12. Intangible assets

Other intangible assets comprise in particular concessions, purchased customer lists and dealer relationships, industrial and similar rights, and licenses in such rights and assets.

The allocation of the brand names and goodwill to the operating segments is shown in the following table:

The impairment test for recognized goodwill and brand names is always based on value in use, which has been determined at the level of the respective brand. In this process, the WACC rates, based on the risk-free rate of interest, a market risk premium, peer-group-specific beta factors and the cost of debt, are applied. For more information on the general approach and key assumptions, please refer to the details provided on intangible assets in the “Accounting policies” section. Moreover, the following aspects were of significance for the brands with material recognized brand names and goodwill:

The volume planning of the Porsche cash-generating unit (Porsche CGU) is based on regional differentiation and takes account of the impacts of currently known regional conflicts. In this context, challenging market conditions are expected due to protectionist tendencies, particularly in the markets in China and the USA, and additionally to more intense competition in China. Likewise, the plans anticipate that the transformation towards e-mobility will slow down compared with the previous year. Positive price effects will be supplemented by a globally balanced and value-based unit sales structure. The negative impact on earnings expected from 2025 onward from continuing rises in the cost of materials and from emission and fuel consumption legislation is to be offset by corresponding programs to increase efficiency. The strategic “Road to 20” program is intended to contribute to the long-term intensification of existing activities with a focus on optimizing the cost structure. Measures resolved by Porsche AG in fiscal year 2025 to strengthen the company’s short- and medium-term profitability have not been included in the impairment test as of December 31, 2024 because the measures were resolved after the reporting date.

Slight declines are expected in the commercial vehicle markets relevant to the TRATON GROUP in 2025 to 2029, with variations from region to region. Based on volume and price effects, it is nevertheless anticipated that sales revenue in the cash-generating units of the TRATON GROUP (CGUs of the TRATON GROUP) will increase over the planning period. The five-year plans of all CGUs of the TRATON GROUP forecast an increase in e-mobility. The costs of the transformation have been included in the cash flows.

At Scania Vehicles & Services, a rise in sales volume, higher average selling prices, and the expansion of the vehicle services business are additionally having a positive impact on the planned cash flows.

At MAN Truck & Bus, higher unit sales, the transformation to e-mobility and the realignment program launched in 2021 have a beneficial effect on cash flows.

In addition, International Motors is to be strengthened with measures ranging from use of the powerful component and technology organization within the TRATON GROUP through expansion of the financial services business to even more effective use of one of the largest independent dealer and service networks in the North American market, to which International Motors already has access today.

For all cash-generating units, except the Porsche CGU, recoverability is not affected by a variation in the discount rate of +0.5 percentage points or of the growth forecast for the perpetual annuity of −0.5 percentage points.

If the discount rate applied to the Porsche CGU were to increase by 0.5 percentage points, the recoverable amount would correspond to the carrying amount. If the current discount rate of 10.8% is used, the recoverable amount of the Porsche CGU exceeds the carrying amount by €3.5 billion.

Research and development costs developed as follows: