We are the garage where it all started. We are the bold dream of a courageous man who followed his heart and nobody else. We are the racetrack where our fighter's heart beats the loudest. We're 100 horsepower and 1,000 horsepower. We are fast sports cars, loud sports cars, colorful, surprising, futuristic sports cars that have enjoyed unbelievable success. We are a true community of fans, a big family. We are you and I, and we are millions of Porsche drivers who bring our dream to the road each and every day. We are the first sports car in the SUV segment. We boost the everyday. We are wow. We are typically German, a little locally minded and parochial, and terribly industrious. We are the 911. We are the engine in the rear and the ignition lock on the left. We are the whispering echo of your childhood, your lost sweetheart. We are the heart of the sports car. We constantly reinvent ourselves. We have the first electric sports car with a soul, also on the racetrack. We are future ready. We are over 70 years old, but certainly not grown up. We are dreamers, and we remain dreamers. If you follow your dreams, you will always be one of us. Good afternoon to everybody here at Weissach and to all of you listening on our webcast. Welcome to Porsche's Capital Markets Day here at our Innovation and Development Center. The motto of today's event is The Brand for Those Who Follow Their Dreams. Our goal today is to offer everyone a valuable update on our business, our vision, and in particular, modern luxury. Some of you may know me. My name is Björn Scheib, and I'm the head of investor relations here at Porsche. Before we start, let me just go through a couple of housekeeping items. This is a hybrid conference, and thus management will first provide an update on our strategy, business progress, and the outlook. A Q&A session will follow the formal presentations. If you follow us as a registered participant, and as far as I'm hearing, there's a couple of hundred of you dialing in via the web, then you can fill in your Qs into the dedicated Q&A box. I would kindly ask all of you to limit yourself to one Q only in order to give everybody the chance to participate. Please note this conference call is being recorded, and a recording will be posted to Porsche's and Volkswagen's Investor Relations pages soon after this event. Before I hand it off to our management team, let me just give a reminder of the safe harbor language and other cautionary statements that will govern today's presentation. Specifically, I want to remind you that our presentation will include forward-looking statements or comments we make about Porsche's future expectations, beliefs, plans, objectives, financial condition, assumptions, performance, projections, forecasts, or other characterizations of future events or circumstances which are subject to risk, uncertainties, and other factors that could cause Porsche's actual results to differ materially from such statements. All forward-looking statements that we make during this event are qualified by this cautionary statement. With that, let me now turn it over to our Chairman, Oliver Blume. Before we start, a very, very big thank you to Detlev. Detlev became father yesterday, and he's here later on stage to answer to your Qs. You see the dedication of the entire team to be here today to give you an update on our vision of modern luxury. Detlev, congratulations from the entire room and from everybody on the web. Great to have you here. With this, Oli, the stage is yours. Yeah. Thank you, Björn. Also, from my side, a warm welcome to all of you in our Porsche Engineering Center. Thank you for joining us. My name is Oliver Blume. I'm the CEO of Porsche AG. I'm very pleased that today we can offer you some detailed insights in our fascinating company. I'm also very pleased to have great support at my side, our members of the executive board. We start with Lutz Meschke, Deputy Chairman, Finance and IT. Then Michael Steiner, Research and Development. Barbara Frenkel for Procurement. Detlev von Platen, Sales and Marketing. Albrecht Reimold, Production and Logistics. And Andreas Haffner, Human Resources and Social Affairs. You know, at Porsche, we are one big family, and the seven of us here are just a small part of this big family. We are here today representing the many thousands of people who write Porsche's successful story every day. Now, let's start our travel through the entire Porsche universe. There are certain things that make a car a Porsche. Its unique design is one. Our design philosophy is deeply embedded in our DNA. We now dive into the details with Michael Mauer, our Chief Designer and Head of Style, Porsche. Michael, the stage is yours. Welcome. Welcome in the design department right here in the heart of the Porsche R&D center in Weissach. I'm Michael Mauer, Head of Design at Porsche, and I have the honor to open today's event, this session, with a presentation about design, our design principles, and the relevance of design for strong and authentic identity that captures the soul of a brand. The world is changing faster and more dynamic than ever before. The future is shaped by entirely new parameters, expectations, and for me as a designer, the most exciting aspect, entirely new options. In this context, the value of a brand in direct connection with design becoming increasingly important. Now, scientific studies have proven that humans process, with all their senses, millions of stimuli per second, and therefore, we have to or we want to decide about 20,000 times per day. Psychologists speak here from the tyranny of choice. In this context, a strong brand becomes a vital asset. Brands with an identity that is easy to recognize have a clear advantage. A brand that relies on clear aesthetics and a positive emotional aura has a clear advantage. Strong brands give people orientation on their journey through this world of accelerated progress. They are the essence of familiarity. They are the equivalent of the little boy's teddy bear that gives support and confidence in uncertain times or in dark nights. Now, when people buy a product, they certainly also buy a function, but ultimately, they buy a subjectively perceived product benefit. It was Ferdinand Porsche who said, "I don't sell cars. I sell freedom." The purchase of a product is a very personal and individual statement. You buy an entrance ticket, a membership card to a specific community. You become part of a family. You become a tribe member. Such a brand relationship that is fully loaded, or nowadays you could say charged with stories, goes far beyond all rational aspects. It's a love affair that can start very early in life. Through design, a brand is connected with our emotional memory. The appearance of a product immediately starts to roll a film in our heads. Design triggers our imagination. In this context, a quote from the sixties comes to my mind, "Race on Sunday, sell on Monday." Maybe we could modify this into, "Dream on Sunday and buy on Monday." Anyhow, a strong design identity works with clearly recognizable design patterns that go far beyond the brand logo. These patterns give a brand and its products the desired recognition value. At Porsche, it's the design principles that provide the basis for our clear and distinctive design identity. These principles make us future ready. They are the genetic code of our brand. They serve as a compass, narrow the scope for decision-making, and are a never-ending source of inspiration. We based our principles on the concept of archetypes. Principles derived from archetypes lead to a consistent and brand-defining design language. They strengthen the emotional brand perception by emphasizing central aspects and values of the brand. Now, the archetype concept was developed by the Swiss psychologist Carl Jung already in the 1930s. It describes universal and archaic figures or personas that are connected to certain emotions, characteristics, and values. The universal character of archetypes is a big advantage, especially for international operating companies, because it ensures universal and worldwide recognition of brand narratives. Identifying specific archetypes describing the core aspects of a brand, this is not really rocket science. What is difficult as well as challenging is to translate these characteristics in a logical design language. This is the key to success for a brand. At Porsche, we have approached this task from the archetype to the design identity in four steps. First, identify the right archetypes. As I said, not really rocket science. Second, give them a face. Only then will the brand also get a face. Third, define keywords that get to the heart of the matter. The last step, the fourth step, translate this into logical design cues that capture the soul of the brand. At Porsche, we are in the lucky situation that we have people in our history who perfectly represent these archetypes. First and foremost, our company founder, Professor Ferdinand Porsche, representing the archetype of the creator at its best. He established the Porsche pioneering spirit with his ingenious and innovative ideas. James Dean, who was not only a rebel as an actor, but also in real life by racing the little sports car from Germany against the overpowered competition in the U.S. Last but not least, there's Steve McQueen, who embodies the idol of the hero combined with an extremely high coolness factor. Their specific characteristics represent in a perfect way our brand as well our customers that follow their dreams. By defining in the third step the keywords purpose, tension, and focus derived from these archetypes, we were able to translate the different values into a concrete and unique design language. By the way, these keywords can also provide orientation elsewhere in the company. Let's start with the keyword purpose. Purpose on the exterior is among others expressed by our love for aerodynamic shapes. For example, the basic shape of our core product, the 911, is heavily influenced by aerodynamics. The fast roof line or fly line, as we like to call it, has subsequently become one of the brand's defining design features over the whole product portfolio. In the interior, purpose stands for the perfect fit. It starts with the perfect package, which means you sit in the car, not on the car. That includes the importance of certain dashboard sections, the size and the angle of the steering wheel, the height of the belt line, or the design of our seats. In the field of the user experience, you can see very clearly how the keyword purpose helped us to establish our own and Porsche typical execution. First of all, user experience at Porsche is called driver experience. Porsche driver experience means purposeful interactions, visual guidance instead of visual burden, optimal readability, and usability. It is all about giving the driver the right information at the right time. Now let's have a look at the keyword tension. Tension is expressed beautifully in our exterior surfaces. Porsche always had a surface treatment that created its tension and its sophistication through the treatment of the surface itself and less through sharp lines or edges. That's what we call high density surfacing. Tension in the interior and the field of driver experience is addressed together with the balance between analog and digital. Our belief is even in a more and more digitalized world, there's still the need for a haptic experience and some kind of residual aroma of the good old analog times. Not to mention the ergonomic advantages of such a concept. After all, we are talking about a car, an object that's supposed to move. Last but not least, the third keyword, focus, based on the hero. Focus in our exterior design, for example, is represented by our Porsche four-point headlights. This light signature is so clear and recognizable that you can tell a Porsche apart from any other car from a very long distance. In this context, I love to talk about the 100-meter rule. In the interior, focus is represented quite literally by the driver focus. For us, the driver's seat is still the most important place in the car. We are a sports car manufacturer, and we intend to remain one. Therefore, in the combustion world, the rev counter is in the center. In the electrical world, we have translated this feature in our big curved display that wraps nicely around the driver. When we talk about driver experience in connection with the keyword focus, you can see again how this word inspired us to find our own way, our own Porsche solution. In that case, our specific approach is expressed by different layers in front of the driver, where we combine the digital world with analog controls. As I mentioned earlier in my presentation, our design principles give us orientation and secure our future. Today, we see a clear trend on the market towards a less aggressive design characteristic, partly driven by the importance of aerodynamics for battery vehicles. We are aware of this. First of all, we feel flattered that our design philosophy is considered a role model by many. At the same time, it stimulates us, it motivates us to continuously further develop our form language, our own form language, without deviating from what we are. Let's take again the design of our surfaces. The way we shape our cars has been carefully developed over the last 75 years. It always stood and will stand for a reduced, clear, and highly sophisticated approach. The field of aerodynamics. Porsche has a very long and successful track record in adaptive aerodynamics. Our expertise in that field, that also lives from the close cooperation with the motorsport colleagues, has helped us to develop and to preserve our unique Porsche design language. We will always look for solutions that combine functionality and aesthetics in a perfect way. That's what we call aerodynamics. When we talk about driver experience, it's very clear that it will remain one of our focus points. It's also very clear that we continue to execute it in the Porsche way. Concept cars, like the Mission R, are good examples how the future could look like. Last but not least, personalization. I knew that I will have problems with the pronunciation of this word. Personalization. The more a company grows, the more important the personalization becomes for the brand extremely important. With our Porsche Exclusive program, we already meet many of the individual requirements of our customers. We already design special edition cars, like the recently released 911 Sport Classic. These cars help us to connect our rich history with current and future models. Ladies and gentlemen, to establish a unique, desirable, and consistent design identity as a strong basis for a crystal clear brand identity at all touchpoints, that's our passion. One design, one brand, one experience. Now, I have to go back to the design studio, or to be precise, I will go back to the future. Thank you very much. Where do I begin to tell the story of how great a love can be? The sweet love story that is older than the sea. The simple truth about the love he brings to me. Where do I start? Like summer rain that cools the pavement with a painted leather shine. He came into my life and made the living fine. Gave a meaning to this empty world of mine. He fills my heart He fills my heart with very special things. With angel songs, with wild imaginings. He fills my soul with so much love. That anywhere I go, I'm never lonely. With him along, who could be lonely? I reach for his hand, it's always there. What is so important about driving faster than everyone else? How long does it last? Can love be measured by the hours in a day? I have no answers now, but this much I can say. I'm going to need him till the stars all burn away. He'll be there. He fills my heart with very special things. With angel songs, with wild imaginings. He fills my soul with so much love. That anywhere I go, I'm never lonely. With him along, who could be lonely? I reach for his hand. It's always there. How long does it last? Can love be measured by the hours in a day? I have no answers now, but this much I can say. I'm going to need him till the stars all burn away. He'll be there. Fills my heart with very special things. With angel songs, with- Emotional pictures, where do I begin? The story is big. Everything you can see here is born out of a dream, built with passion and pioneering spirit. In the beginning, I looked around and couldn't find the car I dreamed of, so I decided to build it myself. Ferry Porsche said these famous words, and he made his dream come true. This is what we are still doing today. We make dreams come true. We want to enable our customers to follow their dreams. For many of them, buying a Porsche is a lifelong dream come true. This is the vision that drives us. This is what we want to be, the brand for those who follow their dreams. We are proud of our history, our heritage, the unique Porsche story. We believe Porsche is well equipped to be unique in the future. We are a global and iconic luxury brand. Our story is based on structural growth. We aspire to be a leader in sustainable mobility. We are working towards achieving a net carbon neutral value chain in 2030. Our target is to continue our stellar financial performance with increased corporate independence. Everything we do is based on a single question: What can we do to fascinate our customers and fans? Not just once, but over and over again. If you look back on our products over the recent decades, we can say we did it over and over again. 911, 718, Cayenne, Panamera, Macan. Each of these model series has been a great success. They have allowed us to generate sustainable value, and so did the first fully electric Porsche, the Taycan. The numbers prove it. Since 1964, our deliveries have grown from around 11,000 to 302,000 cars in 2021. At the same time, we have always stayed true to our core, delivering luxury sports cars to fulfill our customers' dreams. We plan to stick to that, to grow our volumes and to stay true to our philosophy. In the midterm, we plan to extend our highly attractive product portfolio with a new fully electric SUV model in the luxury segment. In the past, we have repeatedly entered new segments in a carefully planned and executed way. In our view, we brought the sports car into the world of SUVs, EVs, and into the limousine segment. Today, we are aiming to set standards for the electric mobility era. We are targeting higher margin segments while aiming to realize platform synergies. We believe that our additional models will also target untapped market potential. The Taycan was just our first step in the electric car space, and we are carefully evaluating our product roadmap. We plan to extend our attractive portfolio with a new all electric luxury SUV. We have always seen ourselves as pioneers. Our ambition is an 80% BEV share of new deliveries in 2030. We believe this is indeed pioneering in the luxury automotive industry. Compared to other established OEMs, we believe our ramp-up curve to be among the most ambitious. Of course, you can make a lot of plans and talk a lot about them, but you must also have a clear strategy. Our BEV target is supported by a detailed product plan and our experience with the Taycan. We also want to play a leading role when it comes to sustainability. We have been following a clear defined strategy for years. We are working towards a net carbon neutral value chain in 2030. This includes a net carbon neutral use phase for future BEV models. We started our major locations. Here in Weissach, we are already net carbon neutral. The same applies to our Zuffenhausen and Leipzig facilities. We are requesting that new direct suppliers for series models use renewable energies when producing parts for Porsche. We know that our plans are ambitious, but we are fully committed to working hard to achieve our goals. No matter what we plan for the future, we will continue to focus on what we believe has always made Porsche strong. What, in our view, differentiates us from others? Distinctive design, unique, timeless, and iconic. High quality standards. The driver experience, with a focus on maximum comfort, innovative technology, and day-to-day usability. Performance. The racetrack will always be our benchmark. Comfortable and sporty travel. For the future, this means, in particular, fast and convenient charging. Finally, a commitment to sustainability, carefully planned from start to finish. This includes development, materials, and production, and goes from the usage to the recycling of our products. We strongly believe with BEVs, we can also stand out from others in our very own way. There's even more to set Porsche apart. We believe we are in the sweet spot of the luxury automotive segment with a product portfolio covering both luxury and sport. We have successfully extend our brand beyond traditional sports cars, for example, by offering high performance luxury SUVs. With our Taycan, we have shown what the electric transformation looks like in the Porsche way, something we are very proud of. Porsche is exclusive. Porsche is sports luxury. Porsche is in high demand. However, we are not a niche manufacturer. We benefit from economies of scale with higher volumes compared to niche manufacturers of luxury sports cars. We believe positioning ourselves in the sweet spot makes us unique, and it opens up new customer potential for us. We are consistently sharpening our profile with an intelligent mix of series production and limited editions targeted towards the luxury niche. We are dedicated to delivering attractive financial performance. In 2021, we have reached new milestones for Porsche, despite a very challenging environment impacted by the pandemic and semiconductor shortages. For the first time, we delivered more than 300,000 cars to our customers around the world, a record for Porsche. Almost 14% of these cars were BEVs. We believe this shows that our electrification strategy works. Our fans and customers appreciate an electrified Porsche that is true to Porsche's heritage. Therefore, we believe we have established ourselves as one of the leaders in sustainable luxury mobility. Our annual group revenue grew at a CAGR of 9% from 2017 to 2021. The group revenue in 2021 was EUR 33.1 billion, again, a new record for Porsche. Our lean cost structure, mix, and pricing contributed to our strong profitability levels. In 2021, we increased group operating profit by 27% to EUR 5.3 billion. Return on sales was 16%, a stellar metric for the industry. We generated automotive EBITDA of EUR 7.4 billion and automotive EBITDA margin of 24.5%. In 2021, automotive net cash flow improved to almost EUR 3.7 billion compared to EUR 2.2 billion in 2020. This shows that we have been able to generate strong cash flows as we steer Porsche with a clear focus on capital efficiency. All in all, Porsche today is a very impressive company, well-positioned to successfully navigate future opportunities. These numbers are the result of a unique economic model. We believe that our customers love our products and are therefore willing to buy them at a high price point. This leads to an attractive average automotive revenue per car delivered in 2021. This sets us apart from premium OEMs with higher volumes. We benefit from our lean cost structure and from our scale. We follow a focused investment strategy. We have significantly invested in BEVs in the past, and we expect to benefit from these investments and maintain our strong position in the luxury BEVs. All of this leads to an attractive double-digit automotive EBITDA margin and automotive net cash flow margin in 2021. To unleash the full potential we see in Porsche, we aim to increase our independence and to receive more entrepreneurial freedom, so the executive board can take decisions fully focused on the benefit for Porsche AG. Furthermore, it is planned to terminate the domination and profit loss agreement with Volkswagen AG. Now, before we go into more detail, let me briefly summarize what we have heard so far. Porsche today stands for modern luxury, and we believe it is strongly placed for the future. We are a global and iconic luxury brand. Our unique Porsche story is based on structural growth. We expect that our technological skills in key growth segments will drive differentiation and growth, and we plan to work towards a net carbon neutral value chain in 2030. We aim to make our position in the luxury vehicle segment stronger while at the same time benefiting from economies of scale. Our ambition is continued stellar financial performance, and we expect that increased corporate independence will lead to even stronger entrepreneurial impulse. Now, let's take a closer look at the market. Lutz, please go ahead. Yeah. Thank you, Oliver. Porsche is active in a highly attractive environment. Across the globe, the number of high net worth individuals is expected to grow. The luxury paradigm is evolving, and we aim to benefit from it. Porsche's portfolio is underpinned by forecast trends for growth in key market segments, especially luxury sports cars growing globally, SUVs as growth enablers, BEV transition as significant opportunity. Our underlying customer base is expected to grow. For example, the number of high net worth individuals is expected to reach more than 100 million by 2026. We believe the demand for our cars has been fundamentally resilient due to the continued growth of prospective customers. Over the upcoming years, we expect millennials to become an increasingly important and fast-growing customer group for us. In addition, we expect the share of female high net worth individuals to grow. As you know, we are a globally diversified company with roughly equal contribution from sales in Europe, North America, and China. We assume that these potential new customers live in the key markets in which Porsche operates. Therefore, we believe that we are well-positioned to benefit from underlying regional and global trends for growth. The world is changing, and with it, the needs of luxury customers are evolving as well as customer needs. Customers are expected to be younger and more heterogeneous. Customers are expected to spend their money on other things than they did before. In the future, one thing is expected to matter much more, true experience. They are expected to desire customized and personalized services delivered sustainably. We are excited about catering to changing customer needs, and we are looking forward to the prospects of the future market. Although the luxury car segment represents only a small portion of the overall automotive market, it is expected to experience the highest growth rates. McKinsey estimates that the non-luxury segment will grow at around 1%. For cars at luxury price points, it projects a CAGR around 8%-10% or higher. This growth is expected to be fueled by the fact that the segment includes some of the strongest brands in the whole industry. Customer expectations are developing in parallel to non-automotive luxury brands. This includes desire for seamless customer experience and omnichannel concepts with an increasing importance of digital touchpoints. That results in a growing underlying demand. We are happy to address this with our unique product portfolio. McKinsey estimates that a large share of customers is willing to switch to BEVs due to a focus on sustainability. Consequently, electric vehicles are expected to grow significantly over upcoming years and especially vehicles in the luxury space. By 2031, it is expected that electric vehicles will represent around 50% of the luxury automotive market, a significant increase compared to today. The electrification of SUVs is expected to play a key role here, as the SUV segment is expected to remain an important part of the luxury car market. With our expanding luxury BEV and SUV offering, we are well-positioned to benefit from this development and leverage our scale advantages in the journey to electrification. Porsche is active in market segments that are expected to have sustainable future growth potential. According to data from S&P Global Mobility light vehicle sales, the market for luxury sports cars, such as our iconic 911 or 718, is expected to grow at a CAGR of 7% for the period 2021-2026. A similar attractive growth trend is likely for the SUV market segment. S&P sales analysis predicts global annual growth at a CAGR of 6% from 2021-2026. Finally, the market segment for BEVs is expected to grow significantly. S&P production forecast predicts that this increasingly important segment will grow at a CAGR of 34% from 2021-2026. We believe Porsche is well prepared for these trends, such as by offering the right cars in the right segments. We are a leading player in the sports luxury SUV segment. Our Taycan has successfully introduced Porsche to the luxury BEV segment. Overall, we remain true to our origin, offering highly attractive sports cars, and we see further growth potential in next-generation luxury buyers. Let's have a closer look at the new customer groups for Porsche. Driven youth are people that are embracing a cosmopolitan lifestyle. They are working towards making the world a better place. Driven women are high-achieving and successful women looking for luxury experiences. Creative leaders are looking for powerful stories. Progressive youngsters of Gen Z are looking for personal joy and happiness. We take these customer groups seriously. We are setting up our product and cycle plan with the aim of capturing the luxury potential of the next generation. In this, we want to stay close to our existing customer base. Porsche has experienced strong growth in the past on the back of strong product offerings and supportive global trends for growth. We believe that there are plenty of opportunities for us arising globally. Projected growth in high net worth individuals across regions increases our potential customer base. Customers are evolving. Luxury demand remains, with the Porsche at the core of true automotive luxury in our opinion. A sizable luxury automotive market, we believe that luxury cars will remain core to luxury customers. SUVs as a growth enabler, we aim to capitalize on this. The BEV transition as a significant opportunity, the success of the Taycan shows that a BEV Porsche is a true Porsche. We believe Porsche is at the sweet spot of the luxury car BEV transition. With that, I hand over to Oliver again to tell you more about the iconic Porsche brand and its heritage. We are driven by dreams, and we always stay true to ourselves and our heritage. This is what makes Porsche fascinating for people around the world. It is an iconic brand with a unique history, and today one of the most valuable luxury brands. Its roots lie in motorsport, which is still an integral part of our DNA. It's not only about the product, it's about the Porsche community, the Porsche feeling. We never compromise on our brand. We have a clear brand position. It is based on a rich heritage with an unmistakable DNA. We believe that our portfolio is well differentiated, but all our models go back to our world-famous icon, the nine-eleven. The nine-eleven has influenced the Porsche design philosophy and makes each Porsche car recognizable as a Porsche. We are carrying this heritage forward into the future with caution, but great determination. It is key for the future of our luxury BEVs. We want to stay close to our origin, fulfilling dreams with dream cars. The Porsche brand is about modern luxury and a combination of contrasts, pioneering spirit and tradition, exclusiveness and likability, design and function, performance and sustainability. We believe these factors make Porsche very different and so exciting at the same time. It's how we intend to preserve our brand image and carry it to the future. In addition to our motorsport heritage, our design has been essential to develop our brand over time. Michael already mentioned it, each Porsche model is unique. We believe each is setting standards in its market segment. What unites them is the unmistakable Porsche design. All over the world, people recognize a Porsche. That is a successful combination of brand and product identity that we believe sets Porsche apart. Decades of motorsport success have become embedded deeply into the Porsche DNA. We are the most successful Le Mans manufacturer with 19 overall victories. In 2014, we came back to the LMP1 class after 15 years of absence. Three times in a row, 2015, 16, and 17, the Porsche 919 Hybrid got the title. We are not only proud of our Le Mans heritage, but also take pride in all motorsport classes we achieve, we are active in. Still today, motorsport is an important part of our Porsche DNA. We are engaged in various motorsport fields, from amateur racing events to the Formula E or the WEC. We are also developing esports across the board. We are constantly challenging ourselves against the best. Starting in the 2023 season, we enter the LMDh class and aim once again to compete with the best endurance constructors worldwide. Continuous motorsport engagement helps to fuel the Porsche story, and we believe today motorsport is an inspiration for many fans around the world. A technological inspiration for engineers and the Porsche team aiming to push boundaries for the racetrack and the road, and emotional connection to the brand, and an opportunity to live the dream of motorsport and to be part of this unique community. Therefore, yes, we are currently assessing the entrance into the spearhead of motorsports, Formula 1. However, getting involved there requires an update of the current regulations towards sustainability. For us, it is a precondition that they are in line with both our corporate and product strategy. For a company with a heritage like us, it is key to stay true to our history. Our Porsche Museum is a successful testament to almost 75 years of engineering excellence and of fulfilling dreams. It allows us to stay close to our heritage, and it enables fans to experience our history. The Porsche Museum hosts approximately 100 heritage celebrating cars. They show what Porsche has achieved and can continue to achieve. Most importantly, we are proud to be able to maintain more than 80% of these cars in road-ready condition. We expect to continue expanding our museum and collection, and of course, we would be happy to welcome many of you as guests there. Maybe you will encounter one of your own childhood dreams again. Porsche has always been the brand to fulfill dreams. A bit rebellious as well, but always likable and popular. Not necessarily needed, but desired by many, in the past, today, and in the future. As I said, it's all not just about the car itself. As of June 2022, Porsche had 2.7 million registered customers and many more fans on top of that. Many of them have been with us for decades, and many of them are organized in more than 700 Porsche clubs worldwide. It's about becoming part of a strong community, experiencing the Porsche family feeling and the power of our community, welcoming every new member. This is what Porsche makes so special. We are proud of our brand and what it stands for. The Porsche brand stands for more than cars. It also stands for family and community. Therefore, we are extending our brand and increasing the number of touchpoints with our customers. That's an important element to our brand management strategy. We try to offer our fans other exciting opportunities to engage with our brand and others that share similar values. You can see a few examples on the wall behind me. Porsche is one of the most valuable luxury brands globally, and the value of our brand has grown significantly over recent years. The Porsche brand has been forged over decades by unique design, Motorsport DNA, innovation, the ultimate will to fulfill customers' dreams. Today, in many markets, customers tell us that our brand is the most important reason why they buy a Porsche. Consequently, we are convinced that our brand will be the basis of future growth, and we intend to carefully manage it. To sum it up, our brand is shaped over decades and also built around our focus to fulfill customers' dreams. Porsche today stands for an iconic brand with a unique heritage. Our brand is forged through a unique design language. People identify a Porsche when they see one. It is rooted in motorsport, which is still today an integral part of our DNA and is expected to continue to be so in future. It is not only a car you can get when buying a Porsche, it is a family spirit and the Porsche community. We aim to broaden our market position by collaborating with brand shaping partners worldwide. Today, Porsche is one of the most valuable luxury brands globally. We never compromise on our brand. Preserving our brand and securing its success in the future is of utmost importance for us. Our brand lives through our products. Let's look at the way we are crafting dream cars in the past, present, and future. Porsche is a product company. Our products define us. Our focus is always around offering the right sports car for our customers. Today, we have a well-differentiated luxury car portfolio of sports cars, sports SUVs, and it's focused on offering dream cars across the segments we operate in. We are aiming to extend our portfolio with a new all-electric SUV. With it, we are further expanding our position in the luxury segment and targeting higher margin segments. We also focus on customization and exclusivity to address customers' wishes. We develop our products along four dimensions based on our product philosophy and linked to the cultural values of our company. We believe agility and performance characterize every Porsche, but nowhere is this as true as in our GT models, always closely aligned with motorsports. Passion, these are the lifestyle products such as our Heritage models. The family, the core, that is our strong product base, and of course, pioneering spirit, products of the future with electric drive trends and a high degree of digitalization. Every single product reflects these values in a unique way. The passion of our customers has always been a driving force for us at Porsche, a passion for design, performance, and the highest quality. Our fans love the Porsche brand and every single car that bears the crest, from two-door cars to pure driving pleasure to performance cars and dynamic family SUVs. In our view, today's portfolio is a result of the continued success of our expansion strategies, capitalizing on every opportunity where we saw potential for Porsche. Take the Cayenne as an example, or the Panamera that combines sports car performance with the comfort of an exclusive limousine. We believe we set trends for every new luxury car segment we enter. If there is one model that stands for Porsche, it is the 911. When I personally think about Ferry Porsche's dream, I think about the 911 and how it has impacted generations. A dream car, a legend, a fascinating icon for countless sports car fans of all ages. The 911 looks back on a success story that began almost 6 decades ago. Since then, we have produced and sold over 1 million units. Its fan base shows an extremely high level of loyalty too. By now, generation number 8 is in the market. We believe each generation has represented a strong innovation milestone for the entire sports car segment. Nevertheless, its timeless design remains largely unchanged. This has made the 911 a collector's car with high value stability. Today, customers can choose from more than 20 models, from coupe to speedster, from Carrera up to the Turbo and GT3. The 911 will always be the heart of Porsche. It will be a dream car in the future as well, and we have a clear strategy for the future of our icon. When we decided to build the Taycan, we looked around and couldn't find a BEV sports car that fulfilled our requirements, so we built it. When it comes to electromobility, tech, and sustainability, Porsche today strives to take a leading role in the automotive industry. In 2019, we introduced the Taycan, our first all-electric sports car. We demonstrated our pioneering spirit once again, just like Ferry Porsche did it with the 356 in 1948. The Taycan is truly innovative and 100% Porsche. It has only been on the market for a few years, and deliveries are already on par with our icon, the 911. We believe the Taycan is the best proof that Porsche can maintain its standards even in the EV transformation. Which new products will inspire our customers? This question is always the focus of our attention. In the past, we have always entered new segments, carefully planned and executed. Markets where we can excite new fans while staying true to our luxury brand position and always attractive for Porsche. We believe we brought the sports car into the world of SUVs and sports limousines. We are always chasing new dreams and looking out for opportunities. The Taycan was just our first step into the premium electric car space, and we are carefully evaluating our future product roadmap. As mentioned before, we will extend our attractive portfolio with a new all-electric luxury SUV, which will roll off the production line in Leipzig. With it, we are further expanding our position in the luxury segment, and we are especially targeting the higher margin segments, and we want to tap into new market potential. Stay tuned. We believe the future is bright for Porsche. We are the brand for those who follow their dreams, so we have set ourselves the ambition to fulfill even the most individual dreams with exclusive bespoke pieces, tailor-made according to the ideas of our customers, down to every last detail. These offerings not only sharpen our brand position, but also make our financial profile more attractive. That's why Porsche Exclusive is becoming more and more important for us. Motorsport is in our genes, and we want to share that special spirit with our customers and fans. Our GT line lets them get as close as possible to that racetrack feeling, whether it is a 911, a GT2, the GT3, the Cayman GT4 or the Carrera GT. Only very special high performing Porsche cars get the GT. Generally, this stands for Gran Turismo, loosely translated to grand touring. At Porsche, GT also means something else, racing with road approval. Porsche's GT isn't only a product, it's also team and spirit. It's a small group. It's an integral part of Porsche Motorsport, race cars and road cars combined. Our GT models are an integral part of our strategy, and we intend to continue to capitalize on our strong position in the market to offer our customers the best racing experience they can get. Our GT strategy supports our attractive financial performance as well. For a very limited number of fans, Porsche can make the dream of their own racing experience come true. We have offers along the entire racing value chain, ranging from the purchase of non-road legal race cars alone to full service offering for the race day. Since it was founded, Porsche has manufactured more than 6,500 race cars that compete in various tournaments around the world. Not only are these racing machines highly competitive masterpieces, they are also economically attractive for Porsche with a high ASP to accommodate the cutting edge technology and the service and aftermarket ecosystem. We believe our product portfolio is well-balanced, and we are carefully expanding it with exclusive special editions and strictly limited production hypercars. From the already legendary 918 Spyder to the 911 Sport Classic we showed you on the film. It's a kind of car you dream about as a small child, and you continue to dream your whole life. These are very popular and sell out quickly, real collectors' items. As I said before, we have the ambition to fulfill even the most individual dreams. Paolo Barilla had such a dream, a tribute to his Le Mans winning Porsche 956. In a three-year project, we made a 911 GT3 look and feel like this iconic car. Paolo Barilla was deeply involved in the process as part of the design and manufacturing process. He even had his own Porsche employee ID. For us, it was a pleasure to be able to hand over several of these cars to him in the end. We were able to grow our overall automotive revenue per car delivered consistently over the last three years. For the future, we believe there is potential for further upside, and we seek to accelerate our growth. We intend to refine our successful pricing strategy even more. We aim to grow revenue from customization with lots of possibilities. Our target is to selectively expand our higher margin segments and to leverage BEV pricing opportunities. We focus on growing the high end of our product portfolio. Over the last three years, we achieved significant growth in the high-end market segment, with selling prices including options, in some cases reaching above EUR 200,000 or $200,000. You can see it by the illustration for US and Germany, two key markets for us. For the future, our ambition for this attractive market segment remains high. The whole Porsche organization will do anything to ensure that we can exceed our high-end customers' expectations, or in other words, to make dreams come true. Let me summarize once again. The luxury product portfolio reflects our Porsche philosophy. Our products are clearly positioned. At the same time, we are responding to increasing importance of customization with our Porsche Exclusive Manufaktur. With our GT models, we are fueling the motorsport legend. Limited editions and bespoke offerings are strengthening our brand position, and our pricing strategy aims to achieve future upside. Thank you very much. Björn, now it's your turn again. Thank you very much, Oli and Lutz, for the first insights. Before we gonna have a look at our very special customer experience at Porsche, we take a quick break. This is really due to today's condition with the heat outside. We weren't sure about everything here in the room with all of you joining. Therefore, we wanted to facilitate everybody being relaxed, everybody feeling comfortable. We take a break of 25 minutes, then we come back, and with respect to everything going in the course of the day, we will be finished at around 5:30 P.M. If all of you would take consideration with your logistics, this is the plan. Thank you very much. Now let's take a quick break. Every little moment is different. If you want to, you can keep your mind a distance. Watch the clouds in the winter come as flowers. That's when you realize to your surprise that there is another life beyond walls of minds. Watch the clouds in the winter come as flowers. That's when you realize to your surprise that there is another life beyond walls of minds. Every step you take. Moves you a little bit closer to me. From far away, from far. Every step you take. Moves you a little bit closer to me. From far away, from far. Every step you take. Moves you a little bit closer to me. From far away, from far. Every step you take. Moves you a little bit closer to me. From far away, from far. me. From far away, from far. Now every little moment is different. If you want to, you can keep your mind a distance. Watch the clouds in the winter come as flowers. That's when you realize to your surprise that there is another life beyond wall of minds. Every step you take. Moves you a little bit closer to me. From far away. Every step you take. Porsche is about cars and even more. It's about creating moments to remember. With that, welcome back, ladies and gentlemen. Porsche has passionate customers and fans all around the world. As of June 2022, we had about 2.7 million registered customers. This customer base is growing across regions. Many of our customers who now drive a Taycan were entirely new to Porsche. Our customers estimated annual average gross household income in 2021 was EUR 320,000-EUR 510,000, and 60% of our customers from 10 years ago remain customers today. As shown before, we believe we are in a sweet spot in the automotive market, and we see growth opportunities that we exploit consequently. We plan to continue to focus on the following, retaining our core customer base. In 2021, the annual churn rate was around 7%. Serving our customers worldwide in more than 120 markets with consistently high quality and offerings. Currently, we have a relatively balanced split of customers across the regions Europe, North America, and China. Attracting important customer segments such as females and millennials in new areas and in Europe, Middle East, Africa, and Americas. Focusing on new growth areas such as Asia Pacific. We are targeting both our existing customers and new customer groups. On the one hand, Porsche has always had its existing core group of customers with a high standard of living, driven, and with a high average gross household income. We aim to always continue to keep the engagement and satisfaction of this group high. On the other hand, Porsche is committed to targeting and attracting new customer segments like the ones we mentioned before. Compared to other customer groups, these groups are attracted by different aspects. Therefore, we have enhanced our strategy on the physical and on the digital side to be ready to meet the expectations and to drive the engagement of these new customer groups. Our geographical expansion strategy is consistent with the focus on the new customer groups. Specifically addressed geographical areas such as China are represented by a higher average income compared to Germany by faster growth and lower average age. No matter if existing or new, we want to provide every customer with moments to remember. When you buy a Porsche, you don't just buy a car, you buy into the world of the Porsche community and experiences. You're a part of the family then. You can enter the Porsche world from almost any corner of the earth, no matter if physically or digitally. You are always at the center of our attention. You can join a Porsche Club and meet with other passionate Porsche drivers. You can do a lap or two on the racetrack at one of our experience centers. Or you dive into our social media channels, where millions of fans show their passion for Porsche. We offer our customers a comprehensive journey across touchpoints. They all have in common a focus on luxury, customer inclusion, and mobility. The Porsche omnichannel ecosystem, bringing together the physical and digital offerings. Porsche experiences intended to engage, retain, and attract customers, and to make them feel part of a community. Porsche initiatives aiming to allow us to convert engagement into sales, create opportunities, and attract customers. Let's have a look into the details. The Porsche brand engagement premise is no channel discrimination. It's the customers who choose how and which of the integrated channels they use. Our approach is a consistent omnichannel experience, offering balance and widespread physical and digital presence, guided by knowing our customers very closely. On the one hand, there is a new retail concept plan, a lean global dealer network, experience centers, and a clear development plan. On the other hand, we have a digital ecosystem, a website with 6.8 million unique visitors on average per month during the period from January to May of 2022. The Porsche Configurator interface for customers, and a one-stop marketplace for our wholesale process. All of this is connected by the global CRM system and Porsche portal, which allow us to analyze our customers and get to know them better. Porsche has a dedicated dealer network that has the following characteristics. With more than 900 locations as of June 2022, it is in our view a lean, yet effective density to support effective market exploitation in metro areas and beyond. Nonetheless, Porsche has created an innovative retail concept to transform the classic car dealership into a true brand experience site and to reach customers where they are. We continue to plan the future, however, targeting more than 600 Destination Porsche projects by 2030. Beyond that, there are nine experience centers and a number 10 in Toronto, expanded to open in 2024. These are also an important after-sales customer touchpoint. We will cover this topic later in this section. The physical presence is supported by a seamless digital marketplace. We interact