 
 AUDI AG, Ingolstadt 
 Dr. Ing. h.c. F. Porsche AG, Stuttgart1  
 Volkswagen AG, Wolfsburg1  
o Porsche Holding Gesellschaft m.b.H.,  
Salzburg 
o Schmittenhöhebahn AG, Zell am See 
o Volksoper Wien GmbH, Vienna  
(until 21 June 2022) 
 
 
 
 
 
 
 Membership in German statutory supervisory boards 
o Comparable appointments in Germany and abroad 
1 
Listed company 
 
All appointments are outside the Group.  
 
Appointments as of 31 December 2022 
12
2022
To our shareholders
Company boards

 Membership in German statutory supervisory boards 
o Comparable appointments in Germany and abroad 
1 
Listed company 
 
All appointments are outside the Group.  
 
Appointments as of 31 December 2022 
Prof. Dr. Ulrich Lehner 
Member of the supervisory board 
of Porsche Automobil Holding SE 
 
Appointments: 
 Deutsche Telekom AG, Bonn (chairman)  
(until 7 April 2022)1 
 
 
 
 
Dr. Ferdinand Oliver Porsche 
Member of the board of management of  
Familie Porsche AG Beteiligungsgesellschaft 
 
Appointments: 
 AUDI AG, Ingolstadt 
 Dr. Ing. h.c. F. Porsche AG, Stuttgart1 
 Volkswagen AG, Wolfsburg1 
o Porsche Holding Gesellschaft m.b.H.,  
Salzburg 
o Porsche Lifestyle GmbH & Co. KG, Ludwigsburg 
 
 
Mag. Josef Michael Ahorner 
Member of the supervisory board of AUDI AG 
 
Appointments: 
 AUDI AG, Ingolstadt 
o Automobili Lamborghini S.p.A., Sant’Agata  
Bolognese 
 
 
Mag. Marianne Heiß 
Chief Executive Officer 
of BBDO Group Germany GmbH 
 
Appointments: 
 AUDI AG, Ingolstadt 
 Volkswagen AG, Wolfsburg1 
 
 
 
 
 
 
13
2022
To our shareholders
Company boards

 Membership in German statutory supervisory boards 
o Comparable appointments in Germany and abroad 
1 
Listed company 
 
All appointments are outside the Group.  
 
Appointments as of 31 December 2022 
Dr. Günther Horvath 
Managing director and self-employed attorney  
at Dr. Günther J. Horvath Rechtsanwalt GmbH 
 
Appointments: 
 Volkswagen AG, Wolfsburg  
(since 28 February 2023)1 
 
Dr. Stefan Piëch  
Member of the board of management 
of Your Family Entertainment AG 
 
Appointments: 
o Genius Brands International, Inc., Los Angeles 
(since 23 June 2022)1 
o SEAT S.A., Barcelona 
o Siemens Aktiengesellschaft Österreich, Vienna 
 
 
 
 
 
 
 
 
 
Peter Daniell Porsche  
Member of the supervisory board of 
Porsche Automobil Holding SE as well as member 
of additional control bodies of domestic and foreign 
commercial enterprises 
 
Appointments: 
o Porsche Holding Gesellschaft m.b.H., Salzburg 
o Porsche Lifestyle GmbH & Co. KG, Ludwigsburg 
o ŠKODA AUTO a.s., Mladá Boleslav 
 
Prof. TU Graz e.h. KR Ing. Siegfried Wolf  
Member of the supervisory board of Schaeffler AG 
as well as member of additional control bodies of 
domestic and foreign commercial enterprises 
 
Appointments: 
 Schaeffler AG, Herzogenaurach1 
 Vitesco Technologies Group AG, Regensburg 
(chairman)1 
o MIBA AG, Mitterbauer Beteiligungs AG,  
Laakirchen (in accordance with Sec. 28a (5)  
No. 5 Austrian Banking Act a position on the 
supervisory board) 
o PJSC GAZ Group, Nizhny Novgorod  
(until 31 December 2022)1 
o Sberbank Europe AG, Vienna (chairman)  
(until 21 April 2022) 
o Steyr Automotive GmbH, Steyr (chairman) 
14
2022
To our shareholders
Company boards

Current committees of  
the supervisory board of  
Porsche Automobil Holding SE  
and their members  
 
 
Executive committee: 
· Dr. Wolfgang Porsche (chairman) 
· Dr. Hans Michel Piëch 
· Dr. Ferdinand Oliver Porsche 
 
 
Audit committee:  
· Prof. Dr. Ulrich Lehner (chairman)  
· Dr. Hans Michel Piëch 
· Dr. Ferdinand Oliver Porsche 
 
 
Nominations committee:  
· Dr. Wolfgang Porsche (chairman) 
· Dr. Hans Michel Piëch 
· Dr. Ferdinand Oliver Porsche 
 
Phoenix committee (since 13 May 2022):  
· Dr. Ferdinand Oliver Porsche (chairman) 
· Dr. Günther Horvath 
· Dr. Hans Michel Piëch  
· Dr. Stefan Piëch  
· Dr. Wolfgang Porsche  
15
2022
To our shareholders
Company boards

 Membership in German statutory supervisory boards 
o Comparable appointments in Germany and abroad 
1 
Listed company 
 
All appointments are outside the Group.  
 
Appointments as of 31 December 2022 
Members of the board of management  
 
 
Hans Dieter Pötsch  
Chairman of the board of management 
of Porsche Automobil Holding SE 
 
Chairman of the supervisory board  
of Volkswagen AG 
 
Appointments: 
 AUDI AG, Ingolstadt 
 Bertelsmann Management SE, Gütersloh 
 Bertelsmann SE & Co. KGaA, Gütersloh 
 Dr. Ing. h.c. F. Porsche AG, Stuttgart1 
 TRATON SE, Munich (chairman)1 
 Volkswagen AG, Wolfsburg (chairman)1  
 Wolfsburg AG, Wolfsburg 
o Autostadt GmbH, Wolfsburg 
o Porsche Austria Gesellschaft m.b.H., Salzburg 
(chairman) 
o Porsche Holding Gesellschaft m.b.H.,  
Salzburg (chairman) 
o Porsche Retail GmbH, Salzburg (chairman) 
o VfL Wolfsburg-Fußball GmbH, Wolfsburg  
(deputy chairman) 
 
 
 
 
 
 
 
 
Dr. Manfred Döss 
Member of the board of management  
responsible for legal affairs and compliance 
of Porsche Automobil Holding SE 
 
Member of the board of management responsible 
for integrity and legal affairs of Volkswagen AG 
 
Appointments: 
 AUDI AG, Ingolstadt (since 2 September 2022) 
 PTV Planung Transport Verkehr GmbH, Karlsruhe 
(until 20 February 2022) (PTV Planung Transport 
Verkehr AG until 20 February 2022) 
 TRATON SE, Munich1 
o Grizzlys Wolfsburg GmbH, Wolfsburg 
 
16
2022
To our shareholders
Company boards

 Membership in German statutory supervisory boards 
o Comparable appointments in Germany and abroad 
1 
Listed company 
 
All appointments are outside the Group.  
 
Appointments as of 31 December 2022 
Dr. Johannes Lattwein (since 1 February 2022) 
Member of the board of management  
responsible for finance and IT  
of Porsche Automobil Holding SE 
 
Appointments: 
 PTV Planung Transport Verkehr GmbH, Karlsruhe 
(until 20 February 2022) (PTV Planung Transport 
Verkehr AG until 20 February 2022) 
o European Transport Solutions S.à r.l.,  
Luxembourg (since 1 February 2022) 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Lutz Meschke  
Member of the board of management  
responsible for investment management 
of Porsche Automobil Holding SE 
 
Deputy chairman of the board of management and 
member of the board of management responsible 
for finance and IT of Dr. Ing. h.c. F. Porsche AG 
 
Appointments: 
 Porsche Leipzig GmbH, Leipzig 
 PTV Planung Transport Verkehr GmbH, Karlsruhe 
(chairman) (until 20. Februar 2022) (PTV Planung 
Transport Verkehr AG until 20 February 2022) 
 Volkswagen Bank GmbH, Braunschweig  
(until 5 March 2022) 
o Bugatti Rimac d.o.o., Sveta Nedelja  
(until 8 December 2022) 
o European Transport Solutions S.à r.l.,  
Luxembourg (since 1 February 2022) 
o MHP Management und IT-Beratung GmbH,  
Ludwigsburg (chairman) 
o Porsche Consulting GmbH, Bietigheim-Bissingen 
(chairman since 1 September 2022) 
o Porsche Deutschland GmbH, Bietigheim-Bissingen 
o Porsche Digital GmbH, Ludwigsburg (chairman) 
o Porsche eBike Performance GmbH, Ottobrunn 
(chairman) (since 1 June 2022) (Fazua GmbH 
until 31 July 2022) 
o Porsche Engineering Group GmbH, Weissach 
o Porsche Engineering Services GmbH, 
Bietigheim-Bissingen 
o Porsche Enterprises Inc., Atlanta 
o Porsche Financial Services GmbH,  
Bietigheim-Bissingen (chairman) 
o Porsche Lifestyle GmbH & Co. KG, Ludwigsburg 
(chairman)  
o Porsche Werkzeugbau GmbH, Schwarzenberg 
o P3X GmbH & Co. KG, Munich (since 1 March 2022) 
o Rimac Group d.o.o., Sveta Nedelja  
(since 9 September 2022) 
 
 
 
 
17
2022
To our shareholders
Company boards

Board of management
18
2022
To our shareholders
Board of management

Hans Dieter Pötsch
Chairman of the board
of management
Dr. Manfred Döss
Legal affairs and
compliance
Dr. Johannes Lattwein
Finance and IT
Lutz Meschke
Investment management
19
2022
To our shareholders
Board of management

Report of the supervisory board
Ladies and gentlemen, 
Porsche Automobil Holding SE, Stuttgart (“Porsche SE”), is a holding company with investments in the 
mobility and industrial technology sector, whose preference shares are listed on the German stock 
exchange index (DAX). The investment strategy of Porsche SE aims in particular to create sustainable 
value for its shareholders. The investments of Porsche SE fall into the categories core investments and 
portfolio investments.  
As the most important core investment, Porsche SE holds the majority of the ordinary shares in 
Volkswagen Aktiengesellschaft, Wolfsburg (“Volkswagen AG” or “Volkswagen”) with 53.3%. Porsche SE 
sees itself as a long-term oriented anchor investor in Volkswagen AG. In the past fiscal year, 
Volkswagen continued to drive forward its transformation into a software-driven mobility provider. The 
transition to e-mobility and autonomous driving will also be a key strategic topic in the future. Porsche 
SE supports this strategy. We are convinced that the Volkswagen Group will play a leading role in the 
transformation of the automotive industry and that it has vast potential for value creation. 
As a second core investment, Porsche SE acquired 25% plus one share of the ordinary shares of  
Dr. Ing. h.c. F. Porsche AG, Stuttgart (“Porsche AG”), in the course of the IPO of Porsche AG in the 
fiscal year 2022. With this investment in Porsche AG, Porsche SE has added a company with strong 
growth and high dividends and a unique position in the sport and luxury segments of the automotive 
industry to its investment portfolio.  
In the portfolio investments category, Porsche SE holds non-controlling interests in more than ten 
companies with a focus on mobility and industrial technology in North America, Europe and Israel. 
Tasks of the supervisory board 
Pursuant to the articles of association, the supervisory board has ten members (shareholder 
representatives) to be appointed by the annual general meeting. The composition of the supervisory 
board can be found in the section “Company boards of Porsche Automobil Holding SE and their 
appointments” of the annual report of Porsche SE. 
In the fiscal year 2022, the supervisory board of Porsche SE performed all the tasks assigned to it by law, 
the articles of association and rules of procedure. During the fiscal year 2022, the supervisory board 
held five ordinary meetings and nine extraordinary meetings. The ordinary meetings, including the  
20
2022
To our shareholders
Report of the supervisory board

Dr. Wolfgang Porsche
Chairman of the supervisory board
constituent meeting, took place in March, May, September and December. The extraordinary meetings 
were held in January, February, June, July, August and September. The supervisory board’s 
extraordinary meetings mainly related to the IPO of Porsche AG and the associated acquisition of 
ordinary shares in Porsche AG by Porsche SE (“Project Phoenix”). On account of the Covid-19 
pandemic, nine meetings were held as video conferences and five were held in person, with the 
supervisory board members who were not present on premise participating via video link.  
Individual resolutions of the supervisory board were passed by way of circular resolutions. These included 
in particular resolutions in connection with the acquisition of shares in Econolite Group, Inc., Anaheim, 
California, USA, the acquisition of additional preference shares in Volkswagen and the acquisition of shares 
in ABB E-mobility Holding AG, Baden, Switzerland (“ABB E-mobility”).  
Within the framework of its control and advisory responsibilities, the supervisory board was informed in 
depth about company’s performance during the fiscal year 2022 by means of written reports from the 
board of management as well as verbally in meetings, and was also involved in all fundamental decisions. 
Reporting focused on Porsche SE’s economic situation and its investments (in particular Volkswagen AG), 
business results, the development of net assets, financial position and results of operations and the risk 
situation. As part of Project Phoenix, the board of management and supervisory board regularly exchanged 
detailed information about the current status and the latest developments, particularly with regard to the 
contracts to be entered into and the financial consequences for Porsche SE.  
The supervisory board also monitored the economic efficiency of the company. Furthermore, the 
supervisory board reviewed the annual and consolidated financial statements each supplemented by the 
combined management report and group management report (“combined management report”) issued 
with unqualified auditor’s reports, ratified the 2021 annual financial statements of Porsche SE and approved 
the 2021 consolidated financial statements of Porsche SE. The supervisory board also reviewed the non-
financial group report and the dependent company report; here too, no objections were raised.  
In the fiscal year 2022, the supervisory board dealt in particular with the IPO of Porsche AG and the 
associated acquisition of ordinary shares in Porsche AG as part of Project Phoenix. In connection with this, 
the supervisory board approved a cornerstone agreement dated 24 February 2022 between Porsche SE 
and Volkswagen AG. This laid the foundation for the next steps in preparation for a possible IPO by  
21
2022
To our shareholders
Report of the supervisory board

Porsche AG and a possible acquisition of the ordinary shares in Porsche AG by Porsche SE. Furthermore, 
the supervisory board was regularly informed by the board of management about the project status, further 
planning and the status of the due diligence, draft contracts and the financing of the share acquisition. After 
examining the content of all contracts related to Project Phoenix in detail, weighing up all the information 
and taking the regulations on transactions with related parties pursuant to the German Stock Corporation 
Act (AktG) into account, on 18 September 2022 the supervisory board approved the conclusion of a 
contract for the acquisition of 25% plus one share of the ordinary shares of Porsche AG by Porsche SE as 
well as a shareholder agreement with Volkswagen AG and other contracts in connection with the 
acquisition of ordinary shares by Porsche SE.  
Another focus of the supervisory board’s monitoring activities in the past fiscal year related to the 
development and status of the various legal disputes (especially the claims for damages concerning 
the increase of the investment in Volkswagen AG in 2008 and the diesel issue as well as the status 
proceedings under German stock corporation law), on which the supervisory board obtained regular 
reports. 
The supervisory board also dealt with the impact of the Covid-19 pandemic, the Russia-Ukraine war, 
price increases on the energy and commodity markets and the parts supply shortages, especially for 
wire harnesses and semiconductors, on the business operations of Porsche SE and its investments, 
and regularly had the board of management inform it about any developments. 
The supervisory board also discussed the business plan. Furthermore, the supervisory board also 
monitored the compliant conduct of business by the board of management. Monitoring also 
encompassed appropriate measures for risk provisioning and compliance. The supervisory board 
checked that the board of management carried out the measures for which it is responsible in 
accordance with Sec. 91 (2) and (3) AktG in an appropriate form, in particular whether the board of 
management has set up a monitoring system that aims to ensure that any developments jeopardizing 
the ability of the company to continue as a going concern are identified at an early stage, and whether 
the board of management has set up internal control and risk management systems that are 
appropriate and effective with regard to the scope of the business activities and risk situation of the 
company. 
The supervisory board also dealt extensively with the recommendations and suggestions of the 
German Corporate Governance Code in the version from 28 April 2022 and the associated impact on 
the working methods and composition of the supervisory board and its committees, especially the 
audit committee. In this context, the supervisory board in particular supplemented the requirements 
profile for the supervisory board, which includes both the competence profile and the diversity concept, 
and added expertise in sustainability issues of importance for the company as an additional criterion.  
In performing its duties, the supervisory board also took into account ESG aspects (Environmental, 
Social and Governance), as the supervisory board considers these to be particularly relevant for the 
business activity of Porsche SE. Mag. Marianne Heiß was therefore designated by the supervisory 
board as ESG expert on the supervisory board. Furthermore, the supervisory board discussed the 
investment strategy as a key element of the corporate strategy, which also includes ESG aspects, 
particularly in connection with the holding operations and for investment decisions. In line with the 
22
2022
To our shareholders
Report of the supervisory board

provisions of the remuneration system for the board of management, the supervisory board also 
included in its target agreements for variable board of management remuneration for the fiscal year 
2023, among other things, the promotion of ESG aspects (e.g., employee interests and compliance) as 
a general performance target, supplemented by individual ESG targets (e.g., employee retention in the 
respective board portfolio) and, also for the fiscal year 2023, the further development of the corporate 
strategy to include sustainability-related topics, the improvement of Porsche SE’s ESG rating and the 
anchoring of ESG criteria in the investment process). 
As a matter of principle, the members of the supervisory board take responsibility for obtaining the 
training required for their tasks and are supported in this by Porsche SE. In addition, Porsche SE 
arranged for its supervisory board members to attend training in the fiscal year 2022 on relevant topics 
for supervisory board members and current legal developments.  
The supervisory board also resolved to carry out a selection procedure within the meaning of  
Art. 16 (3) Regulation (EU) No. 537/2014 for the appointment of the future auditor of the annual 
financial statements and auditor of the consolidated financial statements for the fiscal year 2023 and 
the auditor for the review of the interim consolidated financial statements and the interim group 
management report as components of the half-yearly financial report as of 30 June 2023. This 
selection procedure was led by the audit committee. After this procedure, the audit committee 
submitted two well-founded suggestions for the auditor to the supervisory board. These were Grant 
Thornton AG Wirtschaftsprüfungsgesellschaft, Düsseldorf (“Grant Thornton AG”), and BDO AG 
Wirtschaftsprüfungsgesellschaft, Stuttgart. Giving reasons, it expressed a preference for Grant 
Thornton AG. Based on this recommendation, the supervisory board resolved to propose Grant 
Thornton AG as the new auditor to the annual general meeting. 
As certain matters are determined by the supervisory board to be subject to its approval, it also 
discussed in particular the acquisition of ordinary shares of Porsche AG in connection with Project 
Phoenix, the acquisition of preference shares of Volkswagen AG, the acquisition of shares in  
ABB E-mobility and the voting behavior of Porsche SE at the annual general meeting of  
Volkswagen AG. It approved all of these matters that are subject to its approval. 
 
 
23
2022
To our shareholders
Report of the supervisory board

Disclosure of attendance at meetings of the entire supervisory board in the fiscal year 2022: 
 
1  Mag. Heiß did not attend seven extraordinary supervisory board meetings of Porsche SE that exclusively addressed Project  
Phoenix. This was because of her position on the supervisory board of Volkswagen AG. She only participated in the discussions 
and resolutions in connection with Project Phoenix on the side of the supervisory board of Volkswagen AG. More information on the 
topic of conflicts of interest can be found in the “Corporate governance” section below 
 
Committees 
The supervisory board has set up a total of four committees to carry out its duties. As before, the 
standing committees were the executive committee, audit committee and nominations committee. In 
view of the particular importance of Project Phoenix, the supervisory board formed and appointed 
members to a temporary ad hoc committee, entitled the Phoenix committee, at its constituent meeting 
on 13 May 2022. 
At the constituent meeting of the supervisory board, it reappointed the current members of the 
executive committee, audit committee and nominations committee in the same composition. The 
committees support the supervisory board and prepare supervisory board resolutions as well as topics 
for discussion by the entire supervisory board. Moreover, decision-making authority of the supervisory 
board may be transferred to the individual committees to the extent permitted by law. 
The executive committee decides in urgent cases on business matters requiring the approval of the 
supervisory board. It also functions as a personnel committee and makes recommendations to the 
supervisory board on concluding, amending and terminating contracts of employment for members of 
the board of management. 
 
 
 
 
 
2022 
Meeting 
Attendance 
Type of participation 
  
attendance 
% 
  
attendance 
 
 
 
 
 
  
  
  
In person 
Video 
  
  
  
  
  
 
 
 
 
 
Full supervisory board 
  
  
  
  
 
 
 
 
 
Dr. Wolfgang Porsche (chairman) 
14/14 
100 
8 
6 
Dr. Hans Michel Piëch (deputy chairman) 
14/14 
100 
4 
10 
Mag. Josef Michael Ahorner 
14/14 
100 
0 
14 
Mag. Marianne Heiß 
7/14 
501 
3 
4 
Dr. Günther Horvath 
13/14 
93 
6 
7 
Prof. Dr. Ulrich Lehner 
14/14 
100 
7 
7 
Dr. Stefan Piëch 
13/14 
93 
7 
6 
Dr. Ferdinand Oliver Porsche 
14/14 
100 
7 
7 
Peter Daniell Porsche 
14/14 
100 
5 
9 
Prof. KR Ing. Siegfried Wolf 
11/14 
79 
3 
8 
 
 
 
 
 
24
2022
To our shareholders
Report of the supervisory board

At the recommendation of the executive committee, Dr. Johannes Lattwein was appointed by the 
supervisory board in January 2022 as a new member of the board of management responsible for 
finance and IT for a period of three years effective 1 February 2022. Taking the appointment of  
Dr. Johannes Lattwein in the fiscal year 2022 into account, the executive committee also discussed  
the long-term succession planning in the board of management.  
In addition, the executive committee draws up a proposal for the individual amount of the variable 
remuneration for each completed fiscal year, taking into account the respective business and earnings 
situation and based on the specific performance of the individual member of the board of management. 
This proposal is submitted to the supervisory board of Porsche SE for decision. Furthermore, the 
executive committee is responsible for the approval of ancillary activities of members of the board of 
management and prepares resolutions of the supervisory board on the remuneration system for the 
board of management as well as its regular review. 
The audit committee supports the supervisory board in monitoring management of the company and 
pays particular attention to reviewing financial reporting, monitoring the financial reporting process, the 
effectiveness of the internal control system, the risk management system and internal audit, the 
statutory audit, in particular the selection and independence of the auditor, the quality of the audit and 
the services rendered by the auditor as well as compliance. In the past fiscal year, the audit committee 
regularly reviewed whether the risk early warning system in place is suitable for identifying at an early 
stage any developments jeopardizing the ability of the company to continue as a going concern. It 
satisfied itself as to the efficiency of the risk management system, including the internal control system, 
as well as the activities of internal audit and obtained regular reports on these. The audit committee 
was informed about changes in legal requirements and auditing standards. The audit committee 
passed its findings on to the entire supervisory board in regular reports. 
The audit committee’s review of accounting relates in particular to the annual and consolidated 
financial statements each supplemented by the combined management report. The audit committee 
deals with the half-yearly financial report and the group quarterly statements for the supervisory board 
and discusses them with the board of management and, in the case of the half-yearly financial report, 
also with the independent auditor. The audit committee also focuses on the non-financial group report, 
the dependent company report and the proposal for profit appropriation and prepares them for review 
by the supervisory board. 
In connection with the audit, the audit committee submits to the supervisory board a recommendation 
for the appointment of the auditor, which – except in cases where the auditor is reappointed – is 
prepared following a selection procedure within the meaning of Art. 16 (3) Regulation (EU) No 537/2014, 
comprises at least two candidates and is explained. The audit committee recommended Grant 
Thornton AG and BDO AG Wirtschaftsprüfungsgesellschaft, Stuttgart, to the supervisory board for the 
appointment of the auditor, and indicated and explained a preference for Grant Thornton AG. Before 
submitting its recommendation to the supervisory board, the audit committee carefully examined the 
independence of the potential new auditor.  
In addition, the audit committee constantly monitors the independence of the auditor and in particular 
ensures that the auditor’s non-audit services assigned by the board of management do not give rise to 
25
2022
To our shareholders
Report of the supervisory board

any indications of grounds for exclusion or disqualification or that endanger the independence of the 
auditor. The audit committee is authorized on behalf of the supervisory board to award the audit 
engagement to the auditor selected by the annual general meeting, to agree on the fee with the auditor 
and to determine the key topics of the audit. It also examines the key audit matters and regularly 
assesses the quality of the audit. 
The nominations committee makes recommendations for the supervisory board’s proposals to the 
annual general meeting concerning the election of supervisory board members.  
At the beginning of the fiscal year 2022, the nominations committee discussed the succession planning 
for the chairman of the supervisory board, Dr. Wolfgang Porsche, and for the other members of the 
supervisory board, Dr. Hans Michel Piëch, Prof. Dr. Ulrich Lehner and Dr. Ferdinand Oliver Porsche, as 
the term of office of the respective members of the supervisory board ended after the annual general 
meeting on 13 May 2022. As these members of the supervisory board are great assets to Porsche SE 
and the supervisory board because their many years of service on the supervisory board, their 
extensive experience in multiple supervisory bodies and their professional expertise, the nominations 
committee recommended to the supervisory board that it propose to the annual general meeting on 
13 May 2022 to re-elect Dr. Wolfgang Porsche, Dr. Hans Michel Piëch, Prof. Dr. Ulrich Lehner and  
Dr. Ferdinand Oliver Porsche as members of the supervisory board. 
In May 2022, the supervisory board set up the Phoenix committee as a temporary ad hoc committee at 
its constituent meeting. The Phoenix committee assumes the task of monitoring the board of 
management on matters relating to Project Phoenix for the supervisory board and consulted regularly 
with it. The Phoenix committee is authorized to make decisions promoting the project to the extent 
permissible by law as a preparatory committee. With this authorization, it submitted recommendations 
relating to the approval of measures taken within the project to the supervisory board. 
At its meetings, the Phoenix committee primarily addressed the current project status and the new 
developments in Project Phoenix; in particular the board of management reported in detail in these 
meetings on the current status of negotiations and draft contracts, the ongoing due diligence review 
and the status of financing.  
The composition of the individual committees of the supervisory board is described in more detail in 
the section “Company boards of Porsche Automobil Holding SE and their appointments” of the annual 
report and also in the corporate governance declaration of compliance, published on the company’s 
website. 
The executive committee and the audit committee each held four ordinary meetings and two 
extraordinary meetings in the fiscal year 2022. For both the executive committee and the audit 
committee, five of these meetings were held in person and one as a video conference. The two 
extraordinary meetings of the audit committee were held in connection with the audit tender for the 
fiscal year 2023. The chairman of the supervisory board Dr. Wolfgang Porsche attended these two 
extraordinary meetings and one additional ordinary meeting of the audit committee as a guest. The 
nominations committee held one ordinary meeting in the fiscal year 2022. The Phoenix committee  
held 16 ordinary meetings in the fiscal year 2022, four of which were held in person and twelve as 
26
2022
To our shareholders
Report of the supervisory board

video conferences. The entire supervisory board was always informed about the work of the 
committees. 
Disclosure of attendance at meetings of the committees in the fiscal year 2022: 
 
Cooperation with the board of management 
 
The chairman of the supervisory board and the chairman of the audit committee were in regular 
contact with the board of management to exchange ideas and information, thus ensuring that they 
were kept directly informed about significant events and developments of the company and the group. 
The supervisory board gave its approval as required for individual transactions, such as in particular 
the acquisition of ordinary shares of Porsche AG, the acquisition of preference shares of Volkswagen 
AG, the acquisition of shares in ABB E-mobility and the voting behavior of Porsche SE at the annual 
general meeting of Volkswagen AG. 
 
2022 
Meeting 
Attendance 
Type of participation 
  
attendance 
% 
  
attendance 
 
 
 
 
 
  
  
  
In person 
Video 
  
  
  
  
  
 
Executive committee 
  
  
  
  
 
Dr. Wolfgang Porsche (chairman) 
6/6 
100 
5 
1 
Dr. Hans Michel Piëch 
6/6 
100 
2 
4 
Dr. Ferdinand Oliver Porsche 
6/6 
100 
4 
2 
  
  
  
  
  
Audit committee 
  
  
  
  
 
Prof. Dr. Ulrich Lehner (chairman) 
6/6 
100 
5 
1 
Dr. Hans Michel Piëch 
6/6 
100 
2 
4 
Dr. Ferdinand Oliver Porsche 
6/6 
100 
4 
2 
  
  
  
  
  
Nominations committee 
  
  
  
  
 
Dr. Wolfgang Porsche (chairman) 
1/1 
100 
1 
0 
Dr. Hans Michel Piëch 
1/1 
100 
0 
1 
Dr. Ferdinand Oliver Porsche 
1/1 
100 
1 
0 
  
  
  
  
  
Phoenix committee 
  
  
  
  
 
Dr. Ferdinand Oliver Porsche (chairman) 
15/16 
94 
4 
11 
Dr. Günther Horvath 
15/16 
94 
3 
12 
Dr. Hans Michel Piëch 
16/16 
100 
3 
13 
Dr. Stefan Piëch 
15/16 
94 
4 
11 
Dr. Wolfgang Porsche 
15/16 
94 
3 
12 
 
27
2022
To our shareholders
Report of the supervisory board

Corporate governance 
 
The supervisory board and board of management have repeatedly and intensively discussed the 
recommendations and suggestions of the German Corporate Governance Code. They examined the 
updates to the German Corporate Governance Code in 2022 in great depth. In December 2022, they 
submitted the annual declaration on conformity in accordance with Sec. 161 AktG on the 
recommendations of the German Corporate Governance Code and made it permanently accessible to 
shareholders on the company’s website at www.porsche-se.com/en/company/corporate-governance/. 
The current declaration on conformity is reproduced in full in the declaration of compliance, published 
on the company’s website.  
Due to the influence of individual members of the supervisory board of Porsche SE on individual 
ordinary shareholders of Porsche SE or the fact that individual supervisory board members are also 
members of the supervisory boards of Porsche SE and Volkswagen AG or Volkswagen subsidiaries, 
conflicts of interest can arise for these members of the supervisory board in individual cases. 
To the extent that concrete conflicts of interest existed or were feared, the particular conflict of interest 
was reported to the supervisory board by the member concerned. If a subsequent review found that 
there was a conflict of interest, suitable measures were taken to resolve it. The specific measures 
depended on the type of conflict and the circumstances of the individual case. One possibility is that 
the supervisory board members concerned do not participate in the discussion of the relevant 
resolution or to abstain from voting. Another possibility is that the supervisory board member 
concerned is not informed about the matter in question and also does not participate in the 
deliberations. In the past fiscal year, potential conflicts of interest were identified in particular in 
connection with Project Phoenix. For example, the members of the supervisory board Dr. Wolfgang 
Porsche, Dr. Hans Michel Piëch and Dr. Ferdinand Oliver Porsche, who are also members of the 
supervisory board of Volkswagen AG and Porsche AG, resolved a potential conflict of interest in favor 
of Porsche SE in order to be able to participate in discussions and resolutions on the supervisory 
board of Porsche SE. This involved not participating in any discussions or resolutions either in the 
supervisory board of Volkswagen AG or in the supervisory board of Porsche AG in connection with 
Project Phoenix or acknowledging any reports by the board of management or other submissions to 
the supervisory board on Project Phoenix if there was any fear of a potential conflict of interest. Mag. 
Marianne Heiß’s position on the supervisory board of Volkswagen AG, on the other hand, meant that 
she did not participate in the discussions and resolutions of the supervisory board of Porsche SE 
related to Project Phoenix and did not receive any information about Project Phoenix at Porsche SE as 
she continued to participate in the discussions and resolutions on the supervisory board of Volkswagen 
AG also in connection with Project Phoenix, and a potential conflict of interest in her function as 
member of the supervisory board of Porsche SE could not be ruled out. Conflicts of interest also could 
not be ruled out in the case of resolutions of the company at the annual general meeting of Volkswagen 
AG regarding the individual approval of the acts of members of the supervisory board for the fiscal year 
2021. If supervisory board members are also on the supervisory board of Volkswagen AG, they 
abstained from voting in the resolutions on Porsche SE’s voting behavior in the annual general meeting 
of Volkswagen AG regarding their own exoneration.  
28
2022
To our shareholders
Report of the supervisory board

Comments on the result of the audit of the financial statements and on the proposal for the 
appropriation of profit 
 
The annual general meeting on 13 May 2022 appointed PricewaterhouseCoopers GmbH 
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, Stuttgart office (“PricewaterhouseCoopers 
GmbH”), to audit the annual financial statements and consolidated financial statements for the fiscal 
year 2022. Prior to the supervisory board issuing its recommendation for appointment to the annual 
general meeting, the auditor submitted a declaration of independence to the supervisory board, which 
was reviewed by the audit committee. 
Alongside the key audit matters identified by the auditor in the auditor’s report, the audit committee set 
the key topics as “Presentation of legal risks in the combined management report”, “Accounting for the 
sale of PTV Planung Transport Verkehr GmbH and the first-time inclusion and subsequent accounting 
treatment of European Transport Solutions S.à r.l. in the annual and consolidated financial statements” 
and “Accounting for the acquisition and intended sale of preferred shares of Volkswagen AG in the 
consolidated financial statements”. 
The auditor issued an unqualified auditor’s report for both the annual financial statements and the 
consolidated financial statements (each supplemented by the combined management report) of 
Porsche SE for the fiscal year 2022. The audit committee discussed the audit risk assessment, the 
audit strategy, key audit matters and the audit planning with the auditor during preparations for the 
audit. The audit committee also consulted with the auditor without the board of management. In the 
course of preparing for and performing the audit, the chairman of the audit committee regularly 
exchanged information with the auditor on the status of the audit, the provisional audit results and on 
the quality of the audit. He reported on these exchanges in the committee. The auditors also attended 
both the audit committee meeting and the supervisory board meeting at which the annual and 
consolidated financial statements and the combined management report for the fiscal year 2022 were 
discussed. In preparation, the members of the audit committee and supervisory board were provided 
with extensive documents and the audit reports of the auditor. The audit committee examined and 
discussed all reports made available to it and inquired about them in a critical manner. These were also 
discussed in great detail in the presence of the auditor. The auditors reported on the results of their 
audits, also referring to the key audit matters, the respective procedures during the audit, including the 
conclusions, the additional key topics set by the audit committee and were available to answer any 
additional questions or provide information. Furthermore, the auditor confirmed that the risk early 
warning system implemented by the board of management is suitable for identifying at an early stage 
any risks jeopardizing the ability of the company to continue as a going concern. After its own audit, 
the audit committee concurred with the result of the audits by the auditor.  
The chairman of the audit committee and the auditor reported on the results of their audits to the 
supervisory board and were available to answer any additional questions or provide information. After 
its own audit, the supervisory board concurred with the result of the auditor’s and audit committee’s 
audits. It determined that it had no objections to raise, approved the consolidated and annual financial 
statements as well as the combined management report prepared by the board of management for the 
fiscal year 2022 and thus ratified the financial statements for the fiscal year 2022 of Porsche SE. 
29
2022
To our shareholders
Report of the supervisory board

Based on this, the supervisory board endorsed the suggestion of the board of management for the 
appropriation of profit available for distribution. 
Remuneration report 
 
The supervisory board and the board of management prepared the remuneration report pursuant to 
Sec. 162 AktG for the fiscal year 2022 and made it available at www.porsche-se.com/en/ 
company/corporate-governance/. The remuneration report is also included in the annual report. 
Exceeding the legal requirements, the remuneration report was subject to a voluntary audit of its 
content by PricewaterhouseCoopers GmbH, who issued an unqualified audit opinion thereon. 
Audit of the dependent company report 
 
Pursuant to Art. 9 (1) lit. c (ii) SE Regulation (SE-VO) and Sec. 312 AktG, the board of management 
prepared a report on related companies (“dependent company report”) for the fiscal year 2022. 
PricewaterhouseCoopers GmbH audited the dependent company report and rendered the following 
opinion: 
“Based on our audit and assessment in accordance with professional standards we confirm that  
(1)  
the factual disclosures contained in the report are correct,  
(2)  
the payments made by the company in connection with transactions detailed in the report were 
not unreasonably high.” 
The supervisory board concurred with the result of the audit by the auditor of the dependent company 
report. According to the concluding results of its own review, the supervisory board had no objections 
to raise with respect to the closing declaration of the board of management in the dependent company 
report. 
Audit of the non-financial group report  
 
The supervisory board thoroughly examined the non-financial group report. No objections were raised. 
Composition of the board of management and supervisory board 
 
The extension of the appointment of chairman of the board of management Mr. Hans Dieter Pötsch by 
another five years became effective as of 1 January 2022. There was a personnel change within the 
board of management with the appointment of Dr. Johannes Lattwein as member of the board of 
management responsible for finance and IT in January 2022 effective 1 February 2022. Since then. 
Mr. Hans Dieter Pötsch, who acted as the member of the board of management responsible for finance 
30
2022
To our shareholders
Report of the supervisory board

up until the appointment of Dr. Johannes Lattwein, has served exclusively as chairman of the board of 
management. 
At the end of the annual general meeting on 13 May 2022 the term of office of the chairman of the 
supervisory board, Dr. Wolfgang Porsche, and that of the other members of the supervisory board  
Dr. Hans Michel Piëch, Prof. Dr. Ulrich Lehner and Dr. Ferdinand Oliver Porsche ended. At the 
recommendation of the supervisory board – based on the recommendation of the nominations 
committee – the annual general meeting re-elected Dr. Wolfgang Porsche, Dr. Hans Michel Piëch,  
Prof. Dr. Ulrich Lehner and Dr. Ferdinand Oliver Porsche as members of the supervisory board for a 
term until the end of the annual general meeting that passes a resolution on the exoneration of the 
members of the supervisory board for the fiscal year 2026. At the constituent supervisory board 
meeting directly after the annual general meeting, Dr Wolfgang Porsche was appointed chairman of the 
supervisory board and Dr. Hans Michel Piëch deputy chairman of the supervisory board. 
Acknowledgment 
 
The supervisory board expresses its gratitude to the board of management and all employees in 
acknowledgment of the work they have done and their unflagging commitment.  
  
Stuttgart, 17 March 2023 
 
 
 
 
The supervisory board 
Dr. Wolfgang Porsche 
Chairman 
31
2022
To our shareholders
Report of the supervisory board

Remuneration report and 
auditor’s report
I. Introduction  
The remuneration report prepared by the board of 
management and supervisory board of Porsche 
Automobil Holding SE (“Porsche SE” or the 
“company”) describes the main features of the 
remuneration systems applicable in the fiscal year 
2022 for members of the board of management and 
supervisory board of Porsche SE in the fiscal year 
2022, and explains in detail the individual 
remuneration awarded and due to every single 
current or former member of the board of 
management and supervisory board in the reporting 
year. Awarded and due remuneration relates to the 
amounts that the individual member of the board of 
management or supervisory board actually received 
in the reporting period or amounts due that have not 
yet been paid out. Additionally the remuneration 
earned in the fiscal year 2022 that was neither 
received nor fell due in the reporting period is 
included for the members of the board of 
management. In addition, the report contains 
disclosures on benefits promised to members of the 
board of management in the event of regular or 
early termination of their service. 
The disclosures comprise the remuneration 
awarded and due to the members of the board of 
management and supervisory board for their board 
activities at Porsche SE in accordance with its 
remuneration system. This also includes activities at 
Porsche Beteiligung GmbH, Porsche Zweite 
Beteiligung GmbH, Porsche Dritte Beteiligung 
GmbH, Porsche Vierte Beteiligung GmbH as well as 
 
 
 
at PTV Planung Transport Verkehr GmbH. It does 
not include activities of Porsche’s SE board 
members within the Volkswagen Group. The 
remuneration that board members of Porsche SE 
receive from the Volkswagen Group for activities 
within the Volkswagen Group is therefore not 
included in the disclosures below.  
The remuneration report complies with the 
requirements of the AktG [“Aktiengesetz”: German 
Stock Corporation Act] as well as the 
recommendations of the German Corporate 
Governance Code (“GCGC”). The presentation 
currency is the euro. 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 and were 
determined using the same methods as for the 
current reporting year figures. 
This remuneration report is subject to a voluntary 
audit of its content pursuant to IDW Assurance 
Standard “Examination of Financial Statements or 
their Components (IDW AsS 490)” by 
PricewaterhouseCoopers GmbH Wirtschafts-
prüfungsgesellschaft, Frankfurt am Main, Stuttgart 
branch. 
 
 
32
2022
To our shareholders
Remuneration report

investment in Argo AI. There was also an increase in 
the tax expense and the share of the result of non-
controlling interests. 
 
Net liquidity of the Porsche SE Group decreased to 
minus €6,672 million (€641 million) compared to 
31 December 2021.  
On 28 September 2022, Volkswagen placed 25%  
of the preference shares (including additional 
allocations) of its subsidiary Porsche AG with 
investors. Since 29 September 2022, these 
preference shares have been traded on the 
Frankfurt Stock Exchange.  
The basis for the IPO was a comprehensive 
agreement to enter into a number of contracts 
between Volkswagen and Porsche SE. In this 
context, both parties agreed, among other things, 
that Porsche SE acquires 25% plus one share of 
Porsche AG’s ordinary shares from Volkswagen. The 
total price for 25% plus one share of Porsche AG’s 
ordinary shares amounted to €10.1 billion.  
Debt financing for this transaction was provided  
by an international syndicate of banks. The original 
financing volume came to a total of €8.9 billion,  
of which €7.1 billion had been utilized as of  
31 December 2022. 
 
 
II. Significant events and developments 
in the fiscal year 2022 
1. Business development and development 
of key performance indicators in the fiscal 
year 2022 
Porsche SE’s main corporate goal is to invest in 
companies that contribute to the mid- and long-
term profitability of the Porsche SE Group while 
securing sufficient liquidity. In line with this 
corporate goal, the IFRS group result after tax and 
group net liquidity are the core management 
indicators in the Porsche SE Group. 
By definition, net liquidity of the Porsche SE Group 
is calculated as cash and cash equivalents, time 
deposits and securities derived from the 
consolidated balance sheet less financial liabilities. 
The group result after tax of Porsche SE for  
the fiscal year 2022 came to €4,787 million  
(€4,566 million). The result after tax was 
significantly influenced by the investment in 
Volkswagen accounted for at equity of  
€4,524 million (€4,628 million). The result of the 
Volkswagen Group was positively influenced by 
effects from the price positioning, the product mix 
as well as from derivatives to which hedge 
accounting is not applied. These factors were offset 
in particular by parts supply shortages, increased 
product costs as well as loss allowances and risk 
provisions in connection with the consequences of 
the Russia-Ukraine conflict and the equity 
33
2022
To our shareholders
Remuneration report

2. Change in the composition of the board 
of management and the supervisory board 
The supervisory board extended the appointment of 
chairman of the board of management Mr. Hans 
Dieter Pötsch by five years effective 1 January 2022. 
Furthermore, the supervisory board appointed  
Dr. Johannes Lattwein as member of the board of 
management responsible for finance and IT 
effective 1 February 2022, thereby enlarging 
Porsche SE’s board of management to four 
members. Dr. Lattwein was appointed for a term  
of three years.  
Four supervisory board members were re-elected 
by the annual general meeting of Porsche SE on 
13 May 2022, namely Dr. Wolfgang Porsche,  
Dr. Hans Michel Piëch, Prof. Dr. Ulrich Lehner and 
Dr. Ferdinand Oliver Porsche. At the constituent 
supervisory board meeting directly after the annual 
general meeting, the oversight body confirmed  
Dr. Wolfgang Porsche as chairman of the 
supervisory board and Dr. Hans Michel Piëch as 
deputy chairman. Accordingly, no changes were 
made to the composition of the supervisory board. 
3. Approval of the remuneration report by 
the annual general meeting 2022 
At the ordinary general meeting on 13 May 2022, the 
remuneration report for the fiscal year 2021 prepared 
and audited in accordance with Sec. 162 AktG was 
approved unanimously. There were thus no aspects 
that had to be taken into account with regard to the 
remuneration system, its implementation or the 
reporting in the reporting period. 
III. Remuneration of current or former 
members of the board of 
management 
1. General principles of the remuneration 
system 
Establishing and implementing the remuneration 
system  
 
The remuneration system for the board of 
management is established by the supervisory 
board in accordance with Sec. 87a (1) AktG. The 
supervisory board is assisted in this by the 
executive committee, which prepares proposals and 
recommendations with respect to both the structure 
and the further development of the remuneration 
system for the board of management. External 
advisors may be consulted as needed. If the 
supervisory board retains remuneration consultants, 
it must make sure in particular that the consultants 
are independent. 
No adjustments were made to the existing 
remuneration system in the fiscal year 2022. 
With a view to avoiding potential conflicts of  
interest, the requirements of the AktG and the 
recommendations of the GCGC apply to the 
establishment, implementation and review of the 
remuneration system. The members of the 
supervisory board and of all committees are 
required to notify the supervisory board of any 
conflicts of interest. In such cases, the individuals 
concerned must not be involved in decisions on the 
matters subject to conflicts of interest. 
Guidelines of the board of management 
remuneration system 2021 
The remuneration system for the members of the 
board of management approved by the supervisory 
board on 3 December 2020 and approved by the 
34
2022
To our shareholders
Remuneration report

annual general meeting on 23 July 2021 (“board of 
management remuneration system 2021”) is to 
further the strategic goal of Porsche SE through 
targeted individual incentives for the board of 
management members and by aligning the interests 
of the board of management and shareholders. 
Furthermore, the remuneration system is to create 
incentives for implementing the corporate strategy 
in a sustainable way and thus contribute to positive 
corporate development. Accordingly, the 
remuneration system is to apply the following 
principles: 
· Promoting Porsche SE as a profitable and 
competitive holding company 
 
· Horizontal compatibility: appropriateness and 
market conformity of the remuneration of the 
board of management members in relation to 
comparable corporate groups and holding 
companies 
 
· Vertical compatibility: taking into consideration 
the board of management members’ 
remuneration in proportion to the remuneration of 
the first management level and to the relevant 
total workforce. 
Application of the board of management 
remuneration system 2021 
The board of management remuneration system 
2021 applied to all board of management service 
agreements in the reporting year 2022. In the course 
of extending their agreements, Dr. Döss and 
Mr. Pötsch were switched to the board of 
management remuneration system 2021 effective 
1 January 2021 and 1 January 2022, respectively. 
The board of management remuneration system 
2021 had not previously applied for these two board 
of management members. For this reason, the 
remuneration components awarded for fiscal years 
up to and including 2020 that were paid out to 
Dr. Döss in the fiscal year 2022 are not yet based on 
the board of management remuneration system 
2021. For Mr. Pötsch, there were no special features 
for the reporting period from the former 
remuneration principles applying to his 
remuneration until 2021. 
The board of management remuneration system 
2021 of Porsche SE is published at www.porsche-
se.com/en/company/corporate-governance/. 
Any former remuneration principles differing from 
the board of management remuneration system 
2021 that are of relevance for this remuneration 
report are explained separately. Unless noted 
separately, the information relates to the board of 
management remuneration system 2021. 
Review of the appropriateness of the 
remuneration system 
The board of management remuneration system is 
reviewed on a regular basis by the supervisory 
board – based on the preparatory work and 
recommendations of the executive committee – with 
regard to necessary adjustments and its further 
development and, in the event of material changes, 
but no later than every four years, is again submitted 
to the annual general meeting for approval.  
The appropriateness of the remuneration is 
assessed in particular in light of the tasks and 
performance of the individual board of management 
member and the situation of the company. 
Additionally, the supervisory board makes sure that 
the remuneration is aligned with the company’s 
long-term sustainable development and that 
customary remuneration is not exceeded unless 
there are special reasons. When determining what is 
customary, both the horizontal compatibility with 
peer group companies and the vertical compatibility 
with remuneration structures within Porsche SE are 
taken into account. 
The peer group used to assess the market 
conformity of the remuneration is identified with 
reference to the following criteria: market 
capitalization, total assets, location of the registered 
office and comparability of the industry sector. For 
35
2022
To our shareholders
Remuneration report

this purpose, on the one hand, DAX-listed peer 
group companies are used with respect to market 
capitalization (DAX peer group) and, on the other, 
selected investment holding companies based in 
Western Europe are used with respect to the 
industry sector of investment management (holding 
peer group).  
The horizontal compatibility check was most 
recently performed in the fiscal year 2020 in the 
course of setting up the board of management 
remuneration system 2021 using the following peer 
group companies: 
 
 
 
 
 
 
 
 
    
 
For the vertical comparison, the relation of the 
board of management remuneration to the 
remuneration of the first management level and also 
to the remuneration of the relevant total workforce is 
taken into account, in each case also considering 
the development of the remuneration over time. The 
relevant total workforce used for the purpose of the 
vertical comparison is the entire staff of Porsche SE 
below the board of management, i.e., including the 
first management level (but not including the 
employees of group companies) (the “total 
workforce”).  
 
 
 
 
 
 
 
Company 
Peer 
Company 
Peer 
  
group 
  
group 
 
 
 
 
Adidas AG 
Dax 
Eurazeo S.A. 
Holding 
Allianz SE 
Dax 
Fresenius Medical Care AG & Co 
KGaA 
Dax 
Aurelius SE & Co. KGaA 
Holding 
Fresenius SE & Co KGaA 
Dax 
BASF SE 
Dax 
HeidelbergCement AG 
Dax 
Bayer AG 
Dax 
Henkel AG & Co KGaA 
Dax 
Bayerische Motoren Werke AG 
Dax 
Indus Holding AG 
Holding 
Beiersdorf AG 
Dax 
Infineon Technologies AG 
Dax 
Continental AG 
Dax 
Linde PLC 
Dax 
Covestro AG 
Dax 
Merck KGaA 
Dax 
Daimler AG 
Dax 
MTU Aero Engines AG 
Dax 
Delivery Hero SE 
Dax 
Münchener Rückversicherungs-
Gesellschaft AG 
Dax 
Deutsche Bank AG 
Dax 
Rocket Internet SE 
Holding 
Deutsche Beteiligungs AG 
Holding 
RWE AG 
Dax 
Deutsche Börse AG 
Dax 
SAP SE 
Dax 
Deutsche Post AG 
Dax 
Siemens AG 
Dax 
Deutsche Telekom AG 
Dax 
Volkswagen AG 
Dax 
Deutsche Wohnen SE 
Dax 
Vonovia SE 
Dax 
E.ON SE 
Dax 
Wendel SE 
Holding 
 
 
 
 
36
2022
To our shareholders
Remuneration report

2. Components of board of management 
remuneration in the fiscal year 2022 
Fixed remuneration 
 
The fixed remuneration consists of the fixed salary, 
fringe benefits and, in principle, pension benefits. 
The rationale for fixed and thus non-performance-
based remuneration is to provide the board of 
management members with an appropriate base 
income. In the supervisory board’s view, such base 
income reduces the likelihood that board of 
management members will take risks that are 
inappropriate from the company’s point of view.  
Fixed salary 
 
The fixed salary is cash-based remuneration set for 
the entire year that is paid out in twelve equal 
monthly installments. The amount of each board of 
management member’s fixed salary varies 
depending on each member’s area of responsibility, 
professional background and the general market 
conditions affecting the department represented by 
that member, and taking into account that 
member’s overall time commitment also with 
respect to any sideline activities.  
Fringe benefits 
 
In addition, each board of management member 
receives benefits in kind and other earnings (“fringe 
benefits”). In particular, the following benefits are 
awarded as fringe benefits: 
· In general, a company car, which may also be 
used for private purposes, is made available to 
each board of management member. Such a 
company car provision may be omitted, if the 
board of management member is already entitled 
to use a company vehicle based on a sideline 
activity for a third-party company. The tax values 
are used to quantify the provision of a company 
car in the remuneration tables.  
 
· Each board of management member also has the 
possibility to use other company vehicles 
privately for a discounted usage charge according 
to the terms applicable to the first management 
level. 
 
· Each board of management member is covered 
by the insurance taken out by Porsche SE, i.e., 
legal protection insurance (covering civil and 
criminal liability) and financial loss liability 
insurance for board of management members 
(so-called “D&O insurance”), and also by the 
group occupational accident insurance taken out 
by Porsche SE unless the board of management 
member is already covered by occupational 
accident insurance through a sideline activity for a 
third-party company. 
 
· Each board of management member receives an 
allowance for health and long-term care insurance 
up to the amount of the employer’s share of the 
statutory health and long-term care insurance 
unless the board of management member already 
receives such an allowance under another service 
contract due to double employment.  
 
· Each board of management member is entitled to 
continued payment of remuneration in the event 
of illness for no longer than 12 months. In the 
event of death, the surviving dependents are 
entitled to receive death grants equivalent to six 
monthly installments of the fixed salary. 
 
· The board of management members receive 
certain perks and benefits to a limited extent, 
equal to what is also awarded to the first 
management level from time to time. 
In general, all board of management members are 
equally entitled to the benefits in kind and the other 
earnings; whether or not individual benefits are 
awarded and in what specific amounts may vary 
37
2022
To our shareholders
Remuneration report

depending on the board of management member’s 
circumstances/departmental responsibility. 
The current chairman of the board of management 
is additionally allowed to travel by charter flight to 
and from the registered office of Porsche SE at the 
expense of Porsche SE in order to perform his tasks. 
Furthermore, Porsche SE bears in certain cases the 
accommodation and food costs for staying at the 
location of the registered office of Porsche SE on 
the day before or after their business-related stay at 
Porsche SE's registered office. 
Variable remuneration (board of management 
remuneration system 2021) 
Principles of variable remuneration 
 
In addition, the board of management members 
receive variable, performance-based remuneration 
in the form of a performance bonus that depends 
on whether or not specific financial and non-
financial performance targets are reached. The 
bonus consists of a short-term incentive (“STI”) and 
a long-term incentive (“LTI”). The parameters for 
both components are for the most part identical. 
However, the long-term incentive is tied to 
additional long-term performance criteria, the 
payment of which depends on whether or not these 
are fulfilled (“payout hurdle”). The aim of variable 
remuneration is to create incentives for 
implementing the corporate strategy in a 
sustainable way through targeted individual 
incentives for the board of management members 
and thus to promote Porsche SE as a profitable and 
competitive holding company.  
The performance targets for the bonus are set in 
individual target agreements concluded with the 
individual board of management members. A target 
agreement is concluded between the board of 
management member and the supervisory board in 
each case before the relevant fiscal year starts; a 
target agreement stipulates several individual 
performance targets set by the supervisory board 
based on the business strategy, in addition to 
stipulating the relative weighting of the targets. The 
individual performance targets comprise primarily 
non-financial individual targets but may also be 
supplemented by financial performance targets 
related to that board of management member’s 
department and tasks. 
Besides the performance targets stipulated in  
the target agreement on an annual basis, a 
discretionary modifier is used to calculate the 
amount of the bonus. The modifier is set by the 
supervisory board at its reasonable discretion on 
the basis of an evaluation of the economic situation 
and development of the company and the general 
performance of the board of management member 
to the extent that these factors have not already 
been taken into account in the specific individual 
targets stipulated in the target agreement.  
The basis for the calculation of the bonus is a target 
amount specified in the service contract, which is 
based on a target achievement of 100% (“bonus 
target amount”). The total payment amount for the 
bonus is limited to 150% of the bonus target 
amount (“bonus cap”). 
A board of management member’s specific 
performance relating to the individual targets set in 
the target agreement and the corresponding degree 
of target achievement are assessed based on a 
scale in 25% increments with target achievement 
levels from 0% to 150% with the aim of achieving 
measurability of target achievement wherever 
possible. To the extent the measurability of the 
target achievement is not provided for, the 
supervisory board determines the level of target 
achievement at its due discretion. 
In accordance with the relative weighting of the 
individual performance targets, an overall degree of 
target achievement is determined based on the 
individual levels of target achievement calculated, 
on the basis of which an intermediate amount is 
calculated using the bonus target amount. The 
38
2022
To our shareholders
Remuneration report

Bonus-relevant fiscal year 
Year „0“
Year 1
Year 2
Year 3
Year 1
Year 2
Year 3
Bonus-relevant fiscal year  
Year „0“
Targets pursuant to target agreement, economic situation  
and development, general performance
Malus assessment
Payout hurdle
LTI payout date
intermediate amount calculated in this way is 
multiplied by the set modifier and the result is the total 
bonus amount, which is subject to the bonus cap: 
Overall degree of target achievement x 
bonus target amount (in EUR) x modifier = 
total bonus amount (but not exceeding the 
bonus cap) 
 
If the overall degree of target achievement is less 
than 50%, no bonus will be paid for the relevant 
fiscal year (neither the STI nor LTI component). 
In the event of extraordinary developments, the 
supervisory board may, at its reasonable discretion, 
increase or reduce the calculated total bonus 
amount by up to 20% by setting a special 
adjustment factor of 0.8 to 1.2; in that case, such an 
increase is not limited by the bonus cap. 
Target achievement and the total bonus amount 
(taking into account the modifier and special 
adjustment factor) are determined within three 
months of the end of the bonus-relevant fiscal year 
(“set total bonus amount”).  
Short-term incentive 
 
A share of 40% of the set total bonus amount 
constitutes the STI, which, subject to any applicable 
malus mechanisms (see “III. 6. Compliance with 
remuneration ceiling”), is paid out three months 
after the end of the bonus-relevant fiscal year, but 
not before expiry of the third day following the day 
of the supervisory board meeting in which the 
consolidated financial statements of Porsche SE are 
approved. 
Long-term incentive 
 
A share of 60% of the set total bonus amount 
constitutes the LTI, which is retained for another 
two years after the end of the bonus-relevant fiscal 
year. 
It will be paid out after the end of the two-year 
deferral period unless any malus mechanisms (see 
“III. 6. Compliance with remuneration ceiling”) 
during the three-year assessment period (i.e., 
including the two-year deferral period) result in a 
forfeiture or reduction and only if the payout hurdle 
is met.  
The payout hurdle is met if, in the second fiscal year 
following the bonus-relevant fiscal year, a positive 
group result before tax or other group result before 
tax previously determined by the supervisory board 
is generated. If this payout hurdle is not reached, 
the entire LTI is forfeited. If the payout hurdle is met, 
the LTI (subject to any applicable malus 
mechanisms) will be due for payment two years 
after the corresponding STI falls due for payment, 
but not before the end of the third day following the 
day of the supervisory board meeting in which the 
consolidated financial statements of Porsche SE are 
approved that are decisive for determining whether 
or not the payout hurdle has been met.  
 
39
2022
To our shareholders
Remuneration report

Special bonus 
 
At its due discretion, the supervisory board may, 
based on a special bonus target agreement, offer to 
individual board of management members a special 
bonus for the forthcoming fiscal year with respect to 
special issues that require particular achievements. 
The same applies to special issues arising due to 
extraordinary developments during an ongoing 
fiscal year.  
Variable remuneration (former remuneration 
principles relevant in the reporting year) 
 
Up to and including the fiscal year 2021, 
Mr. Pötsch’s service contract did not provide for  
any variable remuneration. 
Dr. Döss also received variable remuneration in 
accordance with the previously applicable 
remuneration principles. The amount of variable 
remuneration was specified by the supervisory 
board at its discretion, taking into account the 
achievement of targets set in target agreements as 
well as the business and earnings situation of the 
company. 40% of the variable remuneration set by 
the supervisory board for each completed fiscal 
year is due for payment three months after the fiscal 
year relevant for the bonus ends (short-term 
variable remuneration). The remaining 60% is 
generally due for payment two years after the short-
term variable remuneration falls due (long-term 
variable remuneration). Payment is largely 
dependent on the Porsche SE Group generating a 
positive group result before tax in the most recent 
fiscal year concluded before the long-term variable 
remuneration fell due. In contrast to the board of 
management remuneration system 2021, the former 
remuneration agreement in place with Dr. Döss thus 
in particular did not include a definition of the 
determination of target achievement using a scale in 
25% increments with target achievement levels 
from 0% to 150% as well as modifier. The LTI 2019 
variable compensation paid out in the reporting year 
and the LTI 2020 variable remuneration for Dr. Döss 
that has not been paid out yet are based on the 
former remuneration agreement.  
The variable remuneration for the former board of 
management member Mr. von Hagen paid out in the 
fiscal year 2022 was generally subject to the same 
former remuneration principles that were applied for 
Dr. Döss. However, as an additional disbursement 
requirement for the long-term variable remuneration, 
positive net liquidity of Porsche SE was required in 
addition to a positive group result after tax. In 
connection with Mr. von Hagen leaving the board of 
management as of 30 June 2020, it was agreed that 
these disbursement requirements would no longer 
be applied. 
3. Benefits and benefit commitments in 
connection with the termination of board of 
management activity  
Benefits paid upon early contract termination 
 
In the event of early termination of the service 
contract (and of the board of management activity), 
any payments due to the board of management 
member are limited to the value of twice the total 
annual remuneration (“severance cap”); the 
payments must not in any event exceed the 
remuneration due for the remaining term of the 
service contract. The total annual remuneration 
corresponds to the total remuneration for the 
purpose of making sure that the maximum 
remuneration has been complied with (see “III. 6. 
Compliance with remuneration ceiling”). The 
severance cap is calculated on the basis of the total 
remuneration for the past full fiscal year and, if 
appropriate, also the expected total remuneration 
for the current fiscal year.  
If the service contract is terminated for a cause for 
which the board of management member is 
responsible, no severance payment will be made to 
the board of management member. Any severance 
payment will be set off against any non-competition 
40
2022
To our shareholders
Remuneration report

compensation that is payable in the event that a 
post-contractual prohibition of competition has 
been agreed.  
Benefit commitments for board of management 
members in the event of regular termination of 
their service 
 
The pension schemes applicable to the board of 
management members vary depending on the date 
the member joined the board of management.  
Mr. Pötsch does not receive any company pension 
benefits from Porsche SE.  
Dr. Döss is awarded a salary-based retirement 
pension commitment that gives rise to a retirement 
pension entitlement equivalent to 25% of an agreed 
pensionable income. This increases by one 
percentage point for each active year of service as 
member of the board of management up to a 
maximum of 40%. As of 31 December 2022,  
Dr. Döss has reached a retirement pension 
entitlement of 32%. Retirement pension eligibility 
arises through termination of the service contract 
when or after the board of management member 
has reached 65 years of age or before the member 
has reached the age of 65 and if during the term of 
the service contract permanent inability to work 
occurs. Upon termination of the service contract 
before reaching the age of 65 and in the absence of 
an inability to work, Dr. Döss keeps his expectancy 
rights to pension benefits to the extent prescribed 
by law. However, in such a case, the expectancy 
rights will become vested with immediate effect. 
The retirement pension is payable in twelve equal 
monthly installments. The surviving dependents’ 
pension comprises a widows’ pension of 60% of 
the retirement pension and orphans’ benefits of  
20% of the retirement pension for each child, 
reduced to 10% for each child if a widow’s pension 
is paid. The total amount of the widows’ pension 
and orphans’ benefits must not exceed the amount 
of the retirement pension. Orphans’ benefits are 
limited to a total of 80% of the retirement pension. 
Dr. Döss will continue to be entitled to a company 
car following the date of retirement. 
Dr. Lattwein and Mr. Meschke receive a direct 
commitment in the form of an employer-financed 
defined contribution benefit commitment, which will 
also be awarded to new members joining the board 
of management in accordance with the board of 
management remuneration system 2021.  
Dr. Lattwein and Mr. Meschke are entitled to an 
annual pension contribution of €270 thousand and 
€60 thousand, respectively. The pension 
contribution is made on a pro rata basis for the year 
of joining as well as in the event of terminating the 
board of management service contract during the 
year. The pension contribution is paid for each year 
the service contract exists, but for no longer than 
until the member reaches the age of 62. The 
pension contributions together with the interest 
attributable to these contributions from the pension 
capital. The pension capital accumulated at the end 
of the preceding year bears interest of 4.0% on an 
annual basis. The pension commitment covers three 
pensionable events: old age (reaching the age of 62), 
reduction in earnings capacity (within the meaning 
of the German statutory pension insurance scheme, 
but with respect to the service as member of the 
board of management, which is expected to last for 
at least six months) and death. The entitlement to 
pension payments exists only for the pensionable 
event that occurs first and also requires that the 
service contract has ended and that the board of 
management member has ceased to work for the 
company. Expectancy rights accruing from the 
benefit commitment on the basis of reaching old 
age are, in principle, subject to the applicable 
statutory vesting regulations (Sec. 1b (1) BetrAVG 
[“Betriebsrentengesetz”: German Company Pension 
Act]) and thus become vested after three years; in 
derogation therefrom, contractual vesting applies 
with immediate effect for occupational disability and 
death. When a pensionable event occurs, the board 
of management member or his/her surviving 
dependents, as the case may be, will receive the 
pension capital as a one-time payment. 
Furthermore, following the date of retirement, 
41
2022
To our shareholders
Remuneration report

Dr. Lattwein continues to be entitled to a company 
car provided that he receives benefits from  
Porsche SE’s pension scheme directly after his 
service contract is terminated as a result of reaching 
retirement age. 
The table below contains the current service cost as 
well as the present value of the payment obligation 
of the board of management members active in the 
reporting year pursuant to IFRS. 
 
 
 
 
 
 
 
1 The amounts stated relate to the pension agreement in place between Porsche SE and Dr. Lattwein in connection with his board of 
management activities since 1 February 2022. Therefore, the amounts do not contain any pension commitments relating to a period until 
31 January 2022. 
 
