2021
Non-financial group report 
of Porsche SE

Non-financial group report 
of Porsche SE
2
2021	
Non-financial group report of Porsche SE
Basis of reporting 
The non-financial group report of Porsche 
Automobil Holding SE (“Porsche SE” or the 
“company”) aims to give internal and external 
readers a transparent presentation of the concepts, 
strategies and processes relating to non-financial 
aspects in the Porsche SE Group. In addition, the 
non-financial group report is intended to help 
analyze the opportunities and risks associated with 
these aspects. 
This non-financial group report of Porsche SE  
for the fiscal year 2021 follows the commercial  
law requirements of Sec. 315b HGB 
[“Handelsgesetzbuch”: German Commercial Code] 
as well as the extended reporting obligations of 
Article 8 of Regulation (EU) 2020/852 of the 
European Parliament and of the Council of 18 June 
2020 (EU Taxonomy Regulation). In accordance with 
Sec. 289d HGB, it was considered which national, 
European or international frameworks could be 
used for the preparation of the non-financial group 
report. The Porsche SE Group currently opts not to 
use such a framework on account of deviating 
definitions of materiality between the frameworks 
and the legal requirements as well as the 
unreasonable cost-benefit ratio in light of the 
current corporate structure. The future use of a 
framework will be regularly evaluated; in particular, 
the current assessment may change with the 
acquisition of additional investments. 
Reporting covers Porsche SE and the fully 
consolidated entities included in the consolidated 
financial statements of the Porsche SE Group in the 
reporting year. The Porsche SE Group does not 
have control over its other investments, meaning 
that it can encourage sustainable corporate 
governance at these investments only through the 
shareholder dialogue and board work.  
Reporting on the Porsche SE Group mainly focuses 
on the non-financial aspects environmental matters, 
employee-related matters, social matters, respect 
for human rights and anti-corruption and bribery 
matters.

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2021	
Non-financial group report of Porsche SE
Business model of the Porsche SE Group 
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 Aktiengesellschaft 
(“Volkswagen AG”, “Volkswagen” or “VW”), one of 
the world’s leading automobile manufacturers. 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., Dr. Ing. h.c. F. Porsche AG, TRATON SE, 
Volkswagen Financial Services AG, Volkswagen 
Bank GmbH and in numerous other companies in 
Germany and abroad. In addition to the investment 
in Volkswagen, the Porsche SE Group holds PTV 
Planung Transport Verkehr GmbH, Karlsruhe 
(formerly PTV Planung Transport Verkehr AG, 
Karlsruhe) (“PTV”, together with its subsidiaries the 
“PTV Group”), which was fully consolidated until  
31 December 2021, as well as non-controlling 
interests in seven further technology companies in 
the USA, Israel and Germany.  
The investment strategy of Porsche SE aims for 
sustainable value creation for its shareholders. This 
is based on the increase in value of assets under 
management as well as dividend distributions. 
Porsche SE’s investments are divided into two 
categories. The first category includes the long-term 
core investment in Volkswagen AG. The second 
category comprises portfolio investments that 
Porsche SE generally holds for a limited period of 
time. Such investments are typically characterized 
by a high potential for growth and for increasing 
value during the holding period. The sector focus in 
both investment categories lies in mobility and 
industrial technology. 
Before acquiring investments, Porsche SE 
considers both financial and non-financial aspects 
of the target company. The scope of these 
investigations depends considerably on the 
company’s business model and market coverage. 
In addition to the core investment in Volkswagen, 
the Porsche SE Group has invested over the past 
few years in several companies that have significant 
sustainability aspects anchored in their business 
models. With their software solutions and data 
portfolio, the PTV Group and INRIX Inc., Kirkland, 
Washington (“INRIX”), aim to optimize traffic and 
transport routes, thereby making a significant 
contribution to reducing the consumption of 
resources and lowering emissions. The innovative 
3D printing solutions of our investments Markforged 
and Seurat Technologies will allow for a more 
efficient use of raw materials in development and a 
reduction of emissions by shortening supply chains.