with our customers via a comprehensive spectrum of digital channels. The My Porsche portal with 1.4 million unique Porsche IDs. The Porsche website with 6.8 million unique visitors on average per month from January to May of 2022. We have one marketplace where our customers can buy all Porsche products and services online, with 1.5 million unique visitors on average per month from January to May of 2022. We estimate there is a potential to increase the online generated sales up to 25% by 2025. With this figure subject to variance by regions. We give our customers the opportunity to start that buying process online and then continue in person. We want to offer a special brand experience that extends beyond the product, enhancing clients' loyalty and engagement. In May 1952, Porsche customers joined forces to form the first Porsche Club in Westfalen. Today, there are more than 700 independently managed Porsche clubs worldwide, as reported by these clubs, with more than 240,000 members from 2017 to 2022. There have also been 15 new platforms events held since 2017, with more than 200,000 attendees. Relevant examples include South by Southwest, The Art of Dreams, and Scopes. Aside from creating physical experience and a community, we aim to engage and attract followers, and to build a strong community through the digital channels. We have a solid and widespread presence across social media. We have 27 million followers on Instagram, and we are top three most liked auto brand on TikTok with 9.7 million likes. The physical and digital engagement with our community of customers and followers is aligned with our physically and digitally integrated and seamless omnichannel ecosystem. We offer our customers the opportunity to enjoy a unique sports driving experience. Our Porsche Experience Centers offer dedicated tracks specially built for and by Porsche, off-road experiences, meeting and event spaces with a restaurant, lounge, and much more. This engagement and experience increase opportunities and allow Porsche to create additional sales and after-sales opportunities with its customers. We make it possible for our customers to make their own personal dream car a reality. With more than 100 partners globally, Porsche Exclusive Manufaktur offers a great customization and co-creation experience to its customers. We want to stay true to our luxury position, and we want to fulfill individual dreams with exclusive one-off pieces tailor-made to meet our customers' wishes down to the last detail. In 2021, Porsche generated approximately EUR 150 million in revenue from Porsche Heritage and classic offerings and approximately EUR 750 million in revenue from Porsche Exclusive Manufaktur. To sum it all up, Porsche is focused on the present in combination with its future development. We continue to create opportunities for the future for our customers by offering more and innovative products, services, and experiences, all in a manner consistent with our luxury core, customer-centric dogma, and brand image. We hope that this enables Porsche to continue to attract new customers, to build loyalty and engagement, and create new sales opportunities. Now we'll take a closer look at our BEV and tech strategy. Michael takes care of it after a short movie. Woo. Once again, here we go. Know the name, know the flow. Turn me up a little more. I'm setting tracks home alone. Give me that, where the city at? Nitty gritty, this ain't only pageant. Not afraid, get up out the way. Yeah, used to hate, look at what you made. When it all goes down, I'm gonna run this city. Heart in my soul, got my eyes on the ground. I can't help myself, really can't turn myself down. I'm in love with you, baby, but I let you down. I can't die in this town, I won't die in this town. Hey. Hey. Come on. I won't die in this town. 100% electric and still 100% Porsche. Thank you, Oli. Ladies and gentlemen, with the Taycan, we believe Porsche has set a new benchmark. When you drive this car, you sense, you feel, you experience what electric mobility means at a luxury level. We plan to increasingly shift our portfolio to BEVs with a focused high-performance platform strategy and a holistic technology approach. This includes innovative technologies and comprehensive charging and software solutions for our customers. Still, providing a unique customer experience always remains at the heart of our strategy. Pioneering spirit is deeply embedded in our company, and we demonstrated that once again in beginning our electrification journey. In 2015, we presented the Mission E, a concept car. It showed what the first purely electric sports car in brand's history should look like. At that time, our aspiration was clear. In terms of performance, fuel consumption, driving dynamics, and everyday suitability, the Mission E was to meet all Porsche standards based on innovative technology. The concept car Mission E became the Taycan, which we launched in 2019. The Taycan is 100% Porsche and, in our view, the trendsetter for sports and luxury BEVs. We consider the introduction of the Taycan to have been a bold and visionary portfolio decision. In 2020, the Taycan was named the most innovative car globally by the Center of Automotive Management. At the same time, the car received global recognition from both customers and industry associations. As Oliver mentioned before, it opened the door to more potential. Many Taycan customers are first time Porsche customers. The decision to launch the Taycan was no coincidence. It is the result of changing customer requirements, detailed customer insights, and corresponding adjustments to our strategy. What you see here is our transition model, and it anticipates customer preferences and models the inflection point at which a Porsche BEV offering will address equal or greater demand than a Porsche ICE-based offering. The greener, the more BEV. By 2030, we expect all of our key markets will be ready for a full BEV offering. Our product roadmap follows the forecasts you have just seen in the transition model. It has proven to be very reliable so far, and it is the basis for our dedicated BEV strategy. It is our ambition that in 2030, the BEV share of our new deliveries will exceed 80%. We believe this reflects among the fastest ramp-up curves among the OEMs, and we are excited about the technological advancements that are yet to come with our new models. Porsche has a strong technology toolkit. This toolkit enables us to continue and further expand our success in the industry's technological transition. We have a great range of own competencies built up over more than 70 years. We have entered partnerships where it enhances our ability to continue developing highly innovative technologies together with the leading global suppliers. We have flexible access to the Volkswagen toolkit. That means we retain the potential to benefit from economies of scale. Our BEV platform strategy is expected to give Porsche the ability to create differentiated high performance vehicles. At the same time, we plan to leverage scale benefits from efficient production and procurement wherever possible. Our BEV program will be based on two platforms, the SSP sports platform and a dedicated Porsche sports car platform. Our full product portfolio is expected to converge on these two platforms in the long term. However, the next generation of the Macan and the Cayenne are developed based on the PPE platform, which we are developing together with Audi. Within the Volkswagen Group, Porsche will take the lead on the development of the SSP sports platform, but we will still have full access to all Volkswagen Group modules. This will give us the flexibility to pick and choose modules as required to ensure scale benefits. Porsche's future electric sports cars are expected to sit on a bespoke Porsche sports car platform, which will cover the fully electric 718. Porsche's transition will continue to be supported by continuous investments in BEV technology innovations. The best driver of innovation for us has always been motorsport. Last year, we presented the Mission R at the IAA. We consider it a groundbreaking concept study for motorsport at Porsche, as well as for the development of new series cars. We believe the Mission R demonstrates our areas of technological excellence in the field of e-mobility, like direct oil cooling of the stator or the battery, 800-kilowatt recuperation, and 900-volt turbocharging. It shows how we are working to achieve our ambitious BEV targets. One of the crucial components of the BEV cars is, of course, the battery. You could say the battery and the cell itself is the combustion chamber of the future. Within this field, Porsche has a holistic strategy extending to high performance battery development, manufacturing, and sourcing. Besides direct sourcing from suppliers and the Volkswagen Group, Porsche has created a joint venture with Customc ells called Cellforce. Through our investment in Cellforce, we are aiming to gain access to technologically advanced batteries in the future, which will leverage the silicon-carbon technology from Group14. Cellforce is majority-owned by Porsche and is in the process of developing lithium-ion cells that are expected to have a very high energy and a very high power density. This is combined with super fast charging and temperature stability. Group14 is focused on developing advanced silicon-carbon technologies for batteries. The company's chemistry is intended to support Porsche's high performance batteries as a supplier to Cellforce. The Volkswagen Group is expected to be an important source of higher volume and cost optimized battery cells, with the aim to enable Porsche's battery needs to be met with a target total growth group capacity of 240 gigawatt hours by 2030. As mentioned before, comfortable and sporty travel are one of our differentiation factors, especially super fast and convenient charging. Today, BEV owners no longer judge their product by the vehicle alone. It's about the overall experience, and super fast charging plays a decisive role. We are offering our customers an ownership experience that is fully in line with our luxury portfolio. Our end-to-end charging ecosystem for Porsche customers provide access to Porsche-owned, partnership-owned, home, public, and highway charging points, including a comprehensive high power charging strategy. We are supporting a timely charging infrastructure rollout through cooperation and joint ventures to ensure sufficient ramp up in all markets. We are also investing in our own super fast charging stations with exclusive access for Porsche drivers to offer them a premium experience. Now, let's look at our software strategy. It gives Porsche flexibility to continue delivering best-in-class solutions and experiences for our customers. When it comes to software, it's similar to the BEV strategy. We have the opportunity to use resources from the Volkswagen Group, and at the same time, we can work very flexibly with partners, if necessary, to deliver on our own cycle plan. The upcoming Macan is planned to be based on the CARIAD E³ 1.2. We plan on adopting E³ 1.2 as a base in close cooperation with CARIAD. However, the E³ 1.2 is being further developed together with partners. The goal is to offer advanced tailor-made solutions for the Porsche customers, especially with respect to ADAS and infotainment. In an increasingly complex world, we believe E³ 1.2 will provide us with both scale and the ability to work with partners, so we can create an optimal solution for the customer who expects to continue the use of their Apple or Google environment in the car. Ladies and gentlemen, allow me to summarize. Porsche has the ambition to be a leader in luxury electrification. Our Porsche Taycan gives a preview of where we want to go. We will aim to align the transformation towards BEV with changes in our customer requirements, and it is supported by continuous investment in technological innovation. We are creating an end-to-end charging ecosystem in which our customers can enjoy the luxurious Porsche experience, also in the BEV world. Thank you. With that, I now hand over the floor back to my colleague, Lutz. Thank you. Yeah. Thank you, Michael. We are driving a digital transformation in all areas of our organization, but especially customer experience. Luxury is about delivering experiences. Porsche is about delivering experiences. Through our digitalization efforts, we are transitioning the Porsche experience into a modern digital world for our connected customers. Digitalization can increase customer connectivity and help us better understand the customer. Our aim is to deepen Porsche's bond with its community through additional touchpoints. We want to reach a growing, younger, and more connected fan base. Our transition is supported by a structured innovation ecosystem, tapping into a global network of talents and partners. We have a wealth of digitalization capabilities at Porsche. At both Porsche AG and Porsche Digital, our developer of digital products. Our global innovation footprint gives us access to a large pool of tech talents. It also allows us to provide solutions tailored to our local customers by working with local leading technology partners. Today, Porsche Digital is present in 9 innovation hubs all over the world. Globally, roughly 1,000 of our employees are dedicated to digitalization. Porsche's digitalization capabilities also extend to MHP, Porsche's management and IT consulting company, with more than 3,000 employees globally. The products created by Porsche Digital are a prime example of our drive in developing innovative digital products for our customers and fans. They are tailored to our customers' local preferences around the globe. We provide digital solutions not just for the car, but for other aspects integrating the car and the broader Porsche brand and community. Much of what we do at Porsche is increasingly fueled by data and AI, from engineering to production and sales. Today, data and AI are already significantly contributing to our value creation. We want to increase customer brand and service loyalty. AI helps us to early identify customers which tend to switch to another brand and to convince them to stay. We believe the AI-based personalization of car configuration has improved user experience and increased upselling potential. Our AI-based matchmaker is helping us to personalize real-time offering of stock cars, especially in those markets in which there is a customer preference for stock cars. As of June of 2022, we had 2.7 million customers in our CRM data pool and 1.6 million unique Porsche IDs. Porsche has a structured approach to investing in innovation, covering different stages of maturity and strategic impact. We are using venture capital as a tool to nurture future strategic partnerships. As an agile unit, Porsche Ventures aims to create an innovation ecosystem with top entrepreneurs across the globe. We consider it a win-win situation. Porsche can gain access to new technologies in a capital efficient way, and the entrepreneurs can further develop their business by leveraging Porsche's know-how. Rimac is a prime example of a venture capital investment that has evolved into a strategic partnership. Rimac develops and produces high-tech components for electromobility, including high performance drives, battery systems, and electrically powered hypercars. We believe this is a win-win situation with mutual innovation benefits for both parties. Porsche joined Rimac as an investor in 2018 with less than 15% of shares. After multiple funding rounds, Porsche today holds a stake of more than 20%. The last funding round closed in June 2022, valuing Rimac at more than EUR 2 billion, according to Rimac. In 2021, our strategic investment train came to a successful conclusion when we founded the joint venture, Bugatti Rimac. To summarize, we are transitioning the Porsche experience into the digital world. To this end, we can draw on comprehensive in-house know-how. We rely on data and AI as crucial drivers of value creation. With Porsche Ventures, we aim to create an innovation ecosystem with top entrepreneurs across the globe. We invest in founders who dare to follow their dreams. If your dreams are keeping you awake and you take your chance. If it's not fame that drives you, but that one moment and a single target. No matter how far it is to reach. If you believe in changing the world. When you give everything, but everything is still not good enough, and yet you still follow your inner voice. When they say forget it, but that is exactly what you cannot do because dreams drive you, then you are one of us. Because we, too, were born from a dream. What about your dream? Dreams have defined us. Sport has made us. At Porsche, we understand that top-notch performance and the pursuit of perfection are the result of successful teamwork. We are jointly mastering the transition. Porsche has a strong performance-oriented team. It is united and driven by the people-centric corporate culture. Passion, agility, a sense of family, and pioneering spirit are the values that define our unique performance culture. We believe our employees are highly competent, experienced, and committed. Given this team spirit and the high motivation to innovate, we are prepared to shape the future. Expressing passion in every car we make is part of our DNA, from developing to producing, sourcing, and sales. Our passion is in everything we do. That is one of the key reasons why our customers buy a Porsche. It has enabled us to increase our brand perception while growing our number of deliveries over the past decades. We want and can scale up without having to sacrifice quality. Passion is deeply embedded in our culture. Having established a number of improvement initiatives, such as Porsche Verbesserungs Prozess or our Engagement Program. These initiatives aim to integrate and motivate our employees to passionately strive for perfection. Our Porsche Ideenmanagement is a continuous program allowing our employees to submit improvement ideas of any kind. With our initiative, Porsche Arbeitswelten, we aim to continuously provide a highly attractive work environment for our talents. Thus, we fuel their passion and drive innovation. All in all, we give our passionate employees a home to use all their talents and live the Porsche legend. Our mood index, Stimmungsbarometer, showed a high result in 2021. 