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1、Annual Financial StatementsDr.Ing.h.c.F.Porsche AktiengesellschaftFiscal year 2024911 Turbo 50 Years(WLTP):Fuel consumption combined 12.5 12.3 l/100 km,CO emissions combined 283 278 g/km;CO class G2The management report of Dr.Ing.h.c.F.Porsche Aktiengesellschaft,Stuttgart,and the group management re

2、port have been combined pursuant to section 315(5)of the Handelsgesetzbuch(HGB German Commercial Code)and published in the Annual and Sustainability Report for 2024.The annual financial statements and the management report of Dr.Ing.h.c.F.Porsche Aktiengesellschaft for fiscal year 2024,which has bee

3、n combined with the group management report,have to be submitted electronically to the operator of the Unternehmensregister German Company Register and entered there.The annual financial statements of Dr.Ing.h.c.F.Porsche Aktiengesellschaft as well as the Annual and Sustainability Report for fiscal

4、year 2024 are also available online at https:/.ANNUAL FINANCIAL STATEMENTS FOR FISCAL YEAR 2024DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT3Annual Financial Statements for Fiscal Year 20244 BALANCE SHEET5 INCOME STATEMENT6 NOTES TO THE ANNUAL FINANCIAL STATEMENTS46 RESPONSIBILITY STATEMENT47 INDEPENDENT

5、AUDITORS REPORTTABLE OF CONTENT4 million Note Dec.31,2024 Dec.31,2023 Assets Fixed assets Intangible assets 1 2,100 2,438 Property,plant and equipment 1 7,458 6,898 Financial assets 1 7,799 6,144 17,357 15,480 Current assets Inventories 2 3,167 2,935 Receivables 3 5,766 5,777 Other assets 3 865 1,03

6、2 Cash on hand and bank balances 17 16 9,816 9,759 Prepaid expenses 151 154 Excess of covering assets over pension and similar obligations 1 0 27,325 25,393 Equity and liabilities Equity Subscribed capital 4 911 911 Capital reserves 4 3,822 3,822 Retained earnings 4 6,815 3,420 Distributable profit

7、4 2,100 3,420 13,648 11,573 Provisions Provisions for pensions and similar obligations 5 5,186 5,291 Miscellaneous provisions 5 4,305 3,881 9,492 9,172 Liabilities Liabilities to banks 6 765 1,074 Advance payments received on account of orders 6 55 46 Trade payables 6 950 1,069 Miscellaneous liabili

8、ties 6 1,814 1,907 3,583 4,096 Deferred income 7 603 553 27,325 25,393 BALANCE SHEETOF DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT AS OF DECEMBER 31.20245Annual Financial Statements for Fiscal Year 2024 Income Statement ANNUAL FINANCIAL STATEMENTS FOR million Note 2024 2023 Sales revenue Sales revenue 8

9、 30,795 31,839 Changes in inventories and other own work capitalized 9 -45 84 Total operating performance 30,750 31,923 Other operating income 10 2,337 3,155 Cost of materials 11 -18,500 -18,993 Personnel expenses 12 -3,070 -3,336 Amortization and depreciation of intangible assets and property,plant

10、 and equipment -1,859 -1,662 Other operating expenses 13 -4,840 -4,580 Investment result 14 535 1,932 Interest result 15 -16 -37 Earnings before taxes 5,336 8,402 Income tax 16 -1,135 -1,525 Earnings after taxes 4,201 6,877 Other taxes 17 -26 -37 Net income for the year 4,175 6,840 Transfer to retai

11、ned earnings -2,075 -3,420 Distributable profit 18 2,100 3,420 INCOME STATEMENTOF DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT FOR THE PERIOD FROM JANUARY 1,2022 TODECEMBER 31,20246NOTES TO THE ANNUAL FINANCIAL STATEMENTS Financial statements in accordance with German commercial law The annual financial

12、statements of Dr.Ing.h.c.F.Porsche Aktiengesellschaft(“Porsche AG”),with registered offices in Stuttgart and entered in the commercial register of Stuttgart local court under HRB no.730623,are prepared in accordance with the provisions of the Handelsgesetzbuch(HGB German Commercial Code)and the spec

13、ial requirements of the Aktiengesetz(AktG German Stock Corporation Act)in euro.The fiscal year corresponds to the calendar year.In order to improve clarity,some items have been combined in the balance sheet and income statement.These items are broken down in the report below.Figures in the annual fi

14、nancial statements are rounded to the nearest million euro;this can lead to minor differences in total amounts.Notes are also disclosed in millions of euro(million),unless indicated otherwise.The income statement is classified using the nature of expense method.Volkswagen AG,Wolfsburg,indirectly hol

15、ds,via Porsche Holding Stuttgart GmbH,75.4%of Porsche AGs share capital.Porsche Automobil Holding SE,Stuttgart,directly holds 12.5%of the share capital.The remaining share capital is in free float.Accordingly,the investment structure remains unchanged compared to fiscal year 2023.Porsche AG is inclu

16、ded in the consolidated financial statements of Volkswagen AG which are published in the Unternehmensregister German Company Register.These consolidated financial statements represent the largest consolidated group in which the company is included.Porsche AG,itself a parent company,also prepares con

17、solidated financial statements that are likewise published in the Unternehmensregister German Company Register.These consolidated financial statements represent the smallest consolidated group in which the company is included.Porsche AG is a dependent company of Porsche Holding Stuttgart GmbH,Volksw

18、agen AG and Porsche Automobil Holding SE as defined by section 17(1)AktG.Pursuant to a consortium agreement,the Porsche and Pich families have direct and indirect control,respectively,over Porsche Automobil Holding SE.Therefore,relations with individuals and entities of the Porsche and Pich families

19、 are subject to the disclosure requirements.The Executive Board of Porsche AG has submitted to the Supervisory Board the report required by section 312 AktG and issued the concluding declaration presented in the combined management report.Declaration on the German Corporate Governance Code in accord

20、ance with section 161 AktG/section 285 no.16 HGB The Executive Board and Supervisory Board of Porsche AG issued the declaration of conformity in accordance with section 161 AktG in December 2024.The declaration has been made permanently available at https:/investor- NOTES TO THE ANNUAL FINANCIAL STA

21、TEMENTSOF DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT AS OF DECEMBER 31.20247Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements ACCOUNTING POLICIES All accounting policies applied in the prior year were retained.Fixed assets Purchased intangible assets are recogniz

22、ed at acquisition cost and,if they have a limited life,amortized over three to nine years using the straight-line method.The option to recognize internally generated intangible assets is not exercised.Property,plant and equipment are carried at acquisition or production cost and reduced by depreciat

23、ion if they have a finite life.Depreciation of property,plant and equipment is based primarily on the following useful lives:Useful life Buildings 1450 years Leasehold improvements 1035 years Technical equipment and machinery 520 years Other equipment,furniture and fixtures 330 years The cost of sel

24、f-constructed property,plant and equipment includes direct costs as well as a proportionate share of overheads and production-related depreciation expenses.Borrowing costs are not included in production cost.Write-downs are recognized if the impairment is expected to be permanent;write-downs are rev

25、ersed up to the amount of amortized cost as soon as the reasons for the write-down no longer apply.Advance payments made for fixed assets are generally measured at their nominal value.Shares in affiliates,equity investments and securities classified as fixed assets are measured at the lower of acqui

26、sition cost or fair value if the impairment is expected to be permanent.By preference,fair values of the shares are calculated using the discounted cash flow method if a market value is not available.The basis for calculating fair value using the discounted cash flow method is managements current pl

27、anning,which is based on expectations regarding future economic trends.The planning period generally covers five years.The discount rate used for the expected cash flows is the weighted average cost of capital(WACC),taking account of the planning and a terminal value.If the reasons for permanent imp

28、airment no longer exist,the write-down is reversed up to the amortized cost.Securities held as covering assets for post-employment benefit obligations are measured at fair value and offset against the corresponding provisions.These securities are assets that are exempt from attachment by all credito

29、rs and that exclusively serve to settle liabilities from post-employment benefit obligations.The new shares in Porsche Investments Management S.A.,Luxembourg,received in fiscal year 2024 were granted in return for the contribution of shares in MHP Management-und IT-Beratung GmbH,Ludwigsburg,and have

30、 been measured at the fair value of the contributed shares,exercising the accounting option.The fair value was determined using the discounted cash flow method.The basis for calculating fair value using the discounted cash flow method is managements current planning,which is based on expectations re

31、garding future economic trends.The planning period covers a period of five years.8 Current assets Raw materials,consumables and supplies and merchandise carried in inventories are measured at the lower of average cost or replacement cost.In addition to direct materials and direct labor costs,the car

32、rying amount of finished goods and work in progress also includes proportionate indirect materials and labor costs,including depreciation in the amount required.Adequate valuation allowances take account of all identifiable storage and inventory risks.Borrowing costs are not included in production c

33、ost.Advance payments of inventories are generally carried at nominal value.Porsche AG recognizes emissions certificates as of the date of acquisition.They are measured at the lower of cost or fair value.Receivables and other assets are carried at their nominal value.Write-downs to the lower fair val

34、ue are recognized for identifiable specific risks.Non-interest-bearing receivables due after more than one year are carried at their present value as of the balance sheet date by applying an interest rate to match the maturity.Assets denominated in foreign currencies are converted at the mean spot r

35、ate prevailing at the balance sheet date.Assets denominated in foreign currencies with a term longer than one year are converted at the mean spot rate as of the date of initial recognition or at the lower exchange rate as of the balance sheet date.If receivables are hedged using forward exchange con

36、tracts or currency options,the receivables are also valued at the respective mean spot rate as of the reporting date in accordance with the gross method,and the corresponding hedging derivative is recognized at market value under other assets or under provisions for potential losses.Cash and bank ba

37、lances are measured at their nominal amount.Expenditure prior to the reporting date that represents an expense for a specific period after this date is recognized under prepaid expenses on the assets side of the balance sheet.Provisions Provisions for pensions and similar obligations are measured in

38、 accordance with actuarial principles;the projected unit credit method is used for defined benefit plans.Future obligations are measured on the basis of benefit entitlements earned pro rata temporis as of the balance sheet date.In addition to the pension payments and vested entitlements known as of

39、the balance sheet date,future increases in salaries and pensions are taken into consideration,along with other relevant parameters.For the discounting,the average market interest rate of the last ten years published by Deutsche Bundesbank as of the balance sheet date was taken into account in accord

40、ance with section 253(2)HGB for an assumed remaining maturity of 15 years.For pension obligations,the fair value of the respective plan assets is offset against the settlement amount of the obligations.The fair value of the plan assets is determined on the basis of market values.Provisions for long-

41、service awards and death benefits are measured using the projected unit credit method.Provisions for obligations under phased retirement agreements are measured in accordance with actuarial principles,taking account of expected salary trends and the latest mortality tables.They are discounted using

42、the discount rate published by Deutsche Bundesbank for the balance sheet date in accordance with section 253(2)HGB.This rate has been determined on the basis of a seven-year average and a remaining maturity of two years.For agreements entered into in the reporting year,it is assumed that the agreed

43、benefits constitute remuneration.Consequently,the top-up amounts are accumulated pro rata temporis over the vesting period.Provisions for taxes and other provisions are calculated at the settlement value required according to prudent business judgment.Future price and cost increases expected at the

44、time of settlement of the obligation are taken into account.Provisions that have an expected remaining maturity of more than one year are discounted to match the maturity at the average market interest rate of the past seven fiscal years as published by Deutsche Bundesbank.9Annual Financial Statemen

45、ts for Fiscal Year 2024 Notes to the Annual Financial Statements Provisions for warranty obligations are recognized on the basis of the historical or estimated probability of claims affecting vehicles delivered.The estimation is based on incurred costs for reference vehicles and is updated annually.

