Financial statements
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Note on the combined management report
The management report of Porsche Automobil Holding SE and the group
management report are combined and published in the Porsche Automobil Holding SE
Annual Report 2023.
The separate financial statements and the management report, which is combined
with the group management report, of Porsche Automobil Holding SE for
the fiscal year 2023 are submitted to the operator of the Bundesanzeiger (Federal Gazette)
and are available on the website of the Company Register.
In addition to this, the separate financial statements and the annual report
including the combined management report of Porsche Automobil Holding SE are available
on the homepage of Porsche Automobil Holding SE at
www.porsche-se.com/en/investor-relations/financial-publications.
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Financial statements 2023
Financial statements
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Financial statements 2023
C o n t e n t S
Balance sheet | 6 | |
Income statement | 7 | |
Notes to the financial statements | 8 |
Independent auditor's report | 139 | |
Responsibility statement | 150 | |
Imprint | 151 | |
Financial calendar | 152 |
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Financial statements 2023 Balance sheet
Balance sheet of Porsche Automobil Holding SE as of 31 December 2023
€ thousand | Note | 31/12/2023 | 31/12/2022 |
Assets | |||
Intangible assets | 13 | 84 | |
Property, plant and equipment | 96 | 109 | |
Financial assets | 33,487,708 | 33,423,907 | |
Fixed assets | [1] | 33,487,817 | 33,424,099 |
Receivables from affiliated companies | [2] | 6,366 | 29,743 |
thereof trade receivables | 497 | 2 | |
Other assets | [3] | 19,360 | 317,095 |
Marketable securities | [4] | 283,406 | 69,843 |
Cash and cash equivalents | 723,595 | 343,379 | |
Current assets | 1,032,728 | 760,060 | |
Prepaid expenses | [5] | 9,296 | 396 |
34,529,841 | 34,184,555 | ||
Equity and liabilities | |||
Subscribed capital | [6] | 306,250 | 306,250 |
Capital reserves | [7] | 4,979,417 | 4,979,417 |
Retained earnings | [8] | 21,296,475 | 19,369,447 |
Net profit available for distribution | [8] | 783,081 | 2,052,104 |
Equity
27,365,224 26,707,218
Provisions for pensions and similar obligations | 41,877 | 39,279 |
Income tax provisions | 3,468 | 10,429 |
Other provisions | 48,510 | 62,410 |
Provisions | [9] |
93,855 112,117
Bonds | 2,061,561 | 0 | |
Schuldschein loan | 2,805,191 | 0 | |
thereof to banks | 2,610,942 | 0 | |
Liabilities to banks | 1,953,306 | 7,118,447 | |
Trade liabilities | 665 | 3,788 | |
Liabilities to affiliated companies | 249,741 | 242,094 | |
thereof trade liabilities | 362 | 504 | |
Other liabilities | 299 | 891 | |
thereof from taxes | 248 | 801 | |
Liabilities | [10] | 7,070,762 | 7,365,220 |
34,529,841 | 34,184,555 | ||
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Financial statements 2023 Income statement
Income statement of Porsche Automobil Holding SE for the period from 1 January to 31 December 2023
€ thousand | Note | 2023 | 2022 | |
Revenue | 96 | 184 | ||
Other operating income | [11] | 233,587 | 2,505 | |
thereof from currency translation | 7 | 16 | ||
Personnel expenses | [12] | - 18,755 | - 17,641 | |
Amortization and depreciation | - 106 | - 161 | ||
Other operating expenses | [13] | - 19,532 | - 26,866 | |
thereof from currency translation | - 10 | - 41 | ||
Income from investments | [14] | 1,509,824 | 4,255,846 | |
Impairment on marketable securities | 0 | - 389 | ||
Interest result | [15] | - 267,440 | - 98,648 | |
Income tax | [16] | 3,428 | - 10,790 | |
Result after tax | 1,441,101 | 4,104,040 | ||
Other tax | [17] | - 14 | 167 | |
Net profit | 1,441,088 | 4,104,207 | ||
Transfers to retained earnings | [8] | - 658,006 | - 2,052,104 | |
Net profit available for distribution | [8] | 783,081 | 2,052,104 | |
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Financial statements 2023 Notes to the financial statements
Notes to the financial statements of Porsche Automobil Holding SE for the fiscal year 2023
Notes to the financial statements
Basis of preparation
Porsche Automobil Holding SE, Stuttgart ("Porsche SE" or the "company"), is headquartered at Porscheplatz 1 in 70435 Stuttgart, Germany. The company is registered at the Stuttgart Local Court under HRB 724512.
The separate financial statements of Porsche SE have been prepared in accordance with HGB ["Handelsgesetzbuch": German Commercial Code] and the special accounting provisions of AktG ["Aktiengesetz": German Stock Corporation Act].
