Dr. Manfred Döss
Legal affairs and compliance
Member of the board of management
Hans Dieter Pötsch
Chairman of the board of management
Dr. Johannes Lattwein
Finance and IT
Member of the board of management
Lutz Meschke
Investment management
Member of the board of management
Dear shareholders,
Porsche SE can look back on a successful fiscal year 2023. Following the acquisition of 25% plus one share of the ordinary shares of Porsche AG, the focus this year was on continuing to develop our financial and investment strategy. One important part of this was the repayment and long-term financing of our financial debt. We accomplished this in an impressive manner with the placement of a Schuldschein loan in a record amount of around 2.7 billion euro and bond placements totaling 2.0 billion euro. These successful issuances underline the high level of confidence that we enjoy among long-term investors, also in the debt capital market.
Our business developed positively in 2023: The group result after tax of Porsche SE amounted to 5.1 billion euro. This group result after tax was significantly influenced by the result of our core investments in Volkswagen AG and Porsche AG accounted for at equity of 4.8 billion euro and 0.4 billion euro, respectively. Overall, Volkswagen AG and Porsche AG achieved good results despite the continuing difficult economic situation due to the war in Ukraine, ongoing supply chain issues and above-average inflation. Porsche SE consistently supports the strategic orientation of both Volkswagen AG and Porsche AG. We are convinced that these two core investments will successfully drive forward the transformation of the automotive industry.
The net debt position of the Porsche SE Group decreased to 5.7 billion euro as of 31 December 2023, compared to 6.7 billion euro as of 31 December 2022. In addition to the dividends from our core investments Volkswagen and Porsche AG, Porsche SE received tax-related refunds of around 500 million euro. This has further strengthened our liquidity position and increased the financial headroom to repay financial debt and make value-increasing investments. In order to maintain a sound financial profile, we continue to focus on an investment grade profile. In the long term, we aim to achieve a low double-digit loan-to-value ratio.
In the portfolio investments segment, we have made further investments in companies in the mobility and industrial technology sector. Amongst others, our portfolio companies also serve the growth markets for electrified and connected mobility and high-performance computing.
We were successful on the legal side as well. In March 2023, the Higher Regional Court of Stuttgart issued a model case ruling in a capital markets model case in connection with the diesel issue. In its ruling, the Higher Regional Court did not side with the plaintiffs and the establishment objectives sought against Porsche SE were overwhelmingly not made. On the basis of the establishments objectives made in the model case ruling and the current status of the matter in dispute in the initial proceedings, all investor claims against Porsche SE are expected to be dismissed. The ruling is not yet legally binding.
Looking to the fiscal year 2024, we expect Porsche SE to generate a group result after tax of between 3.8 billion euro and 5.8 billion euro. We also aim to further reduce the group’s net debt by 31 December 2024. The group’s net debt is estimated to amount to between 5.0 billion euro and 5.5 billion euro.
As in prior years, the board of management and the supervisory board would like you, our shareholders, to participate in our company’s success. We continue to pursue a dividend policy based on reliability and stability. For the fiscal year 2023, we therefore propose a dividend of 2.56 euro per share to be distributed to the holders of preference shares and of 2.554 euro per share to the holders of ordinary shares. This is equivalent to a total distribution of 783 million euro.
Porsche SE pursues the overarching goal of creating sustainable value for our shareholders. This requires investing in companies that contribute to the mid- and long-term profitability of the Porsche SE Group. At the same time, we want to ensure the availability of sufficient liquidity reserves. Our existing core investments in Volkswagen AG and Porsche AG make a significant contribution to this. In the long term, we will expand our investment activities and further develop Porsche SE as an investment platform. This also includes intensifying our partnerships with leading global investors. Diversifying the investment portfolio will increase the resilience of Porsche SE.
Annual investments in the low triple-digit million range are planned for the further expansion of the portfolio investments segment. In addition to the mobility and industrial technology sectors, we will also be investing in related areas. Sustainability aspects are an integral part of our corporate governance and the strategy of the Porsche SE Group.
Our strong group result, the positive development of net debt and the successful investments show that we have successfully developed Porsche SE in the past year. We will consistently pursue this path in 2024. While doing so, Porsche SE continues to count on your trust and support.