46、Provisions are also recognized for recall/service campaigns.Liabilities Liabilities are carried at their settlement amount.Liabilities denominated in foreign currencies are converted at the mean spot rate prevailing as of the date of initial recognition.Short-term foreign currency liabilities due wi

47、thin one year or less are measured at the mean spot rate.Long-term foreign currency liabilities are recognized at a higher carrying amount,with the difference recognized in the income statement if the closing rate is higher.Advance payments received are recognized at their nominal value.Receipts pri

48、or to the reporting date that represent income for a specific period after that date are reported under deferred income on the equity and liabilities side of the balance sheet.Deferred taxes and income tax Deferred taxes are recorded for temporary differences between the HGB carrying amounts of all

49、assets and liabilities and their tax base,principally in respect of pension provisions,warranty provisions and provisions for potential losses in connection with derivative financial instruments.Porsche AG is also a partner in various partnerships.Deferred taxes also have to be reported at Porsche A

50、G where these relate to corporation tax.The deferred taxes in respect of these differences are calculated on the basis of an average income tax rate of 30.2%or 15.8%for temporary differences that are attributable to different carrying amounts at partnerships in which Porsche AG is a partner.The opti

51、on to recognize excess deferred tax assets in accordance with section 274(1)sentence 2 HGB is not exercised.The model rules published by the OECD on global minimum taxation(Pillar 2)were enacted or largely enacted in certain countries in which the Porsche Group operates.In Germany,the legislation ca

52、me into force for the Porsche Group for the fiscal year beginning on January 1,2024.The Porsche Group falls within the scope of the enacted or largely enacted legislation and has assessed the expected tax burden of the Porsche Group with regard to global minimum taxation.The assessment of the potent

53、ial risk arising from minimum taxation is based on the most recent country-by-country report and financial statements of Porsche AGs affiliates.In almost all countries in which the Porsche Group operates,the effective tax rates of Pillar 2 are over 15%.The United Arab Emirates and Ireland are the on

54、ly countries where the temporary safe harbor exemption does not apply and the effective Pillar 2 tax rate is under 15%.The Porsche Groups expenses related to the introduction of global minimum taxation(Pillar 2)totaled 2 million in the fiscal year.Since the global minimum taxation has not been imple

55、mented locally in the United Arab Emirates,1 million of this amount has been reported as a tax liability at Porsche AG.10 Derivative financial instruments In accordance with section 254 HGB,derivative financial instruments are combined with an underlying transaction to form a hedge,provided there is

56、 a direct hedging relationship between the financial transaction and underlying transaction.These are recognized using the“net hedge presentation method”;i.e.,the items are not measured to the extent that and for as long as offsetting changes in fair value or cash flows are compensated.In some cases

57、,the gross hedge presentation method is used,i.e.,offsetting changes in cash flows are recognized separately and compensate each other.Forward exchange contracts and commodity futures are measured by comparing the agreed rate with the forward rate for the same maturity as of the balance sheet date.A

58、 provision is recognized for any resulting unrealized loss.Any positive gains(remeasurement gains)are not recognized.Gains and losses are not offset.Derivatives not included in hedge accounting are measured individually at market value.Any resulting unrealized losses are recognized through profit or

59、 loss.Transactions denominated in foreign currencies are translated at the exchange rates prevailing at the transaction dates or at agreed exchange rates.Expected exchange rate losses as of the balance sheet date are reflected in the measurement of the items.11Annual Financial Statements for Fiscal

60、Year 2024 Notes to the Annual Financial Statements NOTES TO THE BALANCE SHEET 1 Fixed assets Additions in the fiscal year amount to:million Dec.31,2024 Dec.31,2023 Intangible assets 685 749 Property,plant and equipment 1,704 1,364 Financial assets 2,373 3,198 4,762 5,311 The additions to financial a

61、ssets of 2,373 million(prior year:3,198 million)are accompanied by disposals of 714 million(prior year:122 million).These additions are primarily the result of a change in the intragroup investment structure through the contribution of shares in MHP Management-und IT-Beratung GmbH,Ludwigsburg,in ret

62、urn for the granting of new shares in Porsche Investments Management S.A.,which led to additions of 1,592 million and disposals of shares of 266 million.In addition,there were reclassifications in securities investment funds,which resulted in disposals of shares in the UI-25 fund of 418 million and

63、additions of shares in the UI-356 fund of 420 million.Amortization,depreciation and write-downs were charged on:million Dec.31,2024 Dec.31,2023 Intangible assets 792 693 Property,plant and equipment 1,067 969 Financial assets 33 53 1,893 1,716 Write-downs on financial assets mainly relate to the sha

64、res in Cetitec GmbH,Pforzheim(30 million),and OOO Porsche Russland,Moscow(3 million).Impairment losses on intangible assets were also recorded(60 million).DISCLOSURES IN ACCORDANCE WITH SECTION 285 NO.26 HGB Securities investment funds(values as of December 31,2024)million Carrying amount Market val

65、ue Market value carrying amount Distribution in 2024 Daily redemption possible UI-356 fund 1,713 1,791 78 25 Yes UI-SP25 fund 3 4 1 9 Yes 1,716 1,795 79 34 Investments in the UI-356 and UI-SP25 investment funds are allocated to fixed assets and measured at acquisition cost.They aim to generate a ret

66、urn in line with risks in compliance with established investment guidelines and risk parameters.This involves using all common forms of investment such as shares,fixed-rate and variable-rate securities,derivatives,foreign currencies and other assets.All fund shares are calculated on a daily basis by

67、 the capital management company of the funds and can be redeemed on a daily basis.The investment strategies in the funds are implemented by several asset managers.12 Statement of changes in fixed assets:The list of shareholdings of Porsche AG is presented in note 29.Gross carrying amounts million Ac

68、quisition/production cost Jan.1,2024 Additions Re-classifications Disposals Acquisition/production cost Dec.31,2024 Intangible assets Purchased franchises,industrial and similar rights and assets,and licenses in such rights and assets 6,744 577 615 -189 7,747 Advance payments made 1,130 108 -596 -20

69、7 435 7,874 685 19 -396 8,182 Property,plant and equipment Land,land rights and buildings,including buildings on third-party land 4,353 58 109 -15 4,505 Technical equipment and machinery 1,769 139 261 -43 2,126 Other equipment,furniture and fixtures 9,437 901 484 -452 10,369 Advance payments and ass

70、ets under construction 1,294 606 -872 -9 1,018 16,852 1,704 -19 -519 18,018 Financial assets Shares in affiliates 4,176 1,882 -296 5,763 Equity investments 349 42 390 Securities classified as fixed assets 1,686 449 -418 1,716 6,211 2,373 -714 7,869 30,937 4,762 -0 -1,629 34,069 13Annual Financial St

71、atements for Fiscal Year 2024 Notes to the Annual Financial Statements Amortization,depreciation and write-downs Accumulated amortization,depreciation and write-downs Jan.1,2024 Amortization,depreciation and write-downs current year Disposals Re-classifications Write-ups Accumulated amortization,dep

72、reciation and write-downs Dec.31,2024 Carrying amounts Dec.31,2024 Carrying amounts Dec.31,2023 xx 5,437 792 -146 -0 6,083 1,664 1,307 435 1,130 5,437 792 -146 -0 6,083 2,099 2,437 1,268 134 -4 1 1,400 3,106 3,085 1,011 152 -37 -1 1,125 1,001 757 7,675 781 -421 -0 8,035 2,333 1,762 1,018 1,294 9,954

73、 1,067 -462 -0 10,560 7,458 6,898 66 33 -30 70 5,693 4,110 390 349 1,716 1,686 66 33 -30 70 7,799 6,144 15,458 1,893 -638 -0 16,713 17,357 15,479 14 2 Inventories million Dec.31,2024 Dec.31,2023 Raw materials,consumables and supplies 400 344 Work in progress(goods)298 268 Work in progress(services)4

74、 38 Finished goods and merchandise 1,847 1,984 Advance payments made 619 301 3,167 2,935 3 Receivables and other assets million Dec.31,2024 Dec.31,2023 Trade receivables 251 366 thereof due in more than one year 1 1 Receivables from affiliates 5,514 5,409 thereof due in more than one year 529 371 Re

75、ceivables from other investees and investors 1 2 thereof due in more than one year Other assets 865 1,032 thereof due in more than one year 72 101 6,631 6,809 Receivables from affiliates result from trade of 2,370 million(prior year:2,570 million),cash pooling of 2,062 million(prior year:1,015 milli

76、on)as well as from loans issued of 537 million(prior year:382 million)and profit transfers of 254 million(prior year:1,151 million).As such,these relate to the item trade receivables.Loan receivables of 526 million(prior year:367 million)are due in more than one year.An impairment loss of 40 million

77、 was recognized on the loan receivables from Porsche Erste Beteiligungs-gesellschaft mbH,Stuttgart,due to an expected permanent impairment in accordance with section 253(3)sentence 5 HGB.Other assets primarily include receivables from taxes of 445 million(prior year:517 million),advance payments of

78、125 million(prior year:88 million),paid option premiums of 112 million(prior year:240 million)and CO2 certificates for the new vehicle business of 85 million(prior year:75 million).Of these,an amount of 72 million(prior year:101 million)is due in more than one year.4 Equity million Dec.31,2024 Dec.3

79、1,2023 Subscribed capital 911 911 Capital reserves 3,822 3,822 Retained earnings 6,815 3,420 Distributable profit 2,100 3,420 13,648 11,573 Porsche AGs subscribed capital amounts to 911 million and is divided into 455,500,000 no-par value ordinary shares and 455,500,000 no-par value preferred shares

80、.Each share grants a notional share of 1.00 in share capital.The preferred shares carry the right to an additional dividend that is 0.01 higher than the ordinary shares,but are non-voting.15Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements In accordance with t

81、he resolution on the appropriation of net profit passed by the Annual General Meeting,a partial amount of 1,320 million was transferred from the prior-year distributable profit to retained earnings in accordance with section 58(3)AktG.After the transfer to retained earnings pursuant to section 58(2)

82、AktG of 2,075 million,the companys distributable profit is 2,100 million(prior year:3,420 million).It will be proposed to the Annual General Meeting that a partial amount of 1,048 million(prior year:1,048 million)from the distributable profit of 2,100 million(prior year:3,420 million)be used to pay

83、a dividend of 2.30 per ordinary share carrying dividend rights and a partial amount of 1,052 million(prior year:1,052 million)be used to pay a dividend of 2.31 per preferred share carrying dividend rights.5 Provisions million Dec.31,2024 Dec.31,2023 Provisions for pensions and similar obligations 5,

84、186 5,291 Tax provisions 51 57 Other provisions 4,254 3,824 9,492 9,172 PENSION PROVISIONS Provisions for pensions largely relate to pension benefits for the employees of Porsche AG.The pension obligations are fully covered by provisions.Provisions for pension obligations(pension provisions)are disc

85、ounted at the average market interest rate of the past ten fiscal years(section 253(2)sentence 1 HGB).These are 333 million(prior year:112 million;difference pursuant to section 253(6)HGB)lower than the carrying amount for pension provisions that would have been recorded as of December 31,2024 had t

86、he seven-year average interest rate been applied.A ban on distribution pursuant to section 253(6)sentence 2 HGB does not take effect as there are enough freely available reserves.The provisions for pensions and similar obligations are valued based on the following assumptions:%Dec.31,2024 Dec.31,202

87、3 Discount rate 1.90 1.83 Wage and salary trend 2.80 2.80 Increase in pensions 2.00 2.20 Turnover 0.80 0.80 Basis of calculation/mortality tables Heubeck 2018 G mortality tables Heubeck 2018 G mortality tables Age limits Early retirement age pursuant to the German Act to Adapt the Legal Age Limit Ac

88、cording to the Demographic Development and to Strengthen the Financial Base of the Pension Scheme(RVAGAnpG 2007)Early retirement age pursuant to the German Act to Adapt the Legal Age Limit According to the Demographic Development and to Strengthen the Financial Base of the Pension Scheme(RVAGAnpG 20

89、07)The percentage figure used to calculate the salary trend takes into account increases attributable to career development as a surcharge on regular salary increases.The discount rate is based on the average market interest rate resulting from the past ten fiscal years.16 The pension obligations re

90、cognized in the balance sheet break down as follows:million Dec.31,2024 Dec.31,2023 Pension plans Capital-market-oriented pension plan(securities-oriented benefit plan)Settlement amount of securities-oriented pension obligations 18 7 Fair value of associated plan assets -18 -7 Defined benefit plans

91、Settlement amount of obligations from predefined benefit plans 5,418 5,291 Fair value of associated plan assets -250 Pension provisions unfunded 18 5,291 Provisions for pensions and similar obligations reported in the balance sheet 5,186 5,291 The cost of the plan assets presented above relating to

92、the capital-market-oriented pension plan amounts to 16.5 million(prior year:7 million).The cost of the new plan assets relating to the defined benefit plans created in 2024 amounts to 250 million.OTHER PROVISIONS Significant provisions were recognized for warranties(1,351 million;prior year:1,234 mi

93、llion),personnel expenses(867 million;mainly for bonuses,phased retirement,long-service awards and other personnel expenses;prior year:885 million),outstanding invoices(772 million;prior year:748 million),exceeding emission limits(630 million;prior year:464 million)as well as legal and litigation ri

94、sks(30 million;prior year:37 million).Also included as of the reporting date are supplier receivables of 382 million(prior year:270 million).Other provisions include phased retirement obligations of 279 million(prior year:289 million),comprising deferred performance of 147 million(prior year:148 mil

95、lion)and a top-up amount of 133 million(prior year:141 million).The deferred performance is counterbalanced by covering assets as defined by section 246(2)sentence 2 HGB of 1 million(prior year:128 million).The covering assets are recognized at fair value in accordance with sections 246(2)sentence 2

96、,253(1)sentence 4 HGB and offset against the corresponding deferred performance.In the fiscal year 2024,the covering assets of 140 million previously used to secure phased retirement obligations were replaced by a bank guarantee of equal value for some of the phased retirement obligations.This resul

97、ted in cash of this amount being returned to Porsche AG.Offsetting in accordance with section 246(2)sentence 2 HGB is no longer possible in this regard.The recognition of covering assets pursuant to sections 246(2)sentence 2,253(1)sentence 4 HGB results in a difference between the amortized cost and

98、 fair value as of the balance sheet date of 0 million(prior year:0 million).A ban on distribution pursuant to section 268(8)sentence 3 HGB relating to the covering assets recognized at fair value of 1 million does not take effect as there are enough freely available reserves.17Annual Financial State

99、ments for Fiscal Year 2024 Notes to the Annual Financial Statements 6 Liabilities million Dec.31,2024 due within one year due in more than one year thereof one to five years thereof more than five years Type of liability Liabilities to banks 765 164 601 601 Advance payments received on account of or

100、ders 55 49 6 6 Trade payables 950 950 Liabilities to affiliates 1,366 1,366 Liabilities to other investees and investors 25 25 Other liabilities 422 148 275 275 thereof for taxes 55 55 thereof for social security 10 10 3,583 2,702 881 881 million Dec.31,2023 due within one year due in more than one

101、year thereof one to five years thereof more than five years Type of liability Liabilities to banks 1,074 320 755 665 90 Advance payments received on account of orders 46 46 Trade payables 1,069 1,069 Liabilities to affiliates 1,134 1,134 Liabilities to other investees and investors 44 44 Other liabi

102、lities 729 405 324 208 116 thereof for taxes 46 46 thereof for social security 12 12 4,096 3,017 1,078 872 206 Since June 2023,a 2,500 million revolving credit facility(0 million drawn)has been in place with a syndicate of 21 national and international banks.Liabilities to banks primarily include de

103、benture bonds.These were placed in various tranches with fixed and variable interest rates.The total nominal value of the debenture bonds to banks amounts to 755 million(prior year:1,059 million).Of the advance payments received on account of orders,0 million(prior year:3 million)relates to prepayme

104、nts to affiliates.Liabilities to affiliates of 1,366 million(prior year:1,134 million)mainly contain trade payables of 1,088 million(prior year:1,055 million)and loss absorptions of 167 million(prior year:2 million).Liabilities to other investees and investors contain trade payables of 25 million(pr

105、ior year:44 million).Other liabilities include,among other things,debenture bonds placed with non-banks of 202 million(prior year:202 million)as well as option premiums received of 93 million(prior year:224 million).18 7 Deferred income Deferred income contains income received in advance for service

106、s rendered in future periods.This includes earned premiums of the used vehicle warranty of 450 million(prior year:413 million)as well as deferred income from the connected car business field of 152 million(prior year:140 million).NOTES TO THE INCOME STATEMENT 8 Sales revenue million 2024%2023%By reg

107、ion Germany 4,389 14 4,028 13 Europe without Germany 8,709 28 8,192 26 North America 8,529 28 7,987 25 China 4,250 14 6,702 21 Rest of the world 4,918 16 4,930 15 30,795 100 31,839 100 By area of activity New vehicles 26,257 85 27,957 88 Used vehicles 552 2 503 2 Genuine parts 1,795 6 1,414 4 Other

108、sales revenue 2,191 7 1,965 6 30,795 100 31,839 100 9 Changes in inventories and other own work capitalized million 2024 2023 Change in finished goods and work in progress -266 -152 Other own work capitalized 221 236 -45 84 10 Other operating income million 2024 2023 Other operating income 2,337 3,1

109、55 2,337 3,155 Other operating income relates to exchange gains of 136 million(prior year:227 million)and income from the reversal of provisions of 179 million(prior year:234 million).The contribution of shares in MHP Management-und IT-Beratung GmbH,Ludwigsburg,in return for the granting of new shar

110、es in Porsche Investments Management S.A.,Luxembourg,resulted in other operating income of 1,326 million.19Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements 11 Cost of materials million 2024 2023 Cost of raw materials,consumables and supplies and of purchased

111、merchandise 15,413 16,141 Cost of purchased services 3,087 2,852 18,500 18,993 12 Personnel expenses million 2024 2023 Wages and salaries 2,643 2,720 Social security,pension and other benefit costs 428 616 thereof for old-age pensions 80 275 3,070 3,336 13 Other operating expenses million 2024 2023

112、Other operating expenses 4,840 4,580 4,840 4,580 Other operating expenses include exchange rate losses of 131 million(prior year:399 million).14 Investment result million 2024 2023 Income from equity investments 441 689 thereof from affiliates 438 687 Expenses from equity investments -73 -53 thereof

113、 from affiliates -73 -53 Income from profit and loss transfer agreements 372 1,299 Expenses from loss absorption -206 -4 535 1,932 Income from equity investments primarily comprises dividends from Porsche Hong Kong Ltd,Hong Kong(188 million),Porsche Cars Australia Pty Ltd,Collingwood(62 million),Por

114、sche Brasil Importadora de Veculos Ltda,So Paulo(38 million),Porsche Asia Pacific Pty Ltd,Singapore(36 million),and Porsche Middle East and Africa FZE,Dubai(28 million).Expenses from equity investments mainly relate to the impairment losses of Cetitec GmbH,Pforzheim(30 million),and OOO Porsche Russl

115、and,Moscow(3 million).This also includes the impairment loss on the loan receivables from Porsche Erste Beteiligungsgesellschaft mbH,Stuttgart(40 million).Income from profit and loss transfer agreements which includes cross-charged taxes on income primarily contain income of Porsche Deutschland GmbH

116、,Bietigheim-Bissingen,Porsche Leipzig GmbH,Leipzig,Porsche Consulting GmbH,Bietigheim-Bissingen,Porsche Engineering Group GmbH,Weissach,and Porsche Logistik GmbH,Stuttgart.20 Expenses from loss absorption which include cross-charged income-related taxes primarily contain expenses from Porsche Erste

117、Beteiligungsgesellschaft mbH,Stuttgart,and Porsche Financial Services GmbH,Bietigheim-Bissingen.15 Interest result million 2024 2023 Interest and similar income 111 109 thereof from affiliates 84 79 Interest and similar expenses -127 -146 thereof to affiliates -9 -28 -16 -37 Interest and similar inc

118、ome primarily relates to interest income from affiliates.Interest and similar expenses largely comprise interest expenses from discounting long-term provisions as well as interest expenses for the debenture bonds issued.16 Income tax As the tax group parent,Porsche AG is also the tax debtor for its

119、tax group subsidiaries,which are named in the list of shareholdings according to section 285 HGB and marked with a separate footnote.Income tax expenses amounts to 1,135 million(prior year:1,525 million).The 390 million decrease in tax expenses compared to the prior year is mainly due to a declined

120、operating profit.Deferred taxes are not included in the tax result as the accounting option for deferred tax assets was not exercised.17 Other taxes Other taxes of 26 million(prior year:37 million)mainly contain motor vehicle tax and property tax.18 Distributable profit After the transfer to retaine

121、d earnings of 2,075 million pursuant to section 58(2)AktG,the companys distributable profit is 2,100 million(prior year:3,420 million).21Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements OTHER INFORMATION ON THE FINANCIAL STATEMENTS 19 Contingent liabilities C

122、ontingent liabilities relate to potential future events,the occurrence of which would lead to an obligation.As of December 31,2024 contingent liabilities amount to 70 million(prior year:97 million),in particular from guarantees and warranties.Of this amount,13 million(prior year:35 million)relates t

123、o affiliates in Germany and abroad.They also include a financial guarantee to the joint venture Smart Press Shop GmbH&Co.KG,Halle,of 57 million(prior year:62 million).There are also contingent liabilities in connection with product liability matters of 45 million(prior year:39 million).As of the bal

124、ance sheet date,Porsche AGs contingent liabilities were examined from a risk perspective taking into account all information available on the net assets,financial position and results of operations of the contractual partners.Based on past developments,Porsche AG considers the risk of a possible cla

125、im to be unlikely.Contingent liabilities as of December 31,2024 comprise liabilities from guarantees and warranty agreements.These largely relate to letters of comfort to third-party creditors in favor of affiliates.20 Other financial obligations million Dec.31,2024 Due in 2025 Due between 2026 and

126、2029 Due after 2029 Financial commitments 156 156 thereof to affiliates 156 156 Long-term rental and lease agreements 391 29 117 245 thereof to affiliates 116 7 28 81 thereof to associates 47 7 28 12 Other 247 98 33 116 thereof to affiliates 155 37 21 97 794 283 150 361 The obligation from financial

127、 commitments results exclusively from a letter of comfort in favor of Cellforce Group GmbH,Tbingen.Miscellaneous financial obligations include obligations from environmental protection measures,investment commitments as well as obligations from sponsorship and advertising agreements.21 Derivative fi

128、nancial instruments and hedges DERIVATIVE FINANCIAL INSTRUMENTS At Porsche AG,derivative financial instruments primarily relate to forward exchange contracts and currency options,commodity futures and interest rate derivatives.These are used to hedge interest rate,currency and commodity risks from e

129、xisting balance sheet items or highly probable future transactions.22 Assets Equity and liabilities Nominal volume Market value Nominal volume Market value million Dec.31,2024 Dec.31,2023 Dec.31,2024 Dec.31,2023 Dec.31,2024 Dec.31,2023 Dec.31,2024 Dec.31,2023 Currency transactions Forward exchange c

130、ontracts 11,519 22,086 595 1,054 22,222 12,508 -838 -492 thereof purchases of foreign currency 43 5 1 41 1,015 -8 thereof sales of foreign currency 11,476 22,081 594 1,054 22,181 11,493 -838 -484 Currency options 2,841 8,644 114 249 3,160 9,869 -47 -97 thereof purchases of foreign currency 11 1,374

131、1 10 1,672 -43 thereof sales of foreign currency 2,830 7,270 114 248 3,150 8,197 -47 -54 Interest rate transactions Interest rate swaps 287 562 13 34 Commodity transactions Commodity futures 338 421 27 16 109 56 -11 -6 The lower of cost or net realizable value of 112 million(prior year:240 million)w

132、as recognized under other assets;provisions of 18 million(prior year:29 million)were recognized for negative market values.Furthermore,93 million(prior year:224 million)was recognized as other liabilities for option premiums received.Currency options are calculated using a recognized option pricing

133、model on the basis of current market data such as spot rates,volatilities and yield curves of the relevant currencies.The valuation of forward exchange contracts is based on the forward rate agreed in each case as well as yield curves of the relevant currencies.Interest rate swaps are valued on the

134、basis of the standard EUR interest rate swap curve.Commodity futures are valued on the basis of current commodity market data,the agreed contract price and volume and the standard USD discount curve.HEDGES Derivative financial instruments contain forward exchange contracts and currency options(signi

135、ficant currencies:US dollar,Chinese renminbi and pound sterling)with a nominal volume of 36,137 million(prior year:38,204 million)and a market value of-177 million(prior year:650 million),which were included in a hedge in the form of a micro hedge and thus accounted for pursuant to section 254 HGB.T

136、his relates to currency hedges of highly probable revenue for the next four fiscal years(nominal volume of 35,188 million(prior year:36,562 million)and a negative market value of 200 million(prior year:607 million)as well as currency hedges of short-term foreign currency receivables(nominal value of

137、 949 million(prior year:1,642 million)and a market value of 23 million(prior year:43 million).In addition,commodity futures(key commodities aluminum,copper,nickel)with a nominal volume of 447 million(prior year:477 million)and a market value of 15 million(prior year:10 million)were entered into.The

138、hedges for highly probable revenue or for merchandise purchases are accounted for using the net method.This involves grouping the expected revenue/merchandise purchases for each currency/commodity and planning period in economically meaningful portfolios.Based on the critical terms match method used

139、 for the assessment,Porsche AG assumes that the future foreign currency risk can be fully offset by the hedging instruments used due to the identical nature of the hedges and the planned transactions in foreign currencies/commodities.Retrospective analysis of effectiveness is carried out using the d

140、ollar offset method.By the reporting date,the forecast cash flows from the transactions with foreign currencies/commodities planned for the future as well as the designated hedges had offset each other in full.As a result of the recognition of hedges for currency risks from revenue and commodity hed

141、ges,a negative change in value of 834 million(prior year:495 million)and 11 million(prior year:6),respectively,was not recognized as a provision for potential losses.This is offset by changes in value attributable to the hedged item in the same amount.The gross method was used to account for hedged

142、currency risks on receivables denominated in foreign currencies.This involves revaluing the receivables and 23Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements the hedging transactions at the respective closing rate through profit or loss.As of the balance she

143、et date,a provision for potential losses of 17 million(prior year:13 million)was recognized.The nominal volume of the foreign currency receivables included in the hedge valued at the closing rate amounted to 1,992 million(prior year:2,775 million).22 Average number of employees at Porsche AG million

144、 2024 2023 By group Direct area 9,956 11,028 Indirect area 13,611 12,709 Trainees 462 439 24,029 24,176 23 Auditors fees The total fees of the group auditor in Germany can be found in the notes to the consolidated financial statements of Porsche AG in the section“Total fees of the group auditor”45.T