4. Awarded and due remuneration of the 
board of management members active in 
the fiscal year 2022 
The tables below break down the remuneration 
awarded or due to the board of management 
members active in the fiscal year 2022 pursuant to 
Sec. 162 AktG. Awarded and due remuneration 
relates to the amounts that fell due in the reporting 
period and that were received. The figures thus 
represent the actual amounts received by each 
board of management member in the reporting year, 
regardless of which fiscal year the remuneration 
was set for and therefore earned. The remuneration 
awarded and due in the fiscal year 2022 thus 
comprises the fixed remuneration as well as the 
fringe benefits for the fiscal year 2022, any short-
term incentive (“STI”) for the fiscal year 2021 as well 
as any long-term incentive (“LTI”) for the fiscal year 
2019. By contrast, the expense or contribution to 
the company pension scheme has not yet led to a 
cash outflow to the members of the board of 
management. 
The total remuneration earned in the reporting 
period is additionally presented in “III. 5. Board of 
management remuneration earned in the fiscal year 
2022” and is used as a basis for ensuring 
compliance with the maximum remuneration. 
 
 
 
 
  
Service 
Present value IFRS 
  
cost IFRS 
  
  
  
  
€ thousand 
2022 
31/12/2022 
 
 
Dr. Manfred Döss 
512 
2,491 
Dr. Johannes Lattwein 
342 
254 
Lutz Meschke 
77 
157 
  
931 
2,902 
42
2022
To our shareholders
Remuneration report

Hans Dieter Pötsch 
Chairman of the board of management (since 1 November 2015) and Chief Financial Officer  
(from 25 November 2009 to 31 January 2022) 
 
1 The relative shares stated here relate to total remuneration pursuant to Sec. 162 (1) AktG. 
 
Until 31 December 2021, the remuneration 
agreement in place with Mr. Pötsch did not provide 
for any variable remuneration. Upon extending his 
agreement as of 1 January 2022, Mr. Pötsch was 
switched to the board of management remuneration 
system 2021. The variable remuneration earned by 
Mr. Pötsch in the fiscal year 2022 only counts as 
remuneration granted pursuant to Sec. 162 AktG 
once it is received in subsequent years. The 
remuneration awarded and due therefore does not 
contain any variable remuneration in the fiscal year 
2022. 
 
 
 
 
 
 
 
 
  
2022 
20221 
2021 
20211 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
Fixed compensation 
700 
  
500 
  
Fringe benefits 
350 
  
255 
  
Total fixed remuneration 
1,050 
100.0 
755 
100.0 
Total remuneration acc. to Sec. 162 (1) AktG 
1,050 
100.0 
755 
100.0 
 
 
 
 
43
2022
To our shareholders
Remuneration report

Dr. Manfred Döss 
Board of management member responsible for legal affairs and compliance (since 1 January 2016) 
 
1 The relative shares stated here relate to total remuneration pursuant to Sec. 162 (1) AktG. 
 
The variable remuneration that Dr. Döss received in 
the fiscal year 2022 stems from the STI for the fiscal 
year 2021 as well as from the LTI for the fiscal year 
2019. The variable remuneration for 2019 was 
determined by the supervisory board in prior years 
based on former remuneration principles (see 
section “III. 2. Components of board of 
management remuneration in the fiscal year 2022 
variable remuneration section (former remuneration 
principles relevant in the reporting year)”).  
In both 2019 and 2021, Dr. Döss’ individual 
performance targets comprised successful and 
efficient litigation, the further development of the 
company’s legal organization as well as employee 
development. The supervisory board discussed in 
detail the performance targets with regard to the 
fiscal years 2019 and 2021. A decision on their 
achievement was made at its due discretion on the 
basis of an assessment of Dr. Döss’ individual 
performance.  
With regard to the LTI 2019, the supervisory board 
awarded a bonus amount of €390 thousand 
(maximum bonus amount: €450 thousand). The 
payout hurdle of the LTI component 2019 was also 
met.  
 
 
 
  
2022 
20221 
2021 
20211 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
Fixed compensation 
600 
  
600 
  
Fringe benefits 
58 
  
91 
  
Total fixed remuneration 
658 
48.7 
691 
53.1 
Short-term bonus 
  
  
  
  
STI 2021 
304 
22.5 
  
  
STI 2020 
  
  
280 
21.5 
Long-term bonus 
  
  
  
  
LTI 2019 
390 
28.8 
  
  
LTI 2018 
  
  
330 
25.4 
Total variable remuneration 
694 
51.3 
610 
46.9 
Total remuneration acc. to Sec. 162 (1) AktG 
1,352 
100.0 
1,301 
100.0 
44
2022
To our shareholders
Remuneration report

The total bonus amount for the fiscal year 2021 was 
set for the first time using the board of management 
remuneration system 2021. The table below shows 
how the total bonus amount was derived: 
 
 
 
  
  
  
2021 
€ thousand 
  
  
  
Bonus target amount 
  
  
600 
Individual performance target 
Weighted % 
Target 
achievement % 
  
Successful and efficient litigation 
60 
125 
  
Further development of the company’s legal organization 
20 
100 
  
Employee development 
20 
100 
  
Overall target achievement level of individual targets (%) 
  
  
115 
Intermediate amount 
  
  
690 
Modifier 
  
  
1.1 
Total bonus amount considering Bonus-Cap 
  
  
759 
Special adjustment factor 
  
  
1 
Fixed total bonus amount 
  
  
759 
thereof STI 2021 (40%) 
  
  
304 
 
 
The modifier for the fiscal year 2021 was 1.1 and 
was determined by the supervisory board at its 
reasonable discretion in light of the economic 
situation and development of the company on the 
basis of the group result after tax for the fiscal year 
2021 compared to the planned group result after tax 
for the fiscal year 2021 as well as in light of the 
 
 
general individual performance in the fiscal year 
2021. There were no extraordinary developments 
causing the variable remuneration to increase or 
decrease, meaning that the special adjustment 
factor was not applied. 
 
 
 
 
 
 
45
2022
To our shareholders
Remuneration report

Dr. Johannes Lattwein 
Member of the board of management responsible for finance and IT (since 1 February 2022) 
 
1 The relative shares stated here relate to total remuneration pursuant to Sec. 162 (1) AktG. 
 
The variable remuneration earned by Dr. Lattwein in 
the fiscal year 2022 only counts as remuneration 
granted pursuant to Sec. 162 AktG once it is 
received in subsequent years. The remuneration 
awarded and due therefore does not contain any 
variable remuneration in the fiscal year 2022. 
 
.
 
Lutz Meschke 
Board of management member responsible for investment management (since 1 July 2020) 
 
1 The relative shares stated here relate to total remuneration pursuant to Sec. 162 (1) AktG. 
 
 
 
  
2022 
20221 
  
€ thousand 
% 
 
 
 
Fixed compensation 
550 
  
Fringe benefits 
107 
  
Total fixed remuneration 
657 
100.0 
Total remuneration acc. to Sec. 162 (1) AktG 
657 
100.0 
 
  
2022 
20221 
2021 
20211 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
Fixed compensation 
540 
  
540 
  
Fringe benefits 
0 
  
  
  
Total fixed remuneration 
540 
78.3 
540 
89.4 
Short-term bonus 
  
  
  
  
STI 2021 
150 
21.7 
  
  
STI 2020 
  
  
64 
10.6 
Total variable remuneration 
150 
21.7 
64 
10.6 
Total remuneration acc. to Sec. 162 (1) AktG 
690 
100.0 
604 
100.0 
46
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To our shareholders
Remuneration report

The variable remuneration that Mr. Meschke 
received in the fiscal year 2022 stems from the STI 
for the fiscal year 2021. The supervisory board 
discussed the performance targets of Mr. Meschke 
in detail. A decision on their achievement was made 
on the basis of an assessment of Mr. Meschke’s 
individual performance. The table below shows how 
the set total bonus amount for the fiscal year 2021 
was derived:
 
The modifier for the fiscal year 2021 was 1.1 and 
was determined by the supervisory board at its 
reasonable discretion in light of the economic 
situation and development of the company on the 
basis of the group result after tax for the fiscal year 
2021 compared to the planned group result after tax 
 
 
for the fiscal year 2021 as well as in light of the 
general individual performance in the fiscal year 
2021. There were no extraordinary developments 
causing the variable remuneration to increase or 
decrease, meaning that the special adjustment 
factor was not applied.  
 
 
 
 
 
 
 
 
  
  
  
2021 
€ thousand 
  
  
  
 
 
 
Bonus target amount 
  
  
250 
Individual performance target 
Weighted  
% 
Target 
achievement 
% 
  
Identification of investment opportunities 
25 
150 
  
Further development of the company’s investment management 
organization 
15 
125 
  
Active value management of the investment portfolio 
45 
150 
  
Employee development 
15 
150 
  
Overall target achievement level of individual targets (%) 
  
  
146 
Intermediate amount 
  
  
366 
Modifier 
  
  
1.1 
Total bonus amount considering Bonus-Cap 
  
  
375 
Special adjustment factor 
  
  
1 
Fixed total bonus amount 
  
  
375 
thereof STI 2021 (40%) 
  
  
150 
 
 
 
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Remuneration report

5. Board of management remuneration 
earned in the fiscal year 2022 
In addition to fixed remuneration, the tables below 
contain the one-year and multiple-year variable 
remuneration components, some conditional, 
earned by the active members of the board of 
management in the fiscal years 2022 and 2021 as 
well as the service cost from pension commitments 
in accordance with IFRS. Unlike the amounts in 
section “III. 4. Awarded and due remuneration of the 
board of management members active in the fiscal 
year 2022”, the variable remuneration components 
do not show the amounts received in the reporting 
period, but rather the set total bonus amounts for 
the reporting period. The total remuneration earned 
forms the basis for the review of compliance with 
the maximum remuneration (see “III. 6. Compliance 
with remuneration ceiling”). 
 
Hans Dieter Pötsch 
Chairman of the board of management (since 1 November 2015) and Chief Financial Officer  
(from 25 November 2009 to 31 January 2022) 
 
 
 
 
 
 
 
 
 
 
  
2022 
2022 
2021 
2021 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
 
 
Fixed compensation 
700 
  
500 
  
Fringe benefits 
350 
  
255 
  
Total fixed remuneration 
1,050 
56.0 
755 
100.0 
Short-term bonus 
  
  
  
  
STI 2022 
330 
17.6 
  
  
Long-term bonus 
  
  
  
  
LTI 2022 
495 
26.4 
  
  
Total variable remuneration 
825 
44.0 
0 
0.0 
Service cost 
0 
0.0 
0 
0.0 
Total earned remuneration for review of 
compliance with maximum remuneration 
1,875 
100.0 
755 
100.0 
 
 
 
 
 
48
2022
To our shareholders
Remuneration report

Dr. Manfred Döss 
Board of management member responsible for legal affairs and compliance (since 1 January 2016) 
 
 
Dr. Johannes Lattwein 
Member of the board of management responsible for finance and IT (since 1 February 2022) 
 
 
 
 
 
 
 
 
  
2022 
2022 
2021 
2021 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
 
Fixed compensation 
600 
  
600 
  
Fringe benefits 
58 
  
91 
  
Total fixed remuneration 
658 
33.4 
691 
34.0 
Short-term bonus 
  
  
  
  
STI 2022 
321 
16.3 
  
  
STI 2021 
  
  
304 
15.0 
Long-term bonus 
  
  
  
  
LTI 2022 
482 
24.4 
  
  
LTI 2021 
  
  
455 
22.4 
Total variable remuneration 
803 
40.7 
759 
37.4 
Service cost 
512 
26.0 
580 
28.6 
Total earned remuneration for review of 
compliance with maximum remuneration 
1,973 
100.0 
2,031 
100.0 
 
 
 
 
 
 
 
 
  
2022 
2022 
  
€ thousand 
% 
 
 
Fixed compensation 
550 
  
Fringe benefits 
107 
  
Total fixed remuneration 
657 
37.1 
Short-term bonus 
  
  
STI 2022 
308 
17.4 
Long-term bonus 
  
  
LTI 2022 
462 
26.1 
Total variable remuneration 
770 
43.5 
Service cost 
342 
19.3 
Total earned remuneration for review of compliance with maximum remuneration 
1,768 
100.0 
 
 
 
49
2022
To our shareholders
Remuneration report

Lutz Meschke 
Board of management member responsible for investment management (since 1 July 2020) 
 
 
To measure variable remuneration for the fiscal year 
2022, the supervisory board assessed the 
achievement of the individual performance targets 
set for the fiscal year 2022. 
The supervisory board discussed the performance 
targets in detail. A decision on their achievement 
was made on the basis of an assessment of the 
individual performance of the members of the board 
of management. Where no provision was made for 
the measurability of target achievement, the 
supervisory board carried out this assessment at its 
due discretion. The individual performance targets 
of the board of management members for the fiscal 
year 2022 set by the supervisory board including 
their target achievement level are summarized in the 
table below.
 
 
 
 
 
 
  
2022 
2022 
2021 
2021 
  
€ thousand 
% 
€ thousand 
% 
 
 
 
 
 
Fixed compensation 
540 
  
540 
  
Fringe benefits 
0 
  
  
  
Total fixed remuneration 
540 
55.5 
540 
55.3 
Short-term bonus 
  
  
  
  
STI 2022 
143 
14.6 
  
  
STI 2021 
  
  
150 
15.4 
Long-term bonus 
  
  
  
  
LTI 2022 
214 
22.0 
  
  
LTI 2021 
  
  
225 
23.0 
Total variable remuneration 
356 
36.6 
375 
38.4 
Service cost 
77 
7.9 
62 
6.3 
Total earned remuneration for review of 
compliance with maximum remuneration 
973 
100.0 
977 
100.0 
 
 
 
 
 
50
2022
To our shareholders
Remuneration report

With regard to determining the modifier for the fiscal 
year 2022, the economic situation and development 
of the company was assessed on the basis of the 
group result after tax for the fiscal year 2022 
compared to the planned group result after tax for 
the fiscal year 2022. The general performance of the 
board of management members in the fiscal year 
2022 was assessed at the supervisory board’s 
reasonable discretion provided this had not already 
been covered by the assessment of the individual 
targets. 
It became clear over the course of the fiscal year 
2022 that the fiscal year was primarily shaped by 
the acquisition of 25% plus one share of  
Porsche AG’s ordinary shares and the associated 
negotiations (see also “II. 1. Business development 
and development of key performance indicators in 
the fiscal year 2022”). On Porsche SE’s board of 
management, it was largely Mr. Pötsch and  
Dr. Lattwein who oversaw this transaction including 
its financing. In order to take into consideration 
these extraordinary developments and the 
associated extraordinary achievements of 
Mr. Pötsch and Dr. Lattwein, who helped lead 
Porsche SE to an extremely successful result in the 
fiscal year 2022, the supervisory board set a special 
adjustment factor of 1.2 for Mr. Pötsch and 
Dr. Lattwein at its reasonable discretion. There were 
no extraordinary developments for Dr. Döss and 
Mr. Meschke, meaning that there was no increase or 
decrease in variable remuneration caused by 
applying the special adjustment factor. 
The payout hurdle for the LTI 2022 is met when a 
positive group result before tax is achieved in the 
fiscal year 2024.  
 
 
  
Individual performance targets 2022 
Weighted  
% 
Target 
achievement 
% 
Hans Dieter Pötsch 
Development of strategic planning 
30 
150.0 
  
Digitization of business processes 
20 
150.0 
  
Strengthening capital market attractiveness 
20 
125.0 
  
Further development of employer attractiveness  
and employee satisfaction 
15 
150.0 
  
Development of a management succession plan 
15 
100.0 
  
Overall degree of target achievement 
  
137.5 
Dr. Manfred Döss 
Successful and efficient litigation 
60 
150.0 
  
Further development of the company’s  
“legal affairs and compliance” department 
25 
100.0 
  
Employee development 
15 
125.0 
  
Overall degree of target achievement 
  
133.8 
Dr. Johannes Lattwein 
Further development of the corporate financial management 
40 
150.0 
  
Further development of the company's finance organization 
10 
125.0 
  
Financial advice on investment projects 
35 
150.0 
  
Employee development 
15 
100.0 
  
Overall degree of target achievement 
  
140.0 
Lutz Meschke 
Identification of investment opportunities 
25 
150.0 
  
Further development of the investment strategy 
20 
150.0 
  
Active value management of the investment portfolio 
40 
150.0 
  
Employee development 
15 
100.0 
  
Overall degree of target achievement 
  
142.5 
51
2022
To our shareholders
Remuneration report

The table below presents the reconciliation of the 
bonus target amount to the total bonus amount for 
each board of management member earned for the 
fiscal year 2022 and set by the supervisory board. 
 
 
 
    
 
 
 
The LTIs earned but not yet paid out as of 
31 December 2022 comprised LTI components for 
the following fiscal years presented in the table 
below. They will be paid out after the end of a two-
year deferral period unless any malus mechanisms 
during the three-year assessment period 
 
(i.e., including the two-year deferral period) result in 
a forfeiture or reduction and only if the payout 
hurdle is met (see also section “III. 2. Components 
of board of management remuneration in the fiscal 
year 2022”).  
 
 
 
 
1 
In connection with Mr. von Hagen leaving the board of management of Porsche SE in the fiscal year 2020, it was agreed that the 
benefits to which he is entitled under his service contract would be honored in full until the end of the term of the contract on 
28 February 2021. As a result of this, Mr. von Hagen receives long-term variable remuneration of €75 thousand (part of the LTI 2020) for 
the period from 1 July 2020 to 31 December 2020 as well as long-term remuneration of €25 thousand (LTI 2021) for the period from 
1 January 2021 to 28 February 2021. The originally planned determination/disbursement requirements for the variable remuneration 
(positive group result before tax and positive net liquidity of Porsche SE) are no longer applied. 
 
 
 
 
 
  
Hans Dieter 
Dr. Manfred 
Dr. Johannes 
Lutz 
  
 Pötsch 
Döss 
 Lattwein 
 Meschke 
€ thousand 
  
  
  
  
 
 
 
Bonus target amount 
500 
600 
458 
250 
Overall target achievement level of individual targets (%) 
138 
134 
140 
143 
Intermediate amount 
688 
803 
642 
356 
Modifier 
1.0 
1.0 
1.0 
1.0 
Total bonus amount considering Bonus-Cap (150%) 
688 
803 
642 
356 
Special adjustment factor 
1.2 
1.0 
1.2 
1.0 
Fixed total bonus amount 
825 
803 
770 
356 
thereof STI 2022 (40%) 
330 
321 
308 
143 
thereof LTI 2022 (60%) 
495 
482 
462 
214 
 
 
 
 
 
 
 
 
 
 
  
Date of 
Hans Dieter 
Dr. Manfred 
Dr. Johannes 
Lutz 
Philipp 
  
disbursement 
 Pötsch 
Döss 
Lattwein 
Meschke 
von Hagen 
€ thousand 
  
  
  
  
  
until 30 June 2020 
 
 
 
 
LTI 2022 
2025 
495 
482 
462 
214 
  
LTI 2021 
2024 
  
455 
  
225 
251 
LTI 2020 
2023 
  
420 
  
96 
1501 
  
  
495 
1,357 
462 
535 
175 
 
 
 
 
52
2022
To our shareholders
Remuneration report

6. Compliance with remuneration ceiling 
Maximum remuneration 
 
The supervisory board has set the maximum 
remuneration for the entire board of management at 
€24 million per year.  
This maximum remuneration constitutes the 
maximum amount that may be awarded to the 
entire board of management under the board of 
management remuneration system 2021 for board 
of management activities for a given fiscal year and 
includes all of the fixed and variable remuneration 
components (i.e., including any special bonuses or 
bonus adjustments due to extraordinary 
developments). Accordingly, the amount of the 
maximum remuneration includes the fixed salary, 
the one-year and multiple-year variable 
remuneration components (STI and LTI and also 
including any special bonuses), some conditional, 
earned for the relevant fiscal year, all fringe benefits 
and the service cost for pension commitments.  
The remuneration, some conditional, earned by the 
entire board of management in the fiscal year 2022 
amounts to €7 million in total and is therefore below 
the remuneration ceiling.  
Malus and clawback provisions 
 
Subject to the contractual provisions, the 
supervisory board is able under certain conditions 
to retain variable remuneration components that 
have not yet been paid out (“malus”) or – to the 
extent they have already been paid out – to reclaim 
such components (“clawback”). 
In the fiscal year 2022, the supervisory board of 
Porsche SE did not retain or reclaim any variable 
remuneration components from individual members 
of the board of management. 
7. Remuneration of former board of 
management members in the fiscal year 
2022 
In connection with Mr. von Hagen leaving the board 
of management as of 30 June 2020, it was agreed 
in the fiscal year 2020 that the benefits to which he 
is entitled under his service contract would be 
honored in full until the end of the term of the 
contract on 28 February 2021. In this connection, a 
total lump-sum bonus amount (STI and LTI) of  
€250 thousand was determined for the fiscal year 
2021 (pro rata temporis). When they fall due is 
determined according to the usual points in time 
agreed in the service contract; the disbursement 
requirements (positive group result before tax and  
– in the case of the long-term variable remuneration – 
also positive net liquidity of Porsche SE) no longer 
apply.  
As a result, in the fiscal year 2022 Mr. von Hagen 
received a short-term variable remuneration for the 
fiscal year 2021 of €17 thousand as well as long-
term variable remuneration for the fiscal year 2019 
of €150 thousand. The remuneration awarded and 
due in the fiscal year 2022 thus amounted to  
€167 thousand, comprising 100% variable 
remuneration components.  
The LTI 2019 was determined by the supervisory 
board in 2020 based on former remuneration 
principles (see “III. 2. Components of board of 
management remuneration in the fiscal year 2022 
variable remuneration section (former remuneration 
principles relevant in the reporting year)”). The 
individual performance targets of Mr. von Hagen 
comprised the successful heading and 
organizational as well as personal-related further 
development of investment management, the 
further development and operationalization of the 
investment strategy, the further development of the 
positioning of Porsche SE on the capital market as 
a powerful investment platform as well as the 
management and organization of the leadership of 
the investments being controlled. In this regard, the 
supervisory board discussed the performance 
53
2022
To our shareholders
Remuneration report

targets in detail in the fiscal year 2020. A decision 
on their achievement was made at its due discretion 
on the basis of an assessment of Mr. von Hagen’s 
individual performance. With regard to the LTI 2019, 
the supervisory board awarded a bonus of €150 
thousand (maximum bonus amount: €180 thousand).  
The former board of management member 
Mr. Müller was awarded remuneration of  
€5 thousand in the fiscal year 2022 in the form of  
a car for private use, to which he is entitled in 
accordance with his former service agreement. The 
remuneration is thus made up entirely of fixed 
remuneration components.  
IV.  Remuneration of the supervisory 
board 
Supervisory board remuneration system  
in the fiscal year 2022 
 
The remuneration of Porsche SE’s supervisory 
board members is governed by Art. 13 of the 
articles of association and is described in the 
remuneration system for supervisory board 
members, which was confirmed by the annual 
general meeting in the fiscal year 2021. For their 
work, the members of the supervisory board 
exclusively receive fixed remuneration, the amount 
of which depends specifically on the tasks assumed 
on the supervisory board and its committees. 
According to the provisions set out in the articles  
of association, the annual basic remuneration is  
€150 thousand for the chairman of the supervisory 
board, €100 thousand for his deputy and €75 
thousand for every other member of the supervisory 
board. The chairman of the audit committee 
receives an additional €100 thousand annually and 
every other member of the audit committee each 
receives an additional €50 thousand annually. For 
the activities undertaken on the committees other 
than the nominations committee and the investment 
committee (currently not established), the chairman 
receives an additional €50 thousand and every other 
member an additional €25 thousand each. If a 
member of the supervisory board holds more than 
two offices on committees at the same time, that 
member receives only the remuneration for the two 
most highly remunerated offices. 
Supervisory board members who are members of 
the supervisory board or of a committee or who act 
as (deputy) chairman for only a part of a fiscal year 
receive reduced remuneration proportionate to that 
period. 
The members of the supervisory board are also 
covered by a D&O insurance policy maintained by 
the company; the premiums of the D&O insurance 
are paid by Porsche SE. In addition, the company 
reimburses each supervisory board member for 
his/her expenses as well as for any value added tax 
legally owed on his/her remuneration or on the 
reimbursement of his/her expenses. 
The fixed remuneration is due and payable after 
each fiscal year ends. Expenses shall be reimbursed 
without undue delay. There are no further 
postponement periods for the payment of 
remuneration components. 
The remuneration system for the supervisory board 
is to allow the company to continue to attract and 
retain independent, qualified candidates with 
valuable specialist and industry-specific expertise 
for its supervisory board. This is a prerequisite for 
the supervisory board to engage in its advisory and 
monitoring activities in the best possible way. The 
remuneration is set and designed in a way that 
materially promotes the strategy and long-term 
development of Porsche SE. 
 
 
 
54
2022
To our shareholders
Remuneration report

Awarded and due remuneration of the 
supervisory board members active in the fiscal 
year 2022 
 
The remuneration for the current members of 
Porsche SE’s supervisory board presented below 
relates to the remuneration awarded and due in the 
fiscal year 2022 or 2021, relating to the amounts 
actually received for their service on the supervisory 
board as well as for their service on committees of 
the supervisory board of Porsche SE in the fiscal 
year 2021 or 2020.
 
 
 
As a result of setting up a committee with respect to 
the particular importance of the acquisition of 
ordinary shares in Porsche AG, there will be 
changes in the amount of remuneration regarding 
the remuneration awarded in the fiscal year 2023, 
relating to the amounts actually received for serving 
on the supervisory board as well as for serving on 
committees of the supervisory board of Porsche SE 
in the fiscal year 2022. This leads to the 
remuneration for committee activity increasing in 
the fiscal year 2023 to €66 thousand for 
Dr. Wolfgang Porsche, to €82 thousand for 
Dr. Ferdinand Oliver Porsche, to €16 thousand for 
Mr. Günther Horvath and to €16 thousand for 
Mr. Stefan Piëch. 
 
 
 
 
 
 
  
2022 
2021 
  
  
  
  
  
  
Fixed  
Remuneration  
Total 
Total 
€ thousand 
compensation  
for committee 
activities 
  
  
 
 
Dr. Wolfgang Porsche 
150 
50 
200 
200 
Dr. Hans Michel Piëch 
100 
75 
175 
175 
Prof. Dr. Ulrich Lehner 
75 
100 
175 
175 
Dr. Ferdinand Oliver Porsche 
75 
75 
150 
150 
Mag. Josef Michael Ahorner 
75 
  
75 
75 
Mag. Marianne Heiß 
75 
  
75 
75 
Dr. Günther Horvath 
75 
  
75 
75 
Dr. Stefan Piëch 
75 
  
75 
75 
Peter Daniell Porsche 
75 
  
75 
75 
Prof. KR Ing. Siegfried Wolf 
75 
  
75 
75 
Total 
850 
300 
1,150 
1,150 
 
 
55
2022
To our shareholders
Remuneration report

V. Comparative presentation of the 
annual change in remuneration of 
members of the board of management 
and supervisory board to the earnings 
development of the company and to 
the average remuneration of 
employees at Porsche SE  
The table below presents the percentage change in 
the remuneration of current or former board of 
management members awarded and due in each 
fiscal year, the earnings situation of Porsche SE and 
the average remuneration of full-time-equivalents at 
Porsche SE.  
The development of the board of management’s 
and the supervisory board’s remuneration is based 
on the remuneration awarded and due within the 
meaning of Sec. 162 (1) Sentence 1 AktG, as stated 
in section “III. 4. Awarded and due remuneration of 
the board of management members active in the 
fiscal year 2022” and “III. 7 Remuneration of former 
board of management members in the fiscal year 
2022” or “IV. Remuneration of the supervisory 
board”. 
The earnings development of the company is 
generally presented using the development of net 
income for the year of Porsche SE pursuant to 
Sec. 275 (2) No. 17 HGB. As the group result after 
tax of Porsche SE serves as a key performance 
indicator and also influences the variable 
remuneration of the board of management, the 
development of the group result after tax is also 
presented.  
For the development of the average remuneration  
of the employees, the group of employees at 
Porsche SE below the board of management,  
i.e., including the first management level (but not 
including the employees of group companies), is 
used as a basis. The remuneration of part-time staff 
is extrapolated to full-time equivalents.  
 
 
 
 
 
 
 
56
2022
To our shareholders
Remuneration report

1 Changes largely result from the time of joining or in connection with leaving the board of management or supervisory board. 
 
 
Stuttgart, 17 March 2023 
Porsche Automobil Holding SE 
 
 
 
The board of management   
 
The supervisory board 
 
 
  
Annual change 
Annual change 
Annual change 
Annual change 
Annual change 
  
2022 vs. 2021 
2021 vs. 2020 
2020 vs. 2019 
2019 vs. 2018 
2018 vs. 2017 
Remuneration of the board of management 
  
  
  
  
  
Hans Dieter Pötsch 
39.0% 
– 7.4% 
– 1.0% 
– 5.8% 
3.9% 
Dr. Manfred Döss 
3.9% 
43.1% 
– 3.1% 
– 17.1% 
0.7% 
Dr. Johannes Lattwein (since 1/2/2022) 
  
  
  
  
  
Lutz Meschke (since 1/7/2020) 
14.3% 
123.6%1 
  
  
  
Philipp von Hagen (until 30/6/2020) 
– 52.2%1 
– 60.5%1 
0.2% 
3.4% 
– 3.3% 
Matthias Müller (until 30/4/2018) 
  
– 100.0%1 
– 58.5%1 
– 99.0%1 
18.7%1 
  
  
  
  
  
  
Remuneration of the supervisory board 
  
  
  
  
  
Dr. Wolfgang Porsche 
0.0% 
0.0% 
0.0% 
50.2% 
– 7.4% 
Dr. Hans Michel Piëch 
0.0% 
0.0% 
0.0% 
103.1% 
– 12.9% 
Prof. Dr. Ulrich Lehner 
0.0% 
0.0% 
0.0% 
31.5% 
– 3.4% 
Dr. Ferdinand Oliver Porsche 
0.0% 
0.0% 
0.0% 
50.2% 
– 13.4% 
Mag. Josef Michael Ahorner (since 4/7/2018) 
0.0% 
0.0% 
101.7%1 
  
  
Mag. Marianne Heiß (since 15/5/2018) 
0.0% 
0.0% 
58.0%1 
  
  
Dr. Günther Horvath (since 13/3/2018) 
0.0% 
0.0% 
24.1%1 
  
  
Dr. Stefan Piëch (since 4/7/2018) 
0.0% 
0.0% 
101.7%1 
  
  
Peter Daniell Porsche (since 4/7/2018) 
0.0% 
0.0% 
101.7%1 
  
  
Prof. KR Ing. Siegfried Wolf (since 11/4/2019) 
0.0% 
37.7%1 
  
  
  
  
  
  
  
  
  
Earnings performance 
  
  
  
  
  
Annual result of Porsche SE (HGB) 
398.0% 
17.2% 
– 10.8% 
64.1% 
104.5% 
Group result after tax of Porsche SE 
4.8% 
74.0% 
– 40.5% 
26.3% 
6.5% 
  
  
  
  
  
  
Development of the average remuneration of the 
employees 
  
  
  
  
  
Total workforce Porsche SE 
14.4% 
1.7% 
4.9% 
– 3.7% 
0.6% 
57
2022
To our shareholders
Remuneration report

On completion of our audit, we issued an auditor’s 
report dated 17 March 2022 in German language. 
The following text is a translation of this auditor’s 
report. The German text is authoritative: 
 
 
Auditor’s report 
 
To Porsche Automobil Holding SE, Stuttgart 
We have audited the remuneration report of  
Porsche Automobil Holding SE, Stuttgart, for the 
financial year from 1 January 1 to 31 December 
2022 including the related disclosures, which was 
prepared to comply with § [Article] 162 AktG 
[Aktiengesetz: German Stock Corporation Act]. 
Responsibilities of the Executive Directors 
and the Supervisory Board 
The executive directors and the supervisory board 
of Porsche Automobil Holding SE are responsible 
for the preparation of the remuneration report, 
including the related disclosures, that complies with 
the requirements of § 162 AktG. The executive 
directors and the supervisory board are also 
responsible for such internal control as they 
determine is necessary to enable the preparation of 
a remuneration report, including the related 
disclosures, that is free from material misstatement, 
whether due to fraud or error.  
Auditor’s Responsibilities  
Our responsibility is to express an opinion on this 
remuneration report, including the related 
disclosures, based on our audit. We conducted  
 
 
 
 
 
 
 
 
 
 
 
 
 
our audit in accordance with German generally 
accepted standards for the audit of financial 
statements promulgated by the Institut der 
Wirtschaftsprüfer (Institute of Public Auditors in 
Germany) (IDW). Those standards require that we 
comply with ethical requirements and plan and 
perform the audit to obtain reasonable assurance 
about whether the remuneration report, including 
the related disclosures, is free from material 
misstatement.  
An audit involves performing procedures to obtain 
audit evidence about the amounts including the 
related disclosures stated in the remuneration report. 
The procedures selected depend on the auditor's 
judgment. This includes the assessment of the risks 
of material misstatement of the remuneration report 
including the related disclosures, whether due to 
fraud or error. 
In making those risk assessments, the auditor 
considers internal control relevant to the preparation 
of the remuneration report including the related 
disclosures. The objective of this is to plan and 
perform audit procedures that are appropriate in the 
circumstances, but not for the purpose of  
expressing an opinion on the effectiveness of the 
company's internal control. An audit also includes 
evaluating the appropriateness of accounting 
policies used and the reasonableness of accounting 
estimates made by the executive directors and the 
supervisory board, as well as evaluating the overall 
58
2022
To our shareholders
Remuneration report

presentation of remuneration report including the 
related disclosures. 
We believe that the audit evidence we have 
obtained is sufficient and appropriate to provide a 
basis for our audit opinion. 
Audit Opinion 
In our opinion, based on the findings of our audit, 
the remuneration report for the financial year from  
1 January to 31 December 2022, including the 
related disclosures, complies in all material respects 
with the accounting provisions of § 162 AktG. 
Reference to an Other Matter – Formal Audit 
of the Remuneration Report according to  
§ 162 AktG  
The audit of the content of the remuneration report 
described in this auditor's report includes the formal 
audit of the remuneration report required by § 162 
Abs. [paragraph] 3 AktG, including the issuance of a 
report on this audit. As we express an unqualified 
audit opinion on the content of the remuneration 
report, this audit opinion includes that the 
information required by § 162 Abs. 1 and 2 AktG 
has been disclosed in all material respects in the 
remuneration report. 
Restriction on use 
We issue this auditor’s report on the basis of the 
engagement agreed with Porsche Automobil  
Holding SE. The audit has been performed only for 
purposes of the company and the auditor‘s report is 
solely intended to inform the company as to the 
results of the audit. Our responsibility for the audit 
and for our auditor’s report is only towards the 
company in accordance with this engagement. The 
auditor’s report is not intended for any third parties 
to base any (financial) decisions thereon. We do not 
assume any responsibility, duty of care or liability 
towards third parties; no third parties are included in 
the scope of protection of the underlying 
engagement. § 334 BGB [Bürgerliches Gesetzbuch: 
German Civil Code], according to which objections 
arising from a contract may also be raised against 
third parties, is not waived. 
 
Stuttgart, 17 March 2023 
 
PricewaterhouseCoopers GmbH 
Wirtschaftsprüfungsgesellschaft 
 
 
 
Frank Hübner 
Jürgen Berghaus 
Wirtschaftsprüfer 
Wirtschaftsprüfer 
(German Public Auditor) 
(German Public Auditor) 
 
59
2022
To our shareholders
Remuneration report

Porsche SE share
Stock markets1 
The reporting year 2022 was politically and 
economically shaped by the Russia-Ukraine conflict 
and its global impact. The resulting uncertainty, 
soaring commodity prices, a potential gas shortage 
in Europe and an inflation rate exceeding 10% in 
some countries in the eurozone caused a 
challenging financial market environment with 
corresponding price losses in the popular asset 
classes. These developments were exacerbated by 
the European Central Bank and the US Federal 
Reserve raising interest rates. The spillover effects 
from the Covid-19 pandemic, especially restrictions 
in supply chains, also continued to be felt. This 
caused many companies in the manufacturing 
industry, the automotive industry in particular, to 
struggle with the persistent semiconductor shortage.  
The German stock index (DAX) was directly affected 
by the negative developments on the international 
financial markets in 2022 due to the geographical 
proximity. After reaching its annual high of 
16,271.75 points on 5 January, the index fell steadily, 
hitting its annual low of 11,975.55 points on 
29 September. After a consolidation phase, DAX 
stood at 13,923.59 points at year-end – down 
1,961.27 points or 12.35% from its closing price on 
30 December 2021 (15,884.86 points). 
 
 
 
1  Xetra trading, all disclosures with regard to the respective closing 
price 
 
 
The Euro Stoxx 50 closed 2022 at 3,793.62 points, 
a decrease of 11.74% compared to the closing 
price for 2021 (4,298.41 points). The annual high of 
4,392.15 points was recorded on 5 January. The 
annual low of 3,279.04 points was recorded on 
29 September. 
In the fiscal year 2022, the price of the Porsche SE 
preference share was in line with the general market 
development following an annual high of €94.94 on 
23 February. On 28 December, it reached its annual 
low of €50.20. At year-end 2022, the share price 
stood at €51.24.  
 
 
60
2022
To our shareholders
Porsche SE share

Development of the Porsche SE preference share price 2022
(indexed to 31 December 2021)
120
60
80
100
05
01
02
04
06
07
08
09
10
11
12
03
EURO STOXX 50
Volkswagen Vorzugsaktie
Porsche SE preference share
2022 annual general meeting 
Porsche SE’s annual general meeting was held on 
13 May 2022 – virtually as in the prior years. The 
shareholders resolved to distribute a dividend of 
€2.56 per preference share and of €2.554 per 
ordinary share for the fiscal year 2021. This 
corresponds to an increase in the payout of around 
16% on the prior year to €783 million (prior year: 
€676 million). 
 
In addition, the shareholders re-elected four 
supervisory board members: Dr. Wolfgang Porsche, 
Dr. Hans Michel Piëch, Prof. Dr. Ulrich Lehner and 
Dr. Ferdinand Oliver Porsche. At the constituent 
supervisory board meeting directly after the annual 
general meeting, the oversight body confirmed 
Dr. Wolfgang Porsche as chairman of the 
supervisory board and Dr. Hans Michel Piëch as 
deputy chairman.  
The members of the board of management and 
those of the supervisory board holding office in the 
fiscal year 2021 were exonerated.  
61
2022
To our shareholders
Porsche SE share

Porsche SE preference share: basic data 
 
 
1  Of which half as ordinary shares 
 
Shareholder composition 
Porsche SE’s subscribed capital in the form of  
no-par value bearer shares comprises 153,125,000 
ordinary shares and 153,125,000 non-voting 
preference shares, each share arithmetically 
representing a 1 euro notional value of the share 
capital.  
Significantly more than half of the preference shares 
are held by institutional investors, the majority of 
which are based outside of Germany. Private 
investors in Porsche SE’s preference shares are 
largely based in Germany. 
 
 
 
 
 
  
  
 
 
ISIN 
DE000PAH0038 
WKN 
PAH003 
Stock codes 
PSHG_p.DE, PAH3:GR 
Stock exchange 
All German stock exchanges 
Trading segment 
General Standard 
Sector 
Automotive 
Key indices 
DAX,  
CDAX, 
General All Share,  
MSCI Euro Index,  
STOXX Europe 600 Index, 
STOXX All Europe 800,  
EURO STOXX Auto & Parts 
Subscribed capital1  
€306,250,000 
Denomination 
153,125,000 ordinary and preference shares respectively 
Class of shares 
No-par value bearer shares 
 
 
62
2022
To our shareholders
Porsche SE share

Porsche SE share key figures 
 
 
1  Preference share in Xetra trading 
2  Based on the closing price 
3  Assuming ordinary shares are valued at the market price of the preference shares 
4  Basic and diluted 
5  Proposal to the annual general meeting of Porsche SE 
Investor relations activities 
The board of management and the investor relations 
department of Porsche SE maintained intensive 
contact with analysts and investors in the fiscal year 
2022. In order to meet the information needs of 
capital market participants as far as possible, the 
investor relations team made increased use of 
digital communication channels such as virtual 
meetings or conference calls in addition to face-to-
face events and roadshows. 
The aim of our investor relations work was and is to 
inform the market participants on the equity and 
debt side about the latest business developments, 
the investment strategy as well as the status of the 
legal proceedings of Porsche SE.  
 
 
 
 
 
Sustainability aspects and ESG topics are 
becoming increasingly important in investor 
relations work. For instance, Porsche SE decided 
not to produce a printed version of its annual report 
for sustainability reasons. The current and previous 
annual reports are available for download on the 
website: 
https://www.porsche-se.com/en/investor-relations/ 
financial-publications 
 
 
 
 
 
  
  
2022 
2021 
2020 
 
 
 
 
 
Closing price1.2 
€ 
51.24 
83.44 
56.40 
Annual high1.2 
€ 
94.94 
101.20 
69.86 
Annual low1.2 
€ 
50.20 
54.98 
30.27 
Number of ordinary shares issued (31 December) 
  
153,125,000 
153,125,000 
153,125,000 
Number of preference shares issued (31 December) 
  
153,125,000 
153,125,000 
153,125,000 
Market capitalization (31 December)3 
€ 
15,692,250,000 
25,553,500,000 
17,272,500,000 
Earnings per ordinary share from continuing operations4 
€ 
15.31 
14.90 
8.59 
Earnings per preference share from continuing operations4 
€ 
15.32 
14.90 
8.59 
Dividend per ordinary share 
€ 
2.5545 
2.554 
2.204 
Dividend per preference share 
€ 
2.5605 
2.560 
2.210 
 
 
 
63
2022
To our shareholders
Porsche SE share

Group management
report and management
report of Porsche
Automobil Holding SE
2022
Group management report
64

Group management report and management report
of Porsche Automobil Holding SE
Fundamental information about the group
66
Report on economic position
68
Significant events and developments at the Porsche SE Group
68
Significant events and developments at the Volkswagen Group
78
Business development
84
Results of operations, financial position and net assets
90
Porsche Automobil Holding SE  
(financial statements pursuant to the German Commercial Code)
101
Separate non-financial group report
104
Overall statement on the economic situation of Porsche SE and the Porsche SE Group
105
Opportunities and risks of future development
106
Publication of the declaration of compliance
135
Subsequent events
136
Forecast report and outlook
138
Glossary
142
65
2022
Group management report

Fundamental information 
about the group
Porsche Automobil Holding SE (“Porsche SE” or the 
“company”), as the ultimate parent of the Porsche 
SE Group, is a European Company (Societas 
Europaea) and is headquartered at Porscheplatz 1 
in 70435 Stuttgart, Germany. As of 31 December 
2022, the Porsche SE Group had 38 employees 
(882 employees).  
The business activities of Porsche SE include in 
particular the acquisition, holding and management 
as well as the disposal of investments. 
The Porsche SE Group is made up of the fully 
consolidated subsidiaries Porsche Beteiligung 
GmbH, Stuttgart, Porsche Zweite Beteiligung GmbH, 
Stuttgart, Porsche Dritte Beteiligung GmbH, 
Stuttgart, and Porsche Vierte Beteiligung GmbH, 
Stuttgart. The investments in Volkswagen 
Aktiengesellschaft, Wolfsburg (“Volkswagen AG”, 
“Volkswagen” or “VW”), Dr. Ing. h.c. F. Porsche AG, 
Stuttgart (“Porsche AG”), European Transport 
Solutions S.à r.l., Luxembourg, Luxembourg (“ETS”), 
as well as INRIX Inc., Kirkland, Washington, USA 
(“INRIX”), are included in Porsche SE’s IFRS 
consolidated financial statements as associates.  
The management report for Porsche SE and the 
group management report for the Porsche SE 
Group are combined in this report (“combined 
management report”). 
Investment management of Porsche SE 
 
Porsche SE is a holding company with investments 
in the areas of mobility and industrial technology. In 
particular, it holds the majority of the ordinary 
shares in Volkswagen AG, one of the leading 
automobile manufacturers in the world. As the 
parent company of the Volkswagen Group, 
Volkswagen AG directly and indirectly holds 
investments in AUDI AG, SEAT S.A., ŠKODA AUTO 
a.s., Porsche AG, TRATON SE (“TRATON”), 
Volkswagen Financial Services AG, Volkswagen 
Bank GmbH as well as in numerous other 
companies in Germany and abroad. Porsche SE 
also holds a direct interest in Porsche AG (see 
section “Significant events and developments at the 
Porsche SE Group”). In addition to these two core 
investments, the Porsche SE Group holds non-
controlling interests in more than ten technology 
companies based in North America, Europe and 
Israel. 
The investment strategy of Porsche SE aims to 
create sustainable value for its shareholders. This is 
based on the increase in value of assets under 
management as well as dividend distributions. The 
investments of Porsche SE fall into two categories. 
The first category includes the long-term core 
investments in Volkswagen AG and in Porsche AG. 
The second category comprises portfolio  
All figures and percentages are rounded according to customary business practice, so minor discrepancies may arise from the addition of these 
amounts. Amounts smaller than €0.5 million are stated at zero. The comparative prior-year figures are presented in parentheses alongside the 
figures for the current reporting period. 
66
2022
Group management report
Fundamental information about the group

investments that Porsche SE generally holds for a 
temporary period of time. Typically, such investments 
are characterized by their high potential for growth 
and for increasing value during the holding period.  
Core management and financial indicator 
system 
 
Porsche SE’s main corporate goal is to invest in 
companies that contribute to the mid- and long-
term profitability of the Porsche SE Group while 
securing sufficient liquidity. In line with this 
corporate goal, the IFRS group result after tax and 
group net liquidity are the core management 
indicators in the Porsche SE Group.  
By definition, net liquidity of the Porsche SE Group 
is calculated as cash and cash equivalents, time 
deposits and securities derived from the 
consolidated balance sheet less financial liabilities. 
The management of the Porsche SE Group 
comprises Porsche SE and the consolidated entities. 
There is therefore no separate management and 
forecast of the core management indicators for 
Porsche SE.  
The planning and budgeting process implemented 
in the Porsche SE Group is designed to enable 
management to take its decisions on the basis of 
the development of these indicators. In this context, 
an integrated multi-year plan is prepared for the 
results of operations, financial position and net 
assets of the Porsche SE Group.  
In the course of the year, the development of the 
indicators is continuously tracked and made 
available to the board of management and 
supervisory board in regular reports. The reporting 
includes in particular the consolidated financial 
statement reports for the Porsche SE Group as well 
as risk reports.  
 
 
67
2022
Group management report
Fundamental information about the group

Report on economic position
Significant events and developments  
at the Porsche SE Group 
Russia-Ukraine conflict / Covid-19 
pandemic 
The start of the Russia-Ukraine conflict in February 
2022 led not only to a humanitarian crisis but also 
brought market upheaval around the world. There 
have been substantial price rises, particularly on the 
energy and commodity markets, and significant 
increases in interest and inflation rates have been 
observed internationally. The Russia-Ukraine 
conflict led to increased uncertainty in respect of 
developments in the global economy and prompted 
large sections of the community of Western states 
to impose sanctions on Russia, ranging from 
extensive trade embargoes to the partial exclusion 
of Russia from the global financial system. Russia 
itself, in its role as an energy exporter, restricted gas 
deliveries to Europe. The resulting increase in 
energy prices and intensified supply shortages had 
a sustained impact on inflation in Europe particularly. 
During 2022, the restrictive measures put in place to 
protect the population from the SARS-CoV-2 virus 
were lifted to a large extent in many countries. The 
progress made in administering vaccines to the 
public had a positive effect, while the emergence of 
the new Omicron variant and its subvariants led to a 
renewed sharp rise in infections on a national scale, 
mostly causing milder symptoms but increased 
rates of sick leave. In China particularly, local 
outbreaks of infection in the course of 2022 led to 
tight restrictions under the zero-Covid strategy 
 
 
 
 
being pursued there, resulting in economic 
constraints and disruption to international supply 
chains. The departure from this strategy led to a 
rapid increase in infection rates in China at the end 
of the year.  
Porsche SE is mainly affected by these 
developments indirectly via its investments in 
Volkswagen AG and in Porsche AG as well as with 
regard to the impact on interest rate development.  
 
 
68
2022
Group management report
Report on economic position

IPO of Porsche AG and acquisition of 25% 
plus one share of the ordinary shares of 
Porsche AG by Porsche SE  
On 28 September 2022, Volkswagen placed 25%  
of the preference shares (including additional 
allocations) of its subsidiary Porsche AG with 
investors at a placement price of €82.50 per 
preference share. These preference shares have 
been traded on the regulated market of the 
Frankfurt Stock Exchange since 29 September 2022 
(see also section “IPO of Porsche AG” in section 
“Significant events and developments at the 
Volkswagen Group”). The ordinary shares of 
Porsche AG are not listed. 
The basis for the IPO was a comprehensive 
agreement to enter into a number of contracts 
between Volkswagen and Porsche SE. In this 
context, both parties agreed, among other things, 
that Porsche SE acquire 25% plus one share of the 
ordinary shares of Porsche AG from Volkswagen. 
The price per ordinary share equaled the placement 
price per preference share plus a premium of 7.5%, 
and thus was €88.69. The total price for 25% plus 
one share of the ordinary shares of Porsche AG thus 
amounted to €10.1 billion. The remaining shares of 
Porsche AG’s preference and ordinary share capital 
continue to be held by Volkswagen Group 
companies.  
Porsche SE acquired a total of 113,875,001 ordinary 
shares in two tranches, one of 79,712,501 shares 
(17.5% plus one share of the ordinary shares) and 
one of 34,162,500 shares (7.5% of the ordinary 
shares). The transfer of the first tranche of the 
ordinary shares was completed on 4 October 2022. 
The transfer of the second tranche was completed 
on 30 December 2022. 
To enable the shareholders of Volkswagen AG to 
participate in the success of the entire transaction, 
the extraordinary general meeting of Volkswagen 
AG approved on 16 December 2022 to increase the 
dividend by €19.06 per dividend-bearing ordinary 
and dividend-bearing preference share (“special 
dividend”), which was paid out on 9 January 2023. 
Of this, €3.1 billion was attributable to Porsche SE 
without deduction of capital gains tax and solidarity 
surcharge. 
The purchase price of the first tranche of around 
€7.1 billion was financed by raising debt capital in 
the same amount on 4 October 2022. For the 
ordinary shares of the second tranche, there was a 
purchase price liability to Volkswagen of around 
€3.0 billion as of 31 December 2022.  
Porsche SE and Volkswagen agreed to offset the 
remaining purchase price obligation against 
Volkswagen AG of €3.0 billion with the dividend 
claim of Porsche SE against Volkswagen AG of  
€3.1 billion. In the consolidated financial statements 
as of 31 December 2022, the purchase price liability 
and the dividend receivable are therefore presented 
on a net basis. Upon payment of the special 
dividend on 9 January 2023, the set-off process 
was completed. 
 
 
69
2022
Group management report
Report on economic position

The debt financing was concluded with an 
international syndicate of banks and is subject to 
variable interest rates. The financing volume totaled 
€8.9 billion. Of this amount, €3.9 billion relates to 
bridge financing with a term of up to two years,  
€3 billion to a bank loan with a term of five years,  
€1 billion to a bank loan with a term of three years 
as well as €1 billion to a credit line with an initial 
term of three years. As of 31 December 2022, in 
addition to the credit line, €0.8 billion of the three-
year bank loan had not been drawn. Porsche SE 
terminated this part of the three-year bank loan as 
of 20 January 2023.  
The bridge financing of €3.9 billion was refinanced 
in March 2023 largely by placing a Schuldschein 
loan of around €2.7 billion (see section “Subsequent 
events”). There are plans to replace the remaining 
bridge financing by the end of the fiscal year 2023, 
partly by means of additional financial instruments. 
To hedge interest rate risks, interest rate hedging 
instruments with a notional amount of €5.8 billion 
and terms of up to 5 years were concluded by 
28 September 2022. The interest rate hedging was 
adjusted following the successful placement of the 
Schuldschein loan. The majority of these interest 
rate hedging instruments are accounted for using 
hedge accounting in accordance with IFRS 9. 
Upon the price setting for the preference shares of 
Porsche AG, Porsche SE was subject to the full risk 
of a change in value associated with the 25% plus 
one share of the ordinary shares (around 12.5% of 
the share capital) of Porsche AG from 29 September 
2022. As Porsche SE was also able to initiate an 
early transfer of the second tranche at any time and 
constituted significant influence, the investment  
(25% plus one share of the ordinary shares) in 
Porsche AG was accounted for at equity from 
29 September 2022. In the consolidated balance 
sheet of Porsche SE, the investment was 
capitalized at cost of €10.1 billion including 
acquisition-related costs as of this point in time. In 
the fiscal year 2022, the result from the investment 
in Porsche AG accounted for at equity amounts to 
around €12 million after taking into account the 
subsequent effects from the provisional purchase 
price allocation. As of 31 December 2022, based on 
the market capitalization there was no indication of 
an impairment of the investment in Porsche AG 
accounted for at equity. However, an impairment of 
the investment cannot be ruled out, particularly in 
the event of any sustained decline in earnings. This 
may also have consequences for the dividend 
policy of Porsche AG and therefore for the cash 
inflows at the level of Porsche SE. Risks that could 
lead to negative effects also include 
macroeconomic risks as a result of geopolitical  
70
2022
Group management report
Report on economic position

tensions and conflicts, such as a further escalation 
of the Russia-Ukraine conflict or an aggravation of 
the situation in East Asia. Further risks could arise 
such as from protectionist tendencies, persistently 
high inflation, structural deficits of individual 
advanced economies, supply shortages, and a 
failure to contain the Covid-19 pandemic in a lasting 
way and tightening of environmental protection 
regulations. Please refer to the explanations in the 
section “Opportunities and risks of future 
development”. 
Significant developments with regard to the 
investment in Volkswagen AG  
In the period from 29 March 2022 to 6 May 2022, 
Porsche SE acquired preference shares of 
Volkswagen AG for €400 million via the capital 
market. This increased Porsche SE’s shareholding 
in Volkswagen AG to 31.9% of subscribed capital. 
Porsche SE’s shareholding in the ordinary shares of 
Volkswagen AG remains unchanged at 53.3%.  
As a financing component for the acquisition of 
ordinary shares of Porsche AG (see section “IPO of 
Porsche AG and acquisition of 25% plus one share 
of the ordinary shares of Porsche AG by Porsche 
SE”), at the end of June 2022 the supervisory board 
of Porsche SE approved a disposal plan for up to 
2.7 million preference shares of Volkswagen AG. As 
a result, the preference shares were presented 
separately pursuant to IFRS 5 as “Assets classified 
as held for sale” in the consolidated financial 
statements of Porsche SE and carried at the lower 
of the carrying amount and fair value less costs to 
sell. The ordinary shares of Volkswagen AG held by 
Porsche SE, on the other hand, continue to be 
accounted for at equity in the consolidated financial 
statements of Porsche SE.  
In particular in light of the successful placement of 
the Schuldschein loan of around €2.7 billion in 
March 2023, which significantly exceeded the 
volume predictable on the basis of similar 
transactions in the past, circumstances arose after 
the end of the fiscal year 2022 that made a sale of 
the 2.7 million preference shares of Volkswagen AG 
held by Porsche SE as a financing component by 
June 2023 not seem highly probable anymore. In 
the fiscal year 2023, the preference shares were 
therefore no longer classified as assets held for sale. 
For further explanations and effects from the 
reclassification, please refer to the section 
“Subsequent events”. 
 
 
71
2022
Group management report
Report on economic position

As of 31 December 2022, there were no indicators 
on the basis of the earnings forecasts of an 
impairment of the investment in Volkswagen AG 
accounted for at equity. However, an impairment of 
the investment cannot be ruled out, particularly in 
the event of any sustained decline in earnings. This 
may also have consequences for the dividend 
policy of Volkswagen AG and therefore for the cash 
inflows at the level of Porsche SE. Risks that could 
lead to negative effects also include 
macroeconomic risks as a result of geopolitical 
tensions and conflicts, such as a further escalation 
of the Russia-Ukraine conflict or an aggravation of 
the situation in East Asia. Further risks could arise 
such as from protectionist tendencies, persistently 
high inflation, structural deficits of individual 
advanced economies, turbulence in the financial, 
energy and commodity markets, supply shortages, 
and a failure to contain the Covid-19 pandemic in a 
lasting way, tightening of environmental protection 
regulations and/or a further increase in the costs of 
mitigating the diesel issue. Please refer to the 
explanations in the section “Opportunities and risks 
of future development”. 
Sale of the share in PTV to Bridgepoint  
and further development of the investment 
in ETS 
In October 2021, Bridgepoint Advisers Limited, 
London, UK (“Bridgepoint”), and Porsche SE 
entered into a partnership to advance the 
development of PTV Planung Transport Verkehr 
GmbH, Karlsruhe (formerly PTV Planung Transport 
Verkehr AG, Karlsruhe) (“PTV”, together with its 
subsidiaries the “PTV Group”). In this connection, all 
shares of PTV held by Porsche SE were transferred 
to a subsidiary of ETS. At the same time, Porsche SE 
for its part acquired a 40% stake in ETS. The 
transaction was completed in January 2022 once all 
closing conditions had been fulfilled. Porsche SE 
received from this a cash inflow of around  
€0.2 billion in the first quarter of the fiscal year 2022.  
As a result of accounting for its ordinary shares  
of Volkswagen AG at equity, Porsche SE is 
significantly influenced by the developments at the 
level of the Volkswagen Group.  
The group result after tax and non-controlling 
interests of the Volkswagen Group increased to 
€14.9 billion in the fiscal year 2022 compared to 
€14.8 billion in the prior-year period. From January 
to December 2022, negative special items in 
connection with the diesel issue affected the 
passenger cars business area’s operating result in 
an amount of €0.4 billion (€0.8 billion). These special 
items were mainly attributable to additional 
expenses for legal risks. In addition to restrictions 
caused by parts supply shortages as well as the 
impact of the Russia-Ukraine conflict, the 
impairment loss recognized on the equity 
investment in Argo AI, LLC, Pittsburgh, USA  
(“Argo AI”), also had a particularly negative impact. 
An offsetting effect was largely generated by 
improved price positioning and product mix as well 
as positive effects from derivatives to which hedge 
accounting is not applied (see also section 
“Business development” as well as “Results of 
operations of the Volkswagen Group”).  
72
2022
Group management report
Report on economic position

As a result of the deconsolidation, around  
€0.1 billion in income was recorded in the result 
from discontinued operations. Since then, ETS has 
been accounted for at equity in the consolidated 
financial statements of Porsche SE.  
At the beginning of June 2022, the indirect 
acquisition of all shares of Econolite Group, Inc., 
Anaheim, USA (“Econolite”), was completed by ETS. 
Together with PTV, this created a world-leading 
technological provider of forward-looking 
infrastructure and traffic solutions. To finance the 
purchase price, Porsche SE participated in a capital 
increase of ETS with an amount of around €35 
million. In turn, the previous owners of Econolite 
acquired a non-controlling interest in ETS of around 
10%, reducing Porsche SE’s stake in ETS through a 
dilution gain of around €1 million to around 35.5%.  
In December 2022, the combination of ETS with 
Conundra BV, Oosterzele, Belgium (“Conundra”), 
was announced. Conundra develops software 
applications for route optimization when planning 
complex logistics and supply chain processes, 
supplementing the product of PTV in the area of 
logistics with Software as a Service applications. 
As part of this combination with Conundra, the 
business divisions of ETS were reorganized into two 
separate groups for mobility and logistics. This 
focus will allow market-specific needs to be 
addressed even more precisely in the future, 
thereby supporting the growth of the two areas. 
In the area of mobility, Econolite and PTV Mobility 
have combined forces to create the new brand 
“Umovity”. PTV Logistics and Conundra will operate 
under the brand PTV Logistics for the time being. 
Significant developments and current status 
relating to litigation risks and legal disputes  
Porsche SE is involved in various legal proceedings. 
The main developments that occurred in the legal 
proceedings during the reporting period are 
described in the following. Porsche SE continues 
not to have reliable findings or assessments that 
would lead to a different evaluation of the legal risks. 
 
