Annual Report 2012
15,307
17,502
13,159
Number of employees in the Porsche Group*
2010
* As of December 31
2011
2012
Thanks to Porsche’s success, the number of employees is
growing rapidly. In the last three years, the workforce has
increased by about one-third to more than 17,500 people
– and that figure will continue to climb in the next few years.
This also applies to the trainee positions. As part of
“Strategy 2018”, the number of trainees will go up from
300 to 450 in the future. For that reason, Porsche is
building a new training center at its Stuttgart-Zuffenhausen
headquarters.
“I simply believe that the heart plays a key role.”
F.A. Porsche
04
06
08
Letter from the Chairman of the Executive Board
The Executive Board
The Supervisory Board
10
The spirit of a brilliant designer lives on
12
Masterminds
20
Business development
30
34
42
48
56
Curiosity
The right choice
Harmony at its best
Traveling through Time
Employees, sustainability and the environment
66
70
80
86
Fascination
The Beauty of Engineering
A classroom where triumph reigns
Research and development
90Awareness
94
An affair of the heart
104
Building on success
108
Solo performance
114
Sales, production and procurement
120
Performance
124
125
128
128
Financial analysis
Net assets
Financial position
Results of operations
130
131
132
133
134
136
Financial Data
Consolidated income statement
Consolidated statement of comprehensive income
Consolidated statement of financial position
Consolidated statement of cash flows
Consolidated statement of changes in equity
138
140
142
Further Information
Emission and consumption
Key performance indicators
04
Letter from the Chairman
of the Executive Board
05
Dear ladies and gentlemen,
There is no question that the signs of a successful
company are sales growth and profitability – as
well as innovative products. At Porsche, we have
impressive automobiles that keep generating true
enthusiasm among our discerning customers who
have high demands in regard to what an exclusive
sports car should be. To deliver such vehicles time
and time again requires highly qualified and highly
motivated employees – and in my opinion, that’s
the key to success. They are the ones who develop
and design our cars with the utmost attention to
detail, they are the ones who manufacture them with
outstanding quality in mind, and they are the ones
with the expertise to sell them around the world.
Take the Porsche 911 for example. This iconic
sports car still features the same excellence that
keeps drawing the attention of drivers and observers as it did 50 years ago. This phenomenon is only
possible because our engineers and technicians
want to go beyond what they have achieved. Another example is the 918 Spyder super sports car
that entices with the performance and efficiency of
its plug-in hybrid drive. On the one hand, it delivers
795 hp, and on the other, it offers an average fuel
consumption of three liters per 100 kilometers.
When we put the 918 out on the road this fall, it
will have been made possible by our developers
who were driven and inspired to redefine the limits
in sports car design.
As the Board of Management at Porsche AG, we
invest tremendous amounts of money to create
the conditions to accomplish all of these things. In
fact, we have never invested so much in the future
of our company. Some of these projects include:
a new design center at the Weissach Development
Center; modernization of our main production facility in Zuffenhausen, and the construction of a brand
new manufacturing plant at our existing premises
in Leipzig. This year, we will also be producing the
Macan sport utility vehicle in Saxony. And just so
you know, we’re not only investing in bricks and
machines, but in bright minds, too.
Our strategy enables us to keep creating more jobs.
Right now, we already have 17,500 employees on
board, of which 5,000 joined us in the last three
years. In the next several years, we will be hiring
another 3,000 new employees. We are also building a new training center that can accommodate
more than 500 trainees, and we are setting up day
care facilities for young children. We look after our
workers’ needs, and also look after their families.
These days, situations where both parents work
are becoming more and more frequent. As an employer, we need to adapt to this trend. We ensure
that our employees have an easier time balancing
their work and family lives. More of our people than
ever before can create an optimal living situation
for themselves with customized work schedules.
All of these factors – the construction taking place
in Leipzig and in Zuffenhausen, and the expanding
Porsche workforce – cost a lot of money. However,
we are able and want to make these investments.
Fiscal year 2012 was the most successful year in
our history. We sold 143,096 vehicles, which was
22 percent more than the previous year. We generated sales of euro 13.9 billion, which represented
a 27 percent increase over the previous year. Our
operating profit of euro 2.4 billion represents an
increase of 19 percent.
As you can see, our commitment is paying off. We
are confident that Porsche can do even better in
the future. We keep developing as a company, and
still stay true to our principles. And that’s precisely
what is unique about Porsche’s success.
Matthias Müller
Chairman of the Executive Board
06
The Executive Board
of the Dr. Ing. h.c. F. Porsche AG
Lutz Meschke
Dr. Oliver Blume
Thomas Edig
Uwe-Karsten Städter
Finance and IT
Production and Logistics
Deputy Chairman
of the Executive Board
Human Resources
Procurement
07
Matthias Müller
Bernhard Maier
Wolfgang Hatz
Chairman of the Executive Board
Sales and Marketing
Research and Development
08
The Supervisory Board
of the Dr. Ing. h.c. F. Porsche AG
DR. WOLFGANG PORSCHE
Prof. Dr. Dr. h. c. mult. Martin Winterkorn
Diplomkaufmann
Chairman
Diplom-Ingenieur
Chairman of the Executive Board of Porsche Automobil Holding SE
Chairman of the Board of management of Volkswagen AG
and member of the Board of management of Volkswagen AG
Corporate Research and Development
UWE HÜCK*
Deputy Chairman
Chairman of the general and group works council
of Dr. Ing. h.c. F. Porsche AG
Chairman of the Zuffenhausen and Ludwigsburg
works council
Deputy Chairman of the SE works council
of Porsche Automobil Holding SE
CHRISTIAN KLINGLER
Betriebswirt
Member of the Board of management
of Volkswagen AG
Sales and Marketing
HON.-PROF. DR. TECHN. H.C. FERDINAND K. PIËCH
PROF. DR. RER. POL. HORST NEUMANN
Diplom-Ingenieur ETH
Ökonom
Member of the Board of management of Volkswagen AG
Human Resources and Organization
DR. HANS MICHEL PIËCH
Attorney at law
DR. FERDINAND OLIVER PORSCHE
Investment management
HANS-PETER PORSCHE
Ingenieur
* Employee representative
HANS DIETER PÖTSCH
Diplom-Wirtschaftsingenieur
Chief Financial Officer of Porsche Automobil Holding SE
Member of the Board of management of Volkswagen AG
Finance and Controlling
DR. RER. POL. H.C. FRANCISCO JAVIER GARCIA SANZ
Betriebswirt
Member of the Board of management of Volkswagen AG
Procurement
09
BERND KRUPPA*
(since 15 February 2012)
Principal authorized representative of the
IG Metall trade union administration, Leipzig
HANSJÖRG SCHMIERER*
Manager responsible for members and finances
of IG Metall trade union, Stuttgart
PETER SCHULZ*
KAI BLIESENER*
Press spokesman of IG Metall trade union,
Baden-Württemberg regional office
Diplom-Ingenieur (FH)
Senior department head for human resources,
production, and logistics
ANTONIO GIRONE*
WALTER UHL*
Member of the general works council
of Dr. Ing. h.c. F. Porsche AG
Member of the Zuffenhausen/Ludwigsburg works council
Member of the SE works council of Porsche Automobil Holding SE
Deputy Chairman of the general works council
of Dr. Ing. h.c. F. Porsche AG
Chairman of the group executive board
of Dr. Ing. h.c. F. Porsche AG
Chairman of the Weissach works council
Member of the SE works council of Porsche Automobil Holding SE
JÜRGEN KAPFER*
Project manager, drivetrain Boxster model series
GÜNTHER MAGERER**
(until 1 February 2013)
Deputy Chairman of the Zuffenhausen/Ludwigsburg
works council
Member of the SE works council of Porsche Automobil Holding SE
* Employee representative
**Upon the recommendation of the Group’s works council made on
February 12 2013, the company’s Executive Board filed a request
on February 14 2013 with the Stuttgart District Court according to
§104 AktG (German Stock Corporation Act) to appoint Hans-Jörg
Leschek, in his capacity as the employee representative, to the
company’s Supervisory Board. At the time of publication, the district
court had not yet approved the appointment.
WERNER WERESCH*
Deputy Chairman of the group works council,
head of shop stewards’ committee
Member of the general executive board
of Dr. Ing. h.c. F. Porsche AG
Deputy Chairman of the Zuffenhausen/Ludwigsburg works council
Member of the SE works council of Porsche Automobil Holding SE
10
11
The spirit of a brilliant
designer lives on
Ferdinand Alexander Porsche, or “F.A. Porsche” as he was called
by his employees, passed away in April 2012 at the age of 76.
The designer, creator of the perfect sports car, and Honorary
Chairman of Porsche AG’s Supervisory Board, leaves behind a
tremendous legacy.
Ferdinand Alexander Porsche was born on December 11, 1935 in Stuttgart as the oldest son of Dorothea and Ferry Porsche. Even as a young boy, F.A. Porsche was already fascinated by cars. He spent a
large amount of time in the design and development workshops belonging to his grandfather Ferdinand
Porsche. Only one year after taking over as manager of the Porsche Design Studio in 1962, he caused
worldwide excitement with the Porsche 901, known today as the 911. With the 911, F.A. Porsche created
an iconic sports car whose timeless, classic style still lives on today in the seventh generation of 911s.
F.A. Porsche also played a major role in designing the racing cars of the sixties. Some of his best-known
designs include the Formula One 804-type racing car and the Porsche 904 Carrera GTS, which is considered by automobile fans to be one of the most beautiful racing cars ever built.
After Porsche KG (limited partnership) was restructured into a stock corporation in 1972, Ferdinand
Alexander Porsche left the company’s operational business. That same year, he founded the Porsche
Design Studio in Stuttgart, whose headquarters was moved to Zell am See in Austria in 1974. Over the
next decades, he designed many classic men’s accessories, such as watches and glasses, which achieved
worldwide prominence under the “Porsche Design” brand. At the same time, he and his team created
the “Design by F.A. Porsche” brand that was used on a large number of industrial products, domestic
appliances, and consumer goods.
None of his product designs were inspired purely by rational thought. F.A. Porsche attached equal
importance to feelings, people’s emotions and his passion for combining functionality and esthetics in
the best way possible. As a purist and functionalist, his life-long pursuit was a clean design line which
still characterizes the Porsche brand to this day. The Porsche 911 is not the only product in which the
spirit of a brilliant designer lives on.
12
Masterminds
13
Prof. Dennis Snower,
President of the Kiel
Institute for the World
Economy, and Lutz
Meschke, Member of the
Executive Board Financial
Affairs and IT at Porsche
AG, talk about the development of the world
economy, the euro crisis,
and their impact on the
automobile industry and
Porsche.
14
The world economy last year was characterized by considerable uncertainty.
The worsening euro crisis requires more than measures applied solely within the European Economic Area. Porsche CFO Lutz Meschke and Prof. Dennis Snower, President
of the Kiel Institute for the World Economy, regularly discuss possible instruments as
well as risks and opportunities presented by the current developments.
Meschke: As an automotive company with a global
presence, we always keep a watchful eye on the
development of the world economy and the political
framework conditions in the individual countries.
That is one of the key requirements to get a feel
for each of our markets, identify trends early on
and use them to the benefit of our business. That is
why we follow analyses and projections of the leading economic institutes very closely and also seek
direct contact with academics. What I especially
like about the Kiel Institute for the World Economy
is its very well thought-out, integrated approach.
Snower: As economists, we monitor the activities
of major companies very carefully because they
have a large impact on overall economic growth.
All over the world, the automobile industry plays a
key role in this respect because it generates high
added value and is a major employer. In emerging
markets, the car industry has been a growth driver
for years. In China, it may even have potentially
surpassed other industries.
Meschke: But China is not the only place where
this is happening. In the US, which is the leading
economic power, the automobile industry is growing faster than the economy as a whole. In the
calendar year 2012, Porsche achieved almost
perfect regional distribution of its customer deliveries. However, even for us, diversification to other
growth markets is essential.
Snower: Once again, I expect the world economy
to grow only moderately this year. While most of the
emerging markets will keep growing, the economic
expectations for the US and Germany are rather
restrained. Given the worldwide interconnectedness, a lot depends on how well the US can recover
and restore confidence. Considerable uncertainty
remains in relation to the debt crisis in the euro
zone, where the situation is extremely problematic.
15
“Policy-makers should
engage in a direct
discussion, like the
two of us are doing
right now.”
Dennis J. Snower, from the US, has been President of the Kiel Institute for the World Economy
(IfW) since the fall of 2004. As a professor for
theoretical economics, he teaches at Kiel University. His areas of research include employment
policies, as well as monetary and fiscal policies.
Prof. Snower is a well-respected adviser to governments and international organizations.
As one of the major centers for economic
research, the mission of the Kiel Institute for
the World Economy is to conduct research
on innovative solutions for pressing problems in
the world economy. The institute was founded in
1914 as the Royal Institute for Maritime Transport and World Economics.
16
The two economics experts
discuss measures to resolve
the euro crisis.
Meschke: The industrial sector in the euro zone
is suffering substantially from weak demand – especially in the south of Europe –, which, of course,
also affects the automobile industry. For years, this
industry has posted declining sales in Southern and
Western European markets. As a premium-class
manufacturer, Porsche is less affected than the
volume brands. For example, in 2012, we were
able to significantly improve our figures compared
to the previous year. However, I am shocked to see
many well-educated, young people being jobless,
like in Spain for example. High unemployment is a
core problem.
Snower: I think you’re right. We all have major
challenges to face in order to rescue the euro.
Measures taken to date as part of the “rescue
package” are coming up short. While the European
Central Bank’s decision to buy an unlimited number
of government bonds from the debtor countries
stabilized the financial markets in the short run, it
isn’t a sustainable solution.
Meschke: I see it the same way. There is a likely
risk of inflation in the euro zone over the long term.
The reason it won’t occur in the short and medium
terms is that there is not enough demand. In a
stagnant or slow growing economy with risk-averse
companies and consumers, money doesn’t circulate. Liquidity flows into investments like real estate
or German government bonds, where it appears to
be safe. In real estate, this actually causes significant price increases. Once the economy begins
to grow again across great parts of the region,
the ECB will have to reduce its money supply. As
a result, withdrawing from an expansive monetary
policy requires constant monitoring.
All measures must specifically counteract the
breakup of the euro zone because this would have
fatal consequences for the globally connected
economy, and one would have to expect a dramatic
decline in sales worldwide. In this case, declining
sales in the double-digit percentage range are absolutely realistic for the European automobile market.
17
Snower: European fiscal policy has failed to date.
What we need is a long-term pan-European framework that all euro countries have to adhere to. This
would include, for example, a maximum debt ratio
requirement of 60 percent, as is already provided
for in the Stability and Growth Pact. At the same
time, one must be able to implement countercyclical stimulus measures in difficult periods to
trigger economic growth. In other words, there has
to be a mix of short-term intervention and reliable,
long-term policies with regard to debt reduction.
Meschke: Currently, we are in a deadlock. The
creditor countries can’t be sure that they will ever
see their money from the rescue packages again
and have therefore lost their trust. However, we
Germans should remember that about 40 percent
of German exports go to countries in the euro zone.
That market is highly important. Seen from the
perspective of the debtor countries, the creditor nations are responsible for their unfavorable situation.
Snower: That’s right. This is why we have to find
a compromise, you know – a win-win situation. A
binding agreement gives the debtors credibility and
provides assurance to the creditors. And a countercyclical fiscal policy prevents the debtor countries
from being unable to jump-start their economies
because of austerity measures. To ensure that the
debtor countries comply with the rules, one could
institute a flexibly adaptive value-added tax that
could serve as a control instrument. If this concept
was implemented, the ECB could go back to its
core task of fighting inflation.
Meschke: That sounds plausible. We need to
create sustainable structures and simultaneously offer short-term assistance. I think immediate measures are essential to get a handle on
the tremendous debt and interest burdens of the
debtor countries.
We need a preventive and shared distribution of risk
among all member countries. This concerns a common set of policies for revenues and expenditures,
and corresponding control mechanisms. It includes,
for example, establishing taxes and subsidies, taking on new loans, and passing national budgets. In
order to get through this transition and to stabilize
the system in the short term, a debt repayment
agreement has to be in place. One can’t exclude a
partial solution based on eurobonds in this respect.
The key here is to create full transparency and to
check precisely what measures will ultimately result
in lower interest rates.
Snower: I’m a little skeptical about eurobonds
because they decrease the pressure on the
debtor countries and complicate the path back to
an orderly situation. The risks should lie with the
countries that take them. However, the job of policymakers should be, as you say, to discuss various
approaches more openly than has been done in
the past and to really evaluate the scenarios along
with all calculable costs – and be bold enough to
clearly communicate bad news. An important task
for policy-makers is therefore to create greater
transparency. Politicians have to make it clear to
the public that everyone has to contribute in order
to get through this crisis. Otherwise, the problem
would persist in the future.
Meschke: I see it exactly the same way. Fragments
don’t bring any permanent overall solution. That’s
why we need uniform policies and an integrated
package of measures. Besides the regulatory
requirements, I also believe that creating growth
incentives is essential.
“All measures must be
specifically oriented to
counteract the break­
up of the euro zone,
which would have
fatal consequences
for the globally connected economy if it
occurred.”
18
The Kiel Institute for the
World Economy has been a
well-known research facility
for decades.
Snower: I totally agree. What is key for all in-crisis
countries is to regain their competitiveness. The
objective has to be to lower incidental wage costs
and to deregulate the job market. In addition, the
economy should continue to be supported by
eliminating bureaucratic obstacles so as to simplify
market entry for entrepreneurs. These kinds of
measures as part of a tangible economic development program could be applied in all crisis-ridden
countries to help get people back into jobs and to
support economic restructuring.
But Porsche seems to be familiar with the strategy
of how to steer a company on a growth-oriented
course even during times of crisis.
Meschke: Porsche offers fascinating products.
Our strategic objectives include using model
campaigns to always put the sportiest product in
a given segment on the road. That’s exactly what
we will be offering in 2014 with the new Macan. In
addition, our global positioning has enabled us to
set the right course – and that will allow us to even
out fluctuations in demand.
Snower: Thinking and acting globally has long
become a basic prerequisite for running a successful business.
Meschke: Absolutely right! That’s why we will
continue to push ahead with our internationalization program. We are expanding our car dealership
network in many important growth regions, such as
in South Korea with its own importer, as well as in
Brazil, and in Russia. We now have five dealerships
in Moscow alone – more than in any other city. In
the future, we will continue our expansion of the
dealership network – especially in all emerging
markets. It is essential that we offer the right solution for each individual market in order to reduce
our dependency on the larger markets.
Snower: Increasing urbanization has created
strong growth momentum in the BRIC countries,
which are Brazil, Russia, India, and China – and the
automobile industry is really benefitting from that.
An especially exciting market, with even higher
overall economic growth than Russia, is China.
Meschke: Of course, we already have a very
strong position in China and will continue to expand
our dealership network there. The current focus of
our sales strategy in China is on the Cayenne. That’s
why we want to create even bigger incentives to
get people to switch over to our sports car, for
example by means of test drives on a race track.
Snower: In China’s big cities, incomes are higher
and the infrastructure is better than in the rural
regions. Since the rate of urbanization will not
continue to grow indefinitely, the interesting question of how domestic demand in China will evolve
remains to be answered.
Meschke: I believe that double-digit growth rates
are somewhat unlikely there in the future. However,
“In the future, we will
continue to push ahead
in expanding the car
dealer network, especially in all emerging
markets. The key is
to offer the right solution for every individual
market.”
19
we are optimistic that Porsche will grow faster in
China in the next few years than the average Chinese gross domestic product. In addition, we’re
also looking for above-average growth in the US.
We will acquire new customers there through a
variety of measures, including by setting up new
test courses. We’re also showing commitment to
the US market with our new headquarters that we
are currently building in Atlanta.
Snower: Last, but not least, I would like to turn your
attention to an issue that we will have to deal with
to an increasing extent – and that’s sustainability.
Sustainable policies give financial markets, companies, and consumers a sense of security, and that in
turn creates growth. This also applies to regulating
CO2 emissions in order to counter climate change,
for example. The affected companies require clear
cost transparency so that they can plan and invest
accordingly. Doing business in a sustainable manner means using resources efficiently. In regard
to the environment, it also means developing and
using alternative energy sources with the help of
technological progress.
Meschke: Exactly! The topic of alternative energy
also plays a major role at Porsche. One idea, that
isn’t really new now but represents more than an
interim solution, is plug-in hybrid technology. The
development of pure electromobility probably needs
more time in order to provide a serious alternative
to conventional drive systems, especially in regard
to mileage range and a comparable performance.
Plug-in hybrid technology, on the other hand, is
already very sophisticated and offers excellent
performance and fuel consumption: the highperformance sports car 918 Spyder with a plug-in
hybrid drive system that will be rolled out in the
2013 financial year is going to be the living proof.
I see tremendous growth opportunities in the field
of plug-in hybrid technology – including for Porsche.
Back at the Paris Auto Salon last fall, we introduced
the concept car Panamera Sport Turismo whose
technology represents the next development step
toward the plug-in hybrid. I think plug-in hybrid
technology will be the most efficient drive system
variant in the future.
20
Business development
SIGNIFICANT GROWTH
The growth rate of the global economy decreased
further to 2.6 percent in 2012. The downturn was
already evident in the prior year. However, the
growth rate at that time was still 3.0 percent.
The reason for the declining growth is the debt
crisis in the euro zone. The southern states of the
euro zone were already in deep recession from
the middle of 2012. Overall, the euro zone reported a negative growth rate of minus 0.4 percent in
2012. Germany was able to avoid falling into
recession. Europe's leading exporter benefited
from the continuing positive economic situation in
key sales markets such as the USA and the BRIC
countries (Brazil, Russia, India and China) and
achieved growth of 0.9 percent in 2012.
With an increase in GDP of 2.2 percent in an
uncertain economic environment, the USA once
more proved itself to be the motor of the global
economy. In this connection, private households,
which spent more on consumption than in the
prior year, were a key driver. There was also
positive impetus for the global economy from the
BRIC countries in 2012. In particular, the development of the Chinese economy shows the
steadily growing significance of these former
emerging economies for the global economy.
Despite the negative effects of the weak economy
in the euro zone on trade between Europe and
China, China's growth rate reached 7.8 percent.
At the end of 2012, the European sovereign debt
crisis remains the most significant risk for a
global economic recovery. The measures intro-
duced and announced by the European Central
Bank to combat the crisis – such as the program
to purchase government bonds – were unable to
dispel the uncertainty regarding the future of the
euro zone.
Despite the problems in the euro zone, the global
automobile market grew by 7.2 percent to 66.6
million new passenger vehicle registrations. This
growth was primarily driven by the Chinese and
US markets. With growth of 12.4 percent to 17.2
million vehicles, the USA did full justice to its
traditional role as the leading global market.
China was able to maintain its growth rate of the
prior year and again saw growth of 9.3 percent.
With 13.5 million new vehicles, the market continues to occupy second place behind the US
market. However, the other BRIC countries Brazil,
Russia and India maintained their upward trend of
the preceding years. Sales in Russia rose by 11
percent to 2.7 million vehicles. In India, the increase was 11.1 percent to 2.5 million units; in
Brazil, there was a rise of 2.7 percent to 2.9
million vehicles in 2012.
As in the prior year, Europe was the problem
region of the world. Indeed, the decline accelerated considerably in the reporting year, above all
in southern Europe. Italy, Spain and France saw
dramatic development, with double-digit decline.
The fact that the 8.2 percent overall decrease in
new registrations in the western European passenger car market to 11.7 million vehicles remained in the single-digit range is due to the
German market, whose volume decreased by
just 3 percent to 2.9 million vehicles.
21
SIGNIFICANTLY HIGHER DELIVERIES
With 141,075 new vehicles delivered to customers in the fiscal year 2012, Porsche achieved the
most successful year in its history. By November,
the global sales organization had already surpassed the record result of the prior year
(118,868 units) and achieved growth of 19 percent in comparison to 2011. Double-digit growth
rates were seen in all regions in comparison to
the prior year. The Stuttgart-based sports car
manufacturer increased its deliveries to customers by 84 percent in the last three years.
The record number of deliveries in the fiscal year
2012 is also attributable to the success of the
new generation of 911 models: with a total of
25,457 vehicles, Porsche notched up 31 percent
more deliveries of the 911 model series to customers than in 2011.
The Boxster and Cayman model series also did
well in the final fiscal year before the introduction
of the successor to the Cayman, almost matching the prior-year figure, with 11,825 vehicles
delivered. The introduction of the new Boxster
generation from March 2012 continued the success story of the open-top two-seater. Total
deliveries came to 9,253 vehicles, exceeding the
prior-year figure by 19 percent.
The Cayenne achieved the most deliveries in the
reporting year. With its dynamic and sporty design and an attractive range of engines, the
sporty off-roader was very popular for customers,
with 74,763 vehicles delivered. This is an increase of 25 percent compared to 2011. With a
share of around a third, the efficient diesel engine
contributed to the positive development of the
model series. Within the Cayenne model series,
the Cayenne GTS, S Diesel and Turbo S models,
which were introduced in 2012, garnered positive responses from the press and customers.
In the reporting period, Porsche delivered
29,030 units of the Panamera model series. In
its fourth year of production, the Gran Turismo
saw an increase of 8 percent compared to the
prior year.
AMERICAS
USA: Continued strong growth in
Porsche’s largest market
2012 was Porsche’s most successful year to
date in the USA. In the wake of the continuous
growth of the last three years, Porsche achieved
a new record figure in 2012 with 35,043 new
vehicle deliveries. The Cayenne saw growth in
deliveries of 20 percent and remained the biggest-selling model series with 15,545 deliveries
to customers. The successful market launch of
the Cayenne Diesel also contributed to this
growth. Deliveries of the Panamera increased by
11 percent compared to the prior year to 7,614
vehicles in the third year since its market launch
in the USA.
The new 911 continued Porsche’s success story
in the key sports car market. 8,528 vehicles
were delivered, surpassing the prior-year figure
by 42 percent. The new generation of the Boxster was also successfully launched. Total deliveries of the mid-engined sports car increased by
63 percent to 2,894 units. Deliveries of the
Cayman decreased to 462 vehicles due to the
upcoming launch of the new generation.
The groundbreaking ceremony for the new headquarters of Porsche Cars North America, with
integrated customer experience center, took
place in Atlanta in November 2012. This project
will enable Porsche to further expand its market
presence in the USA and offer customers even
more opportunities to experience the Porsche
legend firsthand.