145、he auditors fees are not published here on account of the exempting group clause pursuant to section 285 no.17 HGB.24 24 Related party disclosures In accordance with IAS 24,related parties are natural persons and companies that can be influenced by Porsche AG,that can exert influence on Porsche AG o

146、r are under the influence of another related party of Porsche AG.All transactions with related parties are regularly carried out at arms length conditions.Since August 1,2012,Volkswagen AG has held 100%of the shares in Porsche AG via Porsche Holding Stuttgart GmbH.On September 28,2022,Volkswagen AG

147、placed 25%of the preferred shares(including surplus allocation)of Porsche AG with investors.Since the following day,these preferred shares have been traded on the stock exchange.The basis for the IPO was a comprehensive agreement on the conclusion of several contracts between Volkswagen AG and Porsc

148、he SE.In this connection,both parties agreed,among other things,that Porsche SE acquire 25%of the ordinary shares in Porsche AG plus one ordinary share of Volkswagen AG.The price per ordinary share was the placement price per preferred share plus a premium of 7.5%.These were acquired in two tranches

149、.A first tranche of 17.5%of the ordinary shares plus one ordinary share was transferred to Porsche SE in October 2022.The second tranche of 7.5%of the ordinary shares in Porsche AG was concluded on December 30,2022.As of this day,ownership was transferred to Porsche SE.The other shares in ordinary s

150、hare capital of 75.4%less one ordinary share in Porsche AG continue to be held by Porsche Holding Stuttgart GmbH as of the reporting date.As of the reporting date,Porsche AG remains a subsidiary of Porsche Holding Stuttgart GmbH.A domination and profit and loss transfer agreement was in place betwee

151、n Porsche AG and Porsche Holding Stuttgart GmbH in the reporting year.In connection with the IPO and the sale of ordinary shares in Porsche SE,Volkswagen AG and Porsche SE agreed on a significant participation of representatives of Porsche SE on the Supervisory Board of Porsche AG.Final decision-mak

152、ing rights of the shareholder representatives on the Supervisory Board determined by Volkswagen AG with regard to directing relevant activities within the meaning of IFRS 10 at Porsche AG continue to result in the control of Porsche AG by Volkswagen AG(de facto group).As of the balance sheet date,Po

153、rsche SE held the majority of voting rights in Volkswagen AG.The creation of rights of appointment for the State of Lower Saxony was resolved at the extraordinary general meeting of Volkswagen AG on December 3,2009.This means that Porsche SE,via the annual general meeting,cannot elect all shareholde

154、r representatives to Volkswagen AGs supervisory board as long as the State of Lower Saxony holds at least 15%of the ordinary shares.The Porsche SE group(Porsche SE)is therefore classified as a related party as defined by IAS 24.As part of the transfer of the operating business and,in turn,the transf

155、er of Porsche Holding Stuttgart GmbH by Porsche SE to Volkswagen AG in fiscal year 2012,Porsche SE entered into the following agreements with Volkswagen AG and entities of the Porsche Holding Stuttgart GmbH group in particular:Under the transfer agreement,Porsche SE in certain circumstances holds Po

156、rsche Holding Stuttgart GmbH,Porsche AG and their legal predecessors harmless from tax disadvantages that exceed the obligations from periods up to and including July 31,2009 recognized at the level of these entities.In return,Volkswagen AG has undertaken to reimburse Porsche SE for any tax benefits

157、 of Porsche Holding Stuttgart GmbH,Porsche AG and its legal predecessors and subsidiaries relating to tax assessment periods up to July 31,2009.Porsche SE under certain circumstances holds its subsidiaries transferred under the contribution agreement,Porsche Holding Stuttgart GmbH and Porsche AG and

158、 its subsidiaries,harmless from certain obligations towards Porsche SE pertaining to the period up to and including December 31,2011 and that go beyond the obligations recognized for these entities for this period.It was also agreed to allocate any subsequent VAT receivables and/or VAT liabilities a

159、rising from transactions up to December 31,2009 between Porsche SE and Porsche AG to the entity concerned.Various information,conduct and cooperation duties were agreed between Porsche SE and the Volkswagen Group.Volkswagen AG assumed responsibility for general financing for Porsche AG in the same w

160、ay as it does for other subsidiaries of Volkswagen AG.25Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements In connection with the IPO of Porsche AG,on September 5,2022,Porsche AG and Volkswagen AG concluded an agreement regulating future relations,in particular

161、 the cooperation,coordination and collaboration regarding certain matters.The agreement regarding collaboration in tax matters between Porsche AG and Volkswagen AG of September 18,2022,encompasses the following in particular:Volkswagen AG bears the tax risk of additional taxes,to the extent to which

162、 these are not already covered by corresponding risk provisioning.Volkswagen AG assumes all pre-IPO costs,which also include potential taxes from pre-IPO structuring.Balance sheet items that resulted in higher income taxes for assessment periods until the end of 2022,but can also lead to tax benefit

163、s in subsequent years from 2023 onwards through reversal effects,are reimbursed to Volkswagen AG as compensation to the extent that they exceed a certain allowance.Various information,conduct and cooperation duties were agreed between Porsche AG and Volkswagen AG.Furthermore,Porsche AG entered into

164、an industrial cooperation agreement with Volkswagen AG on September 5,2022,which regulates the future design of the industrial and strategic cooperation between the Volkswagen Group and the Porsche AG Group.Under this agreement,Porsche AG and Volkswagen AG have agreed to further develop and detail o

165、ut the existing cooperation between the contractual parties in the fields of purchase and procurement in a separate agreement.Therefore,and in accordance with the specifications of the Industrial Cooperation Agreement,Porsche AG and Volkswagen AG entered into a purchasing and procurement cooperation

166、 agreement.This agreement contains general principles for the continuation of the existing cooperation between the contractual parties,including rules on its general organization as well as specific provisions for certain essential areas of purchasing and procurement.25 Remuneration of the Executive

167、 Board and Supervisory Board as well as former board members The total remuneration granted to the members of the Executive Board as defined by section 285 no.9a HGB for their activities in fiscal year 2024 amounted to 30 million(prior year:25 million).The total remuneration granted to the members o

168、f the Executive Board contains share-based payments as defined by section 285 no.9a sentence 4 HGB of 13 million.Under the performance share plan,the active members of the Executive Board were allocated a total of 138,057 performance shares for fiscal year 2024,the fair value of which came to 13 mil

169、lion as of the date of allocation.The performance shares relate entirely to the performance share plan on the basis of Porsches preferred share.The remuneration for the activities of the members of the Supervisory Board of Porsche AG including attendance fees came to 3 million in the past fiscal yea

170、r(prior year:3 million)and relates exclusively to short-term benefits.No advances,loans or similar benefits were granted to the members of the Executive Board or Supervisory Board during the reporting period or the comparative period.Pension claims and payments to former members of the Executive Boa

171、rd The former members of the Executive Board and their surviving dependents received payments of 2 million.For this group of people,there were provisions for pensions of 45 million.The individual remuneration of members of the Executive Board and the Supervisory Board is explained in the remuneratio

172、n report.This also contains details of the individual remuneration components.26 26 Notifications of changes in the voting rights in Porsche AG pursuant to the German Securities Trading Act(WpHG)1)PUBLICATION PURSUANT TO SECTION 40(1)WPHG FROM DECEMBER 18,2024 1.Details of issuer Dr.Ing.h.c.F.Porsch

173、e Aktiengesellschaft,Porscheplatz 1,70435 Stuttgart,Germany 2.Reason for notification Other reason:Control relinquished 3.Details of party subject to the notification obligation Name:Ing.Hans-Peter Porsche City and country of registered office:4.Names of shareholder(s)holding directly 3%or more voti

174、ng rights,if different from 3.5.Date on which threshold was crossed or reached:Dec.18,2024 6.Total positions%of voting rights attached to shares(total of 7.a.)%of voting rights through instruments(total of 7.b.1.+7.b.2.)Total of both%(7.a.+7.b.)Total number of voting rights of issuer Resulting situa

175、tion 0.00%0.00%0.00%455,500,000 Previous notification 100.00%0.00%100.00%7.Notified details of the resulting situation a.Voting rights attached to shares(section 33,34 WpHG)ISIN absolute%Direct(section 33 WpHG)Indirect(section 34 WpHG)Direct(section 33 WpHG)Indirect(section 34 WpHG)DE000PAG9113 0 0

176、0.00%100.00%Total 0 0.00%b.1.Instruments according to section 38(1)no.1 WpHG Type of instrument Expiration or maturity date Exercise or conversion period Voting rights absolute Voting rights%0.00%Total 0.00%27Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements b

177、.2.Instruments according to section 38(1)no.2 WpHG Type of instrument Expiration or maturity date Exercise or conversion period Cash or physical settlement Voting rights absolute Voting rights%Total 8.Information in relation to the party subject to the notification obligation Party subject to the no

178、tification obligation(3.)is not controlled nor does it control any other undertaking(s)that directly or indirectly hold(s)an interest in the(underlying)issuer(1.).9.In case of proxy voting according to section 34(3)WpHG Date of Annual General Meeting:%of voting rights attached to shares%of voting ri

179、ghts through instruments Total of both%28 27 Subsequent events There were no subsequent events with a significant effect on the annual financial statements as of December 31,2024.28 Corporate bodies MEMBERS OF THE EXECUTIVE BOARD Members of the Executive Board Membership on supervisory boards and ot

180、her control bodies Dr.OliverBlume(*1968)Membership of statutory supervisory boards in Germany Chairman(since 2015)Chairman of the Board of Management of Volkswagen AG Beginning of membership of the Executive Board:2013 Nationality:German CARIAD SE,Wolfsburg(Chairman)1 LutzMeschke(*1966)Membership of

181、 statutory supervisory boards in Germany Deputy Chairman(since 2015)Finance and IT Beginning of membership of the Executive Board:2009 Nationality:German,Croatian Porsche Leipzig GmbH,Leipzig(Chairman)2 VfB Stuttgart 1893 AG,Stuttgart(since February 7,2024,Deputy Chairman since September 27,2024)1 C

182、omparable appointments in Germany and abroad European Transport Solutions S.r.l.,Luxembourg1 MHP Management und IT-Beratung GmbH,Ludwigsburg(Chairman)2 Porsche Consulting GmbH,Bietigheim-Bissingen(Chairman)2 Porsche Deutschland GmbH,Bietigheim-Bissingen2 Porsche Digital GmbH,Ludwigsburg2 Porsche eBi

183、ke Performance GmbH,Ottobrunn(Chairman)2 Porsche Engineering Group GmbH,Weissach2 Porsche Engineering Services GmbH,Bietigheim-Bissingen2 Porsche Enterprises Inc.,Atlanta2 Porsche Financial Services GmbH,Bietigheim-Bissingen(Chairman)2 Porsche Investments Management S.A.,Luxembourg(Chairman)2 Porsch

184、e Lifestyle GmbH&Co.KG,Ludwigsburg(Chairman)2 Rimac Group d.o.o.,Sveta Nedelja1 Incharge Capital Partners GmbH,Hamburg(since March 19,2024)1 1 Appointment outside the group 2 Appointment within the group 29Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements Memb

185、ers of the Executive Board Membership on supervisory boards and other control bodies BarbaraFrenkel(*1963)Comparable appointments in Germany and abroad Procurement Beginning of membership of the Executive Board:2021 Nationality:German Porsche Deutschland GmbH,Bietigheim-Bissingen2 Stiftung Mnchner S

186、icherheitskonferenz GmbH,Munich1 AndreasHaffner(*1965)Membership of statutory supervisory boards in Germany Human Resources and Social Affairs Beginning of membership of the Executive Board:2015 Nationality:German Porsche Leipzig GmbH,Leipzig2 Comparable appointments in Germany and abroad Porsche Di

187、enstleistungs GmbH,Stuttgart(Chairman)2 Porsche Werkzeugbau GmbH,Schwarzenberg2 Porsche Consulting GmbH,Bietigheim-Bissingen2 MHP Management und IT-Beratung GmbH,Ludwigsburg2 Sajjad Khan(*1973)Comparable appointments in Germany and abroad Car-IT Beginning of membership of the Executive Board:2023 Na

188、tionality:German Porsche Digital GmbH,Ludwigsburg(Chairman)2 Porsche Engineering Group GmbH,Weissach2 Detlev vonPlaten(*1964)Membership of statutory supervisory boards in Germany Sales and Marketing Beginning of membership of the Executive Board:2015 Nationality:German,French,American Porsche Leipzi

189、g GmbH,Leipzig2 Comparable appointments in Germany and abroad Porsche Deutschland GmbH,Bietigheim-Bissingen(Chairman)2 Porsche Digital GmbH,Ludwigsburg2 Porsche Enterprises Inc.,Atlanta2 Porsche Financial Services GmbH Bietigheim-Bissingen2 Porsche Lifestyle GmbH&Co.KG,Ludwigsburg2 Porsche Logistik