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2021	
Non-financial group report of Porsche SE
Materiality analysis 
A materiality analysis has regularly been performed 
in accordance with the principle of double 
materiality (“Doppelter Wesentlichkeitsvorbehalt”) 
during preparation of the non-financial group report 
of Porsche SE. As a result, the aspects employee-
related matters and anti-corruption and bribery 
matters (compliance) remained classified as 
material for the Porsche SE Group. For further 
aspects, the analysis only revealed indirect effects 
on the Porsche SE Group and did not identify any 
direct significant influence of the Porsche SE Group 
on the aspects. 
The Porsche SE Group also attaches great 
importance to the aspects environmental matters, 
social matters and respect for human rights. 
However, none of the companies relevant for the 
non-financial reporting are from manufacturing or 
commodity- and energy-intensive industries, which 
is why these aspects have been classified as 
immaterial for the Porsche SE Group in this context. 
Nevertheless, the Porsche SE Group considers 
these aspects in its investment management and 
also takes all of these into account in due diligence 
activities before an investment. 
There are currently no non-financial key 
performance indicators that are material for the 
business activities of the Porsche SE Group. 
Material non-financial aspects 
Employee-related matters 
The qualification, motivation and efficiency of the 
Porsche SE Group’s employees are key factors for 
its success. These factors will be strengthened by 
promoting a corresponding work culture among 
employees and management. This applies both to 
Porsche SE as a holding company for successfully 
implementing its investment strategy and to the  
PTV Group, each facing fierce competition for 
qualified specialists. Attracting and retaining 
qualified employees and promoting health and 
advanced training are therefore main interests of the 
Porsche SE Group. 
In light of the Covid-19 pandemic, the protection of 
the health of the Porsche SE Group’s employees 
continued to play a significant role in the fiscal year 
2021. To this end, the Porsche SE Group took and 
has continued to take extensive measures. Rules of 
conduct updated to reflect the current situation 
were regularly communicated to all employees. 
Furthermore, the technical and organizational 
measures as well as internal processes in place to 
enable employees to largely work remotely were 
optimized. Further concrete measures included in 
particular a test concept for all employees, the 
possibility of being vaccinated against Covid-19 by 
the company physician practice as well as the 
continued provision of protective masks.

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2021	
Non-financial group report of Porsche SE
Employee health is also fundamentally an important 
concern of the Porsche SE Group. Offers include in 
particular occupational measures to promote 
healthcare, medical examinations and prevention 
programs as well as fitness programs located close 
to the place of work. Furthermore, a modern 
workplace concept has been implemented in 
accordance with the latest ergonomic and health 
and safety recommendations. 
There are concepts to promote additional 
employee-related matters at Porsche SE level as 
well as at PTV Group level. A key pillar of this is the 
creation of a corporate culture based on mutual 
appreciation and respect. This includes protecting 
employee rights, supported by professional 
processes in HR. Other components include 
informing employees about central developments  
in the company as well as encouraging 
communication and cross-department dialogue 
between employees by regularly holding various 
types of joint events. 
A major factor in attracting and retaining employees 
is the attractiveness of the Porsche SE Group 
companies as an employer. Alongside an attractive 
and fair remuneration, Porsche SE has also set up a 
company pension scheme with employer-funded 
contributions as well as the possibility of adding 
employee-funded components. Individual 
development opportunities are available for 
employees and management, comprising internal 
and external training and workshops, attending 
specialist events, selected subsidized in-service 
training programs, the use of personal coaching 
sessions as well as needs-based language courses. 
These offerings were almost exclusively held 
virtually in 2021 due to Covid-19.