22
Canada: New record for
new vehicle deliveries
Porsche delivered 3,003 vehicles to customers
in Canada, exceeding the prior-year figure of
2,214 units by 36 percent. This was another
record result for Porsche, which was the fastestgrowing automobile manufacturer in Canada. The
Cayenne was particularly successful, with 1,628
units delivered. One reason for the growth of the
Cayenne model series was the successful launch
of the Cayenne Diesel on the Canadian market.
The Panamera accounted for 422 deliveries,
corresponding to growth of 18 percent. The new
generation of the 911 was also successfully
launched on the market. 584 vehicles were sold,
23 percent more than in the prior year. A total of
369 units of the mid-engined sports cars were
delivered.
Latin America: Strong performance despite
unstable economic environment
Porsche achieved strong results in Latin America
in the past fiscal year – despite country-specific
import restrictions and changes in taxation, which
mainly had a negative impact on the Brazilian
market, previously the market with the highest
sales. Despite the difficult market conditions in
Brazil, Porsche almost matched the level of the
prior year in this region. A total of 3,014 vehicles
were delivered in the markets of Central and South
America and the Caribbean. While new vehicle
deliveries of the mid-engined sports cars Boxster
and Cayman dropped slightly to 381 vehicles due
to the model change, sales of the 911 models
increased considerably. 413 rear-engined sports
cars were delivered, an increase of 52 percent
compared to 2011. The number of Cayenne and
Panamera vehicles delivered to customers remained virtually unchanged at 2,002 deliveries of
the SUV and 218 of the Gran Turismo. The markets of Mexico and Brazil, followed by Chile and
Puerto Rico, remained the driving forces of
growth in the region.
EUROPE
Germany: Record year for new vehicle
deliveries
Porsche achieved a record year in the German
market with an impressive all-time high in deliveries of vehicles to customers in 2012. In comparison to the prior year, the number of vehicles
delivered rose by 17 percent to 17,487 new
vehicles. The very good market performance
with sales of the 911, Boxster and Cayenne
particularly contributed to the record result: A
total of 5,238 units of the new 911 were delivered in 2012, an increase of 10 percent compared to the prior year. The situation is even
better with the Boxster models: 1,547 units of
the sporty roadster were delivered to customers,
40 percent more than in the prior year. The Cayenne – which is now in the third year of its life
cycle – developed very well. 35 percent more
sporty off-roaders were delivered to customers,
corresponding to a total of 7,758 vehicles in
2012. The new Cayman generation will be
launched on the German market in March 2013.
All available models of the predecessor generation were delivered to customers in the fiscal
year 2012. With 2,682 deliveries, the Panamera
model series almost matched the high prior-year
level in a fiercely contested market environment.
United Kingdom: Successful transition to
new Boxster model
Porsche delivered 8,068 units in the fiscal year
2012, surpassing the prior-year figure by 25
percent. With a 10 percent share of total global
sales of rear- and mid-engined sports cars, the
UK continues to be the most important sports
car market for Porsche. With 1,415 deliveries,
the new Boxster has been enthusiastically received
in the market.
Porsche Cars Great Britain is also very well prepared for the upcoming market launch of the new
23
Cayman in spring 2013. All remaining predecessor models of the Cayman were sold in 2012.
Despite intense local competition, the Cayenne
saw an increase of 30 percent in 2012, with a
total of 3,190 vehicles delivered to customers.
Thanks above all to the diesel and GTS models,
the Panamera also exceeded the prior-year figures
by 30 percent, with 985 new vehicle deliveries.
Italy: Market environment remains volatile
Continuing economic and political uncertainty led
generally to a significant fall in demand for passenger vehicles, particularly in the premium
segment. Porsche was not able to buck this trend
and saw a 24-percent decrease on the prior-year
figure, delivering 3,458 vehicles. With 1,999
units delivered, the Cayenne model series experienced a drop of 31 percent on the prior year.
With 552 deliveries, the Panamera also failed to
match the prior-year level. A total of 907 units of
the 911 and Boxster/Cayman were delivered, an
increase of 4 percent compared to the prior year.
Porsche considerably increased its market share
in this segment to 49 percent and asserted itself
as market leader.
France: Record deliveries for
Porsche in France
Despite the difficult market environment in Europe, in the fiscal year 2012 Porsche once again
surpassed the strong result in 2011, with 3,601
deliveries (France including Monaco, Andorra,
Algeria, Tunisia and Morocco). Thanks to the new
911, there were 973 deliveries, an increase of 37
percent compared to the prior year. The Boxster
increased its deliveries by 61 percent to 299 units
due to the new generation introduced in spring.
The front-engined sports cars Panamera and
Cayenne saw an increase of 12 percent on the
prior-year high level, with deliveries totaling 2,275.
Spain and Portugal: The sports cars
have increased their market share
despite the economic crisis
Due to the continued difficult economic environment, Porsche did not match its delivery figures
of the prior year. 1,743 vehicles were delivered,
22 percent down on the prior-year figure. A look
at the individual model series shows that the
Cayenne remains the strongest model series with
1,031 vehicles delivered. The Panamera achieved
334 new vehicle deliveries. At 268, deliveries of
the 911 models series were up on the prior-year
level; Boxsters and Caymans were delivered to a
total of 110 customers. This means that the rearand mid-engined sports cars increased their
share in an obviously difficult environment.
Switzerland/Austria: Growth in the heart of
Europe
Despite the strong Swiss franc, Porsche Switzerland delivered 2,030 new vehicles, an increase of
13 percent on the prior-year period. The Cayenne
was particularly in demand here: 890 deliveries
were attributable to the SUV model range. But the
other model series also saw increases. Thanks to
the new 911, the Boxster and Cayman, 21 percent more vehicles (826 deliveries) were delivered than in the prior year. 314 Panameras were
delivered, an 11 percent increase on the prior-year
figure.
In Austria, Porsche delivered more vehicles than
ever before in the fiscal year 2012. New vehicle
deliveries increased 18 percent to 1,097, breaking the prior-year record of 929 vehicles. The
911, Boxster and the Cayman model series saw
growth of 59 percent on the prior year, with 403
vehicles delivered. The Cayenne model series was
up 6 percent on the prior-year figure, with 515
new vehicle deliveries. With 179 vehicles, the
Panamera almost matched its prior-year level.
24
Belgium/Netherlands/Luxembourg:
Significant growth
With sales of 1,021 mid- and rear-engined sports
cars, Porsche notched up growth of 46 percent
in these segments compared to the prior year.
The Cayenne increased its prior-year volume, with
1,278 units sold (up 3 percent), largely thanks to
the fuel-efficient Cayenne Diesel. With very low
inventories, the Benelux markets are ideally
prepared for the market launch of the new midengined Cayman sports cars in 2013.
In Benelux, a total of 2,818 units were sold in
2012. This is an increase of 8 percent compared
to the prior year. Of these, 1,354 new vehicle
deliveries were attributable to Belgium, 1,182
vehicles to the Netherlands and 282 deliveries to
Luxembourg.
Northern Europe: Stable growth
through network expansion
Thanks to the expansion of the dealership network in Norway and Sweden, which is making
good progress, deliveries to customers came to
1,714 vehicles in the reporting period, representing a 23 percent increase on the prior year. The
Cayenne and Panamera model series surpassed
the prior-year result considerably with 1,285
deliveries. The rear- and mid-engined model series
generated a total of 429 deliveries with the 911
and Boxster, an increase in unit sales of 28 percent.
Southern and eastern Europe:
A mixed picture
Thanks especially to the markets in Ukraine,
Poland and Turkey, which are continuing to grow,
3,971 units were delivered in a heterogeneous
market environment. This is a significant increase
(15 percent) on the prior year. As expected, the
strongest model series was the Cayenne, which
achieved 2,518 deliveries, up 23 percent on the
already strong prior year. The other model series
also contributed to the very positive result. The
911 and Boxster/Cayman increased their prioryear figure by 16 percent, with 542 deliveries,
whereas the Panamera model series was within
the target corridor of the prior year, with 911
vehicles sold.
Russia: Significant increase in unit sales
In Russia, Porsche saw a record 64-percent increase on the prior year, with 3,613 new vehicles
delivered. The strongest model series was again
the Cayenne, with sales up 73 percent to 2,983
vehicles. Sales of the Panamera model series
also again surpassed the prior year, increasing
31 percent to 450 vehicles, with the Panamera 4,
GTS and Turbo S models proving particularly
popular. The 911 and Boxster/Cayman also significantly exceeded the prior year figures by 35 percent with 180 new vehicles delivered. This positive result was also supported by the impressive
awareness-raising event for the launch of the new
911 in the exclusive GUM shopping mall on Red
Square in February 2012.
ASIA
Middle East and Africa: 911 on track
for success
Porsche Middle East & Africa delivered 9,171
new vehicles, continuing its growth trajectory in
the fiscal year 2012 and surpassing the prioryear figure of 7,945 deliveries by 15 percent. In
particular, the number of vehicles delivered saw
very positive increases compared to 2011 in the
markets of Qatar, South Africa and Saudi Arabia.
The strongest model series was once again the
Cayenne, with 5,784 deliveries and an increase
of 19 percent on the prior year. Deliveries of the
911 increased by 95 percent to 1,274 vehicles
thanks to the launch of the new generation of
25
models. What’s more, 228 Boxster and 135
Cayman were delivered in the first six months of
the year despite coming to the end of their product
lifecycles. With 1,750 deliveries, the Panamera
model series almost matched the high prior-year
level. A total of 20 importers in 19 countries are
supported by the regional office domiciled in
Dubai. Future growth will continue focusing on the
Indian market and African region.
Australia/New Zealand:
Increase on the prior year
Porsche Cars Australia surpassed its prior-year
figure, with 1,533 vehicles delivered. 955 vehicles
from the Cayenne sporty off-roader were delivered in Australia and New Zealand – 6 percent up
on the comparable prior-year period. The delivery
of 684 Cayenne Diesels, an increase of 19 percent compared to the prior year, played a particular part in this growth. The new generation of 911
models was also successfully launched on the
market. 265 Carreras were delivered to customers, a 6 percent increase on the prior-year figure.
With 110 new vehicles delivered, the Panamera
almost matched its prior-year level.
Japan: Strong growth thanks
to 911 and Panamera
With 3,737 deliveries in 2012, Porsche Japan saw
significant growth compared to 2011. This success was primarily achieved by the Cayenne
models (1,379 new vehicle deliveries) and the
911 models (944 deliveries to customers). This
means that deliveries of the 911 have almost
doubled in comparison to the prior year.
The Boxster and Cayman maintained their strong
position in a contracting market segment, with
674 deliveries to customers. Deliveries of the
Panamera increased again by 36 percent to 740
vehicles in the fiscal year 2012.
China: Largest growth market
China remained Porsche’s second-largest individual market in 2012 and is continuing its growth
trajectory with 31,205 deliveries (up 28 percent).
The highest-volume model remains the Cayenne,
with 19,959 vehicles delivered. This means that
China in 2012 also became the largest sales market for this model series. Demand for 6-cylinder
models accounted for 84 percent of total sales.
China also continues to be the largest market for
the Panamera model series, with 9,148 vehicles
delivered. Sales volume for the 911 model series
improved slightly, despite the model change during the year. The iconic sports car from Zuffenhausen was delivered to 949 customers in China.
Due to the model change for the Boxster and the
Cayman models, 1,149 mid-engined sports cars
were delivered in 2012.
Porsche China’s growth trajectory continues to
be supported by the systematic expansion of the
dealership network. Eleven new Porsche centers
commenced operations in 2012, bringing the total
number of dealers operating at the end of the
year to 51. Most recently, the Porsche centers in
Wuxi and Nantong were opened. In November
2012, the foundation stone for the Porsche Driving Experience Center – the first in Asia – was laid
right next to the Formula 1 circuit in Shanghai.
Asia-Pacific: A burgeoning economic area
The significance of the Asia-Pacific region continued to grow significantly in 2012. 4,730 vehicles
were delivered to customers in the fiscal year
2012. This corresponds to a rise of 20 percent
compared to 2011. The Cayenne model series
was particularly successful, with 2,787 deliveries.
The models with V6 engines attracted particular
customer interest, accounting for a share of almost
80 percent. The new generation of 911 models
was also very well received: total of 608 of the
26
iconic sports cars were delivered, almost double
the prior-year figure. With 1084 vehicles delivered,
the Panamera also asserted itself in a fiercely contested market. Above all, Panamera, Panamera 4
and Panamera Diesel were very well received,
with 789 vehicles delivered. In the reporting period,
Porsche was represented by 26 dealers in 12
countries in the Asia-Pacific region. The further
expansion of the dealership network in 2013 is
progressing as planned.
SIGNIFICANT RISE IN UNIT SALES
The Porsche AG group again increased its unit
sales – in comparison to the corresponding prioryear period – by 22 percent to 143,096 vehicles
in fiscal year 2012. The strong growth is attributable in particular to the new models of the 911
and the Boxster, as well as to continued high
demand for the Cayenne.
Sales of the 911 model series were spurred by
the model change which began in December 2011.
Sales of the model series increased by 49 percent to 26,203 vehicles in the fiscal year 2012.
Sales of the Boxster model series, including the
Cayman models, were up by 4 percent to 11,740
units, with the Boxster models seeing a rise of
66 percent to 10,126 vehicles. 1,614 units of
the Cayman models were sold. This is equivalent
to a 69 percent decrease in comparison to the
prior year due to the model change. The market
launch of the new Boxster generation kicked off
in March 2012.
A total of 77,822 units of the Cayenne sporty offroader were sold, equivalent to a 30-percent increase on the prior year. Sales of the Cayenne
model series break down into 31,333 vehicles
with six-cylinder gasoline engines, 3,143 vehicles
with hybrid drive and 22,405 vehicles with diesel
engines. The Cayenne with eight-cylinder engines
accounted for 20,941 vehicles. In the fiscal year,
Porsche sold 27,331 Panameras, a decrease of
3 percent on the comparable prior-year period.
The six-cylinder model accounted for 19,113
vehicles, 3,269 of these had a diesel engine and
1,097 were hybrid models. The eight-cylinder
model accounted for 8,218 units.
PARTICULARLY STRONG GROWTH
IN CHINA AND THE USA
The Porsche AG group achieved growth in all key
sales regions in the reporting period. Sales increased most sharply in North America, seeing
34 percent growth on the prior-year period to
39,192 vehicles. The USA accounted for 36,170
units (up 33 percent). In rest of the world region,
sales grew by 19 percent to 23,130 units. Unit
sales in China (including Hong Kong) increased
by 32 percent to 33,590 vehicles in the reporting
year. In the German market, Porsche achieved an
increase of 16 percent to 16,090 units. In the
European market as a whole, Porsche’s unit sales
increased by 11 percent to 47,184 vehicles.
PRODUCTION EXPANDED
In the reporting period, 151,999 vehicles were
produced in the Porsche AG group, an increase of
19 percent in comparison to the prior-year period.
83,208 units of the Cayenne model series rolled
from line at the Leipzig plant, 34 percent more
vehicles than in the comparable prior-year period.
27,056 Panamera vehicles were produced there,
15 percent fewer than in the prior year. At the
plant in Zuffenhausen, a 31 percent increase in
production of the 911 model series resulted in
28,419 units being produced. Production of the
Boxster series (including the Cayman models)
increased 9 percent to 13,316 units. No vehicles
were produced in Finland during the reporting
period. The service agreement with the Finnish
partner Valmet ended on 31 January 2012. Production of the Boxster model series started at
Volkswagen Osnabrück in September 2012. 2,143
units of the mid-engined sports cars had been
produced there by the end of the reporting year.
27
FINANCIAL SERVICES IN DEMAND
LARGE-SCALE CONSTRUCTION WORK
AT VARIOUS LOCATIONS
The international financial services provider
Porsche Financial Services group offers financial
services for Porsche vehicles via the Porsche
retail organization. In addition to the core leasing
and financing products, the portfolio includes
dealer financing, insurance and credit cards. In
2011, the portfolio was expanded to include
financial services for the Volkswagen group’s exclusive Bentley, Lamborghini and Bugatti brands
and successfully launched on the German, Italian,
and Swiss markets. In 2012, the offering was extended to the US, Canadian, and French markets.
Other markets, such as Middle East and Singapore,
are currently planned.
In November 2012, Porsche celebrated the topping-out ceremony at the paint shop of its Leipzig
plant. Covering an area of around 60,000 square
meters, the paint shop which is taking shape
there is one of the most modern in the world and
also part of the largest construction project in
Porsche’s history: the expansion of the location
in Saxony into a full-fledged plant with its own
body shell production facilities and paint shop for
the production of the Macan model range. Production of the Macan will kick off at the end of
2013. The plant expansion will create around
1,000 new jobs in Leipzig.
Porsche Financial Services companies are represented in 13 countries and thus in virtually all the
key automobile markets of the Porsche AG group.
It is planned to start business for the growing
Middle Eastern market in 2013.
Preparations are also under way for the start of
production of a new model at Porsche’s main plant
in Stuttgart-Zuffenhausen. The 918 Spyder will be
manufactured in a new manufacturing facility which
is to be built on the plant site from the end of 2013.
With 174 employees worldwide, Porsche Financial
Services concluded some 39,100 new contracts
in 2012 and manages a total of around 89,000
financial services contracts with a total value of
more than 4 billion euro. In addition to this, around
13,000 customers took advantage of Porsche’s
credit card service.
In China, Porsche is building a Porsche Experience
Center close to the Formula 1 track at the
Shanghai International Circuit. Construction work
began in November 2012, and the center is
scheduled to open in spring 2014. The investment is around 17 million euro. The center will
comprise a driving facility, a handling circuit, a
slalom module, a course with different frictional
values, and training facilities.
The financial services companies have continued
to optimize their processes and methods for risk
management in line with the applicable statutory
requirements.
NEW JOBS
As of 31 December 2012, the headcount at the
Porsche AG group was 17,502 employees, up
14 percent on the figure as of 31 December 2011.
28
November 2012 also saw the groundbreaking
ceremony for the new headquarters of Porsche
Cars North America, the sales company for
Porsche vehicles in the USA, in Atlanta, USA. The
location adjoins Atlanta International Airport. It
comprises offices, a technical service and training center, a conference center, and a museum.
Moreover, Porsche will build a customer experience center in Atlanta, including a test course.
In June 2012, Porsche AG opened a pavilion in
Wolfsburg’s Autostadt. The sports car manufacturer’s new exhibition building features a curved
and gleaming matt roof design, inspired by the
silhouette of a Porsche.
START OF PRODUCTION AT VW IN
OSNABRÜCK
Production of the Boxster model series started at
Volkswagen Osnabrück in September 2012. This
step was necessary as capacity at the main plant
in Stuttgart-Zuffenhausen was not sufficient for
the entire production of the 911 series and the
mid-engined Boxster/Cayman model series.
TEST FACILITIES IN ITALY TAKEN OVER
Porsche Engineering Group GmbH took over
responsibility for the Nardò Technical Center
automobile test facilities in Apulia, southern Italy,
from Prototipo SpA in May 2012. Covering an
area of more than 700 hectares, the test ground
includes a handling circuit and an oval circuit as
well as facilities for simulating different road
surfaces and weather conditions. The engineering services subsidiary of Porsche AG intends to
further optimize the test facilities and make these
available to clients for testing and trial purposes.
DEBENTURE BOND ISSUED
In the reporting year, Porsche AG issued a debenture bond of 500 million euro at the start of
July. The proceeds from this issue and from
supplementary financing from Volkswagen enabled a US hybrid bond with a nominal volume of
one billion US dollars and a coupon of 7.2 percent to be repaid. As part of the implementation
of the Integrated Automotive Group on 1 August
2012, Porsche AG’s two syndicated financing
agreements were repaid and partially replaced by
intercompany loans within the Volkswagen group.
These measures in 2012 enabled Porsche AG’s
refinancing costs to be reduced considerably.
In October 2012, Porsche AG in the USA issued
an ABS bond for 530 million US dollars via its
subsidiary Porsche Financial Services Inc., Lisle,
Illinois. The privately placed ABS bond was given
the top rating by rating agencies. Investors included insurance companies, pension funds,
banks, asset management firms, and companies.
29
OUTLOOK
OVERALL ECONOMIC DEVELOPMENT
The global economy could continue to grow in
2013. After the global economic performance
grew by only 2.6 percent in 2012, the International Monetary Fund (IMF) believes that an increase of at least 3.5 percent is possible this year.
The prerequisite for better development would be
the end of the recession in the euro zone. While
some economic experts expect this in the second half of 2013, the western European economy looks likely to stagnate throughout 2013.
Only limited growth is expected in Germany, with
the IMF estimating growth of 0.6 percent. In
2013, impetus for the global economy will again
come from Asia and the BRIC countries Brazil,
Russia, India and China, as well as from the USA.
The IMF expects growth of 8.2 percent for China
alone. The upward trend is also expected to
continue in the USA, where the economy is forecast to grow by 2.0 percent in 2013.
Despite the high expenses for investments in new
vehicle projects, continuous productivity and process improvements and strict cost management
are intended to ensure that an operating return
on sales of at least 15 percent continues to be
achieved in the future.
EXPECTED FINANCIAL POSITION
In the next two years, the Porsche AG group
plans to achieve very positive cash flow from
operating activities. This development will allow
the cash flow from investing activities related to
property, plant and equipment and intangible
assets to be financed from the cash flow from
operating activities.
In this context, the Porsche AG group will increase
the very high level of investments as well as
research and development costs, in particular for
the development and upcoming manufacture of
the Macan.
EXPECTED DEVELOPMENTS
PROSPECTS ON THE
AUTOMOTIVE MARKETS
Overall, the global automobile market will continue to grow slightly in 2013. However, growth is
likely to be mainly in Asia and in the USA – albeit
with moderate growth rates. The western European market, however, will continue to be influenced by the debt crisis, in particular of the
southern member countries of the euro zone.
Overall, new registrations in western Europe are
expected to decline in 2013. The market volume
in Germany is also likely to fall below the figure of
the prior year, when 2.9 million vehicles were
registered.
EXPECTED RESULTS OF OPERATION
The Porsche AG group’s planning is based on the
assumption that an intended further increase in
sales, particularly in 2014, in the coming two
years will be accompanied by an increase in
revenue on a continued steady growth trajectory.
The Porsche AG group expects that sales and
revenue will continue to grow up to the end of
financial year 2014 in comparison to the reporting year 2012. From the fiscal year 2014, this
will be due primarily to the new Macan model
series. This development combined with the high
competitiveness of the Porsche AG group and
the Porsche brand are expected to have a positive impact on the achievement of an operating
return on sales of at least 15 percent in this and
the coming fiscal year.
The good and trusting working relationship between Porsche AG and the Volkswagen group,
which has been developed in recent years, has
improved still further as a result of the integration
on 1 August 2012. In addition to joint procurement activities, the cooperation focuses in particular on the development of joint vehicle projects or the joint engine strategy. Further key
integration projects are being driven forward in
all areas.
32
Curiosity.
“I can hardly remember not looking forward to coming to
work. I start the day at Weissach with a smile when I hear
engines howling on the test track.”
Roman Raabe,
Vehicle Concepts and Package Department
at the Porsche Development Center in Weissach
33
34
The right choice
The four young adults from various departments at Porsche AG could not be more
different from each other and yet they have one thing in common: a love for their
job and their daily exposure to the amazing world of Porsche. Esma Kilic (21) is
an auto interior installer trainee; Leonie Gerstlauer (25) works in quality planning;
Jonas Reinke (23) has worked in sales planning for a year; and Roman Raabe (29)
works in the Vehicle Concept and Package Department.
35
36
It’s 12:30 pm at the main Porsche production plant
in Zuffenhausen. The menu in the cafeteria features
sausages with lentils and spätzle (a type of German
pasta), which is typical Swabian fare. “Working
here, you can’t help becoming a little Swabian,”
says Roman Raabe, who is from Hesse, laughing
as he and his colleagues make their way to an open
table to eat their lunch. Besides the fact that they
all have the same employer and love their jobs, all
four have just recently started working at Porsche
AG and have managed to fit right in.
“Even if it sounds a little corny, my dream came true
a few months ago,” says Esma Kilic beaming when
she talks about applying at Porsche. The 21-yearold was going to night school, when she suddenly
found herself faced with a decision. Should she
focus on passing her university-entrance examinations or be bold enough to apply for a trainee
position at her favorite company?
Even as a small girl, Kilic’s bedroom had more
Porsches than dolls, thanks to an impressive collection of model cars. In fact, the Barbies didn’t
see much playtime and gathered dust on the
shelves. Years later, the young woman listened to
her heart and sent her application to Porsche…
and hit the bull’s eye. She managed to land a
trainee position for auto interior installers. When
she received the confirmatory phone call, Kilic was
out shopping in her hometown of Heilbronn. She
is likely to remember that phone call for the rest
of her life. “I was so excited, I accidentally hit the
‘end call’ button on my cell phone,” she says, now
laughing at the memory of that moment. After her
first year training in the apprentice workshop, she
feels like she’s in exactly the right place working
in the seat-upholstery shop. “Our work primarily
involves craftsmanship, precision, and attention
to detail, which I really enjoy. Sometimes, it’s like
being assigned a puzzle that has to be solved,”
she adds. For Kilic, her apprenticeship continues
to be a source of motivation and incentive. “I want
to successfully complete my training phase, and
then at some point in the future, I’d like to have the
level of expertise where I’d be a peer and a work
colleague to the master upholsterer who trained
us.” Kilic will have an interim examination in April,
and even though her grades are very good, she’s
unwilling to take the accelerated program, opting
instead to complete a full third year. “I want to
learn and absorb as much as I can,” she says. For
37
the young woman whose family is from Turkey,
teamwork and unbiased, respectful collaboration
are especially important aspects of a work environment. “Racism and hostility toward foreigners are
not tolerated at Porsche. When you think about it,
there are people from 60 different countries working here,” she says.
Esma Kilic is one of the 300 aspiring employees
that Porsche is currently training in ten different
job areas, eight of which are technical in nature
and two that are geared towards business. At the
Zuffenhausen training center, 150 young adults will
begin their careers next September – more than
ever in the company’s history. They represent an
essential resource to cover the growing demand
for skilled labor and increase the number of employees to about 20,000 by 2018. For these new
employees, their future is secure. Porsche hires all
of its trainees and once they have completed their
training, it offers them an open-ended employment
contract with custom-tailored advanced training
and certification programs. The planned training
center to be built on the plant’s premises in two
years will be able to accommodate an even higher
number of junior employees. With construction to
begin this year, the training center will also be used
by young men and women who are completing
programs at DHBW (a dual education university
in Baden-Württemberg). Porsche is offering the
dual-studies option in seven different programs.
With theory-based and hands-on learning alternating every three months, the DHBW students work
and learn in the Porsche Group’s various divisions.