190、GmbH,Stuttgart2 AlbrechtReimold(*1961)Membership of statutory supervisory boards in Germany Production and Logistics Beginning of membership of the Executive Board:2016 Nationality:German Porsche Leipzig GmbH,Leipzig(Chairman)2 VfB Stuttgart 1893 AG,Stuttgart(since February 7,2024)1 Comparable appoi

191、ntments in Germany and abroad KS HUAYU AluTech GmbH,Neckarsulm1 Porsche Werkzeugbau GmbH,Schwarzenberg(Chairman)2 Porsche Logistik GmbH,Stuttgart(Chairman)2 Smart Press Shop GmbH&Co.KG,Halle1 Volkswagen Osnabrck GmbH,Osnabrck1 Dr.MichaelSteiner(*1964)Membership of statutory supervisory boards in Ger

192、many Research and Development Beginning of membership of the Executive Board:2016 Nationality:German CARIAD SE,Wolfsburg1 Comparable appointments in Germany and abroad Cellforce Group GmbH,Tbingen(Chairman)2 Group14 Technologies,Inc.,Woodinville1 HIF Global LLC,Delaware1 Porsche Digital GmbH,Ludwigs

193、burg2 Porsche Engineering Group GmbH,Weissach(Chairman)2 Porsche Engineering Services GmbH,Bietigheim-Bissingen(Chairman)2 Porsche E-Bike Performance GmbH,Ottobrunn2 1 Appointment outside the group 2 Appointment within the group 30 MEMBERS OF THE SUPERVISORY BOARD AND COMPOSITION OF THE COMMITTEES M

194、embers of the Supervisory Board Membership on supervisory boards and other control bodies Dr.Wolfgang Porsche(*1943)Membership of statutory supervisory boards in Germany Chairman Business administration graduate Member since:2009 Nationality:Austrian Porsche Automobil Holding SE,Stuttgart(Chairman)1

195、,3 Volkswagen AG,Wolfsburg1,3 AUDI AG,Ingolstadt1 Comparable appointments in Germany and abroad Porsche Holding Gesellschaft m.b.H.,Salzburg1 Familie Porsche AG Beteiligungsgesellschaft,Salzburg(Chairman)1 Schmittenhhebahn AG,Zell am See(until May 23,2024)1 Jordana Vogiatzi(*1976)Membership of statu

196、tory supervisory boards in Germany Deputy Chairwoman Managing Director of Members and Finance of IG Metall Stuttgart Member since:2014 Nationality:German,Greek Porsche Leipzig GmbH,Leipzig2 Dr.Arno Antlitz(*1970)Membership of statutory supervisory boards in Germany Member of the Board of Management

197、of Volkswagen AG for Finance and Operations Member since:2021 Nationality:German Volkswagen Financial Services AG,Braunschweig(Chairman)1 PowerCo SE,Salzgitter1 Comparable appointments in Germany and abroad Volkswagen Group of America,Inc.,Herndon(Chairman)1 Volkswagen(China)Investment Co.,Ltd.,Beij

198、ing1 Porsche Austria Gesellschaft m.b.H.,Salzburg(Deputy Chairman)1 Porsche Holding Gesellschaft m.b.H.,Salzburg(Deputy Chairman)1 Porsche Retail Gesellschaft m.b.H.,Salzburg(Deputy Chairman)1 Dr.Christian Dahlheim(*1968)Membership of statutory supervisory boards in Germany Chairman of the Board of

199、Volkswagen Financial Services AG Member since:2020 Nationality:German Volkswagen Bank GmbH,Braunschweig1 Comparable appointments in Germany and abroad Porsche Bank AG,Salzburg1 Volkswagen Finance(China)Co.,Ltd.,Beijing1 VW New Mobility Services Investment Co.,Ltd.,Shanghai1 VDF Faktoring A.S.,Istanb

200、ul(Chairman)1 VDF Filo Kiralama A.S.,Istanbul(Chairman)1 VDF Sigorta Aracilik Hizmetleri A.S.,Istanbul(Chairman)1 VDF Servis ve Ticaret A.S.,Istanbul(Chairman)1 Volkswagen Dogus Finansman A.S.,Istanbul(Chairman)1 Volkswagen Semler Finans Danmark A/S,Brndby(Chairman)1 Volkswagen Participaes Ltda.,So

201、Paulo(Chairman)1 1 Appointment outside the group 2 Appointment within the group 3 Listed company 31Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements Members of the Supervisory Board Membership on supervisory boards and other control bodies Micaela le Divelec L

202、emmi(*1968)Comparable appointments in Germany and abroad Non-executive member of the Board of Directors of De Longhi Group and Benetton S.p.A.Member since:2022 Nationality:Italian De Longhi S.p.A.,Treviso1,3 Benetton S.p.A.(until June 18,2024)1 Melissa Di Donato Roos(*1972)Comparable appointments in

203、 Germany and abroad Chair&Chief Executive Officer at Kyriba Corp.Member since:2022 Nationality:American,British J.P.Morgan Europe Limited1 Dr.Hans Michel Pich(*1942)Attorney at law Member since:2009 Nationality:Austrian Membership of statutory supervisory boards in Germany AUDI AG,Ingolstadt1 Volksw

204、agen AG,Wolfsburg1,3 Porsche Automobil Holding SE,Stuttgart(Deputy Chairman)1,3 Comparable appointments in Germany and abroad Porsche Holding Gesellschaft m.b.H.,Salzburg1 Schmittenhhebahn AG,Zell am See1 Hans Dieter Ptsch(*1951)Chairman of the Board of Management of Porsche Automobil Holding SE Cha

205、irman of the Supervisory Board of Volkswagen AG Member since:2010 Nationality:Austrian Membership of statutory supervisory boards in Germany AUDI AG,Ingolstadt1 Volkswagen AG,Wolfsburg(Chairman)1,3 Bertelsmann Management SE,Gtersloh1 Bertelsmann SE&Co.KGaA,Gtersloh1 TRATON SE,Munich(Chairman)1,3 Wol

206、fsburg AG,Wolfsburg1 Comparable appointments in Germany and abroad Autostadt GmbH,Wolfsburg1 Porsche Austria Gesellschaft m.b.H.,Salzburg(Chairman)1 Porsche Holding Gesellschaft m.b.H.,Salzburg(Chairman)1 Porsche Retail GmbH,Salzburg(Chairman)1 VfL Wolfsburg-Fuball GmbH,Wolfsburg(Deputy Chairman)1 D

207、r.Ferdinand Oliver Porsche(*1961)Membership of statutory supervisory boards in Germany Member of the Board of Management of Familie Porsche AG Beteiligungsgesellschaft Member since:2010 Nationality:Austrian Porsche Automobil Holding SE,Stuttgart1,3 AUDI AG,Ingolstadt1 Volkswagen AG,Wolfsburg1,3 Comp

208、arable appointments in Germany and abroad Porsche Holding Gesellschaft m.b.H.,Salzburg1 Porsche Lifestyle GmbH&Co.KG,Ludwigsburg2 Dr.Hans Peter Schtzinger(*1960)Membership of statutory supervisory boards in Germany Spokesperson for the management of Porsche Holding GmbH Member since:2017 Nationality

209、:Austrian Volkswagen Financial Services AG,Braunschweig(Deputy Chairman)1 Comparable appointments in Germany and abroad Porsche Hungaria Kereskedelmi Kft.,Budapest1 Volkswagen Financn sluby Slovensko s.r.o.,Bratislava(until November 26,2024)1 Volkswagen Group Italia S.p.A.1(since July 1,2024;Chairma

210、n)Volkswagen Group Svergine AB1(since July 1,2024;Chairman)Porsche Versicherungs AG,Salzburg(Chairman)1 Porsche Bank AG,Salzburg(Chairman until September 23,2024)1 Din Bil Sverige AB,Stockholm1 Gletscherbahnen Kaprun AG,Kaprun1 Schmittenhhebahn AG,Zell am See(Chairman)1 1 Appointment outside the gro

211、up 2 Appointment within the group 3 Listed company 32 Members of the Supervisory Board Membership on supervisory boards and other control bodies Hauke Stars(*1967)Membership of statutory supervisory boards in Germany Member of the Board of Management of Volkswagen AG for IT Member since:2022 Nationa

212、lity:German AUDI AG,Ingolstadt1 CARIAD SE,Wolfsburg1 RWE AG,Essen1,3 PowerCo SE,Salzgitter1 Comparable appointments in Germany and abroad Khne+Nagel International AG,Schindellegi1,3 Ibrahim Aslan(*1973)(until June 7,2024)(As of June 7,2024)Member of the works council Zuffenhausen/Ludwigsburg/Sachsen

213、heim;head of representatives body Member since:2022 Nationality:German Harald Buck(*1962)Membership of statutory supervisory boards in Germany Chairman of the works council Zuffenhausen/Ludwigsburg/Sachsenheim Chairman of Porsche general and group works council Member since:2019 Nationality:German V

214、olkswagen AG,Wolfsburg1,3 Wolfgang von Dhren(*1962)(until June 7,2024)(As of June 7,2024)Head of International VIP&Special Sales Porsche AG Member since:2014 Nationality:German Martina Holzbauer(*1983)Deputy Chairwoman of the works council Zuffen-hausen/Ludwigsburg/Sachsenheim;Member of Porsche gene

215、ral and group works council Member since:2024 Nationality:German Akan Isik(*1971)Works council Zuffenhausen Member of Porsche general and group works council Member since:2019 Nationality:German Nora Leser(*1981)(until June 7,2024)(As of June 7,2024)Trade union secretary of IG MetallStuttgart office

216、 Member since:2021 Nationality:German Comparable appointments in Germany and abroad Thales Deutschland GmbH,Ditzingen1 Knut Lofski(*1963)Chairman of the works council Porsche Leipzig;Member of Porsche group works council Member since:2019 Nationality:German Membership of statutory supervisory boards

217、 in Germany Porsche Leipzig GmbH,Leipzig(Deputy Chairman)2 1 Appointment outside the group 2 Appointment within the group 3 Listed company 33Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements Members of the Supervisory Board Membership on supervisory boards and

218、 other control bodies Steffen Reiig(*1981)(since June 7,2024)Membership of statutory supervisory boards in Germany First Authorized Representative and Treasurer of IG Metall Leipzig Member since:2019 Nationality:German Porsche Leipzig GmbH,Leipzig2 Vera Schalwig(*1979)Head of Human Resources Zuffenh

219、ausen Member since:2021 Nationality:German Stefan Schaumburg(*1961)(until June 7,2024)(As of June 7,2024)Trade Union Secretary/Head of the Functional Area of Collective Bargaining at the Board of Management of IG Metall Member since:2021 Nationality:German Conny Schnhardt(*1978)(since June 7,2024)He

220、ad of the Mobility and Vehicle Construction Unit IG Metall Executive Board,Trade Union Secretary Member since:2024 Nationality:German Membership of statutory supervisory boards in Germany Volkswagen AG,Wolfsburg1,3 CARIAD SE,Wolfsburg1 PowerCo SE,Salzgitter1 Volkswagen Bank GmbH,Braunschweig(until J

221、une 30,2024)1 Carsten Schumacher(*1987)Membership of statutory supervisory boards in Germany Chairman of the works council Weissach Member of Porsche general and group works council Member since:2019 Nationality:German CARIAD SE,Wolfsburg1 Heidi Zink-Larson(*1977)(since June 7,2024)Deputy Chairwoman

222、 of the works council Weissach;Member of Porsche general works council Member since:2024 Nationality:German 1 Appointment outside the group 2 Appointment within the group 3 Listed company 34 COMMITTEES OF THE SUPERVISORY BOARD OF PORSCHE AG AS OF DECEMBER 31,2024 Members of the Executive Committee D

223、r.Wolfgang Porsche(Chairman)Dr.Arno Antlitz Hauke Stars Jordana Vogiatzi Harald Buck Carsten Schumacher Members of the Audit Committee Dr.Christian Dahlheim(Chairman)Micaela le Divelec Lemmi Dr.Ferdinand Oliver Porsche Carsten Schumacher Jordana Vogiatzi Harald Buck Members of the mediation committe

224、e pursuant to section 27(3)of the Mitbestimmungsgesetz(German Codetermination Act)Dr.Wolfgang Porsche(Chairman)Hauke Stars Jordana Vogiatzi Harald Buck Members of the Nomination Committee Dr.Wolfgang Porsche(Chairman)Dr.Arno Antlitz Hauke Stars Members of the Related Party Committee Dr.Hans Michel P

225、ich Micaela le Divelec Lemmi Hauke Stars Knut Lofski Akan Isik 35Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements 29 List of shareholdings Shareholdings pursuant to sections 285 and 313 HGB for Porsche AG and the Porsche AG Group as well as presentation of th

226、e entities included in the consolidated financial statements of Porsche AG pursuant to IFRS 12 as of December 31,2024.Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousan

227、ds,local currency Foot-note Year I.PARENT COMPANY Dr.Ing.h.c.F.Porsche AG Stuttgart II.SUBSIDIARIES A.Consolidated companies 1.Germany Manthey Racing GmbH Meuspath Germany EUR 51.00 -51.00 12,345 2,270 2023 MHP Management-und IT-Beratung GmbH Ludwigsburg Germany EUR -100.00 100.00 312,487 77,362 202

228、3 Porsche Consulting GmbH Bietigheim-Bissingen Germany EUR 100.00 -100.00 700 -1 2023 Porsche Deutschland GmbH Bietigheim-Bissingen Germany EUR 100.00 -100.00 18,120 -1 2023 Porsche Dienstleistungs GmbH Stuttgart Germany EUR 100.00 -100.00 43 -1 2023 Porsche Digital GmbH Ludwigsburg Germany EUR 100.