 
73
2022
Group management report
Report on economic position

Legal proceedings and legal risks in connection 
with the increase of the investment in 
Volkswagen AG 
 
A model case according to the Capital Markets 
Model Case Act (KapMuG) against Porsche SE 
initiated by an order of reference of the Regional 
Court of Hanover dated 13 April 2016 was pending 
with the Higher Regional Court of Celle. Subject of 
those actions were alleged damage claims based 
on alleged market manipulation and alleged 
inaccurate information in connection with Porsche 
SE’s increase of the investment in Volkswagen AG. 
In part these claims were also based on alleged 
violations of antitrust regulations. In the six initial 
proceedings suspended with reference to the model 
case, a total of 40 plaintiffs are asserting alleged 
claims for damages of about €5.4 billion (plus 
interest). By decision of 30 September 2022, all of 
the establishment objectives requested by the 
plaintiffs have been dismissed or declared 
groundless by the Higher Regional Court of Celle. 
The Higher Regional Court of Celle substantiates its 
decision on the opinion that Porsche SE cannot be 
deemed liable under any legal aspect and that the 
opposed pleading of the plaintiffs is yet inconsistent. 
With this decision, Porsche SE considers its legal 
position justified that the claims asserted in the 
suspended initial proceedings are without merit.  
The decision of the Higher Regional Court of Celle 
is not yet final. The plaintiffs filed an appeal against 
the decision with the Federal Court of Justice.  
In a proceeding pending before the Regional Court 
of Frankfurt against an incumbent and a former, 
meanwhile deceased, member of the supervisory 
board of Porsche SE, Porsche SE joined as 
intervener in support of the defendants. In this 
proceeding the same alleged claims are asserted 
that are already subject of a currently suspended 
action concerning alleged damages of about  
€1.8 billion (plus interest) pending against Porsche SE 
before the Regional Court of Hanover. No new 
developments occurred in this proceeding during 
the reporting period. Porsche SE considers these 
claims to be without merit and sees itself justified in 
this legal position by the decision of the Higher 
Regional Court of Celle of 30 September 2022. 
Since 2012, Porsche SE and two companies of an 
investment fund have been in dispute over the 
existence of alleged claims in the amount of about 
US$195 million and have filed lawsuits in Germany 
and England respectively. On 6 March 2013, the 
English proceedings were suspended at the request 
of both parties until a final decision had been 
reached in the proceedings commenced in the 
Regional Court of Stuttgart concerning the question  
74
2022
Group management report
Report on economic position

(plus interest), are now pending before the Regional 
Court of Braunschweig. A large number of the 
proceedings are currently suspended, whereby the 
majority of the suspended proceedings is 
suspended with reference to a KapMuG proceeding 
pending before the Higher Regional Court of 
Stuttgart. Porsche SE considers the actions filed 
against it before the Regional Court of Stuttgart to 
be without merit. The actions filed against Porsche 
SE before the Regional Court of Braunschweig are 
considered by Porsche SE to be inadmissible and to 
be without merit. 
In addition, two further proceedings, in which a total 
of further approximately €129 million (plus interest) 
in damages was claimed, are pending before the 
Higher Regional Court of Stuttgart on appeal. In one 
of the appeal proceedings in which approximately 
€5.7 million (plus interest) in damages was claimed, 
the Regional Court of Stuttgart had granted the 
action in the amount of approximately €3.2 million 
(plus interest) and otherwise dismissed the action 
on 24 October 2018. Porsche SE and the plaintiff 
filed appeals. In the further proceeding, which is 
partly on appeal, plaintiffs object to the fact that the 
Regional Court of Stuttgart dismissed their actions 
as inadmissible on 26 August 2021. The amount in 
dispute is approximately €123 million (plus interest). 
Porsche SE considers these actions pending 
against it before the Higher Regional Court of 
Stuttgart to be without merit. 
 
 
of which court is the court first seized. A final 
decision on this issue continues to be outstanding. 
Currently, the proceedings are pending before the 
Higher Regional Court of Stuttgart. On 
21 December 2021, the Higher Regional Court of 
Stuttgart decided that witnesses shall be 
interrogated in the United Kingdom by way of a 
request for mutual legal assistance. On 19 January 
2023 and on 14 February 2023, one defendant 
requested to recuse two judges of the Higher 
Regional Court of Stuttgart for fear of bias. A 
decision on the motions to recuse is yet to be made. 
Porsche SE considers the action filed in England to 
be inadmissible and the asserted claims to be 
without merit.  
Legal proceedings and legal risks in connection 
with the diesel issue 
 
In connection with the diesel issue, legal 
proceedings with a total volume of approximately 
€929 million (plus interest) are pending against 
Porsche SE before the Regional Court of Stuttgart, 
the Higher Regional Court of Stuttgart and the 
Regional Court of Braunschweig. The plaintiffs 
accuse Porsche SE of alleged nonfeasance of 
capital market information or alleged incorrect 
capital market information in connection with the 
diesel issue. Some of these proceedings are 
directed against both Porsche SE and Volkswagen 
AG. Porsche SE considers the actions to be 
inadmissible in part, but in any case to be without 
merit.  
Before the Regional Court of Stuttgart 211 actions 
are currently pending at first instance. The actions 
pending at first instance concern payment of 
damages, if quantified, in the total amount of 
approximately €797 million (plus interest) and in part 
establishment of liability for damages. After various 
claims have been referred to the competent 
Regional Court of Stuttgart, 11 claims for damages 
against Porsche SE, with a claim volume (according 
to the current assessment of the partially unclear 
head of claims) of approximately €3.1 million  
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In an additional appeal proceeding in which 
approximately €158 million (plus interest) in 
damages were claimed, the Higher Regional Court 
of Stuttgart dismissed the action by a legally 
binding decision of 12 April 2022 in its full amount 
for lack of a damage. 
A KapMuG proceeding, initiated by order for 
reference of the Regional Court of Stuttgart of 
28 February 2017, is pending before the Higher 
Regional Court of Stuttgart. On 22 October 2020, 
the Higher Regional Court of Stuttgart appointed a 
model case plaintiff. Several hearings have taken 
place before the Higher Regional Court of Stuttgart. 
The Higher Regional Court of Stuttgart expanded 
the model case with further establishment 
objectives. During the hearing of 7 December 2022, 
the Higher Regional Court of Stuttgart interrogated 
two former members of the board of management 
of Porsche SE as witnesses. Both witnesses stated 
individually to have heard of the diesel issue for the 
first time in September 2015 through press 
reportings. The Higher Regional Court of Stuttgart 
has scheduled the announcement of a decision for 
29 March 2023 during which it might issue a model 
case ruling. It is also possible that the Higher 
Regional Court of Stuttgart will issue an order to 
take evidence or will inform on its provisional legal 
position or the further proceedings in this case. 
Other hearings have not been scheduled yet. 
Following corresponding orders to suspend the 
proceedings by the Regional Court of Braunschweig 
and the courts of Stuttgart, Porsche SE became a 
further model case defendant in the model case 
proceedings before the Higher Regional Court of 
Braunschweig. The Higher Regional Court of 
Braunschweig issued a meanwhile binding partial 
model case ruling regarding questions of jurisdiction. 
Several hearings have taken place before the Higher 
Regional Court of Braunschweig. The next hearings 
are set to take place on 23 and 24 May 2023. The 
Higher Regional Court of Braunschweig announced 
to present a program for taking evidence in these 
hearings should the model case parties do not 
indicate their willingness for out-of-court settlement 
efforts. The Higher Regional Court of Braunschweig 
had previously scheduled numerous further 
hearings for 2023.  
During the reporting period, no significant new 
developments occurred with regard to claims 
asserted out of court and not yet brought to court 
against Porsche SE with a total amount of 
approximately €63 million and in some cases 
without defined amounts as well as with regard to 
the waiver of the statute of limitations defense 
granted by Porsche SE to the United States of 
America for alleged claims for damages.  
In connection with the diesel issue, in April 2021, 
two plaintiffs filed a derivative action against 
Porsche SE, current and former members of the 
management and supervisory boards of Volkswagen 
AG, current and former executives of Volkswagen 
AG and its subsidiaries, four Volkswagen AG 
subsidiaries and others in the Supreme Court of the  
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State of New York, County of New York. The 
plaintiffs claim to be shareholders of Volkswagen 
AG and allege claims of Volkswagen AG on its 
behalf. The action is based, inter alia, on an alleged 
violation of duties vis-à-vis Volkswagen AG 
pursuant to the AktG [“Aktiengesetz”: German 
Stock Corporation Act] and the German Corporate 
Governance Code (Deutscher Corporate 
Governance Kodex – DCGK). The plaintiffs request, 
inter alia, a declaration that the defendants have 
breached their respective duties vis-à-vis 
Volkswagen AG, and an award to Volkswagen AG 
as compensation for the alleged damages it 
sustained as a result of the alleged violation of 
duties, plus interest. In September 2021, the parties 
filed a stipulation, which is subject to court approval, 
accepting service on behalf of certain defendants 
including Porsche SE, staying all discovery and 
setting a motion to dismiss briefing schedule. 
Status proceedings regarding the composition 
of Porsche SE’s supervisory board 
 
So-called status proceedings were initiated against 
Porsche SE before the Regional Court of Stuttgart. 
With applications dated 11 July 2021 and 18 July 
2021, the applicant has asked the court to find that 
Porsche SE’s supervisory board is to be composed 
of half shareholder representatives and half 
employee representatives. In a ruling dated 
24 January 2023, the Regional Court of Stuttgart 
dismissed these applications as inadmissible and 
without merit and determined that Porsche SE’s 
supervisory board is composed in accordance with 
the law. The applicant has filed an appeal against 
this ruling which has not yet been decided. 
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Significant events and developments  
at the Volkswagen Group 
Russia-Ukraine conflict / Covid-19 
pandemic / semiconductor shortages 
The start of the Russia-Ukraine conflict in February 
2022 led not only to a humanitarian crisis but also 
brought market upheaval around the world. There 
have been substantial price rises, particularly on the 
energy and commodity markets, and significant 
increases in interest and inflation rates have been 
observed internationally.  
In addition, the parts supply shortages intensified in 
this context directly after the start of the conflict. In 
the Volkswagen Group, this particularly affected the 
supply of cable harnesses from Ukraine. 
Volkswagen took immediate action to clear these 
supply bottlenecks from Ukraine, with the result that 
there are no material bottlenecks in this regard at 
present.  
Moreover, different sanctions have been imposed 
on Russia as a result of the conflict, especially by 
the EU and the USA. They restrict economic 
transactions with Russia and have an impact on the 
Russian companies and plants of the Volkswagen 
 
 
 
 
Group and on sales of vehicles to Russia. The 
sanctions also affect the new financial services 
business of the Volkswagen Group in Russia and 
lead to impairment risks to existing lease assets and 
financial receivables. Against the backdrop of the 
Russia-Ukraine conflict and the resulting 
consequences, Volkswagen has decided to 
suspend vehicle production in Russia until further 
notice. Vehicle exports to Russia have also been 
halted. In addition, the respective sanction 
requirements are also being complied with in 
relation to the supply of spare parts and the 
provision of technical information. In addition, 
Russia itself, in its role as an energy exporter, has 
restricted gas deliveries to Europe. The resulting 
increase in commodity prices and intensified supply 
shortages are reinforcing the threat of persistently 
high inflation.  
Russia’s partial mobilization on 21 September 2022 
and the ensuing tightening of sanctions led to 
adjustments to the risk assessment of the 
Volkswagen Group in relation to the situation in 
Russia in the third quarter and to the potential future 
development of the group’s business activities in  
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Russia. Since there was no noticeable easing in the 
Russia-Ukraine conflict in the fourth quarter, the 
discontinuation of business activities in Russia took 
concrete shape in the Volkswagen Group. In this 
context, some companies have already been sold 
and further sale negotiations were initiated (see also 
section “Equity investments held for sale” in this 
section). Overall, comprehensive impairment losses 
on assets of production facilities and financial 
services companies as well as risk provisions, 
especially for third-party expenses expected from 
the discontinuation of activities in Russia, were 
recognized in the fiscal year.  
Overall, total expenses of around €2 billion were 
recognized at the Volkswagen Group in the fiscal 
year as a direct result of the Russia-Ukraine conflict. 
In addition, as a result of turbulence on the 
commodity and capital markets, the 
Volkswagen Group recognized total income of  
€3.7 billion primarily from fair value measurements 
and realizations of derivatives to which hedge 
accounting is not applied (especially commodity, 
currency and interest rate hedges).  
In addition to uncertainty and measures being taken 
around the world to deal with the Covid-19 
pandemic (see section “Significant events and 
developments at the Porsche SE Group”), persistent 
semiconductor supply shortages and the resulting 
limited availability of VW group models meant that 
demand could not be adequately met in some 
regions. 
For further explanations, please refer to the  
section “Business development” and sections 
“Results of operations of the Volkswagen Group”, 
“Opportunities and risks of the Volkswagen Group” 
as well as “Anticipated development of the 
Volkswagen Group”. 
Diesel issue 
On 18 September 2015, the US Environmental 
Protection Agency (EPA) publicly announced in a 
notice of violation that irregularities in relation to 
nitrogen oxide (NOx) emissions had been discovered 
in emissions tests on certain Volkswagen Group 
vehicles with 2.0 l diesel engines in the USA. In this 
context, Volkswagen AG announced that noticeable 
discrepancies between the figures recorded in 
testing and those measured in actual road use had 
been identified in type EA 189 diesel engines and 
that this engine type had been installed in roughly 
eleven million vehicles worldwide. On 2 November 
2015, the EPA issued a notice of violation alleging 
that irregularities had also been discovered in the 
software installed in US vehicles with type V6 3.0 l 
diesel engines. 
The so-called diesel issue is rooted in a 
modification of parts of the software of the relevant 
engine control units – which, according to 
Volkswagen AG’s legal position, is only unlawful 
under US law – for the type EA 189 diesel engines 
that Volkswagen AG was developing at that time. 
This software function was developed and 
implemented from 2006 on without knowledge at 
the level of Volkswagen’s board of management. 
Members of the board of management did not learn 
of the development and implementation of this 
software function until the summer of 2015. 
In the fiscal year 2022, special items of €0.4 billion 
were recognized in connection with the diesel issue 
at the level of the Volkswagen Group. These result 
from additional expenses, primarily for legal risks.  
 
 
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Antitrust investigations 
In 2011, the European Commission conducted 
searches at European truck manufacturers for 
suspected unlawful exchange of information during 
the period from 1997 to 2011; in November 2014, 
the Commission issued a statement of objections to 
MAN, Scania, and the other truck manufacturers 
concerned. In its settlement decision of July 2016, 
the European Commission assessed fines against 
five European truck manufacturers. MAN’s fine was 
waived in full as the company had informed the 
European Commission about the irregularities as a 
key witness. In September 2017, the European 
Commission fined Scania €0.88 billion. Scania 
appealed to the European Court of Justice in 
Luxembourg and mounted a comprehensive 
defense. In a judgment rendered in February 2022, 
the European General Court (Court of First Instance) 
rejected in its entirety the appeal filed by Scania in 
this connection. Scania appealed this judgment to 
the European Court of Justice in April 2022. Scania 
had already recognized a provision of €0.4 billion in 
2016 and increased this provision to approximately 
€0.9 billion in 2021. 
Furthermore, antitrust lawsuits seeking damages 
have been received from customers. As is the case 
in any antitrust proceedings, this may result in 
further lawsuits for damages. No provisions have 
been recognized or contingent liabilities disclosed 
for these cases as most of them are still in an early 
stage and currently cannot be assessed for this 
reason. In other cases, the chance of a decision by 
a court of last resort awarding antitrust damages 
against MAN or Scania currently appears remote.  
In July 2021, the European Commission assessed a 
fine totaling €502 million against Volkswagen AG, 
AUDI AG and Porsche AG pursuant to a settlement 
decision. In the prior year, this amount was 
recognized under other operating expenses in the 
Volkswagen Group. Volkswagen declined to file an 
appeal, hence the decision became final in 2021. 
The subject matter scope of the decision is limited 
to the cooperation of German automobile 
manufacturers on individual technical questions in 
connection with the development and introduction 
of SCR (selective catalytic reduction) systems for 
passenger cars that were sold in the European 
Economic Area. The manufacturers are not charged 
with any other misconduct such as price fixing or 
allocating markets and customers. 
The Korean competition authority KFTC is analyzing 
potential violations based on the facts of the EU 
case. The final report of the KFTC’s appointed case 
handler was issued in November 2021. Volkswagen, 
Audi, and Porsche have replied to this report. In 
February 2023, the KFTC published a press release 
stating that an administrative fine decision would be 
issued against four automobile manufacturers in the 
SCR context. According to the press release, no 
fine is to be imposed on Volkswagen AG and the 
decision would not affect Porsche AG. However, an 
administrative fine decision would be issued against 
AUDI AG in the SCR matter. The competition 
authority’s final decision and the grounds thereof 
have not yet been served; service is currently 
expected in the first half of 2023. The Turkish 
competition authorities, who investigated similar 
matters, issued a final decision in January 2022 in 
which they determined anticompetitive behavior to 
allegedly exist, but found that it had no effect on 
Türkiye, for which reason they refrained from 
imposing fines on the German automakers. 
Volkswagen, Audi, and Porsche are currently 
considering whether to file an appeal. Based on 
comparable matters, the Chinese competition 
authority has instituted proceedings against 
Volkswagen, Audi, and Porsche, among others, and 
issued requests for information. 
 
 
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The resolution of the extraordinary general meeting 
of Volkswagen AG on 16 December 2022 gave rise 
to the obligation to pay a special dividend and led 
to a total obligation to the shareholders of 
Volkswagen AG amounting to €9.6 billion. A 
corresponding liability was recognized for this 
payment as of the reporting date.  
The employees of Volkswagen AG and Volkswagen 
Sachsen GmbH are to participate in the economic 
success of the placement of the preference shares 
and the sale of ordinary shares of Porsche AG by 
way of a one-off payment of up to €2,000 per 
employee. The total bonus for employees in 
connection with the IPO of Porsche AG amounted 
to €0.5 billion in the Volkswagen Group as of the 
reporting date. 
Equity investments held for sale  
In December, Porsche AG entered into an 
agreement with an independent, non-group investor 
for the sale of two Russian sales companies in the 
passenger cars and light commercial vehicles 
segment, OOO Porsche Russland, Moscow, Russia, 
and OOO Porsche Center Moscow, Moscow, Russia, 
as well as one company assigned to the financial 
services segment, OOO Porsche Financial Services  
IPO of Porsche AG  
On 28 September 2022, as part of the IPO of 
Porsche AG, a total of 113,875,000 preference 
shares of Porsche AG were successfully placed with 
investors at a placement price of €82.50 per 
preference share, totaling around €9.4 billion – 
including 14,853,260 preference shares to cover 
potential additional allocations. The non-voting no-
par value bearer shares came from the portfolio of 
Porsche Holding Stuttgart GmbH, Stuttgart – a 
wholly owned subsidiary of Volkswagen AG. The 
total number of preference shares offered in the IPO 
corresponded to up to 25% of the preference share 
capital of Porsche AG (including additional 
allocations). The non-voting preference shares of 
Porsche AG have been traded on the regulated 
market of the Frankfurt Stock Exchange since 
29 September 2022. Up to the early termination of 
the stabilization period on 11 October 2022, a total 
of 3,794,199 preference shares had been bought 
back on the market. The free float of the preference 
shares after the end of the stabilization period is 
therefore 24.2% and comprises 110,080,801 
preference shares. 
In connection with the IPO, Volkswagen additionally 
sold an interest of 25% of Porsche AG’s ordinary 
shares plus one ordinary share to Porsche SE for a 
purchase price of around €10.1 billion (see section 
“Significant events and developments at the 
Porsche SE Group”).  
As a result of the transactions, the Volkswagen 
Group’s equity increased by €19.1 billion, net of 
bank commissions and fees of €0.1 billion taken 
directly to equity; of this amount, €10.8 billion is 
reported as non-controlling interests. The cash 
inflow for the preference shares and the first tranche 
of the ordinary shares occurred at the beginning of 
the fourth quarter of 2022.  
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Russland, Moscow, Russia. Moreover, a repurchase 
option was agreed with this investor, which can be 
exercised at the earliest five years and at the latest 
ten years after the sale. As of the reporting date, the 
legal transfer of ownership of the Russian 
subsidiaries of Porsche AG was still subject to 
approval by the Russian authorities. It is currently 
expected that ownership will be legally transferred 
and the purchase price finally determined in the 
course of the first quarter of 2023.  
It was resolved in the fourth quarter of 2022 to  
sell the following fully consolidated subsidiaries 
allocated to the financial services segment:  
OOO Volkswagen Bank RUS, Moscow, Russia, 
OOO Volkswagen Group Finanz, Moscow, Russia, 
and OOO Volkswagen Financial Services RUS, 
Moscow, Russia. The resolution by the competent 
governing body was immediately followed by the 
implementation of a disposal plan, which is 
expected to be completed in the first half of 2023.  
On 15 December 2022, the supervisory board of 
Volkswagen AG resolved to sell the gas turbine 
business of MAN Energy Solutions SE, Augsburg, 
and MAN Energy Solutions Schweiz AG, Zurich, 
Switzerland, by way of an asset deal to CSIC 
Longjiang GH Gas Turbine Co. Ltd., Harbin, China, 
and its subsidiaries, which are still to be established 
under German and Swiss law. The transaction is 
expected to be completed within the next 12 
months.  
In accordance with IFRS 5, the assets and liabilities 
held for sale at the level of the Volkswagen Group 
were recognized at the lower of their carrying 
amount and fair value less expected costs of 
disposal. 
Material transactions  
Takeover of Europcar 
 
In 2021, together with investment firm Attestor 
Limited and Pon Holdings B.V., Volkswagen made a 
joint public takeover offer for the shares of Europcar 
Mobility Group S.A., Paris, France (“Europcar”), 
through the consortium company Green Mobility 
Holding S.A. (“GMH”) based in Strassen, 
Luxembourg. The European Commission issued 
final antitrust approval at the end of May 2022. 
During the extended offer period, the French 
Financial Markets Authority gave Europcar 
shareholders the opportunity to tender their shares 
to the consortium company. In total, 93.6% of 
Europcar’s shareholders accepted the offer. The 
consortium jointly assumed control of Europcar in 
mid-June 2022. Because the acceptance rate was 
over 90%, a squeeze-out was initiated for the 
remaining Europcar shares in July 2022, and the 
company was delisted. Since 13 July 2022, the 
consortium company has held 100% of the shares 
in Europcar. The purchase price was 51 cents per 
Europcar share. 
At the end of June 2022, the entire portion of the 
purchase price attributable to Volkswagen, 
amounting to €1.7 billion, was contributed to GMH. 
Since joint control has been contractually agreed, 
the company, in which Volkswagen holds 66% of 
the shares, will be accounted for at equity in the 
Volkswagen consolidated financial statements. In 
addition, Volkswagen is the writer of put options 
held by the other members of the consortium, and 
the other members have granted Volkswagen call 
options on their shares in the consortium company. 
The long-term extension of the Attestor options was 
arranged in December 2022. In the reporting year, 
the measurement of the options led to a total non-
cash expense of €0.3 billion at the level of the 
Volkswagen Group. 
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Brose Sitech Sp. z o.o. transaction 
 
Following the fulfillment of all closing conditions, 
Brose Fahrzeugteile SE & Co. Kommanditgesellschaft 
(“Brose”) and Volkswagen Finance Luxemburg S.A., a 
subsidiary of Volkswagen AG, created a jointly 
operated company in early 2022 for the 
development and manufacture of complete seat 
units, seat structures and components, and 
solutions for vehicle interiors. As part of this 
arrangement, Brose acquired half of the shares in 
the previous Volkswagen Group company SITECH 
Sp. z o.o., Polkowice, Poland. Brose and 
Volkswagen each hold 50% of the jointly operated 
company – Brose Sitech Sp. z o.o. – with Brose 
taking the industrial lead and controlling the 
company. Given its significant influence, 
Volkswagen accounts for Brose Sitech as an 
associate at equity. The change in the accounting 
policy did not have any material effect on the 
Volkswagen Group’s profit or loss. 
Acquisition of Navistar 
 
On 1 July 2021, a TRATON GROUP company 
acquired all of the outstanding shares in  
Navistar International Corporation (“Navistar”), a 
US manufacturer of commercial vehicles based in 
Lisle, Illinois, USA. Due to the size of the transaction, 
it was not possible to complete the in-house 
reviews of the information underlying the purchase 
price allocation until the current fiscal year. The 
update to the purchase price allocation did not 
materially affect the results of operations, financial 
position and net assets of the Volkswagen Group.  
Impairment of Argo AI 
 
In the third quarter of 2022, Volkswagen took the 
strategic decision not to make further investments 
in Argo AI to develop autonomous driving. Since 
Argo AI had previously been unable to win new 
investors and no returns were consequently 
expected, an impairment loss on the entire interest 
was therefore recognized. This resulted in an 
expense of €1.9 billion at the level of the 
Volkswagen Group in the fiscal year 2022. There are 
plans to liquidate Argo AI. For this purpose, 
Volkswagen provided Argo AI with US$50 million in 
January 2023. In addition, Volkswagen is in 
negotiations to acquire Argo AI personnel and 
assets. 
 
 
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Business development 
The business development of the Porsche SE 
Group is largely shaped by its investment in 
Volkswagen AG as well as the development of the 
actions pending. For the business development of 
the Porsche SE Group, please refer to the sections 
“Significant events and developments at the 
Porsche SE Group” and “Results of operations, 
financial position and net assets”. The following 
statements take into consideration factors 
influencing operating developments in the 
passenger cars and light commercial vehicles, 
commercial vehicles and financial services business 
areas at the Volkswagen Group, which include the 
development of the Porsche AG Group.  
General economic development 
In the reporting year, general economic 
development was primarily shaped by the Russia-
Ukraine conflict and the course of the Covid-19 
pandemic (see also section “Significant events and 
developments at the Porsche SE Group” and 
“Significant events and developments at the 
Volkswagen Group”). 
Following the slump in global economic output in 
2020 and the incipient recovery due to base and 
 
 
catch-up effects in 2021, the global economy 
recorded growth of 3.0% overall (plus 6.0%) in 2022. 
Both the advanced economies and the emerging 
markets continued to recover on average, albeit 
with diminishing momentum and slower growth 
overall than in the prior year. 
At national level, developments depended on the 
one hand on the scale of the negative impact of the 
Covid-19 pandemic and the intensity with which 
measures were taken to contain it. On the other 
hand, developments depended on the extent to 
which national economies were affected by the 
consequences of the Russia-Ukraine conflict. In 
response to the further rise of inflation rates around 
the world, many countries shifted to a more 
restrictive monetary policy, which led central banks 
to increase their key interest rates and reduce bond 
purchases during the reporting period. The gloomier 
economic outlook resulted in large losses on major 
stock markets. On average, prices for energy and 
other commodities rose significantly in some cases 
year on year and shortages of certain intermediates 
and commodities remained high. Global trade in 
goods increased in 2022. 
 
 
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. 
down in Western Europe and noticeably down in 
North America, Central and Eastern Europe 
recorded a very strong decline.  
In the reporting period, the global volume of new 
registrations for light commercial vehicles was 
slightly (down 3.0%) lower than in the prior year. 
Trends in the markets for commercial 
vehicles 
Since 1 July 2021, Navistar has been a TRATON 
GROUP brand, making it part of the Volkswagen 
Group’s commercial vehicles business area. This 
has expanded the relevant markets in the 
commercial vehicles business to include North 
America (consisting of USA, Canada and Mexico). 
In the markets that are relevant for the Volkswagen 
Group, global demand for mid-sized and heavy 
trucks with a gross weight of more than six tonnes 
experienced noticeable growth in the fiscal year 
2022 versus the comparison period (up 5.5%). 
Global truck markets declined sharply. This was due 
to upheaval on the Chinese market, which slumped 
dramatically on the back of purchases brought 
forward to 2021 prior to the introduction of the new 
emission level and due to the zero-Covid strategy 
pursued there. 
 
 
Trends in the markets for passenger cars 
and light commercial vehicles 
In the fiscal year 2022, the volume of the passenger 
car market worldwide remained on a level with the 
prior year at 69.6 million vehicles. Gains and losses 
in individual markets were very uneven, since 
shortages and disruption in global supply chains, 
the effects of the Russia-Ukraine conflict and the 
further consequences of the Covid-19 pandemic 
varied around the world in terms of the strength of 
their impact. Shortages of semiconductors and 
other intermediates, which already occurred in the 
second half of 2021, and the resulting supply 
bottlenecks, could also not be fully resolved in 2022. 
Slight or noticeable growth was recorded in the 
overall markets of the Asia-Pacific and Middle East 
regions respectively, while South America and Africa 
were on a level with the prior year. Sales fell in the 
remaining regions: while market volume was slightly 
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Demand in the bus markets relevant for the 
Volkswagen Group was on a level with the prior year 
(up 0.3%).  
Trends in the markets for financial services  
Demand for automotive financial services was at a 
high level in the first quarters of 2022 due, among 
other things, to persistently low key interest rates in 
the main currency areas. In combination with the 
Covid-19 pandemic and continuing limits on vehicle 
availability, the rise in interest rates that began in 
the second half of the year put pressure on demand 
for financial services in almost all regions.  
Volkswagen Group deliveries 
The Volkswagen Group delivered 8.3 million 
vehicles to customers worldwide in the fiscal year 
2022. This was 7.0% or 0.6 million units less than in 
the prior year. While sales figures for the passenger 
cars business area fell short of the prior-year figure, 
commercial vehicle deliveries to customers rose 
year on year, mainly due to the inclusion of Navistar 
as from 1 July 2021. 
In the reporting period, limited vehicle availability as 
a result of the Covid-19 pandemic and bottlenecks 
in the supply of parts caused by the shortage of 
semiconductors and the Russia-Ukraine conflict 
had a negative impact. In addition, disruptions in 
logistics resulted in delays. While Porsche, 
Lamborghini and Bentley delivered a higher number 
of vehicles to customers, none of the other 
Volkswagen Group brands reached their prior-year 
figures. Volkswagen registered a year-on-year 
decline in sales in all regions.  
With additional model launches as part of the 
group’s e-mobility campaign, sales increased in the 
reporting period, bringing Volkswagen’s deliveries of 
all-electric vehicles to 0.6 million units worldwide. 
This was 0.1 million or 26.3% more units than in the 
prior year. Their share of the Volkswagen Group’s 
total deliveries rose to 6.9% (5.1%). A total of 0.2 
million of Volkswagen’s plug-in hybrid models were 
delivered (down 21.2%). Total electric vehicle 
deliveries went up by 7.0% and their share of total 
deliveries of the Volkswagen Group rose year on 
year to 9.9% (8.6%). 
In an overall global market that was on a level with 
the prior year, Volkswagen achieved a passenger 
car market share of 11.0% (11.7%). 
In the fiscal year 2022, the Volkswagen Group 
delivered 12.6% more commercial vehicles to 
customers worldwide than in the prior year. It 
delivered a total of 0.3 million commercial vehicles 
to customers.  
 
 
 
 
 
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Volkswagen Group deliveries from 1 January to 31 December1 
 
1 Prior-year deliveries have been updated to reflect subsequent statistical trends. The figures include the Chinese joint ventures. As of 
1 July 2021, the figures include Navistar. 
2 Until 31 October 2021. 
3 Until the first quarter of 2022, deliveries for Volkswagen Truck & Bus were reported within MAN. 
 
 
  
2022 
2021 
Change 
  
  
  
% 
 
Regions 
  
  
   
Europe/Other markets 
3,432,468 
3,848,355 
– 10.8 
North America 
842,615 
908,427 
– 7.2 
South America 
473,691 
514,626 
– 8.0 
Asia-Pacific 
3,514,002 
3,610,484 
– 2.7 
Worldwide 
8,262,776 
8,881,892 
– 7.0 
  
  
  
  
by brands 
  
  
   
Volkswagen passenger cars 
4,563,340 
4,896,874 
– 6.8 
ŠKODA 
731,262 
878,202 
– 16.7 
SEAT 
385,592 
470,531 
– 18.1 
Volkswagen commercial vehicles 
328,572 
359,541 
– 8.6 
Audi 
1,614,231 
1,680,512 
– 3.9 
Lamborghini 
9,233 
8,405 
9.9 
Bentley 
15,174 
14,659 
3.5 
Porsche 
309,884 
301,915 
2.6 
Bugatti2 
- 
63 
x 
Passenger cars and light commercial vehicles total 
7,957,288 
8,610,702 
– 7.6 
Scania 
85,232 
90,366 
– 5.7 
MAN3 
84,377 
93,578 
– 9.8 
Navistar 
81,888 
29,876 
x 
Volkswagen Truck & Bus3 
53,991 
57,370 
– 5.9 
Commercial vehicles total 
305,488 
271,190 
12.6  
87
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Sales, production and inventories at the 
Volkswagen Group 
The Volkswagen Group’s unit sales to the dealer 
organization1 decreased in the reporting period by 
1.1% to 8.5 million units (including the equity-
accounted companies in China). Of this, 314 
thousand vehicles related to the Porsche AG Group 
(up 5.5% on the prior-year period). In the reporting 
period, limited vehicle availability as a result of the 
Covid-19 pandemic and bottlenecks in the supply 
of parts caused by the shortage of semiconductors 
and the Russia-Ukraine conflict had a negative 
impact. In addition, disruptions in logistics resulted 
in delays. Unit sales outside Germany fell by 1.7% 
to 7.5 million vehicles. The United Kingdom, Brazil 
and France were particularly affected, as was 
Russia, since vehicle exports to this region had 
been halted. Growth was recorded, however, in the 
USA, China and India. Unit sales in Germany 
increased by 3.3% year on year. The proportion of 
the group’s total unit sales attributable to Germany 
increased to 11.9% (11.3%). 
The Volkswagen Group produced 8.7 million 
vehicles (including the equity-accounted companies 
in China) from January to December 2022, 5.2% 
more than in the prior-year period. Of this, 321 
thousand vehicles related to the Porsche AG Group 
(up 7.1% on the prior-year period). The shortage of 
semiconductors and the disruption of supply chains 
caused by the Russia-Ukraine conflict and the 
Covid-19 pandemic restricted production in the 
Volkswagen Group; the supply and production 
situation eased toward the end of the reporting 
period. Against the backdrop of the Russia-Ukraine 
conflict and the resulting consequences, 
Volkswagen decided to suspend the start of vehicle 
production in Russia until further notice. Production 
in Germany increased by 11.1% to 1.6 million 
vehicles in the fiscal year 2022. The proportion of 
the group’s total production accounted for by 
Germany increased to 18.9% (17.9%). 
Global inventories of new vehicles at group 
companies and in the dealer organization were 
higher at the end of the reporting period than at 
year-end 2021. Disruptions in the logistics chain, 
among other factors, had a negative impact in the 
reporting period. 
Volkswagen Group financial services 
The products and services of the Volkswagen 
Group’s financial services division were popular in the 
fiscal year 2022. However, demand was affected to 
varying degrees by the Covid-19 pandemic. Limited 
vehicle availability caused by parts supply shortages, 
and exacerbated by the Russia-Ukraine conflict, also 
weighed on demand. The number of new financing, 
leasing, service and insurance contracts signed 
worldwide fell by 0.7% to 8.5 million. The ratio of 
leased and financed vehicles to group deliveries 
(penetration rate) in the financial services division’s 
markets stood at 32.6% (36.4%) in the reporting 
period. The total number of contracts on 
31 December 2022 was 24.5 million (24.5 million).  
 
 
1  The dealer organization comprises all VW Group external dealer companies that are supplied by the Volkswagen Group. 
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Results of operations,  
financial position and net assets  
In the following explanations, the significant results 
of operations as well as the financial position and 
net assets of the Porsche SE Group are presented 
for the fiscal year 2022 and as of 31 December 
2022. While the prior-year figures for the results of 
operations relate to the period from 1 January to 
31 December 2021, the financial position and net 
assets use figures as of 31 December 2021 as 
comparative figures.  
In line with its investment strategy, the Porsche SE 
Group differentiates between the two segments 
“core investments” and “portfolio investments”. The 
core investments segment comprises the long-term 
core investments in Volkswagen AG and 
Porsche AG as well as Porsche SE’s holding 
operations, comprising Porsche SE’s corporate 
functions including the holding financing function. 
The second segment portfolio investments 
comprises existing portfolio investments that 
Porsche SE generally holds for a temporary period 
of time and that are characterized by their high 
potential for growth and increasing value during the 
holding period.  
Following the sale of the share in PTV, it was 
deconsolidated at the beginning of January 2022. 
The shares of the portfolio investment ETS acquired 
in this context, which since then indirectly holds all 
shares of PTV, are accounted for at equity and 
allocated to the portfolio investments segment.  
Results of operations  
of the Porsche SE Group 
The result after tax of the Porsche SE Group came 
to €4,787 million (€4,566 million) in the fiscal year 
2022. Of this, €4,690 million (€4,563 million) related 
to continuing operations and €96 million (€3 million) 
 
 
 
to discontinued operations. In turn, of the result 
after tax from continuing operations, €4,694 million 
(€4,575 million) relates to the core investments  
segment and minus €3 million (minus €12 million) to 
the portfolio investments segment. The combined 
group management report for the fiscal year 2021 
forecast a group result after tax of between  
€4.1 billion and €6.1 billion for the fiscal year 2022. 
This was therefore within the corridor forecast. 
Other comprehensive income of the Porsche SE 
Group of €3,657 million (€2,421 million) mainly 
contains effects resulting from the investment in 
Volkswagen AG accounted for at equity totaling 
€3,533 million (€2,454 million) after taking deferred 
tax into account. These largely relate to actuarial 
gains from the remeasurement of pension 
provisions of €3,249 million (€1,302 million), after 
taking deferred tax into account. Effects totaling 
€78 million resulting from the investment in  
Porsche AG accounted for at equity largely relate  
to the measurement of cash flow hedges of  
€148 million after taking deferred tax into account 
and to currency translation of minus €69 million. At 
the level of Porsche SE, other comprehensive 
income primarily contains income from the 
measurement of interest rate hedging instruments 
concluded by Porsche SE within hedge accounting 
in an amount of €90 million after taking deferred tax 
into account.  
 
 
 
 
 
 
90
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Report on economic position

Consolidated income statement of Porsche SE by segment 
 
 
 
 
  
Core 
Portfolio 
Group 
Group 
€ million 
investments 
investments 
31/12/2022 
31/12/2021 
Result from investments accounted for at equity 
4,536 
– 3 
4,533 
4,631 
thereof Volkswagen AG 
4,524 
  
4,524 
4,628 
thereof Porsche AG 
12 
  
12 
  
thereof portfolio investments 
  
– 3 
– 3 
3 
Result from assets held for sale 
22 
  
22 
  
Income from investment valuation 
  
12 
12 
5 
Expenses from investment valuation 
  
– 11 
– 11 
– 22 
Result from investments 
4,558 
– 2 
4,555 
4,615 
Other operating income 
179 
0 
179 
6 
Personnel expenses 
– 17 
  
– 17 
– 15 
Amortization and depreciation 
– 1 
  
– 1 
– 1 
Other operating expenses 
– 24 
– 1 
– 25 
– 32 
Result before financial result 
4,694 
– 3 
4,691 
4,572 
Financial result 
– 57 
  
– 57 
– 7 
Result before tax 
4,638 
– 3 
4,634 
4,565 
Income tax 
56 
0 
56 
– 3 
Result after tax from continuing operations 
4,694 
– 3 
4,690 
4,563 
Result after tax from discontinued operations 
  
96 
96 
3 
Result after tax 
4,694 
93 
4,787 
4,566 
Other comprehensive income 
3,657 
0 
3,657 
2,421 
Consolidated total comprehensive income 
8,351 
93 
8,444 
6,986 
91
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The result after tax in the core investments segment 
was significantly influenced by the result from the 
investment in Volkswagen accounted for at equity of 
€4,524 million (€4,628 million). This contains profit 
contributions from ongoing at equity accounting 
before purchase price allocations of €4,683 million 
(€4,660 million) as well as subsequent effects from 
purchase price allocations of minus €52 million 
(minus €32 million). The result of the Volkswagen 
Group was positively influenced by effects from the 
price positioning, the product mix as well as from 
derivatives to which hedge accounting is not 
applied. These factors were offset in particular by 
parts supply shortages, increased product costs as 
well as loss allowances and risk provisions in 
connection with the consequences of the Russia-
Ukraine conflict and the equity investment in  
Argo AI (see section “Results of operations of the 
Volkswagen Group” below). There was also an 
increase in the tax expense and the share of the 
result of non-controlling interests. Furthermore, the 
result from the investment in Volkswagen accounted 
for at equity contains offsetting effects in a net 
amount of minus €108 million from the acquisition 
of 2.6 million preference shares of Volkswagen AG 
and the subsequent decision to sell 2.7 million 
preference shares as a financing component for the 
acquisition of the ordinary shares of Porsche AG. 
While the acquisition of around 2.6 million 
preference shares of Volkswagen AG led to positive 
effects from the recognition of a bargain purchase 
through profit or loss following a purchase price 
allocation, the measurement of around 2.7 million 
preference shares at market price following their 
classification as held for sale in accordance with 
IFRS 5 in June 2022 had a corresponding negative 
effect on earnings.  
The investment in Porsche AG is accounted for 
using the equity method and was recognized on 
29 September 2022 without affecting the 
consolidated income statement. In the course of a 
provisional purchase price allocation, the 
proportionate equity of Porsche AG attributable to 
Porsche SE was remeasured. Hidden reserves and 
liabilities identified in this context are subsequently 
measured in an ancillary calculation and recognized 
in the result from investments accounted for at 
equity. A significant portion of the purchase price 
was allocated to goodwill. Other significant hidden 
reserves identified relate to the brand, technologies, 
the dealer network, the order backlog as well as 
property, plant and equipment and inventories. In 
addition, in the course of the purchase price 
allocation, a profit and loss transfer obligation of 
Porsche AG to Volkswagen was recognized as a 
liability due to the domination and profit and loss 
transfer agreement between Porsche AG and 
Porsche Holding Stuttgart GmbH – a wholly owned 
subsidiary of Volkswagen AG – ended as of 
31 December 2022. In the context of at equity 
accounting, the group result after tax of Porsche AG 
for the period from 29 September 2022 to  
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Other operating expenses in the core investments 
segment decreased largely due to lower expenses 
year on year in connection with legal risks to a total 
of €24 million (€32 million).  
The financial result of minus €57 million (minus  
€7 million) largely contains interest expenses from 
financing the acquisition of ordinary shares of 
Porsche AG of minus €63 million, commitment fees 
and transaction costs. On the other hand, the 
financial result contained income of €13 million from 
the fair value measurement of interest rate hedging 
instruments to which hedge accounting is not 
applied.  
In the comparative period, the financial result mainly 
included expenses from expected interest payments 
for taxes from prior years. 
The income tax income of €56 million (income tax 
expense of €3 million) comprises income from 
deferred taxes of €67 million (€1 million), which is 
largely attributable to the recognition of deferred tax 
assets on loss carryforwards, as well as an expense 
from current income taxes of €11 million (€4 million) 
mainly as a result of expected tax payments for the 
current fiscal year. 
 
 
31 December 2022 is attributable to Porsche SE 
based on the capital share of 12.5%. Inversely, at 
the level of the Volkswagen Group parts of the 
group result after tax are allocated to the non-
controlling interests (in Porsche AG), which reduced 
the result attributable to Porsche SE in the course 
of accounting for the investment in Volkswagen AG 
at equity accordingly. The result from the investment 
in Porsche AG accounted for at equity amounts to  
€12 million. This contains profit contributions from 
ongoing at equity accounting of €163 million as well 
as subsequent effects from the provisional purchase 
price allocation of minus €150 million. 
The result from assets held for sale of €22 million 
comprise both expenses of minus €30 million from 
the measurement of Volkswagen preference shares 
held for sale at market price on the reporting date 
as well as income from the special dividend 
attributable to the preference shares of €51 million.  
Of other operating income, an amount of  
€177 million relates to the proportionate realization 
of an intercompany profit that was eliminated in the 
fiscal year 2012. This intercompany profit was 
attributable to the contribution of the holding 
business operations of Porsche SE to Volkswagen 
AG in the fiscal year 2012. The contribution of the 
holding business operations of Porsche SE to 
Volkswagen AG primarily involved the transfer of the 
investment in Porsche Holding Stuttgart GmbH and 
all other investments of Porsche SE existing at that 
time (with the exception of the investment in 
Volkswagen AG). As Volkswagen AG has already 
been an associate of Porsche SE at that time, this 
intercompany profit had to be eliminated. This 
reduced the carrying amount of the investment in 
Volkswagen AG accounted for at equity in the 
consolidated financial statements of Porsche SE 
prior to the IPO of Porsche AG by €1,465 million. 
The sale of preference shares by the Volkswagen 
Group to third parties in the course of the IPO of 
Porsche AG triggered the proportionate realization 
of this intercompany profit.  
93
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The result after tax from continuing operations in 
the portfolio investment segment largely 
corresponds to its result from investments, which 
contains the result from investments accounted for 
at equity of minus €3 million (€3 million) as well as 
income of €12 million (€5 million) and expenses of 
€11 million (€22 million) from the fair value 
measurement of portfolio companies. The result 
from investments accounted for at equity contains 
income of €7 million from the write-up of the 
investment in INRIX.  
In the reporting period, the result after tax  
from discontinued operations contains the 
deconsolidation gain on disposal of the share in 
PTV of €96 million. 
Financial position of the Porsche SE Group 
Net liquidity of the Porsche SE Group, i.e., cash and 
cash equivalents, time deposits and securities less 
financial liabilities, decreased to minus €6,672 million 
(€641 million) compared to 31 December 2021. In 
the combined group management report for the 
fiscal year 2021 net liquidity of the Porsche SE 
Group as of 31 December 2022 was forecast to 
range between €0.6 billion and €1.1 billion. Against 
the backdrop of the acquisition of ordinary shares of 
Porsche AG using raised debt capital, on 
28 September 2022, Porsche SE adjusted the 
forecast corridor to between minus €6.9 billion and 
minus €6.4 billion. Net liquidity was thus within this 
adjusted corridor. 
Cash inflow from operating activities amounted to 
€791 million (€733 million) in the reporting period 
and largely contains the net dividend received after 
deduction of capital gains tax plus solidarity 
surcharge of the investment in Volkswagen AG of 
€884 million (prior year: €756 million; no capital 
gains tax was deducted). The gross dividend of 
€1,201 million attributable to Porsche SE was 
subject to capital gains tax plus solidarity surcharge 
of 26.375% or €317 million, which will lead to a 
corresponding tax refund in subsequent years. For 
the subsequent years, the dividends of the 
investments in Volkswagen AG and in Porsche AG 
are not expected to be subject to capital gains tax 
deduction. The special dividend approved by the 
extraordinary general meeting of Volkswagen AG on 
16 December 2022, was paid out on 9 January 2023, 
which is why it was not reflected in the cash inflow 
for the fiscal year 2022. The cash inflow from  
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Group management report
Report on economic position

a capital increase of ETS of €35 million as well as 
from acquiring shares of portfolio investments or 
participating in subsequent financing rounds at 
portfolio investments totaling €14 million  
(€23 million). On the other hand, cash was received 
from the sale of the share in the PTV Group of  
€226 million less cash and cash equivalents of the 
PTV Group of €25 million disposed of in the course 
of the deconsolidation and from the partial sale of 
shares of portfolio investments in an amount of  
€2 million (€51 million). Furthermore, there were 
cash inflows from changes in investments in 
securities of €75 million (cash outflow of €3 million) 
as well as cash outflows from changes in 
investments in time deposits of €40 million (cash 
outflow of €28 million). 
The largely debt-financed acquisition of ordinary 
shares of Porsche AG (see section “Significant 
events and developments at the Porsche SE Group”) 
led in the reporting year to a cash inflow from 
financing activities from raising debt capital for the 
purchase price payment of the first tranche of 
ordinary shares of Porsche AG of around €7.1 billion 
in a corresponding amount. Dividend payments to 
the shareholders of Porsche SE totaling €783 million 
(€679 million) had an offsetting effect.  
 
 
operating activities was negatively impacted in the 
reporting year by interest paid including transaction 
costs in connection with the debt capital raised of 
€52 million (€1 million). In addition, cash outflows 
for expenses relating to holding business operations 
in particular had an offsetting effect in both the 
reporting and the comparative period.  
In the fiscal year 2022, investing activities resulted 
in a cash outflow of €7,287 million, while there was 
a cash outflow of €4 million in the prior-year 
comparative period. The cash outflow in the 
reporting period is largely attributable to cash paid 
for the acquisition of the first tranche of shares of 
Porsche AG of €7,075 million (including acquisition-
related costs). Further cash outflows result from 
acquiring additional preference shares of 
Volkswagen AG of €400 million, from participating in 
95
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Group management report
Report on economic position

96
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Group management report
Report on economic position

Cash and cash equivalents decreased to €86 million 
(€271 million) compared to 31 December 2021. In 
addition to that, Porsche SE has at its disposal an 
undrawn credit facility with a volume of €1 billion 
and an initial term until September 2025.  
Net assets of the Porsche SE Group 
Compared to 31 December 2021, the Porsche SE 
Group’s total assets increased by €16.3 billion to 
€58.8 billion as of 31 December 2022.  
The Porsche SE Group’s non-current assets of 
€57.7 billion (€41.6 billion) primarily relate to the 
core investments accounted for at equity.  
As of 29 September 2022, the investment in 
Porsche AG was recognized with an interest of 25% 
plus one share of the ordinary shares in the amount 
of the acquisition costs (including incidental 
acquisition costs) of €10.1 billion (see section 
“Significant events and developments at the 
Porsche SE Group”). As a result of at equity 
accounting until 31 December 2022, the carrying 
amount of the shares changed to €10.2 billion. Of 
the increase in the carrying amount, €163 million is 
attributable to the result from ongoing at equity 
accounting, minus €150 million to effects from the 
subsequent measurement of the hidden reserves 
and liabilities identified and €78 million to expenses 
and income recognized in other comprehensive 
income. These result primarily from positive effects 
from the measurement of hedges as well as 
negative effects from currency translation at the 
level of the Porsche AG Group.  
In addition to this, the investments accounted for at 
equity above all include the carrying amount of the 
investment in Volkswagen AG accounted for at 
equity, which compared to 31 December 2021 
increased by €5.7 billion to €47.2 billion. Of the 
increase in the carrying amount, €4,683 million is 
attributable to the result from ongoing at equity 
accounting, minus €52 million to effects from the 
subsequent measurement of the hidden reserves 
and liabilities identified and €3,533 million to other 
comprehensive income. The latter results primarily 
from positive effects from the measurement of 
pensions as well as from currency translation at the 
level of the Volkswagen Group. There was also an 
increase of €1,583 million in the carrying amount 
accounted for at equity reported directly in equity. 
This change primarily results from the increase 
directly in equity at the level of the Volkswagen 
Group (not including non-controlling interests) as a 
result of the IPO of Porsche AG and the sale of 
ordinary shares of Porsche AG to Porsche SE (see 
also section “IPO of Porsche AG” in section 
“Significant events and developments at the 
Volkswagen Group”). This increase was recognized 
directly in equity and resulted in a corresponding 
proportionate increase of the carrying amount of the 
investment in Volkswagen AG accounted for at 
equity which was recognized directly in equity as 
well in the consolidated financial statements of 
Porsche SE, unless it was attributable to the 
acquisition of ordinary shares of Porsche AG by 
Porsche SE. The carrying amount of the investment 
accounted for at equity was also increased in the 
amount of €177 million by the proportionate 
realization of the intercompany profit from the 
contribution of the holding business operations of 
Porsche SE to Volkswagen AG eliminated in the 
fiscal year 2012 (see section “Results of operations 
of the Porsche SE Group”). On the other hand, the 
carrying amount accounted for at equity was 
reduced by dividends from the dividend payment in 
May 2022 as well as the special dividend agreed on 
in December 2022 totaling €4,202 million as well as 
effects from the acquisition of around 2.6 million 
preference shares of Volkswagen AG carried out in 
the reporting period and the subsequent 
classification of around 2.7 million preference 
shares of Volkswagen AG as held for sale pursuant 
to IFRS 5 in an amount of minus €51 million.  
The investments accounted for at equity also 
include the carrying amount of the investment in 
ETS of €107 million as well as the investment in 
INRIX of €10 million (€6 million).  
97
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The non-current other financial assets of  
€204 million (€45 million) include shares of portfolio 
investments of €59 million (€45 million) as well as 
interest rate hedging instruments of €142 million 
measured at fair value to which hedge accounting 
applies in most cases. 
Current assets of €1,076 million (€960 million) 
mainly consist of income tax receivables, securities, 
time deposits, cash and cash equivalents and 
assets classified as held for sale. Income tax 
receivables totaling €316 million are largely 
attributable to withheld capital gains tax for 
dividend payments received from Volkswagen AG. 
As of 31 December 2022, the item “Assets 
classified as held for sale“ comprised around  
2.7 million preference shares of Volkswagen AG. As 
of 31 December 2021, this had included the assets 
previously attributable to the PTV Group. 
Furthermore, current assets include a receivable of 
Porsche SE from Volkswagen AG of €22 million. 
This relates to the (special) dividend claim of 
Porsche SE against Volkswagen AG of €3.1 billion 
offset with the remaining purchase price liability 
from the acquisition of ordinary shares of Porsche 
AG of €3.0 billion as of the reporting date, which 
was presented on an net basis (see section 
“Significant events and developments at the 
Porsche SE Group”). 
The equity of the Porsche SE Group increased to a 
total of €51.4 billion (€42.2 billion) due to the 
positive total comprehensive income as of 
31 December 2022. The equity ratio decreased to 
87.5% (99.2%) compared to the end of the fiscal 
year 2021, primarily due to the debt capital raised in 
connection with the acquisition of ordinary shares of 
Porsche AG. 
Financial liabilities totaling €7.1 billion primarily 
result from raising debt capital to finance the 
acquisition of ordinary shares of Porsche AG (see 
section “Significant events and developments at the 
Porsche SE Group”). 
Results of operations  
of the Volkswagen Group  
The following statements relate to the original 
profit/loss figures of the Volkswagen Group in the 
fiscal year 2022. It should be noted that the group 
result of Porsche SE only reflects its capital share in 
the result of the Volkswagen Group in the course of 
at equity accounting. Furthermore, effects from at 
equity accounting in the consolidated financial 
statements of Porsche SE, particularly relating to 
the subsequent measurement of the hidden 
reserves and liabilities identified in the course of the 
purchase price allocations, are not taken into 
consideration in the explanations below. 
In the period from January to December 2022,  
the Volkswagen Group generated revenue of  
€279.2 billion, up 11.6% on the prior-year figure. 
Improvements, above all in the price positioning, the 
product mix and exchange rate trends, as well as 
healthy business performance in the financial 
services division had a positive effect, while lower 
vehicle sales due to parts supply shortages had an 
adverse impact. Navistar, which has been 
consolidated since 1 July 2021, is included in the 
Volkswagen Group’s revenue in an amount of  
€10.7 billion (€3.6 billion). In the fiscal year 2022, 
82.6% (82.3%) of the Volkswagen Group’s revenue 
originated abroad. Gross profit improved by  
€5.0 billion to €52.2 billion. The gross margin was 
18.7% (18.9%).  
The Volkswagen Group’s operating result before 
special items increased by €2.5 billion to  
€22.5 billion in the reporting year. The operating 
return on sales before special items amounted to 
8.1% (8.0%). The rise in the operating result was 
mainly attributable to improved price positioning 
and the product mix. Positive effects amounting to 
€3.7 billion (€2.7 billion) from derivatives to which 
hedge accounting is not applied (in particular 
commodity, currency and interest rate hedges) 
boosted Volkswagen’s group result. These factors  
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Report on economic position

were offset by increased product costs, especially 
for commodities, and expenses of around €2 billion 
relating to loss allowances and risk provisions as a 
consequence of the direct impact of the Russia-
Ukraine conflict. In the reporting period, the 
passenger cars business area reported one-off 
expenses for restructuring measures at SEAT in an 
amount of €0.2 billion. In the prior year, one-off 
expenses had been incurred for restructuring 
measures in the commercial vehicles business area 
(€0.7 billion) as well as expenses in connection with 
the EU antitrust proceedings against Scania  
(€0.5 billion). An expense of €0.1 billion was 
recognized for transaction costs in connection with 
the IPO of Porsche AG. In addition, employees of 
Volkswagen AG, Volkswagen Sachsen GmbH and 
the Porsche AG Group participated in the economic 
success of the sale of shares of Porsche AG by way 
of a one-off payment; to this end, an amount of  
€0.5 billion was recognized in personnel costs. 
Special items in connection with the diesel issue 
reduced the operating result, which amounted to 
minus €0.4 billion (minus €0.8 billion). In the period 
from January to December 2022, the Volkswagen 
Group’s operating result amounted to €22.1 billion, 
up €2.8 billion on the prior-year figure. The 
operating return on sales increased to 7.9% (7.7%). 
The financial result amounted to minus €0.1 billion 
(€0.9 billion). The interest expenses included in this 
item decreased due to measurement-related factors 
resulting primarily from a change in the discount 
rates used in the measurement of provisions. The 
other financial result was negatively impacted by 
the impairment loss of €1.9 billion recognized on the 
equity investment in Argo AI, which weighed on net 
other investment income, and by changes in share 
prices, mainly as a result of the Russia-Ukraine 
conflict, which affected net income from securities 
and funds. Both factors were offset by favorable 
exchange rate effects. The measurement of forward 
purchase agreements for new shares of 
QuantumScape had additionally weighed on the 
prior year. The share of the result of equity-
accounted investments of the Chinese joint 
ventures was up on the prior year. 
The Volkswagen Group’s result before tax was up 
€1.9 billion to €22.0 billion in the fiscal year 2022. 
The return on sales before tax amounted to 7.9% 
(8.0%). Income taxes resulted in an expense of  
€6.2 billion (€4.7 billion) in the reporting year, which 
in turn led to a tax rate of 28.2% (23.3%). The result 
after tax rose by €0.4 billion year on year to  
€15.8 billion.  
 
 
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Results of operations  
of the Porsche AG Group 
The following statements relate to the original 
profit/loss figures of the Porsche AG Group in the 
fiscal year 2022. It should be noted that the group 
result of Porsche SE only reflects its capital share in 
the result of the Porsche AG Group in the course of 
at equity accounting and only on a pro rata basis as 
of 29 September 2022. Furthermore, effects from at 
equity accounting in the consolidated financial 
statements of Porsche SE, particularly relating to 
the subsequent measurement of the hidden 
reserves and liabilities identified in the course of the 
purchase price allocations, are not taken into 
consideration in the explanations below.  
The Porsche AG Group generated revenue of  
€37.6 billion in the fiscal year 2022. This is an 
increase of 13.6% on the prior year (€33.1 billion) 
and is largely due to higher consolidated vehicle 
sales coupled with improved pricing as well as 
positive mix and exchange rate effects. 
The cost of sales rose by €2.8 billion to €27.1 billion 
(€24.3 billion). Despite price increases on the 
supplier side, a relative decrease in the cost of sales 
in proportion to revenue was achieved (72.0%,  
2021: 73.3%), which is primarily attributable to 
changes in the product and region mix, lower 
amortization of capitalized development costs and a 
higher capitalization ratio of development costs.  
Gross profit increased accordingly by 19.1% to 
€10.5 billion (€8.9 billion), therefore resulting in a 
gross margin of 28.0% (26.7%).  
Distribution expenses rose by €0.2 billion to  
€2.4 billion. Administrative expenses increased  
from €1.4 billion to €1.7 billion, which is mainly 
attributable to the costs of the IPO (such as 
bonuses or consulting fees) as well as the 
digitalization strategy.  
Other operating result of the Porsche AG Group 
increased by €239 million to €232 million (minus  
€7 million). The increase is mainly attributable to the 
high demand for used vehicles and, correspondingly, 
higher write-ups of residual values in the financial 
services segment as well as the positive mark-to-
market valuation of derivatives outside of hedge 
accounting. Furthermore, a reimbursement of costs 
in connection with the IPO of Porsche AG had a 
positive effect on the other operating result. 
The operating result of the Porsche AG Group 
increased by €1.5 billion to €6.8 billion in the fiscal 
year 2022 (€5.3 billion). The operating return on 
sales of the Porsche AG Group thus grew to 18.0% 
compared to 16.0% in the prior-year period. The 
increase in the return on sales is above all thanks to 
improved unit price realization, a strong product mix, 
positive foreign exchange rate effects and the 
developments in the other business fields, 
combined with contrastingly higher additional costs 
for procurement, primarily on account of increased 
commodity prices.  
The financial result came to €299 million  
(€414 million). Lower interest income due to the 
spin-off of the loan receivable from Porsche Holding 
Stuttgart GmbH caused the financial result to 
decrease. Additionally, the financial result was 
negatively impacted by an impairment loss on the 
equity-accounted investment in Bertrandt AG. By 
contrast, adjusted interest rates used to measure 
provisions had a positive effect on the financial 
result.  
With a stable tax rate of 29.9% (29.5%), income tax 
increased to €2.1 billion in 2022 (€1.7 billion) due to 
an increase in the result before tax. This caused the 
result after tax of the Porsche AG Group to increase 
by €0.9 billion to €5.0 billion in the current reporting 
period.  
 
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Porsche Automobil Holding SE  
(financial statements pursuant to the 
German Commercial Code) 
The following explanations of the results of 
operations, financial position and net assets relate 
to the separate financial statements of Porsche SE 
for the fiscal year 2022.  
Results of operations 
 
In the fiscal year 2022, Porsche SE generated a net 
profit of €4,104 million (€824 million), of which 
around €4,256 million (€876 million) related to the 
result from investments. In addition to dividend 
income of €4,253 million (€756 million), the result 
from investments contains income (net) from profit 
and loss transfer agreements of €3 million  
(€120 million). The combined group management 
report for the fiscal year 2021 had forecast dividend 
income of €1.2 billion for Porsche SE in the fiscal 
 
 
 
 
year 2022. The increase is caused by the special 
dividend approved by the extraordinary general 
meeting of Volkswagen AG on 16 December 2022 in 
connection with the IPO of Porsche AG, of which 
around €3.1 billion is attributable to Porsche SE.  
Other operating expenses of €27 million (€34 million) 
mainly contain legal and consulting fees of €15 
million (€24 million). 
The interest result for the fiscal year 2022 primarily 
comprises expenses for interest and transaction 
costs for the debt capital raised in the fiscal year. 
Income tax mainly consists of income tax expenses 
in the reporting year.  
 
 
Income statement of Porsche Automobil Holding SE 
 
 
 
 
 
€ million 
2022 
2021 
 
Revenue 
0 
0 
Other operating income 
3 
7 
Personnel expenses 
– 18 
– 15 
Other operating expenses 
– 27 
– 34 
Result from investments 
4,256 
876 
Interest result 
– 99 
– 6 
Income tax 
– 11 
– 4 
Result after tax 
4,104 
825 
Other tax 
0 
– 1 
Net profit 
4,104 
824 
Transfer to (-) / withdrawal from (+) retained earnings 
– 2,052 
– 41 
Net profit available for distribution 
2,052 
783  
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Net assets and financial position 
 
Non-current assets of €33,424 million  
(€22,896 million) primarily contain the investment in 
Volkswagen AG of €22,912 million (€22,512 million). 
In the period from 29 March 2022 to 6 May 2022, 
Porsche SE acquired preference shares of 
Volkswagen AG for around €400 million via the 
capital market. Furthermore, the investment in 
Porsche AG was recognized for the first time in the 
fiscal year 2022 with an interest of 25% plus one 
share of the ordinary shares in the amount of the 
acquisition costs of €10.1 billion (see section 
“Significant events and developments at the 
Porsche SE Group”). 
In addition to receivables from domination and profit 
and loss transfer agreements, receivables from 
affiliates primarily include a receivable of Porsche 
SE from Volkswagen AG of €22 million. This relates 
to the net presentation of the (special) dividend 
claim of Porsche SE against Volkswagen AG of  
€3.1 billion offset with the remaining purchase price 
liability from the acquisition of ordinary shares of 
Porsche AG of €3.0 billion as of the reporting date 
(see section “Significant events and developments 
at the Porsche SE Group”). Other assets mainly 
include income tax receivables from withheld capital 
gains tax. 
Cash and cash equivalents contain bank balances 
including short-term time deposits. 
Provisions contain items for pensions and similar 
obligations, tax provisions as well as other 
provisions.  
Liabilities to banks result from raising debt capital to 
finance the acquisition of ordinary shares of 
Porsche AG. 
As before, the liabilities relate largely to loan 
relationships entered into with subsidiaries. 
 
Balance sheet of Porsche Automobil Holding SE  
 
 
 
 
 
€ million 
31/12/2022 
31/12/2021 
  
  
  
Assets 
  
  
 
 
Non-current assets 
33,424 
22,896 
Receivables from affiliated companies 
30 
121 
Other assets 
317 
5 
Marketable securities 
70 
145 
Cash and cash equivalents 
343 
463 
  
34,185 
23,631 
  
  
  
Equity and liabilities 
  
  
 
 
Equity 
26,707 
23,386 
Provisions 
112 
108 
Liabilities to banks 
7,118 
  
Liabilities 
247 
137 
  
34,185 
23,631 
 
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report is as follows: “In accordance with the 
circumstances known to it when the transactions 
stated in the report were conducted, Porsche SE 
has rendered or, as the case may be, received 
reasonable payment. The company was not 
disadvantaged by these transactions.” 
Outlook 
 
We refer to the statements in the section 
“Anticipated development of the Porsche SE 
Group”, which also in particular reflect the 
expectations for the parent company. Based on the 
dividend proposed by the board of management 
and supervisory board of Volkswagen AG,  
Porsche SE expects a dividend of €8.70 per 
Volkswagen ordinary share and €8.76 per 
Volkswagen preference share as well as €1.00 per 
Porsche AG ordinary share for the fiscal year 2022. 
As a result, dividend income of Volkswagen AG and 
Porsche AG totaling €1.5 billion is expected at the 
level of Porsche SE, which is likely to have a 
significant impact on the 2023 separate financial 
statements. 
 
 
 
 
Risks relating to the business development 
 
The risks relating to the development of  
Porsche SE’s business are closely connected to the 
risks relating to the core investments in Volkswagen 
AG and in Porsche AG and to the development of 
the legal proceedings. The risks are described in the 
section “Opportunities and risks of future 
development”. 
Dividends 
 
Porsche SE’s dividend policy is generally geared to 
stability. The shareholders should participate in the 
success of Porsche SE in the form of an appropriate 
dividend, while taking into consideration the 
systematic repayment of financial liabilities as well 
as the objective of securing sufficient liquidity, in 
particular for the purpose of acquiring future 
investments. 
The separate financial statements of Porsche SE as 
of 31 December 2022 report a net profit available 
for distribution of €2,052 million consisting of a net 
profit of €4,104 million and a transfer to retained 
earnings of €2,052 million. The board of 
management proposes a resolution for the 
distribution of a dividend of €2.554 per ordinary 
share and €2.560 per preference share, i.e., a total 
distribution of €783 million and a transfer to retained 
earnings of €1,269 million.  
Dependent company report 
  
In accordance with Sec. 312 AktG, Porsche SE has 
drawn up a report on relations with holders of its 
ordinary shares and companies affiliated with these 
(dependent company report). The conclusion of this 
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Separate non-financial group report 
The separate non-financial group report of the 
Porsche SE Group pursuant to Sec. 315b HGB for 
the fiscal year 2022 can be accessed at the latest 
by 30 April 2023 in German at www.porsche-
se.com/unternehmen/corporate-governance and in 
English at www.porsche-se.com/en/company/ 
corporate-governance. 
 
 
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Overall statement on the economic 
situation of Porsche SE  
and the Porsche SE Group 
Against the background of the current challenges, 
the board of management of Porsche SE considers 
the economic situation of the company and its 
significant investments in Volkswagen AG and 
Porsche AG to be positive overall. With the 
acquisition of 25% plus one share of the ordinary 
shares of Porsche AG, a core investment with 
strong growth and high dividends has been added 
to the investment portfolio of Porsche SE that is 
uniquely positioned in the sport and luxury segment 
of the automotive industry. At the level of the two 
core investments – Volkswagen AG and Porsche AG 
– business was largely impacted in the fiscal year 
2022 by the effects of the Russia-Ukraine conflict, 
the Covid-19 pandemic, the global economic 
slowdown, the limited availability of parts and 
disruptions in the logistics chain. In addition, the 
industry is shaped by fierce competition, 
technological transformation and increasing 
ecological awareness. 
The result after tax of the Porsche SE Group 
increased by 5.3% on the prior year to €4.8 billion 
and is within the profit corridor forecast in the prior 
year. In the fiscal year 2022 the results of operations 
of Porsche SE and the Porsche SE Group were 
largely characterized by the development of the 
Volkswagen Group. Since Porsche SE’s acquisition 
of ordinary shares of Porsche AG (see section 
“Significant events and developments at the 
Porsche SE Group”) the result of the Porsche SE 
Group is also influenced by the result from 
investments accounted for at equity that is 
attributable to Porsche SE and therefore by the 
earnings situation of the Porsche AG Group. 
 
 
 
 
Net liquidity of the Porsche SE Group decreased year 
on year from €641 million to minus €6,672 million as 
a result of raising debt capital. In light of this, the 
corridor forecast in the prior year for net liquidity of 
between €0.4 billion and €0.9 billion was adjusted in 
September 2022 to a corridor of between minus 
€6.9 billion and minus €6.4 billion. In addition to the 
largely debt-financed acquisition of ordinary shares 
in Porsche AG, the financial position of the  
Porsche SE Group was primarily influenced by the 
acquisition of Volkswagen preference shares, the 
sale of the share in PTV as well as dividends 
received and paid.  
Porsche SE’s net profit for the year of €4.1 billion 
(€0.8 billion) is largely shaped by the special 
dividend approved by the annual general meeting of 
Volkswagen AG on 16 December 2022 in 
connection with the IPO of Porsche AG and 
distributed on 9 January 2023. As a result of the 
special dividend, the dividend income received was 
higher in Porsche SE’s separate financial 
statements prepared in accordance with HGB than 
the dividend income forecast in the prior year.  
The board of management of Porsche SE is still fully 
committed to the company’s role as Volkswagen 
AG’s long-term anchor shareholder and remains 
convinced of the Volkswagen Group’s potential for 
increasing value added. 
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Opportunities and risks 
of future development
Report on opportunities and risks  
at the Porsche SE Group 
Risk management system of the  
Porsche SE Group 
Overview of the risk management system 
 
The risk management system of the Porsche SE 
Group was set up to ensure a structured approach 
to risks and also in particular to identify at an early 
stage any potential risks to the ability of the group 
to continue as a going concern as well as any risks 
that could have a significant and long-term negative 
impact on the results of operations, financial 
position and net assets of the group and to avoid 
these by means of appropriate countermeasures.  
The risk management system of the Porsche SE 
Group monitors both the direct risks at the level of 
Porsche SE as well as the significant indirect and 
direct risks from investments described below. The 
investments generally have their own independent 
risk management system and are responsible for 
managing their own risks. The risk management 
system can therefore be divided into the sphere of 
Porsche SE as holding company and the sphere of 
the investments.  
In its risk management system, Porsche SE focuses 
on risks that may cause the company to negatively 
deviate from its targets. However, on occasion 
potential opportunities are also analyzed and 
presented. 
 