Four years ago, Jonas Reinke from Kiel decided
to pursue this academic route and, just like Esma
Kilic, he fulfilled a childhood dream. Even as a kid,
“Our work primarily involves craftsmanship, precision, and attention to detail,
which I really enjoy.”
he was fascinated by how things worked in the
technical and business worlds, so when the time
came, he decided on a bachelor’s degree in industrial engineering. He knew from the very beginning
that he wanted to work for Porsche at some point
in the future. “It’s a really great feeling for me to
be part of this company. It makes me proud to
be part of the Porsche brand,” emphasizes the
23-year-old. “I believe that technical innovation and
cost-effective performance are key factors for Porsche’s success. During the practical phases, one
becomes familiar with a new sector and one has an
opportunity to apply this interface-based expertise.”
“I believe that technical innovation
and cost-effective performance are
key factors for Porsche’s success.”
38
“Even with all the excitement and dedication
brought to the workplace, the family must
be taken into consideration, too. The energy
that one brings to work
has to come from a
healthy source.”
Just like the trainees, the highly qualified graduates
of the dual-studies program are guaranteed a job
at Porsche. In the meantime, Reinke is working in
sales planning, where he coordinates the worldwide
sales of Porsche vehicles. He has never regretted
moving from northern Germany to Swabia in the
south. On the contrary, Porsche even exceeded
his expectations. “During my dual-track program, I
had a chance to go to Australia for a few months
to learn more about a subsidiary in Melbourne.”
With an impartial eye, he analyzed the booming
market for sport utility vehicles. A practicum or
a theory-oriented semester abroad is an integral
component of Porsche’s dual-studies program.
Reinke also managed to experience a very special
event. After the Winton Festival of Speed (a race
for vintage Porsches) was held, he was lent a 1971
911 E and took it on a long drive through the endless outback and on to the Great Ocean Road that
follows the coast of Victoria, a state in southern
Australia. He still raves about that trip, saying, “It
was an incredible feeling hearing that air-cooled
boxer engine. It was a unique, fascinating and
unforgettable experience for a Porsche fan.”
The iPhone generation has a soft spot for the
classics. “If I could choose a Porsche to drive for
a day, I would pick the very first Nine Eleven,” says
Leonie Gerstlauer to her colleague Jonas. The
young woman works in quality planning for interior
purchased parts and has a sharp eye for perfection. She too is an industrial engineer and after
receiving her bachelor’s degree at the University of
Esslingen in September 2012, she went to work for
her dream employer. “After finishing my hands-on
semester and turning in my final paper at Porsche
AG, I knew that I wanted to come back, so I reapplied after I graduated from university.” One of
the things Gerstlauer enjoys most about her job is
the diversity. “When a new vehicle rolls out on the
market, my colleagues and I are in the inspection
hall or at the suppliers’ locations on a weekly basis
and we inspect the quality of individual components
down to the last detail.” To date, the 25-year-old
has prepared and performed quality assurance
inspections on sun visors, seatbelt reels, or sill
plates, among other things. “We actually grade the
samples we look at, with ‘one’ being the highest
score. To make the perfect car, every last detail
has to be perfect,” explains the young woman from
Plochingen. “It’s really great being part of such an
end product and to see the sports cars later on the
road.” For her, the cars and the Porsche brand’s international success were definitely essential points,
but in the meantime she has come to value the
friendly atmosphere. “The teamwork at Porsche is
fantastic. The more senior employees pass on their
experiences to their younger colleagues. One gets
to meet all of one’s colleagues after a short time
and that quickly creates a real sense of together­
ness. One thing we all share in particular is our
fascination for the perfect sports car.” Gerstlauer
is currently thinking about enrolling in a part-time
master’s program. “I want to learn more and have
a career at Porsche. For those who want to go the
extra mile, the company will open all the doors to
make that happen,” she says.
39
For young adults, the job is very highly valued as
it represents a starting point for a career. As an
employer, Porsche has instituted Strategy 2018
to look ahead at the next generation. It also offers
various employment models so that its employees
can properly balance their work and family requirements. To increase flexibility and productivity over
the long term, the company takes into account each
person’s circumstances and makes every effort to
design a work schedule oriented to a given individual’s life phase. The success of Strategy 2018
is evident. Since 2011, the number of employees
has risen by about 30 percent, and that gives Porsche a worldwide headcount of more than 17,000.
When it comes to power and performance, the
two have to be balanced just right and the same
idea applies to the work-life equilibrium. “Even with
all the excitement and dedication brought to the
workplace, the family must be taken into consideration, too. The energy that one brings to work
has to come from a healthy source,” says Roman
Raabe describing the balance he wants to maintain
in his life. The 29-year-old recently completed his
PhD thesis and is currently working in the Vehicle
Concepts and Packages Department at the Porsche
Development Center in Weissach. “Here I have an
opportunity to apply the expertise I acquired in my
doctoral work, specifically toward new methods
and processes used in the design division,” says
Raabe, describing his research field. Raised in
As young professionals,
they will embark on different
career paths, yet all four of
them share a passion for their
work and for Porsche.
40
“The teamwork at
Porsche is fantastic.
The more senior employees pass on their
experiences to their
younger colleagues.
One gets to meet all
of one’s colleagues
after a short time
and that quickly
creates a real sense
of together­ness.”
41
Wiesbaden, he always loved cars and technology
from the time he was a child. After graduating from
high school, he made a logical decision to study
mechanical engineering at RWTH Aachen University.
Besides technical knowledge, Raabe also values
social skills. As a former PhD candidate speaker in
Weissach, he drummed up support for the program
he and 40 of his colleagues were enrolled in. On
an information briefing day that was the first of its
kind, the pending PhD recipients presented the Porsche PhD Network and each of their thesis topics
to more than 100 managers. This year, a series
of presentations will be launched to showcase the
topics of their doctoral dissertations. Working on
the doctorate degree was Raabe’s third stint at
Porsche. The first and second times, he worked
as a trainee and a graduate doing master’s level
research respectively; and now he is looking at a
full-time job at Porsche. “I’ve always been fascinated
with Porsche,” he says. “Porsche stands for highperformance sports cars and the best handling
qualities. These qualities don’t jump out at you right
away, but they are enticingly discreet. Furthermore,
for a comparatively small company, Porsche has
tasks and areas of responsibility that are diverse,
broad in scope, and really exciting.”
While pursuing his studies, Raabe had the chance
to indulge his fascination with motor sports by
joining the RWTH Aachen team in the Formula
Student series. “If I had access to the entire team
of engineers and designers for one day, I would
build a car that lies somewhere between a 911
Carrera and a Panamera. The focus would be on
sportiness and performance. In terms of comfort,
I would have to compromise on some things,” he
says describing his dream sports car.
As a “high potential” employee, Raabe is a soughtafter individual in a highly competitive job market.
“My expectation is to work in a demanding and
challenging environment in which I can grow. It’s
important for me to continually demonstrate what
I’m capable of. By accomplishing interim objectives,
I want to steadily expand my realm of responsibility,”
says Raabe, describing what he is looking for in an
ideal employer. By now, he should know that he can
plan on having his expectations fulfilled at Porsche.
The four young Porsche employees are starting
out in their professions and they all agree on one
thing: they definitely want to continue their career
track at Porsche. In a positive work environment,
they are immersed in the riveting world of Porsche
and its passion-inducing cars. This truly is motivation in every sense. Reinke laughs, “This morning
just before I got to the entrance gate, a Panamera
GTS drove past me. The sound coming from those
sporty tailpipes, which is what Porsches are known
for, gave me goose bumps. That was a great way
to start my day.” His enthusiasm is contagious.
“I can hardly remember not looking forward to coming to work. Just thinking about engines howling on
the test track in Weissach puts me in a good mood,”
confirms Raabe, with another big smile on his face.
A question posed to the four of them is a classic
one. “Do you drive a Porsche?” Raabe speaks for
his colleagues, when he answers. “At some point,
I would like to answer that question with a ‘yes’,
and I’m already looking forward to the day when
I can say that.” Esma Kilic’s friends have a totally
different question. “How, where, and in what field
can I apply at Porsche?” When she hears that, she
knows she made the right decision a year ago.
Porsche offers a variety of
professional development
opportunities to its young
employees.
42
Harmony at its best
Porsche InnoDrive is an innovative assistance system.
It can look at the road ahead and contribute significantly
to increasing the efficiency of the car’s overall system.
Mönsheim
350 m above see level
Absolute driving pleasure
Accelerating from 70 to 100 km/h
The call received a few weeks ago was friendly
and to the point. “Good morning, we’re calling
from Porsche AG. Would you like to try out a new
assistance system in a very special car? To be more
precise, it’s about taking the Porsche InnoDrive on
a test drive.” I agreed on a whim. To get in the right
frame of mind, I glanced at Porsche’s homepage:
“Porsche InnoDrive. A futuristic assistance system. It looks
at the road ahead and derives information to control the
engine, transmission, and brakes for fuel consumptionoptimized driving in various speed ranges and driving
about 10 percent under real driving conditions. The system
combines typical Porsche dynamics and efficiency as well
as driver-selected comfort. It is a logical implementation
of Porsche Intelligent Performance.”
This brief description raises the bar to a new level
in many regards. In a nutshell, with InnoDrive, the
car knows more than the driver. That is why it can
run more fuel-efficiently, with Porsche claiming
a 10-percent decrease in fuel consumption. And
that’s while still providing that driving pleasure like
only Porsche can.
dynamics-related conditions. This capability enables it to
play a major role in increasing the car’s efficiency. Initial
results after operating the vehicle in a test mode reveal
that InnoDrive can help decrease fuel consumption by
I knew this would be something I had to experience
for myself.
43
A brief moment of panic –
situation is resolved
Iptingen
293 m above see level
NuSSdorf
356 m above see level
The vehicle ahead
hits the brakes
Eberdingen
276 m above see level
Pure power
12 % gradient
Pulse: 120 bmp
Braking from 100 to 70 km/h
Weissach
392 m above see level
Perfect velocity
Relaxing
driving
Coasting down a 10 % gradient
Considerable progress has been made in optimizing the
drive train to decrease fuel consumption. The next step
is to take into account much more than the car itself.
The system places the vehicle within its environment and
subject to a given operating mode and driving strategy.
The new assistance system has independent functions
to expand the benefits of ACC (Adaptive Cruise Control).
The Porsche InnoDrive is not just configured for the
highway but also for country roads and city traffic. In
these situations, its radar sensor enables it to respond
automatically to other vehicles. It also provides a driving
strategy based on the road ahead. These responses then
The destination is the Porsche Development Center
in Weissach. The star of the day is introduced: a
Panamera Turbo S with about 40,000 kilometers on
the odometer. “The first driver racked up more than
30,000 kilometers,” says Dr. Frank Weberbauer,
an engineer and Head of Energy Management
Concepts and Functions at Porsche. He opens the
driver-side door and points to the rocker panel,
which bears the stylized signature ofWalter Röhrl.
“This was his former company car. We then put the
car in the test fleet, which is typically done, and
then reconfigured it.”
influence the vehicle components to best optimize fuel
consumption. This level of interaction represents real
technical progress made possible by InnoDrive.
But they didn’t rebuild it in terms of performance
or chassis. The V8 engine still has a rated output
The curve with a
15-meter radius
44
of 450 kW (550 hp) that blasts the car from 0 to
100 km/h in 3.8 seconds and gives it a maximum
speed of 306 km/h. The modifications in this test
vehicle pertain to the Porsche InnoDrive system,
and specifically circuits and program lines. These
will help to make better use of installed sensor
and control units with the objective of significantly
increasing efficiency.
Dr. Frank Weberbauer explains the Porsche InnoDrive’s high level of innovation. “It’s not an addon function. Instead, it’s an innovative assistance
system that helps the driver to use less fuel. It
automates the implementation of various efficiency
measures that are already in the vehicle. In doing
so, it does a better job than the driver, because
it knows more and it can apply this information in
real time. That’s how fuel consumption is decreased
without impairing driving dynamics.”
Cruise Control (ACC) system. However, it is also
familiar with the route’s topography and responds
accordingly and proactively. I have a question
for Philip Markschläger, an Energy Management
Development Engineer at Porsche. “So the car
knows about a slower speed limit after a crest or
that a blind corner is coming up that will require
some prior braking?” “Exactly,” he answers, “And
then the car responds with foresight – specifically
based on the desired driving mode that is selected
via the control unit. In ‘eco’ mode, it’s a little more
restrained, while ‘dynamic plus’ mode makes it
more highly responsive.” And the system can also
detect traffic signs.
Porsche InnoDrive knows all of the individual components’
characteristics as well as the road better than the driver, which explains the significant increase in efficiency
and that’s why it is a true assistance system. Let’s look
at deceleration for example. Depending on requirements,
The system uses navigation map data as well as the
speed is sometimes reduced using engine braking, on other
Global Positioning System (GPS). For example, it is aware
occasions using the brakes themselves and on other
of uphill and downhill gradients, bends in the road and
occasions again by coasting, depending on what is best
road curve radii, speed limits and intersections. It looks
for overall fuel consumption and always at the optimal
several kilometers ahead and, when activated, uses road
moment in time – proactively in other words. If the driver
information to control the interplay of acceleration,
has activated the system via the ACC switch, he can con-
transmission and braking in a fully automatic manner for
centrate exclusively on steering and keeping a watchful
a fluid and efficiency-focused drive, without neglecting
eye on what the traffic is doing – with the option to go
the driver’s preferences in terms of dynamics and comfort.
fully hands-on at any time.
The latter can be activated by selecting the desired mode,
for example “eco”, “comfort”, “dynamic” and “dynamic plus”.
On the chosen road section, Porsche InnoDrive then automatically takes over and knows how to appropriately and
optimally accelerate, decelerate, shift gears and coast.
What Porsche means by coasting is disengaging the engine
from the rest of the power train, and depending on the
drive concept, even switching off the engine.
I climb in behind the steering wheel. I can’t deny a
slight sense of nervousness in my chest and my
heart is beating a little faster than normal. It’s not
because a famous rally driver had once sat on this
beautiful leather seat. (I wonder what will happen
given that the car has already been broken in by
such an experienced hand.) It is because I will
have to rely more on technology than I’ve normally
done in a car. It accelerates, changes gears, and
brakes in a way that is familiar from the Adaptive
I turn the ignition key on the left side of the steering
wheel. The engine roars to life. I place the gear in
“D” with the automatic selector and step on the
gas, and the Panamera starts moving forward. The
ACC lever activates the Porsche InnoDrive system,
with “comfort” as the default setting. We roll out of
the parking lot on to a country road near Weissach.
The system takes over. The Panamera quickly accelerates to the maximum permissible speed limit
of 100 km/h. My pulse also quickens to 100 bpm.
About 200 meters away, I spot a curve. InnoDrive
has already factored it in from a greater distance
away. The system smoothly reduces the speed to
about 70 km/h, I steer into the curve, and shortly
after the apex, the car accelerates again on its own,
and we rush onward. My heartbeat has leveled back
off to some semblance of normal.
45
“Our objective was for Porsche InnoDrive
to be an innovative energy-efficiency assistance system that significantly decreases
fuel consumption, while still providing the
utmost level of overall harmony.”
10%
fuel savings at almost the
same average speed
The system calculates the best speed profile for the
road ahead. It sets maximum and minimum speeds, as well
as tangible longitudinal and lateral acceleration. The
result is an automated longitudinal control while also
specifying the best driving strategy. The engine, transmission, and brakes are operated precisely according to the
control unit specifications. The overall result is a smooth
a driving mode that is just about ideal – fluid with
smooth gear changes and comfortable, perceptible
acceleration and braking. “What? You mean the
new assistance system isn’t perfect?” he asks and
can’t help laughing. He is obviously aware of the
cutting-edge technology level operating behind the
scenes. “What could we improve?”
driving profile.
One feels the system’s inherent sense of equilibrium. The Porsche InnoDrive moves the Panamera
along quickly, while simultaneously delivering just
the right amount of perceptible longitudinal and
lateral acceleration. I observe the system’s operation very closely and obviously the traffic, too. I
steer the car and try to be as fluid on this stretch
of road around Weissach with its many nice curves
as Walter Röhrl might have been. One could say that
there’s really not much left to do other than steer,
but that would be a huge exaggeration. Drivers are
still the decisive input provider, even when using the
Porsche InnoDrive. They select the desired driving
mode for the system, give the steering input, and
they can choose to “manually drive” the car, in
other words operate all the controls themselves.
I stop monitoring the system and tell Philip Markschläger, who is sitting in the front passenger
seat, that the Porsche InnoDrive system produces
How about somewhere to put my right foot. On the
test drive, I wasn’t really sure if it belonged near
the pedals. Should I tuck it under my seat, or let
it hover over the gas and brake pedals and have
it ready in case the electronics fail? “Relax,” says
Markschläger and grins kindly. “But I know that
feeling of wanting to be active. You are sitting in a
Porsche after all, and actively engaging with it is
something one wants to do.”
Being inactive certainly isn’t the case here. In the
selected drive mode, the Panamera covers the
distance quickly and comfortably at the same time.
The driver’s senses are active and in holding the
steering wheel, one has the pleasurable task of
taking the perfect line. Driving becomes a quintessential Porsche experience, with the difference
being that braking, accelerating, and shifting are
done for the driver – all with a degree of perfection
that is truly amazing.
46
The system works in real time and constantly monitors the
control profile to ensure it is up to date, recalculating
it if required. If for example there is a slower vehicle
ahead, the profile is adjusted. In the process, the Porsche
InnoDrive doesn’t just reduce speed but also adjusts the
various elements of the entire control strategy for the
remainder of the route to a lower speed. If the slower
vehicle turns off, freeing up the road again, InnoDrive
immediately recalculates the control strategy.
Of course, in a sporty car that bears one of the
most famous names in automobile history, actively
experiencing the car is key. And the Porsche InnoDrive manages to accomplish that, too. In the
meantime, I experience a newfound enjoyment in
the drive. I have given up some driver-related actions – like the critical tasks of working the gears,
gas pedal, and brakes – but my sense of driving
enjoyment has increased. That’s because I generally appreciate cutting-edge technology, admire the
innovative zeal of engineers, and take pleasure in
seeing everything working perfectly.
The Panamera rolls to a stop in the parking lot. Now,
it’s a matter of evaluating the drive with precise
numerical values. Two identical routes were driven:
the first without the assistance of the Porsche
InnoDrive and the second with the system activated.
The fuel consumption for both runs is compared
and the percentage difference is calculated. Indeed,
with almost identical average speeds, the display
shows a 10.2-percent lower fuel consumption with
the Porsche InnoDrive activated – it doesn’t get
any clearer than that. And this is the result when
an assistance system is on hand to minimize fuel
consumption.
When I think back once again about everything said
during the drive and reconsider it all, I would now
also have to add that efficiency can be a lot of fun
and provides a great sense of enjoyment. My hat
goes off to those amazing engineers.
Porsche InnoDrive is suited for vehicles with internal
combustion engines as well as hybrid and electric drives.
It optimizes every type of drive train strategy in terms of
“Our objective was for Porsche InnoDrive to be an
innovative energy-efficiency assistance system that
significantly decreases fuel consumption,” says
Dr. Frank Weberbauer, “All while still providing the
utmost level of overall harmony.” By saying this,
the engineer has unknowingly and definitely won
me over. Not only am I a big technology fan, but I
also love harmony. I think back on the kilometers
we covered and yes, those were kilometers where
the harmony just came together. Porsche InnoDrive
has created a way of driving that is balanced in all
aspects. I couldn’t help but wonder what the rally
driver, whose name is on the rocker panel, would
think about it?
increasing efficiency – and allows one to have a driving experience that embodies Porsche Intelligent Performance.
The system is currently still in the development phase.
“I really have to tell you that continued development
of the Porsche InnoDrive shouldn’t be restricted to
the company test track. It needs to go into serial
production,” I say enthusiastically.
Philip Markschläger doesn’t reply but his smile tells
me he agrees.
47
Porsche InnoDrive:
how the system works
1.
Porsche InnoDrive is an innovative assistance system for optimizing the vehicle’s energy
efficiency. Using control devices, it always ensures optimal operating conditions for the
engine, the transmission and the breaks by drawing from additional information such
as road topography data. The result: around ten percent less fuel consumption at a
roughly identical average speed.
2.
The first thing InnoDrive does when activated is to calculate in real time the optimal
driving strategy for the stretch of road ahead based on topographical data and the
possible minimum and maximum speeds along the route. Information from vehicle
sensors regarding such factors as load, vehicle condition, the traffic ahead – and, for
hybrid vehicles, the current state of charge of the battery – is also taken into account in
the calculations. This data is then used to determine the upper and lower speed limits
within which the car can operate in order to achieve a comfortable and dynamic driving
experience. The driving strategy is implemented in conjunction with the Adaptive Cruise
Control (ACC) – in accordance with the mode selected by the driver (eco, comfort,
dynamic, and dynamic plus). In “dynamic” mode, for instance, the system accelerates
more vigorously after passing the sign marking the end of a village or town than in
“comfort” mode, but more vigorously in “comfort” mode than in “eco” mode. When
faced with speed restrictions, Porsche InnoDrive decelerates the vehicle to different
degrees, depending on the chosen driving mode.
>
The overall effect of InnoDrive is a harmonious driving profile, tailored to the
topography, and the simultaneous minimization of fuel consumption. This is
what clearly distinguishes it from conventional assistance systems and makes
it a systematic implementation of Porsche Intelligent Performance.
48
Traveling through Time
49
50
Throughout the year, the Porsche Museum offers wonderful
attractions and events, some especially for children. Last year
featured a day dedicated to grandparents and their grandkids.
When generations get together at one place,excitement is
guaranteed. At the Porsche Museum, traditional and modern
elements combine in a very special way.
51
The exhibition concept is based
on the interplay of product
history, theme configuration,
and the “Porsche concept”.
“It looks like a spaceship,” exclaims Tom in amazement as he stands in front of the futuristic design of
the Porsche Museum in Zuffenhausen. The 7-yearold came here today with his sister Vera and his
grandfather to spend a day at the museum. Indeed,
the impressive building designed by the Viennabased architecture firm Delugan Meissl seems to be
suspended in the air. The effect is made possible by
a spectacular steel construction built on just three
concrete pillars. The Porsche Museum is not only
a landmark at the Porscheplatz in Zuffenhausen,
but has become the architectural embodiment of
the company. More than 500 changing museum
exhibits and an unusual concept for the space and
exhibition give visitors a chance to travel through
time. The success story begins with the company’s
founding and extends to Porsche today.
Tradition and innovation
“For us, tradition and innovation are not a contradiction in terms. Instead, they represent Porsche
values that mutually complement each other and
form a whole,” explains museum director Achim
Stejskal. “The connection between tradition and
innovation is expressed in the form of fascinating
cars, like the evolution of the 911 for example.”
Stejskal is an outstanding museum guide, which
comes as no surprise since he practically lives
there. He has run the Porsche Museum with his
30-person team of employees since its opening
in 2009. On this particular day, he proudly leads
his three visitors through the rooms immaculately
painted in white.
52
2013 – An exceptional
anniversary year
For the Porsche 911’s 50th birthday,
the Porsche Museum will host, from
4 June to 29 September, a comprehensive special exhibit and numerous
attractions pertaining to the legendary
Nine Eleven. Seven generations of the
Porsche 911 have been produced in
Zuffenhausen since its world premiere
in September 1963 at the Frankfurt IAA
(International Auto Show).
“Our tour begins with the body of the
Porsche 64 – the predecessor of all
Porsche sports cars. It contained
the genes that continue to make the
sports cars we build in Zuffenhausen
unique in the world.”
Then from 15 October 2013 to early
2014, the Porsche Museum follows
up with the “Super Sports Car“ theme.
There will be three anniversaries to celebrate: “60 Years of the 550 Spyder”,
“10 Years of the Carrera GT” and “60
Years of Carrera Engines”. Obviously,
the 918 Spyder will be one of the special attractions in the “Super Sports
Car” show.
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Tracing a Legacy
The Porsche Museum is a bona fide treasure
chamber. A display area of more than 5,600 square
meters exhibits more than 80 cars, ranging from
the legendary Lohner Porsche which was the
world’s first hybrid automobile built in 1900 right
up to the current generation of Porsche 911s. “Our
tour begins with the body of the Porsche 64 – the
predecessor of all Porsche sports cars. It contained
the genes that continue to make the sports cars
we build in Zuffenhausen unique in the world,” explains Stejskal. Tom and Vera’s grandfather nods
knowingly. “Being built in 1939, that car is about
as old as I am.” The Porsche 64 was designed
for the legendary long-distance race from Berlin
to Rome, but was never able to run that course
because of the war.
53
The Porsche Museum has
a lot for young and old
to discover.
Drivable Exhibits
Easy on the eye, clever, well-paced, powerful,
logical, and intensive – the Porsche Museum’s exhibition concept counts on the fascination that the
cars elicit and intentionally avoids staging a viewing experience with showy effects. “The particular
feature that makes the Porsche Museum stand out
from other car museums is that almost all of the
vehicles on display are operable and road-worthy,”
explains Stejskal. For example, the Porsche 356
“No. 1” Roadster from 1948 was the first “Porsche”
to carry that name. With this car, Ferry Porsche
transformed his idea of creating a modern sports
car into a reality.
Visitors are provided with a mobile audio guide that
is free of charge and available in seven languages.
There is even a child-friendly version for young visitors. Tom and Vera don’t need it today because they
are exploring the museum with their grandfather
and the director on their own. The Porsche Museum
is a lively place with interactive media, fascinating
movies playing in small rooms, and 200 small exhibits that supplement the exhibition and immerse
visitors in the Porsche world.
54
“I could just see myself driving
this 911 home and leaving my
old car here.”
The Porsche Museum is open
to visitors from Tuesday to
Sunday.
55
A museum for children
The Porsche Museum has exciting programs based
on the latest learning methods suited for every age
group. Tours for kids, a museum rally, and birthday
party hosting are some of the activities organized
by the museum to give its young visitors a fun-filled
afternoon along while providing interesting information about the Zuffenhausen-built sports cars. The
“Children’s University” held in May 2012 turned the
Porsche Museum into an extracurricular classroom
for the first time. Presentations geared toward children followed by a hands-on program addressed the
issue of “Mobility in the future – Why we will soon
be driving other cars.” Vera reveals that she is a
Porsche fan, saying, “I have five small Porsche’s
at home.” Her teacher and all of her friends were
impressed by this at her school’s Car Day.
Getting a taste of driving a Porsche
Tom really likes the super sports cars, which is no
surprise given that he’s a big motor racing fan. “All
these race cars have had major victories,” reports
Stejskal. “They are part of a tradition of success
that we want to continue with a win in the Le Mans
24-hour race in 2014.” In the sound booth, Tom can
even hear the impressive roar of the race engines,
which makes the museum seem likes its track-side.
Besides the exhibition, the historical archives, and
the glassed-off workshop, the museum also offers
a wide variety of gourmet fare. Visitors in the mood
for a light snack can stop in at the Boxenstopp (pit
stop) bistro. Those who would rather have something more substantial can reserve a table at the
Christophorus Restaurant, where one literally sits
over the museum displays below, while also enjoying a spectacular view over the Porsche plant’s
premises in Zuffenhausen.
“All aboard!” Granddad and his grandkids pile into a
Porsche 911, made for everyone to sit in. Stejskal
even starts the engine, which immediately emits
the unmistakable sound of a Nine Eleven. The kids
love it and their grandfather chuckles, “I could just
see myself driving this 911 home and leaving my
old car here.”
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Employees, sustainability
and the environment
EMPLOYEES
Porsche’s employees can once again look back
with pride on a very successful fiscal year. Due
to the high level of commitment of the workforce,
the company again succeeded in achieving the
highly ambitious goals it had set itself in 2012.
This success would be impossible without the
commitment and loyalty of the employees in
Germany and abroad. Across all locations, the
entire workforce identified with the goals of the
company and pursued them with motivation, and
was never content to settle merely for the
achievements in previous years. Porsche’s sustainable growth is reflected in the headcount,
which increased to a new record level. As of the
reporting date 31 December 2012, Porsche AG
employed 11,315 people – an increase of 13.2
percent on the prior year. Including all subsidiaries,
the number of employees rose 14.3 percent to
17,502.
EMPLOYER APPEAL – PORSCHE SHAPES UP
FOR THE LABOR MARKET OF THE FUTURE
In the reporting year, Porsche again occupied top
places in respected employer rankings. Porsche
continues to enjoy high employer appeal, especially in the estimation of prospective or experienced engineers and business graduates. This
was particularly underscored by a renewed increase in the number of applicants from 47,350
in the fiscal year 2011 to a new record high of
58,171 in the fiscal year 2012.
Porsche AG wants to further increase its competitiveness and attractiveness as an employer. To
help achieve this, the executive board and supervisory board agreed in December 2012 on a
program of measures aimed at further enhancing
flexibility and productivity, and at further improving work/life balance.
One important measure is the agreement on
modern working time models in line with the
current phase of employees’ lives, which brings
greater flexibility and choice for specific life
situations of the workforce. In addition, more
employees will be able to regularly work 40 hours
a week. To date, the general collective bargaining
provisions applied for 18 percent of the workforce. In future, they are likely to apply for considerably more employees in specific departments.
Moreover, the number and maximum period of
employment of temporary workers will be regulated for each department on the basis of the
collective bargaining agreement on temporary
work arrangements. In this way, Porsche is ensuring it has the flexibility it requires for the future. At the same time, the executive board and
supervisory board have explicitly agreed on an
equal pay policy. By mid-2013, the increased
workload for production employees due to further productivity increases will be compensated
for through a gradual reduction of working hours
to a minimum of 34 hours per week with full
compensation.
57
150
125
100
Number of new apprentices
2011
PROMOTION OF EQUAL OPPORTUNITIES
AND WORK/LIFE BALANCE
As part of its drive to become an excellent employer, in the fiscal year 2012 Porsche placed
emphasis on measures aimed at promoting
work/life balance. As a result, free, professional
advice on childcare or care for sick relatives has
been available to employees since 2012. Furthermore, the first reserved childcare places
were offered at the Weissach facility and preparations were made for setting up further reserved
places at the other locations.
EXPANDING PROFESSIONAL
TRAINING AT PORSCHE
To ensure that a large percentage of positions
within Porsche continue to be filled from within
the company, the number of vocational training
positions and places for students from universities of cooperative education was increased as
part of Strategy 2018. In September 2012, the
2012
number of trainees and students beginning their
training at Porsche was for the first time 125,
instead of the usual 100. For 2013, 150 young
people were selected for training in one of the
eight technical or two commercial training professions as well as the seven universities of
cooperative education courses of study. In order
to continue offering the trainees the best conditions, increased investment is planned in the
infrastructure – including in the construction of a
new, state-of-the-art training center.
FURTHER DEVELOPMENT OF EMPLOYER
BRANDING AND MARKETING AT
UNIVERSITIES
Numerous measures aimed at further strengthening Porsche’s excellent employer image were
implemented in the area of employer branding in
the fiscal year 2012. Not only was the Jobs &
Careers page on the Porsche website comprehensively redesigned in line with target group
requirements; a new “Jobs & Careers at Porsche”
2013
58
page was also launched on the social network
Facebook in February. Furthermore, Porsche
significantly increased the number of marketing
events at universities in 2012 and also expanded
them to include international activities.
in Weissach in the fiscal year 2012. The cooperation with Friedrich Eugens Gymnasium in Stuttgart,
which was initiated in 2011, was further intensified. The aim of the educational partnerships is to
provide pupils with insight into the corporate world
from an early age.
COOPERATIONS AND SCHOLARSHIPS
Well trained and committed graduates are one of
the cornerstones of Porsche’s success as a
company. In light of this, during the reporting
year Porsche continued to pursue a close cooperation with key organizations such as Formula
Student Germany, the international student organization AIESEC, the Foundation of German Business (sdw), and Femtec, an important career
network committed to promoting young female
professionals and management trainees in engineering and scientific professions.
Providing the best possible support for outstanding talents is a specific priority for Porsche. This
is why in the fiscal year 2012 Porsche once
again participated in the scholarship programs
“Deutschlandstipendium” and “Südweststipendium”
organized by the German Federal Ministry of Education and Research and the employer association
Südwestmetall respectively.
EDUCATIONAL PARTNERSHIPS
Together with the Baden-Württemberg Ministry for
Culture, Youth and Sport, Porsche AG presented
the Ferry Porsche Prize for the 11th time in the
fiscal year 2012. Prizes went to 253 outstanding
school graduates majoring in mathematics and
physics/technology. The prize is intended to increase the appeal of mathematics and natural
sciences while motivating the prospective students to study engineering.
In addition to its well established high-school partnership with Ferdinand Porsche Gymnasium in
Zuffenhausen, which celebrated its centenary in
2012 at an event in in the Porsche Museum,
Porsche AG entered into another important educational partnership with Ferdinand Porsche Schule
PROFESSIONAL AND
INTERDISCIPLINARY TRAINING
Professional and interdisciplinary training is a key
focus of personnel and management development
at Porsche. Besides the expansion and consolidation of target-group-specific programs at Porsche,
in 2012 Porsche employees took part in professional training measures of AutoUni, through which
Porsche promotes systematic knowledge transfer
within the Integrated Automotive Group.
PERSONNEL AND
MANAGEMENT DEVELOPMENT
The programs for personnel and management
development continued in the reporting year. The
aim of Porsche’s program for nurturing new talent
is to identify and foster young high potentials
within the group with a view to assigning them
more demanding tasks, and retaining them within
the company. In 2012, more than 100 participants
joined the program and completed various development modules.
85 experienced managers took part in the Porsche
Management Program, which is conducted in cooperation with two renowned business schools. The
program addresses general management topics
as well as Porsche-specific content. Its objective
is to foster a shared understanding of management, encourage entrepreneurial and group-wide
thinking and action, and promote networking.
FURTHER DEVELOPMENT OF MANAGEMENT
GUIDELINES AND TARGET AGREEMENT
PROCESS IN THE PORSCHE GROUP
The target agreement process has been a proven
management instrument at Porsche for a number
59
of years. However, in light of the revision and
global rollout of the new Porsche management
guidelines in 2012, it became necessary to
develop this process further. A key element in the
further development is a stronger focus on management style. The implementation of components for assessing leadership will give due
consideration not only to the question of whether
targets have been achieved (target achievement)
but also how they have been achieved (leadership
assessment). At the end of 2012, the approved
further development of the target agreement
system was consistently implemented worldwide
for the first and second management level of
Porsche.
REINTEGRATION OF PIKS
Effective 1 January 2012, Porsche-InformationKommunikation-Services GmbH (PIKS), a former
wholly owned subsidiary, was merged into
Porsche AG. As of 1 June 2012, all PIKS employment contracts were transferred to Porsche AG
by way of a transfer of undertakings. In this connection, the organization of Porsche AG’s information systems department was adapted to
the new conditions. Step-by-step introduction of
Porsche AG’s remuneration system was agreed
for the employees of PIKS.
DATA SECURITY ENHANCED
In the field of data security, the associated guideline was further refined and expanded. As a result,
requirements and concepts, as well as detailed
standardized approaches to implementing them,
are now available for the various project requirements and have become an integral component
of procedural models.
The creation of the risk map on the basis of the
IT development plan was successfully completed.
In this risk map, applications and the associated
infrastructure were analyzed in order to identify
any potential risks and assessed on the basis of
the criteria of the company-wide risk management system. This ensures that the applications
and infrastructure are subject to ongoing riskrelated assessment. Moreover, the executive
board is notified of specific and potential risks via
semiannual reporting.
INDUSTRIAL SAFETY
The 918 Spyder project required comprehensive
preparatory measures at the plant, in which the
industrial safety function was closely involved. To
accommodate the future production facility for
the vehicle, the building that formerly housed the
paint shop was completely gutted. Around 4,000
metric tons of mixed scrap and concrete had to
be dismantled and disposed of. At the same time,
finishing of our vehicles had to continue unimpeded, despite the dismantling work. In consultation with all departments and external companies
involved, a detailed security concept was created
which ensured everything went off smoothly and
in line with the highest industrial safety standards.
Industrial safety is also integrated in the further
planning activities for the 918 manufacturing
facility in order to contribute technical and social
industrial safety.
The fiscal year 2012 was characterized by numerous relocations and expansions of facilities at
the Zuffenhausen plant. Through the systematic
involvement of the industrial safety function, it was
possible to provide modern work areas equipped
in line with the latest ergonomic findings. The
relocations of large parts of the Finance and HR
divisions as well as part of the training workshop
are particularly noteworthy. To communicate
Porsche’s safety philosophy to the many new
employees and sharpen the safety awareness of
each and every member of the workforce, the
industrial safety department actively supported
managers in the implementation of measures.
The number of employees in the industrial safety
department was increased in order to meet the
demands created by the increased headcount.
60
A THANK-YOU TO OUR EMPLOYEES
SPORT
The high motivation and dedication of our employees are the basis for Porsche’s success year after
year. The Executive Board extends its deepest
thanks for your unconditional commitment and
hard work that goes above and beyond what is
required. Your technical expertise and continued
high performance are some of the major factors
that made the last fiscal year a success and
enabled us to achieve very ambitious corporate
objectives. We know that this type of effort is not
a given. Our thanks also goes out to employee
representatives with whom solutions that served
the wellbeing of the company and its employees
were always found.
The reporting year saw the launch of the sponsoring cooperation, initially planned for a period
of three years, with the German Tennis Federation
(DTB) in connection with the German women’s
national tennis team (Porsche Team Germany),
which also includes support for upcoming players
(Porsche-Talent-Team). In addition, the company
presented itself at the two Fed-Cup matches with
the Czech Republic and Australia at the Porsche
Arena in Stuttgart.
SUSTAINABILITY
In 2012, seven selected sports clubs in BadenWürttemberg and three in Saxony benefited from
special Porsche support specifically for their work
with children and young people. Porsche AG also
supported top-class sport in the two federal states
in connection with the 2012 Olympic Games in
London.
SOCIAL RESPONSIBILITY
In the fiscal year 2012, the company implemented a whole host of measures aimed at doing
even greater justice to its social responsibility
and to publicly position this responsibility accordingly. At Porsche AG, these measures are the
responsibility of the Corporate Social Responsibility (CSR) department, which is assigned to the
board member for human resources and social
issues. Against the backdrop of Strategy 2018,
the company’s CSR strategy, which centers on
the key aspects of intensifying and realigning
activities, is designed primarily with sustainability
in mind.
The company’s social commitment comprises
the five pillars of sport, culture, the environment,
education/science and social issues (five-pillar
approach). In the fiscal year, Porsche AG implemented specific projects in practically all areas,
including traditional CSR projects such as the
Porsche Tennis Grand Prix, the Porsche Music
Night and the Porsche Award, which the company has presented jointly with the Filmakademie
Baden-Württemberg to the world’s best advertising film students every year since 2004.
The company also provides smaller-scale support
for many sports clubs, particularly at locations
where it has facilities.
CULTURE
Porsche AG’s premium partnerships with the
Leipzig Gewandhaus Orchestra and Stuttgart
Ballett were stepped up and developed further in
2012. These two cultural institutions, which are
located in the cities that are home to Porsche’s
two German production plants, enjoy an excellent
international reputation. Both cooperation agreements were concluded with an initial term of three
years. In the first year of the cooperation, it was
already apparent that the respective partnership
between premium players is beneficial for everyone involved. Alongside several joint events at the
respective locations in Germany, the Gewandhaus
Orchestra and Stuttgart Ballet also acted as special Porsche ambassadors at international level.
For example, Porsche was able to be the sole
named sponsor of performances by the ballet
company in Japan, Korea and China, as well as of
two concerts by the Gewandhaus Orchestra in
the Vatican and Paris.
61
Porsche is also contributing to funding for the
planned new building for John Cranko School in
Stuttgart, thereby demonstrating its commitment
to improving conditions for talented young dancers for Stuttgart Ballet.
In the fiscal year, Porsche was also the main sponsor of the Hermann Hesse Museum in Tübingen,
which was established in the Heckenhauer book
store, where Hermann Hesse worked from 1895
to 1899. Porsche’s involvement is initially intended to support the establishment of the museum
and at the same time is a present from the company on the occasion of the 60th anniversary of
the state of Baden-Württemberg in 2012.
ENVIRONMENT
Various environment-related projects with clear
links to CSR are also high on the company’s
agenda. For example, measures with a consciously sustainable character are planned for the coming years as part of the expansion of the existing
grazing areas at the Leipzig location. Moreover,
the company is currently scrutinizing where and in
what form it can support and actively drive forward
the development of alternative energies in ways
that make sense for the company. In addition,
the company plans to commit itself to a specific
socio-ecological project. The relevant design work
began in the fiscal year (see also the following
“Environment” section).
EDUCATION AND SCIENCE
Porsche AG’s already extensive promotion of education for children, young people and students
focuses first and foremost on kindling these
groups’ enthusiasm for mathematics, engineering
sciences, natural sciences and technology. This
is also intended to support those from poorer
backgrounds, in the spirit of equal opportunity.
Porsche AG significantly stepped up its strategic
cooperation with universities and corresponding
support programs in the reporting year. In 2012,
a total of 36 grants (“Deutschlandstipendien”)
were awarded at 15 selected universities
throughout Germany. With an eye to increasing
the number of places for students at Porsche to
34, the company is planning close collaboration
with the Baden-Württemberg Cooperative State
University. The Porsche Automotive Campus,
which is designed to provide targeted training for
the next generation of managers for the German
Porsche Centers, was founded in cooperation
with the Institute for Management in the Automotive Sector at Nürtingen-Geislingen University.
One special new cooperative project that Porsche has entered into with Technische Universität
Berlin is intended specifically to target women in
order to enlist them into scientific and technological professions. Furthermore, the Foundation
Lindau Nobelprizewinners Meetings at Lake
Constance received particular support from the
company to enable it to continue its intensive
scientific dialogue.
Traditional projects in the field of science and
education were also continued. These include the
Ferry Porsche Prize, the Ferdinand Porsche Prize,
the “Deutscher Gründerpreis” for start-ups, and
the GaraGe project in Leipzig, a technology center
aimed at interested children and young people.
The cooperation with Ferdinand Porsche Gymnasium in Stuttgart, which celebrated its centenary
in the fiscal year, was also expanded. Additional
cooperations with schools were launched by
Porsche in 2012. Support, in particular for international student networks, was also stepped up
in order to intensify cooperation between students
and businesses.
One specific joint project organized by Porsche
and Ferrero (Kinder Surprise) is dedicated to
teaching children road safety. On various weekends in 2012, the Kids Driving School, with its
live roadshow, addressed families with children
aged between five and ten in Dresden, Bremen
and Hanover. On a 1,200-square-meter activity
space, kids discovered that learning about safety
can be fun. It is planned to continue the project in
five other German cities during the following year.
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In the Philippines, up to 40 financially challenged
young people receive training provided in cooperation with the Don Bosco Technical Institute.
SOCIAL COMMITMENT
Porsche again supported a large number of social
institutions and projects, above all in cities where
company facilities are located. In Stuttgart, for
example, these include the association for homeless people and the street magazine “Trott-War”,
children’s wards and hospitals such as “Olgäle”,
the citizens’ foundation “Bürgerstiftung Stuttgart”,
the “Stiftung Kinderland Baden-Württemberg” which
is dedicated to creating children- and family-friendly
structures in the state, projects for people with
disabilities, hospices, various advisory bureaus,
church institutions, among others. In Leipzig, the
company has provided assistance for comparable projects and institutions.
Porsche is also placing ever higher value on its
CSR activities in its international markets. For
example, the foundation “Un Techo Para Mi País”
(“A roof for my country”) is being supported by
Porsche in several Latin American countries.
Through the construction of wooden houses,
people from slums are receiving new prospects
for the future.
In China, the “Mobile Educational and Training
Resource Units (METRU)” program in collaboration
with UNICEF is receiving funding from Porsche,
creating career opportunities through training for
socially underprivileged children and young people.
In the Philippines, Porsche, in cooperation with
the Don Bosco Technical Institute, established
Asia’s first Porsche Training and Recruiting Center
in 2008. Since then, the center has annually
trained up to 40 socially disadvantaged children
as automobile specialists who will later be deployed at various Porsche Centers in the global
Porsche retail organization. In the future, corresponding CSR projects are to be initiated, placed
on a sustainable footing, and supported in all
Porsche’s global markets.
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THE ENVIRONMENT
CONCEPTS FOR THE FUTURE
In the future, electromobility will contribute significantly to cutting local emissions, reducing the
use of primary energy sources, and, by integrating additional renewable energies, make a contribution to climate protection.
The National Platform for Electromobility (NPE), a
body which advises the German Federal Government, monitors and analyzes developments in
the area of electromobility and makes recommendations on how to achieve the goals of the
National Development Plan for Electric Mobility
(NEPE), which was initiated in 2009. The NPE
was founded in 2010 and comprises representatives of industry, academia, government, trade
unions, and society. Seven working groups, each
comprising around 20 experts, address topics
relevant to electromobility. The working groups
are coordinated by a steering committee consisting of representatives from the working groups
and the Federal Government.
The NPE regularly provides the Federal Government with progress reports on the status of
developments. In June 2012, the NPE submitted
its third such report to the Federal Government.
The recommended program of measures is
based on the market development phases of
electromobility in Germany and is geared to
enabling the achievement of the ambitious target
of one million electric vehicles by 2020.
In addition to fields of technology relevant for
electromobility, the NPE has also drawn up comprehensive reference frameworks for standardization (2011) as well as training and skills (May
2012), which are updated on an ongoing basis.
In order to consolidate the defined goals in topicbased clusters, the NPE has initiated the following six research and development lighthouse
projects (R&D lighthouses) which are currently
being successfully implemented: battery, drivetrain
technology, vehicle integration, lightweighting,
information and communications technology (ICT)
and infrastructure. The electromobility lighthouse
projects are intended to represent a particularly
high-profile subset of all R&D measures. During
the reporting period, all six R&D lighthouses were
able to specify a large number of research and
development projects and submit funded projects.
The establishment of showcase electromobility
projects serves to publicly demonstrate and test
innovative concepts in the field of electromobility
at regional level. In April 2012, based on the
recommendations of a 13-strong jury of experts
comprising scientists and industry associations,
the Federal Government selected four regional
showcase projects from 23 applications who
participated in a competition. These projects
present the most innovative elements of electromobility at the interface between energy systems,
vehicles, and transport systems. Porsche AG is
directly involved in two of the four showcases:
“Living Lab BW E-Mobil” (Baden-Württemberg) and
“Electromobility Connects” (Bavaria/Saxony).
Moreover, in May 2012, with Volkswagen’s corporate research and development as consulting
partner, Porsche Engineering Group GmbH, a
wholly owned subsidiary of Porsche AG, took on
management of the “e-generation” research project, which is funded by the German Federal
Ministry of Education and Research. As part of
the project, which has a planned term of three
years, leading German industrial companies and
renowned universities and research institutes will
develop a new generation of components for
64
electric vehicles, which will be combined and
optimized in terms of efficiency and weight. The
aim is to improve the factors of range, costs and
everyday practicality, and to achieve cost benefits through modularization and modular component sets. The joint project has a total budget of
39 million euro, approximately half of which is
provided by the Federal Ministry of Education and
Research and the project partners respectively.
Through the project, Porsche AG is continuing to
actively support the ambitious goal of establishing Germany as the leading provider and leading
market for electromobility by 2020, thereby
creating new jobs in Germany.
ECOLOGICAL SUSTAINABILITY
In the fiscal year 2012, Porsche again stepped
up its activities in the area of responsibility for
the environment and society. As part of this drive,
the topic of sustainability was integrated into the
internal management guidelines and is thus a key
principle of corporate governance.
Energy and resource management makes an
important contribution to the company’s ecological
responsibility and sustainable development. In the
fiscal year 2012, a large number of measures and
optimizations were undertaken in various departments within the company. These measures range
from the deployment of new energy-efficient
(sub)systems, such as conveyor belt drives in
assembly operations, to optimization of switching
times, for example for lighting or ventilation
systems, to improvements in communication
through the introduction of regular meetings at
which participants work hand in hand to identify
potential for improvement. In addition, training is
provided for employees and managers.
In order to foster responsible use of resources,
Porsche Logistik GmbH has significantly reduced
the amount of packaging-related waste through
in-depth discussions with suppliers. Where possible, remaining essential packaging material is
replaced by eco-friendly materials. The Porsche
subsidiary also completely eliminated the use of
polystyrene in the fiscal 2012.
Responsible use of energy and resources is also
playing an increasingly important role in the area
of sales. At the initiative of the department responsible for developing the dealer network, the
Porsche Center Energy Efficiency Tool software
solution was developed in cooperation with an
external partner within the scope of the Dealership Sustainability Initiative. The software is used
to evaluate energy efficiency measures during
the planning of new Porsche Centers.
Reporting on ecological sustainability continued
in 2012. For example, Porsche AG participated
in the Carbon Disclosure Project for the fourth
consecutive time. Founded in London in 2000,
this non-profit organization has the goal of creating greater transparency regarding companies’
greenhouse gas emissions. With 79 out of possible 100 points, Porsche once again achieved an
excellent result, delivering transparency for interested stakeholders. It is planned to continue this
participation in the fiscal year 2013.
The significance of sustainability within Porsche
AG has also increased at an organizational level.
This was reflected in the establishment of the
Politics and Society department at the turn of the
fiscal year. The department is a central interface
to the Volkswagen group for sustainability and is
also the point of contact responsible for internal
and external sustainability matters.
65
SUSTAINABLE USE OF RESOURCES
Porsche assumes responsibility for environmental
protection and undertakes to align the company’s
environmental protection activities with future
requirements. The principles of increasing energy
and resource efficiency, and avoiding negative
environmental impact in the development, production and sale of our sports cars are firmly
rooted in our environmental policy. The implementation of these principles is pursued in the
annual environmental goals.
Porsche committed itself to continuous improvement in the field of environmental protection at an early stage. The environmental management system at the Zuffenhausen production
plant was first validated according to EMAS as
long ago as 1996. Since 1999, the plant has
also been certified to the international ISO 14001
standard. In 2011, the energy management system was integrated into the existing environmental
management system. Porsche then became the
first automobile manufacturer worldwide to be
certified to the international ISO 50001 standard.
In the fiscal year 2012, activities aimed at implementing the group environmental management
guideline were intensified within the Porsche group.
During kick-off discussions at environmentally sensitive subsidiaries, assessments of environmental
relevance were reviewed and the prerequisites for
introducing an environmental management system
discussed. At the facilities in Nardò (Italy) and
Reading (UK), audits were performed to verify
compliance with statutory environmental requirements. A project to introduce an environmental
management system pursuant to ISO 14001 is
already underway at the Reading location. The
implementation of the environmental management
system made major progress in 2012. Certification is planned for March 2013.
Porsche encourages open dialogue on environmental issues with government agencies, interest
groups, our neighbors, and the workforce. At its
Zuffenhausen facility, an annual environmental
statement is published as part of the validation
according to EMAS. The statement presents production processes, environmental activities, and
the environmental impact of the production plant.
The 2011 environmental statement “Aktiv für die
Umwelt” (“Active for the Environment”) was given
a new look and feel. The new artistic design was
created in cooperation with the Stuttgart State
Academy of Art and Design. At the Vision Award
in the USA, the 2011 environmental statement
“Aktiv für die Umwelt” was chosen from the
5,500 publications submitted as an outstanding
example of compelling corporate communications
and honored with the gold medal.
Numerous internal information events and technical training measures in environmental protection were held within Porsche in the past fiscal
year. An information market was offered within
the scope of the “Porsche Warm Up” induction
program for new employees. The department
responsible for environmental protection at the
company presented fundamental environmental
issues on a presentation wall, introduced itself to
new employees, and directly answered questions
in an open exchange of views.
Fascination.
“At first, the 911 was an unusual sports car
and today it’s considered an exotic and an icon.
It did that by building on its unique features.”
August Achleitner,
Head of the 911 Product Line
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Two generations of the Porsche 911: Peter Falk,
Test Engineer and Race Team Director, from 1959
to 1993 and August Achleitner, Head of the
911 Product Line since 2001.
71
The Beauty
of Engineering
One name. One number. And a reputation like no other.
The Porsche 911: moving people and emotions for
50 years. Let’s take a look back into the future.
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50 years of the 911 – that
adds up to seven generations
of Nine Elevens since the
world debut in 1963 of the
It is the epitome of a sports car: it has maintained
its integrity over five decades, and has therefore
become a synonym of the company’s past, present
and future.
sports car that is still
unique today.
The 911 turns 50 this year, and in automotive engineering terms, that’s an eternity. It has mastered
its challenges over the decades like no other car
before it. With each type and every model range,
it has evolved further without changing its fundamental character or losing its pedigree. Its followers
admire its strong character and appreciate it being
a dream car without airs and graces. Efficient and
fast, but also resilient and reliable: a Porsche for
every-day driving when needed, and a true winner
when given the opportunity to unleash its full potential. A significant proportion of Porsche’s 30,000
motorsport successes on race tracks and rally
courses can be attributed to the 911. Focusing
on its essence over the years and decades has
shaped the character of the 911 and sharpened
its profile. Its unmistakable design, the rear engine,
the raw sound of the boxer engine, its handling and
its agility have been the defining characteristics of
every 911 since it was first introduced in 1963.
When it made its debut, Porsche still marketed it as
the type 901. The sequence of numbers was based
on a simple and practical logic. To make the part
numbers of both manufacturers compatible for joint
projects and to avoid duplication, Porsche adopted
Volkswagen’s sales and administration system in
the early sixties. Only the 900-series numbers
had still been unused, and based on this simple
system, the new Porsche was given the number
901 in January 1963.
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The new car was part of a great legacy. In fact, the
Porsche 356 had set the standard for the 901. “It
was a car that was completely new and different
from its predecessor – the first ever Porsche,”
remembers Peter Falk. “We started from scratch
and that was a huge challenge! We had the layout
but we still needed all the small details for the car
to meet our expectations.” As a test engineer who
worked for Porsche from 1959 to 1992, Falk was
involved in the new 911 from the very beginning.
As a race team director, he played a major role in
Porsche’s biggest race track successes. “In the
beginning, the 911 was a rather unconventional
sports car and today, it’s considered exotic and an
icon because it cultivated that image. That’s just
the effect it had,” says August Achleitner, Manager
of the 911 range. “The silhouette, the rear engine
layout, the driving dynamics – that’s all very unique
in today’s auto world.”
Assembly of the new Porsche began in September
1964. After building 82 cars of the 901-type,
production of the 911 was officially launched on
November 10, 1964. Indeed, the legend of the 901
had spawned the myth of the 911.
For Porsche, the 911 represents the nucleus of a
second family of new models. The 912, equipped
with its predecessor’s four-cylinder engine, rounded
off the range on the bottom end, while the 911 S
expanded it upward. The 911 Targa even went on to
serve as a basis for a new car-type. Time, styling,
technical advances, and external conditions brought
a series of successive changes: more space, more
luxury, more performance, and more variants. In
fact, the first decade saw repeated increases in the
wheelbase, engine size, and horsepower.
Ten years after its debut, the first generation of
911s reached its zenith. With the 911 Carrera RS
2.7, engineers and designers created an icon for
the company’s history books and the prominent
rear spoiler became an oft-copied styling element.
“The first RS still fascinates people. Lightweight
construction and aerodynamics were influenced
by the racing world and we dug deep into the car’s
structure. As the first 911, the Carrera had different sized tires on the front and rear axles. It took a
while to convince sales personnel of this concept,
but in terms of handling, this car was a giant leap
forward,” says Falk. But still, the 911 Carrera
RS 2.7 remained an unpretentious car. The highperformance model, like every Porsche 911, was
able to produce 210 hp with conventional gasoline.
“A 911 is an extremely sporty car. It’s technically
innovative, but it’s never showy or pompous.
Everybody would like to have one, precisely because
a 911 is status-neutral.”
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The story of its successor, namely the first new
911 series that came out after the original model,
started in the fall of 1973 with the 1974 model
year named the G series. Its characteristic bellowsshaped bumpers and lean lines made the G model
famous and it went on to keep this style for 15
years. Within that period, the classic 911 matured
to perfection in the form of the 911 SC and the
911 Carrera 3.2.
The second 911 generation saw the introduction
of new, trendsetting models, such as the 911
Turbo, 911 Cabrio, and 911 Speedster. Each of
them interpreted the 911 theme in their own ways:
sporty, luxurious, or puristic.
With the 924, 944, and 928 models that featured
a front-mounted engine and a transaxle, Porsche
offered a variety of alternatives to the popular rearengine sports car. However, neither the company
nor the customers wanted to stray very far from
their iconic design. Indeed, in the seventies and
eighties, the 911 was synonymous with the Porsche
brand and was widely considered to be the world’s
most successful sports car. “I think that the 911
created its image back then. A 911 is an extremely
sporty car. It’s technically innovative, but it’s never
showy or pompous. Everybody would like to have
one, precisely because a 911 is status-neutral,”
says August Achleitner. The mechanical and industrial engineer had started working in Porsche’s
chassis testing department in 1983; in the nineties,
he was overseeing the development of the 996 in
the design phase.
With the third generation of 911’s that came out in
1988, the idea came to transport the car into the
modern age. With an aerodynamically optimized
body and coil spring suspension, the 964 moved
past well-loved peculiarities that had been some of
the Porsche 911’s distinctive features for 25 years.
At the same time, the 964 forged a new path, as
exemplified by the Carrera 4 variant. It incorporated
four-wheel drive (the first 911 so-equipped) that was
inherited from rally racing experiences as well as
from the 959, considered to be the most technologically advanced super sports car of its time.
In 1990, the 964 was the first race-version 911
model to roll up to the starting line of the Porsche
Cup, which is still considered to be the world’s most
successful single-manufacturer race. The 964 RS
was a spartan version of its Carrera 2.7 RS predecessor, and revived the lightweight, downsized
911 structure. Also being offered was the 964
Speedster that would complete its range and pass
the baton on to the fourth generation of 911s.
“There was something
to be said for each of
the many, many 911
characteristics of the
past, but for an engineer, the newest 911
is naturally always the
best one.”
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The 993-type Porsche 911 marked the end of an
era. As the last representative of a range, the 993
launched in 1993 had an air-cooled six-cylinder
boxer engine, whose sound had been part of the
overall 911 package for 30 years. Even though
its familiar tone warmed the hearts of its fans, its
shape and technology broke with convention. The
fender lines and rear end were stylistically redrawn
and the Targa variant was given a large retractable
glass roof to replace the traditional roll bar design.
Fundamental decisions pertaining to technology,
which are still valid 20 years later, were made
during the 993’s lifespan. For the first time, the
911 Turbo was given four-wheel drive and twin
turbochargers, and it subsequently passed its role
as the line’s top-model on to the GT2. As a lighter
variant of the 911 Turbo, the rear-engine, 430-hp
GT2 served as a base model for racing and proved
to be the most powerful 911 series car ever built.
An era came to a close on March 31, 1998,
when the last air-cooled Porsche 911 was built.
Its creator Ferry Porsche had died a few days
earlier on March 27 – supposedly the day when
the Zuffenhausen plant was installing the last aircooled engines.
A paradigm shift had already occurred. In 1997,
Porsche brought out the 996 featuring a longer
wheelbase, a new body, and a new water-cooled
generation of engines. “It was a major step forward
for the series and for car-handling. And we’re still
building on that,” says Achleitner.
“It was a car that was completely new
and different from its predecessor –
the first ever Porsche. We started from
scratch and that was a huge challenge!”
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On historic ground:
the first 911 rolled off
the assembly line here
in Zuffenhausen in 1963.
Much, but not everything, changed in the new 911.
The aesthetic mid-section, shaped by steadily
increasing tire sizes and fenders, might have disappeared, but the silhouette retained its distinctive
911 flair. The engine was water-cooled, but it sat
where it belonged – in the rear on the drive axle.
The five instruments with the tachometer in the
center in the driver’s view since 1964 were still
there, only now it overlapped the other gauges on
its sides. The 911 had arrived and was up to date
with the times.
The 911 Turbo, 911 Turbo S, and turbo-equipped
GT2 remained the most powerful models of the
fifth 911 generation, whose sportiest variant was
the GT3. The 911 GT3 came out in 1999 – a hardcharging version of the 996 built in the tradition of
the large RS models. As the most powerful nonsupercharged car in the series, the GT3 formed
the basis for future race cars. With an engine
putting out 381 hp at 7,400 rpm and dating back
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Much has changed, but
the 911’s silhouette
is still unmistakable
50 years later.
to the 964 period, only 200 of the GT3 RS cars
were built as type-approved racing models. Thus,
the bred-to-race 996 still incorporated part of the
air-cooled 911 technology.
In the tradition of major role models stands the
997 from 2004. Round headlights and a tapered
shape were reminders of earlier generations. For
the first time since 1976, the car had two naturally
aspirated engines in various sizes and different
horsepower ratings. Direct injection and the Porsche dual-clutch transmission that first appeared in
1984 in the 956 Group C debuted in the 997, and
the number of variants offered had never been bigger. They included the 911 GTS, 911 Sport Classic,
911 GT3 RSR, 911 Speedster, and the 911 GT2
RS whose 620 hp made it the most powerful and
fastest series production Porsche.
“There was something to be said for each of the
many, many 911 characteristics of the past, but
for an engineer, the newest 911 is naturally always
the best one,” says Achleitner. “But I still have a
favorite – the 997 GTS. It’s a great package, very
well equipped, and we did a great job of putting
together the 408-hp engine. It’s also rare, so I’m
sure it will be highly sought after in the future.”
A tip for the future that has just begun with the
seventh generation of 911 cars. The new 911 GT3
is already here, and the 911 Turbo is ready, too.
Here’s to the next 50 years.
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DNA of a 911
Shape
A hood pulled down between the fenders, a racy
window line, and a flowing rear end. After various
re-interpretations of the 356’s organic shape, the
century-defining design of Ferdinand Alexander
“Butzi” Porsche, son of Ferry Porsche, beat concepts proposed by Erwin Komenda, head of body
design at Porsche, and star designer Albrecht
Graf Goertz. The early, four-seater “Butzi-Wagen”
evolved into the 911 in its current, style-shaping
form that has been enhanced and supplemented in
multiple variants to this day. The roll bar-equipped
911 “safety cabriolet” appeared in 1966 and gave
a new name to a brand new type of car: Targa. In
1982 and after a break of almost 20 years, Porsche
once again put a full convertible back into its portfolio with the 911 SC Cabrio. Lighter, more open,
and more extreme, the first 911 Carrera Speedster
showed up in 1989 as a reminder of its famous
forebears from the 1950s, the 356 Speedster.
Handling
It’s an unadulterated sports car, and a car for everyday use. The current 991 is a car of extremes. “If
I press a button, I’ll be sitting in a race car that will
clock a lap around the Nordschleife in 7 minutes
and 40 seconds. When I deactivate that system,
I have an economical, contemporary car, that’s
sporty and doesn’t compromise on comfort. The
‘split personality’ could not be more divergent,”
says August Achleitner, head of the 911 series.
The configuration as a rear-engine car with the
engine over the drive axle has always influenced
the 911’s handling. Steering feels light and direct,
and the traction remains exemplary. Even more
traction was added when the 964 Carrera 4 from
1988 became the first 911 with four-wheel drive
that would later be enhanced to feature an intelligent, variable system.
Engine
A boxer motor with six cylinders. Even 50 years
after its debut, those two parameters of the Porsche 911 are cast in stone. In 1963, this meant a
2.0 liter cylinder capacity and 130 hp; in 2013, it
means 3.8 liters and 400 hp for the 911 Carrera
S. The evolution of the 911 engine represents a
chronology of record-setting performances. With
a cylinder capacity of 2.0 liters, 160 hp, and a
maximum speed of 220 km/h, the 1966-built 911
S was considered the fastest series production car
in Germany. The title was reclaimed in 1974 by
the 250-km/h 911 Turbo – the first turbocharged
Porsche 911 and one that epitomized what a super
sports car should be. Porsche racing had its most
successful years running on the 911 Turbo’s new
generation of engines. The big break came in 1997
when the new 996 became the first Porsche 911
to be powered by a six-cylinder boxer engine with
liquid rather than air cooling.
Sound
A quick inhalation, a raspy exhalation, a brief moment as the revs wind up. A sound so unique and
unmistakable, like an acoustic fingerprint – a tone
among many other noises. Until 1997, the raw, metallic sound of the 911 engine was accompanied by
the whoosh of the flywheel, letting the world know
that it was passing through. “In the Paris-Dakar
rally, we heard our cars well before we could even
see them. The typical sound of the boxer engine
stood out from all the other engines,” says Peter
Falk. That sound has stayed on even in the seventh
generation. “The 991 sounds like a Porsche 911
has to sound – distinct and unmistakable,” adds
August Achleitner. “The sound is part of people’s
fascination with the 911.”
Agility
It boils down to a low-weight, compact car, a sophisticated chassis, an engine with a high specific
performance, light-footed handling, and optimal
road contact. Agility and directness were the
prevailing characteristics that distinguished the
Porsche 911 right from the outset. Four times, in
1968, 1971, 1997 and 2011, the 911 increased
its wheel base without making any compromises.
As Achleitner says, “The 911 is known for having
this direct connection between the car and the
driver. You can feel the road and how the car is
moving. Steering, the chassis, the seating position,
the engine characteristics – they all play a role. It’s
a feeling one only gets from a 911 regardless of
how old it is.”
Every new 911 model
is better than its
predecessor, yet
the genetic legacy is
passed on from generation to generation.
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80
A classroom where triumph reigns
With two junior drivers in the Carrera Cup Deutschland, Porsche Motorsport 2012
is counting on nurturing its up-and-coming race car drivers to continue a successful
tradition. The fastest German spec (one-manufacturer) race is proving to be the
perfect training ground for Klaus Bachler and Michael Christensen.
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“A win is a
heady feeling for
the driver, but also
the result of great
teamwork.”
They appear unchanged, even when one looks
closely. The faces still have that youthful smoothness even though the two junior Porsche drivers,
Klaus Bachler and Michael Christensen, have an
exciting training year behind them – one filled with
a wide range of experiences, including some bitter
ones. Ultimately, the 21-year-old Austrian and the
22-year-old Dane overcame the rigors of Germany’s
Carrera Cup with flying colors.
This spec racing series has been around for 23
years. Nine events were held in 2012, pitting up to
22 drivers against each other, while driving identical Porsche 911 GT3 Cup cars. The race car is
based on the street-legal 911 GT3 RS lightweight
sports car.
The series had a promising start at the end of
April in Hockenheim. In the season’s first Porsche
Carrera Cup race, Klaus Bachler was running solidly
in eighth place when a tire problem dropped him
back to 17th position, while. Michael Christensen
was ninth across the finish line. They finished the
second run on Sunday without incident, coming
in 12th and 13th respectively. That put them on
equal footing after the weekend, and that was a
good feeling.
Both were aware that they had very big shoes to
fill. And that increased the pressure to succeed:
the one you put on yourself, the toughest pressure of all. The Porsche Junior Program is run with
such passion and has produced many big names
in racing sports since 1997. Four of the current
Porsche factory drivers were once on the Junior
Team, including Marc Lieb and Timo Bernhard. With
six championship titles and ten wins in the 24-hour
races, Bernhard is one of the world’s best drivers.
He has won the world’s four biggest long-distance
races (Nürburgring, Sebring, Daytona, and Le
Mans) and is currently the only driver to win the
“Motorsport Grand Slam”.
“With our Junior Program that has a long-term focus, we are continuing the extremely successful tradition of the Porsche Junior Team,” said Porsche’s
Head of Motorsports Hartmut Kristen at the start
of the 2012 season. “Nurturing young talent is an
investment in the future.” The junior drivers receive
a large part of the season’s budget, and they are
coached by successful professional race car driver
Sascha Maassen. As Maassen’s substitute, Timo
Bernhard coached the drivers in three events.
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Ignoring the better known names in the race,
Michael Christensen drove fearlessly on the Lausitz
track. When it came to qualifying for the grid, his
car held the lead for a long time. Just before the finish, two experienced Cup drivers counterattacked.
Yet the headlines still read “Porsche Junior driver
Christensen is third on the grid.” And that was only
his second qualifying run in the Carrera Cup.
Christensen went on to finish third in the race.
While the Dane was celebrating his first podium
finish and confidently holding court, the Austrian
suddenly stood in the shadows. It just so happened that in his rival’s first victory, Klaus Bachler
had to deal with a crushing blow. Nothing had
worked out properly, he had no points to show for
the two Lausitz races. Christensen was positively
blossoming, while Bachler stooped his shoulders.
The youthful carefree attitude he normally radiated
had disappeared.
The Austrian’s return came right on schedule. At
the Red Bull Ring, which is only 30 kilometers from
Bachler’s hometown of Unzmarkt in Austria’s Steiermark region, Bachler celebrated his first podium
finish. This time, he was getting the congratulatory
“Mistakes are part of the learning process. The main thing is that the guys
do not make the same mistake twice.”
pats on the shoulder. The best thing was that the
21-year-old rid himself of self-doubt. “It’s an incredible feeling to have finished in third place,” he sputtered excitedly. Everyone could see how success
transformed him. He now had a spring in his step
and a beaming smile on his face.
Looking back, Bachler and Christensen brought
good driving school report cards with them. Both
had passed the basic stage of kart racing. The
Austrian started when he was nine years old and
did brilliantly when he switched over to the Formula
Lista series in 2007 with five victories and the title
in the Junior class. He earned further accolades in
the ADAC Formula Masters, where he was a runnerup in 2009; he also had wins in the ATS Formula 3
Cup series.
Michael Christensen, who is from Karlslunde, near
Copenhagen, Denmark, compiled victories early
and consistently in kart racing. It started with a
victory in the Danish Championship in 2004. In the
next year, he defended his title and also won the
Scandinavia and European Championships. He was
the runner up in the 2006 World Championship.
His climb up through the Formula racing leagues
took the Dane to the Formula BMW Europe series
for two years, where he finished 6th in 2008 and
4th in 2009.
Then he made the move into the GP3 series, where
Porsche discovered him and recommended him
along with Bachler as Junior drivers. In a two-stage
selection process, both had beaten out rivals from
around the world. Factors taken into consideration
included: fitness, mental toughness, technical
understanding, the ability to collaborate with the
engineers, and driving consistent times over a
given racing distance. The diverse skills required
by the selection process also served as a blueprint
for the training program.
Timo Bernhard calls Germany’s Carrera Cup “the
perfect classroom” for Porsche Juniors. The spec
race is famous for its tremendous competitive intensity. In 2012, the number of young drivers was
matched by an equal number of seasoned Porsche
professionals as they vied for good starting positions. After the high from finishing on the podium,
the junior drivers’ moods quickly darkened half-way
through the season. Sascha Maassen endlessly
preached to his students that mistakes are part of
the learning process. “The main thing is for the guys
not to make the same mistake twice.”
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At the Nürburgring, a new training phase began that
was both thrilling and demanding for the young drivers: media training directed by Burkhard Bechtel,
the TV commentator for the Carrera Cup. The first
lesson was held on a Friday at the race track in the
broadcast van, which is Bechtel’s exclusive domain.
“Wow,” said Bachler. “All that high-tech gear was
amazing.” The Dane was especially impressed with
the teamwork. “They’ve got their eyes on multiple
screens at the same time, and they have to make
split-second decisions.” They also learned that
you have to put yourself in the limelight to gain visibility. That worked well in the Eifel. On Saturday,
Christensen finished fifth and on Sunday, Bachler
impressed spectators by starting near the end of
the field, reeling it in and finishing seventh. Timo
Bernhard took considerable pleasure out of his
substitute coaching position, saying, “The nice thing
is that I can pass on my experience as a former
Junior driver to the guys.”
As the backup coach, Timo Bernhard passes on his
experience to Porsche Junior drivers. As a Junior,
he ran his first Porsche Carrera Cup in 1999. In 2013,
the 32-year-old will be driving in the legendary
24 Hours of Le Mans. For the first time since 1998,
Bachler and Christensen came to Zandvoort on
the North Sea cost with their heads brimming with
new information. The media training had triggered
a Porsche factory team is competing at Le Mans.
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“I’m going to give it everything
I have to be a winner and a
champion.”
Michael Christensen
considerable self-reflection. “I don’t show enough
emotion in interviews,” said Christensen. The main
point of criticism was that the Dane’s poker-face
doesn’t reveal his feelings. “I learned how important it is to approach journalists and be open with
them. Otherwise, you won’t get any mention in the
press.” Bachler explained his main insight from the
interview-specific training by saying, “When you’re
happy, words come easily. When you’ve had a bad
race, you’re more likely to be uptight.”
In the final race in Hockenheim, the Dane did everything right, as if he had put all the lessons together
properly like so many puzzle pieces. Christensen’s
qualifying time was only 0.009 seconds off the
best time. With a phenomenal start, the 22-yearold placed himself at the top of the starting field
and did not relinquish the lead in his 450-hp 911,
crossing the line for his first win.
Bachler missed out on being on the podium by
a hair’s breadth. Only 0.412 seconds separated
him from third place. He had put the squeeze on
Norbert Siedler, a more experienced driver, all the
way to the end. With three 4th place finishes in a
row and in third place behind Christensen among
junior drivers, the Austrian was “totally satisfied.”
The 21-year-old’s final thoughts were, “I not only
learned a lot about myself as a race car driver, but
as a person as well.”
As a reward for their outstanding performances in
the first training year, Bachler and Christensen get
to move up to the next class – the Porsche Mobil 1
Supercup. This is the highlight event of the 20
Porsche spec races worldwide that support selected Formula One Grand Prix races. Christensen
states his objective confidently, “I’m going to give it
everything I have to be a winner and a champion.”
“I not only learned a lot about
myself as a race car driver,
but as a person as well.”
Two new junior drivers are joining the German
Carrera Cup: Alex Riberas Bou (18) from Spain,
and Connor de Phillippi (19) from the US. Both have
already achieved the first major victory – by beating tough competition they have earned coveted
positions in the Porsche Junior Program.
A successful race
requires perfect
teamwork. Drivers
and mechanics have
to make split-second
decisions.
85
The next Junior drivers are
already in the starting blocks.
Connor de Phillippi (20) and
Alex Riberas Bous (19) are the
new guys in the Porsche Junior
Program.
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Research and development
Development activities in the fiscal year 2012
focused on the completion of new vehicle generations of the Boxster model series, which includes the Cayman, and on additional derivatives
intended to expand the product range. Porsche’s
engineers continued to work intensively on developing the fifth Porsche model series, the
Macan sporty off-roader, and the 918 Spyder,
the world’s first plug-in hybrid high-performance
sports car, which marries performance and efficiency in a unique way. The development of plugin hybrid drives that allow vehicles to be fueled
from the electricity grid is an important area of
activity for staff at the Weissach facility.
strategies, which, together with software development, is a core competency of Porsche.
In addition, the engineers’ tasks at the Weissach
development center in the reporting year included
developing the standard drive module based on
the Panamera concept. The module is the basis
for vehicles with longitudinally mounted engines
and with rear-wheel drive in the basic variant. In
the future, the module could also be used by other
vehicles in the Volkswagen group. The module is
intended to tap into considerable synergies in
development, procurement and production.
CAPTIVATING WORLD PREMIERS
The first customers for the 918 Spyder will be
able to take delivery of their vehicles before the
end of 2013. The engineers started driving trials
with the prototype in the fiscal year 2012. The
super sports car is a plug-in hybrid vehicle that
combines a high-performance combustion engine
with cutting-edge electric drives to deliver extraordinary performance: the dynamics of a racing car
packing more than 770 hp accompanied by fuel
consumption of approximately 3 liters per 100
kilometers. Moreover, Porsche is breaking new
ground with the technology demonstrator, which
features a monocoque with a unit carrier, full
carbon fiber reinforced plastic (CFRP) body, and
adaptive rear-axle steering.
Final tuning of the 918 Spyder focused on the
interplay of the highly developed individual driving
components. The combination of a combustion
engine and two independent electric motors –
one on the front axle and one in the drive line,
acting on the rear wheels – placed totally new
demands on the development of the operating
The new Boxster had its world premiere at the
International Motor Show in Geneva in March
2012. The open-top two-seater rolled out with an
entirely new lightweight body and a completely
reworked chassis. Significantly lower weight, a
longer wheelbase, a wider track and bigger
wheels combine to further ratchet up the handling
of the mid-engined sports car noticeably. The new
Boxster models deliver better performance and
are also up to 15 percent more efficient. Depending on the model, they are content with less than
8 liters of fuel per 100 km.
The Boxster and Boxster S are powered by sixcylinder boxer gasoline engines with direct fuel
injection and improved efficiency based on electrical system recuperation, thermal management
and start/stop function. The new 2.7-liter engine
of the entry model churns out 265 hp (195 kW) –
that is 10 hp more than its larger predecessor. It
is based on the 3.4-liter engine of the Boxster S,
which now delivers 315 hp (232 kW), an increase
of 5 hp.
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The new 911 Carrera 4 models
consume up to 16 percent less fuel.
The Cayenne GTS debuted at Auto China 2012 in
Beijing in April 2012. Its concept: concentration
on sporty performance. Its recipe: a more powerful engine, more dynamic power development,
a tauter chassis with lower ride height, and emphatically sporty equipment and design. The new
Cayenne GTS not only closes the gap between
the Cayenne S and the Cayenne Turbo; it also
sets itself apart from the other models with its
own special character. The Cayenne GTS has a
420 hp (309 kW) 4.8 liter uprated V8 engine.
Power is transmitted via an eight-speed Tiptronic
S transmission with integrated auto start/stop
function. The GTS can sprint from a standing
start to 100 km/h in 5.7 seconds and fuel consumption averages 10.7 liters per 100 km.
The new 911 Carrera 4 and 911 Carrera 4 S with
all-wheel-drive made their first public appearance
at the Paris Motor Show in September 2012,
each as a coupé and convertible. They sport the
same traits as the rear-wheel drive versions: their
lightweight body design, suspension, engines and
transmissions are identical, the only exception
being modifications related to the all-wheel-drive.
All four models consume significantly less fuel
than their respective predecessors. Total savings
for individual versions are as much as 16 percent.
In addition, the new 911 Carrera 4 is up to 65 kg
lighter.
All new models have a seven-speed manual transmission as standard, and the Porsche Doppelkupplung (PDK) seven-speed transmission is available as
an option. Depending on the specific features, the
350 hp (257 kW) 911 Carrera 4 Coupé can sprint
from zero to 100 km/h in as little as 4.5 seconds
and reaches a top-track speed of 285 km/h. Fuel
consumption with PDK is around 8.6 liters per
100 kilometers. The coupé of the 911 Carrera 4 S
which produces 400 hp (294 kW) accelerates to
100 km/h in 4.1 seconds and has a top-track
speed of 299 km/h. Its fuel consumption with
PDK is around 9.1 liters per 100 kilometers. The
most distinct identifying feature of the 911 with
all-wheel drive is the wider rear section. Compared to the two-wheel drive 911 Carrera models,
the rear wheel housings each extend further outward by 22 mm. What’s more, the traditional red
light band that connects the two taillights has
also taken on a new form.
The new models presented by Porsche in Paris
also included the Cayenne S Diesel. The 4.2-liter
eight-cylinder engine with biturbo charging produces 382 hp (281 kW) and offers a maximum
torque of 850 Newton meters. This drives the new
Cayenne S Diesel to top values: the new top
diesel completes the sprint from zero to 100 km
in 5.7 seconds. Its NEDC fuel consumption is just
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8.3 liters per 100 km. One factor contributing to
this is the auto start/stop function.