95% agree that Porsche is an attractive employer and viewed positively by its customers and the public. The results show that our employees are very proud to work at Porsche. Be it the semiconductor shortage, the pandemic, or the Ukraine war, whatever obstacle there is, our agile culture is able to tackle challenges and adapt quickly to any changes. We are nimble and flexible thanks to flat hierarchies and a customer-centered approach. Porsche's resilience can also be observed through the record financial results from 2021, our strongest year ever in terms of revenues, despite semiconductor shortages and the pandemic. Thanks to our reputation for innovation and the strength of our brand, Porsche is perceived as a very attractive employer. According to the June 2021 Universum Study published in the Wirtschaftswoche, Porsche ranks as the most attractive German employer among economics, engineering, and IT graduates. We are even outperforming well-known IT companies. We consider this an important differentiator for our transformation, especially for fields of promising tech-technological innovation, such as digitalization or battery development. We cooperate with top universities to attract the best minds in the world, especially for our Weissach development center, for Porsche IT, and for the global network of Porsche digital locations. An overwhelming majority of our employees recommend Porsche as an employer. We do not only provide our employees with the ability to develop leading innovative cars, we all think of ourselves as one big family. Porsche's groundbreaking technological innovations would not have been possible without our performance culture. The drive to innovate and entrepreneurial mentality are part of the Porsche code. We encourage innovative thinking from all our employees. We consider new technologies as an opportunity, and we drive forward future-oriented ideas. We focus on our employees and try to implement their wishes. This leads to a positive working atmosphere which enables innovations. The racetrack has always been the benchmark for us, the origin for new technologies that we transfer to series production cars. There is a racing heart in every Porsche. As one of many examples, take our 919 Hybrid winner of the 24 Hours of Le Mans three times in a row. Its 800-volt technology was an inspiration for the Taycan, our first all-electric sports car, launched in 2019. The Taycan demonstrates our pioneering spirit. We at Porsche believe it has transformed the perception of what an electric sports car could feel like, and it was awarded the most innovative car globally in 2020 by the Center of Automotive Management. Only a handful of car manufacturers can point to such a close and successful connection between motorsport and serious production. After all, I have to repeat, and I'm proud to say, our technological innovations would not have been possible without our employees and the pioneering spirit, both enabled by our performance culture. There are four core values that have always defined our corporate culture. We are one Porsche family and a true home for our talented employees. Our continuous efforts contribute to our engineering spirit and enable us to be innovative time and again. We are agile, adapt quickly to changes, and achieve record results despite ongoing disruptions. Passion, agility, one family, and pioneering spirit. That's the performance culture Porsche stands for. We want to continue along this path in the future, and we certainly do not rest on our laurels. We want to shape the future. With this, I hand over to you, Barbara. Thank you very much, Oli. Ladies and gentlemen, at Porsche, we care about our customers and our planet. We place the highest demands on our products and on ourselves. When it comes to sustainability, we want to be a role model, pursuing sustainable performance for sustainable practices, for secure jobs, and for the community as a whole. Also, for our customers, sustainability is becoming increasingly important. We are thinking ahead and our strategy is ambitious. For us, sustainability has played a key role for years, and we have achieved important milestones. Our ESG rating from ISS is among the best for automotive companies. Our main production and R&D sites are net carbon neutral. We developed and launched our award-winning EV model, the Taycan, at the end of 2019. It transformed the perception of electric sports cars forever. While this was only our first step in electrifying our product portfolio, in 2021, we have already achieved a delivery rate of 13.7% BEV. Sustainability across the company is an integral part of Porsche's strategy. We are addressing our key challenges and opportunities. We are aiming to make a positive impact on society, and we are working to reduce our environmental footprint. At the same time, we use our capabilities to pursue sustainable growth and financial performance. On this path, we have strategic pillars and track their progress. Our decarbonization ambition is a commitment with thoroughly planned steps. This effort includes the development of battery electric vehicles, materials for production, and ultimately recycling our products. We have a detailed decarbonization strategy with four key levers. The first is the electrification of our car portfolio. The second lever is the procurement of green electricity certificates to enable a net carbon emission-free BEV use phase. Third is our vision of our zero impact factory. Last but not least, number four, the decarbonization of our supply chain, for example, via green electricity and recycled materials. Porsche also uses carbon reduction and carbon removal projects to offset emissions in these levers and steers its decarbonization ambition via its decarbonization index, the DCI. It aims to provide a comprehensive overview of the carbon equivalent emissions. It does this throughout the value chain based on lifecycle assessments relying on assumptions. The costs for our decarbonization strategy are integrated in our financial planning. As I already said, sustainability is an increasingly important criterion for customers when selecting a new Porsche. Not only is Porsche becoming more sustainable because it's the right thing to do, but we believe it is also catering to modern luxury consumer. We have the ambition that more than 80% of our cars delivered in 2030 will be fully electric. Even in 2025, our ambition is to already have more than half of our deliveries to come from electrified vehicles. We will go on even one step further. We aspire that all future BEV models will not only have a net carbon neutral use phase, we also aspire that the production and supply chain for these BEV models to be net carbon neutral from launch. To ensure a net carbon neutral use phase, we aim to procure green electricity certificates. Our zero impact factory vision means that we strive to minimize our impact on the environment. We try to achieve this goal by constantly monitoring and striving to reduce, among others, energy, power plant emissions, air pollutants, waste, et cetera. We measure progress by using environmental impact points. We aim to implement more circular production processes, maximizing resources, material and energy efficiency, and optimizing waste and water management. Our Taycan factory in Zuffenhausen is the first milestone on this journey. The entire site was optimized and was net carbon neutral already in 2020, followed by our plant in Leipzig last year. Our quantifiable progressive targets are designed to help keep us on track. We aim for 45% reduction in environmental pollution per car produced, including energy, carbon, water, and waste in 2025 for a reduction of environmental impact points in our Zuffenhausen and Leipzig factories by 95% in 2030. The share of our emissions stemming from the supply chain would rise significantly through electrification if we don't act. What are the key levers of our strategy to decarbonize our supply chain? We seek to apply clear reduction requirements for our suppliers, and we have intensive dialogues with them to present their carbon reduction plans. We are requesting that direct series suppliers use 100% renewable electricity, and we aim to source recycled materials like aluminum or plastic over time. We challenge and collaborate. The core to our supply chain responsibility is our supplier sustainability rating. Porsche follows a risk-based approach, and sustainability is a key selection criterion for direct suppliers of production and non-production material. Several other aspects besides sustainability, such as cost, technology, quality, and logistics, are also considered for the purchase decision. Finally, human rights and ethical conduct in the supply chain are of importance for us. The protection of human rights is part of our S rating, and we do trainings, especially on human rights. Additionally, human rights are part of our raw material due diligence system. There, we seek to identify and mitigate risks in the supply chain beyond tier one suppliers using a risk-based approach. As a partner to society, we get involved. We help people in need through our social projects, regionally at our locations and globally in the markets in which we operate. Our vision is to achieve quantifiable improvement in people's circumstances through our projects. For that, we are developing an impact reporting system through which we aspire to quantify such lasting positive change. Examples of our current long-term impact generation projects are the Responsible Mica Initiative and PAVE. The Responsible Mica Initiative, also called RMI, campaigns for fair and cross-industry mica mining conditions. Porsche supports the RMI since 2020 and is on the board of the Mica Initiative with a total of 8 other board members. A total of 84 companies participate in the Mica Initiative. Secondly, our initiative PAVE, Porsche Aftersales Vocational Education, offers professional training. Since 2015, over 6,100 people have been empowered with educational development and equipped with a technical skill set, improving access to job opportunities in the transforming automotive industry. RMI and PAVE are only examples of our ambition to create lasting, transparent impact globally. Our overarching goal is to improve prospects, increase financial stability, improve environmental management, enhance health and increase community engagement for the people impacted by our projects. Sustainability is a central aspect of Porsche's strategy. Sponsorship for this lies directly with my esteemed colleague Albrecht Reimold, as well as with myself. Due to this split in sponsorship, we further develop and control the internal perspective of production and the external perspective of value chain regarding sustainability. The Porsche Sustainability Council, a group of independent external experts across business, science, politics, and civil society, has provided external expertise since 2016. Sustainability is embedded at various levels of our organization. It is translated into key decision-making, such as for investments and product development. Ladies and gentlemen, allow me to summarize. At Porsche, we stand by our values. We have always seen our success as a responsibility towards society, but also for our customers and our employees. Pursuing sustainable performance means for us to have a comprehensive ESG strategy, measurable targets and track record, an ambitious decarbonization roadmap, and established sustainability governance. That is the core to modern luxury. Thank you very much for your attention. Thank you very much, Barbara, and this is the end of the second part. Before we move to the last section where we talk about governance, financial stellar performance, and the strategic outlook, I would kindly ask you to take another break because we move after this chapter immediately into the Q&A session. Obviously, a couple of you haven't paid attention to the small exhibition that we also have got outside. I know it's hot, but it's really worth taking a look. Therefore, take this break as an opportunity also to step outside, and then we kick it off in 25 minutes for the last part. Thank you so much. I miss you. I fall in love again. Do you think about me? Give me just a smile. I miss you. Would you like to be my lover? Only the rain cover my tears. You are my sweet thing. I miss you. I guess you know. I miss you. I guess you know. I miss you. I guess you know. I miss you. I guess you know. In heaven with you know the truth. Moves you a little bit closer to me. From farther. Every step you take. Moves you a Moves you a little bit closer to me. From farther. Every step you take. Moves you a little bit closer to me. From farther. Every human mind is different. If you want to, you can keep your own distance. Watch the clouds and what becomes of your soul. It's up to you if you want to use the clouds to borrow some other life beyond all of modern earth. Every step you take. Moves you a little bit closer to me. bit closer to me. From farther. Every step you take. Moves you a little bit closer to me. From farther. Every step you take. From farther. Every step you take. Moves you a little bit closer to me. From farther. Every step you take. bit closer to me. From farther. Every step you take. bit closer to me. From farther. Every step you take. Moves you a little bit closer to me. From farther. Moves you a little bit closer to me. From farther. Welcome back once again, ladies and gentlemen. What we would like to show you next is how we believe we can unleash the full Porsche potential. What are the essential components we need for this? Basically, we aim to become even more independent in decision-making and to obtain more entrepreneurial freedom. The domination and profit loss agreement with Volkswagen would be terminated. We at the Executive Board can make key decisions fully focused on what benefits Porsche AG without being subject to instructions from Volkswagen and only in a few cases subject to market standard approval rights by our Supervisory Board. This will help us increase our agility. At the same time, we will continue to benefit from our industrial cooperation with Volkswagen. We will be able to leverage benefits from the wider Volkswagen ecosystem, for example, in purchasing and for standardized technologies. At the same time, increased independence opens up more possibilities for us. As we see it, we will be able to sharpen our differentiation by further refining our value proposition towards luxury and performance. We will also be able to further invest in and develop further specific technologies and engage new Porsche specific partnerships. Our corporate governance setup is well-defined to be effective and efficient. The executive board consists of seven members led by me as chairman. Lutz, our CFO, serves as deputy chairman and is also responsible for IT. Barbara, Andreas, Albrecht, Detlev and Michael are responsible for the other board departments. Together, we have extensive complementary expertise, and we jointly drive our decision making along our key principles. Our supervisory board consists of 20 members representing the interests of the stakeholders and our employees. All members provide a broad and relevant skill set as well as extensive expertise. There is a chairman, Dr. Wolfgang Porsche, and 2 Porsche SE representatives, 5 from Volkswagen and 2 independent ones. The 10 remaining seats are held by employee representatives. The incentivization of top management is in line with capital market standards. It ensures close alignment with stakeholders' interests and is therefore based on Porsche-specific KPIs only. Besides a fixed salary, the board members' compensation includes a short-term incentive as well as a long-term incentive. The short-term incentive is based on returns on sales and return on investment. ESG and governance targets are important multipliers. The long-term incentive is based on virtual shares. Both the short-term and the long-term incentive are capped at 100% and 200% respectively. There is no floor. Overall, as we see it, the governance is designed in a way that enables Porsche to fully unleash its potential. We gain more independence and enjoy entrepreneurial freedom. At the same time, we continue to benefit from our industrial cooperation with Volkswagen. Executive and Supervisory Board consist of members with broad and relevant skills and experience. They will