 
 
 
The risk management system is designed to ensure 
that the management of Porsche SE is always 
informed of significant risk drivers and able to 
assess the potential impact of the identified risks in 
order to take appropriate countermeasures at an 
early stage. 
The Porsche SE Group’s risk management system 
is updated on an ongoing basis and adapted to the 
company’s changing requirements. Porsche SE’s 
auditor examines the Porsche SE Group’s risk early 
warning system annually with respect to its 
fundamental suitability of being able to identify risks 
at an early stage that might jeopardize the 
continued existence and assesses the functionality 
of the risk early warning and monitoring systems in 
accordance with Sec. 317(4) HGB. Assessing the 
probability and extent of future events and 
developments is, by its nature, subject to 
uncertainty. A risk management system cannot 
foresee all potential risks, nor can it completely 
prevent or uncover irregular acts. 
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Risk management system of Porsche SE 
 
The risk management system of Porsche SE is 
significantly shaped by the existing risk culture and 
is subdivided into three lines of defense: 
“operational risk management”, “strategic risk 
management” and “review-based risk management”.  
The risk culture as part of the corporate culture 
comprises the fundamental attitude to risks and the 
way they are dealt with. It strongly influences the 
company’s risk awareness. The risk culture within 
the Porsche SE Group is shaped by the practiced 
behavior of the management, the creation and 
promotion of a company-wide risk awareness and 
open and transparent risk communication.  
As the first line of defense, “operational risk 
management” comprises analysis, management, 
monitoring, communication and documentation of 
risks at operational level. Porsche SE distinguishes 
between two types of risk. The first type of risk 
comprises risks from business activities which are 
entered into as part of (conscious) entrepreneurial 
decisions (“entrepreneurial risks”). The second type 
of risk comprises risks resulting from the lack of a 
definition or insufficient compliance with processes 
(“organizational risks”). The two types of risk may 
also include sustainability aspects. Every single 
department within Porsche SE is responsible for 
identifying, evaluating, managing, monitoring and 
documenting risks in its area and reporting 
significant risks to the finance department. In 
particular, this means that measures for managing 
risks are derived and implemented immediately at 
this level in all areas of the company, with the aim of 
preventing these risks from spreading to other areas 
or even to the company as a whole. With regard to 
the organizational risks, operational risk 
management is performed using the internal control 
system, which is described in the “Internal control 
system including internal control system of Porsche 
SE relevant for the financial reporting process” 
section. In addition to operational management of 
the specific individual risk areas at department level, 
the finance department also creates a complete 
view of the significant risks in order to take into 
consideration the overall risk exposure of the group. 
Risks are aggregated to appropriately take into 
account combined effects of risks. In this context, 
risk-bearing capacity is regularly determined based 
on Porsche SE’s net assets. To assess the existence 
of any developments that may jeopardize the ability 
of the company to continue as a going concern, the 
aggregated risks are compared to Porsche SE’s net 
assets based on scenarios.  
The second line of defense, “strategic risk 
management”, is responsible for the conceptual 
design and control of the proper implementation of 
the entire risk management system. In addition to 
creating a risk map, deriving generic risk strategies, 
defining a general process structure for the 
operational management of risks and allocating risk 
areas to their respective risk owners, this includes in 
particular also control of the operation, effectiveness  
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Risk management at the level of the 
investments 
 
The core investments of Porsche SE generally have 
their own independent risk management system to 
monitor and manage risks at their level. 
Management of the risks of the Volkswagen Group 
is located at the level of Volkswagen AG. The task 
of Volkswagen AG’s risk management is to identify, 
manage and monitor existing risks at the level of the 
Volkswagen Group. Volkswagen AG has 
implemented its own group-wide risk management 
system and is responsible for handling its own risks. 
The same applies for Porsche AG. At the same time, 
however, both Volkswagen AG and Porsche AG are 
required to ensure that Porsche SE as the holding 
company – within the scope of the legally 
permissible exchange of information – is informed at 
an early stage of any risks potentially jeopardizing 
the investment’s ability to continue as a going 
concern. This information is provided, inter alia, in 
management talks and by forwarding risk reports. 
Volkswagen AG’s auditor examines the Volkswagen 
Group’s risk early warning system annually with 
respect to its fundamental suitability of being able 
to identify risks that might jeopardize the continued 
existence and assesses the functionality of the risk 
early warning and monitoring systems in 
accordance with Sec. 317(4) HGB. The same 
applies for Porsche AG. For additional information 
on the structure of the risk management system at 
the level of the Volkswagen Group, reference is 
made to the explanations in the section “Risk 
management system of the Volkswagen Group”. 
In addition to the core investments in Volkswagen 
AG and in Porsche AG, Porsche SE indirectly holds 
additional portfolio investments in the mobility and 
industrial technology sector in the form of non-
controlling interests. The risks at the level of these  
and documentation of operational and strategic risk 
management by the board of management and the 
supervisory board of Porsche SE. 
The third line of defense, “review-based risk 
management”, aims to ensure the appropriateness 
and effectiveness of the risk management system 
and therefore in particular that the operational and 
strategic risk management are in line with externally 
and internally defined standards. “Review-based 
risk management” is the responsibility of the 
internal audit, which, as an independent and 
objective body, reviews on the basis of an annual 
risk oriented audit plan whether operational risk 
management is firmly embedded in all areas and 
regularly performed. Furthermore, the strategic level 
is reviewed to determine whether there is a 
structured systems approach and whether the 
respective controls and reviews are performed in 
strategic risk management. The internal audit 
reports the audit findings to the board of 
management and the supervisory board’s audit 
committee.  
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investments are also managed and controlled along 
decentralized lines by the respective investments 
themselves. Regular reports on the economic 
situation, management meetings as well as in some 
cases observation and delegation rights on advisory 
and monitoring boards aim – within the scope of the 
legally permissible exchange of information – to 
ensure that Porsche SE is informed about any 
significant risks at the level of the portfolio 
investments.  
Internal control system including internal 
control system of Porsche SE relevant for the 
financial reporting process 
 
The aim of Porsche SE’s internal control system is 
to manage the organizational risks as part of 
operational risk management. Hence, it serves in 
particular to ensure the definition of and compliance 
with processes and is essentially based on the 
principles, guidelines and measures introduced by 
the board of management. The scope of the internal 
control system covers Porsche SE and its fully 
consolidated subsidiaries. These are exclusively 
intermediate holding companies. The investment 
companies of Porsche SE, in particular Volkswagen 
AG and Porsche AG, are not part of the internal 
control system of Porsche SE and must in turn 
ensure the establishment and monitoring of an 
appropriate and effective internal control system. 
The internal control system defines uniform 
measures to manage the organizational risks. Based 
on a comprehensive process map, a suitable 
organizational structure is derived for the entire 
company and the individual process steps, 
responsibilities and interfaces are derived by the 
respective process owner for the key processes. 
Controls are defined for processes and interfaces of 
particular relevance, compliance with which is 
generally monitored using the dual control principle. 
These measures are documented in process 
overviews, guidelines and checklists. 
The accounting-related internal control system aims 
to ensure the compliance and legality of internal and 
external accounting and financial reporting. It 
comprises measures aimed at ensuring complete, 
correct and timely preparation and transmission of 
the information required for the preparation of the 
separate and consolidated financial statements as 
well as the combined management report for 
Porsche SE (see also the explanations on the risk 
area “Reporting” in section “Opportunities and risks 
of the Porsche SE Group” in the “Organizational 
risks” section. 
The board of management has overall responsibility 
for the internal control system. Based on regular 
reporting, the board of management, the audit 
committee and the supervisory board are informed 
of risks within the Porsche SE Group. In principle, 
these also include organizational risks, including 
any weaknesses in the internal control system to  
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the extent that these may have a significant effect 
on the risk situation of Porsche SE. As part of the 
risk management system, the internal control 
system in the Porsche SE Group is continuously 
tested for effectiveness (see also the section on 
“review-based risk management” in section “Risk 
management system of Porsche SE”) and 
continually optimized to reflect changed conditions. 
In the fiscal year 2022, the board of management 
and supervisory board did not have any information 
that could indicate a lack of adequacy and 
effectiveness of the risk management system and 
internal control system as of 31 December 2022. 
Opportunities and risks  
of the Porsche SE Group 
Organizational risks 
 
Organizational risks comprise risks resulting from 
the lack of a definition or insufficient compliance 
with processes. The internal control system serves 
to manage these risks. Porsche SE distinguishes 
between the risk areas “Reporting”, “Business 
operations” and “Compliance”.  
The risk area “Reporting” relates in particular to 
internal and external reporting. The IFRS accounting 
manual of Porsche SE ensures uniform recognition 
and measurement. Accounting duties are performed 
by the investment companies included in the 
consolidated financial statements. The financial 
statements of Porsche SE and its fully consolidated 
subsidiaries are prepared using standard software. 
The issuance of formal instructions such as a time 
schedule as well as set reporting packages ensures 
the timely and uniform reporting to Porsche SE. The 
components of the reporting packages required to 
be prepared for the Porsche SE Group are set out in 
detail and updated regularly. Upon receipt, they are 
subjected to an analysis and plausibility check. 
Depending on the matter at hand, significant 
developments are addressed in discussions with the 
reporting companies.  
The reporting packages are processed in a certified 
consolidation system. Extensive checks performed 
manually and by the system aim to ensure the 
completeness and reliability of the information 
processed in the consolidated financial statements. 
For all accounting-related processes, the principle 
of dual control and plausibility checks form the 
basis of the internal control system taking  
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materiality aspects into account. Furthermore, the 
consolidated financial statements as well as the 
figures and information contained in the reporting 
packages are subjected to variance analyses and 
analyses are performed of the composition of 
individual items. The same applies for the 
reconciliation of the IFRS financial information to the 
separate financial statements in accordance with 
HGB of Porsche SE. Suitable selection processes 
and regular training measures aim to ensure that 
employees involved in the accounting process are 
appropriately qualified. 
The combined management report is prepared – in 
accordance with the applicable requirements and 
regulations – centrally but with the involvement of 
and in consultation with the investments that are 
significant for preparing the management report.  
With regard to the risk area “business operations”, 
all departments of Porsche SE have analyzed each 
of their operating processes and interfaces and also 
defined controls for processes and interfaces of 
particular relevance and monitor that they are being 
complied with. 
With regard to the management of risks from the 
risk area “compliance”, Porsche SE has established 
a compliance management system, that is 
specifically tasked with preventing breaches of laws, 
other legal standards, company guidelines or other 
internal company regulations.  
The compliance management of Porsche SE 
comprises the compliance organization with defined 
roles and responsibilities as well as measures and 
processes set up in the company. These aim to 
preemptively ensure that employee conduct is in 
line with the rules and to avoid the negative 
consequences of compliance breaches for Porsche 
SE and its employees as well as to clarify, to put an 
end to and to punish potential instances of 
misconduct. To identify significant compliance 
topics and potential compliance risks resulting 
therefrom, Porsche SE performs risks analyses as 
part of its compliance management. 
Risk assessment for organizational risks 
 
The organizational risks of the Porsche SE Group 
are regularly subjected to an overall risk assessment 
using the categories low, medium or high. The three 
identified risk areas “Reporting”, “Business 
operations” and “Compliance” are each considered 
low as of the reporting date. 
 
 
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Entrepreneurial risks 
 
In the area of entrepreneurial risks, the Porsche SE 
Group primarily faces opportunities and risks from 
investments, risks from financing and financial 
instruments as well as legal and tax opportunities 
and risks. These are considered in terms of their 
potential influence on the earnings and liquidity 
situation of the Porsche SE Group. The focus of risk 
management is primarily on negative variances from 
expectations regarding the development of the 
group result after tax or net liquidity of the  
Porsche SE Group. 
Opportunities and risks from investments 
 
In connection with any existing and future 
investments, Porsche SE generally faces 
opportunities and risks regarding the effects on its 
result and/or net liquidity. This includes the risk of a 
need to recognize impairment losses, with a 
corresponding negative impact on the result of 
Porsche SE, the risk of a decrease in dividend 
inflow, the risk of burdens on profits from changes 
in the market value of equity instruments accounted 
for at fair value as well as the risk of burdens on 
profits attributed to Porsche SE in the consolidated 
financial statements under the equity method. 
However, there are also corresponding 
opportunities from positive development in these 
areas. Porsche SE is currently exposed to 
significant risks from the core investments in 
Volkswagen AG and in Porsche AG and from the 
portfolio investments.  
To detect a possible impairment with regard to 
Porsche SE’s investments at an early stage, the 
company regularly analyzes key figures on the 
business development of the core investments in 
Volkswagen AG and in Porsche AG in particular and, 
if applicable, monitors assessments made by 
analysts.  
With regard to the investment in Volkswagen AG, 
there is an increased risk of the result attributable to 
Porsche SE as part of equity accounting falling 
short of expectations on account of the Volkswagen 
Group not developing as planned (referred to below 
as the risk area “Result contribution Volkswagen”). 
According to Volkswagen, the most significant risks 
at the level of the Volkswagen Group arise from a 
negative trend in markets and unit sales, with regard 
to quality and cyber security, and from an inability to 
develop products in line with demand and 
requirements, especially in view of e-mobility and 
digitalization. The Volkswagen Group continues to 
be exposed to risks from the diesel issue. In 2023, 
an adverse effect may result from the continuing 
limited availability of parts, energy and other raw 
materials as well as from geopolitical tensions and 
conflicts, including from the Russia-Ukraine conflict 
or an aggravation of the situation in East Asia. The 
assessment of risks at the level of the Volkswagen 
investment is generally based on the report on risks 
and opportunities in the 2022 group management 
report of Volkswagen AG.  
As regards the recoverability of the investment in 
Volkswagen AG, impairment testing was performed 
in the fiscal year 2022 due to the proportionate 
market capitalization being below the carrying 
amount of the investment accounted for at equity. 
As the impairment test is based on the current 
planning of the Volkswagen Group, the risks 
described above of an unexpected development 
which might lead to an impairment in the value of 
the investment also exist here. The risk of an 
impairment loss needing to be recognized through 
profit or loss is referred to below as the risk area 
“Impairment Volkswagen”. As part of the 
impairment test, sensitivity analyses regarding key 
measurement parameters were performed. As the 
value in use of the investment in Volkswagen AG 
was significantly higher than the carrying amount in 
each of the scenarios considered in the sensitivity  
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analysis, the risk of a need to recognize an 
impairment loss is considered to be unlikely on the 
basis of the current information.  
There is also the general risk of a significant 
decrease in dividend inflow from Volkswagen AG 
(referred to below as the risk area “Dividend inflow 
Volkswagen”), which would in turn affect the net 
liquidity of the Porsche SE Group. Such 
developments are not currently expected. 
Porsche SE’s investment in Porsche AG in the 
reporting period (refer to the section “Significant 
events and developments at the Porsche SE Group”) 
results in economic opportunities and risks that are 
presented in Porsche SE’s risk management system 
by the risk areas “Result contribution Porsche AG”, 
“Impairment risk Porsche AG” as well as “Dividend 
inflow Porsche AG”.  
With regard to the direct investment in Porsche AG, 
there is an increased risk of the result attributable to 
Porsche SE as part of equity accounting falling 
short of expectations on account of the Porsche AG 
Group not developing as planned (risk area “Result 
contribution Porsche AG”). According to Porsche 
AG, the risks at the level of the Porsche AG Group 
relate to protectionist tendencies, turbulence in the 
financial markets, structural deficits in individual 
countries, high inflation rates and rising interest 
rates as well as market shortages for intermediates 
and raw materials including energy. There are also 
risks from the Russia-Ukraine conflict and from the 
effects of geopolitical developments (such as 
political tensions in East Asia), risks stemming from 
a potential gas shortage as well as downtime risks 
on account of force majeure or other unforeseen 
events (such as a flare-up of the Covid-19 
pandemic). Other risks include cost risks from 
vehicle projects and risks from regulatory 
requirements, tax risks, customs risks as well as 
data privacy risks. The assessment of risks at the 
level of the Porsche AG investment is generally 
based on the report on risks and opportunities in 
the 2022 group management report of Porsche AG.  
The risks described above of a development below 
plan also exist with regard to the recoverability of 
the investment in Porsche AG (risk area “Impairment 
risk Porsche AG”). As regards the recoverability of 
the investment in Porsche AG, no impairment 
testing was performed in the fiscal year 2022 due to 
the proportionate market capitalization being above 
the carrying amount of the investment accounted 
for at equity.  
There is also the general risk of a significant 
decrease in dividend inflow from Porsche AG (risk 
area “Dividend inflow Porsche AG”), which would in 
turn have a corresponding impact on the net 
liquidity of the Porsche SE Group. Such 
developments are not currently expected. 
 
 
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There are plans to replace the remaining bridge 
financing by the end of the fiscal year 2023, partly 
by means of additional financial instruments. 
Risks from financing and investing are regularly 
monitored, reported and, if necessary, managed 
using financial instruments, such as interest rate 
hedging instruments. The primary aim is to limit the 
financial risk exposures of the Porsche SE Group. 
The principles and responsibilities for managing the 
risks from the use of financial instruments are 
generally defined by the board of management and 
monitored by the supervisory board. Internal 
guidelines exist within the Porsche SE Group that 
clearly define the risk management and control 
processes with regard to the use of financial 
instruments. These guidelines regulate, among 
other things, necessary control procedures such as 
the requirement of a hedged item or the segregation 
of functions relating to trades into trading and 
settlement. The underlying guidelines and the 
supporting systems are checked regularly and 
brought into line with current market developments. 
Derivatives such as interest rate swaps, are used to 
control interest rate risks from variable-rate  
Opportunities and risks from the portfolio 
investments of Porsche SE mainly arise from 
changes in market value, which in the case of 
investments measured at fair value have a direct 
and full impact on the result of the Porsche SE 
Group. In the case of portfolio investments 
accounted for at equity, in addition to the risk of 
impairment losses, there are also opportunities and 
risks arising from the result of the respective 
investments that is attributable proportionately to 
Porsche SE. In particular, the performance of 
technology companies in disruptive markets is in 
general subject to increased uncertainty. 
Risks from financing  
and financial instruments 
 
In its business activities Porsche SE is exposed to 
risks arising from raising debt capital and the use of 
financial instruments. Significant risks resulting from 
such activities are referred to below as the risk area 
“Financing / financial instruments”. The risk area 
was referred to in the prior year as “Risks from 
financial instruments”. In the reporting period, the 
nature and scope of financial instruments used 
increased significantly as a result of raising debt 
capital to finance the acquisition of the investment 
in Porsche AG. To finance the acquisition of the 
investment in Porsche AG, a financing agreement 
was concluded for a total volume of €8.9 billion 
subject to variable interest and with terms of up to  
5 years. As of 20 January 2023, Porsche SE 
terminated a volume of €0.8 billion of this 
agreement. The bridge financing of €3.9 billion in 
place as part of this financing agreement was 
refinanced largely in March 2023 by placing a 
Schuldschein loan of around €2.7 billion (see 
section “Subsequent events”).  
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financing instruments. For this purpose, individual 
nominal value tranches of the financing elements 
are always hedged using an interest rate hedging 
instrument with essentially identical valuation-
relevant features. The risk of a divergence between 
actual risk and accounting risk position is largely 
mitigated by the extensive use of hedge accounting. 
Other financial instruments currently used at 
Porsche SE in particular comprise cash and cash 
equivalents, time deposits and securities. 
The financing may generally result in risks for 
Porsche SE. The envisaged repayment of loans and 
the payment of interest will mainly be made from 
dividend inflows from Volkswagen AG and Porsche 
AG. If there are significant negative divergences 
from the medium-term planning of the dividend 
receipts, this may give rise to risks especially from 
delayed repayment of debt financing and from 
associated additional refinancing needs. The 
financing is subject to standard market financial 
covenants relating in particular to the market value 
of Porsche SE’s shares in Volkswagen AG and in 
Porsche AG as well as to the interest cover. A 
breach of financial covenants can in principle lead 
to the outstanding credit volume falling due and 
therefore to liquidity risks. Such developments are 
not foreseeable at present and are considered to be 
unlikely. Furthermore, market price risks can arise 
from changes in market interest rates. To hedge 
interest rate risks, there are interest rate hedges in 
place with a nominal volume of €5.7 billion and 
terms of up to 7 years at the time this report was 
prepared. As of the reporting date, the hedged 
nominal volume amounted to €5.8 billion with terms 
of up to 5 years.  
The use of financial instruments as part of liquidity 
and financial management also gives rise to 
counterparty risks. The creditworthiness of the 
counterparties of financial instruments is monitored 
regularly, mainly to assess any potential default. To 
mitigate the counterparty risks, Porsche SE also 
diversifies the investment of liquidity and enters into 
interest rate hedges across various counterparties. 
A hold harmless declaration to the deposit 
guarantee fund agency of the Association of 
German Banks is in place for the benefit of 
Volkswagen Bank GmbH, which Porsche SE issued 
in 2009. 
 
 
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Legal risks 
 
Porsche SE is involved in legal disputes both 
nationally and internationally. As of 31 December 
2022, this primarily relates to actions for damages 
concerning the increase of the investment in 
Volkswagen AG and the allegation of alleged market 
manipulation and alleged inaccurate capital market 
information as well as legal proceedings because of 
alleged non-feasance of capital market information 
or alleged incorrect capital market information in 
connection with the diesel issue. Where such risks 
are foreseeable, adequate provisions are made in 
order to account for any ensuing risks. The amount 
of the provisions for legal risks recognized in the 
reporting year corresponds to the attorneys’ fees 
and litigation expenses anticipated for the ongoing 
proceedings. The company believes that thus far 
these risks have not had a sustained effect on the 
economic position of the group. However, due to 
the fact that the outcome of litigation can be 
estimated only to a limited degree, it cannot be 
ruled out that very serious losses may eventuate 
that are not covered by the provisions already made, 
which would result in a correspondingly negative 
impact on the result and liquidity. 
For the status of the legal proceedings and for 
current developments, reference is made to the 
section “Significant events and developments at the 
Porsche SE Group”. 
Tax opportunities and risks 
 
The contribution of the holding business operations 
of Porsche SE to Volkswagen AG as of 1 August 
2012 is generally associated with tax risks. To 
safeguard the transaction from a tax point of view, 
and thus avoid tax back payments for the spin-offs 
performed in the past, rulings were obtained from 
the competent tax authorities. Porsche SE 
implemented the necessary measures to execute 
the contribution transaction in accordance with the 
rulings received and is monitoring compliance with 
them. 
The tax field audit is still being performed for the 
assessment periods 2009 to 2013. New findings of 
the tax field audit for the periods 2009 to 2013 as 
well as legal changes can result in an increase or 
decrease in tax provisions and interest or any 
refunds already received might have to be partially 
paid back. 
During the assessment periods 2006 to 2009, 
Porsche SE was initially the legal successor of 
Porsche AG and later the ultimate tax parent and 
thus liable for tax payments. As part of the 
contribution of the business operations, Volkswagen 
AG agreed to refund to Porsche SE any tax benefits 
– for example, in the form of a refund, tax reduction 
or tax saving, a reversal of tax liabilities or 
provisions or an increase in tax losses – of Porsche 
Holding Stuttgart GmbH, Porsche AG and its legal  
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predecessors and subsidiaries which pertain to 
assessment periods up to 31 July 2009. In return, 
under certain circumstances Porsche SE holds 
Porsche Holding Stuttgart GmbH, Porsche AG and 
their legal predecessors harmless from tax 
disadvantages that exceed the obligations from 
periods up until and including 31 July 2009 
recognized at the level of these entities. If the total 
tax benefits exceed the total tax disadvantages, 
Porsche SE has a claim against Volkswagen AG to 
payment of the amount by which the tax benefits 
exceed the tax disadvantages. The amount of tax 
benefits and tax disadvantages to be taken into 
account is regulated in the contribution agreement. 
The risks arising at the level of Porsche SE, for 
which provisions were recognized in prior years and 
payments were made, will in some cases lead to tax 
benefits at the Volkswagen Group that are expected 
to partly compensate the tax risks of Porsche SE. 
However, the provisions in the contribution 
agreement do not cover all matters and thus not all 
tax risks of Porsche SE from the tax field audits for 
the assessment periods 2006 to 2009. The 
existence and amount of a possible reimbursement 
claim against Volkswagen AG can be reliably 
determined only following completion of the tax 
field audit for the assessment period 2009. Based 
on the findings of the completed tax field audit for 
the assessment periods 2006 to 2008 and the 
information available for the assessment period 
2009 when these financial statements were 
prepared, it is estimated that Porsche SE has a 
compensation claim against Volkswagen AG in the 
low triple-digit million-euro range. Future findings 
and legal changes may lead to an increase or 
decrease in the possible compensation claim. 
Risk assessment for entrepreneurial risks 
 
The methodology for regularly assessing 
entrepreneurial risks remained unchanged in the 
past fiscal year. A risk assessment is performed for 
each of the significant entrepreneurial risks of the 
Porsche SE Group using risk categories “Low”, 
“Moderate” and “High”. This involves assessing the 
risk of falling short of the forecast corridor 
communicated for the result after tax and/or the net 
liquidity of Porsche SE Group.  
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The risk assessment of the significant 
entrepreneurial risks of the Porsche SE Group using 
the risk categories remains unchanged compared to 
the prior year. The likelihood of occurrence of the 
risk area “Result contribution portfolio investments” 
is now considered to be unlikely (prior year: 
moderately likely). As a result of Porsche SE’s 
investment in Porsche AG, the reporting was 
supplemented by adding the risk areas “Result 
contribution Porsche AG”, “Impairment risk Porsche 
AG” as well as “Dividend inflow Porsche AG” (refer 
to section “Significant events and developments at 
the Porsche SE Group”). The risk areas “Result 
contribution Porsche AG” and “Dividend inflow 
Porsche AG” are estimated to have a moderate 
potential impact and a low likelihood of occurrence. 
The risk area “Impairment risk Porsche AG” is 
estimated to have a high potential impact and a low 
likelihood of occurrence. Furthermore, the risks 
associated with raising debt capital on 4 October 
2022 are combined with other opportunities and 
risks from financial instruments in the risk area 
“Financing / financial instruments”. As a result of 
this, the risk assessment has changed and this risk 
area is now estimated to have a high potential 
impact.  
 
The risk assessment of a risk area includes the 
potential impact of the risk area as well as its 
likelihood of occurrence. A risk area under 
examination is allocated to one of the categories 
low, moderate or high based on its potential impact. 
The allocation is generally based on the potential 
impact that a risk area under examination can have 
on the result after tax and/or the net liquidity of the 
Porsche SE Group following potential 
countermeasures that are integrated into the 
process in terms of whether it negatively deviates 
from the corresponding forecast value. Considered 
individually as of the reporting date, risk areas 
categorized as high based on their potential impact 
generally have the potential to impact the key 
performance indicators result after tax and/or net 
liquidity of the Porsche SE Group by more than half 
of the forecast corridor. 
The likelihood of occurrence is allocated using the 
categories unlikely, moderately likely and highly 
likely. 
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Presentation of the risk assessment (with regard to the forecast corridor)
The likelihood of occurrence is considered to be low. 
As of the reporting date, the risk assessment is as 
follows: 
 
 
Overall statement on the risks faced  
by the Porsche SE Group 
The overall risk exposure of the Porsche SE Group 
is made up of the individual risks relating to the 
significant investments and the specific risks of 
Porsche SE presented. The risk management 
system aims to ensure that these risks are 
addressed adequately. Based on the information 
currently available, the board of management has 
not identified any risks which could endanger the 
ability of the Porsche SE Group to continue as a 
going concern, either individually or in combination 
with other risks. 
 
 
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Report on opportunities and risks  
of the Volkswagen Group 
Risk management system  
of the Volkswagen Group 
In this section, the objective and structure of the 
Volkswagen Group’s risk management system (RMS) 
and internal control system (ICS) are explained and 
its systems described, also with regard to the 
financial reporting process. Volkswagen AG has 
implemented its own group-wide risk management 
system and is therefore responsible for handling its 
own risks. The following is based on extracts from 
the “Report on risks and opportunities” in the 2022 
group management report of Volkswagen AG. 
Objective of the risk management system and 
internal control system at Volkswagen 
 
Only by promptly identifying, accurately assessing 
and effectively and efficiently managing the risks 
and opportunities arising from its business activities 
can Volkswagen ensure the long-term success of 
the Volkswagen Group. The aim of the RMS and 
ICS is to identify potential risks at an early stage so 
that suitable countermeasures can be taken to avert 
the threat of loss to the company, and any risks that 
might jeopardize its continued existence can be 
ruled out. 
Assessing the likelihood of occurrence and extent of 
future events and developments is, by its nature, 
subject to uncertainty. The Volkswagen Group is 
therefore aware that even the best RMS cannot 
foresee all potential risks and even the best ICS can 
never completely prevent irregular acts. 
Structure of the risk management system and 
internal control system at Volkswagen 
 
The organizational design of the Volkswagen 
Group’s RMS and ICS is based on the 
internationally recognized COSO framework for 
enterprise risk management (COSO: Committee of 
Sponsoring Organizations of the Treadway 
Commission). The purpose of structuring the 
RMS/ICS in accordance with the COSO framework 
for enterprise risk management is so that potential 
risk areas are covered in full. Uniform group 
principles are used as the basis for managing risks 
in a standardized manner. Opportunities are not 
recorded in the RMS processes.  
Another key element of the RMS and ICS at 
Volkswagen is the three lines model, which is 
required by, among other bodies, the European 
Confederation of Institutes of Internal Auditing 
(ECIIA). In line with this model, the Volkswagen 
Group’s RMS and ICS has three lines designed to 
protect the company from significant risks occurring. 
 
 
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The minimum requirements for the RMS and for the 
ICS, including the three lines model, are set out in 
guidelines for the entire Volkswagen Group and are 
regularly reviewed and refined. In addition, 
Volkswagen offers regular training on the RMS and 
ICS. 
A separate board of management committee for risk 
management of the Volkswagen Group deals with 
the key aspects of the RMS and the ICS every 
quarter. Its tasks are as follows:  
· to further increase transparency in relation to 
significant risks to the Volkswagen Group and 
their management,  
 
· to discuss specific issues where these constitute 
a significant risk to the Volkswagen Group,  
 
· to make recommendations on the further 
development of the RMS and the ICS, 
 
· to support the open approach to dealing with 
risks and promote an open risk culture. 
First line:  
Operational risk management 
 
The first line comprises the operational risk 
management and internal control systems at the 
individual group companies and business units of 
the Volkswagen Group. The RMS and the ICS are 
integral parts of the Volkswagen Group’s structure 
and workflows. Events that may give rise to risk are 
identified and assessed locally in the divisions and 
at the investees. Countermeasures are introduced, 
the remaining potential impact is assessed, and the 
information incorporated into the planning in a 
timely manner. Material risks are reported to the 
relevant committees on an ad hoc basis. The results 
of the operational risk management process are 
incorporated into planning and financial control on 
an ongoing basis. The targets agreed in 
Volkswagen’s planning rounds are continually 
reviewed in revolving planning updates. At the same 
time, the results of risk mitigation measures are 
promptly incorporated into the monthly forecasts 
regarding further business development. This 
means that Volkswagen AG’s board of management 
also has access to an overall picture of the current 
risk situation via the documented reporting 
channels during the year. 
Second line:  
Group risk management and ICS 
 
Each quarter, in addition to the ongoing operational 
risk management, the Volkswagen Group’s risk 
management department sends standardized 
surveys regarding the risk situation and the 
implementation of countermeasures – through the 
quarterly risk process (QRP) – to all group brands 
and significant group companies. The risks are 
identified and approved in a multiple-party 
verification process and then checked for 
plausibility by the Volkswagen Group’s risk 
management.  
 
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A score is calculated for each risk by multiplying the 
likelihood of occurrence (Prob) by the potential 
extent of the damage. This enables comparison of 
the risks The extent of the damage is calculated 
from the criteria of financial loss (Mat) and 
reputational damage (Rep) and the potential threat 
to adherence to external legal requirements (Req).  
A score between 0 and 10 is assigned to each of 
these criteria. The measures taken to manage and 
 
 
control risk are taken into account in the risk 
assessment (net perspective). 
The score for a likelihood of occurrence of more 
than 50% in the analysis period is classified as high; 
for a medium classification, the likelihood of 
occurrence is at least 25%. For the criterion of 
financial loss, the score rises in line with the loss; 
the highest score of 10 is reached when the  
Prob
Rep
Mat
Req
Mat
Likelihood of
occurence
Potential extent of damage
Risk score
Score
Score
Score
Score
Calculation of risk score
Prob
Rep
Req
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To review the Volkswagen Group’s risk-bearing 
capacity, the Volkswagen Group’s risk management 
uses the risk reports for a regular comparison of the 
aggregated risk situation and risk-bearing capacity. 
A simulation is used to check whether individual 
risks might become a going-concern risk if they are 
aggregated. There were no indications of insufficient 
risk-bearing capacity at the Volkswagen Group in 
the fiscal year 2022.  
Risk reporting to the committees of Volkswagen AG 
depends on materiality thresholds. Risks with a risk 
score of 40 or more or potential financial loss of  
€1 billion or more are presented quarterly to the 
board of management and the audit committee of 
the supervisory board of Volkswagen AG. The 
reporting includes all risks from the QRP with a risk 
score of 20. 
In addition, significant changes to the risk situation 
that can arise in the short term, for instance from 
unexpected external events, are reported to the 
board of management of Volkswagen AG as 
required. This is necessary if the risk may lead to 
potential financial loss of €1 billion or more and the 
likelihood of occurrence is estimated at greater  
than 50%.  
 
 
 
potential loss is upwards of €1 billion. The criterion 
of reputational damage can have characteristics 
ranging from local erosion of confidence and loss of 
trust at local level to loss of reputation at regional or 
international level. The potential threat to adherence 
to external legal requirements is classified based on 
the potential impact on the local company, the 
brand or the group.  
In addition to strategic, operational and reporting 
risks, risks arising from potential compliance 
violations (compliance risks) and from sustainability 
issues (ESG) are also integrated into this process. 
Volkswagen Financial Services AG and Volkswagen 
Bank GmbH have implemented their own RMS and 
ICS processes and regularly report to the 
Volkswagen Group’s risk management. 
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In recent years, Volkswagen has also developed a 
standardized ICS to better protect against process 
risks and put in place in significant companies of 
the Volkswagen Group. It continues to be 
introduced at further companies each year. The ICS 
thereby goes significantly beyond the requirements 
for the accounting-related ICS. In 25 catalogs of 
controls, the Volkswagen Group companies within 
its scope are presented with requirements in 
respect of the process risks and control objectives 
to be covered in order to protect the value chain in 
a standardized manner.  
In addition to financial reporting issues, for example, 
they address process risks in development or 
production, as well as in the areas of compliance 
and sustainability. The catalogs of controls are 
checked at regular intervals to verify that they are 
up to date and are regularly expanded.  
Key controls to cover process risks and control 
objectives are also tested for their effectiveness; 
any significant weaknesses identified are reported 
to the responsible bodies at Volkswagen AG and 
resolved in the departments. Like the QRP, the 
standardized ICS is supported by the “Riskradar”  
IT system. 
Volkswagen regularly optimizes the RMS and ICS as 
part of its continuous monitoring and improvement 
processes. In the process, Volkswagen gives equal 
consideration to both internal and external 
requirements. As a component of the RMS, the 
compliance management system (CMS) of the 
Volkswagen Group is also subject to these control 
and adjustment mechanisms. External experts 
assist in the continuous enhancement of the RMS, 
CMS and ICS of the Volkswagen Group on a case-
by-case basis. 
Third line: Review by Group Internal Audit 
 
Group Internal Audit helps Volkswagen AG’s board 
of management to monitor the various divisions and 
corporate units within the Volkswagen Group. It 
regularly checks the risk early warning system and 
the structure and implementation of the RMS, ICS 
and CMS as part of its independent audit 
procedures. The audit plan adopted by Volkswagen 
AG’s board of management includes the first and 
second lines, i.e. the risk-mitigating functions in 
addition to the operational units.  
Risk early warning system at Volkswagen 
The risk situation of the Volkswagen Group is 
ascertained, assessed and documented and 
therefore also complies with legal requirements. The 
requirements for a risk early warning system are met 
by means of the RMS and ICS elements described 
above (first and second line).  
Independently of this, the external auditors of 
Volkswagen AG check both the processes and 
procedures implemented in this respect and the 
adequacy of the documentation on an annual basis. 
The plausibility and adequacy of the risk reports are 
examined via spot checks in detailed interviews  
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with the divisions and companies concerned. The 
auditor of Volkswagen AG examines the risk early 
warning system integrated in the risk management 
system of the Volkswagen Group with respect to its 
fundamental suitability to being able to identify risks 
that might jeopardize the continued existence at an 
early stage and assesses the functionality of the risk 
early warning and monitoring system in accordance 
with Sec. 317 (4) HGB.  
In addition, scheduled examinations as part of the 
audit of the annual financial statements are 
conducted at companies in the financial services 
division of the Volkswagen Group. As a credit 
institution, Volkswagen Bank GmbH, including its 
subsidiaries, is subject to supervision by the 
European Central Bank, while Volkswagen Leasing 
GmbH as a financial services institution and 
Volkswagen Versicherung AG as an insurance 
company are subject to supervision by the relevant 
division of the German Federal Financial 
Supervisory Authority (BaFin). As part of the 
scheduled supervisory process and unscheduled 
audits, the competent supervisory authority 
assesses whether the requirements, strategies, 
processes and mechanisms ensure solid risk 
management and solid risk cover. Furthermore, the 
Prüfungsverband deutscher Banken (Auditing 
Association of German Banks) audits Volkswagen 
Bank GmbH from time to time. 
Volkswagen Financial Services AG operates a risk 
early warning and management system. Its aim is  
to ensure that the locally applicable regulatory 
requirements are adhered to and at the same  
time to enable appropriate and effective risk 
management at group level. Important components 
of it are regularly reviewed as part of the audit of the 
annual financial statements. 
Monitoring the effectiveness of the risk 
management system and the internal control 
system 
 
Reporting to the board of management and 
supervisory board of Volkswagen AG includes the 
results of the continuous monitoring and 
improvement of the RMS and ICS along with the 
evaluation of the company-wide risk situation based 
on the QRP and the presentation of the results of 
the internal control process based on the 
standardized ICS and downstream control systems 
at individual brands. 
On this basis, an overall conclusion is reached once 
a year on the adequacy and effectiveness of the 
RMS, CMS and ICS of the Volkswagen Group at a 
Volkswagen AG board of management meeting. The 
board of management of Volkswagen AG has 
received no information to indicate that the RMS or 
ICS of the Volkswagen Group as a whole were 
inadequate or ineffective in the fiscal year 2022. 
Nevertheless, there are inherent limits to the 
effectiveness of any risk management, compliance 
management and control system. Even a system 
judged to be adequate and effective cannot, for  
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example, ensure that all actually materializing risks 
will be identified in advance or that any process 
disruptions will be ruled out under all circumstances. 
Risk management and integrated internal 
control system in the context of the financial 
reporting process within the Volkswagen 
Group 
The accounting-related part of the RMS and ICS 
that is relevant for the financial statements of 
Volkswagen AG and the Volkswagen Group as well 
as its subsidiaries comprises measures intended to 
ensure that the information required for the 
preparation of the financial statements of 
Volkswagen AG, the consolidated financial 
statements and the combined management report 
of the Volkswagen Group and Volkswagen AG is 
complete, accurate and transmitted in a timely 
manner. These measures are designed to minimize 
the risk of material misstatement in the accounts 
and in external reporting. 
Main features of the risk management and 
integrated internal control system in the context 
of the financial reporting process 
 
The Volkswagen Group’s accounting is essentially 
organized along decentralized lines. For the most 
part, accounting duties are performed by the 
consolidated companies themselves or entrusted to 
the Volkswagen Group’s shared service centers. In 
principle, the financial statements of Volkswagen 
AG and its subsidiaries prepared in accordance with 
IFRSs and the Volkswagen IFRS Accounting Manual 
are transmitted to the Volkswagen Group in 
encrypted form. A standard market product is used 
for encryption. 
The Volkswagen IFRS Accounting Manual, which 
has been prepared in line with external expert 
opinions in certain cases, is intended to ensure the 
application and assessment of uniform accounting 
policies based on the requirements applicable to 
the parent of the Volkswagen Group. In particular, it 
includes more detailed guidance on the application 
of legal requirements and industry-specific issues. 
Components of the reporting packages that are 
required to be prepared by the group companies are 
also set out in detail there, and requirements have 
been established for the presentation and  
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settlement of intragroup transactions and the 
balance reconciliation process that is based on 
these.  
Control activities at group level include analyzing 
and, if necessary, adjusting the data reported in the 
financial statements presented by the subsidiaries 
of the Volkswagen Group, taking into account the 
reports submitted by the auditors of Volkswagen AG 
and the outcome of the meetings on the financial 
statements with representatives of the individual 
companies. These discussions address both the 
plausibility of the single-entity financial statements 
and specific significant issues at the subsidiaries. 
Alongside plausibility checks, other control 
mechanisms applied during the preparation of the 
single-entity and consolidated financial statements 
of Volkswagen AG include the clear delineation of 
areas of responsibility and the application of the 
“four eyes” principle. 
The effectiveness of the internal control system of 
the Volkswagen Group in the context of the 
accounting process is systematically assessed in 
significant companies of the Volkswagen Group as 
part of the standardized ICS. This begins with a risk 
analysis and definition of controls with the aim of 
identifying significant risks for the financial reporting 
process. Regular tests based on samples are 
performed to evaluate the effectiveness of the 
controls. These form the basis for a self-evaluation 
of whether the controls are appropriately designed 
and effective. 
The combined management report of the 
Volkswagen Group and Volkswagen AG is prepared 
– in accordance with the applicable requirements 
and regulations – centrally but with the involvement 
of and in consultation with the group units and 
companies. 
In addition, the accounting-related internal control 
system is independently reviewed by Volkswagen 
Group Internal Audit in Germany and abroad. 
Integrated consolidation  
and planning system 
 
The Volkswagen consolidation and corporate 
management system (VoKUs) enables the 
Volkswagen Group to consolidate and analyze both 
Financial Reporting’s backward-looking data and 
Controlling’s forward-looking data. VoKUs offers 
centralized master data management, uniform 
reporting, an authorization concept and the required 
flexibility with regard to changes to the legal 
environment, providing a technical platform that 
benefits Volkswagen Group Financial Reporting and 
Volkswagen Group Controlling in equal measure. To 
verify data consistency, VoKUs has a multi-level 
validation system that primarily checks content 
plausibility between the balance sheet, the income 
statement and the notes.  
 
 
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Likelihood of occurence
1
2
3
4
5
6
7
Risks from the
macroeconomy,
the sector, markets
and sales
Research and
development risks
Operational risks
Environmental
and social risks
Legal risks
Financial risks
Risks from
mergers & acquisitions
and / or other strategic
partnerships /  
investments
1
2
3
4
5
6
7
Average scores of the risk categories
3
10
9
8
7
6
5
4
2
1
10 11 12 13 14 15 16 17 18 19 20
9
8
7
6
5
4
2
1
3
high
> 50 %
medium
> 25 %
low
< 25 %
(weighted score of financial loss, reputational damage
and criminal relevance)
Potential extent of damage
low
medium
high
5
4
3
2
1
5
4
3
2
1
130
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Opportunities and risks of future development

Opportunities and risks  
of the Volkswagen Group 
This sections outlines the main risks and 
opportunities arising in the business activities of the 
Volkswagen Group from the Volkswagen Group’s 
perspective. The opportunities and risks presented 
also include in particular those from the Porsche AG 
Group. In order to provide a better overview, the 
risks and opportunities have been grouped into 
categories. At the beginning of each risk category of 
the Volkswagen Group, the most significant risks 
are stated in order of their importance as identified 
by Volkswagen using the risk score from the QRP.  
All risks reported to the Volkswagen Group Risk 
Management department with a risk score of 20 or 
more for the units included from the QRP are 
incorporated in the assessment of the Volkswagen 
Group’s risk categories and the reporting to the 
board of management of Volkswagen AG, amongst 
others. The risk categories are plotted based on the 
average scores. In the reporting year, no risks with 
such scores were reported for the “Financial risks” 
and “Risks from mergers & acquisitions and/or other 
strategic partnerships/investments” risk categories 
at Volkswagen. 
Volkswagen uses analyses of the competition and 
the competitive environment in addition to market 
studies to identify not only risks but also 
opportunities that have a positive impact on the 
design of its products, the efficiency with which 
they are produced, their success in the market and 
its cost structure. Where they can be assessed, 
risks and opportunities that Volkswagen expects to 
occur are already reflected in its medium-term 
planning and its forecast. The Volkswagen Group 
therefore reports on internal and external 
developments as risks and opportunities that, 
based on existing information available to the 
Volkswagen Group at that time, may result in a 
negative or positive deviation from its forecast or 
targets. 
Risk categories at the Volkswagen Group 
 
The category “Risks and opportunities from the 
macroeconomy, the sector, markets and sales” 
summarizes macroeconomic risks and opportunities, 
including possible effects from geopolitical tensions 
and conflicts, sector-specific risks and market 
opportunities/potential, sales risks, risks from the 
Russia-Ukraine conflict as well as other factors. 
Under risks from the Russia-Ukraine conflict, 
Volkswagen describes the risk that the ongoing 
Russia-Ukraine conflict will have a negative impact 
on the global economy and industry growth as well 
as the business activities of the Volkswagen Group, 
in particular with regard to rising prices and 
declining availability of energy. Under other factors, 
Volkswagen describes the risk in particular that the 
Covid-19 pandemic could intensify again, due to 
reasons such as changes in the virus. All areas of 
the Volkswagen Group are affected by the  
131
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pandemic. For this risk category, the likelihood of 
occurrence is classified as high (prior year: high) 
and the potential extent of damage is classified as 
medium (prior year: medium) by Volkswagen. From 
the Volkswagen Group’s perspective, the most 
significant risks from the QRP in this category arise 
from a negative influence on markets and unit sales 
driven among other factors by restrictions on trade 
and increasingly protectionist tendencies. 
The category “Research and development risks” 
contains risks arising from research and 
development as well as risks and opportunities from 
the modular toolkit strategy. For this risk category, 
the likelihood of occurrence is classified as high 
(prior year: high) and the potential extent of damage 
is classified as medium (prior year: medium) by 
Volkswagen. The most significant risks from the 
QRP result from the inability to develop products in 
line with demand and requirements, especially with 
regard to e-mobility and digitalization. 
“Operational risks and opportunities” summarizes 
risks from extraordinary events in the Volkswagen 
Group’s procurement and production network, risks 
and opportunities from procurement and technology, 
production risks, risks arising from long-term 
production, quality risks, IT risks and risks from 
media impact. Risks from extraordinary events in 
the Volkswagen Group’s procurement and 
production network describe in particular the risk 
that the spread of the coronavirus or the current 
Russia-Ukraine conflict may result in supply risks in 
procurement and heavily impair production. As a 
consequence, bottlenecks or even outages in 
production may occur at Volkswagen, thus 
preventing the planned production volumes from 
being achieved. For this risk category, the likelihood 
of occurrence is classified as high (prior year: high) 
and the potential extent of damage is classified as 
medium (prior year: medium) by Volkswagen. The 
most significant risks from the QRP lie particularly in 
volatile procurement markets, here primarily in 
relation to the supply of parts, as well as cyber 
security and new regulatory requirements regarding 
IT, and in quality problems. 
The risk category “Environmental and social risks” 
include personnel risks as well as risks from 
environmental protection regulations. For this risk 
category, the likelihood of occurrence is classified 
as medium (prior year: high) and the potential extent 
of damage is classified as high (prior year: medium) 
by Volkswagen. The most significant risks from the 
QRP arise from non-fulfillment of CO2-related 
requirements. 
Risks from litigation and legal risks in connection 
with the diesel issue as well as tax risks are 
subsumed under “Legal risks”. For this risk category, 
the likelihood of occurrence is classified as medium 
(prior year: medium) and the potential extent of 
damage is classified as high (prior year: medium) by 
Volkswagen. The most significant risks from the 
QRP are associated with the diesel issue. 
In the category “Financial risks”, the Volkswagen 
Group includes financial risks, risks arising from 
financial instruments, liquidity risks as well as risks 
and opportunities in the financial services business. 
No risks with a score of 20 or more were reported 
by Volkswagen for this risk category in the 
reporting year.  
Under “Opportunities and risks from mergers and 
acquisitions and/or other strategic partnerships/ 
investments”, the Volkswagen Group summarizes 
opportunities and risks from partnerships, risks 
arising from the recoverability of goodwill or brand 
names and from equity investments as well as risks 
from the disposal of equity investments. No risks 
with a score of 20 or more were reported by 
Volkswagen for this risk category in the reporting 
year.  
 
 
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Opportunities and risks of future development

133
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Opportunities and risks of future development

Volkswagen AG’s risk assessment  
regarding the diesel issue 
 
An amount of around €1.4 billion (€2.1 billion) has 
been included in the provisions of the Volkswagen 
Group for litigation and legal risks as of 
31 December 2022 to account for the legal risks 
known to the Volkswagen Group at the time of 
preparing its management report related to the 
diesel issue based on the presently available 
information and the current assessments of 
Volkswagen. Where adequately measurable at this 
stage, contingent liabilities relating to the diesel 
issue have been disclosed in the notes of the 
Volkswagen Group in an aggregate amount of  
€4.2 billion (€4.3 billion), whereby roughly  
€3.6 billion (€3.6 billion) of this amount results from 
lawsuits filed by investors in Germany. The 
provisions recognized at the Volkswagen Group, the 
contingent liabilities disclosed, and the other latent 
legal risks in the context of the diesel issue are in 
part subject to substantial estimation risks given the 
complexity of the individual relevant factors, the 
ongoing coordination with the authorities, and the 
fact that the fact-finding efforts have not yet been 
concluded. Should these legal or estimation risks 
materialize, this could result in further substantial 
financial charges. In particular, adjustment of the 
provisions recognized by Volkswagen in light of 
knowledge acquired or events occurring in the 
future cannot be ruled out. 
In line with IAS 37.92, no further statements have 
been made by Volkswagen concerning estimates of 
financial impact or regarding uncertainty as to the 
amount or maturity of provisions and contingent 
liabilities in relation to the diesel issue. This is so as 
to not compromise the results of the proceedings or 
the interests of Volkswagen. 
Overall assessment of risk and opportunity 
position of the Volkswagen Group 
The Volkswagen Group’s overall risk and 
opportunity position results from the specific risks 
and opportunities shown above. Volkswagen has 
established a comprehensive risk management 
system to ensure that these risks are controlled. The 
most significant risks to the Volkswagen Group 
across all risk categories arise from a negative trend 
in markets and unit sales, with regard to quality and 
cyber security, and from an inability to develop 
products in line with demand and requirements, 
especially in view of e-mobility and digitalization. 
The Volkswagen Group continues to be exposed to 
risks from the diesel issue. In 2023, an adverse 
effect may result from the continued limited 
availability of parts, energy and other raw materials, 
as well as from geopolitical tensions and conflicts, 
including from the Russia-Ukraine conflict. Taking 
into account all the information known to the 
Volkswagen Group at the time of preparing its 
management report, no risks exist which could 
pose a threat to the continued existence of 
significant Volkswagen Group companies or the 
Volkswagen Group. 
134
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Opportunities and risks of future development

Publication of the declaration  
of compliance
Porsche SE has issued the declaration of 
compliance as required by Secs. 289f and 315d 
HGB. The declaration of compliance is published at 
www.porsche-se.com/en/company/corporate-
governance/. 
135
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Publication of the declaration of compliance

Subsequent events
Upon payment of the special dividend by 
Volkswagen AG on 9 January 2023, the purchase 
price liability from the acquisition of the second 
tranche of ordinary shares of Porsche AG of  
€3.0 billion to Volkswagen AG was offset against the 
dividend claim of Porsche SE against Volkswagen 
AG of €3.1 billion. The lien on the ordinary shares of 
the second tranche granted in favor of Volkswagen 
expired in this connection. 
In March 2023, Porsche SE successfully placed a 
Schuldschein loan of around €2.7 billion. The 
promissory note comprises eight tranches with 
terms of three, five, seven and ten years, each of 
which are subject to fixed or variable interest rates. 
Of the total volume, €1.0 billion is subject to a term 
of three years, €1.4 billion to a term of five years, 
€0.2 billion to a term of seven years and €0.2 billion 
to a term of ten years. Around 120 institutional 
investors such as banks, pension funds and 
insurance companies participated in the 
Schuldschein loan. With the promissory note, 
Porsche SE is refinancing a significant part of the 
initial bridge financing of €3.9 billion raised for the 
acquisition of ordinary shares in Porsche AG. There 
are plans to replace the remaining bridge financing 
by the end of the fiscal year 2023, partly by means 
of additional financial instruments. 
In particular in light of the successful placement 
of the Schuldschein loan of around €2.7 billion in 
March 2023, which significantly exceeded the 
volume predictable on the basis of similar 
transactions in the past, circumstances arose 
after the end of the fiscal year 2022 that made a 
sale of the 2.7 million preference shares of 
Volkswagen AG held by Porsche SE by June 2023 
not seem highly probable, anymore (see section 
“Significant events and developments at the 
Porsche SE Group”). In the fiscal year 2023, the 
preference shares were therefore no longer 
classified as assets held for sale resulting in a 
retrospective application of the equity method in the 
fiscal year 2023. The capital share, which the at 
equity accounting for the investment in Volkswagen 
AG is based on, thus amounts to around 31.9% in 
the fiscal year 2023 compared to the approximately 
31.4% that had been applicable in the fiscal year 
2022 since classification pursuant to IFRS 5. Had 
the preference shares not been classified as assets 
held for sale in the fiscal year 2022, the result from 
assets held for sale of €22 million would not have 
arisen, the result from investments in Volkswagen 
AG accounted for at equity would have been  
€725 million higher, and the investment result would 
therefore have been €703 million higher. The group 
result after tax would have been €700 million higher, 
earnings per share from continuing operations 
would have been €2.29 higher and other 
comprehensive income would have been €5 million 
lower. The assets classified as held for sale of  
€314 million would not have existed and the 
carrying amount of the investment in Volkswagen 
AG accounted for at equity would have increased 
by €1,040 million, equity by €723 million and total 
assets by €727 million. 
 
 
136
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Group management report
Subsequent events

Between the reporting date and the date of 
preparing the financial statements, investments 
were made in three new portfolio investments and 
one existing portfolio investment in the portfolio 
investments segment with a total investment 
volume in the mid-double-digit million euro range. 
With the exception of the developments presented 
in the section “Significant events and developments 
at the Porsche SE Group”, there were no other 
reportable events after the reporting date. 
 
137
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Group management report
Subsequent events

Forecast report and outlook
Developments in the global economy 
The planning is based on the assumption that 
global economic output will grow overall in 2023 
albeit at a slower pace. The persistently high 
inflation in many regions and the resulting restrictive 
monetary policy measures taken by central banks 
are expected to increasingly dampen consumer 
spending. Risks continue to be seen in protectionist 
tendencies, turbulence in the financial markets and 
structural deficits in individual countries. In addition, 
growth prospects will be negatively impacted by 
ongoing geopolitical tensions and conflicts, with 
risks continuing to arise from the Russia-Ukraine 
conflict or other geopolitical hot spots with a global 
impact. It cannot be ruled out that risks may also 
arise if new variants of the SARS-CoV-2 virus occur, 
particularly with regard to regional outbreaks and 
the measures associated with these. It is assumed 
that both the advanced economies and emerging 
markets will show positive momentum on average, 
albeit with below-average growth in gross domestic 
product. 
 
For 2023, Volkswagen’s planning anticipates that 
the euro will stabilize against the US dollar and gain 
slight ground against pound sterling and the 
Chinese renminbi. It assumes that the Argentinian 
peso, Brazilian real, Mexican peso, South African 
rand and Turkish lira will depreciate to varying 
degrees.  
 
 
Whether there will be further changes in key interest 
rates in 2023 in the respective countries will depend 
firstly on further inflationary trends and secondly on 
the severity of a possible economic downturn. 
Overall, Volkswagen expects interest rates to remain 
relatively high in 2023.  
Particularly given the continued uncertainty about 
future trends in the global economy, Volkswagen 
expects the prices of many commodities to fall in 
2023 with only isolated price rises. 
Trends in the markets for passenger cars and 
light commercial vehicles 
 
The trend in the automotive industry closely follows 
global economic developments. Volkswagen 
assumes that competition in the international 
automotive markets will intensify further. Uncertainty 
may arise from continued shortages of intermediates 
and commodities. These may be further exacerbated 
by the consequences of the Russia-Ukraine conflict 
and, in particular, lead to rising prices and declining 
availability of energy.  
The Volkswagen Group predicts that trends in the 
markets for passenger cars in the individual regions 
will be mixed in 2023. Overall, the global volume of 
new car sales is expected to be noticeably higher 
than in the prior year.  
 
 
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Forecast report and outlook

Trends in the markets for light commercial vehicles 
in the individual regions will also be mixed; on the 
whole, Volkswagen expects a noticeable increase in 
the sales volume for 2023.  
Trends in the markets for commercial vehicles 
 
For 2023, Volkswagen expects a noticeable 
upwards trend in new registrations for mid-sized 
and heavy trucks with a gross weight of more than 
six tonnes compared with the prior year, with 
variations from region to region, in the markets that 
are relevant for the Volkswagen Group.  
A significant increase in overall demand, with 
regional variations, is expected for 2023 in the bus 
markets relevant for the Volkswagen Group. 
Trends in the markets for financial services 
 
Volkswagen anticipates that automotive financial 
services will continue to prove highly important to 
global vehicle sales in 2023. The continuing 
shortages of intermediates and commodities may 
generate uncertainty, exacerbated by the 
consequences of the Russia-Ukraine conflict. 
Furthermore, the increased interest rates will put 
pressure on the demand for financial services. The 
Volkswagen Group expects demand to rise in 
emerging markets where market penetration has so 
far been low. Regions with already established 
automotive financial services markets will probably 
see a continuation of the trend towards enabling 
mobility at the lowest possible total cost. 
Integrated end-to-end solutions, which include 
mobility-related service modules such as insurance 
and innovative packages of services, are likely to 
become increasingly important for this. Additionally, 
Volkswagen expects that demand will increase for 
new forms of mobility, such as rental and car 
subscription (Auto-Abo) services, and for integrated 
mobility services, for example parking, refueling 
and charging, and that the shift initiated in the 
European financial services business with individual 
customers from financing to lease contracts will 
continue. Especially in the Chinese market, 
Volkswagen anticipates an increase in the 
importance of direct business between 
manufacturers and customers The seamless 
integration of financial services into the online 
vehicle offering will take on increasing importance 
in efforts to promote this type of business.  
In the mid-sized and heavy commercial vehicles 
category, Volkswagen anticipates rising demand for 
financial services products in emerging markets. In 
these countries in particular, financing solutions 
support vehicle sales and are thus an essential 
component of the sales process. In the developed 
markets, Volkswagen expects to see increased 
demand for telematics services and services aimed 
at reducing total cost of ownership in 2023.  
139
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Forecast report and outlook

Anticipated development 
of the Volkswagen Group 
With its brand diversity, broad product range, 
technologies and services, Volkswagen believes it is 
well prepared for the future challenges in the 
mobility business. 
Volkswagen’s planning is based on the assumption 
that global economic output will grow overall in 
2023, albeit at a slower pace. The persistently high 
inflation in many regions and the resulting restrictive 
monetary policy measures taken by central banks 
are expected to increasingly dampen consumer 
spending. Volkswagen continues to believe that 
risks will arise from protectionist tendencies, 
turbulence in the financial markets and structural 
deficits in individual countries. Volkswagen also 
sees continuing geopolitical tensions and conflicts 
as weighing on growth prospects; the Russia-
Ukraine conflict also holds risks. It cannot be ruled 
out that risks may also arise if new variants of the 
SARS-CoV-2 virus occur, particularly with regard to 
regional outbreaks and the measures associated 
with these. The Volkswagen Group assumes that 
both the advanced economies and the emerging 
markets will show positive momentum on average, 
albeit with below-average growth in gross domestic 
product. 
The Volkswagen Group anticipates that, amid 
challenging market conditions, deliveries to 
customers in 2023 will stand at around 9.5 million 
vehicles. This assumes that the shortages of 
intermediates and commodities and the bottlenecks 
in logistics will become less intense. 
Challenges will arise in particular from the economic 
situation, the increasing intensity of competition, 
volatile commodity, energy and foreign exchange 
markets, and more stringent emissions-related 
requirements. 
 
 
 
Volkswagen expects the revenue of the Volkswagen 
Group in 2023 to be 10% to 15% higher than the 
prior-year figure and the operating return on sales to 
lie between 7.5% and 8.5%. In the passenger cars 
business area, Volkswagen forecasts an increase of 
7% to 13% in revenue compared with the prior year, 
with an operating return on sales of between 8% 
and 9%. For the commercial vehicles business area, 
the Volkswagen Group anticipates an operating 
return on sales of 6% to 7% amid a 5% to 15% 
year-on-year increase in revenue. In the power 
engineering business area, Volkswagen expects 
revenue to be slightly above the prior-year figure 
and operating result to be in the low triple-digit 
million euro range. For the financial services division, 
Volkswagen forecasts a strong increase in revenue 
compared with the prior year and an operating 
result in the range of €3.5 billion. 
In its planning for 2023, the Porsche AG Group 
assumes that average global economic output will 
continue to grow albeit at a somewhat lower level 
compared to the reporting year. This is provided 
that the Covid-19 pandemic does not flare up again, 
the Russia-Ukraine conflict does not escalate 
further or there are no other geopolitical hot spots 
with a global impact. Risks continue to be seen in 
protectionist tendencies, turbulence in financial 
markets, structural deficits in some countries, the 
real economic impact of high inflation rates around 
the world, rising interest rates as well as market 
shortages for intermediates and raw materials 
including energy.  
For 2023 as a whole, based on the aforementioned 
assumptions, the Porsche AG Group expects the 
operating return on sales to range between 17% 
and 19%. This forecast is based on assumed 
revenue in a range of €40 billion to €42 billion.  
 
 
140
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Forecast report and outlook

Anticipated development  
of the Porsche SE Group  
The result of the Porsche SE Group is largely 
affected by the result from investments accounted 
for at equity that is attributable to Porsche SE and 
therefore on the earnings situation of the 
Volkswagen Group.  
The forecast result after tax of the Porsche SE 
Group is therefore largely based on the Volkswagen 
Group’s expectations regarding its future 
development. While the result after tax of the 
Volkswagen Group is included in the forecast of the 
Porsche SE Group, the forecast of the Volkswagen 
Group is based only on its operating result. As a 
result, effects outside of the operating result at the 
level of the Volkswagen Group do not affect its 
forecast, although they do have a proportionate 
effect on the amount of the Porsche SE Group’s 
forecast result after tax.  
The expectations of the Volkswagen Group 
regarding future development were therefore 
expanded on by the board of management of 
Porsche SE. This also includes the expectations of 
the board of management of Porsche SE regarding 
the profit contributions from investments that are 
contained in the financial result of the Volkswagen 
Group. 
Due to Porsche SE’s acquisition of ordinary shares 
in Porsche AG (see section “Significant events and 
developments at the Porsche SE Group”), the result 
of the Porsche SE Group is from now on also 
influenced by the result from investments 
accounted for at equity that is attributable to 
Porsche SE and therefore by the earnings situation 
of the Porsche AG Group. The earnings forecast of 
Porsche SE therefore also takes into account the 
expectations of the Porsche AG Group regarding its 
future development.  
The forward-looking statements of the forecast are 
based in large parts on estimates and expectations 
 
 
 
of the Volkswagen Group and the Porsche AG 
Group, which can be influenced by unforeseeable 
events. As a result of this, the actual business 
development may deviate, both positively and 
negatively, from the expectations. Risks that could 
lead to such deviations primarily include the 
consequences from geopolitical tensions potentially 
intensifying, protectionist tendencies, persistently 
high inflation, structural deficits of individual 
advanced economies, turbulence in the financial, 
energy and commodity markets, supply shortages, 
and a failure to contain the Covid-19 pandemic in a 
lasting way, tightening of environmental protection 
regulations as well as any other negative effects 
from the diesel issue. 
In particular on the basis of the expectations of the 
Volkswagen Group and the Porsche AG Group 
regarding their future development, Porsche SE 
expects a group result after tax of between  
€4.5 billion and €6.5 billion for the fiscal year 2023. 
As of 31 December 2022, the Porsche SE Group 
had net liquidity of minus €6.7 billion. As of 
31 December 2023, negative net liquidity of 
between minus €6.1 billion and minus €5.6 billion  
is expected for the Porsche SE Group. 
The earnings forecast as well as the net liquidity 
forecast is based on the current structure of the 
Porsche SE Group. Effects from future investments 
and divestitures are not taken into account.  
 