229、00 -100.00 20,025 -1 2023 Porsche Engineering Group GmbH Weissach Germany EUR 100.00 -100.00 4,000 -1 2023 Porsche Engineering Services GmbH Bietigheim-Bissingen Germany EUR 100.00 -100.00 1,601 -1 2023 Porsche Erste Beteiligungsgesellschaft mbH Stuttgart Germany EUR 100.00 -100.00 534,920 -1 2023 P

230、orsche Financial Services GmbH Bietigheim-Bissingen Germany EUR 100.00 -100.00 26,608 -1 2023 Porsche Financial Services GmbH&Co.KG Bietigheim-Bissingen Germany EUR -100.00 100.00 184,474 14,502 2023 Porsche Financial Services Verwaltungsgesellschaft mbH Bietigheim-Bissingen Germany EUR -100.00 100.

231、00 119 7 2023 Porsche Immobilien GmbH&Co.KG Stuttgart Germany EUR 100.00 -100.00 59,971 8,113 2023 Porsche Leipzig GmbH Leipzig Germany EUR 100.00 -100.00 2,500 -1 2023 Porsche Lifestyle GmbH&Co.KG Ludwigsburg Germany EUR 100.00 -100.00 10,539 22,090 2023 Porsche Logistik GmbH Stuttgart Germany EUR

232、100.00 -100.00 1,000 -1 2023 Porsche Niederlassung Berlin GmbH Berlin Germany EUR -100.00 100.00 2,500 -1 2023 36 Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,l

233、ocal currency Foot-note Year Porsche Niederlassung Berlin-Potsdam GmbH Klein-machnow Germany EUR -100.00 100.00 1,700 -1 2023 Porsche Niederlassung Hamburg GmbH Hamburg Germany EUR -100.00 100.00 2,000 -1 2023 Porsche Niederlassung Stuttgart GmbH Stuttgart Germany EUR -100.00 100.00 2,500 -1 2023 Po

234、rsche Nordamerika Holding GmbH Ludwigsburg Germany EUR 100.00 -100.00 58,311 -1 2023 Porsche Sales&Marketplace GmbH Stuttgart Germany EUR 100.00 -100.00 2,200 2 1 2023 Porsche Verwaltungsgesellschaft mit beschrnkter Haftung Ludwigsburg Germany EUR 100.00 -100.00 43 5 2023 Porsche Werkzeugbau GmbH Sc

235、hwarzen-berg Germany EUR 100.00 -100.00 70,881 2,688 2023 Porsche Zentrum Hoppegarten GmbH Stuttgart Germany EUR -100.00 100.00 2,556 -1 2023 UI-356 fund Frankfurt am Main Germany EUR 84.59 15.41 100.00 1,597,567 97,606 2 2023 UI-SP25 fund Frankfurt am Main Germany EUR 100.00 -100.00 412,175 17,974

236、2 2023 2.International Carrera Finance S.A.Luxembourg Luxembourg EUR -31 -2 2023 Carrera Italia SPV S.r.l.Conegliano Italy EUR -10 -2 2023 MHP Consulting Romania S.R.L.Cluj-Napoca Romania RON 4.9744 -100.00 100.00 31,044 10,390 2023 Nard Technical Center S.r.l.Santa Chiara di Nard Italy EUR -100.00

237、100.00 16,751 3,127 2023 PCREST II Holdings Ltd.Vancouver/BC Canada CAD 1.4972 -100.00 100.00 990 -2 2023 PCREST Ltd.Mississauga/ON Canada CAD 1.4972 -100.00 100.00 3 -3 2023 PCTX LLC Atlanta/GA USA USD 1.0410 -100.00 100.00 506 -2023 PJOLT-1 LLC Atlanta/GA USA USD 1.0410 -100.00 100.00 99,673 44,65

238、4 2,4 2023 Porsamadrid S.L.Madrid Spain EUR -100.00 100.00 11,611 4,897 2023 Porsche(China)Motors Ltd.Shanghai China CNY 7.5986 -100.00 100.00 5,294,453 2,141,019 2023 Porsche(Shanghai)Commercial Services Co.,Ltd.Shanghai China CNY 7.5986 -100.00 100.00 615,462 108,210 2023 Porsche Asia Pacific Pte.

239、Ltd.Singapore Singapore SGD 1.4189 100.00 -100.00 101,454 21,647 2023 Porsche Auto Funding LLC Atlanta/GA USA USD 1.0410 -100.00 100.00 49,000 -2 2023 Porsche Aviation Products,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 697 26 2023 Porsche Brasil Importadora de Veculos Ltda.So Paulo Brazil BRL 6.4

240、314 100.00 -100.00 240,117 230,117 2023 Porsche Business Services,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 20,066 5,544 2023 Porsche Canadian Funding II L.P.Mississauga/ON Canada CAD 1.4972 -100.00 100.00 229,893 10,616 2 2023 37Annual Financial Statements for Fiscal Year 2024 Notes to the Annua

241、l Financial Statements Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year Porsche Canadian Funding L.P.Mississauga/ON Canada CAD 1.4972

242、-100.00 100.00 106,913 6,170 2023 Porsche Canadian Investment ULC Halifax/NS Canada CAD 1.4972 -100.00 100.00 616 -61 2023 Porsche Cars Australia Pty.Ltd.Collingwood Australia AUD 1.6761 100.00 -100.00 197,715 21,996 2023 Porsche Cars Canada Ltd.Toronto/ON Canada CAD 1.4972 -100.00 100.00 246,472 31

243、,795 2023 Porsche Cars Great Britain Ltd.Reading Great Britain GBP 0.8302 -100.00 100.00 197,817 33,446 2023 Porsche Cars North America,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 2,141,374 635,917 2023 Porsche Central and Eastern Europe s.r.o.Prague Czech Republic CZK 25.1505 100.00 -100.00 169,19

244、6 17,502 2023 Porsche Centre Beijing Central Ltd.Beijing China CNY 7.5986 -100.00 100.00 42,458 37,267 2023 Porsche Centre Beijing Goldenport Ltd.Beijing China CNY 7.5986 -100.00 100.00 24,445 22,945 2023 Porsche Centre North Toronto Ltd.Toronto/ON Canada CAD 1.4972 -100.00 100.00 26,430 5,093 2023

245、Porsche Centre Shanghai Pudong Ltd.Shanghai China CNY 7.5986 -100.00 100.00 85,173 54,448 2023 Porsche Centre Shanghai Waigaoqiao Ltd.Shanghai China CNY 7.5986 -100.00 100.00 92,214 22,982 2023 Porsche Consulting Ltd.Shanghai China CNY 7.5986 -100.00 100.00 69,296 15,423 2023 Porsche Consulting S.r.

246、l.Milan Italy EUR -100.00 100.00 22,372 3,621 2023 Porsche Consulting,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 5,205 489 2023 Porsche Design GmbH Zell am See Austria EUR -100.00 100.00 4,393 1,741 2023 Porsche Design of America,Inc.Ontario/CA USA USD 1.0410 -100.00 100.00 2,832 159 2023 Porsche

247、Distribution S.A.S.Vlizy-Villacoublay France EUR -100.00 100.00 44,641 3,420 2023 Porsche Engineering Services s.r.o.Prague Czech Republic CZK 25.1505 -100.00 100.00 502,017 121,563 2023 Porsche Enterprises,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 246,660 1,016,969 2023 Porsche Financial Auto Se

248、curitization Trust 2023-1 Atlanta/GA USA USD 1.0410 -100.00 100.00 17,379 -6,621 2,4 2023 Porsche Financial Auto Securitization Trust 2023-2 Atlanta/GA USA USD 1.0410 -100.00 100.00 19,114 -1,886 2,4 2023 Porsche Financial Auto Securitization Trust 2024-1 Atlanta/GA USA USD 1.0410 -100.00 100.00 -2,

249、4,5 2024 Porsche Financial Auto Securitization Trust 2025-1 Atlanta/GA USA USD 1.0410 -100.00 100.00 -2,4,5 2024 Porsche Financial Leasing Ltd.Shanghai China CNY 7.5986 -100.00 100.00 315,161 82 2023 Porsche Financial Services Australia Pty.Ltd.Collingwood Australia AUD 1.6761 -100.00 100.00 5,439 9

250、45 2023 Porsche Financial Services Canada G.P.Mississauga/ON Canada CAD 1.4972 -100.00 100.00 34,815 2,891 6 2023 38 Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousand

251、s,local currency Foot-note Year Porsche Financial Services France S.A.S.Asnires-sur-Seine France EUR -100.00 100.00 25,286 3,649 2023 Porsche Financial Services Great Britain Ltd.Reading United Kingdom GBP 0.8302 -100.00 100.00 36,054 9,268 2023 Porsche Financial Services Italia S.p.A.Padua Italy EU

252、R -100.00 100.00 101,020 10,796 2023 Porsche Financial Services Japan K.K.Tokyo Japan JPY 163.2300 -100.00 100.00 8,605,696 976,254 2023 Porsche Financial Services Korea Ltd.Seoul South Korea KRW 1,534.3200 -100.00 100.00 106,305,485 6,604,656 2023 Porsche Financial Services Schweiz AG Rotkreuz Swit

253、zerland CHF 0.9421 -100.00 100.00 22,001 3,332 2023 Porsche Financial Services,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 242,037 33,690 6 2023 Porsche France S.A.S.Asnires-sur-Seine France EUR -100.00 100.00 149,810 10,446 2023 Porsche Funding L.P.Atlanta/GA USA USD 1.0410 -100.00 100.00 257,844

254、489,752 2023 Porsche Hong Kong Ltd.Hong Kong Hong Kong HKD 8.0843 100.00 -100.00 2,297,711 532,180 2023 Porsche Ibrica S.A.Madrid Spain EUR 99.99 -99.99 128,115 13,140 2023 Porsche Innovative Lease Owner Trust 2016-A Atlanta/GA USA USD 1.0410 -100.00 100.00 44,848 -4,609 2 2023 Porsche Innovative Le

255、ase Owner Trust 2024-1 Atlanta/GA USA USD 1.0410 -100.00 100.00 -2,4,5 2024 Porsche Innovative Lease Owner Trust 2024-2 Atlanta/GA USA USD 1.0410 -100.00 100.00 -2,4,5 2024 Porsche International Financing DAC Dublin Ireland EUR 100.00 -100.00 189,105 4,408 2023 Porsche International Reinsurance DAC

256、Dublin Ireland EUR -100.00 100.00 271,015 33,734 2023 Porsche Investments Management S.A.Luxembourg Luxembourg EUR 100.00 -100.00 2,726,057 -41,556 2023 Porsche Italia S.p.A.Padua Italy EUR -100.00 100.00 165,441 14,781 2023 Porsche Japan K.K.Tokyo Japan JPY 163.2300 100.00 -100.00 9,391,076 3,570,9

257、60 2023 Porsche Korea Ltd.Seoul South Korea KRW 1,534.3200 100.00 -100.00 72,823,155 43,081,379 2023 Porsche Latin America,Inc.Miami/FL USA USD 1.0410 -100.00 100.00 5,504 526 2023 Porsche Leasing Ltd.Atlanta/GA USA USD 1.0410 -100.00 100.00 -980,391 -589,915 2 2023 Porsche Logistics Services LLC At

258、lanta/GA USA USD 1.0410 -100.00 100.00 5,003 161 2023 Porsche Middle East and Africa FZE Dubai United Arab Emirates USD 1.0410 100.00 -100.00 34,675 25,056 2023 Porsche Motorsport North America,Inc.Santa Ana/CA USA USD 1.0410 -100.00 100.00 18,075 2,928 2023 Porsche Norge AS Oslo Norway NOK 11.7832

259、75.00 -75.00 25,540 -40,460 2023 Porsche Retail Group Australia Pty.Ltd.Collingwood Australia AUD 1.6761 -100.00 100.00 76,145 14,452 2023 Porsche Retail Group Ltd.Reading United Kingdom GBP 0.8302 -100.00 100.00 88,341 16,622 2023 Porsche Retail Italia S.r.l.Milan Italy EUR -100.00 100.00 29,103 7,

260、611 2023 Porsche Sales&Marketplace Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 -1,887 -227 2023 Porsche Schweiz AG Rotkreuz Switzerland CHF 0.9421 -100.00 100.00 52,602 10,831 2023 39Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements Porsche AGs interest in ca