make strategic business decisions with accuracy and speed for the full benefit of Porsche. Our shareholders' interests are well represented given a capital market oriented scheme for incentivization of management with short- and long-term targets. This brings us back to Lutz. Thank you very much. Yeah, thank you, Oliver. As my colleagues have explained, at Porsche, we believe we deliver outstanding cars. As a result of the quality of our cars, we have consistently delivered compelling financial results as well. Like we do on the racetrack, we have the ambition to improve further going forward. Our stellar financial proposition is a result of four key pillars. Our highly attractive positioning, our strong pricing strategy and profitability, our sustainable generation of cash, and our compelling shareholder return. We have a long track record of growth. Over the last 10 years, we have achieved a revenue CAGR of 12%. Year after year, Porsche has managed to increase its revenue. We have demonstrated a strong ability to both retain existing customers and to attract new customers and to generate sustainable revenue even in more challenging market conditions like during the ongoing pandemic and semiconductor shortage. This track record of growth and resilience is a result of strong demand for our products, as well as the continued launch of new models and expansion into new segments. Oliver has presented this page to you earlier. This is the basis of our equity story, but also the key to understand our financial profile and the foundation of our future performance. We believe that our unique combination of scale and luxury pricing has enabled Porsche to achieve a unique position in the luxury automotive segment. This translates into compelling financial results. As outlined by Oliver, Porsche is a global brand, exciting customers in more than 120 markets. We have a truly global presence with a well-balanced geographic exposure that provides both resilience as well as access to emerging markets with significant new potential customer pools. Over the past three years, we have achieved strong growth in our top line, which grew at a CAGR of 8% over the period. We are very proud of that, especially in the context of the pandemic. All of our regions contributed to this achievement. In Europe, the growth was driven by our PHEV portfolio expansion. In North America, our successful introduction of the Taycan captured new customers for the Porsche brand. In China, the demand for the Panamera was particularly strong. In our rest of the world region, we benefited from strong growth in attractive markets, especially South Korea. Thanks to our global presence, we have strong access to potential customers in key markets that supports future growth. Breaking down the drivers of our group revenue growth, you can see that both of our segments contributed to our strong performance. In the automotive segment, vehicles were the main revenue contributor, with volumes as well as price and mix being part of the increase. The remaining growth came from our other businesses like after sales, components, and our consulting branch. Our own captive, Porsche Financial Services, has also positively impacted our top line. Looking ahead, we believe there's a lot of promising potential with respect to further model expansion, with further ASP increases in line with our luxury positioning and with the transition to BEVs, in which we believe we are a luxury BEV performance leader. Porsche has also succeeded in further improving its earning power. Over the past three years, we have increased our group operating profit at a CAGR of 10%. It grew faster than our top line. We have achieved that while investing significantly in the EV transition, as I will explain to you in more detail in a couple of minutes. We see further potential for the future as we continue to leverage our exclusive brand to support premium prices in the luxury automotive segment. We intend to continue to apply our consistent cost discipline and to further scale our Porsche BEV platforms as a baseline of our profitable growth. In addition, we plan to further scale our Porsche BEV platforms in collaboration with Volkswagen. Porsche has two segments, automotive and financial services. Automotive is our main business, representing around 90% of revenue. Porsche Financial Services, our own captive financial services business, plays an important role in supporting our automotive business. Both automotive and financial services have attractive financial profiles. Over the next few pages, we first focus on automotive and then on financial services. In Automotive, we have grown revenue per car to EUR 100,000. That is twice the revenue of premium OEMs, as we discussed earlier. We see further potential from our pricing strategy. We also believe that we can achieve further growth from addressing increasing demand among luxury customers for customization services. This strategy comes through in our limited editions, Porsche Exclusive Manufaktur, and our personalization offering. We want to continue our success story by capitalizing on the upswing in the luxury sports car and SUV segment while expanding our position in the luxury BEV segment. We aim to continuously and systematically identify opportunities to expand our product portfolio successfully and in a way that creates value. Our Automotive operating profit margin improved over the past three years. It has been the result of an increase in our contribution margin, driven by positive volumes, pricing, and mix. On the other hand, it was partially offset by cost increases driven by our EV transformation and negative FX headwinds. Our automotive D&A as a percentage of revenue has remained stable over the period. Going forward, we expect D&A to increase slightly this year and then to come down to around 7% of revenue in the midterm. As already mentioned, we see further potential. Our targeted top line growth in combination with our plans for continued platform scaling and our cost discipline will provide the basis for the future profit expansion plans. As Oliver mentioned earlier, we have a well-developed product and technology base. We were also able to improve capital efficiency over the last three years as automotive investments as percentage of revenue improved from 16% to 12.5%. We aim to improve further through the continued scaling of our BEV platforms. To maintain our competitiveness in the long term, we want to sustainably build on that with targeted investments in coming years. Electrification is at the heart of our strategy. In 2021, 14% of our total deliveries were BEV vehicles. However, our transformation plan was already initiated years ago and significant investments have been made. The share of BEV related investments was around 45% in 2019, and has even increased further to around 55% in 2021. Porsche is focusing on future-oriented technological innovations as part of its research and development initiatives. As mentioned before, our scale is one of our key differentiators within the luxury automotive segment. On average, we have invested EUR 14,000 per car over the last three years, while certain luxury niche players have to invest more than 9 times more due to their limited volume. This allows us to make technological investments via targeting an attractive margin. The efficient and smart use of capital is one of our key mindsets at Porsche. For us, it is key to a sustainable, attractive, and improving net cash flow generation. In 2021, for example, we succeeded in increasing our net cash flow in the automotive segment to EUR 3.7 billion. We remain focused on maintaining our cash generative financial profile through a controlled growth strategy and continued efficiency efforts. We successfully generated EUR 7.4 billion of automotive net cash flow in total over the last three years, even in a challenging environment and against the background of the ongoing transition. The cash flow development over the period was driven by EBITDA, which has been growing strongly in line with our top line. Investments which were impacted by significantly higher investment in electrification. Minor headwinds from working capital as a result of our business model and supply chain constraints. Financing cash flows mainly comprised of profit transfer payments with VW. I've provided you with the details of our financial results. Let me now summarize the core of our resulting unique economic model. Customers buy our products at a luxury price point. That leads to an average automotive revenue per car delivered that is more than twice as high as that of premium OEMs. The trend to customize our vehicles and the demand for higher margin products is also growing as a percentage of total sales and deliveries. Controlled growth continues to be the core of our model. Our motto is that we always build one car less than the demand is. Our strategy is fully supported by our future supervisory board. We benefit from our disciplined cost structure and from our ability to scale investments. Significant BEV investments were made. Going forward, we are aiming to continue our focused investment strategy. All of this leads to an attractive automotive EBITDA margin beyond 24.5% and a net cash flow margin above 10%. Now let's move to Porsche Financial Services, our own captive financing business. PFS plays an important role in supporting our automotive business with a seamless customer experience while delivering excellent returns. We ended 2021 with an all-time high return on equity in the financial services segment of 21.2%. In addition, the business has a high resilience. It is based, for example, on a high proportion of A-rated clients. The quality of the book reflects the quality of our customer base. Markets tend to benchmark performance over a long period of time. At Porsche, we have demonstrated strong growth, but we have also shown strong resilience in challenging periods. In 2009, for example, during the financial crisis, our sales declined by 26% and still we were able to post a return on sales of 9.7%. This result comes from our optimization programs as well as the Porsche mindset that is based on speed, entrepreneurship, and agility. However, we also benefit from our financially strong customer base and continued high demand for our luxury products, even during challenging times. We are proud of our highly efficient processes, our flexibility, and our lean structure. We have demonstrated that we are able to swiftly adapt to new developments without endangering our earning power. This has also allowed us to maintain high margins during times of adversity. Even during the COVID-19 pandemic in 2020, our return on sales was 14.6%. Again, at the start of this year, Porsche demonstrated its robust performance. In light of the global challenges, especially in the supply chain, sales declined by 5% in Q1. However, we were able to increase revenues by more than 4% and our group operating profit by more than 17%. Here we benefited from a strong sales mix, pricing and positive currency effects. The following slide presents our financial outlook for coming periods, including our outlook for the current fiscal year 2022, our midterm targets and our long-term ambition. The outlook for the current fiscal year 2022 is based on a number of assumptions, including no significant deterioration of economic conditions or the COVID-19 pandemic situation in Porsche's main markets. No significant disruptions in the supply chain, especially relating to semiconductors, energy and materials, parts and components. No material price increases of raw materials and no further escalation of the war in Ukraine. The outlook also assumes that in the second half of the fiscal year 2022, the euro remains weak against the currencies of the group's main markets. Now let's start with group revenue. We saw a very strong momentum in Q1 and are confident that we will achieve group revenue in the range of approximately EUR 38 billion-EUR 39 billion this year. This would be a new company record. In the midterm, we target a compound annual growth rate of approximately 7%-8% for our revenue, with lower growth rates towards the end of midterm period. Our growth ambitions are based on our targeted model cycle, our continued pricing strategy and the expected increasing demand for BEVs as we are expanding our portfolio in the upper segment. Moving on to group return on sales. For this year, we expect a group return on sales in a range of approximately 17%-18%. The top end of our expectations is supported by around 200 basis points from FX developments we observe as of today, especially due to the strength of our key currencies against the euro. We have a midterm target for group return on sales in a range of approximately 17%-19%. In this context, the two platform strategy for the BEVs compared to the current ICE platforms is expected to be a positive margin contributor. However, we also aim to increase our automotive EBITDA margin over the years to come. We are targeting a range of approximately 25%-27% in the midterm. We are also aiming to grow our automotive net cash flow margin. Our midterm target for the net cash flow margin is approximately 12.5%-14%, mainly supported by a further improved capital efficiency. Finally, I would like to comment on our long-term aspirations. Beyond our midterm targets, we are aiming for further upside potential, especially when it comes to our profitability levels. Our long-term ambition is a group return on sales of more than 20%. Overall, we are confident in our strong outlook and ability to deliver our long-term strategy. Lastly, we intend to adopt a clear capital allocation policy. We always have an eye on the macroeconomic situation. With the cash we are generating, we support our focused investment strategy, either organically or with selected partnerships. We expect that this will continue to help us to budget with continued efficient capital spending, both in the midterm and in the longer term. On the research and development side, we have made significant BEV related investments in recent years. It is our overall target to reduce the combined CapEx and research and development spend as percentage of revenues. While rising interest rates have reduced our pension liabilities, we intend to progressively reduce the level of our pension deficit and to keep a comfortable net auto liquidity of around 15%-20% of automotive revenue. We believe that this capital allocation strategy will provide us with a solid foundation for our dividend strategy. We are aiming for a dividend payout ratio of 50% in the midterm. What is the best way to sum all this up now? Porsche has an attractive business model combined with a strong management team and a clear commitment to deliver. We will continue to build on our long-term track record of revenue growth and our strong automotive net cash flow generation. We expect that the combination of our strong momentum and attractive outlook will continue to drive us forward. This, ladies and gentlemen, now takes us into the homestretch. Tomorrow is a dream waiting to be dreamt. Tomorrow started more than 70 years ago with one man who had the dream to build the perfect sports car because it didn't exist. Today, Porsche is one of the most iconic brands. The name of our family is on the back of every one of our cars, a family of more than 35,000, with the most talented minds working every single day to outdo what was done yesterday. Porsche is an aspirational brand that not everyone can afford, but one that everyone wants to be a part of. We are the car brand with an attractive cost structure and a price premium of luxury. Tomorrow is what we make of it. We strive for ambitious electrification goals, to be net carbon neutral and have 80% of our cars electric in 2030. Tomorrow is raised today by this family, this team, this company that has survived every storm. We don't just have customers, we have lifelong fans. Incredible. collectors, investors, a loyal and growing community who all believe in tomorrow. Tomorrow starts today. Porsche, a company with an exciting past, a company with a high performance presence, and a company with a fascinating future. I hope we could convey during the last three hours that Porsche is truly unique. We are an iconic global brand with a rich heritage, and we believe we are prepared for the new modern luxury paradigm. We believe we are in the sweet spot of the market and benefit going forward from strong trends for structural growth, luxury, sports car, SUV, and BEV. We believe we are ahead of other luxury OEMs in this mix. We have demonstrated that driving a Porsche is equally exciting in a BEV era. Our portfolio transition to electric mobility is planned to be backed by a high performance platform strategy and a holistic approach covering new technologies, charging infrastructure, and software solutions. We are also committed to sustainability and are working towards a net carbon neutral value chain in 2030. We are in a unique position combining our luxury pricing strategy and customer demand with strong scale effects. We believe our greater scale compared to that of many niche luxury OEMs enables us to invest greater resources with a higher level of efficiency in our luxury performance cars, and we additionally benefit from Volkswagen Group components. As a result, we have historically shown consistently stellar financial performance in good times, but also in challenging macroeconomic environments. Going forward, we believe that we would benefit from increased independence, allowing us to act even faster and more tailored to the needs of the Porsche customers. Let's take a glimpse into the future by starting in the past. Next year we will celebrate 75 years of Porsche sports cars. In 1948, Ferry Porsche laid the foundation for our mission to build cars we dream of, but nobody has yet built. For our motorsport heritage, in 1963, our 911 was first presented, an icon that has shaped and will likely always shape the Porsche brand. In 2002, we introduced the Cayenne, a bold decision to introduce high performance SUVs into luxury sports cars. It marks the starting point of two decades of entering new segments. 