Stuttgart, 15 March 2023 
Porsche Automobil Holding SE 
 
The board of management 
141
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Forecast report and outlook

Glossary
142
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Glossary

Glossary
Selected terms at a glance 
Gross margin 
 
Gross margin is the percentage of revenue 
attributable to gross profit of the Volkswagen Group 
in a period. Gross margin provides information on 
profitability net of cost of sales. 
Equity ratio 
 
The equity ratio measures the percentage of total 
assets attributable to shareholders’ equity as of a 
reporting date. This ratio indicates the stability and 
financial strength of the company and shows the 
degree of financial independence.  
Operating result 
 
The revenue of the Volkswagen Group, which does 
not include the figures for its Chinese joint ventures 
accounted for at equity, reflects the market success 
of the Volkswagen Group in financial terms. 
Following adjustment for its use of resources, the 
operating result reflects the actual business activity 
of Volkswagen and documents the economic 
success of its core business.
 
Operating return on sales 
 
The operating return on sales of the Volkswagen 
Group is the ratio of the operating result to revenue. 
Tax rate 
 
The tax rate is the ratio of income taxes to profit 
before tax, expressed as a percentage. It shows 
what percentage of the profit generated has to be 
paid over as tax. 
Return on sales before tax 
 
The return on sales is the ratio of profit before tax to 
revenue in a period, expressed as a percentage. It 
shows the level of profit generated for each unit of 
revenue. The return on sales provides information 
on the profitability of all business activities before 
deducting income tax expense.  
 
 
 
 
 
 
 
143
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Group management report
Glossary

Financials
2022
Financials
144

Financials
Consolidated income statement
146
Consolidated statement of comprehensive income
147
Consolidated balance sheet
148
Consolidated statement of changes in equity
149
Consolidated statement of cash flows
150
Notes to the consolidated financial statements
152
Independent auditor’s report
255
Responsibility statement
272
145
2022
Financials

Consolidated income statement of Porsche Automobil Holding SE  
for the period from 1 January to 31 December 2022 
€ million 
Note 
2022 
2021 
Result from investments accounted for at equity 
[1] 
4,533 
4,631 
Result from assets held for sale 
[2] 
22 
  
Income from investment valuation 
[3] 
12 
5 
Expenses from investment valuation 
[3] 
– 11 
– 22 
Result from investments 
  
4,555 
4,615 
  
  
  
  
Other operating income 
[4] 
179 
6 
Personnel expenses 
[5] 
– 17 
– 15 
Amortization and depreciation 
  
– 1 
– 1 
Other operating expenses 
[6] 
– 25 
– 32 
Result before financial result 
  
4,691 
4,572 
  
  
  
  
Finance costs 
  
– 71 
– 6 
Other financial result 
  
14 
– 1 
Financial result 
[7] 
– 57 
– 7 
  
  
  
  
Result before tax 
  
4,634 
4,565 
Income tax 
[8] 
56 
– 3 
Result after tax from continuing operations 
  
4,690 
4,563 
Result after tax from discontinued operations 
[15] 
96 
3 
Result after tax 
  
4,787 
4,566 
thereof attributable to 
  
  
  
shareholders of Porsche SE 
  
4,787 
4,566 
non-controlling interests 
  
  
0 
  
  
  
  
Earnings per ordinary share (basic and diluted)  
from continuing operations in € 
[11] 
15.31 
14.90 
Earnings per ordinary share (basic and diluted)  
from discontinued operations in € 
[11] 
0.31 
0.01 
Earnings per preference share (basic and diluted)  
from continuing operations in € 
[11] 
15.32 
14.90 
Earnings per preference share (basic and diluted)  
from discontinued operations in € 
[11] 
0.32 
0.01 
146
2022
Financials
Consolidated income statement

Consolidated statement of comprehensive income  
of Porsche Automobil Holding SE for the period from 1 January to 31 December 2022 
€ million 
2022 
2021 
Result after tax 
4,787 
4,566 
  
  
  
Remeasurements of pensions 
16 
7 
Deferred tax on remeasurements of pensions 
– 5 
– 2 
Other comprehensive income not to be reclassified to profit or loss in subsequent 
periods from investments accounted for at equity (before tax) 
4,561 
1,724 
Deferred tax on other comprehensive income not to be reclassified to profit or loss in 
subsequent periods from investments accounted for at equity 
– 1,433 
– 426 
Deferred tax not to be reclassified to profit or loss 
in subsequent periods on investments accounted for at equity 
– 47 
– 20 
Total other comprehensive income not to be reclassified to profit or loss  
in subsequent periods 
3,092 
1,283 
  
  
  
Currency translation 
0 
0 
Other comprehensive income to be reclassified to profit or loss in subsequent periods 
from cashflow hedges (before tax) 
129 
  
Deferred tax on other comprehensive income to be reclassified to profit or loss in 
subsequent periods from cashflow hedges 
– 39 
  
Other comprehensive income to be reclassified to profit or loss in subsequent periods 
from investments accounted for at equity (before tax) 
644 
928 
Deferred tax on other comprehensive income to be reclassified to profit or loss in 
subsequent periods from investments accounted for at equity 
– 162 
228 
Deferred tax to be reclassified to profit or loss 
in subsequent periods on investments accounted for at equity 
– 7 
– 18 
Total other comprehensive income to be reclassified to profit or loss  
in subsequent periods 
564 
1,138 
Other comprehensive income after tax 
3,657 
2,421 
  
  
  
Total comprehensive income 
8,444 
6,986 
thereof attributable to 
  
  
shareholders of Porsche SE 
8,444 
6,986 
from continuing operations 
8,347 
6,984 
from discontinued operations 
96 
3 
non-controlling interests 
  
0 
147
2022
Financials
Consolidated statement of comprehensive income

€ million 
Note 
31/12/2022 
31/12/2021 
Assets 
  
  
  
Intangible assets 
  
0 
0 
Property, plant and equipment 
  
1 
1 
Investments accounted for at equity 
[9] 
57,506 
41,527 
Other financial assets 
[10], [19] 
204 
45 
Other assets 
  
0 
1 
Non-current assets 
  
57,710 
41,574 
  
  
  
  
Other financial assets 
[10], [19] 
25 
1 
Other assets 
  
1 
1 
Income tax receivables 
[8] 
316 
0 
Securities 
[19] 
70 
145 
Time deposits 
[19] 
265 
225 
Cash and cash equivalents 
[19] 
86 
271 
Assets classified as held for sale  
[15] 
314 
316 
Current assets 
  
1,076 
960 
  
  
58,786 
42,533 
  
  
  
  
Equity and liabilities 
  
  
  
Subscribed capital 
[11] 
306 
306 
Capital reserves 
[11] 
4,884 
4,884 
Retained earnings 
[11] 
45,747 
40,219 
Other reserves (OCI) 
[11] 
479 
– 3,214 
Equity attributable to shareholders of Porsche SE 
  
51,417 
42,196 
Non-controlling interests 
  
  
1 
Equity 
  
51,417 
42,196 
  
  
  
  
Provisions for pensions and similar obligations 
[12] 
27 
42 
Other provisions 
[13] 
27 
30 
Financial liabilities 
[14], [19] 
3,152 
0 
Deferred tax liabilities 
[8] 
172 
116 
Non-current liabilities 
  
3,378 
188 
  
  
  
  
Provisions for pensions and similar obligations 
[12] 
1 
1 
Other provisions 
[13] 
29 
31 
Trade payables 
[19] 
4 
2 
Financial liabilities 
[14], [19] 
3,941 
0 
Other financial liabilities 
[19] 
1 
3 
Other liabilities 
  
5 
4 
Income tax liabilities 
[8] 
10 
  
Liabilities associated with assets classified as held for sale 
[15] 
  
109 
Current liabilities 
  
3,991 
149 
  
  
58,786 
42,533 
Consolidated balance sheet of Porsche Automobil Holding SE as of 31 December 2022
148
2022
Financials
Consolidated balance sheet

1 
Relates primarily to changes in equity in the course of at equity accounting of the investment in Volkswagen AG as a result of 
the IPO of Porsche AG (see note [9]).  
 
Equity is explained in note [11]. 
 
Consolidated statement of changes in equity of Porsche Automobil Holding SE  
for the period from 1 January to 31 December 2022 
 
 
 
 
 
 
  
Equity attributable to the shareholders of Porsche SE 
  
  
  
  
  
  
  
  
  
  
  
Subscribed 
Capital 
Retained 
Other 
Total 
Non- 
Total 
  
capital 
reserves 
earnings 
reserves 
(OCI) 
  
controlling 
interests 
equity 
€ million 
  
  
  
  
  
  
  
 
 
 
 
 
 
 
As of 1 January 2021 
306  
4,884  
36,330 
– 5,576  
35,945  
1  
35,946  
Result after tax 
  
  
4,566 
  
4,566  
0  
4,566  
Other comprehensive income 
after tax 
  
  
  
2,421  
2,421  
  
2,421  
Total comprehensive income 
  
  
4,566  
2,421  
6,986  
0  
6,986  
Dividends 
  
  
– 676  
  
– 676  
0  
– 676  
Reclassifications 
  
  
0 
  
0 
0 
0 
Other changes in equity  
arising from the level of 
investments  
accounted for at equity 
  
  
0  
– 59  
– 60  
  
– 60  
As of 31 December 2021 
306  
4,884  
40,219  
– 3,214  
42,196  
1  
42,196  
  
  
  
  
  
  
  
  
 
 
 
As of 1 January 2022 
306  
4,884  
40,219  
– 3,214  
42,196  
1  
42,196  
Result after tax 
  
  
4,787  
  
4,787  
  
4,787  
Other comprehensive income 
after tax 
  
  
  
3,657  
3,657  
  
3,657  
Total comprehensive income 
  
  
4,787  
3,657  
8,444  
  
8,444  
Dividends 
  
  
– 783  
  
– 783  
  
– 783  
Other changes in equity 
arising from the level of 
investments accounted for at 
equity1 
  
  
1,525  
36  
1,560  
  
1,560  
Changes in the scope  
of consolidation 
  
  
– 1  
1  
  
– 1  
– 1  
As of 31 December 2022 
306  
4,884  
45,747  
479  
51,417  
  
51,417  
 
 
 
 
 
 
 
149
2022
Financials
Consolidated statement of changes in equity

€ million 
2022 
2021 
1. Operating activities 
  
  
Result after tax 
4,787 
4,566 
Result after tax from discontinued operations 
– 96 
– 3 
Result from investments 
– 4,555 
– 4,615 
Amortization and depreciation 
1 
1 
Interest expenses 
71 
6 
Interest income 
– 3 
0 
Income tax expense (+) and income (-) 
– 56 
3 
Other non-cash expenses (+) and income (-) 
– 188 
3 
Change in other assets 
– 1 
– 2 
Change in provisions for pensions 
0 
0 
Change in other provisions 
– 4 
8 
Change in other liabilities 
4 
– 4 
Dividends received 
884 
756 
Interest paid 
– 52 
– 1 
Interest received 
1 
1 
Income tax paid 
0 
– 4 
Income tax received 
0 
  
Cash flow from operating activities from continuing operations 
791 
713 
Cash flow from operating activities from discontinued operations 
  
20 
Cash flow from operating activities 
791 
733 
  
  
  
2. Investing activities 
  
  
Cash paid for the acquisition of intangible assets  
and property, plant and equipment 
0 
0 
Cash received from the disposal of subsidiaries net of cash and cash equivalents 
201 
  
Cash paid for the acquisition of shares in investments accounted for at equity 
– 7,510 
  
Cash paid for the acquisition of other shares in entities 
– 14 
– 23 
Cash received from the disposal of other shares in entities 
2 
51 
Change in investments in securities 
75 
– 3 
Change in investments in time deposits 
– 40 
– 28 
Cash flow from investing activities from continuing operations 
– 7,287 
– 3 
Cash flow from investing activities from discontinued operations 
  
– 1 
Cash flow from investing activities 
– 7,287 
– 4 
Consolidated statement of cash flows of Porsche Automobil Holding SE  
for the period from 1 January to 31 December 2022 
150
2022
Financials
Consolidated statement of cash flows

Note [16] contains further explanations on the consolidated statement of cash flows. 
€ million 
2022 
2021 
3. Financing activities 
  
  
Dividends paid to shareholders of Porsche SE 
– 783 
– 676 
Cash received for loans borrowed 
7,070 
  
Cash paid for settlement of financial liabilities 
– 1 
– 1 
Cash flow from financing activities from continuing operations 
6,286 
– 677 
Cash flow from financing activities from discontinued operations 
  
– 15 
Cash flow from financing activities 
6,286 
– 691 
  
  
  
4. Cash and cash equivalents 
  
  
Cash and cash equivalents as of 1 January 
271 
259 
plus cash and cash equivalents from discontinued operations as of 1.1. 
25 
  
Change in cash and cash equivalents (subtotal of 1 to 3) 
– 211 
37 
less cash and cash equivalents from discontinued operations as of 31.12. 
  
– 25 
Cash and cash equivalents as of 31 December 
86 
271 
151
2022
Financials
Consolidated statement of cash flows

Basis of presentation 
Porsche Automobil Holding SE (“Porsche SE”, “PSE” or the “company”), as the ultimate parent 
of the Porsche SE Group, is a European Company (Societas Europaea) and is headquartered at 
Porscheplatz 1 in 70435 Stuttgart, Germany. The company is registered at the Stuttgart Local 
Court under HRB 724512. 
The activities of the company include in particular the acquisition, holding and management as 
well as the disposal of investments. 
In particular, Porsche SE holds the majority of the ordinary shares in Volkswagen 
Aktiengesellschaft, Wolfsburg (“Volkswagen AG” or “VW”). Porsche SE also holds a direct 
interest in Dr. Ing. h.c. F. Porsche AG, Stuttgart (“Porsche AG”). In addition to these two core 
investments, the Porsche SE Group holds non-controlling interests in technology companies 
(“portfolio investments”). Until they were transferred in January 2022, Porsche SE also indirectly 
held all shares in PTV Planung Transport Verkehr GmbH, Karlsruhe (formerly PTV Planung 
Transport Verkehr AG, Karlsruhe) (“PTV”, together with its subsidiaries the “PTV Group”); for 
further details see section “Changes in the reporting period”. 
The investment strategy of Porsche SE aims to create sustainable value for its shareholders. This 
is based on the increase in value of assets under management as well as dividend distributions. 
The investments of Porsche SE fall into two categories. The first category includes the long-term 
core investments in Volkswagen AG and in Porsche AG. The second category comprises portfolio 
investments that Porsche SE generally holds for a temporary period of time. Typically, such 
investments are characterized by their high potential for growth and for increasing value during 
the holding period. The sector focus in both categories is on mobility and industrial technology. 
The consolidated financial statements of Porsche SE are prepared in accordance with Sec. 315e 
HGB [“Handelsgesetzbuch”: German Commercial Code] and are in compliance with the 
International Financial Reporting Standards (IFRSs) as adopted by the European Union as well 
as the additional requirements of German commercial law.  
The fiscal year of the Porsche SE Group covers the period from 1 January to 31 December of a 
year. 
The group’s presentation currency is the euro. Unless otherwise stated, all figures are presented 
in millions of euro (€ million). All figures and percentages are rounded according to customary 
business practice, so minor discrepancies may arise from the addition of these amounts. 
Amounts smaller than €0.5 million are stated at zero. The comparative prior-year figures are 
presented in parentheses alongside the figures for the current reporting period. 
The income statement has been prepared using the nature of expense method. 
The board of management prepared the consolidated financial statements and the combined 
management report of Porsche SE by resolution on 15 March 2023. The period subsequent to 
the reporting date for which adjusting events can be disclosed ends on that date. 
Notes to the consolidated financial statements  
of Porsche Automobil Holding SE for the fiscal year 2022 
152
2022
Financials
Notes to the consolidated financial statements

List of shareholdings of the group as of 31 December 2022 
 
1 Profit and loss transfer agreement with Porsche SE 
2 Diverging from the capital share, the share in voting rights is 53.3% as of the reporting date. Due to the measurement of the 
preference shares of Volkswagen AG held by Porsche SE in accordance with IFRS 5, the share of Porsche SE’s capital in 
Volkswagen AG to be used as a basis for at equity accounting comes to 31.4% as of the reporting date. 
3 Diverging from the capital share, the share in voting rights is 25.0% plus one voting right as of the reporting date. 
4 Profit and loss transfer agreement with Porsche Holding Stuttgart GmbH, Stuttgart 
5 Consolidated figures taken from the 2021 consolidated financial statements of INRIX Inc., as the consolidated financial 
statements for 2022 were not yet available at the time of preparing the consolidated financial statements of Porsche SE; 
INRIX Inc. is an associate because Porsche SE has the power to significantly influence its financial and operating policy 
decisions through participation rights granted on the board of directors and related committees. 
6 Figures pursuant to IFRSs 
 
Porsche Beteiligung GmbH, Porsche Zweite Beteiligung GmbH, Porsche Dritte Beteiligung 
GmbH and Porsche Vierte Beteiligung GmbH satisfied the conditions of Sec. 264 (3) HGB and 
make use of the exemption from the requirement to publish financial statements. 
  
Share in capital 
Currency 
FX rate 
Equity 
Result 
  
as of 31/12/2022 
  
1€ = 
in local 
currency 
in local 
currency 
  
  
  
  
  
  
  
% 
  
  
thousand 
thousand 
  
  
  
  
  
  
Fully consolidated entities 
  
  
  
  
  
Germany 
  
  
  
  
  
Porsche Beteiligung GmbH, Stuttgart 
100.0 
EUR 
- 
42,786 
01 
Porsche Zweite Beteiligung GmbH, 
Stuttgart 
100.0 
EUR 
- 
315,025 
01 
Porsche Dritte Beteiligung GmbH, 
Stuttgart 
100.0 
EUR 
- 
47,625 
01 
Porsche Vierte Beteiligung GmbH, 
Stuttgart 
100.0 
EUR 
- 
24 
01 
  
  
  
  
  
  
Associates 
  
  
  
  
  
Germany 
  
  
  
  
  
Volkswagen Aktiengesellschaft, 
Wolfsburg 
31.92 
EUR 
- 
40,323,212 
12,476,823 
Dr. Ing. h.c. F. Porsche 
Aktiengesellschaft, Stuttgart 
12.53 
EUR 
- 
5,648,484 
04 
  
  
  
  
  
  
International 
  
  
  
  
  
INRIX Inc., Kirkland, Washington5 
11.3 
USD 
1.0666 
– 145,816 
– 5,614 
European Transport Solutions S.à r. l., 
Luxembourg6 
35.5 
EUR 
  
350,386 
– 18,661 
153
2022
Financials
Notes to the consolidated financial statements

Changes in the reporting period 
 
Acquisition of ordinary shares in Porsche AG  
On 28 September 2022, Volkswagen placed 25% of the preference shares (including additional 
allocations) of its subsidiary Porsche AG with investors at a placement price of €82.50 per 
preference share. These preference shares have been traded on the regulated market of the 
Frankfurt Stock Exchange since 29 September 2022. The ordinary shares of Porsche AG are not 
listed. Since the early termination of the stabilization period on 11 October 2022, the free float of 
the preference shares has been 24.2% of the preference shares. The remaining shares of the 
preference share capital of Porsche AG continue to be held by Volkswagen Group companies.  
The basis for the IPO was a comprehensive agreement to enter into a number of contracts 
between Volkswagen and Porsche SE. In this context, the two parties agreed that Porsche SE 
would acquire 25% plus one share of the ordinary shares (around 12.5% of share capital) of 
Porsche AG from Volkswagen. The price per ordinary share equaled the placement price per 
preference share plus a premium of 7.5%, and thus was €88.69. The total price for 25% plus 
one share of the ordinary shares of Porsche AG thus amounted to €10.1 billion. The remaining 
shares of Porsche AG’s ordinary share capital continue to be held by Volkswagen Group 
companies. Under the share purchase agreement, Volkswagen AG as warrantor provides several 
warranties to Porsche SE, which essentially puts Porsche SE in the same position as buyers of the 
preference shares sold under the IPO. In addition, Volkswagen AG assumes a small number of 
other standard market guarantees, most of them limited to positive knowledge of Volkswagen AG. 
Porsche SE acquired a total of 113,875,001 ordinary shares in two tranches, one of 79,712,501 
shares (17.5% plus one share of the ordinary shares) and one of 34,162,500 shares (7.5% of the 
ordinary shares). Closing of the transfer of the first tranche of ordinary shares was contingent on 
the full placement of the preference shares within the price range, which took place on 
28 September 2022 as part of the IPO, as well as on the book transfer of the placement shares 
against payment of the placement price. Closing, which occurred on 4 October 2022, coincided 
with the settlement of the purchase price liability of €7.1 billion for the first tranche. Closing of 
the transfer of the second tranche of ordinary shares was contingent on the closing of the 
transfer of the first tranche and distribution of a special dividend by Volkswagen AG of 49% of 
the total gross proceeds from the placement of the preference shares (including any additional 
allocations) and the sale of the ordinary shares of Porsche AG. Porsche SE had the right to 
unilaterally waive this second closing condition and in this way initiate at any time an early 
transfer of the second tranche against payment of the purchase price. Moreover, Porsche SE 
had the right to bring about the transfer of the second tranche as of 30 December 2022 without 
amending the due date of the purchase price as of the distribution date of the special dividend. 
To this end, a lien was to be granted over the ordinary shares of the second tranche to secure 
Volkswagen’s purchase price receivable. Porsche SE exercised this right so that the material 
transfer of the second tranche was completed on 30 December 2022. As of 31 December 2022, 
Porsche SE had a purchase price obligation in an amount of €3.0 billion.  
 
 
154
2022
Financials
Notes to the consolidated financial statements

The board of management and supervisory board of Volkswagen AG had convened an 
extraordinary general meeting for 16 December 2022 and proposed a dividend increase of 
€19.06 per dividend-bearing ordinary share and dividend-bearing preference share (“special 
dividend”). The extraordinary general meeting passed a corresponding resolution, resulting in 
the special dividend being paid out to the shareholders of Volkswagen AG on 9 January 2023. 
Out of the total, an amount of €3.1 billion was attributable to Porsche SE. No capital gains tax 
was deducted. As a result, Porsche SE had a dividend claim of €3.1 billion against Volkswagen 
AG as of 31 December 2022. In December 2022, Volkswagen AG and Porsche SE agreed to 
offset Porsche SE’s dividend claim against Volkswagen AG with Porsche SE’s outstanding 
purchase price obligation for the second tranche of ordinary shares. In the consolidated financial 
statements as of 31 December 2022, the dividend receivable and the purchase price liability are 
therefore presented on a net basis. Upon payment of the special dividend on 9 January 2023, 
the set-off process was completed and the lien on the ordinary shares of the second tranche 
granted in connection with the transfer of the second tranche expired. 
Volkswagen AG and Porsche SE have agreed in connection with the IPO and the acquisition of 
ordinary shares of Porsche AG that representatives of Porsche SE will have a significant 
presence on the supervisory board of Porsche AG. Ultimate decision rights of the shareholder 
representatives determined by Volkswagen on the supervisory board with regard to the ability to 
direct the relevant activities at Porsche AG within the meaning of IFRS 10 will ensure continued 
control by Volkswagen AG. Alongside the share in the ordinary voting shares of Porsche AG of 
25% plus one share, the presence of representatives of Porsche SE on the supervisory board of 
Porsche AG and the granting of protective rights in the shareholder agreement between 
Volkswagen AG and Porsche SE already constituted significant influence of Porsche SE over 
Porsche AG within the meaning of IAS 28. Upon setting the price, determining the number of 
placement shares and admitting the preference shares to trading, the closing conditions of the 
first tranche were met in substance and benefits and obligations transferred to Porsche SE from 
29 September 2022. With the transfer of benefits and obligations of the first tranche, Porsche SE 
by internal arrangement with Volkswagen also had all the relevant decision-making capabilities 
associated with the voting rights of the ordinary shares of the second tranche. Furthermore, an 
early transfer of the second tranche could be initiated by Porsche SE at any time. As a result of 
these arrangements in the share purchase agreement and the price setting of the preference 
shares of Porsche AG, Porsche SE was subject to the full risk of a change in value associated 
with the 25% plus one share of the ordinary shares (around 12.5% of the share capital) of 
Porsche AG from 29 September 2022. From this point in time Porsche SE thus already had 
current access to the returns associated with the entire ownership interest. From 29 September 
2022 the investment (25% plus one share of the ordinary shares) in Porsche AG was therefore 
accounted for at equity. In the consolidated balance sheet of Porsche SE, the investment as of 
this point in time was capitalized at cost of €10.1 billion including acquisition-related costs.   
 
 
155
2022
Financials
Notes to the consolidated financial statements

The result in the fiscal year 2022 from measuring the investment in Porsche AG at equity, 
including the provisional results of the purchase price allocation to be performed for this 
purpose, is explained in note [1]. The effects of the financial debt of €7.1 billion raised in the 
course of the transaction on the consolidated financial statements as of 31 December 2022 are 
presented in note [14].  
The IPO of Porsche AG and the acquisition of ordinary shares by Porsche SE also affected the 
carrying amount of the investment in Volkswagen AG accounted for at equity. These effects are 
presented in notes [4] and [9].  
Sale of the investment in PTV and acquisition of shares in European Transport Solutions S.à r.l., 
Luxembourg, Luxembourg (“ETS”) 
In October 2021, Bridgepoint Advisers Limited, London, UK (“Bridgepoint”), and Porsche SE 
entered into a partnership to advance the development of PTV. Upon fulfilment of all closing 
conditions on 6 January 2022, all shares in PTV were transferred to a subsidiary of ETS, effective 
31 January 2022. At the same time, Porsche SE for its part acquired a 40% stake in ETS. The 
purchase price for the acquisition of these shares was paid in a non-cash transaction by 
transferring part of the purchase price receivable from the sale of the shares in PTV. The 
consideration received amounted to €0.3 billion. As a result of this partnership, Porsche SE sees 
a further significant increase in the potential for value development at PTV and hopes to 
participate in this through the remaining indirect share in the company. 
Due to the sale of shares in PTV, Porsche SE has classified the PTV Group as a discontinued 
operation as defined by IFRS 5 since 30 September 2021 (for further details, please see note 
[15]). Fulfilling the closing conditions on 6 January 2022 resulted in a loss of control and 
therefore the deconsolidation of PTV. This resulted in a disposal of assets and liabilities of  
€0.3 billion and €0.1 billion, respectively, and a deconsolidation gain of around €0.1 billion was 
recorded in the result from discontinued operations.  
As a result of the deconsolidation of PTV as of 6 January 2022, three German and 25 foreign 
fully consolidated subsidiaries as well as two German and one foreign associate were no longer 
included in the scope of consolidation. 
At the same time, the shares in ETS were recognized at acquisition cost (around €77 million) and 
ETS has since been included in the consolidated financial statements of Porsche SE as an 
associate in accordance with the equity method using the initial ownership interest of around 
40%.  
At the beginning of June 2022, the indirect acquisition of all shares in Econolite Group, Inc., 
Anaheim, USA (“Econolite”), was completed by ETS. To finance the purchase price, Porsche SE 
participated in a capital increase with an amount of around €35 million. In turn, the previous 
owners of Econolite acquired a non-controlling interest in ETS of around 10%, reducing  
Porsche SE’s stake in ETS through a dilution gain of around €1 million to around 35.5%.  
 
 
156
2022
Financials
Notes to the consolidated financial statements

Preference shares of Volkswagen AG 
In the period from 29 March 2022 to 6 May 2022, Porsche SE acquired a total of 1.3%, or 
around 2.6 million, of the preference shares in Volkswagen AG for €400 million via the capital 
market. This represents a capital share of around 0.5%. This increased Porsche SE’s 
shareholding in Volkswagen AG to 31.9% of subscribed capital. Porsche SE’s share of the 
ordinary shares in Volkswagen AG remains unchanged at 53.3% (for further details, please see 
note [1]). 
As a financing component for the acquisition of ordinary shares in Porsche AG, at the end of 
June 2022 the supervisory board of Porsche SE approved a disposal plan for up to 2.7 million 
preference shares in Volkswagen AG. As a result, the preference shares were reported as assets 
classified as held for sale pursuant to IFRS 5.  
In particular in light of the successful placement of a Schuldschein loan of around €2.7 billion in 
March 2023, which significantly exceeded the volume predictable on the basis of similar 
transactions in the past, circumstances arose after the end of the fiscal year 2022 that made a 
sale of the 2.7 million preference shares of Volkswagen AG held by Porsche SE as a financing 
component by June 2023 not seem highly probable anymore. In the fiscal year 2023, the 
preference shares were therefore no longer classified as assets held for sale.  
In the fiscal year 2022, since the classification of the preference shares as assets held for sale, 
only the ordinary shares of Volkswagen AG held by Porsche SE were accounted for at equity in 
the consolidated financial statements of Porsche SE. The investment in Volkswagen AG 
accounted for at equity comprises several acquisition tranches (see notes [1] and [9]). In the 
fiscal year 2022, Porsche SE only acquired preference shares. Of the previous acquisition 
tranches, only the first one contains a small volume of preference shares. As a result of the 
disposal plan, the applicable capital share of the first tranche for the purpose of at equity 
accounting therefore also decreased from 29.88% to 29.86%. In the fiscal year 2022, the 
investment in Volkswagen AG accounted for at equity is thus based on a capital share of 31.4% 
until April 2022, a capital share of 31.9% from April to June 2022 and since then a capital share 
of 31.4% again (see notes [1] and [9]). 
In the fiscal year 2023, at the time of ending the classification of the preference shares as assets 
held for sale, the equity method had to be applied retrospectively pursuant to IAS 28.21. The 
capital share, which the at equity accounting for the investment in Volkswagen AG is based on, 
thus amounts to 29.88% for the first tranche and 31.9% for the entire investment.  
Had the preference shares not been classified as assets held for sale in the fiscal year 2022, the 
result from assets held for sale of €22 million would not have arisen, the result from investments 
in Volkswagen AG accounted for at equity would have been €725 million higher, and the 
investment result would therefore have been €703 million higher. The group result after tax 
would have been €700 million higher, earnings per share from continuing operations would have  
157
2022
Financials
Notes to the consolidated financial statements

been €2.29 higher and other comprehensive income would have been €5 million lower. The 
assets classified as held for sale of €314 million would not have existed and the carrying amount 
of the investment in Volkswagen AG accounted for at equity would have increased by  
€1,040 million, equity by €723 million and total assets by €727 million.  
Full consolidation and at equity accounting 
The consolidated financial statements of Porsche SE include all entities controlled by  
Porsche SE by means of full consolidation. An entity is controlled when the parent company has 
decision-making power over the subsidiary due to voting or other rights, it is exposed to, or has 
rights to, returns from the subsidiary and has the ability to affect those returns through its power 
over the investee. First-time full consolidation is performed as of the date on which the acquirer 
obtains control. A company is no longer fully consolidated upon loss of control.  
Companies where Porsche SE is able, directly or indirectly, to significantly influence financial 
and operating policy decisions (associates) are accounted for at equity. When holding 20% or 
more of the voting rights, there is a rebuttable presumption that significant influence is given. 
Conversely, when holding less than 20% of the voting rights, it is presumed that there is no 
significant influence unless there is clear evidence of such significant influence.  
Associates also include companies in which the Porsche SE Group holds the majority of voting 
rights, but whose articles of association or partnership agreements stipulate that important 
decisions may not be made without the approval of the other shareholders or where Porsche SE 
does not have control as defined by IFRSs for other reasons. Porsche SE holds the majority of 
voting rights in Volkswagen AG. The articles of association of Volkswagen AG prescribe that the 
State of Lower Saxony has a right to appoint two members of the supervisory board, provided 
that it holds at least 15% of the ordinary shares in Volkswagen AG. On account of the interest 
held by the State of Lower Saxony in Volkswagen AG, this delegation right prevents Porsche SE 
from including the Volkswagen Group in the consolidated financial statements of Porsche SE by 
way of full consolidation because Porsche SE cannot determine the majority on the supervisory 
board of Volkswagen AG and it consequently does not have control as defined by IFRSs. Due to 
the significant influence nonetheless exercised by Porsche SE, its investment in Volkswagen AG 
is accounted for in the consolidated financial statements of Porsche SE at equity. 
 
 
158
2022
Financials
Notes to the consolidated financial statements

Consolidation principles 
The financial statements of all subsidiaries and investments accounted for at equity were 
prepared as of the reporting date of the consolidated financial statements, which is the reporting 
date of Porsche SE. Where necessary, adjustments are made to uniform group accounting 
policies.  
The Porsche SE Group accounts for business combinations using the acquisition method when 
the group has obtained control. The consideration transferred during the acquisition as well as 
the identifiable net assets acquired are measured at fair value. Any goodwill arising is tested for 
impairment at least once a year. Any profit from an acquisition at a price below the market value 
is recognized directly through profit or loss. Transaction costs are immediately expensed as 
incurred. 
As of the acquisition date, any contingent consideration obligation is measured at fair value. If 
the contingent consideration is classified as equity, it is not remeasured as part of subsequent 
measurement and its settlement is accounted for directly within equity. Other contingent 
consideration is remeasured at fair value on every reporting date and any fair value changes are 
recognized through profit or loss. 
Non-controlling interests are measured at the time of acquisition at their proportionate share of 
the acquiree’s identifiable net assets (excluding goodwill). 
Any difference arising upon acquisition of additional shares or sale of shares after initial 
consolidation without loss of control in a subsidiary that has already been fully consolidated is 
recognized directly within equity. 
All intra-group assets and liabilities, equity, income and expenses as well as cash flows relating 
to transactions between members of the group are eliminated in full on consolidation. 
If the Porsche SE Group loses control over a subsidiary, the assets and liabilities attributable to 
the subsidiary and all related non-controlling interests and other components of equity are 
derecognized. Any resultant gain or loss is recognized through profit or loss. Any investment 
retained is recognized at fair value. 
At equity accounting 
 
When investments in associates are acquired, they are generally recognized at cost, including 
acquisition-related costs, as of the date of initial recognition. In the event of partial sale or loss 
of control of previously fully consolidated subsidiaries, the investments in associates are 
recognized at fair value as of the date when control is lost. Any positive difference between the 
acquisition cost of the shares and the proportionate fair value of the identified assets, liabilities 
and contingent liabilities is recognized as goodwill in an ancillary calculation. Identified hidden 
reserves and liabilities along with goodwill are included in the carrying amount of the investment. 
Goodwill is neither amortized nor individually tested for impairment. Any negative difference 
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Notes to the consolidated financial statements

between the acquisition cost of the shares and the proportionate fair value of the identified 
assets, liabilities and contingent liabilities is recognized as a gain through profit or loss at the 
date of acquisition. 
In subsequent periods, the carrying amount is subsequently measured to reflect the Porsche SE 
Group’s share of changes in net assets of the associate, including hidden reserves and liabilities 
(“at equity method”). The Porsche SE Group’s share in the result after tax of the investment less 
the share of the result of non-controlling interests and hybrid investors of the investment is 
recognized in the income statement within the item “result from investments accounted for at 
equity”. The Porsche SE Group’s share in the other comprehensive income of these investments 
is recognized in the other comprehensive income of the Porsche SE Group. Furthermore, 
changes recognized directly in equity of the associate are also recognized directly on a pro rata 
basis in equity of the Porsche SE Group, provided these changes are not caused by 
transactions with Porsche SE itself. Dividends received lead to a reduction of the investment’s 
carrying amount with no effect on the Porsche SE Group’s income statement or equity.  
If information on significant intercompany profits from transactions between associates 
(“sidestream transactions”) is available, the Porsche SE Group eliminates intercompany profits 
equivalent to the sum of its shares in both associates in the course of at equity accounting.  
When additional interests are acquired without a change in status, each tranche is generally 
accounted for separately using the equity method, i.e., the positive or negative difference 
between the proportionate remeasured equity of the investee and the acquisition cost of the 
interest is calculated for the acquired interests and subsequent measurement of equity is 
accounted for individually (in tranches). Any negative difference attributable to the new interest is 
recognized through profit or loss at the time of acquisition.  
An impairment test is carried out whenever there is objective evidence that the entire carrying 
amount of the investment is impaired. This also includes proportionate market capitalization of 
the associate below the carrying amount. If the carrying amount of the investment exceeds its 
recoverable amount, a difference is recognized as an impairment loss through profit or loss. 
When an impairment loss has been recognized in prior periods, it is assessed at least once a 
year whether there is any indication that the reason for a previously recognized impairment loss 
no longer exists or has decreased. If this is the case, the recoverable amount is recalculated and 
an impairment previously recognized that no longer exists is reversed. Expenses from 
impairments and income from reversals of impairment losses are recognized under the “result 
from investments accounted for at equity”.  
 
 
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Notes to the consolidated financial statements

Currency translation 
In the separate financial statements of Porsche SE and the consolidated subsidiaries, business 
transactions in foreign currencies are translated using the rates at the time of the transactions. In 
the balance sheet, monetary assets and liabilities denominated in foreign currencies are 
measured at the closing rate, and any resulting exchange gains or losses are recognized through 
profit or loss.  
The financial statements of foreign companies are translated into euros using the functional 
currency concept. Assets, liabilities and contingent liabilities are translated at the closing rate as 
of the reporting date, while equity is translated at historical rates except for other reserves (OCI). 
Any resulting exchange rate differences are recognized in other comprehensive income until the 
disposal of the subsidiaries and disclosed under other reserves (OCI) within equity. The income 
statement is translated using average exchange rates.  
At the level of the Porsche SE Group, business transactions denominated in foreign currency 
were directly relevant until the deconsolidation of PTV (see “Changes in the reporting period”). 
Since then, the Porsche SE Group has only been affected indirectly by business transactions at 
the level of the associates through the subsequent measurement of their carrying amounts 
accounted for at equity.  
The exchange rates applied for translating transactions to the euro are presented in the following 
table. 
 
 
  
  
Balance sheet 
Income statement 
  
  
Closing rate 
Average rate 
  
  
  
  
  
  
  
1€= 
31/12/2022 
31/12/2021 
2022 
2021 
  
  
  
  
  
  
Argentina 
ARS 
188.7587 
116.2451 
136.6728 
112.2969 
Australia 
AUD 
1.5706 
1.5612 
1.5175 
1.5748 
Brazil 
BRL 
5.6444 
6.3068 
5.4444 
6.3812 
Canada 
CAD 
1.4440 
1.4417 
1.3705 
1.4833 
Czech Republic 
CZK 
24.1450 
24.8590 
24.5583 
25.6539 
India 
INR 
88.1640 
84.1690 
82.7346 
87.4646 
Japan 
JPY 
140.6650 
130.3200 
138.0236 
129.8605 
Mexico 
MXN 
20.8879 
23.1418 
21.2121 
23.9955 
People’s Republic of China 
CNY 
7.3661 
7.1870 
7.0814 
7.6333 
Poland 
PLN 
4.6860 
4.5943 
4.6857 
4.5654 
Republic of Korea 
KRW 
1,338.2950 
1,344.9650 
1,358.1973 
1,353.9383 
Russia 
RUB 
76.2868 
84.9779 
73.2742 
87.2288 
South Africa 
ZAR 
18.0795 
18.0532 
17,2032 
17.4823 
Sweden 
SEK 
11.0787 
10.2548 
10.6278 
10.1460 
United Kingdom 
GBP 
0.8868 
0.8400 
0.8526 
0.8600 
USA 
USD 
1.0677 
1.1320 
1.0541 
1.1834 
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Notes to the consolidated financial statements

Accounting policies 
The assets and liabilities of the companies included in the consolidated financial statements are 
accounted for using uniform accounting policies applicable at the Porsche SE Group. Generally 
speaking, the same accounting policies are also used at the level of the associates. 
Since the contributions to profit or loss made by the investments in Porsche AG and in particular 
in Volkswagen AG accounted for at equity have a significant impact on the results of operations 
and net assets of the Porsche SE Group, accounting policies relevant only for transactions 
within the Volkswagen Group, of which Porsche AG is a component, are also included in the 
explanations below. 
The structure of the consolidated income statement was expanded in the reporting year to 
include the separate presentation of the result from assets classified as held for sale within the 
result from investments.  
Measurement principles 
 
With the exception of certain items, for example the investments accounted for at equity or 
financial instruments at fair value, the consolidated financial statements are prepared using the 
historical cost principle. The measurement principles used are described below in detail. 
Intangible assets 
Goodwill 
 
Goodwill acquired in business combinations is measured at cost less any accumulated 
impairment losses. At the level of the Porsche SE Group, there is no goodwill resulting from 
business combinations as of the reporting date. 
Research and development 
 
Research costs are expensed in the period as they are incurred. Development costs of an 
intangible asset are only recognized if they can be measured reliably, the development project is 
technically feasible, a future economic benefit is probable and the group has both the intention 
and sufficient resources to complete the development and to use or sell the asset. After their 
initial recognition as an asset, development costs are recognized at cost less accumulated 
amortization and any accumulated impairment losses. Economic useful lives range from three to 
nine years. At the level of the Porsche SE Group, no research and development expenses were 
incurred in the fiscal year. 
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Other intangible assets 
 
Purchased intangible assets with finite useful lives are measured at cost less accumulated 
amortization and any accumulated impairment losses. Intangible assets with indefinite useful 
lives are not amortized, but instead tested annually for impairment. 
Intangible assets with finite useful lives are amortized on a straight-line basis over their useful 
life. Useful lives mainly range from three to nine years. Within the Porsche SE Group, other 
intangible assets recognized as of the reporting date do not contain any assets with indefinite 
useful lives. 
Property, plant and equipment 
 
Property, plant and equipment are measured at cost less accumulated depreciation over their 
economic useful life as well as any accumulated impairment losses. Self-constructed items of 
property, plant and equipment are recognized at cost. Cost is determined on the basis of the 
direct and the proportionate indirect production-related costs. Investment grants received for 
assets are generally deducted from cost. 
Property, plant and equipment are depreciated over the estimated useful life on a straight-line 
basis pro rata temporis. 
Depreciation is based mainly on the following useful lives: 
 
 
At the level of the Porsche SE Group, there is only other equipment, furniture and fixtures. 
 
 
  
Years 
  
  
Buildings 
20 to 50 
Site improvements 
10 to 20 
Technical equipment and machinery 
6 to 12 
Other equipment, furniture and fixtures (including special tools) 
3 to 15 
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Net carrying amounts, depreciation methods and useful lives are regularly reviewed as of the 
reporting date, and adjusted prospectively as changes in estimates if appropriate. 
Property, plant and equipment are derecognized either upon disposal or when no future 
economic benefits are expected from the continued use or sale of a recognized asset. The gain 
or loss arising from the derecognition of the asset, determined as the difference between net 
disposal proceeds and the asset’s carrying amount as of the date of disposal, is included in 
profit or loss for the corresponding period. 
Leases 
 
Pursuant to IFRS 16, it is assessed at inception of a contract whether the contract is, or 
contains, a lease. A contract is, or contains, a lease if the contract conveys the right to use an 
asset for a period of time in exchange for consideration. 
The lessee generally recognizes a right-of-use asset and a lease liability in its balance sheet for 
all leases. The lease liability is measured at the amount of the outstanding lease payments 
discounted using the incremental borrowing rate, while the right-of-use asset is generally 
measured at the amount of the lease liability plus any initial direct costs. During the lease term, 
the right-of-use asset is depreciated over the term of the lease. Options to extend or terminate 
the lease are taken into account when determining the lease term if it is reasonably certain that 
the options will be exercised. The lease liability is subsequently measured using the effective 
interest method and taking into account the lease payments. Right-of-use assets recognized in 
the balance sheet are presented in the balance sheet item under which the assets underlying the 
lease would have been recognized had they been owned by the lessee. 
The Porsche SE Group acts exclusively as lessee, in particular for buildings and vehicles. The 
exemptions for short-term leases and leases for low-value assets are used. No right-of-use 
asset or liability is recognized for such leases and the lease payments are recognized as an 
expense in the income statement. Leases for which right-of-use assets and liabilities are 
recognized are immaterial; the right-of-use assets are recognized as non-current assets under 
property, plant and equipment and the lease liabilities as financial liabilities. 
At the level of the Volkswagen Group, there are also leases that have Volkswagen Group 
companies as lessor. The accounting treatment for such leases is based on the classification 
into operating leases and finance leases. This classification is made on the basis of the 
distribution of risks and rewards incidental to ownership of the lease asset. For operating leases, 
the principal risks and rewards remain with the lessor. Vehicles leased out under operating 
leases are recognized at cost and depreciated to their estimated residual value using the  
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straight-line method over the term of the lease. Impairments identified pursuant to IAS 36 are 
recognized as impairment losses. The forecast residual values are adjusted to include constantly 
updated internal and external information on residual values, depending on specific local factors 
and the experiences gained in the marketing of used cars. This requires making assumptions in 
particular about vehicle supply and demand in the future, as well as about vehicle price trends. 
Such assumptions are based either on qualified estimates or on data published by external 
experts. Qualified estimates are based on external data – if available - that reflects additional 
information that is available internally, such as historical experience and current sales data. 
Under a finance lease, the material risks and rewards are transferred to the lessee. The lease 
asset is derecognized from the fixed assets of the associate and instead a receivable is 
recognized in the amount of the net investment in the lease. 
Borrowing costs 
 
Borrowing costs that are attributable to the acquisition, construction or production of a 
qualifying asset are recognized as part of the cost of that qualifying asset. There are no 
qualifying assets at the level of the Porsche SE Group. 
Impairment test 
 
An impairment test is performed at least once a year for goodwill, intangible assets not yet ready 
for use and intangible assets with an indefinite useful life. For intangible assets with finite useful 
lives, property, plant and equipment as well as investments accounted for at equity an 
impairment test is only performed when there is objective evidence that the asset may be 
impaired. At the end of each reporting period, the group assesses whether there is any 
indication of impairment. With respect to the procedure for impairment testing of investments 
accounted for at equity, reference is made to the “At equity accounting” section contained in 
“Consolidation principles”. As of 31 December 2022, at the level of the Porsche SE Group, 
continuing operations do not contain any goodwill, intangible assets not yet ready for use or 
intangible assets with an indefinite useful life. 
The recoverable amount is determined in the course of impairment testing. The recoverable 
amount is the higher of fair value less costs to sell and value in use. Value in use is determined 
on the basis of the estimated future cash flows expected to arise from the continuing use of the 
asset and its disposal using a discounted cash flow method or capitalized earnings method. 
The recoverable amount is generally determined separately for each asset. If it is not possible to 
determine the recoverable amount for an individual asset because it does not generate cash 
inflows that are largely independent of the cash inflows from other assets, it is determined on the 
basis of a group of assets that constitutes a cash-generating unit. 
 
 
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If the carrying amount of an asset or cash-generating unit exceeds its recoverable amount, an 
impairment loss is recognized to account for the difference. It is reviewed on an annual basis 
whether the reasons for any previously recognized impairment loss still exist. If such reasons no 
longer exist, the impairments are reversed through profit or loss (with the exception of goodwill). 
The amount reversed cannot exceed the amount that would have been determined as the 
carrying amount, net of any depreciation and amortization, had no impairment loss been 
recognized for the asset in prior years. 
Investment property 
 
Real estate and buildings held in order to obtain rental income (investment property) are carried 
at amortized cost; the useful lives applied to depreciation generally correspond to those of the 
property, plant and equipment used by the company itself. There is no investment property at 
the level of the Porsche SE Group. 
Inventories 
 
Inventories are carried at the lower of cost or net realizable value as of the reporting date. 
Cost is determined on the basis of the direct and indirect costs that are directly attributable. 
Borrowing costs are not capitalized. The measurement of same or similar inventories is generally 
based on the weighted average cost method. There are no inventories at the level of the 
Porsche SE Group. 
Financial instruments 
 
Financial instruments are contracts that give rise to a financial asset of one company and a 
financial liability or an equity instrument of another.  
 
 
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Initial recognition of financial instruments 
 
If, within the scope of application of IFRS 9, the trade date of a financial instrument differs  
from the settlement date, it is initially accounted for at the settlement date. At the level of the  
Porsche SE Group, there were no instances of application that could lead to effects from the 
timing difference between the trade and settlement date. Initial recognition of a financial asset 
(with the exception of trade receivables without any significant financing component) or a 
financial liability is at fair value plus, in the case of financial instruments not measured at fair 
value through profit or loss, transaction costs. Trade receivables that do not contain a significant 
financing component are measured at transaction price.  
Subsequent measurement of financial assets 
 
Financial assets are divided for subsequent measurement into four categories in line with the 
regulations of IFRS 9: 
· Financial assets (debt instruments) at amortized cost (FAAC) 
 
· Financial assets (debt instruments) at fair value with recognition of fair value changes through 
other comprehensive income (FVOCI debt instruments) 
 
· Financial assets (equity instruments) at fair value with recognition of fair value changes 
through other comprehensive income (FVOCI equity instruments) 
 
· Financial assets at fair value with recognition of fair value changes through profit or loss 
(FVtPL) 
The classification and measurement of financial assets is based on the business model used 
and the structure of the cash flows. 
Financial assets at amortized cost are held under a business model that is aimed at collecting 
contractual cash flows. The cash flows of these assets relate solely to principal and interest 
payments at specified times on the principal amount outstanding. In subsequent periods, 
financial assets at amortized cost are measured using the effective interest method and tested 
for impairment. Gains or losses are recognized through profit or loss when the financial asset is 
derecognized, modified or impaired. At the level of the Porsche SE Group, this category 
primarily includes securities, time deposits, cash and cash equivalents and other financial 
receivables. At the level of the Volkswagen Group, trade receivables and receivables from the 
financial service business are also allocated to this category. 
 
 
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An FVOCI debt instrument is recognized at fair value with recognition of fair value changes 
through other comprehensive income if it is held under a business model that is aimed at both 
collecting contractual cash flows and selling financial assets. Interest income, currency 
translation gains and losses as well as impairment losses or reversals of impairment losses 
are recognized through profit or loss and calculated in the same way as financial assets 
measured at amortized cost. The remaining changes in fair value are recognized through other 
comprehensive income. Upon derecognition, cumulative gains or losses from changes in fair 
value recognized through other comprehensive income are reclassified to profit or loss. No 
financial assets are currently allocated to this category at the level of the Porsche SE Group. 
However, other comprehensive income of the Porsche SE Group does contain corresponding 
proportionate changes in fair value of FVOCI debt instruments at the level of the Volkswagen 
Group as a result of applying at equity accounting.  
Upon initial recognition of an equity instrument as defined by IAS 32 not held for trading, the 
option can irrevocably be exercised to recognize fair value changes through other 
comprehensive income rather than through profit or loss. It is not permitted to reclassify income 
and expenses previously recognized in other comprehensive income to profit or loss at a later 
stage. Upon the disposal of the equity instrument, accumulated income or expenses are 
reclassified within equity to retained earnings. By contrast, dividends are generally recognized 
through profit or loss for these instruments. FVOCI equity instruments are not tested for 
impairment. The option can be exercised for each investment on a case-by-case basis. This 
option is currently not exercised at the Porsche SE Group. At the level of the Volkswagen Group, 
this option is generally exercised for equity investments. 
All financial assets that are not measured at amortized cost (FAAC) or at fair value with changes 
in fair value recognized through other comprehensive income (FVOCI) are measured at fair value 
with changes in fair value recognized through profit or loss (FVtPL). Net gains and losses, 
including any interest or dividend income, are also recognized through profit or loss. The fair 
value option, according to which other financial assets can be designated as at fair value 
through profit or loss upon initial recognition, is not applied. At the level of the Porsche SE 
Group, this category is largely made up of portfolio investments as well as derivatives outside of 
hedge accounting. At the level of the Volkswagen Group, this category is largely made up of 
derivatives outside of hedge accounting and shares in investment funds. 
Dividend income is recognized when the group’s right to receive the payment is established. 
 
 
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Impairment losses on financial instruments 
 
Financial assets are exposed to default risk, which is taken into account by recognizing loss 
allowances or, if losses have already been incurred, by recognizing an impairment loss.  
Default risk on receivables and loans within the financial services business at the level of the 
Volkswagen Group is accounted for by recognizing specific loss allowances and portfolio-based 
allowances. In particular, a loss allowance is recognized on these financial receivables in the 
amount of the expected loss in accordance with group-wide standards. The actual specific loss 
allowances of the losses incurred are then charged to this loss allowance. A potential 
impairment is assumed not only for a number of situations such as delayed payment over a 
certain period of time, the institution of enforcement measures, the threat of insolvency or 
overindebtedness, application for or the opening of bankruptcy proceedings or the failure of 
financial reorganization measures, but also for receivables that are not past due. Portfolio-based 
loss allowances are recognized by grouping together insignificant receivables and significant 
individual receivables for which there is no indication of impairment into homogeneous portfolios 
on the basis of comparable credit risk features and allocating them by risk class. Average 
historical default probabilities are used in combination with forward-looking parameters for the 
portfolio concerned to calculate the amount of the impairment loss.  
As a matter of principle, a simplified process, which takes historical default rates and forward-
looking information into account, and specific loss allowances are used to account for 
impairment losses on receivables outside the financial services segment of the Volkswagen 
Group. 
At the level of the Porsche SE Group, there are no longer any trade receivables following the 
deconsolidation of PTV. The financial assets of Porsche SE that fall within the scope of 
application of the impairment model pursuant to IFRS 9 mainly consist of short-term time 
deposits, securities and cash and cash equivalents (see note [19]).  
Subsequent measurement of financial liabilities 
 
For purposes of subsequent measurement, financial liabilities are divided into two categories: 
· Financial liabilities at fair value through profit or loss (FVtPL), and 
 
· Financial liabilities at amortized cost (FLAC)  
 
 
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Financial liabilities at fair value through profit or loss (FVtPL) include financial liabilities held for 
trading and other financial liabilities designated as at fair value through profit or loss upon initial 
recognition (fair value option). These also include derivatives that are not designated as hedging 
instruments. Financial liabilities in this category are measured at fair value and net gains and 
losses, including interest expenses, are recognized through profit or loss. The fair value option 
for financial liabilities is not applied. At the Porsche SE Group, there are no liabilities at fair value 
through profit or loss. At the Volkswagen Group, this category includes derivatives that were not 
designated as hedging instruments.  
Other financial liabilities are subsequently measured at amortized cost (FLAC) using the effective 
interest method. Interest expenses and currency translation differences are recognized through 
profit or loss. Gains and losses from derecognition are also recognized through profit or loss. 
This category primarily includes trade payables, financial liabilities and other financial liabilities. 
Derivative financial instruments 
 
Derivative financial instruments are measured at fair value in subsequent periods.  
The accounting treatment of changes in fair value of hedging instruments depends on the nature 
of the hedging relationship. In the case of hedges against the risk of change in the fair value of 
balance sheet items (fair value hedges), both the hedging instrument and the hedged risk 
portion of the hedged item are measured at fair value. Gains or losses from the measurement of 
hedging instruments and hedged items are recognized through profit or loss.  
In the case of cash flow hedges, the hedging instruments are also measured at fair value. Both 
the designated effective portion of the hedging instrument as well as the non-designated 
effective portion of the hedging instruments (“hedging costs”) is recognized in the cash flow 
hedge reserve through other comprehensive income. The effects are only reclassified through 
profit or loss when the hedged item is realized. The ineffective portion of a hedging instrument is 
recognized through profit or loss immediately.  
At the level of the Porsche SE Group, only cash flow hedges are accounted for under hedge 
accounting. At Porsche SE, no hedging costs within the meaning of IFRS 9 were incurred in the 
fiscal year 2022. As a result of including the investments in Volkswagen AG and Porsche AG 
accounted for at equity in the consolidated financial statements of Porsche SE, the effects from 
hedge accounting at the level of the Volkswagen Group are, in line with the accounting policies 
mentioned above, also recognized proportionately at the level of the Porsche SE Group through 
profit or loss (within the result from investments accounted for at equity) or through other 
comprehensive income.  
 
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Notes to the consolidated financial statements

Fair value of financial instruments 
 
Fair value corresponds to the market or stock price, provided the financial instruments 
measured are traded on an active market. If there is no active market for a financial instrument, 
fair value is calculated using appropriate valuation techniques such as generally accepted option 
pricing models or discounting future cash flows at the market interest rate, or by referring to the 
most recent business transactions between knowledgeable, willing and independent business 
partners. The carrying amount of current financial assets and liabilities not measured at fair value 
provides an approximation of their fair value. 
Offsetting of financial instruments 
 
Financial assets and liabilities are presented net in the balance sheet only if the group has a 
present contractual right to settle net and if it intends to settle the liability on a net basis or by 
settling the liability together with realization of the asset. 
Derecognition of financial instruments 
 
Financial assets are primarily derecognized when the contractual right to the cash flows has 
expired or this right is transferred to a third party. Financial liabilities are derecognized when the 
obligation under the liability is discharged, cancelled or expired. 
Income tax 
 
Deferred tax assets are generally recognized for tax-deductible temporary differences between 
the tax base and carrying amounts in the consolidated balance sheet (taking into account 
temporary differences arising from consolidation) as well as on tax loss carryforwards and tax 
credits provided it is probable that they can be used in future periods. Deferred tax liabilities are 
generally recognized for all taxable temporary differences between the tax base and carrying 
amounts in the consolidated balance sheet (temporary concept). Deferred tax liabilities for 
taxable temporary differences associated with investments in subsidiaries, investments in 
associates and interests in joint ventures are not recognized if the timing of the reversal of the 
temporary differences can be controlled and it is probable that the temporary differences will not 
reverse in the foreseeable future. As the timing of the reversal of the temporary taxable 
differences in connection with the investment in associates, Volkswagen AG in particular, cannot 
be managed due to lack of control, deferred tax liabilities are recognized on these temporary  
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differences. Deferred tax assets that are unlikely to be realized within a clearly predictable period 
are reduced by loss allowances. A previously unrecognized deferred tax asset is reassessed and 
recognized to the extent that it has become probable that future taxable profit will allow it to be 
realized. 
Deferred tax is measured on the basis of the tax rates that apply or that are expected to apply 
based on the current legislation in the individual countries at the time of realization. Deferred tax 
is not discounted. 
Deferred tax assets and deferred tax liabilities are offset if the group entities have a legally 
enforceable right to set off current tax assets against current tax liabilities and the deferred tax 
relates to the same taxable entity and the same taxation authority. 
Current income tax assets and liabilities for the current and for prior periods are measured at the 
amount expected to be refunded by or paid to the taxation authorities. The tax rates and tax 
laws applied for measurement are those that are enacted at the reporting date.  
Deferred and current tax relating to items recognized through other comprehensive income or 
directly in equity is likewise recognized through other comprehensive income or directly in 
equity. This also includes deferred taxes on the investment in Porsche AG and in particular in 
Volkswagen AG. 
Assets classified as held for sale and liabilities associated with assets classified as held 
for sale 
 
Under IFRS 5, non-current assets or groups of assets and liabilities are classified as held for sale 
if their carrying amounts will be recovered principally through a sale transaction rather than 
through continuing use. Such assets and liabilities are carried at the lower of their carrying 
amount and fair value less costs to sell, and are presented separately within current assets and 
liabilities in the balance sheet. Intangible assets and property, plant and equipment are no longer 
amortized/depreciated. 
Discontinued operations are components of an entity that have either been disposed of or are 
classified as held for sale. The assets and liabilities of operations that are held for sale represent 
disposal groups that must be measured and reported using the same principles as non-current 
assets held for sale. Discontinued operations are presented separately from continuing 
operations in the consolidated income statement and consolidated statement of cash flows; 
prior years are presented on a comparable basis.  
 
 
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Notes to the consolidated financial statements

Provisions for pensions and similar obligations 
 
The provisions for obligations from defined benefit plans are measured using the projected unit 
credit method in accordance with IAS 19. Remeasurement effects as a result of changes in 
parameters are recognized through other comprehensive income after deferred tax has been 
taken into account. 
If pension obligations are funded by plan assets, the obligation and the assets are offset. Service 
cost is presented as personnel expense while net interest from provision obligations and plan 
assets is presented in finance costs. 
Other provisions 
 
Other provisions are recognized if a past event has led to a current legal or constructive 
obligation to third parties that is expected to lead to a future outflow of resources embodying 
economic benefits that can be estimated reliably. Provisions are generally measured at the 
expected settlement amount, taking into account all identifiable risks. The settlement amount is 
calculated on the basis of the best estimates and also includes estimated cost increases. 
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 in the measurement only if their occurrence is considered to be probable. 
Non-current provisions are stated at their discounted settlement amount at the reporting date. 
The interest rate used is a pre-tax rate that reflects current market assessments of the interest 
effect and the risks specific to the liability. The interest expense resulting from the unwinding of 
the discount is presented in finance costs.  
Provisions are not offset against refund claims from third parties. Refund claims are recognized 
separately in other assets or other financial assets if it is virtually certain that the Porsche SE 
Group will receive the refund when it settles the obligation. 
Government grants 
 
Government grants related to assets are deducted from the carrying amount and recognized 
through profit or loss over the useful life of the depreciable asset by way of a reduced 
depreciation charge. If a claim to a government grant arises subsequently, the amount of the 
grant attributable to prior periods is recognized through profit or loss. Government grants that 
compensate for expenses incurred are recognized through profit or loss in the period and in the  
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Financials
Notes to the consolidated financial statements

items where the expenses to be compensated are incurred. At the Porsche SE Group, there 
were no accounting issues in connection with government grants in the fiscal year 2022.  
Income and expenses 
 
Revenue, interest and commission income from financial services of the Volkswagen Group as 
well as other operating income are generally not recognized until the relevant services have been 
rendered or the customer has obtained control of the goods or services.  
When standard software or its license for an unlimited period is sold, the income is realized at 
the level of associates upon delivery or acquisition of the power of disposition. License revenue 
for software maintenance and support is recognized ratably over the term of the service being 
rendered and invoiced in advance on an annual or quarterly basis. User charges on a temporal 
basis are recognized on a straight-line basis over the term of the agreement. 
In contracts at the level of associates under which the goods or services are transferred over a 
period of time, revenue is recognized, depending on the type of goods or service provided, 
either according to the stage of completion or, to simplify, on a straight-line basis. The latter 
option, however, only applies if straight-line revenue recognition does not differ materially from 
recognition based on the stage of completion. As a rule, the stage of completion is determined 
as the proportion that contract costs incurred by the end of the reporting period bear to the 
estimated total contract costs (cost-to-cost method). Contract costs incurred invariably 
represent the best way to measure the stage of completion for the performance obligation. If the 
outcome of a performance obligation satisfied over time is not sufficiently certain, but the 
company expects, as a minimum to recover its costs from the customer, revenue is only 
recognized in the amount of the contract costs incurred. If the expected costs exceed expected 
revenue, the expected loss is recognized immediately in full as expenses by recognizing 
impairment losses on the associated contract assets recognized and, additionally by recognizing 
provisions for any amounts in excess of the impairment loss. Until the performance obligation 
has been completely satisfied, revenue is realized by recognizing contract assets. If the 
prepayments made by the contractual partner exceed the capitalized amount, the net item is 
recognized as a contract liability. As soon as the performance obligation has been completely 
satisfied, the contract asset is replaced by a trade receivable.  
If a contract comprises several separately identifiable performance obligations (multiple-element 
arrangements), these components are recognized separately in accordance with the principles 
outlined above. 
Where new and used vehicles and original parts at the level of the Volkswagen Group are sold, 
performance invariably occurs upon delivery, because that is the point when control is 
transferred, and the inventory risk and, for deliveries to a dealer, invariably also the pricing  
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Notes to the consolidated financial statements

decision pass to the customer. Revenue is reported net of sales allowances (discounts, price 
concessions, customer bonuses and rebates). Sales allowances and other variable 
consideration are measured on the basis of experience and by taking account of current 
circumstances. Vehicles are normally sold to dealers on payment terms. Financing components 
are only accrued if the period between the transfer of the goods and the payment of 
consideration is longer than one year and the amount to be accrued is significant. 
Revenue from financing and finance lease agreements at the level of the Volkswagen Group is 
recognized using the effective interest method. If non-interest-bearing or low-interest vehicle 
financing arrangements are agreed, revenue is reduced by the interest benefits granted. 
Revenue from operating leases is recognized over the term of the contract on a straight-line 
basis. 
If, at the level of the Volkswagen Group, services are sold together to the customer at the same 
time as the vehicle and the customer pays for them in advance, the Volkswagen Group 
recognizes a corresponding contract liability until the services have been transferred. Examples 
of services that the customers pay for in advance are servicing, maintenance and certain 
warranty contracts as well as mobile online services. For extended warranties granted to 
customers for a particular model, a provision is normally recognized in the same way as for 
statutory warranties. If the warranty is optional for the customer or it includes an additional 
service component, the related revenue is deferred and realized over the term of the warranty. 
Income from the sale of assets at the level of the Volkswagen Group for which there is a 
buyback obligation is recognized only when the assets have definitively left the Volkswagen 
Group. If a fixed repurchase price was agreed when the contract was entered into, the difference 
between the selling price and present value of the repurchase price is recognized ratably as 
income over the term of the contract. Prior to that time, the assets are carried as inventories in 
the case of short contract terms and as lease assets in the case of long contract terms.  
Revenue at the level of associates is generally determined on the basis of the price stated in the 
contract. If variable consideration has been agreed in the contract (e.g. volume-based bonus 
payments), revenue is generally estimated using the expected value method. In exceptional 
cases, the most probable amount method may also be used. Once the expected revenue has 
been estimated, an additional check is carried out to determine whether there is any uncertainty 
that necessitates the reversal of the revenue initially recognized so that it can be virtually ruled 
out that revenue subsequently has to be adjusted downward. At the level of Volkswagen Group, 
provisions for reimbursements arise mainly from dealer bonuses. 
In multiple-element arrangements at the level of associates, the transaction price is allocated to 
the different performance obligations of the contract on the basis of relative standalone selling 
prices. In the automotive division at the level of the Volkswagen Group, non-vehicle-related 
services are invariably measured at their standalone selling prices for reasons of materiality.  
 