261、pital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year Porsche Services Ibrica,S.L.Madrid Spain EUR -100.00 100.00 2,061 274 2023 Porsche Singapore Pte.Ltd.Singapore

262、Singapore SGD 1.4189 -75.00 75.00 2,239 13 2023 Porsche Taiwan Motors Ltd.Taipei Taiwan TWD 34.1011 -100.00 100.00 1,375,395 1,193,730 2023 Porsche Zentrum Zug,Risch AG Rotkreuz Switzerland CHF 0.9421 -100.00 100.00 17,964 5,496 2023 PPF Holding AG Zug Switzerland CHF 0.9421 100.00 -100.00 6,632 -31

263、 2023 PREV LLC Atlanta/GA USA USD 1.0410 -100.00 100.00 79,378 3,952 2 2023 Shanghai Jie Gang Enterprise Management Co.,Ltd.Shanghai China CNY 7.5986 -100.00 100.00 23,642 -79 2023 B.Unconsolidated companies 1.Germany Cellforce Group GmbH Tbingen Germany EUR -100.00 100.00 -64,252 -79,956 1 2023 Cet

264、itec GmbH Pforzheim Germany EUR 100.00 -100.00 5,838 1,701 2023 Dastera Grundstcksverwaltungsgesellschaft mbH&Co.Vermietungs KG Mainz Germany EUR 94.00 -94.00 -522 -74 2 2023 Datura Grundstcksverwaltungsgesellschaft mbH&Co.Vermietungs KG Mainz Germany EUR 94.00 -94.00 -172 15 2 2023 Initium GmbH Ber

265、lin Germany EUR -100.00 100.00 125 -1 2023 Manthey Servicezentrum GmbH Meuspath Germany EUR -100.00 100.00 1,493 625 2023 OverTake GmbH Cologne Germany EUR 100.00 -100.00 707 -994 2023 Porsche eBike Performance GmbH Ottobrunn Germany EUR -60.00 60.00 108,477 -31,436 2023 Porsche Sechste Beteiligungs

266、gesellschaft mbH Stuttgart Germany EUR 100.00 -100.00 27 0 2023 serva GmbH,in liquidation Stuttgart Germany EUR -100.00 100.00 1,163 -24 7 2023 Smart Zero UG(haftungsbeschrnkt),in liquidation Berlin Germany EUR -100.00 100.00 -7 2024 2.International AFN Ltd.Reading United Kingdom GBP 0.8302 -100.00

267、100.00 0 -3 2023 Cetitec d.o.o.Cakovec Croatia EUR -100.00 100.00 469 466 2023 Cetitec USA Inc.,in liquidation Dublin/OH USA USD 1.0410 -100.00 100.00 177 -27 7 2023 Greyp ESOP d.d.,jsc Zagreb Croatia EUR -90.05 90.05 42 7 2 2023 MHP(Shanghai)Management Consultancy Co.,Ltd.Shanghai China CNY 7.5986

268、-100.00 100.00 32,808 1,598 2023 MHP Americas,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 438 -1,347 2023 MHP Consulting UK Ltd.Birmingham United Kingdom GBP 0.8302 -100.00 100.00 -83 38 2023 MHP Management and IT Consulting Mexico,S.de R.L.de C.V.Guadalajara Mexico MXN 21.5892 -100.00 100.00 6,209

269、 1,005 2023 40 Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year OOO Porsche Center Moscow Moscow Russian Federation RUB 112.4384 -100.

270、00 100.00 923,176 -82,121 2023 OOO Porsche Financial Services Russland Moscow Russian Federation RUB 112.4384 -100.00 100.00 292,344 4,072 2023 OOO Porsche Russland Moscow Russian Federation RUB 112.4384 99.00 1.00 100.00 2,291,165 -690,375 2023 Porsche(Shanghai)Investment Ltd.Shanghai China CNY 7.5

271、986 -100.00 100.00 -5 2024 Porsche Arctic Center Oy Hanhimaa Finland EUR -100.00 100.00 2,554 242 8 2024 Porsche Consulting Canada Ltd.Toronto/ON Canada CAD 1.4972 -100.00 100.00 2,860 452 2023 Porsche Consulting Ltda.So Paulo Brazil BRL 6.4314 -100.00 100.00 1,500 -1,185 2023 Porsche Consulting S.A

272、.S.Paris France EUR -100.00 100.00 1,000 1,451 2023 Porsche Design Asia Hong Kong Ltd.Hong Kong Hong Kong HKD 8.0843 -100.00 100.00 3,507 118 2023 Porsche Design Great Britain Ltd.Reading United Kingdom GBP 0.8302 -100.00 100.00 1 6,479 2023 Porsche Design Italia S.r.l.Padua Italy EUR -100.00 100.00

273、 272 -4 2023 Porsche Design Netherlands B.V.Roermond Netherlands EUR -100.00 100.00 938 -53 2023 Porsche Design Sales(Shanghai)Co.,Ltd.Shanghai China CNY 7.5986 -100.00 100.00 660 -143 3 2023 Porsche Design Studio North America,Inc.Beverly Hills/CA USA USD 1.0410 -100.00 100.00 48 -3 2023 Porsche De

274、sign Timepieces AG Solothurn Switzerland CHF 0.9421 -100.00 100.00 5,717 1,103 2023 Porsche Digital China Ltd.Shanghai China CNY 7.5986 -100.00 100.00 33,394 10,506 2023 Porsche Digital Croatia d.o.o.Zagreb Croatia EUR -50.00 50.00 3,418 2,222 9 2023 Porsche Digital Espaa,S.L.Barcelona Spain EUR -10

275、0.00 100.00 465 285 2023 Porsche Digital Israel Ltd.Tel Aviv Israel ILS 3.7953 -100.00 100.00 2,783 784 2023 Porsche Digital,Inc.Atlanta/GA USA USD 1.0410 -100.00 100.00 22,578 -5,622 2023 Porsche Drive Canada,Ltd.Toronto/ON Canada CAD 1.4972 -100.00 100.00 777 -656 2023 Porsche Drive LLC Atlanta/GA

276、 USA USD 1.0410 -100.00 100.00 536 -5,001 2023 Porsche Drive S.r.l.Trento Italy EUR -100.00 100.00 1,582 369 2023 Porsche eBike Performance d.o.o.Sveta Nedelja Croatia EUR -68.17 68.17 1,716 -11,251 2023 Porsche Engineering(Shanghai)Co.,Ltd.Shanghai China CNY 7.5986 -100.00 100.00 122,533 50,465 202

277、3 Porsche Engineering Romania S.R.L.Cluj-Napoca Romania RON 4.9744 -100.00 100.00 19,312 5,887 2023 Porsche Engineering Services North America,Inc.Carson/CA USA USD 1.0410 -100.00 100.00 505 5 4 2023 Porsche Investments Management I S.r.l.Luxembourg Luxembourg EUR -100.00 100.00 1,981 -19 4 2023 Por

278、sche Motorsport Asia-Pacific Ltd.Shanghai China CNY 7.5986 -100.00 100.00 17,773 3,659 2023 Porsche Polska Sp.z o.o.Warsaw Poland PLN 4.2719 -100.00 100.00 -5 2024 41Annual Financial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements Porsche AGs interest in capital%Name of comp

279、any Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year Porsche Private Markets GP S.r.l.Luxembourg Luxembourg EUR -100.00 100.00 -5 2024 Porsche Sales&Marketplace Canada,Ltd.Toronto/ON

280、 Canada CAD 1.4972 -100.00 100.00 1,690 632 2023 Porsche Services Korea LLC Seoul South Korea KRW 1,534.3200 -100.00 100.00 4,105,963 240,744 2023 Porsche Services Middle East&Africa FZE Dubai United Arab Emirates USD 1.0410 -100.00 100.00 1,356 473 2023 Porsche Services Singapore Pte.Ltd.Singapore

281、Singapore SGD 1.4189 -100.00 100.00 -546 -150 2023 Porsche Smart Battery Shop s.r.o.Dubnica nad Vhom Slovakia EUR -100.00 100.00 31,540 466 2023 Porsche Werkzeugbau s.r.o.Dubnica nad Vhom Slovakia EUR -100.00 100.00 19,118 1,362 2023 Ruso IT Solutions Pvt.Ltd.Bangalore India INR 89.1080 -100.00 100.

282、00 -10 2024 Shanghai Advanced Automobile Technical Centre Co.,Ltd.Shanghai China CNY 7.5986 -100.00 100.00 17,257 3,821 2023 III.JOINT VENTURES A.Equity-accounted companies 1.Germany 2.International B.Companies accounted for at cost 1.Germany Axel Springer Porsche GmbH&Co.KG Berlin Germany EUR -50.0

283、0 50.00 25,468 -3,016 2023 Axel Springer Porsche Management GmbH Berlin Germany EUR -50.00 50.00 31 19 2022 FlexFactory GmbH,in liquidation Stuttgart Germany EUR -50.00 50.00 240 -1,255 7 2023 Intelligent Energy System Services GmbH Ludwigsburg Germany EUR -50.00 50.00 3,364 1,136 2023 PDB-Partnersh

284、ip for Dummy Technology and Biomechanics GbR Gaimersheim Germany EUR 20.00 -20.00 -11,12 2023 Smart Press Shop GmbH&Co.KG Halle Germany EUR 50.00 -50.00 27,055 3,860 2023 Smart Press Shop Verwaltungs-GmbH Stuttgart Germany EUR 50.00 -50.00 39 3 2023 2.International Bugatti International Holding S.r.

285、l.Luxembourg Luxembourg EUR 49.00 -49.00 92,829 -86 2023 Material Science Center Qatar QSTP-LLC,in liquidation Doha Qatar QAR 3.7948 25.00 -25.00 -3,7 2024 42 Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousa

286、nds,local currency Profit/loss in thousands,local currency Foot-note Year IV.ASSOCIATES A.Equity-accounted associates 1.Germany Bertrandt AG Ehningen Germany EUR 28.97 -28.97 364,702 14,935 8 2023 IONITY Holding GmbH&Co.KG Munich Germany EUR -15.12 15.12 559,530 -36,516 2023 2.International Bugatti

287、Rimac d.o.o.Sveta Nedelja Croatia EUR 45.00 -45.00 481,387 -18,776 2023 Group14 Technologies,Inc.Wilmington/DE USA USD 1.0410 -3.36 3.36 596,490 -40,304 13 2023 HIF Global LLC Houston/TX USA USD 1.0410 -10.98 10.98 67,708 -69,602 13 2023 Rimac Group d.o.o.Sveta Nedelja Croatia EUR -20.63 20.63 882,1

288、37 -10,043 2023 B.Associates accounted for at cost 1.Germany&Charge GmbH Frankfurt am Main Germany EUR -21.65 21.65 -1,051 -1,151 2023 Customcells Holding GmbH Itzehoe Germany EUR -11.33 11.33 -14 2023 cylib GmbH Aachen Germany EUR -5.48 5.48 -10 2024 Fanzone Media GmbH Berlin Germany EUR -4.99 4.99

289、 -14 2023 New Horizon GmbH Berlin Germany EUR -16.64 16.64 -1,878 -4,852 2023 P2 eBike GmbH Stuttgart Germany EUR -40.00 40.00 535 -158 2023 The Business Romantic Society Verwaltungs GmbH Berlin Germany EUR -20.72 20.72 -2,245 -278 2023 VfB Stuttgart 1893 AG Stuttgart Germany EUR 10.41 -10.41 -10 20

290、24 2.International Autounify,Inc.Wilmington/DE USA USD 1.0410 -33.33 33.33 -10 2024 BrainPower Energy,Inc.Wilmington/DE USA USD 1.0410 -33.33 33.33 -10 2024 IonRoad,Inc.Wilmington/DE USA USD 1.0410 -33.33 33.33 -10 2024 Pull Data Inc.Santa Monica/CA USA USD 1.0410 -33.33 33.33 -14 2023 Sensigo,Inc.W

291、ilmington/DE USA USD 1.0410 -33.33 33.33 -4,14 2023 Stellar Telecommunications S.A.S.Meudon France EUR -20.00 20.00 -875 -434 2023 Vulog S.A.Nice France EUR -6.62 6.62 -10 2024 V.OTHER EQUITY INVESTMENTS 1.Germany 1KOMMA5 GmbH Hamburg Germany EUR -6.24 6.24 248,151 -12,126 2023 43Annual Financial St

292、atements for Fiscal Year 2024 Notes to the Annual Financial Statements Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year aware THE PLAT

293、FORM GmbH,in liquidation Berlin Germany EUR -5.00 5.00 -7,14 2023 Black Semiconductor GmbH Aachen Germany EUR -7.12 7.12 -10 2024 Denizen GmbH Berlin Germany EUR -5.00 5.00 -14 2023 e.ventures europe V GmbH&Co.KG Hamburg Germany EUR -7.91 7.91 66,630 5,599 2 2023 e.ventures europe VI GmbH&Co.KG Hamb