At the Los Angeles Auto Show, the Cayenne
Turbo S took over as the top model in the Porsche
SUV model series. Its 550 hp (405 kW) engine and
advanced active chassis allow it to surpass the
driving performance of many sports cars while
preserving the off-road capability, ride comfort and
towing ability typical of the Cayenne. Its NEDC
fuel consumption of 11.5 liters per 100 km is low
given its powerful engine. It can sprint from zero
to 100 km/h in 4.5 seconds.
The Cayenne Turbo S was systematically configured for maximum dynamic performance. Therefore, it incorporates all relevant control systems
as standard equipment. From the Cayenne Turbo
it takes the combination of an air suspension and
active PASM damping control. Then there is
Porsche Dynamic Chassis Control (PDCC), which
reduces the roll angle in curves to practically
zero, improving agility and comfort equally.
In addition, the new Cayman celebrated its world
premiere at the Los Angeles Auto Show in November 2012. The newly developed third generation
is lower and longer, lighter and faster, more
efficient and more powerful than ever. A longer
wheelbase, wider track and larger wheels enhance the driving performance of the mid-engine
sports car to a level without equal in its competitive class. Depending on the particular model and
features, the new Cayman is up to 30 kg lighter
and consumes up to 15 percent less fuel per
100 km than its respective predecessor – despite
increased engine and overall performance.
The Cayman is powered by a 2.7-liter 6-cylinder
boxer engine with 275 hp (202 kW) and with
optimum features accelerates from a standstill to
100 km/h in 5.4 seconds. Its NEDC fuel consumption is between 7.7 and 8.2 liters per 100
km, depending on the transmission. The 3.4-liter
engine in the Cayman S produces 325 hp (239
kW) and, with corresponding features, sprints
from 0 to 100 km/h in 4.7 seconds. Its NEDC
fuel consumption is between 8.0 and 8.8 liters
per 100 km, depending on the transmission.
DRIVE TECHNOLOGY OF TOMORROW
At the Paris Motor Show, Porsche’s Panamera
Sport Turismo concept car showed how amazingly
intelligent and efficient the drive technology of
the future can be. The technology completes the
next development step toward the plug-in hybrid
that can be fueled from the electrical power grid.
The concept vehicle with its 416 hp (306 kW) of
peak system power is designed to be driven in
pure electric mode up to a speed of 130 km/h
and can cover distances of over 30 km. Its NEDC
fuel consumption is under 3.5 liters per 100 km.
The electric motor produces about 70 kW (95 hp),
while the three-liter V6 supercharged engine still
produces 245 kW (333 hp). Their interplay accelerates the concept car from zero to 100 km/h in
less than 6 seconds.
As a plug-in hybrid, the fluid-cooled lithium-ion
battery is not only charged while driving; it can
also be externally charged within 2.5 hours (depending on the power supply) via a charging
interface on the vehicle. Porsche has systematically thought through all aspects of the concept
car’s plug-in system; it utilizes a universal charger
(AC) that is wall-mounted in the home garage and
has a standardized charging plug.
RESEARCH AND DEVELOPMENT COSTS
In the fiscal year 2012, research costs and noncapitalized development costs (excluding amortization and depreciation) in the Porsche AG
group came to 633 million euro (fiscal year 2011:
342 million euro). Development costs totaling
676 million euro were capitalized (fiscal year:
2011: 704 million euro). In the fiscal year 2012,
the capitalization rate was 51.6 percent (fiscal
year 2011: 67.3 percent).
89
EMISSION
OF
NEWLY
E M I S S I O N AND
A N D CONSUMPTION
C O N S U M P T I O N DDATA
ATA O
F TTHE
HE N
E W L Y INTRODUCED VEHICLES
INTRODUCED VEHICLES
Model
Output
kW (hp)
Model
Fuel
consumption
urban
(l/100 km)
Fuel
Fuel
CO2emissions
consumption
consumption
Fuelcombined Fuel combinedFuel
extra-urban
consumption
consumption
consumption
(g/km)
(l/100 km)
(l/100
km)
combined
extra-urban
urban
Output kW (hp)
(l/100km)
(l/100km)
(l/100km)
CO2emissions
combined
(g/km)
Porsche
Porsche Cayman
Cayman
202 (275)
11.4202 (275)
6.3
11.4
8.2
6.3
1928.2
192
Porsche
Porsche Cayman
Cayman PDK
PDK
202 (275)
10.6202 (275)
5.9
10.6
7.7
5.9
1807.7
180
Porsche
Porsche Cayman
Cayman S
S
239 (325)
12.2239 (325)
6.9
12.2
8.8
6.9
2068.8
206
Porsche
Porsche Cayman
Cayman S
S PDK
PDK
239 (325)
11.2239 (325)
6.2
11.2
8.0
6.2
1888.0
188
Porsche
Porsche Cayenne
Cayenne S
S Diesel
Diesel
281 (382)
10.0281 (382)
7.3
10.0
8.3
7.3
2188.3
218
Porsche
Porsche Cayenne
Cayenne GTS
GTS
309 (420)
14.8309 (420)
8.5
14.8
10.7
8.5
251
10.7
251
Porsche
Porsche Cayenne
Cayenne Turbo
Turbo S
S
405 (550)
15.8405 (550)
8.4
15.8
11.5
8.4
270
11.5
270
Porsche
Porsche 911
911 Carrera
Carrera 4
4
Porsche
Porsche 911
911 Carrera
Carrera 4
4 PDK
PDK
Porsche
911
Carrera
4
Cabriolet
Porsche 911 Carrera 4 Cabriolet
257 (350)
13.2257 (350)
11.7257 (350)
13.5257 (350)
7.1
13.2
9.3
7.1
257 (350)
6.8
11.7
8.6
6.8
203
7.2
2199.3
2038.6
2249.5
Porsche
Porsche 911
911 Carrera
Carrera 4
4 Cabriolet
Cabriolet PDK
PDK
Porsche
911
Carrera
4S
Porsche 911 Carrera 4S
Porsche
Porsche 911
911 Carrera
Carrera 4S
4S PDK
PDK
Porsche
Porsche 911
911 Carrera
Carrera 4S
4S Cabriolet
Cabriolet
Porsche
Porsche 911
911 Carrera
Carrera 4S
4S Cabriolet
Cabriolet PDK
PDK
Porsche
Boxster
Porsche Boxster
Porsche
Porsche Boxster
Boxster PDK
PDK
Porsche
Boxster
Porsche Boxster S
S
Porsche
Porsche Boxster
Boxster S
S PDK
PDK
257 (350)
257 (350)
294 (400)
294 (400)
294 (400)
294 (400)
195 (265)
11.9257 (350)
14.2294 (400)
12.7294 (400)
14.4294 (400)
12.9294 (400)
11.4195 (265)
13.5
9.5
7.2
6.9
11.9
8.7
6.9
7.5
14.2
9.9
7.5
7.0
12.7
9.1
7.0
7.6
14.4
10.0
7.6
7.1
12.9
9.2
7.1
6.3
6.3
205
2159.1
236
10.0
215
180
188
11.4
10.6
7.7
5.9
232 (315)
6.9
12.2
8.8
6.9
1807.7
2068.8
232 (315)
11.2232 (315)
6.2
11.2
8.0
6.2
1888.0
To support an efficient development and expansion of the model range, Porsche AG cooperates
with partners to jointly develop modules and
modular systems. One example of this is the
development of the standard drive module based
on the Panamera concept, which could also be
used by other vehicles in the Volkswagen group
in the future. Another example of the cooperation
with the Volkswagen group is the Macan, which
Porsche is developing in collaboration with Audi.
Furthermore, Porsche AG draws on the specialist
knowledge of external service providers to handle
any capacity peaks within the scope of its planned
growth. These are used especially in fields that
INDUSTRIAL PROPERTY RIGHTS AND
LICENSES
Due to the intensity of development and the close
support relating to industrial property rights, the
number of patent applications for innovations and
designs remains at a high level. In the fiscal year
2012, the focus was on vehicles nearing the end
of development and market launch. Foreign
patent applications are mainly in the USA and
Asia. Porsche continues to be active when it
comes to licensing industrial property rights.
236
217
5.9
do not belong to Porsche AG’s core competencies.
In addition, suppliers are involved in the development process in order to develop highly innovative components on time.
234
2179.2
1928.2
10.6195 (265)
12.2232 (315)
EFFICIENT COOPERATIONS
224
2058.7
2349.9
8.2
195 (265)
219
192
206
Awareness.
“We support a vehicle over its entire
life cycle: from its production until, ideally,
it winds up in a private collection.”
Bernhard Maier,
Head of Sales and Marketing
94
An affair of the heart
As the years go by, every Porsche can tell a story. The older a car, the
more experience lies under its hood. Having been through a lot, such cars
require special care. Porsche Classic offers its customers a unique service
including anything from maintenance through to restoration.
A true classic:
Dr. Hans Vogelgesang
in his fully restored
Porsche 911 2.4 Targa
built in 1972.
95
96
and the peak of automotive engineering. He has
finally saved the 29,000 Deutsche Mark he needs
for the Porsche 911 Targa, but the practiced frugality of the post-war years makes the 30-year-old
hesitate. He pulls himself together though and, in
the autum of 1972, he purchases a brand new,
signal-yellow Porsche 911 2.4 T Targa. The first
ride from Cologne back to his home in Homburg,
Saarland, is exhilarating: “The country roads are
where I had the pleasure of my first dance with the
new 911,” remembers Hans Vogelgesang. The soft
swinging movement of the rear end continues to
fascinate him to this day.
In the 1970s, Porsche was still a rarity on the
streets, so the bright yellow sports car definitely
drew attention. The young doctor enjoyed his first
long trip to the Côte d’Azur to the full: “Driving with
the top down in this car, the air and the sun in your
face and the familiar roar of the air-cooled boxer
engine at your back was and still is the greatest
pleasure.”
“Porsche Classic gives us the opportunity to bring
to life an important element of our identity: a ‘Car
for life’ ,” explains Bernhard Maier, member of the
Porsche AG Executive Board, Sales and Marketing.
“We follow our vehicles throughout their lifecycles:
starting from their production and – ideally – ending
up in a private collection decades later.”
2013. In spring, the almond trees blossom in Germany’s Palatinate region and the entire Weinstraße
(wine route) transforms into a rose-colored sea of
flowers. A wonderful destination for Dr. Hans Vogelgesang’s first ride in a fully restored, gemini-blue
Porsche 911 2.4 T Targa built in 1972. “I’ll drive
along the wine route with the top down. A blaze of
color above me and the scent of almond blossoms
in the air.” It’s been a long time since Hans Vogelgesang has been able to make such plans with his
classic car. The physician has had his Porsche 911
for 40 years. They both share a history that sounds
like something from a car crime novel.
1972. The young doctor has been working at the
clinic for six years and will soon be able to realize a
dream: a Porsche 911 – the epitome of perfection
This was followed by a drive to the Alps for a ski
trip in late fall. “The Targa had special ski holders
to attach the skis while still being able to drive
with the top down,” explains the now 70-year-old
Dr. Vogelgesang. The yellow Porsche with the skis
on top is a real eye-catcher in Kaprun and Zell am
See. By chance, the passionate winter sportsman
has ended up near Porsche’s place of origin. In
Gmünd, which is a good hour’s drive towards the
south, just behind the Großglockner high alpine road,
lies the historic birthplace of Porsche: This is where
Porsche’s design and production site was based
until 1950, when it relocated to Zuffenhausen.
1974. Little did he realise, Hans Vogelgesang,
would go on his last big trip in the Targa for quite
some time in the summer of 1974. The impressive
landscape led him along the Loire, past sycamorelined boulevards and castles to La Baule on the
Atlantic coast. The most important stopover was
at the famous French dressage school “Cadre Noir”
in Saumur. Horses are the second great passion
of the sports car enthusiast. His girlfriend at the
time, Elke, who accompanied him on this trip, would
later advise him to restore his Porsche: “The Targa
is part of you and your memories,” she would tell
him over 30 years later.
Hans Vogelgesang works as a surgeon, then as a
trauma surgeon, and work becomes the focus of his
life. Regular night and on-call shifts are part of his
every-day working life. Then, one day, the evening
97
before one of his shifts, he drives to the clinic in the
911 and stops at a pizzeria to get dinner as usual.
Barely an hour later, as he leaves the premises,
the Porsche has disappeared. Glass shards from
a broken side window are the only reminders that
a car had once been parked there. At the time, the
lack of anti-theft technology made a sports car an
even easier prey than today. “Theft is a very sobering experience,” says Hans Vogelgesang about that
dark night 38 years ago.
The police find the car shortly after: mangled and
destroyed in a curve on a highway access road.
It still bothers Hans Vogelgesang to this day: “It’s
typical that my 911 was found in a curve. That’s
exactly what happens when you don’t have the
right feeling in your right foot, which is the most
important thing in a 911. The car had mowed
down a tree but the thieves were able to escape
uninjured.” A bank robbery had taken place close
by on same evening and police reconstruction later
showed that the perpetrators had used the 911
Targa as a getaway car – criminals with no feeling
in their right foot.
1980. The damaged 911 spends a lot of time
in the workshop and also loses its signal-yellow
paint. “I didn’t feel comfortable anymore. It’s similar
to people whose houses have been broken into
and they no longer feel comfortable in their own
home,” remembers Hans Vogelgesang. Even after
the repairs, the car is no longer the same and the
chassis is still distorted.
1987. Hans Vogelgesang parks his Porsche
Targa in a garage and it would be 23 years before
he would drive it again. The physician never contemplated a final separation. Over the years, he
determinedly turned down anyone with an interest
in buying the car.
“The country roads are where
I had the pleasure of my first
dance with the new 911.”
98
A time marker from a different era:
Hans Vogelgesang’s 911 2.4 T Targa
rolled off the assembly line more
than 40 years ago. The Porsche fan
bought the car from a Colognebased dealership for DM 29,111.
99
100
At Porsche Classic, restoration
is done by experts. Engine,
transmission, body, paint, and
interior design – every step is
intended to make the classic
as good as new without losing
any of the authenticity.
2007. Hans Vogelgesang retires after 40 years
of service. His health has suffered from a career
full of stress and tension and his Targa is not in
any better shape: “The damage from the accident
left the car’s interior in an even worse state than
the exterior. It was clear that it was either time to
separate with it or that it would have to undergo
an expensive, full restoration.”
On the lifting platform, the 1972 911 Targa reveals
its completely corroded underside. The damage to
the vehicle is immense and fist-sized holes decorate
one side of the sports car. “The car stood in the
same place for many years and it seems that one
side was exposed to the weather, and especially to
water. The car has obviously also been involved in
an accident,” diagnoses a Porsche Classic expert.
2008. Hans Vogelgesang’s health has recovered
and he is hungry for action: he contacts Zuffenhausen where he first learns about Porsche Classic.
“My first visit to the Porsche Classic workshop
was the deciding factor. It has a very special and
impressive atmosphere. It’s like visiting a new doctor for the first time: the first impression counts. I
was sure that the Targa would be in the very best
hands here.”
Porsche Classic staff are enthusiasts, detectives
and artists – all of them true masters in their field.
Porsche Classic combines the best of the past
with the best of the future. From global supply of
original parts to repairs, maintenance and restoration: at Porsche Classic, all Porsche models that
have not been in serial production for at least ten
years are in expert hands. The workshop in Freiberg
am Neckar is the heart of Porsche Classic: This is
101
“Tradition and Innovation:
Restoration and maintaining the originality are of
the highest priority when
working on the Porsche
Classic.”
where a team of specialists with a unique wealth
of experience put their heart and soul into their
restoration work, which is considered the ultimate
automotive discipline. Around 300 vehicle patients
end up on the operating table every year, of which
an average of 10 require full restoration like Hans
Vogelgesang’s Porsche 911 2.4 T Targa. “The
medical profession and the work of Porsche Classic
have much in common. While the tools that are used
are generally not as delicate, they are ultimately the
same,” summarizes the former surgeon. “When I
was in the operating theatre on night duty and had
to make a vital decision in a matter of seconds,
I sometimes wished that I were a car mechanic.”
Jochen Bader is the Manager of Workshop Restoration at Porsche Classic and met Hans Vogelgesang
in 2008. “During a full restoration it is particularly
important that our customers are involved in the
whole process as often and as much as they can.
Dr. Vogelgesang came to visit us at the workshop
at least six times in the one and a half years that
the car was with us.” The customer’s decision to
go ahead with a restoration triggers a complex
process: The entire car is completely disassembled
as this is the only way to get to the very heart of
a Classic. A detailed test examines the functionality and originality of the motor and transmission.
“Originality is the top priority of our work,” explains
Alexander Fabig, Director of Porsche Classic.
“Ensuring the availability of the parts is one of our
specific goals. We are constantly looking to close
the gaps in our parts range, such as for the 356,
where parts are remade using both the original
drawings and the original tools.” Around 30 Porsche
102
Classic employees work in the purchasing, product
management, sales and marketing divisions and
make a vital contribution to preserving the 380,000
Classics worldwide.
Hans Vogelgesang was present when the engine
of his 911 was taken apart, which he found as
fascinating and incredible as a medical layperson
would find open-heart surgery. “The most difficult
things seem easy for experienced individuals. And
experience is key for quality,” says the physician
from his own professional experience.
At Porsche Classic, a very
special relationship is formed
between car and customer.
2009. An average of 1,500 work hours is required
for a full restoration and the entire restoration process lasts about one and a half years. The latest
methods are used to guarantee optimal results
without losing authenticity. “Porsche Classic is not
just about exhibiting and preserving ‘Tradition’, it is
about keeping it moving,” explains Alexander Fabig.
A success story: around 70 percent of all Porsches
built are still on the road today. A visit to the Porsche Classic workshop is a journey through time
to a treasure chamber. Only 292 of the legendary
Porsche 959 sports cars were ever built and 12
of these are currently being worked on in Freiberg.
Low quantities and originality are what drives the
value of a Classic.
The specialists strip the paint off the chassis of the
Targa from 1972 in an immersion bath and then
carefully repair it. It then receives a dip primer,
which is the only difference to the original production process. The cathodic dip coating bath ensures
that the primer is evenly distributed. There are
almost no limits to the customer’s interior design
options. Individual perculiarities in the design are all
part of the work of the experts at Porsche Classic.
Four Porsche 993s were each designed with an
individual color concept for a sheik from Kuwait,
including a gold exhaust pipe and the family coat
of arms on the steering wheel. “Beside originality,
exclusivity and the realization of individual customer
wishes play an important role here at Porsche Classic,” explains Alexander Fabig.
2010. After one and a half years, Hans Vogelgesang can finally collect his new, old Porsche 911
Targa. Jochen Bader has personally put the car
through its paces on the road. “When a restored car
leaves the workshop after such an intense period
full of emotion, sweat and affection, it is a bit as
if a son or daughter were flying the nest,” admits
the workshop manager. But, like most children,
the restored Classics occasionally return to their
parent’s house. Hans Vogelgesang’s 911 Targa has
been an exhibition piece at numerous events, such
as at the Techno Classica in Essen. “We maintain
a close relationship with our customers,” says
Jochen Bader. “We all really look forward to the
annual Oldtimer Grand Prix at the Nürburgring. It
is an extremely emotional event full of memories
and stories about the Classics.”
The 70-year-old Porsche enthusiast is well aware
that he could easily have purchased a new Porsche
911 Turbo for the price of the restoration. But his
Porsche 911 2.4 Targa holds a link to a turbulent
time with many memories. He lives the Porsche passion with his 911. “My Porsche has a personality,”
affirms the 70-year-old. Ingo Frenkel, Director of the
Customer Center, which also includes Porsche Classic, confirms that: “It can’t be explained by logic.
Fully restoring a car is generally more expensive
than the actual market value. But this is also compensated by something else: emotion.” Porsche
Classic really is an affair of the heart.
103
About 70 percent of
all Porsches ever
built are still on the
road today.
Fascination is timeless.
The Porsche 911 in
the seventies: colorful
and eye-catching, then
and now.
104
Building on success
Typically, Porsche does not rest on its laurels; instead, it uses any successes to spur on
advances. About three years ago, the sports car manufacturer rolled out the Cayenne S
Hybrid, with the Panamera S Hybrid premiering a year later. They were equipped with a
drive system that stood out from all others. It consisted of two power plants. Specifically,
the sporty power band was generated for the first time based on the intelligent interplay
between an internal combustion engine and an electric motor. Setting the standard in terms
of driving performance and fuel efficiency, this Porsche generation is impressing customers
worldwide. The next step forward is supposed to be another big one. And it will be.
That’s for sure. The plug-in hybrid is coming
Porsche is unleashing the next phase. With the
Panamera Sport Turismo concept car, Porsche
offers a look at the future with plug-in hybrid driveequipped cars going into serial production. The new
principle of dual-engine technology is configured
to enable battery-charging out of a wall socket.
The car has a standardized plug and that makes
recharging no more difficult than pumping gas, but
also more more flexible. The plug-in hybrid gives
Porsche 24/7 intelligence. Whether its owners
are away for several days or sleeping at home, its
smart charging capability always makes it ready to
go at a moment’s notice.
While its owners are sleeping at night, resting up
for another day, the plug-in hybrid is charging-up,
too. Thanks to a programmable timer, charging
can be controlled down to the minute. It controls
the recharging period based on the driver’s input,
which makes sense in terms of energy and costefficiency. Off-peak electricity purchased at night is
less expensive and ideally, it may have originated
as surplus power generated by a renewable source,
such as wind turbines. If everything is working as
planned, the batteries of a Porsche plug-in hybrid
are completely charged after only 2.5 hours.
Comfortable temperature overnight. For the
Porsche engineers, it was essential to equip the
plug-in hybrid with an auxiliary heater, featuring an
energy-saving component, too. A preheated car
doesn’t require on-board power or fuel to preheat
the passenger cabin and warm up the engine, as
would be otherwise required with a cold start. Not
only that, but electricity supplied by the grid and
controlled to the exact minute can also be used
for cooling, so that the car can start at the optimal
operating temperature.
These convenience-related features are obviously
just a useful side-effect of Porsche’s plug-in concept. It defines the strict philosophy that all vehicle
systems need to function without any restrictions
whether operating off of the internal combustion
engine or the electric motor. For that reason,
electricity also powers auxiliary units, such as
105
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brake assist servos, power steering, and the airconditioning compressor. Driving in electricity-only
mode is the default mode, and that let’s early-risers
glide past their neighbors’ home almost soundlessly so that everyone else can keep sleeping.
In its default NEDC (New European Driving Cycle)
mode, a Porsche plug-in hybrid has a range of 36
kilometers at speeds of up to 135 km/h. This epower mode is ideal for operating emissions-free
in urban areas. This capability presents a highly appealing option in cities like London or Milan, where
fossil-fuel powered vehicles are currently allowed
into downtown areas only when paying an access
surcharge. Compare that to hybrid plug-in vehicles
that get in free of charge!
The plug-in hybrid will now offer a faster ride and
a greater range than before, thanks to the electric
power pack with a lithium-ion battery at its core.
Compared to similarly sized nickel-metal hydride
batteries presently used in serial production, its
performance surpasses theirs by far: 9.4 kilowatthours of energy consumption and a correspond-
ingly high peak output provide a greater range,
faster acceleration, and higher speeds. The plug-in
hybrid’s electric motor has an output of 70 kW
(95 hp), which is about double what Porsche’s current hybrid engines are capable of. The successful
concept has remained the same. Instead of using
a conventional, power-split hybrid drive, Porsche
implements a parallel full hybrid design. There are
several reasons for this. Contrary to other hybrid
concepts whose benefits are apparent when operating in cities, the Porsche-developed system allows
the car to “coast”, even at highway speeds, without
engaging the internal combustion engine. Only the
parallel-hybrid can pull off this feat. As soon as
drivers take their foot off the gas pedal, the Hybrid
Manager turns off the internal combustion engine,
opens the clutch to the electric motor, and the car
glides on in a “coasting” mode. This works at low
or highway speeds, as well as when the cruise
control is actuated on stretches of road with a
slight downgrade and the momentum is sufficient
to maintain the speed. That makes the parallel
hybrid the world’s only system that can operate
Ideally, the battery of a
plug-in hybrid is fully charged
after 2.5 hours. The charging
times can be precisely controlled via a programmable
timer.
106
emissions-free at higher speeds and actively save
fuel – without compromising dynamics. If a driver
steps on the gas in “coasting” mode to pass someone for example, the internal combustion engine
will start up quickly and reliably in a fraction of a
second to get up to the desired rpm depending on
the speed. A short burst of speed can also be summoned as spontaneously as with any other Porsche.
In addition, the parallel full hybrid system ensures
the car has the acceleration and responsiveness
Porsche cars are known for without the annoying
rubber band-effect of power-split hybrid systems.
Porsche’s cars embody the company’s philosophy
of providing extraordinary driving performance with
maximum efficiency.
the high torque generated by the electric motor at
low rpms at which the internal combustion engine
doesn’t really generate any power yet. When the
combustion engine achieves its maximum output,
the characteristic curve of the electric motor falls
off. Both units supplement each other optimally and
the driver can thus count on strong power delivery
over the entire rpm range. Essentially, the Porsche
plug-in hybrid benefits from the intelligent interaction of both engines to deliver sporty acceleration
from a stop and excellent driving dynamics at higher
speeds, such as when passing. In a nutshell, the
Porsche plug-in hybrid confidently handles any
demands made by drivers looking for sportiness,
agility, responsiveness, and excitement on the road.
Another significant advantage of the parallel full
hybrid concept comes into play. Under full acceleration in kick-down mode, the “boost” system is
activated. Now, the driver can tap the hybrid drive’s
maximum output, whereby the drive torques of
the internal combustion and electric motors are
combined. However, the respective maximum torques delivered by the drives occur at various rpm
ranges and for that reason maximum values cannot
simply be added together. Another advantage is
Simultaneously, the plug-in hybrid also offers outstanding efficiency, with the 918 Spyder raising the
bar in this area. The super sports car with plug-in
hybrid technology combines the dynamics of a 795hp racecar with extremely low fuel consumption.
Sipping just over three liters per 100 kilometers
based on NEDC conditions, its fuel efficiency lies
below the average figure for small car and corresponds to CO2 emissions of slightly more than 70
grams per kilometer.
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The plug-in hybrid is also saves gas when braking.
Every time the brakes are actuated, part of the
kinetic energy is converted into electricity and
stored in the battery. Thus, the energy is not dissipated and lost as heat, but can be used to power
the electric motor for the car’s propulsion.