 
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Notes to the consolidated financial statements

Production- and manufacture-related expenses are recognized upon delivery or utilization of the 
service, while all other expenses are expensed as incurred. The same applies for research costs 
and for development costs not eligible for recognition. 
No revenue is generated at the level of Porsche SE.  
Contingent liabilities and contingent assets 
 
A contingent liability is a possible obligation to third parties that arises from past events and 
whose existence will be confirmed only by the occurrence or non-occurrence of one or more 
uncertain future events not wholly within the control of the reporting company. Contingent 
liabilities also include present obligations arising from past events which are not recognized 
because it is not probable that an outflow of resources embodying economic benefits will be 
required to settle the obligation or the amount of the obligation cannot be measured with 
sufficient reliability. If it is deemed that an outflow of resources is not remote, the estimated 
financial impact of contingent liabilities is, where practicable, disclosed in the notes to the 
financial statements and, where this is not practicable, an explanation of contingent liabilities is 
provided. 
A contingent asset is a possible asset that arises from past events and whose existence will be 
confirmed only by the occurrence or non-occurrence of one or more uncertain future events not 
wholly within the control of the company. Contingent assets are not recognized as an asset, as 
this would result in the recognition of income that potentially may never be realized. An 
explanation is provided in the notes if an inflow of economic benefits is probable. However, if the 
realization of income is virtually certain, it is not recognized as a contingent asset but instead as 
an asset. 
Accounting judgments, estimates and assumptions of the management 
 
The preparation of the consolidated financial statements requires of the board of management 
judgments, estimates and assumptions that have an effect on the recognition, measurement and 
presentation of assets, liabilities, income and expenses and the accompanying disclosures, as 
well as the disclosure of contingent assets and liabilities. Actual results may deviate from these 
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions 
of estimates are recognized prospectively. 
 
 
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Notes to the consolidated financial statements

A key source of accounting judgments and estimate uncertainties that therefore could have 
significant effects on the results of operations, financial position and net assets of the Porsche 
SE Group is the diesel issue, which came to light in September 2015. Porsche SE is directly 
affected by the diesel issue on account of the claims asserted against it, in particular in the form 
of legal proceedings (see note [20]). Provisions have been set up for the expected attorneys’ 
fees and litigation expenses. The outcome of litigation is subject to substantial estimation risks. 
Beyond the direct effects, the estimation risks at the level of the Volkswagen Group may also 
have significant indirect effects on the Porsche SE Group. This largely relates to the result from 
investments accounted for at equity (see note [1]) and the carrying amount of the investment in 
Volkswagen AG accounted for at equity (see note [9]) as well as potential subsequent effects of 
an amended dividend policy of Volkswagen AG.  
Furthermore, due to its role as holding company, Porsche SE is mainly exposed to the potential 
effects of climate change and future regulatory changes indirectly via its investments in 
Volkswagen AG and Porsche AG. Potential effects stemming from this therefore primarily have 
an impact on the consolidated financial statements of Porsche SE, through the result of the 
Volkswagen Group and Porsche AG Group attributed to Porsche SE under the equity method as 
well as due to impairment tests and purchase price allocations performed on the basis of multi-
year planning of the Volkswagen Group and Porsche AG Group. Regarding the consideration of 
the potential effects of climate change on the consolidated financial statements and the multi-
year planning of Volkswagen AG and Porsche AG, reference is made to the section “Accounting 
judgments, estimates and assumptions of the management at the level of the Volkswagen 
Group”.  
Judgments when applying the accounting policies that significantly impact the amounts 
recognized in the financial statements relate to the matters listed below and are explained in the 
notes referred to below:  
· recognition of provisions and disclosure of contingent liabilities in connection with legal 
disputes relating to the increase of the investment in Volkswagen AG and the diesel issue (see 
note [20]) and 
 
· contingent assets from tax matters (see note [21]). 
 
Estimates and assumptions as of 31 December 2022 that can give rise to a significant risk of 
causing a material adjustment to the carrying amounts of assets and liabilities within the next 
fiscal year relate to the following matters and are explained in the notes referred to below: 
· calculations of recoverable amounts when testing the carrying amounts of investments for 
impairment and reversal of impairment (see notes [1] and [9] as well as section “Accounting 
judgments, estimates and assumptions of the management at the level of the Volkswagen 
Group” with regard to the assumptions relating to the development of the general economic 
environment, the impact of the Russia-Ukraine conflict, the Covid-19 pandemic and the 
semiconductor shortage as well as the effects of climate change) 
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Notes to the consolidated financial statements

· purchase price allocations for the acquisitions of preference shares of Volkswagen AG and of 
ordinary shares of Porsche AG (see section “Changes in the reporting period”, note [1]) as well 
as section “Accounting judgments, estimates and assumptions of the management at the level 
of the Volkswagen Group” with regard to the assumptions relating to the development of the 
general economic environment, the impact of the Russia-Ukraine conflict, the Covid-19 
pandemic and the semiconductor shortage as well as the effects of climate change) 
 
· the measurement of provisions and contingent liabilities in connection with legal disputes 
relating to the increase of the investment in Volkswagen AG and the diesel issue (see note [20]) 
and 
 
· the measurement of current and deferred tax (see note [8]). 
Accounting judgments, estimates and assumptions of the management at the level  
of the Volkswagen Group 
 
As the contributions to profit or loss made by the investments accounted for at equity have a 
significant impact on the results of operations and net assets of the Porsche SE Group, matters 
involving significant judgments, estimates and assumptions at the level of the Volkswagen 
Group, which includes Porsche AG and its subsidiaries, are presented below.  
Development of the general economic environment, the automotive markets and the legal 
environment  
Following the slump in global economic output in 2020 and the incipient recovery due to base 
and catch-up effects in 2021, the global economy recorded positive overall growth of 3.0% in 
2022 (prior year: growth of 6.0%). Both the advanced economies and the emerging markets 
remained on an economic recovery course on average, albeit with diminishing momentum and 
slower growth overall than in the prior year. The Volkswagen Group’s planning is based on the 
assumption that global economic output will grow overall in 2023, albeit at a slower pace. 
Volkswagen expects the persistently high inflation in many regions and the restrictive monetary 
policy measures taken by central banks to rein this in to increasingly dampen consumer 
spending. Volkswagen continues to see risks in protectionist tendencies, turbulence in the 
financial markets and structural deficits in individual countries. In addition, Volkswagen sees 
continuing geopolitical tensions and conflicts as weighing on growth prospects; the Russia-
Ukraine conflict also holds risks. Volkswagen also cannot rule out that risks may arise if new 
variants of the SARS-CoV-2 virus occur, particularly regional outbreaks and the associated 
political measures. Volkswagen assumes that both the advanced economies and the emerging 
markets will show positive momentum on average, albeit with below-average growth in gross 
domestic product. Moreover, Volkswagen expects the global economy to recover in 2024 and 
continue on a path of stable growth until 2027. Following high rates of inflation in 2022, 
inflationary trends are expected to be at a slightly lower level in 2023. 
 
 
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Notes to the consolidated financial statements

Impact of the Russia-Ukraine conflict, the Covid-19 pandemic and the semiconductor shortage 
The start of the Russia-Ukraine conflict in February 2022 led not only to a humanitarian crisis but 
also brought market upheaval around the world. There have been substantial price rises, 
particularly on the energy and commodity markets, and significant increases in interest and 
inflation rates have been observed internationally. In addition, the parts supply shortages 
intensified in this context directly after the start of the conflict. In the Volkswagen Group, this 
particularly affected the supply of cable harnesses from Ukraine. Volkswagen took immediate 
action to clear these supply bottlenecks from Ukraine, with the result that there are no material 
bottlenecks in this regard at present.  
Moreover, different sanctions have been imposed on Russia as a result of the conflict, especially 
by the EU and the USA. They restrict economic transactions with Russia and have an impact on 
the Russian companies and plants of the Volkswagen Group and on sales of vehicles to Russia. 
The sanctions also affect the new financial services business in Russia and lead to impairment 
risks to existing lease assets and financial receivables. Against the backdrop of the Russia-
Ukraine conflict and the resulting consequences, Volkswagen has decided to suspend vehicle 
production in Russia until further notice. Vehicle exports to Russia have also been halted. In 
addition, the respective sanction requirements are also being complied with in relation to the 
supply of spare parts and the provision of technical information. In addition, Russia itself, in its 
role as an energy exporter, has restricted gas deliveries to Europe. The resulting increase in 
commodity prices and intensified supply shortages are reinforcing the threat of persistently high 
inflation. 
Russia’s partial mobilization on 21 September 2022 and the ensuing tightening of sanctions led 
to adjustments to the risk assessment in relation to the situation in Russia and to the potential 
future development of the Volkswagen Group’s business activities in Russia. 
Since there was no noticeable easing in the Russia-Ukraine conflict in the fourth quarter, the 
discontinuation of business activities in Russia took concrete shape in the Volkswagen Group. In 
this context, some companies have already been sold and further sale negotiations were 
initiated. Overall, comprehensive impairment losses on assets of production facilities and 
financial services companies as well as risk provisions, especially for third-party expenses 
expected from the discontinuation of activities in Russia, were recognized in the fiscal year. 
Overall, total expenses of around €2 billion were recognized at the level of the Volkswagen 
Group in the reporting year as a direct result of the Russia-Ukraine conflict. At the level of the 
Porsche AG Group, the impairment test of significant assets as of 31 December 2022 triggered 
by the Russia-Ukraine conflict and its indirect effects as well as the development of the interest 
and inflation rates did not reveal any need for impairment beyond the normal measurement. 
 
 
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Notes to the consolidated financial statements

During 2022, the restrictive measures put in place to protect the population from the SARS-CoV-2 
virus were lifted to a large extent in many countries. The progress made in administering 
vaccines to the public had a positive effect, while the emergence of the new Omicron variant 
and its subvariants led to a renewed sharp rise in infections on a national scale, mostly causing 
milder symptoms but increased rates of sick leave. In China particularly, local outbreaks of 
infection in the course of 2022 led to tight restrictions under the zero-Covid strategy being 
pursued there, resulting in economic constraints and disruption to international supply chains. 
The departure from this strategy led to a rapid increase in infection rates in China at the end of 
the year.  
In addition to the uncertainty and measures being taken around the world to deal with the 
Covid-19 pandemic, persistent semiconductor shortages and the resulting limited availability of 
group models meant that demand could not be adequately met by Volkswagen in some regions. 
Effects of climate change 
Against the backdrop of climate change and the resulting stricter emissions regulations, the 
transformation of the automotive industry towards e-mobility and further digitalization continues 
to make progress. In the preparation of the consolidated financial statements of Volkswagen AG, 
the board of management of Volkswagen AG took into account the potential effects of climate 
change and future regulatory requirements, and especially the corresponding transformation 
towards e-mobility. Potential effects, especially on non-current assets, provisions for emissions 
levies and future cash flows were, as far as possible, incorporated as part of the significant 
estimates and assumptions included in the consolidated financial statements of Volkswagen AG. 
The effects of the transformation towards e-mobility and the planned increase in the share of all-
electric vehicles planned in this context are taken into account by Volkswagen AG in compiling 
the multi-year planning and therefore in the calculation of future cash flows for determining 
recoverable amounts in impairment tests, especially when planning future vehicle models, 
development costs and production facilities. In addition, Volkswagen regularly assesses whether 
these developments give rise to the need for ad hoc impairment tests or for adjustments to the 
useful lives of other non-current non-financial assets. With reference to increasingly stringent 
emissions regulations, Volkswagen ensures that the various international regulations are taken 
into account and that any obligations are recognized appropriately. The same applies for 
Porsche AG and the consolidated financial statements of Porsche AG. This did not result in any 
material effects on the consolidated financial statements of Volkswagen AG and Porsche AG.  
 
 
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Notes to the consolidated financial statements

Litigation and diesel issue  
Volkswagen AG and the companies in which it is directly or indirectly invested, i.e., including the 
Porsche AG Group, are involved in a substantial number of legal disputes and governmental 
proceedings in Germany and abroad. Such legal disputes and other proceedings occur, among 
other things, in connection with products and services or in relation to employees, public 
authorities, dealers, investors, customers, suppliers, or other contracting parties. For the 
companies in question, these disputes and proceedings may result in payments such as fines or 
in other obligations or consequences. In particular, substantial compensatory or punitive 
damages may have to be paid and cost-intensive measures may have to be implemented. In this 
context, specific estimation of the objectively likely consequences is often possible only to a 
very limited extent, if at all.  
Various legal proceedings are pending worldwide, particularly in the USA, in which customers 
are asserting purported product-related claims, either individually or in class actions. These 
claims are as a rule based on alleged vehicle defects, including defects alleged in vehicle parts 
supplied to the Volkswagen Group.  
Compliance with legal or regulatory requirements is another area in which risks may arise. This is 
particularly true in gray areas where Volkswagen or Porsche AG and the relevant public 
authorities may interpret the law differently.  
In connection with their business activities, Volkswagen Group companies engage in constant 
dialog with regulatory agencies, including the Kraftfahrt-Bundesamt (KBA – German Federal 
Motor Transport Authority). It is not possible to predict with assurance how government 
regulators will assess certain issues of fact and law in a particular situation. For this reason, the 
possibility that certain vehicle characteristics and/or type approval aspects may in particular 
ultimately be deemed deficient or impermissible cannot be ruled out. This is fundamentally a 
question of the regulatory agency’s specific evaluation in a concrete situation.  
A comparable challenge results from the tension between divergent national and international 
statutory or regulatory requirements regarding obligations to transfer information or documents, 
on the one hand, and privacy mandates under national and international data protection law on 
the other. Volkswagen is advised by outside law firms on these issues so as to preclude 
compliance violations as far as possible despite the sometimes unclear state of the law.  
Litigation may furthermore result from demands for more extensive climate protection measures 
or from allegedly incomplete disclosures regarding the impact of climate change. The response 
of the Volkswagen Group to this risk includes, among other things, certification of its self-
imposed decarbonization targets through independent and internationally respected 
organizations and systematic alignment of its non-financial reporting with the requirements of 
the law and the capital markets. 
 
 
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Notes to the consolidated financial statements

Risks may also result from actions for infringement of intellectual property, including 
infringement of patents, brands, or other third-party rights, particularly in Germany and the USA. 
If Volkswagen is alleged or determined to have violated third-party intellectual property rights, 
Volkswagen may for instance have to pay damages, modify manufacturing processes, or 
redesign products, and may be barred from selling certain products; this may result in delivery 
and production restrictions or interruptions. 
Criminal acts by individuals, which even the best compliance management system can never 
completely prevent, are another potential source of legal risks. 
Appropriate insurance has been taken out at the level of the Volkswagen Group to cover these 
risks where they were sufficiently definite and such coverage was economically sensible. Where 
necessary based on the information currently available to the Volkswagen Group, identified and 
correspondingly measurable risks have been reflected by recognizing provisions in amounts 
considered appropriate in the consolidated financial statements of Volkswagen AG or Porsche 
AG. Since some risks cannot be assessed, or only to a limited extent, it cannot be ruled out that 
significant losses or damage may arise in an amount not covered by the insurance or provisions. 
This is, for instance, the case with regard to the legal risks assessed in connection with the 
diesel issue presented below. 
Unless otherwise explicitly stated, the amounts disclosed for the litigation being reported on 
refer only to the respective principal claim. Ancillary claims, such as for interest and litigation 
expense, are generally not considered. 
On 18 September 2015, the US Environmental Protection Agency (EPA) publicly announced in a 
notice of violation that irregularities in relation to nitrogen oxide (NOx) emissions had been 
discovered in emissions tests on certain Volkswagen Group vehicles with 2.0 l diesel engines in 
the USA. In this context, Volkswagen AG announced that noticeable discrepancies between the 
figures recorded in testing and those measured in actual road use had been identified in type EA 
189 diesel engines and that this engine type had been installed in roughly eleven million vehicles 
worldwide. On 2 November 2015, the EPA issued a notice of violation alleging that irregularities 
had also been discovered in the software installed in US vehicles with type V6 3.0 l diesel 
engines. The so-called diesel issue is rooted in a modification of parts of the software of the 
relevant engine control units – which, according to Volkswagen AG’s legal position, is only 
unlawful under US law – for the type EA 189 diesel engines that Volkswagen AG was developing 
at that time. This software function was developed and implemented from 2006 on without 
knowledge at the level of Volkswagen’s board of management. Members of Volkswagen’s board 
of management did not learn of the development and implementation of this software function 
until the summer of 2015.  
 
 
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Notes to the consolidated financial statements

An amount of around €1.4 billion (€2.1 billion) has been included in the provisions for litigation 
and legal risks at the level of the Volkswagen Group as of 31 December 2022 to account for the 
currently known legal risks related to the diesel issue based on the presently available 
information and the current assessments of Volkswagen. Where adequately measurable by 
Volkswagen at this stage, contingent liabilities relating to the diesel issue have been disclosed in 
Volkswagen’s notes to the consolidated financial statements in an aggregate amount of  
€4.2 billion (€4.3 billion), whereby roughly €3.6 billion (€3.6 billion) of this amount results from 
lawsuits filed by investors in Germany. The provisions recognized at the level of the Volkswagen 
Group as well as the contingent liabilities disclosed in the consolidated financial statements of 
Volkswagen AG and the other latent legal risks in the context of the diesel issue are in part 
subject to substantial estimation risks given the complexity of the individual relevant factors, the 
ongoing coordination with the authorities, and the fact that the fact-finding efforts have not yet 
been concluded. Should these legal or estimation risks materialize, this could result in further 
substantial financial charges at the level of the Volkswagen Group. In particular, adjustment of 
the provisions recognized at the level of the Volkswagen Group and this having an indirect 
impact at the level of the Porsche SE Group in light of knowledge acquired or events occurring 
in the future cannot be ruled out.  
In connection with the diesel issue, potential consequences for the Volkswagen Group’s, and 
thus indirectly the Porsche SE Group’s, results of operations, financial position and net assets 
could emerge at Volkswagen primarily in the following legal areas:  
1. Criminal and administrative proceedings worldwide (excluding the USA/Canada) 
Criminal investigations, regulatory offense proceedings, and/or administrative proceedings 
have been commenced in some countries. Criminal investigations into the core factual issues 
are being conducted by the Offices of the Public Prosecutor in Braunschweig and Munich.  
In January 2021, the criminal proceedings regarding alleged market manipulation relating to 
capital market disclosure obligations in connection with the diesel issue were terminated by 
the Braunschweig Regional Court provisionally as regards the former chair of the board of 
management of Volkswagen AG and definitively as regards the corresponding regulatory 
offense proceeding against Volkswagen AG. The Braunschweig Office of the Public 
Prosecutor has in the meantime filed a motion with the Braunschweig Regional Court to reopen 
the proceedings against the former chair of the board of management of Volkswagen AG. A final 
ruling on this motion is still pending.  
In September 2020, the Braunschweig Regional Court allowed the indictment of the same 
former chair of the board of management of Volkswagen AG to proceed on charges that 
include fraud in connection with the diesel issue involving type EA 189 engines. The 
proceedings against this former chair of the board of management of Volkswagen AG have 
since been severed from the other cases. The trial of the other defendants began in 
September 2021.  
 
 
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Notes to the consolidated financial statements

The Braunschweig Office of the Public Prosecutor is continuing its investigations on 
suspicion of fraud in connection with type EA 288 engines.  
In June 2020, the Munich II Regional Court accepted the substantially unchanged indictment 
of the Munich II Office of the Public Prosecutor, which also names a former chair of the board 
of management of AUDI AG, and opened the main trial proceedings on charges of, among 
other things, fraud in connection with the diesel issue involving 3.0 l and 4.2 l TDI engines. 
Trial proceedings commenced in September 2020.  
In August 2020, the Munich II Office of the Public Prosecutor issued a further indictment 
charging three former members of the board of management of AUDI AG and others with, 
among other things, fraud in connection with the diesel issue involving 3.0 l and 4.2 l TDI 
engines. The criminal investigation conducted by the Stuttgart Office of the Public Prosecutor 
against a member of the board of management of Dr. Ing. h.c. F. Porsche AG and others on 
suspicion of fraud and illegal advertising relating to the diesel issue has in the interim been 
terminated at the end of April 2022, as regards inter alia the board of management member, 
against payment of a sum set by the court. 
As the type approval authority of proper jurisdiction, the KBA is moreover continuously 
testing Audi, Volkswagen, and Porsche brand vehicles for problematic functions. If certain 
functions are deemed impermissible by the KBA, the affected vehicles are recalled pursuant 
to a recall order or they are brought back into compliance by means of a voluntary service 
measure.  
In judgments rendered in July and November 2022, the European Court of Justice (ECJ) ruled 
that a so-called thermal window (i.e. a temperature-dependent exhaust gas recirculation) in 
the range of 15°C and 33°C outside temperature represents a defeat device. In this context, 
the ECJ has developed a new, unwritten criterion according to which a thermal window, even 
if it serves to prevent sudden and extraordinary damage, is impermissible if it is active “for 
most of the year under real driving conditions prevalent in the territory of the European 
Union.” The Volkswagen Group is assessing the effects of this new vehicle engineering 
criterion. The KBA has commenced formal administrative proceedings relating to certain first 
generation type EA 896 engines deployed in certain older vehicle models. The Volkswagen 
Group is in discussion with the KBA on this issue. At the end of February 2023, the Schleswig 
Administrative Court in a court of first instance judgment upheld a lawsuit brought by 
Deutsche Umwelthilfe (Environmental Action Germany) against the KBA and ordered the KBA 
to revoke the release notice for the software update for certain older Golf Plus models, 
insofar as the release notice relates to the thermal window. Volkswagen will review the 
decision once the written reasoning is available and decide on further measures. 
Moreover, additional administrative proceedings relating to the diesel issue are ongoing in 
other jurisdictions.  
The companies of the Volkswagen Group are cooperating with the government authorities.  
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Notes to the consolidated financial statements

Risks may furthermore result from possible decisions by the European Court of Justice 
construing EU type approval provisions. 
Whether the criminal and administrative proceedings will ultimately result in fines or other 
consequences for companies of the Volkswagen Group, and if so what amounts these may 
entail, is currently subject to estimation risks. According to Volkswagen’s estimates, the 
likelihood that a sanction will be imposed is 50% or less in the majority of these proceedings. 
Contingent liabilities have therefore been disclosed by Volkswagen where the amount of such 
liabilities could be measured and the likelihood of a sanction being imposed by Volkswagen 
was assessed at not less than 10%. 
2. Product-related lawsuits worldwide (excluding the USA/Canada) 
A general possibility exists that customers in the affected markets will file civil lawsuits or that 
importers and dealers will assert recourse claims against Volkswagen AG and other 
Volkswagen Group companies. Besides individual lawsuits, various forms of collective 
actions (i.e. assertion of individual claims by plaintiffs acting jointly or as representatives of a 
class) are available in various jurisdictions. Furthermore, in a number of markets it is possible 
for consumer and/or environmental organizations to bring suit to enforce alleged rights to 
injunctive relief, declaratory judgment, or damages. 
Customer class action lawsuits and actions brought by consumer and/or environmental 
organizations are pending against Volkswagen AG and other Volkswagen Group companies in 
a number of countries including Belgium, Brazil, England and Wales, France, Germany, Italy, 
the Netherlands, Portugal, and South Africa. Alleged rights to damages and other relief are 
asserted in these actions. The pending actions include in particular the following: 
In Belgium, the Belgian consumer organization Test Aankoop VZW has filed a class action to 
which an opt-out mechanism has been held to apply. Given the opt-out mechanism, the class 
action potentially covers all vehicles with type EA 189 engines purchased by consumers on 
the Belgian market after 1 September 2014, unless the right to opt out is actively exercised. 
The asserted claims are based on purported violations of unfair competition and consumer 
protection law as well as on alleged breach of contract.  
In Brazil, two consumer protection class actions are pending. In the first class action, which 
pertains to some 17 thousand Amarok vehicles, the Superior Court of Justice in August 2022 
rejected in part the appeal filed by Volkswagen do Brasil against the May 2019 judgment at 
the first appeals level that had initially reduced the damage liability of Volkswagen do Brasil 
considerably to around BRL 172 million. Volkswagen do Brasil has appealed this decision. 
The judgment therefore remains non-final. The plaintiff in the second class action, which 
pertains to roughly 67 thousand later generation Amaroks, has appealed the trial court’s 
October 2021 judgment dismissing the complaint.  
 
 
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Financials
Notes to the consolidated financial statements

financialright GmbH filed consolidated actions before various German courts asserting claims 
assigned to it by customers in Germany, Slovenia, and Switzerland against Volkswagen 
Group companies. Following the withdrawal of numerous motions for relief, approximately 34 
thousand claims are currently still pending. Some cases have in the meantime moved to the 
first or second appeals level. In Germany, the Bundesgerichtshof (BGH – Federal Court of 
Justice) rendered a judgment in June 2022 holding, in a case involving the damage claims of 
Swiss vehicle purchasers, that the assignment of claims to financialright GmbH was valid. 
The BGH did not address the merits of the claims. 
In England and Wales, the roughly 91 thousand claims of the group litigation against the 
Volkswagen Group were settled out of court in May 2022 for the sum of £193 million as well 
as a separate amount for the plaintiffs’ attorney fees and other costs.  
In addition, in late 2021 a new lawsuit was filed in court against Volkswagen AG, Volkswagen 
Financial Services (UK) Limited, and other Volkswagen Group companies in connection with 
certain diesel vehicles leased or sold in England, Wales, and Northern Ireland since 2009 and 
various other diesel engine types. 
In France, a class action is pending that was filed by the French consumer organization 
Confédération de la Consommation, du Logement et du Cadre de Vie (CLCV) against 
Volkswagen Group Automotive Retail France and Volkswagen AG for up to 1 million French 
owners and lessees of vehicles with type EA 189 engines. This is an opt-in class action. 
In Italy, a trial level judgment in favor of the plaintiffs by the Venice Regional Court in the class 
action brought by the consumer association Altroconsumo on behalf of Italian customers was 
announced in July 2021; the judgment requires Volkswagen AG and Volkswagen Group Italia 
to pay damages to some 63 thousand consumers in an aggregate amount of roughly  
€185 million. Volkswagen AG and Volkswagen Group Italia have appealed this decision.  
In the Netherlands, an opt-out class action is pending that was brought by Stichting 
Volkswagen Car Claim seeking declaratory rulings for up to 165 thousand customers. A 
declaratory judgment partially granting the relief sought was issued in July 2021. In the 
opinion of the court, Volkswagen AG and the other defendant Group companies acted 
unlawfully with respect to the original engine management software. The court moreover held 
that consumers are entitled to a purchase price reduction from the defendant dealerships. No 
specific payment obligations result from the declaratory judgment. Any individual claims 
would then have to be established afterwards in separate proceedings. Volkswagen AG and 
the other defendant group companies have appealed the decision. Furthermore, an opt-out 
class action lawsuit brought by the Diesel Emissions Justice Foundation (DEJF) seeking 
monetary damages on behalf of Dutch consumers is also pending; the action involves  
186
2022
Financials
Notes to the consolidated financial statements

vehicles with type EA 189 engines, among others. The court rendered an interlocutory 
judgment in March 2022 holding the new class action regime – which permits damage 
awards in addition to declaratory judgment on the existence of claims – to be inapplicable to 
the instant lawsuit. The interlocutory judgment further finds that the Amsterdam court lacks 
jurisdiction to hear lawsuits brought by consumers outside the Netherlands. The DEJF 
appealed this judgment. The court then suspended the trial level proceedings pending a 
decision by the appellate court. 
In Portugal, a Portuguese consumer organization has filed an opt-out class action. The class 
action potentially affects up to approximately 70 thousand vehicles with type EA 189 engines. 
The complaint seeks vehicle return and alleges damages as well.  
In South Africa, an opt-out class action seeking damages is pending; the action pertains to 
some 80 thousand vehicles, including vehicles with type EA 189 engines. 
Furthermore, individual lawsuits and similar proceedings are pending against Volkswagen AG 
and other Volkswagen Group companies in various countries; most of these lawsuits are 
seeking damages or rescission of the purchase contract.  
In Germany, roughly 40 thousand individual lawsuits relating to various diesel engine types 
are currently pending against Volkswagen AG or other group companies, with the plaintiffs 
suing for damages or rescission of the contract in most cases. 
In 2020, the BGH issued a series of fundamental judgments deciding legal issues of major 
importance for the litigation still pending with regard to vehicles with type EA 189 engines. 
The BGH held that buyers who had purchased vehicles prior to public disclosure of the diesel 
issue could return their vehicles to Volkswagen AG and receive a refund of the purchase price 
paid, less a deduction for the benefit derived from using the vehicle. However, buyers have 
no tort-based claim for damages if they purchased their vehicles after the ad hoc 
announcement of 22 September 2015 or if they raise claims based solely on a temperature-
dependent exhaust gas recirculation (so-called thermal window) in the engine. In February 
2022, the BGH issued further fundamental judgments concerning vehicles with EA 189 
motors affirming that buyers of new vehicles of the Volkswagen brand were entitled to 
residual damage claims against Volkswagen AG after the knowledge-based limitation period 
has expired; the BGH had previously held that purchasers of used cars lacked such claims. 
The BGH held that buyers must return their vehicles in order to claim payment and that such 
payment was reduced by the benefit derived from using the vehicle and by the dealer profit 
margin. In an additional fundamental judgment rendered in July 2022 concerning vehicles 
with EA 189 engines, the BGH held that buyers of new vehicles of other group brands have 
no claim for residual damages against Volkswagen AG.  
 
 
187
2022
Financials
Notes to the consolidated financial statements

Volkswagen estimates the likelihood that the plaintiffs will prevail to be 50% or less in the 
great majority of cases: customer class actions, complaints filed by consumer and/or 
environmental organizations, and individual lawsuits. Contingent liabilities are disclosed by 
Volkswagen for these proceedings where the amount of such liabilities can be measured and 
the chance that the plaintiff will prevail was assessed by Volkswagen as not remote. Given 
the early stage of the proceedings, it is in some cases not yet possible to quantify the realistic 
risk exposure. Furthermore, provisions were recognized at the level of the Volkswagen Group 
to the extent necessary based on the current assessment.  
At this time, it cannot be estimated by Volkswagen how many customers will choose to file 
lawsuits in the future in addition to those already pending and what prospect of success such 
lawsuits might have.  
3. Lawsuits filed by investors worldwide (excluding the USA/Canada) 
Investors from Germany and abroad have filed claims for damages against Volkswagen AG 
– in some cases along with Porsche SE as joint and several debtors – based on purported 
losses due to alleged misconduct in capital market communications in connection with the 
diesel issue.  
The vast majority of these investor lawsuits are currently pending before the Braunschweig 
Regional Court. In August 2016, the Braunschweig Regional Court issued an order referring 
common questions of law and fact relevant to the investor lawsuits pending before it to the 
Higher Regional Court in Braunschweig for binding declaratory rulings pursuant to the 
Kapitalanleger-Musterverfahrensgesetz (KapMuG – German Capital Investor Model 
Declaratory Judgment Act). In this proceeding, common questions of law and fact relevant to 
these actions are to be adjudicated by the Braunschweig Higher Regional Court in a single 
consolidated proceeding (model case proceedings). The investor lawsuits pending against 
Volkswagen AG in Germany are stayed pending resolution of the common issues, unless the 
cases can be dismissed for reasons independent of the common issues that are to be 
adjudicated in the model case proceedings. The resolution in the model case proceedings of 
the common questions of law and fact will be binding for the pending cases that have been 
stayed as described. The model case plaintiff is Deka Investment GmbH. Oral argument in 
the model case proceedings before the Braunschweig Higher Regional Court began in 
September 2018 and is continuing at subsequent hearings. The latest indication from the 
court was that it may hear witness testimony on certain points. 
Further investor lawsuits have been filed with the Stuttgart Regional Court against 
Volkswagen AG, in some cases along with Porsche SE as joint and several debtor. A further 
investor action for model declaratory judgment is pending before the Stuttgart Higher 
Regional Court against Porsche SE; Volkswagen AG is involved in this action as a third party 
intervening in support of a party to the dispute. The Wolverhampton City Council, 
Administrating Authority for the West Midlands Metropolitan Authorities Pension Fund, has 
been appointed model case plaintiff. Oral argument in this case began in July 2021 and 
continued in subsequent hearings. The court has scheduled a hearing in the spring of 2023 at 
which it will deliver its decision.  
188
2022
Financials
Notes to the consolidated financial statements

Excluding the United States and Canada and following the withdrawal of various actions, 
claims in connection with the diesel issue totaling roughly €9.5 billion are currently pending 
worldwide against Volkswagen AG in the form of investor lawsuits, judicial applications for 
dunning and conciliation procedures, and claims under the KapMuG. Volkswagen AG remains 
of the opinion that it duly complied with its capital market obligations. Therefore, no 
provisions have been recognized at the level of the Volkswagen Group for these investor 
lawsuits. Contingent liabilities have been disclosed by Volkswagen where the chance of 
success was estimated by Volkswagen to be not less than 10%.  
4. Proceedings in the USA/Canada 
In the USA and Canada, the matters described in the EPA’s notices of violation are the 
subject of various types of lawsuits and requests for information that have been filed against 
Volkswagen AG and other Volkswagen Group companies, in particular by customers, 
investors, and various government agencies in Canada and the United States.  
In January 2017, Volkswagen entered into a Third Partial Consent Decree with the U.S. 
Department of Justice (DOJ) and the EPA, which the federal court in the multidistrict litigation 
approved in April 2017. The Third Partial Consent Decree resolved claims for civil penalties 
and injunctive relief under the Clean Air Act related to the 2.0 l and 3.0 l TDI vehicles, and 
imposed a civil penalty as well as monitoring, auditing, and compliance obligations. In July 
2017, the court furthermore approved the Third California Partial Consent Decree, in which 
Volkswagen agreed with the California Attorney General and CARB to pay civil penalties and 
cost reimbursements. Subsequently, Volkswagen sought to terminate both consent decrees 
on the basis that all requirements had been met, and the US and California authorities agreed 
to the termination, which the court granted in September 2022. 
The Texas attorney general and some municipalities continue to pursue actions in state and 
federal courts against Volkswagen AG, Volkswagen Group of America, Inc., and certain 
affiliates, alleging violations of environmental laws. In January 2022, the Texas Supreme Court 
granted the February 2021 petition of the State of Texas for review of the Texas appellate 
court decision that had dismissed the environmental claims of Texas against Volkswagen AG 
and AUDI AG for lack of personal jurisdiction. 
In November 2021, the US Supreme Court denied petitions by Volkswagen requesting that it 
reviews both a decision by the US Court of Appeals for the Ninth Circuit declining to dismiss 
certain claims brought by Hillsborough County, Florida, and Salt Lake County, Utah, and a 
decision by the Ohio Supreme Court declining to dismiss certain claims brought by the State 
of Ohio.  
 
 
189
2022
Financials
Notes to the consolidated financial statements

In January 2022, Volkswagen settled environmental claims brought by Ohio.  
In March 2019, the US Securities and Exchange Commission (SEC) filed a lawsuit against, 
among others, Volkswagen AG, Volkswagen Group of America Finance, LLC, and VW Credit, 
Inc., asserting claims under US federal securities law based, among other things, on alleged 
misstatements and omissions in connection with the offer and sale of certain bonds and 
asset-backed securities. In August 2020, the US District Court for the Northern District of 
California dismissed, among other things, all claims against VW Credit, Inc. relating to asset-
backed securities. In September 2020, the SEC filed an amended complaint that, among 
other things, removed the dismissed claims. The pre-trial discovery phase is still ongoing.  
As to private civil law matters, the Superior Court of Quebec approved the settlement of an 
environmental class action lawsuit seeking punitive damages on behalf of the residents of the 
Province of Quebec in June 2022; an appeal of that approval on the limited subject of 
counsel fees has been dismissed in the meantime so that the settlement may now proceed.  
In line with IAS 37.92, no statements have been made by Volkswagen concerning estimates 
of financial impact or regarding uncertainty as to the amount or maturity of provisions and 
contingent liabilities in relation to proceedings in the USA/Canada. This is so as to not 
compromise the results of the proceedings or the interests of the company.  
5. Special audit  
In a November 2017 ruling, the Higher Regional Court of Celle ordered, upon the request of 
three US funds, the appointment of a special auditor for Volkswagen AG. The special auditor 
was supposed to examine whether the members of the board of management and 
supervisory board of Volkswagen AG breached their duties in connection with the diesel issue 
from 22 June 2006 onwards and, if so, whether this resulted in damages for Volkswagen AG. 
Volkswagen AG had filed a constitutional complaint with the German Federal Constitutional 
Court against this decision, which was originally unappealable as a formal matter. 
Volkswagen AG also filed a constitutional complaint against the subsequent (and likewise 
formally unappealable) decision by the Higher Regional Court of Celle to appoint a special 
auditor other than the one initially appointed. In rulings announced in November 2022, the 
Federal Constitutional Court found both constitutional complaints to be meritorious and held 
that the decisions of the Higher Regional Court of Celle violated the constitutional rights of 
Volkswagen AG in multiple respects. The decisions of the Higher Regional Court were 
vacated and the case was remanded to this court. Volkswagen AG had in addition previously 
filed an action before the Braunschweig Regional Court seeking to enjoin the special auditor 
from performing the audit as long as he had not furnished sufficient proof of his 
independence. The Braunschweig Regional Court dismissed the action for injunctive relief in 
the summer of 2022; Volkswagen AG then appealed this decision to the Braunschweig Higher 
Regional Court. 
 
 
190
2022
Financials
Notes to the consolidated financial statements

A second motion seeking appointment of a special auditor for Volkswagen AG to examine 
matters relating to the diesel issue was filed with the Regional Court of Hanover. This 
proceeding was stayed pending the decision by the Federal Constitutional Court in the initial 
special auditor litigation. No decision whether to resume the proceeding has as yet been 
issued. 
In line with IAS 37.92, no further statements have been made by Volkswagen concerning 
estimates of financial impact or regarding uncertainty as to the amount or maturity of provisions 
and contingent liabilities in relation to the diesel issue. This is so as to not compromise the 
results of the proceedings or the interests of Volkswagen.  
In connection with the diesel issue, reference is also made to the following matters with regard 
to Porsche AG and its subsidiaries:  
AUDI AG has held Porsche AG harmless for the costs of legal risks, litigation, product liability 
complaints or other third-party complaints relating to the 2013-2016 Porsche Cayennes affected 
in North America by the diesel issue and it was agreed to not plea the statute of limitations until 
31 July 2023 and this was subsequently extended until 31 July 2025. Consequently, from 
today’s perspective, it is not expected that the Porsche AG Group will be subject to any 
significant outflow of resources in this regard. Accordingly, no receivables were recognized at 
the level of the Porsche AG Group for other costs incurred at the level of the Porsche AG Group 
in connection with the diesel issue in North America for which AUDI AG has signed a hold 
harmless agreement as an outflow of resources is not virtually certain as of the reporting date. It 
was agreed to not plea the statute of limitations until 31 July 2023 and this was subsequently 
extended until 31 July 2025. For the legal proceedings outside of the USA and Canada in 
connection with the diesel issue, Porsche AG expects - based on previous agreements and 
accounting practice - that the costs incurred at the level of the Porsche AG Group in this 
connection for legal risks and litigation costs will be borne by AUDI AG and will pass the costs 
on to the latter. No extensive provisions are recognized at the level of the Porsche AG Group for 
future expected outflows of resources. 
Further judgments, estimates and assumptions of the management at the level of the 
Volkswagen Group  
The impairment testing of non-financial assets (especially goodwill, brand names, capitalized 
development costs and special operational equipment) and equity-accounted investments, or 
investments accounted at cost, and the measurement of options on shares in companies that 
are not traded in an active market require assumptions about the future cash flows during the 
planning period, and possibly beyond it, as well as about the discount rate to be applied. The 
estimates made in order to separate cash flows mainly relate to future market shares, the trend 
in the respective markets and the profitability of the Volkswagen Group’s products. In addition, 
the recoverability of the group’s lease assets depends in particular on the residual value of the 
leased vehicles after expiration of the lease term, because this represents a significant portion of 
the expected cash flows.  
191
2022
Financials
Notes to the consolidated financial statements

If there are no observable market inputs, the fair values of assets acquired and liabilities 
assumed in a business combination are measured using recognized valuation techniques, such 
as the relief from royalty method or the residual method.  
Impairment testing of financial assets requires estimates about the extent and probability of 
occurrence of future events. As far as possible, estimates are derived from experience taking 
into account current market data as well as rating categories and scoring information. 
Accounting for provisions is also based on estimates of the extent and probability of occurrence 
of future events, as well as estimates of the discount rate. As far as possible, these are also 
based on experience or external opinions. Calculation of the pension provisions is based on 
actuarial assumptions. The provisions are regularly adjusted to reflect new information obtained. 
Due to the use of expected values, it is often the case that unused provisions are reversed or 
that subsequent additions are made to provisions. Warranty claims from sales transactions are 
calculated on the basis of losses to date, estimated future losses and the policy on ex gratia 
arrangements. In addition, assumptions must be made about the nature and extent of future 
warranty and ex gratia claims. For the provisions recognized in connection with the diesel issue, 
assumptions were made in particular about working hours, material costs and hourly wage 
rates, depending on the series, model year and country concerned. In addition, assumptions 
were made about future resale prices of repurchased vehicles. These assumptions are based on 
qualified estimates, which are based in turn on external data, and also reflect additional 
information available internally, such as values derived from experience. At the level of the 
Volkswagen Group, tax provisions were recognized for potential future tax backpayments, while 
other provisions were recognized for ancillary tax payments arising in this connection. 
Volkswagen AG and its subsidiaries have operations worldwide and are audited by local tax 
authorities on an ongoing basis. Amendments to tax laws and changes in legal precedent and 
their interpretation by the tax authorities in the respective countries may lead to tax payments 
that differ from the estimates made in the financial statements. The measurement of the tax 
provision is based on the most likely exposure resulting from this risk materializing. Volkswagen 
decides whether to account for multiple tax uncertainties separately or in groups on the merits 
of each individual case considered, depending on which type of presentation is better suited to 
predicting the extent to which the tax risk will materialize. The pricing of individual products and 
services is complex, especially in relation to contracts for the cross-border supply of intragroup 
goods and services, because it is in many cases not possible to observe market prices for 
internally generated products, or the use of market prices for similar products is subject to 
uncertainty because they are not comparable. In these cases, prices – including for tax 
purposes – are determined on the basis of standardized, generally accepted valuation 
techniques. In December 2021, the OECD issued model rules for a new global minimum tax 
framework. Several jurisdictions announced the intention to bring these into effect. In December 
2022, EU member states agreed to a correspondent EU directive. While the overarching 
framework has been published, Volkswagen awaits the domestic legislation and detailed 
guidance to assess the full implications. 
 
 
192
2022
Financials
Notes to the consolidated financial statements

If actual developments differ from the assumptions made by Volkswagen for recognizing the 
provisions, the figures actually recorded may differ compared to the estimates expected 
originally. 
Government grants are recognized based on an assessment as to whether there is reasonable 
assurance that the Volkswagen Group companies will fulfill the conditions for awarding the 
grants and that the grants will in fact be awarded. This assessment is based on the nature of the 
legal entitlement and past experience.  
Estimates of the useful life of finite-lived assets are based on experience and are reviewed 
regularly. Where estimates are modified the residual useful life is adjusted and an impairment 
loss is recognized, if necessary. As part of this review, the useful lives of certain items of 
property, plant and equipment were reassessed and extended in January 2023 at the level of the 
Volkswagen Group. These adjustments at the level of the Volkswagen Group are expected to 
have an effect on the operating result in an amount of €1.4 billion in 2023 (of which €92 million 
relates to the Porsche AG Group) and €0.8 billion in 2024 (of which €2 million relates to the 
Porsche AG Group). 
Estimates of lease terms under IFRS 16 are based on the non-cancelable period of a lease and 
an assessment of whether existing extension and termination options will be exercised. The 
determination of the lease term and the discount rates used impacts on the amounts to be 
recognized for right-of-use assets and lease liabilities. 
Measuring deferred tax assets requires assumptions regarding future taxable income and the 
timing of the realization of deferred tax assets. 
Changes to underlying premises 
 
The estimates and assumptions are based on premises that are derived from the current 
information available. In particular, the circumstances given when preparing the consolidated 
financial statements as to the realistic expectations of future development of the global and 
industry-specific environment were used to estimate the company’s future business 
performance. Future business performance remains associated with great uncertainties. This 
applies in particular to short and medium-term forecast cash flows as well as the discount rates 
used. Porsche SE Group’s and Volkswagen Group’s planning is based on the assumption that 
global economic output will grow overall in 2023, albeit at a slower pace – subject to the risks 
presented in the section “Accounting judgments, estimates and assumptions of the management  
193
2022
Financials
Notes to the consolidated financial statements

at the level of the Volkswagen Group”. Variances from assumptions and estimates at the level of 
the Volkswagen Group of the expected future business development also have an indirect 
impact at the level of the Porsche SE Group. Furthermore, at the level of Porsche SE, in 
particular the outcome of the tax field audit for the assessment periods 2009 to 2013 and the 
outcome of litigation may cause variances from expectations.  
In cases where the actual development differs from the original expectation, the premises, 
and if necessary the carrying amounts of the assets and liabilities concerned, will be adjusted 
accordingly. Prior to the date of authorization for issue of the consolidated financial 
statements by the board of management, there were no indications that the carrying amounts 
of the assets and liabilities presented in the consolidated balance sheet would require any 
significant adjustment. Judgments and estimates of the management included assumptions 
relating to the development of the Volkswagen Group, macroeconomic development as well 
as the development of automotive markets that are described in the forecast report as part of 
Porsche SE’s combined management report. 
 
 
194
2022
Financials
Notes to the consolidated financial statements

New accounting standards 
New or revised standards adopted for the first time in the fiscal year 
 
The accounting policies applied in the consolidated financial statements are in line with the 
IFRSs adopted by the EU as of 31 December 2022.  
In the fiscal year 2022, amendments with regard to IAS 16, IAS 37 and IFRS 3 as well as 
clarifications with regard to IFRS 1, IFRS 9, IFRS 16 and IAS 41 had to be adopted for the first 
time as part of the Annual Improvements to International Financial Reporting Standards 2020. 
These had no significant impact or no impact on the presentation of the Porsche SE Group’s 
results of operations, financial position and net assets. 
Standards and interpretations not applied (published but whose adoption is not yet 
mandatory or which are not yet applicable in the EU) 
 
1 On 25 June 2020, the IASB published amendments to IFRS 17 that come into force together with the original standard on 1 January 2023. 
 
 
  
Published 
First-time 
Adoption 
Expected 
Standard or interpretation 
by IASB 
adoption 
by the EU 
effects 
IAS 1 
Classification of liabilities 
23/1/2020 
1/1/2024 
No 
No material impact 
IAS 1 
Disclosure of accounting policies 
12/2/2021 
1/1/2023 
Yes 
Adjustments to the corresponding 
explanatory notes. Primarily 
choice not to present the legal 
requirements. 
IAS 1 
Non-current liabilities with 
covenants 
31/10/2022 
1/1/2024 
No 
No material impact 
IAS 8 
Definition of accounting estimates 
12/2/2021 
1/1/2023 
Yes 
No material impact 
IAS 12 
Deferred taxes on leases and 
decommissioning and restoration 
liabilities 
7/5/2021 
1/1/2023 
Yes 
No material impact 
IFRS 16 
Leases:  
Lease liability in sale and 
leaseback transactions 
22/9/2022 
1/1/2024 
No 
No material impact 
IFRS 17 
Insurance contracts 
18/5/20171 
1/1/2023 
Yes 
Detailed descriptions after the 
overview in the table 
IFRS 17 
Insurance contracts: First-time 
application of IFRS 17 and IFRS 9 
- comparative information 
9/12/2021 
1/1/2023 
Yes 
Detailed descriptions after the 
overview in the table 
195
2022
Financials
Notes to the consolidated financial statements

Early adoption of the amendments is not currently planned.  
IFRS 17 – Insurance Contracts 
IFRS 17 amends the guidance for accounting for insurance contracts, replacing the existing 
IFRS 4 standard. The Porsche SE Group is only affected indirectly, mainly via the effects on the 
investment in Volkswagen AG accounted for at equity. The Volkswagen Group will transition to 
the new guidance of IFRS 17 for the first time as of 1 January 2023, generally applying the full 
retrospective method and, under certain circumstances, the modified retrospective approach. 
Based on current estimates for the portfolio of insurance contracts as of 1 January 2023, the 
transition to the amended system is expected to result in a decrease in equity at the level of the 
Volkswagen Group by an amount in the mid double-digit million euro range. At the level of the 
Porsche SE Group, this will have an impact equivalent to the amount of the capital share 
underlying the investment in Volkswagen AG accounted for at equity.  
 
196
2022
Financials
Notes to the consolidated financial statements

[1] Result from investments accounted for at equity 
The result from investments accounted for at equity breaks down as follows: 
 
 
The portfolio investments accounted for at equity relate to INRIX Inc., Kirkland, USA (“INRIX”), 
and in the fiscal year 2022 also to ETS. 
Result from the investments in Volkswagen AG accounted for at equity 
The result from ongoing at equity accounting results from the development in earnings at the 
level of the Volkswagen Group. The result of the Volkswagen Group was positively influenced by 
effects from the price positioning, the product mix as well as from derivatives to which hedge 
accounting is not applied. These factors were offset in particular by parts supply shortages, 
increased product costs as well as loss allowances and risk provisions in connection with the 
consequences of the Russia-Ukraine conflict and the equity investment in Argo AI. There was 
also an increase in the tax expense and the share of the result of non-controlling interests. 
Please refer to the explanations presented in the section “Results of operations of the 
Volkswagen Group” in the group management report. 
 
 
  
VW 
Porsche AG 
Portfolio 
Total 
  
  
  
investments 
  
  
  
  
  
  
€ million 
2022 
2022 
2022 
2022 
Result from ongoing at equity accounting before 
purchase price allocations 
4,683 
163 
– 9 
4,837 
Effects from purchase price allocations 
– 52 
– 150 
– 1 
– 203 
Income from first-time at equity accounting of 
newly acquired shares 
597 
  
  
597 
Impairment pursuant to IAS 28 in conjunction  
with IFRS 5 
– 704 
  
  
– 704 
Reversal of impairment 
  
  
7 
7 
  
4,524 
12 
– 3 
4,533 
  
VW 
Portfolio 
Total 
  
  
investments 
  
  
  
  
  
€ million 
2021 
2021 
2021 
Result from ongoing at equity accounting  
before purchase price allocations 
4,660 
0 
4,659 
Effects from purchase price allocations 
– 32 
– 1 
– 33 
Reversal of impairment 
  
5 
5 
  
4,628 
3 
4,631 
Notes to the consolidated income statement  
197
2022
Financials
Notes to the consolidated financial statements

Taking into account the identification and subsequent measurement of hidden reserves and 
liabilities for the shares held by Porsche SE, the Volkswagen Group reports the following figures: 
 
1 The preference shares acquired in the reporting year were accounted for at equity only for the period from acquisition to 
classification pursuant to IFRS 5 as of 30 June 2022.  
2 The preference shares contained in tranche 1 were classified as assets held for sale in the reporting year and are therefore 
only included in the result from investments accounted for at equity until 30 June 2022.  
 
 
 
  
VW 
VW 
VW 
VW 
VW Total 
  
Tranche 1  
FY2009 
(29.86%) 
Tranche 2  
FY2015 
(0.88%) 
Tranches 3 & 4  
FY2018-2020 
(0.66%) 
Tranche 5 
FY2022 
(0.52%)1 
  
  
  
  
  
  
  
€ million 
2022 
2022 
2022 
2022 
2022 
  
  
  
  
  
  
Revenue 
279,232 
279,232 
279,232 
55,814 
- 
Total comprehensive income 
27,152 
26,001 
23,804 
9,750 
- 
thereof other comprehensive 
income 
11,402 
10,925 
10,721 
6,638 
- 
thereof profit from continuing 
operations 
15,750 
15,076 
13,084 
3,111 
- 
less result attributable to non-
controlling interests and hybrid 
capital investors 
– 969 
– 969 
– 969 
– 177 
- 
less effects from additional 
dividends 
– 12 
– 12 
– 12 
0 
- 
Result for the year adjusted for at 
equity accounting 
14,769 
14,095 
12,102 
2,934 
- 
Income from first-time at equity 
accounting of newly acquired 
shares 
  
  
  
597 
- 
Impairment 
– 12 
  
 
– 693 
- 
Result from investment in 
Volkswagen AG accounted for  
at equity 
4,4002 
124 
80 
– 80 
4,524 
198
2022
Financials
Notes to the consolidated financial statements

The acquisition of preference shares in Volkswagen AG in the reporting period (see explanations 
in the section “Changes in the reporting period”) resulted overall in income from first-time at 
equity accounting of €597 million as a result of a bargain purchase. This bargain purchase 
results from the difference between the pro rata revalued equity of the Volkswagen Group and 
the acquisition cost of the preference shares in Volkswagen AG. The bargain purchase is mainly 
attributable to the fact that the carrying amount of equity of Volkswagen AG already exceeded 
the market capitalization and also the fundamental data for the Volkswagen Group used 
particularly in the valuation of the brands and the investments accounted for at equity were not 
fully reflected in the share price and therefore not in the acquisition cost when calculating the 
pro rata revalued equity.  
The pro rata revalued equity was determined on the basis of the carrying amounts of the last 
purchase price allocation from the acquisitions in the fiscal year 2020, with an update being 
performed of the significant hidden reserves from the brands and the investments accounted for 
at equity in particular. The significant brands were valued using the relief from royalty method. 
When applying the relief from royalty method, the fair value of the brands is calculated using a 
fictitious royalty as a percentage of revenue relevant for each brand based on the planning of the 
Volkswagen Group. The royalty rate was calculated using internal studies and data; a 
sustainable growth rate of 0.5% is assumed for the calculation. The investments accounted for 
at equity with significant hidden reserves are valued on the basis of the discounted cash flow 
method. The respective planning of the Volkswagen Group as well as a sustainable growth rate 
of 0.5% are likewise used as a basis for this. The valuation of the significant brands and of the 
investments accounted for at equity is based on asset-specific after-tax cost of capital in the 
range of between 6.5% and 11.4%. 
 
 
  
VW 
VW 
VW 
VW Total 
  
Tranche 1  
FY2009 
(29.88%) 
Tranche 2  
FY2015 
(0.88%) 
Tranches 3 & 4  
FY2018-2020 
(0.66%) 
  
  
  
  
  
  
€ million 
2021 
2021 
2021 
2021 
  
  
  
  
  
Revenue 
250,200 
250,200  
250,200 
- 
Total comprehensive income 
23,110 
23,589 
27,837 
- 
thereof other comprehensive income 
7,821 
8,867 
9,997 
- 
thereof profit from continuing operations 
15,289 
14,723 
17,839 
- 
less result attributable to non-controlling interests 
and hybrid capital investors 
– 585 
– 585 
– 585 
- 
less effects from additional dividends 
– 12 
– 12 
– 12 
- 
Result for the year adjusted for at equity accounting 
14,692 
14,125 
17,242 
- 
Result from investment in Volkswagen AG 
accounted for at equity 
4,389 
124 
115 
4,628 
199
2022
Financials
Notes to the consolidated financial statements

As a result of Porsche SE’s disposal plan for up to 2.7 million preference shares of Volkswagen 
AG, these preference shares were classified as assets held for sale pursuant to  
IFRS 5 (see section “Changes in the reporting period”) and measured at their fair value less 
costs to sell as of 30 June 2022 of €343 million (fair value level 1). The resulting impairment 
pursuant to IAS 28 in conjunction with IFRS 5 of minus €704 million is largely related to the 
previously recognized bargain purchase of €597 million. With regard to the remaining investment 
accounted for at equity, no impairment was identified in the course of the impairment test as of 
the reporting date (see note [9]). 
Result from the investments in Porsche AG accounted for at equity 
As a result of the acquisition of ordinary shares of Porsche AG (see section “Changes in the 
reporting period”), the result from investments accounted for at equity has included the 
proportionate allocation of the group result after tax and investments of non-controlling interests 
of the Porsche AG Group since 29 September 2022.  
As the purchase price allocation for the acquisition of ordinary shares of Porsche AG to be 
performed for the purpose of at equity accounting had not yet been completed at the time of 
preparing the consolidated financial statements, the results from the investment in Porsche AG 
attributable to Porsche SE were calculated on a provisional basis. 
The umbrella brand, under which the model brands and the “Porsche Design” brand are 
subsumed, was valued using the relief-from-royalty method. When applying the relief-from-
royalty method, the fair value of the brand is calculated using a fictitious royalty as a percentage 
of revenue based on the planning of the Porsche AG Group. An indefinite useful life was 
determined. The relief from royalty method was used to value the basic and key technologies, 
with a useful life of 10 years being determined for the basic technologies and a useful life of 5 
years for the key technologies. The dealer network for new vehicles was valued using the 
incremental cash flow method. The fair values of the dealer network for original parts and the 
order backlog were determined using the multi-period excess earnings method. Within property, 
plant and equipment, land, buildings, plant and machinery, museum vehicles and leased 
vehicles were revalued. The revaluation scope of the inventories comprises new and used 
vehicles as well as original parts. Investment assets, financial instruments, leases and 
contingent liabilities were also revalued. The valuation of the brand, technologies, dealer 
network for original parts and of the order backlog are based on asset-specific after-tax cost of 
capital rates in the range of between 7.1% and 7.9%.  
The domination and profit and loss transfer agreement in place between Porsche AG and 
Volkswagen ended as of 31 December 2022. As part of Porsche SE’s acquisition of ordinary 
shares of Porsche AG, Volkswagen undertook to ensure that the overall liquidity outflow from the 
sphere of Porsche AG caused by the transfer of profit or loss as well as other outflows does not  
200
2022
Financials
Notes to the consolidated financial statements

exceed the total amount of €2.7 billion in the fiscal year 2022. For this reason, Volkswagen had 
already made a contribution to the free capital reserves of Porsche AG before the IPO. The profit 
and loss transfer obligation of Porsche AG of €4.0 billion was recognized as a liability in the 
amount of its fair value as part of the purchase price allocation as of 29 September 2022 
because it was already sufficiently substantiated due to contractual arrangements between 
Porsche SE and Volkswagen in the course of the acquisition of ordinary shares of Porsche AG 
which rendered it irrevocable and, in consideration of the overall economic and legal facts and 
circumstances, the amount being caused in full by past events.  
Taking into account the identification and subsequent measurement of hidden reserves and 
liabilities for the investments accounted for by Porsche SE since 29 September 2022, the 
Porsche AG Group reports the following figures: 
 
Result from the investments in portfolio companies accounted for at equity 
As a result of the acquisition of the PTV Group by ETS, a purchase price allocation pursuant to 
IFRS 3 was carried out at the level of ETS as of the point in time when control was obtained on 
6 January 2022. Aside from the net assets acquired in the course of this business combination, 
there were no other significant assets or liabilities at the level of the ETS Group with the 
exception of financial instruments (primarily financial liabilities to finance the purchase price) 
whose carrying amounts match their fair values. At the time of initial recognition of ETS as an 
associate in the consolidated financial statements of Porsche SE, the IFRS group carrying 
amounts of the ETS Group therefore comprise all identifiable assets and liabilities at their 
respective fair value. At the level of Porsche SE, the difference between this pro rata equity and 
acquisition cost including incidental acquisition costs was thus allocated to goodwill. As a result 
of the capital increase of around €35 million performed in June, the carrying amount accounted 
for at equity increased accordingly by the amount added. Due to the participation of Econolite’s 
management in ETS, the subsequent acquisition of Econolite resulted in a dilution of  
Porsche SE’s investment in ETS. This dilution gain amounts to around €1 million. 
 
 
  
Porsche AG 
  
  
€ million 
2022 
Revenue 
11,070 
Total comprehensive income 
2,262 
thereof other comprehensive income 
623 
thereof profit from continuing operations 
101 
less result attributable to non-controlling interests  
– 1 
less effects from additional dividends 
– 1 
Result for the year adjusted for at equity accounting 
99 
Result from investment in Porsche AG accounted for at equity 
12 
201
2022
Financials
Notes to the consolidated financial statements

Taking into account the identification and subsequent measurement of hidden reserves and 
liabilities for the shares accounted for by Porsche SE, the ETS Group reports the following 
figures: 
 
Based on an impairment test performed as of 31 December 2022 as well as in light of the issue 
of shares to a new shareholder of INRIX at a fair value (fair value level 3) that exceeds the 
amortized carrying amount accounted for at equity in relation to the shares of Porsche SE, a 
total write-up of €7 million was recognized in the reporting period.  
[2] Result from assets held for sale 
The result from assets held for sale is related to the preference shares of Volkswagen AG held by 
Porsche SE since being classified as assets held for sale (see section “Changes in the reporting 
period”) and breaks down as follows: 
 
 
The expense from the measurement of assets held for sale of €30 million is attributable to the 
decrease in the stock price of the preference shares since classification as held for sale. The 
dividend income relates to the proportion of the special dividend approved by the extraordinary 
general meeting of Volkswagen AG on 16 December 2022 attributable to the preference shares 
and distributed by Volkswagen AG on 9 January 2023. In this connection, please also refer to the 
explanations in the section “Changes in the reporting period” and notes [15] and [19].  
  
ETS 
  
  
€ million 
2022 
Revenue 
236 
Total comprehensive income 
– 17 
thereof other comprehensive income 
1 
thereof profit from continuing operations 
– 19 
less result attributable to non-controlling interests 
0 
Result for the year adjusted for at equity accounting 
– 19 
Result attributable to Porsche SE 
– 7 
Gain from dilution of shares 
1 
Result from investment in ETS accounted for at equity 
– 6 
€ million 
2022 
Result from assets held for sale 
– 30 
Income from dividends from assets held for sale 
51 
  
22 
202
2022
Financials
Notes to the consolidated financial statements

[3] Income and expenses from investment valuation 
The items income/expenses from investment valuation contain the valuation effects from 
portfolio investments measured at fair value. Reference is made to note [19] for aggregated 
disclosures on the fair values of the financial instruments of Porsche SE.  
[4] Other operating income 
Other operating income consists of:  
 
Of other operating income, an amount of €177 million relates to the proportionate realization of 
an intercompany profit that was eliminated in the fiscal year 2012. This intercompany profit was 
attributable to the contribution of the holding business operations of Porsche SE to Volkswagen 
AG in the fiscal year 2012. The contribution of the holding business operations of Porsche SE to 
Volkswagen AG primarily involved the transfer of the investment in Porsche Holding Stuttgart 
GmbH, Stuttgart, and all other investments of Porsche SE existing at the time of the contribution 
(with the exception of the investment in Volkswagen AG). As Volkswagen AG has already been 
an associate of Porsche SE at that time, this intercompany profit had to be eliminated. This 
reduced the carrying amount of the investment in Volkswagen AG accounted for at equity in the 
consolidated financial statements of Porsche SE; directly prior to the IPO of Porsche AG this 
eliminated intercompany profit amounted to €1,465 million. The sale of preference shares of 
Porsche AG by Volkswagen to third parties in the course of the IPO equivalent to a capital share 
of 12.1% triggered the proportionate realization of the intercompany profit of €177 million. The 
remaining intercompany profit reducing the carrying amount of the investment in Volkswagen AG 
accounted for at equity thus amounts to €1,288 million as of 31 December 2022.  
 
 
€ million 
2022 
2021 
Proportionate realization of an eliminated intercompany profit attributable to the 
contribution of the holding business operations 
177 
  
Income from reversal of provisions and accruals 
1 
1 
Sundry other operating income 
1 
5 
  
179 
6 
203
2022
Financials
Notes to the consolidated financial statements

[5] Personnel expenses1 
Personnel expenses break down as follows: 
 
1 Disclosure pursuant to Sec. 314 (1) No. 4 HGB in conjunction with Sec. 315e HGB 
 
 
The average number of employees during the fiscal year breaks down as follows and includes 
employees from discontinued operations in the prior-year comparison figures: 
 
Of these, 35 employees (33 employees) relate to continuing operations. 
 
 
 
  
2022 
2021 
  
  
  
  
  
  
Continuing 
Continuing 
Continuing 
Continuing 
€ million 
operations 
and 
discontinued 
operations 
operations 
and 
discontinued 
operations 
Wages and salaries 
14 
14 
12 
71 
Social security contributions 
0 
0 
0 
7 
Pension and other benefit costs 
2 
2 
3 
7 
Government grants 
  
  
  
– 1 
  
17 
17 
15 
84 
  
2022 
2021 
Employees (annual average) 
  
  
Germany 
35 
634 
Rest of Europe 
 
189 
North America 
 
19 
Asia 
 
41 
Other markets 
 
10 
Total 
35 
893 
204
2022
Financials
Notes to the consolidated financial statements

[6] Other operating expenses 
Other operating expenses consist of: 
 
Sundry other operating expenses contain expenses for short-term leases, for leases of low-
value assets and for variable lease components totaling €1 million (€1 million). 
[7] Financial result 
The financial result breaks down as follows:  
 
The increase in finance costs is attributable to raising debt capital on 4 October 2022 to finance 
the acquisition of ordinary shares of Porsche AG (see explanations in the section “Changes in 
the reporting period"). Using the effective interest method results in a total interest expense of 
€47 million for financial liabilities not measured at fair value through profit or loss. Furthermore, 
interest of €17 million was accrued in the reporting year as losses from interest rate hedging 
instruments within hedge accounting (see note [19]). In addition, other finance costs primarily 
contain transaction costs for credit volumes terminated in the meantime of €3 million (€0 million), 
commitment fees of €2 million (€1 million) as well as interest expenses for expected tax 
backpayments of €1 million (€3 million). 
€ million 
2022 
2021 
Legal and consulting fees 
15 
23 
Other external services 
6 
4 
Sundry other operating expenses 
5 
5 
  
25 
32 
€ million 
2022 
2021 
Interest expense of financial liabilities, not measured at fair value  
through profit or loss (FVtPL) 
– 47 
  
Interest expense from hedging instruments 
– 17 
  
Other finance costs 
– 8 
– 6 
Finance costs 
– 71 
– 6 
  
  
  
Other financial result 
14 
– 1 
Financial result 
– 57 
– 7 
205
2022
Financials
Notes to the consolidated financial statements

The increase in the other financial result is largely attributable to positive changes in the value 
of interest derivatives to which hedge accounting is not applied of €13 million (€0 million) (see 
note [19]).  
[8] Income tax 
The income tax expense (–) and income (+) disclosed breaks down into:  
 
The current tax expense in the reporting year primarily results from the allocation to provisions 
for income tax from 2022.  
This was counterbalanced by deferred tax income (net). This is largely shaped by the higher 
year-on-year carrying amount of the investment in Volkswagen AG accounted for at equity and 
as a result the higher deferred tax income from the recognition of deferred taxes on loss 
carryforwards. In the reporting year, deferred tax liabilities on the higher carrying amount of the 
investment in Volkswagen AG accounted for at equity were recognized in profit or loss in line 
with the share of the result from investments accounted for at equity recognized in the 
consolidated income statement. 
Previously unused tax losses for which no deferred tax assets were recognized amounted to 
€1,170 million (€1,510 million). Thereof an amount of €1,170 million (€1,510 million) does not 
lapse over time.  
 