294、urg Germany EUR -3.33 3.33 107,134 -3,118 2 2023 Fiducia Mailing Services eG Karlsruhe Germany EUR 0.07 -0.07 -2024 Headline Europe VII GmbH&Co.KG Berlin Germany EUR -3.13 3.13 53,841 -8,369 2 2023 Heartfelt APX GmbH&Co.KG Berlin Germany EUR -14.41 14.41 3,626 -948 2023 HWW-Hchstleistungsrechner fr

295、Wissenschaft und Wirtschaft GmbH Stuttgart Germany EUR 10.00 -10.00 1,450 49 2023 Impact Labs GmbH Hamburg Germany EUR -7.75 7.75 -1,266 -1,113 2023 My Inner Health Club GmbH,in liquidation Berlin Germany EUR -5.00 5.00 -7,14 2023 NitroBox GmbH Hamburg Germany EUR -7.35 7.35 -14 2023 onGRID Sports T

296、echnology GmbH Berlin Germany EUR -8.09 8.09 -1,126 -986 2023 Retorio GmbH Munich Germany EUR -7.99 7.99 4,433 -1,561 2023 RYDES GmbH Berlin Germany EUR -11.57 11.57 3,457 1,310 2023 Sharpist GmbH Berlin Germany EUR -3.70 3.70 -14 2023 Tomorrow GmbH Hamburg Germany EUR -3.14 3.14 -10 2024 Triple AI

297、GmbH Berlin Germany EUR -5.69 5.69 900 -275 2023 WORKERBASE GmbH Munich Germany EUR -5.41 5.41 7,957 -1,972 2023 2.International actnano Inc.Dover/DE USA USD 1.0410 -3.59 3.59 -14 2023 AM Batteries LLC Billerica/MA USA USD 1.0410 -1.80 1.80 -14 2023 Anagog Ltd.Tel Aviv Israel ILS 3.7953 -4.74 4.74 -

298、14 2023 Applied Intuition,Inc.Mountain View/CA USA USD 1.0410 -4.46 4.46 -10 2024 Atomic Industries Inc.Cleveland Heights/OH USA USD 1.0410 -5.35 5.35 -14 2023 Bcomp Ltd.Fribourg Switzerland CHF 0.9421 -3.50 3.50 11,033 -8,084 2023 Beijing Achievers Management Consulting Co.,Ltd.Beijing China CNY 7.

299、5986 -14.90 14.90 7,596 -3,308 2023 BQ Holding Ltd.Weymouth United Kingdom GBP -0.30 0.30 -14 2023 Bumper International Ltd.London United Kingdom GBP 0.8302 -4.60 4.60 22,520 -368 2023 CarPutty Inc.Wilmington/DE USA USD 1.0410 -10.08 10.08 -14 2023 Chemix,Inc.Sunnyvale/CA USA USD 1.0410 -5.33 5.33 -

300、10 2024 Connect IQ Labs,Inc.Redwood City/CA USA USD 1.0410 -4.90 4.90 -14 2023 Cresta Intelligence Inc.Wilmington/DE USA USD 1.0410 -0.79 0.79 -14 2023 44 Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,

301、local currency Profit/loss in thousands,local currency Foot-note Year Dream Machine Innovations Inc.Wilmington/DE USA USD 1.0410 -5.52 5.52 1 -908 2023 DSP Concepts,Inc.Dover/DE USA USD 1.0410 -4.17 4.17 -14 2023 e.ventures US V,L.P.San Francisco/CA USA USD 1.0410 -3.99 3.99 379,526 -52,463 2 2023 E

302、ve One L.P.Grand Cayman Cayman Islands USD 1.0410 -4.64 4.64 465,017 -3,574 2 2023 Fontinalis Capital Partners III,L.P.Detroit/MI USA USD 1.0410 -9.64 9.64 78,774 -531 2 2023 Griiip Automotive Engineering Ltd.Petach Tikva Israel ILS 3.7953 -4.89 4.89 -14 2023 Grove Ventures II L.P.Grand Cayman Cayma

303、n Islands USD 1.0410 -2.50 2.50 85,811 -5,889 2 2023 Grove Ventures III L.P.Grand Cayman Cayman Islands USD 1.0410 -1.63 1.63 35,182 -3,833 2 2023 Grove Ventures L.P.Grand Cayman Cayman Islands USD 1.0410 -9.09 9.09 188,606 -38,085 2 2023 Hangzhou Wanxiang Culture Technology Co.,Ltd.Hangzhou China C

304、NY 7.5986 -3.31 3.31 -14 2023 Intamsys Technology Ltd.Dongguan China CNY 7.5986 -4.78 4.78 -14 2023 KeySavvy,Inc.Big Lake/MN USA USD 1.0410 -7.44 7.44 -10 2024 LAKA Ltd.London United Kingdom GBP 0.8302 -4.10 4.10 5,077 -5,256 13 2023 Magma Growth Equity I L.P.Grand Cayman Cayman Islands USD 1.0410 -

305、11.33 11.33 47,680 -11,939 2 2023 Nozomi Networks,Inc.San Francisco/CA USA USD 1.0410 -0.73 0.73 -14 2023 Playbook Technologies Inc.Ridgewood/NJ USA USD 1.0410 -6.04 6.04 245 -3,135 2023 RSE Markets,Inc.Dover/DE USA USD 1.0410 -4.61 4.61 -14 2023 RunBuggy OMI,Inc.Newark/DE USA USD 1.0410 -2.05 2.05

306、-14 2023 Semper Vivus Private Markets SCSp SICAV-RAIF Luxembourg Luxembourg EUR -0.01 0.01 -5 2024 Shanghai Powershare Tech Ltd.Shanghai China CNY 7.5986 -2.84 2.84 -14 2023 StretchMe Sp.z o.o.Krakow Poland PLN 4.2719 -9.00 9.00 -14 2023 Tactile Mobility Ltd.Haifa Israel USD 1.0410 -11.14 11.14 12,8

307、98 -6,786 2023 The Embassies of Good Living AG Zurich Switzerland CHF 0.9421 -7.15 7.15 -1,707 -835 2023 TriEye Ltd.Tel Aviv Israel USD 1.0410 -3.41 3.41 -14 2023 Urgent.ly Inc.Vienna/VA USA USD 1.0410 -2.08 2.08 9,604 74,169 13 2023 Valence Security Inc.Wilmington/DE USA USD 1.0410 -3.67 3.67 -14 2

308、023 Via Transportation,Inc.New York/NY USA USD 1.0410 -0.03 0.03 -14 2023 Wayray AG Zurich Switzerland USD 1.0410 -7.90 7.90 -14 2023 Xuanlin(Shanghai)Information Technology Co.,Ltd.Shanghai China CNY 7.5986 -6.00 6.00 -14 2023 Zededa,Inc.San Jose/CA USA USD 1.0410 -2.13 2.13 -14 2023 45Annual Finan

309、cial Statements for Fiscal Year 2024 Notes to the Annual Financial Statements 1 Profit and loss transfer agreement 2 Structured entity in accordance with IFRS 10 and IFRS 12 3 Currently not trading 4 Short fiscal year 5 Newly established/split off-company 6 Figures in accordance with IFRSs 7 In liqu

310、idation 8 Different fiscal year 9 Circumstance in accordance with 1 UmwG 10 Newly acquired company 11 Joint operation in accordance with IFRS 11 12 The parent company is shareholder with unlimited liability 13 Consolidated financial statement 14 No published financial statement Stuttgart,February 24

311、,2025 Dr.Ing.h.c.F.Porsche Aktiengesellschaft The Executive Board Porsche AGs interest in capital%Name of company Domicile Country Currency Exchange rate(1=)Dec.31,2024 Direct Indirect Total Equity in thousands,local currency Profit/loss in thousands,local currency Foot-note Year Zync Inc.San Franci

312、sco/CA USA USD 1.0410 -5.00 5.00 -14 2023 46To the best of our knowledge,and in accordance with the applicable reporting principles,the annual financial statements prepared in accordance with German accepted accounting principles give a true and fair view of the net assets,financial position and res

313、ults of operations of Porsche AG,and the combined management report includes a fair review of the development and performance of the business and the position of Porsche AG,together with a description of the material opportunities and risks associated with the expected development of Porsche AG.Stut

314、tgart,February 24,2025 Dr.Ing.h.c.F.Porsche Aktiengesellschaft The Executive Board RESPONSIBILITY STATEMENT47Annual Financial Statements for Fiscal Year 2024 Independent auditors report“Report on the audit of the annual financial statements and of the combined management report OPINIONS We have audi

315、ted the annual financial statements of Dr.Ing.h.c.F.Porsche Aktiengesellschaft,Stuttgart,which comprise the balance sheet as of December 31,2024,and the income statement for the fiscal year from January 1 to December 31,2024,and notes to the annual financial statements,including the recognition and

316、measurement policies presented therein.In addition,we have audited the management report of Dr.Ing.h.c.F.Porsche Aktiengesellschaft,which is combined with the group management report(“combined management report”),for the fiscal year from January 1 to December 31,2024.In accordance with the German le

317、gal requirements,we have not audited the content of the parts of the combined management report specified in the appendix and the company information stated therein that is provided outside of the annual report and is referenced in the combined management report.In our opinion,on the basis of the kn

318、owledge obtained in the audit,the accompanying annual financial statements comply,in all material respects,with the requirements of German commercial law applicable to business corporations and give a true and fair view of the net assets and financial position of the company as of December 31,2024 a

319、nd of its results of operations for the fiscal year from January 1 to December 31,2024 in compliance with German legally required accounting principles,and the accompanying combined management report as a whole provides an appropriate view of the companys position.In all material respects,this combi

320、ned management report is consistent with the annual financial statements,complies with German legal requirements and appropriately presents the opportunities and risks of future development.We do not express an opinion on the parts of the combined management report listed in the appendix.Pursuant to

321、 section 322(3)sentence 1 of the German Commercial Code(HGB),we declare that our audit and our examination have not led to any reservations relating to the legal compliance of the annual financial statements and of the combined management report.BASIS FOR THE OPINIONS We conducted our audit of the a

322、nnual financial statements and of the combined management report in accordance with section 317 HGB and the EU Audit Regulation(No.537/2014,referred to subsequently as“EU Audit Regulation”)and in compliance with German Generally Accepted Standards for Financial Statement Audits promulgated by the In

323、stitut der Wirtschaftsprfer Institute of Public Auditors in Germany(IDW).Our responsibilities under those requirements and principles are further described in the“Auditors responsibilities for the audit of the annual financial statements and of the combined management report”section of our auditors

324、report.We are independent of the company 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)f)of the EU A

325、udit 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 opinions on the annual financial statements and on the combined

326、 management report.INDEPENDENT AUDITORS REPORTTO DR.ING.H.C.F.PORSCHE AKTIENGESELLSCHAFT48 KEY AUDIT MATTERS IN THE AUDIT OF THE ANNUAL FINANCIAL STATEMENTS Key audit matters are those matters that,in our professional judgment,were of most significance in our audit of the annual financial statements

327、 for the fiscal year from January 1 to December 31,2024.These matters were addressed in the context of our audit of the annual financial statements as a whole,and in forming our opinion thereon;we do not provide a separate opinion on these matters.Below,we describe what we consider to be the key aud

328、it matters:Realization of accounting gains in the course of the contribution in kind of shares in MHP Management-und IT-Beratung GmbH,Ludwigsburg,in return for shares in Porsche Investments Management S.A.,Luxembourg REASONS WHY THE MATTER WAS DETERMINED TO BE A KEY AUDIT MATTER At the beginning of

329、the fiscal year 2024,Porsche AG was a direct 100%shareholder in both MHP Management-und IT-Beratung GmbH,Ludwigsburg(“MHP”),and in Porsche Investments Management S.A.,Luxembourg(“Porsche Investments”).As the sole shareholder,Dr.Ing.h.c.F.Porsche Aktiengesellschaft increased the capital of Porsche In

330、vestments by 1,591 million(159,000,000 new shares).The capital increase was carried out by way of a contribution in kind,in which all shares in MHP were contributed as of the valuation date June 19,2024.By measuring the acquisition cost of the shares received at the fair value of the shares given,ot

331、her operating income from the realization of book gains amounting to 1,326 million was recognized at the level of Dr.Ing.h.c.F.Porsche Aktiengesellschaft.The fair value was determined on the basis of a valuation report prepared by an external expert in accordance with IDW S1,Principles for the Perfo

332、rmance of Business Valuations.The determination of the fair value of the contributed shares and thus the acquisition cost entailed the use of considerable judgment,particularly with regard to the determination of future cash flows and the discount rates used.Against the background of the judgment ex

333、ercised and the underlying complexity of the valuation of the contributed shares and due to the materiality of the other operating income recognized,the realization of book gains and the determination of the acquisition cost of the contributed shares in MHP at fair value was a key audit matter.AUDITORS RESPONSE As part of our audit,we developed an understanding of the background to the transaction