Dr. Manfred Döss
Legal affairs and compliance
Member of the board of management

Hans Dieter Pötsch
Chairman of the board of management and Chief Financial Officer

Lutz Meschke
Investment management
Member of the board of management

Letter to our shareholders

Dear shareholders,

The automotive industry is undergoing a fundamental change. Electromobility, digital connectivity and autonomous driving will revolutionize our industry. Porsche SE supports Volkswagen AG with its “TOGETHER 2025+” strategy, which entails both the transformation into a digital technology group as well as increasing the company value. In the past fiscal year, we demonstrated by increasing our investment in Volkswagen Group that we at Porsche SE are convinced of the potential for increasing value added. Our 53.1 percent stake in the ordinary shares in Volkswagen guarantees a stable ownership structure.

The past fiscal year was very successful for Porsche SE. The group result after tax rose to 4.4 billion euro, an increase of 26.3 percent compared to the prior year (3.5 billion euro). This development was significantly influenced by the result from the investment accounted for at equity in Volkswagen AG of 4.4 billion euro, after 3.6 billion euro in the prior year. As of 31 December 2019, net liquidity stood at 553 million euro (prior year: 864 million euro). The decrease is primarily attributable to the acquisition of Volkswagen ordinary shares.

Our subsidiary PTV AG also performed encouragingly. Thanks to a strong fourth quarter, revenue increased to 116 million euro in the fiscal year 2019. The bottom line is double digit revenue growth and at PTV level a positive operating result of 5 million euro. The new Executive Board of PTV has also developed a strategy to align the company more strongly towards cloud-based solutions in the future.

In addition to this, Porsche SE holds minority stakes in four US technology companies. AEVA is working on an innovative LIDAR sensor system, a key technology for advanced driver assistance systems. INRIX is a leading provider of real-time traffic information. The two 3D printing specialists Markforged and Seurat made progress selling and developing their products in 2019.

On the legal side, a case according to the Capital Markets Model Case Act (KapMuG) against Porsche SE in connection with increasing the investment in Volkswagen AG has been pending at the Higher Regional Court of Celle for more than three years. The plaintiffs in this case are claiming overall damages of around 5.4 billion euro. According to a preliminary opinion of the Higher Regional Court of Celle, there is no legal basis for the claims. Porsche SE also shares this opinion.

Porsche SE is still facing investor lawsuits in connection with the diesel issue. A total of 200 proceedings are pending before the Regional Court of Stuttgart, two proceedings before the Higher Regional Court of Stuttgart and 30 other proceedings before the Regional Court of Braunschweig. Claims are being made for damages of around 1.1 billion euro. We regard the lawsuits brought against Porsche SE in connection with the diesel issue to be without merit and in some cases also to be inadmissible.

We are optimistic about the general development of our company. For the fiscal year 2020, Porsche SE expects a group profit after tax of between 3.5 billion euro and 4.5 billion euro, which will mainly be shaped by the result of the Volkswagen Group. Net liquidity in the Porsche SE Group is expected to range between 0.4 billion euro and 0.9 billion euro as of 31 December 2020, not taking future investments into account.

The Executive Board and Supervisory Board propose that the dividend for the fiscal year 2019 will be increased again. Holders of preference shares are to receive 3.11 euro per share, holders of ordinary shares 3.104 euro per share. This corresponds to a payout of around 952 million euro.

We are convinced that Porsche SE will successfully help shape the fundamental change within the automotive industry. And we will continue to count on your trust and support.

Hans Dieter Pötsch

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Members of the board of management

Hans Dieter Pötsch

Chairman of the board of management
and Chief Financial Officer

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Curriculum Vitae

28 March 1951
Born in Traun, near Linz, Austria
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, Responsible for 'Finance'

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

Since May 2013
Head of the legal department and general representative of Porsche Automobil Holding SE, Stuttgart, Germany

Since January 2016
Member of the board of management of Porsche Automobil Holding SE, Stuttgart, Germany Responsible for 'legal affairs and compliance'

Since January 2016
Head of group legal affairs of Volkswagen AG, Wolfsburg, Germany

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‘