6
2021	
Non-financial group report of Porsche SE
Compliance 
Porsche SE is fully committed to compliance as part 
of its corporate culture. Adherence to statutory 
requirements as well as company-internal 
guidelines and standards are the basic principles of 
entrepreneurial behavior in the Porsche SE Group. 
Significant components are therefore ensuring and 
promoting conduct that is in line with the law as well 
as combating corruption and bribery. 
The Porsche SE Group fulfills its responsibilities 
through extensive activities in the area of 
compliance. For instance, Porsche SE has 
established a dedicated legal affairs and 
compliance board of management function. The 
Porsche SE’s member of the board of management 
responsible for legal affairs and compliance is 
tasked with reporting to the whole board of 
management on all questions relating to 
compliance, taking preventive measures, managing 
these and also monitoring and encouraging 
compliance with regulations. 
To manage compliance risks, Porsche SE has 
established a compliance organization and thus 
implemented a compliance management system. 
This system is specifically tasked with preventing 
breaches of laws, other legal requirements and 
company-internal guidelines and regulations. An 
internal company directive of Porsche SE stipulates 
the responsible organizational units and decision-
makers in terms of procedures relating to 
compliance. Within its compliance organization 
Porsche SE has set up a compliance council, which 
comprises executives from the key departments. In 
addition to the adjustment of internal guidelines, the
compliance council’s meetings in the fiscal year 
2021 primarily addressed general compliance 
matters. Porsche SE conducted training and other 
information measures for its employees relating to 
compliance in the fiscal year 2021. Furthermore, 
employees of Porsche SE have the opportunity to 
report any suspected breaches of law within the 
company through defined communication channels, 
also in anonymous form. The compliance 
organization is also supported by the Internal Audit 
function that is integrated in the risk management 
system. 
The PTV Group has anchored compliance with legal 
and internal regulations in its group-wide code of 
conduct. This code of conduct provides guidance 
for entrepreneurial behavior of all employees in the 
PTV Group. This guidance is supplemented by 
internal compliance guidelines. Management and 
executives are tasked with ensuring that their 
employees are aware of and comply with the code 
of conduct and the internal compliance guidelines 
and bear a particular responsibility as role models. 
Employees’ compliant behavior is promoted via 
company-wide information and clarification about 
the obligations and competences of their respective 
business division. Furthermore, employees of the 
PTV Group have the opportunity to report any 
suspected breaches of law within the company in 
anonymous or non-anonymous form using a 
compliance e-mail address.

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2021	
Non-financial group report of Porsche SE
Risk assessment 
Significant non-financial aspects are taken into 
account in the Porsche SE Group’s risk 
management system. In particular, the risk area 
“Compliance” in the risk management system 
comprises risks from non-compliance with the 
statutory requirements as well as company-internal 
guidelines for the Porsche SE Group. As of the 
reporting date, these risks are considered low. 
Based on current estimations, there are no 
significant risks from the Porsche SE Group’s 
business activities and no significant risks 
associated with the Porsche SE Group’s business 
relationships, products or services that are very 
likely to have serious consequences for the non-
financial aspects.

8
2021	
Non-financial group report of Porsche SE
EU Taxonomy 
Introduction 
As part of the EU Commission’s Green Deal, with 
the primary aim of climate neutrality by 2050, the 
EU Taxonomy Regulation came into force in July 
2020 as a key measure of the action plan on 
financing sustainable growth.  
In this context, Porsche SE is required to expand  
its non-financial group report for the first time for 
the fiscal year 2021 to include the reporting 
requirements pursuant to Article 8 of the EU 
Taxonomy Regulation. In particular, information  
on how and to what extent the activities of the  
Porsche SE Group are associated with economic 
activities classified as environmentally sustainable 
activities as defined by the EU Taxonomy 
Regulation has to be provided. For this purpose, the 
respective proportions of, capital expenditures and 
operating expenses are to be disclosed. 
Porsche SE makes use of the simplifications 
available for first-time application, meaning that for 
the fiscal year 2021 the economic activities only 
have to be classified in terms of their fundamental 
Taxonomy-eligibility pursuant to the delegated act 
on the first two environmental objectives “climate 
change mitigation” and “climate change adaptation” 
and disclosed together with the associated key 
performance indicators (KPIs). 
Economic activities  
The identified economic activities of Porsche SE, 
Porsche Beteiligung GmbH, Porsche Zweite 
Beteiligung GmbH, Porsche Dritte Beteiligung 
GmbH and Porsche Vierte Beteiligung GmbH are 
limited to activities in connection with their 
functions as holding companies. These economic 
activities are classified as Taxonomy-non-eligible 
based on the statistical classification of economic 
activities in the European Community (NACE Rev. 2) 
and the delegated act of the EU Taxonomy 
Regulation. 
The investment in Volkswagen AG is accounted for 
at equity in the consolidated financial statements of 
Porsche SE. Its economic activities are hence not 
included in Porsche SE’s disclosures. 
Due to the sale of shares in PTV, PTV’s business is 
classified in Porsche SE’s financial statements for 
the fiscal year 2021 as a discontinued operation 
according to IFRS 5. As a result, none of the 
revenue and operating expenses of the PTV Group 
are recognized in the consolidated income 
statement of Porsche SE. This means that none of 
the PTV Group’s revenue falls within the scope of 
the EU Taxonomy Regulation. Accordingly, Porsche 
SE does not consider operating expenses and 
capital expenditures in connection with the 
discontinued operations to be within the scope of 
the EU Taxonomy as well.