 
€ million 
2022 
2021 
Current tax 
– 11 
– 4 
Deferred tax income 
67 
1 
thereof related to the origination/reversal of temporary differences 
– 21 
– 59 
thereof deferred tax assets on tax loss carryforwards 
88 
60 
Income tax expense/income 
56 
– 3 
206
2022
Financials
Notes to the consolidated financial statements

The following reconciliation shows the differences between the expected income tax expense 
calculated at the group parent company’s tax rate of 30.5% (30.5%) and the reported income 
tax expense: 
 
The item “difference in tax base” mainly relates to the tax exemption or non-deductibility of 
dividend income and sales of investments in connection with the investments accounted for at 
equity. The reconciliation item “recognition and measurement of deferred tax” mainly contains 
deferred tax recognized on previously unrecognized tax losses from prior years of €88 million. In 
the reporting year the effects relating to other periods largely result from the utilization of 
previously unrecognized tax losses from prior years. 
 
The changes in deferred tax assets and liabilities recognized through other comprehensive 
income can be found in the statement of comprehensive income. In the fiscal year, deferred tax 
liabilities of €24 million were recognized directly via equity (€1 million released). All other 
changes are recognized through profit or loss.  
€ million 
2022 
2021 
Result before tax 
4,634 
4,565 
Group tax rate 
30.5% 
30.5% 
Expected income tax expense 
– 1,414 
– 1,392 
Difference in tax base 
1,368 
1,334 
Recognition and measurement of deferred tax 
86 
59 
Tax relating to other periods 
15 
– 3 
Other differences 
0 
  
Reported income tax expense 
56 
– 3 
  
Deferred tax assets 
Deferred tax liabilities 
  
  
  
  
  
€ million 
31/12/2022 
31/12/2021 
31/12/2022 
31/12/2021 
  
  
  
  
  
Intangible assets 
  
  
0 
0 
Investments accounted for at equity 
  
  
377 
289 
Other receivables and assets 
  
  
45 
0 
Unused tax losses 
251 
163 
  
  
Assets classified as held for sale  
  
5 
  
22 
Provisions for pensions 
3 
8 
  
  
Other provisions 
3 
3 
  
  
Other liabilities 
1 
0 
8 
  
Liabilities associated with assets classified  
as held for sale 
  
4 
  
5 
Gross value 
258 
183 
430 
317 
  
  
  
  
  
Offsetting 
– 258 
– 182 
– 258 
– 182 
Reclassification 
  
– 2 
  
– 20 
Carrying amount according to consolidated 
balance sheet 
0 
0 
172 
116 
207
2022
Financials
Notes to the consolidated financial statements

[9] Investments accounted for at equity  
 
 
 
 
The shares in portfolio investments accounted for at equity comprise the investments in INRIX 
and in the fiscal year 2022 also in ETS. 
Investments in Volkswagen AG accounted for at equity 
The market value of Porsche SE’s investment in Volkswagen AG accounted for at equity 
amounts to €23,244 million as of 31 December 2022 (€40,691 million). In the fiscal year 2022, on 
the basis of the resolution of the annual general meeting on 12 May 2022, Porsche SE initially 
received from Volkswagen AG a gross dividend of €1,201 million, or after deducting capital gains 
tax plus solidarity surcharge, a net dividend of €884 million (prior year: €756 million; no capital 
gains tax was deducted). Furthermore, in the fiscal year Porsche SE obtained a dividend claim 
against Volkswagen AG of €3,052 million on the basis of the resolution of the extraordinary 
general meeting on 16 December 2022 to distribute a special dividend. No capital gains tax was 
deducted (see section “Changes in the reporting period”). €3,001 million of the dividend claim is 
attributable to the ordinary shares accounted for at equity and €51 million to the preference 
shares held for sale (see note [2]). The carrying amount of the investment in Volkswagen AG 
accounted for at equity decreased as a result of these dividend resolutions in the fiscal year 
2022 by a total of €4,202 million.  
Since the termination of the undrawn credit line in place until 30 September 2022, the shares in 
Volkswagen AG held by Porsche SE no longer serve as collateral. The loan agreements 
concluded in the reporting year stipulate that proceeds from a sale of the ordinary shares of 
Volkswagen AG are in principle initially to be used for the (early) repayment of the bridge 
financing utilized. The loan agreements also include conditions that link the amount of the 
dividend distributions of Porsche SE to its shareholders to the amount of the dividend 
  
VW 
Porsche AG 
Portfolio 
Total 
  
  
  
investments 
  
  
  
  
  
  
€ million 
2022 
2022 
2022 
2022 
Investments accounted for at equity 
47,193 
10,196 
116 
57,506 
  
VW 
Porsche AG 
Portfolio 
Total 
  
  
  
investments 
  
  
  
  
  
  
€ million 
2021 
2021 
2021 
2021 
Investments accounted for at equity 
41,521 
  
6 
41,527 
Notes to the consolidated balance sheet 
208
2022
Financials
Notes to the consolidated financial statements

distributions received by Porsche SE from its investments in Volkswagen AG and Porsche AG. 
This allows for both a rigorous reduction of financial liabilities as well as a continued appropriate 
profit participation of the shareholders of Porsche SE. 
Taking into account uniform accounting policies as well as the identification and subsequent 
measurement of hidden reserves and liabilities for the shares held by Porsche SE, the 
Volkswagen Group reports the following figures: 
 
 
 
 
 
  
VW 
VW 
VW 
VW Total 
  
Tranche 1  
FY2009 
(29.86%) 
Tranche 2  
FY2015 
(0.88%) 
Tranches 3 & 4  
FY2018-2020 
(0.66%) 
  
  
  
  
  
  
€ million 
31/12/2022 
31/12/2022 
31/12/2022 
31/12/2022 
  
  
  
  
  
Non-current assets 
348,448 
365,426 
393,038 
- 
Current assets 
224,309 
224,309 
224,309 
- 
Non-current liabilities 
204,740 
212,282 
216,109 
- 
Current liabilities 
182,992 
182,992 
182,992 
- 
Equity 
185,025 
194,460 
218,246 
- 
less non-controlling interests and  
hybrid capital investors 
– 27,071 
– 24,843 
– 25,090 
- 
less effects from additional dividends 
– 12 
– 12 
– 12 
- 
Equity adjusted for at equity accounting 
157,941 
169,605 
193,144 
- 
Equity share adjusted for at equity accounting 
47,164 
1,488 
1,284 
- 
less intercompany profit 
– 1,288 
  
  
- 
less proportionate decrease  
in PAG-shareholdings 
– 1,384 
– 41 
– 31 
- 
Carrying amount of the investment in 
Volkswagen AG accounted for at equity 
44,492 
1,447 
1,253 
47,193 
209
2022
Financials
Notes to the consolidated financial statements

1 Presentation of the prior year adjusted.  
The eliminated intercompany profit is attributable to the contribution of the holding business 
operations of Porsche SE to Volkswagen AG in the fiscal year 2012. The sale of preference 
shares of Porsche AG by Volkswagen to third parties in the course of the IPO equivalent to a 
capital share of 12.1% triggered the proportionate realization of the intercompany profit of  
€177 million (see note [4]).  
The sale of preference shares and ordinary shares of Porsche AG (see section “Changes in the 
reporting period”) increased the equity of the Volkswagen Group by €19.1 billion, net of bank 
commissions and fees of €0.1 billion taken directly to equity; of this amount, €10.8 billion is 
reported as non-controlling interests and the remaining portion is allocated to the shareholders 
of Volkswagen AG (“result from changes in the proportion of equity held by non-controlling 
interests”). In the course of accounting for the investment in Volkswagen AG at equity in the 
consolidated financial statements of Porsche SE, this result from changes in the proportion of 
equity held by non-controlling interests had to be aligned with uniform group accounting policies 
taking into account adjustments made in prior years in a first step and then eliminated on a pro 
rata basis to the extent that it results from the acquisition of ordinary shares by Porsche SE 
itself. At the level of the Porsche SE Group, this was also accounted for without an effect on 
profit or loss.  
In light of a carrying amount of the investment in Volkswagen AG accounted for at equity of 
€47,193 million (€41,521 million) above the pro rata market capitalization of €23,244 million 
(€40,691 million) an impairment test was performed as of 31 December 2022.  
  
VW 
VW 
VW 
VW Total 
  
Tranche 1  
FY2009 
(29.88%) 
Tranche 2  
FY2015 
(0.88%) 
Tranches 3 & 4  
FY2018-2020 
(0.66%) 
  
  
  
  
  
  
€ million 
31/12/2021 
31/12/2021 
31/12/2021 
31/12/2021 
  
  
  
  
  
Non-current assets 
333,103 
352,945 
383,588 
- 
Current assets 
200,347 
200,347 
200,347 
- 
Non-current liabilities 
217,203 
225,312 
229,972 
- 
Current liabilities 
164,393 
164,393 
164,393 
- 
Equity 
151,854 
163,587 
189,570 
- 
less non-controlling interests and hybrid capital 
investors 
– 16,144 
– 16,144 
– 16,144 
- 
less effects from additional dividends 
– 12 
– 12 
– 12 
- 
Equity adjusted for at equity accounting 
135,697 
147,431 
173,414 
- 
Equity share adjusted for at equity accounting 
40,540 
1,293 
1,153 
- 
less intercompany profit 
– 1,465 
  
  
- 
Carrying amount of the investment in 
Volkswagen AG accounted for at equity1 
39,075 
1,293 
1,153 
41,521 
210
2022
Financials
Notes to the consolidated financial statements

The impairment test regarding the investment in Volkswagen AG was performed by determining 
the value in use on the basis of a discounted cash flow method. 
As in the prior year, the calculation of the value in use was based on the current five-year plan 
prepared by the board of management of Volkswagen AG. The development of the results of 
operations assumed for the fiscal year 2023 for the purpose of the impairment test is within the 
range forecast by Volkswagen, which indicates for the group an operating return on sales of 
between 7.5% and 8.5% and revenue that is 10% and 15% higher than the prior year. With 
regard to the overall five-year planning period, the assumed average annual revenue growth, 
based on 2022, is in the upper single-digit percentage range. 
The assumed revenue growth is based on the expectation that global economic output in 2023 
will grow overall, albeit at a slower pace. Volkswagen expects the persistently high inflation in 
many regions and the restrictive monetary policy measures taken by central banks to rein this in 
to increasingly dampen consumer spending. Volkswagen continues to see risks in protectionist 
tendencies, turbulence in the financial markets and structural deficits in individual countries. In 
addition, Volkswagen sees continuing geopolitical tensions and conflicts – the Russia-Ukraine 
conflict in particular – as weighing on growth prospects. Volkswagen also cannot rule out that 
risks may arise if new variants of the SARS-CoV-2 virus occur, particularly regional outbreaks 
and the associated measures. Volkswagen assumes that both the advanced economies and the 
emerging markets will show positive momentum on average, albeit with below-average growth 
in gross domestic product. Moreover, Volkswagen expects the global economy to recover in 
2024 and continue a path of stable growth until 2027. 
Trends for the automotive markets in the individual regions are expected to be mixed in 2023. 
Overall, the global volume of new car sales is expected to be noticeably higher than in the prior 
year. Growing demand is forecast for passenger cars worldwide in the period from 2024 to 2027. 
In the planning period, the planned ratio of capex to revenue in the automotive division is above 
the level of the long-term target ratio of around 5% of revenue. The investments in production 
facilities and models, in the development of electric drives and modular toolkits and in 
digitalization are laying the foundations for profitable, sustainable growth at Volkswagen. It is 
assumed that the operating return on sales will develop positively over the planning years, in line 
with the Volkswagen Group’s long-term target of an operating return on sales of between 8% 
and 9% by 2025. 
For further estimates and assumptions based on the planning of the Volkswagen Group, 
reference is made to the section “Accounting judgments, estimates and assumptions of the 
management at the level of the Volkswagen Group”. 
 
 
211
2022
Financials
Notes to the consolidated financial statements

An annual growth rate of 1.0% (1.0%) was used to extrapolate the cash flows beyond the 
detailed planning period. The sustainable operating return on sales is based on the lower end of 
the Volkswagen Group’s long-term target. For the investment in Volkswagen AG, a weighted 
average cost of capital of 8.5% (8.1%) or input tax capital cost rate of 11.9% (10.7%) was used 
to discount the cash flows. This was derived using a peer group analysis and thus reflects a risk-
adequate return on capital customary in the industry. To take into account the share of equity of 
Porsche AG not attributable to Volkswagen AG of 25%, the value of equity of Volkswagen AG 
was reduced accordingly. 
The impairment test included a sensitivity analysis of the critical assumptions. This involved 
analyzing whether an isolated reduction in the sustainable operating return on sales by one 
percentage point, an isolated reduction of the sustainable annual growth rate to 0% or an 
isolated increase in the average weighted cost of capital by one percentage point would lead to 
an impairment of the investment in Volkswagen AG.  
The value in use determined in the impairment test is significantly higher than the carrying amount 
of the investment in Volkswagen AG accounted for at equity. The sensitivity analysis also yielded 
a value in use that was considerably higher than the carrying amount in all of the scenarios 
considered. As a result, there was no need to recognize an impairment loss as of 31 December 
2022, as was also the case in the prior year. 
Investments in Porsche AG accounted for at equity 
The ordinary shares of Porsche AG held by Porsche SE are not listed. Applying the stock price 
of the preference shares of Porsche AG plus an ordinary share premium of 7.5% would result in 
a proportionate value of Porsche SE’s investment in Porsche AG of €11,599 million as of 
31 December 2022, or €10,790 million without taking into account an ordinary share premium, 
which is thus higher than the carrying amount accounted for at equity of €10,196 million. There 
were no indications of impairment as of the reporting date. In the fiscal year, Porsche SE did not 
receive any dividends from Porsche AG. 
A lien in favor of Volkswagen was granted over 7.5% of the ordinary shares of Porsche AG held 
by Porsche SE as of 31 December 2022. The lien expired upon settlement of the purchase price 
liability on 9 January 2023 (see the section “Changes in the reporting period”). There are 
restrictions on the sale of ordinary shares of Porsche AG until 2027. The loan agreements 
concluded in the reporting year also stipulate that proceeds from a sale of the ordinary shares of 
Porsche AG are in principle initially to be used for the (early) repayment of the bridge financing 
utilized. The loan agreements also include conditions that link the amount of the dividend 
distributions of Porsche SE to its shareholders to the amount of the dividend distributions of 
Porsche SE received from its investments in Volkswagen AG and Porsche AG. This allows for 
both a systematic reduction of financial liabilities as well as a continued appropriate profit 
participation of the shareholders of Porsche SE.  
 
212
2022
Financials
Notes to the consolidated financial statements

Taking into account the identification and subsequent measurement of hidden reserves and 
liabilities for the shares held by Porsche SE, the Porsche AG Group reports the following figures: 
 
Shares in portfolio investments accounted for at equity  
Since this reporting year, the investment in ETS has been included in the consolidated financial 
statements of Porsche SE in accordance with the equity method (see section “Changes in the 
reporting period”). 
With regard to the shares in ETS accounted for at equity, an impairment test was performed 
especially in light of the increase in market interest rates as of 31 December 2022. The 
impairment test regarding the investment in ETS was performed by determining the value in use 
on the basis of a discounted cash flow method. 
The value in use as of 31 December 2022 was determined based on a current plan of the 
management of ETS, which was prepared on the basis of the bottom-up planning of the 
operating companies using uniform planning assumptions for 2023. The detailed planning period 
covered the period from 2023 to 2026. 
In the planning period, the assumed average annual revenue growth, based on 2022, is in the 
high single-digit percentage range. The growth assumptions take into account effects from 
existing supply bottlenecks, cost effects and cost increases caused by inflation. Due, among 
other things, to expected operating synergies between the operating subsidiaries of ETS, the 
operating return on sales is expected, based on 2022, to increase by several percentage points 
in the planning period. 
To extrapolate the cash flows beyond the detailed planning period, ETS’s planning was 
extended by a planning year 2027 for the purpose of a transition to a sustainable annual growth 
rate of 1.0% in the perpetual annuity. To discount the cash flows, an after-tax weighted average 
  
Porsche AG 
  
  
€ million 
31/12/2022 
Non-current assets 
62,451 
Current assets 
21,989 
Non-current liabilities 
24,895 
Current liabilities 
16,613 
Equity 
42,925 
less non-controlling interests 
– 8 
less effects from additional dividends 
– 1 
Equity adjusted for at equity accounting 
42,916 
Equity share adjusted for at equity accounting 
5,365 
plus goodwill 
4,832 
Carrying amount of the investment in Porsche AG accounted for at equity 
10,196 
213
2022
Financials
Notes to the consolidated financial statements

cost of capital of 8.1% was derived on the basis of a peer group analysis. The corresponding 
pre-tax weighted average cost of capital stands at 10.5%. 
The impairment test included a sensitivity analysis of the critical assumptions. This involved 
analyzing whether an isolated reduction in the sustainable operating return on sales by 10%, an 
isolated reduction of the sustainable annual growth rate to 0% or an isolated increase in the 
average weighted cost of capital by one percentage point would lead to an impairment of 
goodwill. 
The value in use determined in the impairment test is significantly higher than the carrying 
amount of ETS. The sensitivity analysis also yielded a value in use that was higher than the 
carrying amount in all of the scenarios considered. As a result, there was no need to recognize 
an impairment loss as of 31 December 2022. 
Taking into account the identification and subsequent measurement of hidden reserves and 
liabilities for the shares held by Porsche SE, the ETS Group reports the following figures: 
 
  
ETS 
  
  
€ million 
31/12/2022 
Non-current assets 
411 
Current assets 
173 
Non-current liabilities 
333 
Current liabilities 
120 
Equity 
131 
less non-controlling interests 
– 19 
Equity adjusted for at equity accounting 
112 
Equity share adjusted for at equity accounting 
40 
plus goodwill 
66 
Carrying amount of the investment in ETS accounted for at equity 
106 
 
The carrying amount of the investment in INRIX accounted for at equity increased from  
€6 million to €10 million in the reporting year. Based on an impairment test performed as of 
31 December 2022 as well as in light of the issue of shares to a new shareholder of INRIX at a 
fair value that significantly exceeded the carrying amount of Porsche SE’s investment in INRIX 
accounted for at equity, a write-up totaling €7 million was recognized in the reporting period. 
 
 
 
214
2022
Financials
Notes to the consolidated financial statements

[10] Other financial assets 
 
 
The increase in other financial assets is primarily due to the acquisition of or increase in shares 
in portfolio investments.  
The change in value of interest rate swaps to secure the financing of the acquisition of ordinary 
shares of Porsche AG (see section “Changes in the reporting period”) to positive fair values 
totaling €142 million (see note [19]) caused other financial assets to increase further.  
Sundry other financial assets primarily contain a receivable of Porsche SE from Volkswagen AG 
of €22 million, which is attributable to the (special) dividend claim of Porsche SE offset against 
the remaining purchase price liability from the acquisition of ordinary shares of Porsche AG (see 
section “Changes in the reporting period”).  
[11] Equity 
The development of equity is presented in the consolidated statement of changes in equity and 
in the consolidated statement of comprehensive income. 
Subscribed capital 
 
Unchanged from the figure at the end of the prior year, Porsche SE’s subscribed capital totals 
€306.25 million and continues to be divided into 153,125,000 ordinary shares and 153,125,000 
non-voting preference shares which have been fully paid in. Each share represents a €1 notional 
amount of the subscribed capital. The preference shares carry an additional dividend of  
0.6 cents per share in the event of there being net profit available for distribution and a 
corresponding resolution on a distribution. 
  
31/12/2022 
31/12/2021 
  
  
  
  
  
  
  
  
current 
non-current 
Total 
current 
non-current 
Total 
€ million 
  
  
  
  
  
  
Other financial assets 
  
59 
59 
0 
45 
45 
Interest rate derivatives 
  
142 
142 
  
  
  
Sundry other financial assets 
25 
3 
28 
1 
  
1 
  
25 
204 
229 
1 
45 
46 
215
2022
Financials
Notes to the consolidated financial statements

Capital reserves 
 
The capital reserves contain additions from share premiums reduced by the transaction costs 
incurred.  
Retained earnings 
 
Retained earnings contain current profits and those earned by the group companies in prior 
years and not yet distributed as well as part of the changes in equity recognized on a pro rata 
basis as part of at equity accounting. 
Other reserves (OCI) 
 
Other reserves are divided into items to be reclassified to profit or loss in subsequent periods 
(reclassifiable items) and items that are not to be reclassified to profit or loss in subsequent 
periods (non-reclassifiable items). Key components of the two items are the accumulated 
reclassifiable or accumulated non-reclassifiable other comprehensive income in connection with 
the investments accounted for at equity since their acquisition. The non-reclassifiable items also 
contain the cumulative actuarial gains of the Porsche SE Group from pensions of €1 million 
(prior year: losses of €16 million) as well as the corresponding deferred tax liabilities of €0 million 
(prior year: deferred tax assets of €5 million). In the reporting year, the reclassifiable items 
include the cash flow hedge reserve, in which the effective changes in fair value of the interest 
rate swaps held as hedging instruments accumulated as of the reporting date of €129 million as 
well as the corresponding deferred tax liabilities of €39 million are recognized (see note [19]). 
Furthermore, the reclassifiable and non-reclassifiable items contain deferred tax in connection 
with investments in associates. In the fiscal year, a net amount of €410 million (€221 million) 
resulting from the accumulated expenses from investments accounted for at equity was 
reclassified to profit or loss. As of 31 December 2022, other reserves contain accumulated 
income and expenses that cannot be reclassified to profit or loss of €30 million as well as 
income and expenses that can be reclassified to profit or loss of €5 million relating to  
Porsche SE’s preference shares in Volkswagen AG classified as held for sale (see explanations 
in section “Changes in the reporting period” as well as notes [1] and [15]). 
Proposal for the appropriation of profit 
 
The separate financial statements of Porsche SE as of 31 December 2022 show a net profit of 
€4,104 million (€824 million). With transfers of €2,052 million to retained earnings (€41 million), 
the net profit available for distribution amounts to €2,052 million (€783 million). The board of 
management proposes a resolution for the distribution of a dividend of €2.554 per ordinary 
share and €2.560 per preference share, i.e., a total distribution of €783 million and a transfer to 
retained earnings of €1,269 million for the fiscal year 2022. Dividends paid out in the fiscal year 
2022 amounted to €2.554 (€2.204) per ordinary share and €2.560 (€2.210) per preference share, 
in total €783 million (€676 million). 
216
2022
Financials
Notes to the consolidated financial statements

Earnings per share  
 
Basic earnings per share from continuing operations are calculated by dividing the share of the 
result from continuing operations of Porsche SE’s shareholders by the weighted average number 
of ordinary and preference shares outstanding during the fiscal year. Basic earnings per share 
from discontinued operations are calculated by dividing the share of the result from discontinued 
operations of Porsche SE’s shareholders by the weighted average number of ordinary and 
preference shares outstanding during the fiscal year. 
Taking into account the additional dividend for holders of preference shares results in a 
difference of 0.6 cents between the earnings per ordinary share and earnings per preference 
share. Since there were no transactions in 2022 and 2021 that had a dilutive effect on the 
number of shares, diluted earnings per share correspond to the basic earnings per share.  
[12] Provisions for pensions and similar obligations 
The Porsche SE Group provides both defined contribution and defined benefit plans. 
In the case of defined contribution plans, the company makes contributions to state or private 
pension schemes based on legal or contractual requirements, or on a voluntary basis. Once the 
contributions have been paid, there are no further obligations for the company. Contributions 
amount to €0 million (€4 million) and were recognized in profit or loss; in the prior year, €4 million 
related to discontinued operations. 
Provisions for pensions and similar obligations are recognized for benefits in the form of 
retirement, invalidity and dependents’ benefits payable under pension plans. The benefits 
generally depend on the length of service, remuneration and working hours arrangements of the 
beneficiary employees. The direct and indirect obligations include both current pension 
obligations and future pension and retirement benefit obligations. Porsche SE also provides 
conversion models, where employees at Porsche SE can make their own contributions to 
establish an additional personal pension account.  
 
 
217
2022
Financials
Notes to the consolidated financial statements

Actuarial assumptions 
Pension obligations are calculated using actuarial methods based on a discount rate of 3.8% 
(1.1%) as well as a wage and salary increase of 3.0%, career progress of 0.5% and turnover of 
3.0%, all of which remain unchanged on the prior year. Due to the increase in long-term inflation 
expectations, future pension increases were adjusted to 2.0% (1.7%). The most recent 2018 G 
Heubeck mortality tables were used for the calculation. 
The carrying amount of pension provisions is derived as follows: 
 
In the comparative period, there were also plan assets. These related entirely to PTV and were 
disclosed under the item “liabilities associated with assets classified as held for sale” on 
account of being classified as a discontinued operation as defined by IFRS 5 as of 31 December 
2021 (for further details see note [15]). 
Changes in the present value of pension obligations 
 
1 
The figures comprise continuing and discontinued operations. 
2 
Thereof relating to discontinued operations: €0 million. 
 
 
€ million 
2022 
2021 
Present value (unfunded) 
28 
42 
Provisions for pensions as of 31 December 
28 
42 
€ million 
2022 
20211 
As of 1 January 
42 
53 
Current service cost 
2 
3 
Interest expenses 
0 
0 
Subtotal pension expense recognized through profit or loss 
2 
32 
  
  
  
Actuarial gains (–) and losses (+) arising from changes in demographic assumptions 
  
0 
Actuarial gains (–) and losses (+) arising from changes in financial assumptions 
– 15 
– 4 
Actuarial gains (–) and losses (+) arising from experience adjustments 
– 1 
– 4 
Subtotal revaluations recognized in other comprehensive income 
– 16 
– 7 
  
  
  
Pension payments 
– 1 
– 1 
Employee contributions 
0 
0 
Reclassification to “liabilities associated with assets classified as held for sale” 
  
– 6 
As of 31 December 
28 
42 
218
2022
Financials
Notes to the consolidated financial statements

In the course of sensitivity analyses, changes in individual parameters were assumed with 
otherwise no change to the assumptions. The discount rate and future salary increases were 
each increased/decreased by 0.5 percentage points and future pension increases and turnover 
each increased/decreased by 0.25 percentage points. The effects on the pension provisions 
ranged from minus €2 million to €2 million (minus €4 million to €5 million) in the reporting period. 
The weighted average duration of pension obligations is 16 years (21 years). The cash outflow of 
pension provisions is expected to amount to €1 million (€1 million) within the next year,  
€4 million (€4 million) in a period of between one and five years and €23 million (€37 million) in a 
period of more than five years. 
[13] Other provisions 
 
 
The amount reported for provisions for costs of litigation represents the expected amount to be 
paid for all litigation in which Porsche SE is involved directly or indirectly. They have been set up 
at the amount of attorneys’ fees and litigation expenses (reference is made to the description of 
the litigation underlying these provisions in note [20]). The provision amounts and timing of the 
outflows are based on estimations that are continuously rolled forward and adjusted when 
needed. 
Sundry other provisions primarily contain provisions for takeover obligations in connection with 
the contribution of the holding business operations of Porsche SE to Volkswagen AG in the 
fiscal year 2012 (reference is made to the explanations in note [22]). 
The cash outflow for all non-current other provisions is expected within a period of between one 
and five years. 
 
 
 
  
31/12/2022 
31/12/2021 
  
  
  
  
  
  
  
€ million 
current 
non-current 
Total 
current 
non-current 
Total 
  
  
  
  
  
  
  
Provisions for bonuses and 
personnel costs 
5 
2 
8 
5 
1 
6 
Provisions for costs of litigation 
10 
25 
34 
13 
29 
42 
Sundry other provisions 
14 
  
14 
14 
  
14 
  
29 
27 
56 
31 
30 
61 
219
2022
Financials
Notes to the consolidated financial statements

Other provisions developed as follows: 
 
[14] Financial liabilities 
Financial liabilities are measured at amortized cost and break down as follows: 
 
On 18 September 2022, a financing agreement was concluded with an international syndicate of 
banks for a total volume of €8.9 billion. Of this amount, €3.9 billion relates to bridge financing 
with a term of up to two years, €3 billion to a bank loan with a term of five years, €1 billion to a 
bank loan with a term of three years as well as €1 billion to a credit line with an initial term of 
three years. The financing components are subject to variable interest rates based on the Euro 
Interbank Offered Rate (EURIBOR) plus a margin. As of 31 December 2022, in addition to the 
credit line, €0.8 billion of the three-year bank loan had not been drawn. Porsche SE terminated 
this part of the three-year bank loan as of 20 January 2023. 
To hedge interest rate risks, interest rate hedging instruments with a notional amount of  
€5.8 billion and terms of up to 5 years were concluded by 28 September 2022 (see note [19]).  
For the bridge financing with a volume of €3.9 billion and an initial term of 1 year, Porsche SE 
has the unilateral possibility to extend it by an additional year. Porsche SE’s planning is based 
on the assumption that the bridge financing will be fully replaced in the fiscal year 2023.  
  
As of 
Additions 
Utilization 
Reversal 
Discounting 
As of 
€ million 
1/1/2022 
  
  
  
  
31/12/2022 
Provisions for 
bonuses and 
personnel costs 
6 
6 
– 4 
– 1 
0 
8 
Provisions for costs 
of litigation 
42 
  
– 6 
  
– 2 
34 
Sundry other 
provisions 
14 
1 
  
0 
  
14 
  
61 
7 
– 10 
– 1 
– 2 
56 
  
31/12/2022 
31/12/2021 
  
  
  
  
  
  
  
€ million 
current 
non-current 
Total 
current 
non-current 
Total 
  
  
  
  
  
  
  
Lease liabilities 
1 
0 
1 
0 
0 
0 
Liabilities to banks 
3,940 
3,152 
7,092 
  
  
  
  
3,941 
3,152 
7,093 
0 
0 
0 
220
2022
Financials
Notes to the consolidated financial statements

It is therefore presented as current financial liability despite the unilateral extension option and 
thus a term of up to 2 years. In this connection, a Schuldschein loan with a volume of €2.7 billion 
placed in March 2023 was used entirely to replace part of the bridge financing (see note [25]).  
[15] Assets classified as held for sale 
As of 31 December 2022, the item “Assets classified as held for sale" comprised around  
2.7 million preference shares in Volkswagen AG (see section “Changes in the reporting period”), 
which are accounted for at their fair value (fair value level 1) of €314 million on the basis of the 
stock price as of the reporting date.  
As of 31 December 2021, the assets and liabilities previously attributable to the PTV Group were 
recognized as a discontinued operation (see section “Changes in the reporting period”). 
 
 
221
2022
Financials
Notes to the consolidated financial statements

As of 31 December 2021, the main groups of assets and liabilities of the PTV Group classified as 
held for sale broke down as follows: 
 
 
Other liabilities primarily included contract liabilities as defined by IFRS 15 of €26 million, other 
provisions of €9 million, provisions for pensions and similar obligations of €5 million as well as 
advance payments received on account of orders of €5 million.  
The result from discontinued operations relates exclusively to PTV and in the fiscal year 2022 
comprises the deconsolidation gain of PTV of €96 million. 
 
 
€ million 
2021 
Assets 
  
Intangible assets 
218 
Property, plant and equipment 
33 
Trade receivables 
18 
Other assets 
22 
Cash, cash equivalents and time deposits 
25 
Assets classified as held for sale  
316 
  
  
Liabilities 
  
Trade payables 
3 
Financial liabilities 
25 
Deferred tax liabilities 
20 
Other liabilities 
61 
Liabilities associated with assets classified as held for sale 
109 
  
  
Cumulative amount recognized in other comprehensive income 
  
Remeasurement of pensions 
– 1 
Deferred tax on remeasurements of pensions 
0 
Currency translation 
0 
Reserve of disposal group classified as held for sale 
– 1 
222
2022
Financials
Notes to the consolidated financial statements

In the fiscal year 2021, it broke down as follows:  
 
€ million 
2021 
Revenue 
116 
Expenses 
– 110 
Result before financial result 
6 
Financial result 
– 1 
Result before tax from discontinued operations 
5 
Income tax 
– 2 
Result after tax from discontinued operations 
3 
thereof attributable to shareholders of Porsche SE 
3 
223
2022
Financials
Notes to the consolidated financial statements

[16] Notes to the consolidated statement of cash flows 
In the statement of cash flows, cash flows are divided into cash inflows and outflows from 
operating, investing and financial activities separately for discontinued and continuing 
operations, regardless of how the balance sheet is presented. 
Cash inflows and outflows from operating activities are derived indirectly, starting from the result 
after tax. Therefore, all non-cash expenses and income, mainly the result from investments 
containing the result from investments accounted for at equity, the result from assets held for 
sale as well as the income and expenses from investment valuation, and the result after tax from 
discontinued operations are eliminated from the result after tax and adjusted for changes in 
other operating assets and liabilities. Other non-cash income primarily contains the realized 
intercompany profit in connection with the contribution of the holding business operations of 
Porsche SE to Volkswagen AG in the fiscal year 2012 (see note [4]). Interest paid and received 
as well as income taxes are disclosed separately. Interest paid also includes transaction costs 
accounted for using the effective interest method. Cash inflows from dividends are also a 
component of the cash inflows from operating activities. The gross dividend of €1,201 million 
attributable to Porsche SE in May of the fiscal year 2022, was initially subject to a deduction of 
capital gains tax plus solidarity surcharge of 26.375% or €317 million, which will not lead to a 
corresponding tax refund until subsequent years. The net dividend of €884 million received in 
the fiscal year is therefore recognized under cash inflow from operating activities.  
Cash outflow from investing activities mainly includes cash paid for the acquisition of ordinary 
shares of Porsche AG of €7.1 billion as well as of preference shares of Volkswagen AG of  
€400 million and, on the other hand, cash received from the sale of shares in PTV of €226 million 
less cash and cash equivalents of the PTV Group of €25 million disposed of in the course of the 
deconsolidation (see section “Changes in the reporting period”). Furthermore, cash paid in 
connection with the acquisition of investments and participation in subsequent financing rounds 
at existing investments totaling €14 million (€23 million), cash received from the sale of 
investments of €2 million (€51 million), the investment of time deposits of €40 million (€28 million) 
as well as sales of other securities of €75 million (purchases of €3 million).  
The cash inflow from financing activities is largely due borrowings of €7.1 billion. On the other 
hand, there were dividend payments to shareholders of Porsche SE of €783 million.  
 
 
 
Other notes 
224
2022
Financials
Notes to the consolidated financial statements

The financial liabilities from financing activities developed as follows: 
 
 
 
The reclassification column in the prior year relates to reclassifications to the item “liabilities 
associated with assets classified as held for sale” (reference is made to the explanations in 
note [15]). 
Cash and cash equivalents according to the statement of cash flows correspond to the cash 
and cash equivalents presented in the balance sheet and contain bank balances including short-
term time deposits with an original term of up to three months. 
The statement of cash flows contains a total of €1 million (€6 million) for total cash outflows from 
leases, of which €1 million (€1 million) relates to continuing operations. 
 
 
  
As of 
Changes 
Non-cash 
As of 
€ million 
1/1/2022 
in cash 
changes 
31/12/2022 
  
  
  
  
  
Financial liabilities 
0 
7,043 
49 
7,093 
  
As of 
Changes 
Non-cash 
Reclassification 
As of 
€ million 
1/1/2021 
in cash 
changes 
  
31/12/2021 
  
  
  
  
  
  
Financial liabilities 
37 
– 11 
0 
– 25 
0 
225
2022
Financials
Notes to the consolidated financial statements

[17] Segment reporting 
Porsche SE is a holding company whose investment strategy aims to create sustainable value 
for its shareholders. The investments of Porsche SE fall into two categories. The first category 
includes the long-term core investments in Volkswagen AG and in Porsche AG. The second 
category comprises portfolio investments that Porsche SE generally holds for a temporary 
period of time. Typically, such investments are characterized by their high potential for growth 
and for increasing value during the holding period. The sector focus in both investment 
categories is on mobility and industrial technology. 
As chief operating decision maker, the board of management of Porsche SE uses the areas 
“core investments” and “portfolio investments” and their contribution to the result after tax as 
the basis for managing and allocating resources. Porsche SE’s holding operations, comprising 
Porsche SE’s corporate functions, including the holding financing function, are all allocated to 
the “core investments” for the purpose of managing resources. 
The segment reporting of Porsche SE is based on the internal management and reporting within 
the Porsche SE Group and, on the basis of the two-part investment strategy, reports the two 
segments “core investments” and “portfolio investments”.  
The methods mentioned in the “Accounting policies” section apply to the segment reporting.  
 
 
226
2022
Financials
Notes to the consolidated financial statements

Reporting segments 2022: 
 
1  With the exception of financial instruments, deferred tax assets, assets from defined benefit plans and rights from 
insurance contracts. 
The development of the result from investments accounted for at equity is presented in detail for 
Volkswagen AG and Porsche AG in note [1] while the development of the carrying amount of 
investments accounted for at equity is presented in note [9]. All non-current assets in the “core 
investments” segment are located/held entirely in Germany. The investments contained in the 
“portfolio investments” segment are based in North America, Europe and Israel.  
 
  
Core 
Portfolio 
Group 
€ million 
investments 
investments 
31/12/2022 
Result from investment in Volkswagen AG accounted for at equity 
4,524 
  
4,524 
Result from investment in Porsche AG accounted for at equity 
12 
  
12 
Result from investment in portfolio investments accounted  
for at equity 
  
– 3 
– 3 
Result from investments accounted for at equity 
4,536 
– 3 
4,533 
Result on assets held for sale 
22 
  
22 
Income from investment valuation 
  
12 
12 
Expenses from investment valuation 
  
– 11 
– 11 
Result from investments 
4,558 
– 2 
4,555 
Other operating income 
179 
0 
179 
Personnel expenses 
– 17 
  
– 17 
Amortization and depreciation 
– 1 
  
– 1 
Other operating expenses 
– 24 
– 1 
– 25 
Result before financial result 
4,694 
– 3 
4,691 
Finance costs 
– 71 
  
– 71 
Other financial result 
14 
  
14 
Result before tax 
4,638 
– 3 
4,634 
Income tax 
56 
0 
56 
Result after tax from continuing operations 
4,694 
– 3 
4,690 
  
  
  
  
Non-cash expenses (–) and income (+) 
4,736 
5 
4,741 
  
  
  
  
Segment assets 
58,611 
175 
58,786 
thereof from investments accounted for at equity 
57,389 
116 
57,506 
thereof from investments accounted for at equity Volkswagen AG 
47,193 
  
47,193 
thereof from investments accounted for at equity Porsche AG 
10,196 
  
10,196 
thereof from investments accounted for at equity portfolio 
investments 
  
116 
116 
thereof additions to non-current assets1 
1 
  
1 
  
  
  
  
Segment liabilities 
7,369 
0 
7,369 
227
2022
Financials
Notes to the consolidated financial statements

Reporting segments 2021: 
1  Including assets and liabilities from discontinued operations of €316 million and €109 million, respectively.  
2  With the exception of financial instruments, deferred tax assets, assets from defined benefit plans and rights from 
insurance contracts. 
3  Additions to non-current assets relate to discontinued operations. 
In the fiscal year 2021, the result from investments accounted for at equity in the “core 
investment” segment relates entirely to Volkswagen AG (see note [1]). 
All non-current assets in the “core investment” segment are located/held entirely in Germany in 
the fiscal year 2021. The investments contained in the “portfolio investments” segment are 
based in North America, Europe and Israel.  
  
Core 
Portfolio 
Group 
€ million 
investment 
investments 
31/12/2021 
Result from investment in Volkswagen AG accounted for at equity 
4,628 
  
4,628 
Result from investment in portfolio investments accounted  
for at equity 
  
3 
3 
Result from investments accounted for at equity 
4,628 
3 
4,631 
Income from investment valuation 
  
5 
5 
Expenses from investment valuation 
  
– 22 
– 22 
Result from investments 
4,628 
– 13 
4,615 
Other operating income 
6 
0 
6 
Personnel expenses 
– 15 
  
– 15 
Amortization and depreciation 
– 1 
  
– 1 
Other operating expenses 
– 32 
0 
– 32 
Result before financial result 
4,585 
– 13 
4,572 
Finance costs 
– 6 
  
– 6 
Other financial result 
– 1 
  
– 1 
Result before tax 
4,579 
– 13 
4,565 
Income tax 
– 4 
1 
– 3 
Result after tax from continuing operations 
4,575 
– 12 
4,563 
  
  
  
  
Non-cash expenses (–) and income (+) 
4,613 
– 12 
4,601 
  
  
  
  
Segment assets 
42,167 
3671 
42,533 
thereof from investments accounted for at equity 
41,521 
6 
41,527 
thereof from investments accounted for at equity Volkswagen AG 
41,521 
  
41,521 
thereof from investments accounted for at equity portfolio 
investments 
  
6 
6 
thereof additions to non-current assets2 
1 
73 
8 
  
  
  
  
Segment liabilities 
227 
1101 
337 
228
2022
Financials
Notes to the consolidated financial statements

[18] Capital management 
The aim of capital management at Porsche SE is to maintain a robust financial profile so as to 
strengthen its financial flexibility and preserve its ability to act strategically. The focus here is on 
securing sufficient liquidity, broad access to the capital market at attractive conditions and 
limiting financial risks. In order to ensure this, Porsche SE aims as a general rule to reduce its 
financial liabilities and thus strengthen its equity base. For the purpose of capital management, 
Porsche SE can, among other things, make adjustments to the dividend payments to 
shareholders. Group net liquidity serves as a core management indicator in this respect. This 
comprises cash and cash equivalents, time deposits and securities less financial liabilities as 
recognized in the consolidated balance sheet of Porsche SE.  
 
Group net liquidity amounted to minus €6,672 million (€641 million) as of the reporting date.  
Please refer to note [14] for the composition and development of financial liabilities as of the 
reporting date. 
Porsche SE has an undrawn credit line of €1 billion with an initial term until 18 September 2025. 
The term can be extended by up to two years until 18 September 2027 with the consent of the 
lending banks.  
The loan agreements concluded in the reporting year contain covenants, in particular financial 
covenants, that are monitored by Porsche SE as part of its capital management and were all 
complied with in the reporting period. If financial covenants are breached, the lending banks 
may call in the corresponding loans, regardless of the contractually agreed maturities. On the 
basis of the current financial planning, Porsche SE expects to continue to comply with the 
financial covenants.  
In order to hedge against interest rate changes, Porsche SE has entered into derivative hedging 
instruments (see note [19]). 
 
 
€ million 
31/12/2022 
31/12/2021 
Equity 
51,417 
42,196 
Share of total capital 
88% 
100% 
  
  
  
Non-current financial liabilities 
3,152 
0 
Current financial liabilities 
3,941 
0 
Total financial liabilities 
7,093 
0 
Share of total capital 
12% 
0% 
  
  
  
Total capital 
58,509 
42,197 
229
2022
Financials
Notes to the consolidated financial statements

As a result of the acquisition of ordinary shares in Porsche AG and the related raising of debt 
capital (see note [14]), adjustments were made to capital management compared to the prior 
year. While the raising of debt capital gives rise to the related goal of repaying debt, it at the 
same time pushes the previous foremost goal of earning interest on credit balances into the 
background. Another adjustment relates to focusing on group net liquidity as a key management 
indicator for capital management.  
[19] Financial risk management and financial instruments 
1 
Financial risk management principles 
The principles and responsibilities for managing the risks are generally defined by the board of 
management and monitored by the supervisory board. The same applies in particular to risks 
that could arise from financing activities and the use of financial instruments. As part of 
operational risk management, processes were defined in particular to govern ongoing 
monitoring of the liquidity situation of the Porsche SE Group, ongoing monitoring of financial 
covenants in the course of third-party financing, the use of financial derivatives, ongoing 
monitoring of the enterprise value of Volkswagen AG and Porsche AG, of the portfolio 
investments, of the cash investments and of developments on the capital and money markets. 
This also includes monitoring any concentrations of risk within the Porsche SE Group. The risks 
are identified, evaluated, managed, monitored and documented using suitable information 
systems. The guidelines and the supporting systems are checked regularly and brought into line 
with current market developments. 
For further details on risk management and on risks relating to financing and the use of financial 
instruments, reference is made to the “Opportunities and risks of future development” section in 
Porsche SE’s group management report. 
2 
Credit and default risk 
The credit and default risk arising from financial assets involves the risk of default by 
counterparties, and therefore comprises at a maximum the amount of the carrying amounts 
recognized. 
Cash and cash equivalents, time deposits, securities are invested and derivative financial 
instruments are entered into with different counterparties in Germany and abroad in order to 
spread the risk. Furthermore, various measures are taken as needed, such as obtaining hold 
harmless agreements. 
At the Porsche SE Group, the expected credit loss model under IFRS 9 is generally applied 
consistently to all financial assets and other risk exposures. In particular, all financial assets 
measured at amortized cost are subject to the general approach provided there is no objective 
evidence of impairment upon initial recognition. The general approach divides the financial 
230
2022
Financials
Notes to the consolidated financial statements

assets into three risk provisioning levels. Level 1 comprises financial assets that are recognized 
for the first time or do not show any significant increase in the probability of default. This level 
involves calculating anticipated bad debts for the next twelve months. Level 2 comprises 
financial assets that show a significant increase in the probability of default. Level 3 comprises 
financial assets that already show objective evidence of default. These two levels involve 
calculating anticipated bad debt for the entire term. 
At the Porsche SE Group, the impairment model pursuant to IFRS 9 applies to assets with a 
total carrying amount of €449 million (€642 million). 
Financial assets measured at amortized cost at the Porsche SE Group largely comprise cash 
and cash equivalents, securities and time deposits. The time deposits have a weighted average 
original maturity of five months. These financial instruments are allocated to risk provisioning 
level 1. 
There are no significant impairment losses that need to be recognized. 
3 
Liquidity risk 
The Porsche SE Group needs sufficient liquidity to meet its financial obligations.  
The solvency and liquidity of the Porsche SE Group is continuously monitored by means of 
liquidity planning. Solvency and liquidity are additionally secured by a cash liquidity reserve and 
an undrawn credit line. The undrawn credit line had a volume of €1 billion as of the reporting 
date. A bank loan of €0.8 billion that was undrawn as of the reporting date was terminated as of 
20 January 2023 (see note [14]). 
 
 
231
2022
Financials
Notes to the consolidated financial statements

The following overview shows the contractual undiscounted cash outflows from financial 
liabilities: 
 
 
The cash outflows recognized under non-current financial liabilities in the reporting year are 
primarily due to interest and principal payments for bank loans taking into account the EURIBOR 
interest curve as of the reporting date. The cash outflows within the next year recognized under 
current financial liabilities in the reporting year primarily relate to interest payments for bank 
loans. The cash outflows within the next 1 to 5 years recognized under current financial liabilities 
in the reporting year relate to interest and principal payments from the bridge financing. This is 
classified as a current financial liability due to its original term of 1 year and the planned 
repayment in full in the fiscal year 2023. When determining the contractual term to assess the 
liquidity risk, it must be taken into account that Porsche SE has the possibility to unilaterally 
extend the term of the bridge financing to a total of 2 years. Both the non-current and current 
financial liabilities contain lease liabilities totaling €1 million (€0 million).  
The financing is subject to standard market financial covenants relating in particular to the 
market value of Porsche SE’s shares in Volkswagen AG and in Porsche AG as well as to the 
interest cover. A breach of financial covenants can in principle lead to the outstanding credit 
volume falling due and therefore to liquidity risks. Such developments are not foreseeable at 
present and are considered to be unlikely. 
There are no significant concentrations of risk that are not evident from the notes to the financial 
statements and the management report.  
  
Remaining contractual maturities 
  
  
  
  
  
€ million 
within 1 year 
in 1 to 5 years 
more than 5 years 
Total 
  
  
  
  
  
31/12/2022 
  
  
  
  
Non-current financial liabilities 
133 
3,685 
  
3,818 
Trade payables 
4 
  
  
4 
Current financial liabilities 
224 
4,051 
  
4,275 
Current other financial liabilities 
1 
  
  
1 
  
363 
7,736 
  
8,099 
  
  
  
  
  
31/12/2021 
  
  
  
  
Non-current financial liabilities 
0 
0 
  
0 
Trade payables 
2 
  
  
2 
Current financial liabilities 
0 
  
  
0 
Current other financial liabilities 
3 
  
  
3 
  
5 
0 
  
5 
232
2022
Financials
Notes to the consolidated financial statements

4 
Market risk 
The Porsche SE Group is exposed to interest rate, stock price and currency risks in the course 
of its general business activities. There are no significant concentrations of risk that are not 
evident from the notes to the financial statements and management report. 
4.1 Interest rate risk 
4.1.1 Risk situation, risk management strategy and objective 
Interest rate risks generally result from changes in market interest rates and affect the fair value 
of fixed-interest time deposits and securities, interest rate derivatives, financial receivables and 
liabilities as well as the interest of floating-rate assets and liabilities. The risk management 
strategy of Porsche SE aims to achieve a balanced reduction in uncertainty surrounding 
earnings and liquidity as a result of variable interest payments from borrowings. 
In the reporting period, the interest rate risk of Porsche SE increased from raising variable-rate 
debt capital based on the EURIBOR (see note [14]). Of the total financing volume of €8.9 billion 
(including an undrawn credit line of €1 billion), €7.1 billion had been drawn as of the reporting 
date and recognized as a financial liability in that amount.  
To hedge the interest rate risks resulting from the financing components as well as partly from 
their follow-up financing, fixed-payer swaps with a notional amount of €5.8 billion at a fixed 
average interest rate of around 2.47% and terms of up to 5 years were concluded by 
28 September 2022 as part of the implementation of the risk management strategy, with 
4 October 2022 being set as the start of the first interest period for a volume of €5.2 billion and 
9 January 2023 for the remaining €0.6 billion. The interest rate hedges were thus concluded 
anticipatively. The hedging instruments and financing components of Porsche SE are based on 
the same hedged risk in the form of the EURIBOR interest rate risk. The interest rate hedging 
instruments are accounted for applying hedge accounting pursuant to IFRS 9 in the form of cash 
flow hedges. There was no hedge accounting in the prior year.  
As Porsche SE assumed at the time of concluding the financing agreement that the special 
dividend of Volkswagen AG of €3.1 billion attributable to Porsche SE (see section “Changes in 
the reporting period”) would be paid out subject to a deduction of capital gains tax plus 
solidarity surcharge of €0.8 billion, the original financing plan provided for interim financing of 
€0.8 billion to be raised to finance the purchase price of the second tranche of ordinary shares 
of Porsche AG as of 9 January 2023. As the special dividend of Volkswagen AG was distributed 
to Porsche SE without deducting capital gains tax plus solidarity surcharge, Porsche SE did not 
utilize this financing component (see note [14]). Hedge accounting, in which this financing 
component was designated as the hedged item, was ended in December 2022 when it became 
known that capital gains tax would not be deducted upon distribution of the special dividend. 
233
2022
Financials
Notes to the consolidated financial statements

Effects of the interest rate risk on the result and equity arose in particular from the financial 
liabilities as well as their interest rate hedges.  
Interest rate risk within the meaning of IFRS 7 is determined using sensitivity analyses. The 
effects of the risk-variable market rates of interest on the financial result and on equity are 
presented, net of tax. If market interest rates had been 100 basis points higher as of 
31 December 2022, equity would have been €197 million (€0) higher and the result after tax  
€11 million (€0) higher. If market interest rates had been 100 basis points lower as of 
31 December 2022, equity would have been €207 million (€0) lower and the result after tax  
€12 million (€0) lower. 
4.1.2 Hedge accounting  
 
Disclosures on gains and losses from cash flow hedges  
 
Deferred tax liabilities of €39 million were recognized on the changes in the cash flow hedge 
reserve presented in the table.  
The gain or loss from changes in the fair value of hedging instruments used in hedge accounting 
corresponds to the basis for determining hedge ineffectiveness. The ineffective portion of a cash 
flow hedge is the income or expense resulting from changes in the fair value of the hedging 
instrument that exceed the changes in the fair value of the hedged item. This hedge 
ineffectiveness is attributable to differences in the parameters for the hedging instrument and 
the hedged item. There was an insignificant degree of ineffectiveness in the reporting year. Such 
income and expenses are recognized in other financial result. 
 
 
€ million 
2022 
Gains or losses (statement of comprehensive income) from changes  
in fair value of hedging instruments within hedge accounting 
116 
Recognized in cash flow hedge reserve via other comprehensive income 
129 
Recognized in profit or loss (ineffectiveness) 
0 
Reclassification from the cash flow hedge reserve to profit or loss 
– 13 
Due to early discontinuation of the hedging relationship 
3 
Due to realization of the hedged item 
– 17 
234
2022
Financials
Notes to the consolidated financial statements

Disclosures on hedging instruments in hedge accounting 
The table below shows the notional amounts, fair values and thus the carrying amount as well as 
base variables for determining the ineffectiveness of hedging instruments designated in cash 
flow hedges:  
 
 
The fair value change used to determine ineffectiveness corresponds to the fair value change of 
the designated component.  
The summary below presents the remaining maturities of the notional amounts of the hedging 
instruments:  
 
The maturities of the hedging instruments do not exceed the expected remaining maturities of 
the hedged items.  
 
 
  
Notional 
Other 
Financial  
Fair value 
€ million 
amount 
financial 
assets 
liabilities 
changes to 
determine hedge 
ineffectiveness 
31/12/2022 
  
  
  
  
Interest rate swaps to hedge interest rate risks 
5,200 
129 
17 
113 
  
Remaining maturity 
 Notional  
 Notional  
  
  
  
  
amount total 
amount total 
  
  
  
  
  
  
€ million 
within 1 year 
1 to 5 years 
more than 5 years 
31/12/2022 
31/12/2021 
  
  
  
  
  
  
Interest rate swaps to hedge 
interest rate risks 
  
5,200 
  
5,200 
  
235
2022
Financials
Notes to the consolidated financial statements

The fair value of the hedging instruments is determined using market data as of the reporting 
date as well as appropriate valuation techniques. The following forward interest rate structures 
were used as a basis for the calculation:  
 
Disclosures on hedged items in hedge accounting 
Components of notional amounts of the financing volume have been designated as hedged 
items, with the hedged notional amount components being fully designated in each case. The 
notional amounts of the hedging instruments stated above match the hedged notional amount 
components of the hedged items. Overall, the first 74% of the financing volume has thus been 
hedged and accounted for under hedge accounting rules. The table below shows the base 
variables for determining the ineffectiveness and the amounts recognized in the cash flow hedge 
reserve for active hedging relationships:  
 
To date, the financing components anticipatively designated as hedged items have occurred as 
expected at the time of their designation with the exception of an amount of €0.8 billion of the 
three-year bank loan that was not raised (see above). Hedged items in cash flow hedges are 
expected to be realized in accordance with the maturity patterns of the hedging instruments.  
Development of the cash flow hedge reserve 
Applying cash flow hedge accounting requires the designated effective changes in fair value of 
the hedging instruments to be recognized in the cash flow hedge reserve via other 
comprehensive income. They are reclassified to profit or loss in the case of hedges of  
% 
  
Interest rate for 3 months 
3.20% 
Interest rate for 6 months 
3.62% 
Interest rate for 1 year 
3.61% 
Interest rate 4 years 
3.05% 
  
Fair value 
Reserves 
Reserves 
€ million 
changes to 
determine hedge 
ineffectiveness 
for active 
cashflow hedges 
for discontinued 
cashflow hedges 
31/12/2022 
  
  
  
Hedged items 
114 
129 
  
Deferred tax assets 
  
39 
  
236
2022
Financials
Notes to the consolidated financial statements

variable-interest loans at the times when the hedged future interest payments have an impact on 
the income statement; reclassifications are recognized in the financial result. Any additional 
changes in the fair value of the designated or non-designated components are recognized in 
profit or loss as ineffectiveness.  
 
When it became evident in December 2022 that it was no longer necessary to borrow €0.8 
billion of the three-year bank loan and thus that hedge accounting for the corresponding hedges 
was terminated, the changes in value of €3 million that had been recognized in the cash flow 
hedge reserve since the designation were reclassified to profit or loss.  
Methods for monitoring hedge effectiveness 
Hedge effectiveness is examined on a prospective basis using the critical terms match method, 
which requires a comparison of the base variables for the valuation of hedging instruments and 
hedged items. On this basis, a systematic compensating effect of hedged items and hedging 
instruments could be expected prospectively for all hedging relationships due to an economic 
relationship with respect to the hedged risk. Retrospective analysis of effectiveness or 
ineffectiveness uses effectiveness tests in the form of the dollar offset method. Under the dollar 
offset method, the changes in value of the hedged item expressed in monetary units are 
compared with the changes in value of the hedging instrument expressed in monetary units.  
In the case of interest rate hedges at Porsche SE, the critical terms match method gives rise to 
the expectation of prospective effectiveness of the hedges as of the reporting date. Application 
of the dollar offset method did not give rise to any significant ineffectiveness for the past 
hedging period.  
 
 
€ million 
2022 
As of 1 January 
  
Gains or losses from effective hedging relationships 
116 
Reclassification due to changes in whether the hedged item is expected to occur 
– 3 
Reclassification due to realization of the hedged item 
17 
As of 31 December 
129 
237
2022
Financials
Notes to the consolidated financial statements

4.2 Stock price risk 
Stock price risks arise from fluctuations in market prices. 
Effects of the stock price risk on the result or on equity stem in particular from investments 
whose equity instruments are listed. 
For portfolio investments whose equity instruments are listed, the share prices observable on 
the market are monitored and regularly marked to market. Changes in market values due to the 
volatility of share prices fully affect the group result of Porsche SE as a result of accounting for 
equity instruments at fair value through profit or loss. 
If the stock price of the listed portfolio investments as of 31 December 2022 had been 10% 
higher, equity would have been €0 million (€2 million) higher and the result after tax €0 million  
(€2 million) higher. If the stock price of the listed portfolio investments as of 31 December 2022 
had been 10% lower, equity would have been €0 million (€2 million) lower and the result after tax 
€0 million (€2 million) lower. 
4.3 Foreign currency risk 
The Porsche SE Group is not exposed to any significant risks from exchange rate fluctuations in 
its operating activities.  
 
 
238
2022
Financials
Notes to the consolidated financial statements

5 
Measurement of financial instruments 
The following table shows the reconciliation of the items of the balance sheet to the classes of 
financial instruments corresponding to the measurement categories at the Porsche SE Group, 
broken down by the carrying amount and fair value of the financial instruments:  
 
 
 
  
31/12/2022 
  
  
  
  
  
  
  
Measured at 
Measured at 
Not assigned 
Balance 
  
fair value through 
profit or loss 
amortized cost 
to any 
measurement 
category 
sheet item 
  
  
  
  
  
  
€ million 
Carrying amount 
Carrying amount 
Fair value 
Carrying amount 
  
  
  
  
 
  
  
Non-current assets 
  
  
  
  
  
Investments accounted 
for at equity 
n/a 
n/a 
n/a 
57,506 
57,506 
Other financial assets 
200 
3 
3 
n/a 
204 
  
  
  
  
  
  
Current assets 
  
  
  
  
  
Other financial assets 
n/a 
25 
25 
n/a 
25 
Securities 
n/a 
70 
70 
n/a 
70 
Time deposits 
n/a 
265 
265 
n/a 
265 
Cash and cash 
equivalents 
n/a 
86 
86 
n/a 
86 
Assets classified as 
held for sale  
314 
n/a 
n/a 
n/a 
314 
  
  
  
  
  
  
Non-current liabilities 
  
  
  
  
  
Financial liabilities 
n/a 
3,152 
3,152 
n/a 
3,152 
  
  
  
  
  
  
Current liabilities 
  
  
  
  
  
Trade payables 
n/a 
4 
4 
n/a 
4 
Financial liabilities 
17 
3,924 
3,924 
n/a 
3,941 
Other financial liabilities 
n/a 
1 
1 
n/a 
1 
239
2022
Financials
Notes to the consolidated financial statements

The allocation of fair value to the various levels is based on the availability of observable market 
data on an active market. Level 1 presents the fair values of financial instruments where a 
market price on active markets can be determined. Level 2 presents the fair value of financial 
instruments for which market data are directly or indirectly observable. In particular, yield curves, 
index and currency rates or market prices of listed securities whose performance depends 
exclusively on the financial instrument being valued are used as significant parameters. The 
presented fair values of the assets are determined using pricing methods or present value 
methods. Fair values of financial instruments in level 3 are determined using inputs that are not 
based on observable market data. Given their variable interest rate, the notional value of 
financial liabilities not measured at fair value through profit or loss provides a reasonable 
approximation of their fair value. The carrying amount of current assets and current liabilities not 
measured at fair value through profit or loss provides a reasonable approximation of their fair 
value. Transfers between the levels are taken into account on the respective reporting dates. 
 
 
  
31/12/2021 
  
  
  
  
  
  
  
Measured at 
Measured at 
Not assigned 
Balance 
  
fair value through 
profit or loss 
amortized cost 
to any 
measurement 
category 
sheet item 
  
  
  
  
  
  
€ million 
Carrying amount 
Carrying amount 
Fair value 
Carrying amount 
  
  
  
  
 
  
  
Non-current assets 
  
  
  
  
  
Investments accounted 
for at equity 
n/a 
n/a 
n/a 
41,527 
41,527 
Other financial assets 
45 
n/a 
n/a 
n/a 
45 
  
  
  
  
  
  
Current assets 
  
  
  
  
  
Other financial assets 
n/a 
1 
1 
n/a 
1 
Securities 
0 
145 
145 
n/a 
145 
Time deposits 
n/a 
225 
225 
n/a 
225 
Cash and cash 
equivalents 
n/a 
271 
271 
n/a 
271 
  
  
  
  
  
  
Non-current liabilities 
  
  
  
  
  
Financial liabilities 
n/a 
n/a 
n/a 
0 
0 
  
  
  
  
  
  
Current liabilities 
  
  
  
  
  
Trade payables 
n/a 
2 
2 
n/a 
2 
Financial liabilities 
n/a 
n/a 
n/a 
0 
0 
Other financial liabilities 
n/a 
3 
3 
n/a 
3 
240
2022
Financials
Notes to the consolidated financial statements

The following overview contains the breakdown of the financial instruments measured at fair 
value by level: 
 
 
The interest rate swaps entered into to hedge the interest rate risk are recognized under current 
other financial assets or financial liabilities in the amount of the interest result caused in the 
current interest period and by the reporting date. The remaining fair value (clean price) is 
recognized under non-current other financial assets. The fair values of the interest rate swaps 
constitute level 2 fair values as their measurement is based on observable yield curves.  
Non-current other financial assets also contain shares in portfolio investments. The fair value of 
these assets is based on stock prices or information derived from recently performed financing 
measures. 
There were no reclassifications in the reporting year. In the prior year as a result of initial public 
offerings (“IPOs”) of two portfolio companies and therefore market prices from active markets 
being available, there were reclassifications in the non-current other financial assets of  
€14 million from level 3 to level 1 and of €2 million from level 2 to level 1.  
 
€ million 
31/12/2022 
Level 1 
Level 2 
Level 3 
  
  
  
  
  
Financial instruments measured at fair value 
  
  
  
  
Non-current other financial assets 
200 
3 
142 
56 
Current financial liabilities 
17 
  
17 
  
€ million 
31/12/2021 
Level 1 
Level 2 
Level 3 
  
  
  
  
  
Financial instruments measured at fair value 
  
  
  
  
Non-current other financial assets 
45 
16 
  
29 
241
2022
Financials
Notes to the consolidated financial statements

The table below shows a reconciliation of the fair value of the non-current financial assets that 
were allocated to level 3 in the fiscal year: 
 
The net gains or losses of the respective measurement categories are as follows: 
 
Net gains or losses from financial assets measured at fair value through profit or loss primarily 
result from the fair value measurement of shares in portfolio investments and interest rate 
hedging instruments no longer included in hedge accounting. These are recognized in the 
consolidated income statement under income/expenses from investment valuation or in other 
financial result. Net gains or losses from assets measured at fair value through profit or loss 
contain unrealized gains of €24 million (€5 million) and unrealized losses of €11 million (€2 million).  
 