2015 again started a new chapter, Porsche's electrification transition. Another bold and, we believe, successful move. The Mission E and the Taycan showed that the Porsche soul is as strong in electric sports cars as in traditional combustion engine sports cars. Now we are aiming to open another chapter in the story of Porsche with the foundation laid for our era of shaping luxury performance BEVs with an ambitious customer-backed product roadmap, technology from cell to charging, exciting customer experiences, and even more opportunities for your individual dream car, Porsche. In this next era, we will focus on five topics. We will continue to invest into our strength of our brand. The evolution of the luxury paradigm is an opportunity for us, and we aspire to shape modern luxury in automotive. In the last two decades, we have achieved a unique combination of luxury and scale. This position and the strong drivers of structural growth allow us to pursue a strategy that is geared to value creation and not absolute growth. We are committed to our sustainability ambition. Working towards a net carbon neutral value chain will be a core focus area for our customers and for our planet. We aim to lead in luxury performance BEVs. Therefore, we will focus our investments on new electric sports cars backed by high performance technology. Last, creating fascinating cars requires a high performance team and great partners. Porsche has always attracted great partners. They will be needed even more in the future. Going forward, we will invest into new partnerships, both in tech and luxury, for the best luxury performance BEVs. My board colleagues and I, together with the support of more than 30,000 Porsche employees, have three ambitions. Leadership in luxury performance BEVs, continued stellar financial performance, and a substantial dividend payout. I hope you are excited by our past, our present, and even more so by our future. I can say for my board colleagues and me, we are 100% excited and committed. Now we are looking forward to answering your questions. Thank you very much. Thank you very much, Oli, and a big thank you to the entire board of management. This was a comprehensive, passionate tour through the entire world of Porsche and a great impression of our business and the vision of modern luxury. Now we get into the Q&A session. Before we start with the Q&A, let me give you a quick intro on the logistics. As said, we want to end at around 5:30 P.M., so this gives us around one hour for Q&A. We will start with Q's here from the room in Weissach. In order to be fair and also taking into consideration COVID and all the mess with German airspace control and at our airports, and a couple of people had to cancel their trips over here, we also take Q's from the webcast. I believe this is fair because we recognize also with the back office there's huge interest, and we even had to cluster a couple of the queues in order to accommodate. We will also find future opportunities for exchanges, so therefore, if we cannot take everybody today, I will be present, and we deal with your interest. On this journey, we will have frequent opportunities again to talk. Now, with the session starting here, we then move on to the internet, and then we will come back for final 2 queues. Okay? With this, I invite the management team to the stage, and then we start it off. With this, I would say we get it started with Patrick from UBS. In order to facilitate it for the colleagues, Patrick is sitting out there. The next one thereafter will be with George Galliers of Goldman. Yeah. Thank you. It's Patrick from UBS, to the far left from your side. I have two questions. The first one is regarding the product launches. We understand that the electric Macan got a little bit delayed by the ongoing issues around the software. At least there was a lot of media coverage of that. I wanted to ask you regarding the timeline of the launch. Would you confirm or commit to a 2023 launch of the electric Macan? And if you can just add a little bit of color how you manage the remaining tasks on the software side. You gave a strategic direction, sort of the E³ architecture and a Porsche layer, but if you can be a little bit more specific how the solution forward looks like. If I can follow up on the product side, the electric large BEV SUV is based on SSP. My understanding was that SSP architecture in the group is not ready until 2025, 2026 or so. Does it mean that's roughly the launch year we're talking about, or will the Porsche sports version of SSP be faster? One question for Lutz on the financials. As far as the resilience of your business is concerned, you briefly touched on your GFC margin of almost 10% in 2009. Now that everybody's worried about a recession on the horizon, would you say that this 10% sort of level is still a floor margin to your business, or would you say the business has structurally improved so that even going into a recession, we will see a margin that's substantially higher than 10% this time around? Thank you. Before we start with the Q&A, I fully understand the strong interest in this company. May I remind you to limit yourself to one Q, because there's a couple of flights going later in the evening, and it would be difficult to extend the Q&A for too long. Thank you very much. Okay. May I start with some quick answers, and then I pass over to Lutz and then maybe to Michael. Talking about the Macan launching activities. Yeah, it isn't a secret. We have some delay because of the software topic, but we are already in launching activities, and we remain to our target starting the ramp up in 2023, being in the market in 2024. In the meantime, we are in very positive conditions that the current Macan is running very strong in the market. I think we will come with a fascinating new electric Macan on the spot. Continuing with the software issue, then I can pass with SSP to Michael and then the question to Lutz. Talking about the software we get from CARIAD, we decided because of timing issues and focusing that we will continue with a 1.2 operating system, which we are currently developing for the Macan to continue with this operating system and this platform, especially when it comes to infotainment or to autonomous driving with partners. We will have a mix with base technologies coming from CARIAD and very competent partners all over the world being able, offering the ecosystems which are needed for our customers in the different regions of the world. Maybe Michael, you can talk a bit about our SSP ideas and timing. The SSP that we will use, this is a SSP for the sports cars, will be developed by Porsche due to Porsche and Porsche customer demands. Whether this will be used by other brands has to be decided by other brands in the Volkswagen Group, but it will be dedicated for Porsche cars. It will be a really performance-oriented luxury platform. Yeah. Regarding the recession question, of course, we have to bear in mind the severe situation now, first of all in Europe, but I think we are quite well prepared for difficult times, as we have already shown in the corona pandemic in 2020. We have shown a very resilient position. We were able to achieve a return on sales margin of almost 15%. Yeah, the reason for this is that we were able to improve our business model during the last couple of years. We have a very balanced sales situation globally, we sell about 1/3 in the US, 1/3 in China, and 1/3 in Europe. That means we are very well balanced. We have a very sound cost structure, a very lean cost structure. We are able to benefit from growing synergies within the VW Group, but also within Porsche, and we were always able to react quickly to dynamic downtrends, and therefore there's a clear answer. I see the return on sales bottoming more towards the 15% line than to the 10% line. The next one I said would be George, and thereafter we take Tim of Deutsche Bank. George sitting over there. Okay, sorry. Yes. Thank you everyone for today, and thank you for taking the question. The question I had was on pricing, given pricing power is a key constituent of a luxury business model. You mentioned a 4% CAGR in revenue per car from 2019 to 2020. What mechanisms or strategy does Porsche have with respect to pricing going forward? Do you look to implement a minimum price increase each year? Do you think about the gross profit you're targeting each year when setting the price? How does FX influence how you think about the pricing on a forward-looking basis? Thank you. Yeah, George, important question. Maybe in between, Detlev and Lutz, no, we can answer. Yeah, I mean, maybe I can. Start. Maybe I can start. First of all, I think, key for us is the strength of brand. A very aspirational, very consistent globally, very strong, and of course, as we mentioned today in our presentation, a very clear and strong product portfolio. The third pillar I would mention here coming to our pricing strategy is, we've put a very high standard, uncompromising standard on quality. This has enabled us in the past to focus on strengthening our price positioning in the world. If you take the past years, we have even been able to increase the price premium of each and every of our model lines. We have taken, as we normally do also during the course of a product life cycle or when we launch new products, price steps which were bigger than usual. Of course, we carefully look at our mix within our product portfolio. Just as a reference, we have been able also here to make a good development in uplifting our mix in our model lines. I give you just an example here. When you take the segment, the price segment above EUR 200,000, compared to 2021 compared to 2019, in a market, for example, in Germany, which increased CAGR of 4%, we were able to increase by 14%. In the United States, even higher. Pricing is about defining the right price. We are continuously assessing and looking at and monitoring the market to look at opportunities. Mix development is important for us. Of course, we talked a lot about personalization today, customization. We see this trend coming stronger in the future. As you know, options for us play also a big role. Customization, exclusive options play a big role. On average, we talk about 21% of our price, of the base price of a model, and the CAGR development in the last five years has been around 10%. If you put all in all here, we see definitely a good position, outgoing position, and we see definitely further potential for pricing strategy in the future. Okay, maybe we can sum it up. When it comes to profitability, pricing and mix play a big role, and we have five drivers. This, our cost structure that we still have opportunities. We improved a lot in the last years. When it comes to scale effects in between Porsche coming from our platform strategy, for example, but also using scale effects in between Volkswagen Group. We have future profit pools and new customer groups, and what Detlev explained, especially mix exclusivity and pricing power. The next one thereafter would be then Tim, and thereafter we have José. Yeah, thank you. It's Tim from Deutsche Bank, and thank you very much also from my side for inviting us here. It's been a really good experience. I was gonna ask you about your margin targets, but you kind of already answered that now, Oliver, and I don't think you wanna put a lot more numbers to that. So I'm gonna ask something else. I think what separates a true luxury carmaker from more premium carmakers is ways to monetize the brand outside of just selling the cars. For example, in the case of special editions, like you already talked about, aftermarket, any sorts of licensing deals. We haven't heard a lot about how much of your total revenues or EBIT. This could be going forward. Do you have a number of special editions you're willing to do per year, for example? Are you gonna give us some sort of target for after-sales? Thank you. Yeah. Maybe I can start a bit with our idea of special editions and then Detlev, maybe you can talk a bit of after market opportunities. Special editions are the core of Porsche driving our brand and so we will continue and expand to do so. Special edition, limited editions, and maybe one-offs and so giving you only a figure, we were able to increase the sales revenue of the GT models in between the last 911 and the current 911 is two times higher, and looking to the 718, it is already three times higher. That shows us the potential we do have with this very focused cars on motorsport. Another good example is before we have seen the film about the Sport Classic, the idea behind this to combine successful items of past decades with modern technology. We published a fifties heritage edition. Now the Sport Classic refers to successful items of the sixties, and then maybe there's space for a seventies and eighties edition. Once we have presented the Sport Classic, it was sold out in between days. That is for us gives us the confidence that our fans love this kind of special editions. We have a lot of opportunities to expand our business on a high profit level. Maybe when it comes to after-sales is even more what we can do there. I mean, yeah, I mean, Oliver, you said everything here. This special series have a crazy emotional aspect for our customers. I mean, they are completely mad about this. But behind this we have a rational and we don't just create special series because we think it's opportunistic. We have a reason because it was a reference to a big moment of Porsche anniversary, or we are basically celebrating the eighties, seventies, or sixties. They are definitely a huge brand shaper when it comes to defining and talking about the brand. We get a lot of headwind when it comes to scarcity of these models. Why are you limiting so this. I just want to make sure here that we do this also on the purpose of quality. We want. I mean, these cars are coming out of the normal process. We are bringing a lot of customized items inside and quality is for us, no compromise. I like your question. Thank you for that. Because luxury is not just about product, it's about all the environment and the way you treat and our customers. I would say, we have many customers, we want still keep the feeling to each and every customers in the world that we can shake their hand personally. This treatment, this way of coming close in contact, whether it's here in Stuttgart, in our factory delivery center or everywhere in the world, is also part of this special feeling we want to continue to have in the future. We talk about omnichannel, what we do on our retail formats, talking about getting away from the normal dealership to a brand destination where people, community meets. Our Porsche Experience Centers are completely unique in the automotive world. Nobody has this. Where you can go drive a car, meet with the community, talk about classic cars, bring your family, is something we will continue to invest in the future heavily. Brand experience. Good. The next one we're gonna have of José, then we turn it over to Mike and to Horst, and then we move it to the internet, and we'll come back to the room. Thank you very much. José from J.P. Morgan. We're here. Thanks for the presentation today. Just one question, please, maybe to Oliver and Michael. What does it mean to move from MLB to PPE? What kind of an opportunity do you see from a CapEx perspective and also from an economies of scale perspective? Michael, would you? Yeah, I would like to take that question technically. The PPE is by far the more modern platform, and the variant we use for the coming Macan is designed for BEV only. If you look at older platforms, we did decide not to develop vehicles that are mixed for ICEs and fully electric vehicles. We are focusing on electric-only platforms. Next one would be then Mike. Thanks. It's Michael Dean from Bloomberg Intelligence. Thanks again for today. I'm still feeling a bit queasy after going around in the GT3 with Mark Webber, but it's been a fantastic day. Just another question on the Macan BEV. What's going to be the initial capacity for this in 2024-2025? I understand it's interchangeable with the ICE version. Will you see any supply constraints, such as with batteries? And how does the margin for the first generation of the BEV compare with the ICE version? Thank you. Yeah, talking about margins, Lutz, and between ICE and BEV. Yep. Shall I start? Yeah. Okay. Yeah. We are in a situation that at this point in time, the margin for BEVs is slightly lower than our margin for combustion engine cars. You know the situation on the raw material markets when it comes to batteries. Battery cells are very