Hans Dieter Pötsch
28 March 1951
Born in Traun, near Linz, Austria
1973 - 1979
Study of industrial engineering at the Technical University of Darmstadt, Germany
1979 - 1987
BMW AG, Munich, Germany - latterly as Head of Group Controlling
1987 - 1991
General Manager for Finance and Administration at Trumpf GmbH & Co.KG, Ditzingen, Germany
1991 - 1995
Chairman of the board of management of Traub AG, Reichenbach, Germany
1995 - 2002
Chairman of the board of management at Dürr AG, Stuttgart; in addition responsible for the central function 'Quality Management, Planning, Internal Auditing and Company Communications'
2003 - 2015
Member of the board of management of Volkswagen AG, Wolfsburg, Germany, Responsible for 'Finance and Controlling'
since 2009
Member of the board of management of Porsche Automobil Holding SE, Stuttgart, Germany
since 2015
Chairman of the supervisory board of Volkswagen AG, Wolfsburg, Germany
since 2015
Chairman of the board of management of Porsche Automobil Holding SE, Stuttgart, Germany
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2023
20 February 1958
Born in Bad Kreuznach, Germany
1978 - 1984
Studies in law at the University of Mainz, Germany
1984 - 1987
Post-graduate clerkship
1987 - 1990
Assistant at the Johannes Gutenberg University, Mainz, Germany
May 1990
Doctorate in law (Dr. jur.)
1990 - 1996
Employee in the legal department of mg technologies ag, Frankfurt/Main, Germany
1996 - 2004
Head of the legal department of mg technologies ag (today: GEA AG), Frankfurt/Main, Germany
2005 - 2013
Head of group legal/board affairs of RWE AG, Düsseldorf, Germany
May 2013 - December 2015
Head of the legal department and general representative of Porsche Automobil Holding SE, Stuttgart, Germany
January 2016 - February 2022
Head of group legal affairs of Volkswagen AG, Wolfsburg, Germany
since January 2016
Member of the board of management of Porsche Automobil Holding SE, Stuttgart, Germany Responsible for 'legal affairs and compliance'
since February 2022
Member of the board of management of Volkswagen AG, Wolfsburg, Germany, functional responsibility ‘Integrity and Legal Affairs’
since September 2022
Chairman of the supervisory board of AUDI AG, Ingolstadt, Germany
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2023
23 May 1973
Born in Pforzheim, Germany
1992 - 1993
German Armed Forces, Professional Soldier
1993 - 1998
Studied Business Administration at the Saarland University, Saarbrücken, Germany and at the University of Southern Colorado (USC), Pueblo, USA
1998 - 2000
Doctoral student, Finance department, DaimlerChrysler AG, Stuttgart, Germany
2001
Doctorate in Business Administration (Dr. rer. pol.) at University of Dortmund, Germany
2001 - 2002
Partner in a strategy consultancy, Transnova Management Services GmbH, Dortmund, Germany
2002 - 2008
Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany, various executive and project management functions in the finance area, most recently Assistant to the Deputy Chairman of the Board of Management and CFO
2008 - 2022
Porsche Automobil Holding SE, Stuttgart, Germany, various executive functions in the finance area, most recently Senior Vice President Finance and Investment Management
2012 - 2014
Head of Department Corporate Finance & Treasury, Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany
2021-2022
Porsche Financial Services GmbH, Bietigheim-Bissingen, Germany, most recently Chairman of the Executive Board (CEO)
since February 2022
Member of the Board of Management of Porsche Automobil Holding SE, Stuttgart, Germany, responsible for 'Finance and IT'
Appointments:
All appointments are outside of the Group.
Appointments as of 31 December 2023
2 April 1966
Born in Hilden, Germany
1986 - 1991
Studied Business Administration at Cologne University, degree in Business Administration, Germany
1991 - 1992
Tax Consultant of KPMG, Düsseldorf, Germany
1992 - 1995
Head of Audits of KPMG, Düsseldorf, Germany
1995 - December 1998
Manager of KPMG S.p.A. Milan, Italy
1999 - 2001
Head of Group Consolidation of Hugo Boss AG, Metzingen, Germany
2001 - December 2003
Head of Accounting of Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany
2004 - 2009
Head of Controlling of Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany
since November 2009
Member of the board of management Finance and IT of Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany
since October 2015
Deputy Chairman and member of the board of management Finance and IT of Dr. Ing. h.c. F. Porsche AG, Stuttgart, Germany
since July 2020
Member of the board of management of Porsche Automobil Holding SE, Stuttgart, Germany,
Responsible for ‘Investment management‘
Mandate:
All appointments are outside of the Group.
Appointments as of 31 December 2023