In order to improve the clarity of the financial statements, individual balance sheet and income statement items have been combined and presented separately in the notes to the financial statements. The balance sheet format in accordance with Sec. 266 HGB was expanded by the item "Schuldschein loan". The income statement has been prepared using the nature of expense method. Unless otherwise stated, all figures are presented in thousands of euro (€ thousand). All figures and percentages are rounded according to customary business practice, so minor discrepancies may arise from the addition of these amounts. The comparative prior-year figures are presented in parentheses alongside the figures for the current reporting period.
Accounting policies
Intangible assets and property, plant and equipment are stated at cost less amortization and depreciation over the useful life of the assets and less impairments.
Shares in affiliated companies and securities classified as fixed assets are stated at the lower of cost or market. Affiliated companies are subsidiaries as defined by Sec. 290 HGB. From the perspective of Porsche SE these also include Volkswagen Aktiengesellschaft, Wolfsburg ("Volkswagen AG"), and its subsidiaries, including Dr. Ing. h.c. F. Porsche AG, Stuttgart ("Porsche AG"), due to the majority of voting rights held pursuant to Sec. 290 (2) No. 1 HGB.
Receivables and other assets are valued at the lower of cost or market. Specific bad debt allowances provide for any foreseeable risks.
Foreign currency receivables and liabilities with a remaining term of up to one year are recognized at the average spot rate as of the reporting date.
Marketable securities are valued at the lower of cost or market.
Cash and cash equivalents are recognized at their nominal value. Bank balances in foreign currency are recognized at the average spot rate as of the reporting date.
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Financial statements 2023 Notes to the financial statements
If the settlement amount of a liability is higher than its issue amount (debt discount), the difference is recognized under prepaid expenses. The debt discount is repaid over the term of the liability by means of amortization.
To determine deferred tax arising due to temporary differences between the carrying amounts of assets, liabilities, prepaid expenses in the statutory accounts and their tax carrying amounts, or deferred taxes due to tax loss carryforwards, the resulting tax burden and relief are valued using the company-specific tax rates at the time the differences reverse; these amounts are not discounted. The amount was calculated using a tax rate of 30.5% (30.5%). Deferred tax assets mainly result from differences between the carrying amounts of pension provisions, other personnel provisions and other provisions. There are corporate income tax and trade tax carryforwards which are expected to give rise to partial tax relief within the next five years. Exercising the option from Sec. 274 (1) HGB, net deferred tax assets were not capitalized.
Provisions for pensions and similar obligations are recognized using the projected unit credit method in accordance with actuarial principles on the basis of the current 2018 G mortality tables from Prof. Dr. Klaus Heubeck and a discount rate of 1.83% (1.79%), a rate of increase in wage and salary of 3.0% (3.0%), pension increases of 2.2% (2.0%) and turnover of 2.7% (3.0%). In addition to this, career progress was taken into account at 1.0% (0.5%) for the workforce in general. No career progress was taken into account for employees on the first management level and members of the board of management.
Other provisions are recognized at the settlement value deemed necessary based on prudent business judgment and, if they have a remaining term of more than one year, are discounted. Litigation costs relating to legal proceedings where the group is the defendant are provided for at the amount of the expected legal fees. Any obligations to pay damages or penalties are taken into account only if their occurrence is considered to be probable.
Liabilities are recorded at the settlement value.
Derivative financial instruments are entered into exclusively for hedging purposes. They are valued by comparing the agreed rate with the forward rate for the same maturity as of the reporting date. A provision is recognized for any resulting unrealized loss. Any positive gains are not recognized. Gains and losses are not offset. Measurement gains and losses are discounted to the present value. The fair values of the derivatives generally correspond to the market value or quoted market price. If no active market exists, fair value is determined using valuation techniques, such as by discounting the future cash flows at the market interest rate. Where possible and feasible, derivatives entered into for hedging purposes are combined to form hedges if they have comparable risks to the hedged item. 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. Derivatives not included in hedge accounting are measured individually at market value. Any resulting unrealized losses are recognized through profit or loss.
The amounts presented under contingent liabilities reflect the contractual scope of liability.
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Financial statements 2023 Notes to the financial statements
[1] | Fixed assets | |||||
Historical | ||||||
€ thousand | 1/1/2023 | Additions | Disposals | Reclassifications | ||
Intangible assets | ||||||
Purchased concessions, industrial property rights and similar rights | ||||||
and values and licenses in such rights and values | 572 | 8 | 0 | 0 | ||
Total intangible assets | 572 | 8 | 0 | 0 | ||
Property, plant and equipment | ||||||
Other equipment, furniture and fixtures | 737 | 15 | 7 | 0 | ||
Total property, plant and equipment | 737 | 15 | 7 | 0 | ||
Financial assets | ||||||
Shares in affiliated companies | 33,423,907 | 63,801 | 0 | 0 | ||
Total financial assets | 33,423,907 | 63,801 | 0 | 0 | ||
Total fixed assets | 33,425,215 | 63,824 | 7 | 0 |
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Porsche Automobil Holding SE published this content on 20 March 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 21 March 2024 06:02:06 UTC.