expensive so far, and we were obliged to heavily invest in our BEV transformation and also our digitalization. In 2018, we decided to invest about EUR 15 billion for our electrification activities and digitalization. We already invested the major part for our BEV transformation when it comes to production facilities and also equipment. Therefore, we are quite sure that we can benefit in future from our economies of scale within Porsche. We already mentioned that we count on just two BEV platforms in future. The two-door sports car platform starting now with the 718 successor, and then the four-door sports car platform for the Taycan, the Panamera, and also the Cayenne. That means we can focus on the synergies within the Porsche group and we can benefit a lot in future from these synergies. Therefore, we are quite sure that we can close the gap between the profitability for BEVs and for combustion engines cars quite soon. I think in about two years we can close the gap, and we see further potential for increasing our margins for the BEVs in future. As we have already mentioned, we see potential in pricing since we have seen strong willingness for our customers to pay premium prices in the BEV segment. We have the proof of concept with the Taycan, and therefore, we are quite sure that we can increase our profitability margins for our BEVs. The last one now for the first session would be with Horst, before we come back then after the intermission to the room. Yeah. Thank you. It's Horst here from Bank of America. I've got one and a half question, Björn. First one is for Lutz. Lutz, I mentioned that again to you here in the breaks that we had on FX. You do 60% of your unit sales in U.S. and China, 100% production in Germany. Could you elaborate again on the probable FX gains? Is the calculation wrong that this could drive your margins in the next 2-3 years by 1%-2%? Yeah. Could you maybe comment a little bit on the allocation of these profits? The half question that I have, simple one, R&D and CapEx to sales ratios, would you give us that? Would the CapEx change a lot if you were investing into Formula One? Okay. Yeah. Thank you for your questions. Yeah. It's very important to know that we have a strong tailwind from FX in 2022. I already mentioned our target for our group return on sales for 2022. It will be about 17%-18%, and FX tailwind will support this by approximately 200 basis points. We are absolutely convinced that Porsche will benefit from the strong demand for our products in our international markets this year, namely China and the US. Therefore, of course, I already mentioned our midterm target for our return on sales ratio will be between 17% and 19%. When it comes to the upper limit, then there is the assumption that we don't see a certain weakening situation for our key currencies compared to the euro. That means the increase in our margin in midterm will come from our operational performance and not from the FX development. Of course, we have FX hedging policy in place. It's a conservative, flexible one. We mostly use forwards and options with a clear focus on the next 5 years in order to give stable planning assumptions for important business decisions. Good. With this now, we would move to a couple of Qs from the internet, also to have this audience with the chance to ask a couple of questions. How will the Volkswagen AG participate in Porsche AG's cash flow after potential partial IPO of Porsche? And how will a possible termination of the profit and loss share agreement will be implemented? It's- Yeah A question for you, Lutz, no? Yeah, yeah. Absolutely, yeah. Yeah, we have a clear plan for a capital allocation strategy, of course. Yeah, following our strong EBITDA, we aim to achieve a midterm net cash flow margin in between 12.5%-14%. Of course, we want to invest some of the cash flow generated in important investments when it comes to research and development, and of course, in CapEx, first of all, for our transformation towards electrification. We will focus also on important investments in startups and M&A activities with preference for partnerships. We have in mind a clear risk and return requirement when it comes to these kinds of investments. Of course, due to the very positive situation when it comes to our pension liabilities due to the increased interest rates, we want to fund significantly our pension deficits. All this will lead, of course, to a very promising dividend payout ratio possibility in the midterm. I already addressed our midterm target for the dividend payout ratio of 50%, and of course, VW will also benefit from this payout ratio. The next one is coming from Jürgen Pieper: To which degree you expect to be more independent from Volkswagen going forward? Yeah, I can catch this question. We would expect benefits from the increased entrepreneurial freedom, especially when it comes to decision-making. Sometimes in the past, we had to agree some decisions we have taken in Porsche, so we can reduce the time and getting speed. What we plan to establish is a framework for our industrial cooperation, where we have a clear contract how the entrepreneurial freedom is defined on the one hand side, while on the other hand side, we are still in conditions to use the scale effects in Volkswagen Group. We explained before picking up component parts when it comes to scale effects of volume. The next one is: Hello. Could you please explain us your strategy around e-fuels? It was, and it is one of the key differentiating aspects of your electrification strategy on top of the BEVs. How do you see the 911 evolving to carbon neutrality? Yeah. Maybe Michael. Yeah. Will you start? So- to pick up this topic? First of all, our main focus is e-mobility. In addition to this commitment to electrification, we plan to offer synthetic fuels, e-fuels, that are close to CO2 neutral for existing car fleet, for classic cars, and as well for the 911. Once again, main path, main target, is electrification strategy. As long as we see really huge customer demand for the 911, we will keep it and help to make it sustainable. Good. Let's come to the next one. How does the Porsche culture contribute to continuously being at the forefront of innovation? Yeah, maybe. Yeah. Yeah. We can pick it up, please. Yeah. Sorry, Oliver. Yeah, it's a very interesting question, I think. If you look at the groundbreaking technical innovations of the past, I think most of them would not have been possible without our great employees. We have a lot of very highly sophisticated engineers, for example, in our R&D center in Weissach, and they make every year thousands of patents, 1,100 to be concrete last year. We pay them a remuneration for this. We also have a system in place where our employees can submit good ideas, and we had 1,300 employees last year who got rewarded for their ideas. Our culture drives entrepreneurial spirit, and I think over the past decades, we have very much demonstrated our innovative abilities over and over again, and I can promise we will do so in the future. Oliver mentioned in his presentation already one very interesting issue where you can see how technology from the motorsport, the 919 Hybrid technology with the 800-volt technology was transferred to the series development, and you can see it in the Taycan. Thank you. I would recommend that, because I've still seen a couple of Qs in the room, that we take around three more from the web before we move back here to the room so we can finish on time. How do you think about moving customers into a higher-end segment, and how do you expect to improve mix in respect of the product? To which degree is this candid or an ambition only? Yeah. Thank you for the question. Yeah, I think part of the Porsche strategy is to be a brand for our customers' life cycle. Call it car for life, customer for life, and trying to fulfill their aspiration along their own personal journey through life. For us, it's very important because this way we keep the customers in our own Porsche community. We carefully evaluate also product launches in the future with the aim to further sharpen our high-end luxury positioning. As we mentioned today, talking about this upper lifecycle upside potential, we are also looking to expand at the upper end of our portfolio. Within our portfolio and adding another model line. Mm-hmm. The next one would be, and this very much connects to the driving performance that we had this morning, with a couple of our classic cars, sports cars. How do you transition classic ICE performance elements, and this not only from the racetrack into a BEV world? Perfect for you, Michael. Yeah. Thank you for that question. We will really aim to ensure that the Porsche will always drive and feel like a Porsche. It's a driver's car, and we are a performance company. From my point of view, electrification is an opportunity to differentiate maybe even more. If you look at the Taycan, for example, how low this car sits on the road, and this comes from proportions from a unique car concept and longitudinal acceleration and performance is given, lateral will stay, precision performance, handling, steering, braking, whatever makes a Porsche ICE a Porsche will be there with BEVs and even more like low center of gravity and preciseness of the pedal and things like that. Great future for BEVs. Maybe I can add some aspects and how we think differentiation can work in the era of BEVs. We are carrying over traditional values like our high quality standard, our stunning design, then as performance mentioned by Michael, but also fast traveling by fast charging. Mm-hmm. The touch and feel, the drive experience we can offer to our customers and then, underlining everything is sustainability, where we think that we will be able to differentiate from others in the BEV era. Okay. With this now we move here back to the room and taking a look at the watch, I would say we take Henning, Theo, and then as the last one, Oliver. Henning's sitting over there. Theo is sitting over here. Hi, it's Henning from Barclays. Good afternoon. I had a question for Lutz. I was curious about your comment that you expect the sales growth to decelerate towards the end of the midterm period. I just wanted to understand how that relates to your model launch pipeline because you have the Macan and we heard 2023 for 2024. Obviously your current year targets, they're quite a bit above the average, but if you could just explain the puts and takes a little bit, what decelerates you below the 7%-8% sales CAGR towards that midterm period, considering that that's when you're gonna have your models come out. Do you want to start with the product? Yeah, I may start with the products. As we mentioned, we have a very progressive ramp up of battery driven electric vehicles. Our aim is to deliver in 2030 over 80% full electric cars to our customers. We are running well, looking back to last year, we were able to deliver already 25% electric cars almost worldwide and 40% in Europe. The majority have always been or already been fully electric. We announced that we will come as the next full electric car, the Macan, we already talked about it, and then the next one will be the 718 and as we have shown, furthermore to come. We think that we are well on the way with our progressive BEV strategy. Yeah. Yeah, as Oliver mentioned, our next BEV model will be the Macan, our so-called volume model, and therefore we'll see a stronger increase in sales in the upcoming two years. Of course, we have a lot of potential also in the second half of our midterm years, but we try to use, as in the past, very conservative assumptions. The next one would be then Tio, and then it's Oliver. Hi there. It's Tio Charbaghi from Fifthdelta. Thanks so much for your time today. It was very productive, and I think exciting for all stakeholders to see Porsche AG as an independent company. That'll benefit everyone, including VW Group. Just on the product strategy, if I look back to attending the Mission E launch in 2017, again, round figures and my, not your disclosure, Björn, but 250,000 global units, 35,000 Panameras. We all thought the Mission E and now Taycan would have been the natural successor to the Panamera. It was almost an evolution. The positive surprise is you're still doing ballpark 35,000 Panameras and 50,000 potentially Taycans in 2022 or 2023. How does that help you think about the opportunity for white space on the Macan EV or the Cayenne EV or the 718? You know, can you replicate that success with the future products? Thank you. Yeah. Maybe I can take this question. The comparison you have done in between Taycan and Panamera shows us that our positioning of the models is well-balanced. We are targeting different customer groups with our cars, and we will do so in future as well. Coming to the Taycan, we have seen that we were able, in 2021, to double sales comparing it with 2020. Now we are already on a level of around 40,000 units, which is more or less the same level like our icon, the 911. I think, which is very remarkable that 60% of our customers of the Taycan are new to the brand. This gives us the confidence for our BEV strategy that we will be able to tap new customer groups with the electrification strategy while we are able to retain our traditional customers. The secret behind this is that once we have started the project with the Mission E, our goal was to engineer and to produce a 100 percent Porsche. That's the feedback we are getting from our customers and also from the media around the world. This is our goal for all future BEVs as well. Next and last one would be then Oliver over here. Hi, Olivier Hirtum with APG. I would also like to thank you very much for today, and it was very interesting. A lot of questions have already been asked, so maybe I go in a slightly different direction. You already gave us your plans for corporate governance in the future of the company. Could you tell us a little bit more about how you plan to safeguard independence or independent directors to safeguard potential minority investors? As a second subcomponent, you also gave us very ambitious plans for ESG. That's great. Could you also tell us a little bit whether these will be compliant with the Science Based Targets initiative, please? On independence, I already answered that we are in progress to work on an industrial cooperation agreement together with Volkswagen Group. In the upcoming weeks, we can go into more details. We think that will be very important to have a clear contract how independence is organized. For us it's important to get more speed and on the other side, still using scale effects and with a close cooperation with Volkswagen Group. When it comes to ESG, we think it is very important to measure the progress of our sustainability strategy, which is already based into our Porsche strategy since years. As we have seen in the presentation, for example, in the ISS ranking, Porsche is ranked very strongly. For us it's important when it comes to sustainability that we think sustainability is our responsibility for future generations to build the world. We are working on sustainability with a global perspective, also in ecological topics, but also for social topics and how we drive the company. One important issue is carbon neutrality. When it comes to climate protection, I think it's the most important challenge for our generation. Also we are thinking globally, starting in engineering, what materials do we use? What level of recycling do we have? What energy is used for producing our parts, the whole supply chain? How we are driving our factories, which are already net neutral, like our engineering center here in Weissach or our factories are based in Zuffenhausen and in Leipzig. Then our clear BEV strategy for the future, and not only coming with BEVs into the market, also important is which energy are using our customers, and therefore we will invest heavily also, for example, in renewable energies, like wind and solar, together with partners. Thank you very much. Thank you very much to the entire team for taking the time, in particular Detlev, after your big day yesterday. It was a pleasure for the entire team to present and host you over here at our center of DNA with research and innovation. Just to be ultra clear, this is something really special that you're over here. Not that this is a commodity. This over here is really the cornerstone and the foundation of everything which is about to come in the years to come. Therefore, I also want to give a big thank you to all of you that you played by the rules and you put the sticker on your phones. Why? This gives me the opportunity and us the opportunity to invite you again, because otherwise it could be a bit tricky to host such an event again over here. With this, I see this and we see this as a foundation of a trustful relationship going forward. Great that you had been here. We are very happy to have you joining us on this journey, and with this, have a safe trip back home. We look forward to stay in touch and very, very big thank you also to all the team behind the cameras, in the back office, in Zuffenhausen, in Weilimdorf, and everywhere else who helped with the preparation. This is the first Capital Markets Day for this company since a decade. This is really something. Don't underestimate, you're a great crowd, but at the same time it's also a big task to accomplish. Thank you very much. Safe travels.