The Porsche developers of the plug-in hybrid were
not satisfied by merely recovering the braking energy. They came up with other ways to use energy
more efficiently and to charge the battery. The
Porsche hybrid drive uses them in the e-charge
mode, for example.
The e-charge mode is a newly developed driving
mode that one activates via a button on the center
console. It takes advantage of the load point shifting principle by recharging the high-voltage battery
while driving. To do so, the combustion engine uses
energetically sensible operating points (load points)
and it operates in the following manner. The Hybrid
Manager switches the electric motor over to generator mode, which places an additional load on the
engine. To compensate, the Hybrid Manager steps
on the gas a little more and the combustion engine
shifts into a more energetically advantageous load
point that offers greater efficiency. And it all happens without the driver noticing a thing.
Porsche’s development
engineers have put together
a number of useful apps that
control and monitor the
plug-in hybrid.
The e-charge mode is especially advantageous
on routes with a high percentage of combustion
engine-powered driving, such as on a highway,
to specifically increase the electric range when
followed by an itinerary through a city. In this way,
an empty battery can be recharged on the highway
so that the car can then operate in a 100-percent
electric – and emissions-free – mode later through
the city.
The battery can also be recharged when “coasting”.
When rolling in this manner, the electric motor functions as a generator to produce electricity without
generating any large braking torques, and thereby
also recharges the battery.
At the end of the day, the plug-in hybrid gets
connected back to its home-based power supply
system – ready to be re-programmed at any time,
which a driver can easily do from the sofa using
his or her smartphone. Porsche developers have
assembled a variety of sensible apps that control
and monitor the trendsetting Porsche. Besides
providing drivers with control over the recharging timer and the programmable air-conditioning
system, they offer an operating menu for electric
mode-plus-range management, in other words,
information about the remaining charging time, the
battery’s charging state, as well as visual depictions
of the electrical range. As an especially useful aid
when driving in unfamiliar territory, the developers
also included a bonus app. Using a smartphone,
drivers can geolocate their cars at any time and be
shown the shortest route to a parking space. One
thing the Porsche plug-in hybrid drive can’t do right
now is to chauffeur you itself. But there’s definitely
something appealing about the idea.
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109
Solo performance
Anna Osadcenko is a fun-loving young woman who likes to laugh a lot. She is from
Kazakhstan and comes to the interview dressed entirely in black – and yet her loosefitting sweater reveals the precise definition of her every muscle. The energy that
emanates from her provides an indication of the passion with which she pursues her
vocation: Anna Osadcenko is one of the seven “principal dancers” of the Stuttgart
Ballet, which makes her one of the world’s most celebrated dancers.
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Anna Osadcenko as Giselle in
a production directed by Reid
Anderson and Valentina Savina
and in William Forsythe’s
“The Vertiginous Thrill of
Exactitude”.
Her movements are supple and fluid, and with the
unmistakable walk of a ballerina, she moves through
the empty rooms of the magnificent Stuttgart Opera
House. This is her world. Even though she is wearing casual clothing and is currently unable to train
because of an injury, Osadcenko’s every gesture
expresses her body control and the urge to move.
Her aunt noticed that very urge when Anna was six
years old and watching her older cousin trying out
new ballet moves in her homeland of Kazakhstan.
She felt that Anna had a special talent and enrolled
her in ballet school. It was the same aunt who would
bring Anna to the John Cranko School in Stuttgart
many years later and pave her the way to a successful career.
“My body is perfectly suited for ballet. I’m fortunate
that nature gave me this body,” says the 28-yearold, explaining her special talent. Before her
current injury, Anna Osadcenko had hardly done
any additional strength training beside her usual
training. “When it comes to working out, I’m a lazy
ballerina,” she says, laughing. Anna Osadcenko is
naturally gifted. After dancing in Kazakhstan for
nine years, her family emigrated to Germany in
1999. Her mother has German roots, so the family
settled in Swabia, in southern Germany. Reminiscing about her past, Anna explains: “My aunt, who
discovered my talent, looked into various schools
for me. The choice was between Berlin, Munich,
and Stuttgart. At the time, I didn’t know much
about the John Cranko School. In the US and from
other schools, I had heard that they only danced
modern pieces there. But I wanted to become a
classical dancer. I wanted to dance in ‘Swan Lake’.”
Anna Osadcenko still applied at the famous John
Cranko School in Stuttgart, passed the auditions,
and was accepted immediately. Over the next few
years, she would also attend boarding school there
and mostly have ballet dancers for friends. After
two years at the academy, she graduated in 2001.
At 17, she was an élève and just two years later
she became a member of the corps de ballet. In
2008, Anna Osadcenko achieved one of her major
goals: she was promoted to principal dancer of the
Stuttgart Ballet.
For over 50 years, the Stuttgart Ballet has been
one of the world’s most renowned ballet companies.
The exceptional performer and choreographer John
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“When I’m alone on stage, I’m always
backed by an entire team, even though
they can’t be seen.”
Cranko and the John Cranko School have played a
major role in this. When Cranko came to Stuttgart
in 1961, he led the ballet company of the Stuttgart
State Theatre, now known as the Stuttgart Ballet, to
worldwide fame within just a short period of time.
Cranko’s idea to create a training center for junior
dancers became a reality ten years after the Stuttgart Ballet was founded. The John Cranko School,
which is affiliated with the Stuttgart Ballet, has been
run by Tadeusz Matacz since 1999 and is one of
the most respected ballet schools in the world.
As one of its own nurtured talents, Anna Osadcenko danced herself into the hearts of the public,
in Stuttgart and beyond. Dancing in national and
international performances, she traveled the whole
world. The last two major tours took her to Asia.
“It makes a difference whether you travel alone or
with the ballet company. With the company, it’s as
if you were traveling with your entire family.” Every
time she dances in a host country, she takes home
valuable experiences and incorporates them into
her repertoire at a later stage. Even if guest performances do not leave much time to see the country
and meet its people, Anna can still feel the cultural
differences from the stage. “In Japan, people are
just crazy about ballet. They will give small gifts or
shower us with flowers. In China, on the other hand,
where we had our last performance, the audience is
more restrained.” Performing in Shanghai and Beijing in November 2012, the Chinese audience got
to enjoy John Neumeier’s “Lady of the Camellias”.
Every tour is a very special experience – and not
only for the dancers. Stage hands, costume and
prop designers, lighting specialists, make-up artists, and physical therapists all joined the dancers
on the tour to the Far East. “When I’m alone on
stage, I’m always backed by an entire team, even
though they can’t be seen,” says Anna Osadcenko,
describing what teamwork means in the ballet
world. Like Porsche producing the perfect automobile, which is only made possible by outstanding
teamwork, she too is supported by a team that puts
her and her performance on stage in the limelight.
Since early 2012, Porsche AG has been sponsoring
the Stuttgart Ballet and its artistic work. Under the
motto of “Premium meets Premium”, the partnership between the sports car manufacturer with a
worldwide reputation and the world-famous ballet
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company is designed as a long-term partnership.
The parallels between ballet and automobile design
are many: Both companies combine tradition and
innovation in their artistic creations in a way that
is both remarkable and highly demanding from a
technical point of view. What sets both companies
apart is that they are institutions with deep regional
roots but they are still known around the world.
Power, dynamics, esthetics, and elegance – these
are the attributes that apply to the Stuttgart Ballet
and its dancers, and to every single Porsche model
alike. Porsche sees its commitment to the Stuttgart
Ballet as another activity that emphasizes its social
responsibility. In addition, Porsche supports the
John Cranko School, and therefore young ballet
dancers, and demonstrates its connection with
Stuttgart headquarters by supporting the local arts
scene. Anna Osadcenko has been calling Stuttgart
her home for the last 14 years, and yet there are
moments when the 28-year-old feels homesick.
“When I watch Russian television, I miss my country. I would really like to travel back to Kazakhstan
again. I haven’t been there in 12 years,” she says.
For Anna Osadcenko, ballet is a vocation, and she
loves being on stage: “When I’m standing on the tips
of my ballet shoes and 2,000 people are watching
me, I don’t just want them to look at me, I also want
them to feel what I’m performing.” Ballet is all about
emotions, both for the dancers and the audience.
Anna and her colleagues have fans throughout the
world, whom she touches and entices with her
dance and her talent. With some fans, she even
develops special relationships: “In an interview at
Easter, I was once asked what my favorite treat
was,” she explains. After that interview, there was a
“Ultimately, the most
important thing in ballet
is emotions.”
chocolate bar waiting for her at every performance.
Lilo, an elderly lady, still remembered Anna from
her days at the Cranko School and sent her little
treats every now and then. Upon her return from
touring abroad, Anna would even find chocolate
greetings in her mailbox.
Ballet requires precision, beauty, elegance and
emotion, but above all hard work, which usually
remains hidden from the eyes of the audience. “As
a ballet dancer, you essentially need two things –
talent and discipline,” explains Anna. And to dance
at the same level as she and equally gifted dancers do, discipline and professionalism are just as
important as robust health. “Right now, I have an
injured foot, which goes to show me again how
short-lived our profession is. It can really be over at
any time.” Fortunately, her injury has already healed
well so that she will be able to start practicing
again soon. Even though she is currently enjoying
her unintentional time off, she misses dancing tremendously: “Yesterday, I watched the rehearsals,
and not participating and just watching was really
painful,” says the 28-year-old.
Anna Osadcenko has previously performed several
major roles, including some true ballet gems: Odette
and Odile in “Swan Lake”, “Bolero: The Melody”, “The
Lady of the Camellias”, “Giselle”, Juliet in “Romeo
and Juliet”, and many more. One of her biggest
dreams is to play Tatiana in “Onegin”. The nature
of the role and the Russian play originating from
Pushkin’s fountain pen make this piece unique for her.
28-year-old Anna Osadcenko is particularly fascinated by the drama and the possibility of expressing
feelings through dance. Before performing a new
piece, she is always curious and excited to see
how the emotions will play out on stage. She loves
dancing to classical pieces that tell a story: “Stories
make things easier for me. They allow me to bring
all my experiences and feelings to the stage with my
dance, and I can fully immerse myself in the role,”
describes Anna. “Ultimately, the most important
thing in ballet is emotions.”
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“As a ballet dancer,
you essentially need
two things – talent
and discipline.”
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Sales, production and procurement
SALES
Porsche's dealer network continued to develop in
the fiscal year 2012. On average, more than 200
million euro continues to be invested annually to
offer customers a purchasing and service experience that is appropriate for the brand. At the
end of the fiscal year 2012, around 750 dealerships served Porsche customers worldwide.
Clear signals are being given by the important
investment projects such as the new sales center
of Porsche Cars North America in Atlanta and the
driver experience centers in Los Angeles and
Shanghai.
PROFESSIONAL SERVICE
Porsche Service was again improved in the reporting year and consequently saw excellent
results. In the fiscal year 2012, the focus was on
preparing for new challenges such as the continuing introduction of electromobility and other new
technologies in after sales. Growth and technological innovations call for employee training
tailored to the highly specific areas of activity
involved. Electromobility opens up new fields, for
which service providers have to be coordinated,
such as auditing programs for electricians. At the
same time, environmental responsibility is another key issue. Intelligent concepts for supplying
and recycling lithium ion batteries play an important role for sales and logistics.
Alongside this, the retail organization will be
prepared for new requirements such as mobile
online services, for which appropriate care and
support concepts have been developed. All these
measures contribute to maintaining long-term
customer satisfaction and loyalty.
HIGHEST LEVEL OF CUSTOMER
SATISFACTION
Porsche usually sparks customers’ enthusiasm not
just once but for the long term. Many customers
don’t just buy one Porsche car; they find themselves returning to Porsche with enthusiasm and
buying several cars or owning more than one
Porsche. That is the clearest proof of the extremely high level of satisfaction and identification
with the Porsche brand. This marked loyalty of
drivers is anchored in the high level of product
quality and the premium customer service throughout the entire customer life cycle. Here, too,
Porsche does not leave anything to chance in
order to ensure the best possible customer
support at all times. The dedicated and highly
professional partners at the Porsche centers play
a key role in delivering and ensuring these high
support standards. Customer satisfaction with
Porsche products, purchases and services is
monitored around the globe and end-to-end, creating the information base needed for measures
that customers can perceive directly and that
establish a high level of satisfaction with Porsche.
In addition to providing outstanding care for
existing customers, Porsche has been very successful in acquiring new customers and sparking
their enthusiasm for the Porsche brand. In-house
studies confirm in detail that Porsche boasts an
excellent customer perception that has improved
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again in the reporting year, not only in established markets like the USA or Germany, but also
in the markets of the future such as China.
The success of the unique customer orientation
at Porsche is manifested in the numerous pole
positions Porsche has taken in a wide variety of
international studies. For instance, respected US
market research firm J.D. Power and Associates
ranks Porsche as the most attractive brand in
one of its studies. Porsche came first in the
Automotive Performance, Execution and Layout
(APEAL) study for the eighth consecutive time,
with a record number of points. In the vehicle
rankings, the study again identified the 911 and
Cayenne model series as the best cars in their
respective segments. The annual market research
study is based on a survey of about 75,000 new
vehicle buyers on a total of 233 different models
registered in the period from November 2011
through February 2012. The overall rating aggregates the results from ten different categories,
including handling and design, but also the suitability for everyday use and the comfort of cars. In
the Initial Quality Study customer survey also
conducted by J.D. Power, the Porsche 911 took
first place for vehicle quality. The Stuttgart-based
sports car manufacturer’s iconic model took the
J.D. Power Award as the vehicle with the highest
level of customer satisfaction in the luxury sports
car segment. At the same time, the 911 is the
vehicle with the lowest number of complaints in
the survey as a whole. In 2012, the Cayenne was
also honored in the USA with market research
institute AutoPacific’s Ideal Vehicle Award, and the
Cayenne Diesel won the Best of what’s new Award
presented by the “Popular Science” magazine.
Porsche models lead the popularity rankings of
sports car drivers in particular. Alongside numerous automobile and audience awards, the Porsche
911 Coupé was honored as the 2013 winner of
the coveted German Design Award, the third
such award the model series has won. The jury
explained some of the reasons for its selection
with the following words: “Emotional, pure, no
extraneous flourished or styling elements.” In
Germany, Porsche’s success is also confirmed
by one of the largest automotive consumer surveys – more than 116,000 readers of the magazine “auto, motor und sport” select their candidates for Best Cars 2012 in ten categories.
Porsche comfortably took first place in the sports
car and luxury classes with the 911 and Panamera.
The Panamera also chalked up other victories in
2012. In the Internet Auto Award, an online study
conducted by AutoScout24, this success was
recognized with the Carolina Trophy. The Porsche
Panamera Turbo was also honored by Auto Bild
and Schwacke winning the titel of “Wertmeister
2012” for the lowest loss of value in percent in the
luxury class. The Panamera Turbo is considered
the car with the most stable value in its class.
In Germany, customers have given the Porsche
brand the outstanding rating of 1.07 when it
comes to satisfaction with their vehicles. This
was the result of the “ADAC Kundenbarometer”
2012, a representative online survey of 20,000
people. The focus of the survey includes driving
characteristics, workmanship, service quality and
brand loyalty. In the USA, too, the Porsche brand
received two Brand Image Awards from leading
consumer advice magazine Kelley Blue Book. As a
result, Porsche won the Coolest Brand and Best
Performance Brand awards for the second consecutive year in 2012. Moreover, the 2013 model
of the year winners Panamera and Cayenne received the Best Resale Value Award and are therefore the vehicles with the highest resale value in
their respective vehicle classes. Porsche’s outstanding performance in this respect was also
honored by Intellichoice with the Best Premium
CPO Warranty Award in the used car market. All
in all, it is the total Porsche package that generates maximum customer satisfaction: the brand,
image, reliability, functionality, everyday practicality, design and history.
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PRODUCTION
In the fiscal year 2012, Porsche produced a total
of 151,999 vehicles, 18.9 percent up on the
comparable prior-year period. 28,419 units of the
911 model series and 12,365 units of the Boxster
series rolled off the line at the main plant in
Stuttgart-Zuffenhausen. Following the start of production of the Boxster model series at Volkswagen
Osnabrück GmbH on 19 September 2012, 2,143
units were assembled there in the reporting year.
In Leipzig, 83,208 new Cayennes left the assembly
hall in the past fiscal year. 27,056 Panameras
were produced there. To enable an increase in
production on this scale, Porsche introduced a
third shift in Leipzig in January 2012. In StuttgartZuffenhausen, vehicles were produced on several
Saturday’s in the fiscal year.
NEW GENERATION ON THE
EXECUTIVE BOARD
At its meeting of 4 October 2012, the supervisory
board of Porsche AG instructed the executive
board to appoint Dr. Oliver Blume as successor
to Wolfgang Leimgruber on the executive board.
Dr. Blume has headed the Production and Logistics section since 1 January 2013. His predecessor retired after 35 years with the company.
However, he will continue to draw on his experience to advise the Volkswagen group. Major tasks
await Dr. Blume in his first year at Porsche AG,
with the start of production of the 918 Spyder
super sports car and the new Macan sporty offroader.
EXPANSION OF LEIPZIG
PLANT PROGRESSING
Porsche celebrated the topping-out ceremony for
the paint shop at its Leipzig plant on 6 November
2012, just under a year after the foundation
stone was laid. Covering an area of around
60,000 square meters, the paint shop which is
taking shape at the plant is one of the most
modern in the world and also part of the largest
construction project in Porsche’s history: the
expansion of the location in Saxony into a fullfledged plant with its own body shell production
facilities and paint shop for the production of the
Macan model range. The sporty off-roader will be
manufactured from the end of 2013. Preparations
for the start of production are currently underway.
The plant expansion will create around 1,000 new
jobs in Leipzig.
The ongoing expansion of the Leipzig plant sent
out another clear message for environmental protection. Numerous steps have been taken aimed
at providing natural energy sources as well as
decreasing CO2 emissions, the amount of waste
and the consumption of water. This will significantly reduce the overall energy needs of the
plant. A unique feature is the use of a wood chip
fired heating system – a biomass power plant,
which will provide 80 percent of the heat required
from natural resources. The cooling temperatures
of the welding guns were increased in order to
eliminate mechanical cooling and use the waste
heat of the welding guns in the ventilation systems in winter via an integrated circulation system.
Other measures geared to improving the ecological balance sheet include an innovative separator system for paint mist in the new paint shop.
This system is based on an electrostatic method,
helping to keep the emission of solvents and fine
dust during the painting process to a minimum. In
addition, the streets and parking lots on the new
factory premises will be equipped with LED lamps.
Moreover, bright, reflecting roof membranes will
prevent the halls heating up in summer. With new
technologies and an efficient energy management
system, all values will be under the statutory
thresholds and define new benchmarks.
By producing the Cayenne and Panamera model
series in line with the highest quality standards,
the Leipzig plant has for years been contributing
to the economic development of the entire region.
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Ten years after the production facility opened,
the 500,000st vehicle rolled from the line during
the reporting period. The anniversary sports car,
a white Cayenne with V8 engine, was converted
into a command vehicle for the Leipzig fire department with the assistance of Porsche apprentices. Matthias Müller, CEO of Porsche AG, handed over the keys to the Lord Mayor of Leipzig as
a token of Porsche’s relationship with the city.
EXPANSION OF MAIN PRODUCTION
FACILITY IN STUTTGART
Fiscal year 2012 not only saw the integration of
the all-wheel-drive models of the 911 Carrera
sports car at the Stuttgart-Zuffenhausen plant but
also the start of production of the Boxster. The
integration of the Boxster into ongoing production once more expanded the comprehensive mix
of models produced on one line. New production
techniques and revised processes required for the
vehicle concept, and the new, intelligent aluminumsteel lightweight construction were simultaneously
implemented within existing structures. Solid planning and preparation, thorough employee training,
precise coordination, a reliable logistics concept
and systematic realization ensured that production of the new Boxster got off to a flying start.
A new manufacturing facility, where the 918
Spyder super sports car will be manufactured
from the end of this year, is currently taking
shape on the plant site. Porsche pressed forward
with the driving trials of the new top model by
completing the initial 918 Spyder prototype in
May 2012. The first customers will take delivery
of their vehicles before the end of 2013. The
918 Spyder will be the world’s first plug-in hybrid
high-performance sports car and marries performance and efficiency in a unique way.
In fiscal year 2012, the main plant’s systematic
quality orientation was again confirmed by the
Vehicle Dependability Study 2012 (VDS) by renowned US market research institute J.D. Power.
The plant in Stuttgart-Zuffenhausen took second
place in the ranking of European automobile
factories. The long-term quality of the models
produced here was also shown by the Autobild
TÜV Report, in which the 911 once again took
top honors. The iconic sports car had the fewest
defects in the age categories between six and
11 years and came first in three categories.
START OF PARTNERSHIP WITH
VW OSNABRÜCK
Following the expiry on 31 January 2012 of the
service agreement between Porsche and the
Finnish company Valmet covering partial production
of vehicles of the Boxster model series, a new era
began in the fiscal year 2012. On 19 September
2012, production of the Boxster model series
began at Volkswagen Osnabrück GmbH. This
partnership is necessary as capacity at the main
plant in Stuttgart-Zuffenhausen was not sufficient
for the entire production of both the 911 series
and the mid-engined Boxster (which also includes
the Cayman).
CONTINUOUS IMPROVEMENT PROCESS
As part of the continuous improvement process,
Porsche is constantly working to further optimize
its efficient, high-quality production and guide it into
a successful future. The company receives guiding
impetus of great operational benefit directly from
the workforce: the teamwork concept involves all
employees in actively shaping production processes and leverages their expertise. Innovative
ideas built on practical experience can be rapidly
evaluated via short lines of communication and
realized quickly as well. This increases employees’
influence and prevents errors while promoting their
identification with the brand and with Porsche as
an employer.
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PROCUREMENT
Procurement was decisively shaped by the startup of the new generation of the Boxster and the
Cayman in the fiscal year 2012. These new
vehicles were successfully brought to the streets
thanks to intensive support for the suppliers
involved from procured components management – the technical arm of procurement – in
close collaboration with the quality departments.
In addition, procurement focused on the growing
vehicle sales and the resulting increase in demand for purchased components capacity at
suppliers.
came to 8,124 million euro (fiscal year: 2011:
6,822 million euro).
PROCUREMENT OF
NON-PRODUCTION MATERIALS
The volume of procurement of non-production
materials and services again increased compared to the prior year. The volume for 2012 was
1,203 million euro (fiscal year 2011: 806 million
euro) due to a large number of additional infrastructure projects at the Zuffenhausen, Weissach
and Leipzig plants. As with cost of materials,
procurement also achieved significant cost savings in this area.
SUSTAINABLE OPTIMIZATION
OF COST OF MATERIALS
COOPERATION WITH VOLKSWAGEN
The cost of materials was again significantly
optimized in the fiscal year 2012. This was enabled by factors including targeted and detailed
comparisons of material costs with other group
brands. In 2012, Porsche AG’s cost of materials
From August 2012, the cooperation between the
procurement organizations of Porsche and
Volkswagen was stepped up further. On the basis
of the new structures and processes introduced
in 2011, Porsche’s procurement was fully inte-
119
grated into the core processes of group procurement. The first joint decisions on the award
of contracts have already been made.
CONTINUED PROCESS OPTIMIZATION
Launched in 2011, the initiative aimed at gradually
optimizing processes and procedures within procurement at the interfaces to other departments
was continued unabated in 2012. This enables
time benefits to be achieved despite increasing
complexity.
DEVELOPING NEW
PROCUREMENT MARKETS
For the production of the Macan,
the Leipzig facility will be expanded
As part of the 2018 procurement strategy, activities aimed at developing new procurement markets for Porsche were expanded in 2012. The
background to these activities is the equally high
performance of foreign automotive suppliers,
whose innovative concepts and high quality
standards regularly impress. The expertise of the
Volkswagen regional procurement offices will also
be systematically leveraged in this connection.
grated into the core processes of group procurement. The first joint decisions on the award
of contracts have already been made.
CONTINUED PROCESS OPTIMIZATION
Launched in 2011, the initiative aimed at gradually
optimizing processes and procedures within procurement at the interfaces to other departments
was continued unabated in 2012. This enables
time benefits to be achieved despite increasing
complexity.
DEVELOPING NEW
PROCUREMENT MARKETS
As part of the 2018 procurement strategy, activities aimed at developing new procurement markets for Porsche were expanded in 2012. The
background to these activities is the equally high
performance of foreign automotive suppliers,
whose innovative concepts and high quality
standards regularly impress. The expertise of the
Volkswagen regional procurement offices will also
be systematically leveraged in this connection.
STABLE SUPPLY SITUATION FOR
PROCURED COMPONENTS
Due to the increasing vehicle sales, there was
rising or changing demand for procured compo-
STABLE SUPPLY SITUATION FOR
PROCURED COMPONENTS
Due to the increasing vehicle sales, there was
rising or changing demand for procured components in the fiscal year 2012. Thanks to good
collaboration with the suppliers involved, all
additional demand for procured components was
met and supply for all vehicles was ensured at all
times. Supplier defaults were mastered with the
aid of cross-functional processes for risk and
crisis management.
into a full-capability plant with its
own body construction and paint
departments.
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121
Performance.
“Porsche offers fascinating products.
One of our strategy’s objectives is to have
our new model campaign always put the
sportiest product for a given segment
on the road.”
Lutz Meschke,
Member of the Executive Board Financial Affairs and IT
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Financial
analysis
125
Net assets
As of 31 December 2012, the total assets of the
Porsche AG group stood at 22,702 million euro,
5 percent higher than on the prior-year reporting
date.
Non-current assets increased by 1,084 million
euro to 18,036 million euro. The absolute increase
relates mainly to fixed assets. Non-current assets
expressed as a percentage of total assets remained unchanged in comparison to the prior year
at 79 percent.
At the end of the reporting period, the fixed
assets of the Porsche AG group – i.e., the intangible assets, property, plant and equipment,
leased assets and financial assets – came to
7,083 million euro (prior year: 5,944 million
euro). Fixed assets expressed as a percentage of
total assets increased to 31 percent (prior year:
28 percent). Intangible assets increased from
1,757 million euro to 2,179 million euro. The
increase mainly relates to capitalized development costs. The largest additions pertain to the
Macan, Panamera and Carrera model series.
Property, plant and equipment increased by 460
million euro in comparison to the prior year to
3,310 million euro, primarily due to additions to
advance payments made and assets under construction, as well as to other equipment, furniture
and fixtures. The additions mainly relate to construction measures in Leipzig and Weissach, and
to tools for the new generations of the model
series. Leased assets increased by 179 million
euro in comparison to the prior year to 1,386
million euro. This item contains vehicles leased to
customers under operating leases.
