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

Letter to our shareholders

Dear shareholders,

Porsche SE is looking back on a successful fiscal year 2021. Despite persistent negative effects from the Covid-19 pandemic, we generated a group result after tax of 4.6 billion euro. This marks a substantial increase in comparison to the prior-year result of 2.6 billion euro. The group result after tax is significantly influenced by the result from the investment in Volkswagen AG accounted for at equity of 4.6 billion euro, after 2.7 billion euro in the prior year. Net liquidity of the Porsche SE Group amounted to 641 million euro as of 31 December 2021, compared to 563 million euro end of 2020.

Our core investment, Volkswagen AG, has demonstrated remarkable robustness in the face of the Covid-19 pandemic. Although the global semiconductor shortage had an increasingly negative impact on business figures in the second half of 2021, Volkswagen advanced its transformation into a softwaredriven mobility provider.

The next stage of this transformation is to follow: By providing positive support for a possible IPO of Porsche AG, Porsche SE is supporting an expansion of the financial flexibility of Volkswagen AG and, at the same time, an increase in the entrepreneurial opportunities of Porsche AG. Porsche SE and Volkswagen AG have entered into a cornerstone agreement. In connection with a possible IPO, Porsche SE would acquire 25 percent plus one share of the ordinary shares of Porsche AG from Volkswagen AG. Volkswagen would use the proceeds from a possible IPO of Porsche AG to finance the industrial and technological transformation of the Volkswagen Group as well as for further growth.

In the course of the further development of PTV, we were able to win a strong partner in the private equity company Bridgepoint Advisers, which acquired a majority shareholding in PTV. Porsche SE retains a significant stake in the company. Together with Bridgepoint, we aim to continue to drive the growth of PTV. Porsche SE received a cash flow of around 240 million euro from this transaction, which will be used for further investments in the mobility and industrial technology sector as part of our investment strategy.

There were also additional positive developments. AEVA and Markforged completed successful IPOs. In July 2021, we made a new investment in Isar Aerospace, a start-up from Munich that develops and produces carrier rockets for transporting satellites. In September 2021, we also acquired a share in the Israeli company proteanTecs, whose technology enables function and performance monitoring of semiconductors and electronic systems.

In terms of legal proceedings, there was little movement in the fiscal year 2021. Amongst other things, due to the Covid-19 pandemic very few hearings took place in 2021. A positive step for us was a ruling by the Regional Court of Stuttgart in August 2021 dismissing an action in connection with the diesel issue of 124 million euro as inadmissible. The plaintiffs filed an appeal against the ruling to the Higher Regional Court of Stuttgart. However, the Higher Regional Court of Stuttgart considers the appeal to be unfounded for obvious reasons and has advised the plaintiffs to withdraw the appeal. Overall, we are convinced that the lawsuits brought against our company are without merit and in some cases also inadmissible.

Being admitted to the German share index DAX in September 2021 was an important step for Porsche SE. The decision to join the index naturally also caused higher demand for our company from index-oriented investors and funds. We are convinced that the DAX listing will further improve our market positioning as an investment holding company, which will in turn make us more attractive as an investor.

We can look at the fiscal year 2022 with optimism. We anticipate a group result after tax of between 4.1 and 6.1 billion euro. We also aim to achieve positive net liquidity as of 31 December 2022. This is expected to be between 0.6 and 1.1 billion euro, not taking future investments and divestitures into account.

As in prior years, the board of management would like you, our shareholders, to share in our company’s success. For the fiscal year 2021, we propose a dividend of 2.560 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 corresponds to an increase in the payout to around 783 million euro, after 676 million euro in the prior year.

Looking forward, we are convinced that Porsche SE will generate a significant increase in its enterprise value with its investments. We continue to count on your trust and your support on this journey.

Hans Dieter Pötsch

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Members of the board of management

Hans Dieter Pötsch

Chairman of the board of management

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Curriculum Vitae

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

Dr. Manfred Döss

Legal affairs and compliance
Member of the board of management

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Curriculum Vitae

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 - February 2022
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’

Dr. Johannes Lattwein

Finance and IT
Member of the board of management

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Curriculum Vitae

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'

Lutz Meschke

Investment management
Member of the board of management

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Curriculum Vitae

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‘