 
€ million 
2022 
2021 
Fair value as of 1 January 
29 
16 
Profit recognized through profit or loss 
12 
5 
Investments 
14 
22 
Reclassification from level 3 
  
– 14 
Fair value as of 31 December 
56 
29 
€ million 
2022 
2021 
Financial assets measured at fair value through profit or loss (FVtPL) 
14 
– 17 
Liabilities measured at fair value through profit or loss (FVtPL) 
  
  
Financial assets measured at amortized cost (FAAC) 
1 
0 
Financial liabilities measured at amortized cost (FLAC) 
– 68 
0 
  
– 53 
– 17 
242
2022
Financials
Notes to the consolidated financial statements

[20] Contingent liabilities from legal disputes 
Porsche SE is involved in various legal proceedings. Porsche SE’s assessment of the actions 
pending as of 31 December 2022 is presented below. To date, provisions had been set up for all 
proceedings exclusively for the expected attorneys’ fees and litigation expenses, but not for the 
underlying matters in dispute, as the likelihood of the plaintiffs prevailing is estimated to be less 
than 50%. Due to the complexity of the underlying questions of law and fact, the financial 
impact in terms of the amount in dispute being claimed is presented below.  
Legal proceedings and legal risks in connection with the increase of the investment in 
Volkswagen AG 
 
A model case according to the Capital Markets Model Case Act (KapMuG) against Porsche SE 
initiated by an order of reference of the Regional Court of Hanover dated 13 April 2016 was 
pending with the Higher Regional Court of Celle. Subject of those actions were alleged damage 
claims based on alleged market manipulation and alleged inaccurate information in connection 
with Porsche SE’s increase of the investment in Volkswagen AG. In part these claims were also 
based on alleged violations of antitrust regulations. In the six initial proceedings suspended with 
reference to the model case, a total of 40 plaintiffs are asserting alleged claims for damages of 
about €5.4 billion (plus interest). By decision of 30 September 2022, all of the establishment 
objectives requested by the plaintiffs have been dismissed or declared groundless by the Higher 
Regional Court of Celle. The Higher Regional Court of Celle substantiates its decision on the 
opinion that Porsche SE cannot be deemed liable under any legal aspect and that the opposed 
pleading of the plaintiffs is yet inconsistent. With this decision, Porsche SE considers its legal 
position justified that the claims asserted in the suspended initial proceedings are without merit.  
The decision of the Higher Regional Court of Celle is not yet final. The plaintiffs filed an appeal 
against the decision with the Federal Court of Justice.  
In a proceeding pending before the Regional Court of Frankfurt against an incumbent and a 
former, meanwhile deceased, member of the supervisory board of Porsche SE, Porsche SE 
joined as intervener in support of the defendants. In this proceeding the same alleged claims are 
asserted that are already subject of a currently suspended action concerning alleged damages 
of about €1.8 billion (plus interest) pending against Porsche SE before the Regional Court of 
Hanover. No new developments occurred in this proceeding during the reporting period. 
Porsche SE considers these claims to be without merit and sees itself justified in this legal 
position by the decision of the Higher Regional Court of Celle of 30 September 2022. 
Since 2012, Porsche SE and two companies of an investment fund have been in dispute over 
the existence of alleged claims in the amount of about US$195 million and have filed lawsuits in 
Germany and England respectively. On 6 March 2013, the English proceedings were suspended 
at the request of both parties until a final decision had been reached in the proceedings 
commenced in the Regional Court of Stuttgart concerning the question of which court is the 
court first seized. A final decision on this issue continues to be outstanding. Currently, the 
proceedings are pending before the Higher Regional Court of Stuttgart. On 21 December 2021, 
243
2022
Financials
Notes to the consolidated financial statements

the Higher Regional Court of Stuttgart decided that witnesses shall be interrogated in the  
United Kingdom by way of a request for mutual legal assistance. On 19 January 2023 and on 
14 February 2023, one defendant requested to recuse two judges of the Higher Regional Court 
of Stuttgart for fear of bias. A decision on the motions to recuse is yet to be made. Porsche SE 
considers the action filed in England to be inadmissible and the asserted claims to be without 
merit.  
Legal proceedings and legal risks in connection with the diesel issue 
 
In connection with the diesel issue, legal proceedings with a total volume of approximately €929 
million (plus interest) are pending against Porsche SE before the Regional Court of Stuttgart, the 
Higher Regional Court of Stuttgart and the Regional Court of Braunschweig. The plaintiffs 
accuse Porsche SE of alleged nonfeasance of capital market information or alleged incorrect 
capital market information in connection with the diesel issue. Some of these proceedings are 
directed against both Porsche SE and Volkswagen AG. Porsche SE considers the actions to be 
inadmissible in part, but in any case to be without merit.  
Before the Regional Court of Stuttgart 211 actions are currently pending at first instance. The 
actions pending at first instance concern payment of damages, if quantified, in the total amount 
of approximately €797 million (plus interest) and in part establishment of liability for damages. 
After various claims have been referred to the competent Regional Court of Stuttgart, 11 claims 
for damages against Porsche SE, with a claim volume (according to the current assessment of 
the partially unclear head of claims) of approximately €3.1 million (plus interest), are now 
pending before the Regional Court of Braunschweig. A large number of the proceedings are 
currently suspended, whereby the majority of the suspended proceedings is suspended with 
reference to a KapMuG proceeding pending before the Higher Regional Court of Stuttgart. 
Porsche SE considers the actions filed against it before the Regional Court of Stuttgart to be 
without merit. The actions filed against Porsche SE before the Regional Court of Braunschweig 
are considered by Porsche SE to be inadmissible and to be without merit. 
In addition, two further proceedings, in which a total of further approximately €129 million (plus 
interest) in damages was claimed, are pending before the Higher Regional Court of Stuttgart on 
appeal. In one of the appeal proceedings in which approximately €5.7 million (plus interest) in 
damages was claimed, the Regional Court of Stuttgart had granted the action in the amount of 
approximately €3.2 million (plus interest) and otherwise dismissed the action on 24 October 
2018. Porsche SE and the plaintiff filed appeals. In the further proceeding, which is partly on 
appeal, plaintiffs object to the fact that the Regional Court of Stuttgart dismissed their actions as 
inadmissible on 26 August 2021. The amount in dispute is approximately €123 million (plus 
interest). Porsche SE considers these actions pending against it before the Higher Regional 
Court of Stuttgart to be without merit. 
In an additional appeal proceeding in which approximately €158 million (plus interest) in 
damages were claimed, the Higher Regional Court of Stuttgart dismissed the action by a legally 
binding decision of 12 April 2022 in its full amount for lack of a damage. 
244
2022
Financials
Notes to the consolidated financial statements

A KapMuG proceeding, initiated by order for reference of the Regional Court of Stuttgart of 
28 February 2017, is pending before the Higher Regional Court of Stuttgart. On 22 October 
2020, the Higher Regional Court of Stuttgart appointed a model case plaintiff. Several hearings 
have taken place before the Higher Regional Court of Stuttgart. The Higher Regional Court of 
Stuttgart expanded the model case with further establishment objectives. During the hearing of 
7 December 2022, the Higher Regional Court of Stuttgart interrogated two former members of 
the board of management of Porsche SE as witnesses. Both witnesses stated individually to 
have heard of the diesel issue for the first time in September 2015 through press reportings. The 
Higher Regional Court of Stuttgart has scheduled the announcement of a decision for 29 March 
2023 during which it might issue a model case ruling. It is also possible that the Higher Regional 
Court of Stuttgart will issue an order to take evidence or will inform on its provisional legal 
position or the further proceedings in this case. Other hearings have not been scheduled yet. 
Following corresponding orders to suspend the proceedings by the Regional Court of 
Braunschweig and the courts of Stuttgart, Porsche SE became a further model case defendant 
in the model case proceedings before the Higher Regional Court of Braunschweig. The Higher 
Regional Court of Braunschweig issued a meanwhile binding partial model case ruling regarding 
questions of jurisdiction. Several hearings have taken place before the Higher Regional Court of 
Braunschweig. The next hearings are set to take place on 23 and 24 May 2023. The Higher 
Regional Court of Braunschweig announced to present a program for taking evidence in these 
hearings should the model case parties do not indicate their willingness for out-of-court 
settlement efforts. The Higher Regional Court of Braunschweig had previously scheduled 
numerous further hearings for 2023.  
During the reporting period, no significant new developments occurred with regard to claims 
asserted out of court and not yet brought to court against Porsche SE with a total amount of 
approximately €63 million and in some cases without defined amounts as well as with regard to 
the waiver of the statute of limitations defense granted by Porsche SE to the United States of 
America for alleged claims for damages.  
In connection with the diesel issue, in April 2021, two plaintiffs filed a derivative action against 
Porsche SE, current and former members of the management and supervisory boards of 
Volkswagen AG, current and former executives of Volkswagen AG and its subsidiaries, four 
Volkswagen AG subsidiaries and others in the Supreme Court of the State of New York, County 
of New York. The plaintiffs claim to be shareholders of Volkswagen AG and allege claims of 
Volkswagen AG on its behalf. The action is based, inter alia, on an alleged violation of duties vis-
à-vis Volkswagen AG pursuant to the AktG [“Aktiengesetz”: German Stock Corporation Act] and 
the German Corporate Governance Code (Deutscher Corporate Governance Kodex – DCGK). 
The plaintiffs request, inter alia, a declaration that the defendants have breached their respective 
duties vis-à-vis Volkswagen AG, and an award to Volkswagen AG as compensation for the 
alleged damages it sustained as a result of the alleged violation of duties, plus interest. In 
September 2021, the parties filed a stipulation, which is subject to court approval, accepting 
service on behalf of certain defendants including Porsche SE, staying all discovery and setting a 
motion to dismiss briefing schedule. 
245
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Financials
Notes to the consolidated financial statements

Status proceedings regarding the composition of Porsche SE’s supervisory board 
 
So-called status proceedings were initiated against Porsche SE before the Regional Court of 
Stuttgart. With applications dated 11 July 2021 and 18 July 2021, the applicant has asked the 
court to find that Porsche SE’s supervisory board is to be composed of half shareholder 
representatives and half employee representatives. In a ruling dated 24 January 2023, the 
Regional Court of Stuttgart dismissed these applications as inadmissible and without merit and 
determined that Porsche SE’s supervisory board is composed in accordance with the law. The 
applicant has filed an appeal against this ruling which has not yet been decided. 
There were no other significant changes in the reporting period. In particular, Porsche SE 
continues not to have reliable findings or assessments that would lead to a different evaluation 
of the legal risks. 
[21] Contingent assets  
During the assessment periods 2006 to 2009, Porsche SE was initially the legal successor of 
Porsche AG and later the ultimate tax parent and thus liable for tax payments. In the course of 
the contribution of the business operations in the fiscal year 2012, the tax obligations of  
Porsche SE and its subsidiaries for the period to until 31 July 2009 were not transferred to 
Volkswagen AG. Any offsetting tax relief at a later stage at the level of Porsche Holding Stuttgart 
GmbH, Porsche AG or the subsidiaries concerned at the Porsche AG Group cannot be 
recognized in the consolidated financial statements of Porsche SE, as these companies no 
longer belong to the group of fully consolidated subsidiaries of the Porsche SE Group in 
accordance with IFRS regulations. These incur instead at the level of the Volkswagen Group. In 
connection with the business contribution, Volkswagen AG agreed in principle to refund to 
Porsche SE tax benefits – for example in the form of a refund, tax reduction or tax saving, a 
reversal of tax liabilities or provisions or an increase in tax losses – of Porsche Holding Stuttgart 
GmbH, Porsche AG and its legal predecessors and subsidiaries which pertain to assessment 
periods up until 31 July 2009. In return, under certain circumstances Porsche SE holds  
Porsche Holding Stuttgart GmbH, Porsche AG and their legal predecessors harmless from tax 
disadvantages that exceed the obligations from periods up until and including 31 July 2009 
recognized at the level of these entities. If the total tax benefits exceed the total tax 
disadvantages, Porsche SE has a claim against Volkswagen AG to payment of the amount by 
which the tax benefits exceed the tax disadvantages. The amount of tax benefits and tax 
disadvantages to be taken into account is regulated in the contribution agreement. The risks 
arising at the level of Porsche SE, for which provisions were recognized in prior years and 
payments were made, will in some cases lead to tax benefits at the Volkswagen Group that are 
expected to partly compensate the tax risks of Porsche SE. However, the provisions in the  
246
2022
Financials
Notes to the consolidated financial statements

contribution agreement do not cover all matters and thus not all tax risks of Porsche SE from the 
tax field audits for the assessment periods 2006 to 2009. It will therefore not be possible to 
reasonably determine any potential refund claim until at the earliest the tax field audit has been 
completed for the 2009 assessment period, and accordingly no claims were recognized as 
assets in the consolidated financial statements. Based on the findings of the completed tax field 
audit for the assessment periods 2006 to 2008 and the information available for the assessment 
period 2009 when these consolidated financial statements were issued for publication, it is 
estimated that Porsche SE has a claim for compensation against Volkswagen AG in the low 
triple-digit million-euro range. Future findings and legal changes may lead to an increase or 
decrease in the possible compensation claim. 
[22] Related parties 
In accordance with IAS 24, transactions and relationships with third parties which are in control 
of or controlled by the Porsche SE Group must be disclosed. Pursuant to a consortium 
agreement, the Porsche and Piëch families have direct and indirect control respectively of the 
parent company Porsche SE. 
The disclosure requirements under IAS 24 also extend to persons who have the power to 
exercise significant influence over the entity, i.e., who have the power to participate in the 
financial and operating policies of the entity, but do not control it. In the fiscal year 2022 and in 
the comparative period, this concerns members of the supervisory board and the board of 
management of Porsche SE as well as their close family members.  
The disclosure requirements pursuant to IAS 24 also include persons and entities over which  
the Porsche SE Group can exercise a significant influence. In the reporting period and the 
comparative period, related parties included the associates as well as their subsidiaries and 
concern in particular Volkswagen AG and its subsidiaries including Porsche AG and its 
subsidiaries.  
With regard to the disclosures and information on the acquisition of ordinary shares in  
Porsche AG by Porsche SE from Volkswagen, reference is made to the explanations in section 
“Changes in the reporting period” as well as notes [1] and [9]. 
 
 
247
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Financials
Notes to the consolidated financial statements

The table below contains the receivables and liabilities contained in the balance sheet as of the 
reporting date as well as the supplies and services rendered and received and other income and 
expenses for the fiscal year resulting from business transactions between the Porsche SE Group 
and its related parties: 
 
 
 
The table above does not contain Porsche SE’s participation in a capital increase of ETS with an 
amount of around €35 million. In this connection, please also refer to the corresponding 
explanations in the section “Changes in the reporting period”. 
The table above also does not contain the dividends received from Volkswagen AG in the fiscal 
year. These initially comprise, on the basis of the resolution of the annual general meeting on 
12 May 2022, a gross dividend of €1,201 million, or after deduction of capital gains tax plus 
solidarity surcharge, a net dividend of €884 million (prior year: €756 million; no capital gains tax 
was deducted). Furthermore, in the fiscal year Porsche SE obtained a dividend claim against 
Volkswagen AG of €3,052 million on the basis of the resolution of the extraordinary general 
meeting on 16 December 2022 to distribute a special dividend. No capital gains tax was 
deducted. In December 2022, Volkswagen AG and Porsche SE agreed to offset Porsche SE’s 
dividend claim against Volkswagen AG against Porsche SE’s obligation to pay the remaining 
purchase price liability of €3.0 billion for the acquisition of ordinary shares in Porsche AG. In the 
consolidated financial statements as of 31 December 2022, the dividend receivable and the 
purchase price liability are therefore presented on a net basis and are contained in the amount of 
€22 million under receivables from associates in the table above (see section “Changes in the 
reporting period”).  
 
 
  
Supplies and 
Supplies and 
  
services rendered and other 
income 
services received and other 
expenses 
  
  
  
  
  
€ million 
2022 
2021 
2022 
2021 
  
  
  
  
  
Porsche and Piëch families 
0 
0 
  
  
Associates 
0 
4 
5 
7 
  
0 
4 
5 
7 
  
Receivables 
Liabilities 
  
  
  
  
  
€ million 
31/12/2022 
31/12/2021 
31/12/2022 
31/12/2021 
  
  
  
  
  
Porsche and Piëch families 
  
0 
  
  
Associates 
22 
0 
10 
10 
  
22 
0 
10 
10 
248
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Financials
Notes to the consolidated financial statements

In connection with the acquisition of ordinary shares in Porsche AG (see section “Changes in  
the reporting period”), Porsche SE and Volkswagen agreed that Volkswagen would agree to a 
proposal by Porsche AG to distribute a dividend of €911 million plus an additional dividend of 
€0.01 per preference shares for the fiscal year 2022 at the annual general meeting of Porsche AG 
in the fiscal year 2023. At the level of Porsche SE, a corresponding resolution of the annual 
general meeting of Porsche AG, would lead to the recognition of a dividend claim against 
Porsche AG of €114 million by directly offsetting it against the carrying amount of the investment 
in Porsche AG accounted for at equity.  
As in the prior year, service transactions were primarily with the Volkswagen Group in the 
reporting year. Supplies and services received and other expenses in the reporting period mainly 
consisted of services as well as the provision of vehicles. Liabilities mainly comprise obligations 
in connection with the contribution of the holding business operations of Porsche SE to 
Volkswagen AG in the fiscal year 2012 (hereinafter also referred to as “contribution” or “business 
contribution”). 
The following agreements were entered into by Porsche SE, Volkswagen AG and entities of the 
Porsche Holding Stuttgart GmbH Group in connection with the contribution and the basic 
agreement prior to that as well as the associated agreements implementing it, which continued 
to be valid:  
· Volkswagen AG has agreed to hold Porsche SE harmless for internal purposes from any 
claims of the German Deposit Protection Fund after Porsche SE issued a hold harmless 
declaration to the deposit guarantee fund agency as required by the Association of German 
Banks in August 2009. In addition, Volkswagen AG has undertaken to hold the Deposit 
Protection Fund harmless from any losses incurred as a result of its actions in favor of a 
majority-owned bank. 
 
· Under the contribution agreement, Porsche SE in certain circumstances holds Porsche 
Holding Stuttgart GmbH, Porsche AG and their legal predecessors harmless from tax 
disadvantages that exceed the obligations from periods up until and including 31 July 2009 
recognized at the level of these entities. In return, Volkswagen AG has undertaken to 
reimburse Porsche SE for any tax advantages of Porsche Holding Stuttgart GmbH, Porsche 
AG and their legal predecessors and subsidiaries relating to tax assessment periods up to 
31 July 2009 (reference is made to note [21]). 
Within the scope of the basic agreement, Porsche SE and Volkswagen AG had granted each 
other put and call options relating to the 50.1% share in Porsche Holding Stuttgart GmbH 
remaining at Porsche SE prior to the contribution of its holding business operations to 
Volkswagen AG. Both Volkswagen AG (in the event that it exercises its call options) as well as 
Porsche SE (in the event that it exercises its put options) had both agreed to bear any tax 
expenses arising from exercising the options and from any downstream measures with respect 
to the investments in Porsche Holding Stuttgart GmbH (e.g., from back taxes on the 2007 
and/or 2009 spin-off). If Volkswagen AG, Porsche Holding Stuttgart GmbH, Porsche AG or their 
respective subsidiaries had enjoyed tax benefits as a result of subsequent taxation of the 2007 
and/or 2009 spin-off, the purchase price payable by Volkswagen AG for the transfer of the 
249
2022
Financials
Notes to the consolidated financial statements

remaining 50.1% share in Porsche Holding Stuttgart GmbH would have increased by the present 
value of the tax benefits if Porsche SE had exercised its put options. This rule was taken over in 
the course of the contribution agreement to the extent that Porsche SE has a payment claim 
against Volkswagen AG equivalent to the present value of the recoverable tax benefits as a 
result of back tax payments on the 2007 spin-off owing to the contribution. In connection with 
the contribution it was also agreed that Porsche SE would release Volkswagen AG, Porsche 
Holding Stuttgart GmbH and its subsidiaries from any tax liability with respect to subsequent 
taxation in 2012 resulting from any action or omission by Porsche SE upon or subsequent to the 
execution of the contribution. Also in that event, Porsche SE has a payment claim against 
Volkswagen AG in the amount of the present value of the recoverable tax benefits resulting from 
such a transaction at the level of Volkswagen AG or one of its subsidiaries.  
In connection with the contribution of the holding business operations of Porsche SE to 
Volkswagen AG, additional agreements were concluded and declarations submitted, which 
primarily include: 
· Porsche SE under certain circumstances holds its subsidiaries transferred under the 
contribution agreement, Porsche Holding Stuttgart GmbH and Porsche AG and its 
subsidiaries, harmless from certain obligations towards Porsche SE pertaining to the period 
up to and including 31 December 2011 and that go beyond the obligations recognized for 
these entities for this period. 
 
· In addition, Porsche SE holds Volkswagen AG, Porsche Holding Stuttgart GmbH, Porsche AG 
and their subsidiaries harmless from half of the amount of the tax (with the exception of 
income tax) arising at their respective levels in connection with the contribution and that would 
not have been incurred had the call options been exercised for the shares in Porsche Holding 
Stuttgart GmbH remaining at Porsche SE prior to the contribution. Accordingly, Volkswagen 
AG holds Porsche SE harmless for half the amount of such tax incurred there.  
 
· It was also agreed to allocate based on causation any subsequent VAT receivables and/or VAT 
liabilities from transactions up to 31 December 2009 between Porsche SE and Porsche AG. A 
corresponding receivable by Porsche SE from Porsche AG is contained in the table above as 
of 31 December 2022. 
 
· Various information, conduct and cooperation duties were agreed in the contribution 
agreement between Porsche SE and the Volkswagen Group. 
As part of the IPO of Porsche AG and the acquisition of ordinary shares of Porsche AG by 
Porsche SE, Porsche SE and Volkswagen AG entered not only into the share purchase 
agreement and the shareholders’ agreement, the material effects of which are presented in 
section “Changes in the reporting period”, but also into a “procedural and amendment 
agreement and agreement to amend the comprehensive agreement”. The latter led to 
amendments to some provisions, including those on appointments to governing bodies of 
Porsche AG, contained in the comprehensive agreement. 
250
2022
Financials
Notes to the consolidated financial statements

The following benefits and payments were recorded for the board work of the members of the 
board of management and the supervisory board of Porsche SE: 
 
Post-employment benefits contain additions to the pension provisions. Other long-term benefits 
concern the addition to provisions for the long-term component of the variable incentive of the 
members of the board of management of Porsche SE.  
As of the end of the fiscal year, the outstanding balances for the remuneration of active 
members of Porsche SE’s board of management and supervisory board amounted to €8 million 
(€8 million). 
[23] Remuneration of the board of management and the supervisory 
board1 
The total remuneration of members of Porsche SE’s board of management amount to €4 million 
in the fiscal year 2022 (€3 million).  
Remuneration for former board of management members amounts to €0 million (€0 million).  
The provisions for post-employment benefits recognized for former members of the board of 
management amount to €2 million (€3 million) as of the reporting date. 
The total remuneration of the supervisory board for the fiscal year 2022 amounts to €1 million 
(€1 million).  
 
 
 
 
 
1  Disclosure pursuant to Sec. 314 (1) No. 6a Sentence 1 to 4, 6b HGB in conjunction with Sec. 315e HGB 
€ million 
2022 
2021 
Short-term employee benefits 
5 
3 
Post-employment benefits 
1 
1 
Other long-term benefits 
2 
1 
  
8 
4 
251
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Notes to the consolidated financial statements

[24] Auditor’s fees 
The auditor’s fees charged by the auditor PricewaterhouseCoopers GmbH 
Wirtschaftsprüfungsgesellschaft, Frankfurt am Main, Stuttgart branch, for the fiscal year in 
accordance with Sec. 314 (1) No. 9 HGB break down as follows:  
 
 
[25] Subsequent events  
Upon payment of the special dividend by Volkswagen AG on 9 January 2023, the purchase  
price liability from the acquisition of the second tranche of ordinary shares of Porsche AG of  
€3.0 billion to Volkswagen AG was offset with the dividend claim of Porsche SE against 
Volkswagen AG of €3.1 billion. The lien on the ordinary shares of the second tranche granted in 
favor of Volkswagen expired in this connection (see section “Changes in the reporting period”).  
In March 2023, Porsche SE successfully placed a Schuldschein loan of around €2.7 billion. The 
promissory note comprises eight tranches with terms of three, five, seven and ten years, each of 
which are subject to fixed or variable interest rates. Of the total volume, €1.0 billion is subject to a 
term of three years, €1.4 billion to a term of five years, €0.2 billion to a term of seven years and 
€0.2 billion to a term of ten years. Around 120 institutional investors such as banks, pension 
funds and insurance companies participated in the Schuldschein loan. With the promissory note, 
Porsche SE is refinancing a significant part of the initial bridge financing of €3.9 billion raised for 
the acquisition of ordinary shares in Porsche AG. There are plans to replace the remaining bridge 
financing by the end of the fiscal year 2023, partly by means of additional financial instruments. 
In particular in light of the successful placement of the Schuldschein loan of €2.7 billion in March 
2023, which significantly exceeded the volume predictable on the basis of similar transactions in 
the past, circumstances arose after the end of the fiscal year 2022 that no longer make selling 
the 2.7 million preference shares of Volkswagen AG held by Porsche SE by June 2023 seem 
highly probable (see section “Changes in the reporting period”). In the fiscal year 2023, the 
preference shares were therefore no longer classified as assets held for sale as a resulting in a 
retrospective application of the equity method in the fiscal year 2023. The capital share, which 
the at equity accounting for the investment in Volkswagen AG is based on, thus amounts to 
around 31.9% in the fiscal year 2023 compared to the approximately 31.4% that had been 
applicable in the fiscal year 2022 since classification pursuant to IFRS 5. Had the preference 
shares not been classified as assets held for sale in the fiscal year 2022, the result from assets 
held for sale of €22 million would not have arisen, the result from investments in Volkswagen AG 
€ thousand 
2022 
2021 
Audit of financial statements services 
841 
739 
Other services 
  
47 
  
841 
786 
252
2022
Financials
Notes to the consolidated financial statements

accounted for at equity would have been €725 million higher, and the investment result would 
therefore have been €703 million higher. The group result after tax would have been €700 million 
higher, earnings per share from continuing operations would have been €2.29 higher and other 
comprehensive income would have been €5 million lower. The assets classified as held for sale 
of €314 million would not have existed and the carrying amount of the investment in Volkswagen 
AG accounted for at equity would have increased by €1,040 million, equity by €723 million and 
total assets by €727 million.  
Between the reporting date and the date of preparing the financial statements, investments were 
made in three new portfolio investments and one existing portfolio investment in the portfolio 
investments segment with a total investment volume in the mid-double-digit million euro range. 
With the exception of the developments presented in the “Changes in the reporting period” 
section as well as note [20], there were no other reportable events after the reporting date. 
[26] Declaration on the German Corporate Governance Code 
The board of management and supervisory board of Porsche SE submitted the annual 
declaration of compliance in accordance with Sec. 161 AktG in December 2022 and made it 
permanently accessible to shareholders on the company’s website at www.porsche-se.com/ 
en/company/corporate-governance/.  
Stuttgart, 15 March 2023 
 
 
Porsche Automobil Holding SE 
The board of management 
 
 
 
 
Hans Dieter Pötsch      Dr. Manfred Döss      Dr. Johannes Lattwein      Lutz Meschke 
 
 
 
 
 
253
2022
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Notes to the consolidated financial statements

254
2022

The following copy of the auditor’s report also includes a “Report on the audit of the electronic 
renderings of the financial statements and the management report prepared for disclosure 
purposes in accordance with Sec. 317 (3b) HGB” (“Separate report on ESEF conformity”). The 
subject matter (ESEF documents) to which the Separate report on ESEF conformity relates is not 
attached. The audited ESEF documents can be inspected in or retrieved from the Federal Gazette. 
Independent auditor’s report 
On completion of our audit, we issued an unqualified auditor’s report dated 15 March 2023 in 
German language. The following text is a translation of this auditor’s report. The German text is 
authoritative: 
To Porsche Automobil Holding SE, Stuttgart 
Report on the audit of the consolidated financial statements and of the group 
management report  
Audit Opinions  
 
We have audited the consolidated financial statements of Porsche Automobil Holding SE, 
Stuttgart, and its subsidiaries (the Group), which comprise the consolidated statement of 
financial position as at 31 December 2022, and the consolidated statement of comprehensive 
income, consolidated statement of profit or loss, consolidated statement of changes in equity 
and consolidated statement of cash flows for the financial year from 1 January to 
31 December 2022, and notes to the consolidated financial statements, including a summary of 
significant accounting policies. In addition, we have audited the group management report of 
Porsche Automobil Holding SE, which is combined with the Company’s management report, for 
the financial year from 1 January to 31 December 2022. In accordance with the German legal 
requirements we have not audited the content of the disclosures on the appropriateness and 
effectiveness of the risk management system and the internal control system contained in the 
subsection “Internal control system including internal control system of Porsche SE relevant for 
the financial reporting process” of the section “Risk management system of the Porsche SE 
Group” of the group management report as well as the disclosures contained in the subsection 
“Monitoring the effectiveness of the risk management system and the internal control system” of 
the section “Risk early warning system at Volkswagen” of the group management report. 
In our opinion, on the basis of the knowledge obtained in the audit,   
• the accompanying consolidated financial statements comply, in all material respects, with the 
IFRSs as adopted by the EU and the additional requirements of German commercial law 
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Independent auditor’s report

pursuant to § [Article] 315e Abs. [paragraph] 1 HGB [Handelsgesetzbuch: German 
Commercial Code] and, in compliance with these requirements, give a true and fair view of 
the assets, liabilities, and financial position of the Group as at 31 December 2022, and of its 
financial performance for the financial year from 1 January to 31 December 2022, and 
• the accompanying group management report as a whole provides an appropriate view of the 
Group’s position. In all material respects, this group management report is consistent with the 
consolidated financial statements, complies with German legal requirements and 
appropriately presents the opportunities and risks of future development. Our audit opinion 
on the group management report does not cover the content of the disclosures referred to 
above in the subsection “Internal control system including internal control system of  
Porsche SE relevant for the financial reporting process” of the section “Risk management 
system of the Porsche SE Group” of the group management report as well as in the 
subsection “Monitoring the effectiveness of the risk management system and the internal 
control system” of the section “Risk early warning system at Volkswagen” of the group 
management report. 
Pursuant to § 322 Abs. 3 Satz [sentence] 1 HGB, we declare that our audit has not led to any 
reservations relating to the legal compliance of the consolidated financial statements and of the 
group management report. 
Basis for the Audit Opinions 
 
We conducted our audit of the consolidated financial statements and of the group management 
report in accordance with § 317 HGB and the EU Audit Regulation (No. 537/2014, referred to 
subsequently as “EU Audit Regulation”) in compliance with German Generally Accepted 
Standards for Financial Statement Audits promulgated by the Institut der Wirtschaftsprüfer 
[Institute of Public Auditors in Germany] (IDW). Our responsibilities under those requirements 
and principles are further described in the “Auditor’s Responsibilities for the Audit of the 
Consolidated Financial Statements and of the Group Management Report” section of our 
auditor’s report. We are independent of the group entities in accordance with the requirements 
of European law and German commercial and professional law, and we have fulfilled our other 
German professional responsibilities in accordance with these requirements. In addition, in 
accordance with Article 10 (2) point (f) of the EU Audit Regulation, we declare that we have not 
provided non-audit services prohibited under Article 5 (1) of the EU Audit Regulation. We believe 
that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our 
audit opinions on the consolidated financial statements and on the group management report. 
Key Audit Matters in the Audit of the Consolidated Financial Statements 
 
Key audit matters are those matters that, in our professional judgment, were of most 
significance in our audit of the consolidated financial statements for the financial year from 
1 January to 31 December 2022. These matters were addressed in the context of our audit of 
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Independent auditor’s report

the consolidated financial statements as a whole, and in forming our audit opinion thereon; we 
do not provide a separate audit opinion on these matters. 
In our view, the matters of most significance in our audit were as follows: 
❶  
Measurement of the investment in Volkswagen AG (including effects of diesel issue as well 
as the effects of the IPO of Dr. Ing. h.c. F. Porsche Aktiengesellschaft on the measurement 
of the investment in Volkswagen AG) 
❷  
Assessment of legal risks and their presentation in the consolidated financial statements 
❸  
Measurement of the investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft 
Our presentation of these key audit matters has been structured in each case as follows: 
①  
Matter and issue  
 
②  
Audit approach and findings 
 
③  
Reference to further information 
 
Hereinafter we present the key audit matters: 
❶  
Measurement of the investment in Volkswagen AG (including effects of diesel issue 
as well as the effects of the IPO of Dr. Ing. H.c. F. Porsche Aktiengesellschaft on the 
measurement of the investment in Volkswagen AG) 
①  
In the consolidated financial statements of the Company, the investment in the associated 
Company Volkswagen AG is reported under the balance sheet line item “Investments 
accounted for at equity” at an amount of € 47.2 billion (80 % of total assets). 
The acquisition by Porsche SE of 25% of the ordinary shares plus one ordinary share of  
Dr. Ing. h.c. F. Porsche Aktiengesellschaft gave rise to changes in the carrying amount of 
the investment in Volkswagen AG accounted for at equity, which were recognized in other 
comprehensive income and in profit or loss respectively. The change recognized in other 
comprehensive income relates primarily to the reduction in the investment in Dr. Ing. h.c. F. 
Porsche Aktiengesellschaft at the level of the Volkswagen Group as a result of the initial 
public offering, to the extent this is not attributable to the acquisition of the ordinary shares 
by Porsche SE. Profit or loss was impacted by the proportionate recognition of the 
intragroup profits eliminated in financial year 2012 upon contribution of the holding 
company operating business of Porsche SE to Volkswagen AG. 
Furthermore, the at equity-accounted carrying amount was reduced by the acquisition of 
approximately 2.6 million preference shares of Volkswagen AG and the subsequent 
reclassification of approximately 2.7 million preference shares of Volkswagen AG in 
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Independent auditor’s report

accordance with IFRS 5. The acquisition of the preference shares of Volkswagen AG 
resulted in an overall gain on initial measurement at equity. The classification as assets 
held for sale in accordance with IFRS 5 gave rise to an impairment in accordance with IAS 
28 in conjunction with IFRS 5. 
The investment in Volkswagen AG is a major asset of Porsche SE and, due to it being 
accounted for using the equity method through the proportionate result attributable to 
Porsche SE, has a significant influence on the Porsche SE Group’s financial performance, 
financial position and assets and liabilities.  
The assessment of the executive directors of Porsche SE regarding the recoverability of 
the shares in Volkswagen AG accounted for at equity are subject to high estimation and 
judgment uncertainties with regard to key measurement parameters as well as the 
assumptions made in the business plan.  
The provisions recognized in the consolidated financial statements of Volkswagen AG as at 
31 December 2022 for risks relating to the diesel issue are based on the knowledge of the 
executive directors of Volkswagen AG as presented. The provisions recognized in the 
Volkswagen Group for the diesel issue as well as the contingent liabilities disclosed and 
the other latent legal risks are in part subject to substantial estimation and judgement risks 
by the executive directors of Volkswagen AG given that the fact finding efforts have not yet 
been concluded, the complexity of the individual relevant factors and the ongoing 
coordination with the authorities.  
Any lasting decreases in the profit stemming from efforts to contain the Covid-19 pandemic 
not being successful in the long term, supply shortages, a further escalation of the Russia-
Ukraine conflict as well as further unexpected increase in the cost of mitigating the diesel 
issue might lead to an impairment in the value of the investment in Volkswagen AG.  
Due to the significance of the risk provisioning at the level of Volkswagen AG as well as 
the scope of the assumptions and judgment decisions of the executive directors of 
Volkswagen AG, the change in the at equity-accounted carrying amount due to the 
acquisition of the ordinary shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, the 
acquisition of preference shares of Volkswagen AG and their subsequent reclassification 
in accordance with IFRS 5 and the resulting effects on the result of Porsche SE, this 
matter was of particular significance during our audit. 
②  
As part of our audit, for the evaluation of the assessment of the recoverability of the 
carrying amount of the investment in Volkswagen AG made by the executive directors of 
Porsche SE, we initially examined the underlying process and its suitability for assessing 
the recoverability of the investment in Volkswagen AG. We included our valuation 
specialists in the audit to assess the valuation model and the valuation parameters used in 
terms of calculation and method used. We also assessed the business plan approved by 
the board of management and supervisory board of Volkswagen AG and compared key 
planning assumptions with external analysts’ estimates. In this context, we have also 
evaluated the effects of efforts to contain the Covid-19 pandemic not being successful in 
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the long term, the supply shortages for semiconductors as well as the effects of the 
Russia-Ukraine conflict. We also compared the business forecasts prepared in previous 
periods with the actual results in order to analyze the accuracy of the forecasts. We also 
assessed the determination of the risk-adjusted capitalization interest rate by analyzing the 
peer group, comparing market data with external evidence and examining the 
mathematical accuracy. In order to estimate any impairment risk associated with a 
reasonably possible change in one of the significant assumptions, we assessed the 
Company’s sensitivity analyses. 
With regard to the effects of a further unexpected increase in the cost of mitigating the 
diesel issue, efforts to contain the Covid-19 pandemic not being successful in the long 
term, the supply shortages for semiconductors as well as the effects of the Russia-Ukraine 
conflict on the result of Volkswagen AG and thus on the measurement of the result at 
Porsche SE accounted for at equity recorded during the current financial year, we 
accompanied the audit of Volkswagen’s consolidated financial statements by its group 
auditor. In this regard, we sent audit instructions to the group auditor of Volkswagen AG, in 
which we provided guidelines on risk classification and the audit procedure, in particular in 
connection with risks regarding the diesel issue as well as the effects of the initial public 
offering of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. Furthermore, we regularly obtained 
information about the current status of the audit in personal meetings and inspected the 
working papers of the group auditor. 
Furthermore, we assessed the effects at the level of Porsche SE resulting from the 
acquisition of the ordinary shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft and those 
resulting from the acquisition and subsequent reclassification in accordance with IFRS 5 of 
the preference shares of Volkswagen AG. For this purpose, we evaluated the contractual 
agreements between the Volkswagen Group and Porsche SE. On that basis, we assessed 
whether the effects resulting from the acquisitions are accurately presented in the 
consolidated financial statements. We also assessed the completeness and accuracy of 
the disclosures required in the notes. 
In our view, the assessments made by the executive directors are sufficiently documented 
and substantiated and represent an appropriate basis for the measurement of the 
investment in Volkswagen AG, taking into account the information available. 
③  
The accounting and measurement policies applied for the investment in Volkswagen AG 
and the associated disclosures on judgments of the executive directors regarding the 
assessment of the recoverability of the investment in Volkswagen AG are included in the 
notes to the consolidated financial statements in the section “Changes in the reporting 
period” as well as in sections “Accounting policies”, “[1] Result from investments 
accounted for at equity” and “[9] Investments accounted for at equity” and in the group 
management report in the sections “Significant events and developments at the  
Porsche SE Group” and “Opportunities and risks of the Porsche SE Group”.  
 
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❷  
Assessment of legal risks and their presentation in the consolidated financial 
statements  
①  
As an investment management holding Company, Porsche SE primarily holds the 
investment in Volkswagen AG. In connection with the expansion of the investment in 
Volkswagen AG and the diesel issue that became known at Volkswagen AG in September 
2015, the Company is exposed to legal risks in the form of lawsuits filed directly against 
Porsche SE, which may lead to significant expenses and cash outflows for the Company in 
the event of negative outcome of the litigation. 
The assessment of the likelihood of these legal risks occurring at the level of Porsche SE is 
subject to estimation and judgment uncertainties to a high degree. 
Against this background, the assessment of these legal risks and their presentation in the 
consolidated financial statements was of particular significance during our audit. 
②  
In evaluating the assessment of the legal risks carried out by the executive directors we 
first obtained an understanding of the process in order to identify which controls the 
Company’s executive directors have implemented to recognize and asses risks at an early 
stage. In order to evaluate the assessment of the likelihood of legal risks occurring carried 
out by the executive directors of Porsche SE, we discussed the risks and the pending 
proceedings, taking into account the current developments in the reporting period, through 
discussions with the legal department, the member of the executive board responsible for 
legal affairs and compliance as well as representative of the law firms overseeing the 
proceedings. In this context, we involved legal experts in our audit and also obtained 
external letters of confirmation from attorneys. Furthermore, we assessed the Company’s 
explanations in the notes to the consolidated financial statements. 
 
 
We were able to follow the executive directors’ assessment of the legal risks and consider 
their presentation in the consolidated financial statements to be appropriate. 
③  
The assessment of the legal risks by the executive directors is included in the notes to  
the consolidated financial statements in the sections “Accounting policies” and  
“[20] Contingent liabilities from legal disputes” and in the management report in the 
sections “Significant events and developments at Porsche SE Group” and “Opportunities 
and risks of the Porsche SE Group”. 
❸  
Measurement of the investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft 
①  
In the consolidated financial statements of the Company, the investment in the associated 
company Dr. Ing. h.c. F. Porsche Aktiengesellschaft is reported under the balance sheet 
line item “Investments accounted for at equity” at an amount of € 10.2 billion (17 % of total 
assets). 
The investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft is a major asset of Porsche SE 
and, due to it being accounted for using the equity method through the proportionate 
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result attributable to Porsche SE, has a significant influence on the Porsche SE Group’s 
financial performance, financial position and assets and liabilities. 
On 18 September 2022, Porsche SE announced that it had entered into an agreement with 
Porsche Holding Stuttgart GmbH (a wholly owned subsidiary of Volkswagen AG) with the 
involvement of Volkswagen AG, Wolfsburg (as guarantor) to purchase two tranches of 
shares amounting in total to 25% of the ordinary shares plus one ordinary share of Dr. Ing. 
h.c. F. Porsche Aktiengesellschaft in connection with the initial public offering of Dr. Ing. 
h.c. F. Porsche Aktiengesellschaft. The ordinary shares of Dr. Ing. h.c. F. Porsche 
Aktiengesellschaft are not listed. 
The agreed purchase price per ordinary share amounted to €88.69, corresponding to the 
placement price of the preferred shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft under 
the IPO (€82.50) plus a premium of 7.5%. The total price for 25% plus one ordinary share 
of Dr. Ing. h.c. F. Porsche Aktiengesellschaft therefore amounts to €10.1 billion. The pricing of 
the preference shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft means that Porsche SE 
has been subject to the risk of changes in the value of its 25% plus one ordinary share 
investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft since 29 September 2022, and on 
that date recognized an at equity investment at cost in the amount of €10.1 billion. 
Porsche SE has significant influence over Dr. Ing. h.c. F. Porsche Aktiengesellschaft within 
the meaning of IAS 28 by virtue of the presence of representatives of Porsche SE on the 
supervisory board of Dr. Ing. h.c. F. Porsche Aktiengesellschaft and the grant of protective 
rights in the shareholders' agreement between Volkswagen AG and Porsche SE. 
The acquisition of the ordinary shares took place in two tranches. Closing of the transfer of 
the first tranche was contingent on the full placement of the preference shares in the IPO 
within the price range as well as on the book transfer of the placement shares against 
payment of the placement price. Closing, which occurred on 4 October 2022, coincided 
with the settlement of the purchase price liability of € 7.1 billion for the first tranche. 
Closing of the transfer of the second tranche of ordinary shares was contingent on the 
closing of the transfer of the first tranche and distribution of a special dividend of 
Volkswagen AG of 49% of the total gross proceeds from the placement of the preference 
shares (including any additional allocations) and the sale of the ordinary shares of Dr. Ing. 
h.c. F. Porsche Aktiengesellschaft. Porsche SE had the right unilaterally to waive this 
second closing condition and in this way initiate at any time an early transfer of the second 
tranche against payment of the purchase price. The voting rights associated with the 
ordinary shares under the second tranche had already been transferred to Porsche SE on 
delivery of the first tranche as of the date of the IPO. 
Moreover, Porsche SE had the right to bring about the transfer of the second tranche as of 
30 December 2022 without amending the due date of the purchase price as of the 
distribution date of the special dividend. To this end, a lien was to be granted over the 
ordinary shares of the second tranche to secure Volkswagen’s purchase price receivable. 
Porsche SE exercised this right so that the material transfer of the second tranche was 
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completed on 30 December 2022. The transaction resulted in Porsche SE having a 
purchase price obligation in an amount of € 3.0 billion as of 31 December 2022. 
The extraordinary general meeting of Volkswagen AG on 16 December 2022 resolved to 
modify the regular divided resolution in the form of a dividend increase. The special 
dividend was distributed to the shareholders on 9 January 2023, of which € 3.1 billion was 
attributable to Porsche SE. No investment income tax was deducted. Consequently, there 
was a dividend claim of € 3.1 billion of Porsche SE against Volkswagen AG as of  
31 December 2022. 
Volkswagen AG and Porsche SE agreed to offset Porsche SE's claim to the dividend from 
Volkswagen AG against Porsche SE's obligation to pay the purchase price still outstanding 
for the second tranche of ordinary shares. The dividend claim and the purchase price 
liability are therefore presented on a net basis in the consolidated financial statements as 
of 31 December 2022. 
In an ancillary calculation as part of the purchase price allocation, the fair value on initial 
recognition was offset against the proportionate share of the assets and liabilities 
recognized in the at equity-accounted carrying amount. Porsche SE engaged an external 
expert to conduct the purchase price allocation. Since the purchase price allocation 
required on acquisition of the ordinary shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft 
for the purpose of inclusion using the equity method had not yet been completed as of the 
date of preparing the consolidated financial statements, the net profit or loss attributable 
to Porsche SE from the investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft was 
calculated on a preliminary basis. 
The assessment of the executive directors of Porsche SE regarding the recoverability of 
the shares in Dr. Ing. h.c. F. Porsche Aktiengesellschaft accounted for at equity are subject 
to high estimation and judgment uncertainties with regard to key measurement parameters 
as well as the assumptions made in the business plan. 
Against this background and due to the significance of the effects of acquiring the ordinary 
shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft on the consolidated financial 
statements of Porsche SE, the assessment of the effects of the agreements entered into 
as part of the transaction in relation to significant influence over Dr. Ing. h.c. F. Porsche 
Aktiengesellschaft and the transfer of beneficial ownership of the ordinary shares under 
the second tranche, as well as the purchase price allocation, this matter was of particular 
significance in the context of our audit. 
②  
We began by assessing the agreements entered into as part of the acquisition of the 
ordinary shares and gained an understanding of the individual transactions and of how the 
acquisition of the ordinary shares of Dr. Ing. h.c. F. Porsche Aktiengesellschaft was 
reported in the consolidated financial statements of Porsche SE. 
 
 
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On the basis of the agreements entered into between Porsche SE, Volkswagen AG and 
Porsche Holding Stuttgart GmbH, the articles of association of Dr. Ing. h.c. F. Porsche 
Aktiengesellschaft and other documents, we evaluated, with the involvement of 
specialists, the assessment made by Porsche SE regarding the existence of significant 
influence in accordance with the requirements of IAS 28. In this connection, we also 
evaluated, with the involvement of specialists, the assessment regarding the transfer to 
Porsche SE of the voting rights associated with the ordinary shares under the second 
tranche as of the date of the IPO of Dr. Ing. h.c. F. Porsche Aktiengesellschaft. 
Furthermore, with the involvement of our valuation specialists, we assessed the 
appropriateness of the preliminary purchase price allocation as part of the initial 
measurement using the equity method, the material assumptions and the measurement 
methods. 
We also assessed the transfer of title to the ordinary shares under the second tranche as 
of 30 December 2022 and the offsetting of Porsche SE's dividend claim against the 
purchase price liability for acquisition of the second tranche. 
As part of our audit, we inquired the executive directors about whether or not there were 
indications of impairment of the investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft, 
and assessed their statements made and the information obtained on the basis of our 
knowledge of the Dr. Ing. h.c. F. Porsche Aktiengesellschaft Group’s legal and economic 
environment. 
We concluded by assessing whether the disclosures made in the notes to the 
consolidated financial statements in respect of the acquisition of the ordinary shares of  
Dr. Ing. h.c. F. Porsche Aktiengesellschaft, including the presentation of the underlying 
agreements, complied with the requirements of the IFRSs. 
With regard to the effects of a containment of the COVID pandemic not being successful 
in the long term, the supply shortages for semiconductors as well as a further escalation in 
the Russia-Ukraine conflict on the current net profit of Dr. Ing. h.c. F. Porsche 
Aktiengesellschaft and consequently on the measurement of the at equity-accounted net 
profit recognized at Porsche SE in the current financial year, we coordinated with the 
auditor responsible for the audit of the consolidated financial statements of Dr. Ing. h.c. F. 
Porsche Aktiengesellschaft. For this purpose we sent audit instructions to the auditor of 
the consolidated financial statements of Dr. Ing. h.c. F. Porsche Aktiengesellschaft, in 
which we made specifications about risk classification and the audit approach. We also 
held regular face-to-face meetings to obtain updates on the audit and reviewed the 
working papers of the auditor of the consolidated financial statements. 
In our view, the assessments made by the executive directors are sufficiently documented 
and substantiated and represent an appropriate basis for the measurement of the 
investment in Dr. Ing. h.c. F. Porsche Aktiengesellschaft, taking into account the 
information available. 
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③  
The accounting and measurement policies applied for the investment in Dr. Ing. h.c. F. 
Porsche Aktiengesellschaft and the associated disclosures on judgments of the executive 
directors regarding the assessment of the recoverability of the investment in Dr. Ing. h.c. F. 
Porsche Aktiengesellschaft are included in the notes to the consolidated financial 
statements in the section “Changes in the reporting period” as well as in the sections 
“Accounting policies”, “[1] Result from investments accounted for at equity” and  
“[9] Investments accounted for at equity” and in the group management report in the 
sections “Significant events and developments at the Porsche SE Group” and 
“Opportunities and risks of the Porsche SE Group”. 
Other Information 
 
The executive directors are responsible for the other information. The other information 
comprises the disclosures on the appropriateness and effectiveness of the risk management 
system and the internal control system contained in the subsection “Internal control system 
including internal control system of Porsche SE relevant for the financial reporting process” of 
the section “Risk management system of the Porsche SE Group” of the group management 
report as well as the disclosures contained in the subsection “Monitoring the effectiveness of the 
risk management system and the internal control system” of the section “Risk early warning 
system at Volkswagen” of the group management report as unaudited parts of the group 
management report. 
The other information comprises in addition  
• the statement on corporate governance pursuant to § 289f HGB and § 315d HGB  
• the separate non-financial group report to comply with §§ 315b to 315c HGB  
• the remuneration report pursuant to § 162 AktG [Aktiengesetz: German Stock Corporation 
Act], for which the supervisory board is also responsible  
• all remaining parts of the annual report – excluding cross-references to external information – 
with the exception of the audited consolidated financial statements, the audited group 
management report and our auditor’s report 
Our audit opinions on the consolidated financial statements and on the group management 
report do not cover the other information, and consequently we do not express an audit opinion 
or any other form of assurance conclusion thereon. 
 
 
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In connection with our audit, our responsibility is to read the other information mentioned above 
and, in so doing, to consider whether the other information  
• is materially inconsistent with the consolidated financial statements, with the group 
management report disclosures audited in terms of content or with our knowledge obtained 
in the audit, or  
• otherwise appears to be materially misstated. 
Responsibilities of the Executive Directors and the Supervisory Board for the 
Consolidated Financial Statements and the Group Management Report  
 
The executive directors are responsible for the preparation of the consolidated financial 
statements that comply, in all material respects, with IFRSs as adopted by the EU and the 
additional requirements of German commercial law pursuant to § 315e Abs. 1 HGB and that the 
consolidated financial statements, in compliance with these requirements, give a true and fair 
view of the assets, liabilities, financial position, and financial performance of the Group. In 
addition, the executive directors are responsible for such internal control as they have 
determined necessary to enable the preparation of consolidated financial statements that are 
free from material misstatement, whether due to fraud (i.e., fraudulent financial reporting and 
misappropriation of assets) or error. 
In preparing the consolidated financial statements, the executive directors are responsible for 
assessing the Group’s ability to continue as a going concern. They also have the responsibility 
for disclosing, as applicable, matters related to going concern. In addition, they are responsible 
for financial reporting based on the going concern basis of accounting unless there is an 
intention to liquidate the Group or to cease operations, or there is no realistic alternative but to 
do so. 
Furthermore, the executive directors are responsible for the preparation of the group 
management report that, as a whole, provides an appropriate view of the Group’s position and 
is, in all material respects, consistent with the consolidated financial statements, complies with 
German legal requirements, and appropriately presents the opportunities and risks of future 
development. In addition, the executive directors are responsible for such arrangements and 
measures (systems) as they have considered necessary to enable the preparation of a group 
management report that is in accordance with the applicable German legal requirements, and to 
be able to provide sufficient appropriate evidence for the assertions in the group management 
report. 
The supervisory board is responsible for overseeing the Group’s financial reporting process for 
the preparation of the consolidated financial statements and of the group management report. 
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Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements and of 
the Group Management Report  
 
Our objectives are to obtain reasonable assurance about whether the consolidated financial 
statements as a whole are free from material misstatement, whether due to fraud or error, and 
whether the group management report as a whole provides an appropriate view of the Group’s 
position and, in all material respects, is consistent with the consolidated financial statements 
and the knowledge obtained in the audit, complies with the German legal requirements and 
appropriately presents the opportunities and risks of future development, as well as to issue an 
auditor’s report that includes our audit opinions on the consolidated financial statements and on 
the group management report. 
Reasonable assurance is a high level of assurance, but is not a guarantee that an audit 
conducted in accordance with § 317 HGB and the EU Audit Regulation and in compliance with 
German Generally Accepted Standards for Financial Statement Audits promulgated by the 
Institut der Wirtschaftsprüfer (IDW) will always detect a material misstatement. Misstatements 
can arise from fraud or error and are considered material if, individually or in the aggregate, they 
could reasonably be expected to influence the economic decisions of users taken on the basis 
of these consolidated financial statements and this group management report. 
We exercise professional judgment and maintain professional skepticism throughout the audit. 
We also 
• Identify and assess the risks of material misstatement of the consolidated financial 
statements and of the group management report, whether due to fraud or error, design and 
perform audit procedures responsive to those risks, and obtain audit evidence that is 
sufficient and appropriate to provide a basis for our audit opinions. The risk of not detecting a 
material misstatement resulting from fraud is higher than for one resulting from error, as fraud 
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 
internal controls. 
• Obtain an understanding of internal control relevant to the audit of the consolidated financial 
statements and of arrangements and measures (systems) relevant to the audit of the group 
management report in order to design audit procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an audit opinion on the effectiveness of 
these systems. 
• Evaluate the appropriateness of accounting policies used by the executive directors and the 
reasonableness of estimates made by the executive directors and related disclosures. 
• Conclude on the appropriateness of the executive directors’ use of the going concern basis 
of accounting and, based on the audit evidence obtained, whether a material uncertainty 
exists related to events or conditions that may cast significant doubt on the Group’s ability to 
continue as a going concern. If we conclude that a material uncertainty exists, we are 
required to draw attention in the auditor’s report to the related disclosures in the consolidated 
financial statements and in the group management report or, if such disclosures are 
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inadequate, to modify our respective audit opinions. Our conclusions are based on the audit 
evidence obtained up to the date of our auditor’s report. However, future events or conditions 
may cause the Group to cease to be able to continue as a going concern. 
• Evaluate the overall presentation, structure and content of the consolidated financial 
statements, including the disclosures, and whether the consolidated financial statements 
present the underlying transactions and events in a manner that the consolidated financial 
statements give a true and fair view of the assets, liabilities, financial position and financial 
performance of the Group in compliance with IFRSs as adopted by the EU and the additional 
requirements of German commercial law pursuant to § 315e Abs. 1 HGB. 
• Obtain sufficient appropriate audit evidence regarding the financial information of the entities 
or business activities within the Group to express audit opinions on the consolidated financial 
statements and on the group management report. We are responsible for the direction, 
supervision and performance of the group audit. We remain solely responsible for our audit 
opinions. 
• Evaluate the consistency of the group management report with the consolidated financial 
statements, its conformity with German law, and the view of the Group’s position it provides. 
• Perform audit procedures on the prospective information presented by the executive 
directors in the group management report. On the basis of sufficient appropriate audit 
evidence we evaluate, in particular, the significant assumptions used by the executive 
directors as a basis for the prospective information, and evaluate the proper derivation of the 
prospective information from these assumptions. We do not express a separate audit opinion 
on the prospective information and on the assumptions used as a basis. There is a 
substantial unavoidable risk that future events will differ materially from the prospective 
information. 
We communicate with those charged with governance regarding, among other matters, the 
planned scope and timing of the audit and significant audit findings, including any significant 
deficiencies in internal control that we identify during our audit. 
We also provide those charged with governance with a statement that we have complied with 
the relevant independence requirements, and communicate with them all relationships and other 
matters that may reasonably be thought to bear on our independence, and where applicable, 
actions taken to eliminate threats or safeguards applied. 
 
 
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From the matters communicated with those charged with governance, we determine those 
matters that were of most significance in the audit of the consolidated financial statements of 
the current period and are therefore the key audit matters. We describe these matters in our 
auditor’s report unless law or regulation precludes public disclosure about the matter. 
Other legal and regulatory requirements  
Report on the Assurance on the Electronic Rendering of the Consolidated Financial 
Statements and the Group Management Report Prepared for Publication Purposes in 
Accordance with § 317 Abs. 3a HGB  
Assurance Opinion  
 
We have performed assurance work in accordance with § 317 Abs. 3a HGB to obtain reasonable 
assurance as to whether the rendering of the consolidated financial statements and the group 
management report (hereinafter the “ESEF documents”) contained in the electronic file 
Porsche_SE_KA+KLB_ESEF-2022-12-31.zip and prepared for publication purposes complies in 
all material respects with the requirements of § 328 Abs. 1 HGB for the electronic reporting 
format (“ESEF format”). In accordance with German legal requirements, this assurance work 
extends only to the conversion of the information contained in the consolidated financial 
statements and the group management report into the ESEF format and therefore relates neither 
to the information contained within these renderings nor to any other information contained in 
the electronic file identified above. 
In our opinion, the rendering of the consolidated financial statements and the group 
management report contained in the electronic file identified above and prepared for publication 
purposes complies in all material respects with the requirements of § 328 Abs. 1 HGB for the 
electronic reporting format. Beyond this assurance opinion and our audit opinion on the 
accompanying consolidated financial statements and the accompanying group management 
report for the financial year from 1 January to 31 December 2022 contained in the “Report on 
the Audit of the Consolidated Financial Statements and on the Group Management Report” 
above, we do not express any assurance opinion on the information contained within these 
renderings or on the other information contained in the electronic file identified above. 
 
 
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Basis for the Assurance Opinion 
 
We conducted our assurance work on the rendering of the consolidated financial statements 
and the group management report contained in the electronic file identified above in accordance 
with § 317 Abs. 3a HGB and the IDW Assurance Standard: Assurance Work on the Electronic 
Rendering, of Financial Statements and Management Reports, Prepared for Publication 
Purposes in Accordance with § 317 Abs. 3a HGB (IDW AsS 410 (06.2022)) and the International 
Standard on Assurance Engagements 3000 (Revised). Our responsibility in accordance therewith 
is further described in the “Group Auditor’s Responsibilities for the Assurance Work on the ESEF 
Documents” section. Our audit firm applies the IDW Standard on Quality Management 1: 
Requirements for Quality Management in the Audit Firm (IDW QS 1). 
Responsibilities of the Executive Directors and the Supervisory Board for the ESEF 
Documents  
 
The executive directors of the Company are responsible for the preparation of the ESEF 
documents including the electronic renderings of the consolidated financial statements and the 
group management report in accordance with § 328 Abs. 1 Satz 4 Nr. [number] 1 HGB and for 
the tagging of the consolidated financial statements in accordance with § 328 Abs. 1 Satz 4 
Nr. 2 HGB.  
In addition, the executive directors of the Company are responsible for such internal control as 
they have considered necessary to enable the preparation of ESEF documents that are free from 
material non-compliance with the requirements of § 328 Abs. 1 HGB for the electronic reporting 
format, whether due to fraud or error. 
The supervisory board is responsible for overseeing the process for preparing the ESEF 
documents as part of the financial reporting process. 
Group Auditor’s Responsibilities for the Assurance Work on the ESEF Documents  
 
Our objective is to obtain reasonable assurance about whether the ESEF documents are free 
from material non-compliance with the requirements of § 328 Abs. 1 HGB, whether due to fraud 
or error. We exercise professional judgment and maintain professional skepticism throughout the 
assurance work. We also  
• Identify and assess the risks of material non-compliance with the requirements of  
§ 328 Abs. 1 HGB, whether due to fraud or error, design and perform assurance procedures 
responsive to those risks, and obtain assurance evidence that is sufficient and appropriate to 
provide a basis for our assurance opinion. 
 
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• Obtain an understanding of internal control relevant to the assurance work on the ESEF 
documents in order to design assurance procedures that are appropriate in the 
circumstances, but not for the purpose of expressing an assurance opinion on the 
effectiveness of these controls. 
• Evaluate the technical validity of the ESEF documents, i.e., whether the electronic file 
containing the ESEF documents meets the requirements of the Delegated Regulation (EU) 
2019/815 in the version in force at the date of the consolidated financial statements on the 
technical specification for this electronic file. 
• Evaluate whether the ESEF documents provide an XHTML rendering with content equivalent 
to the audited consolidated financial statements and to the audited group management 
report. 
• Evaluate whether the tagging of the ESEF documents with Inline XBRL technology (iXBRL) in 
accordance with the requirements of Articles 4 and 6 of the Delegated Regulation (EU) 
2019/815, in the version in force at the date of the consolidated financial statements, enables 
an appropriate and complete machine-readable XBRL copy of the XHTML rendering. 
Further Information pursuant to Article 10 of the EU Audit Regulation 
We were elected as group auditor by the annual general meeting on 13 May 2022. We were  
engaged by the supervisory board on 23 September 2022. We have been the group auditor of 
the Porsche Automobil Holding SE, Stuttgart, without interruption since the financial year 2020. 
We declare that the audit opinions expressed in this auditor’s report are consistent with the  
additional report to the audit committee pursuant to Article 11 of the EU Audit Regulation  
(long-form audit report). 
Reference to another matter – use of the auditor’s report 
Our auditor’s report must always be read together with the audited consolidated financial 
statements and the audited group management report as well as the assured ESEF documents. 
The consolidated financial statements and the group management report converted to the ESEF 
format – including the versions to be filed in the company register – are merely electronic 
renderings of the audited consolidated financial statements and the audited group management 
report and do not take their place. In particular, the “Report on the Assurance on the Electronic 
Rendering of the Consolidated Financial Statements and the Group Management Report 
Prepared for Publication Purposes in Accordance with § 317 Abs. 3a HGB” and our assurance 
opinion contained therein are to be used solely together with the assured ESEF documents 
made available in electronic form. 
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German Public Auditor responsible for the engagement 
The German Public Auditor responsible for the engagement is Jürgen Berghaus. 
 
Stuttgart, 15 March 2023  
 
PricewaterhouseCoopers GmbH 
Wirtschaftsprüfungsgesellschaft 
 
 
Frank Hübner  
 
 
 
 
 
 
 
 
Jürgen Berghaus  
Wirtschaftsprüfer  
 
 
 
 
 
 
 
Wirtschaftsprüfer 
(German Public Auditor) 
 
 
 
 
 
(German Public Auditor) 
 
 
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We assure to the best of our knowledge, and in accordance with the applicable reporting 
principles, the consolidated financial statements give a true and fair view of the assets, liabilities, 
financial position and profit or loss of the group, and the group management report, which has 
been combined with the management report of Porsche SE, includes a fair review of the 
development and performance of the business and the position of the group, together with a 
description of the principal opportunities and risks associated with the expected development of 
the group. 
 
Stuttgart, 15 March 2023 
 
 
 
 
Porsche Automobil Holding SE The board of management 
 
 
 
 
 
 
Hans Dieter Pötsch      Dr. Manfred Döss      Dr. Johannes Lattwein      Lutz Meschke 
 
 
Responsibility statement 
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273

© 2023 Porsche Automobil Holding SE, Stuttgart
Imprint
Editor
Porsche Automobil Holding SE, Stuttgart
Photography
Claudia Kempf, Wuppertal
Dr. Ing. h.c. F. Porsche AG, Stuttgart
Volkswagen AG, Wolfsburg
AUDI AG, Ingolstadt
SEAT S.A., Martorell, Spain
ŠKODA AUTO a.s., Mladá Boleslav, Czech Republic
Bentley Motors Ltd, Crewe, Great Britain
Automobili Lamborghini S.p.A.,  
Sant’Agata Bolognese, Italy
Ducati Motor Holding S.p.A, Bologna, Italy
Scania AB, Södertälje, Sweden
MAN Truck & Bus AG, München
Creative conception
Simone Leonhardt, Frankfurt am Main
Total production
IThaus Münster GmbH & Co. KG, Kornwestheim
Inhouse produced with FIRE.sys
Financial calendar
23 March 2023
Annual Press and Analyst Conference
15 May 2023
Group quarterly statement 1st Quarter 2023
30 June 2023
Annual General Meeting 2023
8 August 2023
Half-yearly financial report 2023
13 November 2023
Group quarterly statement 3rd Quarter 2023
This annual report is available in German and English. This  
document is a non-binding convenience translation of the German 
original which is the legally valid document under German law.
274

Porsche Automobil Holding SE
Investor Relations
Box
70432 Stuttgart
Germany
Phone +49 (0) 711 911 - 244 20
Fax +49 (0) 711 911 - 118 19
InvestorRelations@porsche-se.com
www.porsche-se.com