Non-current other receivables and assets increased by 205 million euro, primarily as a result
of the increase in derivative financial instruments.
Deferred tax assets totaled 158 million euro
compared to 283 million euro in the prior year.
As a percentage of total assets, current assets
remained at 21 percent. Inventories increased
from 1,051 million euro in the prior year to
1,239 million euro at the end of the reporting
period. In comparison to the prior reporting date,
there was an increase of approx. 3,000 units in
new vehicle inventories.
Non-current and current receivables from financial services fell from 1,870 million euro to
1,703 million euro, primarily as a result of the
realignment of the financial services business in
the UK. This item mainly contains receivables
from customer and dealer financing, as well as
receivables from finance leases.
Current other receivables and assets fell by 270
million euro to 1,323 million euro.
Cash and cash equivalents increased from 884
million euro in the prior year to 1,065 million
euro as of 31 December 2012.
The equity of the Porsche AG group increased by
758 million euro to 7,732 million euro compared
to the prior-year reporting date. The profit after tax
and profit transfer of 528 million euro and a
change in the cash flow hedge reserve and the
marking to market of available-for-sale securities of
291 million euro had the effect of increasing equity.
126
Non-current liabilities mainly relate to financial
liabilities, pension provisions and other provisions.
These dropped slightly by 89 million euro to
8,162 million euro in comparison to the prior year.
Non-current liabilities expressed as a percentage
of total capital decreased from 38 percent in the
prior year to 36 percent at the end of the fiscal
year. Non-current financial liabilities fell by 151
million euro.
In August 2012, the 1 billion US dollar bond was
repaid in Ireland and resulted in a decrease in
non-current financial liabilities of 814 million euro.
Non-current other liabilities fell by 219 million
euro. The decrease mainly relates to marking
derivative financial instruments to market.
Current liabilities increased from 6,343 million
euro to 6,808 million euro. Current liabilities
expressed as a percentage of total capital increased marginally from 29 percent in the prior
year to 30 percent as of 31 December 2012.
Current financial liabilities fell by 614 million euro.
Pension provisions plus non-current and current
other provisions as well as income tax provisions
of 2,983 million euro were recognized in the
reporting period (prior year: 2,636 million euro).
Due to the increase in revenue, the rise in other
provisions mainly pertains to provisions for warranty obligations.
Deferred tax liabilities totaled 459 million euro
compared to 340 million euro in the prior year.
Trade payables increased significantly to 1,278
million euro from 1,027 million euro in the prior
year. The increase is attributable to the increased
investment and business volume.
Other current liabilities came to 2,836 million
euro (prior year: 2,175 million euro).
127
NET ASSETS OF THE PORSCHE AG GROUP
€ million
31/12/2012
%
31/12/2011
%
Intangible assets
2,179
10
1,757
8
Property, plant and equipment
3,310
14
2,850
13
Assets
Financial assets
208
1
130
1
Leased assets
1,386
6
1,207
6
Receivables from financial services
1,088
5
1,207
6
Other receivables and assets
9,675
42
9,470
44
32
0
39
0
–
–
9
0
Income tax assets
Securities
Deferred tax assets
Non-current assets
Inventories
158
1
283
1
18,036
79
16,952
79
1,239
6
1,051
5
Trade receivables
333
1
284
1
Receivables from financial services
615
3
663
3
1,323
6
1,593
7
Income tax assets
37
0
42
0
Securities
54
0
99
1
Cash and cash equivalents
1,065
5
884
4
Current assets
4,666
21
4,616
21
22,702
100
21,568
100
Equity
7,732
34
6,974
33
Provisions for pensions and similar obligations
Other receivables and assets
Equity and liabilities
1,042
5
990
5
Other provisions
745
3
632
3
Deferred tax liabilities
459
2
340
1
5,528
24
5,679
26
388
2
607
3
Financial liabilities
Other liabilities
Income tax liabilities
Non-current liabilities
Income tax provisions
–
–
3
0
8,162
36
8,251
38
0
45
0
41
Other provisions
1,151
5
973
4
Financial liabilities
1,484
7
2,098
10
Trade payables
1,278
6
1,027
5
Other liabilities
2,836
12
2,175
10
14
0
29
0
6,808
30
6,343
29
22,702
100
21,568
100
Income tax liabilities
Current liabilities
128
Financial position Results of
operations
Cash flow, defined as the sum of profit after tax,
amortization and depreciation and change in
pension provisions, increased from 2,399 million
euro in the fiscal year 2011 to 3,007 million euro
in the reporting period.
Cash flow from operating activities came to
2,692 million euro in the 2012 reporting period
following 2,522 million euro in the prior year. The
significant factors were an increased cash flow
and conversely a higher level of funds tied up in
working capital and in leased assets.
The cash flow from investing activities resulted in
a cash outflow of 1,569 million euro in the reporting period following 1,491 million euro in the
prior year. Investments in intangible assets increased from 739 million euro in the prior year to
819 million euro in the reporting period and
primarily relate to development costs and licenses. Investments in property, plant and equipment
amount to 1,055 million euro following 939
million euro in the fiscal year 2011.
Net cash flow, defined as the total of cash flow
from operating activities plus cash flow from
investing activities without changes in cash investments in securities and loans, increased
from 1,044 million euro to 1,070 million euro.
There was a change in cash flow from financing
activities from minus 909 million euro in the prior
year to minus 960 million euro in the reporting
period.
The increased cash outflow in comparison to the
prior year is primarily due to the repayment of
bonds of 814 million euro and the repayment of
the bridge financing of 1,000 million euro in the
reporting period. This was counterbalanced by
the borrowing of loans of 1,798 million euro
during the reporting period.
The net liquidity of the automotive division – i.e.
its gross liquidity less financial liabilities and
excluding the financial services business in each
case – improved from minus 2,577 million euro
as of 31 December 2011 to minus 1,870 million
euro as of 31 December 2012.
The Porsche AG group’s profit after tax increased
by 380 million euro from 1,460 million euro in
the corresponding prior-year period to
1,840 million euro in the reporting period.
Group revenue of the Porsche AG group was
13,865 million euro in the reporting period (prior
year: 10,928 million euro). In the past fiscal year,
the Porsche AG group sold 143,096 vehicles.
This corresponds to an increase in unit sales of
22 percent compared to the prior year. The main
contributors to the increase in unit sales and
revenue were the 911 and Cayenne model series,
which grew strongly by around 49 percent and
30 percent, respectively. The relatively high
increase in revenue in comparison to the increase in unit sales is primarily due to the major
changes in the exchange rate of the US dollar
and the Chinese currency.
The cost of materials increased in line with revenue to 8,124 million euro (prior year: 6,822
million euro) and came to 55 percent of total
operating performance (prior year: 57 percent).
The decrease in the cost of materials in relation
to total operating performance is due to the
exchange rate effects within revenue.
Personnel expenses of the Porsche AG group
increased from 1,349 million euro to 1,648
million euro. The increase is primarily due to the
higher number of employees, the increased pay
rates, and increases in the provision for bonuses
and special payments due to the positive development of earnings.
Amortization and depreciation in the group increased to 1,114 million euro compared to 871
million euro in the prior year. This increase mainly
pertains to amortization of development costs
and depreciation of tools that are disclosed
under other equipment, furniture and fixtures.
Depreciation of leased assets likewise increased
significantly.
129
Other operating income decreased from 657
million euro to 537 million euro. This is mainly
due to the decrease in income relating to cash
flow hedges. Other operating expenses increased
from 1,593 million euro to 2,093 million euro. As
expected, revenue-related costs increased. The
relatively large increase in revenue-related costs
in proportion to revenue is primarily due to expenses relating to cash flow hedges.
Profit before financial result came to 2,439 million
euro, increasing by 394 million euro in comparison
to the prior year.
The financial result comes to 209 million euro
(prior year: 63 million euro). The balance of income and expenses from the fair-value measurement of derivative exchange rate and interest
rate hedges that are not included in hedge accounting comes to around 20 million euro in the
reporting year (prior year: minus 80 million euro).
The improvement in average net liquidity and the
improved refinancing conditions also had a positive effect.
The profit before tax in the Porsche AG group
increased from 2,108 million euro to 2,648 million
euro in comparison to the prior year. Profit after
tax totaled 1,840 million euro compared to 1,460
million euro in the prior year. The tax rate was 31
percent in the reporting period.
The healthy cost structure and the sustainably
high earnings power of the group are also reflected in the key performance indicators. The
Porsche AG group achieved an operating return
on sales of 18 percent in the past fiscal year (prior
year: 19 percent). The return on sales before tax
was 19 percent (prior year: 19 percent). The return on capital, defined as the ratio of operating
result after tax to average invested assets of the
automotive division, was 33 percent (prior year:
32 percent). The return on equity after tax was
25 percent (prior year: 21 percent).
RESULTS OF OPERATIONS OF THE PORSCHE AG GROUP
RESULTS OF OPERATIONS OF THE PORSCHE AG GROUP
FY 2012
FY 2012
Revenue
Revenue
Changes
Changes in
in inventories
inventories and
and own
own work
work capitalized
capitalized
Total
Total operating
operating performance
performance
Other
Other operating
operating income
income
Cost
of
Cost of materials
materials
Personnel
Personnel expenses
expenses
Amortization
of intangible
intangible assets
assets and
and depreciation
depreciation of
Amortization of
of
property,
property, plant
plant and
and equipment
equipment and
and leased
leased assets
assets
Other operating expenses
Other operating expenses
Profit before financial result
Profit before financial result
Financial result
Financial result
Profit before tax
Profit before tax
Income tax
Income tax
Profit after tax
Profit after tax
€ million
%
FY 2011
FY 2011
€ million
%
€ million
%
€ million
13,865
13,865
10,928
1,016
1,016
1,095
1,095
14,881
14,881
100
100
12,023
100 12,023
537
4
657
– 55
– 6,822
657
5
– 8,124
4537
– 8,124
– 55
– 57
– 1,648
– 1,648
– 11
– 11
– 1,349
– 57 – 6,822
– 11 – 1,349
– 1,114
–8
– 2,093
– 14
2,439
16
209
1
2,648
17
– 808
– 8
– 871
– 14
– 1,593
16
2,045
1
63
17
2,108
– 1,114
– 2,093
2,439
209
2,648
– 808
1,840
1,840
– 648
1,460
%
10,928
5
–7
– 13
17
0
17
100
– 11
– 871
– 7
– 1,593
– 13
2,045
17
63
0
2,108
17
– 648
1,460
130
Financial
Data
SUMMARY OF THE CONSOLIDATED FINANCIAL STATEMENTS OF PORSCHE AG WITHOUT THE NOTES*
*Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart rendered an unqualified audit opinion on the
consolidated financial statements of the Porsche AG in the form required by law, which are also published in the elektro nischer Bundesanzeiger (German Electronic Federal Gazette).
131
Consolidated income statement
of Porsche AG for the period from 1 January to 31 December 2012
€ million
Revenue
Changes in inventories and own work capitalized
Total operating performance
Other operating income
FY 2012
13,865
FY 2011
10,928
1,016
1,095
14,881
12,023
537
657
Cost of materials
– 8,124
– 6,822
Personnel expenses
– 1,648
– 1,349
Amortization of intangible assets and depreciation
of property, plant and equipment and leased assets
– 1,114
– 871
Other operating expenses
– 2,093
– 1,593
2,439
2,045
Profit before financial result
Finance costs
– 258
– 323
Other financial result
467
386
Financial result
209
63
2,648
2,108
Profit before tax
Income tax
Profit after tax
thereof profit attributable to non-controlling interests
thereof profit attributable to shareholders
Profit transferred to Porsche Holding Stuttgart GmbH
– 808
– 648
1,840
1,460
36
29
1,804
1,431
– 1,312
– 871
132
Consolidated statement of comprehensive income
of Porsche AG for the period from 1 January to 31 December 2012
€ million
Profit after tax
FY 2012
FY 2011
1,840
1,460
Fair value changes recognized in other comprehensive income
64
– 11
Attributable taxes recognized in other comprehensive income
– 1
0
Transferred to profit or loss
–
–
Attributable taxes
–
–
75
– 354
Available-for-sale financial assets (securities)
Cash flow hedges
Fair value changes recognized in other comprehensive income
Attributable taxes recognized in other comprehensive income
– 22
106
Transferred to profit or loss
250
– 15
Attributable taxes
– 75
5
Exchange differences on translating foreign operations
– 13
31
Other comprehensive income
278
– 238
2,118
1,222
2,080
1,193
38
29
Total comprehensive income
thereof profit attributable to shareholders
thereof profit attributable to non-controlling interests
133
Consolidated statement of financial position
of Porsche AG as of 31 December 2012
€ million
31/12/2012
31/12/2011
Assets
Intangible assets
2,179
1,757
Property, plant and equipment
3,310
2,850
Financial assets
208
130
Leased assets
1,386
1,207
Receivables from financial services
1,088
1,207
Other receivables and assets
9,675
9,470
32
39
–
9
Income tax assets
Securities
Deferred tax assets
Non-current assets
Inventories
158
283
18,036
16,952
1,239
1,051
Trade receivables
333
284
Receivables from financial services
615
663
1,323
1,593
Income tax assets
37
42
Securities
54
99
1,065
884
Other receivables and assets
Cash and cash equivalents
Current assets
4,666
4,616
22,702
21,568
Equity and liabilities
Subscribed capital
Capital reserves
45
45
5,806
5,806
Retained earnings
1,881
1,123
Equity
7,732
6,974
Provisions for pensions and similar obligations
1,042
990
745
632
Other provisions*
Deferred tax liabilities
Financial liabilities
Other liabilities*
Income tax liabilities
Non-current liabilities
Income tax provisions
459
340
5,528
5,679
388
607
–
3
8,162
8,251
45
41
Other provisions*
1,151
973
Financial liabilities
1,484
2,098
Trade payables*
1,278
1,027
Other liabilities*
2,836
2,175
Income tax liabilities
Current liabilities
* Prior-year figures are restated.
14
29
6,808
6,343
22,702
21,568
134
Consolidated statement of cash flows
of Porsche AG for the period from 1 January to 31 December 2012
€ million
FY 2012
FY 2011
1. Operating activities
Profit after tax
1,840
1,460
Amortization and depreciation
1,114
871
Change in pension provisions
53
68
3,007
2,399
Change in other provisions
293
328
Income tax expense
658
439
Cash flow
Change in deferred taxes
150
209
Other non-cash expenses and income
– 301
– 303
Gain/loss from disposal of intangible assets and property, plant and equipment
– 106
– 104
Change in inventories, trade receivables and other assets
– 447
– 233
Change in trade payables and other liabilities (without tax provisions and other provisions)
Income taxes paid
Income taxes received
Change in leased assets
Change in receivables from financial services
Cash flow from operating activities
285
358
– 512
– 477
8
28
– 473
– 273
130
151
2,692
2,522
2. Investing activities
Cash received from disposal of intangible assets and property, plant and equipment
Cash paid for the acquisition of subsidiaries less cash funds received
Cash paid for investments in intangible assets and property, plant and equipment
Cash paid for investments in financial assets
Change in investments in securities and loans
Cash flow from investing activities
264
216
–
– 16
– 1,873
– 1,678
– 13
–
53
– 13
– 1,569
– 1,491
135
€ million
FY 2012
FY 2011
3. Financing activities
Cash paid to non-controlling interests
Cash paid to shareholders
Cash paid for loans
– 44
– 30
– 207
– 310
– 1,554
– 1,753
Cash received for loans borrowed
1,798
2,434
Cash paid for bonds
– 814
– 1,141
Change in other financial liabilities
– 139
– 109
Cash flow from financing activities
– 960
– 909
163
122
4. Cash funds
Change in cash funds (subtotal of 1 to 3)
Exchange-rate related change in cash funds
– 3
51
Cash funds as of 1 January 2012 and 1 January 2011
777
604
Cash funds as of 31 December 2012 and 31 December 2011
937
777
Presentation of gross liquidity*
Checks, cash on hand and bank balances
Securities
Gross liquidity
* Contains restricted cash of €128 million (prior year: €107 million).
1,065
884
54
108
1,119
992
136
Consolidated statement of changes in equity
of Porsche AG for the period from 1 January to 31 December 2012
€ million
As of 1 January 2011
Subscribed
capital
Capital
reserves
45
5,806
Effects of currency translation
–
–
Financial instruments pursuant to IAS 39
–
–
Taxes recognized in other comprehensive income
–
–
Other comprehensive income
–
–
Profit after tax
–
–
Total comprehensive income
–
–
Profit transfer
–
–
Dividends paid to non-controlling interests
–
–
Put options of non-controlling interests
–
–
Deferred taxes on put options of non-controlling interests
–
–
As of 31 December 2011
45
5,806
As of 1 January 2012
45
5,806
Effects of currency translation
–
–
Financial instruments pursuant to IAS 39
–
–
Taxes recognized in other comprehensive income
–
–
Other comprehensive income
–
–
Profit after tax
–
–
Total comprehensive income
–
–
Profit transfer
–
–
Dividends paid to non-controlling interests
–
–
Put options of non-controlling interests
–
–
Deferred taxes on put options of non-controlling interests
–
–
45
5,806
As of 31 December 2012
137
Retained earnings
Accumulated
profit
Equity
before noncontrolling
interests
Noncontrolling
interests
Group
equity
Other comprehensive income
Securities marked
to market
Cash flow
hedges
Currency
translation
800
114
– 136
25
6,654
–
–
–
–
31
31
0
31
–
– 11
– 369
–
– 380
–
– 380
6,654
–
0
111
–
111
–
111
–
– 11
– 258
31
– 238
0
– 238
1,431
–
–
–
1,431
29
1,460
1,431
– 11
– 258
31
1,193
29
1,222
– 871
–
–
–
– 871
–
– 871
–
–
–
–
–
– 30
– 30
0
–
–
0
0
1
1
– 2
–
–
–
– 2
–
– 2
1,358
103
– 394
56
6,974
–
6,974
1,358
103
– 394
56
6,974
–
6,974
– 13
–
–
–
– 15
– 15
2
–
64
325
–
389
–
389
–
– 1
– 97
–
– 98
–
– 98
–
63
228
– 15
276
2
278
1,804
–
–
–
1,804
36
1,840
1,804
63
228
– 15
2,080
38
2,118
– 1,312
–
–
–
– 1,312
–
– 1,312
–
–
–
–
–
– 44
– 44
– 11
–
–
2
– 9
6
– 3
– 1
–
–
–
– 1
–
– 1
1,838
166
– 166
43
7,732
–
7,732
138
Further
Information
139
140
Emission and consumption
Model
Output
kW (hp)
Fuel
consumption
urban
(l/100 km)
Fuel
consumption
extra-urban
(l/100 km)
Fuel
consumption
combined
(l/100 km)
CO2Emissions
combined
(g/km)
Boxster
195 (265)
11.4
6.3
8.2
192
Boxster PDK
195 (265)
10.6
5.9
7.7
180
Boxster S
232 (315)
12.2
6.9
8.8
206
Boxster S PDK
233 (315)
11.2
6.2
8.0
188
Cayman
202 (275)
11.4
6.3
8.2
192
Cayman PDK
202 (275)
10.6
5.9
7.7
180
Cayman S
239 (325)
12.2
6.9
8.8
206
Cayman S PDK
239 (325)
11.2
6.2
8.0
188
911 Carrera
257 (350)
12.8
6.8
9.0
212
911 Carrera PDK
258 (350)
11.2
6.5
8.2
194
911 Carrera S
294 (400)
13.8
7.1
9.5
224
911 Carrera S PDK
295 (400)
12.2
6.7
8.7
205
911 Carrera Cabriolet
257 (350)
13.1
7.0
9.2
217
911 Carrera PDK Cabriolet
258 (350)
11.4
6.7
8.4
198
911 Carrera S Cabriolet
294 (400)
14.1
7.2
9.7
229
911 Carrera S PDK Cabriolet
295 (400)
12.4
6.9
8.9
210
911 Carrera 4
257 (350)
13.2
7.1
9.3
219
911 Carrera 4 PDK
257 (350)
11.7
6.8
8.6
203
911 Carrera 4S
294 (400)
14.2
7.5
9.9
234
911 Carrera 4S PDK
294 (400)
12.7
7.0
9.1
215
911 Carrera 4 Cabriolet
257 (350)
13.5
7.2
9.5
224
911 Carrera 4 PDK Cabriolet
257 (350)
11.9
6.9
8.7
205
911 Carrera 4S Cabriolet
294 (400)
14.4
7.6
10.0
236
911 Carrera 4S PDK Cabriolet
294 (400)
12.9
7.1
9.2
217
911 Carrera GTS
300 (408)
15.9
7.6
10.6
250
911 Carrera GTS PDK
300 (408)
15.9
7.2
10.2
240
911 Carrera GTS Cabriolet
300 (408)
16.2
7.7
10.8
254
911 Carrera GTS PDK Cabriolet
300 (408)
15.5
7.3
10.3
242
911 Carrera 4 GTS
300 (408)
16.5
7.9
11.0
259
911 Carrera 4 GTS PDK
300 (408)
15.8
7.5
10.5
247
911 Carrera 4 GTS Cabriolet
300 (408)
16.8
8.0
11.2
263
911 Carrera 4 GTS PDK Cabriolet
300 (408)
16.1
7.7
10.7
251
911 Targa 4
254 (345)
15.9
7.7
10.6
249
911 Targa 4 PDK
254 (345)
15.5
7.4
10.3
242
911 Targa 4S
283 (385)
16.5
7.9
11.0
259
911 Targa 4S PDK
283 (385)
15.8
7.7
10.7
251
911 Turbo
368 (500)
16.5
8.3
11.6
272
911 Turbo PDK
368 (500)
16.5
8.1
11.4
268
911 Turbo S PDK
390 (530)
16.5
8.1
11.4
268
911 Turbo Cabriolet
368 (500)
16.7
8.4
11.7
275
911 Turbo PDK Cabriolet
368 (500)
16.7
8.2
11.5
270
911 Turbo S PDK Cabriolet
390 (530)
16.7
8.2
11.5
270
141
Model
Output
kW (hp)
Fuel
consumption
urban
(l/100 km)
Fuel
consumption
extra-urban
(l/100 km)
Fuel
consumption
combined
(l/100 km)
CO2Emissions
combined
(g/km)
Panamera
220 (300)
16.4 (16.1**)
7.8 (7.6**)
11.3 (11.1**)
265 (260**)
Panamera PDK
220 (300)
12.7 (12.5**)
6.9 (6.8**)
9.3 (9.1**)
218 (213**)
Panamera Diesel
184 (250)
8.1 (7.8**)
5.6 (5.5**)
6.5 (6.3**)
172 (167**)
Panamera S
294 (400)
18.8 (18.5**)
8.9 (8.7**)
12.5 (12.3**)
293 (288**)
Panamera S PDK
294 (400)
15.3 (14.9**)
7.8 (7.5**)
10.5 (10.3**)
247 (242**)
Panamera 4 PDK
220 (300)
12.8 (12.7**)
7.2 (6.9**)
9.6 (9.4**)
225 (220**)
Panamera 4S PDK
294 (400)
16.0 (15.7**)
7.9 (7.7**)
10.8 (10.6**)
254 (249**)
Panamera GTS PDK
316 (430)
16.1 (15.8**)
8.0 (7.8**)
10.9 (10.7**)
256 (251**)
Panamera S Hybrid
279 (380)*
7.6 (7.4**)
6.8 (6.6**)
7.1 (6.8**)
167 (159**)
Panamera Turbo PDK
368 (500)
17.0 (16.7**)
8.4 (8.3**)
11.5 (11.3**)
270 (265**)
Panamera Turbo S PDK
405 (550)
17.0 (16.7**)
8.4 (8.3**)
11.5 (11.3**)
270 (265**)
Cayenne
220 (300)
15.9
8.5
11.2
263
Cayenne Tiptronic
220 (300)
13.2
8.0
9.9
236
Cayenne Diesel
180 (245)
8.4
6.5
7.2
189
Cayenne S Diesel
281 (382)
10.0
7.3
8.3
218
Cayenne S
294 (400)
14.4
8.2
10.5
245
Cayenne GTS
309 (420)
14.8
8.5
10.7
251
279 (380)*
8.7
7.9
8.2
193
Cayenne Turbo
368 (500)
16.2
8.8
11.5
270
Cayenne Turbo S
405 (550)
15.8
8.4
11.5
270
Cayenne S Hybrid
* Overall performance.
**With 19-inch all-season tires (rolling resistance-optimized).
142
KEY PERFORMANCE INDICATORS OF THE PORSCHE AG GROUP
2012
Revenue
2011
20104
€ million
13,865
10,928
9,232
Unit sales of new vehicles
units
143,096
116,978
96,473
911
units
26,203
17,607
20,406
Boxster/Cayman
units
11,740
11,280
12,348
Cayenne
units
77,822
59,873
40,237
Panamera
units
27,331
28,218
23,482
Production
units
151,999
127,793
95,564
911
units
28,419
21,748
19,979
Boxster/Cayman
units
13,316
12,207
12,061
Cayenne
units
83,208
62,004
39,428
Panamera
units
27,056
31,834
24,096
number
17,502
15,307
13,159
€ million
1,648
1,349
1,258
Employees1
Personnel expenses
Financials
Total assets
€ million
22,702
21,568
19,915
Equity
€ million
7,732
6,974
6,654
Fixed assets
€ million
7,083
5,944
4,958
Capital expenditures2
€ million
1,873
1,678
1,275
Amortization and depreciation
€ million
1,114
871
787
Cash flow
€ million
3,007
2,399
2,050
Cash flow from operating activities
€ million
2,692
2,522
2,588
Operating result3
€ million
2,439
2,045
1,674
Profit before tax
€ million
2,648
2,108
1,736
Profit after tax
€ million
1,840
1,460
1,207
As of 31 December.
Relates to investments in intangible assets and property, plant and equipment.
3
Earnings before interest and taxes (EBIT).
4
Relating to calendar year 2010.
1
2
Imprint
Published by
Dr. Ing. h.c. F. Porsche AG
Porscheplatz 1
D-70435 Stuttgart
Germany
Telefon +49 711 911-0
www.porsche.com
Managers and contact persons
Hans-Gerd Bode, Head of Public Relations and Press
Frank Scholtys, Head of Financial Press and Investor Relations
Photography
Christian Schlüter, Essen
Additional photo credits
René Staud, Leonberg / Stuttgarter Ballett, Stuttgart / Plant photos provided by Porsche AG, Stuttgart
Concept, design & editing
heureka, Essen
Printed by
Druckpartner, Essen
Produced in-house with FIRE.sys
Dr. Ing. h.c. F. Porsche AG
Box
D-70432 Stuttgart – Germany
Telephone +49 711 911-0