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2021	
Non-financial group report of Porsche SE
Fiscal year 2021 – Proportion of revenue associated with Taxonomy-eligible activities 
 
 
Fiscal year 2021 – Proportion of capital expenditures associated with Taxonomy-eligible activities 
 
 
 
 
Absolute revenue 
Proportion of revenue 
 
 
 
 
€ million 
% 
Economic activities 
 
 
A. Taxonomy-eligible activities 
 
 
Revenue from Taxonomy-eligible activities (A) 
- 
- 
B. Taxonomy-non-eligible activities 
 
 
Revenue from Taxonomy-non-eligible activities (B) 
- 
- 
Total (A + B) 
- 
- 
 
Absolute  
Proportion of  
 
capital expenditures 
capital expenditures 
 
 
 
 
€ million 
% 
Economic activities 
 
 
A. Taxonomy-eligible activities  
 
 
Capital expenditures of Taxonomy-eligible activities (A) 
0 
0.0 
B. Taxonomy-non-eligible activities 
 
 
Capital expenditures of Taxonomy-non-eligible activities (B) 
1 
100.0 
Total (A + B) 
1 
100.0

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2021	
Non-financial group report of Porsche SE
Fiscal year 2021 – Proportion of operating expenses associated with Taxonomy-eligible activities 
 
 
 
Porsche SE’s other portfolio investments also do 
not fall within the scope of the EU Taxonomy 
Regulation due to their character as minority 
interests. 
 
KPIs and calculation 
The quantitative information was calculated based 
on the consolidated financial statements of  
Porsche SE. They were included in the respective 
denominator in accordance with the delegated act 
of the EU Taxonomy Regulation. According to this, 
revenue corresponds to the revenue as defined by 
IAS 1.82(a) reported in the IFRS consolidated 
financial statements. The Porsche SE Group did not 
generate any revenue in the fiscal year 2021. 
Calculating the proportion of Taxonomy-eligible and 
Taxonomy-non-eligible economic activities in total 
revenue is hence not feasible. 
Capital expenditures comprise the additions to 
property, plant and equipment and intangible assets 
from continuing operations before amortization and 
depreciation and revaluation pursuant to the 
pertinent IFRSs. Operating expenses comprise  
the direct and non-capitalized expenses from 
continuing activities within the meaning of the 
delegated act.  
 
Absolute  
Proportion of  
 
operating expenses 
operating expenses 
 
 
 
 
€ million 
% 
Economic activities 
 
 
A. Taxonomy-eligible activities  
 
 
Operating expenses of Taxonomy-eligible activities (A) 
0 
0.0 
B. Taxonomy-non-eligible activities 
 
 
Operating expenses of Taxonomy-non-eligible activities (B) 
1 
100.0 
Total (A + B) 
1 
100.0

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2021	
Non-financial group report of Porsche SE
The capital expenditures relating to the holding 
operations of Porsche SE, Porsche Beteiligung 
GmbH, Porsche Zweite Beteiligung GmbH,  
Porsche Dritte Beteiligung GmbH and Porsche 
Vierte Beteiligung GmbH consist of additions to 
property, plant and equipment and intangible assets 
of €1 million. In light of PTV’s classification as a 
discontinued operation according to IFRS 5, the 
additions to property, plant and equipment and 
intangible assets of the PTV Group were not 
included in the calculation of capital expenditures. 
The operating expenses of the Porsche SE Group 
contain expenses on a small scale only for short-
term leases and maintenance and repair costs of  
€1 million. In the fiscal year 2021, no expenses were 
incurred in connection with research and 
development or renovation measures.  
The capital expenditures and operating expenses 
relate entirely to Taxonomy-non-eligible economic 
activities. In the fiscal year 2021, there were no 
significant individual sustainable operating 
expenses or capital expenditures. As a result, the 
proportion of operating expenses and capital 
expenditures relating to Taxonomy-eligible 
economic activities was 0% and the proportion 
relating to Taxonomy-non-eligible economic 
activities was 100% in the fiscal year 2021. 
 
 
 
 
 
Stuttgart, 16 March 2022 
 
Porsche Automobil Holding SE 
The board of management 
 
 
Hans Dieter Pötsch            Dr. Manfred Döss            Dr. Johannes Lattwein            Lutz Meschke